On our latest call, folks were asking how the Hearing Officer's Recommended Opinion and Order (if adopted by the ACC) would affect APS's total bottom line.  That turns out to be a difficult question.  The ROO provides for a $4 million dollar rate increase.  However, APS has a negative fuel adjustment that works into the equation as well.  

Here's an excellent explanation from the transcript of the latest earnings call.  

Ted N. Geisler -- Senior Vice President and Chief Financial Officer

High level, so you've got the $4 million net sort of revenue increase as proposed in the ROO, that includes fuel. So we've got to get that down to non-fuel. So you back out about $33 million of fuel related increases that takes you to a total non-fuel revenue decrease of $29 million. You add to that incremental cost that we've stated for a while now will hit the income statement once rates go into effect of about $110 million and then you tax effect that, that gets you to the $90 million estimated annual impacts to ongoing earnings. And again, we expect that to be up to $90 million and that's an estimate at this time.