Using the equations derived in Appendix C, different assumed rates of inflation and the assumption that all debt was to be repaid by the year 2024. The maximum allowed rate of return that the corporation could pay to stock/bond holders have been calculated. The maximum rates of return that the corporation could pay (given that the corporation revenues are set at the fuel costs of the alternative generation) are given in Table 3.2 through 3.4. The blanks in these tables indicate that the maximum allowable discount rate is either zero or that under the indicated conditions , the debt can never be zero. The numbers in parenthesis are the real maximum rates of return to the investors, i. e. TABLE 3.1 Incremental Costs of Conventional Generation * Economic Assessment of the Utilization of Fuel Cells in Electric Utility Systems", by PSE&G, EPRI EM-336, Project 729-1, November, 1976.
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