(1) The commission shall review an agreement entered into between an electrical corporation and a municipality if the electrical corporation is required to obtain commission approval in accordance with Section 10-8-14, 54-3-30, or 54-3-31.

(2) The requirements of Subsection (1) do not confer jurisdiction on the commission to regulate any electric service provided by a municipality.

(3) The commission shall provide public notice of an agreement described in Subsection (1) no later than three business days after the day on which the commission receives an application to approve the agreement.

(4) An agreement described in Subsection (1) is approved 20 days after the day on which the commission posts the notice described in Subsection (3) unless, before the agreement is approved: (a) the commission: (i) determines that additional time is warranted and in the public interest; and (ii) notifies the parties to the agreement of the commission's determination; or (b) a person that the agreement affects submits a request to the commission, in writing, that the commission: (i) hold a public hearing regarding the agreement; or (ii) provide additional time for the person to investigate the agreement.

(a) the commission: (i) determines that additional time is warranted and in the public interest; and (ii) notifies the parties to the agreement of the commission's determination; or

(i) determines that additional time is warranted and in the public interest; and

(ii) notifies the parties to the agreement of the commission's determination; or

(b) a person that the agreement affects submits a request to the commission, in writing, that the commission: (i) hold a public hearing regarding the agreement; or (ii) provide additional time for the person to investigate the agreement.

(i) hold a public hearing regarding the agreement; or

(ii) provide additional time for the person to investigate the agreement.