Kentucky 2023 Regular Session Status: Enacted

SB 192 — AN ACT relating to investor-owned electric utilities.

Last action — signed by Governor (Acts Ch. 72)

  1. ✓
    Introduced
  2. ✓
    In Committee
  3. ✓
    Passed Senate
  4. ✓
    Passed House
  5. ✓
    To Executive
  6. 6
    Enacted

This bill has been enacted into law. Introduced February 21, 2023. Enacted.

Prognosis

Likely to advance 68% · moderate confidence

Where this bill stands today.

Odds of enactment

High

How often bills like it became law.

  • Enacted

    Current position in the legislative process.

  • Cleared a recorded vote

    Passed 2 recorded votes so far.

Prognosis reads this bill's own signals — stage, sponsorship breadth, committee status, recorded votes and cross-state momentum. Odds come from a model trained on which bills have become law.

Summary

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.

Bill Text

What changed in the latest version

673 added · 923 removed

673 line(s) added, 923 removed.

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UNOFFICIAL COPY 23 RS SB 192/GA AN ACT relating to investor-owned electric utilities.
CHAPTER 72 1 CHAPTER 72 ( SB 192 ) AN ACT relating to investor-owned electric utilities.
(b) Any payment required under an ancillary agreement and any amount required to fund or replenish a reserve account or other accounts established under the terms of any indenture, ancillary agreement, or other Page 1 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA financing document pertaining to securitized bonds;
(b) Any payment required under an ancillary agreement and any amount required to fund or replenish a reserve account or other accounts established under the terms of any indenture, ancillary agreement, or other financing document pertaining to securitized bonds;
Retaining counsel, one (1) or more financial advisors, or other Page 2 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA consultants as deemed appropriate by the commission and paid pursuant to Sections 1 to 15 of this Act, for the issuance advice letter process;
Retaining counsel, one (1) or more financial advisors, or other consultants as deemed appropriate by the commission and paid pursuant to Sections 1 to 15 of this Act, for the issuance advice letter process;
(7) "Financing order" means an order issued by the commission that authorizes the:
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (7) "Financing order" means an order issued by the commission that authorizes the:
(14) "Regulatory asset" means, under the standardized financial accounting standards Page 3 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA adopted by the commission, expenses that have been authorized by the commission to be capitalized for consideration of recovery in future rates that would otherwise be treated as an expense in a current accounting period;
(14) "Regulatory asset" means, under the standardized financial accounting standards adopted by the commission, expenses that have been authorized by the commission to be capitalized for consideration of recovery in future rates that would otherwise be treated as an expense in a current accounting period;
and Page 4 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA 2.
and 2.
(17) "Securitized bonds" means bonds, debentures, notes, certificates of participation, certificates of beneficial interest, certificates of ownership, or other evidences of indebtedness or ownership that have a maturity date as determined reasonable by the commission, but not later than thirty (30) years from the issue date, that are issued by an electric utility or assignee pursuant to a financing order, the proceeds of which are used directly or indirectly to recover, finance, or refinance capitalized cost assets and financing costs that are secured by or payable from securitized utility property;
(17) "Securitized bonds" means bonds, debentures, notes, certificates of participation, certificates of beneficial interest, certificates of ownership, or other evidences of indebtedness or ownership that have a maturity date CHAPTER 72 3 as determined reasonable by the commission, but not later than thirty (30) years from the issue date, that are issued by an electric utility or assignee pursuant to a financing order, the proceeds of which are used directly or indirectly to recover, finance, or refinance capitalized cost assets and financing costs that are secured by or payable from securitized utility property;
(a) All rights and interests of a utility, its successor, or assignee under a financing order, including the right to impose, bill, charge, collect, and receive securitized surcharges authorized under the financing order and to obtain periodic adjustments to those charges authorized under Sections 1 to 15 of this Act and as provided in the financing order;
(a) All rights and interests of a utility, its successor, or assignee under a financing order, including the right to impose, bill, charge, collect, and receive securitized surcharges authorized under the financing order and to obtain periodic adjustments to those charges authorized under Sections 1 to of this Act and as provided in the financing order;
and (b) All revenues, collections, claims, rights to payments, payments, moneys, or proceeds arising from the rights and interests specified in the financing order, regardless of whether those revenues, collections, claims, rights to payment, payments, moneys, or proceeds are imposed, billed, received, Page 5 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA collected, or maintained together with or commingled with other revenues, collections, rights to payment, payments, moneys, or proceeds;
and (b) All revenues, collections, claims, rights to payments, payments, moneys, or proceeds arising from the rights and interests specified in the financing order, regardless of whether those revenues, collections, claims, rights to payment, payments, moneys, or proceeds are imposed, billed, received, collected, or maintained together with or commingled with other revenues, collections, rights to payment, payments, moneys, or proceeds;
or (b) Having a cumulative total value of greater than two hundred and seventy- five million ($275,000,000) for multiple regulatory assets.
