1. (a) The purpose of this subchapter is to reduce the cost that customers would otherwise experience because of extraordinary costs that gas utilities incurred to secure gas supply and provide service during Winter Storm Uri, and to restore gas utility systems after that event, by providing securitization financing for gas utilities to recover those costs. The securitization financing mechanism authorized by this subchapter will:

   1. (1) provide rate relief to customers by extending the period during which the costs described by this subsection are recovered from customers; and
   2. (2) support the financial strength and stability of gas utility companies.
2. (b) The railroad commission shall ensure that securitization provides tangible and quantifiable benefits to customers, greater than would have been achieved absent the issuance of customer rate relief bonds.

Added by Acts 2021, 87th Leg., R.S., Ch. 805 (H.B. 1520), Sec. 5, eff. June 16, 2021.