§ 9072. Definitions
Oklahoma Statutes AnnotatedTitle 74. State GovernmentEffective: April 23, 2021
Effective: April 23, 2021
74 Okl.St.Ann. § 9072
§ 9072. Definitions
As used in this act:
3. “Extraordinary costs” shall mean costs incurred by a regulated utility related to the extreme weather that occurred beginning February 7, 2021, and ending February 21, 2021, including but not limited to fuel-related storage and associated costs, emergency compressed or liquified natural gas supplies, contracts for services providing additional pressurization on lines and transportation pipeline penalties. Extraordinary costs shall not include extreme purchase costs, as defined in this section;
4. “Financing order” shall mean an order issued by the Oklahoma Corporation Commission that authorizes securitization of qualified costs and the creation of an irrevocable and nonbypassable mechanism for utility customer payments to the regulated utility, its successors, assignees or collection agents, of amounts necessary for service and repayment of ratepayer-backed bonds, subject to true-up and reconciliation;
5. “Nonbypassable mechanism” shall mean that the payment of the utility customer charges under this act shall not be modified or avoided by any utility customer at an address located within a utility service area by switching providers, switching fuel sources or materially changing usage, and shall be paid by the customer for as long as bonds issued pursuant to Section 8 of this act remain outstanding;
7. “Qualified costs” shall mean the extreme purchase costs and extraordinary costs, as calculated and set out in a financing order of the Oklahoma Corporation Commission, less any insurance proceeds, governmental grants or other funding sources, as well as any costs of managing ratepayer-backed bonds;
12. “True-up and reconciliation” shall mean the comparison of actual revenues received from customers with the revenues estimated to be received during a period determined by the Oklahoma Corporation Commission including any steps to carry forward the difference to a future collection period, as necessary to ensure the timely payment of ratepayer-backed bonds; and
Credits
Laws 2021, c. 204, § 3, emerg. eff. April 23, 2021.
74 Okl. St. Ann. § 9072, OK ST T. 74 § 9072
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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