Citizens of the State of Florida, etc. v. Florida Public Service Commission
The Florida Supreme Court affirmed the Public Service Commission's approval of Florida City Gas's alternative depreciation parameters and Reserve Surplus Amortization Mechanism in a contested rate case, holding the Commission acted within its discretion under section 366.06, Florida Statutes, and the Depreciation Rule. The majority found the Commission's decisions were supported by competent, substantial evidence and were rationally connected to findings of customer rate stability and savings. A three-justice dissent argued the Commission improperly reverse-engineered depreciation parameters to generate a surplus to support an earnings management tool unrelated to depreciation.
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