(M) (N) "STANDARD OFFER SERVICE" MEANS ELECTRIC SERVICE THAT AN
ELECTRIC COMPANY MUST OFFER TO ITS CUSTOMERS UNDER § 7-510(C) OF THIS
SUBTITLE.

(N) (O) "TRANSITION BOND" MEANS A BOND, DEBENTURE, NOTE,
CERTIFICATE OF PARTICIPATION OR BENEFICIAL INTEREST, OR OTHER EVIDENCE
OF INDEBTEDNESS OR OWNERSHIP, APPROVED IN A QUALIFIED RATE ORDER AND
ISSUED UNDER AN EXECUTED TRUST INDENTURE OR OTHER AGREEMENT OF AN
ELECTRIC COMPANY OR ASSIGNEE, AND WHICH IS SECURED BY, EVIDENCES
OWNERSHIP INTEREST IN, OR IS PAYABLE FROM INTANGIBLE TRANSITION
PROPERTY.

(O) (P) "TRANSITION COSTS COST" MEANS A COST, LIABILITY. OR
INVESTMENT THAT;

(1) TRADITIONALLY WOULD HAVE BEEN OR WOULD BE. RECOVERABLE
UNDER RATE OF RETURN REGULATION, INCLUDING RETAIL RATES FOR THE
PROVISION OF ELECTRIC SERVICE, BUT WHICH MAY NOT BE RECOVERABLE IN A
RESTRUCTURED ELECTRICITY SUPPLY MARKET, OR WHICH ARISE AS A RESULT OF
ELECTRIC INDUSTRY RESTRUCTURING; AND

(2) IS RELATED TO THE CREATION OF CUSTOMER CHOICE.

(1) TRADITIONALLY WOULD HAVE BEEN OR WOULD BE RECOVERABLE
UNDER RATE OF RETURN REGULATION BUT WHICH MAY NOT BE RECOVERABLE IN
A RESTRUCTURED ELECTRICITY SUPPLY MARKET; OR

(2) ARISES AS A RESULT OF ELECTRIC INDUSTRY RESTRUCTURING AND
IS RELATED TO THE CREATION OF CUSTOMER CHOICE.

(P) (Q) (1) "UNIVERSAL SERVICE PROGRAM" MEANS A POLICY,

PROTECTION, OR SERVICE THAT HELPS LOW INCOME CUSTOMERS MAINTAIN
ELECTRIC SERVICE.

(2) "UNIVERSAL SERVICE PROGRAM" INCLUDES CUSTOMER ASSISTANCE
BILL REDUCTION AND AFFORDABILITY, PROGRAMS, TERMINATION OF SERVICE
PROTECTION, AND POLICIES AND SERVICES THAT HELP LOW INCOME CUSTOMERS
TO REDUCE OR MANAGE ENERGY CONSUMPTION IN A COST EFFECTIVE MANNER.

7-502. RESERVED.

7-503. RESERVED.

PART II. ELECTRIC INDUSTRY RESTRUCTURING ENABLED.

7-504.

THE GENERAL ASSEMBLY FINDS AND DECLARES THAT THE PURPOSE OF THIS
SUBTITLE IS TO:

(1) MODIFY AND CLARIFY EXISTING LAW TO ESTABLISH CUSTOMER
CHOICE OF ELECTRICITY SUPPLY AND ELECTRICITY SUPPLY SERVICES;