or (b) Having a cumulative total value of greater than two hundred and seventy-five million ($275,000,000) for multiple regulatory assets.
Page 6 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (2) An application for a financing order shall include:
(2) An application for a financing order shall include:
By electing not to finance all or any portion of deferred costs using securitized bonds, an electric utility shall not be deemed to waive its right to reflect those costs in its retail rates pursuant to a separate proceeding with the commission.
By electing not to finance all or any portion of deferred costs using securitized bonds, an electric utility shall not be deemed to waive its right to reflect those costs in its retail rates pursuant to a separate proceeding with the Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY commission.
The Page 7 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA comparison should demonstrate that the issuance of securitized bonds and the imposition of securitized surcharges are expected to provide quantifiable net present value benefits to customers;
The comparison should demonstrate that the issuance of securitized bonds and the imposition of securitized surcharges are expected to provide quantifiable net present value benefits to customers;
The resulting estimated securitized surcharge and other rates are fair, Page 8 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA just, and reasonable.
The resulting estimated securitized surcharge and other rates are fair, just, and reasonable.
(5) The designated commission staff and any financial advisor providing advice to commission staff shall:
CHAPTER 72 5 (5) The designated commission staff and any financial advisor providing advice to commission staff shall:
(6) If an electric utility's application for a financing order is denied or withdrawn, or Page 9 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA for any reason securitized bonds are not issued, any costs of retaining financial advisors, consultants, and counsel on behalf of the commission shall be:
(6) If an electric utility's application for a financing order is denied or withdrawn, or for any reason securitized bonds are not issued, any costs of retaining financial advisors, consultants, and counsel on behalf of the commission shall be:
(b) A description and estimate of the amount of financing costs that may be Page 10 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA recovered through securitized surcharges and the period over which securitized costs and financing costs may be recovered;
(b) A description and estimate of the amount of financing costs that may be recovered through securitized surcharges and the period over which securitized costs and financing costs may be recovered;
Any adjustments that are necessary to correct for any over collection or under collection of the surcharges and to ensure the timely payment of securitized bonds and financing costs and other required amounts Page 11 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA and surcharges payable under the securitized bonds;
Any adjustments that are necessary to correct for any over collection or under collection of the surcharges and to ensure the timely payment of securitized bonds and financing costs and other required amounts and surcharges payable under the securitized bonds;
(g) A requirement that the securitized property:
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (g) A requirement that the securitized property:
The initial securitized surcharge shall be final and effective upon the issuance of the securitized bonds, with the surcharge to be reflected on a Page 12 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA compliance tariff and filing bearing the surcharge and the calculation thereof;
The initial securitized surcharge shall be final and effective upon the issuance of the securitized bonds, with the surcharge to be reflected on a compliance tariff and filing bearing the surcharge and the calculation thereof;
and (o) A statement that accumulated deferred income taxes and regulatory liabilities for excess deferred income taxes used in calculating retired Page 13 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA generation costs shall be excluded from the rate base in future general rate cases and that no amortization of those excess deferred income taxes shall be reflected in future general rate cases.
and (o) A statement that accumulated deferred income taxes and regulatory liabilities for excess deferred income taxes used in calculating retired generation costs shall be excluded from the rate base in future general rate cases and that no amortization of those excess deferred income taxes shall be reflected in future general rate cases.
and (b) Pledge of the securitized property to secure securitized bonds.
and CHAPTER 72 7 (b) Pledge of the securitized property to secure securitized bonds.
(a) The terms and conditions for the securitized bonds to accommodate changes in market conditions, including repayment schedules, interest rates, financing costs, collateral requirements, required debt service, and other Page 14 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA reserves;
(a) The terms and conditions for the securitized bonds to accommodate changes in market conditions, including repayment schedules, interest rates, financing costs, collateral requirements, required debt service, and other reserves;
(a) Determining whether there are any mathematical or clerical errors in the application of the formula-based true-up mechanism relating to the appropriate amount of any over collection or under collection of a securitized surcharge;
(a) Determining whether there are any mathematical or clerical errors in the application of the formula- based true-up mechanism relating to the appropriate amount of any over collection or under collection of a securitized surcharge;
Page 15 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (7) The time frames in subsection (5) of this section shall also apply to a refiled request.
(7) The time frames in subsection (5) of this section shall also apply to a refiled request.
