In addition to any other rate authorized by this chapter, the commission may approve incentive rates to encourage improvement in the performance and efficiency of public utilities. The rates shall be in the form of preapproved rate models made applicable as levels of performance are attained by the utility. If approved, no such incentive rate constitutes a violation of § 49-34A-3 or a change in rates pursuant to § 49-34A-12 . The provisions of this section apply to any incentive rate tariff approved by the commission in existence on July 1, 1996.
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