Repeals and modifies certain provisions relating to the regulation of public utilities

HB 3455 modifies how electrical utilities calculate rates by changing rules for including "construction work in progress" (CWIP) costs - like expenses for new power plants - into their rate base (the assets used to set utility rates). It allows utilities to include CWIP for new natural gas-generating units in rates, but requires commission approval based on project costs and timelines, with refunds if costs were wasted or projects stalled. The bill also sets a 2035 expiration date for these rules unless extended, and mandates utilities to use future-year data (starting July 2026) for rate calculations, requiring updated reporting after the test year ends. These changes directly affect electrical corporations and the Public Utility Commission’s oversight role.