(a) An electric utility that is not subject to rate regulation by the Regulatory Commission of Alaska under AS 42.05 may receive power cost equalization if the utility is otherwise eligible for equalization assistance under AS 42.45.100 - 42.45.150 and if the utility
(1) files with the commission financial data necessary to determine the power cost equalization per kilowatt-hour as prescribed by the commission and that is in compliance with AS 42.45.100 - 42.45.150;
(2) reports monthly to the authority, within the time and in the form required, the information required in (b) of this section;
(3) sets rates
(A) that consider the power cost equalization provided under AS 42.45.100 - 42.45.150 by subtracting from its revenue requirements for electric services the power cost equalization per kilowatt-hour that it is eligible to receive; and
(B) under which the power cost equalization provided in AS 42.45.070 - 42.45.110 is applied as a credit only against the cost of kilowatt-hours eligible for equalization assistance under AS 42.45.100 - 42.45.150 that are consumed by each customer in any month;
(4) allows audits that the commission determines are necessary to ensure compliance with this section; and
(5) furnishes its electric service customers eligible under this program a notice as specified in AS 42.45.120.
(b) An electric utility that is eligible to receive power cost equalization under this section shall report in accordance with (a)(2) of this section
(1) the power cost equalization per kilowatt-hour approved by the commission;
(2) the total kilowatt-hours sold to each class of customer during the preceding month;
(3) the total kilowatt-hours eligible for power cost equalization under this section sold to each class of customer during the preceding month;
(4) the total kilowatt-hours generated during the preceding month, if available;
(5) any amendments to the schedule of rates in effect during the preceding month; and
(6) an increase or decrease in the current unit price of fuel from the base price used by the commission in determining power costs if the change is expected to result in a subsequent equalization assistance level adjustment.
(c) An electric utility that is eligible to receive power cost equalization under this section may have its power cost equalization per kilowatt-hour determination changed by the commission if the
(1) commission has verified an increase or decrease in the electric utility's cost of fuel;
(2) commission has verified an increase in rates based on an increase in costs;
(3) authority has discovered, in reviewing the monthly data submitted by the electric utility, discrepancies that require adjustment of the power cost equalization; or
(4) authority determines that appropriations are insufficient to finance full payments to eligible electric utilities.
(d) The provisions of AS 42.45.100 - 42.45.150 relating to the determination of the amount of power cost equalization and payment of the equalization assistance apply to equalization assistance under this section.
(e) An application for power cost equalization by an electric utility that is eligible to receive power cost under this section does not extend the jurisdiction of the Regulatory Commission of Alaska beyond that established by AS 42.05.