(1) No person, directly or indirectly, shall acquire the power to exercise any substantial influence over the policies and actions of a public utility which provides heat, light or power without first securing from the Public Utility Commission, upon application, an order authorizing such acquisition if such person is, or by such acquisition would become, an affiliated interest with such public utility as defined in ORS 757.015 (1), (2) or (3). (2) Notice must be given to the commission of an application under this section at least 60 days before the application is filed with the commission. The notice must indicate whether the transaction is a transaction described in ORS 757.814 (1). If the transaction is a transaction as described in ORS 757.814 (1), the commission shall give notice to cities and counties as required by ORS 757.814 (1). (3) The application required by subsection (1) of this section shall set forth detailed information regarding: (a) The applicants identity and financial ability; (b) The background of the key personnel associated with the applicant; (c) The source and amounts of funds or other consideration to be used in the acquisition; (d) The applicants compliance with federal law in carrying out the acquisition; (e) Whether the applicant or the key personnel associated with the applicant have violated any state or federal statutes regulating the activities of public utilities; (f) All documents relating to the transaction giving rise to the application; (g) The applicants experience in operating public utilities providing heat, light or power; (h) The applicants plan for operating the public utility; (i) How the acquisition will serve the public utilitys customers in the public interest; and (j) Such other information as the commission may require by rule. (4)(a) The commission shall examine and investigate each application received pursuant to this section. The commission shall issue an order disposing of the application within 11 months of the date the application is filed, unless extended by agreement between the commission and applicant. If the commission determines that approval of the application will serve the public utilitys customers and is in the public interest, the commission shall issue an order granting the application. The commission may condition an order authorizing the acquisition upon the applicants satisfactory performance or adherence to specific requirements. The commission otherwise shall issue an order denying the application. The applicant shall bear the burden of showing that granting the application is in the public interest. (b) In reviewing an application received pursuant to this section for an electricity or natural gas utility, the Public Utility Commission must consider the effect of the acquisition or merger on the amount of income taxes paid by the utility or its affiliated group and make any necessary adjustments to the rates of the utility, including the establishment of a balancing account to track income tax expense, to ensure that the acquisition or merger serves the utilitys customers and is in the public interest. (5) Nothing in this section shall prohibit dissemination by any party of information concerning the acquisition so long as such dissemination is not otherwise in conflict with state or federal law.
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