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Subcommittee hears Duke request to speed storm-cost securitization for Hurricane Helene; ORS offers no formal objection
Summary
Duke Energy asked a legislative subcommittee to accelerate South Carolina’s storm-cost securitization process so the company can refinance roughly $500 million tied to Hurricane Helene using estimated costs, while consumer advocates and the Office of Regulatory Staff said they support further review of the proposed language.
Duke Energy and consumer advocates appeared before the Judiciary Subcommittee to request a technical change to South Carolina’s storm-cost securitization process that would let utilities move forward on securitization using estimated costs and shorten the timeline for issuing bonds.
Tyre ("Tiger") Wells, representing Duke Energy, told the subcommittee Hurricane Helene in September produced roughly $500 million in storm-related costs for Duke’s South Carolina operations and remains on the company’s balance sheet. Wells said an amendment to the current securitization law would allow Duke to begin the process on an estimated amount and complete issuance in about nine months rather than the roughly 15 months the current timeline typically requires.
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