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COVID-19 Power and Utilities accounting and reporting update

April 2020

The economic impact of COVID-19, combined with Federal, State and Local government responses, have created an unprecedented environment for the power and utilities industry. As a result, unique accounting and financial reporting considerations have emerged for companies within the sector. To help you shore up your company’s response, we’ve summarized some of the most common and significant issues that power and utility companies should consider as they finalize their financial reporting for 2019 and prepare their first quarter 2020 financial statements.

Power and utility-specific observations

These are uncharted waters, with business impacts changing rapidly. From the impact of COVID-19 on projected cash flows and decrease in demand to cost recovery and other regulatory impacts—you have a lot of factors to consider. In our April 2020 update, we examine some of your most top of mind issues, including these listed here.

  • Asset impairments
  • CARES Act
  • Revenue and receivables
  • Regulatory assets and liabilities
  • Rate recovery

You are not alone

PwC’s Complex Accounting & Regulatory Solutions practice is here to help companies in the energy, power and utilities industries manage regulatory risk and help solve complex accounting problems related to regulatory accounting. Our seasoned team has deep experience working with regulated entities and their regulators. We can help companies reduce risk and achieve optimal outcomes related to interactions with regulators.

Contact us

Gavin S. Hamilton

Gavin S. Hamilton

Partner, Trust Segment Team Leader - Power & Utilities, PwC US

Sean P. Riley

Sean P. Riley

US Energy, Utilities, & Mining Partner, PwC US

Mark Panza

Mark Panza

Managing Director, Energy, Utilities, and Mining, PwC US

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