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	Amend SB 483 on third reading by striking the SECTION of the 
bill with the heading "CONSIDERATION AND APPROVAL OF CERTAIN 
TRANSACTIONS" as added by the Floor Amendment No. 5 by Geren to 
Floor Amendment No. 1 by King (page 1, line 5 through page 2, line 21 
of the Geren Amendment) and substituting the following SECTION of 
the bill appropriately numbered:
	SECTION ____.  Subchapter D, Chapter 39, Utilities Code, is 
amended by adding Section 39.159 to read as follows:
	Sec. 39.159.  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:                           
		(1)  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; or
		(2)  the jurisdictional separation of an electric 
utility subject to Subchapter J.
	(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.