FERC Form

THIS FILING IS

Item 1:

☑ An Initial (Original) Submission

OR

☐ Resubmission No.




FERC FINANCIAL REPORT FERC FORM No. 1: Annual Report of Major Electric Utilities, Licensees and Others and Supplemental Form 3-Q: Quarterly Financial Report

These reports are mandatory under the Federal Power Act, Sections 3, 4(a), 304 and 309, and 18 CFR 141.1 and 141.400. Failure to report may result in criminal fines, civil penalties and other sanctions as provided by law. The Federal Energy Regulatory Commission does not consider these reports to be of confidential nature

Exact Legal Name of Respondent (Company)

Versant Power

Year/Period of Report

End of:

2022

/

Q1

INSTRUCTIONS FOR FILING FERC FORM NOS. 1 and 3-Q

GENERAL INFORMATION

Purpose
FERC Form No. 1 (FERC Form 1) is an annual regulatory requirement for Major electric utilities, licensees and others (18 C.F.R. § 141.1). FERC Form No. 3-Q ( FERC Form 3-Q) is a quarterly regulatory requirement which supplements the annual financial reporting requirement (18 C.F.R. § 141.400). These reports are designed to collect financial and operational information from electric utilities, licensees and others subject to the jurisdiction of the Federal Energy Regulatory Commission. These reports are also considered to be non-confidential public use forms.
Who Must Submit
Each Major electric utility, licensee, or other, as classified in the Commission’s Uniform System of Accounts Prescribed for Public Utilities, Licensees, and Others Subject To the Provisions of The Federal Power Act (18 C.F.R. Part 101), must submit FERC Form 1 (18 C.F.R. § 141.1), and FERC Form 3-Q (18 C.F.R. § 141.400).
Note: Major means having, in each of the three previous calendar years, sales or transmission service that exceeds one of the following:
1. one million megawatt hours of total annual sales,
2. 100 megawatt hours of annual sales for resale,
3. 500 megawatt hours of annual power exchanges delivered, or
4. 500 megawatt hours of annual wheeling for others (deliveries plus losses).

What and Where to Submit

Submit FERC Form Nos. 1 and 3-Q electronically through the eCollection portal at https://eCollection.ferc.gov, and according to the specifications in the Form 1 and 3-Q taxonomies.
The Corporate Officer Certification must be submitted electronically as part of the FERC Forms 1 and 3-Q filings.
Submit immediately upon publication, by either eFiling or mail, two (2) copies to the Secretary of the Commission, the latest Annual Report to Stockholders. Unless eFiling the Annual Report to Stockholders, mail the stockholders report to the Secretary of the Commission at:
Secretary
Federal Energy Regulatory Commission 888 First Street, NE
Washington, DC 20426

For the CPA Certification Statement, submit within 30 days after filing the FERC Form 1, a letter or report (not applicable to filers classified as Class C or Class D prior to January 1, 1984). The CPA Certification Statement can be either eFiled or mailed to the Secretary of the Commission at the address above.

The CPA Certification Statement should:

Attest to the conformity, in all material aspects, of the below listed (schedules and pages) with the Commission's applicable Uniform System of Accounts (including applicable notes relating thereto and the Chief Accountant's published accounting releases), and

Be signed by independent certified public accountants or an independent licensed public accountant certified or licensed by a regulatory authority of a State or other political subdivision of the U. S. (See 18 C.F.R. §§ 41.10-41.12 for specific qualifications.)

Schedules	Pages
Comparative Balance Sheet	110-113
Statement of Income	114-117
Statement of Retained Earnings	118-119
Statement of Cash Flows	120-121
Notes to Financial Statements	122-123

The following format must be used for the CPA Certification Statement unless unusual circumstances or conditions, explained in the letter or report, demand that it be varied. Insert parenthetical phrases only when exceptions are reported.
“In connection with our regular examination of the financial statements of [COMPANY NAME] for the year ended on which we have reported separately under date of [DATE], we have also reviewed schedules [NAME OF SCHEDULES] of FERC Form No. 1 for the year filed with the Federal Energy Regulatory Commission, for conformity in all material respects with the requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases. Our review for this purpose included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
Based on our review, in our opinion the accompanying schedules identified in the preceding paragraph (except as noted below) conform in all material respects with the accounting requirements of the Federal Energy Regulatory Commission as set forth in its applicable Uniform System of Accounts and published accounting releases.” The letter or report must state which, if any, of the pages above do not conform to the Commission’s requirements. Describe the discrepancies that exist.
Filers are encouraged to file their Annual Report to Stockholders, and the CPA Certification Statement using eFiling. Further instructions are found on the Commission’s website at https://www.ferc.gov/ferc-online/ferc-online/frequently-asked-questions-faqs-efilingferc-online.
Federal, State, and Local Governments and other authorized users may obtain additional blank copies of FERC Form 1 and 3-Q free of charge from https://www.ferc.gov/general-information-0/electric-industry-forms.

When to Submit
FERC Forms 1 and 3-Q must be filed by the following schedule:
1. FERC Form 1 for each year ending December 31 must be filed by April 18th of the following year (18 CFR § 141.1), and
2. FERC Form 3-Q for each calendar quarter must be filed within 60 days after the reporting quarter (18 C.F.R. § 141.400).
Where to Send Comments on Public Reporting Burden.
The public reporting burden for the FERC Form 1 collection of information is estimated to average 1,168 hours per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data-needed, and completing and reviewing the collection of information. The public reporting burden for the FERC Form 3-Q collection of information is estimated to average 168 hours per response.
Send comments regarding these burden estimates or any aspect of these collections of information, including suggestions for reducing burden, to the Federal Energy Regulatory Commission, 888 First Street NE, Washington, DC 20426 (Attention: Information Clearance Officer); and to the Office of Information and Regulatory Affairs, Office of Management and Budget, Washington, DC 20503 (Attention: Desk Officer for the Federal Energy Regulatory Commission). No person shall be subject to any penalty if any collection of information does not display a valid control number (44 U.S.C. § 3512 (a)).

GENERAL INSTRUCTIONS

Prepare this report in conformity with the Uniform System of Accounts (18 CFR Part 101) (USofA). Interpret all accounting words and phrases in accordance with the USofA.
Enter in whole numbers (dollars or MWH) only, except where otherwise noted. (Enter cents for averages and figures per unit where cents are important. The truncating of cents is allowed except on the four basic financial statements where rounding is required.) The amounts shown on all supporting pages must agree with the amounts entered on the statements that they support. When applying thresholds to determine significance for reporting purposes, use for balance sheet accounts the balances at the end of the current reporting period, and use for statement of income accounts the current year's year to date amounts.
Complete each question fully and accurately, even if it has been answered in a previous report. Enter the word "None" where it truly and completely states the fact.
For any page(s) that is not applicable to the respondent, omit the page(s) and enter "NA," "NONE," or "Not Applicable" in column (d) on the List of Schedules, pages 2 and 3.
Enter the month, day, and year for all dates. Use customary abbreviations. The "Date of Report" included in the header of each page is to be completed only for resubmissions (see VII. below).
Generally, except for certain schedules, all numbers, whether they are expected to be debits or credits, must be reported as positive. Numbers having a sign that is different from the expected sign must be reported by enclosing the numbers in parentheses.
For any resubmissions, please explain the reason for the resubmission in a footnote to the data field.
Do not make references to reports of previous periods/years or to other reports in lieu of required entries, except as specifically authorized.
Wherever (schedule) pages refer to figures from a previous period/year, the figures reported must be based upon those shown by the report of the previous period/year, or an appropriate explanation given as to why the different figures were used.
Schedule specific instructions are found in the applicable taxonomy and on the applicable blank rendered form.

Definitions for statistical classifications used for completing schedules for transmission system reporting are as follows:

FNS - Firm Network Transmission Service for Self. "Firm" means service that can not be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff. "Self" means the respondent.

FNO - Firm Network Service for Others. "Firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Network Service" is Network Transmission Service as described in Order No. 888 and the Open Access Transmission Tariff.

LFP - for Long-Term Firm Point-to-Point Transmission Reservations. "Long-Term" means one year or longer and” firm" means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. "Point-to-Point Transmission Reservations" are described in Order No. 888 and the Open Access Transmission Tariff. For all transactions identified as LFP, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally cancel the contract.

OLF - Other Long-Term Firm Transmission Service. Report service provided under contracts which do not conform to the terms of the Open Access Transmission Tariff. "Long-Term" means one year or longer and “firm” means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions. For all transactions identified as OLF, provide in a footnote the termination date of the contract defined as the earliest date either buyer or seller can unilaterally get out of the contract.

SFP - Short-Term Firm Point-to-Point Transmission Reservations. Use this classification for all firm point-to-point transmission reservations, where the duration of each period of reservation is less than one-year.

NF - Non-Firm Transmission Service, where firm means that service cannot be interrupted for economic reasons and is intended to remain reliable even under adverse conditions.

OS - Other Transmission Service. Use this classification only for those services which can not be placed in the above-mentioned classifications, such as all other service regardless of the length of the contract and service FERC Form. Describe the type of service in a footnote for each entry.

AD - Out-of-Period Adjustments. Use this code for any accounting adjustments or "true-ups" for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment.

DEFINITIONS

Commission Authorization (Comm. Auth.) -- The authorization of the Federal Energy Regulatory Commission, or any other Commission. Name the commission whose authorization was obtained and give date of the authorization.
Respondent -- The person, corporation, licensee, agency, authority, or other Legal entity or instrumentality in whose behalf the report is made.

EXCERPTS FROM THE LAW

Federal Power Act, 16 U.S.C. § 791a-825r

Sec. 3. The words defined in this section shall have the following meanings for purposes of this Act, to with:

’Corporation' means any corporation, joint-stock company, partnership, association, business trust, organized group of persons, whether incorporated or not, or a receiver or receivers, trustee or trustees of any of the foregoing. It shall not include 'municipalities, as hereinafter defined;
'Person' means an individual or a corporation;
'Licensee, means any person, State, or municipality Licensed under the provisions of section 4 of this Act, and any assignee or successor in interest thereof;

'municipality means a city, county, irrigation district, drainage district, or other political subdivision or agency of a State competent under the Laws thereof to carry and the business of developing, transmitting, unitizing, or distributing power; ......

"project' means. a complete unit of improvement or development, consisting of a power house, all water conduits, all dams and appurtenant works and structures (including navigation structures) which are a part of said unit, and all storage, diverting, or fore bay reservoirs directly connected therewith, the primary line or lines transmitting power there from to the point of junction with the distribution system or with the interconnected primary transmission system, all miscellaneous structures used and useful in connection with said unit or any part thereof, and all water rights, rights-of-way, ditches, dams, reservoirs, Lands, or interest in Lands the use and occupancy of which are necessary or appropriate in the maintenance and operation of such unit;

"Sec. 4. The Commission is hereby authorized and empowered

'To make investigations and to collect and record data concerning the utilization of the water 'resources of any region to be developed, the water-power industry and its relation to other industries and to interstate or foreign commerce, and concerning the location, capacity, development costs, and relation to markets of power sites; ... to the extent the Commission may deem necessary or useful for the purposes of this Act."

"Sec. 304.

Every Licensee and every public utility shall file with the Commission such annual and other periodic or special* reports as the Commission may by rules and regulations or other prescribe as necessary or appropriate to assist the Commission in the proper administration of this Act. The Commission may prescribe the manner and FERC Form in which such reports shall be made, and require from such persons specific answers to all questions upon which the Commission may need information. The Commission may require that such reports shall include, among other things, full information as to assets and Liabilities, capitalization, net investment, and reduction thereof, gross receipts, interest due and paid, depreciation, and other reserves, cost of project and other facilities, cost of maintenance and operation of the project and other facilities, cost of renewals and replacement of the project works and other facilities, depreciation, generation, transmission, distribution, delivery, use, and sale of electric energy. The Commission may require any such person to make adequate provision for currently determining such costs and other facts. Such reports shall be made under oath unless the Commission otherwise specifies*.10

"Sec. 309.

The Commission shall have power to perform any and all acts, and to prescribe, issue, make, and rescind such orders, rules and regulations as it may find necessary or appropriate to carry out the provisions of this Act. Among other things, such rules and regulations may define accounting, technical, and trade terms used in this Act; and may prescribe the FERC Form or FERC Forms of all statements, declarations, applications, and reports to be filed with the Commission, the information which they shall contain, and the time within which they shall be field..."

GENERAL PENALTIES

The Commission may assess up to $1 million per day per violation of its rules and regulations. See FPA § 316(a) (2005), 16 U.S.C. § 825o(a).

FERC FORM NO.

1/3-Q

REPORT OF MAJOR ELECTRIC UTILITIES, LICENSEES AND OTHER

Identification

01 Exact Legal Name of Respondent

Versant Power

02 Year/ Period of Report

End of:

2022

/

Q1

03 Previous Name and Date of Change (If name changed during year)

/

04 Address of Principal Office at End of Period (Street, City, State, Zip Code)

28 Penobscot Drive Hampden ME 04444

05 Name of Contact Person

Kris Chahley

06 Title of Contact Person

VP, Finance & Treasurer

07 Address of Contact Person (Street, City, State, Zip Code)

970 Illinois Ave Bangor ME 04401

08 Telephone of Contact Person, Including Area Code

(207) 973-2674

09 This Report is An Original / A Resubmission

(1)

☑ An Original

(2)

☐ A Resubmission

10 Date of Report (Mo, Da, Yr)

05/26/2022

Quarterly Corporate Officer Certification

The undersigned officer certifies that:

I have examined this report and to the best of my knowledge, information, and belief all statements of fact contained in this report are correct statements of the business affairs of the respondent and the financial statements, and other financial information contained in this report, conform in all material respects to the Uniform System of Accounts.

01 Name

Kris Chahley

02 Title

VP, Finance & Treasurer

03 Signature

Kris Chahley

04 Date Signed (Mo, Da, Yr)

05/26/2022

Title 18, U.S.C. 1001 makes it a crime for any person to knowingly and willingly to make to any Agency or Department of the United States any false, fictitious or fraudulent statements as to any matter within its jurisdiction.

