1. (a) The commission shall approve a multi-year rate plan for an electricity supplier under this chapter if, after notice and hearing, the commission finds the following:

   1. (1) That the electricity supplier's rates under the multi-year rate plan are just and reasonable.
   2. (2) That the multi-year rate plan reasonably assures the continuation of safe and reliable electric service for the electricity supplier's customers.
   3. (3) That the multi-year rate plan will not unreasonably prejudice any class of the electricity supplier's customers and will not result in sudden substantial rate increases to the electricity supplier's customers or any class of customers.

   4. (4) That the multi-year rate plan:

      1. (A) will result in just and reasonable rates;
      2. (B) is in the public interest; and
      3. (C) is consistent with the requirements set forth in this chapter and in the rules adopted by the commission under section 27 of this chapter.
   5. (5) That the multi-year rate plan meets any other legal requirement.

2. (b) At any time before the expiration of an electricity supplier's approved multi-year rate plan under this chapter, the commission may, with good cause and upon its own motion, or at the request of the office of utility consumer counselor or the electricity supplier do any of the following:

   1. (1) Examine the reasonableness of the electricity supplier's rates under the multi-year rate plan.
   2. (2) Conduct periodic reviews with opportunities for public hearings and comments from interested parties.
   3. (3) Initiate a proceeding to adjust the base rates or PIMs under the multi-year rate plan as necessary to ensure that the multi-year rate plan continues to satisfy the criteria set forth in subsection (a).

As added by P.L.36-2026, SEC.10.