(1) The General Assembly finds that:(1) Significant strategic investments in electric utility infrastructure and natural gas utility infrastructure are necessary to enable this state to:(A) Attract and serve economic development projects across a variety of industries;(B) Continue reliable support for existing customers by investing in additions of new electric utility infrastructure and natural gas utility infrastructure to support growth; and(C) Replace retiring electric generation facilities and other electric utility infrastructure and natural gas utility infrastructure;(2) Strategic investments to ensure that electric utilities have adequate dispatchable generation resources to support reliable service for their customers continue to be a significant element in enabling this state to attract and serve these economic development opportunities;(3) Strategic investments in electric utility infrastructure and natural gas utility infrastructure are needed to support the development of sites designated as available for economic development projects, as these sites are critical to this state's economic development efforts;(4) While Arkansas's electric utilities have pursued beneficial resource acquisition opportunities for their customers, most will need to construct new electric generating facilities in the near future;(5) Further strategic investments in electric utility infrastructure are needed to support the license extension for existing nuclear generation resources and ensure that electric utilities maintain adequate dispatchable generation resources to support reliable service for their customers;(6) Supporting the continued evaluation of modular reactors and advanced nuclear technologies to identify opportunities to pursue strategic investments in those advanced nuclear technologies if it is in the public interest in considering whether or not those advanced nuclear technologies become technically feasible, commercially viable, and financially viable or otherwise beneficial to customers in Arkansas;(7) Economic development projects and the continued provision of reliable electric utility service and reliable natural gas utility service are essential to the future of Arkansas;(8) Failure to act now will result in the state's missing transformational opportunities for economic development, including new business opportunities as well as the expansion of existing businesses that may not be available again for many years to come;(9) These prospective and existing businesses are prepared to invest in electric utility infrastructure and natural gas utility infrastructure in this state and will provide employment for Arkansas residents that will benefit the public interest;(10) These prospective strategic investments and the resulting employment and workforce development opportunities for this state will produce investment, economic growth and activity, and new state and local tax revenue that will strengthen communities throughout this state and will enhance the state's overall economic vitality and well-being;(11) Existing regulatory frameworks for electric utilities and natural gas utilities are inadequate and were not designed to enable the electric utilities and the natural gas utilities to respond timely and make the required level of strategic investments in electric utility or natural gas utility infrastructure and the associated expenses, in addition to maintaining the financial viability necessary to support strategic investments requiring new infrastructure to serve the residents of Arkansas;(12) Regulatory reform is required to keep pace with the evolving industry and help ensure that electric utilities and natural gas utilities are financially sound and able to make the strategic investments to continue providing customers safe, reliable, affordable, and sustainable electric utility service and natural gas utility service;(13) To support economic development in Arkansas, nothing herein is intended to develop rates that would unreasonably shift costs from a customer or customer class to other customers in a manner that would result in rates that are not just and reasonable, not consistent with applicable law, or not in the public interest;(14) It is the policy of this state to maintain adequate capacity of available, reliable, dispatchable, affordable, and resilient electric generation to provide for the existing and reasonably projected future energy consumption needs of all consumers of electricity in Arkansas;(15) Arkansas can support a multitude of potential electric generating resources and fuel supply resources so as to be the national leader in the production of reliable and affordable energy in all forms that make sense and are technically feasible, commercially viable, and financially viable or otherwise beneficial to customers in Arkansas and the Arkansas Public Service Commission shall ensure that generation resources will maintain or improve the affordability, adequacy, and reliability of the electric grid in Arkansas;(16) Strategic investments will support the expansion of Arkansas's natural gas production capacity that will lead to economic growth and employment opportunities in that business sector and will support the continued development and use of Arkansas's natural resources; and(17) Strategic investments will enhance the capacity, reliability, and resiliency of Arkansas's electric and natural gas utility infrastructure, which will support the reliability and resiliency of Arkansas's overall utility infrastructure and reliable electric and natural gas utility service during extreme temperatures and other weather conditions and during other periods of high demand and usage.
