This bill restricts executive bonuses at certain electric utility companies, effective January 1, 2025. Covered utilities—defined as state-regulated electric companies not wholly owned by U.S. persons—may only pay bonuses to top executives if the company's average customer rate increase does not exceed the annual inflation rate (Consumer Price Index). Any bonus paid must also be capped at 25 percent of the median pay of non-executive employees at that utility. The Federal Energy Regulatory Commission will oversee compliance, requiring utilities to report rate and compensation data within one week of their fiscal year-end and issuing compliance determinations within one month. If a utility violates these rules, the illegal bonus amount must be forfeited to the U.S. government and returned to customers as proportional payments, with the IRS administering the distribution.
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