IN HB1274

Requires the Indiana Utility Regulatory Commission (IURC) to review and revise energy utility basic rates and charges within two years after approving any rate adjustment mechanism, using general rate case procedures

Defines "rate adjustment mechanism" as any commission-approved mechanism allowing utilities to recover costs through retail rates outside of a general rate case, including fuel adjustment charges and infrastructure trackers

Applies to public, municipally owned, and cooperatively owned utilities that produce, transmit, deliver, or furnish gas, electricity, or steam in Indiana

Allows utilities to seek additional rate adjustment mechanisms while a review is pending, and permits the commission to combine reviews of new and existing mechanisms

Effective date is retroactive to January 1, 2010, applying to rate adjustment mechanisms approved after December 31, 2009