The bill has already cleared the House, but needs to go back there for representatives to review changes made by the Senate.
Critics tried to kill the measure by comparing it to the original, and very unpopular, deregulation bill that lawmakers are now trying to partially undo. Critics also said it would be guaranteeing a monopoly to a company on the verge of being sold to an Australian company.
Tropilla said the measure is too similar to the 1997 deregulation laws that led to the collapse of Montana Power, the bankruptcy of two companies and higher power bills.
He said the deregulation bill had 118 amendments as it was pushed through at the last minute. He pointed out ''re-regulation'' had 108 amendments as lawmakers rushed to advance it in the face of legislative deadlines.
But supporters said the measure is needed to stabilize volatile electricity prices.
Even under the rosiest scenario, though, no one expects the measure will reduce power bills. Instead it would allow NorthWestern to build expensive power plants under the watchful eye of state regulators.
That energy would then be guaranteed to consumers at regulated rates, but it will almost certainly be more expensive than the regulated energy they were buying from cheaper dams and power plants since sold to PPL Montana.
Northwestern needs to be able to build power plants to break the virtual monopoly that PPL holds over energy production in the state, supporters argued.
Northwestern has lobbied all session in favor of re-regulation. PPL Montana has opposed it, arguing that it bought the power plants with the understanding that deregulation was the law of the land.
The governor's office said Thursday morning that Gov. Brian Schweitzer has yet to make a decision on the legislation. He is waiting to see that final version emerges from negotiations between the House and Senate.
The measure first stalled, and appeared dead, after the Senate tied 25-25 on a Wednesday vote to advance it before a key deadline. Less than two hours later, just before 11 p.m., they changed their mind and approved it 28-22.
By Thursday morning, in the final vote needed to send it back to the House, it was supported by a margin of 31-19.
Sponsor Sen. Jesse Laslovich, D-Anaconda, said lawmakers will look back on that vote 10 years from now and realize that their energy prices are much lower than if they had not endorsed it.
''If we don't do this, we have just reinforced deregulation of 1997 all over again,'' said sen. Vicki Cocchiarella, D-Missoula.
The bill is House Bill 25.
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