TITLE 20. PUBLIC UTILITIES AND TELECOMMUNICATIONS

STATE CORPORATION COMMISSION

Proposed Regulation

Title of Regulation: 20VAC5-340. Rules Governing Shared Solar Program (amending 20VAC5-340-10, 20VAC5-340-40, 20VAC5-340-60, 20VAC5-340-65).

Statutory Authority: § 12.1-13 of the Code of Virginia.

Public Hearing Information: A public hearing will be held upon request.

Public Comment Deadline: October 9, 2026.

Agency Contact: Matthew Unger, Principal Analyst, Public Utility Regulation Division, State Corporation Commission, P.O. Box 1197, Richmond, VA 23218, telephone (804) 371-9849, or email matthew.unger@scc.virginia.gov.

Summary:

Pursuant to Chapters 670, 671, 673, and 674 of the 2026 Acts of Assembly, the proposed amendments (i) increase the caps on participation by customers of Phase I and Phase II Utilities, (ii) add requirements for net crediting by customers of a Phase I Utility, and (iii) adjust subscriber organization distribution of excess bill credits to subscribers.

AT RICHMOND, AUGUST 25, 2026

COMMONWEALTH OF VIRGINIA, ex rel.

STATE CORPORATION COMMISSION

CASE NO. PUR-2026-00127

Ex Parte: In the matter of amending regulations

governing shared solar programs

ORDER ESTABLISHING PROCEEDING

The Rules Governing Shared Solar Program, 20VAC5-340-10 et seq. (Shared Solar Rules), adopted by the State Corporation Commission (Commission) pursuant to Virginia Code (Code) §§ 56-594.3 and 56-594.4, establish the requirements for customers of Virginia Electric and Power Company d/b/a Dominion Energy Virginia (Dominion) and Appalachian Power Company (APCo) to participate in shared solar projects.¹ Chapters 670, 671, 673, and 674 of the 2026 Virginia Acts of Assembly (collectively, 2026 Shared Solar Legislation) amended Code §§ 56-594.3 and 56-594.4, effective July 1, 2026. The 2026 Shared Solar Legislation modified certain statutory provisions applicable to Dominion's and APCo's shared solar programs.

NOW THE COMMISSION, upon consideration of the matter, is of the opinion and finds that a proceeding should be established to amend the Shared Solar Rules to comply with the 2026 Shared Solar Legislation.

To initiate this proceeding, the Commission Staff (Staff) has prepared proposed amendments (Proposed Amendments) to the Shared Solar Rules, which are appended to this Order. The Commission finds that notice of the Proposed Amendments should be given to the public; that interested persons should be provided an opportunity to file written comments on, propose modifications or supplements to, or request a hearing on the Proposed Amendments; and that Dominion and APCo should serve a copy of this Order upon each of their shared solar customers and registered subscriber organizations and file a certificate of service.

Accordingly, IT IS ORDERED THAT:

(1) This case is docketed and assigned Case No. PUR-2026-00127.

(2) All comments or other documents and pleadings filed in this matter shall be submitted electronically to the extent authorized by Rule 5VAC5-20-150, Copies and format, of the Commission's Rules of Practice and Procedure (Rules of Practice).² Confidential and Extraordinarily Sensitive Information shall not be submitted electronically and shall comply with Rule 5VAC5-20-170, Confidential information, of the Rules of Practice. Any person seeking to hand deliver and physically file or submit any pleading or other document shall contact the Clerk's Office Document Control Center at (804) 371-9838 to arrange the delivery.

(3) Pursuant to 5VAC5-20-140, Filing and service, of the Rules of Practice, the Commission directs that service on parties and the Staff in this matter shall be accomplished by electronic means. Concerning Confidential or Extraordinarily Sensitive Information, parties and the Staff are instructed to work together to agree upon the manner in which documents containing such information shall be served upon one another, to the extent practicable, in an electronically protected manner, even if such information is unable to be filed in the Office of the Clerk, so that no party or the Staff is impeded from preparing its case.

(4) The Commission's Office of General Counsel shall forward a copy of this Order Establishing Proceeding to the Registrar of Regulations for publication in the Virginia Register of Regulations.

(5) On or before September 11, 2026, Dominion and APCo shall serve a copy of this Order upon each of their existing shared solar customers and each of their registered subscriber organizations and shall file with the Clerk of the Commission a certificate of service no later than September 25, 2026.

