The North Carolina Senate approved a bill earlier this month that would give utility providers the opportunity to obtain multiyear rates.
The bill passed the Senate 26-16 and now will go to the House for a vote, The Center Square reported.
The bill would change how Duke Energy Corp. and others bill their customers and cover repairs after natural disasters. It would also allow utilities to charge customers a storm recovery fee.
With the bill, companies like Duke would be able to have immediate access to funds after a storm from the recovery fee that was charged, and it would save customers in the long run, the news agency reported, because the secured debt would be cheaper.
The House will take up the bill after it nixed the multiyear option in August for a study of its implementations. The study option was later removed.