Public Service Company of New Mexico Attachment H 1 Current Year Formula Rate

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1 Attachment H 1 Formula Rate Allocators 1 Wages and Salary Allocation Factor 2 Transmission Wages Expense page 354, line 21, column b 5,229, Total Wages Expense page 354, line 28, column b 118,475,166 5 Less A&G Wages Expense page 354, line 27, column b 38,505,160 6 Total (Line 4 line 5) 79,970, Wages and Salary Allocator (Line 2 / Line 6) 6.54% 9 10 Plant Allocation Factor 11 Average Electric Plant In Service Schedule 1 3,709,961, Less Average Accumulated Depreciation Electric Plant In Service Schedule 1 1,505,586, Net Average Electric Plant in Service (Line 11 line 12) 2,204,375, Transmission Gross Plant (line 34) 567,925, Gross Plant Allocation Factor (line 15 / line 11) 15.31% Transmission Net Plant (line 49) 317,500, Net Plant Allocation Factor (line 18 / line 13) 14.40% Plant Calculations Plant In Service 24 Transmission Plant In Service Schedule 1 549,191, Total Transmission Plant in Service 549,191, General and Intangible Plant in Service Schedule 1 165,343, Wages and Salary Allocation Factor (Line 8) 6.54% 30 Allocated to Transmission (line 28 * line 29) 10,813, General and Intangible Plant In Service (Allocated from Shared Services) Schedule 1A 7,920, General and Intangible Plant Allocated to Transmission (line 30 + line 31) 18,733, Total Transmission Plant In Service (line 25 + line 32) 567,925,141 35

2 Attachment H 1 Formula Rate 36 Accumulated Depreciation Transmission Accumulated Depreciation Schedule 1 240,485, Total Transmission Accumulated Depreciation 240,485, General and Intangible Accumulated Depreciation Schedule 1 101,947, Wages and Salary Allocation Factor (Line 8) 6.54% 43 Allocated to Transmission (line 41 * line 42) 6,667, General and Intangible Accumulated Depreciation (Allocated from Shared Services) Schedule 1A 3,272, General and Intangible Accumulated Depreciation Allocated to Transmission (line 43 + line 44) 9,940, Total Transmission Accumulated Depreciation (line 39 + line 45) 250,425, Total Transmission Net Plant In Service (line 34 line 47) 317,500, Projected Net Plant in Service 52 New Transmission Plant In Service, Placed in Service in Schedule 1B 53 Accumulated Depreciation for New Transmission Plant in Service Schedule 1B 54 Accumulated Deferred Income Taxes for New Transmission Plant in Service Schedule 1B 55 True Up for Projected Plant In Service, Based on Prior Year Formula Rate Schedule 1B 56 True Up for Projected Accumulated Depreciation, Based on Prior year Formula Rate Schedule 1B 57 True Up for Projected Accumulated Deferred Income Taxes, Based on Prior year Formula Rate Schedule 1B 58 Total Projected Net Plant In Service, Net of True Up (sum of line 52 through line 57) Total Requested Transmission Net Plant in Service 317,500, Other Rate Base Items Accumulated Deferred Income Taxes Schedule 2 (51,203,926) Acquisition Adjustments Schedule 3 8,496, Regulatory Assets Schedule Miscellaneous Deferred Debits Schedule 5 53,184, Prepaid Pension Asset Schedule 6 77,887,537

3 Attachment H 1 Formula Rate 74 Wages and Salary Allocator (line 8) 6.54% 75 Total Prepaid Pension asset (line 73 * line 74) 5,093, Working Capital 78 Materials and Supplies Schedule 7 793, Prepayments Schedule 7 6,116, Total Working Capital 6,909, Injuries and Damages Reserve Schedule 8 (11,042,585) 83 Wages and Salaries Allocator (line 8) 6.54% 84 Total Injuries and Damages Reserve (line 82 * line 83) (722,185) Other Deferred Credits Schedule 8 (21,711,315) Total Other Rate Base Items (line 65 + line 67 + line 69 + line 71 + line 75 + line 80 + line 84 + line 86) 47, Total Transmission Rate Base (line 60 + line 88) 317,547, Operations and Maintenance Expense Transmission O&M 95 Transmission O&M page 321, line 112, column b 36,735, Less Account 561 Page 321, line 84 through line 92, column b 986, Less Account 565 Page 321, line 96, column b 15,405, Transmission O&M (line 95 line 96 line 97) 20,343, Administrative and General Expenses 101 Total Administrative and General Expenses page 323, line 197, column b 134,665, Less FERC 924 Property Insurance page 323, line 185, column b 1,729, Less FERC 928 Regulatory commission Expenses page 323, line 189, column b 13,112, Less FERC 922 Administrative Expenses Transferred Credit page 323, line 183, column b (9,526,096) 105 Less EPRI dues Schedule 9 765, Add FERC 928 Regulatory Commission Expenses, Common Schedule 9 870, Add FERC 922 Admin Exp Transferred Credit, excluding Corp. Allocation Schedule 9 (5,335,128) 108 Total Administrative and General Expenses 124,120, Wages and Salaries Allocator (line 8) 6.54% 110 General Expenses Allocated to Transmission (line 108 * line 109) 8,117,

