Arkansas Code
Subchapter 12 - Formula Rate Review Act
§ 23-4-1208. Term — Formula rate review

(a)
(1) The term of any formula rate review approved by the Arkansas Public Service Commission shall not exceed five (5) years from the date of the commission's final order on the application by the public utility for a general change in rates and charges.
(2) Upon a determination that it is in the public interest, the commission may extend the term by a period of no more than five (5) years beyond the initial term.
(3) The rate review mechanism shall continue until all historical years have been netted under § 23-4-1206(e)(1) and rates have been adjusted under § 23-4-1207(c).

(b) A formula rate review shall continue until a final order is issued on an application for a general change in rates and charges filed by a public utility or an application for a change in general rates and charges filed by the public utility as ordered by the commission. The rate review mechanism shall continue until all historical years have been netted under § 23-4-1206(e)(1) and rates have been adjusted under § 23-4-1207(c).

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