A. Legal title and beneficial ownership of an OREC shall vest in the project at the moment such OREC is created by PJM EIS and deposited in the projectís GATS account.
B. If, after satisfying its obligations to deliver the number of ORECs that it is authorized to sell under its OREC order in any given calendar year, a project determines that the electricity service attributes generated by the project is in excess of that required for the delivery of ORECs in that calendar year, the excess electricity service attributes and any RECs associated with it shall, subject to §C of this regulation, remain the property of the project.
C. A project that has excess electricity service attributes shall notify the administrator of its intent to elect one of the following:
(1) Deposit the ORECs associated with the excess electricity service attributes in the administrator GATS account to be made available to the administrator for delivery to OREC purchasers in the following one or more calendar years in which the offshore wind energy RPS remains in effect; or
(2) Sell the RECs derived from the excess electricity service attributes as Tier 1 renewable sources that satisfy the RPS.
D. If a project notifies its administrator under §C of this regulation of its intent to deposit ORECs associated with excess electricity service attributes in the administrator GATS account for delivery in future years, all revenues from the sale of electricity service attributes associated with those ORECs shall be deposited in the administratorís escrow account and be applied in accordance with the provisions of this chapter. The ORECs associated with excess electricity service attributes deposited in the administrator GATS account shall be transferred by the administrator to OREC purchasers to satisfy future OREC delivery obligations of the relevant project, prior to delivering new ORECs created for the project in future years.
E. If a project notifies its administrator under §C of this regulation of its intent to market and sell RECs derived from the excess electricity service attributes as Tier 1 renewable sources that satisfy the RPS, the project shall notify the administrator to transfer those RECs that have been deposited into the administrator GATS account to the GATS account of the project, the purchaser or purchasers identified by the project (or another account as the project may designate) and all proceeds of the sale shall be for the account of the project.
F. A project may sell all of the excess electricity service attributes that are not associated with the ORECs that it elects (or is deemed to elect) to deposit in the escrow account in any manner it deems appropriate and the proceeds from these sales shall be for the account of the project.
G. If a project does not give the required notice to its administrator under §C of this regulation within 30 days of the end of the relevant calendar year, the project shall be deemed to have elected to have those excess ORECs deposited in the administrator GATS account.
H. If at the end of the term of an OREC price schedule and no further extensions of the OREC price schedule are granted under Public Utilities Article, §7-704.2(d), Annotated Code of Maryland, there shall remain in the administrator GATS account any excess ORECs, those excess ORECs shall be retired and any revenues from the sale of its electricity service attributes shall be paid to the electric companies for distribution to its retail electric customers in accordance with Regulation .14 of this chapter.
I. If the Commission elects to extend the term of the OREC price schedule pursuant to the provisions of Public Utilities Article, §7-704.2(d), Annotated Code of Maryland, any excess ORECs remaining in the administrator GATS account shall be held in the account for future delivery to satisfy future delivery obligations of the project. These ORECs shall be delivered prior to delivery of any new ORECs created for the project during the extended term.