69-3-111. Persons with interest in property leased or to be sold to public utility -- exemption. (1) Upon application, the commission may, by order, determine that any person not otherwise a public utility is not a public utility subject to the jurisdiction, control, or regulation of the commission under this title solely because the person owns or controls any plant or equipment, any part of or undivided interest in a plant or equipment, or any water right described in 69-3-101:

(a) that is leased or sold or held for lease or sale to any public utility or other lessee;

(b) the operation and use of which is vested by lease or other contract in a public utility or other lessee; or

(c) for a period of not more than 90 days after termination of any lease or contract described in subsection (1)(a) or (1)(b) or after the person gains possession of the property following a breach of a lease or contract.

(2) An order may not be revoked or modified by the commission unless there is a material change in the lease or contract terms forming the basis of the order.

(3) The commission may, upon application by a public utility, issue its order approving the terms of any lease or contract described in subsection (1)(a) or (1)(b) for the purpose of qualifying any party to the lease or contract for an exemption by the United States securities and exchange commission, or its successor, from the federal Energy Policy Act of 2005.

(4) A public utility, as lessee of any plant or equipment, any part of or undivided interest in a plant or equipment, or any water right described in 69-3-101, that is subject to any lease or contract described in this section shall comply with this title regarding the plant, equipment, or water right.

(5) Nothing in this section may be construed to alter or modify the authority of the commission to regulate the rates and services of a public utility that is subject to the provisions of this title.