(6) An electronic copy of the Proposed Amendments may be obtained by submitting a request to Matthew Unger in the Commission's Division of Public Utility Regulation at the following email address: matthew.unger@scc.virginia.gov. An electronic copy of the Proposed Amendments can also be found at the Division of Public Utility Regulation's website: scc.virginia.gov/regulated-industries/utility-regulation/pur-responsibilities/rulemaking. Interested persons may also download unofficial copies of this Order and the Proposed Amendments from the Commission's website: scc.virginia.gov/case-information.

(7) On or before October 9, 2026, any interested person may comment on, propose modifications or supplements to, or request a hearing on the Proposed Amendments following the instructions on the Commission's website: scc.virginia.gov/case-information/submit-public-comments. Those unable, as a practical matter, to submit comments electronically may file such comments by U.S. mail to the Clerk of the State Corporation Commission, c/o Document Control Center, P.O. Box 2118, Richmond, Virginia 23218-2118. All such documents shall refer to Case No. PUR-2026-00127. Individuals should be specific in their comments, proposals, or supplements to the Proposed Amendments and should address only those issues pertaining to the 2026 Shared Solar Legislation. Issues outside the scope of addressing these amendments will not be open for consideration. Any request for hearing shall state with specificity why the issues raised in the request for hearing cannot be adequately addressed in written comments. If a sufficient request for hearing is not received, the Commission may consider the matter and enter an order based upon the comments, documents or other pleadings filed in this proceeding.

(8) On or before October 30, 2026, the Staff shall file with the Clerk of the Commission a report on or a response to any comments, proposals, or requests for hearing submitted to the Commission on the Proposed Amendments.

(9) This matter is continued.

A COPY hereof shall be sent electronically by the Clerk of the Commission to all persons on the official Service List in this matter. The Service List is available from the Clerk of the Commission.

20VAC5-340-10. Applicability.

A. This chapter is promulgated pursuant to §§ 56-594.3 and 56-594.4 of the Code of Virginia. The provisions of this chapter apply to Phase I Utilities, Phase II Utilities, subscriber organizations, and subscribers. The provisions of this chapter govern the development of shared solar facilities and participation in the shared solar program.

B. For a Phase I Utility, the maximum aggregate capacity of the shared solar program shall be 50 megawatts or 6.0% of peak load, whichever is less consist of parts of aggregate capacity, in the intervals established in § 56-594.4 of the Code of Virginia.

C. For a Phase II Utility, part one the maximum aggregate capacity of the shared solar program shall be 200 megawatts. The program shall be expanded as part two by up to 150 megawatts upon a State Corporation Commission determination in response to a notification filed consistent with 20VAC5-340-40 G that at least 90% of the part one consist of parts of aggregate capacity has been subscribed and that project construction is substantially complete, in the intervals established in § 56-594.3 of the Code of Virginia. In part two of the shared solar program, no more than 51% of up to 450 megawatts aggregated capacity shall serve low-income customers and up to 75 megawatts of aggregated capacity shall be able to serve more than 51% of low-income customers.

D. Any shared solar facility may colocate on the same parcel of land as another shared solar facility only if such facilities are owned by the same entity and do not exceed an accumulative maximum capacity of 5,000 kilowatts among all such facilities. Such facilities will also be responsible for any special interconnection arrangements with the utility.

E. Customers participating in this program shall remain in the customer's present customer class but may not participate in the multi-family solar program, pursuant to Chapters 1187, 1188, 1189, and 1239 of the 2020 Acts of Assembly, or the net metering program, pursuant to 20VAC5-315, while participating in this program.

F. A Phase I Utility must file any updated tariffs, agreements, or forms necessary for implementation of the program by July 1, 2025 March 1, 2027. A Phase II Utility must file updated tariffs, agreements, or forms necessary for implementation of the program by December 1, 2025 March 1, 2027. Subscriber organizations may apply for licenses, register projects, interact with potential customers, and otherwise develop shared solar projects beginning in 2021.

G. The provisions of this chapter shall be deemed not to prohibit the Phase I Utility or Phase II Utility, in emergency situations, from taking actions it is otherwise authorized to take that are necessary to ensure public safety and reliability of the distribution system. The State Corporation Commission, upon a claim of inappropriate action or its own motion, may investigate and take such corrective actions as may be appropriate.