4 Attachment H 1 Formula Rate 112 FERC 924 Property Insurance (line 102) 1,729, Net Plant Allocator (line 19) 14.40% 114 Property Insurance Allocated to Transmission (line 112 * line 113) 248, Total Transmission Operations and Maintenance Expense (line 98 + line line 114) 28,710, Depreciation and Amortization Expense Depreciation and Amortization Expense 122 Transmission Depreciation Expense page 336, line 7, column f 11,646, New Transmission Plant Depreciation Expense Schedule 1B 124 True Up to Plant Depreciation Expense from Prior Year Formula Rate Schedule 1B 125 Less Depreciation Expense Related to Direct Assigned Schedule , Total Transmission Depreciation Expense (line line line 124 line 125) 11,217, General Depreciation page 336, line 10, column f 6,243, Intangible Amortization page 336, line 1, column f 2,331, General Depreciation Corporate Allocation Schedule 9 2,360, Intangible Amortization Corporate Allocation Schedule 9 8,313, Total General and Intangible Depreciation and Amortization (sum of line 129 through line ,248, Wages and Salary Allocator (line 8) 6.54% 135 General and Intangible Depreciation and Amortization Allocated to Transmission (line 133 * line 134) 1,258, Total Depreciation and Amortization (line line 135) 12,476, Taxes Other than Income Taxes other than income 142 Payroll Taxes Allocated to Transmission Schedule , Property Taxes Allocated to Transmission Schedule 10 3,187, Native American Taxes Allocated to Transmission Schedule , Total Taxes other than income 4,100, Acquisition Adjustment Amortization 149

5 Attachment H 1 Formula Rate 150 Acquisition Adjustment Amortization Schedule 3 585, Income Taxes Federal Income Tax Calculation Allowed Return on Rate Base 157 Total Transmission Rate Base (line 90) 317,547, Weighted cost of Capital (line 248) 8.47% 159 Return on Rate Base (line 157 * line 158) 26,896, Less: Return Adjustments Federal 162 Total Transmission Rate Base (line 90) 317,547, Long Term Debt Cost of Capital (line 245) 2.93% 164 Interest on Long Term Debt (line 162 * line 163 * 1) (9,304,139) 165 Permanent and Flow Through Book/Tax Adjustments Schedule , Total Return Adjustments (line line 165) (8,943,709) Net Taxable Equity Return Federal (line line 166) 17,952, Income Tax Adjustments Federal 171 Net Provision for Deferred Income Tax Adjustments Schedule 11 (60,092) 172 Investment Tax Credit Amortization Schedule 11 (167,903) 173 Total Federal Tax Adjustments (227,995) Income Tax Calculation Federal 176 Adjusted Equity Return Federal (line line 173) 17,724, Federal Tax Factor (Rate/1 Rate), Federal Tax Rate = 35% (Fed Tax Rate / 1 Fed Tax Rate) % 178 Federal Income Tax (line 176 * line 177) 9,543, Additions to Income Tax Federal 181 Net Provision for Deferred Income Tax Adjustments (line 171) (60,092) 182 EIP Amortization Schedule , Investment Tax Credit Amortization (line 172) (167,903) 184 Total Additions to Federal Income Tax (line line line 183) (61,411) Net Allowable Income Tax Federal (line line 184) 9,482,

