(b) If requested by the electrical corporation, the commission shall authorize, within 180 days of the request, the use of a ratemaking mechanism that does all of the following:

1. (1) Authorizes the electrical corporation to track costs for energization projects placed in service after January 1, 2024, that exceed the costs included in the electrical corporation’s annual authorized revenue requirement for energization, as established in the electrical corporation’s general rate case or any other proceeding.
2. (2) Requires the commission to establish an up-front annual cap on the amount that each electrical corporation can recover within the mechanism. Before establishing the cap, the commission shall review all information submitted by the electrical corporation pursuant to subdivision (c).
3. (3) Requires the commission to authorize the recovery of costs tracked within the mechanism through an annual rate adjustment until it determines whether the costs are just and reasonable in the electrical corporation’s next general rate case. The commission shall require the electrical corporation to include in its next general rate case application a demonstration that the costs incurred were just and reasonable. Any costs that the commission finds were not just and reasonable shall be subject to refund.
4. (4) Requires only costs associated with energization to be included in the mechanism and requires costs to be tracked using the same cost categories as used by the electrical corporation in its general rate case application.
5. (5) Prevents the electrical corporation from recovering any costs through the mechanism in any year until its recorded spending for energization projects exceeds its annualized revenue requirements for energization projects as established in the electrical corporation’s general rate case.

(c) An electrical corporation, as part of its request for a ratemaking mechanism pursuant to subdivision (b), shall include in its request all of the following:

1. (1) A detailed summary of energization costs authorized in its current general rate case or any other proceeding.
2. (2) Requested energization costs in its pending general rate case, if it has a pending case.
3. (3) Costs authorized for other purposes in its current general rate case or any other proceeding but used for energization.
4. (4) The number of anticipated energization projects per year that are expected to be started or completed.
5. (5) If the electrical corporation is an operator, as defined in Section 25548.1 of the Public Resources Code, the amount of the compensation identified in paragraph (1) of subdivision (s) of Section 712.8 that it has forecasted it will spend on energization.