Ill [2] Company Ticker Bloomberg Value Line

Transcription

1 PC Docket No Exhibit RBH-5 Page 1 of 1 Bloomberg and Value Line Beta Coefficients Ill [2] Company Ticker Bloomberg Value Line American Power Company, Inc. AEP.72.7 Duke Energy Corporation DK.5.6 Empire District Company EDE Great Plains Energy Inc. GXP IDACRP, Inc. IDA ITC Holdings Corp. ITC Eversource Energy ES tter Tail Corporation TTR Pinnacle West Capital Corporation PNW PNM Resources, Inc. PNM Portland General Company PR Southern Company so Westar Energy, Inc. WR Mean Notes: [1] Source: Bloomberg Professional Service [2] Source: Value Line 342

2 343 Capital Asset Pricing Model Results Bloomberg and Value Line Derived Market Risk Premium PC Docket No Exhibit RBH-6 Page 1 of 1 Ex-Ante Market Risk Premium CAPM Result Bloomberg Value Line Bloomberg Value Line Risk-Free Average Beta Market DCF Market DCF Market DCF Market DCF Rate Coefficient Derived Derived Derived Derived PRXY GRP BLMBERG AVERAGE BETA CEFFICIENT Current 3-Year Treasury (3-day average) [7] 2.63% % 1.1% 991% 9. 54% Near-Term Projected 3-Year Treasury [ % % 1.1% 1.43% 1.6% Ex-Ante Market Risk Premium CAPM Result Bloomberg Value Line Bloomberg Value Line Risk-Free Average Beta Market DCF Market DCF Market DCF Market DCF Rate Coefficient Derived Derived Derived Derived PRXY GRP VALE LINE AVERAGE BETA CEFFICIENT Current 3-Year Treasury (3-day average) [7] 2.63% % 1.1% 1. 41% 1. Near-Term Projected 3-Year Treasury [8] 2% 3. 15% % KA 1. 1% 1.93% 1.54% Notes: [1] See Notes [7] and [8] [2] Source: Schedule RBH-5 [3] Source- Schedule RBH-4 [4] Source: Schedule RBH-4 [5] Equals Col. [1] + (Col. [2] x Col. [3]) [6] Equals Col. [1] + (Col. [2] x Col [4]) [7] Source: Bloomberg Professional [8] Source: Blue Chip Financial Forecasts, Vol. 34, No. 3, March 1, 215, at 2

3 344 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 1 of 18 [11 [2] [3] [4] [51 3-Year Treasury Risk Return on Constant Slope Yield Premium Equity -279% -281% Current 263% 744% 18% Near Term Projected 315% 694% 19% Long Term Projected 5.% 5.64% 1 64 % 1.% 8.% y = - 28]n(x) R'=737 6% 3 4.% È a 2% i % 2% -2.% 4.% 6% 8% 1% 12% t4 u% 16% ' -4.% - -6 % Treasury Yield Notes [1] Constant of regression equation [2] Slope of regression equation [3] Source Current = Bloomberg Professional, Near Term Projected = Blue Chip Financial Forecasts, Vol. 34, No. 3, March 1, 215, at 2, Long Term Projected = Blue Chip Financial Forecasts, Vol. 33, No. 12, December 1, 214, at 14 [4] Equals [1] + In([3]) x [2] [5] Equals [3] + [4] [6] Source SNL Financial [7] Source. SNL Financial (excludes Limited-Issue Rate Cases) [8] Source Bloomberg Professional, equals 21-trading day average (i e lag period) as of March 31, 215 [9] Equals [7] - [8] Bond Yield Plus Risk Premium r6] m r8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 1/1/ % 936% 5 14T 1/7/ % 9.38% 5.1% 1/9/198 15% 94% 5.6% 1/14/ % 942% 575% 1/17/ % 944% 449% 1/23/ % 947% 63% 1/3/ % 952% 434% 1/31/ % 9.53% 38% 2/6/ % 9.58% 4 13% 2/13/ % 963% 317% 2/14/ % 965% 335% 2/19/ % 9.68% 382% 2/27/ % 978% 397% 2/29/ % 9.81% 394% 2/29/198 14% 9.81% 419% 2/29/ % 981% 4.96% 3/7/ % 9.89% 281% 3/14/ % 997% 353% 3/26/ % 11% 46% 3/27/ % 112% 412% 3/28/ % 113% 4.37% 4/11/ % 1.27% 248% 4/14/ % 129% 356% 4/16/ % 131% 519% 4/22/ % 1.35% 29% 4/22/ % 1.35% 3.55% 4/24/ % 138% 643% 4/29/ % 141% 59% 5/6/ % 1 45% 325% 5/7/198 15% 1.45% 4.55% 5/8/ % 1 46% 329% 5/9/ % 147% 3.88% 5/13/ % 148% 312%

4 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 2 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 5/15/ % 149% 2 76 To 5/19/ % 151% 3.24% 5/27/ % 1 54% 38% 5/27/ % 1.54% 46% 5/29/198 16% 1.56% 544% 5/3/ % 1.56% 3.24% 6/2/ % 157% 5.6% 6/9/ % 16% 53% 6/1/ % 16% 318% 6/12/ % 1.61% 364% 6/19/ % 162% 2.78% 6/3/ % 1.65% 235% 6/3/ % 165% 275% 7/9/ % 1.67% 48% 7/1/198 15% 1.68% 4.32% 7/15/ % 17% 51% 7/18/ % 1.71% 39% 7/22/ % 1.72% 3.38% 7/24/198 15% 173% 4.27% 7/25/ % 173% 275% 7/31/ % 1 75% 383% 8/8/ % 178% 272% 8/8/ % 1.78% 322% 8/8/ % 1 78% 467% 8/11/ % 1 78% 47% 8/14/ % 179% 321% 8/14/ % 179% 5.46% 8/25/ % 1 82% 293% 8/27/ % 183% 297% 8/29/ % 184% 1 66% 9/15/ % 188% 2.62% 9/15/ % 188% 35% 9/15/ % 1 88% 492% 9/24/ % 1.93% 1.57% 9/24/198 15% 193% 4.7% 9/26/ % 1 94% 281% 9/3/ % 1.96% 3.14% 9/3/ % 196% 3.24% 1/1/ % 197% 293% 1/3/ % 198% 452% 1/7/ % 1.99% 151% 1/9/ % 11% 225% 1/9/ % 11.% 3.5% 1/9/ % 11% 3.5% 1/16/ % 11 2% 5.8% 1/17/ % 113% 347% 1/31/ % 11 11% 264% 1/31/ % 11.11% 314% 11/4/198 15% 1112% 388% 11/5/ % 11 12% 263% 11/5/ % 11 12% 288% 11/8/ % 1114% 2.61% 11/1/ % 11.15% 37% 11/17/ % 11 18% 282% 11/18/ % 1119% 2.81% 11/19/ % 1119% 181% 11/24/ % 1121% 279% 11/26/ % 11.21% 2.79% 12/8/ % 11.22% 2.93% 12/8/ % 1122% 388% 12/9/ % 1122% 413% 12/12/ % 11.23% 4.22% 12/17/ % 1123% 22% 12/18/ % 1123% 457% 12/19/ % 11.23% 327% 12/19/ % 1123% 341% 12/22/ % 1123% 222% 12/22/198 15% 11.23% 377% 12/3/ % 1122% 328% 12/3/ % % 373% 12/31/ % 11.22% 217% 1/2/ % 1122% 43% 1/7/ % 1121% 39% 1/19/ % 112% 45% 1/23/ % 11.2% 1.9% 1/23/ % 112% 32% 1/26/ % 11.2% 45% 1/27/ % 11.21% 379% 1/31/ % 1122% 225% 2/3/ % 1123% 42% 2/5/ % 11.25% 45% 2/11/ % 1128% 432% 2/2/ % 1133% 392% 3/11/ % 11.49% 391% 345

