1. (a) If the regulatory authority, on its own motion or on complaint by an affected person, after reasonable notice and hearing, finds that the existing rates of an electric utility for a service are unreasonable or in violation of law, the regulatory authority shall:

   1. (1) enter an order establishing the just and reasonable rates to be observed thereafter, including maximum or minimum rates; and
   2. (2) serve a copy of the order on the electric utility.
2. (b) The rates established under Subsection (a) constitute the legal rates of the electric utility until changed as provided by this title.

Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.