(a) "Electric company" has the meaning given that term in ORS 757.600.
(b) "Electric utility" has the meaning given that term in ORS 757.600.
(c) "Retail electricity consumer" has the meaning given that term in ORS 757.600.
(2) Upon the request of an electric company, the Public Utility Commission shall establish a stranded costs obligation payable by an electric utility to an electric company in association with a condemnation or transaction described in subsection (3) of this section.
(3)(a) An electric utility that condemns the service territory or property of an electric company, or acquires property pursuant to a transaction described in ORS 757.480, must pay the stranded costs obligation established by the commission under subsection (2) of this section.
(b) The purpose of the stranded costs obligation is to prevent shifting the costs associated with the loss of service territory or property of an electric company from the retail electricity consumers of the electric utility to the retail electricity consumers of the electric company.
(4) The commission may determine the stranded costs obligation in accordance with the Federal Energy Regulatory Commission’s current methodology for determining stranded costs under the same or similar circumstances.
(5) This section does not interfere with or supersede the jurisdiction of the Federal Energy Regulatory Commission. [2016 c.28 §18]