AN ACT TO PERMIT FINANCING FOR CERTAIN STORM RECOVERY COSTS AND TO AUTHORIZE THE UTILITIES COMMISSION TO FIX RATES FOR ELECTRIC PUBLIC UTILITIES USING "MULTIYEAR RATE PLAN" AND "BANDING OF AUTHORIZED RETURN" MECHANISMS.
Senate committee substitute to the 1st edition makes the following changes.
Amends proposed GS 62-133A to require the Utilities Commission (Commission) to issue an order denying or approving a utility's proposed alternative ratemaking mechanism, plan, or settlement, with or without making modification (previously more generally required the Commissioner to issue an order on its decision). Authorizes the Commission to impose conditions for approval of an application that it deems necessary to ensure the rates are just and reasonable and in the public interest, including periodic reviews with public hearings. Now provides that if the Commission approves the application with modifications, the utility can elect to accept the modifications and implement the proposed plan as modified, or can elect to withdraw its application. In the event of withdrawal, the utility can elect to continue to be regulated under the form of regulation which existed at the time of filing the application or file a revised application under the statute.
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