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

List of Schedules
Enter in column (c) the terms "none," "not applicable," or "NA," as appropriate, where no information or amounts have been reported for certain pages. Omit pages where the respondents are "none," "not applicable," or "NA".
Line No.	Title of Schedule (a)	Reference Page No. (b)	Remarks (c)
	ScheduleIdentificationAbstract Identification	1
	ScheduleListOfSchedulesAbstract List of Schedules (Electric Utility)	2
1	ScheduleImportantChangesDuringTheQuarterYearAbstract Important Changes During the Quarter	108
2	ScheduleComparativeBalanceSheetAbstract Comparative Balance Sheet	110
3	ScheduleStatementOfIncomeAbstract Statement of Income for the Quarter	114
4	ScheduleRetainedEarningsAbstract Statement of Retained Earnings for the Quarter	118
5	ScheduleStatementOfCashFlowsAbstract Statement of Cash Flows	120
6	ScheduleNotesToFinancialStatementsAbstract Notes to Financial Statements	122
7	ScheduleStatementOfAccumulatedOtherComprehensiveIncomeAndHedgingActivitiesAbstract Statement of Accum Comp Income, Comp Income, and Hedging Activities	122a
8	ScheduleSummaryOfUtilityPlantAndAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract Summary of Utility Plant & Accumulated Provisions for Dep, Amort & Dep	200
9	ScheduleElectricPlantInServiceAndAccumulatedProvisionForDepreciationByFunctionAbstract Electric Plant In Service and Accum Provision For Depr by Function	208
10	ScheduleTransmissionServiceAndGenerationInterconnectionStudyCostsAbstract Transmission Service and Generation Interconnection Study Costs	231
11	ScheduleOtherRegulatoryAssetsAbstract Other Regulatory Assets	232
12	ScheduleOtherRegulatoryLiabilitiesAbstract Other Regulatory Liabilities	278
13	ScheduleElectricOperatingRevenuesAbstract Elec Operating Revenues (Individual Schedule Lines 300-301)	300
14	ScheduleRegionalTransmissionServiceRevenuesAbstract Regional Transmission Service Revenues (Account 457.1)	302
15	ScheduleElectricProductionOtherPowerTransmissionRegionalExpensesAbstract Electric Prod, Other Power Supply Exp, Trans and Distrib Exp	324
16	ScheduleElectricCustomerAccountServiceSalesAdministrativeAndGeneralExpensesAbstract Electric Customer Accts, Service, Sales, Admin and General Expenses	325
17	ScheduleTransmissionOfElectricityForOthersAbstract Transmission of Electricity for Others	328
18	ScheduleTransmissionOfElectricityByIsoOrRtoAbstract Transmission of Electricity by ISO/RTOs	331
19	ScheduleTransmissionOfElectricityByOthersAbstract Transmission of Electricity by Others	332
20	ScheduleDepreciationDepletionAndAmortizationsAbstract Deprec, Depl and Amort of Elec Plant (403,403.1,404,and 405) (except Amortization of Acquisition Adjustments)	338
21	ScheduleAmountsIncludedInIsoOrRtoSettlementAbstract Amounts Included in ISO/RTO Settlement Statements	397
22	ScheduleMonthlyPeaksAndOutputAbstract Monthly Peak Loads and Energy Output	399
23	ScheduleMonthlyTransmissionSystemPeakLoadAbstract Monthly Transmission System Peak Load	400
24	ScheduleMonthlyIsoOrRtoTransmissionSystemPeakLoadAbstract Monthly ISO/RTO Transmission System Peak Load	400a

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

IMPORTANT CHANGES DURING THE QUARTER/YEAR
Give particulars (details) concerning the matters indicated below. Make the statements explicit and precise, and number them in accordance with the inquiries. Each inquiry should be answered. Enter "none," "not applicable," or "NA" where applicable. If information which answers an inquiry is given elsewhere in the report, make a reference to the schedule in which it appears. Changes in and important additions to franchise rights: Describe the actual consideration given therefore and state from whom the franchise rights were acquired. If acquired without the payment of consideration, state that fact. Acquisition of ownership in other companies by reorganization, merger, or consolidation with other companies: Give names of companies involved, particulars concerning the transactions, name of the Commission authorizing the transaction, and reference to Commission authorization. Purchase or sale of an operating unit or system: Give a brief description of the property, and of the transactions relating thereto, and reference to Commission authorization, if any was required. Give date journal entries called for by the Uniform System of Accounts were submitted to the Commission. Important leaseholds (other than leaseholds for natural gas lands) that have been acquired or given, assigned or surrendered: Give effective dates, lengths of terms, names of parties, rents, and other condition. State name of Commission authorizing lease and give reference to such authorization. Important extension or reduction of transmission or distribution system: State territory added or relinquished and date operations began or ceased and give reference to Commission authorization, if any was required. State also the approximate number of customers added or lost and approximate annual revenues of each class of service. Each natural gas company must also state major new continuing sources of gas made available to it from purchases, development, purchase contract or otherwise, giving location and approximate total gas volumes available, period of contracts, and other parties to any such arrangements, etc. Obligations incurred as a result of issuance of securities or assumption of liabilities or guarantees including issuance of short-term debt and commercial paper having a maturity of one year or less. Give reference to FERC or State Commission authorization, as appropriate, and the amount of obligation or guarantee. Changes in articles of incorporation or amendments to charter: Explain the nature and purpose of such changes or amendments. State the estimated annual effect and nature of any important wage scale changes during the year. State briefly the status of any materially important legal proceedings pending at the end of the year, and the results of any such proceedings culminated during the year. Describe briefly any materially important transactions of the respondent not disclosed elsewhere in this report in which an officer, director, security holder reported on Pages 104 or 105 of the Annual Report Form No. 1, voting trustee, associated company or known associate of any of these persons was a party or in which any such person had a material interest. (Reserved.) If the important changes during the year relating to the respondent company appearing in the annual report to stockholders are applicable in every respect and furnish the data required by Instructions 1 to 11 above, such notes may be included on this page. Describe fully any changes in officers, directors, major security holders and voting powers of the respondent that may have occurred during the reporting period. In the event that the respondent participates in a cash management program(s) and its proprietary capital ratio is less than 30 percent please describe the significant events or transactions causing the proprietary capital ratio to be less than 30 percent, and the extent to which the respondent has amounts loaned or money advanced to its parent, subsidiary, or affiliated companies through a cash management program(s). Additionally, please describe plans, if any to regain at least a 30 percent proprietary ratio.

None
None
None
None
None
Issued Long Term Debt for $100 million, due January, 2052, FERC 22419, Docket No. 2021-00166.
None
None
Information can be found in the financial statements.
None
None
None
None

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

COMPARATIVE BALANCE SHEET (ASSETS AND OTHER DEBITS)
Line No.	Title of Account (a)	Ref. Page No. (b)	Current Year End of Quarter/Year Balance (c)	Prior Year End Balance 12/31 (d)
1	UtilityPlantAbstract UTILITY PLANT
2	UtilityPlant Utility Plant (101-106, 114)	200	1,548,202,308	1,609,266,723
3	ConstructionWorkInProgress Construction Work in Progress (107)	200	52,523,923	41,143,746
4	UtilityPlantAndConstructionWorkInProgress TOTAL Utility Plant (Enter Total of lines 2 and 3)		1,600,726,231	1,650,410,469
5	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility (Less) Accum. Prov. for Depr. Amort. Depl. (108, 110, 111, 115)	200	436,582,922	429,876,896
6	UtilityPlantNet Net Utility Plant (Enter Total of line 4 less 5)		1,164,143,309	1,220,533,573
7	NuclearFuelInProcessOfRefinementConversionEnrichmentAndFabrication Nuclear Fuel in Process of Ref., Conv., Enrich., and Fab. (120.1)	202
8	NuclearFuelMaterialsAndAssembliesStockAccountMajorOnly Nuclear Fuel Materials and Assemblies-Stock Account (120.2)
9	NuclearFuelAssembliesInReactorMajorOnly Nuclear Fuel Assemblies in Reactor (120.3)
10	SpentNuclearFuelMajorOnly Spent Nuclear Fuel (120.4)
11	NuclearFuelUnderCapitalLeases Nuclear Fuel Under Capital Leases (120.6)
12	AccumulatedProvisionForAmortizationOfNuclearFuelAssemblies (Less) Accum. Prov. for Amort. of Nucl. Fuel Assemblies (120.5)	202
13	NuclearFuelNet Net Nuclear Fuel (Enter Total of lines 7-11 less 12)
14	UtilityPlantAndNuclearFuelNet Net Utility Plant (Enter Total of lines 6 and 13)		1,164,143,309	1,220,533,573
15	OtherElectricPlantAdjustments Utility Plant Adjustments (116)
16	GasStoredUndergroundNoncurrent Gas Stored Underground - Noncurrent (117)
17	OtherPropertyAndInvestmentsAbstract OTHER PROPERTY AND INVESTMENTS
18	NonutilityProperty Nonutility Property (121)		1,266,691	1,266,691
19	AccumulatedProvisionForDepreciationAndAmortizationOfNonutilityProperty (Less) Accum. Prov. for Depr. and Amort. (122)		246,020	242,709
20	InvestmentInAssociatedCompanies Investments in Associated Companies (123)
21	InvestmentInSubsidiaryCompanies Investment in Subsidiary Companies (123.1)	224	37,124,242	36,305,878
23	NoncurrentPortionOfAllowances Noncurrent Portion of Allowances	228
24	OtherInvestments Other Investments (124)		169,319	187,543
25	SinkingFunds Sinking Funds (125)
26	DepreciationFund Depreciation Fund (126)
27	AmortizationFundFederal Amortization Fund - Federal (127)
28	OtherSpecialFunds Other Special Funds (128)
29	SpecialFunds Special Funds (Non Major Only) (129)
30	DerivativeInstrumentAssetsLongTerm Long-Term Portion of Derivative Assets (175)
31	DerivativeInstrumentAssetsHedgesLongTerm Long-Term Portion of Derivative Assets - Hedges (176)
32	OtherPropertyAndInvestments TOTAL Other Property and Investments (Lines 18-21 and 23-31)		38,314,232	37,517,403
33	CurrentAndAccruedAssetsAbstract CURRENT AND ACCRUED ASSETS
34	CashAndWorkingFunds Cash and Working Funds (Non-major Only) (130)
35	Cash Cash (131)		68,744,167
36	SpecialDeposits Special Deposits (132-134)		1,664,146	1,163,920
37	WorkingFunds Working Fund (135)		4,000	4,000
38	TemporaryCashInvestments Temporary Cash Investments (136)
39	NotesReceivable Notes Receivable (141)
40	CustomerAccountsReceivable Customer Accounts Receivable (142)		37,285,073	28,881,038
41	OtherAccountsReceivable Other Accounts Receivable (143)		11,483,733	13,943,634
42	AccumulatedProvisionForUncollectibleAccountsCredit (Less) Accum. Prov. for Uncollectible Acct.-Credit (144)		4,321,312	3,619,794
43	NotesReceivableFromAssociatedCompanies Notes Receivable from Associated Companies (145)
44	AccountsReceivableFromAssociatedCompanies Accounts Receivable from Assoc. Companies (146)		4,361,618	1,278,248
45	FuelStock Fuel Stock (151)	227
46	FuelStockExpensesUndistributed Fuel Stock Expenses Undistributed (152)	227
47	Residuals Residuals (Elec) and Extracted Products (153)	227
48	PlantMaterialsAndOperatingSupplies Plant Materials and Operating Supplies (154)	227	8,545,120	6,893,168
49	Merchandise Merchandise (155)	227
50	OtherMaterialsAndSupplies Other Materials and Supplies (156)	227
51	NuclearMaterialsHeldForSale Nuclear Materials Held for Sale (157)	202/227
52	AllowanceInventoryAndWithheld Allowances (158.1 and 158.2)	228
53	NoncurrentPortionOfAllowances (Less) Noncurrent Portion of Allowances	228
54	StoresExpenseUndistributed Stores Expense Undistributed (163)	227	260,194	260,194
55	GasStoredCurrent Gas Stored Underground - Current (164.1)
56	LiquefiedNaturalGasStoredAndHeldForProcessing Liquefied Natural Gas Stored and Held for Processing (164.2-164.3)
57	Prepayments Prepayments (165)		2,313,892	4,630,935
58	AdvancesForGas Advances for Gas (166-167)
59	InterestAndDividendsReceivable Interest and Dividends Receivable (171)
60	RentsReceivable Rents Receivable (172)
61	AccruedUtilityRevenues Accrued Utility Revenues (173)		9,271,526	11,965,802
62	MiscellaneousCurrentAndAccruedAssets Miscellaneous Current and Accrued Assets (174)
63	DerivativeInstrumentAssets Derivative Instrument Assets (175)
64	DerivativeInstrumentAssetsLongTerm (Less) Long-Term Portion of Derivative Instrument Assets (175)
65	DerivativeInstrumentAssetsHedges Derivative Instrument Assets - Hedges (176)
66	DerivativeInstrumentAssetsHedgesLongTerm (Less) Long-Term Portion of Derivative Instrument Assets - Hedges (176)
67	CurrentAndAccruedAssets Total Current and Accrued Assets (Lines 34 through 66)		139,612,157	65,401,145
68	DeferredDebitsAbstract DEFERRED DEBITS
69	UnamortizedDebtExpense Unamortized Debt Expenses (181)		2,089,455	1,755,421
70	ExtraordinaryPropertyLosses Extraordinary Property Losses (182.1)	230a
71	UnrecoveredPlantAndRegulatoryStudyCosts Unrecovered Plant and Regulatory Study Costs (182.2)	230b
72	OtherRegulatoryAssets Other Regulatory Assets (182.3)	232	145,925,679	84,529,984
73	PreliminarySurveyAndInvestigationCharges Prelim. Survey and Investigation Charges (Electric) (183)		4,954,287	4,954,287
74	PreliminaryNaturalGasSurveyAndInvestigationChargesAndOtherPreliminarySurveyAndInvestigationCharges Preliminary Natural Gas Survey and Investigation Charges 183.1)
75	OtherPreliminarySurveyAndInvestigationCharges Other Preliminary Survey and Investigation Charges (183.2)
76	ClearingAccounts Clearing Accounts (184)		921,016	3,810,323
77	TemporaryFacilities Temporary Facilities (185)
78	MiscellaneousDeferredDebits Miscellaneous Deferred Debits (186)	233	1,638,021	2,006,522
79	DeferredLossesFromDispositionOfUtilityPlant Def. Losses from Disposition of Utility Plt. (187)
80	ResearchDevelopmentAndDemonstrationExpenditures Research, Devel. and Demonstration Expend. (188)	352
81	UnamortizedLossOnReacquiredDebt Unamortized Loss on Reaquired Debt (189)
82	AccumulatedDeferredIncomeTaxes Accumulated Deferred Income Taxes (190)	234	43,069,061	43,237,921
83	UnrecoveredPurchasedGasCosts Unrecovered Purchased Gas Costs (191)
84	DeferredDebits Total Deferred Debits (lines 69 through 83)		198,597,519	140,294,458
85	AssetsAndOtherDebits TOTAL ASSETS (lines 14-16, 32, 67, and 84)		1,540,667,217	1,463,746,579

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

COMPARATIVE BALANCE SHEET (LIABILITIES AND OTHER CREDITS)
Line No.	Title of Account (a)	Ref. Page No. (b)	Current Year End of Quarter/Year Balance (c)	Prior Year End Balance 12/31 (d)
1	ProprietaryCapitalAbstract PROPRIETARY CAPITAL
2	CommonStockIssued Common Stock Issued (201)	250	48,000,150	48,000,150
3	PreferredStockIssued Preferred Stock Issued (204)	250	363,065	363,065
4	CapitalStockSubscribed Capital Stock Subscribed (202, 205)
5	StockLiabilityForConversion Stock Liability for Conversion (203, 206)
6	PremiumOnCapitalStock Premium on Capital Stock (207)		275,127,480	240,127,480
7	OtherPaidInCapital Other Paid-In Capital (208-211)	253	75,808,080	75,808,080
8	InstallmentsReceivedOnCapitalStock Installments Received on Capital Stock (212)	252
9	DiscountOnCapitalStock (Less) Discount on Capital Stock (213)	254
10	CapitalStockExpense (Less) Capital Stock Expense (214)	254b	2,458,199	2,458,199
11	RetainedEarnings Retained Earnings (215, 215.1, 216)	118	205,165,204	203,520,400
12	UnappropriatedUndistributedSubsidiaryEarnings Unappropriated Undistributed Subsidiary Earnings (216.1)	118	13,674,071	12,855,707
13	ReacquiredCapitalStock (Less) Reaquired Capital Stock (217)	250
14	NoncorporateProprietorship Noncorporate Proprietorship (Non-major only) (218)
15	AccumulatedOtherComprehensiveIncome Accumulated Other Comprehensive Income (219)	122(a)(b)
16	ProprietaryCapital Total Proprietary Capital (lines 2 through 15)		615,679,851	578,216,683
17	LongTermDebtAbstract LONG-TERM DEBT
18	Bonds Bonds (221)	256	20,000,000	20,000,000
19	ReacquiredBonds (Less) Reaquired Bonds (222)	256
20	AdvancesFromAssociatedCompanies Advances from Associated Companies (223)	256
21	OtherLongTermDebt Other Long-Term Debt (224)	256	460,000,000	422,000,000
22	UnamortizedPremiumOnLongTermDebt Unamortized Premium on Long-Term Debt (225)
23	UnamortizedDiscountOnLongTermDebtDebit (Less) Unamortized Discount on Long-Term Debt-Debit (226)
24	LongTermDebt Total Long-Term Debt (lines 18 through 23)		480,000,000	442,000,000
25	OtherNoncurrentLiabilitiesAbstract OTHER NONCURRENT LIABILITIES
26	ObligationsUnderCapitalLeaseNoncurrent Obligations Under Capital Leases - Noncurrent (227)		309,570	387,094
27	AccumulatedProvisionForPropertyInsurance Accumulated Provision for Property Insurance (228.1)
28	AccumulatedProvisionForInjuriesAndDamages Accumulated Provision for Injuries and Damages (228.2)
29	AccumulatedProvisionForPensionsAndBenefits Accumulated Provision for Pensions and Benefits (228.3)		40,744,928	40,664,371
30	AccumulatedMiscellaneousOperatingProvisions Accumulated Miscellaneous Operating Provisions (228.4)
31	AccumulatedProvisionForRateRefunds Accumulated Provision for Rate Refunds (229)
32	LongTermPortionOfDerivativeInstrumentLiabilities Long-Term Portion of Derivative Instrument Liabilities
33	LongTermPortionOfDerivativeInstrumentLiabilitiesHedges Long-Term Portion of Derivative Instrument Liabilities - Hedges
34	AssetRetirementObligations Asset Retirement Obligations (230)
35	OtherNoncurrentLiabilities Total Other Noncurrent Liabilities (lines 26 through 34)		41,054,498	41,051,465
36	CurrentAndAccruedLiabilitiesAbstract CURRENT AND ACCRUED LIABILITIES
37	NotesPayable Notes Payable (231)
38	AccountsPayable Accounts Payable (232)		60,396,722	65,434,371
39	NotesPayableToAssociatedCompanies Notes Payable to Associated Companies (233)
40	AccountsPayableToAssociatedCompanies Accounts Payable to Associated Companies (234)		547,965	169,369
41	CustomerDeposits Customer Deposits (235)		7,238,257	7,275,657
42	TaxesAccrued Taxes Accrued (236)	262	94,983	3,884,756
43	InterestAccrued Interest Accrued (237)		3,325,365	4,494,167
44	DividendsDeclared Dividends Declared (238)		6,383	6,383
45	MaturedLongTermDebt Matured Long-Term Debt (239)
46	MaturedInterest Matured Interest (240)
47	TaxCollectionsPayable Tax Collections Payable (241)		438,385	246,257
48	MiscellaneousCurrentAndAccruedLiabilities Miscellaneous Current and Accrued Liabilities (242)		1,247,364	1,317,679
49	ObligationsUnderCapitalLeasesCurrent Obligations Under Capital Leases-Current (243)		294,763	294,763
50	DerivativesInstrumentLiabilities Derivative Instrument Liabilities (244)
51	LongTermPortionOfDerivativeInstrumentLiabilities (Less) Long-Term Portion of Derivative Instrument Liabilities
52	DerivativeInstrumentLiabilitiesHedges Derivative Instrument Liabilities - Hedges (245)
53	LongTermPortionOfDerivativeInstrumentLiabilitiesHedges (Less) Long-Term Portion of Derivative Instrument Liabilities-Hedges
54	CurrentAndAccruedLiabilities Total Current and Accrued Liabilities (lines 37 through 53)		73,590,187	75,353,890
55	DeferredCreditsAbstract DEFERRED CREDITS
56	CustomerAdvancesForConstruction Customer Advances for Construction (252)		2,761,219	2,763,916
57	AccumulatedDeferredInvestmentTaxCredits Accumulated Deferred Investment Tax Credits (255)	266	40,609	41,897
58	DeferredGainsFromDispositionOfUtilityPlant Deferred Gains from Disposition of Utility Plant (256)
59	OtherDeferredCredits Other Deferred Credits (253)	269	5,156,311	2,671,452
60	OtherRegulatoryLiabilities Other Regulatory Liabilities (254)	278	102,316,063	102,515,034
61	UnamortizedGainOnReacquiredDebt Unamortized Gain on Reaquired Debt (257)
62	AccumulatedDeferredIncomeTaxesAcceleratedAmortizationProperty Accum. Deferred Income Taxes-Accel. Amort.(281)	272
63	AccumulatedDeferredIncomeTaxesOtherProperty Accum. Deferred Income Taxes-Other Property (282)		208,096,219	206,174,066
64	AccumulatedDeferredIncomeTaxesOther Accum. Deferred Income Taxes-Other (283)		11,972,260	12,958,176
65	DeferredCredits Total Deferred Credits (lines 56 through 64)		330,342,681	327,124,541
66	LiabilitiesAndOtherCredits TOTAL LIABILITIES AND STOCKHOLDER EQUITY (lines 16, 24, 35, 54 and 65)		1,540,667,217	1,463,746,579

