SB248 Summary

• Establishes framework for electric distribution utilities to securitize costs through "phase-in-recovery bonds" issued under a financing order from the Public Utilities Commission, allowing recovery of deferred regulatory assets.

• Creates detailed securitization process including application requirements, commission review timelines (135 days for initial review), financing order approval standards, and appeal procedures with expedited Supreme Court review.

• Authorizes nonbypassable phase-in-recovery charges on all customers that continue even if customers switch to alternative electric suppliers, with charges collected separately from base rates.

• Provides legal protections for bondholders, assignees, and financing parties including irrevocable financing orders, security interests in phase-in-recovery property, and exemption from state and local taxes.

• Allows electric distribution utilities to transfer phase-in-recovery property to third parties and permits the Ohio Air Quality Development Authority to issue bonds on behalf of utilities under certain conditions.