Energy (Oil & Gas)

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.