Notwithstanding anything in this chapter to the contrary, an electric utility that is subject to rate regulation by the commission and plans plant additions that are expected to have a material impact on rates may make application to the commission for a phase in rate plan to provide for the phase in of expected rate increases resulting from plant additions. The plan may provide for any of the following:
(1) Rate increases to be incrementally phased in prior to the commencement of commercial operation of the plant additions;
(2) To the extent rate increases for plant additions are allowed prior to commercial operation, restrictions on the capitalization of allowance for funds used during construction for the plant additions;
(3) Restrictions on other rate increases; and
(4) Any other conditions which benefit the public interest and may be imposed by the commission consistent with the findings in § 49-34A-74.