N.J. Admin. Code § 14:5A-4.2

Current through Register Vol. 57, No. 1, January 6, 2025

Section 14:5A-4.2 - Decommissioning trust annual reports

(a) On or before April 15 of each year, each electric utility shall file with the Board:

1. An annual decommissioning trust fund report which shall provide for each nuclear generating station in which the electric utility has an ownership interest:

i. The total end of year market value of the qualified and non-qualified trust funds;

ii. The quarterly and annual pretax and after tax return earned on each fund for the year as well as the cumulative returns from January 1, 1991, through the end of the calendar year for which the decommissioning annual report is being issued; from the inception of each fund through December 31, 1990, the cumulative annual returns of the funds or other cumulative return data as available;

iii. A comparison of the information provided in (a)1ii above to an appropriate performance benchmark, as well as description and support for the benchmark;

iv. The utility's strategy for maximizing return while monitoring and managing portfolio risk and specific investment guidelines imposed on fund managers;

v. The portfolio's asset mix, indicating types of securities, durations and quality ratings where appropriate;

vi. A financial reconciliation from the beginning of the current 12 month investment period through the end of the current 12 month period reflecting each plant's qualified and non-qualified funding history listed separately for the year to date and from January 1, 1991 to date;

vii. An accounting of all manager and trustee fees, commissions and taxes incurred in maintaining the decommissioning trust for the year;

viii. A statement of the assumed return built into the calculation of the funding annuity built into present rates;

ix. For the prior calendar year and on a cumulative basis from January 1, 1991, a computation of the shortfall or excess between the actual market value of the fund and the value of the fund had the rate of return embedded in annual annuities built into rates been realized; and

x. For jointly-owned stations in which there is shared ownership with one or more out-of-State joint owners, the present amount of funds set aside by each out-of-State joint owner for decommissioning each station as well as the annual level of contribution toward a decommissioning fund; and

xi. Based on the fund balances, earnings rates and decommissioning cost updates as of the report date, for each nuclear generating station, a projection of the shortfall or excess of the funds available for decommissioning as of the date it is expected to occur.

2. A copy of the utility's most recent certification reports to the NRC for each wholly or partially-owned station.

(b) For jointly-owned stations in which there is a shared ownership with one or more out-of-State joint owners, the information required by (a) above may be filed as late as May 15, if necessary, to allow sufficient time to obtain that information from the out-of-State joint owners.

(c) Upon receipt of the initial Annual Reports filed pursuant to (a) above, the Board shall review the trust fund investment guidelines of each electric utility and consider the need for establishment of definitive generic investment guidelines.

N.J. Admin. Code § 14:5A-4.2

Amended by R.1997 d.539, effective 12/15/1997.
See: 29 New Jersey Register 2637(a), 29 New Jersey Register 5329(b).
Amended by R.2003 d.227, effective 6/2/2003.
See: 34 New Jersey Register 4338(a), 35 New Jersey Register 2491(a).
Substituted references to joint owners for utilities throughout.