Bill > S0157

This bill amends South Carolina law to provide specific provisions for storm damage recovery, particularly in relation to Hurricane Helene. The bill modifies existing statutes to define a new term "qualified independent third party" and allow an electric utility to include storm recovery costs for Hurricane Helene in its cost of capital from the date of the storm through the issuance of storm recovery bonds. Specifically, the bill introduces a unique provision that enables the electric utility to calculate its storm recovery costs using the actual interest rate paid to borrow funds for restoration efforts, with the condition that this rate does not exceed the utility's most recent total weighted average cost of capital. The bill also allows electrical utilities to defer the review and approval of financing orders, giving them more flexibility in managing storm recovery expenses. A key innovation is the introduction of a qualified independent third party who will participate in the pre-bond issuance review process, providing an additional layer of oversight and certification to ensure that the storm recovery bond issuance provides quantifiable benefits to customers. The bill aims to create a comprehensive framework for utilities to recover extraordinary expenses incurred during significant storm events, with specific protections and procedural guidelines to ensure transparency and customer protection.

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https://www.scstatehouse.gov/billsearch.php?billnumbers=0157&session=126&summary=B