IL SB2192

Amends Section 5-104 of the Public Utilities Act to extend depreciation accounting requirements to gas public utilities, previously applicable only to electric utilities.

Allows gas public utilities (defined as natural gas utilities serving at least 1,600,000 customers as of January 1, 2013) to alter annual depreciation rates if consistent with generally accepted accounting principles and certified by an independent certified public accountant.

Requires gas public utilities to file statements with the Illinois Commerce Commission showing new depreciation rates, which are automatically approved upon filing with proper certification.

Permits the Commerce Commission to reject filed depreciation rates during rate-setting proceedings under Sections 9-201 or 9-202 if different rates are needed to adequately reflect depreciation, obsolescence, and progress of the arts.

Takes effect immediately upon becoming law, with amendments applying to new depreciation rates filed on or after January 1, 2013.