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Full Text of SB2010  102nd General Assembly

SB2010 102ND GENERAL ASSEMBLY

  
  

 


 
102ND GENERAL ASSEMBLY
State of Illinois
2021 and 2022
SB2010

 

Introduced 2/26/2021, by Sen. Thomas Cullerton

 

SYNOPSIS AS INTRODUCED:
 
220 ILCS 5/Art. XXIII heading new
220 ILCS 5/23-101 new
220 ILCS 5/23-105 new
220 ILCS 5/23-110 new
220 ILCS 5/23-115 new
220 ILCS 5/23-120 new

    Amends the Public Utilities Act. Adds an Article to provide for the divestiture of electrical generating facilities by entities owning multiple electrical generating facilities that also have an ownership stake in an electric utility serving more than 3,000,000 retail customers. Requires divestiture to occur by January 1, 2022. Provides that if divestiture does not occur, the entity is ineligible to recover through tariffed charges all of the costs associated with the purchase of zero emissions credits and that those costs shall be covered from entity profits, returns, or shareholder funds. Defines terms. Effective immediately.


LRB102 16338 JLS 21725 b

FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

SB2010LRB102 16338 JLS 21725 b

1    AN ACT concerning regulation.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Public Utilities Act is amended by adding
5Article XXIII as follows:
 
6    (220 ILCS 5/Art. XXIII heading new)
7
ARTICLE XXIII.
8
ELECTRIC GENERATION DIVESTITURE LAW

 
9    (220 ILCS 5/23-101 new)
10    Sec. 23-101. Short title. This Article may be cited as the
11Electric Generation Divestiture Law.
 
12    (220 ILCS 5/23-105 new)
13    Sec. 23-105. Legislative findings. The General Assembly
14finds it necessary to ensure the integrity, reliability, and
15affordability of electricity in Illinois. The General Assembly
16finds it to be uncompetitive for an entity owning multiple
17electrical generating facilities to have an ownership stake in
18an electric utility serving more than 3,000,000 retail
19customers. Therefore, the General Assembly finds that
20divestiture of these interests would provide a significant
21public benefit.
 

 

 

SB2010- 2 -LRB102 16338 JLS 21725 b

1    (220 ILCS 5/23-110 new)
2    Sec. 23-110. Definitions. The definitions set forth in
3Article XVI of the Public Utilities Act apply to this Article
4XXIII as though fully set forth herein. Additionally, the term
5"affiliated interests" means:
6    (1) every corporation and person owning or holding,
7directly or indirectly, 10% or more of the voting capital
8stock of such public utility;
9    (2) every corporation and person in any chain of
10successive ownership of 10% or more of voting capital stock;
11    (3) every corporation, 10% or more of whose voting capital
12stock is owned by any person or corporation owning 10% or more
13of the voting capital stock of such public utility, or by any
14person or corporation in any such chain of successive
15ownership of 10% or more of voting capital stock;
16    (4) every corporation, 10% or more of whose voting
17securities is owned, directly or indirectly by such public
18utility;
19    (5) every person who is an elective officer or director of
20such public utility or of any corporation in any chain of
21successive ownership of 10% or more of voting capital stock;
22    (6) every corporation which has one or more elective
23officers or one or more directors in common with such public
24utility;
25    (7) every corporation or person which the Commission may

 

 

SB2010- 3 -LRB102 16338 JLS 21725 b

1determine as a matter of fact after investigation and hearing
2is actually exercising any substantial influence over the
3policies and actions of such public utility even though such
4influence is not based upon stock holding, stockholders,
5directors or officers to the extent specified in this Section;
6or
7    (8) every person or corporation who or which the
8Commission may determine as a matter of fact after
9investigation and hearing is actually exercising such
10substantial influence over the policies and actions of such
11public utility in conjunction with one or more other
12corporations or persons with which or whom they are related by
13ownership or blood relationship or by action in concert that
14together they are affiliated with such public utility within
15the meaning of this Section even though no one of them alone is
16so affiliated.
 
17    (220 ILCS 5/23-115 new)
18    Sec. 23-115. Divestiture.
19    (a) An entity owning multiple electrical generating
20facilities with affiliated interests with an electric utility
21serving more than 3,000,000 retail customers must relinquish
22its ownership interest in the electric utility by January 1,
232022.
24    (b) An entity that fails to divest its affiliated
25interests with an electric utility serving more than 3,000,000

 

 

SB2010- 4 -LRB102 16338 JLS 21725 b

1retail customers by January 1, 2022 shall be ineligible to
2recover through tariffed charges all of the costs associated
3with the purchase of zero emissions credits from zero emission
4facilities pursuant to subsection (k) Section 16-108. These
5costs shall be recovered from profits, returns, or shareholder
6funds.
7    (c)This Act does not impair the obligations of any zero
8emission credit procurement contract entered into pursuant to
9subsection (d-5) of Section 1-75 of the Illinois Power Agency
10Act.
 
11    (220 ILCS 5/23-120 new)
12    Sec. 23-120. Primacy of Article. This Article supersedes
13all other Acts or parts of Acts to the extent that those Acts
14or parts of Acts are inconsistent with the terms or operation
15of this Article.
 
16    Section 99. Effective date. This Act takes effect upon
17becoming law.