(a)(1) The Public Utilities Regulatory Authority shall, at intervals of not more than four years from the last previous general rate hearing of each gas and electric distribution company having more than seventy-five thousand customers, conduct a complete review and investigation of the financial and operating records of each such company and hold a public hearing to determine whether the rates of each such company are unreasonably discriminatory or more or less than just, reasonable and adequate, or that the service furnished by such company is inadequate to or in excess of public necessity and convenience or that the rates do not conform to the principles and guidelines set forth in § 16-19e. In making such determination, the authority shall consider the gross and net earnings of such company since its last previous general rate hearing, its retained earnings, its actual and proposed capital expenditures, its advertising expenses, the dividends paid to its stockholders, the rate of return paid on its preferred stock, bonds, debentures and other obligations, its credit rating, and such other financial and operating information as the authority may deem pertinent.

Terms Used In Connecticut General Statutes 16-19a

  • Authority: means the Public Utilities Regulatory Authority and "department" means the Department of Energy and Environmental Protection. See Connecticut General Statutes 16-1
  • distribution company: means any person providing electric transmission or distribution services within the state, but does not include: (A) A private power producer, as defined in §. See Connecticut General Statutes 16-1

(2) The authority may conduct a general rate hearing in accordance with subsection (a) of § 16-19, in lieu of the periodic review and investigation proceedings required under subdivision (1) of this subsection.

(b) In any proceeding required under subdivision (1) of subsection (a) of this section, or in any rate hearing pursuant to § 16-19, the authority shall consider the implementation of financial performance-based incentives and penalties and performance-based metrics. Notwithstanding subsection (a) of this section, if the authority approves such performance-based incentives and penalties for a particular company, the authority shall include in such approval a framework for periodic monitoring and review of the company’s performance pursuant to metrics developed by the authority.