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subdivisions would pay their bill at the “old rate,” plus fuel adjustment charges. This means a bill larger than that which has been paid before but lower than the total bill submitted by Vepco.
“FLIP” HICKS, general counsel for the counties, warned, however, that the total bill now being submitted to the counties by Vepco is due and payable and that only the “gentleman’s agreement” prevents Vepco from moving in and taking legal action to collect the full bill.
The fuel adjustment increases relate to the increases in the cost of oil to produce electricity, and do not represent a “real” rate increase to Vepco. The preliminary studies revealed that whole Vepco is guaranteed a return of 8.8% on their investment, the new “fuel adjustment charges” now bring a return rate of about 5.5%.
When the two-year, continuing study is completed, it is estimated that the final figure to be derived will possibly be larger than the present adjusted figure and, it is
93.4%