Assembly Bill 1162 aims to establish a framework for defining and regulating a "very large customer class" for electric utilities in Wisconsin. The bill mandates the Public Service Commission (PSC) to define this customer class by December 15, 2027, and requires electric utilities that offer tariff or contract rates to these customers to file a rate case application with the PSC every other year by April 1. In these rate cases, utilities must provide detailed information about the costs associated with serving very large customers, allowing the PSC to assess whether the rates are just and reasonable or if they are unreasonable, preferential, or unjustly discriminatory.

If the PSC finds the rates to be unreasonable, it is empowered to adjust them or modify the terms of service accordingly. The bill also allows the PSC chair to waive the filing deadline for rate case applications under exceptional circumstances. This legislation is designed to ensure that very large customers are charged fair rates while providing the PSC with the necessary authority to oversee and regulate these transactions effectively.