AI-generated summary
· Application · 07/15/2026
NSEB accepts NSP Maritime Link's 2025 audited financial statements and cost containment report as filed, noting an 8.71% regulated ROE and a minor equity thickness variance above the 30% regulatory target.
AI summary
- The NSP Maritime Link (Nspml) filed its 2025 Audited Consolidated Financial Statements, Regulated Capitalization Balance Sheet, Regulated Statement of Income, and Cost Containment Report on March 31, 2026; the Board accepted all materials as filed following an information request process (IRs issued May 1, responses received May 25, 2026).
- The Board confirmed that NSPML's Future Income Tax Regulatory Asset of $188.3 million fully offsets the corresponding Deferred Income Tax liability of $188.3 million, satisfying a directive from Matter M11628 requiring a clarifying note in future Regulated Capitalization statements.
- NSPML achieved a regulated Return On Equity of 8.71% in 2025; average regulated equity thickness over the five-quarter period ending December 31, 2025 was 31.4%, slightly above the 30% Regulatory Compliance target, resulting in an average equity base of $485.5 million against a target of $464.2 million — NSPML confirmed no dividends were paid on earnings above the allowed return on the 30% base.
- The 1.4% equity thickness variance was attributed approximately 1.0% to the accounting treatment of the Maritime Link holdback mechanism and 0.4% to disallowed Maritime Link project costs.
- The Board accepted NSPML's proposal to incorporate future cost containment reporting into its assessment applications rather than filing separate reports, finding the approach consistent with appropriate Regulatory Oversight and transparency.
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What was filed
Documents filed on this day
- 102768 Board letter re: Accepted as filed