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§ 7-543. Successors to electric companies

West's Annotated Code of MarylandPublic Utilities

West's Annotated Code of Maryland
Public Utilities (Refs & Annos)
Division I. Public Services and Utilities [Titles 1-15] (Refs & Annos)
Title 7. Gas, Electric, and Water Companies (Refs & Annos)
Subtitle 5. Electric Industry Restructuring (Refs & Annos)
Part III. Rate Stabilization (Refs & Annos)
MD Code, Public Utilities, § 7-543
Formerly cited as MD PUBLIC UTIL COMP § 7-543
§ 7-543. Successors to electric companies
Application of section
(a) This section applies to a person that is a successor to an electric company, whether through:
(1) a reorganization, bankruptcy, or other insolvency proceeding;
(2) a merger or acquisition, sale, or other business combination; or
(3) a transfer by operation of law.
Duties and rights of successor
(b) A successor to an electric company shall perform and satisfy all obligations of, and have the same rights under a qualified rate order as, the electric company under the qualified rate order in the same manner and to the same extent as the electric company, including:
(1) collecting the revenues, collections, payments, or proceeds of the rate stabilization property; and
(2) paying them to the person entitled to receive them.

Credits

Added by Acts 2006, 1st Sp. Sess., c. 5, § 1, eff. June 23, 2006.
MD Code, Public Utilities, § 7-543, MD PUBLIC UTIL § 7-543
Current through all legislation from the 2022 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document