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2013 SESSION

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HB 1799 Natural gas utilities; investments in qualifying projects.

Introduced by: Lynwood W. Lewis, Jr. | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Natural gas utilities; investments in qualifying projects. Exempts any natural gas utility that serves fewer than 1,000 residential customers and fewer than 250 commercial and industrial customers from the cap on the amount of investments in qualifying projects a natural gas utility may make. Under current law, a natural gas utility's annual investments in qualifying projects shall not exceed one percent of the utility's net plant investment that was used to establish base rates in its most recent rate case. Legislation enacted in 2012 established a mechanism for natural gas utilities to recover the costs of a qualifying project. A qualifying project is an economic development project for which, among other things, the utility has received a binding commitment from the developer or occupant of the proposed project regarding capacity or a financial guaranty from the developer or state or local government in the amount of at least 50 percent of the estimated investment to be made in the proposed project.


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