(a) Quarterly, the Arkansas Public Service Commission shall appear before the Legislative Council, file a written report, and make such oral reports as the Legislative Council may request concerning the status of all utility rate applications pending before the commission, including:
(1) An identification of the cases filed;
(2) The status of staff progress, if any;
(3) The schedule of hearings and deadlines established for disposition of each case;
(4) The date on which hearings have been held or are scheduled to be held; and
(5) The projected date of completion of hearings and issuance of a final order in connection with each case.
(b) In the event the commission has failed to conclude a hearing and issue an order on a particular rate application within the deadlines established by law, the commission shall file with the Legislative Council a detailed statement of the reasons for the delay or failure to complete the hearing and ruling thereon within the deadline set by law, and shall advise the Legislative Council of any impact or effect thereof upon the ratepayers of the utility.
(c) The Legislative Council shall schedule an appropriate date and shall give notice thereof to the commission of the date on which the commission is to appear before the Legislative Council to make its quarterly report, as requested in this section.