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regulated electric utility, is required to follow regulatory
accounting for financial reporting purposes.
The FERC publishes a Uniform System of Accounts (USOA) which
contains a standard set of accounts, rules, and regulations.
Florida Power, as a major electric utility, is required to follow
the USOA. The FPSC also requires Florida Power to follow the
USOA. For regulatory accounting purposes, the FERC also
publishes a list of Units of Property for Use in Accounting for
Additions and Retirements of Electric Plant (FERC list), which is
separate from the USOA. The units of property identified in the
list are referred to as retirement units. The FERC list of
retirement units may be expanded by any utility without other
authorization by the FERC, but no retirement unit may be larger
in size than those identified in the FERC list. The FERC list
may not be condensed, but a subdivision or addition of other
units is permitted.
The FPSC authorizes an expanded list of retirement units
(FPSC list) beyond those prescribed by the FERC. The FPSC has
the discretion to authorize a list of retirement units in which
the retirement units are larger in size than the corresponding
FERC retirement units. Florida Power could add retirement units
to the FPSC list or expand the size of existing retirement units,
but it had to notify the FPSC semiannually of these changes.
Increasing the size of retirement units would increase the amount
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Last modified: May 25, 2011