AR SB588

Extends Arkansas Electric Utility Storm Recovery Securitization Act to include gas utilities, enabling both electric and gas utilities to recover storm damage restoration costs and extraordinary fuel/natural gas costs through securitization of storm recovery bonds.

Allows utilities to recover reasonable and prudent costs incurred in immediate preparation for or response to storms, including restoration of infrastructure and extraordinary purchases of natural gas, fuel, or purchased power at elevated prices during emergencies.

Establishes financing order process where Arkansas Public Service Commission must issue decision within 135 days determining if storm recovery bonds would result in lower overall costs or mitigated rate impacts compared to traditional utility financing.

Creates storm recovery property as intangible property right, allows true sale and transfer to assignees, and governs security interests through state law instead of Uniform Commercial Code for these specific transactions.

Declares emergency clause due to recent historic winter weather event causing high energy prices, finding that prompt legislative action enabling securitization financing can lower costs and mitigate rate impacts for Arkansas consumers.