Authorizing electrical companies to securitize certain wildfire-related costs to lower costs to customers.

HB 1656 allows Washington electrical companies to recover wildfire-related costs through special bonds (securitization) instead of immediate rate increases. If approved by the Utilities and Transportation Commission, companies could spread these costs over time, potentially lowering long-term rates for customers. The bill defines eligible costs as those from disasters like wildfires (excluding fines or penalties) and includes safeguards to prevent state debt or impairment of customer rates. This policy aims to stabilize utility rates while covering emergency expenses tied to climate events.