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

STATEMENT OF INCOME
Quarterly Report in column (c) the current year to date balance. Column (c) equals the total of adding the data in column (g) plus the data in column (i) plus the data in column (k). Report in column (d) similar data for the previous year. This information is reported in the annual filing only. Enter in column (e) the balance for the reporting quarter and in column (f) the balance for the same three month period for the prior year. Report in column (g) the quarter to date amounts for electric utility function; in column (i) the quarter to date amounts for gas utility, and in column (k) the quarter to date amounts for other utility function for the current year quarter. Report in column (h) the quarter to date amounts for electric utility function; in column (j) the quarter to date amounts for gas utility, and in column (l) the quarter to date amounts for other utility function for the prior year quarter. If additional columns are needed, place them in a footnote. Annual or Quarterly if applicable Do not report fourth quarter data in columns (e) and (f) Report amounts for accounts 412 and 413, Revenues and Expenses from Utility Plant Leased to Others, in another utility column in a similar manner to a utility department. Spread the amount(s) over Lines 2 thru 26 as appropriate. Include these amounts in columns (c) and (d) totals. Report amounts in account 414, Other Utility Operating Income, in the same manner as accounts 412 and 413 above. Use page 122 for important notes regarding the statement of income for any account thereof. Give concise explanations concerning unsettled rate proceedings where a contingency exists such that refunds of a material amount may need to be made to the utility's customers or which may result in material refund to the utility with respect to power or gas purchases. State for each year effected the gross revenues or costs to which the contingency relates and the tax effects together with an explanation of the major factors which affect the rights of the utility to retain such revenues or recover amounts paid with respect to power or gas purchases. Give concise explanations concerning significant amounts of any refunds made or received during the year resulting from settlement of any rate proceeding affecting revenues received or costs incurred for power or gas purchases, and a summary of the adjustments made to balance sheet, income, and expense accounts. If any notes appearing in the report to stockholders are applicable to the Statement of Income, such notes may be included at page 122. Enter on page 122 a concise explanation of only those changes in accounting methods made during the year which had an effect on net income, including the basis of allocations and apportionments from those used in the preceding year. Also, give the appropriate dollar effect of such changes. Explain in a footnote if the previous year's/quarter's figures are different from that reported in prior reports. If the columns are insufficient for reporting additional utility departments, supply the appropriate account titles report the information in a footnote to this schedule.
Line No.	Title of Account (a)	(Ref.) Page No. (b)	Total Current Year to Date Balance for Quarter/Year (c)	Total Prior Year to Date Balance for Quarter/Year (d)	Current 3 Months Ended - Quarterly Only - No 4th Quarter (e)	Prior 3 Months Ended - Quarterly Only - No 4th Quarter (f)	Electric Utility Current Year to Date (in dollars) (g)	Electric Utility Previous Year to Date (in dollars) (h)	Gas Utiity Current Year to Date (in dollars) (i)	Gas Utility Previous Year to Date (in dollars) (j)	Other Utility Current Year to Date (in dollars) (k)	Other Utility Previous Year to Date (in dollars) (l)
1	UtilityOperatingIncomeAbstract UTILITY OPERATING INCOME
2	OperatingRevenues Operating Revenues (400)	300	62,488,086	48,298,198	62,488,086	48,298,198	62,488,086	48,298,198
3	OperatingExpensesAbstract Operating Expenses
4	OperationExpense Operation Expenses (401)	320	19,048,458	13,680,003	19,048,458	13,680,003	19,048,458	13,680,003
5	MaintenanceExpense Maintenance Expenses (402)	320	5,573,618	5,171,558	5,573,618	5,171,558	5,573,618	5,171,558
6	DepreciationExpense Depreciation Expense (403)	336	9,643,671	9,041,229	9,643,671	9,041,229	9,643,671	9,041,229
7	DepreciationExpenseForAssetRetirementCosts Depreciation Expense for Asset Retirement Costs (403.1)	336
8	AmortizationAndDepletionOfUtilityPlant Amort. & Depl. of Utility Plant (404-405)	336	1,416,235	1,225,948	1,416,235	1,225,948	1,416,235	1,225,948
9	AmortizationOfElectricPlantAcquisitionAdjustments Amort. of Utility Plant Acq. Adj. (406)	336
10	AmortizationOfPropertyLossesUnrecoveredPlantAndRegulatoryStudyCosts Amort. Property Losses, Unrecov Plant and Regulatory Study Costs (407)
11	AmortizationOfConversionExpenses Amort. of Conversion Expenses (407.2)
12	RegulatoryDebits Regulatory Debits (407.3)		7,165,456	4,845,863	7,165,456	4,845,863	7,165,456	4,845,863
13	RegulatoryCredits (Less) Regulatory Credits (407.4)		713,195	3,589,873	713,195	3,589,873	713,195	3,589,873
14	TaxesOtherThanIncomeTaxesUtilityOperatingIncome Taxes Other Than Income Taxes (408.1)	262	5,875,489	5,188,792	5,875,489	5,188,792	5,875,489	5,188,792
15	IncomeTaxesOperatingIncome Income Taxes - Federal (409.1)	262	1,911,731	58,388	1,911,731	58,388	1,911,731	58,388
16	IncomeTaxesUtilityOperatingIncomeOther Income Taxes - Other (409.1)	262	315,142		315,142		315,142
17	ProvisionsForDeferredIncomeTaxesUtilityOperatingIncome Provision for Deferred Income Taxes (410.1)	234, 272	419,512	1,414,644	419,512	1,414,644	419,512	1,414,644
18	ProvisionForDeferredIncomeTaxesCreditOperatingIncome (Less) Provision for Deferred Income Taxes-Cr. (411.1)	234, 272
19	InvestmentTaxCreditAdjustments Investment Tax Credit Adj. - Net (411.4)	266	1,288	1,288	1,288	1,288	1,288	1,288
20	GainsFromDispositionOfPlant (Less) Gains from Disp. of Utility Plant (411.6)
21	LossesFromDispositionOfServiceCompanyPlant Losses from Disp. of Utility Plant (411.7)
22	GainsFromDispositionOfAllowances (Less) Gains from Disposition of Allowances (411.8)
23	LossesFromDispositionOfAllowances Losses from Disposition of Allowances (411.9)
24	AccretionExpense Accretion Expense (411.10)
25	UtilityOperatingExpenses TOTAL Utility Operating Expenses (Enter Total of lines 4 thru 24)		49,185,521	37,035,264	49,185,521	37,035,264	49,185,521	37,035,264
27	NetUtilityOperatingIncome Net Util Oper Inc (Enter Tot line 2 less 25)		13,302,565	11,262,934	13,302,565	11,262,934	13,302,565	11,262,934
28	OtherIncomeAndDeductionsAbstract Other Income and Deductions
29	OtherIncomeAbstract Other Income
30	NonutilityOperatingIncomeAbstract Nonutilty Operating Income
31	RevenuesFromMerchandisingJobbingAndContractWork Revenues From Merchandising, Jobbing and Contract Work (415)
32	CostsAndExpensesOfMerchandisingJobbingAndContractWork (Less) Costs and Exp. of Merchandising, Job. & Contract Work (416)
33	RevenuesFromNonutilityOperations Revenues From Nonutility Operations (417)		132,196	116,683	132,196	116,683
34	ExpensesOfNonutilityOperations (Less) Expenses of Nonutility Operations (417.1)		133,683	73,899	133,683	73,899
35	NonoperatingRentalIncome Nonoperating Rental Income (418)
36	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings of Subsidiary Companies (418.1)	119	818,364	896,210	818,364	896,210
37	InterestAndDividendIncome Interest and Dividend Income (419)		5,754	8,650	5,754	8,650
38	AllowanceForOtherFundsUsedDuringConstruction Allowance for Other Funds Used During Construction (419.1)		440,500	471,848	440,500	471,848
39	MiscellaneousNonoperatingIncome Miscellaneous Nonoperating Income (421)		35,358	36,487	35,358	36,487
40	GainOnDispositionOfProperty Gain on Disposition of Property (421.1)
41	OtherIncome TOTAL Other Income (Enter Total of lines 31 thru 40)		1,298,489	1,222,613	1,298,489	1,222,613
42	OtherIncomeDeductionsAbstract Other Income Deductions
43	LossOnDispositionOfProperty Loss on Disposition of Property (421.2)		750,172		750,172
44	MiscellaneousAmortization Miscellaneous Amortization (425)		24,862	24,840	24,862	24,840
45	Donations Donations (426.1)		4,452		4,452
46	LifeInsurance Life Insurance (426.2)
47	Penalties Penalties (426.3)
48	ExpendituresForCertainCivicPoliticalAndRelatedActivities Exp. for Certain Civic, Political & Related Activities (426.4)		104,484	75,000	104,484	75,000
49	OtherDeductions Other Deductions (426.5)		60,636	22,080	60,636	22,080
50	OtherIncomeDeductions TOTAL Other Income Deductions (Total of lines 43 thru 49)		944,606	121,920	944,606	121,920
51	TaxesApplicableToOtherIncomeAndDeductionsAbstract Taxes Applic. to Other Income and Deductions
52	TaxesOtherThanIncomeTaxesOtherIncomeAndDeductions Taxes Other Than Income Taxes (408.2)	262
53	IncomeTaxesFederal Income Taxes-Federal (409.2)	262		188,763		188,763
54	IncomeTaxesOther Income Taxes-Other (409.2)	262
55	ProvisionForDeferredIncomeTaxesOtherIncomeAndDeductions Provision for Deferred Inc. Taxes (410.2)	234, 272	14,476		14,476
56	ProvisionForDeferredIncomeTaxesCreditOtherIncomeAndDeductions (Less) Provision for Deferred Income Taxes-Cr. (411.2)	234, 272
57	InvestmentTaxCreditAdjustmentsNonutilityOperations Investment Tax Credit Adj.-Net (411.5)
58	InvestmentTaxCredits (Less) Investment Tax Credits (420)
59	TaxesOnOtherIncomeAndDeductions TOTAL Taxes on Other Income and Deductions (Total of lines 52-58)		14,476	188,763	14,476	188,763
60	NetOtherIncomeAndDeductions Net Other Income and Deductions (Total of lines 41, 50, 59)		368,359	911,930	368,359	911,930
61	InterestChargesAbstract Interest Charges
62	InterestOnLongTermDebt Interest on Long-Term Debt (427)		4,692,484	4,534,726	4,692,484	4,534,726
63	AmortizationOfDebtDiscountAndExpense Amort. of Debt Disc. and Expense (428)		39,433	46,716	39,433	46,716
64	AmortizationOfLossOnReacquiredDebt Amortization of Loss on Reaquired Debt (428.1)
65	AmortizationOfPremiumOnDebtCredit (Less) Amort. of Premium on Debt-Credit (429)
66	AmortizationOfGainOnReacquiredDebtCredit (Less) Amortization of Gain on Reaquired Debt-Credit (429.1)
67	InterestOnDebtToAssociatedCompanies Interest on Debt to Assoc. Companies (430)
68	OtherInterestExpense Other Interest Expense (431)		341,754	170,343	341,754	170,343
69	AllowanceForBorrowedFundsUsedDuringConstructionCredit (Less) Allowance for Borrowed Funds Used During Construction-Cr. (432)		122,277	224,469	122,277	224,469
70	NetInterestCharges Net Interest Charges (Total of lines 62 thru 69)		4,951,394	4,527,316	4,951,394	4,527,316
71	IncomeBeforeExtraordinaryItems Income Before Extraordinary Items (Total of lines 27, 60 and 70)		8,719,530	7,647,548	8,719,530	7,647,548
72	ExtraordinaryItemsAbstract Extraordinary Items
73	ExtraordinaryIncome Extraordinary Income (434)
74	ExtraordinaryDeductions (Less) Extraordinary Deductions (435)
75	NetExtraordinaryItems Net Extraordinary Items (Total of line 73 less line 74)
76	IncomeTaxesExtraordinaryItems Income Taxes-Federal and Other (409.3)	262
77	ExtraordinaryItemsAfterTaxes Extraordinary Items After Taxes (line 75 less line 76)
78	NetIncomeLoss Net Income (Total of line 71 and 77)		8,719,530	7,647,548	8,719,530	7,647,548

