Arkansas Code Title 23. Public Utilities and Regulated Industries § 23-4-1203. Definitions

(2) “Formula rate review test period” means a test period as stated in § 23-4-406 or a projected year;

(3) “Historical year” means, when using a formula rate review test period containing projections, the twelve (12) consecutive months that precede the second and any subsequent formula rate review test period;

(4) “Projected year” means the twelve (12) months following the proposed effective date under § 23-4-1205 for the first formula rate review filing and each subsequent consecutive twelve-month period; and

(5) “Target return rate” means a cost rate of common equity value as established by the Arkansas Public Service Commission in the commission's order addressing the public utility's most recent application for a general change in rates and charges.