Electric utilities - rates and charges - economic development rates for qualified commercial and industrial users - criteria - approval by public utilities commission. The act allows the public utilities commission (commission) to approve, and electric utilities to charge, economic development rates, which are lower rates for commercial and industrial users who locate or expand their operations in Colorado so as to increase the demand by at least 3 megawatts. To qualify for the economic development rates, these users must demonstrate that the cost of electricity is a critical consideration in deciding where to locate or expand their business and that the availability of lower rates is a substantial factor. The rates may be offered for up to 10 years.
The act also authorizes the expansion of a voluntary renewable energy program or service offering as necessary to meet the needs of a commercial or industrial customer that makes a capital investment of $250 million or more, requires the expansion in order to remain as a customer of a utility, or is a new customer.
Utilities that offer economic development rates cannot cross-subsidize the economic development rates by raising rates on other customers, and a utility bears the burden of proof on this issue in any proceeding before the commission.
The act automatically repeals on January 1, 2028, unless extended by future legislation.
(Note: This summary applies to this bill as enacted.)