PPL GAS UTILITIES CORPORATION. Statement of Operation and Maintenance Expenses Year Ended December 31, 2006 (Thousands of DoUars)
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1 B-4 Page 4 of 5 D.A. Cunningham Statement of Operation and Maintenance Expenses Year Ended December 31, 26 (Thousands of DoUars) Acct. No. Title of Account Amount Maintenance 885 Maintenance supervision and engineering $ 886 Maintenance of structures and improvements Maintenance of mains Mains 956 Mains restoration Maintenance of measuring and regulating station expenses - general Maintenance of measuring and regulating station expenses - industrial 891 Maintenance of measuring and regulating station expenses - city gates 892 Maintenance of services Maintenance of meters and house regulators 894 Maintenance of other equipment _ Customer Account Expenses Operation Total Maintenance 1,533 Total Distribution 8, Supervision 92 Meter reading expenses 1, Customer records and collection expenses 2, Uncollectable accounts 2, Miscellaneous customer accounts expenses _ Total Customer Account Expenses 6,545 Customer Service and Informational Expenses Operation 98 Customer assistance expenses Advertising expense 91 Miscellaneous customer service and Informational informational Expenses expenses 12 Total Customer Service and
2 B-4 Page 5 of 5 D.A. Cunningham Statement of Operation and Maintenance Expenses Year Ended December Acct. No. Title of Account Amount Sales Expenses Operation 912 Demonstrating and selling expenses $ 913 Advertising expense _ Totaf Sales Expenses Administrative and General Expenses Operation 92 Administrative and general salaries 5, Office supplies and expenses 4, Administrative payroll overhead expenses transferred 923 Outside services employed ' 5, Property insurance 925 Injuries and damage Employee pensions and benefits 4, Franchise requirements 928 Regulatory commission expenses Miscellaneous general expenses 931 Rents 89 Total Operation 2,298 Maintenance 935 Maintenance of general plant 494 Total Administrative and General Expenses 2,792 Total Operation and Maintenance Expenses $ 18,974
3 B-5 Page 1 of 3 J. M. Kleha Statement of Detail of Taxes Year Ended December 31, 26 (Thousands of DoUars) No. Description Amount Taxes Other Than Income State and Local 1 Capital Stock $ Gross Receipts 3 Local property and other 11 4 Public Utility Realty State Unemployment Compensation 1 6 Sales and Use 7 Total State and Local $ 615 Federal 8 Unemployment Tax Act 9 Social Security and Hospital Insurance 1 Total Federal 11 Total Taxes Other Than Income Income Taxes 12 State 13 Federal 14 Total Income Taxes Investment Tax Credit 15 Deferred 16 Amortization of deferral 17 Net Investment Tax Credit $ $ 889 $ 1,54 $ 228 1,42 $ 1,648 $ (64) $ (64)
4 Statement of Detail of Taxes Year Ended December (Thousands of DoUars) B-S Page 2 of 3 J. M. Kleha No. Description Federal State Amount Deferred Income Taxes Provision for Deferred Taxes 18 ACRS & MACRS Property $ 956 $ $ A Capitalized Expenses Bad Debts 21 Contributions in Aid of Construction Accrued Vacation State Income Tax Adjustment 24 Environmental Cleanup Deferred and Incentive Compensation 26 Other Contigencies 27 PA NOL Carryforward 28 PA Over/undercol lections 29 MD Over/undercol lections 3 Reclassification between provision and credits 31 Total Provision 1, ,299
5 Statement of Detail of Taxes Year Ended December B-5 Page 3 of 3 J. M. Kleha No. Description Federal State Amount Deferred Income Taxes Provision for Deferred Taxes - Credit 32 ACRS & MACRS Property 33 Bad Debts 34 Interest Due Customers 35 Mark-to-Market 36 Unbilled Revenue 37 Contributions in Aid of Construction 38 PA NOL Carryforward 39 State Income tax Adjustment 4 Dauphin County 41 Obsolete Inventory 42 Deferred Inventory Adjustment 43 Rate Filing 44 Restructuring Costs 45 Amortization of Reacquired Debt 46 Reclassification between provision and credits 47 Total Credits 43 Total Deferred Income Taxes 49 Total All Taxes $ $ $ (1,9) (346) (1.436) (5) (2) (7) (1,95) (348) (1,443) $ 121 $ (265) (144) $ 2,944
6 B-6 Page 1 of 2 DA Cunningham P.R. Moul No. (1) Series Senior Notes 8.7% Intercompany Term Loan 5.75% Loss on Reacquired debt Total Long-Term Debt Calculation of the Embedded Cost of Long-Term Debt at December (2) ) (4) (5) Principal Percent Effective Weighted Amount to Cost Cost Outstanding Total Rate (a) Rate $ % 8.84 % 1.47 % % 5.75 % 4.79 % $ 6, 1. % 6.26 % $ 3,756 (6) 17 $ % $ 3,773 6 Total Long-Term Debt 7 Short-Term Debt (b) 8 Total $ 59, % 6.29 % 3.82 % 38,819 (b) 39.31% 6.44 % 2.53 % $ % 6.35 % Notes: As calculated on page 2 of this schedule. Average Short-term Debt: Rate (c) December $ 43, % January 38, % February 34, % March 16, % April 21, % May 25, % June 33, % July 42, % August 44, % September 49, % October 55, % November 52, % December 46,9 6.74% Average $ 38, % (c) Implied forward 3 month LIBOR rate as provided by Bloomberg L.P. on March 29, 26. Rate on loan is reset quarterly.
