Electric utilities; recovery of costs, rate adjustment clause proceedings, etc.

Electric utilities; recovery of costs; rateadjustment clause proceedings; construction or acquisition of certainfacilities. Provides that in any proceeding regarding petitionsfor a rate adjustment clause, the State Corporation Commission may,as an alternative to a rate adjustment clause, authorize recoveryof any proposed cost through the utility's rates for generation anddistribution services, if the Commission, in its discretion, determinesthat such cost recovery better serves ratepayers while still providingthe utility the opportunity to recover its costs and earn a fairrate of return. Additionally, the bill prohibits the Commission fromapproving the recovery of costs related to the construction or acquisitionof generation facilities powered by sunlight or onshore or offshorewind, or energy storage facilities, that are constructed or acquiredby a Phase I or Phase II Utility after July 1, 2022, unless the Commissiondetermines that the construction or acquisition of such facilitiesis (i) necessary to maintain the reliability or security of electricservice to customers or meet the renewable energy portfolio standard (RPS) program requirements established in this section and (ii) isthe lowest-cost option to maintain the reliability or security ofelectric service to customers or meet the RPS program requirements.