Docket UE21213
Order UE93-22IN THE MATTER of the disposition of surplus revenues of Maritime Electric Company, Limited for the year ended December 31, 1993.
BEFORE THE COMMISSION
on Friday, the 17th day of December, 1993.
Linda Webber, Chair
John L. Blakney, Vice-Chair
Order
WHEREAS it has been reported to the Commission that Maritime Electric Company, Limited (the "Company") may, for the 12 months ending December 31, 1993, achieve revenues that would result in the Company earning a rate of return on common equity greater than the maximum rate of return for 1993 of 13.0% ("surplus revenues") approved by the Commission;
AND WHEREAS it appears to the Commission that immediate provision should be made to ensure that any surplus revenues are rebated or otherwise applied for the benefit of the Company's customers;
NOW THEREFORE, pursuant to the Island Regulatory and Appeals Commission Act and the Electric Power and Telephone Act
IT IS ORDERED THAT
1. Any revenues collected by the Company from its customers for service during the year ended December 31, 1993 that would result in a rate of return on common equity greater than 13.0% (adjusted to take into account the Commission's directions in Order UE93-11 respecting charitable donations) are to be held by the Company, in trust, for the benefit of the Company's customers and rebated or otherwise applied for the benefit of the customers when and in such manner as the Commission may further order.
2. For the purposes of determining the rate of return on common equity, common equity shall be defined as the common shares and retained earnings included in the Company's shareholders' equity.
DATED at Charlottetown, Prince Edward Island, this 17th day of December, 1993.
BY THE COMMISSION:
Linda Webber, Chair
John L. Blakney, Vice-Chair
