The proposed bill amends Chapter 39-3 of the General Laws, introducing a new section, 39-3-37.4, which mandates that electric and natural gas distribution public utilities read and update utility billing on a quarterly basis. Utilities are required to promptly forward bills to customers and must file a clear statement with the Public Utilities Commission (PUC) detailing the formula used for estimating bills. This ensures that estimated bills are based on a formula approved by the PUC and can only be issued during months when a scheduled meter reading does not occur.

Additionally, the bill stipulates that if a utility fails to conduct a quarterly meter reading, it cannot demand or collect any payment exceeding the amount indicated by the last estimated monthly bill. Any excess charges for periods without a meter reading will be forfeited. This legislation aims to enhance transparency and accountability in utility billing practices, ensuring that customers are not overcharged due to the utility's failure to read meters as required. The act will take effect immediately upon passage.