BRITISH COLUMBIA UTILITIES COMMISSION GENERIC COST OF CAPITAL PROCEEDING EXHIBIT A-40

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1 ERICA HAMILTON COMMISSION SECRETARY web site: SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, BC CANADA V6Z 2N3 TELEPHONE: (604) BC TOLL FREE: FACSIMILE: (604) Log No VIA July 30, BRITISH COLUMBIA UTILITIES COMMISSION GENERIC COST OF CAPITAL PROCEEDING EXHIBIT A-40 Mr. David Bursey Bull Housser Tupper LLP on behalf of Corix Utilities Inc., Central Heat Distribution and River District Energy Limited Partnership West Georgia Street Vancouver, BC V6E 3R3 Dear Mr. Bursey: Re: British Columbia Utilities Commission Project No /Order G Generic Cost of Capital Proceeding-Stage 2 Commission Staff Information Request No. 1 Further to Commission Order G-77-13, which established a Regulatory Timetable with respect to the above noted proceeding, enclosed please find Commission staff Information Request No. 1 to Corix Utilities Inc., Central Heat Distribution Limited, and River District Energy Limited Partnership (collectively the Companies). In accordance with the Regulatory Timetable, please file your responses electronically with the Commission by Tuesday, August 13, Yours truly, EC/dg Attachment cc: Registered Parties Erica Hamilton PF/BCUC_GCOC/GC/A-40-Commision Staff IR No. 1 to the Companies

2 BRITISH COLUMBIA UTILITIES COMMISSION Commission Staff Information Request No. 1 to Corix Utilities Inc., Central Heat Distribution Limited, and River District Energy Limited Partnership (collectively the Companies) Generic Cost of Capital Proceeding Stage Reference: BCUC Thermal Energy Systems Utilities Regulatory Framework Proceeding Request for Comments Document dated May 9, 2013 Commission Staff Proposal In the above noted BCUC proceeding, Commission staff propose three streams (or levels) of regulation. First, that all single-site Thermal Energy Services (TES) projects serving one customer be exempt from regulation; Second, that single-site TES projects with certain characteristics be exempted from Certificate of Public Convenience and Necessity (CPCN) and rates approval and be regulated on a complaintsonly basis (Stream A); Third, that all district energy type projects follow a streamlined of CPCN review process but still require a rates approval (Stream B). 1.1 Given the type of TES projects that in the Companies portfolios and based on the type of TES projects that TES developers and operators such as the Companies would be pursuing, please identify: (i) which stream of regulation the current projects/utilities would most likely fall under; and (ii) which stream of regulation the new projects/utilities being pursued would most likely fall under. 1.2 Please indicate which Regulatory Stream would be most impacted by the determinations from this Stage 2 GCOC proceeding. 2.0 Reference: Exhibit B2-17, The Companies Evidence, Overview Document, p. 4 Small Size as a Material Risk Factor In footnote 4 on page 4, the Companies referred to the Alberta Utilities Commission (AUC) award to AltaGas a premium based on AltaGas relatively small size, rural service area, geographically dispersed customers and high level of customer contributions. 2.1 Please confirm that footnote 4 should read Decision , p. 93 instead of p Do the Companies agree that AUC s comments on AltaGas are similar to the Commission s determination regarding size in the Stage 1 GCOC proceeding where it says: The Panel determines that the small size factor should be further considered in the Stage 2 proceeding, but only as one of the many business and financial risks small utilities or projects are exposed to? (Stage 1 Decision, p. 101) 2.3 AUC s reasons for awarding a premium to AltaGas include elements such as rural service area, geographically dispersed customers, and high level of customer contributions, in addition to small size. In the view of the Companies, were all these elements weighted equally by the AUC? GCOC Proceeding Stage 2 1 Commission Staff IR No. 1 to the Companies

