power; public utilities; UCC; securities

The definition of 'significant event recovery costs' was broadened to include severe weather, natural disasters, civil disturbance, criminal acts, and acts of war or terrorism, replacing the previous narrower list focused on weather, wildfire, and public health emergencies.

The definition of 'transition assets' was clarified to require that assets must have been in operation providing service to customers as of the effective date, with limited exceptions for assets destroyed by forces outside the applicant's control.

The category of 'unrecovered fuel costs' was removed from the list of costs that can be recovered through securitization, limiting the types of expenses eligible for financing.

The bill now allows public power entities to hire expert consultants to review securitization proposals, with the Qualified Special Purpose Entity responsible for reimbursing these costs.

New requirements were added for securitization proposals to include an analysis showing that the transaction results in lower net present value costs to customers compared to other financing options.

The True-up Mechanism definition was updated to explicitly address impacts on customers from overcollection in a timely and complete manner.

Eligibility expanded from public power entities only to include public service corporations, investor-owned utilities, and cooperatives

Regulatory oversight shifted from public power entity governing bodies to the Corporation Commission for approval and oversight

New provisions for combined cooperative securitizations allowing multiple cooperatives to securitize together

New requirement prohibiting parent companies of applicants from purchasing transition bonds

Key terms like 'Public Power Entity' replaced with 'Applicant' and 'Public Service Corporation' to accommodate broader utility types

Added specific provisions for unrecovered fuel costs and transition costs in cooperative contexts

Commission decision timeframe extended to 120 days (plus 90 days for good cause) compared to public power entity timelines

Commission authority expanded to include investigation and regulatory sanctions for non-compliance with financing orders