1. “Generation asset” means any plant, facility, equipment or system that:
(a) Converts other forms of energy into electricity or otherwise produces electricity;
(b) Is or was owned, possessed, controlled, leased, operated, administered, maintained, acquired or placed into service by an electric utility before, on or after January 1, 2001;
(c) Is subject, in whole or in part, to regulation by the Commission; and
(d) Is used and useful for the convenience of the public in this State, as determined by the Commission.
2. The term does not include:
(a) Any hydroelectric plant, facility, equipment or system which has a generating capacity of not more than 15 megawatts and which is located on the Truckee River or on a waterway that is appurtenant to or connected to the Truckee River.
(b) Any net metering system, as defined in NRS 704.771.