7 PPL GAS UTIUTIES CORPORATION Schedul* of Long-Term Debt and' Calculation of Average Wdqhled Coat Rata at December (1) (2) (3) (5) (6) (7) (8) (1) (11) (12) (13) (14) Lino No. Oescrioiian of Issue Nominal ale of tssinl Data of Amount tested Amounl Ovtstax-KfoKf Amount Coupon Rste- «Premium, Option or (Discounl) Issuance Expanse Annual Average Net Sinking Fund Term in Proceeds R&mirwnant (b) Y-es.'f (d) Net Proceeds Ralio Effective Interest Rate fe} Senior Note B.7% Due 12/222 12/18/1992(3) 12/18^22 S 1., S 1,, 8,7 % S S S 833, (c) % Intercompany Term Loan 12OTf25 12/3/215 5., 5, , J 6,, (a) In connection witli the merger of North Penn Gas Company and PFG Gas. Inc. into PPL Gas Utilities Corporaiion ("PPL Gas"), the a.7% series nolo was transferred lo PPL Gas as of the merger dale, December (b) The sinking fund requirements may be met with properly addilions or bonds. (c) $833, payable annually beginning Oecamber 18, 211. (d) Determined by taking Ho accouni the effect the annual sinking fund requiremenls that are met by the retirement of bonds which reduce the tenn of each issue. (e) The effective cost for each Issue is Ihe yield to maturity using as mpuls the average term of issue, coupon rate, and net proceeds ralio. NOTE: No bonds under any series outstanding have been reacquired by tha Company. g z &Pam 3 > M &
8 B-7 Page 1 of 1 D.A. Cunningham P.R. Moul PPL GAS UTILITIES CORPORATION Capitalization and Related Capital Structure Ratios Based Upon Investor-Provided Capital at December No. ) (2) (3) (4) 26 Ratios Including Excluding Amount Short-Term Short-Term Outstanding Debt Debt 1 Long-Term Debt 2 Unamortized Loss on Reacquired Debt 3 Total Long-Term Debt (a) 4 Common Equity 5 Common Stock 6 Additional Paid-in Capital (b) 7 Earnings Reinvested 8 Total Common Equity $ 6, (6) 59, % 32.57% ,731 27, , % 67.43% 9 Total Permanent Capital 184, % 1.% 1 Short-Term Debt 38, % 11 Total Capitalization $ 222,837 1.% (a) Long-term debt includes amount due within one year and the unamortized loss on reacquired debt. (b) Net of Goodwill in the amount of $55,479,635.
9 B-8 Page 1 of 1 D.A. Cunningham P.R. Moul PPL GAS UTILITIES CORPORATION Cost of Capital and Fair Rate of Retum Future Test Year Ended December (1) (2) (3) (4) Type of Capital Ratios Cost Rate Weighted Cost Rate 1 Debt (a) 44.32% 6.35% 2.81% 2 Equity 55.68% 11.75% 6.54% 3 Total 1.% 9.35% (a) Includes short-term and long-term debt.
10 C - Measures of Value Index Section C - Measures of Value C-1 Measures of Value and Rates of Return C-2 Gas Plant in Service C-3 Plant Materials and Operating Supplies C-4 Natural Gas Inventory C-5 Working Capital C-6 Accumulated Deferred Taxes on Income
11 Measures of Value and Rates of Return As of December C-1 Page 1 of 1 D. A. Cunningham J.M. Kleha Revised PPUC No. Title of Account Total Jurisdictional Gas Plant 1 3 Gas plant in service (C-2) Reserve for depreciation (C-2) $ 285,37 86,164 $ 283,877 85,583 4 Net gas plant in service 199,26 198, Additions Materials and supplies (C-3) Natural gas inventory (C-4) Cash working capital (C-5) 2,288 13,912 4,691 2,275 13, Total additions 2,891 2, Deductions Accumulated deferred taxes on income (C-6) Customer advances (B-1) Customer deposits (B-1) 2, , Total deductions 22, Measures of Value (net) $ 197,793 $ 197, Pro forma return at present rates Amount (D-1, col.5) Percent Pro forma return at proposed rates Amount (D-1, col. 7) Percent $ 1, % $ 18, %
12 Gas Plant in Service As of December 31,26 C-2 Page 1 of 2 D.A. Cunningham Revised No Description Gas Plant In Service Intangible Production Storage Transmission Distribution General Gas Stored Non-Current Sub-total Common Plant Total Gas Plant In-Service Less: Non-regulated Plant In-Service Adjusted Total Gas Plant In-Service Total Amount $ 293 1,65 6,397 46, ,939 11,541 5, ,11 2,131 $ 287,232 1,862 $ 285,37 (1) As discussed in Statement No. 2-R.
