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NOTICE OF PROPOSED RULES GOVERNING
EXPEDITED RATE INCREASES FILINGS
' PY ELECTRIC COOPERATIVES
The Virginia State Corporation Commission announced on December 17, 1982 new proposed rules which would govern requests for expedited rate increases sought by electric cooperatives. The proposed rules are designed to curb the financial deterioration currently being experienced by some cooperatives and to assist all Virginia cooperatives in obtaining, and maintaining, the capability to finance at the lowest cost to its members.
The proposals would allow the cooperatives to put in effect limited interim rate increases. Under the proposed rules, the increase is limited to 10% of annual revenues and further limited to the amount required to provide coverage of the interest on the cooperative’s long term debt of no more than two and one-half times. In addition, the cooperative is limited to the ratemaking limitations established in prior rate cases in calculating the amount of increase. As a final safeguard, the rules provide that any increase which violates the rules will be refunded and that the cooperative may be precluded from filing for expedited rate relief for a prescribed period of time. Public notice of the increase is required on or before the date the rates are put in effect, and any customer may request to be heard by the Commission on the increase. Within six months of the date the increase goes into effect, the Commission’s Staff will investigate the increase and file a report of its investigation. Other provisions of the proposed rules address the area of rate * design and treatment of prior wholesale power cost increases.
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