Citizens Action Coalition of Indiana, Inc. v. Public Service Co. of Indiana

*331DeBRULER, Justice.

In 1984, Public Service Company of Indiana (PSI) abandoned the construction of its Marble Hill nuclear power generating station, which resulted in a net operating loss to PSI of $1.4 billion. In March of 1986, the Public Service Commission (Commission)1 entered a rate order which was designed to allow PSI to maintain operations, regain access to long and short term capital markets at reasonable rates, and avoid insolvency. One of the provisions of this order allowed PSI to record a so-called “regulatory asset” of $475 million dollars, which consisted of the federal income…