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Finance for the purpose of billing PGEN. The estimate shall be based upon such <br />method (such as a water usage measurement correlated to actual electrical <br />generation) which would most accurately reflect the actual consumption for the <br />period in which the Meter failure occurred as mutually agreed upon by the City <br />Manager of CITY and Plant Manager of PGEN. <br />7.5 For the Meter to be determined as "registering incorrectly," the Meter <br />must be found to be in error by plus or minus iwo and a half percent (2.5%), or <br />greater. If the degree of error is plus or minus two and a half percent (2.5%), or <br />greater, then the estimated amount of water furnished to PGEN will be calculated <br />as stated in paragraph 7.4. <br />VIII. <br />Rates <br />8.1 For purposes of billing under this Agreement, a"Day" shall be that <br />period of time beginning at 12:00 midnight and continuing through 11:59 p.m. <br />8.2 PGEN will be charged a two (2) part rate based on (a) PGEN'S water <br />consumption and (b) its Estimated Day Demand. <br />8.3 Charges for water furnished to PGEN during the Initial Period of this <br />Agreement shall be comprised of the following: <br />8.3.1 An Annual Demand Charge based on 2012 Rate Study totaling ONE <br />HUNDRED FIVE THOUSAND NINE HUNDRED THIRTY ONE DOLLARS <br />($105,931) based on PGEN'S Estimated Day Demand of water, expressed in <br />million gallons per day ("MGD"), as established in paragraph 8.4; and <br />8.3.2. An initial Volumetric Rate of Fifty—Nine cents ($0.59) per One Hundred <br />(100) cubic feet of water withdrawn by PGEN from the CITY'S water utility <br />system as established by the Cost of Service Study, dated May 2012, conducted <br />by J. Stowe � Co., LLC, excerpts of which are included herein as Exhibit 1. <br />8.4 For the Initial Period, PGEN'S Estimated Day Demand is One Million <br />Five Hundred Thousand Gallons (1,500,000) (the "Initial Period Estimated Day <br />Demand"). <br />8.5 For each Rate Year following the Initial Period, the calculation of the <br />Volumetric Rate per One Hundred (100) cubic feet of water withdrawn by PGEN from <br />the CITY'S water utility system shall be based on the historical hydrology data <br />accumulated for the then applicable Test Year. <br />8.6 PGEN'S Annual Demand Charge shall be based on the greater of the <br />Adjusted Day Demand, if one has occurred, and, if not, from the historical hydrology <br />6 <br />_ � 53 <br />