WA SB5465

Authorizes electrical, gas, and water companies to use securitization financing for emergency event costs (wildfires, severe weather, earthquakes, pandemics) and energy/water conservation investments, with Utilities and Transportation Commission approval

Requires the commission to approve securitization applications within 180 days if costs are reasonable and prudent, bond financing is more favorable to customers than other recovery methods, and bonds are likely to receive investment-grade ratings

Creates "rate recovery bonds" that are not public debt or backed by state credit, but establishes irrevocable rate recovery charges that customers cannot avoid until bonds are fully repaid

Excludes criminal and civil fines/penalties from eligible bondable costs, and allows recovery of capital/operating costs, lost revenue, and carrying charges related to qualifying emergency events

Declares an emergency for immediate effect, with provisions protecting existing conservation bonds issued under prior law