(a) As used in this section, “electric utility” means an electric utility that:
(1) Is not a municipally owned utility system;
(2) Is under the jurisdiction of the Arkansas Public Service Commission;
(3) Primarily transmits electricity and does not generate or distribute electricity; and
(4) Has not been directed or designated to construct an electric transmission facility by a regional transmission organization.
(b) If an electric utility acquires land from a private property owner through eminent domain for purposes of a transmission line, then the electric utility shall compensate the private property owner at three (3) times the market value of the property taken by eminent domain.