A. Subject to the provisions of this regulation, a project may deliver an OREC invoice to its administrator no more frequently than on a monthly basis.
B. During the initial year in which the offshore wind energy RPS takes effect and so long as project COD shall have occurred with respect to a qualified offshore wind project, the project may deliver the first OREC invoice to its administrator no earlier than the first five business days of the second calendar month immediately following the end of the generation month in respect of which ORECs associated with that project are created by PJM EIS. Thereafter, each OREC invoice may be delivered by a project to its administrator within the first 5 business days of the beginning of each calendar month during the term of an OREC price schedule.
C. Each OREC invoice shall state the number of ORECs created by PJM EIS for that project for the applicable generation period covered by that invoice (but excluding any ORECs created during any generation periods previously included in OREC invoices submitted to the administrator) and shall be accompanied by a copy of a statement or statements from PJM EIS confirming that the ORECs referenced in the OREC invoice have been created for the project. The OREC invoice shall also state the dollar amount due to that project for the ORECs referenced in the OREC invoice. That dollar amount shall be equal to the product of the number of ORECs created by PJM EIS for that project during the relevant period and the applicable OREC price set forth in the projectís OREC price schedule, less:
(1) Any deductions the project is required to make in accordance with Regulation .13 of this chapter;
(2) Any deductions on account of the administratorís fees and expenses as contemplated by Regulation .09H of this chapter; and
(3) Any deductions contemplated by Regulation .09K or L of this chapter.
D. Each administrator shall be responsible for confirming the accuracy of the computations and number of ORECs created as set forth in the OREC invoices delivered to it by comparing that number of OREC set forth in the PJM EIS statements referred to above and the number set forth in the OREC invoices and shall, if it considers necessary, request further information from the project or PJM EIS, or both (but only if that information is customarily provided by PJM EIS at that time) in assisting it to make that determination.
E. Subject to Regulation .11G of this chapter, if the administrator determines under §D of this regulation that the OREC invoice submitted to it does not contain any error or inaccuracy, it shall approve and pay the OREC invoice within 10 business days of receipt of that invoice. If the administrator determines under ßD of this regulation that the OREC invoice submitted to it does contain errors or inaccuracies, then it shall inform the project of the same and request that the project correct the error or inaccuracy prior to making payment under the OREC invoice.
F. Each qualified offshore wind project shall, for the term of its OREC price schedule, provide irrevocable instructions to PJM EIS to accept all instructions in connection with that projectís GATS account from the administrator, until instructed otherwise by the administrator and the qualified offshore wind project.
G. Each qualified offshore wind project shall provide irrevocable standing instructions to PJM EIS to automatically deposit in the administrator GATS account all ORECs (or RECs associated with electricity derived from offshore wind energy) created for the project and the administrator shall, if required by PJM EIS, accept the deposit of ORECs (or RECs, as relevant) in accordance with the rules of the PJM EIS until the end of the term of the projectís OREC price schedule. The project shall not, while the standing instructions remain in effect, take any steps to cancel or modify the standing instructions other than informing PJM EIS of a change in the administrator in the event the administrator is replaced under Regulation .09K or L of this chapter. At the end of the term of the projectís OREC price schedule, the administrator shall terminate the standing instructions and instruct PJM EIS to accept all future instructions regarding the RECs created for that project directly from the project (or another person as the project may designate).
H. Each administrator shall, no later than 15 days after the deposit of ORECs in respect of an OREC invoice to the administrator GATS account and payment of the relevant OREC invoice by the administrator, transfer the relevant number of those ORECs from the administrator GATS account to the GATS account of each OREC purchaser. The number of ORECs transferred by the administrator to the GATS account of each OREC purchaser will equal the aggregate dollar value of the OREC purchase payments made by that OREC purchaser for the relevant quarterly period divided by the aggregate dollar amount of all invoices sent to OREC purchasers by that administrator for the same period, multiplied by the number of ORECs created for the relevant project by PJM EIS for the same period and delivered to the administratorís GATS account; provided that, notwithstanding the above, the number of ORECs delivered to an OREC purchaser shall not exceed a number determined by dividing the OREC purchase payments made by that OREC purchaser for that quarter by the OREC price for that project for the relevant year.