The bill amends Chapter 39-3 of the General Laws by introducing a new section, 39-3-37.4, which mandates that every electric and natural gas distribution public entity must read, record, and update meters on a quarterly basis. It establishes that utility companies that estimate bills must file a statement of their formula for these estimates with the Public Utility Commission (PUC), which has the discretion to approve, reject, or modify the proposed formula. Any amendments to the formula must also be submitted to the PUC for review and approval.

Furthermore, estimated bills will be issued to ratepayers during months when a quarterly reading is not scheduled or conducted, and these bills must consist of charges for utility services calculated in accordance with the approved formula. The bill stipulates that if a utility fails to read a meter on a quarterly basis, it cannot demand, collect, or require payment of any balance in excess of the amount required by the prior estimated monthly bills. Any amount due for usage in excess of the estimated monthly bill shall be forfeited for any period in which the electric or natural gas distribution utility failed to read the ratepayer's meter. Lastly, the costs associated with meter reading conducted by the utility company cannot be passed on to ratepayers. This act is set to take effect on July 1.