SB 1045

Adds new GS 62-130.1 to prohibit the Utilities Commission (NCUC) from establishing or allowing any retail electric rates that increase an electric public utility’s authorized rate of return on equity without NCGA ratification of an act that specifically approves such rates. Directs NCUC to order suspension of a retail electric rate that would allow such excess revenue recovery for the electric public utility upon filing of such rate. Provides that the suspension order shall remain in effect until the proposed rates are ratified by the NCGA. States that nothing in this section shall limit NCUC’s general authority to oversee electric public utilities and to prevent the charge of unreasonable rates. For retail electric rates ratified by NCGA, authorizes NCUC (1) to disallow the recovery of rates found to be unjust, unreasonable, discriminatory, or in violation of any other applicable law; (2) to impose conditions on the approval of rates; (3) to rescind, alter, or amend an order approving the rates; or (4) to revise or change the rates in a subsequent rate proceeding.