GA SB421

Enacts the Georgia Utility Rate Reduction Act (GURRA), allowing investor-owned electric utilities to voluntarily use securitized ratepayer-backed bond financing to lower customer costs associated with nuclear construction cost overruns, retired generating units, and coal combustion residuals cleanup

Requires the Public Service Commission (PSC) to issue financing orders only after finding that GURRA bonds will provide substantial, tangible net present value savings to customers compared to traditional utility financing methods, with a mandatory public hearing and 300-day decision timeline

GURRA bonds must be rated AA/AA2 or better, with maximum maturities of 60 years for new nuclear units placed in service after July 1, 2022, and 32 years for all other eligible projects; the financing methodology excludes return on equity and utility income taxes from the cost structure

Requires electric utilities to simultaneously reduce base rates or apply a negative bill rider equal to the revenue requirement of the assets being refinanced when GURRA charges begin, and to display GURRA charges as a separate non-bypassable line item on customer bills

Creates GURRA property as an intangible property right that can be sold, assigned, or pledged to secure bonds, with the state pledging not to impair the value of GURRA property or reduce GURRA charges until bonds are fully repaid; judicial review is available under the Georgia Administrative Procedure Act