3 3.0 Reference: Exhibit B2-17, The Companies Evidence, Overview Document, p. 4; Exhibit A2-53 Small Utilities and Risk In its Overview Document, the Companies state: Small utilities meet these competitive challenges in a variety of ways. Their operations reflect attempts to serve diverse aspects of the energy market, often with innovative technologies. These efforts entail a very different, and riskier, risk profile than for a conventional utility business characterized by a natural monopoly with a large, captive customer base paying its regulated cost of service. Statistics Canada has carried out a study on the variation in profitability across Canadian firms of different sizes, using the number of employees as an indicator of firm size (Exhibit A2-53). It offered in its Economic Insights that one of the factors behind differences in profitability and firm size may be differences in risk. Risk in raising capital is often associated with volatility, and a large body of work shows that rates of employment growth tend to be more volatile in smaller firms. This could be because smaller firms seek out more risk in order to attain higher rates of return. 3.1 Based on the size of firms as measured by the number of employees, the study concluded that profitability, as measured by return on assets, was on average highest among middle-sized firms. Please comment on the study result as reported by Statcan as to whether it is consistent with the Companies position on size being the overarching and dominant factor affecting small utility risk. 4.0 Reference: Exhibit B2-17, The Companies Evidence, Overview Document, pp. 5, 11 Demonstrating a Fair Return The Companies state that the cost of capital issues for small utilities have not been considered in the regulatory arena because entities that are regulated as public utilities in B.C. are often not regulated as public utilities in other jurisdictions. The Companies state that the risk of the regulatory burden frustrating the TES market can be mitigated by lowering the regulatory barrier to facilitate small utility participation and growth in the TES market. The Companies also state that the public interest does not require regulation because competitive market forces are sufficient to protect against abuse of market power. 4.1 Corix, for example, has investments in TES projects in other Canadian jurisdictions that do not regulate TES utilities. Does the fact that Corix participates in the regulated TES market here in B.C. imply that, despite regulatory burden, there are benefits to reap in this environment that include cost of service regulation? 4.2 Does lowering the regulatory barrier include the Commission seeking blanket exemption from regulation for certain TES utilities? Would the Companies seek specific exemptions from regulation? If so, what would be the criteria? GCOC Proceeding Stage 2 2 Commission Staff IR No. 1 to the Companies

4 The Companies are asking the Commission to establish a default standard for small TES utilities that include 40 percent debt/60 percent equity for capital structure, an equity risk premium of 250 basis points (bps) at a minimum, and the deemed interest at a benchmark credit spread that reflects BBB or BBB (low) rated debt relative to the 10-year Government of Canada bond yield. 4.3 Assuming that the Commission approves the Companies cost of capital requests in this proceeding, do the Companies still hold the view that the public interest does not require regulation? Will the Companies seek exemption from regulation? 4.4 The Companies proposed equity risk premium and capital structure is much higher in aggregate than that proposed by FAES and much than the average that awarded to small utilities in Canada. What would be the impact on the rates of Central Heat for the year 2013 if the proposed equity risk premium and capital structure were approved? Does Central Heat believe it would remain competitive with other energy options if it charged rates to recover the proposed equity risk premium and capital structure? Please provide a table showing the rate impact and the competitiveness with BC Hydro and FEI rates. 4.5 The Companies proposed equity risk premium and capital structure is much higher in aggregate than that proposed by FortisBC Alternative Energy Services Inc. (FAES) and higher than that the average that has been awarded to small utilities in Canada. What would be the impact on the rates of Corix projects and River District if the proposed equity risk premium and capital structure were approved? 4.6 Given the large change in rates precipitated by the proposed equity risk premium and capital structure compared to the current situation, should the Commission allow those district heat and energy utilities currently under contract to reconsider their commitment in light of the large change in circumstances? 4.7 Assuming that the Commission approves the minimum default standard proposed by the Companies, please describe the potential risk factors that would prompt the Companies to request higher than 250 basis points equity risk premium or thicker common equity If a default minimum standard is established as a result of Stage 2 of the GCOC proceeding, would the Companies oppose applications from ratepayers or the public to pursue lower equity risk premium for a specific project? 4.8 Should the Companies recommended minimum also apply to all regulated TES utilities including FAES? Why or why not? 4.9 FAES in Exhibit B6-2 recommends a default minimum equity ratio of 45 percent and an equity risk premium of 75 bps. Do the Companies consider FAES default minimum too low? Why or why not? 4.10 Suppose the Commission approves a minimum equity ratio of 45 percent and an equity risk premium of 75 bps, how likely would the Companies (for each one) apply to the Commission for additional percentages above the default minimum? If yes, on what basis would the additional premiums be based on and why? GCOC Proceeding Stage 2 3 Commission Staff IR No. 1 to the Companies

