Rocky Mountain Power Exhibit RMP (SRM-1R) Docket No ER-15 Witness: Steven R. McDougal BEFORE THE WYOMING PUBLIC SERVICE COMMISSION

Transcription

1 Exhibit RMP (SRM-1R) BEFORE THE WYOMING PUBLIC SERVICE COMMISSION ROCKY MOUNTAIN POWER Exhibit Accompanying Rebuttal Testimony of Steven R. McDougal Revised Revenue Requirement Summary September 2015

2 Exhibit RMP (SRM-1R) Page 1 of 5 Page 1.1 WYOMING Normalized Results of Operations PROTOCOL (1) (2) (3) (4) (5) (6) (3) - (1) Ref. Page 1.2 (3) + (4) + (5) Total Normalized ECAM-Related Non-ECAM Related Total Adjusted ECAM-Related Non-ECAM Related Results with Results Results Results Price Change Price Change Price Change 2 General Business Revenues 2,68,4 45,065,0 15,43,50 (2,9,880) 29,892,93 42,6,0 3 Interdepartmental 4 Special Sales 54,8,00 26,2 54,654,931 54,654,931 5 Other Operating Revenues 23,500,00 23,500,00 23,500,00 6 Total Operating Revenues 313,,1 480,591,29 93,898,446 (2,9,880) 29,892,93 820,8,539 9 Steam Production 151,1,809 52,59,8 203,5,63 203,5,63 10 Nuclear Production 11 Hydro Production 6,895,851 6,895,851 6,895, Other Power Supply 153,44,843 18,836,83 12,284,16 12,284,16 13 Transmission 23,613,025 9,251,991,865,016,865, Distribution 23,0,92 23,0,92 23,0,92 15 Customer Accounting 6,823,052 6,823,052-31,599 6,854, Customer Service & Info 1,928,51 1,928,51 1,928,51 1 Sales 18 Administrative & General 22,25,150 22,25,150 22,25, Total O&M Expenses 8,238,6 141,2, ,8,6-31, ,892,3 22 Depreciation 102,298,51 102,298,51 102,298,51 23 Amortization 8,4,369 8,4,369 8,4, Taxes Other Than Income 0,986 24,552,065 24,83,051-80,802 24,953, Income Taxes - Federal (16,396,006) 48,3,886,1,880 (988,591) 9,9,98 41,3,26 26 Income Taxes - State (692,4) 6,3,005 5,9,541 (1,333) 1,352,038,148,245 2 Income Taxes - Def Net 6,1,95 6,1,95 6,1,95 28 Investment Tax Credit Adj. (20,435) (20,435) (20,435) 29 Misc Revenue & Expense (159,822) (159,822) (159,822) 31 Total Operating Expenses: 311,41,3 33,983,650 9,454,843 (1,122,925) 11,414, ,46,5 33 Operating Rev For Return: 1,835, ,, 144,443,3 (1,835,955) 18,48,54 161,086,4 36 Electric Plant In Service 3,940,13,252 3,940,13,252 3,940,13,252 3 Plant Held for Future Use 405, , , Misc Deferred Debits 108,29, ,29, ,29, Elec Plant Acq Adj 4,683, 4,683, 4,683, 40 Nuclear Fuel 41 Prepayments 3,0,856 3,0,856 3,0, Fuel Stock 29,41,3 29,41,3 29,41,3 43 Material & Supplies,536,6,536,6,536,6 44 Working Capital 2,,8 2,,8 2,,8 45 Weatherization Loans 1,1 1,1 1,1 46 Misc Rate Base 4 48 Total Electric Plant: - 4,120,400,23 4,120,400,23 4,120,400,23 51 Accum Prov For Deprec (1,243,910,188) (1,243,910,188) (1,243,910,188) 52 Accum Prov For Amort (83,484,568) (83,484,568) (83,484,568) 53 Accum Def Income Tax (8,41,825) (8,41,825) (8,41,825) 54 Unamortized ITC (89,26) (89,26) (89,26) 55 Customer Adv For Const (4,59,428) (4,59,428) (4,59,428) 56 Customer Service Deposits 5 Misc Rate Base Deductions (39,489,88) (39,489,88) (39,489,88) 59 Total Rate Base Deductions - (2,000,043,153) (2,000,043,153) (2,000,043,153) 61 Total Rate Base: - 2,120,35,569 2,120,35,569 2,120,35, Return on Rate Base 6.812%.59% 65 Return on Equity 8.4% 9.850% Ref. Page 1.2

