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books of account shall contain an account designated as <br />"Reserve for Depreciation and Amortization of Utility <br />Plant", or similar caption, which shall show <br />accumulated charges to operating expenses on account of <br />depreciation adjusted for salvage and retirements in <br />accordance with Subd. 2 of this section. The annual <br />charges to operating expenses for depreciation of depreciable <br />property used and useful in rendering electric service in <br />the Metro Area shall be an amount designed to recover <br />ratably the original cost of such depreciable property <br />over the estimated average service life of each group of <br />property. Annual depreciation rates shall be revised <br />periodically so as to reflect all factors bearing on the <br />recovery of the original cost of such depreciable property <br />over its estimated average service life. At least once <br />every five years the Company shall prepare a depreciation <br />study analyzing retirement experience and other factors <br />relevant to the establishment of depreciation rates. Such <br />study shall be used as a guide in determining the depreciation <br />rates to be used to recover the original cost of depreciable <br />property. <br />Subd. 2. The actual original cost of property <br />abandoned, otherwise retired from service or not used and <br />useful in the public service for any cause, shall be <br />credited to the appropriate plant account. Such original <br />23 <br />