7408 - Option to elect commission review.
§ 7408. Option to elect commission review. (a) General rule.--The transition surcharge assessed by an electric cooperative corporation under this chapter generally shall not be subject to the jurisdiction or control of the commission. An electric cooperative corporation shall have the option of submitting its proposed transition surcharge for review by the commission in the manner set forth in subsection (b). (b) Submission to commission.--Either by an affirmative vote of two-thirds of all members of the corporation or by an affirmative vote of two-thirds of all directors at a meeting of the members or directors called for the purpose, an electric cooperative corporation may elect the option of submitting a transition surcharge which has been adopted by its board of directors to the commission for review and approval. Within 30 days of such action by an electric cooperative corporation, the secretary of the corporation shall certify such an action by the members or directors, as the case may be, and submit the transition surcharge to the secretary of the commission requesting review and approval. (c) Commission determination.--The commission, within 90 days after a submission under subsection (b), shall make a determination as to whether the transition surcharge of an electric cooperative corporation is just and reasonable and shall issue an order reflecting its determination. If no order is issued within 90 days, the transition surcharge shall be deemed to be approved as being just and reasonable, and all review proceedings shall be terminated. If no order is issued by the commission within the 90 days, no appeal may be taken relative to the effectiveness of the transition surcharge, and it shall have full force and effect. (d) Alternative.--An electric cooperative corporation may take action by a majority vote of its board of directors to alter the amount of its transition surcharge. If the transition surcharge has previously been submitted to the commission for review and approval under subsection (b) and if the change by the board of directors causes a reduction of the current transition surcharge of greater than 10%, that action by the board of directors shall have the effect of immediately terminating any pending approval proceeding by the commission and ending its jurisdiction and control over the subject transition surcharge.