Bill > H3756

This bill amends South Carolina law related to storm damage recovery, specifically focusing on electric utilities' ability to recover costs associated with Hurricane Helene in 2024. The bill introduces a new definition for a "qualified independent third party" - an expert in accounting, finance, or utility regulation who will be designated by the Public Service Commission to review and certify compliance in storm recovery bond issuances. The bill allows electric utilities to include the cost of capital from the date of Hurricane Helene through bond issuance as part of storm recovery costs, with the interest rate not exceeding the utility's most recent weighted average cost of capital. Additionally, the bill provides electric utilities with more flexibility in the review and approval process of storm recovery costs, allowing them to defer the review of principal costs to a future rate proceeding or a separate commission-established proceeding. The bill aims to help electric utilities recover extraordinary expenses incurred in repairing and rebuilding infrastructure damaged by Hurricane Helene while providing a structured process for issuing storm recovery bonds and ensuring benefits to customers through independent review and certification.

Business and Industry, Justice

https://www.scstatehouse.gov/billsearch.php?billnumbers=3756&session=126&summary=B