5 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 3 of 18 [6] [71 [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 3/12/ % 11.5% 31% 3/12/ % 11 5% 45% 3/13/ % 1152% 1.5% 3/18/ % 11 55% 464% 3/19/ % 1156% 219% 3/23/ % 1158% 272% 3/25/ % 116% 37% 4/1/ % 11.68% 2.85% 4/3/ % 11.71% 7.39% 4/9/ % 1178% 3.22% 4/9/ % 11 78% 3.52% 4/9/ % 11.78% 472% 4/9/ % 11 78% 522% 4/1/ % 11 8% 1.95% 4/13/ % 1182% 175% 4/15/ % 1185% 345% 4/16/ % 1187% 163% 4/17/ % 1187% 223% 4/21/ % 11.9% 21% 4/21/ % 11.9% 4.9% 4/24/ % 11 95% 4.5% 4/27/ % 11 97%.53% 4/27/ % 11 97% 164% 4/29/ % 12% 1 65% 4/3/ % 122% 148% 5/4/ % 125% 417% 5/5/ % 127% 233% 5/7/ % 12.11% 414% 5/7/ % 12.11% 4.16% 5/8/ % 12 13%.87% 5/8/ % 1213% 387% 5/12/ % 12 16% 134% 5/15/ % 12.22% 353% 5/18/ % 1223% 265% 5/2/ % 1226% 374% 5/21/ % 1227% 1.73% 5/26/ % 123% 2.6% 5/27/ % 1231% 2.69% 5/29/ % 12.34% 3 16% 6/1/ % 12.35% 4 15% 6/3/ % 1237% 23% 6/5/ % 1239% 61% 6/1/ % 1242% 433% 6/17/ % 1246% 1.94% 6/18/ % 12.47% 3.86% 6/25/ % 1251% 2.24% 6/26/ % 1252% 348% 6/3/ % 12.54% 271% 7/1/ % 12.56% 294% 7/1/ % 1256% 4.94% 7/1/ % 1262% 338% 7/14/ % 12.64% 4.26% 7/15/ % 12 65% 335% 7/17/ % 1267% 233% 7/2/ % % 232% 7/21/ % 12.69% 131% 7/28/ % 1274%.74% 7/31/ % 12.78%.72% 7/31/ ,% 1278% 2.22% 7/31/ % 12 78% 322% 8/5/ % 1283% 288% 8/1/ % 1287% 163% 8/11/ % 1288% 212% 8/2/ % 12 95% 55% 8/2/ % 12.95% 355% 8/24/ % 12.97% 23% 8/28/ % 13 1% 1.99% 9/3/ % 135% 145% 9/1/ % 1311% 139% 9/11/ % 1312% 288% 9/16/ % 1315% 285% 9/17/ % 13.16% 3.34% 9/23/ % 13.2% 265% 9/28/ % 1323% 227% 1/9/ % 1333% 2.42% 1/15/ % 1337% 2.88% 1/16/ % 1338% 2.12% 1/16/ % 13.38% 3.12% 1/19/ % 1339%.86% 1/2/ % 13.41% 1.84% 1/2/ % 13.41% 359% 1/23/ % 13.45% 255% 1/27/1981 1% 1348% -3.48% 1/29/ % 13.51% 1.24% 346

6 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 4 of 18 [61 [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 1/29/ % 1351% 299% 11/3/ % 1353% 164% 11/5/ % 13 55% 35% 11/6/ % 1356% 161% 11/24/ % 1361% 1 89% 11/25/ % 13.61% 164% 11/25/ % 1361% 1.74% 11/25/ % 1361% 249% 11/25/ % 13 61% 249% 12/1/ % 1361% 29% 12/1/ % 1361% 239% 12/1/ % 13.61% 288% 12/1/ % 1361% 2.89% 12/4/ % 13.61% 239% 12/11/ % 1363% 2.62% 12/14/ % 1363% 37% 12/15/ % 1363% 218% 12/15/ % 13.63% 2.37% 12/16/ % 13 63% 1.62% 12/17/ % 1363% 2.87% 12/18/ % 13 63% 182% 12/3/ % 1367% 58% 12/3/ % 1367% 233% 12/3/ % 13.67% 258% 12/31/ % 1367% 2.48% 1/4/ % 13 67% 1.83% 1/11/ % 1372% 78% 1/11/ % 1372% 328% 1/13/ % 13.74% 11% 1/14/ % 13.75% 2.% 1/15/ % 1376% 1.24% 1/15/ % 1376% 274% 1/22/ % 1379% 246% 1/27/ % 1381% 33% 1/28/ % 13.81% -.81% 1/29/ % 1382% 1 68% 2/1/ % 1382% 23% 2/3/ % 13 84% 2.6% 2/8/ % 13.86% 164% 2/11/ % 13.88% 2.12% 2/11/ % 13 88% 232% 2/17/ % 13 89% 1 11% 2/19/ % 1389% 128% 2/26/ % 13.89% 1.36% 3/1/ % 13 89% 1 14% 3/1/ % 1389% 211% 3/3/ % 13.88% 112% 3/8/ % 1388% 322% 3/12/ % 13.88% 2.37% 3/17/ % 1388% 342% 3/22/ % 1389% 121% 3/27/ % 1389% 151% 3/3/ % 139% 16% 3/31/ % 13.91% 3.9% 4/1/ % 1391% 79% 4/1/ % 1391% 259% 4/2/ % 1391% 159% 4/5/ % 13.92% 1.58% 4/8/ % 13.93% 2.47% 4/13/ % 1394% 56% 4/23/ % 1394% 181% 4/27/ % 13.94% 16% 4/28/ % 13.94% 1.81% 4/3/ % 1394%.76% 4/3/ % 1394% 1.56% 5/3/ % 1394% 266% 5/4/ % 13.94% 2.6% 5/14/ % 1392% 1 58% 5/18/ % % 15% 5/19/ % 13.92%.77% 5/2/ % 13.91% 1.9% 5/2/ % 13 91% 1 19% 5/2/ % % 1 59% 5/2/ % 1391% 239% 5/21/ % 1391% 384% 5/27/ % 1389% 1.11% 5/28/ % 13.89% 1.61% 5/28/ % 13.89% 311% 6/1/ % 13.89% - 14% 6/1/ % 13.89% 2.71% 6/9/ % 13.88% 3.98% 6/14/ % 13.88% 187% 6/15/ % 13.88% 97% 6/18/ % 13.87% 1.63% 347

7 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 5 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 6/21/ % 13.87% 1 3% 6/23/ % 13.86% 2 14% 6/23/ % 13.86% 2.31% 6/24/ % 13.86% 99% 6/25/ % 13.86% 84% 7/1/ % 13.84% 2 16% 7/2/ % 13.84% 1 78% 7/2/ % 13.84% 316% 7/13/ % 13.82% 18% 7/13/ % 13.82% 298% 7/14/ % 13.82% 1.94% 7/14/ % 13.82% 2.2% 7/19/ % 13.8% 2.7% 7/22/ % 13.77% 73% 7/22/ % 13.77% 323% 7/27/ % 13.75% 3% 7/29/ % 13.74% 2.76% 8/11/ % 13.68% 3.82% 8/18/ % 13.63% 344% 8/2/ % 13.6% 2 13% 8/25/ % 13.57% 243% 8/26/ % 13.56% 1 94% 8/3/ % 13.55% 1 45% 9/3/ % 13.53% 2.67% 9/8/ % 13.52% 1.48% 9/15/ % 13.5% -.42% 9/15/ % 13.5% 275% 9/16/ % 13 5% 25% 9/17/ % 135% 175% 9/23/ % 1347% 37% 9/24/ % 1346% 14% 9/27/ % 1346% 179% 1/1/ % 1342% 28% 1/15/ % 1332% 258% 1/22/ % 1324% 251% 1/22/ % 1324% 391% 1/29/ % 1316% 238% 11/1/ % 1315% 235% 11/3/ % 1313% 47% 11/4/ % 1311% 314% 11/5/ % 139% 3.11% 11/9/ % 135% 2.95% 11/23/ % 12.89% 2.61% 11/23/ % 12 89% 296% 11/3/ % 12.81% 369% 12/1/ % 12.79% 425% 12/6/ % 12.73% 227% 12/6/ % 12 73% 362% 12/1/ % 12 66% 284% 12/13/ % 12 65% 335% 12/14/ % 12.63% 267% 12/14/ % 1263% 377% 12/2/ % 1257% 343% 12/21/ % 1256% 219% 12/21/ % 1256% 3.29% 12/22/ % 12.54% 3.71% 12/22/ % 12.54% 44% 12/22/ % 12 54% 421% 12/29/ % 1248% 2.42% 12/29/ % 1248% 3.77% 12/3/ % 12.47% 3.53% 12/3/ % 12.47% 3.88% 12/3/ % 12.47% 43% 1/5/ % 124% 493% 1/11/ % 1234% 3.56% 1/12/ % 1233% 23% 1/12/ % 1233% 317% 1/2/ % 1224% 551% 1/21/ % 1222% 278% 1/24/ % 1221% 229% 1/24/ % 1221% 3.29% 1/25/ % 12 19% 3.66% 1/27/ % 1217% 3.97% 2/1/ % 12 13% 6.37% 2/4/ % 12.1% 1.9% 2/1/ % 12.6% 294% 2/21/ % 11.98% 352% 2/22/ % 11.97% 353% 2/23/ % 1196% 314% 2/23/ % 1196% 44% 3/2/ % 11 89% 3 36% 3/9/ % 1182% 338% 3/15/ % 1177% 123% 3/18/ % 1173% 352% 348