5 4.11 If FAES had a lower approved cost of capital, would that provide FAES with a competitive advantage over other TES competitors in winning new TES projects? In the GCOC Stage 1 Decision, the Commission recommends that small utilities use the Commission developed risk matrix for future projects to justify their case for the appropriate capital structure and risk premium that is over and above the benchmark ROE. (GCOC Stage 1 Decision, p. 101) 4.12 Please explain how the Companies proposed default standard for small TES utilities (60 percent equity thickness with an equity risk premium of 250 bps) relate to the Commission s recommendations in the above reference In the Companies proposal to establish a default standard equity thickness and equity risk premium for small TES utilities, would it also subsequently use the risk matrix to apply any additional risk premium above this TES benchmark? 5.0 Reference: Exhibit B2-17, The Companies Evidence, Overview Document, p. 9 Competitive Risk The Companies state that The competitive risk factor is also a key element. Small TES utilities face far greater competitive challenges than the benchmark utility, which for gas distribution is a natural monopoly and, in some municipalities, has an exclusive service franchise. Most small TES utilities do not have exclusive service franchise rights so they operate in a truly competitive market. 5.1 Although small TES utilities may not have exclusive service franchises, don t they often have strong barriers to competition such as mandatory connections to a lower carbon energy source, infrastructure that makes it difficult to deliver alternative fuels, municipal and provincial policies and regulation, and long term contracts to ensure cost recovery of the up front facilities costs? Please discuss the impact of these measures on business risk. 5.2 Do any of the Companies existing projects have any of these features? 5.3 If a TES project had mandatory connections and a long term contract, would it not have a business risk similar to or lower than FortisBC Energy Inc. (FEI)? Please discuss. 5.4 Please discuss the competitive risks for single project site thermal projects compared to the competitive risks in a larger district energy project with existing buildings and existing conventional energy source. 5.5 In comparing specific examples of TES projects, please discuss the competitive risks involved in each of the following TES projects: Dockside Green, River District, Kelowna District Energy, and Central Heat. 6.0 Reference: Commission Orders G-31-12, G & G ; Exhibit B2-17, p. 11 Deemed Cost of Debt Rate and Interest AAM In paragraph 1(d) of Order G-71-12, FAES was directed to re-calculate its deemed cost of debt rate based on BBB-rated entities operating specifically in the TES sector or in the absence of such entities, BBBrated distribution utilities as proxy. FAES was also directed to update its cost of debt rate annually using an Interest AAM if such a mechanism is approved in the GCOC proceeding. GCOC Proceeding Stage 2 4 Commission Staff IR No. 1 to the Companies

