Methodology: Study Validation

• Both models closely tracked actual data.

Residential Rate

Model A

Model B

Virginia Average Residential Rates Excluding Fuel

In-sample Forecasts

$/kwh

1992

1993

1994

1995

1996

1997

1998

1999

2000

2001

0.040

0.045

0.050

0.055

0.060

0.065

0.070

0.075

0.080

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