Members are required to meet annually or on the call of the board or ten percent of the members. The proposal creates a board of directors for a power exchange of at least twelve individuals. Independent directors are those not employed by any member of the power exchange but may represent power marketers, independent power producers, public interest groups, the Public Service Commission and non-market participants. All directors identified in the articles of incorporation will hold office until the next meeting. Subsequently, directors will be divided into three classes and one-third of the terms will expire each year.
Directors are to be elected at each annual meeting.
After services are available, members may not generate, purchase, or acquire generation services for sale at retail, with certain exceptions. An electric generation service supplier must obtain a certificate of authority from the exchange before it may provide services to the exchange. The certificate is valid for up to three years. The exchange will decide whether to grant a certificate within 45 days of application. A member of the exchange that is a regulated public utility must continue to provide retail services and to maintain and modernize its transmission and distribution systems, provide access to its transmission and distribution systems to any supplier providing services to the exchange, and file tariffs based upon costs of electric power purchased from the exchange and not based upon the utility's own generating plant costs.