Order UE93-09 - UE21210 - Maritime Electric - Disposition of 1992 Surplus Revenues (Jun 17, 1993)

Docket UE21210
Order UE93-9

IN THE MATTER of the disposition of surplus revenues of Maritime Electric Company, Limited for the year ended December 31, 1992.

BEFORE THE COMMISSION

on Thursday, the 17th day of June, 1993.

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

Order

WHEREAS the Commission, by Order UE93-4 herein dated February 25, 1993, ordered that any revenues (hereinafter referred to as "surplus revenues") of Maritime Electric Company, Limited (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;

AND WHEREAS it has been reported to the Commission that surplus revenues for the year ended December 31, 1992 have been realized by the Company in the amount of $361,581.67, including interest to June 30, 1993;

AND WHEREAS the Company proposes that a rebate of the surplus revenues be carried out through the operation of the Company's Energy Cost Adjustment Mechanism ("ECAM") in the Company's July, August and September 1993 billings with any over or under adjustment in the rebate to be made in the Company's November billings;

AND WHEREAS it appears to the Commission that the proposal of the Company is not unreasonable or unjustly discriminatory;

NOW THEREFORE, pursuant to the Island Regulatory and Appeals Commission Act and the Electric Power and Telephone Act

IT IS ORDERED THAT

1. The surplus revenues of the Company, including interest thereon calculated to June 30, 1992, shall be returned to the customers of the Company via the operation of the ECAM in the Company's July, August and September 1993 billings with any over or under adjustment to be made in the Company's November 1993 billings;

DATED at Charlottetown, Prince Edward Island, this 17th day of June, 1993.

BY THE COMMISSION:

Linda Webber, Chair

John L. Blakney, Vice-Chair