Authorizes the utilities and transportation commission to regulate an electrical company subject to traditional rate of return, rate base regulation by authorizing an alternative form of regulation.

Authorizes certain electrical companies to petition the commission to establish an alternative form of regulation.

Authorizes a consumer-owned utility, in addition to any existing authority to engage in the sale and distribution of electricity, to provide other energy services and recover the cost of providing such services directly from its ratepayers under certain circumstances.