House Bill 4631 Summary

• Amends the Public Service Commission Act to allow electric utilities to securitize qualified costs through the issuance of securitization bonds with terms not exceeding 15 years.

• Requires the Public Service Commission to issue a financing order if securitization provides net present value savings and tangible customer benefits, with approval required within 90 days of application.

• Permits electric utilities to recover unrecovered book value and demolition costs associated with retiring electric generation facilities after the bill's effective date through securitization charges.

• Establishes that securitization charges are nonbypassable for customers receiving standard tariff service, but customers taking service from alternative electric suppliers cannot be assessed charges relating to facility retirement.

• Makes financing orders irrevocable and binding, with securitization bonds remaining valid even if the financing order is later vacated or modified, and limits judicial review to constitutional and statutory compliance.