(a)      At any time, the Commission may investigate and determine the fair value of the property of a public service company used and useful in providing service to the public.

      (b)      (1)      The valuation:

                  (i)      is not final until the Commission:

                        1.      serves on the public service company a copy of the order setting the proposed valuation and the method used to set the valuation; and

                        2.      allows a reasonable time in which to file a protest; and

                  (ii)      is final if a protest is not filed within the time specified in the order.

            (2)      If a timely protest is filed, the Commission shall enter a final valuation by order after hearing.

      (c)      All final valuations are prima facie evidence of value in proceedings under this article.