Notwithstanding any provision of law to the contrary, upon application by a regulated utility, the commission may allow recovery of costs w hich are not recovered in the existing rates of the utility for the purchase of electric power from a biomass energy facility that has received a certificate from the Kentucky State Board on Electric Generation and Transmission Siting pursuant to KRS 278.7 00 to 278.716. No recovery shall be allowed unless the full costs of the purchase power agreement over the full term of the agreement, which shall be included as part of the application, have been found by the commission to be fair, just, and reasonable. I n determining whether the agreement is fair, just, and reasonable, the commission may consider the policy set forth by the General Assembly in KRS 154.27 -020(2). The commission's approval of cost recovery under this section shall be valid for the entire initial term of the agreement.
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