13 Reserve for Depreciation - Original Cost As of December C-2 Page 2 of 2 DA Cunningham Revised Une No. Description Reserve for Depreciation Production Storage Transmission Distribution General Sub-total Common Plant Total Gas Reserve for Depreciation Less: Resen/e for Non-regulated Plant In-Service Adjusted Total Gas Reserve for Depreciation Total Amount $ 677 2,955 18,4 6,562 3,38 85, $ 66, $ 86,164 (1) As discussed in Statement No. 2-R.
14 C-3 Page 1 of 1 DA. Cunningham PPL GAS UTILITIES CORPORATION Plant Materials and Operating Supplies As of December PFG North Penn Month Gas, Inc. Gas Co. Total December 25 $ 1,651,92 $ 1,17,537 $ 2,258 January 26 2,396,43 1,386,969 2,397 February 2,489,64 1,43,979 2,287 March 2,711,98 1,413,395 2,353 April 2,256,267 1,515,313 2,344 May 2,239,485 1,57,5 2,325 June 2,264,232 1,524,341 2,336 July 2,184,449 1,495,196 2,26 August 2,192,533 1,487,783 2,212 September 2,152,266 1,49,995 2,267 October 2,145,896 1,436,813 2,232 November 2,151,264 1,415,45 2,219 December 2,448,311 1,38,544 2,258 Total Plant Materials and Operating Supplies $ 29,284,647 $18,628,275 $ Monthly average $ 2,252,665 $ 1,432,944 $ 2,288
15 Natural Gas Inventory December D C-4 Page 1 of 1 ^ C. u n " i n 9 Q!? a^ Revised Month Gas Stored Current December 25 $16,317 January 26 11,597 February 7,116 March (45) April 2,646 May 5,4 June 1,395 July 14,976 August 17,535 September 2,491 October 24,45 November 22,22 December 16,317 Total stored gas $169,1 Monthly average $13,1 Adjustment to monthy average 911 (1) Adjusted monthly average $13,912 (1) As discussed in Statement No. 4-R.
16 C-5 Page 1 of 5 J.M. Kleha Revised PPL GAS UTILITIES CORPORATION Cash Working Capital As of December No. Description Amount 1 Operation and maintenance expense (C-5, page 2) $ 5,176 2 Average prepayments (C-5, page 3) 16 3 Accrued taxes (C-5, page 4) (75) 4 Interest payments (C-5, page 5) Total cash working capital requirement $ 4,691
17 C-5 Page 2 of 5 J.M. Kleha Revised PPL Gas Utilities Corporation Working Capital Required for Operation and Maintenance Expenses As of December The Company bills its customers every month. On this basis, there is a considerable span of days between the time gas is furnished to a customer and the time the customer pays for such gas. In many instances, the Company must pay its bills for payroll and other O&M expenses prior to the time it is able to collect the amount due for the service which requires the incurrance of such expenses. Thus, the Company has examined its records to determine, as to the major categories of expense, the average span of days which exists between the time an expense is incurred and the time it must be paid. Exhibit JMK-2, Schedule 1 sets forth the individual components which result in the days lag between payment of expenses and receipt of the related revenues used in the determination of the working capital required for net pro forma O&M expense for the test year ending December 31, 26. No. Description Amount 1 Net pro forma O&M expense (a) $ 183,7 2 O&M expense per day (line 1 divided by 365 days) 53 3 Average lag in days between payment of O&M expenses and receipt of revenue (b) Working capital requirement (line 2 x line 3) _$ 5,176 (a) Total pro forma operation and maintenance expense (D-1) $ 186,952 Less: Non-cash items Uncollectible accounts expense per budget (B-4) 2,916 Gas inventory losses (b) 336 Net pro forma O&M expense $ 183,7 (b) See Exhibit JMK-2, Schedule 1.