(10) Any changes made under this section to terms and conditions for the securitized bonds shall be in conformance with the financing order.
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (10) Any changes made under this section to terms and conditions for the securitized bonds shall be in conformance with the financing order.
(2) At the request of an electric utility, the commission may open a proceeding and issue a subsequent financing order that provides for refinancing, retiring, or Page 16 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA refunding securitized bonds issued pursuant to the original financing order if the commission finds that the subsequent financing order satisfies all the criteria specified in Sections 1 to 15 of this Act.
(2) At the request of an electric utility, the commission may open a proceeding and issue a subsequent financing order that provides for refinancing, retiring, or refunding securitized bonds issued pursuant to the original financing order if the commission finds that the subsequent financing order satisfies all the criteria specified in Sections 1 to 15 of this Act.
or Page 17 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (e) Determine any action taken by an electric utility which is consistent with the financing order to be unjust or unreasonable.
or (e) Determine any action taken by an electric utility which is consistent with the financing order to be unjust or unreasonable.
and (c) Consider the existence of securitized bonds or the potential use of securitized bond financing proceeds in determining the electric utility's authorized rate of return used to determine the electric utility's revenue requirement used to establish its rates.
and CHAPTER 72 9 (c) Consider the existence of securitized bonds or the potential use of securitized bond financing proceeds in determining the electric utility's authorized rate of return used to determine the electric utility's revenue requirement used to establish its rates.
Page 18 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (1) If the commission has approved an electric utility's financing order and securitization bonds are issued on the electric utility's behalf, the electric utility shall:
(1) If the commission has approved an electric utility's financing order and securitization bonds are issued on the electric utility's behalf, the electric utility shall:
and (b) That the value or amount of the property is dependent on the future Page 19 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA provision of service to customers by the electric utility, its successors, or assignees and on the future consumption of electricity by its customers.
and (b) That the value or amount of the property is dependent on the future provision of service to customers by the electric utility, its successors, or assignees and on the future consumption of electricity by its customers.
The financing order shall remain in full force and effect notwithstanding any reorganization, bankruptcy, or other insolvency proceedings with respect to the electric utility, its successors, or assignees.
The Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY financing order shall remain in full force and effect notwithstanding any reorganization, bankruptcy, or other insolvency proceedings with respect to the electric utility, its successors, or assignees.
Page 20 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (6) The interest of a transferee, purchaser, acquirer, assignee, or pledgee in securitized property specified in a financing order issued to an electric utility, and in the revenue and collections arising from that property, shall not be subject to setoff, counterclaim, surcharge, or defense by:
(6) The interest of a transferee, purchaser, acquirer, assignee, or pledgee in securitized property specified in a financing order issued to an electric utility, and in the revenue and collections arising from that property, shall not be subject to setoff, counterclaim, surcharge, or defense by:
(1) The creation, perfection, priority, and enforcement of any security interest or lien in securitized property to secure the repayment of the principal and interest and other amounts payable in respect of securitized bonds, amounts payable under any ancillary agreement, and other financing costs are governed by Sections 1 to 15 of this Act and not by the provisions of the code or other law, except as Page 21 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA otherwise provided in Sections 1 to 15 of this Act.
(1) The creation, perfection, priority, and enforcement of any security interest or lien in securitized property to secure the repayment of the principal and interest and other amounts payable in respect of securitized bonds, amounts payable under any ancillary agreement, and other financing costs are governed by Sections to 15 of this Act and not by the provisions of the code or other law, except as otherwise provided in Sections 1 to 15 of this Act.
Any pledgee or secured party shall have a perfected security interest in the amount of all securitized surcharges that are deposited in any cash or deposit account of the Page 22 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA qualifying electric utility where securitized surcharges have been commingled with other funds, and any other security interest that may apply to those funds shall be terminated when the funds are transferred to a segregated account for the assignee or a financing party.
Any pledgee or secured party shall have a perfected security interest in the amount of all securitized surcharges that are deposited in any cash or deposit account of the qualifying electric utility where securitized surcharges have been commingled with other funds, and any other security interest that may apply to those funds shall be terminated when the funds are transferred to a segregated account for the assignee or a financing party.
(7) If a default occurs of the securitized bonds that are secured by a security interest in the securitized property, the financing parties or their representatives may exercise the rights and remedies available to a secured party under the code, including the rights and remedies available under Article 9, Part 6 of the code.
