A bill to overhaul electric utility law was introduced in Ë¿¹Ï¶ÌÊÓƵ as House Bill 15. Among other things, it would repeal energy law that allows cost recovery for investor-owned utilities’ stake in the Ë¿¹Ï¶ÌÊÓƵ Valley Electric Corporation (OVEC). Buckeye Power owns 18% of OVEC and has supported this provision as a hedge against rising energy costs. Other provisions in HB 15 include the following:
- Eliminates electric security plans for IOUs allowing only default generation service through standard service offers
- Allows for direct billing from competitive retail energy suppliers (CRES) to IOU customers
- Shifts Tangible Property Tax on generation to distribution and transmission providers
HB 15 sponsor Rep. Roy Klopfenstein (R-Haviland) added the following in a prepared statement:
"Ë¿¹Ï¶ÌÊÓƵ has experienced significant economic growth in recent years, thanks to projects like Intel and, more recently, Anduril Industries coming to our state. We’re currently ranked number one in the nation for infrastructure and economic development investment. However, these successes have highlighted the urgency of creating a comprehensive plan that not only supports the continued growth of these opportunities but also improves affordability for all Ë¿¹Ï¶ÌÊÓƵans."
HB 15 has been assigned to the House Energy Committee for deliberation. Additional energy-related legislation will soon be introduced in the Ë¿¹Ï¶ÌÊÓƵ Senate as well.Ìý
Ìý