Indiana 2025 Regular Session

Indiana Senate Bill SB0423 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
	1	+	ES0423.1
	2	+	April 8, 2025
	3	+	ENGROSSED
	4	+	SENATE BILL No. 423
	5	+	_____
	6	+	DIGEST OF SB 423 (Updated April 8, 2025 2:05 pm - DI 101)
	7	+	Citations Affected: IC 8-1.
	8	+	Synopsis: Small modular nuclear reactor pilot program. Establishes
	9	+	the small modular nuclear reactor partnership pilot program (program).
	10	+	Provides that certain electric utilities (eligible utilities) may partner
	11	+	with one or more other specified types of partners (eligible partners) to
	12	+	develop one or more small modular nuclear reactors (SMRs) at an
	13	+	eligible project site, subject to the approval of the Indiana utility
	14	+	regulatory commission (IURC). For purposes of these provisions,
	15	+	provides that an eligible project site is: (1) a location in Indiana; or (2)
	16	+	the site of a nuclear energy facility that supplies electricity to Indiana
	17	+	retail customers on July 1, 2011. Provides that an eligible utility that
	18	+	seeks to develop a project with one or more eligible partners may
	19	+	petition the IURC for approval to participate in the program. Sets forth
	20	+	(Continued next page)
	21	+	Effective: July 1, 2025.
	22	+	Koch, Donato, Deery, Zay, Glick,
	23	+	Doriot, Schmitt, Buck, Raatz, Busch,
	24	+	Byrne
	25	+	(HOUSE SPONSOR — SOLIDAY)
	26	+	January 13, 2025, read first time and referred to Committee on Utilities.
	27	+	January 27, 2025, amended, reported favorably — Do Pass.
	28	+	January 30, 2025, read second time, ordered engrossed. Engrossed.
	29	+	February 3, 2025, read third time, passed. Yeas 41, nays 7.
	30	+	HOUSE ACTION
	31	+	March 3, 2025, read first time and referred to Committee on Utilities, Energy and
	32	+	Telecommunications.
	33	+	April 8, 2025, amended, reported — Do Pass.
	34	+	ES 423—LS 7483/DI 101 Digest Continued
	35	+	the information that an eligible utility's petition must include. Sets forth
	36	+	the factors that the IURC must consider in reviewing a petition.
	37	+	Requires the IURC to issue a final order approving or denying a
	38	+	petition not later than 180 days after receiving the petition and the
	39	+	eligible utility's complete case in chief, subject to the IURC's right to
	40	+	extend the time for review if the eligible utility does not object to the
	41	+	extension. Provides that the IURC shall approve a petition if the IURC
	42	+	makes specified findings. Provides that an eligible utility may petition
	43	+	the IURC for approval to incur, before obtaining a certificate of
	44	+	convenience and necessity (CPCN) to construct an SMR under the
	45	+	program, eligible project development costs. Defines "eligible project
	46	+	development costs" as project development costs that: (1) have been,
	47	+	or are reasonably estimated to be, incurred by an eligible utility in the
	48	+	development of one or more SMRs under the program; and (2) have not
	49	+	been and will not be recovered by the eligible utility through
	50	+	contributions of any money, services, or property provided at no cost
	51	+	to the eligible utility by any eligible partner, governmental agency, or
	52	+	other third party, regardless of whether the third party has entered into
	53	+	an eligible partnership with the eligible utility. Sets forth certain factors
	54	+	that the IURC must consider in reviewing an eligible utility's petition
	55	+	to incur eligible project development costs. Provides that if the IURC
	56	+	denies an eligible utility's petition to participate in the program, and the
	57	+	eligible utility seeks to pursue the development of an SMR outside the
	58	+	program, the eligible utility may: (1) proceed to develop an SMR under
	59	+	the procedures set forth under the existing Indiana Code section
	60	+	governing CPCNs for SMRs; and (2) request that the eligible utility's
	61	+	petition to incur eligible project development costs under bill's
	62	+	provisions be considered a petition to incur project development costs
	63	+	under the Indiana Code section governing CPCNs for SMRs .Provides
	64	+	that if an eligible utility receives approval to incur eligible project
	65	+	development costs, the eligible utility may petition the IURC for the
	66	+	approval of a rate schedule that periodically adjusts the eligible utility's
	67	+	rates and charges to provide for the timely recovery of eligible project
	68	+	development costs. Provides that an eligible utility that receives
	69	+	approval to recover eligible project development costs shall: (1)
	70	+	recover 80% of the approved eligible project development costs under
	71	+	the approved rate schedule; and (2) defer the remaining 20% of
	72	+	approved eligible project development costs for recovery as part of the
	73	+	eligible utility's next general rate case before the IURC. Provides that
	74	+	eligible project development costs that: (1) are incurred by an eligible
	75	+	utility; and (2) exceed the best estimate of eligible project development
	76	+	costs included in the IURC's order authorizing the eligible utility to
	77	+	incur eligible project development costs; may not be included in the
	78	+	eligible utility's rates and charges unless found by the IURC to be
	79	+	reasonable, necessary, and prudent in supporting the development of
	80	+	the project for which they were incurred. Provides that: (1) eligible
	81	+	project development costs incurred for a project that is canceled or not
	82	+	completed may be recovered by the eligible utility if found by the
	83	+	IURC to be reasonable, necessary, and prudently incurred; but (2) such
	84	+	costs shall be recovered without a return unless the IURC makes
	85	+	certain additional findings.
	86	+	ES 423—LS 7483/DI 101ES 423—LS 7483/DI 101 April 8, 2025
1	87		First Regular Session of the 124th General Assembly (2025)
2	88		PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
3	89		Constitution) is being amended, the text of the existing provision will appear in this style type,
4	90		additions will appear in this style type, and deletions will appear in this style type.
5	91		Additions: Whenever a new statutory provision is being enacted (or a new constitutional
6	92		provision adopted), the text of the new provision will appear in this style type. Also, the
7	93		word NEW will appear in that style type in the introductory clause of each SECTION that adds
8	94		a new provision to the Indiana Code or the Indiana Constitution.
9	95		Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts
10	96		between statutes enacted by the 2024 Regular Session of the General Assembly.
11		-	SENATE ENROLLED ACT No. 423
12		-	AN ACT to amend the Indiana Code concerning utilities.
	97	+	ENGROSSED
	98	+	SENATE BILL No. 423
	99	+	A BILL FOR AN ACT to amend the Indiana Code concerning
	100	+	utilities.