6 FAES has proceeded to use the methodology established in the Delta School District Number 37 to calculate the cost of debt (TELUS Garden Reasons for Decision attached to Order C-1-13, p. 27). 6.1 Please replicate Table 2 on page 27 of 48 of the TELUS Garden Reasons for Decision using the recommendation on cost of debt on page 11 of the Companies evidence. 7.0 Reference: Exhibit B2-17, pp. 6-10; GCOC Proceeding Stage 1 Decision Appendix E Risk Matrix The matrix consists of 19 risk factor categories and a relative comparison between the applicant, FEI and six other TES utilities. However, the relative comparison does not truly recognize the relative risk differential between FEI and the small TES utilities. Once an equity risk premium has been established for the first TES utility in this case, Dockside Green Energy then the matrix focuses attention onto the relative risk between small utilities, rather than the relative risk between the benchmark utility and the overall category of small utility. On page 101 of the decision in the GCOC Proceeding Stage 1, the Commission recommended the use of the risk matrix to evaluate overall risk of a given project. The decision also says that small utilities can modify this matrix to facilitate a similar comparison of their own short and long-term risks to those of FEI. 7.1 Please confirm that the risk premium approved for Dockside Green did not encompass a risk assessment using the Risk Matrix. 7.2 The Companies state that utility size is the overarching and dominant factor affecting small utility risk, and the smaller the size of a utility, the less its ability to manage and lower its risk, and ultimately the higher the equity risk premium. If this position as held by the Companies is true, is the reverse also true? In other words, if a number of utilities or projects consolidate under one umbrella utility, would its consolidated size alone translate into lowered risk and therefore lower the required returns on the consolidated or amalgamated utility? In the opinion of Corix, is it the case that the return on a consolidated utility should be lower than its weighted average return? If no, please provide an example where some utilities risks do not change even if they amalgamate If Corix agrees that the converse is also true, i.e., the bigger the utility, the more ability it has to manage and lower its risk, should some projects or utilities be consolidated? Which ones? 7.3 Exhibit A2-53 includes comments on a study conducted by Statistics Canada (Statcan) that on average, profitability was highest among middle-sized firms with 5 to fewer than 20 employees, but it was consistently lower among both the smallest and largest firms. In the Economic Insight, Statcan went on to comment on risk and return and says that the smallest firms exhibit the most intra-group variance. These results provide evidence that, as small firms grow, their financial performance becomes more homogeneous though this trend reverses itself for very large firms. Do the Statcan study results imply that firm size is but one of the factors behind return? GCOC Proceeding Stage 2 5 Commission Staff IR No. 1 to the Companies

7 7.4 In considering the variance in the smallest firms results of the Statcan study, would it be the case that the utility nature and contracts of the Companies TES projects would have them at the low end of risk and return in the Statcan study results? 8.0 Reference: Exhibit B2-17, pp. 6-7; GCOC Proceeding Stage 1 Decision Appendix E Risk Matrix The Companies hold the view that the matrix is difficult to apply in practice because the 19 factors are duplicative and appear to receive equal weighting. For a risk matrix approach to be valid, it must properly situate the small utility category relative to the benchmark utility and then allow for individual variation. 8.1 Assuming that the Commission Panel accepts the Companies comments on the existing risk matrix, please provide the Companies preferred version that would: (a) eliminate the duplicates, (b) include weighting properly assigned to the risk factors to reflect the TES experience from the perspective of each utility comprising the Companies, and (c) compare the assessed value to the benchmark utility s risk. 8.2 Please evaluate the Companies preferred version with that identified by FAES at Tab A, Table 1, page 3 of Exhibit B What if the Risk Matrix used a TES benchmark utility instead of FEI as the benchmark utility. Would it be more or less relevant in the assessment of risk for all other TES projects? Please discuss Who would be the relevant utility or project for this TES benchmark? Why? 9.0 Reference: Exhibit B2-17, p. 10; GCOC Proceeding Stage 1 Decision Appendix E Risk Matrix The Companies opine that both the academic and actual experience show that the returns established by the Commission using the matrix approach do not reflect the returns investors expect of businesses of comparable risk. The current equity risk premiums shown in the Commission s matrix have evolved to the current levels because the utilities involved have not been in a position to marshal a full evidentiary case to establish what a fair return would be. Furthermore, the Companies hold the view that this regulatory burden creates a disincentive to the growth of the TES sector in B.C. 9.1 To the best of the Companies knowledge, how many small TES projects in the non-regulated sector experience pre tax rates of returns of 15 percent (i.e., 8.75% % / ) or higher and equity ratios of at least 60 percent in the past three years? 9.2 To the best of the Companies knowledge, what are the targeted rates of return on TES projects that are not subject to regulation by the BCUC, e.g., municipality projects? Please compare their targeted and actual returns with the 250 bps over the benchmark ROE as proposed by the Companies. GCOC Proceeding Stage 2 6 Commission Staff IR No. 1 to the Companies

