Reasons for Modifications to PWW’s Ratemaking Structure Sample Clauses

Reasons for Modifications to PWW’s Ratemaking Structure a. In the Acquisition Order, the Commission approved a unique ratemaking structure as set forth in the DW 11-026 Settlement Agreement which was to be applied with respect to the future rate cases of each of the three regulated utilities owned by Penn Corp. In a subsequent order, the Commission approved clarifications to this ratemaking structure (See Commission Order No. 25,693 (July 5, 2014) at 3 in DW 13-130). The instant Agreement refers to this ratemaking structure, including the Commission’s subsequent approved clarifications, as the “Original Rate Structure”. b. The Commission’s approval of the Original Rate Structure provides guidance to interested stakeholders - such as the City, its lenders, the utilities and their management, their regulators, current and potential lenders to the utilities, and credit rating agencies - concerning how the Penn Corp utilities shall file for rate relief in subsequent rate cases, as well as the parameters under which the Commission shall review and set rates for those utilities in the future. While the Commission always retains all jurisdiction and authority to set just and reasonable rates in accordance with the Federal and State Constitutions and applicable statutes, the Settling Parties agree and reaffirm that the Commission’s provision of guidance regarding rate-setting with respect to the Penn Corp utilities, within the context where they are ultimately owned by the City, is in the public interest. Further, given the fact that the City does not seek a traditional equity-based rate of return, in that it has no equity investment in the Penn Corp utilities, necessitates that modifications be made to the traditional rate-setting method in order to ensure that those utilities will have rates at levels that are sufficient to enable each to meet their respective operating requirements, to satisfy their respective apportioned share of responsibility to pay the debt service arising from the City Acquisition Bonds, as well as to pay their respective debt service obligations arising from borrowings accomplished to finance their capital needs.
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