69-3-1605. Financing orders -- application requirements. (1) An electric utility may file an application with the commission for approval to issue Montana energy impact assistance bonds in one or more series, impose, charge, and collect Montana energy impact assistance charges, and create Montana energy impact assistance property related to the retirement or replacement of electric infrastructure or facilities in Montana.

(2) (a) Within 120 days of an electric utility's submission of an application, the commission shall determine whether the application is adequate and in compliance with the commission's minimum filing requirements established in rules adopted pursuant to 69-3-1604. If the commission determines that the application is inadequate, it shall explain the deficiencies.

(b) The commission shall take final action to approve, deny, or modify any application for a financing order as described in subsection (1) in a final order issued within 270 days of receiving an application.

(3) In addition to any other information required by the commission, an application for a financing order must include:

(a) an estimated schedule for the retirement or replacement;

(b) a specification of the effects of the proposed Montana energy impact assistance bond financing on the retirement or replacement;

(c) a proposed methodology for allocating the revenue requirement for the Montana energy impact assistance charge among customer classes;

(d) a description of the nonbypassable Montana energy impact assistance charge required to be paid by customers within the electric utility's service area for recovery of Montana energy impact assistance costs;

(e) an estimate of the net present value of electric utility customer savings expected to result if the financing order is issued as determined by a net present value comparison between the costs to customers that are expected to result from the financing of the undepreciated balances of electric infrastructure or facilities with Montana energy impact assistance bonds and the costs that would result from the application of traditional electric utility financing mechanisms to the same undepreciated balances; and

(f) one or more alternative financing scenarios in addition to the preferred scenario contained in the application.

(4) The commission shall publish a notice of the proposed change on its website and conforming to the requirements of 2-4-601 in one or more newspapers published and of general circulation within the service area of the electric utility. The notice must announce a public hearing on the application, and the commission shall hold a public hearing.