H. A request for a waiver of any of the provisions in this chapter shall be considered by the State Corporation Commission on a case-by-case basis and may be granted upon such terms and conditions as the State Corporation Commission may require.

20VAC5-340-40. Registration with the utility.

A. Subscriber organizations that are licensed, exempted, or granted a waiver from the commission consistent with 20VAC5-340-30 shall register each proposed shared solar facility with the utility by:

1. Providing proof of licensure, exemption, or waiver by the commission, as applicable.

2. Submitting to the utility the full name of the subscriber organization, address, and type of entity (e.g., partnership, corporation, etc.).

3. Providing the identity of the shared solar facility participating in the shared solar program, including an address of record and a copy of the executed Small Generator Interconnection Agreement or an Interconnection Service Agreement as defined by the regional transmission operator for the shared solar facility. Subscriber organizations also shall state the amount of capacity for the facility, including any percentage that will be subscribed by low-income subscribers, and provide proof that non-ministerial permits have been obtained for the shared solar facility. Subscriber organizations shall also state the facility's anticipated substantial completion date.

4. For a low-income shared solar facility, the subscriber organization shall provide a copy of its low-income subscription plan, as applicable.

5. Providing the names, telephone numbers, and email addresses of appropriate internal points of contact to address operational, business coordination, and customer account issues, and the names and addresses of their registered agents in Virginia.

6. In the event a license granted under 20VAC5-340-30 is transferred to another entity with approval from the commission, the subscriber organization must notify the utility within five business days of approval by the commission.

7. Providing reasonable financial security if required by the utility to safeguard the utility and its customers from the reasonably expected net financial impact due to the nonperformance of the subscriber organization. The amount of such financial security shall be commensurate with the level of risk assumed by the utility but shall not be greater than $50 per kilowatt (kW) alternating current. Such financial security may include a letter of credit, a deposit in an escrow account, a prepayment arrangement, a surety bond, or other arrangements that may be mutually agreed upon by the utility and the subscriber organization. Subscriber organizations deemed bona fide nonprofits shall be exempt from any security deposit or bond.

B. The utility shall provide to the subscriber organization the names, telephone numbers, and email addresses of appropriate internal points of contact to address operational, business coordination, and customer account issues.

C. The utility shall notify the subscriber organization within 30 days after the subscriber organization submits a shared solar facility registration to the utility whether the shared solar facility has been awarded capacity in the program queue or placed on a waiting list. When awarded capacity in the program queue, if required by the utility, the subscriber organization shall pay to the utility a security deposit or bond, whichever the subscriber organization chooses, in an amount determined by the utility of up to $50 per kW of alternating-current (AC) rated capacity of the shared solar facility within 10 days. Security deposits shall be held by the utility in an interest-bearing account. Deposits shall be returned in full, including interest, upon commercial operation of the shared solar facility and demonstration that the subscriber organization has satisfied its low-income subscription plan commitments.

D. Shared solar facility meter requirements. A shared solar facility must have a utility-provided meter capable of measuring output of the facility on a 30-minute interval basis.

1. The shared solar facility's meter shall not be located behind another utility customer account.

2. Costs of installation, maintenance, and reading of the meter shall be billed to the subscriber organization.

E. If a project approved January 1, 2025, or later fails to reach substantial completion within 24 months of the date the project was awarded capacity, the utility shall remove the project from the program queue unless the subscriber organization of the project provides to the utility an additional deposit of $75 per kW to maintain its position within the program queue. If, after paying the additional deposit, the project still fails to reach substantial completion within an additional nine months, the utility shall remove the project from the program queue. However, if the subscriber organization notifies the utility that the subscriber organization is prepared to proceed with the commissioning tests, as set forth in 20VAC5-314-90, or a comparable project milestone, and the utility must delay proceeding with the interconnection for reasons beyond the utility's control, the time periods in this subsection will be tolled until the utility is able to proceed with the interconnection.

If a project approved prior to January 1, 2025, fails to reach substantial completion within 36 months of the date it was awarded capacity, the utility shall remove the project from the program queue unless the subscriber organization of the project provides to the utility an additional deposit of $25 per kW to maintain its position within the program queue for an additional 12 months.

