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Accountants' Handbook, Volume Two, Special Industries and Special Topics, 12th Edition by Lynford Graham, D. R. Carmichael

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Chapter 36

Regulated Utilities

Along with key members of the KPMG power and utility team: Robert Bergbauer (advisory partner and regulatory leader), Steve Rathjen (audit partner), Tim McCann (audit partner), Kevin Hughes (audit partner),Chet Williams (audit partner), Rod Andersen (tax partner and federal tax leader). John Lathrop (audit partner), Jason Harris (audit partner) David Ellerbeck (audit partner), Scott Heiser (audit senior manager), Michael Kraehnke (partner, department of professional practice), Yunyoung Shin (senior manager, department of professional practice), and John Kunasek (advisory partner and KPMG power and utilities overall industry leader). Mr. Kempke also wishes to acknowledge the work completed on previous versions of this chapter by Benjamin A. McKnight III, Alan D. Felsenthal, and Robert W. Hriszko, all formerly of Arthur Andersen LLP.

Darin W. Kempke, CPA

KPMG Partner, Power and Utility Audit Sector Leader

36.1 Nature and Characteristics of Regulated Utilities

(a) Introduction to Regulated Utilities

(b) Descriptive Characteristics of Utilities

36.2 History of Regulation

(a) Munn v. Illinois

(b) Chicago, Milwaukee & St. Paul Railroad Co. v. Minnesota ex rel. Railroad & Warehouse Comm

(c) Smyth v. Ames

36.3 Regulatory Commission Jurisdictions

(a) Federal Regulatory Commissions

(b) State Regulatory Commissions

36.4 Traditional Rate-Making Process

(a) How Commissions Set Rates

(b) Rate-Making Formula

(c) Rate Base

(d) Rate Base Valuation

(i) Original Cost ...

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