(1) The Legislative Assembly finds and declares that: (a) The protection of customers of public utilities which provide heat, light or power is a matter of fundamental statewide concern; (b) Existing legislation requires the Public Utility Commissions approval of one public utilitys acquisition of another public utilitys stocks, bonds and certain property used for utility purposes, but does not require the commissions approval of such acquisitions by persons not engaged in the public utility business in Oregon; and (c) An attempt by a person not engaged in the public utility business in Oregon to acquire the power to exercise any substantial influence over the policies and actions of an Oregon public utility which provides heat, light or power could result in harm to such utilitys customers, including but not limited to the degradation of utility service, higher rates, weakened financial structure and diminution of utility assets. (2) It is, therefore, the policy of the State of Oregon to regulate acquisitions by persons not engaged in the public utility business in Oregon of the power to exercise any substantial influence over the policies and actions of an Oregon public utility which provides heat, light or power in the manner set forth in this section and ORS 757.511 in order to prevent unnecessary and unwarranted harm to such utilities customers.
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