HB 369 Summary

• Exempts public utilities from requiring Public Utilities Commission authorization when disposing of fully depreciated assets or property with zero net book value that are no longer used or useful, provided the disposal is made to an unaffiliated entity and results in zero or net reduction to the utility's rate base.

• Exempts public utilities from requiring Public Utilities Commission authorization when donating fully depreciated assets or property with zero net book value to charitable or nonprofit organizations.

• Applies the same exemptions to water carriers for disposal or donation of fully depreciated assets or property with zero net book value.

• Maintains the requirement for Public Utilities Commission authorization for all other sales, leases, assignments, mortgages, dispositions, encumbrances, mergers, or consolidations of utility property and certificates.

• Effective date: June 30, 3000.