OK SB998

Amends 17 O.S. 2021, Section 286 to modify the application process for electric utilities seeking approval to construct new generating facilities, purchase existing facilities, or enter long-term power contracts, with expedited 180-day review timelines for natural gas facilities versus 240 days for other types.

Requires electric utilities constructing new natural-gas-fired generation facilities to secure firm natural gas transportation contracts through a competitive solicitation process, with costs presumed recoverable through fuel adjustment clauses.

Creates new Section 286A allowing public utilities to defer 90% of depreciation expenses and return associated with qualifying electric plants (incremental plants placed in service after the last rate case, excluding transmission and new generating units) to a regulatory asset upon Commission notification.

Establishes that regulatory asset balances from deferrals shall be included in rate base in general rate proceedings concluded on or after July 1, 2025, recovered through 20-year amortization, with carrying costs accruing at the utility's weighted average cost of capital plus applicable taxes.

Requires the Corporation Commission to conduct prudence reviews of qualifying electric plant before moving regulatory asset balances into rate base, with balances adjusted to reflect any disallowances ordered after notice and hearing.