State ex rel. Utilities Commission v. Southern Bell Telephone & Telegraph Co.

EXUM, Justice.

The ultimate relief sought by Southern Bell on this appeal is reversal of the Commission’s Order and remand to the Commission for further findings and a new order in accordance with legal principles that Southern Bell contends should govern this proceeding. The Commission, Southern Bell contends, erred in that it: (1) failed to find Southern Bell’s cost of equity capital as a material fact prerequisite to setting a fair rate of return on the utility’s rate base; (2) understated the rate base by improperly excluding therefrom certain amounts for materials and supplies and cash…