§ 7-508. Transfer of assets.

(a)  Affiliates.- An electric company may transfer any of its generation facilities or generation assets to an affiliate. 

(b)  Valuation of assets.- The transfer of a generation facility or generation asset to an affiliate may not affect or restrict the Commission's determination of the value of a generation asset for purposes of transition costs or benefits under § 7-513(b) of this subtitle. 

(c)  Commission review and approval.-  

(1) This subsection is in effect until the later of the date when: 

(i) all customers of the electric company are eligible for customer choice under § 7-510 of this subtitle; and 

(ii) the amount of transition costs or benefits arising from the generation to be transferred has been finally determined by the Commission under § 7-513(a) through (c) of this subtitle. 

(2) The Commission may review and approve the transfer for the sole purpose of determining: 

(i) that the appropriate accounting has been followed; 

(ii) that the transfer does not or would not result in an undue adverse effect on the proper functioning of a competitive electricity supply market; and 

(iii) the appropriate transfer price and rate making treatment. 

(3) The Commission shall act on the transfer of a generation facility or generation asset under this subsection within 180 days after the electric company files its proposed transfer application and any required supporting information. 

[1999, ch. 3, § 1; ch. 4, § 1.]