This bill amends existing laws regarding rate-regulated public utilities in Iowa, focusing on rate proceedings, automatic adjustments, ratemaking principles, and integrated resource plans. It establishes that public utilities must file a general rate case by July 1, 2028, to ensure that their rates and cost allocations are just and reasonable, with a requirement to file by January 1, 2027, if they have not done so since July 1, 2022. The bill also mandates that any automatic adjustments to rates must be approved through a general rate case, limiting such adjustments to those outside the utility's control. Additionally, it requires utilities to report annually on the amounts forecast and recovered from customers for each automatic adjustment, with provisions for refunds or increases based on recovery discrepancies.

Furthermore, the bill modifies the criteria for determining ratemaking principles for electric generating facilities, restricting the commission to traditional ratemaking principles and requiring utilities to demonstrate that their proposed facilities are the least-cost options through an approved integrated resource plan. It allows utilities to combine ratemaking principles and resource plan proceedings, and establishes a timeline for the commission to review and approve these plans. The commission is also directed to create rules for the implementation of these provisions, including a process for utilities to file integrated resource plans every three years, which must include a long-term and short-term action plan. The bill allows for the hiring of additional staff or contracting for services to assist in the review and development of these plans, with costs assessed to the utilities.

Statutes affected:
Introduced: 476.6