Utility Service Providers will make transfers to the Compliance Sub-Account to mirror and support their annual compliance filing with the Commission. Credits in this sub-account will remain in Active status until the Compliance Sub-Account has been reviewed and approved by the Commission.
Note: A Michigan Utility Service Provider is the only type of Account that can Retire Credits for compliance with PA295. However, other account types can make Voluntary Retirements
The MIRECS Administrator is not responsible for ensuring that Account Holders retire Credits when appropriate.
Compliance Sub-Accounts are automatically created annually in MIRECS and a separate Compliance Sub-Account will be created for each compliance year.
Following the creation of the Compliance Sub-Account, Utility Service Providers can proceed to transfer Credits to the Compliance Sub-Account(s). Credits can be transferred into the Compliance Sub-Account and from the Compliance Sub-Account to other Sub-Accounts until the Account is ‘submitted’ to the Commission (see #4 below).
The exception to this is for Credits for which PA 295 eligibility expires prior to submission of the Compliance Sub-Account. For these Credits, the following applies:
- The Credits must be transferred to the Compliance Sub-Account prior to the expiration of the PA 295 eligibility.
- The Credits can only be transferred to a Compliance Sub-Account for Compliance Year that is equal to or prior to the year in which the PA 295 eligibility will expire.
- If the Credits are in the Compliance Sub-Account before the PA 295 eligibility expires, they will retain the eligibility for the specific Compliance Year.
- After the expiration date has been passed the Credits can no longer be transferred to or from aComplianceSub-Account.
Additional articles relating to Compliance can be found in the Compliance Section of the MIRECS User Guide.
- Compliance Report
- MPSC Review of Compliance Filing
- MIRECS Compliance Reporting and Transferring Certificates to a Compliance Sub-Account