8 10.0 Reference: Commission Order G , Commission Letter L-31-13A Interim Rates Commission Order G dated December 10, 2012, sets out the rates for all utilities as interim effective January 1, Letter L-31-13A clarifies for all regulated utilities that the interim rates remain interim until a decision is rendered for Stage 2 of the GCOC proceeding Does Corix have a view regarding: (a) whether interim rates for small utilities should be made permanent for 2013; and (b) whether the allowed cost of capital as a result of the review that takes place in Stage 2 should be made effective January 1, 2013 or January 1, 2014? 10.2 If the allowed costs of capital from this proceeding were to be made effective January 1, 2013 would it be efficient to recover the difference between the interim and approved cost of capital in 2013 from a deferral account to be recovered perhaps as a rate rider amortized over one or two years? What approach would work best for the Companies? 11.0 Reference: Exhibit B2-17, Appendix A, pp. 12 & 23 Dockside Green Dockside Green Energy (DGE) provides hydronic energy for space heating and domestic hot water using a central energy plant Can a resident of Dockside Green easily install a natural gas hot water tank to opt out of DGE supply of hot water? 11.2 Can a resident of Dockside Green easily install a natural gas forced air furnace to opt out of DGE supply of heat? 11.3 If the residents are tied to DGE heat and hot water supply, for how long is that contract commitment? 11.4 In the past year what percentage of DGE s fuel came from biomass and how much came from natural gas? Did low gas prices factor into the fuel use choices? 11.5 Central Heat states on page 23 that If a small utility has an exclusive franchise and mandatory connections, utility size risk is significantly less. Central Heat has neither. If DGE has the equivalent of either of these features, what reduction in ROE premium and equity ratio does DGE recommend? 12.0 Reference: Exhibit B2-17, Appendix A, p. 13 Corix Utilities Inc. Sun Rivers Corix indicates that it owns and operates TES projects, some of which are regulated by the BCUC such as UniverCity and Dockside Green and some that are not, e.g., Lonsdale Energy Corporation Are the series of stand-alone geo-exchange systems for Sun Rivers currently regulated by the BCUC? 12.2 If not, is it the intention of Corix to apply for regulation? Or apply for exemption? GCOC Proceeding Stage 2 7 Commission Staff IR No. 1 to the Companies

9 12.3 If Sun Rivers geo-exchange system is regulated, is it regulated on a complaint basis? 13.0 Reference: Exhibit B2-17, Appendix A, p. 13 Corix Utilities Inc. Customers of Corix TES Corix states that its customers are generally residential stratas with some mixed residential commercial strata developments Is this residential customer base less risky than a utility with large energy sales to industrial customers who have higher demand elasticity because of their ability to switch fuel? Is it true that residential customers are less sensitive to economic slowdown? Why or why not? 13.2 Are there mandatory connection provisions for these stratas or other barriers to competition (such as no gas lines) that provide a measure of capture over these stratas? 14.0 Reference: Exhibit B2-17, Appendix A, p. 15 Corix Utilities Inc. Financing Corix states that when financing its utility business, directly accessing bank debt on a stand-alone basis would be administratively burdensome and inefficient given the relative size of the utility. Corix Utilities provides debt financing to its regulated utilities through intercompany loan agreements with a cost of debt that reflects the specific risk profile of that project Has Corix attempted financing through bank loans that has not been successful? 14.2 Do bank loans require guarantees from Corix s parent or affiliated companies or other conditions? 14.3 Are bank loans, while administratively burdensome, lower in cost than intercompany loans? 14.4 Are any of these loans at higher rates than that for a BBB rated company s 10-year debt? If so, for which projects and what are the premiums? 15.0 Reference: Exhibit B2-17, Appendix A, p. 15 Corix Utilities Inc. Unique Risk Facing Corix s Business TES developers, other than the existing utilities like FEI, do not have an existing utility rate business that they can use to absorb costs and financial risk. Thus the TES offering must be priced to reflect the market and the actual cost of service, rather than a subsidized cost. The TES developer shareholders must absorb the balance of the significant upfront business development costs and risk Given the position stated in the preamble, does Corix believe that projects developed/operated by FAES should have a different or lower default minimum cost of capital from the default, minimum recommended in the evidence filed by the Companies? GCOC Proceeding Stage 2 8 Commission Staff IR No. 1 to the Companies