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

STATEMENT OF RETAINED EARNINGS
Do not report Lines 49-53 on the quarterly report. Report all changes in appropriated retained earnings, unappropriated retained earnings, and unappropriated undistributed subsidiary earnings for the year. Each credit and debit during the year should be identified as to the retained earnings account in which recorded (Accounts 433, 436-439 inclusive). Show the contra primary account affected in column (b). State the purpose and amount for each reservation or appropriation of retained earnings. List first Account 439, Adjustments to Retained Earnings, reflecting adjustments to the opening balance of retained earnings. Follow by credit, then debit items, in that order. Show dividends for each class and series of capital stock. Show separately the State and Federal income tax effect of items shown for Account 439, Adjustments to Retained Earnings. Explain in a footnote the basis for determining the amount reserved or appropriated. If such reservation or appropriation is to be recurrent, state the number and annual amounts to be reserved or appropriated as well as the totals eventually to be accumulated. If any notes appearing in the report to stockholders are applicable to this statement, attach them at page 122.
Line No.	Item (a)	Contra Primary Account Affected (b)	Current Quarter/Year Year to Date Balance (c)	Previous Quarter/Year Year to Date Balance (d)
	UnappropriatedRetainedEarningsAbstract UNAPPROPRIATED RETAINED EARNINGS (Account 216)
1	UnappropriatedRetainedEarnings Balance-Beginning of Period		203,520,400	196,998,539
2	ChangesAbstract Changes
3	AdjustmentsToRetainedEarningsAbstract Adjustments to Retained Earnings (Account 439)
4	AdjustmentsToRetainedEarningsCreditAbstract Adjustments to Retained Earnings Credit
4.1	AdjustmentsToRetainedEarningsCredit Credit Losses Adjustment (Account 439)
9	AdjustmentsToRetainedEarningsCredit TOTAL Credits to Retained Earnings (Acct. 439)
10	AdjustmentsToRetainedEarningsDebitAbstract Adjustments to Retained Earnings Debit
15	AdjustmentsToRetainedEarningsDebit TOTAL Debits to Retained Earnings (Acct. 439)
16	BalanceTransferredFromIncome Balance Transferred from Income (Account 433 less Account 418.1)		7,901,165	6,751,338
17	AppropriationsOfRetainedEarningsAbstract Appropriations of Retained Earnings (Acct. 436)
22	AppropriationsOfRetainedEarnings TOTAL Appropriations of Retained Earnings (Acct. 436)
23	DividendsDeclaredPreferredStockAbstract Dividends Declared-Preferred Stock (Account 437)
23.1	DividendsDeclaredPreferredStock 7.00% Preferred Stock @ $100.00 per share		6,361	6,395
29	DividendsDeclaredPreferredStock TOTAL Dividends Declared-Preferred Stock (Acct. 437)		6,361	6,395
30	DividendsDeclaredCommonStockAbstract Dividends Declared-Common Stock (Account 438)
30.1	DividendsDeclaredCommonStock Common Stock		6,250,000	5,875,000
36	DividendsDeclaredCommonStock TOTAL Dividends Declared-Common Stock (Acct. 438)		6,250,000	5,875,000
37	TransfersFromUnappropriatedUndistributedSubsidiaryEarnings Transfers from Acct 216.1, Unapprop. Undistrib. Subsidiary Earnings
38	UnappropriatedRetainedEarnings Balance - End of Period (Total 1,9,15,16,22,29,36,37)		205,165,204	197,868,482
39	AppropriatedRetainedEarningsAbstract APPROPRIATED RETAINED EARNINGS (Account 215)
45	AppropriatedRetainedEarnings TOTAL Appropriated Retained Earnings (Account 215)
	AppropriatedRetainedEarningsAmortizationReserveFederalAbstract APPROP. RETAINED EARNINGS - AMORT. Reserve, Federal (Account 215.1)
46	AppropriatedRetainedEarningsAmortizationReserveFederal TOTAL Approp. Retained Earnings-Amort. Reserve, Federal (Acct. 215.1)
47	AppropriatedRetainedEarningsIncludingReserveAmortization TOTAL Approp. Retained Earnings (Acct. 215, 215.1) (Total 45,46)
48	RetainedEarnings TOTAL Retained Earnings (Acct. 215, 215.1, 216) (Total 38, 47) (216.1)		205,165,204	197,868,482
	UnappropriatedUndistributedSubsidiaryEarningsAbstract UNAPPROPRIATED UNDISTRIBUTED SUBSIDIARY EARNINGS (Account Report only on an Annual Basis, no Quarterly)
49	UnappropriatedUndistributedSubsidiaryEarnings Balance-Beginning of Year (Debit or Credit)
50	EquityInEarningsOfSubsidiaryCompanies Equity in Earnings for Year (Credit) (Account 418.1)
51	DividendsReceived (Less) Dividends Received (Debit)
52	ChangesUnappropriatedUndistributedSubsidiaryEarningsCredits TOTAL other Changes in unappropriated undistributed subsidiary earnings for the year
53	UnappropriatedUndistributedSubsidiaryEarnings Balance-End of Year (Total lines 49 thru 52)

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

STATEMENT OF CASH FLOWS
Codes to be used:(a) Net Proceeds or Payments;(b)Bonds, debentures and other long-term debt; (c) Include commercial paper; and (d) Identify separately such items as investments, fixed assets, intangibles, etc. Information about noncash investing and financing activities must be provided in the Notes to the Financial statements. Also provide a reconciliation between "Cash and Cash Equivalents at End of Period" with related amounts on the Balance Sheet. Operating Activities - Other: Include gains and losses pertaining to operating activities only. Gains and losses pertaining to investing and financing activities should be reported in those activities. Show in the Notes to the Financials the amounts of interest paid (net of amount capitalized) and income taxes paid. Investing Activities: Include at Other (line 31) net cash outflow to acquire other companies. Provide a reconciliation of assets acquired with liabilities assumed in the Notes to the Financial Statements. Do not include on this statement the dollar amount of leases capitalized per the USofA General Instruction 20; instead provide a reconciliation of the dollar amount of leases capitalized with the plant cost.
Line No.	Description (See Instructions No.1 for explanation of codes) (a)	Current Year to Date Quarter/Year (b)	Previous Year to Date Quarter/Year (c)
1	NetCashFlowFromOperatingActivitiesAbstract Net Cash Flow from Operating Activities
2	NetIncomeLoss Net Income (Line 78(c) on page 117)	8,719,530	7,647,548
3	NoncashChargesCreditsToIncomeAbstract Noncash Charges (Credits) to Income:
4	DepreciationAndDepletion Depreciation and Depletion	11,064,572	10,267,177
5	NoncashAdjustmentsToCashFlowsFromOperatingActivities Amortization of (Specify) (footnote details)
8	DeferredIncomeTaxesNet Deferred Income Taxes (Net)	433,988	1,603,407
9	InvestmentTaxCreditAdjustmentsNet Investment Tax Credit Adjustment (Net)	1,288	1,288
10	NetIncreaseDecreaseInReceivablesOperatingActivities Net (Increase) Decrease in Receivables	5,631,711	9,859,707
11	NetIncreaseDecreaseInInventoryOperatingActivities Net (Increase) Decrease in Inventory	1,651,952	51,415
12	NetIncreaseDecreaseInAllowancesInventoryOperatingActivities Net (Increase) Decrease in Allowances Inventory
13	NetIncreaseDecreaseInPayablesAndAccruedExpensesOperatingActivities Net Increase (Decrease) in Payables and Accrued Expenses	4,537,239	1,967,151
14	NetIncreaseDecreaseInOtherRegulatoryAssetsOperatingActivities Net (Increase) Decrease in Other Regulatory Assets	2,665,289	2,255,987
15	NetIncreaseDecreaseInOtherRegulatoryLiabilitiesOperatingActivities Net Increase (Decrease) in Other Regulatory Liabilities	198,972	905,235
16	AllowanceForOtherFundsUsedDuringConstructionOperatingActivities (Less) Allowance for Other Funds Used During Construction	653,716	579,505
17	UndistributedEarningsFromSubsidiaryCompaniesOperatingActivities (Less) Undistributed Earnings from Subsidiary Companies	818,364	893,891
18	OtherAdjustmentsToCashFlowsFromOperatingActivities Other (provide details in footnote):
18.1	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Other Investments	21,534	13,541
18.2	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Lease Obligations	77,526	74,198
18.3	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Other Deferred Charges, net of amortization & AFUDC	4,796,893	1,755,905
18.4	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Hydro-Quebec quarterly adjustment (offset to Other Liabilities)
18.5	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Other long-term liabilities	2,482,163	970,265
18.6	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Debt Issuance Costs	373,467	2,654
18.7	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Customer Deposits	37,400	49,514
18.8	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Change in Prepaid Expenses	2,317,043	1,827,257
18.9	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Amortization of Debt Issuance Costs to Other, Misc.	39,433	46,716
18.10	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Accrued Interest	1,168,802	1,324,365
18.11	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Current Income Taxes	3,979,739	27,054
18.12	OtherAdjustmentsToCashFlowsFromOperatingActivitiesDescription Accrued Pension and Postretirement Benefit Costs	80,557	911,389
22	NetCashFlowFromOperatingActivities Net Cash Provided by (Used in) Operating Activities (Total of Lines 2 thru 21)	20,582,328	33,448,261
24	CashFlowsFromInvestmentActivitiesAbstract Cash Flows from Investment Activities:
25	ConstructionAndAcquisitionOfPlantIncludingLandAbstract Construction and Acquisition of Plant (including land):
26	GrossAdditionsToUtilityPlantLessNuclearFuelInvestingActivities Gross Additions to Utility Plant (less nuclear fuel)	18,735,290	22,636,854
27	GrossAdditionsToNuclearFuelInvestingActivities Gross Additions to Nuclear Fuel
28	GrossAdditionsToCommonUtilityPlantInvestingActivities Gross Additions to Common Utility Plant
29	GrossAdditionsToNonutilityPlantInvestingActivities Gross Additions to Nonutility Plant
30	AllowanceForOtherFundsUsedDuringConstructionInvestingActivities (Less) Allowance for Other Funds Used During Construction	653,716	579,505
31	OtherConstructionAndAcquisitionOfPlantInvestmentActivities Other (provide details in footnote):
34	CashOutflowsForPlant Cash Outflows for Plant (Total of lines 26 thru 33)	18,081,574	22,057,349
36	AcquisitionOfOtherNoncurrentAssets Acquisition of Other Noncurrent Assets (d)
37	ProceedsFromDisposalOfNoncurrentAssets Proceeds from Disposal of Noncurrent Assets (d)
39	InvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompanies Investments in and Advances to Assoc. and Subsidiary Companies
40	ContributionsAndAdvancesFromAssociatedAndSubsidiaryCompanies Contributions and Advances from Assoc. and Subsidiary Companies
41	DispositionOfInvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompaniesAbstract Disposition of Investments in (and Advances to)
42	DispositionOfInvestmentsInAndAdvancesToAssociatedAndSubsidiaryCompanies Disposition of Investments in (and Advances to) Associated and Subsidiary Companies
44	PurchaseOfInvestmentSecurities Purchase of Investment Securities (a)
45	ProceedsFromSalesOfInvestmentSecurities Proceeds from Sales of Investment Securities (a)
46	LoansMadeOrPurchased Loans Made or Purchased
47	CollectionsOnLoans Collections on Loans
49	NetIncreaseDecreaseInReceivablesInvestingActivities Net (Increase) Decrease in Receivables
50	NetIncreaseDecreaseInInventoryInvestingActivities Net (Increase) Decrease in Inventory
51	NetIncreaseDecreaseInAllowancesHeldForSpeculationInvestingActivities Net (Increase) Decrease in Allowances Held for Speculation
52	NetIncreaseDecreaseInPayablesAndAccruedExpensesInvestingActivities Net Increase (Decrease) in Payables and Accrued Expenses
53	OtherAdjustmentsToCashFlowsFromInvestmentActivities Other (provide details in footnote):
57	CashFlowsProvidedFromUsedInInvestmentActivities Net Cash Provided by (Used in) Investing Activities (Total of lines 34 thru 55)	18,081,574	22,057,349
59	CashFlowsFromFinancingActivitiesAbstract Cash Flows from Financing Activities:
60	ProceedsFromIssuanceAbstract Proceeds from Issuance of:
61	ProceedsFromIssuanceOfLongTermDebtFinancingActivities Long-Term Debt (b)	100,000,000
62	ProceedsFromIssuanceOfPreferredStockFinancingActivities Preferred Stock
63	ProceedsFromIssuanceOfCommonStockFinancingActivities Common Stock
64	OtherAdjustmentsToCashFlowsFromFinancingActivities Other (provide details in footnote):
64.1	OtherAdjustmentsToCashFlowsFromFinancingActivitiesDescription Borrowings Under Long-Term Credit Facility
66	NetIncreaseInShortTermDebt Net Increase in Short-Term Debt (c)
67	OtherAdjustmentsByOutsideSourcesToCashFlowsFromFinancingActivities Other (provide details in footnote):
67.1	DescriptionForOtherAdjustmentsByOutsideSourcesToCashFlowsFromFinancingActivities Additional Paid in Capital	35,000,000
70	CashProvidedByOutsideSources Cash Provided by Outside Sources (Total 61 thru 69)	135,000,000
72	PaymentsForRetirementAbstract Payments for Retirement of:
73	PaymentsForRetirementOfLongTermDebtFinancingActivities Long-term Debt (b)	62,000,000
74	PaymentsForRetirementOfPreferredStockFinancingActivities Preferred Stock
75	PaymentsForRetirementOfCommonStockFinancingActivities Common Stock
76	OtherRetirementsOfBalancesImpactingCashFlowsFromFinancingActivities Other (provide details in footnote):
78	NetDecreaseInShortTermDebt Net Decrease in Short-Term Debt (c)
80	DividendsOnPreferredStock Dividends on Preferred Stock	6,361	6,395
81	DividendsOnCommonStock Dividends on Common Stock	6,250,000	5,875,000
83	CashFlowsProvidedFromUsedInFinancingActivities Net Cash Provided by (Used in) Financing Activities (Total of lines 70 thru 81)	66,743,639	5,881,395
85	NetIncreaseDecreaseInCashAndCashEquivalentsAbstract Net Increase (Decrease) in Cash and Cash Equivalents
86	NetIncreaseDecreaseInCashAndCashEquivalents Net Increase (Decrease) in Cash and Cash Equivalents (Total of line 22, 57 and 83)	69,244,393	5,509,517
88	CashAndCashEquivalents Cash and Cash Equivalents at Beginning of Period	1,167,920	2,683,166
90	CashAndCashEquivalents Cash and Cash Equivalents at End of Period	70,412,313	8,192,683

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

NOTES TO FINANCIAL STATEMENTS

Use the space below for important notes regarding the Balance Sheet, Statement of Income for the year, Statement of Retained Earnings for the year, and Statement of Cash Flows, or any account thereof. Classify the notes according to each basic statement, providing a subheading for each statement except where a note is applicable to more than one statement.
Furnish particulars (details) as to any significant contingent assets or liabilities existing at end of year, including a brief explanation of any action initiated by the Internal Revenue Service involving possible assessment of additional income taxes of material amount, or of a claim for refund of income taxes of a material amount initiated by the utility. Give also a brief explanation of any dividends in arrears on cumulative preferred stock.
For Account 116, Utility Plant Adjustments, explain the origin of such amount, debits and credits during the year, and plan of disposition contemplated, giving references to Cormmission orders or other authorizations respecting classification of amounts as plant adjustments and requirements as to disposition thereof.
Where Accounts 189, Unamortized Loss on Reacquired Debt, and 257, Unamortized Gain on Reacquired Debt, are not used, give an explanation, providing the rate treatment given these items. See General Instruction 17 of the Uniform System of Accounts.
Give a concise explanation of any retained earnings restrictions and state the amount of retained earnings affected by such restrictions.
If the notes to financial statements relating to the respondent company appearing in the annual report to the stockholders are applicable and furnish the data required by instructions above and on pages 114-121, such notes may be included herein.
For the 3Q disclosures, respondent must provide in the notes sufficient disclosures so as to make the interim information not misleading. Disclosures which would substantially duplicate the disclosures contained in the most recent FERC Annual Report may be omitted.
For the 3Q disclosures, the disclosures shall be provided where events subsequent to the end of the most recent year have occurred which have a material effect on the respondent. Respondent must include in the notes significant changes since the most recently completed year in such items as: accounting principles and practices; estimates inherent in the preparation of the financial statements; status of long-term contracts; capitalization including significant new borrowings or modifications of existing financing agreements; and changes resulting from business combinations or dispositions. However were material contingencies exist, the disclosure of such matters shall be provided even though a significant change since year end may not have occurred.
Finally, if the notes to the financial statements relating to the respondent appearing in the annual report to the stockholders are applicable and furnish the data required by the above instructions, such notes may be included herein.

Notes to the Financial Statements

As at March 31, 2022

As permitted by the Federal Energy Regulatory Commission (“FERC”), for the 2021 FERC Form No. 1, the Notes to the Financial Statements set forth below are principally from the Respondent’s unaudited March 31, 2022 GAAP Financial Statements.

