Section 35.034 - Transfer of Assets(a) Unless an electric utility receives commission approval under Subsection (b), the utility may not sell or transfer a facility to an affiliate or otherwise consider the facility to be an eligible facility as defined by federal law if on May 27, 1995, the utility had a rate or charge in effect: (1) for or in connection with the construction of the facility;(2) for electric energy produced by the construction of the facility; or(3) for electric energy produced by the facility other than a portion of a rate or charge that represents recovery of the cost of a wholesale rate or charge.(b) The commission, after notice and hearing, may allow an electric utility to sell or transfer a facility governed by Subsection (a) to an affiliate or otherwise allow the facility to become an eligible facility only if the transaction:(1) will benefit ratepayers of the utility making the sale or transfer;(2) is in the public interest; and(3) otherwise complies with state law.(c) For purposes of this section, "electric utility" does not include a river authority. Amended by Acts 1999, 76th Leg., ch. 405, Sec. 20, eff. Sept. 1, 1999 Acts 1997, 75th Leg., ch. 166, Sec. 1, eff. Sept. 1, 1997.