Amends GS 62-302(a) to clarify that the regulatory fee collected from public utilities is also for use in maintaining a reasonable margin for a reserve fund as well as to pay the expenses of the North Carolina Utilities Commission (Commission) and the Public Staff in regulating public utilities. Prohibits the amount in the reserve from exceeding one-half of the cost of operating the Commission and the Public Staff as reflected in the certified budget for the previous fiscal year.

Repeals subdivisions (4), (5), (6), and (10) of Section 14.19(e1) of SL 2009-451. Section 14.19(e1) provided that beginning in the 2009-10 fiscal year, cash balances in specified utilities fund codes, as of June 30 annually, that were more than 20% of the operating budget for each Fund reverted to the General Fund. The repeal removes utility-related fund codes from that requirement.

Effective July 1, 2015, and applying to jurisdictional revenues earned in each quarter that begins on or after July 1, 2015, amends GS 62-30(b), as amended by this act, adding a new subdivision (2) to set the public utility fee as a percentage of a utility's jurisdictional revenues, unless the fee is adjusted under the provisions of new subdivision (3) after review of the estimated cost by the Commission in the first half of each calendar year. Sets the electric membership corporation regulatory fee at $200,000 for each fiscal year. Provides criteria for fee changes.

Effective July 1, 2016, and applying to jurisdictional revenues earned in each quarter that begins on or after July 1, 2016, amends GS 62-302(b)(2) as amended by this act, to again adjust the public utility fee as a percentage of a utility's jurisdictional revenues, unless the fee is adjusted under subdivision (3) of GS 62-302(b).

Except as otherwise indicated, this act is effective when it bcomes law.