The accompanying financial statements were prepared in accordance with the accounting requirements of the FERC as set forth in its applicable Uniform System of Accounts and published accounting releases, which constitutes a comprehensive basis of accounting other than principles generally accepted in the United States. The primary differences consist of the following:

1)GAAP requires that majority‐owned subsidiaries be consolidated for financial reporting purposes. FERC requires that majority‐owned subsidiaries be separately reported as Investment in Subsidiary Companies unless an appropriate waiver has been granted by FERC.

2)GAAP presentation of goodwill is within other non‐current assets. FERC presentation of goodwill is within utility plant.

3)GAAP presentation of intangible assets and related amortization is within other non‐current assets. FERC presentation is within utility plant and accumulated provision for depreciation and amortization, respectively.

4)GAAP requires that the current portion of regulatory assets and regulatory liabilities be reported as current assets and current liabilities, respectively, on the Balance Sheet. FERC requires that the current portion of regulatory assets and regulatory liabilities be reported as Regulatory Assets within Deferred Debits and Regulatory Liabilities within Deferred Credits, respectively.

a.Certain miscellaneous assets and liabilities in FERC Accounts 186 and 253 on pages 111 and 113 in the FERC Form 1 are reported as regulatory assets or liabilities under GAAP.

5)GAAP requires that the current portion of long‐term debt be reported as a currently liability on the Balance Sheet. FERC requires that the current portion of long‐term debt be reported as Long‐term Debt.

6)GAAP requires that any deferred costs associated with a specific debt issuance be presented as a reduction to debt on the Balance Sheet. FERC requires any Unamortized Debt Expense be separately stated as a Deferred Debit on the Balance Sheet.

7)Certain other assets and liabilities are presented with current portions for GAAP, but non‐current for FERC.

8)GAAP requires service cost related to pensions and Post‐Retirement Benefits Other Than Pensions (“PBOP”) be reported with other compensation costs arising from services rendered by employees during the period and included in the subtotal of income from operations on the Income Statement. Non‐service cost components are presented separately outside the subtotal of income from operations on the Income Statement. For FERC reporting, costs related to pensions and PBOP is included in the Net Utility Operating Income of the Income Statement.

9)GAAP allows for deferred tax assets and liabilities to be presented on a net basis. For FERC reporting, deferred tax assets and liabilities are presented on a gross basis.

10)GAAP requires certain revenue items be presented on a gross basis. FERC allows for netting of certain revenues in FERC Accounts 447 and 456 on page 114 of the FERC Form 1 be reported net in Operating expenses.

11)GAAP requires certain nonoperating revenues be presented within operating revenue and certain nonoperating expense be presented within operating and maintenance expense.


1: Basis of Presentation

Nature of Operations

Versant Power (the "Company") is a wholly owned subsidiary of ENMAX Corporation ("ENMAX") through BHE Holdings, Inc. ("BHE Holdings") and is a utility engaged in the transmission and distribution ("T&D") of electric energy, with a service area of approximately 10,400 square miles. The Company serves approximately 126,000 customers in the Bangor Hydro District ("BHD") in portions of the Maine counties of Penobscot, Hancock, Washington, Waldo, Piscataquis, and Aroostook. The Company also serves approximately 37,000 customers in the Maine Public District ("MPD") in the Maine counties of Aroostook and a portion of Penobscot. The Company's regulated operations are subject to the regulatory authority of the

Maine Public Utilities Commission ("MPUC") as to retail rates, accounting, service standards, territory served, the issuance of securities, and other matters. The Company is also subject to the jurisdiction of the Federal Energy Regulatory Commission ("FERC") as to certain matters, including rates for transmission services. The BHD is a member of the New England Power Pool ("NEPOOL") and is interconnected with other New England utilities to the south and with New Brunswick Power Corporation to the north. The MPD is a member of the Northern Maine Independent System Administrator.

Certain amounts in the prior period financial statements have been reclassified to conform to current period presentation.

Basis of Presentation

In the opinion of management, these financial statements include all adjustments that are of a recurring nature and necessary to fairly state the financial position of the Company. All dollar amounts are presented in US dollars.


2: Change in Accounting Policy

The new United States Generally Accepted Accounting Principles (“GAAP”) accounting policy that is applicable to, and adopted by the Company in 2022 is described as follows:

Changes to Disclosure Requirements for Defined Benefit Plans

In August 2018, the Financial Accounting Standards Board ("FASB") issued ASU 2018-14, Disclosure Framework – Changes to the Disclosure Requirements for Defined Benefit Plans. The standard was issued as part of the disclosure framework project. The disclosure framework project’s objective and primary focus are to improve the effectiveness of disclosures in the notes to financial statements by facilitating clear communication of the information required by GAAP that is most important to users of financial statements. The update modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans by removing disclosures no longer considered cost beneficial, clarifying the specific requirements of disclosures, and adding disclosure requirements identified as relevant. The amendments in this update are effective for fiscal years ending after December 15, 2021. The Company adopted ASU 2019-12 effective January 1, 2022 with no significant changes to its accounting or disclosure.


3: Future Accounting Pronouncements

The Company considers the applicability and impact of all ASUs issued by the FASB. Currently, there are no updates issued by the FASB that are applicable to the Company or have minimal impact on the financial statements.


4: Regulatory Assets and Liabilities

A summary of the Company’s regulatory assets and liabilities is provided below. For a detailed description regarding the nature of the Company’s regulatory assets and liabilities, refer to Note 6 in the Company's 2021 FERC Form 1.


As at	March 31		December 31
$000s omitted	2022		2021
Regulatory assets
Incremental distribution plant overheads	$	64,061	$	—
Unfunded deferred income tax asset	50,247		49,725
Pension and post-retirement medical unrecognized losses	18,903		19,945
Deferred vegetation management costs	2,695		3,120
Annual transmission true-up	2,679		1,523
Stranded cost full reconciliation mechanism deferrals	2,369		6,310
Other regulatory assets	4,972		3,907
Total regulatory assets	$	145,926	$	84,530
Regulatory liabilities
Federal tax rate change deferral	$	65,798	$	66,552
Unfunded deferred income tax liability	24,792		25,053
FERC transmission ROE liability	4,965		4,925
Distribution revenue decoupling mechanism	2,167		922
Maine Yankee DOE proceeds	799		1,009
Other regulatory liabilities	3,795		4,054
Total regulatory liabilities	$	102,316	$	102,515


5: Revenue

The disaggregation of the Company’s revenue by major source is provided below for the three months ending March 31. For a detailed description of the Company’s revenue recognition policy, refer to Note 1 in the Company’s 2021 annual audited consolidated financial statements.


$000s omitted	2022		2021
Electric Revenue
Residential	$	28,735	$	24,467
Commercial and industrial	21,167		18,270
Other electric and regulatory deferrals	960		(547)
Resale of purchased power	10,627		4,844
Other (1) ‐ regulated	999		1,264
Total operating revenues	$	62,488	$	48,298

(1) Other includes rental revenues, which do not represent revenue from contracts with customers.


6: Income Taxes

The Company's effective income tax rate differed from the combined federal and state statutory rate of 28.1% for 2022 and 2021 due to the following:


	Three months ended March 31
	2022				2021
$000s omitted	Amount		%		Amount		%
Federal income tax	$	1,582	21.0	%	$	1,955	21.0	%
State income tax (net of Federal benefit)	252		2.6	%	114		1.2	%
Allowance for equity funds used during construction	(96)		(1.0	%)	(95)		(1.0	%)
Amortization of excess deferred income taxes	(639)		(6.6	%)	(382)		(4.0	%)
Other differences	64		0.6	%	69		0.7	%
Total Provision	1,163		16.6	%	1,661		17.8	%
Less: Allocated to other income (expense)	(14)		(0.2	%)	189		2.0	%
Provision for income taxes	$	1,177	16.8	%	$	1,472	15.8	%


7: Postretirement Benefits

The Company maintains defined-benefit and defined-contribution pension plans and provides non-pension benefits for its retirees. Details of these plans can be found in Note 11 in the Company’s 2021 annual audited consolidated financial statements. The net periodic benefit cost of providing the defined benefit pension and non-pension benefit plans is detailed below:


For the	Three months ended March 31
$000s omitted	BHD Plan				MPD Plan
	2022		2021		2022		2021
Pension benefits
Service costs earned during the period	$	276	$	353	$	36	$	35
Interest cost on projected benefit obligation	1,052		953		146		134
Expected return on plan assets	(1,261)		(1,878)		(150)		(266)
Current year amortization of:
Unrecognized net loss	485		1,289		32		81
Total pension expense	$	552	$	717	$	64	$	(16)
Postretirement medical benefits
Service costs earned during the period	$	65	$	88	$	29	$	34
Interest cost on projected benefit obligation	223		200		57		50
Expected return on plan assets	—		—		(87)		(70)
Current year amortization of:
Unrecognized prior service cost	—		(1)		90		91
Unrecognized net loss	347		438		—		—
Total postretirement benefit expense	$	635	$	725	$	89	$	105
Total employee benefit expense	$	1,187	$	1,442	$	153	$	89

The Company made no contributions related to the defined-benefit plans for the three months ended March 31, 2022 or 2021. Annual employer contributions to these plans are estimated to be $1.5 million for the BHD plan and $0.1 million for the MPD plan for 2022. The Company’s contributions related to the defined contribution plan for the three months ended March 31, 2022, were $0.5 million (2021 – $0.5 million).


8: Commitments and Contingencies

The Company may be, from time to time, subject to various investigations, claims, and legal proceedings covering various matters that arise in the ordinary course of its business activities. Management believes that any liability that may ultimately arise from the resolution of these matters will not have a material adverse effect on the financial position or operating results of the Company.

FERC Transmission ROE Liability

From 2011 to 2016, four separate complaints were filed with the FERC to challenge the base ROE under the ISO‐NE Open Access Transmission Tariff (“OATT”).

•Complaint I, filed by a group including the Attorney General of Massachusetts, New England utilities commissions, state public advocates and end users, was remanded to the FERC by the US Court of Appeals in 2017 for further proceedings. No reserve has been made with respect to Complaint I due to uncertainty. The Company has previously provided refunds to customers based on the 10.57% rate for the Complaint I period.

•Complaints II and III (the so‐called “ENE” and “MA AG II” cases), brought by a group of consumer advocates and by a group of state commissions, state public advocates and end users respectively, have been joined together and are presently pending before the FERC. Versant Power has recorded a reserve of $4.3 million for the ENE and MA AG II Cases. The reserves recorded for these complaints have been recorded as a component of regulatory liabilities on the Consolidated Balance Sheets. The balance of these reserves including carrying costs as at September 30, 2021 was $4.9 million.

•Complaint IV was filed by the Eastern Massachusetts Consumer Owned Systems. On March 27, 2018, a FERC Administrative Law Judge issued an Initial Decision concluding that the currently filed base ROE of 10.57 per cent, which with incentive adders may reach a maximum ROE of 11.74 per cent, is not unjust and unreasonable. This decision was appealed to the FERC. No reserve has been made in relation to Complaint IV due to the uncertainty of the final outcome.

On October 16, 2018, the FERC issued an order that addresses all four complaint proceedings. The FERC order proposed a new methodology to set ROEs. Based on the new methodology, the FERC’s preliminary finding was a 10.41 per cent base ROE for the ISO-NE OATT. The FERC has permitted parties to comment on the new methodology and its application to the four pending complaint proceedings. No new or additional reserves have been made with respect to all four pending complaints due to uncertainty.

On November 21, 2019, as revised May 21, 2020, the FERC issued an order affecting transmission ROEs in the Midcontinent ISO region (“MISO”) that alters the Commission’s methodology for analyzing the base return on equity component of a jurisdictional public utility’s rates. Although the methodology was applied to MISO, it is expected to be used in the pending ISO NE cases. No date for a decision has been made yet, but the FERC is expected to rule on the outsanding ISO-NE cases in 2022. Additionally, a decision in the ISO-NE cases will be subject to further appeal rights, and if appealed, a final decision would be unlikely to occur before 2023. No change in Versant Power’s accrual related to ROE complaints has been made as a result of this order.


9: Credit and Concentration Risk

Credit Risk

The Company manages credit risk with policies and procedures for counterparty analysis, exposure measurement, and exposure monitoring and mitigation. Credit assessments are conducted on all new customers and counterparties and deposits are requested on any high‐risk accounts. The Company assesses the potential for credit losses on a regular basis and, where appropriate, maintains provisions.

On March 11, 2020 the World Health Organization characterized the outbreak of a strain of the novel coronavirus (COVID‐19) as a pandemic which has resulted in a series of public health and emergency measures that have been put in place to combat the spread of the virus. In response to COVID‐19 pandemic, the MPUC directed all electric utilities not to engage in disconnection activity until further notice was received. This direction applied equally to residential and business

customers. On November 1, 2020, the MPUC reinstated limited collection activity for all customers as well as disconnections for business customers only. On April 15, 2021, collection activity for all customers resumed as normal.

In accordance with ASU 2016‐13, Measurement of Credit Losses on Financial Instruments, the Company evaluated its trade receivables and records an additional reserve calculated based on the Company’s best estimate of the economic impact of the COVID‐19 pandemic response.

With respect to counterparties, the Company has implemented procedures to monitor the creditworthiness and credit exposure of counterparties and to consider default probability in valuing the counterparty positions. The Company monitors counterparties’ credit standing, including those that are experiencing financial problems, that have significant swings in default probability rates, have credit rating changes by external rating agencies, or have changes in ownership. Net liability positions are adjusted based on the Company's current default probability. Net asset positions are adjusted based on the counterparty’s current default probability. The Company assesses credit risk internally for counterparties that are not rated. As at March 31, 2022, the maximum exposure the Company has to credit risk is $46.1 million (December 31, 2021 – $46.2 million), which includes accounts receivable, net of deposits.

As at March 31, 2022, the Company had $23.7 million (December 31, 2021 – $20.9 million) in financial assets considered to be past due, which have been outstanding for an average 100 days. The fair value of these financial assets is $19.4 million (December 31, 2021 – $17.3 million), the difference of which is included in the allowance for doubtful accounts. These assets primarily relate to customer accounts receivable from the sale of electric revenue.

Concentration Risk

The Company's concentrations of risk consisted of the following:


As at	March 31				December 2021
$000s omitted	2022		% of Total		2021		% of Total
Residential	$	22,667	43	%	$	19,766	39	%
Commercial	15,770		29	%	13,751		27	%
Industrial	5,361		10	%	4,675		9	%
Other	9,903		18	%	12,961		25	%
Total customer accounts and unbilled revenue receivable	53,701		100	%	51,153		100	%
Other accounts receivable	19		—	%	19		—	%
Total	$	53,720	100	%	$	51,172	100	%


10: Subsequent Events

On April 10, 2022, the Company's $20 million general and refunding mortgage bond matured. The Company repaid at that time.

The Company has evaluated events and material transactions for potential recognition or disclosure occurring between the end of the Company’s most recent quarter‐end and the time on April 29, 2022 when the US GAAP financial statements were available to be issued. The Company has updated such evaluation for disclosure purposes through May 26, 2022; these financial statements include all necessary adjustments and disclosures resulting from these evaluations.

