Sec. N-1. 35-A MRSA §3204, sub-§3, as enacted by PL 1997, c. 316, §3, is amended to read:
3. Extension; separation required. An investor-owned electric utility may apply to the commission for an extension to permit the utility to divest one or more generation assets or generation-related business activities after March 1, 2000. The commission shall grant an extension if the commission finds that an extension would be likely to improve the sale value of those assets on the market or would be likely to reduce the level of the utility's stranded costs. If the commission grants an extension, the utility shall transfer to a distinct corporate entity by March 1, 2000 the generation assets to which the extension applies. Conduct of the utility and any affiliated corporate entity receiving the generation assets is governed by section 3205.
The commission by rule shall establish the procedure for granting extensions. By March 1, 1999, the commission shall provisionally adopt all rules required under this subsection. Rules adopted under this subsection are major substantive rules pursuant to Title 5, chapter 375, subchapter II-A.
Sec. N-2. Modification of rules. The Public Utilities Commission shall modify its major substantive rule, Chapter 307: Sale of Capacity and Energy of Undivested Generation Assets: Extension of Divestiture Deadline, as follows to bring it into conformity with the changes to law accomplished pursuant to this Part:
1. Change the rule to provide that the commission shall grant an extension of the divestiture deadline if it finds that the extension would be likely to improve the sale value of those assets on the market or would be likely to reduce the level of the utility's stranded costs; and
2. Delete section 10, subsection B of the rule that requires that if the commission grants an extension, the utility shall transfer to a distinct corporate entity by March 1, 2000 the generation assets to which the extension applies.
The Public Utilities Commission is not required to hold hearings or conduct other formal proceedings to modify its major substantive rule in accordance with this section, and such modifications do not require review or approval of the Legislature prior to becoming effective.
See title page for effective date, unless otherwise indicated.
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