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Many utilities and power companies have joint plant interests in electric generating or other facilities. Joint plant refers to arrangements whereby two or more entities jointly operate underlying plant assets in which each party owns an undivided interest, without establishing a separate legal entity. Each party to the arrangement is responsible for financing its proportionate share of the cost of the plant and the cost of operations, and is entitled to its proportionate share of the output from the plant.
In other cases, a reporting entity may be involved in a power plant through a power purchase arrangement that requires it to fund a portion of the capital and operating costs of the plant.
This chapter addresses accounting issues for joint plant and other similar arrangements involving power plants and other utility assets (e.g., transmission).
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