Section 6-1.1-8-19.5 - Assessment of wind power devices; change of ownership; report to interim study committee on energy, utilities, and telecommunications(a) This section applies to a public utility company that:(1) owns or operates one (1) or more wind power devices; and(2) is filing the public utility company's first annual report as the new owner of the wind power devices following a change in ownership.(b) This section does not apply to a public utility company that owns or operates one (1) or more wind power devices and that has signed or countersigned an economic development agreement, or another financial agreement, that is entered into:(1) with the county in which the public utility company's wind power devices are located; and(2) for the purpose of:(A) repowering the wind power devices; or(B) upgrading the technology used in the wind power devices; before a sale or transfer of the wind power devices.
(c) As used in this section, "annual report" means the statement of value and description of property described in section 19 of this chapter.(d) As used in this section, "change of ownership", with respect to one (1) or more wind power devices owned by a public utility company, means any: (1) transaction or series of related transactions (whether as a result of a tender offer, merger, consolidation, reorganization, acquisition, sale or transfer of equity securities, proxy, power of attorney, or otherwise) that results in, or occurs in connection with, another public utility company acquiring beneficial ownership, directly or indirectly, of a majority of the then issued and outstanding voting securities or combined voting rights of the public utility company; or(2) sale, lease, exchange, conveyance, transfer, distribution, or other disposition whether: (A) for cash, securities, equity interests, or other consideration; or(B) made in connection with any liquidation, dissolution, or winding up of the affairs of the public utility company; of substantially all of the public utility company's wind power devices to another public utility company.
(e) As used in this section, "wind power device" means a device, including a windmill or a wind turbine, that is designed to use the kinetic energy of moving air to provide mechanical energy or to produce electricity.(f) Notwithstanding any other law or rule adopted by the department, a public utility company described in subsection (a) shall: (1) value the wind power devices at the same valuation amount that the previous owner valued the devices prior to the change in ownership on the previous owner's last annual report;(2) enter that valuation amount on the public utility company's first annual report following the change in ownership; and(3) notify the department in a timely manner of the change in ownership; if the valuation amount that the public utility company would otherwise enter on the report, in accordance with this chapter and the rules prescribed by the department, is lower than the valuation amount that the previous owner valued the wind power devices before the change in ownership on the previous owner's last annual report.
(g) For years subsequent to the first year after the change in ownership, the public utility company shall calculate and report the valuation of the wind power devices on the annual report in accordance with this chapter and the rules prescribed by the department. However, in determining the just value of the property of the public utility company in any year subsequent to the first year after the change in ownership, the department shall not consider valuations determined by another governmental agency, notwithstanding section 26(b)(5) of this chapter.(h) The department shall make changes to the annual report form necessary to conform with the provisions of this section.(i) The Indiana utility regulatory commission shall include a provision in an order issued under IC 8-1-2.5-5 to a public utility company that: (1) owns or operates one (1) or more wind power devices; or(2) plans to own or operate one (1) or more wind power devices; requiring the public utility company to notify the department of any change in ownership of the wind power devices.
(j) Before November 1, 2024, and before November 1, 2025, the department shall prepare, submit in an electronic format under IC 5-14-6, and present to the interim study committee on energy, utilities, and telecommunications established by IC 2-5-1.3-4(8) a report on the valuation of wind power devices and the progress of implementing this section.Added by P.L. 144-2023,SEC. 1, eff. 1/1/2024.