1. (a) The commission may issue a certificate to an applicant formed with an independent board consistent with AS 42.05.762(4)(B)(i) only after the commission finds that the board is, and has rules to ensure that it is likely to remain, independent. A board is independent if no board member

   1. (1) is an employee of the electric reliability organization;
   2. (2) is employed or contracted by a registered entity, within the interconnected bulk-electric system of the applicable electric reliability organization, that generates, transmits, distributes, or stores electricity for direct compensation, or by a person who is expected to become such a registered entity within the reasonably foreseeable future;
   3. (3) has an immediate family member who is employed or contracted by a registered entity, within the interconnected bulk-electric system of the applicable electric reliability organization, that generates, transmits, distributes, or stores electricity for direct compensation, or by a person who is expected to become such a registered entity within the reasonably foreseeable future; or
   4. (4) is reasonably perceived as having, or has an immediate family member who is reasonably perceived as having, a direct and material financial interest in the board's decisions.
2. (b) The commission may issue a certificate to an applicant formed with a combination independent and balanced stakeholder board consistent with AS 42.05.762(4)(B)(iii) only after the commission finds that the board is a combination of a balanced stakeholder board and independent members.
3. (c) The commission may waive or modify by order the requirements of this section, in whole or in part, upon application and a showing of good cause or on the commission's own motion, if the waiver does not also require a waiver of the requirements set out in AS 42.05.760 - 42.05.790.

(Eff. 3/11/2022, Register 241)

Authority: AS 42.05.141, AS 42.05.760, AS 42.05.770, AS 42.05.151, AS 42.05.762