The Commission shall have the following powers and duties:
1. Monitor the work of the State Corporation Commission in implementing Chapter 23 (§ 56-576 et seq.) of Title 56. The Commission shall receive an annual report from the State Corporation Commission by November 1 regarding such implementation and shall receive such other reports as the Commission may be required to make, including reviews, analyses, and impact on consumers of electric utility regulation in other states;
2. Examine generation, transmission and distribution systems reliability concerns;
3. Establish one or more subcommittees, composed of its membership, persons with expertise in the matters under consideration by the Commission, or both, to meet at the direction of the chairman of the Commission, for any purpose within the scope of the duties prescribed to the Commission by this section, provided that such persons who are not members of the Commission shall serve without compensation but shall be entitled to be reimbursed from funds appropriated or otherwise available to the Commission for reasonable and necessary expenses incurred in the performance of their duties;
4. Monitor applications by the Commonwealth for grants and awards for energy projects from the federal government;
5. Consider legislation referred to it during any session of the General Assembly or other requests by members of the General Assembly;
6. Conduct studies and gather information and data in order to accomplish its purposes set forth in § 30-201 and in connection with the faithful execution of the laws of the Commonwealth;
7. Issue ratepayer impact statements pursuant to § 30-205.1; and
8. Report annually to the General Assembly and the Governor with such recommendations as may be appropriate for legislative and administrative consideration in order to maintain reliable service in the Commonwealth while preserving the Commonwealth’s position as a low-cost electricity market.