18 C-5 Page 3 of 5 J.M. Kleha PPL GAS UTILITIES CORPORATION Average Prepayments As of December PUC Annual No. Month Assessment 1 December 25 $179 2 January February 11 4 March 76 5 April 51 6 May 25 7 June 8 July (25) 9 August (51) 1 September ' October November December Total Prepayments 15 Monthly Average $1,378 $16
19 C-5 Page 4 of 5 J.M. Kleha Revised PPL GAS UTILITIES CORPORATION Accrued Taxes Year Ended December Month Accrued Accrued No. Description Amount Factor (b) Taxes 1 Federal income tax (D-1, line 6, col. 5 + col. 6) $5,81-9.8% ($568) 2 PA income tax (D-1, line 7, col. 5 + col. 6) 1, % (126) 3 PA capital stock tax (a) % (32) 4 PA public utility reality tax (B-5, page 1) % 22 5 Total Accrued Taxes ($75) (a) PA capital stock tax Amount applicable to gas operations (D-11, page 1) Amount applicable to proposed increase (D-1, line 5, col. 6) Total $ $421 (b) The 12-month average factor represents, in the case of Federal and State income tax and capital stock tax, the portion of the tax liability which is available to the Company for the payment of other costs. This situation exists because revenue is available from customers prior to payment dates of the tax. The factor for the Public Utility Realty tax represents the portion of this tax liability which must be provided by the Company due to payment of the tax before the revenue is available from customers. Exhibit Historic 1, Schedule C-5, pages 6 through 1 reflect the computation of such factors.
20 C-5 Page 5 of 5 J.M. Kleha Revised PPL GAS UTILITJES CORPORATION Interest Payments As of December No. Description Amount 1 Measures of value at December 31, 26 (C-1) 2 Debt ratio (B-8) 3 Embedded cost of debt (B-8) 4 Pro forma interest (line 1 x line 2 x line 3) 5 Daily amount (line ) 6 Days to mid-point of interest payments 7 Less: Revenue lag days (Historic C-5, page 2) 8 Interest payments lag days (line 6 - line 7) 9 Total interest payments (line 5 x line 8) $ 197, % 6.35% $ 5,55 $ 15 (7-5) (114)
21 C-6 Page 1 of 1 J. M. Kleha Accumulated Deferred Income Taxes As of December No. Description Amount 1 Contributions in Aid of Construction $ (5,99) 2 Accelerated Cost Recovery System (ACRS) 26,569 3 Total accumulated deferred taxes on income $ 2,66
22 Section D - Operatinq Income PPL GAS UTILITIES CORPORATION D - Operating Income Index D-1 Operating Income Pro Forma at Present Rates and Proposed Rates D-2 Adjustments to Income D-3 Adjustments to Operating Revenue D-4 Adjustment to Operating Expense for Fuel Costs D-5 Adjustment for Rate Case Expense D-6 Adjustment to Wages and Benefits D-7 Adjustment for Storage Operating Expenses D-8 Adjustment for Environmental Remediation D-9 Adjustment for Company Use of Gas Expense D-1 Adjustment to Annual Depreciation Expense D-11 Adjustments to Taxes Other Than Income D-12 Adjustment to Federal and State Income Taxes D-13 Adjustment to Deferred Income Taxes D-14 Adjustment to Amortization of Deferred Investment Tax Credit
23 r PPL GAS UTILITIES CORPORATION Operating Income Pro Forma at Present and Proposed Rates Year Ended December (D (2) (3) (4) (5) (6) PPUC Jurisdictional (7) No. Total Amount Per Budget Less: Maryland Operations Adjusted Per Budget Pro Forma Adjustments (D-2) Pro Forma at Present Rates Rate Increase (D-12. Pg. 4) Pro Forma at Proposed Rates 1 Operating Revenues $ 21,772 $ (1.298) $ 2,474 $ 7,392 $ 27,866 $ 13,347 $ 221, Operating Expenses Operation and Maintenance Depredation Environmental Expense ,848 (1.66) (45) ,83 7,44 (927) ,952 6,876 5 Provision for Taxes Taxes Other Than Income 1,54 (4) 1, Income Taxes Federal State 1, (46) (14) , ,193 1,329 5,81 1,636 8 Deferred Income Taxes (144) 3 (141) 84 (57) (57) 9 Investment Tax Credit (64) (64) (64) (64) 1 Total Taxes 2,944 (61) 2, ,386 5, (Gain)/Loss from Disposition of Utility Plant 12 Total Operating Expenses 191,766 (1.172) ,62 197,214 5, Operating Income $ 1.6 $ (126) $ 9,88 $ 772 $ $ 7,786 $ 18,438 O > CD < O c_ c TJ to 3 ) 3. S =. <o CO <p o leha ham a 9