8 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 6 of 18 [61 [71 [8] [9] Average Data of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 3/23/ % 11 69% 371% 3/24/ % 11.67% 3.33% 3/29/ % 1163% 387% 3/3/ % 11 61% 51% 3/31/ % 11.59% 3.41% 4/4/ % 11.58% 3.62% 4/8/ % 11.51% 3.99% 4/11/ % 11.49% 332% 4/19/ % 11.38% 312% 4/2/ % % 464% 4/29/ % 11 24% 476% 5/1/ % 11 24% 3.26% 5/9/ % 11.15% 4.35% 5/11/ % 11.12% 534% 5/12/ % 11.11% 3.3% 5/18/ % 115% 3.95% 5/23/ % 111% 389% 5/23/ % 111% 449% 5/25/ % 1 98% 4.52% 5/27/ % 196% 44% 5/31/ % 195% 35% 5/31/ % 195% 455% 6/2/ % 1 93% 3.57% 6/17/ % 184% 419% 7/1/ % 1 78% 42% 7/1/ % 178% 412% 7/8/ % 176% 549% 7/13/ % 175% 2.45% 7/19/ % 1.74% 426% 7/19/ % 1.74% 436% 7/25/ % 1 73% 552% 7/28/ % 174% 516% 8/3/ % 175% 559% 8/3/ % 1.75% 575% 8/19/ % 18% 42% 8/22/ % 18% 47% 8/22/ % 18% 56% 8/31/ % 1 84% 391% 9/7/ % 186% 414% 9/14/ % 189% 489% 9/16/ % 19% 41% 9/19/ % 191% 359% 9/2/ % 191% 5.59% 9/28/ % 194% 3.56% 9/29/ % 195% 455% 9/3/ % 1.95% 43% 9/3/ % 195% 52% 1/4/ % 196% 384% 1/7/ % 197% 53% 1/13/ % 199% 453% 1/17/ % 11% 45% 1/18/ % 11% 3,5% 1/19/ % 111% 5.24% 1/19/ % 111% 549% 1/26/ % 11.4% 396% 1/27/ % 11.4% 416% 11/1/ % 11.6% 4.94% 11/9/ % 11.9% 3.81% 11/1/ % 11.1% 3.25% 11/23/ % 11.13% 4.87% 11/23/ % 11.13% 52% 11/3/ % 11 14% 3.86% 12/5/ % 11 15% 4.1% 12/6/ % 1115% 3.92% 12/8/ % 11 16% 474% 12/9/ % 1117% 3.58% 12/12/ % 11 17% 3.33% 12/15/ % 1119% 437% 12/19/ % 1121% 359% 12/2/ % 11.22% 347% 12/2/ % 1122% 478% 12/2/ % 11.22% 53% 12/22/ % 1123% 352% 12/22/ ,75% 1123% 452% 1/3/ % 1127% 348% 1/1/ % 11 3% 4.6% 1/12/ % 1131% 4.29% 1/18/ % 1133% 242% 1/19/ % 11.33% 457% 1/3/ % 11.37% 473% 1/31/ % % 388% 2/1/ % 11.38% 342% 2/6/ % 11 4% 2.35% 2/6/ % 11.4% 335% 349

9 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 7 of 18 [61 [71 [81 [91 Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 2/9/ % 1142% 3.83% 2/15/ % % 4.26% 2/2/ % 1146% 354% 2/2/ % 1146% 354% 2/22/ % 11 47% 328% 2/28/ M % 11 51% 299% 3/2/ % 11 54% 2.71% 3/2/ % 11 64% 4 36% 3/23/ % 1167% 383% 3/26/ % 1168% 3.3% 4/2/ % 11.71% 379% 4/6/ % 11.75% 299% 4/11/ % 11.78% 3.94% 4/17/ % 11 81% 319% 4/18/ % 11.82% 438% 4/25/ % 11 85% 279% 4/3/ % 1187% 2.53% 5/16/ % 1198% 271% 5/16/ % 11.98% 32% 5/22/ % 12.2% 2.38% 5/29/ % 12.6% 3.4% 6/13/ % 12 15% 31% 6/15/ % 1217% 343% 6/22/ % 1221% 4.4% 6/29/ % 12.26% 2 99% 7/2/ % 1227% 1 8% 7/1/ % 12.31% 3.69% 7/12/ % 12.32% 4.18% 7/13/ % 12.33% 3.92% 7/17/ % 1235% 1.79% 7/18/ % 1236% 294% 7/18/ % 1236% 314% 7/19/ % 1237% 193% 7/24/ % 12.39% 44% 7/31/ % 12.43% 3.57% 8/3/ % 12 44% 1.81% 8/17/ % 1249% 181% 8/2/ % 12 49% 251% 8/27/ % 1251% 379% 8/31/ % 1252% 33% 9/6/ % 12.53% 3.47% 9/1/ % 1254% 2.21% 9/13/ % 1255% 2.45% 9/17/ % 1256% 482% 9/26/ % 1257% 1 93% 9/28/ % 1257% 243% 9/28/ % 1257% 3.68% 1/9/ % 12.58% 2.17% 1/12/ % 1259% 3.1% 1/22/ % 1259% 2.41% 1/26/ % 1258% 3.82% 1/31/ % 1258% 3.67% 11M % 12.58% 3.2% 11/9/ % 12.58% 342% 11/14/ % 1258% 317% 11/2/ % 1258% 2.67% 11/2/ % 1258% 3.34% 11/23/ % 12 58% 242% 11/28/ % 12.57% 358% 12/3/ % 12.56% 3.24% 12/4/ % 1256% 3.94% 12/18/ % 12 53% 387% 12/19/ % 1253% 2.22% 12/19/ % 12.53% 247% 12/2/ % 12.53% 3.47% 12/28/ % 125% 3.5% 1/3/ % 12 49% 226% 1/1/ % 1247% 328% 1/11/ % 1246% 3.84% 1/23/ % 12.43% 3.37% 1/24/ % 1243% 3.39% 1/25/ % 1242% 433% 1/3/ % 124% 25% 1/31/ % 12.39% 236% 2/8/ % 1235% 2.12% 3/1/ % 12.31% 1.53% 3/8/ % 1228% 4.57% 3/14/ % 1225% 325% 3/15/ % 1225% 337% 3/29/ % 12.17% 345% 4/3/ % 12.14% 2.46% 4/9/ % 12.11% 3.39% 4/16/ % 126% 364% 4/22/ % 122% 1 98% 35

10 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 8 of 18 [61 [71 [81 [9] Average Date of 3-Year Rate Return Equityon Treasury Risk Case Yield Premium 4/26/ % 11.98% 3.52% 4/29/ % 11.97% 33% 5/2/ % 11.94% 2.74% 5/8/ % 11.89% 3 73% 5/1/ % 11 87% 463% 5/29/ % 1173% 288% 5/31/ % 11 71% 4.29% 6/14/ % 11 61% 3.89% 7/9/ % 1145% 355% 7/16/ % 1139% 311% 7/26/ % 11.33% 317% 8/2/ % 1129% 351% 8/7/ % 1127% 3.73% 8/28/ % 11 15% 31% 8/28/ % 11.15% 4.35% 8/29/ % 11 15% 335% 9/9/ % 11 11% 3.49% 9/9/ % 11 11% 379% 9/17/ % 118% 3.82% 9/23/ % 116% 394% 9/27/ % 11 5% 445% 9/27/ % 11.5% 4.75% 1/2/ % 11.3% 2.97% 1/2/ % 11.3% 3.72% 1/3/ % 11.3% 422% 1/24/ % 196% 444% 1/24/ % 196% 486% 1/24/ % 196% 489% 1/28/ % 195% 55% 1/29/ % 194% 5.71% 1/31/ % 1.93% 413% 11/4/ % 1.92% 3.58% 11/7/ % 1 9% 46% 11/8/ % 189% 341% 12/12/ % 1.73% 42% 12/18/ % 169% 431% 12/2/ % 167% 3.83% 12/2/ % 167% 3.83% 12/2/ % 1.67% 433% 1/24/ % 141% 499% 1/31/ % 135% 465% 2/5/ % 132% 468% 2/5/ % 1.32% 543% 2/1/ % 129% 3.1% 2/11/ % 128% 2.22% 2/14/ % 1.24% 416% 2/18/ % 123% 577% 2/24/ % 1 18% 4.32% 2/26/ % 1 15% 385% 3/5/ % 18% 482% 3/11/ % 1.2% 4.48% 3/12/ % 1% 35% 3/27/ % 9.86% 424% 3/31/ % 984% 366% 4/1/ % 983% 417% 4/2/ % 981% 5.69% 4/4/ % 978% 5.22% 4/14/ % 969% 371% 4/23/ % 9.57% 543% 5/16/ % 9.32% 518% 5/16/ % 932% 518% 5/29/ % 919% 471% 5/3/ % 918% 5.92% 6/2/ % 9.17% 364% 6/11/ % 9.7% 493% 6/24/ % 8.94% 769% 6/26/ % 891% 39% 6/26/ % 891% 584% 6/3/ % 887% 4.13% 7/1/ % 8.75% 5.59% 7/11/ % 873% 4.2% 7/14/ % 871% 389% 7/17/ % 866% 374% 7/25/ % 857% 568% 8/6/ % 844% 56% 8/14/ % 8.35% 515% 9/16/ % 8.6% 469% 9/19/ % 83% 522% 1/1/ % 795% 65% 1/3/ % 793% 5.47% 1/31/ % 7.77% 573% 11/5/ % 775% 525% 12/3/ % 758% 5.32% 12/4/ % 758% 686% 351

