1.  The Commission shall adopt regulations to establish procedures for an electric utility to apply to the Commission for the approval of an alternative rate-making plan. The regulations must:

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(a) Establish the alternative rate-making mechanisms that may be included in such a plan and any limitations on such alternative rate-making mechanisms as the Commission deems appropriate, including, without limitation, any restrictions on the types of alternative rate-making mechanisms that may be used in concert within the same alternative rate-making plan.

(b) Provide the information that must be included in an alternative rate-making plan and an application submitted pursuant to the regulations adopted pursuant to this section.

(c) Specify the circumstances under which an electric utility for which the Commission has approved an alternative rate-making plan is required to file a general rate application pursuant to NRS 704.110 including, without limitation, if the alternative rate-making plan ceases to meet the criteria established by the Commission pursuant to paragraph (g).

(d) Provide a process to educate customers of an electric utility regarding the available alternative rate-making mechanisms that may be included in an alternative rate-making plan.

(e) Establish requirements for an electric utility for which the Commission has approved an alternative rate-making plan to keep or cause to be kept any information and records which the utility would have been required to submit to the Commission as part of an application pursuant to NRS 704.110 or 704.187, if the filing of any such application is delayed or excused pursuant to the alternative rate-making plan.

(f) If the Commission determines that it is practicable, require an electric utility to include in its application for the approval of an alternative rate-making plan:

(1) One or more cost of service studies.

(2) An analysis estimating and comparing:

(I) The rates that would be charged and the revenue that would be collected under the alternative rate-making plan proposed in the application; and

(II) The rates that would be charged and the revenue that would be collected pursuant to the rate-making process established by NRS 704.110.

(g) Establish criteria for the evaluation of an alternative rate-making plan which may include, without limitation, whether the plan:

(1) Aligns an economically viable utility model with state public policy goals.

(2) Provides for just and reasonable rates that are comparable to rates established pursuant to NRS 704.110.

(3) Enables the delivery of electric service and options for services and pricing that customers value including, without limitation, the development and the use of renewable resources by customers that prioritize such resources above other factors, including price.

(4) Fosters statewide improvements to the economic and operational efficiency of the electrical grid.

(5) Furthers the public interest including, without limitation, the promotion of safe, economic, efficient and reliable electric service to all customers of the electric utility.

(6) Enhances the resilience and security of the electrical grid while addressing concerns regarding customer privacy.

(7) Ensures that customers of an electric utility benefit from lower regulatory administrative costs where appropriate.

(8) Facilitates the research and development of innovative electric utility services and options to benefit customers.

(9) Balances the interests of customers and shareholders by providing for services that customers want while preserving reasonable shareholder value.

2.  The Commission is not required to accept applications to establish an alternative rate-making plan if the Commission determines, after a reasonable investigation, that the use of an alternative rate-making plan is not consistent with the criteria established by the Commission pursuant to paragraph (g) of subsection 1.