1. (a) A public utility shall petition the commission for approval of the public utility's TDSIC plan for eligible transmission, distribution, and storage improvements. A plan submitted under this subsection may include for approval a targeted economic development project described in section 11 of this chapter.

2. (b) Following notice and hearing, and not more than two hundred ten (210) days after the public utility petitions the commission under subsection (a), the commission shall issue an order on the petition. The order must include the following:

   1. (1) A finding of the best estimate of the cost of the eligible improvements included in the plan.
   2. (2) A determination whether public convenience and necessity require or will require the eligible improvements included in the plan.

   3. (3) A determination whether the estimated costs of the eligible improvements included in the plan are justified by incremental benefits attributable to the plan.

      If the commission determines that the public utility's TDSIC plan is reasonable, the commission shall approve the plan and authorize TDSIC treatment for the eligible transmission, distribution, and storage improvements included in the plan.

3. (c) A public utility that provides gas or electric service may petition the commission to approve a targeted economic development project as part of the public utility's TDSIC plan under subsection (a). The commission shall review within sixty (60) days the part of the petition concerning the targeted economic development project and approve the inclusion of the project if the commission determines that the inclusion of the project is consistent with the requirements of this chapter.

4. (d) A public utility may terminate an existing TDSIC plan before the end of the original plan period by providing the commission a notice of termination at least sixty (60) days before the date on which the plan will terminate. Eligible transmission, distribution, and storage improvements receiving TDSIC treatment under section 9 of this chapter before termination of the plan shall continue to receive TDSIC treatment under section 9 of this chapter after termination of the plan until a final order in the public utility's next general rate case is issued. A public utility that terminates a plan:

   1. (1) may petition the commission for approval of a new TDSIC plan under this section; and
   2. (2) must petition the commission for review and approval of the public utility's basic rates and charges with respect to the same type of utility service before the original expiration date of the terminated plan.

As added by P.L.133-2013, SEC.5. Amended by P.L.89-2019, SEC.4.