TITLE 16.ECONOMIC REGULATION

Part 1. RAILROAD COMMISSION OF TEXAS

Chapter 3. OIL AND GAS DIVISION

16 TAC §3.80

The Railroad Commission of Texas proposes to amend §3.80, relating to Commission Forms, Applications and Filing Requirements, to add three new Railroad Commission Oil and Gas Division Forms to Table 1. The new forms are Form OW-1, entitled "Application for Authority to Conduct a Surface Inspection of Orphaned Oil or Gas Wells"; Form OW-2, entitled "Application for Certificate of Designation as the Operator of Orphaned Oil or Gas Wells"; and Form OW-3, entitled "Application for Payment for Reactivating or Plugging an Orphaned Oil or Gas Well." The Commission also proposes to delete from Table 1 the entries for Forms P-1 and P-2, Producer's Monthly Report of Oil Wells and Producer's Monthly Report of Gas Wells, respectively.

The Commission has designed the proposed new forms proposed to be added to Table 1 of §3.80(a) to meet the requirements established by those sections of House Bill (HB) 2161, enacted by the 79th Texas Legislature (Regular Session, 2005), relating to the Orphan Well Reduction Program and plugging of orphaned wells by surface estate owners. HB 2161, among other things, added to Chapter 89 of the Texas Natural Resources Code a new §89.047, relating to the Orphaned Well Reduction Program. This new section includes procedures, requirements, and incentives for a person to assume operatorship and regulatory responsibility for orphaned oil or gas wells. The new statutory provision requires that the Commission establish a program to allow approval of applications for authorization that would allow an operator to perform an inspection of a well site for consideration of assuming operatorship of an orphan well, to provide for payments from the state's Oil-Field Cleanup Fund (OFCUF) to "adopters" of orphaned wells, and to provide for the certification of a well as "orphan" for the purpose of a severance tax exemption and exemption from Oil-Field Cleanup Regulatory fees on production from "adopted" orphaned wells. This program became effective on January 1, 2006.

HB 2161 also added to Chapter 89 of the Texas Natural Resources Code new §89.048, which authorizes the Commission to reimburse from the Oil-Field Cleanup Fund a portion of costs incurred by surface estate owners who plug orphaned wells on their property. This new section also became effective on January 1, 2006.

New §89.048 of the Texas Natural Resources Code defines an "orphaned well" as a well for which the Commission has issued a permit, for which production of oil or gas or another activity under Commission jurisdiction has not been reported to the Commission for the preceding 12 months, and whose operator's Commission-approved P-5 Organizational Report has lapsed.

The Commission proposes new Form OW-1, Application for Authority to Conduct a Surface Inspection of Orphaned Oil or Gas Wells, which is designed to ensure that the eligibility and other requirements of Texas Natural Resources Code, §89.047(b), (c), (d), and (e) are met. The Commission proposes that a person considering assumption of operatorship and regulatory responsibility for orphaned wells would file Form OW-1 and any required attachments in order to nominate the wells and apply for authority to conduct a surface inspection to determine whether he/she wishes to be designated as the operator of the wells. Proposed Form OW-1 would require that the applicant and the wells proposed for nomination meet the eligibility and other requirements of §89.047. If the wells have not been nominated already and the operator applying for well nomination meets all eligibility requirements, the Commission would accept the nomination and issue confirmation of authority to conduct a surface inspection of the nominated wells. The authority would expire 30 calendar days from the date of Commission approval. Statutory conditions of the authority include compliance with certain notice requirements and limitations of this authority. At least three days before the date of the surface inspection, the applicant must deliver written notice to the owner of record of the surface estate and any occupant of the tract on which the well is located.

The Commission proposes also to request that such notice be given to the appropriate Commission District Office. As required by Texas Natural Resources Code, §89.047(d), Form OW-1 states that the notice must include a copy of Commission-approved confirmation of authority to conduct a surface inspection; identify the orphaned wells; state the name, address, and telephone number of the operator; state the date the person intends to conduct the surface inspection; state the name of at least one representative of the person who will participate in the surface inspection; and state that the person intends to inspect the orphaned well in accordance with this section for the purpose of assessing the current status and viability of the well. These requirements would be satisfied by providing a copy of the completed and approved Form OW-1.

