HI HB978

Provides the Public Utilities Commission authority to appoint a receiver for regulated investor-owned electric utilities that fail or threaten to fail in providing adequate and reasonable service to customers.

Receiver may take temporary action necessary to assure continued electric service or bring service up to appropriate regulatory standards when there is a serious and imminent threat to public health, safety, and welfare.

Receiver and additional legal counsel or consultants may access all utility company assets and records, manage those assets, and expend existing utility company revenues for labor and materials to restore acceptable service levels.

Costs incurred by the commission, its staff, or appointed receiver shall be the responsibility of the utility in receivership or its ratepayers.

Control of the utility remains with the receiver until it can be returned to original owners, transferred to new owners, or liquidated as the commission determines to be in the public interest.