Each gas utility is required to maintain records for any hedging programs it chooses to utilize that document the following:

1. (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. (2) A policy and procedures manual;
3. (3) Corporate, including management and board of directors, reporting, monitoring, and tracking requirements;

4. (4)

   1. (A) An evaluation mechanism to measure hedging program performance.

   2. (B) Documentation shall include, but is not limited to:

      1. (i) Price forecasts and quantitative analyses for the selected supply mix of gas in storage;
      2. (ii) Physical contracts; and
      3. (iii) Financial instruments in its portfolio relative to a published index or a referenced mix with no hedging; and

5. (5) Accounting information to determine:

   1. (A) The fees, gains, and losses associated with the hedging program; and
   2. (B) The FAS and Internal Revenue Service accounting treatment for hedging transactions.

Codification Notes: This section was promulgated as Section 5 of the Natural Gas Procurement Plan Rules prior to codification in the Code of Arkansas Rules. "FAS" means financial accounting standards.