Florida Senate - 2017 COMMITTEE AMENDMENT Bill No. SB 1238 Ì4409441Î440944 LEGISLATIVE ACTION Senate . House Comm: WD . 04/25/2017 . . . . ————————————————————————————————————————————————————————————————— ————————————————————————————————————————————————————————————————— The Committee on Rules (Latvala) recommended the following: 1 Senate Amendment (with title amendment) 2 3 Between lines 49 and 50 4 insert: 5 Section 2. (1) Annually, each public utility shall file 6 with the Public Service Commission a detailed comparison of all 7 gas reserve projects entered into on behalf of the utility and 8 any affiliate or subsidiary of the utility’s parent company as 9 part of its Risk Management Plan. The information must be the 10 same for each gas reserve project entered into by any affiliate 11 or subsidiary that was used to support or justify the 12 appropriateness of each gas reserve project entered into during 13 the reporting period. The filing must: 14 (a) Show all material assumptions relied upon to support 15 each gas reserve project, including the capital investment 16 amount; 17 (b) Calculate the associated revenue requirement for each 18 gas reserve project; and 19 (c) Provide the net present value savings for each gas 20 reserve project entered into by any affiliate or subsidiary of a 21 parent company. 22 (2) For any gas reserve project, the utility shall use an 23 independent third-party auditor in performing audits of the 24 associated transactions. Subaccounts that correspond on a one 25 on-one basis with the oil and gas system of accounts shall be 26 established and used by the utility for each investment in a gas 27 reserve project. 28 (3) Each utility recovering its investment in a natural gas 29 reserve project through an adjustment clause shall separately 30 identify such clause on each customer’s monthly bill. Within 31 that line item, the utility shall explain the costs and profits 32 being recovered and the rate of return that is used to calculate 33 the profit. Annually, the utility shall include in each 34 customer’s bill a summary describing the annual costs and 35 profits and any loss or gain on hedging and production costs. 36 (4) Annually, the commission shall prepare a report and 37 provide it to the President of the Senate and the Speaker of the 38 House of Representatives containing the following information: 39 (a) The name of each utility participating in natural gas 40 reserve projects. 41 (b) The number of projects for each utility. 42 (c) The amount of investment for each project. 43 (d) The amount of gain or loss for the year of hedging or 44 production. 45 (e) Any other information the commission deems relevant. 46 47 ================= T I T L E A M E N D M E N T ================ 48 And the title is amended as follows: 49 Delete line 9 50 and insert: 51 investments; requiring each public utility to file 52 with the commission with a comparison of all gas 53 reserve projects entered into on behalf of the utility 54 and any affiliate or subsidiary of the parent company 55 as part of its Risk Management Plan; specifying the 56 requirements of the filing; specifying the use of a 57 third-party auditor; requiring public utilities to 58 separately identify certain adjustment clauses for 59 investments in natural gas in and annual costs and 60 profits on customers’ bills; requiring the commission 61 to file a report with the Legislature; providing an 62 effective date.