HB2646

THE CONTEXT: The Arizona Corporation Commission (ACC) is composed of five elected Commissioners that governs the offer and sale of securities and investments in or from Arizona, licenses investment advisers and their representatives, registers securities dealers and salesman, regulate public utilities, register corporations and limited liability companies, and enforce regulations to ensure railroad and pipeline safety. Current law prohibits a Corporation from selling, leasing, assigning, mortgaging or otherwise disposing of its railroad, line, plant or system if it is necessary or useful in the performance of its duties t...

WHAT THE BILL DID: The final vetoed version would prohibit a Corporation or Power Entity from initiating the closure, decommissioning or disposal of an electric generation facility within 5 years after the date of the written notice, require a Corporation or Power Entity to provide written notice to specified entities within 6 months after a decision or application to the ACC for an order to close, decommission or dispose of an electric generation facility, and outlines the notice of closure, decommissioning or disposal requirements.

WHY IT MATTERED: The practical reason for this bill was to give the people who rely on the rule clearer information and a defined reporting process. It would prohibit a Corporation or Power Entity from initiating the closure, decommissioning or disposal of an electric generation facility within 5 years after the date of the written notice, and would also require a Corporation or Power Entity to provide written notice to specified entities within 6 months after a decision or application to the ACC for an order to close, decommission or dispose of an electric generation facility, rather than leave the current rule unchanged.