23 CAR § 456-106. Recordkeeping requirements

Each gas utility is required to maintain records for any hedging programs it chooses to utilize that document the following: (1) The overall risk management plan, including the utility-specific goals and guidelines as more fully described in 23 CAR §§ 456-104 and 456-105; (2) A policy and procedures manual; (3) Corporate, including management and board of directors, reporting, monitoring, and tracking requirements; (4)(A) An evaluation mechanism to measure hedging program performance. (B) Documentation shall include, but is not limited to: (i) Price forecasts and quantitative analyses for the selected supply mix of gas in storage; (ii) Physical contracts; and (iii) Financial instruments in its portfolio relative to a published index or a referenced mix with no hedging; and (5) Accounting information to determine: (A) The fees, gains, and losses associated with the hedging program; and (B) The FAS and Internal Revenue Service accounting treatment for hedging transactions.