This bill amends the jurisdiction of the state corporation commission over electric public utilities by exempting not-for-profit wholly owned subsidiaries of electric cooperative public utilities from its oversight. However, it establishes a process for customers of these exempt utilities to petition the commission to investigate their rates if they believe those rates are unjust or unreasonable. If the commission finds the rates to be problematic, it has the authority to order new rates. Additionally, the bill mandates that customers receive notice of meetings concerning rate changes and provides a mechanism for customers to elect to terminate the exemption from commission jurisdiction.

The bill also includes provisions that require exempt utilities to maintain transparency regarding their rates and charges, and it outlines the penalties for non-compliance. Furthermore, it allows customers to initiate a process to terminate the utility's exemption by filing a petition, which must be supported by a certain percentage of customers. If a majority of voting customers approve the termination, the parent cooperative must notify the state corporation commission of the results. Overall, the bill aims to balance the autonomy of certain electric utilities with the need for customer protection and oversight.