Minnesota committee hears bill to let regulated natural-gas utilities use securitization after extraordinary events

The Minnesota Senate Energy, Utilities, Environment, and Climate Committee on Feb. 19, 2025, heard testimony on Senate File 999, which would allow regulated natural-gas utilities to seek approval from the Minnesota Public Utilities Commission (PUC) to recover extraordinary, one-time costs through long-term, low-interest securitized bonds. The committee adopted a largely technical A2 amendment and laid the bill over for further consideration.

Senator Jeong, the bill's chief author, told the committee that securitization is an affordability tool used in more than 30 states and would be available only to regulated natural-gas utilities. "This legislation creates the regulatory and legal framework needed to enable regulated natural gas utilities to seek securitization and allows a utility the option to petition the PUC to issue long term bonds," Senator Jeong said. He emphasized that the bill is optional and that PUC oversight, stakeholder…