Section 66-E. Monitoring of natural gas procurement

1. The commission shall
  continue  to  monitor natural gas procurement contracts and practices of
  gas  corporations  and  determine  whether  any  of  such  practices  or
  provisions of any such contracts are anti-competitive in force or effect
  or  otherwise  contrary  to  the  public interest. Such monitoring shall
  include an examination of the prevailing market prices in the state  for
  gas supplies including domestic producer prices for natural gas.
    2.  In  any  application  for a rate increase, a gas corporation shall
  show all sources of its gas supply and anticipated changes  thereof  and
  demonstrate that other dependable and adequate lower priced supplies are
  not  available.  Where any of such sources is an affiliated company, the
  applicant shall have  the  burden  to  prove  all  related  natural  gas
  purchase   or   transportation   prices  and  conditions  are  fair  and
  reasonable.
    3. The commission shall,  upon  complaint  or  upon  its  own  motion,
  investigate  the  circumstances  under  which  existing  gas procurement
  contracts  were  made.  Where  the  commission  concludes  that  a   gas
  corporation  was  imprudent  in  the  making  or  administration of such
  contract, the commission shall exercise its authority to limit the rates
  charged by such gas corporation to amounts no higher  than  those  which
  would  have  been  justified  had  such  corporation  acted in a prudent
  manner.