TITLE XXXIV
PUBLIC UTILITIES

Chapter 362-C
REORGANIZATION OF PUBLIC SERVICE COMPANY OF NEW HAMPSHIRE

Section 362-C:1

    362-C:1 Declaration of Purpose and Findings. –
The legislature finds that:
I. The health, safety and welfare of the people of the state of New Hampshire and orderly growth of the state's economy require that there be a sound system for the furnishing of electric service.
II. The bankruptcy of the state's largest electric utility, Public Service Company of New Hampshire, has threatened the adequacy, reliability and cost of electric service.
III. The present and predicted growth in electric service demands in the state of New Hampshire requires a prompt resolution of the bankruptcy and reorganization of Public Service Company of New Hampshire.
IV. For the reasons stated in paragraphs I-III, the public utilities commission should be authorized to determine whether a proposed agreement relating to the reorganization of Public Service Company of New Hampshire and, upon receipt of required regulatory approvals, the acquisition of Public Service Company of New Hampshire by Northeast Utilities, would be consistent with the public good and whether the rates for electric service to be established in connection with the reorganization are just and reasonable and should be approved.
V. In addition, the public utilities commission should be authorized to determine whether to implement a similar rate plan for the New Hampshire Electric Cooperative, Inc., in order to avoid a bankruptcy by that utility.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:2

    362-C:2 Definitions. –
In this chapter:
I. "Agreement" means the agreement dated as of November 22, 1989, as amended through December 14, 1989, executed by and between the governor and attorney general of the state of New Hampshire, acting on behalf of the state of New Hampshire, and Northeast Utilities Service Company, acting on behalf of its parent, Northeast Utilities.
II. "Alternative reorganization plan" means a plan of reorganization filed in the Public Service Company of New Hampshire bankruptcy case, other than the NU plan.
III. "Commission" means the public utilities commission established in RSA 363.
IV. "NU plan" means the amended plan of reorganization filed in December of 1989, by Northeast Utilities Service Company which provides for the resolution of the outstanding creditor claims and equity security interests of Public Service Company of New Hampshire in the Public Service Company of New Hampshire bankruptcy case.
V. "Public Service Company of New Hampshire bankruptcy case" means the proceeding pending before the United States Bankruptcy Court for the District of New Hampshire (Case No. 88-00043) for the reorganization of Public Service Company of New Hampshire under Chapter 11 of the Bankruptcy Code.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:3

    362-C:3 Action by the Commission. – The commission is authorized, after hearing, in one or more proceedings to be initiated and completed during the pendency of the Public Service Company of New Hampshire bankruptcy, to determine whether the implementation of the agreement would be consistent with the public good. If the commission so finds, it shall, notwithstanding any other provision of law, establish and place into effect the levels of rates, fares, or charges and the fuel and purchased power adjustment clause to be maintained for Public Service Company of New Hampshire, or its successor, in accordance with, and during the time periods set forth in, the agreement; then the commission shall initiate such other proceedings, hold such other hearings and take such other actions as may be necessary to implement the provisions of the agreement.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:4

    362-C:4 Establishment of Temporary Rates. – Notwithstanding any other provision of law, the commission shall establish a 5.5 percent temporary rate surcharge to be made effective on January 1, 1990, for the retail electric rates of Public Service Company of New Hampshire, or its successor, in accordance with the agreement. The incremental increase in revenues resulting from the temporary rate surcharge shall be ordered segregated and held in escrow by an escrow agent approved by the commission pending disposition in the manner provided in the agreement or in an alternative reorganization plan approved by the commission pursuant to RSA 362-C:5.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:5

    362-C:5 Alternative Reorganization Plans. – The authorization granted to the commission in RSA 362-C:3 shall extend to any alternative reorganization plan which the commission affirmatively finds will resolve the Public Service Company of New Hampshire bankruptcy case and will result in the same or lower costs and risks to ratepayers and the same or greater benefits to the state as those resulting from the NU plan and the agreement both during the time periods in which rates increases are prescribed in the agreement and thereafter.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:6

    362-C:6 Finality of Approval. – If the commission takes final action under RSA 362-C:3 or RSA 362-C:5 to approve the agreement and to fix the rates for Public Service Company of New Hampshire or its successor in the manner prescribed in the agreement, or to approve and implement an alternative reorganization plan, or both, the commission shall not thereafter issue any order or process which would alter, amend, suspend, annul, set aside or otherwise modify such approval or result in the fixing of rates other than in the manner prescribed in the agreement or the approved alternative reorganization plan.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:7

    362-C:7 Rate Plan for the New Hampshire Electric Cooperative, Inc. – Notwithstanding any other provision of law, the commission shall establish a 5.5 percent temporary rate surcharge to be made effective on January 1, 1990, for the retail electric rates of the New Hampshire Electric Cooperative, Inc., to be held in escrow in the manner provided in RSA 362-C:4. The commission is further authorized to approve a rate plan proposed by the New Hampshire Electric Cooperative Inc., provided that it finds such a rate plan to be consistent with the public good and that it results in no greater costs and risks to members of the cooperative than those resulting for ratepayers of Public Service Company of New Hampshire under the agreement. If the commission approves such a rate plan and fixes permanent rates under such plan, the revenues collected under the temporary rate surcharge shall be paid over to the New Hampshire Electric Cooperative, Inc. If no such rate plan is approved within 90 days following the date on which a bankruptcy rate plan for Public Service Company of New Hampshire becomes effective, the temporary rate surcharge shall terminate and the revenues collected under such surcharge shall be refunded to customers. An order of the commission approving a rate plan under this section shall have the same finality as that provided in RSA 362-C:6 for approval orders relating to Public Service Company of New Hampshire.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:7-a

    362-C:7-a Transportation of Low-Level and High-Level Radioactive Waste for Disposal Prohibited. – Notwithstanding any law or rule to the contrary, no utility shall transport into the state of New Hampshire any low-level or high-level radioactive waste for disposal in New Hampshire.

Source. 1989S, 1:1. 1999, 194:3, eff. Sept. 4, 1999.

Section 362-C:8

    362-C:8 Rate Design. – Notwithstanding any law or rule to the contrary, during the fixed rate term of the approved agreement or plan the commission shall not cause the allocation of base rate revenue responsibility among residential, commercial, industrial and municipal customers in effect on September 15, 1989, for the electric customers, serviced by Public Service Company of New Hampshire or its successor, to change without legislative approval of the commission's finding that such revenue responsibility allocation is unjust or unreasonable.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:9

    362-C:9 Modifications in Agreement or Plan. – Any modifications to an approved agreement or plan, including its exhibits, made in accordance with such agreement or plan, which potentially could increase rates, fares or charges shall, in addition to any requirements set forth in such agreement or plan, require the approval of the legislature.

Source. 1989S, 1:1, eff. Dec. 18, 1989.

Section 362-C:10

    362-C:10 Wholesale Customers. – Nothing in the agreement or plan approved by the commission under this chapter shall restrict access to Public Service Company of New Hampshire's (PSNH), or its successor's, power supply and transmission resources for PSNH's, or its successor's, existing New Hampshire firm wholesale and transmission utility customers.

Source. 1989S, 1:1, eff. Dec. 18, 1989.