Dive Summary:

• New York's Public Service Commission (PSC) has revealed the results of an audit of National Grid's spending and has found that the utility inflated rates by $44 million.
• National Grid has said that the findings are "seriously flawed" and that the accounting problems only amounted to $115,000 in customer overcharges.
• The PSC did not tell the utility to return any of the money to its customers until a more thorough study of the findings can be conducted.

From the article:

In November, just days after Superstorm Sandy ravaged many of the New York and New England communities where National Grid operates, the company went live with a new $365 million accounting system designed by software giant SAP. That system was supposed to clear up many of the company's issues with documenting its finances. However, National Grid has been struggling with glitches in the new system that have resulted in problems with payroll and suppliers, issues that have yet to be completely resolved. On Thursday, National Grid blasted Overland's audit and the methodology that was used. The company believes only $115,000 is owed to customers based on the findings.

"We're extremely disappointed," said National Grid spokesman Steve Brady. "Overland's report is seriously flawed." ...