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S.B. 1 VETOES
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(II) AN ATTEMPT BY A PERSON NOT ENGAGED IN THE PUBLIC
UTILITY BUSINESS IN THE STATE TO ACQUIRE THE POWER TO EXERCISE ANY
SUBSTANTIAL INFLUENCE OVER THE POLICIES AND ACTIONS OF A PUBLIC SERVICE
COMPANY THAT PROVIDES ELECTRICITY OR GAS IN THE STATE COULD RESULT IN
HARM TO THE CUSTOMERS OF THE PUBLIC SERVICE COMPANY, INCLUDING THE
DEGRADATION OF UTILITY SERVICES, HIGHER RATES, WEAKENED FINANCIAL
STRUCTURE, AND DIMINUTION OF UTILITY ASSETS.
(2) THE GENERAL ASSEMBLY DECLARES THAT IT IS THE POLICY OF THE
STATE TO REGULATE ACQUISITIONS BY PERSONS THAT ARE NOT ENGAGED IN THE
PUBLIC UTILITY BUSINESS IN THE STATE OF THE POWER TO EXERCISE ANY
SUBSTANTIAL INFLUENCE OVER THE POLICIES AND ACTIONS OF A PUBLIC SERVICE
COMPANY THAT PROVIDES ELECTRICITY OR GAS IN THE STATE IN ORDER TO
PREVENT UNNECESSARY AND UNWARRANTED HARM TO THE CUSTOMERS OF THE
PUBLIC SERVICE COMPANY.
(C) THIS SECTION APPLIES TO THE ACQUISITION OF AN ELECTRIC COMPANY
OR A GAS COMPANY THAT OPERATES IN MARYLAND.
(D) WITHOUT PRIOR AUTHORIZATION FROM THE COMMISSION, A PERSON
MAY NOT ACQUIRE, DIRECTLY OR INDIRECTLY, THE POWER TO EXERCISE ANY
SUBSTANTIAL INFLUENCE OVER THE POLICIES AND ACTIONS OF AN ELECTRIC
COMPANY OR GAS COMPANY, IF THE PERSON WOULD BECOME AN AFFILIATE OF THE
ELECTRIC COMPANY OR GAS COMPANY AS A RESULT OF THE ACQUISITION.
(E) AN APPLICATION FOR AUTHORIZATION UNDER SUBSECTION (D) OF THIS
SECTION MUST INCLUDE DETAILED INFORMATION REGARDING:
(1) THE APPLICANT'S IDENTITY AND FINANCIAL ABILITY;
(2) THE BACKGROUND OF THE KEY PERSONNEL ASSOCIATED WITH THE
APPLICANT;
(3) THE SOURCE AND AMOUNTS OF FUNDS OR OTHER CONSIDERATION
TO BE USED IN THE ACQUISITION;
(4) THE APPLICANT'S COMPLIANCE WITH FEDERAL LAW IN CARRYING
OUT THE ACQUISITION;
(5) WHETHER THE APPLICANT OR THE KEY PERSONNEL ASSOCIATED
WITH THE APPLICANT HAVE VIOLATED ANY STATE OR FEDERAL STATUTES
REGULATING THE ACTIVITIES OF PUBLIC SERVICE COMPANIES;
(6) ALL DOCUMENTS RELATING TO THE TRANSACTION GIVING RISE TO
THE APPLICATION;
(7) THE APPLICANT'S EXPERIENCE IN OPERATING PUBLIC SERVICE
COMPANIES PROVIDING ELECTRICITY;
(8) THE APPLICANT'S PLAN FOR OPERATING THE PUBLIC SERVICE
COMPANY;
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- 4122 -
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