13	101		Be it enacted by the General Assembly of the State of Indiana:
14		-	SECTION 1. IC 8-1-44 IS ADDED TO THE INDIANA CODE AS
15		-	A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
16		-	1, 2025]:
17		-	Chapter 44. Pilot Program for Small Modular Nuclear Reactor
18		-	Partnerships
19		-	Sec. 1. As used in this chapter, "certificate of public convenience
20		-	and necessity", or "CPCN", means a certificate required under
21		-	IC 8-1-8.5-2 for the construction, purchase, or lease of any facility
22		-	for the generation of electricity to be directly or indirectly used for
23		-	the furnishing of public utility service.
24		-	Sec. 2. As used in this chapter, "commission" refers to the
25		-	Indiana utility regulatory commission created by IC 8-1-1-2.
26		-	Sec. 3. As used in this chapter, "eligible partner" means any of
27		-	the following:
28		-	(1) An eligible utility.
29		-	(2) A person that is a current or prospective customer of an
30		-	eligible utility and that commits to:
31		-	(A) use electricity generated by an SMR to be constructed
32		-	under the program; or
33		-	(B) host on the person's premises an SMR to be
34		-	SEA 423 — Concur 2
35		-	constructed under the program.
36		-	(3) A capital partner or third party investor.
37		-	(4) A military installation (as defined in IC 1-1-16-5).
38		-	(5) A reuse authority established under IC 36-7-30-3 for a
39		-	military base reuse area established under IC 36-7-30-10.
40		-	(6) A manufacturer of SMRs.
41		-	(7) A state educational institution (as defined in
42		-	IC 21-7-13-32).
43		-	Sec. 4. As used in this chapter, "eligible partnership" means a
44		-	group or entity, however organized, that:
45		-	(1) consists of:
46		-	(A) at least one (1) eligible utility; and
47		-	(B) one (1) or more other eligible partners described in
48		-	section 3(1) through 3(7) of this chapter; and
49		-	(2) is formed for the purpose of developing one (1) or more
50		-	SMRs at an eligible project site under the program.
51		-	Sec. 5. As used in this chapter, "eligible project development
52		-	costs" means project development costs that:
53		-	(1) have been incurred, or are reasonably estimated to be
54		-	incurred, by an eligible utility in the development of one (1) or
55		-	more SMRs under the program; and
56		-	(2) have not been and will not be recovered by the eligible
57		-	utility through contributions of any money, services, or
58		-	property that have been or will be provided at no cost to the
59		-	eligible utility by any:
60		-	(A) eligible partner with whom the eligible utility has
61		-	entered into an eligible partnership under this chapter;
62		-	(B) governmental agency; or
63		-	(C) other third party, regardless of whether the third party
64		-	has entered into an eligible partnership with the eligible
65		-	utility under this chapter.
66		-	Sec. 6. As used in this chapter, "eligible project site" means:
67		-	(1) a location in Indiana; or
68		-	(2) the site of a nuclear energy production or generating
69		-	facility that supplies electricity to Indiana retail customers on
70		-	July 1, 2011.
71		-	Sec. 7. As used in this chapter, "eligible utility" means a utility
72		-	listed in 170 IAC 4-7-2(a) and any successor in interest to that
73		-	utility.
74		-	Sec. 8. As used in this chapter, "program" refers to the small
75		-	modular nuclear reactor partnership pilot program established by
76		-	section 12 of this chapter.
77		-	SEA 423 — Concur 3
78		-	Sec. 9. As used in this chapter, "project" refers to a project for
79		-	the construction, purchase, or lease of one (1) or more SMRs at an
80		-	eligible project site for the generation of electricity to be directly
81		-	or indirectly used to furnish public utility service to Indiana
82		-	customers.
83		-	Sec. 10. As used in this chapter, "project development costs"
84		-	means costs that have been incurred, or are reasonably estimated
85		-	to be incurred, in the development of one (1) or more SMRs under
86		-	the program, including:
87		-	(1) evaluation, design, and engineering costs;
88		-	(2) costs for federal approvals and licensing;
89		-	(3) costs for environmental analyses and permitting;
90		-	(4) early site permit (as defined in 10 CFR 52.1) costs;
91		-	(5) equipment procurement costs; and
92		-	(6) authorized carrying costs.
93		-	Sec. 11. As used in this chapter, "small modular nuclear
94		-	reactor", or "SMR", has the meaning set forth in
95		-	IC 8-1-8.5-12.1(a).
96		-	Sec. 12. (a) The small modular nuclear reactor partnership pilot
97		-	program is established to:
98		-	(1) facilitate the development of SMRs for the purpose of
99		-	providing a reliable source of electricity to meet the growing
100		-	demand for electric utility service necessary to:
101		-	(A) ensure the welfare and enhance the quality of life of
102		-	Indiana residents and businesses; and
103		-	(B) attract and retain businesses and provide economic
104		-	development opportunities for Indiana communities; and
105		-	(2) reduce the costs that would otherwise be borne by eligible
106		-	utilities and their ratepayers by enabling eligible utilities to
107		-	partner with one (1) or more eligible partners to share the
108		-	costs and risks associated with developing one (1) or more
109		-	SMRs to be directly or indirectly used to furnish public utility
110		-	service to Indiana customers.
111		-	(b) The commission may consult with:
112		-	(1) the United States Nuclear Regulatory Commission;
113		-	(2) the department of environmental management; or
114		-	(3) any other relevant state or federal regulatory agency with
115		-	jurisdiction over the construction or operation of nuclear
116		-	generating facilities;
117		-	to the extent necessary to ensure the compliance of any eligible
118		-	utility or eligible partnership with all applicable federal and state
119		-	laws and regulations, or as necessary to review or issue orders on
120		-	SEA 423 — Concur 4
121		-	petitions under sections 13 and 14 of this chapter.
122		-	Sec. 13. (a) An eligible utility that seeks to develop a project with
123		-	one (1) or more eligible partners may petition the commission, in
124		-	the form and manner prescribed by the commission, for approval
125		-	to participate in the program. The eligible utility must file with the
126		-	petition the eligible utility's case in chief, which must contain the
127		-	information and supporting documentation regarding the factors
128		-	the commission must consider under subsection (c). A petition must
129		-	include, at the minimum, the following information:
130		-	(1) A statement identifying each eligible partner participating
131		-	in the eligible partnership, including the contact information
132		-	for a representative of the eligible partner to whom the
133		-	commission may direct all communications concerning the
134		-	proposed project.
135		-	(2) For each eligible partner identified under subdivision (1),
136		-	a description of the funds, property, or services that the
137		-	eligible partner plans to contribute to the project, including
138		-	an estimate of the amount or value of the funds, property, or
139		-	services to be provided.
