(a) As used in this section:
(1) "Affiliated company" means any business entity which is owned wholly or partly by an electric utility or which wholly or partly owns an electric utility, or any business entity which is owned by another business entity which wholly or partly owns an electric utility; and
(2) "Electric utility" means an electric utility subject to the jurisdiction of the Arkansas Public Service Commission.
(b) Without the prior approval of the commission, no electric utility shall enter into any agreement for the purchase of electricity from an affiliated company.
(c) Any agreement entered into in violation of this section shall be void.
(d) The commission shall promulgate such regulations as are necessary to implement this section.
(e) This section shall apply to agreements entered into on or after June 28, 1985.
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