IA SF373

Requires rate-regulated public utilities to file a general rate case by July 1, 2028 (or by January 1, 2027 if no rate case has been filed since July 1, 2022), and at least every three years thereafter, to confirm rates are just, reasonable, and based on actual cost of service

Mandates that automatic rate adjustments for public utility service must be approved through a general rate case proceeding and limited to items outside utility control, with the Iowa Utilities Commission ordering refunds or increases if recoveries deviate more than 10% from amounts set in the most recent rate case

Restricts the commission to traditional ratemaking principles and cost recovery mechanisms for electric generating facilities constructed or acquired after the bill's effective date, and prohibits ratemaking principles addressing automatic adjustments, revenue sharing, or profit sharing

Requires electric generating facilities seeking ratemaking principles approval to have an approved integrated resource plan and to undergo a competitive procurement process including requests for proposals for power purchase agreements

Establishes new integrated resource planning requirements, mandating utilities file 20-year plans with 5-year action plans by July 1, 2026, and every three years thereafter, with the commission required to approve, modify, or deny plans within 10 months through contested case proceedings