3 Exhibit RMP (SRM-1R) Page 2 of 5 WYOMING Normalized Results of Operations PROTOCOL Page 1.2 (1) (2) (3) Total Adjusted Results with Results Price Change Price Change 2 General Business Revenues 15,43,50 26,9,093 42,6,0 3 Interdepartmental - 4 Special Sales 54,654,931 5 Other Operating Revenues 23,500,00 6 Total Operating Revenues 93,898,446 9 Steam Production 203,5,63 10 Nuclear Production - 11 Hydro Production 6,895, Other Power Supply 12,284,16 13 Transmission,865, Distribution 23,0,92 15 Customer Accounting 6,823,052 31,599 6,854, Customer Service & Info 1,928,51 1 Sales - 18 Administrative & General 22,25, Total O&M Expenses 469,8,6 22 Depreciation 102,298,51 23 Amortization 8,4, Taxes Other Than Income 24,83,051 80,802 24,953, Income Taxes - Federal,1,880 8,961,395 41,3,26 26 Income Taxes - State 5,9,541 1,,05,148,245 2 Income Taxes - Def Net 6,1,95 28 Investment Tax Credit Adj. (20,435) 29 Misc Revenue & Expense (159,822) 31 Total Operating Expenses: 9,454,843 10,291, ,46,5 33 Operating Rev For Return: 144,443,3 16,2, ,086,4 36 Electric Plant In Service 3,940,13,252 3 Plant Held for Future Use 405, Misc Deferred Debits 108,29, Elec Plant Acq Adj 4,683, 40 Nuclear Fuel - 41 Prepayments 3,0, Fuel Stock 29,41,3 43 Material & Supplies,536,6 44 Working Capital 2,,8 45 Weatherization Loans 1,1 46 Misc Rate Base Total Electric Plant: 4,120,400,23-4,120,400,23 51 Accum Prov For Deprec (1,243,910,188) 52 Accum Prov For Amort (83,484,568) 53 Accum Def Income Tax (8,41,825) 54 Unamortized ITC (89,26) 55 Customer Adv For Const (4,59,428) 56 Customer Service Deposits - 5 Misc Rate Base Deductions (39,489,88) 59 Total Rate Base Deductions (2,000,043,153) - (2,000,043,153) 61 Total Rate Base: 2,120,35,569-2,120,35, Return on Rate Base 6.812%.59% 65 Return on Equity 8.4% 9.850% 6 TAX CALCULATION: 68 Operating Revenue 188,565,5 26,8,691 5,38,256 0 Interest (AFUDC) (4,804,990) - (4,804,990) 1 Interest 53,2,443-53,2,443 2 Schedule "M" Additions 124,395, ,395,433 3 Schedule "M" Deductions 133,514, ,514,894 4 Income Before Tax 1,8,650 26,8,691 15,450,1 5 6 State Income Taxes 5,9,541 1,,05,148,245 Taxable Income 124,698,109 25,3, ,2, Federal Income Taxes + Other,1,880 8,961,395 41,3,26

