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Committee approves disclosure requirements for EMC gas-subsidiary transactions
Summary
The House Energy, Utilities & Telecommunications Committee approved language requiring electric membership corporations that pledge more than 15% of assets to acquire gas subsidiaries to disclose those pledges to members within six months and to report annual gas purchases resold to members.
The House Energy, Utilities & Telecommunications Committee voted to advance Senate Bill 256, a measure that requires electric membership corporations (EMCs) to disclose to their members when they pledge more than 15% of utility assets to acquire gas distribution or marketing subsidiaries and to report annually how much gas they purchase for resale.
Sponsor Senator Casa described the measure as a narrowly tailored, negotiated compromise that restores disclosure provisions removed from a prior version of the bill. "All this language does is require those disclosures — that you tell us what percentage of your assets you've pledged to buy gas distribution companies, and you tell your annual cost of gas that you're passing through and reselling," Senator Casa said.
The bill responds to past…
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