[§269G-2] Applications to issue bonds and authorize infrastructure resilience charges. (a) An electric utility may apply to the commission for one or more financing orders to issue bonds to recover any infrastructure resilience costs, each of which authorizes the following:
(b) The commission may issue a financing order that authorizes the issuance of bonds under subsection (a) only if:
(c) The application shall include all of the following:
(d) An electric utility may file an application for a financing order, or as a joint applicant with one or more affiliate electric utilities, to issue bonds to recover infrastructure resilience costs. The application shall include a description of:
In the alternative, an electric utility may apply for a financing order to issue bonds to recover infrastructure resilience costs, including infrastructure resilience costs incurred, or to be incurred, by the applicant and one or more of its affiliate electric utilities. In connection with the issuance of a financing order pursuant to this subsection, the commission shall issue a concurrent order to the affiliate electric utility or electric utilities directing the affiliate electric utility or electric utilities to impose rates on its or their consumers designed to generate revenue sufficient to pay credits over the life of the bonds to the applicant electric utility in the amount as the commission determines is equitable, just, and reasonable. The application shall describe the allocation method and adjustment mechanism for the affiliate electric utility credit payments proposed to be subject to the concurrent commission order.
(e) The commission shall issue an approval or denial of any application for a financing order filed pursuant to this section within ninety days of the last filing in the applicable docket.
(f) In exercising its duties under this section, the commission shall consider:
If the commission makes the determination specified in this section, the commission shall establish, as part of the financing order, a procedure for the electric utility to submit applications from time to time to request the issuance of additional financing orders designating infrastructure resilience charges and any associated fixed recovery tax amounts as recoverable.
An electric utility may include in its application for a financing order a request for authorization to sell, transfer, assign, or pledge infrastructure resilience property to a governmental entity if the electric utility expects bonds issued by a governmental entity to result in a more cost-efficient means, taking into account all financing costs related to the bonds, than using another financing entity to issue bonds to finance the same infrastructure resilience costs, taking into account the costs of issuing the other financing entity's bonds.
(g) Infrastructure resilience charges and any associated fixed recovery tax amounts shall be imposed only on existing and future consumers in the utility service territory of the electric utility that is subject to such financing order. Consumers within the utility service territory of the electric utility that are subject to the financing order shall continue to pay infrastructure resilience charges and any associated fixed recovery tax amounts until the bonds and associated financing costs are paid in full by the financing entity. [L 2025, c 258, pt of §3]