CS/CS/CS/HB 797 Summary

• Creates section 366.96, Florida Statutes, requiring public utilities to submit 10-year transmission and distribution storm protection plans to the Public Service Commission for approval, modification, or denial within 180 days of filing.

• Utilities must update their approved plans at least every 3 years and may recover prudently incurred storm protection costs through a separate cost recovery clause rather than base rates, with costs allocated to customer classes per the most recently approved rate design.

• Establishes that implementation of an approved plan does not constitute imprudence, and approved costs cannot be subject to disallowance or further prudence review except for fraud, perjury, or intentional withholding of key information.

• Authorizes utilities to recover annual depreciation on capital expenditures and a return on the undepreciated balance calculated at the utility's weighted average cost of capital using the last approved return on equity.

• Requires the Public Service Commission to submit annual reports to the Governor and Legislature detailing storm protection activities completed or planned, actual costs versus estimated costs, and rate impacts; appropriates $261,270 in recurring and $15,020 in nonrecurring funds for fiscal year 2019-2020.