140		-	(3) For each eligible partner identified under subdivision (2)
141		-	that plans to provide financing for or otherwise invest
142		-	financially in the project, any information the commission
143		-	may require in considering the creditworthiness of the eligible
144		-	partner, including:
145		-	(A) the eligible partner's investment grade rating;
146		-	(B) guarantees of a parent company of the eligible partner
147		-	that has an investment grade rating; or
148		-	(C) a bank reference letter or bonding commitment on
149		-	behalf of the eligible partner;
150		-	as may be applicable.
151		-	(4) For any eligible partner identified under subdivision (1)
152		-	and described in section 3(2) of this chapter:
153		-	(A) an estimate of the electricity that:
154		-	(i) is to be generated by an SMR developed under the
155		-	project; and
156		-	(ii) the eligible partner anticipates using; or
157		-	(B) a description of the location and site characteristics of
158		-	the eligible partner's premises on which an SMR developed
159		-	under the project is to be located;
160		-	as applicable.
161		-	(5) The address or geographic coordinates for, or a legal or
162		-	other description that sufficiently identifies the location of, the
163		-	SEA 423 — Concur 5
164		-	proposed eligible project site.
165		-	(6) For each SMR to be developed as part of the project,
166		-	information as to the following, to the extent known at the
167		-	time of the petition:
168		-	(A) The capacity.
169		-	(B) The manufacturer.
170		-	(C) Any technical configurations or specifications that may
171		-	be required by the commission.
172		-	(D) The proposed location of the SMR on the proposed
173		-	project site.
174		-	(7) An anticipated timeline for the following:
175		-	(A) Performing project development activities.
176		-	(B) Incurring project development costs, including any
177		-	eligible project development costs.
178		-	(C) The anticipated date by which the eligible partnership
179		-	will make a decision as to whether to seek a CPCN under
180		-	IC 8-1-8.5.
181		-	(8) Any efforts by the eligible utility or the eligible
182		-	partnership to pursue funding opportunities from the United
183		-	States Department of Energy to offset project development
184		-	costs or construction costs in connection with the proposed
185		-	project.
186		-	(9) Any other information that the commission may require
187		-	to enable the commission to conduct a review under
188		-	subsection (c) or make the findings set forth in subsection (d).
189		-	(b) If more than one (1) eligible utility is part of an eligible
190		-	partnership that seeks to develop a project for approval to
191		-	participate in the program, the eligible utilities shall jointly file the
192		-	petition required under this section. However, each eligible utility
193		-	that is part of the eligible partnership and that seeks approval to
194		-	incur eligible project development costs under section 14 of this
195		-	chapter must separately file a petition with the commission under
196		-	section 14 of this chapter. In any case in which more than one (1)
197		-	eligible utility files a joint petition under this section, a reference
198		-	in this section to one (1) eligible utility is a reference to all eligible
199		-	utilities filing the joint petition.
200		-	(c) In reviewing a petition and supporting case in chief under
201		-	this section, the commission shall consider the following:
202		-	(1) Whether the proposed project is consistent with:
203		-	(A) the purposes set forth in section 12(a) of this chapter;
204		-	and
205		-	(B) any rules adopted by the commission under this
206		-	SEA 423 — Concur 6
207		-	chapter.
208		-	(2) The factors set forth in IC 8-1-8.5-12.1(d)(1)(A) and
209		-	IC 8-1-8.5-12.1(d)(1)(B) with respect to any SMR that is to be
210		-	developed as part of the project, giving due regard to
211		-	IC 8-1-8.5-12.1(d)(2) that applies in the context of a petition
212		-	for a CPCN.
213		-	(3) Whether the eligible utility has provided adequate
214		-	assurances that if the eligible utility seeks a CPCN in
215		-	connection with the project, the eligible utility will comply
216		-	with all requirements set forth in IC 8-1-8.5 and in rules
217		-	adopted under IC 8-1-8.5-12.1.
218		-	(4) Whether the timeline set forth in the eligible utility's
219		-	petition under subsection (a)(7) is reasonable and
220		-	demonstrates a likelihood that the eligible utility will seek a
221		-	CPCN under IC 8-1-8.5.
222		-	(d) The commission shall issue a final order approving or
223		-	denying a petition under this section not later than one hundred
224		-	eighty (180) days after receiving the petition and complete case in
225		-	chief. However, if the commission makes a docket entry extending
226		-	the procedural schedule and the eligible utility does not object to
227		-	the entered extension, the commission may extend the one hundred
228		-	eighty (180) day time frame for issuing a final order under this
229		-	subsection for the amount of time set forth in the docket entry. The
230		-	commission shall approve a petition if the commission makes the
231		-	following findings:
232		-	(1) That the proposed project is consistent with:
233		-	(A) the purposes set forth in section 12(a) of this chapter;
234		-	and
235		-	(B) any rules adopted by the commission under this
236		-	chapter.
237		-	(2) That if the eligible utility seeks a CPCN in connection with
238		-	the project, the eligible utility will comply with all
239		-	requirements set forth in IC 8-1-8.5 and in rules adopted
240		-	under IC 8-1-8.5-12.1.
241		-	(3) That the timeline set forth in the eligible utility's petition
242		-	under subsection (a)(7) is reasonable and demonstrates a
243		-	likelihood that the eligible utility will seek a CPCN under
244		-	IC 8-1-8.5.
245		-	Sec. 14. (a) An eligible utility may:
246		-	(1) simultaneously with filing a petition under section 13 of
247		-	this chapter for approval to participate in the program; or
248		-	(2) at any time after filing a petition under section 13 of this
249		-	SEA 423 — Concur 7
250		-	chapter for approval to participate in the program;
251		-	file with the commission a petition for approval to incur, before
252		-	obtaining a CPCN for the project to be developed under the
253		-	program, eligible project development costs. The eligible utility
254		-	must file with the petition the eligible utility's case in chief, which
255		-	must contain the information and supporting documentation
256		-	regarding the factors the commission must consider under
257		-	subsection (b).
258		-	(b) In reviewing a petition and the supporting case in chief
259		-	under this section, the commission shall consider the following:
260		-	(1) The timeline set forth by the eligible utility under section
261		-	13(a)(7) of this chapter in the eligible utility's petition for
262		-	approval to participate in the program.
263		-	(2) The amount of eligible project development costs the
264		-	eligible utility anticipates incurring.
