The bill authorizes public utilities in Wyoming to issue cost recovery bonds to finance utility costs, with oversight from the public service commission. It establishes a new section, W.S. 37-6-108, which defines key terms such as "bond," "bond costs," "financing order," "securitization charge," and "securitization property." The public service commission is empowered to issue financing orders that allow utilities to recover costs through securitization charges assessed to customers. The bill outlines the application process for utilities, the requirements for financing orders, and the procedures for adjusting securitization charges to ensure timely payment of bond costs.
Additionally, the bill specifies that bonds issued under this section do not constitute a debt or liability of the state, and the state pledges not to limit or alter the rights of bondholders. It also clarifies that any surplus from securitization charges beyond what is necessary to cover bond costs must be refunded to customers. The act is set to take effect on July 1, 2025.