N.Y. Public Service Law § 114: Temporary rates

§ 114. Temporary rates. To facilitate prompt action by the commission

in proceedings involving the reasonableness of the rates of any public

utility and to avoid delay in any such rate proceeding, the commission

is hereby authorized to require any public utility company to establish,

provide and maintain continuing property records, including a list or

inventory of all of the physical property actually used in the public

service, and to require any public utility company to keep its books,

accounts and records in such manner as to show currently the original

cost of said physical property and the reserves accumulated to provide

for the retirement or replacement of said physical property.

The commission may, in any such proceeding, brought either on its own

motion or upon complaint, upon notice and after hearing, if it be of

opinion that the public interest so requires, immediately fix, determine

and prescribe temporary rates to be charged by said utility company

pending the final determination of said rate proceeding. Said temporary

rates so fixed, determined and prescribed shall be sufficient to provide

a return of not less than five per centum upon the original cost, less

accrued depreciation, of the physical property of said public utility

company used and useful in the public service, and if the duly verified

reports of said utility company to the commission do not show the

original cost, less accrued depreciation, of said property, the

commission may estimate said cost less depreciation and fix, determine

and prescribe rates as hereinbefore provided.

Temporary rates so fixed, determined and prescribed under this section

shall be effective until the rates to be charged, received and collected

by said utility company shall finally have been fixed, determined and

prescribed. The commission is hereby authorized in any proceeding in

which temporary rates are fixed, determined and prescribed under this

section, to consider the effect of such rates in fixing, determining and

prescribing rates to be thereafter charged and collected by said public

utility company on final determination of the rate proceeding.