SUMMARY: This Rule establishes a uniform system of accounts for
electric utilities.
A. Each electric
utility shall keep its books in the manner and form prescribed by the Uniform
System of Accounts for Electric Utilities Issue of 1923 Revised, or if the
Commission expressly authorizes by the Uniform System of Accounts as prescribed
by the Federal Energy Regulatory Commission. The Commission may require
additional accounting entries, sub-categories, or reports as are necessary for
its regulation of electric utilities.
B. For the purpose of applying the
requirement of Section 1 electric utilities are grouped as follows:
Class A - Utilities having annual electric operating revenues
exceeding $100,000.
Class B - Utilities having annual electric operating revenues
exceeding $25,000, but not more than $100,000.
Class C - Utilities having annual electric operating revenues
less than $25,000.
C. Any
electric utility may, unless or until otherwise ordered by the Commission or
the Director of Finance, keep any subsidiary, divisional, or other records or
accounts provided that such entries shall not impair the integrity of any
account prescribed by this rule.
D.
All accounts shall be closed annually on December 31. On or before the
following first day of April, each electric utility shall prepare a report,
verified by an officer or owner, on forms furnished by the Commission. This
report shall contain such information as the Commission shall
prescribe.
E. All accounts shall be
audited in accordance with Chapter 710 of the Rules of the Maine Public
Utilities Commission (65-407 C.M.R. 710). A copy of the auditor's report,
accompanied by the audited financial statements, shall be filed with the
Commission not later than the first day of the fourth month following the
12-month period for which the audit was conducted, except that audit reports
based on a fiscal year ending December 31 must be filed by the following July
1. The utility shall file with the audited financial statements a cover sheet
describing any discrepancies between the audited financial statements and the
annual report or reports filed by the utility under section D, which cover the
same 12-month period as the audit.
F. For good cause shown, the Commission may
waive any of the requirements of this Rule, provided such waiver does not
unduly undermine the purposes of this Rule. The Commission may also
subsequently rescind, alter, or amend any such waiver for good cause. The
Commission delegates to the Director of Finance the authority to issue,
rescind, alter, or amend a waiver with respect to any of the requirements of
this Rule. This delegation in no way limits the Commission's authority to
review the decision of the Director of Finance of to issue, rescind, alter, or
amend a waiver directly.
