XV. Conclusion

The matter remanded to us by the Court is relatively narrow in scope. We are directed to determine whether the evidence shows that SRAC prices were correct for the Remand Period. As the Court stated, "If the Commission makes this determination, and it is based upon substantial evidence, that will end the matter. If the evidence shows that the modified formula adopted in D.01-03-067 should have been applied retroactively, then it is the Commission's duty to apply it retroactively."

We have considered the SRAC formula, the application of § 390, and the determination of avoided costs under PURPA relative to the Court's direction, and concluded that substantial evidence indicates that SRAC prices during the Remand Period were correct. This evidence, combined with the policy considerations articulated in D.01-12-025, support a conclusion that application of the modified SRAC formula during the Remand Period is not warranted.