The Commission, in consultation with the Office of Economic Development:

1. Shall adopt regulations:

(a) Establishing the discounted electric rates that may be charged by an electric utility pursuant to the Program, which must be established as a percentage of the base tariff energy rate and for which:

(1) In the first and second year of a contract entered into pursuant to NRS 704.7877, the reduction in the rates as a result of the discount must not exceed 30 percent of the base tariff energy rate;

(2) In the third, fourth, fifth and sixth year of a contract entered into pursuant to NRS 704.7877, the reduction in the rates as a result of the discount must not exceed 20 percent of the base tariff energy rate; and

(3) In the seventh and eighth year of a contract entered into pursuant to NRS 704.7877, the reduction in the rates as a result of the discount must not exceed 10 percent of the base tariff energy rate;

(b) Prescribing the form and content of the contract entered into pursuant to NRS 704.7877;

(c) Prescribing the procedure by which an electric utility is authorized to recover through a deferred energy accounting adjustment application the amount of the discount provided to a participant in the Program; and

(d) Prescribing any additional information which must be submitted by an applicant for participation in the Program.

2. May adopt any other regulations it determines are necessary to carry out the provisions of NRS 704.7871 to 704.7882, inclusive.

(Added to NRS by 2013, 3210; A 2014, 28th Special Session, 9, 10)