Proposed Form OW-1 also advises of the statutory limits placed by Texas Natural Resources Code, §89.047(e), on the authority to conduct a surface inspection. In conducting a surface inspection of the orphaned wells, the person may visually inspect the wells and all related equipment, tanks, and other facilities and may conduct noninvasive testing such as using a gauge to determine the pressure present at the wellhead but may not produce oil or gas from the wells, reenter the wells, pull tubing from or perform any other type of downhole work on the wells, conduct a salvage operation on the wells, or remove any tangible item from the well site or lease.

The Commission also proposes to include on Form OW-1 a notice to the applicant that issuance of the Confirmation to Conduct a Surface Inspection of Orphaned Wells does not guarantee that the Commission will designate the applicant as the operator of the referenced wells nor will it prevent transfer of the wells to an operator who has a good faith claim. The Commission must process any request for lease or well transfer (Form P-4) as those requests are received.

If after 30 days from the date of Commission approval of the authority to conduct a surface inspection or if after conducting the surface inspection the operator does not wish to be designated as the operator of the wells, the wells again would become eligible for nomination by another operator.

If an operator wishes to be designated as the operator of orphaned oil or gas wells under the Orphaned Well Reduction Program B whether or not the operator wishes to conduct a surface inspection of the orphaned wells B the operator must meet certain eligibility requirements and submit certain information and forms to the Commission. In order to be designated as the operator of orphaned wells under the Orphaned Well Reduction Program, the operator must be an operator in good standing and must have sufficient financial security in accordance with §3.78, relating to Fees and Financial Security Requirements) to cover the well or wells for which he wishes to be designated as operator. An operator in good standing is an operator who has a Commission-approved organization report; is the designated operator of at least one well within the Commission's jurisdiction; has filed with the Commission under Texas Natural Resources Code, §91.104, a bond, letter of credit, or cash deposit in an amount sufficient to qualify to operate one or more wells; and is not the subject of a Commission or court order regarding a violation of a Commission rule with which the operator has not complied or a complaint that has been docketed by the Commission alleging a violation of a Commission rule. In addition, if the well is subject to a Commission Final Order requiring plugging, the Commission must first conduct a hearing and enter a superceding order before the operator can be designated as the operator of the well.

If the operator meets all of the eligibility requirements, the operator may apply to the Commission for a Certificate of Designation as the Operator of Orphaned Oil or Gas Wells. The Commission proposes new Form OW-2, Application for Certificate of Designation as the Operator of Orphaned Oil or Gas Wells, for this purpose. The Form OW-2 must be accompanied by a completed and signed Form P-4, Producer's Transportation Authority and Certificate of Compliance, in accordance with §3.58, relating to Oil, Gas, or Geothermal Resource Operator's Reports; if necessary, a completed and signed Form P-6, Request for Permission to Consolidate/Subdivide Leases, if the operator is not requesting designation as the operator of all wells on a lease; a factually supported claim based on a recognized legal theory to a continuing possessory right in the mineral estate accessed by the well, such as evidence of a current oil and gas lease or a recorded deed conveying a fee interest in the mineral estate; and a non-refundable fee in the amount of $250 for each well for which the operator wishes to be designated as the operator.

If all requirements were met, the Commission would issue the Certificate of Designation as Operator of an Orphaned Well, in accordance with Texas Natural Resources Code, §89.047, by approving the Form OW-2.

An operator adopting orphaned wells from January 1, 2006, to December 31, 2007, may be eligible to receive certain benefits, such as a payment from the Oil-Field Cleanup Fund and/or an exemption from severance taxes (Tax Code, §202.060) and Oil-Field Cleanup Regulatory fees (Texas Natural Resources Code, §§81.116 and 81.117) on future oil or gas production from the wells.

An operator who is designated as the operator of an orphaned oil or gas well (an operator who has received a Commission-approved Certificate of Designation as Operator of an Orphaned Well, in accordance with Texas Natural Resources Code, §89.047) may be entitled to a severance tax exemption. HB 2161 amended Chapter 202 of the Tax Code to provide a severance tax exemption from oil or gas produced from a reactivated orphaned well under the Orphaned Well Reduction Program.

