Prohibits the public service commission from approving a rate increase that entails a return on equity for capital projects that is above the prevailing ten-year treasury rate plus one percent.
Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.
Provides that gas, electric, or combination gas and electric corporations shall not be permitted to retain revenues derived from their actual return on equity in excess of authorized rates of return on equity.
Enacts the "fair authorized investment returns act"; sets a default authorized return on equity equal to the ten year US Treasury rate plus two hundred basis points; provides such default authorized return shall reset annually; establishes a competitive equity auction through which the cost of equity for a covered utility may be determined on a market basis, whether initiated by the utility or ordered by the commission.
Relates to the members of the public service commission; prohibits commissioners from having been employed within the last two years by an electric, gas, steam, telecommunications, or water utility that is regulated by the commission; requires that new appointments ensure that commissioners represent certain areas of education and training.
Public Utilities Commission: rates: returns on equity.
Requires certain investor-owned gas or electric corporations to refund ratepayers when their achieved return on equity exceeds authorized rates of return by fifty percent.
Requires that any sanction or civil penalty imposed by the public service commission be returned to the rate payers by means of a direct bill credit, as soon as practically feasible or no later than ninety days.
Requires that any sanction or civil penalty imposed by the public service commission be returned to the rate payers by means of a direct bill credit, as soon as practically feasible or no later than ninety days.
Ensures that construction and fabrication done off of a public work site for specific use only in a public work project be compensated at the prevailing wage rate.