Public Utilities and Carriers

Public Utilities Commission

SECTION 39-1-50

§ 39-1-50 Interpretation of securitization orders – Judicial review of securitization orders.

(a) The commission shall have jurisdiction over the interpretation of the terms and conditions of a securitization order, including any petition of an electric distribution company, assignee or financing party for clarification of the terms of the order. Such jurisdiction shall include matters pertaining to enforcement of the obligations of an electric distribution company, its successor, or any other party providing electric services as described in § 39-1-45(4), to impose and collect intangible transition charges pursuant to such order. An assignee or financing party shall be entitled, as of right, to be a party to any such proceeding. A securitization order shall remain in full force and effect and, as an exercise of the commission's rate-making authority, the jurisdiction of the commission with respect thereto shall continue unabated, notwithstanding any bankruptcy, reorganization, dissolution or insolvency proceedings affecting the electric distribution company or an assignee.

(b) In order to preserve the customer rate savings expected to result from a securitization order, which may be time-sensitive to financial market conditions affecting the feasibility and terms of transition bonds approved therein, any judicial review of a securitization order or commission decision regarding the terms or enforcement of a securitization order shall be in accordance with the provisions of chapter 5 of title 39.

History of Section.
(P.L. 1997, ch. 142, § 1.)