S 446 — Electric Rate Stabilization Act

26,12, 2025) - South Carolina Legislature Online South Carolina General Assembly126th Session, 2025-2026Bill 446Indicates Matter StrickenIndicates New Matter(Text matches printed bills.

Document has been reformatted to meet World Wide Web specifications.) Indicates  Matter  Stricken  Indicates  New  Matter    Committee  ReportA Marchbill 26,  2025TO  AMEND S.THE SOUTH CAROLINA CODE OF LAWS SO AS TO ENACT THE "ELECTRIC RATE STABILIZATION ACT";

446   Introduced by Senators Young and Elliott   S.

Printed 3/26/25--S.

Read the first time March 12, 2025   ________   The committee on Senate Judiciary To whom was referred a Bill (S.

446) to amend the South Carolina Code of Laws so as to enact the "Electric Rate Stabilization Act";

and by adding Article 24 to Chapter 27, Title 58, so as to allow electric, etc., respectfully Report:

That they have duly and carefully considered the same, and recommend that the same do pass with amendment:

      Amend the bill, as and if amended, SECTION 2, by striking Section 58-27-2760(2), (3), and (4) and inserting:

    (2) In cases where the monitoring report indicates rate adjustments are required, or where it otherwise appears to the commission or the Office of Regulatory Staff that an adjustment in rates may be warranted under this article, the commission shall issue a Notice of Filing annually on or before March 31 and require interested persons to file a petition to intervene annually on or before May 3115.

The commission shall maintain a register of parties who have notified the commission in writing that they wish to be provided with any Notice of Filing related to specified utilities and the commission shall use reasonable efforts to provide such parties with Notices of Filing by such utilities, provided that the failure to do so shall not invalidate any subsequent proceedings.

Intervenors shall have discovery rights related to the matters set forth in Section 58-27-2730.

    (3) The Office of Regulatory Staff shall conduct an audit of the monitoring report to ascertain the reasonableness and prudency of all matters contained therein and specify any changes that the Office of Regulatory Staff determines to be necessary to correct errors in the report or to otherwise bring the report into compliance with this article.

The Office of Regulatory Staff's audit report shall be verified and provided to the commission and to the utility and made available annually to all parties of record no later than June 1.

Other parties of record shall also be allowed until June 1 of each year to file verified written comments and submit documentary evidence to the commission and the Office of Regulatory Staff in response to the utility's monitoring report.

    (4) The utility and other parties of record shall be allowed until June 15 of each year to file verified written comments and submit documentary evidence to the commission and the Office of Regulatory Staff related to the Office of Regulatory Staff's audit report utility's monitoring report and may request a non-evidentiary hearing before the commission concerning the Office of Regulatory Staff's report utility's monitoring report.

Renumber sections to conform.

Amend title to conform.

  LUKE RANKIN for Committee.

  _______                 A bill   TO AMEND THE SOUTH CAROLINA CODE OF LAWS SO AS TO ENACT THE "ELECTRIC RATE STABILIZATION ACT";

        (1) if the utility's earnings exceed the upper end of the range established in the order, then the utility shall calculate the reduction in revenue required to lower its return on equity to the midpoint of the range established in the order;

or         (2) if the utility's earnings are below the lower range established in the order, then the utility shall calculate the additional revenue required to increase its return on equity to the midpoint of the range established in the order.

        (1) sets forth any changes that are required to the rates approved in the Initial Order issued under Section 58-27-2760(5);

        (2) determines the amount of any overcollection or undercollection by the utility that resulted from collection of the rates authorized in the Initial Order as compared to the rates authorized in the final order issued under this section;

and         (3) establishes a credit to refund the amount of any overcollection, or a surcharge to collect the amount of any undercollection that arose during the time that the rates approved in the Initial Order were collected, and requires the utility to apply the credit or surcharge until such time as the overcollection or undercollection is exhausted.

----XX---- This web page was last updated on March 26,12, 2025 at 10:3501:29 PM