§ 37-2-121 — When rate to be changed by commission; nontraditional rate making

If upon hearing and investigation, any rate shall be found by
the commission to be inadequate or unremunerative, or to be
unjust, or unreasonable, or unjustly discriminatory, or unduly
preferential or otherwise in any respect in violation of any
provision of this act, the commission, within the time periods
provided under W.S. 37-3-106(c) may fix and order substituted
therefor a rate as it shall determine to be just and reasonable,
and in compliance with the provisions of this act. The rate so
ascertained, determined and fixed by the commission shall be
charged, enforced, collected and observed by the public utility
for the period of time fixed by the commission. The rates may
contain provisions for incentives for improvement of the public
utility's performance or efficiency, lowering of operating
costs, control of expenses or improvement and upgrading or
modernization of its services or facilities. Any public utility
may apply to the commission for its consent to use innovative,
incentive or nontraditional rate making methods. In conducting
any investigation and holding any hearing in response thereto,
the commission may consider and approve proposals which include
any rate, service regulation, rate setting concept, economic
development rate, service concept, nondiscriminatory revenue
sharing or profit-sharing form of regulation and policy,
including policies for the encouragement of the development of
public utility infrastructure, services, facilities or plant
within the state, which can be shown by substantial evidence to
support and be consistent with the public interest. If the
commission approves any form of cost-tracking mechanism pursuant
to this section for a public utility to recover changes in
electric supply costs between rate cases, which costs are in the
complete or partial control of the utility, the mechanism shall
provide for a sharing of those costs between the public utility
and its customers.