Nuclear Decommissioning Trust Advisory and Oversight
UHY LLP has played an integral role in the oversight of nuclear decommissioning trusts including:
- Coordinating key internal and external players: fund managers, trustees, regulators, treasury, tax, legal, engineering and executive management.
- Preparing, maintaining, and analyzing the nuclear decommissioning trust forecasting model
- Reviewing and recommending tax planning strategies including trust fund and corporate objectives and opportunities.
UHY LLP Utility group provides valuable consulting in the areas of Federal and State Tax expertise. The achievements in this group focus on tax opportunities that yield the highest value in tax refunds and minimization of tax expense. This group has generated millions of dollars of tax refunds/adjustments that would not have otherwise benefited the client.
- Complete Decommissioning Tax optimization from an financial, tax and trust investment perspectives
- Full planning and value for the provisions of 468A
- ISFSI Tax planning, treatment and optimization
Utility Rate Case Support
Our service offerings include:
- Rate filings
- Written and oral expert testimony
- Cost of service schedules
- Financial forecast models to support revenue requirements
- Tax schedules
- Net unit investment
- Testimony exhibits
- Rate case intervention request support.
The testimony and support provided has included testimony and modeling for both operating and decommissioning utilities. Our team has testified at the FERC and has worked with intervening parties in settlement discussions.
UHY LLP outsourced Utility Service team members have been supporting utility clients for over 20 years. The services are vast and include:
- Controllership duties
- Full scope management of financial functions including accounts payable, accounts receivable, payroll, general ledger, fixed asset financials; cost of service billings; procedure compliance; internal and external financial reporting and internal audit management.
- Nuclear Fuel cycle documentation by fuel cycle load batch and bundle. Spent nuclear fuel documentation.
- Treasurer duties
- Full scope cash management duties, trust oversight, investment oversight and reporting.
- Corporate Tax
- Federal and State Taxes, estimated tax payments, corporate income tax returns, and tax reporting, tax compliance and SFAS 109 tax accounting.
- Sales and Use Tax expertise in claiming/reporting sales taxable items, internal audit support and compliance issues. We have successfully initiated and settled refund claims/abatement requests in the millions for utility clients.
- Tax planning and forecasting, refund requests, earnings and profit studies.
- Expert Testimony provided before the IRS and Department of Justice.
- Property tax support and compliance.
- Insurance Administration
- Work directly with insurance consultants/providers.
- Establish and manage schedule for all renewal applications.
- Ensure timely payments of all premiums due.
- Provide long term insurance cost estimates ensuring attention to current market conditions and collaboration with insurance brokers.
- Benefits Administration
- Complete benefit plan administration (401(k), Pension, Employee Welfare Plans, PBOPs, etc.) including benefit plan compliance, employee and retiree benefit support.
- Full scope open enrollment support.
- Initiate and complete all benefit plan provider payments.
- Coordination and support for annual benefit audits and 5500 reporting for all qualified plans.
- Support and implementation of Medicare Part D.
- Regulatory Compliance Reporting
- NRC Financial Assurance, 10 CFR 50.75
- FERC Reporting including:
- FERC Form I
- FERC Decommissioning Trust reporting, 18 CFR Section 35.33(d)
- State Utility Commission reporting
- SEC reporting
UHY LLP Utility Service team members have provided company expert testimony in the Federal Court of Claims, Federal Tax court and third party vendor lawsuits.
In the Federal court of claims, the Department of Energy lawsuit was supported over a period of seven years by the UHY LLP team. This lawsuit is a contract breach by the government for lack of performance for a spent nuclear fuel repository. The DOE lack of performance has stricken the nuclear industry from having a viable spent nuclear fuel repository solution forcing many nuclear facilities to build on site ISFSIs (Independent Spent Fuel Storage Installations).
In the Federal Tax courts, the UHY LLP Utility Tax group has provided expert testimony regarding the treatment of Investment Tax Credits related to the investment in nuclear fuel and plant capital additions. As well, the utility tax group has provided expert testimony before the IRS and Department of Justice.
Third party vendor lawsuits have been supported by providing affidavits and written testimony regarding accounting and tax treatment pertaining to the specific litigation.
Dry Cask Fuel Storage
UHY LLP Utility group has become a key partner to support the implementation of wide-ranging solutions at dry fuel storage installations, including ISFSI sites. As well, the team provides key accounting, income tax, sales tax, property tax, IT and business consulting and guidance for Nuclear ISFSI implementations.