4 Exhibit RMP (SRM-1R) Page 3 of 5 Normalized Results of Operations Adjustment Summary Page 1.3 Tab 2 Tab 2 Tab 3 Tab 4 Tab 5 Tab 6 TOTAL COMPANY ACTUAL RESULTS JUNE 2014 WYOMING ALLOCATED ACTUAL RESULTS JUNE 2014 Revenue O&M Net Power Cost Depreciation & Amortization 2 General Business Revenues 4,694,296, ,5,26 35,,240 3 Interdepartmental 4 Special Sales 354,411,505 54,981, ,042,039-5 Other Operating Revenues 6,,290 26,85,905 (2,6,2) (1,84) Total Operating Revenues 5,245,335,188,403,248,853,048 (1,84) 6,042,039-9 Steam Production 1,152,639,94 8,0,010-3,452,548 86,0 (,088) 10 Nuclear Production 11 Hydro Production 42,81,261 6,888,955-0,11 - (12,291) 12 Other Power Supply 1,148,4,5 188,944,28 5, ,826 (12,0,992) (,414) 13 Transmission 206,3,6 33,,8 (4,201) 96, ,1 (4,08) 14 Distribution 208,56,95,440,416-1,88,433 - (14,108) 15 Customer Accounting 88,536,356 6,852,405-48,163 1,6 (5,6) 16 Customer Service & Info 131,,146,959,4 - (5,994,3) - (1,54) 1 Sales 18 Administrative & General 126,2,314 1,3,85-5,404,599 26,185 (1,84) 20 Total O&M Expenses 3,105,4, ,01,168 (298,281) 5,4,4 (10,285,013) (90,92) 22 Depreciation 9,,4 92,185, ,224 12,1, Amortization,599,3,68,980 - (555,186) 2,033 (,9) 24 Taxes Other Than Income 169,0,559 22,14, Income Taxes - Federal 80,918,061 9,8 11,04,991 (2,223,482) 5,435,4 (2,3,528) 26 Income Taxes - State 20,561,80 1,5,85 1,504,90 (2,1) 38,9 (0,485) 2 Income Taxes - Def Net 5,2,335,651,848 45,1,1 (141,8) (131) 28 Investment Tax Credit Adj. (3,463,508) (5,) - 29 Misc Revenue & Expense 105,168 4,9 (11,148) (4,4) Total Operating Expenses: 4,24,5, ,183,3 12,0,01 2,908,185 (3,86,333) 8,223,56 33 Operating Rev For Return: 99,813, 126,9,916 20,2,9 (3,229,969) 9,918, (8,223,56) 36 Electric Plant In Service 25,388,235,4 3,42,, ,1,286-3 Plant Held for Future Use 53,356,544,0, Misc Deferred Debits 45,85,116 82,245,9 - (2,593) - 2,961,88 39 Elec Plant Acq Adj 38,0,131 6,6, Nuclear Fuel 41 Prepayments 40,55,68 3,6, Fuel Stock 1,510,333 3,311, Material & Supplies,853,5 31,6, Working Capital 55,2,469 2,6,91 69, 16,456 (23,3) (15,931) 45 Weatherization Loans 13,188,3 161,98-46 Misc Rate Base 4 48 Total Electric Plant: 26,,40,093 3,913,95,389 69, (261,13) 2,55,923 2,945, Accum Prov For Deprec (8,04,95,135) (1,15,316,400) - - (5,3) (146,699,094) 52 Accum Prov For Amort (529,992,26) (,29,36) - - (555,35) (6,035,556) 53 Accum Def Income Tax (4,104,1,923) (2,316,359) 28,99 5,169 2,5 391, Unamortized ITC (1,31,046) (3,36) - 55 Customer Adv For Const (23,3,04) (3,206,465) - 56 Customer Service Deposits - 5 Misc Rate Base Deductions (5,123,48) (25,9,01) (5,98) (2,01,436) Total Rate Base Deductions (12,901,925,5) (1,846,,40) (4,188) (1,522,26) (400,54) (152,3,101) 61 Total Rate Base: 13,8,544,531 2,06,,982 22,5 (1,83,404) 2,15,36 (1,39,145) 63 Return on Rate Base.8% 6.105% 0.998% % 0.42% 0.150% 65 Return on Equity 8.989% 6.863% 1.941% % 0.918% 0.291% 6 TAX CALCULATION: 68 Operating Revenue,403,248 33,268,46 (5,1,451) 15,950,95 (10,902,899) 0 Interest (AFUDC) (8,38,0) - 1 Interest 53,2,26 1 (45,880) 55,501 (3,843,4) 2 Schedule "M" Additions 126,500,690 - (1,523,369) 36, Schedule "M" Deductions 204,, ,1-3,0-4 Income Before Tax 36,691,296 33,14,3 (6,654,941) 16,268,480 (,059,135) 5 6 State Income Taxes 1,5,85 1,504,90 (2,1) 38,9 (0,485) Taxable Income 35,025,511 31,2,8 (6,352,806) 15,529,891 (6,38,650) 8 9 Federal Income Taxes + Other 12,2,929 11,04,991 (2,223,482) 5,435,4 (2,3,528) APPROXIMATE REVISED PROTOCOL PRICE CHANGE 51,416,402 (33,411,992) 5,005,098 (15,84,953) (5,1,902)

