In this title, "just and reasonable rate" means a rate that:

            (1)      does not violate any provision of this article;

            (2)      fully considers and is consistent with the public good; and

            (3)      except for rates of a common carrier, will result in an operating income to the public service company that yields, after reasonable deduction for depreciation and other necessary and proper expenses and reserves, a reasonable return on the fair value of the public service company's property used and useful in providing service to the public.