(1) The commission may, by rule or order, adopt any method of rate regulation that is:
(a) consistent with this title;
(b) in the public interest; and
(c) just and reasonable.
(2) In accordance with Subsection (1), a method of rate regulation may include:
(a) rate designs utilizing:
(i) volumetric rate components;
(ii) demand rate components;
(iii) fixed rate components; and
(iv) variable rate components;
(b) rate stabilization methods;
(c) decoupling methods;
(d) incentive-based mechanisms; and
(e) other components, methods, or mechanisms approved by the commission.