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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event reported) - January 28, 1994
TEXAS UTILITIES COMPANY
(Exact name of registrant as specified in its charter)
TEXAS 1-3591 75-0705930
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
2001 BRYAN TOWER, DALLAS, TEXAS 75201
(Address of principal executive offices)
Registrant's telephone number, including area code - (214) 812-4600
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ITEM 5. OTHER EVENTS
Reference is made to the Annual Report on Form 10-K of Texas Utilities
Company (Company) for the year ended December 31, 1992 in Item 1. Business
under Regulation and Rates and in Item 8. Financial Statements and
Supplementary Data under Note 11 to Financial Statements. Reference is
also made to the Company's Quarterly Report on Form 10-Q for the quarter
ended March 31, 1993 in Item 1. Financial Statements under Note 7, the
Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 1993
in Item 1. Financial Statements under Note 6, the Company's Quarterly
Report on Form 10-Q for the quarter ended September 30, 1993 in Item 1.
Financial Statements under Note 6 and the Company's Current Reports on Form
8-K dated November 24, 1993 and January 14, 1994.
Texas Utilities Electric Company (TU Electric) is the principal subsidiary
of the Company. In January 1993, TU Electric made applications to the
Public Utility Commission of Texas (PUC) (Docket 11735) and to its
municipal regulatory authorities for upward adjustments in rates for
electric service throughout its service area. Such request reflected, among
other things, costs associated with Comanche Peak Unit 2, costs associated
with Comanche Peak Unit 1 capital investment after the end of the test year
ended June 30, 1989 in TU Electric's prior rate case (Docket 9300),
additional ad valorem taxes and certain postretirement benefit costs. The
proposed rate adjustments would have affected all classes of service and
were estimated to increase annual operating revenues by approximately $760
million, or 15.3%, based upon the test year ended June 30, 1992. In August
1993, pursuant to rules of the PUC, TU Electric placed its requested rate
increase into effect, under bond and subject to refund with interest,
applicable to energy sales on and after such date.
On January 28, 1994, the PUC issued a final order in Docket 11735 which
provided for a total annual revenue increase of approximately $435 million,
or 8.7%. TU Electric strongly disagrees with the final order, and intends
to file a motion for rehearing with the PUC in February 1994 and will
appeal the outcome, if necessary. As a result of this final order, TU
Electric will refund approximately $141.2 million, including interest. Such
amount represents the difference at December 31, 1993 between the bonded
rates and the rates approved in the final order. The total amount to be
refunded will be determined once approved rates have been implemented,
which is expected to be in March 1994. This refund will be mitigated by a
fuel cost surcharge of approximately $144.5 million, including interest, in
under-collected fuel costs through June 30, 1993. Such fuel cost surcharge
has been approved by the PUC based on TU Electric's August 1993 petition
for recovery of such costs.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TEXAS UTILITIES COMPANY
By: /s/ H. Jarrell Gibbs
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H. Jarrell Gibbs
Vice President
Date: January 31, 1994
