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<br />e <br /> <br />e <br /> <br />perfonnance standards, those parties will support a docketed proceeding requesting PUC approval <br /> <br />of those standards. Any party with a justiciable interest may seek to intervene in the docket to <br /> <br />adopt perfonnance standards. <br /> <br />ARTICLE XII. <br /> <br />Reduction of STP Investtnents <br /> <br />HL&P shall have the right to write-down a portion of its invesnnent in STP, but <br /> <br />may not write-up any other assets to offset such a write-down. For purposes of earnings <br />. ' <br /> <br />monitoring and any Section 42 proceeding during the five year period conunencing January 1, <br /> <br />1995, the Signatories agree that any write-down. up to S50 million in anyone calendar year, will <br /> <br />be treated as a reasonable and necessary expense. For purposes of each earnings monitoring <br /> <br />report and any Section 42 proceeding, whether during or after that five year period. and each <br /> <br />future Section 43 proceeding, the portion of HL&P's rate base attributable to its invesnnent in <br /> <br />STP shall be reduced by the amount of the write-downs, if any, actually taken by HL&P. HL&P <br /> <br />will not use a write-down to justify a Section 43 rate increase filing. Should HL&P file a Section <br /> <br />43 proceeding requesting cost of service treatment of any write-down. the parties will be free to <br /> <br />take any position as to whether such write-down was a reasonable and necessary expense. <br /> <br />ARTICLE xm. <br /> <br />Accountina Issues <br /> <br />A. For the period from January 1, 1995 through the effective date of HL&P's <br /> <br />next base fate change pursuant to PURA Sections 43 or 42, HIAP will continue to use the <br /> <br />depreciation rates approved in Docket No. 9850. <br /> <br />HOUOJ:9l1046 <br /> <br />-26- <br />