11 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 9 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 12/16/ % 752% 68% 12/22/ % 7.51% 6.29% 12/3/ % 7.49% 551% 1/2/ % 749% 5.51% 1/12/ % 747% 493% 1/27/ % 746% 525% 3/2/ % 747% 5% 3/3/ % 7.47% 6.13% 3/4/ % 747% 491% 3/1/ % 747% 63% 3/13/ % 747% 553% 3/31/ % 746% 5.54% 4/6/ % 7.47% 553% 4/14/ % 749% 51% 4/16/ % 75% 7% 4/27/ % 754% 446% 5/5/ % 758% 527% 5/12/ % 7.62% 5.3% 5/28/ % 77% 58% 6/15/ % 778% 542% 6/29/ % 783% 717% 6/3/ % 7.84% 466% 7/8/ % 786% 414% 7/1/ % 786% 54% 7/15/ % 788% 562% 7/16/ % 788% 562% 7/16/ % 7.88% 712% 7/27/ % 792% 58% 7/27/ % 792% 548% 7/27/ % 792% 558% 7/31/ % 795% 5.3% 8/26/ % 86% 4.57% 8/26/ % 86% 469% 8/27/ % 86% 519% 9/9/ % 8.14% 4.86% 9/3/ % 8.31% 4.44% 9/3/ % 831% 469% 1/2/ % 833% 317% 1/15/ % 843% 457% 11/2/ % 8.55% 4.45% 11/19/ % 864% 4.36% 11/3/ % 868% 3.32% 12/3/ % 87% 55% 12/15/ % 877% 4,48% 12/16/ % 878% 472% 12/16/ % 878% 494% 12/17/ % 879% 296% 12/18/ % 88% 4.7% 12/21/ % 881% 32% 12/22/ % 881% 319% 12/22/ % 881% 3.19% 12/22/ % 8,81% 3.94% 12/22/ % 881% 419% 1/2/ % 894% 486% 1/26/ % 895% 4.95% 1/29/ % 8.96% 4.24% 2/4/ % 8.96% 364% 3/1/ % 894% 262% 3/23/ % 892% 395% 3/24/ % 8.92% 2.32% 3/3/ % 892% 38% 4/1/ % 892% 358% 4/7/ % 893% 432% 4/25/ % 8.96% 2.% 5/3/ % 897% 394% 5/11/ % 899% 451% 5/16/ % 899% 41% 6/3/ % 9% 3.75% 7/1/ % 899% 3.76% 7/2/ % 8.96% 444% 8/5/ % 8.92% 3.83% 8/23/ % 893% 277% 8/29/ % 894% 381% 8/3/ % 894% 4.56% 9/8/ % 8.95% 3.65% 1/13/ % 893% 417% 12/19/ % 92% 398% 12/2/ % 92% 323% 12/2/ % 9.2% 3.98% 12/21/ % 92% 388% 12/27/ % 93% 397% 12/28/ % 93% 4.7% 12/3/ % 9.4% 436% 1/27/ % 95% 395% 352

12 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 1 of 18 [61 [7] [81 [91 Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 1/31/ % 9.5% 395% 2/17/ % 9.5% 395% 2/2/ % 95% 335% 3/1/ % 9.5% 371% 3/8/ % 95% 3.95% 3/3/ % 9.5% 4.95% 4/5/ % 95% 5.15% 4/18/ % 95% 3.95% 5/5/ % 95% 335% 6/2/ % 9% 42% 6/8/ % 898% 452% 6/27/ % 891% 434% 6/3/ % 8.9% 41% 8/14/ % 877% 373% 9/28/ % 863% 3.62% 1/24/ % 854% 396% 11/9/ % 849% 451% 12/15/ % 834% 466% 12/2/ % 8.32% 458% 12/21/ % 831% 459% 12/27/ % 8.29% 421% 12/27/ % 8.29% 471% 1/1/ % 824% 4.56% 1/11/ % 824% 4.66% 1/17/ % 822% 4.58% 1/26/ % 82% 38% 2/9/ % 817% 393% 2/24/ % 815% 471% 3/3/ % 8.16% 4.74% 4/4/ % 8.17% 759% 4/12/ % 818% 4.34% 4/19/ % 82% 455% 5/21/ % 828% 382% 5/29/ % 83% 41% 5/31/199 12% 8.3% 37% 6/4/ % 83% 4.6% 6/6/ % 831% 3.94% 6/15/ % 832% 4.88% 6/2/ % 8.32% 46% 6/27/ % 833% 457% 6/29/ % 833% 417% 7/6/ % 8.34% 3.76% 7/6/ % 8.34% 4.1% 8/1/ % 8.41% 4.14% 8/16/ % 843% 478% 8/22/ % 8.45% 465% 8/24/199 13% 8.46% 454% 9/26/ % 8.59% 286% 1/2/ % 8.61% 439% 1/5/ % 862% 4.22% 1/19/ % 867% 4.33% 1/25/ % 868% 362% 11/21/ % 8.69% 41% 12/13/ % 867% 363% 12/17/ % 867% 4.2% 12/18/ % 867% 443% 12/19/ % 866% 334% 12/2/ % 866% 4.9% 12/21/ % 866% 384% 12/27/ % 8.66% 413% 1/2/ % 865% 4.45% 1/4/ % 865% 3.85% 1/15/ % 864% 411% 1/25/ % 863% 37% 2/4/ % 8.6% 39% 2/7/ % 859% 391% 2/12/ % 858% 4.43% 2/14/ % 857% 415% 2/22/ % 855% 4.25% 3/6/ % 8.53% 457% 3/8/ % 8.52% 378% 3/8/ % 852% 4.48% 4/22/ % 849% 451% 5/7/ % 847% 53% 5/13/ % 847% 4.78% 5/3/ % 8.44% 431% 6/12/ % 8.41% 3.59% 6/25/ % 8.39% 3.31% 6/28/ % 838% 412% 7/1/ % 838% 362% 7/3/ % 8.37% 4 13% 7/19/ % 8.34% 3.76% 8/1/ % 832% 4.58% 8/16/ % 8.29% 4.91% 353

13 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 11 of 18 [6] [7] [81 [91 Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 9/27/ % 823% 4.27% 9/3/ % 8.23% 4.2% 1/17/ % 8.2% 4.8% 1/23/ % 8.2% 4.3% 1/23/ % 8.2% 435% 1/31/ % 819% 3.61% 11/1/ % 819% 381% 11/5/ % 819% 46% 11/12/ % 818% 432% 11/12/ % 818% 57% 11/25/ % 818% 422% 11/26/ % 818% 3.42% 11/26/ % 818% 4.32% 11/27/ % 8.18% 3.92% 12/18/ % 8.15% 4 1% 12/19/ % 8.15% 4.45% 12/19/ % 8.15% 465% 12/2/ % 8.14% 4.51% 1/9/ % 89% 4.71% 1/16/ % 87% 468% 1/21/ % 86% 394% 1/22/ % 86% 494% 1/27/ % 85% 4.6% 1/31/ % 84% 3.96% 2/11/ % 83% 4.37% 2/25/ % 8.1% 449% 3/16/ % 7.98% 345% 3/18/ % 798% 43% 4/2/ % 795% 415% 4/9/ % 794% 351% 4/1/ % 793% 357% 4/14/ % 7.93% 357% 5/5/ % 789% 3.61% 5/12/ % 788% 3.99% 5/12/ % 7.88% 458% 6/1/ % 787% 443% 6/12/ % 786% 34% 6/26/ % 785% 45% 6/29/ % 785% 315% 6/3/ % 785% 5 15% 7/13/ % 784% 4.6% 7/13/ % 784% 5.66% 7/22/ % 7.83% 337% 8/3/ % 781% 419% 8/6/ % 78% 47% 9/22/ % 771% 4.29% 9/28/ % 771% 3.69% 9/3/ % 77% 4.5% 1/2/ % 77% 5.3% 1/12/ % 7.7% 45% 1/16/ % 7.7% 546% 1/3/ % 771% 44% 11/3/ % 771% 429% 12/3/ % 768% 417% 12/15/ % 766% 3.34% 12/16/ % 766% 4.24% 12/16/ % 766% 474% 12/17/ % 7.66% 434% 12/22/ % 765% 465% 12/22/ % 765% 475% 12/29/ % 7.63% 462% 12/3/ % 763% 4.37% 12/31/ % 763% 4.27% 1/12/ % 7.61% 439% 1/21/ % 759% 366% 2/2/ % 756% 384% 2/15/ % 752% 478% 2/24/ % 749% 4.41% 2/26/ % 7.48% 4.32% 2/26/ % 7.48% 472% 4/23/ % 729% 4 46% 5/11/ % 725% 4.5% 5/14/ % 724% 426% 5/25/ % 723% 4 27% 5/28/ % 722% 3.78% 6/3/ % 7.21% 479% 6/16/ % 719% 431% 6/18/ % 718% 492% 6/25/ % 717% 45% 7/21/ % 71% 4.28% 7/23/ % 79% 337% 8/24/ % 6.96% 454% 9/21/ % 681% 369% 9/29/ % 677% 47% 354

