20.61.06.13

.13 Value to Ratepayers of State or Federal Funds and Benefits.

A. As described by Regulation .02K(6) of this chapter, the qualified offshore wind project shall pass along to ratepayers no less than 80 percent of the value of all state or federal grants, rebates, tax credits, loan guarantees and other similar benefits that the project receives that were not included at the time the project submits its application.

B. No later than 30 days following the end of each calendar year, each qualified offshore wind project shall provide to the administrator and the Commission a complete account of all benefits received from state or federal grants, rebates, tax credits, loan guarantees and other similar benefits not included in the projectís application and received by the project during the preceding year.

C. The project shall deduct 80 percent of the value of the state or federal grants, rebates, tax credits, loan guarantees and other similar benefits received during the preceding year, as reported by the project pursuant to ßB of this regulation, from the OREC invoice submitted to the administrator for the current calendar year under Regulation .10 of this chapter.

D. The value of the benefits required to be deducted under §C of this regulation shall be deducted from the first OREC invoice submitted to the administrator by the project for the current calendar year and, if the value of the benefits required to be deducted above exceed the amount of the OREC invoice, any balance in the value of these benefits shall be deducted from the second OREC invoice and each OREC invoice thereafter until the full amount of the value of the benefits required to be deducted shall have been fully deducted from the OREC invoices delivered by the project to the administrator.

E. Each administrator shall specifically identify all of the following information in the annual report that it submits to the Commission under §J of Regulation .09 of this chapter:

(1) Total value of all state or federal grants, rebates, tax credits, loan guarantees and other similar benefits that each qualified offshore wind project reports that is has received during the previous calendar year; and

(2) Amount in dollars that the project deducted from OREC invoices submitted that represents 80 percent of the value of all state or federal grants, rebates, tax credits, loan guarantees and other similar benefits that each qualified offshore wind project received during the preceding calendar year, as reported by that project.

F. The project shall maintain books and records related to its receipt of state or federal grants, rebates, tax credits, loan guarantees and other similar benefits that were not included at the time of the projectís application. The Commission shall have the right to inspect those books and records and, at its discretion, order adjustments to the projectís OREC invoices as necessary to fulfill the requirement in §A of this regulation.