(a) There is established a board to represent the interests of the State and its residents with respect to retail sales. The Board shall consist of the Governor, the Speaker of the House, the House Majority Leader, the House Minority Leader, one other member of the House from the party other than that of the Speaker appointed by the Speaker, the President Pro Tempore of the Senate, the Senate Majority Leader, the Senate Minority Leader, and one other Senator from the party other than that of the President Pro Tempore appointed by the Committee on Committees. The Review Board shall seek to obtain information from interested parties, including, if appropriate, a representative of each of the following: consumer-owned utilities, investor-owned utilities, electric consumers of the State, and environmental interest groups.

(b) The Governor shall serve as Chair. The Board shall meet as necessary to discharge its duties under this section, and for attendance at meetings during adjournment of the General Assembly, legislative members of the Board shall be entitled to reimbursement for expenses and per diem compensation under 2 V.S.A. § 406(a). Meetings shall be at the call of the Chair, or a majority of the voting members of the Board.

(c) Prior to any filing with the Public Utility Commission under section 212c of this title, the Department shall submit any proposal for retail sales of electric energy or capacity to the Review Board on Retail Sales for its review and approval. The Review Board shall approve a proposal for filing with the Public Utility Commission only if it is satisfied that the potential benefits of the retail sale to the ratepayers of the State outweigh any potential risks to the State's residents, that the sale does not expose the State to unreasonable financial liability, that the sale does not adversely affect the retail electrical energy distribution system as a whole, and that the sale will promote effective competition. The Board shall conduct its review under such rules and procedures as it deems appropriate. The Department may proceed to file the proposal for retail sales with the Public Utility Commission upon approval by the Review Board and failure of the Board to act within 60 days of submission of the proposal shall be deemed to be approval. (Added 1987, No. 65, § 4, eff. May 28, 1987.)