A BILL TO BE ENTITLED
AN ACT authorizing the utilities commission to adopt, implement, modify, or eliminate a rate adjustment mechanism for natural gas local distribution company rates.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 7 of Chapter 62 of the General Statutes is amended by adding a new section to read as follows:
"§ 62‑133.7A.  Rate adjustment mechanism for natural gas local distribution company rates.
In setting rates for a natural gas local distribution company in a general rate case proceeding under G.S. 62‑133, the Commission may adopt, implement, modify, or eliminate a rate adjustment mechanism to enable the company to recover the prudently incurred capital investment and associated costs of complying with federal gas pipeline safety requirements,   including a return based on the company's then authorized return. The Commission shall adopt, implement, modify, or eliminate a rate adjustment mechanism authorized under this section only upon a finding by the Commission that the mechanism is in the public interest."
SECTION 2.  This act is effective when it becomes law.