File UE21209
Order UE92-3IN THE MATTER of the disposition of surplus revenues of Maritime Electric Company, Limited for the year ended December 31, 1991.
BEFORE THE COMMISSION
on Thursday, the 21st day of May, 1992.
Linda Webber, Chairman
John L. Blakney, Vice-Chairman
Order
WHEREAS the Commission, by Order E91-101 herein dated December 30, 1991, ordered that any revenues (hereinafter referred to as "surplus revenues") collected by Maritime Electric Company, Limited (the "Company") from its customers for service provided during the year ended December 31, 1991 which would result in a rate of return on common equity greater than 13.75% were 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, 1991 have been realized by the Company in the amount of $779,026.99, including interest calculated to June 30, 1992;
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 1992 billings with any over or under adjustment in the rebate to be made in the Company's November 1992 billings;
AND WHEREAS it appears to the Commission that the proposal of the Company is not unreasonable or unjustly discriminatory;
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 1992 billings with any over or under adjustment to be made in the November 1992 billings of the Company.
DATED at Charlottetown, Prince Edward Island, this 21st day of May, 1992.
BY THE COMMISSION:
Linda Webber, Chairman
John L. Blakney, Vice-Chairman