10 16.0 Reference: Exhibit B2-17, Appendix A, p. 18 Central Heat Regulated TES Utility Central Heat provides thermal energy in the form of steam to buildings in downtown Vancouver. It has operated as a regulated utility in B.C. since On average, how many proceedings initiated by applications from Central Heat have come before the Commission during the period from 2004 to 2013? Please describe the nature of the proceedings and the hearing format (oral, written or negotiated settlement process). What costs did Central Heat incur? 16.2 On average, how many Commission proceedings have Central Heat participated as an Intervener during the period from 2004 to 2013? Please describe those proceedings. What costs did Central Heat incur? 16.3 What is the current allowed return on equity and deemed capital structure for Central Heat? Please describe whether the cost of debt for Central Heat is regulated Please provide the latest Commission Order issued to Central Heat with respect to its revenue requirements and cost of equity Reference: Exhibit B2-17, Appendix A, pp Central Heat Changing Markets The public and various levels of government have become more interested in different energy systems recently, resulting in government incentives, new policies, and increased competition from traditional utilities Please describe how the changing market and increased risk due to policy changes have affected Central Heat in terms of losing actual customers, shortfall in customer increase, decreased use per account, and increased fuel cost. Please provide yearly data for the period 2009 to 2012 to support your answer Reference: Exhibit B2-17, Appendix A, pp ; Overview Document, p. 11; Order G Central Heat Financing Central Heat is financed on a stand-alone basis through a commercial bank The Commission has given FAES certain directions to calculate its deemed cost of debt rate and the Companies also made submissions on page 11 of the Overview Document regarding the deemed cost of debt. Is it Central Heat s position to retain its actual cost of debt, as opposed to a deemed cost, because of its ability to be financed on a stand-alone basis? GCOC Proceeding Stage 2 9 Commission Staff IR No. 1 to the Companies

11 19.0 Reference: Exhibit B2-17, Appendix A, p. 20 Central Heat Fuel Source Central Heat mentioned that the City of Vancouver policy would prefer biomass use in Vancouver instead of natural gas which would pose material risks and costs to Central Heat Please provide a copy of the policy document from the City of Vancouver, if available What is the time frame of the City of Vancouver biomass policy and does it impact Central Heat s current operations as opposed to new TES projects from other service providers? Is the policy setting a 100 percent target for biomass use? 19.2 Please comment if this biomass policy affects the benchmark utility FEI, only small TES utilities or only Central Heat Please provide Central Heat s total energy sales and fuel source in the past three years To the best of Central Heat s knowledge, are there policies being contemplated in its service area with respect to mandatory connections? 20.0 Reference: Exhibit B2-17, Appendix A, p. 24; Exhibit A2-53 Central Heat Risk Central Heat holds the position that unless a small utility has an exclusive franchise and mandatory connections, it is faced with significantly higher risks. Central Heat further says that municipalities have entered the TES utility business and are essentially unregulated monopolies competing against regulated non-monopoly utilities Exhibit A2-53 is a page from the City of Vancouver website providing information with respect to the Lonsdale Energy Company s target rate of return of 5 percent on the amount invested and its aim to be cost neutral for the City as well as LEC customers. Please comment how this target rate of return provides a challenge to utilities such as Central Heat Reference: Exhibit B2-17, Appendix A, p. 24 River District Energy (RDE) Financing RDE s financing is currently 100 percent funded by its parent Wesgroup Properties Limited partnership and RDE states that it will make applications for financing in several years when it has positive cash flow so it is able to service the debt Once RDE has the cash flow and the option, does RDE prefer financing its debt in a manner similar to Corix (p. 15) or does it prefer financing its debt through third parties similar to Central Heat (p. 19)? GCOC Proceeding Stage 2 10 Commission Staff IR No. 1 to the Companies

