16 Tex. Admin. Code § 25.74 - Report on Change in Control, Sale of Property, Purchase of Stock, or Loan
(a) Pursuant to
Public Utility Regulatory Act (PURA) §39.262(l) - (m) and §39.915, an
electric utility must report to and obtain approval of the commission before
closing any transaction in which:
(1) the
electric utility will be merged or consolidated with another electric
utility;
(2) at least 50% of the
stock of the electric utility will be transferred or sold; or
(3) a controlling interest or operational
control of the electric utility will be transferred.
(b) Pursuant to PURA §14.101(a)(1), an
electric utility shall not sell, acquire, or lease a plant as an operating unit
or system in the State of Texas for a total consideration of more than $10
million unless the electric utility reports such transaction to the commission
at least one commission working day before the transaction closes. Pursuant to
PURA §37.154, if the transaction involves the sale, assignment, or lease
of a certificate of convenience and necessity (CCN) or a right obtained under a
CCN, the electric utility must obtain commission approval of such CCN
transfer.
(c) An electric utility
shall not purchase voting stock in another public utility doing business in the
State of Texas unless the electric utility reports such purchase to the
commission at least one commission working day before the transaction
closes.
(d) An electric utility
shall not loan money, stocks, bonds, notes, or other evidence of indebtedness
to any person who directly or indirectly owns or holds 5% or more of the stock
of the electric utility unless the electric utility reports such transaction to
the commission at least one commission working day before the transaction
closes. A properly filed tariff or energy efficiency plan with respect to
energy conservation loans available to customers will be considered adequate
reporting to the commission.
(e)
This section does not apply to activities addressed by PURA §14.101(d) and
§39.452(e).
(f) This section
applies to any transaction addressed by this section that has not closed,
except for a transaction addressed by PURA §39.262(n) or
§39.915(c).
Notes
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