House committee substitute to the 3rd edition makes the following changes.

Part II.

Amends GS 62-133A as adding that if an electric public utility operating under a banding of authorized returns exceeds the midpoint return on equity up to the high-end range of the band approved by the Utilities Commission (Commission) based on its normalized, earned return on equity for the prior 12-month, year-end period as specified in the statute, the utility must determine the after-tax dollar value of the amount of the earnings that exceed the midpoint return on equity up to the high-end range of the band and must, within 60 days of determining that value, submit the value to the Commission for verification along with a petition to the Commission to make investments of an equivalent amount in one or more of: (1) electric infrastructure investments in economically distressed areas or low-income communities that facilitate job creation, (2) electric infrastructure investments that further creation of affordable housing for low-income customers, (3) electric infrastructure investments in communities that will result in quantifiable and measurable benefits for low-income customers in those communities, or (4) energy efficiency and demand-side management programs for low-income customers. Sets out information that must be included in the petition as to the selected investments as well as those that were considered. If approved, requires the Commission to include the costs of the approved investments in the electric public utility's cost of service or rate base, as appropriate. Provides that if a petition is denied, the utility must, within 60 days of the Commission's order, submit a new petition for investments in compliance with the requirements above. Makes organizational and clarifying changes to the statute.