265		-	(c) The commission shall review a petition filed under this
266		-	section and issue a final order approving or denying the petition
267		-	not later than one hundred eighty (180) days after receiving the
268		-	petition and complete case in chief. However, if the commission
269		-	makes a docket entry extending the procedural schedule and the
270		-	eligible utility does not object to the entered extension, the
271		-	commission may extend the one hundred eighty (180) day time
272		-	frame for issuing a final order under this subsection for the
273		-	amount of time set forth in the docket entry. In an order approving
274		-	a petition under this section, the commission must make a finding
275		-	as to the best estimate and reasonableness of eligible project
276		-	development costs based on the evidence of record. If the
277		-	commission denies the eligible utility's petition under section 13 of
278		-	this chapter for approval to participate in the program, and the
279		-	eligible utility seeks to pursue the development of an SMR outside
280		-	the program, the eligible utility may:
281		-	(1) proceed to develop an SMR under the procedures set forth
282		-	in IC 8-1-8.5-12.1; and
283		-	(2) request that the eligible utility's petition to incur eligible
284		-	project development costs under this section be considered a
285		-	petition to incur project development costs under
286		-	IC 8-1-8.5-12.1, subject to the eligible utility's right to
287		-	supplement or revise the petition submitted under this section
288		-	as necessary.
289		-	However, an eligible utility or any other public utility (as defined
290		-	in IC 8-1-8.5-1) that seeks to incur project development costs under
291		-	IC 8-1-8.5-12.1 may recover under IC 8-1-8.5-12.1 only those
292		-	SEA 423 — Concur 8
293		-	project development costs that have not been and will not be
294		-	recovered by the eligible utility or the public utility through
295		-	contributions of any money, services, or property that have been
296		-	or will be provided at no cost to the eligible utility or the public
297		-	utility by any third party.
298		-	(d) If an eligible utility has received approval from the
299		-	commission under subsection (c) to incur eligible project
300		-	development costs, the eligible utility may, at any time before or
301		-	during the development and execution of the project approved
302		-	under the program, petition the commission for the approval of a
303		-	rate schedule that periodically adjusts the eligible utility's rates
304		-	and charges to provide for the timely recovery of eligible project
305		-	development costs.
306		-	(e) If, after reviewing an eligible utility's proposed rate schedule
307		-	in a petition filed under subsection (d), the commission determines
308		-	that the eligible utility has incurred or will incur eligible project
309		-	development costs that are:
310		-	(1) reasonable in amount;
311		-	(2) necessary to support the development of a project under
312		-	the program; and
313		-	(3) consistent with the commission's finding as to the best
314		-	estimate of eligible project development costs in the
315		-	commission's order of approval under subsection (c);
316		-	the commission shall approve the recovery of the eligible project
317		-	development costs, subject to subsections (f) and (g). However, an
318		-	eligible utility may not file adjustments to a rate schedule to adjust
319		-	for cost recovery approved under this subsection more than one (1)
320		-	time every twelve (12) months.
321		-	(f) An eligible utility that recovers eligible project development
322		-	costs under subsection (e) shall recover eighty percent (80%) of the
323		-	approved eligible project development costs under the rate
324		-	schedule approved under subsection (e) and shall defer the
325		-	remaining twenty percent (20%) of approved eligible project
326		-	development costs, including, to the extent applicable, depreciation,
327		-	allowance for funds used during construction, and post in service
328		-	carrying costs, based on the overall cost of capital most recently
329		-	approved by the commission, and shall recover those eligible
330		-	project development costs as part of the next general rate case that
331		-	the eligible utility files with the commission.
332		-	(g) The recovery of an eligible utility's eligible project
333		-	development costs through a periodic rate adjustment mechanism
334		-	approved by the commission under subsection (e) must occur over
335		-	SEA 423 — Concur 9
336		-	a period that is equal to:
337		-	(1) the period over which the approved eligible project
338		-	development costs are incurred; or
339		-	(2) three (3) years;
340		-	whichever is less.
341		-	(h) Eligible project development costs that are found by the
342		-	commission to be reasonable, necessary, and consistent with the
343		-	best estimate of eligible project development costs in the
344		-	commission's order of approval under subsection (c) shall be
345		-	recovered by an eligible utility by inclusion in the eligible utility's
346		-	rates and charges. Eligible project development costs that are
347		-	incurred by an eligible utility and that exceed the best estimate of
348		-	eligible project development costs under subsection (b) may not be
349		-	included in the eligible utility's rates and charges unless found by
350		-	the commission to be reasonable, necessary, and prudent in
	102	+	1 SECTION 1. IC 8-1-44 IS ADDED TO THE INDIANA CODE AS
	103	+	2 A NEW CHAPTER TO READ AS FOLLOWS [EFFECTIVE JULY
	104	+	3 1, 2025]:
	105	+	4 Chapter 44. Pilot Program for Small Modular Nuclear Reactor
	106	+	5 Partnerships
	107	+	6 Sec. 1. As used in this chapter, "certificate of public convenience
	108	+	7 and necessity", or "CPCN", means a certificate required under
	109	+	8 IC 8-1-8.5-2 for the construction, purchase, or lease of any facility
	110	+	9 for the generation of electricity to be directly or indirectly used for
	111	+	10 the furnishing of public utility service.
	112	+	11 Sec. 2. As used in this chapter, "commission" refers to the
	113	+	12 Indiana utility regulatory commission created by IC 8-1-1-2.
	114	+	13 Sec. 3. As used in this chapter, "eligible partner" means any of
	115	+	14 the following:
	116	+	15 (1) An eligible utility.
	117	+	ES 423—LS 7483/DI 101 2
	118	+	1 (2) A person that is a current or prospective customer of an
	119	+	2 eligible utility and that commits to:
	120	+	3 (A) use electricity generated by an SMR to be constructed
	121	+	4 under the program; or
	122	+	5 (B) host on the person's premises an SMR to be
	123	+	6 constructed under the program.
	124	+	7 (3) A capital partner or third party investor.
	125	+	8 (4) A military installation (as defined in IC 1-1-16-5).
	126	+	9 (5) A reuse authority established under IC 36-7-30-3 for a
	127	+	10 military base reuse area established under IC 36-7-30-10.
	128	+	11 (6) A manufacturer of SMRs.
	129	+	12 (7) A state educational institution (as defined in
	130	+	13 IC 21-7-13-32).
	131	+	14 Sec. 4. As used in this chapter, "eligible partnership" means a
	132	+	15 group or entity, however organized, that:
	133	+	16 (1) consists of:
	134	+	17 (A) at least one (1) eligible utility; and
	135	+	18 (B) one (1) or more other eligible partners described in
	136	+	19 section 3(1) through 3(7) of this chapter; and
	137	+	20 (2) is formed for the purpose of developing one (1) or more
	138	+	21 SMRs at an eligible project site under the program.
