Removes the State Utility Commission (Commission)'s goal to reduce the State’s carbon emissions from electric generating facilities owned or operated by public utilities by 70% from 2005 levels by 2030 in GS 62-110.9. Pushes the deadline for developing a plan to achieve the goal of carbon neutrality to December 31, 2026 (was, December 31, 2022). Makes conforming changes to GS 62-110.9 and GS 62-110.1.

Broadens the circumstances under which construction work in progress can be included in the Commission’s calculation of the public utility’s property in GS 62-133(b)(1) (calculation pertaining to the reasonable original cost or fair value of a public utility’s property in fixing rates) to include, for baseload electric generating facilities, if the Commission determines there is an overall cost-savings for customers over the life of the generating facility and a baseload electric generating facility has been subject to an annual ongoing review process, the Commission must, upon determining through the ongoing review process that the expenditures were reasonably and prudently incurred, allow an increase in base rates outside of the rate-making processes established under the statute or GS 62-133.16 to reflect solely the inclusion of such construction work in progress in the rate base, with the increase being effective 30 days after the Commission's order finding that the expenditures were reasonable and prudent. Makes conforming changes to GS 62-110.1 and GS 62-110.6 to account for new method pertaining to baseload electric generating facilities. Applies to petitions for an increase to rates based on construction work in progress filed on or after the act becomes law. 

Contains severability clause.