Section 66-NEW - [Newly enacted section not yet numbered] [Effective 7/1/2024] [Cap on cost recovery; time limitations on cost recovery](a) As used in this section:(1) "Commission" means the state corporation commission.(2) "Public utility" means the same as defined in K.S.A. 66-104, and amendments thereto.(3) "Qualifying regulatory asset" means any regulatory asset balance arising pursuant to section 1, and amendments thereto, from the rate base cutoff date in the public utility's prior general rate proceeding to the rate base cutoff date in the current general rate proceeding in which the revenue requirement impact cap is applied.(4) "Rate base cutoff date" means the date rate base additions are accounted for in a general rate proceeding. In the absence of a commission order that specifies the "rate base cutoff date," "rate base cutoff date" means the date as reflected in any jointly proposed procedural schedule submitted by the parties in the applicable general rate proceeding or the date that is otherwise agreed to by the parties.(5) "Revenue requirement impact cap" means the product of: (A)1/12 of 1.5% multiplied by the number of months that have elapsed from the effective date of new base rates in an electric public utility's most recently completed general rate proceeding to the effective date of new base rates in the general rate proceeding in which the cap is applied; and(B) the retail revenue requirement used to set base rates in the electric public utility's most recently completed general rate proceeding concluded prior to the general rate proceeding in which the cap is applied.(b) The provisions of this section apply to any public utility that has elected to make the deferrals authorized pursuant to section 1, and amendments thereto, until the public utility's authority to make such deferrals expires pursuant to section 1, and amendments thereto.(c) Any part of a public utility's retail revenue requirement used to set the public utility's base rates in any general rate proceeding of the public utility that is concluded on or after July 1, 2024, and that consists of a revenue requirement arising from inclusion in rate base of the qualifying regulatory asset balance shall not exceed the revenue requirement impact cap. If inclusion in rate base of the full balance of the qualifying regulatory asset balance would cause the public utility to exceed the revenue requirement impact cap, any part of the qualifying regulatory asset balance that exceeds the revenue requirement impact cap shall not be included in rate base and the qualifying regulatory asset balance shall be reduced accordingly as a penalty.Added by L. 2024, ch. 60,§ 2, eff. 7/1/2024.