Md. Code Regs. 20.61.06.13 - Value to Ratepayers of State or Federal Funds and Benefits
A. As described by
Regulation .02K(6) of this chapter, the qualified offshore wind project shall
pass along to ratepayers no less than 80 percent of the value of all state or
federal grants, rebates, tax credits, loan guarantees and other similar
benefits that the project receives that were not included at the time the
project submits its application.
B.
No later than 30 days following the end of each calendar year, each qualified
offshore wind project shall provide to the administrator and the Commission a
complete account of all benefits received from state or federal grants,
rebates, tax credits, loan guarantees and other similar benefits not included
in the project's application and received by the project during the preceding
year.
C. The project shall deduct
80 percent of the value of the state or federal grants, rebates, tax credits,
loan guarantees and other similar benefits received during the preceding year,
as reported by the project pursuant to §B of this regulation, from the
OREC invoice submitted to the administrator for the current calendar year under
Regulation .10 of this chapter.
D.
The value of the benefits required to be deducted under §C of this
regulation shall be deducted from the first OREC invoice submitted to the
administrator by the project for the current calendar year and, if the value of
the benefits required to be deducted above exceed the amount of the OREC
invoice, any balance in the value of these benefits shall be deducted from the
second OREC invoice and each OREC invoice thereafter until the full amount of
the value of the benefits required to be deducted shall have been fully
deducted from the OREC invoices delivered by the project to the
administrator.
E. Each
administrator shall specifically identify all of the following information in
the annual report that it submits to the Commission under §J of Regulation
.09 of this chapter:
(1) Total value of all
state or federal grants, rebates, tax credits, loan guarantees and other
similar benefits that each qualified offshore wind project reports that is has
received during the previous calendar year; and
(2) Amount in dollars that the project
deducted from OREC invoices submitted that represents 80 percent of the value
of all state or federal grants, rebates, tax credits, loan guarantees and other
similar benefits that each qualified offshore wind project received during the
preceding calendar year, as reported by that project.
F. The project shall maintain books and
records related to its receipt of state or federal grants, rebates, tax
credits, loan guarantees and other similar benefits that were not included at
the time of the project's application. The Commission shall have the right to
inspect those books and records and, at its discretion, order adjustments to
the project's OREC invoices as necessary to fulfill the requirement in §A
of this regulation.
Notes
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