Chapter 310 - UNIFORM SYSTEM OF ACCOUNTS FOR ELECTRICAL UTILITIESSUMMARY: 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.EFFECTIVE DATE:
December 14, 1988
EFFECTIVE DATE (ELECTRONIC CONVERSION):
May 4, 1996
NON-SUBSTANTIVE CHANGES:
March 24, 1999 - converted to MS Word.
November 9, 1999STATUTORY AUTHORITY: 35-A M.R.S.A. §§101 , 103 , 104 , 107 , 111 , 112 , 501 , 502 , 504 and 505 .