Texas Eastern Transmission, LP Submits Audit Report on PCB-Related Costs

Texas Eastern Transmission, LP, a US-based energy company, has submitted an audit report to the Federal Energy Regulatory Commission (FERC) on polychlorinated biphenyls (PCB)-related costs incurred by the company. The audit, performed by PricewaterhouseCoopers LLP, covers the period from December 1, 2023, to November 30, 2024. According to the report, the company's recovery of eligible PCB-related costs and related recoveries have been accurately accounted for and submitted in compliance with the Settlement, as extended by the Joint Settlement Extension Agreement.

Key Takeaways:

• The audit report covers the period from December 1, 2023, to November 30, 2024, which is the most recently completed period under the Joint Extension Settlement Agreement.
• The report was submitted by Texas Eastern Transmission, LP, in compliance with Article VII of the Settlement, which requires an annual audit of eligible PCB-related costs and related recoveries.
• The audit was performed by PricewaterhouseCoopers LLP, an independent auditor.
• The Joint Settlement Extension Agreement extended the term of the Settlement from March 18, 2017, through November 30, 2027.
• Texas Eastern Transmission, LP was formerly known as Texas Eastern Transmission Corporation.
• The Settlement resolved issues regarding the company's recovery of costs related to the environmental assessment and remediation program of its system, including sites adjacent to its system, for PCBs.

Statistics:

• The audit report covers the period of December 1, 2023, to November 30, 2024.
• The Joint Settlement Extension Agreement extended the term of the Settlement from March 18, 2017, through November 30, 2027.
• 7 years (December 1, 2023 through November 30, 2024) was the period considered in the audit for eligible PCB-related costs and related recoveries.

Sources:

• 58 FERC P 61,295 (1992)
• 161 FERC P 61,034 (2017)