The bill, introduced by Senator Wilkin, seeks to amend the Revised Code to enhance the regulatory framework for natural gas companies, particularly concerning property valuation and rate adjustments. Key provisions include the introduction of alternative rate plans for large load customers, which allow natural gas companies to propose revenue requirements that include construction work in progress. The bill mandates that the Public Utilities Commission (PUC) must approve any proposed test periods for rate adjustments and stipulates that if the commission does not issue an order within 365 days of a filing, the application is automatically approved. Additionally, it requires companies to submit proposed rate adjustments within ninety days of actual data becoming known and allows for regulatory exemptions for investments in storage or gathering facilities under specific conditions.

The bill also emphasizes the need for transparency in financial reporting and the valuation of property, ensuring that detailed valuation reports are provided and that the commission remains informed about changes in property values. It introduces provisions that require the commission to issue a final order on rate change applications within six months, thereby ensuring timely responses to utility requests. Furthermore, the bill includes several repeals of existing sections of the Revised Code to streamline the regulatory process, while also protecting non-large load customers from financial risks associated with infrastructure costs. Overall, the amendments aim to improve regulatory oversight, protect consumer interests, and provide utilities with greater flexibility in their financial planning.

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