CHAPTER 72 11 (7) If a default occurs of the securitized bonds that are secured by a security interest in the securitized property, the financing parties or their representatives may exercise the rights and remedies available to a secured party under the code, including the rights and remedies available under Article 9, Part 6 of the code.
(2) For all purposes other than federal and state income tax purposes, the parties' characterization of a transaction as a sale of an interest in securitized property Page 23 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA shall be conclusive that the transaction is a true sale and that ownership has passed to the party characterized as the purchaser, regardless of whether the purchaser has possession of any documents evidencing or pertaining to the interest.
(2) For all purposes other than federal and state income tax purposes, the parties' characterization of a transaction as a sale of an interest in securitized property shall be conclusive that the transaction is a true sale and that ownership has passed to the party characterized as the purchaser, regardless of whether the purchaser has possession of any documents evidencing or pertaining to the interest.
(e) The obligation of the seller to collect securitized surcharges on behalf of an Page 24 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA assignee;
(e) The obligation of the seller to collect securitized surcharges on behalf of an assignee;
(h) The granting or providing to bondholders a preferred right to the securitized property or credit enhancement by the electric utility or its affiliates with respect to the securitized bonds;
Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY (h) The granting or providing to bondholders a preferred right to the securitized property or credit enhancement by the electric utility or its affiliates with respect to the securitized bonds;
(c) The execution and delivery by the assignor of transfer documents in Page 25 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA connection with the issuance of securitized bonds;
(c) The execution and delivery by the assignor of transfer documents in connection with the issuance of securitized bonds;
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Priority dates from the time of filing covering the transfer shall be made in accordance with Section 12 of this Act;
Priority dates from the time of filing covering the transfer shall be made in accordance with Section of this Act;
Page 26 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (b) A perfected interest or right of an assignee has priority over a conflicting unperfected interest or right of an assignee;
(b) A perfected interest or right of an assignee has priority over a conflicting unperfected interest or right of an assignee;
(1) The Secretary of State shall maintain any financing statement filed to perfect a sale or other transfer of securitized property and any security interest in securitized property under Sections 1 to 15 of this Act in the same manner that the Secretary of State maintains financing statements filed under the code to perfect a security interest in collateral owned by a transmitting utility.
CHAPTER 72 13 (1) The Secretary of State shall maintain any financing statement filed to perfect a sale or other transfer of securitized property and any security interest in securitized property under Sections 1 to 15 of this Act in the same manner that the Secretary of State maintains financing statements filed under the code to perfect a security interest in collateral owned by a transmitting utility.
(2) Except as otherwise provided in this section, all financing statements filed pursuant to this section shall be governed by the provisions regarding financing Page 27 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA statements and the filing thereof under the code, including Article 9, Part 5 of the code.
(2) Except as otherwise provided in this section, all financing statements filed pursuant to this section shall be governed by the provisions regarding financing statements and the filing thereof under the code, including Article 9, Part 5 of the code.
(3) An issue of securitized bonds shall not directly, indirectly, or contingently, obligate the Commonwealth or any agency, political subdivision, or instrumentality of the Commonwealth to levy any tax or make any appropriation Page 28 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA for payment of the securitized bonds, other than in their capacity as consumers of electricity.
(3) An issue of securitized bonds shall not directly, indirectly, or contingently, obligate the Commonwealth or any agency, political subdivision, or instrumentality of the Commonwealth to levy any tax or make any appropriation for payment of the securitized bonds, other than in their capacity as consumers of electricity.
The Commonwealth and its agencies, including the commission, pledge and agree with bondholders, the Page 29 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA owners of the securitized property, and other financing parties that the Commonwealth and its agencies shall not undertake any of the prohibited actions listed in this subsection.
The Commonwealth and its agencies, including the commission, pledge and agree with bondholders, the owners of the securitized property, and other financing parties that the Commonwealth and its agencies shall not undertake any of Legislative Research Commission PDF Version ACTS OF THE GENERAL ASSEMBLY the prohibited actions listed in this subsection.
Page 30 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA UNOFFICIAL COPY 23 RS SB 192/GA (3) Any person or entity that issues securitized bonds may include the language specified in this subsection in the securitized bonds and related documentation.
(3) Any person or entity that issues securitized bonds may include the language specified in this subsection in the securitized bonds and related documentation.
Page 31 of 31 SB019210.100 - 446 - XXXX 3/8/2023 4:45 PM GA
Signed by Governor March 23, 2023.
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Action History

