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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 legislation effective through May 8, 2023, from the 2023 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document