	139	+	22 Sec. 5. As used in this chapter, "eligible project development
	140	+	23 costs" means project development costs that:
	141	+	24 (1) have been incurred, or are reasonably estimated to be
	142	+	25 incurred, by an eligible utility in the development of one (1) or
	143	+	26 more SMRs under the program; and
	144	+	27 (2) have not been and will not be recovered by the eligible
	145	+	28 utility through contributions of any money, services, or
	146	+	29 property that have been or will be provided at no cost to the
	147	+	30 eligible utility by any:
	148	+	31 (A) eligible partner with whom the eligible utility has
	149	+	32 entered into an eligible partnership under this chapter;
	150	+	33 (B) governmental agency; or
	151	+	34 (C) other third party, regardless of whether the third party
	152	+	35 has entered into an eligible partnership with the eligible
	153	+	36 utility under this chapter.
	154	+	37 Sec. 6. As used in this chapter, "eligible project site" means:
	155	+	38 (1) a location in Indiana; or
	156	+	39 (2) the site of a nuclear energy production or generating
	157	+	40 facility that supplies electricity to Indiana retail customers on
	158	+	41 July 1, 2011.
	159	+	42 Sec. 7. As used in this chapter, "eligible utility" means a utility
	160	+	ES 423—LS 7483/DI 101 3
	161	+	1 listed in 170 IAC 4-7-2(a) and any successor in interest to that
	162	+	2 utility.
	163	+	3 Sec. 8. As used in this chapter, "program" refers to the small
	164	+	4 modular nuclear reactor partnership pilot program established by
	165	+	5 section 12 of this chapter.
	166	+	6 Sec. 9. As used in this chapter, "project" refers to a project for
	167	+	7 the construction, purchase, or lease of one (1) or more SMRs at an
	168	+	8 eligible project site for the generation of electricity to be directly
	169	+	9 or indirectly used to furnish public utility service to Indiana
	170	+	10 customers.
	171	+	11 Sec. 10. As used in this chapter, "project development costs"
	172	+	12 means costs that have been incurred, or are reasonably estimated
	173	+	13 to be incurred, in the development of one (1) or more SMRs under
	174	+	14 the program, including:
	175	+	15 (1) evaluation, design, and engineering costs;
	176	+	16 (2) costs for federal approvals and licensing;
	177	+	17 (3) costs for environmental analyses and permitting;
	178	+	18 (4) early site permit (as defined in 10 CFR 52.1) costs;
	179	+	19 (5) equipment procurement costs; and
	180	+	20 (6) authorized carrying costs.
	181	+	21 Sec. 11. As used in this chapter, "small modular nuclear
	182	+	22 reactor", or "SMR", has the meaning set forth in
	183	+	23 IC 8-1-8.5-12.1(a).
	184	+	24 Sec. 12. (a) The small modular nuclear reactor partnership pilot
	185	+	25 program is established to:
	186	+	26 (1) facilitate the development of SMRs for the purpose of
	187	+	27 providing a reliable source of electricity to meet the growing
	188	+	28 demand for electric utility service necessary to:
	189	+	29 (A) ensure the welfare and enhance the quality of life of
	190	+	30 Indiana residents and businesses; and
	191	+	31 (B) attract and retain businesses and provide economic
	192	+	32 development opportunities for Indiana communities; and
	193	+	33 (2) reduce the costs that would otherwise be borne by eligible
	194	+	34 utilities and their ratepayers by enabling eligible utilities to
	195	+	35 partner with one (1) or more eligible partners to share the
	196	+	36 costs and risks associated with developing one (1) or more
	197	+	37 SMRs to be directly or indirectly used to furnish public utility
	198	+	38 service to Indiana customers.
	199	+	39 (b) The commission may consult with:
	200	+	40 (1) the United States Nuclear Regulatory Commission;
	201	+	41 (2) the department of environmental management; or
	202	+	42 (3) any other relevant state or federal regulatory agency with
	203	+	ES 423—LS 7483/DI 101 4
	204	+	1 jurisdiction over the construction or operation of nuclear
	205	+	2 generating facilities;
	206	+	3 to the extent necessary to ensure the compliance of any eligible
	207	+	4 utility or eligible partnership with all applicable federal and state
	208	+	5 laws and regulations, or as necessary to review or issue orders on
	209	+	6 petitions under sections 13 and 14 of this chapter.
	210	+	7 Sec. 13. (a) An eligible utility that seeks to develop a project with
	211	+	8 one (1) or more eligible partners may petition the commission, in
	212	+	9 the form and manner prescribed by the commission, for approval
	213	+	10 to participate in the program. The eligible utility must file with the
	214	+	11 petition the eligible utility's case in chief, which must contain the
	215	+	12 information and supporting documentation regarding the factors
	216	+	13 the commission must consider under subsection (c). A petition must
	217	+	14 include, at the minimum, the following information:
	218	+	15 (1) A statement identifying each eligible partner participating
	219	+	16 in the eligible partnership, including the contact information
	220	+	17 for a representative of the eligible partner to whom the
	221	+	18 commission may direct all communications concerning the
	222	+	19 proposed project.
	223	+	20 (2) For each eligible partner identified under subdivision (1),
	224	+	21 a description of the funds, property, or services that the
	225	+	22 eligible partner plans to contribute to the project, including
	226	+	23 an estimate of the amount or value of the funds, property, or
	227	+	24 services to be provided.
	228	+	25 (3) For each eligible partner identified under subdivision (2)
	229	+	26 that plans to provide financing for or otherwise invest
	230	+	27 financially in the project, any information the commission
	231	+	28 may require in considering the creditworthiness of the eligible
	232	+	29 partner, including:
	233	+	30 (A) the eligible partner's investment grade rating;
	234	+	31 (B) guarantees of a parent company of the eligible partner
	235	+	32 that has an investment grade rating; or
	236	+	33 (C) a bank reference letter or bonding commitment on
	237	+	34 behalf of the eligible partner;
	238	+	35 as may be applicable.
	239	+	36 (4) For any eligible partner identified under subdivision (1)
	240	+	37 and described in section 3(2) of this chapter:
	241	+	38 (A) an estimate of the electricity that:
	242	+	39 (i) is to be generated by an SMR developed under the
	243	+	40 project; and
	244	+	41 (ii) the eligible partner anticipates using; or
	245	+	42 (B) a description of the location and site characteristics of
	246	+	ES 423—LS 7483/DI 101 5
	247	+	1 the eligible partner's premises on which an SMR developed
	248	+	2 under the project is to be located;
	249	+	3 as applicable.
