NC H119

Authorizes the Utilities Commission to adopt, implement, modify, or eliminate a rate adjustment mechanism for natural gas local distribution company rates in general rate case proceedings.

Allows the rate adjustment mechanism to enable natural gas companies to recover prudently incurred capital investment and associated costs of complying with federal gas pipeline safety requirements, including a return based on the company's authorized return.

Requires the Commission to find that any rate adjustment mechanism is in the public interest before adopting, implementing, modifying, or eliminating it.

Effective upon enactment (May 17, 2013).