This bill proposes the creation of a new section in chapter 49-02 of the North Dakota Century Code, which introduces a public interest exemption for electric public utilities. The new legal language allows the commission to exempt an electric public utility from regulations that impact rates, contracts, services, or the adequacy of facilities if it determines that such an exemption serves the public interest. The commission is also granted the authority to impose reasonable terms and conditions on these exemptions.

Additionally, the bill clarifies that the new exemption does not limit the commission's existing authority under chapter 49-03 and establishes that any exemption granted can be revoked or suspended according to the procedures outlined in chapter 28-32. This legislative change aims to provide flexibility in regulatory oversight while ensuring that public interests are prioritized.