(1) Electric facilities providers providing electric service facilities in or near areas that are incorporated municipalities having a population in excess of 3,500 persons and having annexed areas since 1985 or having existing municipal planning zones on May 2, 1997, shall enter into agreements dividing the annexed and planning zone areas into exclusive service territories and shall submit the agreements to the commission for approval, pursuant to this part.
(2) The agreements do not apply to electric service facilities with loads of 400 kilowatts or greater. Agreements must be based on the location of facilities in place on May 2, 1997.
(3) If electric facilities providers have failed to negotiate agreements within 1 year from May 2, 1997, the commission shall divide the annexed and planning zone areas into exclusive service territories, using the considerations pursuant to 69-5-112.
(4) Until agreements are final, electric service facilities to new customers will be provided pursuant to 69-5-105.