Enacts the "fair authorized investment returns act" to set a default authorized return on equity and establish a competitive equity auction for.

The bill enacts the "fair authorized investment returns act" to set a default authorized return on equity equal to the ten-year US Treasury rate plus two hundred basis points, which resets annually. It establishes a competitive equity auction mechanism through which the cost of equity for a covered utility may be determined on a market basis. The default authorized return applies unless a utility conducts an auction to demonstrate a higher cost of equity.

Enacts the "fair authorized investment returns act" to set a default authorized return on equity and establish a competitive equity auction for.

The bill enacts the "fair authorized investment returns act" to set a default authorized return on equity equal to the ten-year US Treasury rate plus two hundred basis points, which resets annually. It establishes a competitive equity auction mechanism through which the cost of equity for a covered utility may be determined on a market basis. The default authorized return applies unless a utility conducts an auction to demonstrate a higher cost of equity.