This bill introduces new regulations regarding non-wire alternatives (NWAs), time-of-use pricing, and multi-year rate settings for electric distribution utilities. It defines key terms such as "non-wires alternative," "time-of-use pricing," and "time-of-use tariffs," and mandates that utilities incorporate cost-effective NWAs into their integrated distribution plans. The Department of Energy and the Public Utilities Commission are tasked with establishing rules for competitive procurement of NWAs and ensuring that utilities offer fair time-of-use tariffs for all customer classes. Additionally, customers can request advanced metering infrastructure (AMI) smart meters to access real-time data on their energy usage.

The bill also modifies the rate-setting process for state electric default service customers, extending the period between rate cases from two years to five years. It requires that rates be based on historical costs, realized NWA procurements, and infrastructure investment projections, while allowing for interim adjustments in response to unforeseen cost changes. Furthermore, any cost savings realized during the five-year period must be shared equitably between utilities and ratepayers. The bill's effective date is set for January 1, 2026, and it does not provide specific funding, with the fiscal impact on state and local governments being indeterminable.