The proposed bill, known as the Natural Gas Infrastructure Availability Act, authorizes natural gas public utilities to defer depreciation expenses and carrying costs for new plants, facilities, or equipment to a regulatory asset. This deferral is contingent upon the utility notifying the state corporation commission of its election to do so. The bill establishes an interim rate adjustment mechanism that allows utilities to recover these regulatory assets, with specific provisions for how these costs are to be included in the utility's rate base during general rate proceedings. The bill also outlines the conditions under which the commission can approve interim rate adjustments, including limitations on the total annualized revenues that can be recovered.

Additionally, the bill specifies that any regulatory asset balance not recovered through the interim rate adjustment mechanism will incur carrying costs at the utility's weighted average cost of capital. It mandates that the recovery of these regulatory assets be amortized over a 20-year period, starting from the effective date of the new rates. The commission retains the authority to review and adjust the costs associated with qualifying natural gas plants during subsequent general rate proceedings, ensuring that any disallowed costs can be refunded. Overall, the act aims to facilitate the financial management of new natural gas infrastructure investments while maintaining regulatory oversight.