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(a) As used in this section, “electric utility” means an electric utility that:
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(1) Is not a municipally owned utility system;
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(2) Is under the jurisdiction of the Arkansas Public Service Commission;
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(3) Primarily transmits electricity and does not generate or distribute electricity; and
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(4) Has not been directed or designated to construct an electric transmission facility by a regional transmission organization.
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(b) If an electric utility acquires land from a private property owner through eminent domain for purposes of a transmission line, then the electric utility shall compensate the private property owner at three (3) times the market value of the property taken by eminent domain.
