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Indicates Matter Stricken
Indicates New Matter
Indicates Matter Stricken
Indicates New Matter
AMENDED
January 29, 2004
H. 4405
Introduced by Reps. Cato, Wilkins, Neilson, Sandifer, Scott and Weeks
S. Printed 1/29/04--H.
Read the first time June 5, 2003.
EXPLANATION OF IMPACT:
The Public Service Commission states that there will be no fiscal impact on the General Fund of the State nor on federal and/or other funds.
Approved By:
Don Addy
Office of State Budget
TO AMEND SECTION 58-27-865, AS AMENDED, CODE OF LAWS OF SOUTH CAROLINA, 1976, RELATING TO FUEL COSTS INCURRED BY ELECTRICAL UTILITIES FOR THE SALE OF ELECTRICITY, SO AS TO FURTHER CLARIFY THAT THE TERM "FUEL COSTS RELATED TO PURCHASED POWER" INCLUDES COSTS OF FIRM GENERATION CAPACITY PURCHASES AND THE TOTAL DELIVERED COST OF ECONOMY PURCHASES OF ELECTRIC POWER.
Amend Title To Conform
Be it enacted by the General Assembly of the State of South Carolina:
SECTION 1. Section 58-27-865(A) of the 1976 Code, as amended by Act 348 of 1996, is further amended to read:
"(A)(1) The words 'fuel cost' as used in this section shall include the cost of fuel, fuel costs related to purchased power, and the cost of SO2 emission allowances as used and shall must be reduced by the net proceeds of any sales of SO2 emission allowances by the utility.
(2) In order to clarify the intent of this section, 'fuel costs related to purchased power', as used in subsection (A)(1) shall include:
(a) costs of firm generation capacity purchases, which are defined as purchases made to cure a capacity deficiency or to maintain adequate reserve levels; 'costs of firm generation capacity purchases' include the total delivered costs of firm generation capacity purchased and shall exclude generation capacity reservation charges, generation capacity option charges, and any other capacity charges;
(b) the total delivered cost of economy purchases of electric power including, but not limited to, transmission charges; 'economy purchases' are defined as purchases made to displace higher cost generation, at a price which is less than the purchasing utility's avoided variable costs for the generation of an equivalent quantity of electric power."
SECTION 2. This act takes effect upon approval by the Governor.
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