24 Adjustments to Income Year Ended December 31, 26 D-2 Page 1 of 1 DA. Cunningham Revised No. Reference Description Amount Operatinq Revenues 1 D-3, page 1 Operating Revenue Operation and Maintenance Expenses 2 D-2a Universal services hardship D-4 Cost of gas 3 D-5 Rate case expense 5 D-6 Wages and benefits 7 D-7 Net gas inventory losses 8 D-8 Environmental remediation 9 D-9 Company use - gas Total Operation and Maintenance Expenses Depreciation 1 D-1 ' Depreciation $ 7,392 (45) 7, (81) (738) 987 (854) 7,44 (927) D-11 D-11 D-6 Provision for Taxes Taxes Other than Income Taxes Capital Stock Public Utility Realty Payroll 97 (5) D-12 D-12 D-12 Income taxes Federal Consolidated tax savings State 294 (6) D-13 Deferred Income Taxes D-14 Investment tax credit - amortization _ 17 Total Taxes Total Operating Expenses 6,62 19 Total Adjustments to Income $ 772
25 D-2a f PPL GAS UTILITIES CORPORATION, 1 C.C. Rogala Adjustments to Operation and Maintenance Expense Revised Year Ended December This adjustment to operation and maintenance expense is discussed in Statement No.1-R. No. Description Amount Universal services hardship $ (45) (1)
26 PPL GAS UTIUTIES CORPORATION Adjustments to Operating Revenue Year Ended December (1) (2) (3) w (5) PUC Jurisdictional Pro forma Une Total Less: MD Adjusted Operations Pro Forma at Present No. DescriDtion Per Budaet O Derations Per Budaet Adiustments Rates 1 Base Rate Revenue (excl GCR) $ 41,51 S (185) S 41,316 S 182 S 41,498 2 Gas Cost Rate Revenue 139,82 (859) 138,961 7, Tax surcharge revenue 4 Total Rate Revenue 181,321 (1,44) 18, ,672 Other Gas Revenue 5 Forfeited discounts Miscellaneous service revenue Transportation of gas for others 12,756 (254) 12,52 (53) 12,449 8 Storage Revenue 7,1 7,1 2 7,21 9 Off System Sales Revenue (15) 1 Energy-related businesses 11 Total Other 2,451 (254) 2,197 (3) 2, Operating Revenue (excl. unbilled) 21,772 (1.298) 2, , Unbilled Revenue 14 Total Operating Revenue $ 21,772 $ (1.298) $ 2,474 $ 7,392 $ 27,866 o p > o C "
27 Adjustment lo Operating Revenues for ftnnuallzahon and Fuel Cost This adjuslmenl was made to annualize distribution revenues at DocamborSI, 26. Customer Charges (1) (2) (3) Number of Revenue Customer Bill Customer Adjustment Changes Charge (2) (3) Residential (2?.649) SI.5 ($292,415) w Volume Change fast 5 OTH (43,75) (5) Charge per DTH $ (6) (7) Revenue Adjustmenl WW ($198,373) Volume Change all olher OTH (29,523) Volumes Charges (8) (9) (1) (11) (12) Charge per DTH $ Revenue Adjustmenl W<8) (S8.19G) (14) Tolal Revenue Adjustment (3) (6) + (9) * (1 ) ($57,984) Residential - CAP 1 21,663 S , $ SO 146,348 $. $ $113,731 Residential - CAP 2 8,337 S5.25 $43, $ $72, $ $84,245 $2,95 ) (2) <<) (5) (6) (?) (8) (9) (1) (11) (12) (14) Number of Customer Bin Changes Customer Charqe Revenue Adjuslment Volume Change first 5 DTH Charge per DTH Revenue Adjustment (4)'(S) Volume Change next 195 DTH Charge per DTH Revenue Adjustmenl (7)-tai Volume Change over 2 DTH Charge per DTH Revenue Adjustment W W Elevated Pressure Total Revenue Adjustment (3)*(6)+{9M12)+(1 Commercial $18. $24,588 3,667 $ $16,644 14,12 $ $31,16 238,224 $ $392,93 $79,23 $543,715 Industrial 14 S18. S252 (39.956) $ ($181,365) (123,47) $ ($273,632) SI.6459 $288,92 $37,644 ($128,181) Resale 12 SI B OO S216 (1.555) S4.S389 ($7,58) (4,218) $ ($9,379) 6.19 $ $1,54 $88 ($5,359) Outdoor Lighting $ $28,511 $28,511 Total Delivery Annualization Adiustment $ (1) (2) (3) (5) (6) (7) (8) (9) (1) (11) (12) (14) Numbor of Customer Bin Changes Transportation (48) Customer Charge $21. Revenue Dist. Adjustment Charge (2) (3) Volume Change par OTH ($97,95) 57,38 S Revenue Adjustment W(5) $85,834 Vofcjme Change Demand Charge per DTH Revenue Adjuslment (7)'(8) ($41,15) Tolal Revenue Adjustment (3K6)+(9W12f*(1 3J ($53,177) Storage Volume Adjustment Fuel Adjustment Total Revenue Adjustment $2, $ $ O m ro w