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

STATEMENTS OF ACCUMULATED COMPREHENSIVE INCOME, COMPREHENSIVE INCOME, AND HEDGING ACTIVITIES
Report in columns (b),(c),(d) and (e) the amounts of accumulated other comprehensive income items, on a net-of-tax basis, where appropriate. Report in columns (f) and (g) the amounts of other categories of other cash flow hedges. For each category of hedges that have been accounted for as "fair value hedges", report the accounts affected and the related amounts in a footnote. Report data on a year-to-date basis.
Line No.	Item (a)	Unrealized Gains and Losses on Available-For-Sale Securities (b)	Minimum Pension Liability Adjustment (net amount) (c)	Foreign Currency Hedges (d)	Other Adjustments (e)	Other Cash Flow Hedges Interest Rate Swaps (f)	Other Cash Flow Hedges [Specify] (g)	Totals for each category of items recorded in Account 219 (h)	Net Income (Carried Forward from Page 116, Line 78) (i)	Total Comprehensive Income (j)
1	Balance of Account 219 at Beginning of Preceding Year
2	Preceding Quarter/Year to Date Reclassifications from Account 219 to Net Income
3	Preceding Quarter/Year to Date Changes in Fair Value
4	Total (lines 2 and 3)								7,647,548	7,647,548
5	Balance of Account 219 at End of Preceding Quarter/Year
6	Balance of Account 219 at Beginning of Current Year
7	Current Quarter/Year to Date Reclassifications from Account 219 to Net Income
8	Current Quarter/Year to Date Changes in Fair Value
9	Total (lines 7 and 8)								8,719,530	8,719,530
10	Balance of Account 219 at End of Current Quarter/Year

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

SUMMARY OF UTILITY PLANT AND ACCUMULATED PROVISIONS FOR DEPRECIATION. AMORTIZATION AND DEPLETION
Report in Column (c) the amount for electric function, in column (d) the amount for gas function, in column (e), (f), and (g) report other (specify) and in column (h) common function.
Line No.	Classification (a)	Total Company For the Current Year/Quarter Ended (b)	Electric (c)	Gas (d)	Other (Specify) (e)	Other (Specify) (f)	Other (Specify) (g)	Common (h)
1	UtilityPlantAbstract UTILITY PLANT
2	UtilityPlantInServiceAbstract In Service
3	UtilityPlantInServiceClassified Plant in Service (Classified)	1,434,521,310	1,434,521,310
4	UtilityPlantInServicePropertyUnderCapitalLeases Property Under Capital Leases
5	UtilityPlantInServicePlantPurchasedOrSold Plant Purchased or Sold
6	UtilityPlantInServiceCompletedConstructionNotClassified Completed Construction not Classified
7	UtilityPlantInServiceExperimentalPlantUnclassified Experimental Plant Unclassified
8	UtilityPlantInServiceClassifiedAndUnclassified Total (3 thru 7)	1,434,521,310	1,434,521,310
9	UtilityPlantLeasedToOthers Leased to Others
10	UtilityPlantHeldForFutureUse Held for Future Use
11	ConstructionWorkInProgress Construction Work in Progress	52,523,923	52,523,923
12	UtilityPlantAcquisitionAdjustment Acquisition Adjustments	113,680,998	113,680,998
13	UtilityPlantAndConstructionWorkInProgress Total Utility Plant (8 thru 12)	1,600,726,231	1,600,726,231
14	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Accumulated Provisions for Depreciation, Amortization, & Depletion	436,582,922	436,582,922
15	UtilityPlantNet Net Utility Plant (13 less 14)	1,164,143,309	1,164,143,309
16	DetailOfAccumulatedProvisionsForDepreciationAmortizationAndDepletionAbstract DETAIL OF ACCUMULATED PROVISIONS FOR DEPRECIATION, AMORTIZATION AND DEPLETION
17	AccumulatedProvisionForDepreciationAmortizationAndDepletionUtilityPlantInServiceAbstract In Service:
18	DepreciationUtilityPlantInService Depreciation	414,347,985	414,347,985
19	AmortizationAndDepletionOfProducingNaturalGasLandAndLandRightsutilityPlantInService Amortization and Depletion of Producing Natural Gas Land and Land Rights
20	AmortizationOfUndergroundStorageLandAndLandRightsutilityPlantInService Amortization of Underground Storage Land and Land Rights
21	AmortizationOfOtherUtilityPlantUtilityPlantInService Amortization of Other Utility Plant	22,234,937	22,234,937
22	DepreciationAmortizationAndDepletionUtilityPlantInService Total in Service (18 thru 21)	436,582,922	436,582,922
23	DepreciationAmortizationAndDepletionUtilityPlantLeasedToOthersAbstract Leased to Others
24	DepreciationUtilityPlantLeasedToOthers Depreciation
25	AmortizationAndDepletionUtilityPlantLeasedToOthers Amortization and Depletion
26	DepreciationAmortizationAndDepletionUtilityPlantLeasedToOthers Total Leased to Others (24 & 25)
27	DepreciationAndAmortizationUtilityPlantHeldForFutureUseAbstract Held for Future Use
28	DepreciationUtilityPlantHeldForFutureUse Depreciation
29	AmortizationUtilityPlantHeldForFutureUse Amortization
30	DepreciationAndAmortizationUtilityPlantHeldForFutureUse Total Held for Future Use (28 & 29)
31	AbandonmentOfLeases Abandonment of Leases (Natural Gas)
32	AmortizationOfPlantAcquisitionAdjustment Amortization of Plant Acquisition Adjustment
33	AccumulatedProvisionForDepreciationAmortizationAndDepletionOfPlantUtility Total Accum Prov (equals 14) (22,26,30,31,32)	436,582,922	436,582,922

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Electric Plant In Service and Accum Provision For Depr by Function
Report below the original cost of plant in service by function. In addition to Account 101, include Account 102, and Account 106. Report in column (b) the original cost of plant in service and in column(c) the accumulated provision for depreciation and amortization by function.
Line No.	Item (a)	Plant in Service Balance at End of Quarter (b)	Accumulated Depreciation And Amortization Balance at End of Quarter (c)
1	Intangible Plant	58,823,135	22,201,382
2	Steam Production Plant
3	Nuclear Production Plant
4	Hydraulic Production - Conventional
5	Hydraulic Production - Pumped Storage
6	Other Production	654,207	316,122
7	Transmission	656,685,344	153,727,007
8	Distribution	589,186,769	212,399,377
9	Regional Transmission and Market Operation
10	General	128,597,258	47,939,034
11	TOTAL (Total of lines 1 through 10)	1,433,946,713	436,582,922

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Transmission Service and Generation Interconnection Study Costs
Report the particulars (details) called for concerning the costs incurred and the reimbursements received for performing transmission service and generator interconnection studies. List each study separately. In column (a) provide the name of the study. In column (b) report the cost incurred to perform the study at the end of period. In column (c) report the account charged with the cost of the study. In column (d) report the amounts received for reimbursement of the study costs at end of period. In column (e) report the account credited with the reimbursement received for performing the study.
Line No.	DescriptionOfStudyPerformed Description (a)	StudyCostsIncurred Costs Incurred During Period (b)	StudyCostsAccountCharged Account Charged (c)	StudyCostsReimbursements Reimbursements Received During the Period (d)	StudyCostsAccountReimbursed Account Credited With Reimbursement (e)
1	Transmission Studies
2	Three Rivers Solar (138D)	72,921	18401	601	18401
3	BD Solar Eddington (642D)	859	18401	960	18401
4	UME PPA Study (889D)	317	10711
5	DG Cluster Study (668C)	97,298	58099
6	Walden Goose Cove Solar (714E)	18,696	18401
7	ME Hancock Gauvin (715E)	429	18401
20	Total	190,520		1,561
21	Generation Studies
22	510 PV Project Dev LLC (Borrego Solar) Katahdin A			7,596	18401
23	ENGIE NA	52	18401	11,772	18401
24	Melink Solar			2,703	18401
25	NextGrid Inc			7,712	18401
26	Northern Grocers / Best for Less			16,913	18401
27	Pine Gate/FootbridgeSolar LLC			8,860	18401
28	Pocwock Holding LLC			2,439	18401
29	ReVision Energy	6,995	18401	4,859	18401
30	Solar Provider Group LLC, NOW Green Ash LLC Riverside Comm Solar 1			62,738	18401
31	Sunvest Solar (Limestone #2)	209	18401	49,500	18401
32	AES Distributed Energy Inc			8,781	18401
33	Con Edison- CEC Developments (Franklin Project A)			3,392	18401
34	Novel Energy - Spruce CSG LLC	2,766	18401	3,000	18401
35	Con Edison-CEC Development LLC Lincoln Project B			2,714	18401
36	C.S.S Development			2,537	18401
37	QV Realty Trust/Quirk Auto			19,750	18401
38	Sunvest Solar (Easton)			10,875	18401
39	Walker Capital LLCFort Fairfield Solar			4,867	18401
40	Algonquin Northern ME Generating Co	805	18401
41	BlueWave Solar LLC	13,177	18401
42	Carl Soderberg	11,282	18401
43	conEdison Solutions	7,106	18401
44	Dynamic Solar LLC	4,338	18401
45	Felts Brook Solar, LLC (Hexagon Energy LLC	368	18401
46	Hexagon Energy LLC Gateway Solar LLC	40	18401
47	Loki Solar	5,204	18401
48	Nexamp	19,743	18401
49	Nexamp Solar (Sedgwick)	10,022	18401
50	Nexamp Solar LLC (Greenfield)	3,180	18401
51	Nordic Properties	10,836	18401
52	Northern Lights Solar LLC (Standard Solar)	5,815	18401
53	OneEnergy Renewables/ SilverRod Solar	4,515	18401
54	Renesola Power Holdings LLC	1,619	18401
55	ReVision Energy Inc	104	18401
56	SolAmerica Energy	9,189	18401
57	Sunvest Solar (Ft Fairfield)	8,586	18401
58	Eastern Power Company	3,483	18401
59	Valley Solar/ Nordic Properties	6,030	18401
60	Novel Energy Solutions - Duncan CSG LLC	3,415	18401
61	SunVest Solar Inc. (Limestone)	11,149	18401
62	OneEnergy Renewables	79	18401
63	Carl Soderberg/Irving Farms	4,459	18401
64	OneEnergy Development LLC	2,075	18401
65	UGE USA Inc	2,381	18401
66	Renergetica ( Mars Hill Rd- Westfield)	104	18401
67	Nat. Renewable Solutions Presque Isle 1 Solar	52	18401
68	BD Solar (Dirigo Solar)	2,491	18401
39	Total	161,668		231,009
40	Grand Total	352,188		229,448

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

OTHER REGULATORY ASSETS (Account 182.3)
Report below the particulars (details) called for concerning other regulatory assets, including rate order docket number, if applicable. Minor items (5% of the Balance in Account 182.3 at end of period, or amounts less than $100,000 which ever is less), may be grouped by classes. For Regulatory Assets being amortized, show period of amortization.
				CREDITS
Line No.	DescriptionAndPurposeOfOtherRegulatoryAssets Description and Purpose of Other Regulatory Assets (a)	OtherRegulatoryAssets Balance at Beginning of Current Quarter/Year (b)	IncreaseDecreaseInOtherRegulatoryAssets Debits (c)	OtherRegulatoryAssetsWrittenOffAccountCharged Written off During Quarter/Year Account Charged (d)	OtherRegulatoryAssetsWrittenOffRecovered Written off During the Period Amount (e)	OtherRegulatoryAssets Balance at end of Current Quarter/Year (f)
1	ASC 740-10 - Regulatory Asset represents additional	46,920,109	638,923	various		47,559,032
2	deferred federal and state income taxes that result
3	from accrual of deferred income taxes on
4	temporary differences for which deferred taxes
5	have not previously been accrued.
6	Regulatory Asset - Deficient Federal Income Tax - 2017 TCJA	2,804,869			116,870	2,687,999
7	Maine Yankee Decommissioning Costs - represents the	159,000		253.00	7,785	151,215
8	company's recoverable share of the total estimate
9	future costs to decommission the Maine Yankee
10	Nuclear Plant.
11	Reg. Asset MPD Transmission ATU Adjustment	1,446,302	633,081	456.28		2,079,383
12	ASC-715-60 BHD Pension Regulatory Asset -	8,811,624		407.77	484,673	8,326,951
13	represents impact of merger accounting in 2001
14	whereby unrecognized gains/losses immediately
15	recog. and pension liab adj to fair value,
16	Reg. Asset established due to rate recovery of
17	pension expenses.
18	ASC-715-60 BHD Retiree Medical Regulatory Asset -	10,451,127		407.02	347,316	10,103,811
19	Represents impact of merger accounting in 2001
20	recog. and ASC 715-60 liability adjusted to fair
21	value. Reg Asset established due to rate recovery
22	of ASC 715-60 expenses.
23	Pension & Postretirement Medical - MPD	682,521		407.02	210,533	471,988
24	MPUC Management Audit Costs	1,461		407.71	1,461
25	MPD Stranded Cost Reconciliation Deferral	338,030	1,576	407	339,606
26	Loss on Interest Rate Hedge	198,856		407.62	28,408	170,448
27	BHD Transmission ATU	77,242	522,448	449.01		599,690
28	Customer SOP Rate Relief		1,563,950	NA		1,563,950
29	Incremental Distribution Plant Overheads		64,060,984	NA		64,060,984
30	Deferred Heat Pump Program Costs - represents deferral of	661,060		451.12	58,060	603,000
31	costs per MPUC Order to account for expenses incurred in
32	the startup and implementation of the Heat Pump Pilot
33	program, to be recovered by future distribution revenues
34	Stranded Cost Revenue/Purchased Power Reconciliation	5,971,865	2,351,818	407.50	6,004,070	2,319,613
35	Deferrals - Represents deferrals per MPUC Order to account
36	for differences between actual SC revenue/PP expense and
37	amounts used in setting SC rates.
38	AMP Program Costs Reg Asset	254,752	5,847	407.05	22,607	237,992
39	Swans Island Revenue Deficiency Reg Asset			456.02
40	Chester Depreciation Deferral	298,427		456.27	179,056	119,371
41	Deferral of Distribution Veg Management Costs	3,120,359		407.78	425,503	2,694,856
42	MPD Transmission Rate Change Delay			449.03
43	L9601 MPD Refund	1,836,320		449.03	189,964	1,646,356
44	BHD DG/NEB Deferral		49,342	407.84		49,342
45	Swans Island Vegetation & Inspection Costs	303,322		407.83	41,358	261,964
46	MPD Large SOP Recon Deferrals	4,456		407.24	836	3,620
47	Other Regulatory Assets (less than $100,000):	188,282	29,492	various	3,660	214,114
44	TOTAL	84,529,984	69,857,461		8,461,766	145,925,679

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

OTHER REGULATORY LIABILITIES (Account 254)
Report below the particulars (details) called for concerning other regulatory liabilities, including rate order docket number, if applicable. Minor items (5% of the Balance in Account 254 at end of period, or amounts less than $100,000 which ever is less), may be grouped by classes. For Regulatory Liabilities being amortized, show period of amortization.
			DEBITS
Line No.	Description and Purpose of Other Regulatory Liabilities (a)	Balance at Beginning of Current Quarter/Year (b)	Account Credited (c)	Amount (d)	Credits (e)	Balance at End of Current Quarter/Year (f)
1	ASC 740-10 Regulatory Liability - Represents the	25,053,089	182.3, 254	261,132		24,791,957
2	reduction in deferred income taxes caused by the
3	decrease in the Federal Income Tax Rate in 1987
4	(offset by the 1% increase in the Federal Income
5	Tax Rate in 1993).
6	Excess ADIT - Distribution	32,210,773	410	335,516		31,875,257
7	Excess ADIT BHD - Transmission	31,408,741	410	369,991		31,038,750
8	Excess ADIT MPD - Transmission	2,932,053	410	47,915		2,884,138
9	Excess Deferred Taxes ARAM	96,764	254	2,481		94,283
10	FERC T ROE Regulatory Liability	4,924,736	431.01		39,890	4,964,626
11	SQI Penalty Regulatory Liability	300,000	40768	25,518	1,063	275,545
12	Maine Yankee DOE Proceeds (MPS)	1,009,189	407.69	209,999		799,190
13	Regulatory Liability Tax Reform Savings	1,698,137	407.82	231,637		1,466,500
14	AFUDC FERC Audit Refund	77,808	449	29,681		48,128
15	AFUDC Overhead Time Study Audit Refund	1,499,296	449	7,798		1,507,094
16	Distribution Revenue Decoupling Mechanism	921,641	456.29		1,245,794	2,167,435
17	MPD Stranded Cost Reconciliation Deferral		various	64,208	107,176	42,968
18	MPD Transmission Rate Change Delay	32,314	449.03		121,267	153,581
19	BHD DG/NEB Deferral	192,504	407.84	276,488	83,984
20	MPD DG/NEB Deferral	157,989	407.86	40,949	89,571	206,611
41	TOTAL	102,515,034		1,887,716	1,688,745	102,316,063

