On Monday, February 26, 2018, the House passed SB 966, one of the most significant bills we considered this year, by a 65-30 margin. I voted against the bill. The bill was proposed largely in response to the so-called “Rate Freeze Bill” enacted several years ago.
As I have written previously, utilities had been “overearning” for the last several years and the bill would provide not only for refunds, but a new way by which the utilities could invest in modernizing the grid.
When the bill was first introduced, it had serious flaws, including a provision allowing the utilities to, in some cases, collect twice for the same investment. This was the so-called “double dip,” and I successfully offered an amendment on the House floor that removed it. The same amendment was placed on the Senate bill. [Read more…]