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BILL AS INTRODUCED 2007-2008

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H.875

Introduced by Committee on Natural Resources and Energy

Date:

Subject:  Public service; sale of property

Statement of purpose:  This bill proposes to provide that no company that owns or operates an electricity generating plant in this state with a capacity of greater than 80 megawatts may sell or lease any real property or transmission facilities that are used or may be used to generate electricity, interconnect generation facilities with electric transmission facilities, or transmit electricity from the plant without first obtaining a certificate of consent of the public service board. 

AN ACT RELATING TO THE SALE OF REAL PROPERTY OR TRANSMISSIONS FACILITIES BY CERTAIN REGULATED GENERATORS OF ELECTRICITY

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  30 V.S.A. § 109 is amended to read:

§ 109.  SALES AND LEASES; HEARINGS

(a)  Except in connection with replacement or exchange, a corporation or a foreign corporation subject to the jurisdiction of the public service board, shall not make a sale or lease or series of sales or leases in any one calendar year constituting ten percent or more of the company's property located within this state and actually used in or required for public service operations nor merge nor consolidate pursuant to the provisions of sections 301-307 of this title, nor after any such sale, lease, consolidation or merger shall any subsequent like action be taken, except after opportunity for hearing by the public service board and a finding by such board that the same will promote the general good of the state.  Such notice of the hearing shall be given as the board directs.  A certificate of consent of the public service board shall be filed with the secretary of state.

(b)  No company owning or operating an electricity generating plant in this state with a capacity of greater than 80 megawatts may sell or lease any real property or transmission facilities that are used or may be used to generate electricity, interconnect generation facilities with electric transmission facilities, or transmit electricity from the plant without first obtaining a certificate of consent of the public service board.  The public service board shall give its consent to the transaction and issue a certificate of consent if it finds, after notice and opportunity for hearing, that the transaction will promote the general good of the state.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us