F. The utility shall maintain, on a publicly available website, a list of projects accepted into the program queue and those projects that are on the wait list. The list shall include project applicant name, project location, the alternating current capacity rating of the project, the date the application was accepted into the program queue, and either the date the project is anticipated to reach substantial completion or the date the project reached substantial completion.

1. For each accepted project in the program queue, the project list shall rank projects primarily by the date of the awarded capacity and secondarily by the date of anticipated substantial completion. Any subscriber organization with a project in the program queue shall notify the utility within 10 days of any reduction in a project's anticipated installed AC capacity or its ability to achieve the anticipated substantial completion date. The utility shall update the list within two business days of any change to the anticipated installed capacity in the program queue, and within 14 business days of any change to the date of substantial completion.

2. For each wait-listed project in the program queue, the list shall rank projects by the date the project was placed on the wait list. For a Phase I Utility's program or a Phase II Utility's program, a single project may have some portion of its capacity allocated to the utility's part one aggregate capacity and the remaining portion allocated to the utility's part two between different parts of the aggregate program capacity.

G. Once 90% of the part one aggregate capacity for a Phase II Utility has been subscribed and the related project construction is substantially complete, the Phase II Utility shall file a notification of this occurrence with the commission.

H. G. Any project on the wait list that is moved off the wait list and receives a capacity award in the program queue shall have 10 business days to make the required deposit of $50 per kW of alternating-current rated capacity to retain the project's award.

I. H. As part of its public program queue, the utility shall monitor and report the amount of capacity that has been allocated to low-income customers, which also shall be published on the utility's website. Capacity shall be released without undue delay and allocated first to projects on the wait list and, if capacity remains, to new applicants on a first-come, first-served basis following the registration requirements and process set forth in this section.

J. I. Certain shared solar program projects shall be entitled to receive incentives, as established by the Virginia Department of Energy, when they are located on rooftops, brownfields, or landfills; are dual-use agricultural facilities; or meet the definition of another category established by the Department of Energy.

20VAC5-340-60. Phase I Utility: billing and payment.

A. Subscriber organizations shall provide subscriber information to the utility as follows:

1. Subscriber organizations must provide, on a monthly basis and in a standard electronic format and pursuant to this chapter, a subscriber list indicating the kilowatt-hours of generation attributable to each of the subscribers participating in a shared solar facility in accordance with the subscriber's portion of the output of the shared solar facility.

2. Subscriber lists may be updated monthly to reflect canceling subscribers and to add new subscribers.

3. Monthly subscriber information must be provided by the fifth business day of the month.

4. Data transfer protocols for exchange of data between the subscriber organization and the utility shall be established to include:

a. Data components;

b. Data format;

c. Timing of monthly data exchanges;

d. Encryption level; and

e. Channel of data submission.

B. A subscriber organization shall separately bill the subscriber for any applicable portion may offer separate billing of the shared solar its subscription fee fees or choose to use the utility's consolidated billing service.

C. Consolidated billing will reflect net crediting, as set forth in subsection I of this section, and the utility will be the billing party to the customer.

1. Where a subscriber organization chooses to use consolidated billing, the subscriber organization's marketing materials and contracts must identify clearly that the utility may charge a net crediting fee not to exceed 1.0% of the bill credit value.

2. Where a subscriber organization chooses to use net crediting, any shared solar subscription fees charged via the net crediting model shall be set to ensure that subscribers do not pay more in subscription fees than they receive in bill credits.

3. All billing of the customer shall occur and comply with the utility's normal billing and credit cycles.

D. Credits to subscriber bills shall occur within two billing cycles following the cycle during which the energy was generated by the shared solar facility.

D. E. The utility shall, on a monthly basis and in a standardized electronic format, provide the subscriber organization a report indicating the total value of bill credits generated by the shared solar facility in the prior month, as well as the amount of the bill credit applied to each subscriber.

E. F. Except for low-income customers, failure of a subscriber to pay any regulated charges shall subject the subscriber to the same credit consequences set forth in the utility's commission-approved terms and conditions of service, including the potential requirement to post a security or disconnection of service. The utility shall provide a notice of intent to terminate service to the subscriber directly of any pending disconnection action for nonpayment, consistent with the utility's practice as found in its approved tariff and 20VAC5-330, and this notice will occur separately from the customer bill. The bill shall clearly identify the amount that must be paid and the date by which such amount must be received and provide instructions for direct payment to the utility to avoid disconnection. A subscriber may not be disconnected for nonpayment of unregulated service charges.

