Utah Code 54-4-4.1. Rules to govern rates
Current as of: 2024 | Check for updates
|
Other versions
(1) The commission may, by rule or order, adopt any method of rate regulation that is:
Terms Used In Utah Code 54-4-4.1
- Commission: means the Public Service Commission. See Utah Code 54-2-1
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
- Variable Rate: Having a "variable" rate means that the APR changes from time to time based on fluctuations in an external rate, normally the Prime Rate. This external rate is known as the "index." If the index changes, the variable rate normally changes. Also see Fixed Rate.
(1)(a) consistent with this title;
(1)(b) in the public interest; and
(1)(c) just and reasonable.
(2) In accordance with Subsection (1) , a method of rate regulation may include:
(2)(a) rate designs utilizing:
(2)(a)(i) volumetric rate components;
(2)(a)(ii) demand rate components;
(2)(a)(iii) fixed rate components; and
(2)(a)(iv) variable rate components;
(2)(b) rate stabilization methods;
(2)(c) decoupling methods;
(2)(d) incentive-based mechanisms; and
(2)(e) other components, methods, or mechanisms approved by the commission.