Sec. 2. (a) As used in this chapter, "eligible transmission, distribution, and storage system improvements" means new or replacement electric or gas transmission, distribution, or storage utility projects that:
(1) a public utility undertakes for purposes of safety, reliability, system modernization, or economic development, including the extension of gas service to rural areas;
(2) were not included in the public utility's rate base in its most recent general rate case; and
(3) either were:
(A) described in the public utility's TDSIC plan and approved by the commission under section 10 of this chapter and authorized for TDSIC treatment;
(B) described in the public utility's update to the public utility's TDSIC plan under section 9 of this chapter and authorized for TDSIC treatment by the commission; or
(C) approved as a targeted economic development project under section 11 of this chapter.
(b) The term includes:
(1) projects that do not include specific locations or an exact number of inspections, repairs, or replacements, including inspection based projects such as pole or pipe inspection projects, and pole or pipe replacement projects; and
(2) projects involving advanced technology investments to support the modernization of a transmission, distribution, or storage system, such as advanced metering infrastructure, advanced transmission technologies, information technology systems, or distributed energy resource management systems