14 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 12 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 9/3/ % 676% 484% 11/2/ % 66% 42% 11/12/ % 657% 543% 11/26/ % 652% 448% 12/14/ % 648% 4.7% 12/16/ % 648% 412% 12/21/ % 647% 483% 1/4/ % 644% 363% 1/13/ % 642% 4.58% 1/21/ % 64% 46% 1/28/ % 6.39% 496% 2/3/ % 638% 52% 2/17/ % 6.36% 424% 2/25/ % 635% 49% 2/25/ % 6.35% 565% 3/1/ % 635% 4.65% 3/4/ % 6.35% 4.65% 4/25/ % 641% 459% 5/1/ % 6.45% 5.3% 5/13/ % 6.46% 44% 6/3/ % 6.54% 446% 6/27/ % 6.65% 4.75% 8/5/ % 6.88% 5.87% 1/31/1994 1% 733% 2.67% 11/9/ % 7.39% 346% 11/9/ % 7.39% 3.46% 11/18/ % 745% 3.75% 11/22/ % 747% 4.13% 11/28/ % 749% 357% 12/8/ % 754% 396% 12/8/ % 754% 416% 12/14/ % 7.56% 339% 12/15/ % 757% 3.93% 12/19/ % 758% 392% 12/28/ % 761% 454% 1/9/ % 764% 464% 1/31/ % 769% 331% 2/1/ % 77% 4.9% 2/17/ % 77% 4.2% 3/9/ % 771% 379% 3/2/ % 772% 428% 3/23/ % 7.72% 5.9% 3/29/ % 7.72% 3.88% 4/6/ % 7.71% 3.39% 4/7/ % 771% 3.29% 4/19/ % 7.7% 33% 5/12/ % 768% 395% 5/25/ % 765% 355% 6/9/ % 76% 365% 6/21/ % 756% 4.69% 6/3/ % 752% 358% 9/11/ % 72% 41% 9/27/ % 712% 418% 9/27/ % 712% 438% 9/27/ % 712% 463% 9/29/ % 711% 389% 11/9/ % 6.9% 448% 11/9/ % 6.9% 5.46% 11/17/ % 6.86% 4.14% 12/4/ % 678% 4.57% 12/11/ % 674% 466% 12/2/ % 6.7% 49% 12/27/ % 666% 5.34% 2/5/ % 648% 577% 3/29/ % 642% 425% 4/8/ % 642% 458% 4/11/ % 643% 616% 4/11/ % 643% 616% 4/24/ % 6.43% 4.82% 4/3/ % 643% 4.57% 5/13/ % 644% 4.56% 5/23/ % 6.43% 482% 6/25/ % 648% 477% 6/27/ % 648% 472% 8/12/ % 657% 383% 9/27/ % 671% 429% 1/16/ % 676% 549% 11/5/ % 681% 419% 11/26/ % 683% 447% 12/18/ % 6.83% 4.92% 12/31/ % 6.83% 4.67% 1/3/ % 6.83% 3.87% 2/13/ % 682% 4.98% 2/2/ % 682% 4.98% 355

15 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 13 of 18 [6] p] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 3/31/ % 6.8% 3.22% 4/2/ % 68% 485% 4/28/ % 681% 469% 4/29/ % 681% 489% 7/17/ % 6.77% 523% 12/12/ % 6.6% 4.4% 12/23/ % 657% 4.55% 2/2/ % 639% 636% 3/2/ % 629% 496% 3/6/ % 627% 448% 3/2/ % 6.22% 4.28% 4/3/ % 612% 68% 7/1/ % 594% 546% 9/15/ % 578% 612% 11/3/ % 5.58% 7.2% 12/1/ % 554% 6.66% 12/17/ % 552% 658% 2/5/ % 5.38% 4.92% 3/4/ % 534% 516% 4/6/ % 532% 5.62% 7/29/ % 552% 523% 9/23/ % 57% 55% 11/17/ % 5.9% 5.2% 1/7/2 115% 6.5% 545% 1/7/2 11.5% 65% 545% 2/17/2 1.6% 6 17% 443% 3/28/2 1125% 62% 55% 5/24/2 11% 618% 482% 7/18/2 122% 616% 64% 9/29/ % 63% 513% 11/28/2 12.9% 589% 7.1% 11/3/2 12.1% 5.88% 6.22% 1/23/ % 579% 546% 2/8/ % 577% 573% 5/8/21 175% 562% 513% 6/26/21 11% 562% 538% 7/25/21 112% 56% 542% 7/25/21 112% 56% 542% 7/31/21 11 % 5.59% 5.41% 8/31/21 1.5% 5.56% 494% 9/7/ % 555% 52% 9/1/21 11% 555% 5.45% 9/2/21 1% 5.55% 4.45% 1/24/21 13% 554% 476% 11/28/21 16% 549% 511% 12/3/ % 5,49% 739% 12/2/ % 5.5% 7 % 1/22/22 1.% 55% 45% 3/27/22 11% 545% 465% 4/22/ % 5.45% 6.35% 5/28/ % 546% 471% 6/1/22 12.% 547% 653% 6/18/ % 548% 568% 6/2/22 11% 5.48% 5.52% 6/2/22 123% 548% 682% 7/15/22 11.% 548% 5.52% 9/12/ % 5.45% 6.85% 9/26/22 145% 541% 54% 12/4/ % 529% 626% 12/13/ % 527% 648% 12/2/ % 5.25% 6.15% 1/8/ % 519% 591% 1/31/ % 513% 732% 2/28/23 123% 5.5% 7.25% 3/6/ % 5.3% 572% 3/7/ % 52% 494% 3/2/23 12% 498% 72% 4/3/23 12% 4.96% 7.4% 4/15/ % 494% 621% 6/25/23 175% 479% 5.96% 6/26/ % 4.79% 5.96% 7/9/ % 479% 4.96% 7/16/ % 4 79% 4 96% 7/25/23 95% 4.8% 4.7% 8/26/23 15% 483% 567% 12/17/ % 4 94% 4 91% 12/17/23 1.7% 4.94% 576% 12/18/ % 4.94% 6.56% 12/19/23 12.% 494% 76% 12/19/23 12 % 494% 7.6% 12/23/ % 494% 5.56% 1/13/24 12.% 495% 75% 3/2/ % 499% 576% 3/26/24 125% 52% 5.23% 356

16 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 14 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return Equityon Treasury Risk Case Yield Premium 4/5/ % 53% 622% 5/18/24 1.5% 57% 543% 5/25/24 125% 58% 5 17% 5/27/24 125% 58% 517% 6/2/ % 5.8% 614% 6/3/24 1.5% 51% 5.4% 6/3/ % 51% 5.4% 7/16/ % 511% 649% 8/25/24 125% 5 1% 5 15% 9/9/24 14% 51% 5.3% 11/9/ % 57% 543% 11/23/24 11% 56% 594% 12/14/ % 57% 5.9% 12/21/ % 5.7% 618% 12/21/24 115% 5.7% 643% 12/22/24 17% 57% 563% 12/22/24 115% 5.7% 643% 12/29/24 985% 57% 478% 1/6/25 17% 58% 562% 2/18/25 1.3% 4.98% 532% 2/25/25 15% 4.96% 554% 3/1/25 11.% 493% 67% 3/24/25 1 3% 4 9% 5 4% 4/4/25 1 % 488% 5.12% 4/7/ % 487% 5.38% 5/18/ % 4.78% 547% 5/25/25 175% 476% 599% 5/26/ % 4 76% 4 99% 6/1/25 975% 475% 5% 7/19/ % 464% 6.86% 8/5/ % 4.62% 713% 8/15/25 113% 4.61% 552% 9/28/25 1% 454% 546% 1/4/ % 454% 6.21% 12/12/25 11.% 455% 6.45% 12/13/25 175% 4.55% 62% 12/21/25 129% 454% 575% 12/21/25 14% 454% 586% 12/22/25 11% 454% 646% 12/22/ % 454% 6.61% 12/28/25 1.% 454% 546% 12/28/25 1% 454% 546% 1/5/26 11 % 453% 647% 1/27/26 975% 4.52% 523% 3/3/26 139% 453% 586% 4/17/26 1.2% 4.61% 559% 4/26/26 16% 464% 596% 5/17/26 116% 469% 691% 6/6/26 1% 474% 5.26% 6/27/ % 4.8% 5.95% 7/6/26 12% 483% 537% 7/24/26 9.6% 486% 474% 7/26/26 1 5% 4 86% 5.64% 7/28/26 15% 486% 5.19% 8/23/ % 4 89% 4 66% 9/1/26 154% 49% 564% 9/14/26 1% 491% 59% 1/6/ % 492% 4.75% 11/21/26 1.8% 4.95% 513% 11/21/26 18% 4.95% 513% 11/21/26 112% 495% 517% 12/1/26 125% 495% 53% 12/1/26 15% 495% 555% 12/7/ % 495% 58% 12/21/26 19% 495% 595% 12/21/ % 495% 63% 12/22/ % 4.95% 5.3% 1/5/27 1.% 4.95% 55% 1/11/27 1.1% 495% 515% 1/11/27 1 1% 4.95% 515% 1/11/27 19% 495% 5.95% 1/12/27 1.1% 4.95% 5 15% 1/13/27 14% 495% 545% 1/19/27 18% 494% 586% 3/21/ % 4.87% 6.48% 3/22/ % 4.86% 489% 5/15/27 1% 481% 519% 5/17/ % 481% 544% 5/17/27 125% 481% 5.44% 5/22/27 1.2% 4.8% 54% 5/22/27 15% 48% 57% 5/23/27 17% 48% 59% 5/25/27 967% 48% 4.87% 6/15/27 9.9% 482% 5.8% 357

