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ROBERT L. EHRLICH, JR., Governor S.B. 1
for residential customers to pay market rates at a later date, and begin paying for the
recovery of the deferred amount on June 1, 2007, with recovery of the deferred
amount over 18 months.
(2) The Public Service Commission shall require, through the
modification of the existing order, the electric company to provide after July 1, 2006,
an additional time period in which residential customers may opt in to the rate
mitigation plan.
(3) Subject to paragraphs (4), (5), and (6) of this subsection, the electric
company may continue to collect an authorized reasonable return for providing
standard offer service under an extension of the obligation to provide that service as
approved by the Public Service Commission.
(4) The electric company shall apply the authorized reasonable return
revenue to any actual carrying charges that the electric company may incur as a
result of the deferred amounts from customers who have opted in to the rate
mitigation plan.
(5) In accordance with paragraph (6) of this subsection, if the
participation rate of the number of customers who have opted in to the rate mitigation
plan is less than 25% of the total residential customers of the electric company, the
Public Service Commission shall require the electric company to apply a portion of the
authorized reasonable return revenue to reducing rates.
(6) The total amount of authorized reasonable return that the electric
company is required to apply to reduce rates is the amount by which the total dollar
amount of carrying charges that would have been paid if 25% of the customers had
participated in the plan during the deferral period exceeds the carrying charges
actually paid.
SECTION 21. AND BE IT FURTHER ENACTED, That the provisions of Section
3 of this Act relating to the holding of stock by a corporation operating in Maryland
shall be construed to apply only prospectively and may not be applied or interpreted
to have any effect on or application to any stock acquired before the effective date of
this Act.
SECTION 22. AND BE IT FURTHER ENACTED, That:
(a) If any provision of this Act or the application thereof to any person or
circumstance is held invalid for any reason in a court of competent jurisdiction, the
invalidity does not affect other provisions or any other application of this Act which
can be given effect without the invalid provision or application, and for this purpose
the provisions of this Act are declared severable.
(b) If § 12(1) of this Act is held invalid, then the term of the Chairman and
each member of the Public Service Commission is eliminated and these public officers
serve at the pleasure of the Attorney General, who is authorized to terminate their
service and appoint their successors.
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