	250	+	4 (5) The address or geographic coordinates for, or a legal or
	251	+	5 other description that sufficiently identifies the location of, the
	252	+	6 proposed eligible project site.
	253	+	7 (6) For each SMR to be developed as part of the project,
	254	+	8 information as to the following, to the extent known at the
	255	+	9 time of the petition:
	256	+	10 (A) The capacity.
	257	+	11 (B) The manufacturer.
	258	+	12 (C) Any technical configurations or specifications that may
	259	+	13 be required by the commission.
	260	+	14 (D) The proposed location of the SMR on the proposed
	261	+	15 project site.
	262	+	16 (7) An anticipated timeline for the following:
	263	+	17 (A) Performing project development activities.
	264	+	18 (B) Incurring project development costs, including any
	265	+	19 eligible project development costs.
	266	+	20 (C) The anticipated date by which the eligible partnership
	267	+	21 will make a decision as to whether to seek a CPCN under
	268	+	22 IC 8-1-8.5.
	269	+	23 (8) Any efforts by the eligible utility or the eligible
	270	+	24 partnership to pursue funding opportunities from the United
	271	+	25 States Department of Energy to offset project development
	272	+	26 costs or construction costs in connection with the proposed
	273	+	27 project.
	274	+	28 (9) Any other information that the commission may require
	275	+	29 to enable the commission to conduct a review under
	276	+	30 subsection (c) or make the findings set forth in subsection (d).
	277	+	31 (b) If more than one (1) eligible utility is part of an eligible
	278	+	32 partnership that seeks to develop a project for approval to
	279	+	33 participate in the program, the eligible utilities shall jointly file the
	280	+	34 petition required under this section. However, each eligible utility
	281	+	35 that is part of the eligible partnership and that seeks approval to
	282	+	36 incur eligible project development costs under section 14 of this
	283	+	37 chapter must separately file a petition with the commission under
	284	+	38 section 14 of this chapter. In any case in which more than one (1)
	285	+	39 eligible utility files a joint petition under this section, a reference
	286	+	40 in this section to one (1) eligible utility is a reference to all eligible
	287	+	41 utilities filing the joint petition.
	288	+	42 (c) In reviewing a petition and supporting case in chief under
	289	+	ES 423—LS 7483/DI 101 6
	290	+	1 this section, the commission shall consider the following:
	291	+	2 (1) Whether the proposed project is consistent with:
	292	+	3 (A) the purposes set forth in section 12(a) of this chapter;
	293	+	4 and
	294	+	5 (B) any rules adopted by the commission under this
	295	+	6 chapter.
	296	+	7 (2) The factors set forth in IC 8-1-8.5-12.1(d)(1)(A) and
	297	+	8 IC 8-1-8.5-12.1(d)(1)(B) with respect to any SMR that is to be
	298	+	9 developed as part of the project, giving due regard to
	299	+	10 IC 8-1-8.5-12.1(d)(2) that applies in the context of a petition
	300	+	11 for a CPCN.
	301	+	12 (3) Whether the eligible utility has provided adequate
	302	+	13 assurances that if the eligible utility seeks a CPCN in
	303	+	14 connection with the project, the eligible utility will comply
	304	+	15 with all requirements set forth in IC 8-1-8.5 and in rules
	305	+	16 adopted under IC 8-1-8.5-12.1.
	306	+	17 (4) Whether the timeline set forth in the eligible utility's
	307	+	18 petition under subsection (a)(7) is reasonable and
	308	+	19 demonstrates a likelihood that the eligible utility will seek a
	309	+	20 CPCN under IC 8-1-8.5.
	310	+	21 (d) The commission shall issue a final order approving or
	311	+	22 denying a petition under this section not later than one hundred
	312	+	23 eighty (180) days after receiving the petition and complete case in
	313	+	24 chief. However, if the commission makes a docket entry extending
	314	+	25 the procedural schedule and the eligible utility does not object to
	315	+	26 the entered extension, the commission may extend the one hundred
	316	+	27 eighty (180) day time frame for issuing a final order under this
	317	+	28 subsection for the amount of time set forth in the docket entry. The
	318	+	29 commission shall approve a petition if the commission makes the
	319	+	30 following findings:
	320	+	31 (1) That the proposed project is consistent with:
	321	+	32 (A) the purposes set forth in section 12(a) of this chapter;
	322	+	33 and
	323	+	34 (B) any rules adopted by the commission under this
	324	+	35 chapter.
	325	+	36 (2) That if the eligible utility seeks a CPCN in connection with
	326	+	37 the project, the eligible utility will comply with all
	327	+	38 requirements set forth in IC 8-1-8.5 and in rules adopted
	328	+	39 under IC 8-1-8.5-12.1.
	329	+	40 (3) That the timeline set forth in the eligible utility's petition
	330	+	41 under subsection (a)(7) is reasonable and demonstrates a
	331	+	42 likelihood that the eligible utility will seek a CPCN under
	332	+	ES 423—LS 7483/DI 101 7
	333	+	1 IC 8-1-8.5.
	334	+	2 Sec. 14. (a) An eligible utility may:
	335	+	3 (1) simultaneously with filing a petition under section 13 of
	336	+	4 this chapter for approval to participate in the program; or
	337	+	5 (2) at any time after filing a petition under section 13 of this
	338	+	6 chapter for approval to participate in the program;
	339	+	7 file with the commission a petition for approval to incur, before
	340	+	8 obtaining a CPCN for the project to be developed under the
	341	+	9 program, eligible project development costs. The eligible utility
	342	+	10 must file with the petition the eligible utility's case in chief, which
	343	+	11 must contain the information and supporting documentation
	344	+	12 regarding the factors the commission must consider under
	345	+	13 subsection (b).
	346	+	14 (b) In reviewing a petition and the supporting case in chief
	347	+	15 under this section, the commission shall consider the following:
	348	+	16 (1) The timeline set forth by the eligible utility under section
	349	+	17 13(a)(7) of this chapter in the eligible utility's petition for
	350	+	18 approval to participate in the program.
	351	+	19 (2) The amount of eligible project development costs the
	352	+	20 eligible utility anticipates incurring.
