5. Requirements for Accepting Settlement

The Agreement addresses all contested issues in this proceeding. Rule 12.1(d) requires that to approve a proposed settlement we must find it to be "reasonable in light of the whole record, consistent with law, and in the public interest." Although we are concerned that the Agreement provides the applicants with authorized returns on equity that may be somewhat excessive in light of current economic conditions, on balance we find that the Agreement satisfies these standards.