S. 9339--A Summary

• Authorizes electric utility corporations with $500 million or more in storm recovery costs to petition the Public Service Commission for financing orders to issue recovery bonds secured by recovery charges imposed on consumer electric bills.

• Requires recovery charges to be non-bypassable and collected from all consumers in the utility's service area for storm recovery activities undertaken before July 1, 2024, with the commission approving that bond issuance provides quantifiable net benefits to consumers compared to traditional financing methods.

• Establishes recovery property as a vested property right that can be sold or assigned to assignees (including subsidiaries or special purpose entities), with security interests perfected through financing statement filings governed by this act rather than the Uniform Commercial Code.

• Provides that financing orders are irrevocable once recovery bonds are issued and recovery property is transferred, and prohibits the commission from reducing or impairing recovery charges except through a true-up mechanism that adjusts for over- or under-collection.

• Makes recovery bonds nonrecourse to the utility corporation's other assets, exempts them from public debt requirements, and pledges that the state will not impair the value of recovery property or recovery charges until all bonds and financing costs are paid in full.