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WashingtonHB 19902025-2026 Regular SessionHouseWALLET

Authorizing utility companies to securitize certain costs related to disasters or emergencies to lower costs to customers.

Sponsored By: Peter Abbarno (Republican)

Became Law

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Bill Overview

Analyzed Economic Effects

3 provisions identified: 1 benefits, 0 costs, 2 mixed.

Strong protections for utility bond payments

The state pledges not to reduce or impair rate recovery assets, charges, or bonds while those bonds are unpaid. The law sets clear rules to create, perfect, and transfer security interests so bond payments keep flowing. These bonds are not state debt, and the state does not guarantee payment. The commission cannot force a utility to securitize; companies choose whether to use this tool.

New utility bonds to spread disaster costs

Beginning May 17, 2025, electric, gas, and water utilities can use bonds to pay disaster or emergency costs and some commission approved conservation work. The commission must find the costs are reasonable, the bonds likely investment grade, and that this path lowers costs for customers versus other options. A financing order sets how charges are split across customer classes and requires regular true ups for over and under collection, including changes from efficiency or electrification. You pay a nonavoidable line item on your bill until the bonds and all financing costs are fully repaid, even if you later switch providers or rate class, as the order allows. Utilities may earn a return on bond related reserves at their last approved cost of capital. The commission also considers Washington climate goals when approving what gets recovered.

Applies prospectively; funding deadline set

The law applies only to future cases starting May 17, 2025. Existing conservation bonds stay under the rules that were in place when they were issued. The act is null and void if the omnibus appropriations act does not provide specific funding that references this act by June 30, 2025.

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Sponsors & Cosponsors

Sponsor

  • Peter Abbarno

    Republican • House

Cosponsors

  • Beth Doglio

    Democratic • House

  • Lisa Parshley

    Democratic • House

Roll Call Votes

All Roll Calls

Yes: 216 • No: 23

House vote • 4/21/2025

Final Passage as Amended by the Senate

Yes: 93 • No: 4 • Other: 1

Senate vote • 4/8/2025

3rd Reading & Final Passage as Amended by the Senate

Yes: 45 • No: 3 • Other: 1

House vote • 3/10/2025

3rd Reading & Final Passage

Yes: 78 • No: 16 • Other: 4

Actions Timeline

  1. Effective date 5/17/2025.

    5/17/2025House

  2. Chapter 310, 2025 Laws.

    5/17/2025House

  3. Governor signed.

    5/17/2025legislature

  4. Delivered to Governor.

    4/24/2025legislature

  5. President signed.

    4/23/2025legislature

  6. Speaker signed.

    4/22/2025legislature

  7. Passed final passage; yeas, 93; nays, 4; absent, 0; excused, 1.

    4/21/2025House

  8. House concurred in Senate amendments.

    4/21/2025House

  9. Third reading, passed; yeas, 45; nays, 3; absent, 0; excused, 1.

    4/8/2025House

  10. Rules suspended. Placed on Third Reading.

    4/8/2025House

  11. Floor amendment(s) adopted.

    4/8/2025House

  12. Committee amendment not adopted.

    4/8/2025House

  13. Placed on second reading by Rules Committee.

    4/2/2025House

  14. Passed to Rules Committee for second reading.

    3/31/2025House

  15. Minority; without recommendation.

    3/28/2025House

  16. Minority; do not pass.

    3/28/2025House

  17. ENET - Majority; do pass with amendment(s).

    3/28/2025House

  18. First reading, referred to Environment, Energy & Technology.

    3/12/2025House

  19. Third reading, passed; yeas, 78; nays, 16; absent, 0; excused, 4.

    3/10/2025House

  20. Rules suspended. Placed on Third Reading.

    3/10/2025House

  21. 2nd substitute bill substituted.

    3/10/2025House

  22. Rules Committee relieved of further consideration. Placed on second reading.

    3/4/2025House

  23. Referred to Rules 2 Review.

    2/28/2025House

  24. APP - Executive action taken by committee.

    2/27/2025House

  25. APP - Majority; 2nd substitute bill be substituted, do pass.

    2/27/2025House

Bill Text

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