Utility Accounting Education Update
Here are insights to help keep you current in the business!
utilityeducation.com
March, 2022
This month’s issue is a bit of a smorgasbord. We touch on developing an ESG reporting framework with electric, gas, and water industry standards from the Sustainability Accounting Standards Board. Plus, a look at recent FERC audits on allowable costs in rate applications. We include information on a NEW course on FERC Accounting for Electric Construction!
Not exactly your favorite cheese, sausage, and veggie platter, but a little something for everyone!
Developing an ESG Reporting Framework
Wind Farm - the “E” in ESG
Sustainability reporting using E (Environmental), S (Social), and G (Governance) or ESG standards will shortly need to be part of your electric, water, and gas utility’s financial reporting model. This article discusses the reporting measures and metrics issued by the Sustainability Accounting Standard’s Board (SASB) for electric, gas, and water utilities and cooperatives. The rules include the feasibility of drawing from an established ESG disclosure framework, such as the one under development by the Task Force on Climate-related Financial Disclosures (TCFD). Here are some insights.
FERC Accounting Report - Allowable Items in Electric Rate Filings
While your utility may not be regulated by the Federal Energy Regulatory Commission {FERC), it’s always interesting and valuable to read what’s on the radar for the regulators. This article discusses a recent FERC compliance audit report on issues from auditors that it deems to be not in the interest of good ratemaking or reporting for regulated electric utilities and gas utilities. It can be helpful to consider this FERC view when considering items to include in electric rates or accounting approaches to take on various transactions.
The UAES article library covers introductory and advanced co-op, FERC, and utility accounting, developing electric rates, and financial management. We include practical examples you can use now in your electric cooperative or utility!
Help Employees Set Realistic Career Goals
No matter your background, if you are in charge of employees, your job description includes giving employee evaluations, providing feedback, and helping employees develop their career goals. How do you balance the needs of the business with employee needs? Let’s explore some areas.
New to the electric business? Here’s a FREE course on industry basics - finance, operations, and regulation!
Welcome to the Electric Business
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Thank you for your support and interest in best practices in accounting, developing electric rates, and financial management. The Power and Utilities Industry is the foundation for a vibrant economy and an integral part of our society!
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See you next month, or check us out anytime at:
Final thoughts for this issue - Spring is finally here with new energy and growth!! Here’s some quotes on energizing your goals:
“Change is inevitable. Change will always happen, but you have to apply direction to change, and that’s when it’s progress.”
“Spring is the best life coach: It gives you all the energy you want, all the positive thoughts you wish and all the boldness you need!”