Section 3
SEC. 3. The National Power Corporation is hereby authorized to represent and transact for the benefit and in behalf of the public consumers, and it shall in any contract for the supply of electric power to a franchise holder require as a condition that the franchise holder, if it receives at least fifty percent of its electric power and energy from the National Power Corporation, shall not realize a net profit of more than twelve percent annually of its investments plus two-month operating expenses. The National Power Corporation shall renew all existing contracts with franchise holders for the supply of electric power and energy, in order to give, effect to the provisions hereof. In the event that the net profit as verified by the Public Service Commission should exceed the said twelve percent, the Public Service Commission shall order such excess to be returned pro rata to the customers either in cash or as credit for future electric bills.