Docket No. 3764 - Interstate Navigation Co. - Request for Approval of Fast Ferry Rate Filing

Status of Docket: Closed.

PUC issues Report and Order No. 18957 in Docket Nos. 3762 and 3764 approving a Settlement Agreement between Interstate Navigation Co. and the Division of Public Utilities and Carriers. The Order incorporates the Amended Settlement Agreement, rates and commodity charges, and the Application for Issuance of Block Island Ferry Islander Card. The Settlement establishes a rate plan which includes a provision for a two year rate freeze on rates for traditional ferry service after an increase in base rates to produce additional revenues of $1,100,694 effective January 1, 2007, restrictions on rate increase for traditional ferry service in 2009, 2010 and 2011, a performance-base rate plan which includes an earnings sharing mechanism, and procedures to credit customers for decreases in fuel for traditional ferry services below a $2.00 per gallon floor (including taxes) during the term of the rate plan established by the Settlement. Written Order issued 5/11/07.