Utility Ahead Of Schedule On Implementation Of New Purchase Of Receivables (POR) Program, Expects Earlier Start Dates

Note: This story was first published at 1:30 pm on March 5 with an alert to our email subscribers

During an update at today's Delaware PSC meeting, representatives from Delmarva Power said that the utility is ahead of schedule with implementation of its new electricity purchase of receivables (POR) program

As exclusively first reported by EnergyChoiceMatters.com, the Delaware PSC approved the creation of a POR program at Delmarva last August, with a written order issued in September

Delmarva had originally requested a 12-month implementation period for POR

During today's meeting, Delmarva said that it is ahead of schedule with POR implementation, and expects to soon formally file its POR tariffs with a start date of June 1, 2019 for POR

There is no finalized discount rate for the new POR program as of yet

Delmarva also said that, based on progress to date, it expects to be on the lower end of the range of the previously forecast POR program development costs of $150,000 to $200,000. These costs will be amortized over 5 years

The POR discount rate will reflect uncollectibles, program development amortization, and a reconciliation (starting in year two)

The initial uncollectibles discount rate will use SOS as a proxy, with a test period of March 1, 2018 to February 28, 2019.

The PSC previously ordered that late payment fee revenue shall not be included in the POR program as an offset to uncollectibles