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Amend the bill by striking out all of section 1 and inserting the following:
‘Sec. 1.  35-A MRSA §708, sub-§1-A  is enacted to read:
 
1-A.  Legislative findings.    The Legislature finds it is in the public interest to ensure that a reorganization of a public utility that would result in the transfer of ownership and control of a public utility or the parent company of a public utility serves the interest of the utility's ratepayers.’
Amend the bill in section 2 in subsection 2 in paragraph A by striking out all of the first paragraph (page 1, lines 17 to 28 in L.D.) and inserting the following:
 
‘A. Unless exempted by rule or order of the commission, noa reorganization may not take place without the approval of the commission. NoA reorganization may not be approved by the commission unless it is established by the applicant for approval that the reorganization is consistent with the interests of the utility's ratepayers and investors. If a reorganization would result in the transfer of ownership and control of a public utility or the parent company of a public utility, a reorganization may not be approved by the commission unless it is established by the applicant for approval that the reorganization provides net benefits to the utility's ratepayers. The commission shall rule upon all requests for approval of a reorganization within 60 days of the filing of the request for approval. If it determines that the necessary investigation cannot be concluded within 60 days, the commission may extend the period for a further period of no more than 120 days. In granting its approval, the commission shall impose such terms, conditions or requirements as, in its judgment, are necessary to protect the interests of ratepayers. These conditions shallmust include provisions which assurethat ensure the following:’
Amend the bill in section 2 in subsection 2 in paragraph A by striking out all of subparagraph (9) (page 2, lines 16 and 17 in L.D.) and inserting the following:
‘
 
(9) That neither ratepayers nor investors are adversely affected by the reorganization, and if the reorganization would result in the transfer of ownership and control of a public utility or the parent company of a public utility, that the reorganization provides net benefits to the utility's ratepayers.
Amend the bill in section 2 in subsection 2 in paragraph C in the first line (page 2, line 24 in L.D.) by inserting after the following: "reorganization" the following: 'that would result in the transfer of ownership and control of a public utility or the parent company of a public utility'
Amend the bill by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
 
SUMMARY
This amendment limits the application of the requirement in the bill that there be net benefits to ratepayers under a reorganization to only those reorganizations that involve transfer of ownership and control of a public utility or the parent company of a public utility, rather than all reorganizations.