Authored by Russ Hissom
Every electric utility’s strategy should include its approach to sustainability – how to conduct business as a steward of resources, how to manage the impact of operations on its service territory and how employees are an integral part of service delivery. Utilities spend billions of dollars annually in these areas, but the details of spending are buried in financial statements.
Baker Tilly recently published a whitepaper through the American Public Power Association (APPA) describing accounting standards issued by the Sustainability Accounting Standards Board (SASB) to assist electric utilities in using uniform reporting for their sustainability strategy and current and future spending.
Electric utilities can use this publication as a tool for structuring annual reports and employing the management discussion and analysis sections of utility financial statements to tell the story of sustainability spend and strategy.
Initial SASB standards are detailed; as electric utilities adopt SASB reporting format and guidelines, more standards are expected in the future.
This whitepaper is an update to the 2014 Baker Tilly publication “Sustainability reporting for electric utilities,” also published by the APPA which details the SASB standards that had not been issued by the date of publication.
For more information on this topic, or to learn how Baker Tilly energy and utility specialists can help, contact our team.