69-4-108.  Advanced cost approval of transmission and related facilities. (1) A public utility may apply to the commission for advanced cost approval of transmission lines and related facilities not yet procured, provided the utility complies with 69-4-107.

(2) Within 45 days of a utility's application for advanced cost approval, the commission shall determine if the application is adequate and in compliance with the commission's minimum filing requirements. If the commission determines the application is inadequate, it shall explain the deficiencies.

(3) The commission shall issue an order within 90 days after receiving an application for transmission lines and related facilities, unless the commission determines that extraordinary circumstances warrant additional time.

(4) Subject to 69-4-107(2) and after the department issues the certificate of compliance pursuant to Title 75, chapter 20, as applicable, the commission may:

(a) (i) approve or deny, in whole or in part, an application for advanced cost approval of a transmission line and facility to give the public utility a presumption in any future rate proceeding that the actual construction costs for that line are prudent if the actual construction costs are less than or equal to the approved costs; or

(ii) to the extent actual costs are greater than approved costs, there is no presumption the actual construction costs for that line are prudent, and the commission shall determine if the costs are prudent and recoverable; and

(b) consider all relevant information until the administrative record in the proceeding is closed for the commission's evaluation of an application.