Legislative conferees have been working on differences between House and Senate bills since April and, according to one legislator, are near an accord. Rep. Harry Cato, R-Greenville, tells us that a compromise bill should be ready this week.

Rep. Cato says the bill will restrict outside communications between commissioners and representatives of the regulated industries with rate-change applications before the PSC. Work is continuing on educational qualifications for commissioners and a nepotism restriction that appeared in the Senate bill, but not the House version, he says.

Optimistically assuming that the bill is approved this week by conferees, then by the House and Senate, and signed into law by the governor, there will remain virtually no time for the election of new commissioners. That's a shame, because elections were postponed last year pending legislative approval of a reform proposal for the PSC.

But setting the framework for a commission that is better able to achieve the right balance between consumers and the regulated community is the more important task. Rep. Cato says the Legislature could consider commission elections if it has to return to deal with gubernatorial vetoes this summer. If not, the legislative election can proceed in January.

Reform of the PSC is of real importance to consumers. The PSC makes decisions that determine rates for electricity, natural gas and telephone service. Its members should be informed and maintain a distance from the interests the PSC regulates to ensure that consumers get the consideration they deserve.

Last year's screening of PSC candidates by a legislative committee found serious shortcomings in the selection process. Nepotism, for example, has played an important part in some legislative choices for the well-paying positions. A follow-up audit by the Legislative Audit Council recommended improvements in the selection of commissioners and in PSC's exercise of its regulatory responsibilities.

Those findings should guide conferees to a meaningful reform of the PSC this session. The shortcomings in commission selection and in the PSC regulation of utility rates, so thoroughly documented, should not be allowed to persist for yet another year.