AN ACT relating to investor-owned electric utilities and declaring an emergency.

Amend KRS 278.670 to define "environmental control" and "underpreciated extra-state generation utility plant balances," amend various definitions, and make technical changes; amend KRS 278.672 to remove the deadline date for calculating the value of the regulatory asset associated with the undepreciated extra-state generation utility plant balances, deferred storm costs, and other regulatory assets approved by the Public Service Commission (PSC) remove the dollar amount thresholds for qualifying for a financing order; remove the submittals associated with securitization of deferred costs for retried electric generation greater than 50%; add additional submittals for an application for a financing order; add requirement for a utility to acquire in-state dispatchable generation and agree to a freeze on base rates for a period of 2 years; define "dispatchable"; amend KRS 278.674 to prohibit the PSC from requiring securitized bonds to be marketed as a specific type of security or that an assignee be formed as a specific type of entity; provide a price cap for costs associated with retaining counsel, advisors, or other consultants; remove PSC authority to address how the securities are marketed; add a template issuance advice letter to be included in the financing order; direct that the PSC must approve sales or transfer of assets including extra-state generation facilities even if the balances are securitized; amend KRS 278.678 to make technical changes; amend KRS 278.682 to remove the requirement that the securitized surcharge be listed as a separate item on the customer bill; EMERGENCY.