Code of Maine Rules › 65 - DEPARTMENT OF PUBLIC UTILITIES COMMISSION › 407 - PUBLIC UTILITIES COMMISSION › Chapter 310 - UNIFORM SYSTEM OF ACCOUNTS FOR ELECTRICAL UTILITIES

Current through 2024-29, July 17, 2024
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.
STATUTORY AUTHORITY:
				   35-A M.R.S.A.
				  §§101 ,
				  103
				  ,
				  104 ,
				  107
				  ,
				  111 ,
				  112 ,
				  501 ,
				  502 ,
				  504
				  and
				  505 .