17 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 15 of 18 [61 [7] [8] [91 Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 6/21/27 12% 483% 537% 6/22/27 1.5% 483% 567% 6/28/27 175% 484% 591% 7/12/27 967% 486% 481% 7/19/27 1.% 4.87% 5 13% 7/19/27 1.% 4.87% 5.13% 8/15/27 1.4% 4.88% 5.52% 1/9/27 1% 491% 5.9% 1/17/27 91% 491% 419% 1/31/27 996% 4.9% 56% 11/29/27 19% 487% 63% 12/6/27 175% 486% 589% 12/13/ % 486% 51% 12/14/27 17% 486% 584% 12/14/27 1.8% 486% 5.94% 12/19/27 1.2% 4.86% 5.34% 12/2/27 1.2% 4,85% 5.35% 12/2/27 11.% 4.85% 6 15% 12/28/27 125% 4.85% 54% 12/31/ % 485% 6.4% 1/8/28 175% 483% 592% 1/17/28 175% 481% 594% 1/28/28 94% 48% 46% 1/3/28 1 % 479% 521% 1/31/28 171% 479% 5.92% 2/29/28 125% 4.75% 5.5% 3/12/ % 4.73% 5.52% 3/25/28 9.1% 468% 442% 4/22/28 125% 46% 565% 4/24/28 1 1% 46% 55% 5/1/28 1.7% 459% 611% 5/19/28 11% 456% 6.44% 5/27/28 1.% 455% 5.45% 6/1/28 1 7% 4.54% 616% 6/27/28 15% 4.54% 596% 6/27/ % 4 54% 6 5% 7/1/ % 452% 591% 7/16/28 9.4% 452% 488% 7/3/28 18% 451% 6.29% 7/31/28 1 7% 451% 619% 8/11/ % 4.51% 5.74% 8/26/ % 4.5% 5.68% 9/1/28 1.3% 4.5% 58% 9/24/28 165% 448% 6 17% 9/24/28 165% 448% 6 17% 9/24/28 165% 448% 617% 9/3/28 1.2% 448% 572% 1/8/ % 446% 5.69% 11/13/ % 445% 6.1% 11/17/28 12% 444% 576% 12/1/28 125% 44% 585% 12/23/28 11 % 427% 673% 12/29/28 1 % 424% 576% 12/29/28 1.2% 4.24% 5.96% 12/31/ % 422% 6.53% 1/14/29 1.5% 4 15% 635% 1/21/29 15% 412% 638% 1/21/29 1 5% 412% 638% 1/21/29 15% 412% 638% 1/27/ % 49% 6,67% 1/3/29 1.5% 4.8% 6.42% 2/4/ % 4 6% 4 69% 3/4/29 15% 396% 654% 3/12/ % 3 93% 7 57% 4/2/ % 385% 7.25% 4/21/29 161% 3.8% 681% 4/24/29 1.% 379% 6.21% 4/3/ % 3 78% 7 47% 5/4/29 174% 377% 697% 5/2/29 125% 374% 651% 5/28/ % 3.74% 676% 6/22/29 1.% 3.76% 6.24% 6/24/29 1.8% 377% 73% 7/8/ % 377% 686% 7/17/29 15% 378% 672% 8/31/29 125% 382% 643% 1/14/ % 41% 6.69% 1/23/ % 4.6% 6.82% 11/2/29 1.7% 4.9% 661% 11/3/29 17% 41% 6.6% 11/24/ % 415% 6.1% 11/25/ % 416% 659% 11/3/29 135% 417% 618% 12/3/29 1.5% 4.18% 6.32% 358

18 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 16 of 18 16] [71 [8] [91 Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 12/7/29 1.7% 418% 652% 12/16/29 19% 4.21% 669% 12/16/29 11% 4.21% 679% 12/18/29 14% 4.22% 618% 12/18/29 14% 4.22% 6.18% 12/22/29 12% 4.23% 5.97% 12/22/29 14% 4.23% 617% 12/22/29 1.4% 423% 617% 12/3/29 1.% 426% 574% 1/4/21 1.8% 428% 6.52% 1/11/21 11% 4.3% 67% 1/26/21 113% 4.35% 578% 1/27/21 14% 4.35% 6.5% 1/27/21 14% 435% 65% 1/27/21 1 7% 435% 635% 2/9/21 98% 438% 542% 2/18/21 1.6% 44% 6.2% 2/24/ % 4,41% 577% 3/2/21 963% 441% 522% 3/4/21 1 5% 4.41% 6,9% 3/5/21 1.5% 441% 6.9% 3/11/ % 442% 748% 3/17/21 1.% 441% 559% 3/25/ % 4.42% 573% 4/2/21 1.1% 443% 567% 4/27/21 1% 446% 554% 4/29/21 99% 446% 544% 4/29/21 1 6% 4.46% 5.6% 4/29/ % 446% 58% 5/12/21 13% 4.45% 585% 5/12/21 1.3% 445% 585% 5/28/21 1.1% 444% 566% 5/28/21 12% 444% 576% 6/7/21 13% 4.44% 586% 6/16/21 1 % 4.44% 5.56% 6/28/21 967% 443% 524% 6/28/21 1.5% 443% 67% 6/3/21 9.4% 4.43% 4 97% 7/1/21 125% 443% 582% 7/15/21 153% 443% 61% 7/15/21 17% 4.43% 6.27% 7/3/21 17% 441% 629% 8/4/21 15% 441% 6.9% 8/6/ % 441% 542% 8/25/21 9.9% 437% 553% 9/3/21 1.6% 435% 625% 9/14/21 17% 4.33% 6.37% 9/16/21 1 % 433% 567% 9/16/21 1 % 433% 567% 9/3/ % 429% 5.46% 1/14/21 135% 424% 611% 1/28/21 1 7% 4.21% 6.49% 11/2/21 138% 4.2% 6.18% 11/4/21 1 7% 42% 65% 11/19/21 1.2% 4.18% 62% 11/22/21 1.% 418% 582% 12/1/21 113% 416% 597% 12/6/21 986% 4.15% 571% 12/9/21 125% 415% 61% 12/13/21 17% 415% 6.55% 12/14/21 113% 415% 5.98% 12/15/ % 4 15% 6.29% 12/17/21 1% 415% 585% 12/2/21 16% 4.15% 6.45% 12/21/21 13% 414% 616% 12/27/21 99% 414% 576% 12/29/ % 414% 71% 1/5/ % 413% 62% 1/12/211 13% 4.12% 6.18% 1/13/211 13% 412% 618% 1/18/211 1% 412% 588% 1/2/ % 4 12% 5.18% 1/2/ % 412% 61% 1/31/211 96% 412% 5.48% 2/3/211 1% 412% 588% 2/25/211 1% 4.14% 586% 3/25/ % 418% 5.62% 3/3/211 1.% 418% 582% 4/12/211 1 % 421% 5.79% 4/25/ % 4.23% 6.51% 4/26/ % 423% 544% 4/27/ % 424% 6.16% 5/4/211 1% 424% 576% 5/4/211 1% 4.24% 5.76% 359

19 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 17 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 5/24/ % 427% 6.23% 6/8/ % 4.3% 645% 6/16/ % 432% 4.88% 6/17/ % 432% 563% 7/13/ % 436% 5.84% 8/1/211 92% 4.39% 481% 8/8/211 1 % 4.38% 562% 8/11/211 1% 4.38% 5.62% 8/12/ % 437% 598% 8/19/ % 4.36% 589% 9/2/ % 432% 856% 9/22/211 1 % 424% 576% 1/12/ % 4.14% 616% 1/2/211 15% 4.1% 64% 11/3/211 19% 387% 73% 11/3/211 19% 387% 7.3% 12/14/211 1% 38% 6.2% 12/14/ % 38% 6.5% 12/2/ % 376% 6.44% 12/21/ % 376% 644% 12/22/211 99% 375% 615% 12/22/211 14% 3.75% 665% 12/23/ % 374% 645% 1/25/ % 3.57% 6 93% 1/27/212 15% 356% 694% 2/15/212 12% 347% 673% 2/23/212 99% 344% 6.46% 2/27/ % 343% 682% 2/29/ % 341% 699% 3/29/ % 332% 7.5% 4/4/212 1.% 33% 67% 4/26/212 1 % 3.21% 679% 5/2/212 1 % 3.18% 682% 5/7/212 98% 3.17% 663% 5/15/212 1% 3.14% 6.86% 5/29/212 15% 311% 694% 6/7/ % 38% 7.22% 6/14/212 94% 36% 6.34% 6/15/ % 36% 7.34% 6/18/ % 36% 654% 6/19/ % 3.5% 62% 6/26/212 11% 3.4% 76% 6/29/212 1% 3.4% 6.96% 7/9/212 12% 3.3% 717% 7/16/ % 3.2% 678% 7/2/ % 31% 63% 7/2/ % 31% 68% 9/13/ % 294% 6.86% 9/19/ % 2.94% 686% 9/19/ % 2.94% 711% 9/26/212 95% 294% 6.56% 1/12/212 96% 293% 6.67% 1/23/ % 293% 682% 1/24/212 13% 293% 7.37% 11/9/ % 292% 7.38% 11/28/ % 29% 7.5% 11/29/ % 289% 686% 11/29/ % 2.89% 699% 12/5/ % 2.89% 6.82% 12/5/212 14% 289% 751% 12/12/212 98% 2.88% 692% 12/13/ % 2.88% 6.62% 12/13/ % 288% 7.62% 12/14/212 14% 288% 7.52% 12/19/ % 2.87% 684% 12/19/ % 2.87% 738% 12/2/212 95% 287% 663% 12/2/212 98% 287% 693% 12/2/ % 2 87% 7.38% 12/2/ % 287% 7.38% 12/2/ % 2.87% 743% 12/2/ % 2.87% 753% 12/2/ % 2.87% 758% 12/21/ % 2.87% 733% 12/26/212 98% 286% 694% 1/9/213 97% 285% 6.85% 1/9/ % 285% 6.85% 1/9/213 97% 2.85% 685% 1/16/213 96% 2.84% 676% 1/16/213 96% 284% 676% 2/13/213 12% 284% 736% 2/22/ % 285% 69% 2/27/213 1.% 2.86% 7.14% 3/14/ % 288% 642% 36

