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OCC presses GenCon on Fitch/bank fees, PILOT arrangements and updates to fuel/spare-parts forecasts
Summary
OCC questioned GenCon about rising Fitch rating invoices and bank fees, agreed interest offsets to net bank costs, the transmission GIS tax billed by Eversource, long-term municipal payment arrangements, and requested updates to fuel price and spare-parts pricing schedules as late-file exhibits.
Office of Consumer Counsel examiner Rory Apollonia and others examined GenCon on several finance and tax items. On finance fees, OCC asked about increased Fitch (credit-rating) invoices and bank fees; GenCon said Fitch fees reflect timing (some invoiced in 2023 but expensed in 2024) and that bank fees are offset by interest earned on average cash balances, which reduces net expense. OCC requested monthly 2024 average cash balances and interest earned as a late-file exhibit to confirm how interest offsets bank fees.
On taxes, the…
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