(a) An electric utility shall apply to the commission for approval of a wildfire mitigation plan. (b) Upon receiving an application for approval of a wildfire mitigation plan, the commission shall, not later than one hundred twenty (120) days after receipt, unless the commission deems it is necessary to continue the implementation of the wildfire mitigation plan for a longer period of time and the commission has entered an order confirming the continuance and stating the facts making the continuance necessary, approve the plan if the plan is reasonable, in the public interest and appropriately balances the costs of implementing the plan with the risks of a potential wildfire. For electric utilities whose rates are regulated by the commission, approval of a wildfire mitigation plan shall not automatically confer to the electric utility the right to recover the costs associated with the wildfire mitigation plan. An electric utility whose rates are regulated by the commission may seek, and the commission may authorize, cost recovery for the costs associated with implementing a wildfire mitigation plan. (c) Each electric utility shall submit subsequent or updated plans to the commission not later than every fifth year after the electric utility last submitted a plan to the commission or as ordered by the commission. The commission shall review and approve subsequent plans in accordance with subsection (b) of this section. (d) Not later than June 1 in the year following any year in which the commission approves a wildfire mitigation plan under this section, an electric utility shall file an annual report with the commission detailing the electric utility's compliance with the approved wildfire mitigation plan and shall request an order of the commission finding that the electric utility has substantially complied with the plan during the preceding year.
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