Effective Regulation of Public Utilities
[T]he word "right" is one of the most deceptive of pitfalls; it is so easy to slip from a qualified meaning in the premise to an unqualified one in the conclusion. Most rights are qualified.
American Bank & Trust Co. v. Federal Reserve Bank, 256 U.S. 350, 358 (1921)
Indiana Utility Regulatory Commission: Risks of overcharging ratepayers using "fair value" rate bases
Indiana’s utility statute required rates to reflect “fair value.” Was there a way for the Commission to honor the statute without causing excess return on equity investment?