Bill > SB5465

This bill authorizes electrical, gas, and water companies to securitize certain wildfire-related and emergency event costs to lower expenses for customers. The legislation creates a framework for utilities to issue "rate recovery bonds" to finance costs associated with declared disasters or emergencies, such as severe weather, wildfires, earthquakes, or pandemics. By allowing companies to securitize these expenses through bonds, the bill aims to provide a more cost-effective method of recovering emergency-related expenditures compared to traditional rate-making processes. Key provisions include enabling the utilities and transportation commission to issue financing orders that create "rate recovery assets" and authorize special charges to customers that can be used to repay the bonds. The bill specifically states that these rate recovery charges cannot be avoided by customers, even if they switch electricity providers or service classes. Importantly, the legislation provides legal protections for bondholders by preventing state agencies from retroactively reducing or impairing the rate recovery assets or bonds. The bill is designed to lower overall costs for utility customers by providing a more efficient financing mechanism for emergency-related expenses, while also offering clear legal protections for the financial instruments created under this new framework.

Agriculture and Natural Resources

https://app.leg.wa.gov/billsummary?BillNumber=5465&Year=2025&Initiative=false