The person responsible for paying the tax must apply to the Comptroller of Public Accounts (Comptroller). The statutes require that an application for a severance tax exemption include a copy of the certificate of designation as the operator of an orphaned well issued by the Commission and require that the Comptroller approve the application if the person demonstrates that the hydrocarbon production is eligible. The Comptroller may require a person applying for the tax exemption to provide any relevant information necessary and may establish procedures to comply with the new law. The exemption takes effect on the first day of the month following the month in which the Comptroller approves the application. Because the exemption is non-transferable, if the person to whom this certificate is issued ceases to be the operator of the well as shown by Commission records, the Commission will notify the Comptroller and the exemption will expire on the date the Comptroller receives the notice.

In addition, an operator who is designated as the operator of an orphaned oil or gas well (an operator who has received a Commission-approved Certificate of Designation as Operator of an Orphaned Well, in accordance with Texas Natural Resources Code, §89.047) may be entitled to a payment of $0.50 per foot of well depth if the operator plugs the well or reactivates the well. If the operator and the well meet the eligibility requirements, the operator may apply for payment. A well is considered to be in continuous active operation for purposes of payment if: (1) the well is a producing well (a well classified by the Commission as an oil or gas well in accordance with Commission rules) and the well has produced at least 10 barrels of oil or 100 mcf of gas per month for at least three consecutive months as shown in Commission records and as authorized by a permit issued by the Commission; or (2) the well is a service well and the well has been used for the disposal or injection of oil and gas wastes or another purpose related to the production of oil or gas for at least three consecutive months as shown in Commission records and as authorized by a permit issued by the Commission. The statutes define a "Service well" as a well for which the Commission has issued a permit that is not a producing well, including an injection, disposal, or brine mining well.

The Commission proposes that a designated operator wishing to apply for the payment authorized under Texas Natural Resources Code, §89.047, would file with the Commission's Field Operations Section a completed and signed Form OW-3, Application for Payment for Reactivating or Plugging an Orphaned Oil or Gas Well, and any required attachments, including a copy of the Commission-approved certificate of designation as the operator of an orphaned well; and, if the well was plugged, Form W-3 (Plugging Record); if the well was produced, signed documentation proving that the well produced at least 10 barrels of oil or 100 mcf of gas per month for at least three consecutive months; or if the well was used as a service well, a copy of the injection/disposal/other well permit, a copy of the completion report, and signed documentation proving that the well was used as an injection or disposal or other service well for a period of at least three consecutive months.

In accordance with Texas Natural Resources Code, §89.047, the operator must be designated as the operator of the orphaned well on or after January 1, 2006, and on or before December 31, 2007, in order to be entitled to receive the payment under the Orphan Well Reduction Program. In addition, the statutes require that the Commission make payments to operators in the same order the Commission determines the operators to be entitled to the payments. Further, the aggregate amount of such payments in a state Fiscal Year (September 1 through August 31) may not exceed $500,000. And, as mentioned before, the payment is nontransferable; therefore, the Commission may make the payment only to the operator who was designated as the operator of the orphaned well. Finally, an operator may not receive more than one payment under that subsection for the same well or cumulative payments in an amount that exceeds the amount of the bond, letter of credit, or cash deposit the operator has filed with the Commission under Texas Natural Resources Code, §91.104.

HB 2161 also provides for civil penalties for filing a false application for the purpose of receiving a tax exemption and provides the Attorney General with the authority to recover a penalty.

As noted, HB 2161 also added to Chapter 89 of the Texas Natural Resources Code new §89.048, which authorizes reimbursement of a portion of the costs incurred by a surface estate owner for plugging or orphaned wells. The Commission proposes that a surface estate owner complete and file proposed new Form OW-3, Application for Payment for Reactivating or Plugging an Orphaned Oil or Gas Well, when applying for such reimbursement.

