The bill mandates a study by the Department of Administrative Services to assess the cost and feasibility of the state of Iowa acquiring certain public utilities or their assets. It specifically targets public utilities that are subject to rate regulation under chapter 476, provide electric and natural gas services to over 200,000 customers, and are headquartered outside of Iowa. The study will also explore the potential for reorganizing or reallocating the assets of these utilities to maximize benefits for customers within their service areas.

Additionally, the bill includes legislative findings that criticize certain public utilities for failing to meet their obligations to customers and engaging in inappropriate conduct as government-sanctioned monopolies. The Department of Administrative Services is required to collaborate with an investment firm of its choosing to conduct the study and must submit a report with its findings and recommendations to the General Assembly by December 15, 2026.