SB 1493 - The act creates the "Powering Missouri's Future Act". The act only applies to nuclear generating plants or facilities that are placed into commercial operation after August 28, 2024. Whenever a subsidiary corporation, or any other company described in the act, formed by an electrical corporation, incurs costs and expenses used to construct, own, operate, maintain, or decommission a nuclear generating plant or facility, such costs and expenses shall be treated as if they were incurred directly by the electrical corporation and as if the nuclear generating plan was owned directly by the electrical corporation. Properties owned by a subsidiary of an electrical corporation owning a nuclear generating plant shall be treated as if the property was owned by the electrical corporation. The act shall not alter ownership of the project between the electrical corporation and any subsidiary for any other purpose. Within 30 days after the effective date of the act, the Public Service Commission shall begin an evaluation of the relative merits of various financing methods by an electrical corporation to build new nuclear generating plants as described in the act. The act applies to the preconstruction costs of a nuclear generating plant. After August 28, 2024, the Commission may include preconstruction costs associated with a potential nuclear generating plant in an electrical corporation's rate base if the Commission finds that such costs were prudent and reasonable. The electrical corporation's cost of tax capitalized interest shall also be included in the electrical corporation's revenue requirement. As to any matters related to the electrical corporation's cost of tax capitalized interest on preconstruction costs, the Commission shall establish procedures to ensure that ratepayers pay no more and no less than necessary to make the electrical corporation whole on an after-tax cash basis. An electrical corporation many file a project development application with the Commission for a nuclear generating plant. The evaluation process of such applications is described in the act, including allocation of preconstruction costs. An electrical corporation may apply to the Commission to abandon a project after preconstruction costs have been included in the corporation's rate base. The application process is described in the act. An electrical corporation and any subsidiary shall be required to seek Commission approval to sell, transfer or encumber any interest in a nuclear generating plant licensed or authorized under the act, as described in the act. An electrical corporation may file an amended project development application with the Commission to determine the prudency of any decision related to the facility after an initial project development order has been issued. In any Commission proceeding where an electrical corporation files a complete application for a project development order or an amended project development order, the Commission shall issue an order deciding all issues within one year of the date of the filing of the project development order application. Prudency determinations under the act shall be final and not subject to further review in any future Commission proceedings. The Commission shall establish the initial filing requirements for a facility review order under the act no later than September 1, 2025, and may amend those requirements at any later date. Procedural requirements for such facility review order are described in the act. A facility review order issued by the Commission is a final and binding determination that the costs of a nuclear generating plant are properly includable in rates, so long as the facility is constructed within specific parameters. Such parameters are described in the act. An electrical corporation is allowed to recover its capital costs related to the facility through expedited revised rate reviews or general rate proceedings so long as the facility constructed met the requirements under the act. Such capital costs may be disallowed by the Commission as described in the act. If any provision under the act that affects an electrical corporation's ability to recover capital costs, including allowances for funds used during the construction of a facility (AFUDC), for the construction of a nuclear generating plant by subsequent action of the General Assembly, initiative petition, constitutional amendment, or judicial decision before a facility review order is issued, an electrical corporation may abandon the project and seek recovery of its proportional share of capital costs, including AFUDC. If the Commission adopts a facility review order for a nuclear generation plant before any such action occurred, the electrical corporation shall be permitted to recover its expenses through the Commission-authorized rates as if no such action occurred. The Commission may require an electrical corporation to file periodic reports with the Commission as part of a facility review order and may prescribe information to be provided in those reports. The Commission shall monitor the construction of the nuclear generating plant and expenditure of capital through review and audit of reports, and shall have the right to inspect the books and records regarding the plant and the progress of the construction. If the Commission does not prescribe a manner for expedited rate revisions, an electrical corporation may file with the Commission requests for the approval of expedited rate revisions as described in the act. If the Commission does not prescribe a different means of calculating revised rate increases as part of a facility review order, an electrical corporation shall be allowed to recover through revised rates as described in the act. Expedited rate revisions approved as part of the issuance of the facility review order, and expedited rates shall become effective 14 days after the filing of rate schedules reflecting the new rates to be charged to each rate class as described in the act. The Commission staff shall review and audit the revised rates and the information supporting such rates to determine if the revised rates were calculated in accordance with the facility review order. The Commission staff shall file with the Commission and serve on all parties a verified report indicating the results of its review and audit no later than 3 months after the date of expedited rate review filings as described in the act. Procedures regarding an expedited revised rate revision filings are described in the act. If an electrical corporation decides to abandon a construction project after a facility review order approving expedited rate revisions for the project has been issued, the capital costs related to the project shall be recoverable as described in the act. After completion of a facility subject to a facility review order, the Commission staff shall conduct an audit of the electrical corporation's revenues, expenses, and rates. Specifics of such audit are described in the act. Provisions under the act shall supplement provisions relating to rehearing before the Commission as described in the act. Proceedings under the act are limited to issues related to whether the revised rates filed by an electrical corporation comply with the terms of the Commission order as described in the act. All procedural requirements that apply to general rate proceedings by law or regulation shall apply to proceedings under the act, and to the judicial review of orders under the act. Commission determinations under the act shall not be challenged, reopened, or reviewed in any subsequent Commission proceedings as described in the act. Courts shall have the power to review Commission determinations made under the act as described in the act. No state or regional agency, or political subdivision or other local government may require any approval, consent, permit, certificate or other condition for the construction, operation, or maintenance of a nuclear generating plant as described in the act. If an electrical corporation sells or transfers a license or permit association with the nuclear generation plant prior to the facility being operational, the Commission shall require that any proceeds from the sale be refunded to ratepayers. Such proceeds shall be treated by the Commission as proceeds from the sale of used and useful assets. The act is identical to SB 501 (2023), and similar to SB 333 (2023), HCS/HB 225 (2023), HB 1044 (2023), SS/SCS/SB 228 (2009). JULIA SHEVELEVA