Order UE93-04 - UE21210 - Maritime Electric - Disposition of 1992 Surplus Revenues (Feb 25, 1993)

Docket UE21210
Order UE93-4

IN THE MATTER of the disposition of surplus revenues of Maritime Electric Company, Limited.

BEFORE THE COMMISSION

on Thursday, the 25th day of February, 1993.

Linda Webber, Chairman
John L. Blakney, Vice-Chairman

Order

WHEREAS it has been reported to the Commission that Maritime Electric Company, Limited (the "Company") may, for the 12 months ending December 31, 1992, achieve revenues that would result in the Company earning a rate of return on common equity greater than the maximum rate of return for 1992 of 13.75% ("surplus revenues") ;

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;

AND WHEREAS the Company has consented to this order and its retroactive effect;

IT IS THEREFORE ORDERED THAT

1. any revenues of the Company for service provided during the year ended December 31, 1992 that would result in a rate of return on common equity greater than 13.75% 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.

DATED at Charlottetown, Prince Edward Island, this 25th day of February, 1993.

BY THE COMMISSION:

Linda Webber, Chairman

John L. Blakney, Vice-Chairman