Senate Bill 192

Actions | Amendments
Last Action 03/23/23: signed by Governor (Acts Ch. 72)
Title AN ACT relating to investor-owned electric utilities.
Bill Documents Acts Chapter 72
Bill Request Number 446
Sponsor P. Wheeler
Summary of Original Version Create new sections of KRS Chapter 278 to define terms; give permissive authorization to an investor-owned electric utility to apply to the Public Service Commission to finance though securitization both extraordinary costs and costs associated with the retirement of electric generation of more than $200 million dollars for a single regulatory asset or more than $275 million for multiple regulatory assets; prescribe the contents of an application for a financing order; prescribe the way proceedings of the commission will handle applications for financing orders; require a decision of the commission on securitization to be predicated on fair, just, and reasonable and the public interest of the utility customers; allow for securitization of deferred costs, judicial review, obtaining advisors and other consultants; require the commission to make a decision in 180 days; establish an issuance advice letter process; prescribe the contents of a financing order; establish the method for the utility to put a securitization surcharge on customer bills and make the charge irrevocable; establish a formula-based true-up mechanism for reconciling over collection or under collection of the surcharge; establish a method of tracing funds; allow the commission to issue a disapproval letter to stop the issuance of securitized bonds; make the financing order effective regardless of reorganization, bankruptcy, or other insolvency proceedings of an electric utility; allow for refunding bonds through a subsequent financing order; allow for the transfer of securitized property and interests in the property to others and maintain the property right and interest until the securitized bonds are paid in full; allow for sequestration of payment by a court and create a priority of liens, perfection, and enforcement; require the lien to be recorded in the Office of the Secretary of State and allow for a right to sue; state that securitized bonds are not a debt of the Commonwealth or any other agency of the state and there is no requirement to levy taxes or make appropriations to pay off securitized bonds; require that the bonds are not a debt of the electric utility; create a list of prohibited actions by state agencies; identify agents that are not allowed to invest in the bonds; clarify that an assignee of financing party is not an electric utility; allow severability if any provision is invalidated.
Index Headings of Original Version Securities - Securitization, regulatory assests, elictric utilities
Liens - Securitization, electric utility regulatory assets, priority and perfection, liens
Public Utilities - Securitization, regulatory assets, electric utilities
Bankruptcy - Interest in securitized property, electric utility, priority, perfection
Bonds, Public - Securitized bonds, electric utilities, financing order
Jump to Proposed Amendments Senate Floor Amendment 1
Votes Vote History


Top | Amendments
  • introduced in Senate
  • to Committee on Committees (S)
  • to Natural Resources & Energy (S)
  • reported favorably, 1st reading, to Calendar
  • 2nd reading, to Rules
  • posted for passage in the Regular Orders of the Day for Tuesday, March 07, 2023
  • floor amendment (1) filed
  • passed over and retained in the Orders of the Day
  • 3rd reading, passed 35 -0 with Floor Amendment (1)
  • received in House
  • to Committee on Committees (H)
  • to Natural Resources & Energy (H)
  • taken from Natural Resources & Energy (H)
  • 1st reading
  • returned to Natural Resources & Energy (H)
  • taken from Natural Resources & Energy (H)
  • 2nd reading
  • returned to Natural Resources & Energy (H)
  • reported favorably, to Rules
  • taken from Rules
  • placed in the Orders of the Day
  • 3rd reading, passed 97-0
  • received in Senate
  • enrolled, signed by President of the Senate
  • enrolled, signed by Speaker of the House
  • delivered to Governor
  • signed by Governor (Acts Ch. 72)

Proposed Amendments

Top | Actions
Amendment Senate Floor Amendment 1
Sponsor P. Wheeler
Summary Delete language pertaining to early retirement and abandonment of a facility; add clarifying language requiring the surcharge and other rates be fair, just, and reasonable; create a submission deadline for filing applications for a financing order; allow for the financing order to contain authorization to change the method of tracing funds received by the utility under securitization; change the monthly review of the surcharge to a semiannual review; add lien to language dealing with security interests in securitized property; clarify the value of the securitized property is from a grant of security interest; clarify that the transfer of securitized property is a transaction free and clear; bind the Public Commission and the Commonwealth to the final order regarding the financing order; make grammatical and technical corrections.
Index Headings Technical Corrections - SB 192
Bonds of Surety - Securitization, secured by ratepayers, binding on Public Service Commission and state
Bonds, Public - Securitization bonds, electric utility, securitized property interest
Energy - Electric utility, tracing funds, securitization, filing deadline, semiannual surcharge review
Public Utilities - Electric utility, tracing funds, securitization, filing deadline, semiannual surcharge review

Last updated: 11/9/2023 3:03 PM (EST)