	353	+	21 (c) The commission shall review a petition filed under this
	354	+	22 section and issue a final order approving or denying the petition
	355	+	23 not later than one hundred eighty (180) days after receiving the
	356	+	24 petition and complete case in chief. However, if the commission
	357	+	25 makes a docket entry extending the procedural schedule and the
	358	+	26 eligible utility does not object to the entered extension, the
	359	+	27 commission may extend the one hundred eighty (180) day time
	360	+	28 frame for issuing a final order under this subsection for the
	361	+	29 amount of time set forth in the docket entry. In an order approving
	362	+	30 a petition under this section, the commission must make a finding
	363	+	31 as to the best estimate and reasonableness of eligible project
	364	+	32 development costs based on the evidence of record. If the
	365	+	33 commission denies the eligible utility's petition under section 13 of
	366	+	34 this chapter for approval to participate in the program, and the
	367	+	35 eligible utility seeks to pursue the development of an SMR outside
	368	+	36 the program, the eligible utility may:
	369	+	37 (1) proceed to develop an SMR under the procedures set forth
	370	+	38 in IC 8-1-8.5-12.1; and
	371	+	39 (2) request that the eligible utility's petition to incur eligible
	372	+	40 project development costs under this section be considered a
	373	+	41 petition to incur project development costs under
	374	+	42 IC 8-1-8.5-12.1, subject to the eligible utility's right to
	375	+	ES 423—LS 7483/DI 101 8
	376	+	1 supplement or revise the petition submitted under this section
	377	+	2 as necessary.
	378	+	3 However, an eligible utility or any other public utility (as defined
	379	+	4 in IC 8-1-8.5-1) that seeks to incur project development costs under
	380	+	5 IC 8-1-8.5-12.1 may recover under IC 8-1-8.5-12.1 only those
	381	+	6 project development costs that have not been and will not be
	382	+	7 recovered by the eligible utility or the public utility through
	383	+	8 contributions of any money, services, or property that have been
	384	+	9 or will be provided at no cost to the eligible utility or the public
	385	+	10 utility by any third party.
	386	+	11 (d) If an eligible utility has received approval from the
	387	+	12 commission under subsection (c) to incur eligible project
	388	+	13 development costs, the eligible utility may, at any time before or
	389	+	14 during the development and execution of the project approved
	390	+	15 under the program, petition the commission for the approval of a
	391	+	16 rate schedule that periodically adjusts the eligible utility's rates
	392	+	17 and charges to provide for the timely recovery of eligible project
	393	+	18 development costs.
	394	+	19 (e) If, after reviewing an eligible utility's proposed rate schedule
	395	+	20 in a petition filed under subsection (d), the commission determines
	396	+	21 that the eligible utility has incurred or will incur eligible project
	397	+	22 development costs that are:
	398	+	23 (1) reasonable in amount;
	399	+	24 (2) necessary to support the development of a project under
	400	+	25 the program; and
	401	+	26 (3) consistent with the commission's finding as to the best
	402	+	27 estimate of eligible project development costs in the
	403	+	28 commission's order of approval under subsection (c);
	404	+	29 the commission shall approve the recovery of the eligible project
	405	+	30 development costs, subject to subsections (f) and (g). However, an
	406	+	31 eligible utility may not file adjustments to a rate schedule to adjust
	407	+	32 for cost recovery approved under this subsection more than one (1)
	408	+	33 time every twelve (12) months.
	409	+	34 (f) An eligible utility that recovers eligible project development
	410	+	35 costs under subsection (e) shall recover eighty percent (80%) of the
	411	+	36 approved eligible project development costs under the rate
	412	+	37 schedule approved under subsection (e) and shall defer the
	413	+	38 remaining twenty percent (20%) of approved eligible project
	414	+	39 development costs, including, to the extent applicable, depreciation,
	415	+	40 allowance for funds used during construction, and post in service
	416	+	41 carrying costs, based on the overall cost of capital most recently
	417	+	42 approved by the commission, and shall recover those eligible
	418	+	ES 423—LS 7483/DI 101 9
	419	+	1 project development costs as part of the next general rate case that
	420	+	2 the eligible utility files with the commission.
	421	+	3 (g) The recovery of an eligible utility's eligible project
	422	+	4 development costs through a periodic rate adjustment mechanism
	423	+	5 approved by the commission under subsection (e) must occur over
	424	+	6 a period that is equal to:
	425	+	7 (1) the period over which the approved eligible project
	426	+	8 development costs are incurred; or
	427	+	9 (2) three (3) years;
	428	+	10 whichever is less.
	429	+	11 (h) Eligible project development costs that are found by the
	430	+	12 commission to be reasonable, necessary, and consistent with the
	431	+	13 best estimate of eligible project development costs in the
	432	+	14 commission's order of approval under subsection (c) shall be
	433	+	15 recovered by an eligible utility by inclusion in the eligible utility's
	434	+	16 rates and charges. Eligible project development costs that are
	435	+	17 incurred by an eligible utility and that exceed the best estimate of
	436	+	18 eligible project development costs under subsection (b) may not be
	437	+	19 included in the eligible utility's rates and charges unless found by
	438	+	20 the commission to be reasonable, necessary, and prudent in
	439	+	21 supporting the development of the project for which they were
	440	+	22 incurred. Eligible project development costs that are incurred by
	441	+	23 an eligible utility for a project that is canceled or not completed
	442	+	24 may be recovered by the eligible utility if found by the commission
	443	+	25 to be reasonable, necessary, and prudently incurred, but such costs
	444	+	26 shall be recovered without a return unless the commission also
	445	+	27 finds that:
	446	+	28 (1) the decision to cancel or not complete the project was
	447	+	29 prudently made for good cause;
	448	+	30 (2) the eligible project development costs incurred will be
	449	+	31 offset, as applicable, by:
	450	+	32 (A) funding opportunities from the United States
	451	+	33 Department of Energy that are pursued in good faith by
	452	+	34 the eligible utility;
	453	+	35 (B) a recoupment of revenues received by the eligible
	454	+	36 utility from one (1) or more third parties for the transfer
	455	+	37 of assets created through the costs incurred; or
	456	+	38 (C) a reimbursement of costs by a single customer or
	457	+	39 prospective customer at whose request the project was
	458	+	40 pursued; and
	459	+	41 (3) a return on the eligible project development costs incurred
	460	+	42 is appropriate under the circumstances to avoid harm to the
	461	+	ES 423—LS 7483/DI 101 10
	462	+	1 eligible utility and its customers.
	463	+	2 (i) An eligible utility may elect not to seek approval of, or cost
	464	+	3 recovery for, eligible project development costs under this section
	465	+	4 and instead seek approval from the commission to defer and
	466	+	5 amortize eligible project development costs in accordance with the
	467	+	6 procedures set forth in IC 8-1-8.5-6.5 with respect to construction
	468	+	7 costs.
	469	+	8 Sec. 15. This chapter shall not be construed to affect the
	470	+	9 authority of the United States Nuclear Regulatory Commission.