6 Attachment H 1 Formula Rate 188 State Income Tax Calculation Allowed Return on Rate Base (line 159) 26,896, Less: Return Adjustments State 193 Interest on Long Term Debt (line 164) (9,304,139) 194 Permanent and Flow Through Book/Tax Adjustments (line 165) 360, Less: EIP Prepaid Tax Reversal (line 182 * 1) (166,584) 196 Net Allowable Income Tax Federal (line 186) 9,482, Total Return Adjustments State (sum of line 193 through line 196) 372, Net Taxable Equity Return State (line line 197) 27,268, Income Tax Calculation State 202 Net Taxable Equity Return State (line 199) 27,268, State Tax Factor 7.60% Net Allowable Income Tax State (line 202 * 203) 2,072, Total Allowable Income Tax Federal & State (line line 205) 11,554, Total Operating Expenses (line line line line line 207) 57,427, Capitalization Calculations Long Term Interest 214 Long Term Interest Schedule 15 73,350, Total Long Term Interest 73,350, Preferred Dividends page 118, line 24, column c 528, Common Stock 220 Proprietary Capital page 112, line 16, column c 1,223,618, Less Preferred stock page 112, line 3, column c 11,529, Less Accumulated Other Comprehensive Income page 112, line 15, column c (66,797,168) 223 Common Stock (line 220 line 221 line 222) 1,278,886,

7 Attachment H 1 Formula Rate Long Term Debt 228 Long Term Debt page 112, line 24, column c 1,215,540, Total Long Term Debt 1,215,540, Capitalization 232 Long Term Debt (line 229) 1,215,540, Preferred Stock (line 221) 11,529, Common Stock (line 223) 1,278,886, Total Capitalization (line line line 234) 2,505,955, Long Term Debt % (line 232 / line 235) 48.51% 238 Preferred Stock % (line 233 / line 235) 0.46% 239 Common Stock % (line 234 / line 235) 51.03% Cost of Debt (line 214 / line 232) 6.03% 242 Preferred Stock Cost (line 217 / line 233) 4.58% 243 Common Stock Cost Note % Weighted Cost of Debt (line 237 * line 241) 2.93% 246 Weighted Cost of Preferred Stock (line 238 * line 242) 0.02% 247 Weighted Cost of Common Stock (line 239 * line 243) 5.52% 248 Total Return (line line line 247) 8.47% Return on Rate Base (line 90 * line 248) 26,896, Revenue Requirement Summary Rate Base (line 90) 317,547, O&M (line 117) 28,710, Depreciation and Amortization (line 137) 12,476, Taxes other than income (line 146) 4,100, Acquisition Adjustment Amortization (line 150) 585, Income Taxes (line 207) 11,554, Return on Rate Base (line 250) 26,896, Revenue Requirement before Revenue Credits and True Up Adjustment (sum of line 256 through line 261) 84,323,542

8 Attachment H 1 Formula Rate 264 True Up Adjustment to Revenue Requirement Schedule Revenue Requirement before Revenue Credits (line line 264) 84,323, Revenue Credits Applicable to Network and Point to Point Service Note Schedule 8 Non firm Transmission Service Schedule 12 1,020, Schedule 8 Conditional Firm Transmission Service Schedule 12 1,931, Deferral Payments Schedule , Account 454 Pole Rentals and Rents from Electric Property Schedule , Total Revenue Credits Applicable to All Customers (line line line line 274) 3,903, Annual Transmission Revenue Requirement Annual Transmission Revenue Requirement before True Up Adjustment (line 263 line 275) 80,420, True Up Adjustment to Revenue Requirement Schedule Annual Transmission Revenue Requirement (line line 278) 80,420,347 Note 1 Note 2 Note 3 The rate of return on common equity will not change without a filing with FERC under Sections 205 or 206 of the FPA. See Rate Design worksheet for allocation of revenue credits applicable only to point to point customers. See Rate Design worksheet for Final ATRR including direct assigned expenses.

First Revised Sheet No. 2758L. Formula Rate - Non-Levelized Rate Formula Template For the 12 months ended 12/31/10 Utilizing FERC Form 1 Data VECTREN

First Revised Sheet No. 2758L. Formula Rate - Non-Levelized Rate Formula Template For the 12 months ended 12/31/10 Utilizing FERC Form 1 Data VECTREN Midwest ISO FERC Electric Tariff, Fourth Revised Volume No. 1 First Revised Sheet No. 2758L Superseding Original Sheet No. 2758L Formula Rate - Non-Levelized Rate Formula Template For the 12 months ended