The WV PSC just issued an Order requiring all the parties who signed that ridiculous settlement agreement to have to defend it during oral argument before the Commissioners.
This is HUGE!
This is HUGE!
The Commission appreciates the continuing efforts made by the Stipulating Parties, even after the close of the record in this matter, to offer compromises and counter proposals in a concerted undertaking to develop the Joint Stipulation that is now before us. We also understand the desire of the Stipulating Parties to move this matter to resolution with utmost speed. The Commission shares that desire; however, we will chalk up the suggested decision date of “no later than August 30, 2013,” to “corporate enthusiasm.’’ The issues to be decided in this proceeding are too numerous, too significant from a rate making and cost of service perspective, and too important to current and future ratepayers, Mon Power and PE, and the economy of the State to suggest that they be treated in anything other than a detailed and thoughtful manner by the Commission.
The Commission has maintained a policy of receiving testimony from stipulating parties that both explain and support their stipulations in cases with a substantial impact
on ratepayers, This proceeding, with significant rate base and ratepayer impacts, and where all parties are not in unanimous agreement, requires that the Stipulating Parties address why the Joint Stipulation is in the public interest, and further requires the
opportunity for the non-signatories to state their positions and objections about the Joint
Stipulation.
The Commission, therefore, will require that all parties to this case appear at a hearing with a witness to state whether, and why, the Joint Stipulation is, or is not, in the public interest. The witnesses should also be prepared to answer questions from the
Commission and the parties regarding the terms and conditions of the Joint Stipulation. In particular, and without limiting the scope of inquiry at this time, the Commission seeks further explanation and clarification about:
Section 1 1 .(a.), Employment Commitment;
Section 1 1 .(f,), Net Payment to AE Supply at Closing;
Section 1 1 .(g.)( l), Rate Base Amount for Surcharge;
Section 1 1 ,(g.)(2), Future Regulatory Treatment of Rate Base Amount;
Section 11 ,(i.), Adjustment to ENEC Rates;
Section 11 .(l,), Accounting for the Transaction; Source of and types of Capital for the transaction; and The effect of the total transaction and all related accounting entries
on the capital structure of Mon Power.
Hooray for the WV PSC for putting the brakes on this crazy train! And Hooray and THANKS to the WVCAG for being the only party to point the finger and loudly proclaim, "The Emperor is naked!"
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