The proposed changes in HB 367 would institutionalize a timeline for the PUC's review and approval of financial requests, which could potentially facilitate quicker access to funding for utilities. By mandating a six-month review period, the bill seeks to alleviate the delays that public utilities may face in securing necessary financing for improvements or expansions of their facilities. This legislative move is intended to promote better service delivery and infrastructure development in the energy and water sectors.
Summary
House Bill 367 addresses the processes and timelines regarding the issuance of securities by public utility corporations and water carriers in Hawaii. The bill specifically amends Hawaii Revised Statutes Sections 269-17 and 271G-17.5 to require that the Public Utilities Commission (PUC) must make decisions on financial applications within a strict timeframe of six months. This stipulation is aimed at increasing the efficiency and transparency of financial processes for public utilities seeking to issue stocks, bonds, and other debts for capital expenditures.
Contention
There may be points of contention arising from the bill regarding the implications for regulatory authority and the checks and balances traditionally upheld in utility regulation. Opponents of more expedited processes might argue that reducing the PUC's deliberation time could lead to insufficient scrutiny of utility financial practices, potentially compromising public interests. This concern underscores the necessity for careful consideration of how timely approvals balance with thorough regulatory oversight ensuring that the utilities' proposals do not adversely affect their operations or the public's well-being.