NC S434

Caps annual costs recovered under natural gas pipeline safety rate adjustment mechanisms at 4% of total base margin approved in the company's last general rate case

Requires natural gas rate adjustment mechanisms to terminate the earlier of the company's next general rate case or four years after adoption

Excludes routine maintenance, repair, and replacement of system components from natural gas pipeline safety rate adjustment mechanisms

Clarifies that water and sewer rate adjustment mechanisms apply only to "improvement projects" defined as unique, temporary endeavors beyond normal operations, not routine replacements

Caps cumulative system improvement charges for water and sewer utilities at 5% of total annual service revenues approved in the utility's last general rate case