Relating to a financing mechanism allowing electric utilities to obtain recovery of costs associated with a weather-related event or other natural disaster; granting authority to issue bonds.

Contracts

• Commercial Ratepayers: Review energy supply agreements with Retail Electric Providers (REPs). Confirm that "Change in Law" or "Regulatory Pass-Through" clauses cover System Restoration Charges. These are non-bypassable; fixed-rate contracts will not shield you from these surcharges.
• Utilities: Amend Master Service Agreements (MSAs) with emergency response vendors. Contracts must mandate granular invoicing that distinguishes capitalizable restoration work from standard O&M to satisfy PUC "true-up" audits.

Hiring/Training

• Utilities: Legal and Finance teams require training on the new "consolidated application" process, which combines cost verification and financing authorization into a single 150-day workflow.
• Accounts Payable (All Businesses): Train AP staff to identify "System Restoration Charges" as valid regulatory line items, distinct from standard delivery charges, to prevent payment disputes or auditing errors.

Reporting & Record-Keeping

• Utilities (The "True-Up" Standard): You are now authorized to securitize *estimated* costs. You must establish a segregated accounting ledger to track *actual* spend against these estimates. Subsection (b-3) mandates a reconciliation process; failure to maintain precise records will result in forced credits to ratepayers or disallowed cost recovery.

Fees & Costs

• Ratepayers: Energy Managers must adjust budget forecasting models. Following any hurricane or freeze event causing >$50M in grid damage, anticipate a specific rate surcharge to appear on bills within two fiscal quarters.
• Utilities: The bill authorizes recovery of professional fees (legal, financial advisory) associated with the bond issuance. These costs should be capitalized and included in the securitization request.