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Adding value to the regulatory process
Regulated utilities and energy entities face some very unique accounting issues. At the same time, accounting and regulatory teams are always laser-focused on lowering regulatory risk and achieving the best rate case outcomes for their companies and other stakeholders. We understand this and want to help.
As you’re working through your challenges, it’s critical that your team and support systems have accounting and audit experience in your industry, and an understanding of what’s critical to your business. This includes strategically thinking through preparing and submitting a complete and accurate rate case filing as well as navigating your unique accounting challenges.
We know it’s critical that rate case filing information is complete, consistent, accurate and supported. The ability to audit and analyze data for these attributes is paramount, while errors or inaccuracies are unacceptable. With our deep regulatory experience, we can help you assess and document the current state of your rate case process, develop processes and controls as well as identify effective, efficient and sustainable improvements. Other services include:
- Providing expert testimony on various topics or assisting company personnel
- Researching and benchmarking rate orders and filed testimony to determine strategic approaches for specific issues
- Validating filings prior to submission for consistency, accuracy, completeness and support
- Providing rate case strategies, project management assistance and lead / lag studies
Capitalizing costs is a top concern for regulated entities as these balances serve as the basis for rate base and ultimately the entity’s net income. As a result, understanding your process for capitalization of costs and optimizing policies while adhering to accounting and regulatory rules is critical. Our cost capitalization solutions can help your entity in this process.
Accounting for regulated entities is unique. From interpreting rate orders and complex contracts to assessing regulatory assets and liabilities, we understand the accounting issues impacting regulated companies. Further, the implementation of new accounting standards often requires specialized understanding of regulatory accounting impacts. We can help on specific accounting matters that you are facing or be your on-call support team for the frontline questions that arise from running your business. We leverage the depth and breadth of PwC’s professionals to help you solve your wide-ranging accounting issues.
Regulated entities are required to adhere to Federal Energy Regulatory Commission’s Uniform System of Accounts (USofA) which serves as the basis for ratemaking with FERC. There are unique issues that impact FERC regulated entities including formula rates and other federal matters. Our professionals are highly skilled in these topics and can help regulated entities reduce their regulatory risk and achieve superior regulatory outcomes.
We offer various training courses that can be tailored to your specific needs and situations that help your company better understand the regulated environment. Our courses include: Regulatory basics, rate case training, income taxes for regulated entities, accounting for power markets as well as ongoing technical accounting updates.
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How PwC can help
PwC’s Complex Accounting & Regulatory Solutions (CARS) practice is dedicated to helping regulated companies in the energy, power and utilities industries manage their regulatory risk and help solve complex accounting problems related to regulatory accounting. Our seasoned team has deep experience working with regulated entities and their regulators and can help companies reduce risk and achieve optimal outcomes related to interactions with regulators.
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