Electric utilities - electric vehicles - charging ports and related infrastructure - cost recovery for investments - limitation on rate impact. The act authorizes electric public utilities to provide charging ports as regulated services and allows cost recovery. The retail rate impact from the development of electric vehicle infrastructure must not exceed one-half of one percent of the total annual revenue requirements of the utility.
The act requires an electric public utility to apply to the public utilities commission to build facilities to support electric vehicles. Standards are set for approval. When a facility is built, the rates and charges for the services may allow:
- A return on any investment made by a public utility at the utility's weighted average cost of capital with the most recent rate of return on equity approved by the commission;
- For rate recovery mechanisms that allow earlier recovery of costs; and
- For performance-based incentive returns or similar investment incentives.
(Note: This summary applies to this bill as enacted.)