New Texas Natural Resources Code, §89.048, authorizes the Commission to reimburse the owner for the cost of plugging an orphaned well on the surface owner's property in an amount not to exceed 50 percent of the lesser of actual costs or the average cost incurred by Commission in the preceding 24 months in plugging similar wells. The new section authorizes the Commission to make such payments from the Oil-Field Cleanup Fund (OFCUF). Under Texas Natural Resources Code, §89.048, the surface estate owner must contract with a Commission-approved well plugger to plug an orphaned well on his/her property. The well plugger under contract must mail to the operator of record at least 30 days before plugging operations a notice of its intent to plug, assume responsibility for the physical operation and control of the well (file a one-signature Form P-4, Producer's Transportation Authority and Certificate of Compliance), file financial security to cover the well, and plug the well in compliance with Commission rules. Upon successful plugging of the well by the well plugger, the surface estate owner would submit to the Commission a completed and signed Form OW-3 and documentation of the plugging costs. The Commission would then reimburse the surface estate owner from the OFCUF for the lesser of 50 percent of the documented well-plugging costs or the average Commission costs for plugging a similar well in the same general area within the preceding 24 months.

The Commission also proposes to delete from Table 1 the entries for Forms P-1 and P-2, Producer's Monthly Report of Oil Wells and Producer's Monthly Report of Gas Wells, respectively. These forms were replaced by Form PR, Monthly Production Report, on February 11, 2005.

Leslie Savage, Oil and Gas Division planner, has determined that for each year of the first five years the amendments as proposed would be in effect, there will be fiscal implications for the state. The Orphaned Well Reduction Program became effective on January 1, 2006. Only those orphaned wells that are adopted between January 1, 2006, and December 31, 2007, are eligible for payments from the OFCUF and exemptions from severance tax and OFCUF regulatory fees on production. The law limits Commission payments to such operators from the OFCUF to $500,000, in the aggregate, per fiscal year.

The Orphaned Well Reduction Program will result in a maximum cost to the OFCUF (Fund 145) of $500,000 for each fiscal year from Fiscal Year 2006 through Fiscal Year 2010. The Commission estimates the cost to modify its computer systems to track any change of ownership of "adopted" wells to be approximately $21,300 in FY 2006. The $250 per well fee to adopt an orphaned well will offset those costs, as will the potential reduction in liability to the state's OFCUF. In addition, the Commission believes that the bill would result in a positive fiscal impact to the State associated with the increased production, but staff is unable to estimate this impact.

In Fiscal Year 2004, 743 wells were taken over by a new operator for which the P-5 Organization Report was delinquent for one year or longer. However, the new statutory provisions limit the maximum "pay-out" to operators who adopt orphan wells to $500,000, in the aggregate, per fiscal year. That maximum of $500,000 would cover 1,000,000 feet of well depth at $0.50 per foot. Assuming that the Commission's average plugging cost is about $3.00 per foot, the liability removed from the OFCUF would be $2.50/foot ($3.00 - $0.50), on the condition that the wells are put back in operations or plugged within three years. Although the Commission would pay out a maximum of $500,000 each fiscal year from the OFCUF, the liability to the OFCUF could be reduced by a maximum of $2,500,000 each fiscal year as a result of HB 2161. The average depth of all orphaned wells is 2841 feet. Using the 1,000,000-foot number noted above, up to 352 wells could be taken out of the orphaned well population annually.

There will be no fiscal implications for local governments.

Ms. Savage has estimated that the cost of compliance with the proposed amendments to §3.80 for individuals, small businesses, or micro-businesses will be negligible. Participation in the program is voluntary; nothing in the statutes requires an operator to take over wells under the Orphaned Well Reduction Program, so the cost to any one operator of taking over an orphaned well would not increase. Furthermore, the costs that would be born by any operator who wishes to "adopt" an orphaned well under the Program would be offset by the benefits available through the Program.

Texas Government Code, §2006.002, requires a state agency considering adoption of a rule that would have an adverse economic effect on small businesses or micro-businesses to reduce the effect if doing so is legal and feasible considering the purpose of the statutes under which the rule is to be adopted. Before adopting a rule that would have an adverse economic effect on small businesses or micro-businesses, a state agency must prepare a statement of the effect of the rule on small businesses and micro-businesses. This statement must include an analysis of the cost of compliance with the rule for small businesses and micro-businesses and a comparison of that cost with the cost of compliance for the largest businesses affected by the rule, using cost for each employee, cost for each hour of labor, or cost for each $100 of sales.

