Title: Establishes Regulations for an Undersea Power Cable
Vote Smart's Synopsis:
Vote to concur with House amendments and pass a bill that authorizes the regulation of an undersea power cable, effective July 1, 2012.
Requires a cable company to be approved by the public utilities commission prior to beginning commercial operation of an undersea power cable (Sec. 2).
Authorizes an electric utility company to establish an automatic rate adjustment clause if the company’s capital expenditure costs, including revenue requirements, are approved by the public utilities commission (Sec. 2).
Specifies that revenue requirements include, but are not limited to, the following (Sec. 2):
A commission-approved rate of return on the electric utility company's net investment in on-island transmission infrastructure;
Revenue taxes and other commission approved costs.