STATE CAPITOL, PHOENIX –   House Bill 2679, a key initiative of the House Republican Majority Plan, was signed into law Tuesday, establishing enabling legislation that gives Arizona utilities a new financing tool to reduce energy costs, reinvest in critical infrastructure, and ensure reliable and affordable power across the state.

The bipartisan legislation passed with support from both Republicans and Democrats and earned broad backing from Arizona’s business community, including the Arizona Chamber of Commerce, Greater Phoenix Chamber, and Arizona Manufacturers Council.

Sponsored by Representative Gail Griffin, Chair of the House Committee on Natural Resources, Energy & Water, HB2679 authorizes the use of securitization—a special low-cost refinancing method—to replace legacy utility investments with modern infrastructure while delivering direct savings to Arizona families and businesses.

“By leveraging innovative financing tools, Arizona’s investor-owned utilities like APS and TEP, and public power entities like SRP, AEPCO, and rural electric cooperatives, can lower consumer costs and free up capital to invest in new energy generating resources and grid upgrades,” said Representative Griffin. “It’s a smart, forward-looking way to ensure Arizona’s utilities can keep up with rising demand.”

Securitization allows utilities and rural electric cooperatives to take outdated assets off the balance sheet and issue low-interest bonds for the remaining book value, providing immediate relief for customers while unlocking new capital that can be used for critical grid investment without diluting existing shares or taking on new debt.

“This is exactly the kind of commonsense reform Arizona needs,” continued Representative Griffin. “Reliable, affordable energy is essential to economic growth—and this law helps make Arizona more competitive by attracting new business investment and industry.”

The law includes strong oversight provisions, regulatory reviews, and statutory protections to protect customers and provide certainty for investors. HB2679 supports the House Majority’s goal of reducing costs, advancing commonsense reforms, and unleashing economic prosperity for Arizona families and businesses.

Gail Griffin is a Republican member of the Arizona House of Representatives serving Legislative District 19, which includes areas of Greenlee, Graham, Cochise, and eastern Pima and Santa Cruz Counties. She also serves as Chairman of the House Natural Resources, Energy & Water Committee.