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(a) A cost-of-power adjustment (COPA) for an electric utility must provide for an adjustment, per kilowatt-hour of sales, equal to the difference between the utility's cost of power included in its base rates and the utility's projected cost of power according to the following formula:
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C p = the total projected cost of fuel and purchased power for the future period;
B = the balance in the cost-of-power balancing account;
S p = the projected kilowatt-hour sales for the future period; and
C b = the base cost of power.
(b) In the formula set out in (a) of this section,
(1) the balance in the cost-of-power balancing account must be entered into the COPA calculation and derived on a monthly basis, with the following entries made:
(A) a debit entry equal to the actual monthly amounts for all cost elements approved for recovery under 3 AAC 52.502;
(B) a credit entry equal to the total number of kilowatt-hours sold during the month multiplied by the cost of power per kilowatt-hour included in base rates;
(C) a credit entry equal to the total number of kilowatt-hours of energy sold during the month multiplied by the actual COPA assessed during that month;
(D) additional entries that the commission approves on a showing of good cause;
(2) the total projected cost of fuel and purchased power for the future period, and the projected kilowatt-hour sales for the future period, must be projected for the future period defined in the utility's COPA methodology approved by the commission; and
(3) in a general rate case, the electric utility must reset the base cost of power; the reset base cost of power includes all test year fuel and purchased power costs that the commission approves for recovery through the COPA; however, an electric utility may propose, or the commission may require, that the base cost of power be set at zero, to permit the entire approved cost of fuel and purchased power to be recovered through the COPA.
History: Eff. 1/11/2004, Register 169
Authority: AS 42.05.141
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Last modified 7/05/2006