20 Bond Yield Plus Risk Premium PC Docket No Exhibit RBH-7 Page 18 of 18 [6] [7] [8] [9] Average Date of 3-Year Rate Return on Treasury Risk Case Equity Yield Premium 3/27/ % 29% 69% 5/1/ % 294% 6.9% 5/15/213 13% 2.96% 7.34% 5/3/213 12% 2.98% 7.22% 5/31/213 9% 298% 62% 6/11/213 1 % 3% 7.% 6/21/ % 3.2% 673% 6/25/213 98% 33% 6.77% 7/12/ % 37% 629% 8/8/ % 3.14% 669% 8/14/ % 316% 5.99% 9/11/213 12% 326% 694% 9/11/ % 326% 6.99% 9/24/213 12% 331% 689% 1/3/ % 333% 632% 11/6/ % 3.41% 679% 11/21/213 1% 3.44% 6.56% 11/26/213 1% 345% 655% 12/3/ % 347% 678% 12/4/213 95% 347% 63% 12/5/ % 348% 6.72% 12/9/ % 348% 524% 12/9/ % 3.48% 6.27% 12/13/ % 35% 625% 12/16/ % 35% 645% 12/16/ % 3.5% 645% 12/16/ % 3.5% 662% 12/17/213 95% 3.51% 5.99% 12/17/ % 3.51% 744% 12/18/ % 351% 521% 12/18/ % 351% 629% 12/19/ % 351% 664% 12/3/ % 3.54% 5.76% 2/2/ % 3.68% 5.52% 2/26/ % 369% 66% 3/17/ % 372% 5.83% 3/26/214 94% 373% 567% 3/26/ % 373% 623% 4/2/ % 373% 5 97% 5/16/214 98% 37% 61% 5/3/214 97% 368% 6.2% 6/6/ % 367% 673% 6/3/ % 3.64% 5.91% 7/2/ % 364% 598% 7/1/ % 363% 632% 7/23/ % 361% 614% 7/29/ % 3.6% 585% 7/31/214 99% 3.6% 6.3% 8/2/ % 357% 618% 8/25/ % 3.56% 6.4% 8/29/214 98% 354% 6.26% 9/15/ % 3.51% 6.74% 1/9/214 98% 3.45% 6.35% 11/6/ % 337% 619% 11/6/214 12% 337% 683% 11/14/ % 685% 11/26/214 97% 333% 6.37% 11/26/214 12% 333% 687% 12/4/ % 331% 637% 12/1/ % 3.29% 596% 12/1/ % 329% 5.96% 12/11/ % 3.29% 6.78% 12/12/ % 328% 6.92% 12/17/ % 327% 59% 12/18/ % 326% 657% 1/23/ % 3.14% 636% 2/24/ % 3.4% 6.79% 3/18/ % 298% 677% 3/25/215 95% 296% 654% 3/26/ % 295% 677% Average 447% # Rate Cases 1,

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23 Proxy Group Capital Structure Company Ticker 214Q Q2 PC Docket No Exhibit RBH-9 Page 1 of 2 % Common Equity 214Q1 213Q4 213Q3 213Q2 213Q1 Average American Power Company, Inc. AEP 5211% 52.27% 52.31% 52.34% 52.36% 53.51% 53.61% 53.71% 52.78% Duke Energy Corporation DK 57.62% 56.6% 56.3% 55.25% 569% 55.83% 56.41% 55.95% 56.22% Empire District EDE 51.28% 53.31% 52.82% 5273% 523% 52.37% 51.52"/ 53.36% 52.46% Great Plains Energy Inc. GXP 53.3% 53.42% 52.67% 52.56% 52.49% 52.51% 5294% 53.35% 52.91% IDACRP, Inc. IDA 52.94% 52.92% 52.3% 51.72% 51.61"/, 551% 49.74% 51.66% 51.64% ITC Holdings Corp. ITC 59.96% 6.% 6.1% 6.% 63% 62% 6.1% 6.1% 6.% Eversource Energy ES 53.64% 53.44% 52.5% 51 25% 5289% 54.51% 53.7% 52.87% 52.96% tter Tail Corporation TTR 49.8% 49.32"/ 476% 472% 53.72% 52.37% 5235% 5269% 563% Pinnacle West Capital Corp. PNW 57.54% 58.43% 57.32% 55.67% 57.39% 57.62% 5594% 55.84% 56.97% PNM Resources, Inc. PNM 45.86% 47.43% 4714% 46.7% 48.39% 49.79% 5.7% 51.1% 4831% Portland General Company PR 43.31% 44.86% 46.64% 49.21% 48.7% 5.43% 5.37% 51 78% 48 16% Southern Company so 48.5% 47.81% 48.61% 48.44% 5.12% 48.24% 46.25% 46.59% 48.7% Westar Energy, Inc WR 65.73% 6595% 66.62% 63.45% 63.22% 61.28% 61.87% 6 32% 6356% Mean 53.2% 53.52% 53.22% 52.81% 53.79% 5377% 534% 53.79% 53.44% perating Company Capital Structure % Common Equity perating Company Parent 214Q4 214Q3 214Q2 214Q1 213Q4 213Q3 213Q2 213Q1 Appalachian Power Company AEP 45.83% 46.29% 46.% 44.13% 43.52% 47.39% 45.29% 45.37% AEP Central Company AEP 42.39% 43.93% 43.18% 47.56% 46.75% 46.62% 4789% 51.26% Indiana Michigan Power Company AEP 51.36"/, 51.45% 51.39% 51.63% 5.8% 48.27% 47.77% 46.88% Kentucky Power Company AEP 44.74% 46.25% 48.23% 5.3% 52.83% 46.2% 47.18% 47.17% hio Power Company AEP 48.96% 46.3% 44.79% 42.54% 39.71% 57.1% 56.6% 56.9% Public Service Company of klahoma AEP 49.69% 49.43% 48.3% 47.51% 48.51% 5.46% 49.49% 49.9% Southwestern Power Company AEP 5.46% 5.6% 51.26% 51.18% 51.21% 5.22% 5.52"/, 5.54% AEP North Company AEP 46.96% 47.6% 46.79% 46.82% 46.68% 46.3% 5.34% 49.89% Kingsport Power Company AEP 61."/ 6.55% 6.91% 58.88% 6.85% 6.73% 6.33% 6.84% Wheeling Power Company AEP 79.75% 81.14% 82.27% 82.89% 82.79% 82.32% 81.26% 79.99% Duke Energy Carolinas, LLC DK 5784% 56.6% 55.9% 55.56% 55.18% 53.8% 53.57% 53.74% Duke Energy Florida, Inc DK 53.9% 5.98% 49.96% 49.22% 5.47% 5.61% 49.57% 51.6% Duke Energy Indiana, Inc. DK 5.28% 49.88% 5.69% 51.57"/ 5.85% 5.31% 51.11% 5.57"/, Duke Energy Kentucky, Inc. DK 56.58% 54.78% 54.36% 54.16% 53.23% 52.56"/ 54.56% 54.13% Duke Energy hio, Inc. DK 76.64% 76.4% 74.55% 7.11% 74.27% 74.25% 79.6% 75.95% Duke Energy Progress, Inc. DK 548% 5.99% 5.75% 5.85% 52.54% 53.43% 5.62% 5.25% Empire District Company EDE 51.28"/ 53.31% 52.82% 52.73% 52.3% 52.37% 51.52% 53.36% KCP&L Greater Missouri perations Company GXP 57.7% 57.3% 56.68% 56.66% 56.52% 56.46% 58.18% 58.2% Kansas City Power & Light Company GXP 49.53% 49.54% 48.67% 48.46% 4846% /, 47.7% 48.68% Idaho Power Co. IDA 52.94"/, 5292% 52.3% 51.72% 51.61% 5.51% 49.74% 51.66% International Transmission Company ITC 6.2% 6.2% 6.2% 6 2"/ 6 3"/ 6.5% 6.3% 6.% ITC Great Plains, LLC ITC 6.5% 5998% 6% 59.95% 6.5% 6.% 59.99% 6 1 % ITC Midwest LLC ITC 59.79% 6.2% 61% 6,1% 6.4% 6.3% 6 1 % 6 1 % Michigan Transmission Company, LLC ITC 59.98% 59.99% 6.% 6.% 61% 6.% 6.% 6.% NSTAR Company ES 57.84% 57.17"/, 55.95% 51.45% 5735% 56.78% 55.65% 58.53% Connecticut Light and Power Company ES 53.11% 52.72% 5.52% 52.33% 52.1% 51.43"/ 49.95% 49.67% Public Service Company of New Hampshire ES 53.29% 53.92% 52.44% 52.27% 51 9"/a 55.78% 55.52% % Western Massachusetts Company ES 5.31% 49.97% 49.29% 48.96% 5.31% 54.3% 51.15"/, 5.85% tter Tail Power Company TTR 49.8% 49.32% 47.6% 47.2% 53.72% 52.37% 52.35% 52.69% Arizona Public Service Company PNW 57.54% 58.43% 57.32% 55.67% 57.39% 57.62% 55.94"/, 55.84% Public Service Company of New Mexico PNM 4586% 47.43% 47.14% 46.7% 48.39% 49.79% 5.7% 51.1% Portland General Company PR 43.31% 44.86% 46.64% 49.21% 48.7% 5.43% 5.37% 51.78"/a Georgia Power Company S 51.54% 51.8% 5.42% 5.1% 52.73% 5.99% 49.21% 48.98% Alabama Power Company S 46.44% 46.48% 47.34% 47.15% 46.87% 47.52% 46.91% 46.67"/, Gulf Power Company S 48.81% 47.6% 5.95% 51.11% 49.97% 49.75% 47.68% 49.33% Mississippi Power Company S 47.23% 46.7% 45.72% 45.39% 5.9% 44.71"/, 41.2% 41.36% Kansas Gas and Company WR 71.99"/ 7265% 77.67% 69.73% 69.54% 65.91% 65.8% 62.22% Westar Energy (KPL) WR 59.48% 5926% 55.58% 57.17% 569% 56.66% 58.66% 58.41% Source: SNL Financial 364

