MI HB5902

Allows the Public Service Commission to approve long-term industrial load rates for electric utilities serving industrial customers with contracts lasting 15 years or the expected remaining life of designated power supply resources.

Requires industrial customers to have an annual average electric demand of at least 200 megawatts at a single site and an annual load factor of at least 75% to qualify for the rate.

Establishes that the Commission must approve rates if they are based on designated power supply resources (utility-owned or purchased agreements) and the customer demonstrates it would not otherwise purchase standard tariff service.

Requires the Commission to approve contracts if there is a net benefit to other utility customers, including benefits from system peak demand reduction, avoided capacity costs, or fixed distribution cost contributions.

Requires stand-alone proceedings to be completed within 270 days and must include a complete cost of service study showing the rate's impact on other customers, while prohibiting changes to the utility's overall revenue requirement.