20.61.06.12

.12 Payment of PJM Revenues and Trust for Benefit of Ratepayers.

A. Each qualified offshore wind project shall sell all of its electricity service attributes in the markets operated by PJM.

B. All proceeds from those sales that are associated with the ORECs that a project is authorized to sell under its OREC order (net of fees and charged imposed by PJM) shall be paid to the projectís related escrow account to be applied in accordance with the order of priority set forth in Regulation .11G of this chapter, and any amounts remaining under Regulation .11G(4) of this chapter shall be held in trust by such projectís administrator for the benefit of retail electric customers. The relevant project shall agree to this declaration of trust in the agreement that it enters into with its administrator with respect to payment of those funds.

C. Each qualified offshore wind project shall instruct PJM or the purchaser of the projectís electricity service attributes, with copies of these instructions provided to the Commission, to deposit proceeds from the sale of that projectís electricity service attributes associated with those ORECs during the term of the projectís OREC price schedule, net of fees and charges imposed by PJM, to the escrow account.

D. The project shall not have any property interest in the escrow account, the administrator GATS account, the reserve account or the funds or RECs deposit therein, as relevant, except the right to receive payment from such accounts in accordance with the provisions of this chapter and the express property rights to the excess electricity service attributes, RECs derived the excess electricity service attributes and the proceeds from the sale thereof provided for in Regulation .15 of this chapter.