VI. Joint Comparison Exhibit

On December 16, 2002, AVR and ORA filed their joint comparison exhibit. Undisputed items being agreed to include the number of customers, a 10.0% unaccounted water allowance, capitalized payroll, leased water right and assessment, and purchased power. A detailed list of resolved items, along with agreed-upon estimates, identification of how the parties' original estimates were derived, and reasons for agreements is set forth in the comparison exhibit.

The agreed-upon estimates resulted from a review of initial positions, correction of errors, and a better understanding of the other party's revised estimates. Many of these agreements stem from the availability of more recent data to ORA after AVR filed its application.

Upon careful analysis of the record and consideration of reasons for the parties initial and revised estimates, we find that the agreed-upon estimates set forth in the joint comparison exhibit are a reasonable resolution of the initial differences, consistent with the law, and in the public interest.

The issues upon which the parties could not agree are discussed in the remainder of this decision and are shown in the following Table setting forth revised summary of earnings figures at present rates.

YEAR 2003 YEAR 2004

(Dollars in Thousands) ¹

Consolidated Items	AVR	ORA	Difference	AVR	ORA	Difference
Gross Revenues	$10,386	$10,458	($72)	$12,781	$11,047	$1,734
Payroll & Benefits	2,157	1,661	496	2,275	1,717	558
O&M - Other	2,757	2,974	(217)	2,811	3,027	(216)
A&G - Other	741	604	137	901	680	221
Main Office Expense	871	719	152	896	726	170
Taxes & Depreciation	2,233	2,531	(298)	3,177	2,622	555
Total Expenses	8,759	8,489	270	10,060	8,772	1,288
Net Revenue	1,627	1,969	(342)	2,721	2,275	446
Average Rate Base	27,904	23,863	4,041	29,740	25,556	4,185
Rate of Return	5.83%	8.25%	(2.42%)	9.15%	8.90%	0.25%

¹ Amounts under $500 are rounded to the nearest thousand. For example, $500 is rounded up to $1,000. There are also minor differences due to rounding.