Because entities required to file an organization report and affiliates of such entities performing operations within the jurisdiction of the Commission are not required to make filings with the Commission reporting number of employees, labor costs, amount of sales, or gross receipts, the Commission cannot determine whether a particular entity required to comply with the proposed amendments to §3.80 may be a small business or a micro-business. However, the Commission has determined that it is likely that some operators would meet the definitions of these terms in Texas Government Code, §2006.001. The Commission assumes further that, during a given year, at least one entity desiring to adopt an orphaned well under the Orphaned Well Reduction Program would be an individual, small business, or micro-business. Application under the Orphaned Well Reduction Program, including filing of proposed Form OW-1, Form OW-2, Form OW-3 and required attachments is discretionary and, therefore, involve no additional costs. Furthermore, the requirements, prerequisites, and fees for receiving authority to conduct a surface inspection, designation as the operator of an orphaned oil or gas well, and payment for eligible adopted orphaned wells are the same requirements imposed by statute. The Commission has no discretion to change such requirements.

The Commission believes that adoption of proposed Forms OW-1, OW-2, and OW-3 would aid operators wishing to reap the benefits available under the Orphaned Well Reduction Program by clarifying the requirements, thereby reducing the possible compliance costs.

For the purpose of making the comparison required by Texas Government Code, §2006.002(c), the Commission assumes that, during a given year, at least one entity applying for authority to conduct a surface inspection of orphaned oil or gas wells by filing Form OW-1 with the Commission in accordance with §3.80 would be an individual, small business, or micro-business and that the that the cost of writing, typing, copying, and mailing the Form OW-1 and attachments would be $50. Therefore, the cost of complying with §3.80, as amended, would be $50 per employee if the entity has one employee, $2.50 if the entity has 20 employees, and $0.50 per employee if the entity has 99 employees. Comparable cost per employee of electronic filing for the largest businesses affected by the proposed amendment would be $0.10 for an employer of 500 persons and $0.05 for an employer of $1,000 persons.

Ms. Savage also has determined that for each year of the first five years that the amendments would be in effect, the primary public benefit would be increased production or other activities that support production for those orphaned wells that are reactivated and a reduction in the possibility of pollution of surface or subsurface water for those orphaned wells that are plugged.

Comments on the proposal may be submitted to Rules Coordinator, Office of General Counsel, Railroad Commission of Texas, P.O. Box 12967, Austin, Texas 78711-2967; online at www.rrc.state.tx.us/rules/commentform.html; or by electronic mail to rulescoordinator@rrc.state.tx.us. The Commission specifically requests comments and information on the proposed form changes that are part of this rulemaking. The Commission will accept comments for 30 days after publication in the Texas Register , and encourages all interested persons to submit comments no later than the deadline. The Commission cannot guarantee that comments submitted after the deadline will be considered. For further information, call Ms. Savage (512) 463-7308. The status of Commission rulemakings in progress is available at www.rrc.state.tx.us/rules/proposed.html.

The Commission proposes the amendments to §3.80 pursuant to Texas Natural Resources Code, §81.051 and §81.052, which give the Commission jurisdiction over all persons owning or engaged in drilling or operating oil or gas wells in Texas and the authority to adopt all necessary rules for governing and regulating persons and their operations under Commission jurisdiction; and Texas Natural Resources Code, §§89.047 and 89.048, which establish the Orphaned Well Reduction Program, and which, with Texas Natural Resources Code, §91.112, authorize the Commission to make payments to surface estate owners who plug orphaned oil or gas wells on their property.

Statutory authority: Texas Natural Resources Code, §§81.051, 81.052, 89.047, 89.048, and 91.112.

Cross-reference to statute: Texas Natural Resources Code, §§81.051, 81.052, 89.047, 89.048, and 91.112.

Issued in Austin, Texas on January 10, 2006.

