Net Energy Calculation. An electric company shall calculate net energy in accordance with this regulation. Metering Net Energy — The electric company shall meter net energy produced or consumed on a regular basis in accordance with standard metering practice under this subtitle. Time-Varying Rates. For eligible customer-generators whose applicable tariff includes time-varying rates, an electric company may calculate net energy separately for each applicable rate period during a billing cycle. An electric company may apply §§D, E, and F of this regulation separately for each rate period for an eligible customer-generator whose applicable tariff bills using time-varying rates. If net generation is calculated separately for each applicable rate period during a billing cycle, an electric company shall apply §§E and F of this regulation separately for each rate period for an eligible customer-generator whose applicable tariff bills using time-varying rates. Energy Usage Exceeds Generation — Billing. If the electricity used by an eligible customer-generator exceeds the electricity generated by the eligible customer-generator in a billing month, an electric company shall bill the eligible customer-generator for usage under the terms of Regulation .03 of this chapter. Generation Exceeds Usage — Billing. If the electricity generated by an eligible customer-generator exceeds the customer’s usage, an electric company shall only bill the eligible customer-generator a customer charge. Conversion of Excess Generation — Billing. An electric company shall convert any excess electric generation described in §E of this regulation into generation credits upon billing, consistent with the provisions of Regulation .05 of this chapter. Commercial Customers. An electric company shall use the net hourly energy consumed or produced to assign the energy requirement for commercial eligible customer-generators with interval metering equipment. PJM shall use the net energy metered each hour, positive or negative, for the settlement process, even in cases when the total usage by the customer in a month exceeds the electricity generated by a commercial eligible customer-generator with interval metering equipment.