Good news for everyone who pays an electric bill in the 13-state PJM region today! Potomac-Appalachian Transmission Highline and Trans-Allegheny Interstate Line have recently filed required financial reporting forms with the Federal Energy Regulatory Commission (FERC) that show a rebate of over a million dollars coming to ratepayers via the companies' FERC Revenue Requirements.
As you regular readers may recall, during an "Open Meeting" to discuss PATH's revenue requirement filing in July, I mentioned to PATH's attorneys and accountants that I had found merger charges which were recovered from ratepayers reflected in PATH's 2010 Revenue Requirement. These merger expenses, related to the FirstEnergy/Allegheny Energy merger in February of this year, were prohibited from being passed through to ratepayers by stipulations in the companies' settlements with the Public Service Commissions of both West Virginia and Maryland.
I'm glad to see that they did their due diligence after the phone conference and located and re-classified these amounts to other FERC accounts that are not collected from ratepayers. By removing these expenses from the amounts we were charged in our electric rates in 2010, and adding them to another account that acts as an income deduction (write-off) and is not collected from ratepayers, means that they now owe PJM's ratepayers a rebate of an additional $1,086,487 in over-recovered billings, with interest.
PATH's FERC Form 3Q for the second quarter 2011 included this note:
Schedule Page: 114 Line No.: 4 Column: d
Reflects a reclass of merger costs of $99,318 from Outside Services (FERC 923) to Other
Deductions (FERC 426.5).
TrAIL's FERC Form 3Q for the second quarter 2011 included this note:
Schedule Page: 114 Line No.: 49 Column: d
Reflects a reclass of merger costs of $987,169 from Outside Services (FERC 923) to Other
Deductions (FERC 426.5).
I will try to get copies of the actual forms up a little later today, but right now I have an appointment with an "old friend" that I need to rush off to. Perhaps I'll elaborate on that later, depending on outcome. ;-)
Now that's some real "energy efficiency" from the folks at FirstEnergy!
As you regular readers may recall, during an "Open Meeting" to discuss PATH's revenue requirement filing in July, I mentioned to PATH's attorneys and accountants that I had found merger charges which were recovered from ratepayers reflected in PATH's 2010 Revenue Requirement. These merger expenses, related to the FirstEnergy/Allegheny Energy merger in February of this year, were prohibited from being passed through to ratepayers by stipulations in the companies' settlements with the Public Service Commissions of both West Virginia and Maryland.
I'm glad to see that they did their due diligence after the phone conference and located and re-classified these amounts to other FERC accounts that are not collected from ratepayers. By removing these expenses from the amounts we were charged in our electric rates in 2010, and adding them to another account that acts as an income deduction (write-off) and is not collected from ratepayers, means that they now owe PJM's ratepayers a rebate of an additional $1,086,487 in over-recovered billings, with interest.
PATH's FERC Form 3Q for the second quarter 2011 included this note:
Schedule Page: 114 Line No.: 4 Column: d
Reflects a reclass of merger costs of $99,318 from Outside Services (FERC 923) to Other
Deductions (FERC 426.5).
TrAIL's FERC Form 3Q for the second quarter 2011 included this note:
Schedule Page: 114 Line No.: 49 Column: d
Reflects a reclass of merger costs of $987,169 from Outside Services (FERC 923) to Other
Deductions (FERC 426.5).
I will try to get copies of the actual forms up a little later today, but right now I have an appointment with an "old friend" that I need to rush off to. Perhaps I'll elaborate on that later, depending on outcome. ;-)
Now that's some real "energy efficiency" from the folks at FirstEnergy!
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