The Senate advanced measures aimed at helping ratepayers manage the significant financial burden stemming from those increased energy costs during the February winter storm.

Senate Bill 1049 and Senate Bill 1050 create a framework for securitization of the approximately $4.5 billion in increased energy costs due to the February winter storm, said Sen. James Leewright, R-Bristow. Securitization would allow ratepayers to lower their monthly costs associated with the weather event and lengthen the period of time the increased costs could be paid out.

Without legislative action, Leewright said ratepayers who normally see an average bill of $100 likely would see their first month’s bill for the February storm costs reach approximately $1,900. He said ratepayers’ second bill with February storm costs could be another $1,500. February storm costs would remain on ratepayers’ bills in smaller, declining amounts for the next several months.