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Ch. 5 2006 LAWS OF MARYLAND
(G) NOTHING IN THIS SECTION PROHIBITS DISSEMINATION BY ANY PARTY OF
INFORMATION CONCERNING THE ACQUISITION IF THE DISSEMINATION DOES NOT
OTHERWISE CONFLICT WITH FEDERAL OR STATE LAW.
SECTION 4. AND BE IT FURTHER ENACTED, That any approval by the
Public Service Commission of a merger between FPL Group, Inc., and Constellation
Energy Group, Inc., pending as of the effective date of this Act must include the
following conditions:
(1) the transaction may not allow merger transaction does not provide
for the transfer of facilities between Florida Power & Light Company or Baltimore
Gas and Electric Company and an associate company;
(2) the transaction may not allow merger transaction does not provide
for the new issuances of securities by Florida Power & Light Company or Baltimore
Gas and Electric Company for the benefit of an associate company;
(3) the transaction may not allow merger transaction does not provide
for new pledges or encumbrances of assets of Florida Power & Light Company or
Baltimore Gas and Electric Company for the benefit of an associate company;
(4) the transaction may not allow merger transaction does not provide
for new affiliate contracts between nonutility associate companies and Florida Power
& Light Company or Baltimore Gas and Electric Company, other than for goods and
services subject to review under §§ 205 and 206 of the Federal Power Act; and
(5) any savings realized as a result of the merger must be applied in part
to the elimination of carrying charges and the delay of increases in residential electric
rates approved by the Public Service Commission in Case No. 9052 or successor
proceedings.
SECTION 5. AND BE IT FURTHER ENACTED, That:
(a) The Public Service Commission may not take final action to approve or
disapprove a merger between FPL Group, Inc., and Constellation Energy Group, Inc.,
pending as of the effective date of this Act until five members of the Commission have
been appointed and qualified in accordance with Section 12 or Section 22 of this Act.
(b) The Public Service Commission appointed in accordance with Section 12 or
Section 22 of this Act shall:
(1) conduct investigatory and evidentiary proceedings, including the use
of any necessary outside experts and consultants, to reevaluate the general
regulatory structure, agreements, orders, and other prior actions of the Public Service
Commission under the Electric Customer Choice and Competition Act of 1999,
including the determination of and allowances for stranded costs;
(2) on or before December 31, 2006 June 30, 2007, report the results of
that reevaluation to the General Assembly in accordance with § 2-1246 of the State
Government Article;
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