	471	+	10 Sec. 16. The commission may adopt rules under IC 4-22-2 to
	472	+	11 implement this chapter.
	473	+	12 Sec. 17. This chapter expires July 1, 2035.
	474	+	ES 423—LS 7483/DI 101 11
	475	+	COMMITTEE REPORT
	476	+	Mr. President: The Senate Committee on Utilities, to which was
	477	+	referred Senate Bill No. 423, has had the same under consideration and
	478	+	begs leave to report the same back to the Senate with the
	479	+	recommendation that said bill be AMENDED as follows:
	480	+	Page 8, line 27, delete "Actual eligible project".
	481	+	Page 8, delete lines 28 through 32.
	482	+	Page 8, line 41, delete "Reasonable and necessary eligible project
	483	+	development costs" and insert "Eligible project development costs
	484	+	that are found by the commission to be reasonable, necessary, and
	485	+	consistent with the best estimate of eligible project development
	486	+	costs in the commission's order of approval under subsection (c)
	487	+	shall be recovered by an eligible utility by inclusion in the eligible
	488	+	utility's rates and charges. Eligible project development costs that
	489	+	are incurred by an eligible utility and that exceed the best estimate
	490	+	of eligible project development costs under subsection (b) may not
	491	+	be included in the eligible utility's rates and charges unless found
	492	+	by the commission to be reasonable, necessary, and prudent in
351	493		supporting the development of the project for which they were
352	494		incurred. Eligible project development costs that are incurred by
353	495		an eligible utility for a project that is canceled or not completed
354	496		may be recovered by the eligible utility if found by the commission
355	497		to be reasonable, necessary, and prudently incurred, but such costs
356	498		shall be recovered without a return unless the commission also
357	499		finds that:
358	500		(1) the decision to cancel or not complete the project was
359	501		prudently made for good cause;
360	502		(2) the eligible project development costs incurred will be
361	503		offset, as applicable, by:
362	504		(A) funding opportunities from the United States
363	505		Department of Energy that are pursued in good faith by
364	506		the eligible utility;
365	507		(B) a recoupment of revenues received by the eligible
366	508		utility from one (1) or more third parties for the transfer
367	509		of assets created through the costs incurred; or
368	510		(C) a reimbursement of costs by a single customer or
369	511		prospective customer at whose request the project was
370	512		pursued; and
371	513		(3) a return on the eligible project development costs incurred
372	514		is appropriate under the circumstances to avoid harm to the
373	515		eligible utility and its customers.
374	516		(i) An eligible utility may elect not to seek approval of, or cost
	517	+	ES 423—LS 7483/DI 101 12
375	518		recovery for, eligible project development costs under this section
376	519		and instead seek approval from the commission to defer and
377	520		amortize eligible project development costs in accordance with the
378		-	SEA 423 — Concur 10
379	521		procedures set forth in IC 8-1-8.5-6.5 with respect to construction
380		-	costs.
381		-	Sec. 15. This chapter shall not be construed to affect the
382		-	authority of the United States Nuclear Regulatory Commission.
383		-	Sec. 16. The commission may adopt rules under IC 4-22-2 to
384		-	implement this chapter.
385		-	Sec. 17. This chapter expires July 1, 2035.
386		-	SEA 423 — Concur President of the Senate
387		-	President Pro Tempore
388		-	Speaker of the House of Representatives
389		-	Governor of the State of Indiana
390		-	Date: Time:
391		-	SEA 423 — Concur
	522	+	costs.".
	523	+	Page 8, delete line 42.
	524	+	Page 9, delete lines 1 through 12.
	525	+	and when so amended that said bill do pass.
	526	+	(Reference is to SB 423 as introduced.)
	527	+	KOCH, Chairperson
	528	+	Committee Vote: Yeas 10, Nays 1.
	529	+	_____
	530	+	COMMITTEE REPORT
	531	+	Mr. Speaker: Your Committee on Utilities, Energy and
	532	+	Telecommunications, to which was referred Senate Bill 423, has had
	533	+	the same under consideration and begs leave to report the same back
	534	+	to the House with the recommendation that said bill be amended as
	535	+	follows:
	536	+	Page 2, line 19, delete "3(6)" and insert "3(7)".
	537	+	Page 2, line 32, delete "or".
	538	+	Page 2, line 33, delete "agency." and insert "agency; or
	539	+	(C) other third party, regardless of whether the third party
	540	+	has entered into an eligible partnership with the eligible
	541	+	utility under this chapter.".
	542	+	Page 4, delete lines 4 through 5.
	543	+	Page 4, line 38, after "under" insert "the".
	544	+	Page 6, line 6, delete "IC 8-1-8.5-12.1(c)(1)(A)" and insert "IC
	545	+	8-1-8.5-12.1(d)(1)(A)".
	546	+	Page 6, line 7, delete "IC 8-1-8.5-12.1(c)(1)(B)" and insert "IC
	547	+	8-1-8.5-12.1(d)(1)(B)".
	548	+	Page 6, line 9, delete "IC 8-1-8.5-12.1(c)(2)" and insert "IC
	549	+	8-1-8.5-12.1(d)(2)".
	550	+	Page 7, line 33, delete "the eligible" and insert "and the eligible
	551	+	utility seeks to pursue the development of an SMR outside the
	552	+	program, the eligible utility may:
	553	+	(1) proceed to develop an SMR under the procedures set forth
	554	+	in IC 8-1-8.5-12.1; and
	555	+	ES 423—LS 7483/DI 101 13
	556	+	(2) request that the eligible utility's petition to incur eligible
	557	+	project development costs under this section be considered a
	558	+	petition to incur project development costs under
	559	+	IC 8-1-8.5-12.1, subject to the eligible utility's right to
	560	+	supplement or revise the petition submitted under this section
	561	+	as necessary.
	562	+	However, an eligible utility or any other public utility (as defined
	563	+	in IC 8-1-8.5-1) that seeks to incur project development costs under
	564	+	IC 8-1-8.5-12.1 may recover under IC 8-1-8.5-12.1 only those
	565	+	project development costs that have not been and will not be
	566	+	recovered by the eligible utility or the public utility through
	567	+	contributions of any money, services, or property that have been
	568	+	or will be provided at no cost to the eligible utility or the public
	569	+	utility by any third party.".
	570	+	Page 7, delete lines 34 through 35.
	571	+	and when so amended that said bill do pass.
	572	+	(Reference is to SB 423 as printed January 28, 2025.)
	573	+	SOLIDAY
	574	+	Committee Vote: yeas 9, nays 4.
	575	+	ES 423—LS 7483/DI 101