In this subtitle the following words have the meanings indicated. “Control” means the possession, direct or indirect, of the power to direct or cause the direction of the management or policies of a person. “Financing lease” means a lease that, during the noncancelable lease period: covers at least 75% of the economic life of the property; or has terms that assure the lessor of a full recovery of the fair market value that would normally be represented by the lessor’s investment of the property at the start of the lease and a reasonable return on the use of the assets invested, subject only to limited risk in the realization of the residual interest in the property and the credit risks generally associated with secured loans. “Joint venture” means a joint business arrangement between a public service company and another person for mutual benefit, with the understanding that each will share in the profits and losses and have a voice in management. “Long-term debt” means a debt due at least 1 year after the date of indebtedness. “Parent” means: every firm, holding company, or other person that ultimately controls a public service company; or any intermediary entity that controls a public service company. “Person” includes an individual, corporation, estate, trust, partnership, association, two or more persons having a joint or common interest, or any other legal or commercial entity. “Short-term debt” means a debt due within 1 year after the date of indebtedness. “SIC code and short title” means a 4-digit industry Standard Industrial Classification code and short title listed in the most recent Standard Industrial Classification manual published by the Office of Management and Budget of the Executive Office of the President.

The Commission may classify the public service companies under its jurisdiction. Two public service companies are of the same class, if they are both: common carrier companies; electric companies; gas companies; gas and electric companies; sewage disposal companies; telegraph companies; telephone companies; or water companies.

The Commission may: establish a uniform system of records for each class of public service company; and prescribe the manner and form in which a public service company shall keep records and enter particular items.

The Commission shall prescribe a system, a form of records, and a form of annual report for public service companies that conform as nearly as possible to the system and forms that any corresponding federal regulatory unit requires for public service companies of the same class in interstate commerce.

This subsection does not apply to railroads. Except as provided in subsection (b) of this section, each public service company shall file with the Commission an annual report containing information on its corporate structure, affiliations of its officers and directors, and debt holdings. Notwithstanding any specific reporting requirements in this subtitle, the Commission may prescribe the contents of the annual report to be filed by a public service company whose gross annual revenues for the most recent calendar year for which data are available are less than 0.003% of the total gross annual revenues of all public service companies in the State during the same calendar year. A small rural electric cooperative described in § 7-502(a) of this article may satisfy the reporting requirement by submitting to the Commission a copy of a report including the required information that the small rural electric cooperative submits to the rural utilities service. Unless otherwise directed by the Commission, a public service company is not required to comply with subsection (a) of this section if the public service company is: a common carrier; or a telephone company whose rates are not regulated by the Commission under Title 4 of this article. The president, treasurer, or general manager of a public service company shall verify the company’s annual report under oath. The Commission may: require a public service company to submit reports and information that the Commission reasonably desires; prescribe the form, contents, and deadlines for the reports and information; and require amendments or corrections to the reports within a set period.

A public service company shall file its annual report with the Commission within the time the Commission sets after the end of the year that the report covers. The Commission shall provide each public service company with a blank form of an annual report in time to allow the public service company to comply with subsection (a) of this section. Unless the Commission notifies a public service company of a proposed change at least 6 months before the start of the year for which an annual report is due, the Commission may not change the form of the annual report in a way that requires the public service company to change the manner or form of its record keeping.

In addition to any other information that the Commission requires, the annual report of a public service company shall state: the amount and kind of: authorized capital stock; capital stock issued and outstanding; authorized bonded indebtedness; and bonds and other evidence of indebtedness issued and outstanding; receipts and expenditures for the year reported; the amount paid as dividends and interest on bonds or other evidence of indebtedness; the amount of salary paid to each officer, by name, and the amount paid as wages to employees; the location of the public service company’s plants with a full description of each plant and franchise, stating in detail how each franchise was acquired; and when applicable: a monthly compilation of expenditures that were the basis for any fuel rate adjustment; and an annual recapitulation of the information required under item (i) of this item.

A public service company shall list in its annual report the name and address, basis of control, and principal business activities of: the public service company; and each: parent; subsidiary of the public service company; organization the public service company controls; and joint venture in excess of $1,000,000 in which the public service company is involved. For each principal business activity described in subsection (a) of this section, a public service company shall list and describe by SIC code and short title each industry in which the public service company’s activities generated, during the reporting year, at least 10% of gross revenues or $5,000,000. The public service company shall compile the list described under paragraph (1) of this subsection in order of significance relative to the total activities of the public service company, based on the percentage of gross revenues generated within each industry. For each corporation, partnership, or other business organization in which a public service company owns more than 5% of the outstanding voting securities or other ownership interests, the public service company shall, in its annual report: list the corporation, partnership, or other business organization; and indicate the percentage that the public service company owns.

A public service company shall list in its annual report the name and address of: each principal officer, director, trustee, or partner of the public service company and its parent; and each individual exercising functions similar to that of a director, trustee, or partner on behalf of the public service company and its parent. For each individual described in paragraph (1) of this subsection, the public service company shall list: the title and position with the public service company and any parent; the title and position with any subsidiary of the public service company and any other company, firm, or organization that the public service company controls; the principal occupation or business affiliation, if different than that provided in item (i) or (ii) of this paragraph; and each affiliation with any other business or financial organization, firm, or partnership doing business with the public service company. In its annual report, a public service company shall: list each contract, agreement, or other business arrangement exceeding an aggregate value of $1,000,000 between the public service company and any business or financial organization, firm, or partnership listed under subsection (a)(2)(iii) and (iv) of this section; except for compensation related to a position with the public service company, list each contract, agreement, or other business arrangement with a value exceeding $2,500 entered into during the reporting year between the public service company and each officer and director listed in subsection (a) of this section; for each contract, agreement, or other business arrangement described in paragraph (1) or (2) of this subsection, identify the parties, amounts, dates, and product or service involved; and list the professional services performed for the public service company by each firm, partnership, or organization with which an officer or director of the public service company is affiliated.

Except as provided in paragraph (2) of this subsection, a public service company shall describe in its annual report each long-term debt of the public service company exceeding $1,000,000, including: the name and address of the creditor; the character of the debt; the nature of any security; the date of origin of the debt; the date of maturity of the debt; the total amount of the debt; the rate of interest; and the total amount of interest to be paid. If the long-term debt is in the form of bonds, debentures, or other widely held debt, the public service company shall list the name and address of the trustee, if available, in place of the name and address of the creditor. In its annual report, a public service company shall: except for the accounts payable of the public service company, describe each short–term debt, including: the name and address of the creditor; the character of the debt; the period of the debt; the rate of interest; the total amount of the debt; the nature of any security; and the date the debt was paid or shall be paid; describe, if involving aggregate payments exceeding $1,000,000, each financing lease, equipment trust, conditional sales contract, or major liability related to the capital assets of the public service company; and provide a copy of any restrictive covenant attached to the debt described in item (1) or (2) of this subsection. In its annual report, a public service company shall, if available: list the name and address of each holder of more than 5% of each issue reported under this section; and identify the holder as a bank, broker, holding company, individual, or other person.