Dayton Power & Light Co. v. Public Utilities Commission

The crux of appellant’s argument is that the commission’s order is unreasonable and unlawful in that it “guarantees” that appellant will not be able to earn the allowed return on common equity of 13.33 percent. While DP & L alleges several mistakes in the commission’s analysis, it does not specify any of these as individual errors requiring reversal, but rather it contends that these mistakes establish a context in which the end result reached is unreasonable.

Primarily, appellant assails the commission’s application of the discounted cash flow (DCF) method of calculating the required return…