---
type: "Bill"
title: "AN ACT relating to investor-owned electric utilities."
description: "Create new sections of KRS Chapter 278 to define terms; give permissive authorization to an investor-owned electric utility to apply to the Public Service Commission to finance though securitization both extraordinary costs and costs associated with the retirement of electric generation of more than $200 million dollars for a single regulatory asset or more than $275 million for multiple regulatory assets; prescribe the contents of an application for a financing order; prescribe the way proceedings of the commission will handle applications for financing orders; require a decision of the commission on securitization to be predicated on fair, just, and reasonable and the public interest of the utility customers; allow for securitization of deferred costs, judicial review, obtaining advisors and other consultants; require the commission to make a decision in 180 days; establish an issuance advice letter process; prescribe the contents of a financing order; establish the method for the utility to put a securitization surcharge on customer bills and make the charge irrevocable; establish a formula-based true-up mechanism for reconciling over collection or under collection of the surcharge; establish a method of tracing funds; allow the commission to issue a disapproval letter to stop the issuance of securitized bonds; make the financing order effective regardless of reorganization, bankruptcy, or other insolvency proceedings of an electric utility; allow for refunding bonds through a subsequent financing order; allow for the transfer of securitized property and interests in the property to others and maintain the property right and interest until the securitized bonds are paid in full; allow for sequestration of payment by a court and create a priority of liens, perfection, and enforcement; require the lien to be recorded in the Office of the Secretary of State and allow for a right to sue; state that securitized bonds are not a debt of the Commonwealth or any other agency of the state and there is no requirement to levy taxes or make appropriations to pay off securitized bonds; require that the bonds are not a debt of the electric utility; create a list of prohibited actions by state agencies; identify agents that are not allowed to invest in the bonds; clarify that an assignee of financing party is not an electric utility; allow severability if any provision is invalidated."
jurisdiction: "us/states/ky"
legislature: "Kentucky General Assembly"
session: "2023RS"
identifier: "SB 192"
citation: "Kentucky SB 192 (2023RS)"
classification: ["bill"]
subjects: ["Bankruptcy", "Bonds", "Public", "Liens", "Public Utilities", "Securities"]
status: "enacted"
primary_sponsors: []
version_count: 3
action_count: 27
vote_count: 2
first_action: "2023-02-21T05:00:00+00:00"
last_action: "2023-03-23T04:00:00+00:00"
source: "openstates"
source_identifier: "ocd-bill/69775eb0-9501-4c4d-8448-a7b71459d55f"
source_url: "https://apps.legislature.ky.gov/record/23RS/sb192.html"
source_hash: "4093b34b52091d17ff42de1766128b29556ca1c78f0f72e61d8b9b51d640b50f"
vintage: "2026-07-01"
source_snapshot: "https://data.openstates.org/daily/2026-07-01/public.pgdump"
retrieved_at: "2026-07-06"
confidence: "reported"
tags: ["legislation", "bill", "us-ky"]
---

# Kentucky SB 192 (2023RS) — AN ACT relating to investor-owned electric utilities.

Create new sections of KRS Chapter 278 to define terms; give permissive authorization to an investor-owned electric utility to apply to the Public Service Commission to finance though securitization both extraordinary costs and costs associated with the retirement of electric generation of more than $200 million dollars for a single regulatory asset or more than $275 million for multiple regulatory assets; prescribe the contents of an application for a financing order; prescribe the way proceedings of the commission will handle applications for financing orders; require a decision of the commission on securitization to be predicated on fair, just, and reasonable and the public interest of the utility customers; allow for securitization of deferred costs, judicial review, obtaining advisors and other consultants; require the commission to make a decision in 180 days; establish an issuance advice letter process; prescribe the contents of a financing order; establish the method for the utility to put a securitization surcharge on customer bills and make the charge irrevocable; establish a formula-based true-up mechanism for reconciling over collection or under collection of the surcharge; establish a method of tracing funds; allow the commission to issue a disapproval letter to stop the issuance of securitized bonds; make the financing order effective regardless of reorganization, bankruptcy, or other insolvency proceedings of an electric utility; allow for refunding bonds through a subsequent financing order; allow for the transfer of securitized property and interests in the property to others and maintain the property right and interest until the securitized bonds are paid in full; allow for sequestration of payment by a court and create a priority of liens, perfection, and enforcement; require the lien to be recorded in the Office of the Secretary of State and allow for a right to sue; state that securitized bonds are not a debt of the Commonwealth or any other agency of the state and there is no requirement to levy taxes or make appropriations to pay off securitized bonds; require that the bonds are not a debt of the electric utility; create a list of prohibited actions by state agencies; identify agents that are not allowed to invest in the bonds; clarify that an assignee of financing party is not an electric utility; allow severability if any provision is invalidated.

