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ROBERT L. EHRLICH, JR., Governor S.B. 1
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(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;
(3) promptly and comprehensively review and take action on the
proposed merger between FPL Group, Inc., and Constellation Energy Group, Inc., in
accordance with the standards and procedures contained in § 6-105 of the Public
Utility Companies Article, as enacted by this Act;
(4) provide to residential customers of the Baltimore Gas and Electric
Company funds for mitigation of rate increases including:
(i) any adjustment, in favor of those customers, to allowances for
stranded costs for assets that were transferred from Baltimore Gas and Electric
Company to an affiliate; and
(ii) any funds identified by the Commission as properly allocated to
Baltimore Gas and Electric Company and its residential customers as conditions of
approval of the merger between FPL Group, Inc., and Constellation Energy Group,
Inc.; and
(5) require that any funds for mitigating rates for residential electric
customers under item (4) of this subsection must be in the form of a nonbypassable
credit on the customer's bill, and may not be recovered subsequently from those
customers in rates or otherwise.
SECTION 6. AND BE IT FURTHER ENACTED, That:
(a) Starting January 1, 2007, the investor-owned electric company
incorporated in Maryland whose parent is involved in a merger on the effective date
of this Act shall determine and apply residential electric credits totaling $38,661,980
each year for a period of 10 years to the bills of all residential electric customers of the
electric company.
(b) The credits shall be in the form of a nonbypassable credit or suspension on
the customer's bill, derived as follows:
(1) for a period of 10 years, the electric company shall suspend the
collection of the residential return component of the administrative charge collected
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