HI HB2244

Clarifies that "performance-based incentives" for electric utility regulation include revenue adjustment mechanisms, cost control mechanisms, rewards for superior performance, and penalties for subpar performance.

Authorizes the Public Utilities Commission to adopt alternative ratemaking procedures by commission order to establish electric utility rates, departing from traditional cost-of-service models.

Requires the Commission to apply a presumption favoring historical cost trends and external indices over forward test periods when resetting an electric utility's allowed revenues.

Reinforces the 2018 Hawaii Ratepayer Protection Act's mandate to break the direct link between utility revenues and investment levels, shifting focus from utility costs to performance outcomes.

Effective date set at July 1, 3000 (placeholder date indicating further legislative action needed before implementation).