§3.80.Commission Oil and Gas Forms, Applications, and Filing Requirements.

(a) Forms. Forms required to be filed at the Commission shall be those prescribed by the Commission as listed in Table 1 of this subsection. A complete set of all Commission forms listed on Table 1 required to be filed at the Commission shall be kept by the Commission secretary and posted on the Commission's web site. Notice of any new or amended forms shall be issued by the Commission. For any required or discretionary filing, an organization may either file the prescribed form on paper or use any electronic filing process in accordance with subsections (e) or (f) of this section, as applicable. The Commission may at its discretion accept an earlier version of a prescribed form, provided that it contains all required information and meets the requirements of subsection (e)(3) of this section.

Figure: 16 TAC §3.80(a)

(b) - (f) (No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on January 10, 2006.

TRD-200600144

Mary Ross McDonald

Managing Director

Railroad Commission of Texas

Earliest possible date of adoption: February 26, 2006

For further information, please call: (512) 475-1295


Part 2. PUBLIC UTILITY COMMISSION OF TEXAS

Chapter 25. SUBSTANTIVE RULES APPLICABLE TO ELECTRIC SERVICE PROVIDERS

Subchapter J. COSTS, RATES AND TARIFFS

2. RECOVERY OF STRANDED COSTS

16 TAC §25.263

The Public Utility Commission of Texas (commission) proposes an amendment to §25.263, relating to True-Up Proceeding. The proposed amendment will implement the provisions of Public Utility Regulatory Act (PURA) §39.262, which sets forth the requirements for the final true-up of stranded costs. This rule is a competition rule subject to judicial review as specified in PURA §39.001(e). Project Number 32008 is assigned to this proceeding.

The commission proposes to amend §25.263 by modifying subsection (l)(3), which establishes the interest rate used to determine carrying costs on a utility's unsecuritized true-up balance. The proposed amendment changes the interest rate from the utility's cost of capital established in the utility's unbundled cost-of-service proceeding to the utility's most recently authorized or reported cost of debt. Additionally, the commission proposes to delete subsection (d)(1), which establishes the schedule by which companies were to file their true-up applications. Subsection (d)(1) is no longer needed because the filing dates listed therein have passed.

Darryl Tietjen, Director of the Financial Review Section of the Electric Industry Oversight Division, has determined that for each year of the first five-year period the proposed section is in effect, there will be no fiscal implications for state or local government as a result of enforcing or administering the section.

Mr. Tietjen has also determined that for each year of the first five years the proposed section is in effect, the public benefit anticipated as a result of enforcing the section will be a more accurate alignment of the risks borne by the utilities in recovering from retail customers the unsecuritized true-up balances and interest charges on those balances, which are included in rates for electric delivery service. There will be no adverse economic effects on small businesses or micro-businesses as a result of enforcing this section. There is no anticipated economic cost for persons who are required to comply with the section as proposed.

Mr. Tietjen has also determined that for each year of the first five years the proposed section is in effect, there should be no effect on a local economy, and therefore no local employment impact statement is required under Administrative Procedure Act §2001.022.

The commission Staff will conduct a public hearing on this rulemaking under the Administrative Procedure Act, Texas Government Code §2001.029 at the commission's offices, located in the William B. Travis Building, 1701 North Congress Avenue, Austin, Texas, 78701, on Wednesday, March 1, 2006, at 10:00 a.m.

Comments on the proposed amendment (16 copies) may be submitted to the Filing Clerk, Public Utility Commission of Texas, 1701 North Congress Avenue, P.O. Box 13326, Austin, Texas 78711-3326, within 30 days after publication. Reply comments may be filed no later than 45 days after publication. All comments should refer to Project Number 32008.

This amendment is proposed under the Public Utility Regulatory Act, Texas Utilities Code Annotated §14.002 (Vernon 1998 & Supplement 2005) (PURA), which provides the Public Utility Commission with the authority to make and enforce rules reasonably required in the exercise of its powers and jurisdiction; and specifically, PURA §39.252, which addresses a utility's right to recover stranded costs, and PURA §39.262, which requires the commission to conduct a true-up proceeding for each investor-owned electric utility after the introduction of customer choice and which prohibits over-recovery of stranded costs.

