OPINION BY Judge COHN JUBELIRER.
In this case we determine whether Emporium Water Company (Utility) should be allowed to use a "hypothetical capital structure" in calculating the utility's proper rate of return. Utility appeals from the Order of the Pennsylvania Public Utility Commission (PUC), issued December 28, 2006 (December Order), which, inter alia, concluded that Utility could not use a hypothetical capital structure, but must use the Utility's "actual...
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