Rewards and penalties for electric utility performance

(a) On or before January 1, 2020, the public utilities commission shall establish performance incentives and penalty mechanisms that directly tie an electric [utility's] revenues to that utility's achievement on performance metrics and break the direct link between allowed revenues and investment levels. The performance incentives and penalty mechanisms, as may be amended by the public utilities commission from time to time, shall apply to the regulation of electric utility rates under section 269-16. (b) In developing performance incentive and penalty mechanisms, the public utilities commission's review of electric utility performance shall consider, but not be limited to, the following: (1) The economic incentives and cost-recovery mechanisms described in section 269-6(e); (2) Volatility and affordability of electric rates and customer electric bills; (3) Electric service reliability; (4) Customer engagement and satisfaction, including customer options for managing electricity costs; (5) Access to utility system information, including but not limited to public access to electric system planning data and aggregated customer energy use data and individual access to granular information about an individual customer's own energy use data; (6) Rapid integration of renewable energy sources, including quality interconnection of customer-sited resources; and (7) Timely execution of competitive procurement, third-party interconnection, and other business processes. (c) This section shall not apply to a member-owned cooperative electric utility.