SB 1422 - The act modifies certain provisions relating to deferrals by electrical corporations.

The act removes "new natural gas units" from the definition of "qualifying electric plant".

Electrical corporations shall defer to a regulatory asset 100%, instead of 85%, of all depreciation expense and return associated with all qualifying electric plant recorded to plant-in-service on the utility's books.

At least 25% of the cost of the investments reflected in each year's capital investment plan shall exclude the cost of investments in new gas-fired generation.

The act extends the sunset date of certain provisions relating to deferrals by electrical corporations from December 31, 2028 to December 31, 2035. The deadline to file an application seeking permission from the Public Service Commission relating to deferrals shall be extended from December 31, 2026 to December 31, 2033.

Provisions relating to electrical corporations seeking deferrals shall expire on December 31, 2040, instead of on December 31, 2033.


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