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Electric Operating Revenues
The following instructions generally apply to the annual version of these pages. Do not report quarterly data in columns (c), (e), (f), and (g). Unbilled revenues and MWH related to unbilled revenues need not be reported separately as required in the annual version of these pages. Report below operating revenues for each prescribed account, and manufactured gas revenues in total. Report number of customers, columns (f) and (g), on the basis of meters, in addition to the number of flat rate accounts; except that where separate meter readings are added for billing purposes, one customer should be counted for each group of meters added. The average number of customers means the average of twelve figures at the close of each month. If increases or decreases from previous period (columns (c),(e), and (g)), are not derived from previously reported figures, explain any inconsistencies in a footnote. Disclose amounts of $250,000 or greater in a footnote for accounts 451, 456, and 457.2. Commercial and industrial Sales, Account 442, may be classified according to the basis of classification (Small or Commercial, and Large or Industrial) regularly used by the respondent if such basis of classification is not generally greater than 1000 Kw of demand. (See Account 442 of the Uniform System of Accounts. Explain basis of classification in a footnote.) See page 108, Important Changes During Period, for important new territory added and important rate increase or decreases. For Lines 2,4,5,and 6, see Page 304 for amounts relating to unbilled revenue by accounts. Include unmetered sales. Provide details of such Sales in a footnote.
Line No.	Title of Account (a)	Operating Revenues Year to Date Quarterly/Annual (b)	Operating Revenues Previous year (no Quarterly) (c)	MEGAWATT HOURS SOLD Year to Date Quarterly/Annual (d)	MEGAWATT HOURS SOLD Amount Previous year (no Quarterly) (e)	AVG.NO. CUSTOMERS PER MONTH Current Year (no Quarterly) (f)	AVG.NO. CUSTOMERS PER MONTH Previous Year (no Quarterly) (g)
1	SalesOfElectricityHeadingAbstract Sales of Electricity
2	ResidentialSalesAbstract (440) Residential Sales	28,756,412	23,411,461
3	CommercialAndIndustrialSalesAbstract (442) Commercial and Industrial Sales
4	CommercialSalesAbstract Small (or Comm.) (See Instr. 4)	17,145,623	13,203,653
5	IndustrialSalesAbstract Large (or Ind.) (See Instr. 4)	4,002,702	4,915,496
6	PublicStreetAndHighwayLightingAbstract (444) Public Street and Highway Lighting	659,458	542,630
7	OtherSalesToPublicAuthoritiesAbstract (445) Other Sales to Public Authorities
8	SalesToRailroadsAndRailwaysAbstract (446) Sales to Railroads and Railways
9	InterdepartmentalSalesAbstract (448) Interdepartmental Sales
10	SalesToUltimateConsumersAbstract TOTAL Sales to Ultimate Consumers	50,564,195	42,073,240
11	SalesForResaleAbstract (447) Sales for Resale	10,627,445	4,843,938	142,796	489,278
12	SalesOfElectricityAbstract TOTAL Sales of Electricity	61,191,640	46,917,178	142,796	489,278
13	ProvisionForRateRefundsAbstract (Less) (449.1) Provision for Rate Refunds	33,644	370,663
14	RevenuesNetOfProvisionForRefundsAbstract TOTAL Revenues Before Prov. for Refunds	61,157,996	47,287,841	142,796	489,278
15	OtherOperatingRevenuesAbstract Other Operating Revenues
16	ForfeitedDiscounts (450) Forfeited Discounts
17	MiscellaneousServiceRevenues (451) Miscellaneous Service Revenues
18	SalesOfWaterAndWaterPower (453) Sales of Water and Water Power
19	RentFromElectricProperty (454) Rent from Electric Property	455,479	391,902
20	InterdepartmentalRents (455) Interdepartmental Rents
21	OtherElectricRevenue (456) Other Electric Revenues
22	RevenuesFromTransmissionOfElectricityOfOthers (456.1) Revenues from Transmission of Electricity of Others	978,931	1,911,859
23	RegionalTransmissionServiceRevenues (457.1) Regional Control Service Revenues
24	MiscellaneousRevenue (457.2) Miscellaneous Revenues
25	OtherMiscellaneousOperatingRevenues Other Miscellaneous Operating Revenues
26	OtherOperatingRevenues TOTAL Other Operating Revenues	1,330,090	1,010,357
27	ElectricOperatingRevenues TOTAL Electric Operating Revenues	62,488,086	48,298,198
Line12, column (b) includes $ of unbilled revenues.
Line12, column (d) includes MWH relating to unbilled revenues

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

REGIONAL TRANSMISSION SERVICE REVENUES (Account 457.1)
The respondent shall report below the revenue collected for each service (i.e., control area administration, market administration, etc.) performed pursuant to a Commission approved tariff. All amounts separately billed must be detailed below.
Line No.	Description of Service (a)	Balance at End of Quarter 1 (b)	Balance at End of Quarter 2 (c)	Balance at End of Quarter 3 (d)	Balance at End of Year (e)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46	TOTAL

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

ELECTRIC PRODUCTION, OTHER POWER SUPPLY EXPENSES, TRANSMISSION AND DISTRIBUTION EXPENSES

Report Electric production, other power supply expenses, transmission, regional market, and distribution expenses through the reporting period.
Line No.	Account (a)	Year to Date Quarter (b)
1	PowerProductionExpensesAbstract 1. POWER PRODUCTION AND OTHER SUPPLY EXPENSES
2	SteamPowerGenerationOperationsExpense Steam Power Generation - Operation (500-509)
3	SteamPowerGenerationMaintenanceExpense Steam Power Generation – Maintenance (510-515)
4	PowerProductionExpensesSteamPower Total Power Production Expenses - Steam Power
5	NuclearPowerGenerationOperationsExpense Nuclear Power Generation – Operation (517-525)
6	NuclearPowerGenerationMaintenanceExpense Nuclear Power Generation – Maintenance (528-532)
7	PowerProductionExpensesNuclearPower Total Power Production Expenses - Nuclear Power
8	HydraulicPowerGenerationOperationsExpense Hydraulic Power Generation – Operation (535-540.1)
9	HydraulicPowerGenerationMaintenanceExpense Hydraulic Power Generation – Maintenance (541-545.1)
10	PowerProductionExpensesHydraulicPower Total Power Production Expenses - Hydraulic Power
11	RentsOtherPowerGeneration Other Power Generation – Operation (546-550.1)	473
12	MaintenanceOfEnergyStorageEquipmentOtherPowerGeneration Other Power Generation – Maintenance (551-554.1)	480
13	MaintenanceOfMiscellaneousOtherPowerGenerationPlant Total Power Production Expenses - Other Power	953
14	OtherPowerSuplyExpensesAbstract Other Power Supply Expenses
15	PurchasedPower (555) Purchased Power	7,058,416
15.1	PowerPurchasedForStorageOperations (555.1) Power Purchased for Storage Operations
16	SystemControlAndLoadDispatchingElectric (556) System Control and Load Dispatching
17	OtherExpensesOtherPowerSupplyExpenses (557) Other Expenses
18	OtherPowerSupplyExpense Total Other Power Supply Expenses (line 15-17)	7,058,416
19	PowerProductionExpenses Total Power Production Expenses (Total of lines 4, 7, 10, 13 and 18)	7,059,369
20	TransmissionExpensesAbstract 2. TRANSMISSION EXPENSES
21	TransmissionExpensesOperationAbstract Transmission Operation Expenses
22	OperationSupervisionAndEngineeringElectricTransmissionExpenses (560) Operation Supervision and Engineering	13,038
24	LoadDispatchReliability (561.1) Load Dispatch-Reliability	503,274
25	LoadDispatchMonitorAndOperateTransmissionSystem (561.2) Load Dispatch-Monitor and Operate Transmission System
26	LoadDispatchTransmissionServiceAndScheduling (561.3) Load Dispatch-Transmission Service and Scheduling
27	SchedulingSystemControlAndDispatchServices (561.4) Scheduling, System Control and Dispatch Services
28	ReliabilityPlanningAndStandardsDevelopment (561.5) Reliability, Planning and Standards Development
29	TransmissionServiceStudies (561.6) Transmission Service Studies
30	GenerationInterconnectionStudies (561.7) Generation Interconnection Studies
31	ReliabilityPlanningAndStandardsDevelopmentServices (561.8) Reliability, Planning and Standards Development Services
32	StationExpensesTransmissionExpense (562) Station Expenses	15,705
32.1	OperationOfEnergyStorageEquipmentTransmissionExpense (562.1) Operation of Energy Storage Equipment
33	OverheadLineExpense (563) Overhead Lines Expenses	138,162
34	UndergroundLineExpensesTransmissionExpense (564) Underground Lines Expenses	741
35	TransmissionOfElectricityByOthers (565) Transmission of Electricity by Others	288,817
36	MiscellaneousTransmissionExpenses (566) Miscellaneous Transmission Expenses	23,780
37	RentsTransmissionElectricExpense (567) Rents
38	OperationSuppliesAndExpensesTransmissionExpense (567.1) Operation Supplies and Expenses (Non-Major)
39	TransmissionOperationExpense TOTAL Transmission Operation Expenses (Lines 22 - 38)	405,884
40	TransmissionMaintenanceAbstract Transmission Maintenance Expenses
41	MaintenanceSupervisionAndEngineeringElectricTransmissionExpenses (568) Maintenance Supervision and Engineering	35,411
42	MaintenanceOfStructuresTransmissionExpense (569) Maintenance of Structures	4,963
43	MaintenanceOfComputerHardwareTransmission (569.1) Maintenance of Computer Hardware
44	MaintenanceOfComputerSoftwareTransmission (569.2) Maintenance of Computer Software
45	MaintenanceOfCommunicationEquipmentElectricTransmission (569.3) Maintenance of Communication Equipment
46	MaintenanceOfMiscellaneousRegionalTransmissionPlant (569.4) Maintenance of Miscellaneous Regional Transmission Plant
47	MaintenanceOfStationEquipmentTransmission (570) Maintenance of Station Equipment	253,359
47.1	MaintenanceOfEnergyStorageEquipmentTransmission (570.1) Maintenance of Energy Storage Equipment
48	MaintenanceOfOverheadLinesTransmission (571) Maintenance of Overhead Lines	483,671
49	MaintenanceOfUndergroundLinesTransmission (572) Maintenance of Underground Lines	13,779
50	MaintenanceOfMiscellaneousTransmissionPlant (573) Maintenance of Miscellaneous Transmission Plant	55,413
51	MaintenanceOfTransmissionPlant (574) Maintenance of Transmission Plant
52	TransmissionMaintenanceExpenseElectric TOTAL Transmission Maintenance Expenses (Lines 41 – 51)	846,596
53	TransmissionExpenses Total Transmission Expenses (Lines 39 and 52)	1,252,480
54	RegionalMarketExpensesAbstract 3. REGIONAL MARKET EXPENSES
55	RegionalMarketExpensesOperationAbstract Regional Market Operation Expenses
56	OperationSupervision (575.1) Operation Supervision
57	DayAheadAndRealTimeMarketAdministration (575.2) Day-Ahead and Real-Time Market Facilitation
58	TransmissionRightsMarketAdministration (575.3) Transmission Rights Market Facilitation
59	CapacityMarketAdministration (575.4) Capacity Market Facilitation
60	AncillaryServicesMarketAdministration (575.5) Ancillary Services Market Facilitation
61	MarketMonitoringAndCompliance (575.6) Market Monitoring and Compliance
62	MarketFacilitationMonitoringAndComplianceServices (575.7) Market Facilitation, Monitoring and Compliance Services
63	RegionalMarketOperationExpense Regional Market Operation Expenses (Lines 55 - 62)
64	RegionalMarketExpensesMaintenanceAbstract Regional Market Maintenance Expenses
65	MaintenanceOfStructuresAndImprovementsRegionalMarketExpenses (576.1) Maintenance of Structures and Improvements
66	MaintenanceOfComputerHardware (576.2) Maintenance of Computer Hardware
67	MaintenanceOfComputerSoftware (576.3) Maintenance of Computer Software
68	MaintenanceOfCommunicationEquipmentRegionalMarketExpenses (576.4) Maintenance of Communication Equipment
69	MaintenanceOfMiscellaneousMarketOperationPlant (576.5) Maintenance of Miscellaneous Market Operation Plant
70	RegionalMarketMaintenanceExpense Regional Market Maintenance Expenses (Lines 65-69)
71	RegionalMarketExpenses TOTAL Regional Control and Market Operation Expenses (Lines 63,70)
72	DistributionExpensesAbstract 4. DISTRIBUTION EXPENSES
73	DistributionOperationExpensesElectric Distribution Operation Expenses (580-589)	2,355,748
74	DistributionMaintenanceExpenseElectric Distribution Maintenance Expenses (590-598)	4,053,326
75	DistributionExpenses Total Distribution Expenses (Lines 73 and 74)	6,409,074

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Electric Customer Accts, Service, Sales, Admin and General Expenses
Report the amount of expenses for customer accounts, service, sales, and administrative and general expenses year to date.
Line No.	Account (a)	Year to Date Quarter (b)
-	CustomerAccountsExpensesOperationsAbstract Operation
1	CustomerAccountExpenses (901-905) Customer Accounts Expenses	2,475,535
2	CustomerServiceAndInformationExpenses (907-910) Customer Service and Information Expenses	86,142
3	SalesExpenses (911-917) Sales Expenses
4	AdministrativeAndGeneralExpensesAbstract 8. ADMINISTRATIVE AND GENERAL EXPENSES
5	AdministrativeAndGeneralExpensesOperationAbstract Operation
6	AdministrativeAndGeneralSalaries (920) Administrative and General Salaries	1,728,559
7	OfficeSuppliesAndExpenses (921) Office Supplies and Expenses	1,348,811
8	AdministrativeExpensesTransferredCredit (Less) (922) Administrative Expenses Transferred-Credit	1,486,858
9	OutsideServicesEmployed (923) Outside Services Employed	1,156,684
10	PropertyInsurance (924) Property Insurance	267,362
11	InjuriesAndDamages (925) Injuries and Damages	281,495
12	EmployeePensionsAndBenefits (926) Employee Pensions and Benefits	2,364,832
13	FranchiseRequirements (927) Franchise Requirements
14	RegulatoryCommissionExpenses (928) Regulatory Commission Expenses	882,522
15	DuplicateChargesCredit (929) (Less) Duplicate Charges-Cr.
16	GeneralAdvertisingExpenses (930.1) General Advertising Expenses
17	MiscellaneousGeneralExpenses (930.2) Miscellaneous General Expenses	80,000
18	RentsAdministrativeAndGeneralExpense (931) Rents	42,852
19	AdministrativeAndGeneralOperationExpense TOTAL Operation (Total of lines 6 thru 18)	6,666,259
20	AdministrativeAndGeneralExpensesMaintenanceAbstract Maintenance
21	MaintenanceOfGeneralPlant (935) Maintenance of General Plant	673,216
22	AdministrativeAndGeneralExpenses TOTAL Administrative and General Expenses (Total of lines 19 and 21)	7,339,475

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

TRANSMISSION OF ELECTRICITY FOR OTHERS (Account 456.1) (Including transactions referred to as "wheeling")

Report all transmission of electricity, i.e., wheeling, provided for other electric utilities, cooperatives, other public authorities, qualifying facilities, non-traditional utility suppliers and ultimate customers for the quarter.
Use a separate line of data for each distinct type of transmission service involving the entities listed in column (a), (b) and (c).
Report in column (a) the company or public authority that paid for the transmission service. Report in column (b) the company or public authority that the energy was received from and in column (c) the company or public authority that the energy was delivered to. Provide the full name of each company or public authority. Do not abbreviate or truncate name or use acronyms. Explain in a footnote any ownership interest in or affiliation the respondent has with the entities listed in columns (a), (b) or (c).
In column (d) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNO - Firm Network Service for Others, FNS - Firm Network Transmission Service for Self, LFP - "Long-Term Firm Point to Point Transmission Service, OLF - Other Long-Term Firm Transmission Service, SFP - Short-Term Firm Point to Point Transmission Reservation, NF - non-firm transmission service, OS - Other Transmission Service and AD - Out-of-Period Adjustments. Use this code for any accounting adjustments or "true-ups" for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment. See General Instruction for definitions of codes.
In column (e), identify the FERC Rate Schedule or Tariff Number, On separate lines, list all FERC rate schedules or contract designations under which service, as identified in column (d), is provided.
Report receipt and delivery locations for all single contract path, "point to point" transmission service. In column (f), report the designation for the substation, or other appropriate identification for where energy was received as specified in the contract. In column (g) report the designation for the substation, or other appropriate identification for where energy was delivered as specified in the contract.
Report in column (h) the number of megawatts of billing demand that is specified in the firm transmission service contract. Demand reported in column (h) must be in megawatts. Footnote any demand not stated on a megawatts basis and explain.
Report in column (i) and (j) the total megawatthours received and delivered.
In column (k) through (n), report the revenue amounts as shown on bills or vouchers. In column (k), provide revenues from demand charges related to the billing demand reported in column (h). In column (I), provide revenues from energy charges related to the amount of energy transferred. In column (m), provide the total revenues from all other charges on bills or vouchers rendered, including out of period adjustments. Explain in a footnote all components of the amount shown in column (m). Report in column (n) the total charge shown on bills rendered to the entity Listed in column (a). If no monetary settlement was made, enter zero (0) in column (n). Provide a footnote explaining the nature of the non-monetary settlement, including the amount and type of energy or service rendered.
The total amounts in columns (i) and (j) must be reported as Transmission Received and Transmission Delivered for annual report purposes only on Page 401, Lines 16 and 17, respectively.
Footnote entries and provide explanations following all required data.

