The purpose of this legislation, known as the "Stop the Rate Hikes Act," is to amend an existing law from 1978 that governs how utility companies can increase their rates. The main objective is to limit the frequency with which utility companies can request rate increases, setting a cap that allows them to ask for a rate increase only once every year. The key provision of this legislation requires that each electric utility company can only submit a request for a rate increase once every 365 days.