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The enhanced legislation…
• Removes the provision that some characterized as an “automatic rate increase.” SB 1652 now calls for the ICC to set rates after an eight-month proceeding where utilities must persuade the ICC and intervening parties that investments are prudent and reasonable.
• Includes stronger performance standards for utilities with penalties if targets are not reached. The more stringent standards include reliability, customer service and job creation goals that hold utilities accountable.
• Lowers utility profit levels to lower than ICC’s latest case and adds ceiling above which profits must be given back to customers.
• Mandates that if the average residential rate increase exceeds 2.5% annually by 2014, the program terminates.
• Sunsets the entire law in 2017 requiring the utilities to reapply to the General Assembly to continue the program.
• Reduces rate spikes by requiring a utility to spread large expenses over five years.
The new bill addresses stakeholder concerns. Other states are on the move, and we need to get moving building the energy infrastructure the 21st century is demanding. The time to act is now.
