The bill, introduced by Senator Wilkin, amends the Revised Code to enhance the regulation of public utilities, particularly natural gas companies. It introduces provisions for alternative rate plans aimed at large load customers, allowing these companies to propose initial rider rates of zero dollars without being classified as a rate increase. The Public Utilities Commission is required to approve these plans, and if it fails to act within 365 days, the application is automatically approved. Additionally, the bill modifies the process for property valuation of natural gas companies, mandating detailed reports that consider original costs and projected future values, while also allowing the commission to revise valuations based on ongoing assessments.

Moreover, the bill establishes new guidelines for determining rates and revenues, including a streamlined process for public utilities to adjust their rates based on anticipated changes during specified test periods. It reduces the timeframe for the commission to issue final orders on rate increases from 545 days to 365 days, with automatic approval for applications not acted upon within this period. The bill also clarifies the commission's authority regarding tax benefits, ensuring they are used solely for operational expenses, and repeals conflicting sections of the Revised Code to align with the new provisions. Overall, the legislation aims to improve regulatory oversight and protect consumer interests while providing flexibility for public utilities.

Statutes affected:
As Introduced: 4909.05, 4909.06, 4909.07, 4909.08, 4909.15, 4909.155, 4909.156, 4909.18, 4909.191, 4909.42, 4928.18, 4929.041