SB 424 IN

0likes☆Favorite🔕SubscribeShare

Became Law

Amends as follows the Indiana Code section concerning certificates of public convenience and necessity (certificates) for small modular nuclear reactors: (1) Authorizes a public utility to petition the Indiana utility regulatory commission (IURC) for approval to incur, before obtaining a certificate, project development costs for the development of one or more small modular nuclear reactors. (2) Sets forth certain factors that the IURC must consider in reviewing a public utility's petition to incur project development costs. (3) Requires the IURC to issue a final order approving or denying the petition not later than 180 days after receiving the petition and the public utility's complete case in chief, subject to the IURC's right to extend the time for review if the public utility does not object to the extension. (4) Provides that if a public utility receives approval to incur project development costs, the public utility may petition the IURC at any time before or during the development and execution of a small modular nuclear reactor project for the approval of a rate schedule that periodically adjusts the public utility's rates and charges to provide for the timely recovery of project development costs. (5) Provides that after reviewing a public utility's proposed rate schedule, the IURC shall approve the recovery of project development costs by the public utility if the IURC finds that project development costs that have been or will be incurred are: (A) reasonable in amount; (B) necessary to support the construction, purchase, or lease of a small modular nuclear reactor; and (C) consistent with the commission's finding as to the best estimate of project development costs. (6) Provides that a public utility that is authorized to recover project development costs shall: (A) recover 80% of the approved project development costs under the approved rate schedule; and (B) defer the remaining 20% of approved project development costs for recovery as part of public utility's next general rate case before the IURC. (7) Provides that the recovery of a public utility's project development costs through an approved periodic rate adjustment mechanism must occur over a period that is equal to: (A) the period over which the approved project development costs are incurred; or (B) three years; whichever is less. (8) Provides that project development costs that: (A) are incurred by a public utility; and (B) exceed the best estimate of project development costs included in the IURC's order authorizing the public utility to incur project development costs; may not be included in the public utility's rates and charges unless found by the IURC to be reasonable, necessary, and prudent in supporting the construction, purchase, or lease of the small modular nuclear reactor for which they were incurred. (9) Provides that: (A) project development costs incurred for a project that is canceled or not completed may be recovered by the public utility if found by the IURC to be reasonable, necessary, and prudently incurred; but (B) such costs shall be recovered without a return unless the IURC makes certain additional findings. (10) Provides that if a public utility does not seek: (A) approval of; or (B) cost recovery for; project development costs under the bill's provisions, the IURC may approve the deferral and amortization of project development costs in accordance with the statutory procedures set forth for construction costs.

• Eric Koch Republican · author
• Brian Buchanan Republican · author
• Jean Leising Republican · author
• Edmond Soliday Republican · sponsor

1. Jan 13, 2025 First reading: referred to Committee on Utilities · upper
2. Jan 13, 2025 Authored by Senator Koch · upper
3. Jan 23, 2025 Senator Doriot added as coauthor · upper
4. Jan 27, 2025 Senator Buchanan added as second author · upper
5. Jan 27, 2025 Senator Leising added as third author · upper
6. Jan 27, 2025 Committee report: amend do pass, adopted · upper
7. Jan 28, 2025 Senator Zay added as coauthor · upper
8. Jan 29, 2025 Senator Byrne added as coauthor · upper
9. Jan 30, 2025 Second reading: ordered engrossed · upper
10. Jan 30, 2025 Senator Schmitt added as coauthor · upper
11. Feb 3, 2025 Senator Maxwell added as coauthor · upper
12. Feb 3, 2025 Senator Donato added as coauthor · upper
13. Feb 3, 2025 Senators Buck and Raatz added as coauthors · upper
14. Feb 3, 2025 House sponsor: Representative Soliday · upper
15. Feb 3, 2025 Third reading: passed; Roll Call 61: yeas 34, nays 14 · upper
16. Feb 4, 2025 Referred to the House · upper
17. Mar 3, 2025 First reading: referred to Committee on Utilities, Energy and Telecommunications · lower
18. Mar 13, 2025 Committee report: amend do pass, adopted · lower
19. Mar 17, 2025 Second reading: ordered engrossed · lower
20. Mar 17, 2025 Representative Bartels added as cosponsor · lower
21. Mar 21, 2025 Returned to the Senate with amendments · lower
22. Mar 20, 2025 Representatives Lehman and Lauer added as cosponsors · lower
23. Mar 20, 2025 Third reading: passed; Roll Call 291: yeas 59, nays 30 · lower
24. Mar 24, 2025 Motion to concur filed · upper
25. Mar 26, 2025 Signed by the President Pro Tempore · upper
26. Mar 25, 2025 Senate concurred with House amendments; Roll Call 297: yeas 32, nays 15 · upper
27. Mar 27, 2025 Signed by the Speaker · lower
28. Apr 3, 2025 Signed by the President of the Senate · upper
29. Apr 10, 2025 Signed by the Governor · executive
30. Apr 10, 2025 Public Law 48 · upper