Cross Reference to Statutes: Public Utility Regulatory Act §§14.002, 39.252 and 39.262.

§25.263.True-up Proceeding.

(a) - (c) (No change.)

(d) Obligation to file a true-up proceeding.

(1) Each TDU, its APGC, and its AREP shall jointly file a true-up application pursuant to subsection (e)[ of this section according to the following schedule ].

[ (A)] [ Texas-New Mexico Power Company and First Choice Power, Inc.--not earlier than January 12, 2004, and not later than ten days thereafter; ]

[ (B)] [ TXU SESCO Energy Services Company--not earlier than January 12, 2004, and not later than ten days thereafter; ]

[ (C) Centerpoint Energy Houston, LLC, Reliant Energy Retail Service, LLC, and Texas Genco, LP--not earlier than March 31, 2004, and not later than ten days thereafter; ]

[ (D) AEP Texas North Company and Mutual Energy WTU, LP--not earlier than May 28, 2004, and not later than ten days thereafter; ]

[ (E) AEP Texas Central Company and Mutual Energy CPL, LP--the later of September 3, 2004, or 60 days following completion of the sale of its generation assets. ]

[ (F) Notwithstanding the schedule in subparagraphs (A) - (E) of this paragraph, the commission may allow a company, upon a showing of good cause, to file its true-up application on a different date. ]

(2) - (3) (No change.)

(e) - (k) (No change.)

(l) TDU/APGC True-up balance.

(1) - (2) (No change.)

(3) The TDU shall be allowed to recover, or shall be liable for, carrying costs on the true-up balance. This provision shall apply to all amounts the commission has authorized to be collected under this section that have not been securitized. Carrying costs on the unrecovered true-up balance shall be calculated from January 1, 2002, until the true-up balance is fully recovered, and shall be established as provided in this subsection. Carrying costs shall be calculated using an interest rate based on the utility's cost of debt. [ Carrying costs shall be calculated using the utility's cost of capital established in the utility's UCOS proceeding, and shall be calculated for the period of time from the date of the true-up final order until fully recovered. ]

(A) If, prior to the effective date of this rule the commission has entered in a true-up proceeding a final order establishing carrying costs on the TDU's unsecuritized balance, the TDU shall file an application to adjust the carrying costs on a prospective basis in conformance with this paragraph within 30 days of the effective date of this paragraph. The establishment of the cost of debt shall be based upon one of the following methods:

(i) The cost of debt as determined in a final commission order, provided that the order was entered within three years of the effective date of this rule, for a rate proceeding in which the TDU's cost of debt was 1) explicitly addressed, or 2) can be determined based upon the order's authorized weighted-average cost of capital (overall rate of return on invested capital), proportions of debt and equity, and allowed return on equity; or

(ii) If the commission, within three years of the effective date of this rule, has not entered a final order in a rate proceeding that addresses the TDU's cost of debt, the utility's cost of debt shall be based upon the cost of debt reported in the utility's most recent Earnings Monitoring Report filed pursuant to §25.73 of this title (relating to Financial and Operating Reports), adjusted for known and measurable changes.

(B) If, prior to the effective date of this rule the commission has not entered in a true-up proceeding a final order establishing carrying costs on the TDU's unsecuritized balance, the TDU's carrying costs from January 1, 2002 forward shall be established in a proceeding under subsection (n) of this section. The cost of debt shall be determined according to the provisions of subparagraph (A)(i) - (ii) of this paragraph.

(C) In each subsequent rate case for the TDU, the calculation of carrying costs on the TDU's unsecuritized true-up balance shall be reviewed and adjusted to reflect changes in the TDU's cost of debt.

(m) - (n) (No change.)

This agency hereby certifies that the proposal has been reviewed by legal counsel and found to be within the agency's legal authority to adopt.

Filed with the Office of the Secretary of State on January 12, 2006.

TRD-200600203

Adriana A. Gonzales

Rules Coordinator

Public Utility Commission of Texas

Earliest possible date of adoption: February 26, 2006

For further information, please call: (512) 936-7223