HI SB2427

Requires the Public Utilities Commission to integrate and implement utility and regulatory best practices in three areas: innovative regulatory frameworks, streamlined internal and external procedures, and information technology improvements for transparency and public access.

Mandates the commission establish a system to gather, assess, and update best practices and implement appropriate practices, particularly in the areas specified.

Requires the commission to submit an annual report to the legislature on best practices implementation progress no later than twenty days prior to each regular legislative session.

Appropriates funds from the public utilities commission special fund for fiscal year 2012-2013 to carry out the Act, including hiring necessary consultants.

Takes effect on July 1, 2012.