Pennsylvania Code
Title 52 - PUBLIC UTILITIES
Part I - Public Utility Commission
Subpart C - Fixed Service Utilities
Chapter 56 - STANDARDS AND BILLING PRACTICES FOR RESIDENTIAL PUBLIC UTILITY SERVICE
Subchapter C - CREDIT AND DEPOSITS STANDARDS POLICY
CASH DEPOSITS
Section 56.57 - Interest rate

(1) Interest shall be computed at the simple annual interest rate determined by the Secretary of Revenue for interest on the underpayment of tax under section 806 of The Fiscal Code (72 P.S. § 806).

(2) The interest rate in effect when the deposit is required to be paid shall remain in effect until the date the deposit is refunded or credited, or December 31, whichever is later. A deposit initially accrues interest at the interest rate in effect at the time the deposit was required. This interest rate remains in effect until the end of the calendar year.

(3) On January 1 of each year, the new interest rate for that year will apply to the deposit. The new interest rate will be applied to the deposit for the calendar year starting January 1 until December 31 of that same year. Revised interest rates are calculated every subsequent January 1 and applied to the deposit until the deposit is refunded or applied to the account.