1. United States
2. S.C.
3. Letter

Bottom-Up Audit Framework - U.S. Electric Sector The Base Layer - The Meter / Customer County-by-county count of meters: Residential / Commercial / Industrial Average monthly bill per class per county Monthly kWh usage per class Total billed = meters x avg bill Source: Utility tariffs on file with SC Public Service Commission, EIA Form 861, utility annual reports The Broker / Retail Layer Name of every retail broker / subsidiary operating under the 3 big holding companies For each broker: - Service territory by county - Gross revenue collected - Taxes / fees collected from customers - Taxes actually remitted to state/federal - Net income reported Source: Secretary of State business filings, PU C dockets, 10-K filings for subsidiaries The Utility / Distribution Layer Duke Energy, Dominion Energy, Santee Cooper + all affiliates in SC Same as above plus: - Transmission and distribution charges - Intercompany transfers - money moved from little dogs to big dogs - Where that money is booked as revenue vs. expense The Parent / Holding Company Layer Exelon, Duke Energy Corp, NextEra, etc. Consolidated revenue vs. sum of subsidiary revenue - does it match? Federal tax filings - what they report vs. what they collected SEC 10-K, FERC Form 1, FERC Form 714 The Reconciliation - Where the shaft happens This is the page you want public: Total Customer Payments (all counties combined) - minus - Energy Cost / Operating Cost - minus - Taxes Remitted (with proof of receipt) = Should equal Reported Net Income + Retained Earnings If Total Customer Payments x Tax Rate ≠ Taxes Reported to IRS / SC DOR → Flag What to demand in writing from AG / FERC / State Auditor: County-level meter census for every provider Monthly revenue reports for every broker and parent Tax remittance receipts - not just returns, actual receipts Intercompany ledger - every dollar transferred from small broker to big parent Public portal where citizens can cross-check - like opening the book National Security Agency Audit Demand / FOIA