1. Except as otherwise provided in NRS 361.320, where 75 percent or more of the physical property of an electric light and power company is devoted to the generation or transmission of electricity for use outside the State of Nevada and the physical property also includes three or more operating units which are not interconnected at any point within the State of Nevada, the Nevada Tax Commission shall successively:

(a) Determine separately the valuation of each operating unit, using the criteria provided in subsection 2 of NRS 361.320.

(b) Apportion 15 percent of the valuation of each operating unit which generates electricity predominantly for use outside Nevada to each other operating unit within the State of Nevada.

(c) Apportion the valuation of each operating unit, adjusted as required by paragraph (b) upon a mile-unit basis among the counties in which the operating unit is located.

2. Except as otherwise provided in NRS 361.320, where 75 percent or more of the physical property of an electric light and power company is devoted to the generation or transmission of electricity for use outside the State of Nevada and the physical property also includes two but not more than two operating units which are not interconnected at any point within the State of Nevada, the Nevada Tax Commission shall successively:

(a) Determine separately the valuation of each operating unit, using the criteria provided in subsection 2 of NRS 361.320.

(b) Apportion 20 percent of the valuation of each operating unit which generates electricity predominantly for use outside Nevada to each other operating unit within the State of Nevada.

(c) Apportion the valuation of each operating unit, adjusted as required by paragraph (b) upon a mile-unit basis among the counties in which the operating unit is located.

(Added to NRS by 1983, 548)