  1. signed by Governor (Acts Ch. 72)

  2. delivered to Governor

  3. enrolled, signed by Speaker of the House

  4. enrolled, signed by President of the Senate

  5. received in Senate

  6. 3rd reading, passed 97-0

  7. placed in the Orders of the Day

  8. taken from Rules

  9. reported favorably, to Rules

  10. returned to Natural Resources & Energy (H)

  11. 2nd reading

  12. taken from Natural Resources & Energy (H)

  13. returned to Natural Resources & Energy (H)

  14. 1st reading

  15. taken from Natural Resources & Energy (H)

  16. to Natural Resources & Energy (H)

  17. to Committee on Committees (H)

  18. received in House

  19. 3rd reading, passed 35 -0 with Floor Amendment (1)

  20. passed over and retained in the Orders of the Day

  21. floor amendment (1) filed

  22. posted for passage in the Regular Orders of the Day for Tuesday, March 07, 2023

  23. 2nd reading, to Rules

  24. reported favorably, 1st reading, to Calendar

  25. to Natural Resources & Energy (S)

  26. to Committee on Committees (S)

  27. introduced in Senate

Sponsorship breakdown

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0 sponsors · 0 co-sponsors · 138 not signed on

Sponsors (0)

None.

Co-sponsors (0)

None.

Not signed on (138)

138 members have not signed on to this bill.

Show all 138 →

"Not signed on" means a member has not sponsored or co-sponsored this bill — it does not imply opposition. Members flagged Voted No have a recorded No vote on this bill.

Whip count is in markup. Polling the chamber and every recorded vote this session. Only the first open is slow. It’s instant for you after this. Calling the roll · Tallying · Engrossing

