NC S720

Prohibits public utilities from recovering costs through ratepayer charges for advertising, lobbying, political contributions, trade association dues, investor relations, executive travel and entertainment, and litigation against regulatory bodies

Requires utilities to submit annual reports by July 1 detailing all prohibited expenses, including itemized third-party expenditures and employee compensation allocated to lobbying or political influence activities

Establishes civil penalties of $50,000 to $150,000 per violation for utilities that improperly recover prohibited costs, with each expense and each day constituting a separate violation

Creates an "Energy Equity Fund" in the State Treasury to receive 75% of collected penalties, with funds allocated for disaster recovery and assisting low-income households in transitioning to zero-emission appliances

Requires the NC Utilities Commission to initiate rulemaking by November 1, 2025 to implement the new requirements and mandates public disclosure of all filed materials on utility and Commission websites