1.  Except as otherwise provided in subsection 2 of NRS 704.762, and in accordance with the regulations adopted by the Commission pursuant to NRS 704.762:

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(a) Not sooner than the first Monday in January 2020, an electric utility that primarily serves less densely populated counties may apply to the Commission to establish an alternative rate-making plan which sets forth the alternative rate-making mechanisms to be used to establish rates during the time period covered by the plan.

(b) Not sooner than the first Monday in January 2021, an electric utility that primarily serves densely populated counties may apply to the Commission to establish an alternative rate-making plan which sets forth the alternative rate-making mechanisms to be used to establish rates during the time period covered by the plan.

2.  The Commission shall approve, with or without modifications, or deny an application submitted pursuant to subsection 1 not later than 210 days after the Commission receives a copy of the application unless the Commission, upon good cause, extends by not more than 90 days the time to act upon the application. If the Commission fails to act upon an application within the time provided by this subsection, the application shall be deemed to be denied.

3.  The Commission shall conduct at least one consumer session pursuant to NRS 704.069 to solicit comments from the public before taking action on an application submitted pursuant to subsection 1.

4.  The Commission shall not approve an application submitted pursuant to subsection 1 unless the Commission determines that the plan:

(a) Is in the public interest;

(b) Results in just and reasonable rates, as determined by the Commission;

(c) Protects the interests of the customers of the electric utility;

(d) Satisfies the criteria established by the Commission pursuant to paragraph (g) of subsection 1 of NRS 704.762;

(e) Specifies the time period to which the plan applies; and

(f) Includes a plan for educating the customers of the electric utility regarding the alternative rate-making mechanisms included in the plan.

5.  An alternative rate-making plan may include, without limitation:

(a) An earnings-sharing mechanism that balances the interests of customers that purchase electricity for consumption in this State and the shareholders of the electric utility.

(b) A term or condition waiving the requirement that the electric utility file a general rate application every 36 months pursuant to subsection 3 of NRS 704.110 or extending beyond 36 months the time between required general rate application filings.

(c) Any other term or condition proposed by an electric utility or any party participating in the proceeding or that the Commission finds is reasonable and serves the public interest.

6.  The Commission may at any time, upon its own motion or after receiving a complaint from any customer, the Consumer’s Advocate or the Regulatory Operations Staff of the Commission, investigate any of the rates, tolls, charges, rules, regulations, practices and service relating to an alternative rate-making plan, and, after a full hearing as provided in NRS 704.120, by order, make such changes as may be just and reasonable to the same extent as authorized by NRS 704.120.

7.  As used in this section:

(a) ’Electric utility that primarily serves densely populated counties’ has the meaning ascribed to it in NRS 704.110.

(b) ’Electric utility that primarily serves less densely populated counties’ has the meaning ascribed to it in NRS 704.110.