F. G. Bill credits.

1. Bill credits shall be for a particular calendar month, regardless of the billing period or billing cycle of the individual customer's account.

2. Bill credits shall be calculated by multiplying the subscriber's portion of the kilowatt-hour electricity production from the shared solar facility by the applicable bill credit rate for the subscriber. Any portion of a bill credit that exceeds the subscriber's monthly bill, minus the minimum bill, shall be carried over and applied to subsequent bills until the earlier of when the credit is satisfied or up to 12 months.

3. In the event that all of the electricity generated by a shared solar facility is not allocated to subscribers in a given month, a subscriber organization may accumulate bill credits. The subscriber organization shall provide the utility allocation instructions for distributing excess bill credits to subscribers on an annual basis.

4. The commission shall establish the yearly applicable bill credit rate for the subscriber's residential, commercial, or industrial rate class.

5. The utility shall provide bill credits to a shared solar facility's subscribers for not less than 25 years from the date the shared solar facility becomes commercially operational.

6. The bill credits associated with the shared solar program shall be applied through the utility's fuel factor.

G. H. Minimum bill. In a proceeding, as prescribed in 20VAC5-340-80, the commission will determine the specific costs and formula to determine the minimum bill for program participants.

H. Termination fees and credit reporting. Early termination fees and credit reporting are prohibited for any low-income customer.

I. Net crediting.

1. Net crediting functionality shall be part of any new customer information platform approved by the commission.

2. Under net crediting, the utility shall include the shared solar subscription fee on the customer's utility bill and provide the customer with a net credit equivalent to the total bill credit value for that generation period minus the shared solar subscription fee as set by the subscriber organization.

3. The net crediting fee shall not exceed 1.0% of the bill credit value.

4. Net crediting shall be optional for subscriber organizations, and any shared solar subscription fees charged via the net crediting model shall be set to ensure that subscribers do not pay more in subscription fees than they receive in bill credits.

J. Termination fees and credit reporting. Early termination fees and credit reporting are prohibited for any low-income customer.

K. Environmental attributes associated with a shared solar facility, including renewable energy certificates or RECs.

1. Any renewable energy certificates associated with a shared solar facility shall be distributed to a Phase I Utility to be retired for compliance with such Phase I Utility's renewable portfolio standard obligations pursuant to § 56-585.5 C of the Code of Virginia. Any contract between a subscriber organization and a participating customer must make clear that all RECs associated with a shared solar facility belong to the Phase I Utility only for compliance with such Phase I Utility's renewable portfolio standard obligation pursuant to § 56-585.5 C of the Code of Virginia.

2. As directed by § 56-594.4 B 7 of the Code of Virginia, mandatory distribution or transfer to the utility of the previous calendar year's RECs, ending December 31, shall take place prior to the annual report filing date for FERC Form 1 as defined in 18 CFR 141.1.

20VAC5-340-65. Phase II Utility: billing and payment.

A. Subscriber organizations shall provide subscriber information to the utility as follows:

1. Subscriber organizations must provide, on a monthly basis and in a standard electronic format and pursuant to this chapter, a subscriber list indicating the kilowatt-hours of generation attributable to each of the subscribers participating in a shared solar facility in accordance with the subscriber's portion of the output of the shared solar facility.

2. Subscriber lists may be updated monthly to reflect canceling subscribers and to add new subscribers.

3. Monthly subscriber information must be provided by the fifth business day of the month.

4. Data transfer protocols for exchange of data between the subscriber organization and the utility shall be established to include:

a. Data components;

b. Data format;

c. Timing of monthly data exchanges;

d. Encryption level; and

e. Channel of data submission.

B. A subscriber organization may offer separate billing of its subscription fees or choose to use the utility's consolidated billing service.

C. Consolidated billing will reflect net crediting, as set forth in subsection I of this section, and the utility will be the billing party to the customer.

1. Where a subscriber organization chooses to use consolidated billing, the subscriber organization's marketing materials and contracts must identify clearly that the utility may charge a net crediting fee not to exceed 1.0% of the bill credit value.

2. Where a subscriber organization chooses to use net crediting, any shared solar subscription fees charged via the net crediting model shall be set to ensure that subscribers do not pay more in subscription fees than they receive in bill credits.

