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Public Utility Regulatory Policies Act of 1978 (PURPA)

A federal law that encourages states to adopt certain energy policies, particularly related to electric utilities, to promote energy conservation, efficient use of resources, and equitable rates.

Electric utility

A company that generates, transmits, and/or distributes electricity to customers.

Ratepayers

The customers of an electric utility who pay for electricity services, typically through their monthly bills.

Smart grid system

An modernized electrical grid that uses digital communication technology, sensors, and automation to detect and react to local changes in usage and supply, aiming for greater efficiency, reliability, and security.

Cost recovery

The process by which a utility is allowed to get back its costs (investments, operating expenses) from its customers through rates charged for services.

State regulatory authority

A state-level agency, often called a Public Utility Commission or Public Service Commission, responsible for overseeing and regulating electric utilities within that state, including setting electricity rates.