SC S0446

Allows public electric utilities to elect annual rate adjustments through the Public Service Commission instead of traditional rate proceedings, with the election remaining in effect until the next general rate proceeding

Requires utilities to file quarterly monitoring reports showing actual financial data including plant costs, expenses, revenues, and return on equity, with detailed schedules filed annually by March 15

Establishes an automatic rate adjustment mechanism where rates increase or decrease if the utility's return on equity falls outside a band of 50 basis points above or below the commission-approved rate

Sets strict procedural timelines: Office of Regulatory Staff audit due June 1, written comments due June 15, initial commission order due July 15, with rate changes taking effect in August billing cycles

Authorizes the Office of Regulatory Staff to create up to two additional positions per regulated electric utility, funded through assessments on the utilities themselves