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52 Pa. Code § 59.47. Continuing property records.

§ 59.47. Continuing property records.

 (a)  Each public utility having annual gas operating revenue of $100,000 or more shall maintain a continuing property record of its gas plant the cost of which is recorded in Accounts 101, 102, 103, 104 and 105 of the uniform accounting system prescribed by §  59.42 (relating to systems of accounts).

 (b)  An outline of the plan of the company for the establishment and maintenance of its continuing property record shall be submitted to the Commission within 2 years after the effective date of its change of revenue classification for approval. Thereafter, a proposed major changes in the plan shall be submitted to the Commission for approval.

 (c)  Continuing property records shall contain detailed description and classification of property record units which meet the following objectives:

   (1)  An inventory of plant by property-record units which may be readily checked for proof of existence.

   (2)  The association of costs with the units, to assure accurate retirement accounting.

   (3)  The dates of installation and removal of property-record units, to provide age and life data for use in depreciation studies.

 (d)  The continuing property record, or records supplemental to those records, shall include information as to the kind, character, size, quantity, location, year of placement and retirement, percentage of ownership, and original cost of gas plant.

 (e)  Plants comprising a large number of similar units, such as mains, meters, and regulators, may be grouped, and the average cost thereof used for retirement accounting. Grouping should be by years of construction within one cost-keeping area. The entire system may be considered as one cost-keeping area unless otherwise required for regulatory purposes. If it is impracticable to account for construction by years, the company may, with Commission approval, cost certain items by bands of years or by average costs for all years. The grouping does not relieve the utility from its requirement to provide age and life data and to maintain location records for the plant.

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