Upon filing of an application consistent with rules promulgated by the commission by any public utility providing electric service, the commission may approve, reject, or modify, after notice and opportunity for hearing, a tariff that:

(1) Allows the public utility to recover on a timely basis the costs and expenses net of revenues of environmental improvements described in § 49-34A-97;

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(2) Allows a return on investment at the level approved in the public utility’s last general rate case, unless a different return is found to be consistent with the public interest;

(3) Provides a current return on construction work in progress, if the recovery from retail customers for the allowance for funds used during construction is not obtained through any other mechanism;

(4) Allocates project costs and expenses appropriately between wholesale and retail customers; and

(5) Terminates recovery once costs and expenses have been fully recovered or have otherwise been reflected in the public utility’s general rates.

Source: SL 2007, ch 272, § 2.