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Vepco since 1963, which in the utility industry is regarded as earnings per share on common stock; (5) the market price of Vepco stock since 1963, and (6) the price of system fossil fuel consumed since 1963.
The fossil fuel adjustment clause was approved by the State Corporation Commission on July 1, 1972, to compensate for the rapid fluctuations in the basic fuel costs. At that time the Commission established the base cost for fossil fuel at $.00422 per kilowatthour generated. If fuel costs are lower than the base the customers receive a credit on their electric service bill. However, in recent times inflation and short supplies of environmentally acceptable fuels have forced Vepco to pay more for fuel.
For example, in July 1973 we paid $3.26 a barrel for residual fuel oil; in December 1974 we paid $11.18—up 243 per cent. The average in-system price per ton of coal rose from $15.21 to $37.80 during that same period—an inSee
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95.8%