The proposed General Assembly Raised Bill No. 1354 seeks to enhance regulatory oversight of utility company mergers by the Public Utilities Regulatory Authority (PURA). Key provisions include the requirement for PURA to conduct investigations and public hearings for merger applications, with established timelines for notification and decision-making. A significant insertion in the bill is the stipulation that if an applicant already controls a gas or electric distribution company in the state, any new application for control over another such company will be denied, aiming to curb monopolistic practices in the utility sector. Additionally, the bill modifies existing language by replacing "person required to file the application" with "applicant" and introduces new requirements for the composition of boards of directors for holding companies seeking merger approvals.

Furthermore, the bill amends the review process for cable franchise authority and telecommunications providers, focusing on two main criteria: the financial, technological, and managerial suitability of the applicant, and the existing certificate holders' ability to provide reliable service. This change replaces previous criteria labeled as (A) and (B). The legislation emphasizes transparency and public involvement in the approval process while ensuring that PURA's determinations are made within specified timeframes to prevent delays. The bill is set to take effect on October 1, 2025, and will amend section 16-47(d) of current law, reinforcing the authority's stringent review process for utility mergers.