TRANSFER OF ENERGY

REVENUE FROM TRANSMISSION OF ELECTRICITY FOR OTHERS

Line No.

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

1

Stored Solar J&WE Epping Hill

Stored Solar J&WE

New England Power Pool

LFP

Tariff No 2

Jonesboro

Graham

22

51,731

2

Central Maine Power

New England Power Pool

Central Maine Power Co

LFP

Tariff No 2

Graham

Hermon

5

219,524

3

Black Bear Hydro Partners

New England Power Pool

LFP

Tariff No 2

BHE System

Graham

24

95,525

4

Brookfield

New England Power Pool

LFP

Tariff No 2

Millinocket

Graham

116

324,786

5

Black Bear SO, LLC

New England Power Pool

LFP

Tariff No 2

BHE System

Graham

6

15,284

6

Isle Au Haut Electric Co

New England Power Pool

Isle Au Haut

FNS

Tariff No 2

Graham

Isle Au Haut

0

2,915

7

Van Buren Light & Power

New Brunswick Energy Market

Van Buren Light & Power

FNS

NTS 888

MPD System

Van Buren System

3

4,724

4,683

77,498

4,904

82,402

8

EMEC - Patten

New Brunswick Energy Market

EMEC - Patten

FNS

NTS 888

MPD System

EMEC - Patten

1

2,438

2,417

39,822

2,520

42,342

9

EMEC - Ludlow

New Brunswick Energy Market

EMEC - Ludlow

FNS

NTS 888

MPD System

EMEC - Ludlow

2

3,986

3,952

63,029

3,988

67,017

10

EMEC - Monticello

New Brunswick Energy Market

EMEC - Monticello

FNS

NTS 888

MPD System

EMEC - Monticello

0

162

160

2,291

145

2,436

11

Terraform

Evergreen/First Wind

International Border

SFP

FPTP 888

Evergreen Bus

Interna't Border

83

40,827

40,476

73,158

29,364

102,522

12

Vitol, Inc

HQ Energy Services

New England Power Pool

NF

Tariff No 2

New England/HVDC

HQ Phase I or II

18

119,775

13

Houlton Water Company

New Brunswick Energy Market

Houlton Water Company

SFP

NPTP 888

MPD System

HWC System

35

TOTAL

281

52,137

51,688

1,085,338

40,921

1,126,259

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

TRANSMISSION OF ELECTRICITY BY ISO/RTOs
Report in Column (a) the Transmission Owner receiving revenue for the transmission of electricity by the ISO/RTO. Use a separate line of data for each distinct type of transmission service involving the entities listed in Column (a). In Column (b) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNO – Firm Network Service for Others, FNS – Firm Network Transmission Service for Self, LFP – Long-Term Firm Point-to-Point Transmission Service, OLF – Other Long-Term Firm Transmission Service, SFP – Short-Term Firm Point-to-Point Transmission Reservation, NF – Non-Firm Transmission Service, OS – Other Transmission Service and AD- Out-of-Period Adjustments. Use this code for any accounting adjustments or “true-ups” for service provided in prior reporting periods. Provide an explanation in a footnote for each adjustment. See General Instruction for definitions of codes. In column (c) identify the FERC Rate Schedule or tariff Number, on separate lines, list all FERC rate schedules or contract designations under which service, as identified in column (b) was provided. In column (d) report the revenue amounts as shown on bills or vouchers. Report in column (e) the total revenues distributed to the entity listed in column (a).
Line No.	Payment Received by (Transmission Owner Name) (a)	Statistical Classification (b)	FERC Rate Schedule or Tariff Number (c)	Total Revenue by Rate Schedule or Tariff (d)	Total Revenue (e)
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
40	TOTAL

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

TRANSMISSION OF ELECTRICITY BY OTHERS (Account 565)
Report all transmission, i.e. wheeling or electricity provided by other electric utilities, cooperatives, municipalities, other public authorities, qualifying facilities, and others for the quarter. In column (a) report each company or public authority that provided transmission service. Provide the full name of the company, abbreviate if necessary, but do not truncate name or use acronyms. Explain in a footnote any ownership interest in or affiliation with the transmission service provider. Use additional columns as necessary to report all companies or public authorities that provided transmission service for the quarter reported. In column (b) enter a Statistical Classification code based on the original contractual terms and conditions of the service as follows: FNS - Firm Network Transmission Service for Self, LFP - Long-Term Firm Point-to-Point Transmission Reservations. OLF - Other Long-Term Firm Transmission Service, SFP - Short-Term Firm Point-to- Point Transmission Reservations, NF - Non-Firm Transmission Service, and OS - Other Transmission Service. See General Instructions for definitions of statistical classifications. Report in column (c) and (d) the total megawatt hours received and delivered by the provider of the transmission service. Report in column (e), (f) and (g) expenses as shown on bills or vouchers rendered to the respondent. In column (e) report the demand charges and in column (f) energy charges related to the amount of energy transferred. On column (g) report the total of all other charges on bills or vouchers rendered to the respondent, including any out of period adjustments. Explain in a footnote all components of the amount shown in column (g). Report in column (h) the total charge shown on bills rendered to the respondent. If no monetary settlement was made, enter zero in column (h). Provide a footnote explaining the nature of the non-monetary settlement, including the amount and type of energy or service rendered. Enter ""TOTAL"" in column (a) as the last line. Footnote entries and provide explanations following all required data.
			TRANSFER OF ENERGY		EXPENSES FOR TRANSMISSION OF ELECTRICITY BY OTHERS
Line No.	NameOfCompanyOrPublicAuthorityTransmissionOfElectricityByOthers Name of Company or Public Authority (Footnote Affiliations) (a)	StatisticalClassificationCode Statistical Classification (b)	TransmissionOfElectricityByOthersEnergyReceived MegaWatt Hours Received (c)	TransmissionOfElectricityByOthersEnergyDelivered MegaWatt Hours Delivered (d)	DemandChargesTransmissionOfElectricityByOthers Demand Charges ($) (e)	EnergyChargesTransmissionOfElectricityByOthers Energy Charges ($) (f)	OtherChargesTransmissionOfElectricityByOthers Other Charges ($) (g)	ChargesForTransmissionOfElectricityByOthers Total Cost of Transmission ($) (h)
1	NON-ASSOC. UTILITIES
2	ISO New England				395,673			395,673
3	Hydro Quebec Support				106,856			106,856
	TOTAL				288,817			288,817

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Deprec, Depl and Amort of Elec Plant (403,403.1,404,and 405) (except Amortization of Acquisition Adjustments)
Report the year to date amounts of depreciation expense, asset retirement cost depreciation, depletion and amortization, except amortization of acquisition adjustments for the accounts indicated and classified according to the plant functional groups described.
Line No.	FunctionalClassificationAxis Functional Classification (a)	DepreciationExpenseExcludingAmortizationOfAcquisitionAdjustments Depreciation Expense (Account 403) (b)	DepreciationExpenseForAssetRetirementCostsExcludingAmortizationgOfAcquisitionAdjustments Depreciation Expense for Asset Retirement Costs (Account 403.1) (c)	AmortizationOfLimitedTermPlantOrProperty Amortization of Limited Term Electric Plant (Account 404) (d)	AmortizationOfOtherElectricPlant Amortization of Other Electric Plant (Acc 405) (e)	DepreciationAndAmortization Total (f)
1	Intangible Plant			1,416,235		1,416,235
2	Steam Production Plant
3	Nuclear Production Plant
4	Hydraulic Production Plant-Conventional
5	Hydraulic Production Plant-Pumped Storage
6	Other Production Plant	455				455
7	Transmission Plant	4,139,958				4,139,958
8	Distribution Plant	3,648,465				3,648,465
9	General Plant	1,859,459				1,859,459
10	Common Plant-Electric
11	TOTAL	9,648,337		1,416,235		11,064,572

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

AMOUNTS INCLUDED IN ISO/RTO SETTLEMENT STATEMENTS
The respondent shall report below the details called for concerning amounts it recorded in Account 555, Purchase Power, and Account 447, Sales for Resale, for items shown on ISO/RTO Settlement Statements. Transactions should be separately netted for each ISO/RTO administered energy market for purposes of determining whether an entity is a net seller or purchaser in a given hour. Net megawatt hours are to be used as the basis for determining whether a net purchase or sale has occurred. In each monthly reporting period, the hourly sale and purchase net amounts are to be aggregated and separately reported in Account 447, Sales for Resale, or Account 555, Purchased Power, respectively.
Line No.	Description of Item(s) (a)	Balance at End of Quarter 1 (b)	Balance at End of Quarter 2 (c)	Balance at End of Quarter 3 (d)	Balance at End of Year (e)
1	Energy
2	Net Purchases (Account 555)	10,784,005
2.1	Net Purchases (Account 555.1)
3	Net Sales (Account 447)
4	Transmission Rights
5	Ancillary Services
6	Other Items (list separately)
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46	TOTAL	10,784,005

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Monthly Peak Loads and Energy Output
Report the monthly peak load and energy output. If the respondent has two or more power which are not physically integrated, furnish the required information for each non- integrated system. Report in column (b) by month the system’s output in Megawatt hours for each month. Report in column (c) by month the non-requirements sales for resale. Include in the monthly amounts any energy losses associated with the sales. Report in column (d) by month the system’s monthly maximum megawatt load (60 minute integration) associated with the system. Report in column (e) and (f) the specified information for each monthly peak load reported in column (d).
Line No.	MonthAxis Month (a)	Total Monthly Energy (MWH) (b)	Monthly Non-Requirements Sales for Resale & Associated Losses (c)	MonthlyPeakLoad Monthly Peak Megawatts (See Instr. 4) (d)	DayOfMonthlyPeak Monthly Peak Day of Month (e)	HourOfMonthlyPeak Monthly Peak Hour (f)
	NAME OF SYSTEM: 0
1	January
2	February
3	March
4	Total for Quarter 1
5	April
6	May
7	June
8	Total for Quarter 2
9	July
10	August
11	September
12	Total for Quarter 3	(a)(b) 0
41	Total
	NAME OF SYSTEM: Bangor Hydro District
1	January
2	February
3	March
4	Total for Quarter 1
5	April
6	May
7	June
8	Total for Quarter 2
9	July
10	August
11	September
12	Total for Quarter 3
41	Total

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

FOOTNOTE DATA

(a) Concept: EnergyActivity


Schedule Page: 399 Line No.: 12


PAGE 399 FOOTNOTE DATA
Bangor Hydro District
Schedule Page 399 Line No.:12
Line No.	Month	Total Monthly Energy (MWH)	Monthly Non-Requirements Sales for Resale & Associated Losses	Monthly Peak Megawatts	Monthly Peak Day of Month	Monthly Peak Hour
	(a)	(b)	(c)	(d)	(e)	(f)
1	January	202,835	46,724	244	31	18
2	February	174,689	40,255	252	9	18
3	March	190,548	55,179	255	2	19
4	Total for Quarter 1	568,072	142,158
5	April
6	May
7	June
8	Total for Quarter 2	—	—
9	July
10	August
11	September
12	Total for Quarter 3	—	—
Page 450.1

(b) Concept: EnergyActivity


PAGE 399 FOOTNOTE DATA
Maine Public District
Schedule Page 399 Line No.:12
Line No.	Month	Total Monthly Energy (MWH)	Monthly Non-Requirements Sales for Resale & Associated Losses	Monthly Peak Megawatts	Monthly Peak Day of Month	Monthly Peak Hour
	(a)	(b)	(c)	(d)	(e)	(f)
1	January	59,488	—	98	12	11
2	February	50,990	—	95	1	10
3	March	52,112	—	96	24	11
4	Total for Quarter 1	162,590	—
5	April
6	May
7	June
8	Total for Quarter 2	—	—
9	July
10	August
11	September
12	Total for Quarter 3	—	—
Page 450.1

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

MONTHLY TRANSMISSION SYSTEM PEAK LOAD
Report the monthly peak load on the respondent's transmission system. If the respondent has two or more power systems which are not physically integrated, furnish the required information for each non-integrated system. Report on Column (b) by month the transmission system's peak load. Report on Columns (c ) and (d) the specified information for each monthly transmission - system peak load reported on Column (b). Report on Columns (e) through (j) by month the system' monthly maximum megawatt load by statistical classifications. See General Instruction for the definition of each statistical classification.
Line No.	Month (a)	Monthly Peak MW - Total (b)	Day of Monthly Peak (c)	Hour of Monthly Peak (d)	Firm Network Service for Self (e)	Firm Network Service for Others (f)	Long-Term Firm Point-to-point Reservations (g)	Other Long-Term Firm Service (h)	Short-Term Firm Point-to-point Reservation (i)	Other Service (j)
	NAME OF SYSTEM: Bangor Hydro District
1	January	244	31	18
2	February	252	9	18
3	March	255	2	19
4	Total for Quarter 1				0	0	0	0	0	0
5	April
6	May
7	June
8	Total for Quarter 2				0	0	0	0	0	0
9	July
10	August
11	September
12	Total for Quarter 3				0	0	0	0	0	0
13	October
14	November
15	December
16	Total for Quarter 4				0	0	0	0	0	0
17	Total				0	0	0	0	0	0
	NAME OF SYSTEM: Maine Public District
1	January	98	12	11
2	February	95	1	10
3	March	96	24	11
4	Total for Quarter 1				0	0	0	0	0	0
5	April
6	May
7	June
8	Total for Quarter 2				0	0	0	0	0	0
9	July
10	August
11	September
12	Total for Quarter 3				0	0	0	0	0	0
13	October
14	November
15	December
16	Total for Quarter 4				0	0	0	0	0	0
17	Total				0	0	0	0	0	0

Name of Respondent:

Versant Power

This report is:

(1)

☑ An Original

(2)

☐ A Resubmission

Date of Report:

05/26/2022

Year/Period of Report

End of:

2022

/

Q1

Monthly ISO/RTO Transmission System Peak Load
Report the monthly peak load on the respondent's transmission system. If the Respondent has two or more power systems which are not physically integrated, furnish the required information for each non-integrated system. Report on Column (b) by month the transmission system's peak load. Report on Column (c) and (d) the specified information for each monthly transmission - system peak load reported on Column (b). Report on Columns (e) through (i) by month the system’s transmission usage by classification. Amounts reported as Through and Out Service in Column (g) are to be excluded from those amounts reported in Columns (e) and (f). Amounts reported in Column (j) for Total Usage is the sum of Columns (h) and (i).
Line No.	Month (a)	Monthly Peak MW - Total (b)	Day of Monthly Peak (c)	Hour of Monthly Peak (d)	Import into ISO/RTO (e)	Exports from ISO/RTO (f)	Through and Out Service (g)	Network Service Usage (h)	Point-to-Point Service Usage (i)	Total Usage (j)
	NAME OF SYSTEM: 0
1	January
2	February
3	March
4	Total for Quarter 1				0	0	0	0	0	0
5	April
6	May
7	June
8	Total for Quarter 2				0	0	0	0	0	0
9	July
10	August
11	September
12	Total for Quarter 3				0	0	0	0	0	0
13	October
14	November
15	December
16	Total for Quarter 4				0	0	0	0	0	0
17	Total Year to Date/Year				0	0	0	0	0	0

FERC FINANCIAL REPORT FERC FORM No. 1: Annual Report of Major Electric Utilities, Licensees and Others and Supplemental Form 3-Q: Quarterly Financial Report

INSTRUCTIONS FOR FILING FERC FORM NOS. 1 and 3-Q

GENERAL INFORMATION

Purpose

Who Must Submit

What and Where to Submit

When to Submit

Where to Send Comments on Public Reporting Burden.

GENERAL INSTRUCTIONS

EXCERPTS FROM THE LAW

GENERAL PENALTIES

FERC FINANCIAL REPORT
FERC FORM No. 1: Annual Report of
Major Electric Utilities, Licensees
and Others and Supplemental
Form 3-Q: Quarterly Financial Report