A. Upon either the termination of the term of an OREC price schedule or if further extensions of 5-year terms are granted by the Commission pursuant to Public Utilities Article, §7-704.2(d), Annotated Code of Maryland, at the conclusion of the final term of such 5-year terms, the Commission may instruct the project to cause the administrator to distribute all funds remaining in the escrow account and reserve account to the electric companies for refund to their retail electric customers in accordance with Regulation .14, provided that the following shall have occurred:
(1) The administrator shall have paid to the project all amounts owing under any OREC invoice issued by the project to the administrator that does not contain any error or inaccuracy and terminated all standing instructions given to PJM or PJM EIS in favor of the administrator;
(2) The administrator shall have paid to the project all amounts that it is entitled to pursuant to Regulation .15 of this chapter and transferred to the project all RECs to which it is entitled under Regulation .15 of this chapter;
(3) Any excess ORECs held in the administrator GATS account shall be sold and proceeds thereof be paid to the electric companies for refund to their retail electric customers in accordance with Regulation .14 of this chapter;
(4) The administrator shall have complied with any other administrative duties and obligations in connection with the escrow account, reserve account, and the administrator GATS account as the Commission may require; and
(5) The administrator shall have submitted to the Commission a final report and full accounting of all the amounts paid to and from the escrow account and reserve account, all sale or retirement of excess ORECs from the administrator GATS account and application of proceeds thereof and any other information as may be requested by the Commission.
B. Upon the distribution of funds remaining in the escrow account and reserve account in accordance with §A of this regulation, the escrow account and reserve account with respect to the project shall be closed.