Any fuel adjustment clause approved and in effect for any public utility immediately prior to the effective date of this act¹ shall remain in effect in its present form and method of operation until procedures conforming to the requirements of this act have been approved, established and placed into effect by the Commission. The Commission shall approve, establish and place into effect such procedures after notice and opportunity for a public hearing no later than November 1, 1977, but the operation of such preexisting clauses, unless suspended by order of the Commission after due notice and hearing shall continue in the case of each company until a final decision, no longer subject to judicial review, has been rendered by the Commission with respect to such clauses.