A. Any person engaged in the production, generation, transmission or furnishing of heat, cold air, light, sewer service, water or power, or telegraph or telephone service, may establish a sliding scale of charges and may enter into an arrangement for a fixed period for the automatic adjustment of charges for heat, cold air, light, sewer service, water, or power, or telegraph or telephone service, in relation to the profit to be realized by such person. A schedule showing the scale of charges under such arrangement shall first be filed with the commission and the schedule and each rate set out therein approved by it.

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B. The commission may revoke its approval at any time and fix other rates and charges for the product or commodity or service, as authorized in this chapter.