(a) The Commission shall establish a standard base rate for the first five hundred (500) kilowatt-hours (KWH) of electricity used by a residential customer per month. This standard base rate per KWH shall be sixty percent (60%) of the standard base rate per KWH charged to such customers on September 30, 1984.
(b) The Commission is authorized and directed to change the rate schedule for all users of electricity to compensate for the reduced standard base rate under subsection (a) of this section.