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� <br /> ORDINANCE NO. 98-14 <br /> ;�,,,, AN ORDINANCE APPROVING RETAIL BASE RATE <br /> REDUCTIONS FOR TEXAS UTILITIES ELECTRIC <br /> COMPANY, FINDING AND DETERMINING THAT THE <br /> MEETING AT WHICH THIS ORDINANCE IS PASSED IS <br /> OPEN TO THE PUBLIC AS REQUIRED BY LAW, <br /> DECLARING AN EMERGENCY AND PROVIDING AN <br /> EFFECTIVE DATE <br /> WHEREAS, on December 22, 1997, Texas Utilities Electric Company ("TUEC") <br /> filed with the City of Grapevine ("Grapevine") a Petition and Statement of Intent to <br /> implement base rate reductions for its retail electric service customers within Grapevine, <br /> which base rate reductions are components of a settlement reached among various <br /> parties set forth in the Stipulation and Joint Application for Approval Thereof (Stipulation") <br /> filed with the Public Utility Commission ("PUC") on December 17, 1997; and <br /> WHEREAS, electric utility rates are an important economic issue to the citizen- <br /> consumers of Grapevine, and as such, deserve a high level of scrutiny; and <br /> `�`�' WHEREAS, TUECs rates should accurately reflect any and all changes that have <br /> occurred since such base rates were last reviewed in PUC Docket No. 11735; and <br /> � <br /> WHEREAS, the Stipulation calls for the shifting of $335 million in Transmission <br /> and Distribution depreciation to Nuclear Production Plant, which warrants regulatory <br /> scrutiny to ensure that such is equitable, not anti-competitive, and is consistent with <br /> sound regulatory and public policy; and <br /> WHEREAS, it is anticipated that the Texas Legislature will consider depreciation <br /> shifting as part of legislation to restructure the electric industry in 1999; and <br /> WHEREAS, the City of Grapevine encourages the Texas Legislature to carefully <br /> consider whether depreciation shifting is consistent with sound regulatory and public <br /> policy before including depreciation shifting in any legislation restructuring the electric <br /> utility industry; and <br /> WHEREAS, Cities should encourage the PUC to review the Stipulation, PUC <br /> Docket No. 18490, to advocate any and all appropriate relief and to oppose any <br /> provisions that are found to be contrary to sound regulatory and public policy; and <br /> ,�� WHEREAS, there does exist an emergency need to protect the public health, <br /> safety, morals, peace and general welfare of the public which requires that this ordinance <br /> become effective from and after the date of its passage; <br /> � <br />