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§ 6-106. Substantial influence

West's Annotated Code of MarylandPublic UtilitiesEffective: June 1, 2019

West's Annotated Code of Maryland
Public Utilities (Refs & Annos)
Division I. Public Services and Utilities [Titles 1-15] (Refs & Annos)
Title 6. Business Structure (Refs & Annos)
Subtitle 1. Financing (Refs & Annos)
Effective: June 1, 2019
MD Code, Public Utilities, § 6-106
§ 6-106. Substantial influence
Currentness
Definitions
(a)(1) In this section the following words have the meanings indicated.
(2) “Affiliate” has the meaning stated in § 7-501 of this article.
(3) “Investor-owned electric company” means an electric company that is not a municipal electric utility or an electric cooperative.
Acquiring the power to exercise substantial influence
(b) For purposes of this section, a person is considered to have acquired, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person:
(1) after any acquisition of voting interests, directly or indirectly owns, controls, or has the right to vote, or direct the voting of, at least 20% of the voting interests of the investor-owned electric company or an entity that owns or controls the investor-owned electric company;
(2) has the right to designate at least 20% of the board of directors or other governing body of the investor-owned electric company or an entity that owns or controls the investor-owned electric company; or
(3) is found by the Commission, directly or indirectly, or through one or more intermediaries, to have substantial influence over the policies or actions of an investor-owned electric company.
Limitation on acquiring power to exercise substantial influence
(c) A person may not acquire, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person would become an affiliate of each investor-owned electric company in the State as a result of the acquisition.
Regulations
(d) The Commission may adopt regulations to implement this section.

Credits

Added by Acts 2019, c. 721, § 1, eff. June 1, 2019.
MD Code, Public Utilities, § 6-106, MD PUBLIC UTIL § 6-106
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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