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Minnesota senators hear bill to let gas utilities seek securitization after extraordinary costs
Summary
A bill that would let regulated natural gas utilities ask the Minnesota Public Utilities Commission to securitize extraordinary, one-time costs was presented and laid over after technical amendments and questions about prudence, hedging and equipment hardening.
Senators laid over Senate File 999 on Feb. 19 after testimony and member questions about a proposed securitization framework that would let regulated natural gas utilities petition the Minnesota Public Utilities Commission to spread extraordinary, one-time costs over a longer period through low-cost bonds.
Supporters said the tool is optional and would be available only if the PUC determines securitization is in customers' best interest. "This bill provides us with an optional tool. If the PUC finds it's in the best interest of consumers, not with the company, they can use this tool," said Jason Luce, associate general counsel at CenterPoint Energy, which serves about 900,000 customers in Minnesota.
The bill's chief author, Senator…
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