# Public Utilities (GPU)

## Title 6. Business Structure

### Subtitle 1. Financing

#### Section 6-106

(a)

  (1) In this section the following words have the meanings indicated.

  (2) "Affiliate" has the meaning stated in Sec. 7-501 of this article.

  (3) "Investor-owned electric company" means an electric company that is not a municipal electric utility or an electric cooperative.

(b) For purposes of this section, a person is considered to have acquired, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person:

  (1) after any acquisition of voting interests, directly or indirectly owns, controls, or has the right to vote, or direct the voting of, at least 20% of the voting interests of the investor-owned electric company or an entity that owns or controls the investor-owned electric company;

  (2) has the right to designate at least 20% of the board of directors or other governing body of the investor-owned electric company or an entity that owns or controls the investor-owned electric company; or

  (3) is found by the Commission, directly or indirectly, or through one or more intermediaries, to have substantial influence over the policies or actions of an investor-owned electric company.

(c) A person may not acquire, directly or indirectly, the power to exercise substantial influence over the policies or actions of an investor-owned electric company if the person would become an affiliate of each investor-owned electric company in the State as a result of the acquisition.

(d) The Commission may adopt regulations to implement this section.

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Md. Code Ann., Pub. Util. (as displayed at mgaleg.maryland.gov, October 16, 2026)