This section applies only to a public service company that is an electric company, a gas company, or a combination gas and electric company. Unless otherwise authorized by law, the Commission may approve the use of a multiyear rate plan for distribution base rates only if the plan: demonstrates the customer benefits of the investment; and does not allow for: the public service company to file for reconciliation of cost or revenue variances of the approved revenue component used by the Commission to establish just and reasonable rates if the reconciliation would result in additional charges to customers; or the use of cost–sharing mechanisms that would result in additional charges to customers above the approved revenue component used by the Commission to establish just and reasonable rates. A public service company that files or has filed an application for a multiyear rate plan may not subsequently file for reconciliation of cost or revenue variances that would result in additional charges to customers due to the public service company spending more than the approved revenue component used by the Commission to establish the multiyear rates unless the filing for reconciliation was made on or before January 1, 2025. For multiyear rate plans approved after January 1, 2026, the Commission may require a public service company to include a reconciliation procedure in its multiyear rate plan to refund customers the difference between: the public service company’s approved revenue requirement; and the public service company’s actual revenue requirement during the term of the multiyear rate plan.