All Roll Calls
Yes: 142 • No: 0
South CarolinaS 0157126th General Assembly (2025-2026)SenateWALLET
AN ACT TO AMEND THE SOUTH CAROLINA CODE OF LAWS BY AMENDING SECTION 58-27-1105, RELATING TO DEFINITIONS, SO AS TO DEFINE "QUALIFIED INDEPENDENT THIRD PARTY" AND TO ALLOW AN ELECTRICAL UTILITY TO INCLUDE STORM RECOVERY COSTS FOR HURRICANE HELENE IN ITS COST OF CAPITAL FROM THE DATE OF THE STORM THROUGH THE ISSUANCE OF STORM RECOVERY BONDS; AND BY AMENDING SECTION 58-27-1110, RELATING TO THE PETITION FOR FINANCING ORDER AND REQUIREMENTS, SO AS TO ALLOW AN ELECTRICAL UTILITY TO DEFER THE REVIEW AND APPROVAL OF A FINANCING ORDER, AND PROVIDE FOR THE PARTICIPATION OF A QUALIFIED INDEPENDENT THIRD PARTY RETAINED BY THE PUBLIC SERVICE COMMISSION.
Sponsored By: Thomas C. Alexander (Republican)
Signed by Governor
Summary
Storm Damage Recovery
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Bill Overview
Analyzed Economic Effects
4 provisions identified: 1 benefits, 2 costs, 1 mixed.
Electric bills add Helene interest costs
Effective March 13, 2025, utilities can add interest they paid to fix Hurricane Helene damage to storm costs. They can count interest from the storm date until storm-recovery bonds are issued. The rate must be the utility’s actual borrowing rate, but it cannot be higher than its last approved overall cost of capital, adjusted for income tax savings. These costs are collected as a separate, nonbypassable storm charge on customer bills until the bonds are paid off.
Independent reviewer checks storm bonds
The Public Service Commission hires an independent expert to review storm‑recovery bonds before they are sold. The expert can request documents and must file a certification within one business day after bond terms are set. After that, the commission has until noon of the fourth business day to accept the bond sale or stop it, unless a financing order sets a different schedule.
Bills can include regulator and reviewer fees
The law lets utilities recover new oversight costs through storm‑recovery bonds. Your bill can include fees for the commission’s and the state’s regulatory staff’s outside consultants, plus the independent reviewer’s fees. These are treated as financing costs and included in the storm charge on your bill.
New timeline to review storm costs
Utilities must ask for commission review of storm repair costs at least 180 days before seeking storm‑bond approval. A utility can delay that review to a later rate case or a separate proceeding, but then it must file reconciliation updates at least twice a year until the costs are settled. If the utility does not file for review within one year after bonds are issued, the state’s regulatory staff can start the review.
Sponsors & Cosponsors
Sponsor
Thomas C. Alexander
Republican • Senate
Cosponsors
Billy Garrett
Republican • Senate
Jeffrey R. Graham
Democrat • Senate
Luke A. Rankin
Republican • Senate
Roll Call Votes
House vote • 3/10/2025
(Storm Damage Recovery)Passage of Bill
Yes: 101 • No: 0 • Other: 2
Senate vote • 3/4/2025
(Storm Damage Recovery)2nd Reading
Yes: 41 • No: 0
Actions Timeline
Act No. 2
3/19/2025legislatureEffective date 03/13/25
3/19/2025legislatureSigned By Governor
3/13/2025GovernorRatified R 7
3/11/2025legislatureRead third time and enrolled
3/11/2025HouseScrivener's error corrected
3/10/2025legislatureRoll call Yeas-101 Nays-0
3/10/2025HouseRead second time
3/10/2025HouseIntroduced, placed on calendar without reference
3/6/2025HouseRead third time and sent to House
3/5/2025SenateScrivener's error corrected
3/5/2025legislatureRoll call Ayes-41 Nays-0
3/4/2025SenateRead second time
3/4/2025SenateAmended
3/4/2025SenateScrivener's error corrected
2/25/2025legislatureCommittee report: Favorable Judiciary
2/19/2025SenateScrivener's error corrected
1/17/2025legislatureReferred to Subcommittee: Rankin (ch), Campsen, Massey, Adams, Devine, Elliott, Ott
1/16/2025SenateReferred to Committee on Judiciary
1/14/2025SenateIntroduced and read first time
1/14/2025Senate
Bill Text
Introduced
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