28 Adjustment to Expensa Tor Fual Coat This adjustment was made to annualize distribution (uel expense at December JS 52) & J_ Volume Revenue Change firet Charge per Adjustment Volume Change Charge per Revenue STAS % x (3) 5 DTH DTH (I)'(2) all other OTH DTH Adjustment (4)' (5) Residential (43.75) $ ($598,76) (29.523) $ ($44,43) SO J2L JHL (1) Total Revenue Adjustment (3) + (6) ($1,3,138) Residential-CAP $ $1,136, ,348 $ $2,4,799 $ $3,141,511 Residential - CAP $ $439, $ $849,693 $ $1,289,667 (2) (3) Volume Revenue Change first Charge per Adjustment 5 OTH DTH (1)'(2) (4> (5) Volume Change Charge per next 195 DTH DTH (6) Revenue Adjustment (4) (5) (7) Volume Change over 2 DTH (8) (9) Revenue Charge per Adjuslmenl DTH (1) (11) STAS % x Total Revenue (3)*(8)*(9) Adjustment (3)*(6)»(9) Commercial $ $5, $ $191, $ $3,263,383 $ $3,55,564 Industrial (39.958) $ ($547,377) (123.47) $ ($1,685,596) $ $2,44,674 $ $171,71 Resale (1.555) S13.69B8 ($21,33) (4.218) $ ($57,775) 6.19 $ $83,681 SO $4,63 Outdoor Lighting $ $12,44 $12,44 Fuel Adjustment S O S" 2. O in i
29 Adjustment for Rate Case Expense Year Ended December D-5 P fpf ^f 1 J.M. Kleha Rate case expenditures are charged to expense when incurred. The Company's claim for rate case expense is based on a normalized amount as shown below. No. Description Amount 1 Total rate case expense 2 Normalized amount (line 1 / 2 years) 3 Less: Rate case expense per budget 4 Increase in operating expense $ 1,125 $ 563 $ 563
30 Adjustment to Wages and Benefits Year Ended December P D-6 fff 1 o f 1 J.M. Kleha This adjustment was made to reflect the average number of employees and level of wages and benefits in effect at the end of the year. No. Description Amount 1 Average monthly wages to expense per employee $ 3,264 2 Personnel to be employed at the end of the year Annualized total wages to expense (line 1 x line 2 x 12) 12,573 4 Less: Actual wages to expense for the year ended December 31, 26 12,633 5 Decrease in wages to expense (line 3 - line 4) (6) 6 Decrease in benefits expense (line 5 x 35.3%) (21) 7 Decrease in payroll taxes (line 5 x 7.8%) (5)_ 8 Decrease in wages, taxes and benefits (line 5 + line 6 + line 7) $ (86)
31 Adjustment for Storage Operating Expenses Year Ended December D-7 Page 1 of 1 CP. Weekes This adjustment was made to amortize, over a 1 - year period, historical storage field gas losses incurred over the period 22 through 25. Une No. Description Amount Total field gas losses for the period Normalized amount (line 1 /1 years) Reduction to estimated cost of current storage losses Net decrease in operating expenses (line 3 plus line 2) $ 2,824 $ 282 (1,2) $ (738)
32 P a PPL GAS UTILITIES CORPORATION t ff \ * 1 J. M. Kleha Adjustment for Environmental Remediation Revised Year Ended December D-8 This adjustment was made to normalize the level of annual environmental remediation expense incurred by the Company. No. Description Amount 1 Net environmental remediation expense - Exhibit JMK-1 2 Normalized amount (line 1 / 5 years) 3 Less: Environmental remediation per budget 4 Decrease in environmental remediation operating expense $ 4,935 $ 987 $ 987
33 D-9 PPL GAS UTILITIES CORPORATION ^^f, 1 f 1 CP. Weekes Adjustment for Company Use Gas Expense Revised Year Ended December 31, 26 The Company records the value of gas utilized in operating the system and facilities. This adjustment was made to reduce the cost of commodity utilized by the Company in its operations. No. Description Amount Total decrease in cost of Company use gas in operations $ (854) (1) (1) As discussed in Statement No. 4-R.
