Amends GS 62-133.7A to provide that the North Carolina Utilities Commission (Commission) may adopt, implement, modify, or eliminate a rate adjustment mechanism to enable the company to recover the reasonable and prudently incurred capital investment and associated costs of complying with federal gas pipeline safety requirements. Prohibits including the costs incurred for routine maintenance, repair, and replacement of system components in a rate adjustment authorized under this section. Requires the Commission to provide for audit and reconciliation procedures, including refunds of over collections under the rate adjustment mechanism with interest under GS 62-130(e).Limits annual costs recovered under a rate adjustment mechanism authorized under this section to no more than 4% of the total base margin approved by the Commission in the company's last general rate case. Terminates a rate mechanism authorized under this section either at the company's next general rate case or four years after the adoption of the mechanism by the Commission, whichever comes first.

Amends GS 62-133.12 to clarify the rate adjustment mechanism for water and sewer facilities. Defines improvement projects.

Effective July 1, 2015, and applies to rate adjustment mechanisms adopted after that date.