1. (a) After the mandated prohibition on increasing retail base rates that runs until January 1, 2029, as provided in Section 37-1-81.1, a formal hearing to examine specific issues relative to the rate making process and to provide greater transparency and direction to the establishment of base retail rates, with testimony provided under oath, shall be triggered upon the occurrence of:

   1. (1) An affirmative vote of at least five commissioners designating the issues to be examined and the timing and scope of the formal hearing; or
   2. (2) The direction of the Secretary of Energy specifying the issues to be examined and the timing and scope of the formal hearing.

2. (b) In determining whether to conduct a formal hearing, the secretary and the commissioners shall consider all relevant factors, including:

   1. (1) The base retail rate customers pay relative to the national average;
   2. (2) The base retail rate customers pay relative to the regional average;
   3. (3) Customer satisfaction reports;
   4. (4) Reliability of the power grid;
   5. (5) Operational efficiency of generating facilities;
   6. (6) Capacity to accommodate economic development priorities; and
   7. (7) The relevant utility’s credit rating and ability to raise necessary capital.
3. (c) The secretary and commissioners, when implementing the provisions of this section, shall have the power to administer oaths under penalty of perjury and issue subpoenas pursuant to Section 37-1-63.

(Act 2026-345, §3.)