34 D-1 Page 1 of 1 DA. Cunningham PPL GAS UTILITIES CORPORATION Adjustment to Annual Depreciation Expense Year Ended December 31, 26 No. Depreciation - Gas Plant In Service Amount 1 Production Plant 2 Storage Plant 3 Transmission Plant 4 Distribution Plant 5 General & Common Plant 6 Negative Net Salvage Amortization 7 Total 8 Less: Amount per budget 9 Decrease in depreciation expense $ , ,876 7,83 $ (927)
35 Adjustment to Taxes Other Than Income Year Ended December 31, 26 D-11 Page 1 of 3 J. M. Kleha No. Description PA Capital Stock Tax Adjustment to reflect current taxable value Estimated Tax applicable to operations at 4.99 mills (D-11, page 2) Less: Capital stock tax on operations per budget Increase in tax expense Amount PA Public Utilitv Realty Adjustment to reflect current taxable value Public utility realty tax recoverable through base rates (D-11, page 3) Less: Public utility realty tax on operations per budget Increase in tax expense
36 D-11 Page 2 of 3 J. M. Kleha Capital Stock Tax at Present Rates Year Ended December No. 1 Description PA Capital Stock Tax=5%((5 Year Average Net lncome/.95)+(75%{net Worth)) Amount Net Income 2 22 $ (741) 3 23 (497) , ,84 7 Total $ 1,276 8 Average $ 2,55 9 Net worth at December 31, 26 $ 176, PA Capital stock value =.5(($2,55/.95) + (.75 x $176,671)) = Statutory Exemption Value of Capital Stock less Statutory Exemption Apportionment Percentage PA Capital Stock Taxable Value PA Capital Stock Tax at 4.99 mills Less: PA Education tax credit PA Capital Stock Tax $ 77, , $76,633 $ 382 $ 382
37 D-11 Page 3 of 3 J. M. Kleha Public Utility Realty Tax (PURTA) at Present Rates Year Ended December 31, 26 No. 1 Description State Taxable Value (per Notice of Determination dated August 1, 25) mills (per Notice of Determination dated August 1, 25) Tax Amount Amount $ 4, $ 129
38 Computation of Income Taxes - Gas Year Ended December D-12 Page 1 of 4 J. M. Kleha Revised ne Total Less: PPUC Pro forma Pro forma Amount MD Jurisdictional Adjustments at Present Descriotion Per Budaet Ooerations Per Budaet (D-2) Rates 1 Operating Revenues $ $ (1.298) $ $ 7,392 $ 27,866 Operating Expenses 2 Operation and maintenance 18,974 (1,66) 179,98 7, Depreciation and amortization 7,848 (45) 7,83 (927) 6,876 4 Regulatory Debits and Credits 5 Taxes Other than Income 1,54 (4) 1,5 92 1,592 6 Income Taxes - Federal 1,42 (46) 1, ,68 7 Income Taxes - State 226 (14) Deferred Income Taxes (144) 3 (141) 84 (57) 9 Investment Tax Credit - Amortization (64) (64) (64) 1 Gains and Losses on Property Dispositions 11 Total Operating Expense 191,766 (1.172) ,62 197, Operating Income 1,6 (126) Less; Interest Expense (37) 6,37 (757) Net Operaling Income 3,662 (89) ,529 5,12 Income Tax Adjustments 15 Federal Income Tax 1,42 (46) 1, ,68 16 State Income Tax 228 (14) Deferred Income Taxes (144) 3 (141) 84 (57) 18 Investment tax credit amortization (64) (64) (64) 19 Pension and supplemental retirements (33) (33) (33) 2 Business Meals Not Deductible Vacation Pay (186) (186) (186) 22 Adjust Other Taxes Environmental Clean-up (548) (548) (548) Book Depreciation 7,846 (45) 7.83 (927) Obsolete Inventory 26 Restructuring Filing Costs 27 Rate Filing 28 Dauphin 29 Other Contingenices 3 Deferred Compensation 31 Equity Earnings 32 Bad debts 33 Amortization of Interest Owed From Customers 34 Reacquired debt Unrecovered Gas Costs - Over/Undercollections 36 Amortization of Interest Due Customers 37 Removal costs (92) 5 (697) (897) 38 Tax Depredation (1,255) 59 (1,196) (79) (1.275) 39 Adjust-Sales of Property 4 263A Basis Difference Items 41 Contributions in aid of construction 3,46 (2) 3,44 3,44 42 ESOP dividends paid in cash 43 Mark-To-Maritet 44 Unbilled Revenue 45 Post retirement benefit expense 46 Income Tax Adjustments 625 (58) 567 (595) (28) 47 Taxable Net Income Before Special Deductions $ 4,287 $ (147) $ 4,14 $ 934 $ 5,74
