Toledo Edison Co. v. Public Utilities Commission

R.C. 4909.15(D) requires the commission to fix and determine a just and reasonable rate:

“(2) With due regard to all such other matters as are proper, according to the facts in each case,

“(a) Including a fair and reasonable rate of return determined by the commission with reference to a cost of debt equal to the actual embedded cost of debt of such public utility.”

*145In its first proposition of law, appellant argues that the commission’s decision to amortize the gain from the debt/equity exchange over twenty years and reduce the annual cost of long-term debt by the annual amortization ($532,250)…