12 22.0 Reference: Exhibit B2-17-1, Testimony of Ms. Ahern pp. 1; Exhibit PMA-1, Ibbotson SBBI 2013 Valaution Yearbook, p. 2 of 25 Use of Size Premium On page 5 of the report under the topic Size and Liquidity, the reports says even though liquidity is not directly observable, capitalization is, thus the size premium can serve as a partial measure of the increased cost of capital of a less liquid stock. [Emphasis added] 22.1 In Ms. Ahern s view, is the above statement similar to the Commission determination in Stage 1 of this proceeding that small size factor should be further considered in the Stage 2 proceeding, but only as one of the many business and financial risks small utilities or projects are exposed to? (Stage 1 Decision, p. 101) Why or why not? 23.0 Reference: Exhibit B2-17-1, Testimony of Ms. Ahern pp. 1, 5-6; Exhibit PMA-2 pp. 7, ; Exhibit B6-2, Evidence of FAES, p. 6 Table 2 Size of Utilities In its evidence, FAES describes its specific rate base as ranging from $200,000 to $30 million; and in total $32.5 million have been approved to date. Ms. Ahern states in her testimony that her purpose is to provide specific risk adjustments based upon the size for Corix and its related companies DGE and UniverCity, as well as for Central Heat, and RDE. Ms. Ahern provides estimates based on the Morninsgstar/Ibbotson Size Premium Study (SBBI) and the Duff & Phelps Size Study and Risk Study (D&P) Portfolio 25 is comprised of the smallest companies in the D&P 2013 Report. Please confirm the data below and complete the information on the utilities: Portfolio Rank by Size 25 (year ending December 31, 2012) UniverCity Dockside Green Corix Utilities total regulated utilities Central Heat River District Energy Average Book Value of $1.337 m $3.609 m $8,717 m $2.828 m Equity ($m) $67 Total Assets ($m) $4.130 m $8.574 m $ m $2.990 m $118 5-year Average $0.297 m ($0.335 m) $2,504 m $0.063 m EBITDA ($m) $16 Average Number of 24? Employees 245 Net Sales $0.424 m $0.182 m $7.106 m $0.118 m $115 m Rate Base per Customer (Sources: Exhibit B2-17-1, Testimony of Ms. Ahern, Exhibit PMA-2, pp. 147, 150, 151, 153, 155; Exhibit B2-17-1, Testimony of Ms. Ahern, Exhibit PMA - pp. 2, 5, 6, 7: Exhibit PPM-4, p.2, 5, 6, 7: Exh PPM -5, pp. 2, 5, 67; Exh PPM-6 pp. 2, 5, 6) GCOC Proceeding Stage 2 11 Commission Staff IR No. 1 to the Companies

