By: Van de Putte S.B. No. 1464
A BILL TO BE ENTITLED
AN ACT
relating to funds to be used for nuclear decommissioning purposes
by electric utilities.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter A, Chapter 2256, Government Code, is
amended by adding Section 2256.0205 to read as follows:
Sec. 2256.0205. AUTHORIZED INVESTMENTS; DECOMMISSIONING
TRUST. (a) In this section:
(1) "Decommissioning trust" means a trust created to
provide the Nuclear Regulatory Commission assurance that funds will
be available for decommissioning purposes as required under 10
C.F.R. Part 50 or other similar regulation.
(2) "Funds" includes any money held in a
decommissioning trust regardless of whether the money is considered
to be public funds under this subchapter.
(b) In addition to other investments authorized under this
subchapter, a municipality that owns a municipal electric utility
that is engaged in the distribution and sale of electric energy or
natural gas to the public may invest funds held in a decommissioning
trust in any investment authorized by Subtitle B, Title 9, Property
Code.
SECTION 2. Section 39.205, Utilities Code, is amended to
read as follows:
Sec. 39.205. REGULATION OF COSTS FOLLOWING FREEZE PERIOD.
At the conclusion of the freeze period, any remaining costs
associated with nuclear decommissioning obligations continue to be
subject to cost of service rate regulation and shall be included as
a nonbypassable charge to retail customers. The commission may
adopt rules necessary to ensure that money for decommissioning is
prudently collected, managed, and spent for its intended purpose
and that money that remains unspent after decommissioning is
completed is returned to retail customers.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2005.