The Formal Work Product of the Federal Power Commissioners
The Formal Work Product of the Federal Power Commissioners
Paul W Macavoy
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Suspended them until February of 1969 when they became effective sub- ject to refunds. The Company and the F. P. C. Staff both made a presen- tation of evidence on the minimum allowable rate of return, in order to justify these or lower prices. The evidence was based on actual costs of debt interest in the review or "locked- in" period from June, 1968 to February, 1969, and also on actual rates of return on equity of "comparable" companies in the same period. These calculations were supposed to... show the opportunity costs of investors -- if they did not receive comparable interest and comparable profit rates from the Florida Company in the future, then they would withdraw capital from this firm so that final gas service would no longer be "assured. " But the Com- missioners did not accept the methods used in these calculations -- "we have repeatedly stated that the relative weight to be given the varying factors (in rate of return) does not lend itself to precise 1 mathematical determination, " nor did they agree with the final rate estimates of either the Company or their own staff.
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