Modifies provisions relating to utilities

HB 949 modifies how utility companies (gas, water, and sewer corporations) set rates by allowing them to use a "future test year" starting July 2026 instead of the current year for rate calculations. Utilities requesting this option must update rates 45 days after the future test year ends based on actual costs, and if actual costs are lower than projected, they must return the difference to customers through a regulatory liability. The bill prohibits utilities from recovering investment costs made during the test year period and requires them to file updated rates reflecting actual expenses. This change affects rate-setting procedures for utilities and ensures cost savings are passed to customers rather than retained by the companies.