I.Notwithstanding any other provision of law to the contrary, the commission shall establish procedures for the review and approval of tariffs for electric service rates that foster economic development and of tariffs for retention of existing load within the state. For the purposes of this section the term "economic development rates" means rates, the purpose of which is to attract new industrial companies to the state and to encourage expansion of existing industrial load that would otherwise not occur in the state. For the purposes of this section "retention rates" means rates, the purpose of which is to retain existing industrial load that would otherwise leave the utility. Such procedures shall provide that all electric public utilities serving retail customers may file with the comm
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I. Notwithstanding any other provision of law to the contrary, the commission shall establish procedures for the review and approval of tariffs for electric service rates that foster economic development and of tariffs for retention of existing load within the state. For the purposes of this section the term "economic development rates" means rates, the purpose of which is to attract new industrial companies to the state and to encourage expansion of existing industrial load that would otherwise not occur in the state. For the purposes of this section "retention rates" means rates, the purpose of which is to retain existing industrial load that would otherwise leave the utility. Such procedures shall provide that all electric public utilities serving retail customers may file with the commission generally available rate schedules for the provision of economic development rates and/or retention rates to industrial customers. Such rates shall take into consideration eligibility criteria, the effect on the utility's fixed and variable costs, the amount of new demand and energy for electric service involved, the effect on employment within the state, material adverse competitive impact on existing in-state firms, and end-user participation in conservation programs and other state established economic development enhancement programs.
II. To ensure fairness in the application of the retention rate to industrial load that is not planning to leave the utility, if the commission finds that it is in the public good, the retention rate may also be offered to a direct competitor of a company that has qualified for such rate.
III. (a) Except as provided in paragraph II, retention rates shall be available to a customer only if the utility represents that the load would otherwise have left the utility.
(b) Economic development rates shall be available to all new industrial companies to the state and for all expansion of existing load without such representation by the utility, provided that eligibility criteria are met.
IV. (a) In any rate proceeding subsequent to approval of economic development rates or retention rates, the commission shall not impute to the utility's test year revenues or revenue requirement the difference between the regular tariffed rate and the economic development rate or retention rate provided that those customers qualify for the rate.
(b) The incremental benefit of the economic development rate, which is the excess of the incremental revenues over the incremental cost attributable to the economic development rate, shall be allocated by the commission between the utility and its other ratepayers in a manner consistent with the public interest, as determined by the commission.
V. The rates established in this section shall not be available after December 31, 2002.