SECTION 3. CHANGES

The scope of Revenue Procedure 2002–49 was limited to transition costs that resulted from the deregulation of the generation operations of electric utility companies. This revenue procedure expands the scope of Revenue Procedure 2002–49 to all public utility companies, and costs that are recoverable through a securitization mechanism are not limited to transition costs. Additionally, this revenue procedure eliminates certain requirements in section 4.04(3) of Revenue Procedure 2002–49 relating to level payments and now requires that payments be made on a quarterly or semiannual basis.