(a) This section applies to a person that is a successor to an electric company, whether through:
(1) a reorganization, bankruptcy, or other insolvency proceeding;
(2) a merger or acquisition, sale, or other business combination; or
(3) a transfer by operation of law.
(b) A successor to an electric company shall perform and satisfy all obligations of, and have the same rights under a qualified rate order as, the electric company under the qualified rate order in the same manner and to the same extent as the electric company, including:
(1) collecting the revenues, collections, payments, or proceeds of the rate stabilization property; and
(2) paying them to the person entitled to receive them.