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Senate committee restores disclosure rule for electric membership cooperatives with gas affiliates
Summary
The committee voted to advance a bill restoring annual disclosure requirements for electric membership cooperatives that pledge more than 15% of assets to gas subsidiaries; the measure passed with one recorded no vote.
Chairman Kousser said the committee would take up Senate Bill LC550571S, a clean-up bill returning language stripped from last year
The bill would restore a narrowly targeted disclosure requirement for electric membership cooperatives (EMCs) that exceed 15% of assets pledged to gas subsidiaries, a provision originally adopted during consideration of last years Senate Bill 422. The language was narrowed in draft to apply only to EMCs that exceed that 15% threshold and only to EMCs that have gas affiliates.
Kevin Curtin, Senior Vice President of Government Relations for Georgia EMC, told the committee the revised language represented a compromise the EMCs and Gas South could accept. "We think it strikes a good balance and creates additional disclosure opportunities for our members to know what their gas affiliate may be doing in the marketplace," Curtin said.
Ashley Jenkins of Gas South said the company was neutral on the bill as drafted. Shay Ross, director of government relations for Oglethorpe Power, said his organization already discloses similar information to its members and was neutral on the measure.
After brief discussion, a motion to report LC550571S favorably was made and seconded. The committeevote was taken by hand: all members voted in favor except Sen. Albers, who recorded the single no vote. Chairman Kousser thanked stakeholders for working toward the restored disclosure language.
The measure moves forward with the committees recommendation to advance the cleaned-up disclosure provision to the next stage.
