HI SB1343

Establishes state policy to promote agriculture's long-term viability by creating preferential electricity rates for agricultural activities.

Grants the Public Utilities Commission authority to establish preferential rates for electricity used in agricultural activities within a public utility's service area.

Requires public utilities to submit proposed preferential rates to the PUC for approval upon receiving a bona fide request and proof of agricultural activity by the customer.

Allows preferential rates to be subsidized by rates charged to other customers as determined by the PUC, which may consult with the Department of Agriculture to establish qualification criteria.

Permits the PUC to allow recovery of reasonable unamortized costs from the utility's previous rate case, with rates adjusted after full amortization.