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DIGEST OF INTRODUCED BILL
Electric utility deregulation. Provides for a choice of an electricity supplier by retail electricity customers after December 31, 2001. Caps electricity rates and charges for retail customers from July 1, 2000, through December 31, 2005, at the levels of the rates and charges in effect on June 30, 2000. Requires an electric utility to file a restructuring plan with the Indiana utility regulatory commission before October 1, 2000. Requires the commission to approve, reject, or modify a plan before October 1, 2001. Provides that a formula for sharing net stranded costs among a utility's customers and shareholders may not result in rates and charges greater than the rates and charges in effect on June 30, 2000. Provides for the separation of an electric utility company's production and market functions from its transmission and distribution functions. Requires the commission to adopt a utility company code of conduct. Provides other details to implement the restructuring. Provides that gross income from producing, transmitting, furnishing, wholesaling, or retailing electrical energy is taxed at a rate of 0.3% rather than 1.2%. Provides that the Indiana sales and use tax is applicable to the sale of electric power by any person. Establishes a low income residential customer electricity assistance program.