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 subsidiary utilities to petition the commission to investigate their rates if they believe those rates are unjust or unreasonable. If a sufficient number of customers sign the petition, the commission is authorized to investigate and potentially order new rates. Additionally, the bill mandates that customers receive notice of meetings regarding rate changes and allows them to access information about other customers' classifications.

Furthermore, the bill includes provisions that require these exempt utilities to maintain transparency regarding their rates and charges, including providing public access to this information. It also stipulates that any dividend payments or stock repurchases by the utility must receive commission approval. Customers have the option to terminate the utility's exemption from commission jurisdiction by filing a petition, which must be supported by a majority vote at a meeting of the parent cooperative. The bill aims to balance the operational independence of these utilities with the need for customer protection and oversight.