39 Computation of Income Taxes - Gas Year Ended December 31, 26 D-12 Page 2 of 4 J. M. Kleha Revised p Total Less: PPUC Pro forma Amount MD Jurisdictional Pro forma at Present No. Descriotion Per Budaet Ooerations Per Budaet Adiustments Rates PA Coroorate Net Income Tax Calculation 1 Taxable Net Income Before Special Deductions S 4,287 $ (147) $ 4,14 $ 934 $ 5,74 PA Special Deductions 2 Tax Preference Income 3 Dividends Paid Credit 4 PA NOL Adjustment (2,) (2,) (2,) 5 PA Taxable Income (147) 2, ,74 6 PA 9.99% 228 (14) PA Education Credit 8 Accrual for Potential Deficiency 9 Prior Return Tax Return Adjustments 1 Total PA Income Tax $ 226 $ (14) $ 214 $ 93 $ 37 Federal Income Tax Calculation 11 Taxable Net Income Before Special Deductions $ 4,287 $ (147) $ 4,14 $ 934 $ 5,74 Federal Special Deductions 12 PA Income Tax Less Education Credit (228) 14 (214) (93) (37) 13 State Income Tax Adjustment for Prior Year 14 Federal Taxable Income 4,59 (133) ,767 Federal 35% 1,42 (46) 1, ,666 % Consolidated tax savings (1) (6) (6) 17 Prior Retum Tax Retum Adjustments 18 Total Federal Income Tax $ 1.42 $ (46) $ $ 234 $ 1.68 (1) As discussed in Statement No. 3-R and Schedule 2 of Exhibit JMK-2.
40 D-12 PPL GAS UTILITIES CORPORATION Page 3 of 4 Adjustment to Interest Deduction for Income Tax Purposes j. M. Kleha Year Ended December Revised This adjustment provides for the annualized interest on claimed measures of value at December 31, 26. No. Description Amount 1 Measures of value at December 31, 26 (C-1) $ 197,25 2 Long-term debt ratio (B-8) 44.32% 3 Embedded cost of long-term debt (B-8) 6.35% 4 Annualized interest (line 1 x line 2 x line 3) 5,55 5 Less: Interest expense on operations (D-12, page 1) 6,37 6 Decrease in interest deduction (line 4 - line 5) $ (757)
41 Operating Revenue and Applicable Tax Related to Proposed Rate Increase Year Ended December D-12 Page 4 of 4 J. M. Kleha Revised No. 1 Description Additiona! operating revenue from proposed rate increase Less: PA gross receipts tax (line 1 x mills) PA Capital stock tax (line 8x4.99 mills) Taxable income for PA Corporate net income tax PA corporate net income tax (line 4x9.99%) Taxable income for Federal income tax Federal income tax (line 6 x 35%) Operating income Amount $ 13, ,38 1,329 11,979 4,193 $ 7,786
42 Provision ACRS & MACRS: Total Property Prior Year Tax Return Adjustments Debit 956 Adjustment to Deferred Income Taxes As of December (Thousands of DoUars) Credit Net 956 Adjustment $ 399 Adjusted $ 1,355 Less: MD Adjusted (8) PPUC Jurisdictional Adjusted $ 1,347 Contributions in Aid Of Construction: Total Property Prior Year Tax Return Adjustments 34 (1,436) (1.42) (1) (1,412) (1,44) Total Total Property. 99 Prior Year Tax Retum Adjustments _ Total $ 99 (1,436) (446) 389 (57) $ (1,436) $ (446) S 389 (57) (57) (57) Less: Deferred income taxes on operations per budget (144) (141) Increase in deferred income taxes 87 J 3) $_ 84. s< s f o 9 zr -*
43 Adjustment to Amortization of Deferred Investment Tax Credit Year Ended December D-14 Page 1 of 1 J.M. Kleha Total Less: PPUC Amount Maryland Jurisdictional No. DescriDtion Per Books Ooerations Per Books 3% Investment Tax Credit $ 1 $ $ Total 3% ITC Amortization 2 2 4% Investment Tax Credit Total 4% ITC Amortization 3 3 1% Investment Tax Credit Total 1% ITC Amortization Total Investment Tax Credit Amortization $ 64 $ $ Less: Amortization on operations per budget Decrease in Amortization $ - $ - $ -
44 James J. McNulty, Esquire April 27,26 The Company will be represented in this proceeding by the following counsel and requests that they be included on the Commission's service list: David B, MacGregor, Esquire John H. Isom, Esquire Post & Schell 17 North Second Street 12th Floor Harrisburg, PA (717) Paul E. Russell, Esquire PPL Services Corporation Two North Ninth Street Allentown, PA 1811 (61) Very truly yours, Paul E. Russell Enclosures cc: J. Edward Simms, Esquire Irwin A. Popowsky, Esquire William R. Lloyd, Esquire
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