| 47 | | - | SECTION 1. Section 269-19, Hawaii Revised Statutes, is amended to read as follows: "§269-19 Merger and consolidation of public utilities. (a) Except as provided in subsection (b), no public utility shall sell, lease, assign, mortgage, or otherwise dispose of or encumber the whole or any part of its road, line, plant, system, or other property necessary or useful in the performance of its duties to the public, or any franchise or permit, or any right thereunder, nor by any means, directly or indirectly, merge or consolidate with any other public utility without first having secured from the public utilities commission an order authorizing it so to do. Every [such] sale, lease, assignment, mortgage, disposition, encumbrance, merger, or consolidation, made other than in accordance with the order of the commission shall be void. (b) A public utility, under circumstances that it deems exigent and in its judgment require a response that rapidly restores one of its customers to normal, or near normal, operating status in order to prevent serious disruption of essential public services, or avoid serious risk to public safety, or to mitigate severe economic losses to that customer, may transfer, assign, or otherwise dispose of its property without prior approval from the public utilities commission as required in subsection (a); provided that in so doing: (1) The public utility does not unduly hinder or degrade the public utility's operation with respect to its services or other customers; (2) The public utility is duly compensated for its property; and (3) The public utility reports in detail to the public utilities commission within thirty days of any [such] action unless otherwise approved by the public utilities commission for good cause shown. [For purposes of] As used in this subsection, "property" does not include real property. (c) With respect to mergers, consolidations, acquisitions, or other changes of control under subsection (a), the public utilities commission shall make every effort to complete its review and issue a decision within nine months from the date that the public utility, other than an investor-owned electric utility company, files its completed application seeking an order of authorization. With respect to mergers, consolidations, acquisitions, or other changes of control under subsection (a) for which an investor-owned electric utility company seeks an order of authorization from the public utilities commission, the commission shall make every effort to complete its review and issue a decision within twelve months from the date that the investor-owned electric utility company files its completed application. If a decision is rendered after the relevant nine- or twelve-month period, the public utilities commission shall submit a report to the legislature in writing, on paper or electronically, detailing the reasons for failing to meet the prescribed period within thirty days after rendering the decision. As used in this subsection, an "investor-owned electric utility company" means a for-profit electric utility company that issues stock owned by shareholders." SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date. SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 4. This Act shall take effect on July 1, 2050. |
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| 47 | + | SECTION 1. Section 269-19, Hawaii Revised Statutes, is amended to read as follows: "§269-19 Merger and consolidation of public utilities. (a) Except as provided in subsection (b), no public utility shall sell, lease, assign, mortgage, or otherwise dispose of or encumber the whole or any part of its road, line, plant, system, or other property necessary or useful in the performance of its duties to the public, or any franchise or permit, or any right thereunder, nor by any means, directly or indirectly, merge or consolidate with any other public utility without first having secured from the public utilities commission an order authorizing it so to do. Every such sale, lease, assignment, mortgage, disposition, encumbrance, merger, or consolidation, made other than in accordance with the order of the commission shall be void. (b) A public utility, under circumstances that it deems exigent and in its judgment require a response that rapidly restores one of its customers to normal, or near normal, operating status in order to prevent serious disruption of essential public services, or avoid serious risk to public safety, or to mitigate severe economic losses to that customer, may transfer, assign, or otherwise dispose of its property without prior approval from the public utilities commission as required in subsection (a); provided that in so doing: (1) The public utility does not unduly hinder or degrade the public utility's operation with respect to its services or other customers; (2) The public utility is duly compensated for its property; and (3) The public utility reports in detail to the public utilities commission within thirty days of any such action unless otherwise approved by the public utilities commission for good cause shown. [For purposes of] As used in this subsection, "property" does not include real property. (c) With respect to mergers, consolidations, acquisitions, or other changes of control under subsection (a), the public utilities commission shall complete its review and issue a decision within nine months from the date that the public utility, other than an investor-owned electric utility company, files its completed application seeking an order of authorization. With respect to mergers, consolidations, acquisitions, or other changes of control under subsection (a) for which an investor-owned electric utility company seeks an order of authorization from the public utilities commission, the commission shall complete its review and issue a decision within twelve months from the date that the investor-owned electric utility company files its completed application. As used in this subsection, an "investor-owned electric utility company" means a for-profit electric utility company that issues stock owned by shareholders." SECTION 2. This Act does not affect rights and duties that matured, penalties that were incurred, and proceedings that were begun before its effective date. SECTION 3. Statutory material to be repealed is bracketed and stricken. New statutory material is underscored. SECTION 4. This Act shall take effect upon its approval. INTRODUCED BY: _____________________________ |
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