This act repeals a provision allowing gas and electrical corporations to apply to the Public Service Commission for approval of rate schedules amortizing periodic rate adjustments outside of general rate proceedings due to changes in customer usage due to weather and conservation.

The act also repeals a provision requiring the Public Service Commission to appoint a task force to study and make recommendations on the cost recovery and implementations of conservation and weatherization programs for electrical and gas corporations.

SURVEILLANCE MONITORING REPORT (Section 386.266)

This act repeals a provision requiring public utilities that utilize a rate schedule authorizing periodic rate adjustments outside of a general rate proceeding due to changes in customer usage to file a quarterly surveillance monitoring report.

ACCOUNTING PRACTICES OF ELECTRICAL CORPORATIONS (Section 393.1275)

Under this act, electrical corporations shall defer to a regulatory asset or liability account any difference in state or local property tax expenses actually incurred, and those on which the revenue requirement used to set rates in the corporation's most recently completed general rate proceeding was based. The regulatory asset or liability account balances shall be included in the revenue requirement used to set rates through an amortization over a reasonable period of time in such corporation's subsequent general rate proceedings, without any offset.

PLANT-IN-SERVICE ACCOUNTING (Section 393.1400)

This act modifies the definition of "weighted average cost of capital" for a provision relating to plant-in-service accounting.

CAPITAL INVESTMENT PLAN (Section 393.1400)

The act also repeals a provision stating that an electrical corporation's election to defer depreciation expense, as set forth in statute, shall allow it to make such deferrals until December 31, 2023, or if approved by the Public Service Commission, continue to make such deferrals from January 1, 2024, through December 31, 2028.

DISCOUNTED ELECTRIC RATES (Section 393.1640)

This act modifies the criteria for electric customers to be considered for a discounted electric rate. In order to obtain one of the discounts set forth in the act, the customer's load shall be incremental, the customer must receive an economic development incentive from the local, regional, state, or federal government, and the customer must meet criteria set forth in the electrical corporation's economic development rider tariff sheet.

The electrical corporation shall verify the customer's incremental demand annually to determine continued qualification for the applicable discount.

In each general rate proceeding concluded after August 28, 2022, the difference in revenues generated by applying the discounted rates and the revenue that would have been generated without such discounts shall not be imputed into the electrical corporation's revenue requirement but instead such revenue requirement shall be set as described in the act.

The act also repeals the sunset date for the discounted electric rates.

REVENUE REQUIREMENT (Section 393.1656)

Beginning January 1, 2024, that part of an electrical corporation's retail revenue requirement used to set the electrical corporation's base rates in each of the electrical corporation's general rate proceedings that are concluded on or after August 31, 2023, that consists of revenue requirement arising from inclusion in rate base of certain regulatory asset balances shall not exceed the revenue requirement impact cap, as such term is defined in the act.

JAMIE ANDREWS