24 Proxy Group Capital Structure Company Ticker 214Q Q2 PC Docket No Exhibit RBH-9 Page 2 of 2 % Long-Term Debt 214Q1 213Q4 213Q3 213Q2 213Q1 Average American Power Company, Inc. AEP 47.89% 47.73% 47.69% 47.66% 47.64% 46.49% 46.39"/, 46 29"/ 47.22% Duke Energy Corporation DK 42.38% 43.4% 43.97% 44.75% 43.91% 44.17% 43.59% 445% 43.78% Empire District EDE 48.72% 46.69% 47.18% 47.27% 47.7% 47.63% 48.48% 4664% 47.54% Great Plains Energy Inc. GXP 46.7% 46.58% 4733% 4744% 47.51% 47.49% 47.6% 46.65% 479% IDACRP, Inc. IDA 47.6% 47.8% 47.97% 48.28% 48.39% 4949% 5.26% 48.34% 48.36% ITC Holdings Corp. ITC 4.4% 4.% 39.99% 4.% 39.97% 39.98% 39.99% 39.99% 4.% Eversource Energy ES 4636% 46.56% 47.95% 48.75% 47.11% 45.49% 46.93% 47.13% 47.4% tter Tail Corporation TTR 5.2% 5.68% 52.4% 52.8% 46.28% 47.63% 47.65% 47.31% 49.37% Pinnacle West Capital Corp. PNW 4246% 41.57% 42.68% 44.33% 42.61% 42.38% 44.6% 44.16% 43.3% PNM Resources, Inc. PNM 54.14% 52.57% 52.86% 53.3% 51 61% 5.21% 49.93% 48.9% 51.69"/ Portland General Company PR 56.69% 55.14% 53.36% 5.79% 51.3"/ 4957% 4963% 48.22% 51.84% Southern Company S 51.5"/ 5219% 51.39"/a 51.56"/a 49.88% 51.76% 53.75% 53.41% 51.93"/ Wester Energy, Inc. WR 34.27% 34.5% 33.38% 36.55% 3678% 38.72% 38.13% 39.68% 36.44% Mean 46.8% 4648% 46.78% 47.19% 46.21% 46.23% 46.6% 46.21"/, 46.56% perating Company Capital Structure % Long-Term Debt perating Company Parent 214Q4 214Q3 214Q Q4 213Q3 213Q Appalachian Power Company AEP 54.17% 53.71% 54.% 55.87% 56.48% 52.61% 54.71% 54.63% AEP Central Company AEP 57.61% 56.7% 56.82% 52.44% 5325% 53.38% 52.11% 48.74"/, Indiana Michigan Power Company AEP 4864% 48.55% 48.61% 48.37% 49.2% 51.73% 52.23% 53.12% Kentucky Power Company AEP 55.26% 5375% 51.77% 49.7% 47.17% 53.98% 52.82% 52.83% hio Power Company AEP 51.4"/ 53.97% 55.21% 57.46% 6.29'/e 42.99% 43.94"/, 43.91% Public Service Company of klahoma AEP 5.31% 557% 51.7% 52.49% 51.49% 49.54% 5.51% 5.91% Southwestern Power Company AEP 49.54% 49.4% 48.74% 48.82% 48.79% 49.78% 49.48% 49.46% AEP North Company AEP 53.4% 52.94% 53.21% 53.18% 53.32% 53.97% 49.66% 5.11% Kingsport Power Company AEP 39.% 3945% 399% 41.12% 39.15% 3927% 39.67% 39.16% Wheeling Power Company AEP 2.25% 18.86% 17.73% 17.11% 17.21% 17.68% 18.74% 2.1% Duke Energy Carolinas, LLC DK 42.16% 43.4% 44.1% 44.44% 44.82% 46.2% 46.43% 46.26% Duke Energy Florida, Inc DK 46 1"/ 49.2% 5.4% 5.78% 4953% 49.39% 5.43% 48.94% Duke Energy Indiana, Inc. DK 49.72% 5.12% 49.31% 48.43% 49.15% 49.69% 48.89% 49.43% Duke Energy Kentucky, Inc. DK 43.42% 45.22% 45.64% 45.84% 46.77% 47.44% 45.44"/, 45.87% Duke Energy hio, Inc. DK 23.36% 236% 25.45% 29.89% 25.73% 25.75% 2.94% 24.5% Duke Energy Progress, Inc. DK 49.52% 49.1% 49.25% 49.15% 47.46% 46.57% 49.38% 49.75% Empire District Company EDE 48.72% 4669% 47 18% 4727% 47.7% 47.63% 48.48% 46.64% KCP&L Greater Missouri perations Company GXP 42.93% 42.7% 43.32% 43.34% 43.48% 43.54% 41.82% 41.98% Kansas City Power & Light Company GXP 5.47% 5.46% 51.33% 51.54% 51.54% 51.43% 523% 51.32% Idaho Power Co. IDA 47.6% 47.8% 47.97% 48.28% 48.39% 49.49% 5.26% 48.34"/, International Transmission Company ITC 39.98% 39.98% 39.98% 39.98% /, 39.95% 39.97% 4.% ITC Great Plains, LLC ITC 3995% 4.2% 4.% 4.5% 39.95% 4.% 4.1% 39.99% ITC Midwest LLC ITC 4.21% 3998% 39.99% 39.99% 39.96% 39.97% 39.99% 39.99% Michigan Transmission Company, LLC ITC 4.2% 4.1% 4.% 4% 39.99% 4."/, 4.% 4.% NSTAR Company ES 42.16% 4283% 44.5% 48.55% 42.65% 43.22% 44.35"/, 41.47% Connecticut Light and Power Company ES 46.89% 47.28% 4948% 47.67"/ 47.99% 48.57% 5.5% 5.33% Public Service Company of New Hampshire ES 46.71% 46.8% 47.56% 47.73% 48.1% 44.22% 44.48% 47.59% Western Massachusetts Company ES 49.69% 5.3% 5.71% 51.4% 4969% 45.97% 4885% 49.15% tter Tail Power Company TTR 5.2% 5.68% 52.4% 52.8% 46.28% 47.63% 47.65% 47.31% Arizona Public Service Company PNW 42.46% /, 42.68% 44.33% 42.61% 42.38% 44.6% 44 16"/ Public Service Company of New Mexico PNM 54.14% 52.57% 52.86% 53.3% 51.61% 5.21% 49.93% 48.9% Portland General Company PR 56.69% 55 14% 53.36"/ 5.79% 51.3"/ 49.57% 49.63"/, 48.22% Georgia Power Company S 48.46% 48.92% 4958% 499% 47.27% 49.1% 5.79% 51.2"/ Alabama Power Company so 53.56% 5352% 52.66% 52.85% 53.13% 52.48% 53.9% 53.33% Gulf Power Company so 51.19% 52.4% 49.5% 48.89% 5.3% 5.25% 52.32% 5.67% Mississippi Power Company S 52.77% 53.93% 54.28% 54.61% 49.1% 5529% 58.8% 58.64% Kansas Gas and Company W R 28.1% 27.35% 22.33% 3.27% 346% 34.9% 34.92% 37.78% Westar Energy (KPL) WR 4.52% 4.74% 44.42% 42.83% 43.1% 43.34% 41.34% 41.59% Source: SNL Financial 365