Common use of Delivery Charge Clause in Contracts

Delivery Charge. 422 PSNH’s next general distribution rate case may not have rates that take effect prior to 423 July 1, 2017. PSNH shall be entitled to adjust distribution rates on July 1, 2015 to recognize 424 the end of the overearnings refund required by Commission Order No. 25,682, and as 425 necessary to implement the Distribution Reliability Funding, Storm Funding, and Exogenous 426 Events provisions set forth above. 427 IV. DIVESTITURE 428 A. General 429 For the economic benefit of customers, the Commission and PSNH shall expeditiously 430 pursue divestiture of PSNH’s owned generation fleet upon the later of the enactment of the 431 legislation contained in Appendix A hereto and final Commission approval of the settlement 432 agreement reflecting the provisions of this Agreement. This divestiture will take place 433 through several processes including the sale of its existing power generation facilities at 434 auction. The goals of the asset auctions are to maximize the net Total Transaction Value 435 (“TTV”), which reflects all of the cash and non-cash elements of the transaction(s), realized 436 from the sale(s) in order to minimize Stranded Costs, to provide a market-based determination 437 of Stranded Costs, and to establish a competitive energy market, while at the same time 438 providing certain employee and host community protections as set forth herein. 439 The Commission shall have administrative oversight of the auction process and bid 440 selection, including such direction and control as it deems necessary. Affiliates or 441 subsidiaries of Eversource may not bid on PSNH’s generating assets. The Commission shall 442 select and supervise an auction advisor to conduct the auction process. The costs of the 443 auction advisor shall be netted against the auction proceeds. 444 All purchaser(s) of PSNH’s generation assets shall be required to keep the acquired 445 plants in service for a minimum of eighteen months from the date of the financial closing on 446 the purchase of the plant by the new owner. 447 The provisions of the existing Collective Bargaining Agreement (CBA) between 448 PSNH and Local 1837 of The International Brotherhood of Electrical Workers governing the 449 “Generation Group,” as modified by the Memorandum of Agreement set forth in Appendix B, 450 shall remain in effect and be binding upon PSNH and the purchaser(s) of the existing 451 generating assets for the term of the CBA. 452 PSNH shall engage an expert consultant regarding typical divestiture processes and 453 submit testimony from that expert as part of the Commission’s proceeding to review this 454 Agreement. The costs of such expert shall be recovered by PSNH via its Default Service 455 charge until a financing order is issued. The other Settling Parties may also submit testimony 456 regarding divestiture processes.