Lowering Utility Bills Act
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Overview
The Lowering Utility Bills Act aims to reduce the returns on equity that investor-owned electric and gas utilities are allowed to earn. It requires these utilities to base their returns on a range of reasonableness, derived from average expected returns on equity for the U.S. market, as determined by financial academics, financial institutions, and Global Systemically Important Banks. The bill also prohibits utilities from recovering costs associated with lobbying, political contributions, and certain executive expenses, and establishes a process for prioritizing cost-saving investments in transmission projects.
Key provisions
- Establishes a range of reasonableness for utility returns on equity based on market data.
- Requires utilities to use the lowest return on equity within the established range for rate-setting purposes.
- Prohibits utilities from recovering costs related to lobbying, political contributions, and certain executive expenses.
- Mandates that utilities prioritize grid-enhancing technologies when planning capital expenditures.
- Requires utilities to publicly disclose justification for higher returns on equity.
- Addresses transmission provider returns on equity, establishing a similar range of reasonableness.
- Creates a ban on recovering costs associated with membership dues to organizations like the 501(c)(6) and political contributions.
- Establishes a process for adjusting the range of reasonableness based on reduced risks for transmission providers.
Who is affected
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Sponsors
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