FERC's November 21, 2019 order (Opinion 569) modifies the Transmission Owner's Base Rate of Return on Equity (ROE), lowering it to 9.88% effective for the fifteen-month period from November 12, 2013 to February 11, 2015 (the First Complaint refund period), and on a prospective basis beginning September 28, 2016 (date of the original ruling on the First Complaint in Opinion 551). The Second Complaint (EL15-45) was dismissed.
Under this ruling, each MISO TO’s total ROE (base ROE plus incentives) is capped at 12.24% (the upper end of the newly established zone of reasonableness). The order also directed the MISO TO's to provide refunds with interest for two time periods:
(1) November 12, 2013 through February 11, 2015
(2) September 28, 2016 to the date of Opinion No. 569 (November 21, 2019)