SB 51 - 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" and modifies the definition of "weighted average cost of capital". Electrical corporations shall defer to a regulatory asset 90%, instead of 85% as provided in current law, of all depreciation expense and return associated with all qualifying electric plant recorded to plant-in-service on the utility's books. The act excludes the cost of investments in new generating units and energy storage systems from the requirement that at least 25% of the cost of investments reflected in each year’s capital investment plan shall be comprised of grid modernization projects. 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. This act is identical to a provision in HB 445 (2025), a provision in HB 713 (2025), a provision in HB 1059 (2025), a provision in SB 6 (2025), and similar to a provision in SS#2/SB 4 (2025), HCS/HB 569 (2025), SB 1422 (2024), a provision in SCS/HCS/HB 1746 (2024), and HCS/HB 2541 (2024). JULIA SHEVELEVA