Annual assessment of utilities

  1. Law
  2. US Virgin Islands Code
  3. Public Service
  4. Public Utilities Generally
  5. Public Utilities
  6. Annual assessment of utilities

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  • (a) As used in this section:

    • “gross operating revenues” means the gross operating revenues of a public utility derived from intraterritorial regulated operations in the last preceding calendar year except as it relates to the Virgin Islands Water and Power Authority, gross operating revenue calculations do not include fuel charges, referred to as the “LEAC” (Levelized Energy Adjustment Charge). “territorial gross operating revenues” means the aggregate sum of all of the gross operating revenues of all of the public utilities regulated by the Commission. “public utility” includes public utilities and cable television companies.

  • (b) Each public utility shall, prior to September 30, of each year, pay a fee, as determined under subsection (c) of this section, to the Commission except that the Virgin Islands Water and Power Authority shall pay a quarterly fee of the annual assessment by the utilities, consistent with the quarterly allotment to the Public Services Commission by the Office of Management and Budget. The fees shall be deposited into the Public Services Commission Revolving Fund; provided, however, that there is hereby established a ceiling of $1,800,000 for the amount of said fees to be deposited into the Fund, any excess to be covered into the General Fund.

  • (c) The annual fee for a particular public utility shall be an amount equal to the product of the Commission's total current year assessments and the public utility's revenue ratio. The revenue ratio of a public utility shall be equal to its gross operating revenues divided by the territorial gross operating revenues. The Executive Director of the Commission shall, prior to September 1 of each year, calculate each public utility's fees under this section, and after approval by the Commission, shall notify each such public utility of the amount due.

  • (d) The Commission shall, prior to August 1 of each year, submit a report to the Committee on Finance of the Legislature detailing the total amount of appropriations needed by the Commission for the following fiscal year.


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