§ 48:19-32 — Subsequent RESIC filings, requirements.

4. a. Following board approval of the utility's foundational filing, each subsequent RESIC filing made by a utility shall include the following: (1) a detailed description of all RESIC-eligible projects placed in-service, which description shall clearly identify any projects that are carried over from a prior RESIC period or from a prior RESIC recovery period, any restoration costs sought for projects placed in-service, and the in-service date for the projects associated with the restoration costs; (2) aggregate information capturing blanket-type RESIC-eligible infrastructure, if any, to be rehabilitated or replaced and the actual annual costs of the blanket-type replacement programs; (3) a schedule comparing the: (a) total spending on RESIC-eligible projects to date for the RESIC recovery period and eligible project spending by foundational filing project identification number or blanket-project category; (b) actual cost of completed RESIC-eligible projects for the RESIC recovery period with the estimated costs for the projects contained in the most recent foundational filing or any amendment thereto; (c) in-service date of completed RESIC-eligible projects compared to the estimated in-service date of RESIC-eligible projects set forth in the foundational filing; and (d) actual revenues collected through the RESIC assessment, compared with the actual revenue requirement of the RESIC-eligible projects during the RESIC recovery period, and the resultant RESIC under- or over-recovery amounts; and (4) a proposed RESIC schedule outlining the RESIC rate, determined pursuant to P.L.2023, c.315 (C.48:19-29 et seq.), and detailed information demonstrating that the proposed RESIC rate meets those requirements. The schedule shall include either a proposed schedule for returning to customers any over-recovery in the prior RESIC recovery period, including interest at the adjusted weighted average cost of capital, or a proposed schedule for recovering from customers any under-recovery in the prior RESIC recovery period. The over-recovery, including interest, or under-recovery shall be credited or charged to customers during the next RESIC recovery period. This information shall support the RESIC rate calculation, with documentation, detailed financial analyses, and other relevant information, showing all assumptions and calculations. All supporting financial information shall be presented in a manner to allow the board to evaluate whether the calculations meet the requirements of P.L.2023, c.315 (C.48:19-29 et seq.). b. RESIC filings shall be filed with the board on a semi-annual basis, commencing six months after the effective date of the foundational filing. A utility shall submit a semi-annual RESIC filing to the board within 15 calendar days of the scheduled conclusion of the RESIC recovery period. A RESIC filing shall be reviewed by the board and the Division of Rate Counsel. The utility may recover the interim surcharge associated with the RESIC-eligible projects placed in-service, including restoration costs during the RESIC recovery period, beginning 45 calendar days after the receipt of the complete semi-annual RESIC filing. c. To the extent permitted under section 2 of P.L.2023, c.315 (C.48:19-30), a utility's expenditures made prior to the board's approval of a RESIC shall be eligible for cost recovery so long as the expenditures were included in the RESIC foundational filing. d. The semi-annual RESIC filings may include changes or updates to any information provided in the foundational filing, provided that the utility has a reasonable expectation that the change shall occur during the RESIC recovery period, which project changes may include, but shall not be limited to, additions, replacements, or deferral projects that are otherwise RESIC-eligible. e. Rates approved by the board for recovery of expenditures under a RESIC shall be: (1) accelerated and recovered through a separate clause of the utility's board-approved tariff; (2) subject to annual reconciliation based on a reconciliation period consisting of the 12 months completed prior to the utility's next RESIC filing. The revenue received through the RESIC rate for the reconciliation period shall be compared to the utility's costs associated with RESIC-eligible projects for that period. The difference between revenue and costs shall be recouped or credited, as appropriate, through the RESIC rate included in the RESIC filing; and (3) provisional and subject to refund and interest. The prudence of RESIC expenditures shall be determined by the board in the utility's next base rate case. f. A utility shall file its next rate base case not later than three years after the board's approval of the RESIC start date, except that the board, in its discretion, may require a utility to file its next base rate case within a shorter period. g. A utility may continue to file for cost recovery of RESIC-eligible projects during the approved RESIC period notwithstanding the filing of the utility's next base rate case. L.2023, c.315, s.4.