The Power Bill Reduction Act.

Removed all provisions related to electric utility rate recovery, fuel cost riders, and power purchase agreement cost allocation for small utilities.

Added eligibility for building owners to replace or reconstruct structures within base floodplain areas without complying with updated floodplain regulations if the building was damaged by a historic flood event.

Added new definitions for '200-year flood' and 'historic flood event' to establish the criteria for what qualifies as a historic flood event requiring exemptions.

Added requirement that any replacement or reconstruction increasing the building's extent or volume within the floodplain must demonstrate through engineering analysis that it won't increase base flood elevation.

Changed effective date from unspecified 2025 date to 'when it becomes law' for the new bill.

Deleted Section 2.1 requiring local governments to transport vegetative debris to composting sites when costs are equal to or less than landfill disposal costs.

Added quarterly reporting requirements for electric utilities to file reports on over- and under-recovered amounts within 45 days of quarter-end.

Added Section 2.1(a3) allowing small electric utilities (fewer than 150,000 customers) to recover specific costs through increment or decrement riders with a 1% annual increase cap on renewable-related costs.

Updated legal references throughout the document to correct terminology, such as changing 'recovery' to 'retirement' and updating code references.

Removed waivers for solid waste composting permits, erosion and sediment control plans, air quality permits, soil amendment registration, and fire code limitations on mulch storage.

Added requirement for local governments to transport vegetative debris to composting sites when processing costs are equal to or less than landfill disposal costs.

Added expiration date of July 1, 2027, and requirement for materials to be removed from sites by that date.

Changed amendment designation from A1 to A2 and page count from 2 to 1.

Changed the bill's purpose from exempting building code requirements for flood-damaged structures to waiving environmental and agricultural permits for processing storm debris.

Removed all provisions related to historic flood event building code exemptions, floodplain regulations, and hydrologic/hydraulic analysis requirements for reconstruction.

Added requirements for submitting written notice at least 10 days before starting operations, including facility location, owner/operator details, waste types, processing methods, and product distribution plans.

Added an expiration date of July 1, 2027, for the waiver provisions and required removal of managed materials by that date.

Added specific limits including a maximum of 25,000 cubic yards per site and a maximum mulch application depth of 4 inches for erosion control.

Removed administrative metadata including committee dates, sponsor information, and edition tracking that were present in the draft version but not needed in the final ratified bill.

Reformatted the bill header to change from 'Regulatory Reform Committee Substitute Adopted' to 'RATIFIED BILL', indicating the bill has passed all legislative stages and become law.

Deleted the short title section that read 'The Power Bill Reduction Act' which was present in the draft but not included in the final version.

Added a new requirement for the Utilities Commission to consider power generation, transmission, distribution, grid modernization, storage, energy efficiency, and technological breakthroughs when determining the least cost path to carbon reduction compliance.

Modified solar generation procurement requirements to specify that 45% must come from third-party power purchase agreements for facilities of 80 MW AC or less, while 55% must be utility-built or utility-owned facilities.

Modified the timeline for achieving carbon reduction goals to allow the Commission flexibility in timing, with a limit of not exceeding specified dates by more than two years, except for nuclear or wind facilities requiring additional time due to technical or logistical factors.

Removed all provisions related to floodplain building code exemptions for Hurricane Helene-affected areas and tree stump processing permit waivers.

Added requirements for electric utilities to achieve 70% carbon reduction by 2030 and carbon neutrality by 2050, with a plan due by December 31, 2026.

Added specific solar generation procurement requirements: 45% must come from third-party power purchase agreements with facilities 80 MW or less, and 55% must be utility-built or utility-purchased facilities.

Changed carbon reduction planning deadline from December 31, 2022 to December 31, 2026, and added provisions allowing up to two-year extensions for certain facility types.

Added definition of 'electric public utility' as any utility serving at least 150,000 North Carolina retail jurisdictional customers as of January 1, 2021.

Added provisions allowing alternative cost recovery mechanisms for construction work in progress on baseload electric generating facilities.

The definition of 'historic flood event' was clarified to explicitly reference floodwater elevations higher than the base flood elevation associated with a 100-year flood.

Waived requirements for debris processing were expanded to include erosion and sediment control plan approvals, provided activities do not involve removing trees or existing groundcover.

New notice requirements were added for solid waste composting permits, requiring operators to submit written notice at least 10 days before starting operations with details about location, ownership, waste types, and product distribution.

The language regarding waived permits was updated to clarify that waivers apply to 'permits or requirements' rather than just 'requirements,' broadening the scope of relief.

The effective date provision for certain waivers was modified to specify that they expire July 1, 2027, with additional conditions for permits under subdivisions (2) through (5).

Added new provisions for waiving state and local regulations related to processing tree stumps and vegetative debris into mulch or soil amendments in counties affected by Hurricane Helene.

Added specific exemptions for solid waste composting rules, stormwater and sedimentation control requirements, air quality permits, soil amendment registration, and fire code limitations on mulch pile storage.

Changed the effective date structure to include specific dates (October 1, 2025) and certification requirements for FEMA approval, with the debris processing waiver expiring July 1, 2027.

Added requirements for the Department of Insurance to submit proposed changes to FEMA and report quarterly to the Joint Legislative Commission on Governmental Operations.

Changed the building code exemption to reference G.S. 143-215.52(a)(1b) instead of 143-215.52(1b) and updated the statutory citation from Chapter 143 to 'this Chapter' in the floodplain regulation reference.