## Version chain

The bill's text revisions, in order — the diff chain from filing to enrollment.

1. **Introduced** (filed) — [source](https://apps.legislature.ky.gov/recorddocuments/bill/23RS/sb192/orig_bill.pdf)
2. **Acts Chapter 72** (committee substitute) — [source](https://apps.legislature.ky.gov/law/acts/23RS/documents/0072.pdf)
3. **Current/Final** (committee substitute) — [source](https://apps.legislature.ky.gov/recorddocuments/bill/23RS/sb192/bill.pdf)

## Votes

- Final Passage — **pass** (pass) · upper
- PASS SB 192 W/ sfa1 — **pass** (pass) · upper

## Timeline

The legislative action history — every referral, reading, and vote.

- **2023-02-21T05:00:00+00:00** introduced in Senate `introduction`
- **2023-02-21T05:00:00+00:00** to Committee on Committees (S) `referral-committee`
- **2023-02-23T05:00:00+00:00** to Natural Resources & Energy (S) `referral-committee`
- **2023-03-01T05:00:00+00:00** reported favorably, 1st reading, to Calendar `committee-passage`
- **2023-03-02T05:00:00+00:00** 2nd reading, to Rules `reading-2`
- **2023-03-03T05:00:00+00:00** posted for passage in the Regular Orders of the Day for Tuesday, March 07, 2023
- **2023-03-07T05:00:00+00:00** floor amendment (1) filed `amendment-introduction`
- **2023-03-07T05:00:00+00:00** passed over and retained in the Orders of the Day `passage`
- **2023-03-08T05:00:00+00:00** 3rd reading, passed 35 -0 with Floor Amendment (1) `passage, reading-3`
- **2023-03-08T05:00:00+00:00** received in House
- **2023-03-08T05:00:00+00:00** to Committee on Committees (H) `referral-committee`
- **2023-03-10T05:00:00+00:00** to Natural Resources & Energy (H) `referral-committee`
- **2023-03-13T04:00:00+00:00** taken from Natural Resources & Energy (H)
- **2023-03-13T04:00:00+00:00** 1st reading `reading-1`
- **2023-03-13T04:00:00+00:00** returned to Natural Resources & Energy (H)
- **2023-03-14T04:00:00+00:00** taken from Natural Resources & Energy (H)
- **2023-03-14T04:00:00+00:00** 2nd reading `reading-2`
- **2023-03-14T04:00:00+00:00** returned to Natural Resources & Energy (H)
- **2023-03-15T04:00:00+00:00** reported favorably, to Rules `committee-passage`
- **2023-03-15T04:00:00+00:00** taken from Rules
- **2023-03-15T04:00:00+00:00** placed in the Orders of the Day
- **2023-03-16T04:00:00+00:00** 3rd reading, passed 97-0 `passage, reading-3`
- **2023-03-16T04:00:00+00:00** received in Senate
- **2023-03-16T04:00:00+00:00** enrolled, signed by President of the Senate `passage`
- **2023-03-16T04:00:00+00:00** enrolled, signed by Speaker of the House `passage`
- **2023-03-16T04:00:00+00:00** delivered to Governor
- **2023-03-23T04:00:00+00:00** signed by Governor (Acts Ch. 72) `executive-signature`

## Source

OpenStates / OpenCivicData bulk snapshot [2026-07-01](https://data.openstates.org/daily/2026-07-01/public.pgdump); origin `ocd-bill/69775eb0-9501-4c4d-8448-a7b71459d55f`. Confidence: reported (aggregated from official Kentucky legislature records).