(a) At any time, the Commission may investigate and determine the fair value of the property of a public service company used and useful in providing service to the public.
(b) (1) The valuation:
(i) is not final until the Commission:
1. serves on the public service company a copy of the order setting the proposed valuation and the method used to set the valuation; and
2. allows a reasonable time in which to file a protest; and
(ii) is final if a protest is not filed within the time specified in the order.
(2) If a timely protest is filed, the Commission shall enter a final valuation by order after hearing.
(c) All final valuations are prima facie evidence of value in proceedings under this division.