A. An incumbent electric transmission owner has the right to construct, own and maintain a local electric transmission facility that has been approved for construction in a Southwest Power Pool transmission plan and will interconnect to facilities owned by that incumbent electric transmission owner. An incumbent electric transmission owner has the right to construct, own and maintain: 1. A new local electric transmission facility that connects to electric transmission facilities owned by the incumbent; and 2. Upgrades to the existing local electric transmission facilities of the incumbent. B. The right to construct, own and maintain a local electric transmission facility that will interconnect to facilities owned by two or more incumbent electric transmission owners belongs individually and equally to each incumbent electric transmission owner, unless otherwise agreed upon in writing by the incumbent electric transmission owners. C. Nothing in this section is intended to affect an incumbent electric transmission owner’s use and control of its existing property rights including the incumbent electric transmission owner’s ability to assign its rights to construct, own and maintain a local electric transmission facility described in subsection A of this section. The retention, modification or transfer of existing property rights of an incumbent electric transmission owner and the rights described in subsection A of this section shall remain subject to the relevant state law or regulation recognizing the property right.
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