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HI HB881
Bill
Status
Introduced
1/23/2025
Primary Sponsor
Gene Ward
Click for details
AI Summary
- Establishes the "Catastrophic Wildfire Securitization Act" allowing public utilities to issue recovery bonds to raise capital for costs arising from catastrophic wildfires (defined as wildfires damaging more than 500 dwellings or commercial buildings)
- Authorizes the Public Utilities Commission to issue financing orders permitting utilities to recover wildfire-related costs through fixed recovery charges on ratepayer bills, which remain in effect until bonds are fully paid
- Creates "recovery property" as a legal property right based on the fixed recovery charges, which can be sold, assigned, or pledged as collateral for recovery bonds
- Requires the commission to approve or disapprove financing applications within 120 days and establishes procedures for annual true-up adjustments to ensure accurate cost recovery
- Provides that recovery bonds are not state debt and includes a state pledge not to alter or impair the fixed recovery charges until bonds are fully repaid, protecting bondholders and ensuring lower interest rates for ratepayers
Legislative Description
Relating To Public Utilities.
Public Utilities Commission
Last Action
Carried over to 2026 Regular Session.
12/8/2025
Committee Referrals
Energy & Environmental Protection1/23/2025
Full Bill Text
No bill text available