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

SB 5465 allows Washington electrical companies to recover certain wildfire-related costs by selling bonds backed by future customer payments, instead of raising rates immediately. This would lower overall customer costs compared to traditional rate increases, as the bonds would be repaid through future utility bills. The Utilities and Transportation Commission must approve the use of this method for costs tied to declared disasters like wildfires, excluding fines or penalties. The bill creates clear rules for how these "rate recovery bonds" are structured and managed, ensuring they don’t count as state debt. It directly affects electrical companies and their customers by changing how wildfire costs are paid for.