13 23.2 Please compare the size characteristics for Portfolio 25 and the small regulated TES utilities in B.C. and comment on the appropriateness of relying on the D&P data for risk premium analysis for specific TES projects Based on the data in the table above, is it true that the TES utilities or projects regulated by the Commission are below the lower bounds of the D&P Study by a very wide margin? 23.3 In the Introductory Section of the D&P Risk Premium Report 2013, the report describes what it is designed for and who should use it and in what ways the report would serve the needs of corporate finance officers for evaluation of mergers and acquisitions, corporate officers for capital budgeting decisions, investment bankers for pricing public offerings, CPAs who deal with client valuations issues and judges and attorneys who deal with valuation issues in mergers and acquisitions. Can Ms. Ahern confirm if the report is also designed for meeting the regulatory compact and fair return standard? To the best of Ms. Ahern s knowledge, which other jurisdictions have adopted the information and analysis in the D & P report in their cost of capital decisions for very small TES utilities? How many TES utilities are included in the Ibbotson and D&P studies? Are there any Canadian TES utilities included? How have the low risk features of regulated TES utilities been factored into the D&P study and Ms. Ahern s analysis (mandatory connection, exclusive supply, etc.)? 24.0 Reference: Exhibit B2-17-1, Testimony of Ms. Ahern p. 6; PPM-3, p. 1 DGELLP Exhibit PMA-3 p. 1 shows that the market value of common equity for DGELLP as $5,621,102. Note 1 to Table 2 states that the figure is based upon the 2012 market-to-book ratio of Ms. McShane s sample utilities. The D&P size risk premium based upon market capitalization is 9.49 percent applicable to DGELLP relative to the proxy group used in Ms. Ahern s analysis Please provide the market-to-book ratios used by Ms. McShane for her US sample and Canada sample. Please explain which value was used and how it was used Please explain whether the premium is a risk premium over the risk-free rate or risk premium over the CAPM (beta adjusted size premium) Reference: Exhibit B2-17-1, Testimony of Ms. Ahern pp. 7-8 Regression Equation Method Ms. Ahern quotes from the D&P report that the regression equation method allows interpolated risk premia in-between portfolios and also to calculate interpolated risk premia for companies with size characteristics less than the average size in Portfolio 25. GCOC Proceeding Stage 2 12 Commission Staff IR No. 1 to the Companies

14 Since DGELLP is significantly smaller than the 25 th portfolio to which it would be assigned, the size premium spread is likely to be understated Isn t finding the value beyond the sample known as extrapolation instead of interpolation? Should there be certain explicit assumptions made when extrapolating the risk premium? For example, does the market behavior continue to apply to a company with $1 million sales as it applies to a company with $115 million sales? 25.2 Please demonstrate the calibration of the regression equations to calculate the size premiums relating to each risk factor. Please provide the calibration in an electronic format Reference: Exhibit B2-17-1, Testimony of Ms. Ahern pp. 8-10, Tables 3-5 DGELLP, UniverCity, Central Heat The SBBI size premiums for DGELLP, UniverCity and Central Heat are all estimated at 5.27 percent In Ms. Ahern s view, what are the justifications that all three small utilities should have the same size related risk premiums In Ms. Ahern s view, does the size related risk premium encompass all other risk factors faced by DGELLP, Univercity and Central Heat? 26.3 Given the low risk nature of regulated utilities compared to the D&P and SBBI companies, shouldn t Ms. Ahern have chosen a risk premium at the bottom end of the range? If not, why not? 26.4 Ms. McShane and Ms. Ahern arrive at different results from the SBBI analysis, please discuss why? Is judgment the dominant factor in the final results? 26.5 Ms. McShane adjusts the SBBI size premium to account for her higher suggested equity premium. Why didn t Ms. Ahern adjust her size premium recommendations for her suggested 60 percent equity ratio? 26.6 The Companies recommend 250 bps as the default ROE premium for small TES utilities. What is Ms. Ahern s opinion on this recommendation given that it is even lower than the low-end of the range of risk-premiums analyzed by Ms. Ahern? 26.7 The ROE risk premiums and equity ratios calculated by Ms. Ahern are so much higher than those proposed by Ms. McShane and for those awarded to the smallest regulated utilities in Canada, or even those proposed by her clients. Did Ms. Ahern consider whether her extrapolated results were so different from other experiences to render them demonstrably unreasonable for their application to the very small regulated TES project risk profiles? 27.0 Reference: Exhibit B2-17-1, Testimony of Ms. Ahern p. 14 Commission Risk Matrix In reference to the risk factors included in the Commission s risk matrix, Ms. Ahern concludes that: GCOC Proceeding Stage 2 13 Commission Staff IR No. 1 to the Companies

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