(1) Significant strategic investments in electric utility infrastructure and natural gas utility infrastructure are necessary to enable this state to:(A) Attract and serve economic development projects across a variety of industries;(B) Continue reliable support for existing customers by investing in additions of new electric utility infrastructure and natural gas utility infrastructure to support growth; and(C) Replace retiring electric generation facilities and other electric utility infrastructure and natural gas utility infrastructure;
(A) Attract and serve economic development projects across a variety of industries;
(B) Continue reliable support for existing customers by investing in additions of new electric utility infrastructure and natural gas utility infrastructure to support growth; and
(C) Replace retiring electric generation facilities and other electric utility infrastructure and natural gas utility infrastructure;
(2) Strategic investments to ensure that electric utilities have adequate dispatchable generation resources to support reliable service for their customers continue to be a significant element in enabling this state to attract and serve these economic development opportunities;
(3) Strategic investments in electric utility infrastructure and natural gas utility infrastructure are needed to support the development of sites designated as available for economic development projects, as these sites are critical to this state's economic development efforts;
(4) While Arkansas's electric utilities have pursued beneficial resource acquisition opportunities for their customers, most will need to construct new electric generating facilities in the near future;
(5) Further strategic investments in electric utility infrastructure are needed to support the license extension for existing nuclear generation resources and ensure that electric utilities maintain adequate dispatchable generation resources to support reliable service for their customers;
(6) Supporting the continued evaluation of modular reactors and advanced nuclear technologies to identify opportunities to pursue strategic investments in those advanced nuclear technologies if it is in the public interest in considering whether or not those advanced nuclear technologies become technically feasible, commercially viable, and financially viable or otherwise beneficial to customers in Arkansas;
(7) Economic development projects and the continued provision of reliable electric utility service and reliable natural gas utility service are essential to the future of Arkansas;
(8) Failure to act now will result in the state's missing transformational opportunities for economic development, including new business opportunities as well as the expansion of existing businesses that may not be available again for many years to come;
(9) These prospective and existing businesses are prepared to invest in electric utility infrastructure and natural gas utility infrastructure in this state and will provide employment for Arkansas residents that will benefit the public interest;
(10) These prospective strategic investments and the resulting employment and workforce development opportunities for this state will produce investment, economic growth and activity, and new state and local tax revenue that will strengthen communities throughout this state and will enhance the state's overall economic vitality and well-being;
(11) Existing regulatory frameworks for electric utilities and natural gas utilities are inadequate and were not designed to enable the electric utilities and the natural gas utilities to respond timely and make the required level of strategic investments in electric utility or natural gas utility infrastructure and the associated expenses, in addition to maintaining the financial viability necessary to support strategic investments requiring new infrastructure to serve the residents of Arkansas;
(12) Regulatory reform is required to keep pace with the evolving industry and help ensure that electric utilities and natural gas utilities are financially sound and able to make the strategic investments to continue providing customers safe, reliable, affordable, and sustainable electric utility service and natural gas utility service;
(13) To support economic development in Arkansas, nothing herein is intended to develop rates that would unreasonably shift costs from a customer or customer class to other customers in a manner that would result in rates that are not just and reasonable, not consistent with applicable law, or not in the public interest;
(14) It is the policy of this state to maintain adequate capacity of available, reliable, dispatchable, affordable, and resilient electric generation to provide for the existing and reasonably projected future energy consumption needs of all consumers of electricity in Arkansas;
(15) Arkansas can support a multitude of potential electric generating resources and fuel supply resources so as to be the national leader in the production of reliable and affordable energy in all forms that make sense and are technically feasible, commercially viable, and financially viable or otherwise beneficial to customers in Arkansas and the Arkansas Public Service Commission shall ensure that generation resources will maintain or improve the affordability, adequacy, and reliability of the electric grid in Arkansas;
(16) Strategic investments will support the expansion of Arkansas's natural gas production capacity that will lead to economic growth and employment opportunities in that business sector and will support the continued development and use of Arkansas's natural resources; and
(17) Strategic investments will enhance the capacity, reliability, and resiliency of Arkansas's electric and natural gas utility infrastructure, which will support the reliability and resiliency of Arkansas's overall utility infrastructure and reliable electric and natural gas utility service during extreme temperatures and other weather conditions and during other periods of high demand and usage.