Election by Affiliated System to Become Subject to the Regulatory Jurisdiction of the Public Service Commissioner; Prospective Rates and Rate Structures

(a) An affiliated system may elect to become subject to the regulatory jurisdiction of the Public Service Commission by filing a notice with the commission. (b) The Public Service Commission shall certify and regulate an affiliated system making an election under this section in accordance with this title, and in arriving at a valuation of the property of an affiliated system, the Public Service Commission shall give due consideration to the private utility’s property, original cost to the affiliated system, cost of reproduction as a going concern when original cost is not available, and other elements of value recognized by law for rate-making purposes as outlined in Section 37-4-17. (c) An affiliated system making an election under this section shall continue to charge the rates in effect at the time of election, and which rates shall continue in force and effect until the rates established by the Public Service Commission are finalized and effective.