An Act relating to surcharges for strategic investments by public utilities.

HB 328 allows Alaska public utilities (like electricity or water providers) to request a special surcharge from the state utility commission to recover costs for strategic investments not covered by existing rates. Key provisions let utilities recover costs during construction (including return on work in progress) and after completion (return on capital costs), with strict rules for calculating costs using approved rate case data. Utilities must notify the commission, file annual updates on construction costs, and include non-capitalized construction expenses in the surcharge. The commission must approve or deny requests within 90 days and can order refunds if costs were not prudently spent.