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

Changed the request process from an 'application' to a 'petition' that must include a detailed narrative explaining the disaster event and the specific costs incurred.

Added explicit authorization for utilities to include legal fees, estimated litigation costs, initial claim amounts, and settlement values as recoverable bondable expenditures.

Established a mandatory 90-day deadline for the commission to issue an order regarding the return of surplus funds to customers.

Clarified that any surplus funds recovered from rate recovery assets must be returned to customers as refunds, rather than just being remitted to the debtor company.

The bill's effective date was changed from immediate to prospective only, and a new sunset provision was added requiring specific funding by June 30, 2025, or the bill becomes void.

A new requirement was added for utilities to make periodic 'true-up' adjustments to customer rates to correct for over or under-collection, considering factors like usage forecasts and electrification.

A new definition for 'electrification' was created, defining it as replacing gas-powered equipment with energy-efficient electric equipment, causing a customer to stop using gas service.

The bill was transferred from the House Environment & Energy committee to the House Appropriations committee, and the first reading date was updated from February 21 to February 28, 2025.