Votes

Final Passage

Passed 97 Yea · 0 Nay · 3 Other
Party YeaNayPresentNot Voting
Democrat 14000
Unaffiliated 20000
Republican 63003
Total 97003
% of votes cast 97%0%0%3%
How each member voted (100)
Member Party Vote
Dixon — Yea
Smith — Yea
Nemes — Yea
Bentley — Yea
Palumbo — Yea
Swann — Yea
Justice — Yea
Pratt — Yea
Thomas — Yea
Timoney — Yea
Bratcher S. — Yea
Raymond — Yea
Webber — Yea
Graham — Yea
Williams — Yea
Heath — Yea
Meredith — Yea
Wilson — Yea
Bratcher K. — Yea
Stevenson C — Yea
Al Gentry Democrat Yea
Ashley Tackett Laferty Democrat Yea
Beverly Chester-Burton Democrat Yea
Chad Aull Democrat Yea
Daniel Grossberg Democrat Yea
George Brown Jr. Democrat Yea
Keturah J. Herron Democrat Yea
Lindsey Burke Democrat Yea
Lisa Willner Democrat Yea
Nima Kulkarni Democrat Yea
Pamela Stevenson Democrat Yea
Rachel Roarx Democrat Yea
Sarah Stalker Democrat Yea
Tina Bojanowski Democrat Yea
Aaron Reed Republican Yea
Adam Bowling Republican Yea
Amy Neighbors Republican Yea
Bill Wesley Republican Yea
Bobby McCool Republican Yea
Candy Massaroni Republican Yea
Chris Freeland Republican Yea
Chris Fugate Republican Yea
DJ Johnson Republican Yea
Daniel Elliott Republican Yea
Daniel Fister Republican Yea
David Hale Republican Yea
David Meade Republican Yea
David W. Osborne Republican Yea
Deanna Gordon Republican Yea
Derek Lewis Republican Yea
Emily Callaway Republican Not Voting
Felicia Rabourn Republican Yea
James Tipton Republican Yea
Jared Bauman Republican Yea
Jason Petrie Republican Yea
Jennifer Decker Republican Yea
Jim Gooch Jr. Republican Yea
John Blanton Republican Yea
John Hodgson Republican Yea
Josh Branscum Republican Yea
Josh Bray Republican Yea
Josh Calloway Republican Yea
Ken Fleming Republican Yea
Ken Upchurch Republican Yea
Kevin Jackson Republican Yea
Kim Banta Republican Yea
Kim King Republican Yea
Kimberly Poore Moser Republican Yea
Marianne Proctor Republican Yea
Mark Hart Republican Yea
Mary Beth Imes Republican Yea
Matt Lockett Republican Yea
Matthew Koch Republican Yea
Michael Sarge Pollock Republican Yea
Mike Clines Republican Yea
Myron Dossett Republican Yea
Nancy Tate Republican Yea
Patrick Flannery Republican Yea
Randy Bridges Republican Yea
Rebecca Raymer Republican Yea
Richard White Republican Yea
Robert Duvall Republican Not Voting
Ryan Dotson Republican Yea
Samara Heavrin Republican Yea
Savannah Maddox Republican Yea
Scott Lewis Republican Not Voting
Scott Sharp Republican Yea
Shane Baker Republican Yea
Shawn McPherson Republican Yea
Stephanie Dietz Republican Yea
Steve Rawlings Republican Yea
Steve Riley Republican Yea
Steven Doan Republican Yea
Steven Rudy Republican Yea
Susan Witten Republican Yea
Suzanne Miles Republican Yea
T.J. Roberts Republican Yea
Thomas Huff Republican Yea
Timmy Truett Republican Yea
William Lawrence Republican Yea

Official roll call →

PASS SB 192 W/ sfa1

Passed 35 Yea · 0 Nay · 2 Other
Party YeaNayPresentNot Voting
Republican 20001
Unaffiliated 14000
Democrat 1001
Total 35002
% of votes cast 95%0%0%5%
How each member voted (37)
Member Party Vote
Schickel — Yea
Smith — Yea
ChambersArmstrong — Yea
Southworth — Yea
Westerfield — Yea
Meredith — Yea
Williams — Yea
Thayer — Yea
Wilson — Yea
Thomas — Yea
Nemes — Yea
Yates — Yea
Turner — Yea
Harper Angel — Yea
Gerald A. Neal Democrat Yea
Karen Berg Democrat Not Voting
Amanda Mays Bledsoe Republican Yea
Brandon J. Storm Republican Yea
Christian McDaniel Republican Yea
Danny Carroll Republican Yea
David P. Givens Republican Yea
Donald Douglas Republican Yea
Gary Boswell Republican Yea
Jared Carpenter Republican Not Voting
Jason Howell Republican Yea
Jimmy Higdon Republican Yea
Julie Raque Adams Republican Yea
Lindsey Tichenor Republican Yea
Matthew Deneen Republican Yea
Max Wise Republican Yea
Phillip Wheeler Republican Yea
Rick Girdler Republican Yea
Robby Mills Republican Yea
Robert Stivers Republican Yea
Robin L. Webb Republican Yea
Shelley Funke Frommeyer Republican Yea
Stephen West Republican Yea

Official roll call →

Subjects

finance energy
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Frequently asked questions

What does SB 192 do?
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.
What is the current status of SB 192?
This bill has been enacted into law. Introduced February 21, 2023. Enacted.
Where can I track SB 192?
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