WA HB1990

Authorizes electrical, gas, and water companies to use securitization financing for costs related to federally or state-declared disasters and emergencies, with Utilities and Transportation Commission (UTC) approval required through a financing order

Expands existing conservation bond framework to create "rate recovery bonds" that allow utilities to recover disaster-related capital, operating, and settlement costs (excluding fees, fines, or costs from utility negligence) through customer charges over time

Requires UTC to find that securitization financing is more favorable to customers than other recovery methods before approving, with bonds required to receive at least investment-grade credit ratings

Establishes irrevocable rate recovery assets and charges that cannot be reduced, altered, or impaired by the state until bonds are fully repaid, with the state pledging not to take actions that would adversely affect bondholders

Takes effect May 17, 2025, contingent on specific funding in the omnibus appropriations act by June 30, 2025; passed House 93-4 and Senate 45-3