(1) The provisions of this chapter shall not be applicable to the acquisition of any gas or electric public utility plant or equipment by a municipality which, on March 3, 1987, owns, whether operated by it or another entity under a franchise, lease, or other agreement or arrangement between the municipality and the entity, a system for the production, transmission, delivery, distribution, or furnishing of gas or electric utility service of the type which the municipality seeks to acquire, whether or not the municipality has granted, or in the future grants, to the public utility a franchise as defined elsewhere in this chapter.
(2) The valuation provisions of § 14-206-109(b)(2)(A)-(E) shall have no application to any proceedings involving acquisition by a municipality described in this section of any gas or electric public utility plant or equipment.