Legal 3 col x 4-1/2”
0414
CASE NO. 20-1049-E-P
MONONGAHELA POWER COMPANY and
THE POTOMAC EDISON COMPANY
Petition to address the effect of the 2017 Tax Cuts and
Jobs Act on Accumulated Deferred Income Taxes
NOTICE OF FILING AND HEARING
On December 30, 2020, Monongahela Power Company (Mon Power) and the Potomac Edison Company (PE) (collectively Companies) filed a Petition to determine the Companies’ net excess accumulated deferred income taxes (ADIT) due to the Tax Cuts and Jobs Act of2017 (TCJA) (Petition). According to the Companies, there are combined property-related excess and deficient ADIT balances of approximately $286.8 million and combined non-property excess and deficient ADIT balances of approximately $28.7 million. The Companies are proposing rate treatment for net excess and deficient ADIT, over a proposed 10-year amortization period, to be reflected in the Companies’ next Expanded Net Energy Cost (ENEC) rates. The Companies also propose to apply net excess ADIT accrued from 2018 through 2021 as an offset to COVID-19 related expenses.
The Petition is on file with and available for public inspection at the Commission, 201 Brooks Street, in Charleston, West Virginia, and is available online at the Commission website (www.psc.state.wv.us).
The Commission schedules this matter for evidentiary hearing to be held on August
18, 2021, at 9:30 a.m. and continuing on August 19, 2021 if necessary at its offices at 201 Brooks St., Charleston, West Virginia. Because of the COVID-19 pandemic, the Commission will not take in-person public comment at the hearing and will consider written comments and protests. The Commission may determine, in light of the COVID- 19 situation, that the scheduled hearing will be conducted virtually, with the parties to the case appearing online. Interested persons should be able to view the evidentiary hearing via an internet livestream. The Commission website, www.psc.state.wv.us, contains links to “Case Information,” “Submit a Comment,” and “Commission Webcast.”
Anyone desiring to intervene should file a written petition to intervene no later than 4:00 p.m., May 14, 2021. Failure to timely intervene may affect your right to participate in the proceeding. All requests to intervene should briefly state the reason for the request to intervene and comply with the rules on intervention set forth in the Commission’s Rules of Practice and Procedure. The Commission will receive public comments and protests until the beginning of the hearing.
All written comments, protests and requests to intervene should state the case name and number and be addressed to Connie Graley, Executive Secretary, P.O. Box 812, Charleston, West Virginia 25323. Public comments may also be filed online at http://www.psc.state.wv.us/scripts/onlinecomments/default.cfm by clicking the “Formal Case” link.
MONONGAHELA POWER COMPANY AND
THE POTOMAC EDISON COMPANY