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	Amend proposed Amendment No. 1 by P. King to CSSB 483 (house 
committee printing) as follows:
	(1) Add the following appropriately numbered SECTION and 
renumber subsequent SECTIONS accordingly:
	Sec.____. CONSIDERATION AND APPROVAL OF CERTAIN 
TRANSACTIONS. (a) To protect retail customers in this state, 
notwithstanding any other provision of this title, an electric 
utility or transmission and distribution utility must report to and 
obtain approval of the commission before closing any transaction in 
which:
		(1) the electric utility or transmission and 
distribution utility will be merged or consolidated with another 
electric utility or transmission and distribution utility;
		(2) at least 50 percent of the stock of the electric 
utility or transmission and distribution utility will be 
transferred or sold; or
		(3) a controlling interest or operational control of 
the electric utility or transmission and distribution utility will 
be transferred.
	(b) The commission shall approve a transaction under 
Subsection (a) if the commission finds that the transaction is in 
the public interest. In making its determination, the commission 
shall consider whether the transaction will adversely affect the 
reliability of service, availability of service, or cost of service 
of the electric utility or transmission and distribution utility. 
The commission shall make the determination concerning a 
transaction under this subsection not later than the 180th day 
after the date the commission receives the relevant report. If the 
commission has not made a determination before the 181st day after 
that date, the transaction is considered approved.
	(c) Subsections (a) and (b) do not apply to a transaction 
described by Subsection (a) for which a definitive agreement was 
executed before April 1, 2007, if an electric utility or 
transmission and distribution utility or a person seeking to 
acquire or merge with an electric utility or transmission and 
distribution utility made a filing for review of the transaction 
under Section 14.101 before May 1, 2007, and the resulting 
proceeding was not withdrawn.
	(d) If an electric utility or transmission and distribution 
utility or a person seeking to acquire or merge with an electric 
utility or transmission and distribution utility files with the 
commission a stipulation, representation, or commitment in advance 
of or as part of a filing under this section or under Section 
14.101, the commission may enforce the stipulation, 
representation, or commitment to the extent that the stipulation, 
representation, or commitment is consistent with the standards 
provided by this section and Section 14.101. The commission may 
reasonably interpret and enforce conditions adopted pursuant to 
this subsection.