3. All billing of the customer shall occur and comply with the utility's normal billing and credit cycles.

D. Credits to subscriber bills shall occur within two billing cycles following the cycle during which the energy was generated by the shared solar facility.

E. The utility shall, on a monthly basis and in a standardized electronic format, provide the subscriber organization a report indicating the total value of bill credits generated by the shared solar facility in the prior month, as well as the amount of the bill credit applied to each subscriber.

F. Failure of a subscriber to pay any regulated charges shall subject the subscriber to the same credit consequences set forth in the utility's commission-approved terms and conditions of service, including the potential requirement to post a security or disconnection of service. The utility shall provide a notice of intent to terminate service to the subscriber directly of any pending disconnection action for nonpayment consistent with the utility's practice as found in its approved tariff and 20VAC5-330, and this notice of intent to terminate service will occur separately from the customer bill. The bill shall clearly identify the amount that must be paid and the date by which such amount must be received and provide instructions for direct payment to the utility to avoid disconnection. A subscriber may not be disconnected for nonpayment of unregulated service charges. Low-income customers shall not be subject to early termination fees or credit reporting by the utility or a subscriber organization.

G. Bill credits.

1. Bill credits shall be for a particular calendar month, regardless of the billing period or billing cycle of the individual customer's account.

2. Bill credits shall be calculated by multiplying the subscriber's portion of the kilowatt-hour electricity production from the shared solar facility by the applicable bill credit rate for the subscriber. Any portion of a bill credit that exceeds the subscriber's monthly bill, minus the minimum bill, shall be carried over and applied to subsequent bills until the earlier of when the credit is satisfied or up to 12 months.

3. In the event that all of the electricity generated by a shared solar facility is not allocated to subscribers in a given month, a subscriber organization may accumulate bill credits. The subscriber organization shall provide the utility allocation instructions for distributing excess bill credits to subscribers on an annual basis.

4. The commission shall establish the yearly applicable bill credit rate for the subscriber's residential, commercial, or industrial rate class.

5. The utility shall provide bill credits to a shared solar facility's subscribers for not less than 25 years from the date the shared solar facility becomes commercially operational.

6. The bill credits associated with the shared solar program shall be applied through the utility's fuel factor.

H. Minimum bill.

1. In a proceeding, as prescribed in 20VAC5-340-80, the commission will determine the specific costs and formula to determine the minimum bill for program participants.

2. Low-income customers shall be exempt from the minimum bill. Costs associated with low-income customer participation shall be recovered by the utility in a manner to be determined by the commission in the proceeding set forth in 20VAC5-340-80.

I. Net crediting.

1. Net crediting functionality shall be part of any new customer information platform approved by the commission.

2. Under net crediting, the utility shall include the shared solar subscription fee on the customer's utility bill and provide the customer with a net credit equivalent to the total bill credit value for that generation period minus the shared solar subscription fee as set by the subscriber organization.

3. The net crediting fee shall not exceed 1.0% of the bill credit value.

4. Net crediting shall be optional for subscriber organizations, and any shared solar subscription fees charged via the net crediting model shall be set to ensure that subscribers do not pay more in subscription fees than they receive in bill credits.

J. Environmental attributes associated with a shared solar facility, including renewable energy certificates or RECs.

1. A subscriber organization that registers a shared solar facility in the program within the first 200 megawatts alternating current of awarded capacity shall own all environmental attributes. At such subscriber organization's discretion, such environmental attributes may be distributed to subscribers, sold to load-serving entities with compliance obligations or other buyers, accumulated, or retired.

2. For a shared solar facility registered in the program after the first 200 megawatts alternating current of awarded capacity, the registering subscriber organization shall transfer renewable energy certificates to a Phase II Utility to be retired for compliance with such Phase II Utility's renewable portfolio standard obligations pursuant to § 56-858.5 C of the Code of Virginia. Any contract between a subscriber organization and a participating customer must make clear that all RECs associated with a shared solar facility belong to the Phase II Utility only for compliance with such Phase II Utility's renewable portfolio standard obligations pursuant to § 56-585.5 C of the Code of Virginia.

3. As directed by § 56-594.3 B 7 of the Code of Virginia, mandatory distribution or transfer to the utility of the previous calendar year's RECs, ending December 31, shall take place prior to the annual report filing date for FERC Form 1 as defined in 18 CFR 141.1.