117.4(1)The Corporation shall establish two regulatory variance accounts to record the following variances:

117.4(2)Subject to subsections (3) and (4), the Corporation shall maintain the accounts in accordance with the operating parameters prescribed by regulation.

117.4(3)The calculation of the variance in each of the accounts shall be based on the revenue requirements of the Corporation on which rates were approved or fixed by the Board.

117.4(4)Despite subsection (3), for the fiscal year commencing on April 1, 2022, the calculation of the variance in each of the accounts shall be based on the revenue requirements of the Corporation approved by the board of directors of the Corporation.

117.4(5)Once approved by its board of directors, the Corporation shall file the Corporation’s revenue requirements referred to in subsection (4) with the Board.

117.4(6)Subject to a determination made by the Board under the regulations, the variance in each of the accounts that is calculated in accordance with this section and the regulations shall be deemed to be prudent and necessary.

117.4(7)The Corporation is required to maintain books and records necessary to record the variance in each of the accounts for each fiscal year.

117.4(8)The Board shall ensure that the balance in each of the accounts is