The Public Service Commission voted on Nov. 25, 2025 to deny the second amended affiliated interest agreement between Consolidated Water Power Company and Billerud Americas Corporation, adopting the commission secretary’s recommended description and imposing reporting requirements.

Speaker 3 moved that the commission not approve the amended affiliated interest agreement; Speaker 4 seconded and the motion passed with the commission recording "All in favor" and "Aye." The motion, as read by commission staff, would require Consolidated and Billerud to report any billing true-ups to actual costs in annual filings until Consolidated’s next filed rate proceeding after the final decision in the docket, and to submit continued quarterly filings that demonstrate all parts of the amended agreement are being followed and that include itemized charges between the companies until the next rate proceeding.

During discussion, Speaker 4 asked for clarification because the secretary’s description initially referenced quarterly reporting for one part of the requirement and Speaker 4 believed that particular filing should be annual. Speakers 1, 2 and 3 confirmed there are two distinct filing requirements: (1) annual filings for billing true-ups to actual costs, and (2) continued quarterly compliance filings showing itemized charges and consistent application of the amended agreement.

The commission’s action denies approval of the agreement as filed and establishes both annual and quarterly reporting conditions tied to Consolidated’s next rate case. The transcript records the motion and the commission’s unanimous "Aye" vote; individual roll-call vote tallies by commissioner were not provided in the record.

Next procedural steps were not specified in the meeting record beyond the filing requirements imposed in the commission’s minute and the scheduling of the next open meeting on Dec. 4, 2025.