FERC Account 367 – Underground Conductors and Devices
FERC Account 367 is used to record the installed cost of underground conductors and related devices in electric distribution operations.
Definition
Record in this account the cost installed of underground conductors and devices used in electric distribution operations.
Account 367 generally captures the cable and electrical devices installed within the underground distribution system. This includes primary and secondary cable, splices, terminations, and switching devices associated with underground feeders and laterals.
What is typically included
- Primary and secondary underground cable
- Splices, terminations, elbows, switches, and related underground line devices
- Cable accessories and materials integral to the underground electrical system
- Installed cost, including direct labor and capitalizable overheads, when applicable
- Capital replacements or rebuilds that meet the utility’s capitalization policy
What is generally not included
- Underground conduit and vault structures recorded in Account 366
- Transformers recorded in Account 368 when separately classified there
- Service lines recorded in Account 369 when separately classified there
- Routine fault locating, repair, and maintenance expense
- Substation equipment recorded in Account 362
Why Account 367 matters
- Separates underground electrical cable from conduit and civil work for clearer cost tracking
- Supports depreciation and retirement accounting for underground line assets
- Important in underground conversion, replacement, and reliability projects
- Improves visibility into the cost of underground system expansion and renewal
Utilities should apply their own capitalization policy, retirement procedures, and continuing property record practices when determining the final accounting treatment for a specific project or transaction.
Examples
Cable replacement project
A utility replaces deteriorated underground primary cable on a feeder. If the work is capitalized, the cable and related underground devices would generally be recorded in Account 367.
Underground switch installation
A pad-mounted switching device is installed on an underground loop as part of a capital project. The installed cost would generally be recorded in Account 367 or another appropriate account depending on utility practice and detailed classification.
Routine fault repair
A localized repair to restore service after a cable fault may be charged to expense if it does not meet capitalization criteria.
Related FERC distribution plant accounts
- Account 366 – Underground Conduit
- Account 368 – Line Transformers
- Account 369 – Services
- Account 362 – Station Equipment
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