1. (a)

   1. (1) In this section the following words have the meanings indicated.
   2. (2) “Affiliate” has the meaning stated in § 7-501 of this article.
   3. (3) “Investor-owned electric company” means an electric company that is not a municipal electric utility or an electric cooperative.

2. (b) For purposes of this section, a person is considered to have acquired, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person:

   1. (1) after any acquisition of voting interests, directly or indirectly owns, controls, or has the right to vote, or direct the voting of, at least 20% of the voting interests of the investor-owned electric company or an entity that owns or controls the investor-owned electric company;
   2. (2) has the right to designate at least 20% of the board of directors or other governing body of the investor-owned electric company or an entity that owns or controls the investor-owned electric company; or
   3. (3) is found by the Commission, directly or indirectly, or through one or more intermediaries, to have substantial influence over the policies or actions of an investor-owned electric company.
3. (c) A person may not acquire, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person would become an affiliate of each investor-owned electric company in the State as a result of the acquisition.
4. (d) The Commission may adopt regulations to implement this section.

Added by Acts 2019, c. 721, § 1, eff. June 1, 2019.