5.
(a)This section applies to a public utility
company that:
(1)owns or operates one (1) or more wind power devices; and
(2)is filing the public utility company's first annual report as the
new owner of the wind power devices following a change in
ownership.
(b)This section does not apply to a public utility company that owns
or operates one (1) or more wind power devices and that has signed or
countersigned an economic development agreement, or another
financial agreement, that is entered into:
(1)with the county in which the public utility company's wind
power devices are located; and
(2)for the purpose of:
(A)repowering the wind power devices; or
(B)upgrading the technology used in the wind power devices;
before a sale or transfer of the wind power devices.
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5. (a) This section applies to a public utility
company that:
(1) owns or operates one (1) or more wind power devices; and
(2) is filing the public utility company's first annual report as the
new owner of the wind power devices following a change in
ownership.
(b) This section does not apply to a public utility company that owns
or operates one (1) or more wind power devices and that has signed or
countersigned an economic development agreement, or another
financial agreement, that is entered into:
(1) with the county in which the public utility company's wind
power devices are located; and
(2) for the purpose of:
(A) repowering the wind power devices; or
(B) upgrading the technology used in the wind power devices;
before a sale or transfer of the wind power devices.
(c) As used in this section, "annual report" means the statement of
value and description of property described in section 19 of this
chapter.
(d) As used in this section, "change of ownership", with respect to
one (1) or more wind power devices owned by a public utility
company, means any:
(1) transaction or series of related transactions (whether as a
result of a tender offer, merger, consolidation, reorganization,
acquisition, sale or transfer of equity securities, proxy, power of
attorney, or otherwise) that results in, or occurs in connection
with, another public utility company acquiring beneficial
ownership, directly or indirectly, of a majority of the then issued
and outstanding voting securities or combined voting rights of the
public utility company; or
(2) sale, lease, exchange, conveyance, transfer, distribution, or
other disposition whether:
(A) for cash, securities, equity interests, or other consideration;
or
(B) made in connection with any liquidation, dissolution, or
winding up of the affairs of the public utility company;
of substantially all of the public utility company's wind power
devices to another public utility company.
(e) As used in this section, "wind power device" means a device,
including a windmill or a wind turbine, that is designed to use the
kinetic energy of moving air to provide mechanical energy or to
produce electricity.
(f) Notwithstanding any other law or rule adopted by the
department, a public utility company described in subsection (a) shall:
(1) value the wind power devices at the same valuation amount
that the previous owner valued the devices prior to the change in
ownership on the previous owner's last annual report;
(2) enter that valuation amount on the public utility company's
first annual report following the change in ownership; and
(3) notify the department in a timely manner of the change in
ownership;
if the valuation amount that the public utility company would otherwise
enter on the report, in accordance with this chapter and the rules
prescribed by the department, is lower than the valuation amount that
the previous owner valued the wind power devices before the change
in ownership on the previous owner's last annual report.
(g) For years subsequent to the first year after the change in
ownership, the public utility company shall calculate and report the
valuation of the wind power devices on the annual report in accordance
with this chapter and the rules prescribed by the department. However,
in determining the just value of the property of the public utility
company in any year subsequent to the first year after the change in
ownership, the department shall not consider valuations determined by
another governmental agency, notwithstanding section 26(b)(5) of this
chapter.
(h) The department shall make changes to the annual report form
necessary to conform with the provisions of this section.
(i) The Indiana utility regulatory commission shall include a
provision in an order issued under IC 8-1-2.5-5 to a public utility
company that:
(1) owns or operates one (1) or more wind power devices; or
(2) plans to own or operate one (1) or more wind power devices;
requiring the public utility company to notify the department of any
change in ownership of the wind power devices.
(j) Before November 1, 2024, and before November 1, 2025, the
department shall prepare, submit in an electronic format under IC 5-14-6, and present to the interim study committee on energy, utilities,
and telecommunications established by IC 2-5-1.3-4(8) a report on the
valuation of wind power devices and the progress of implementing this
section.