Docket UE21213
Order UE94-5IN THE MATTER of the disposition of surplus revenues of Maritime Electric Company, Limited for the year ended December 31, 1993.
BEFORE THE COMMISSION
on Tuesday, the 8th day of March, 1994.
Linda Webber, Chair
John L. Blakney, Vice-Chair
Order
WHEREAS the Commission, by Order UE93-22 herein dated December 17, 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, 1993 that would result in a rate of return on common equity greater than 13.0% 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, 1993 have been realized by the Company in the amount of $578,269.54 including interest to March 14, 1994;
AND WHEREAS it appears reasonable to rebate the surplus revenues through the operation of the Company's Energy Cost Adjustment Mechanism ("ECAM") over three consecutive billing cycles commencing March 14, 1994 with any over or under adjustment in the rebate to be made in the Company's July billings;
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 March 14, 1994, shall be returned to the customers of the Company via the operation of the ECAM during the Company’s three consecutive billing cycles commencing on March 14, 1994 with any over or under adjustment to be made in the Company's July 1994 billings;
DATED at Charlottetown, Prince Edward Island, this 8th day of March, 1994.
BY THE COMMISSION:
Linda Webber, Chair
John L. Blakney, Vice-Chair
NOTICE
Section 12 of the Island Regulatory and Appeals Commission Act reads as follows:
12. The Commission may, in its absolute discretion, review, rescind or vary any order or decision made by it or rehear any application before deciding it.
Parties to this proceeding seeking a review of the Commission's decision or order in this matter may do so by filing with the Commission, at the earliest date, a written Request for Review, which clearly states the reasons for the review and the nature of the relief sought.
Sections 13.(1) and 13.(2) of the Act provide as follows:
13.(1) An appeal lies from a decision or order of the Commission to the Appeal Division of the Supreme Court upon a question of law or jurisdiction.
(2) The appeal shall be made by filing a notice of appeal in the Supreme Court within twenty days after the decision or order appealed from and the Civil Procedure Rules respecting appeals apply with the necessary changes.
