1003 - Interest on Commission Ordered Rate Refunds

Administrative History:

PSC Order No. 2696 (Nov. 26, 1985); PSC Regulation Docket No. 11.

Effective: January 1, 1986

Whenever the Commission deems it necessary or appropriate to order a public utility to refund all or any portion of a rate or rates collected by such utility pursuant to 26 Del.C. ยง 306 or while pending appeal in any court, either State or Federal, because such rates or charges are determined to be excessive and not just and reasonable, such refund shall be made at such time, in such amounts and in such manner as may be required by order of the Commission, together with interest. Interest shall be computed from the date of payment of such rates until the date refunds are made at an average prime rate for each calendar quarter. The applicable average prime rate for each calendar quarter shall be the arithmetic mean, to the nearest one-hundredth of one percent, of the prime rate values published in the Federal Reserve Bulletin for the fourth, third and second months preceding the first month of the calendar quarter. The interest required to be paid shall be compounded annually on the anniversary of the effective date of the rates subject to refund.

For good cause shown the Commission may establish a different rate or otherwise direct.

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