WA HB1656

Authorizes electrical, gas, and water companies to use securitization financing for costs related to federal or state declared emergencies (wildfires, severe weather, earthquakes, pandemics) when approved by the Utilities and Transportation Commission

Requires the commission to find that securitized bond financing would result in lower customer rates compared to traditional cost recovery methods before issuing a financing order

Creates "rate recovery assets" allowing utilities to collect dedicated charges from customers until bonds are fully repaid, with charges that cannot be avoided even if customers switch providers

Establishes state pledge not to reduce, alter, or impair rate recovery assets, bonds, or charges until all principal, interest, and financing costs are paid in full

Excludes fines or penalties from criminal or civil enforcement actions from costs eligible for securitization financing