1. (a) This section applies to a person that is a successor to an electric company, whether through:

   1. (1) a reorganization, bankruptcy, or other insolvency proceeding;
   2. (2) a merger or acquisition, sale, or other business combination; or
   3. (3) a transfer by operation of law.

2. (b) A successor to an electric company shall perform and satisfy all obligations of, and have the same rights under a qualified rate order as, the electric company under the qualified rate order in the same manner and to the same extent as the electric company, including:

   1. (1) collecting the revenues, collections, payments, or proceeds of the rate stabilization property; and
   2. (2) paying them to the person entitled to receive them.

Added by Acts 2006, 1st Sp. Sess., c. 5, § 1, eff. June 23, 2006.