In a separate case, the PUC ruled that Dayton Power & Light Co. should include proceeds from the 1993 federal auction of emission allowances in two parts during its 1995 adjustment-clause billing cycle. It rejected a proposal to require the utility to pass the proceeds through based on the vintage year of the allowances. The PUC said that vintaging ignores the fact that allowances are fungible, much like commodities or stock. It added that utilities can use their allowances in years subsequent to the vintage year, and that strict vintaging in the trading and sale of allowances might inhibit market growth and create the potential for gaming by utilities. Re Dayton Power & Light Co., Case No. 93-105-EL-EFC, Nov. 23, 1994 (Ohio P.U.C.).
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