5 Exhibit RMP (SRM-1R) Page 4 of 5 Normalized Results of Operations Adjustment Summary Page 1.4 Tab Tab 8 Tab 2 2 General Business Revenues 3 Interdepartmental 4 Special Sales 5 Other Operating Revenues 6 Total Operating Revenues 9 Steam Production 10 Nuclear Production 11 Hydro Production 12 Other Power Supply 13 Transmission 14 Distribution 15 Customer Accounting 16 Customer Service & Info 1 Sales 18 Administrative & General 20 Total O&M Expenses 22 Depreciation 23 Amortization 24 Taxes Other Than Income 25 Income Taxes - Federal 26 Income Taxes - State 2 Income Taxes - Def Net 28 Investment Tax Credit Adj. 29 Misc Revenue & Expense 31 Total Operating Expenses: 33 Operating Rev For Return: 36 Electric Plant In Service 3 Plant Held for Future Use 38 Misc Deferred Debits 39 Elec Plant Acq Adj 40 Nuclear Fuel 41 Prepayments 42 Fuel Stock 43 Material & Supplies 44 Working Capital 45 Weatherization Loans 46 Misc Rate Base 4 48 Total Electric Plant: 51 Accum Prov For Deprec 52 Accum Prov For Amort 53 Accum Def Income Tax 54 Unamortized ITC 55 Customer Adv For Const 56 Customer Service Deposits 5 Misc Rate Base Deductions 59 Total Rate Base Deductions 61 Total Rate Base: 63 Return on Rate Base 65 Return on Equity 6 TAX CALCULATION: 68 Operating Revenue 0 Interest (AFUDC) 1 Interest 2 Schedule "M" Additions 3 Schedule "M" Deductions 4 Income Before Tax 5 6 State Income Taxes Taxable Income 8 9 Federal Income Taxes + Other Tax Rate Base Wyoming Normalized Results December ,43, ,023,115 - (5,813) 24,204,116 - (5,813) 800,90,38-5,23, 20,808,4 - (2,000) 6,945,34-382,33 1,4, ,938, ,4, ,896,554 - (11,983) 1,951,383 4,409 2,854 22,44,120 4,409 5,8, 480,14,546 - (2,010,13) 102,550,3-1,861,8 8,69,845 2,02,3-24,86,398 22,3,548 (3,59,159) 31,423, 2,95,2 (510,80) 5,51,4 (25,410,559) (13,068) 5,6, (54,686) - (20,435) - - (159,822) 2,540,52 1,052, ,242,236 (2,540,52) (1,0,511) 141,28, ,9,6 3,94,008, - (,084,980) 405,338 (29,161),5, ,465,915 - (1,533,6) 4,683, - - 3,6,255 - (,893,5) 29,41,3 - (1,082,82),536,8 159,1 (6,41) 2,90,2 - (2,20) 1,1 1, ,5,81 4,123,063,681-54,616,880 (1,2,455,991) - 39,3 (83,1,336) (40,31,863) (,36,0) (9,2,14) 124,469 - (89,26) - (1,390,963) (4,59,428) - (10,59,95) (38,22,451) (40,,394) 35,289,25 (2,005,9,) (40,4,391) 238,935,038 2,11,105, % % 6.694% 0.054% -1.65% 8.010% (2,06,2) (5,465,545) 8,,0 3,933,429 - (4,805,151) (1,041,9) 6,146,891 54,465,068 (3,244,825) 3,636, ,45,436 (4,385,8) 3,25, ,0,414 65,542,336 (11,251,2) 126,684,513 2,95,2 (510,80) 5,51,4,5,14 (10,40,453) 120,933,03 22,3,548 (3,59,159) 42,51,61 APPROXIMATE REVISED PROTOCOL PRICE CHANGE (893,90) 31,259,0,425,04

6 Exhibit RMP (SRM-1R) Page 5 of 5 Normalized Results of Operations Adjustment Summary Page 1.5 Exhibit RMP (SRM-2S) Exhibit RMP (SRM-2R) Tab 12 Tab 2 Tab 13 Tab 2 2 General Business Revenues 3 Interdepartmental 4 Special Sales 5 Other Operating Revenues 6 Total Operating Revenues 9 Steam Production 10 Nuclear Production 11 Hydro Production 12 Other Power Supply 13 Transmission 14 Distribution 15 Customer Accounting 16 Customer Service & Info 1 Sales 18 Administrative & General 20 Total O&M Expenses 22 Depreciation 23 Amortization 24 Taxes Other Than Income 25 Income Taxes - Federal 26 Income Taxes - State 2 Income Taxes - Def Net 28 Investment Tax Credit Adj. 29 Misc Revenue & Expense 31 Total Operating Expenses: 33 Operating Rev For Return: 36 Electric Plant In Service 3 Plant Held for Future Use 38 Misc Deferred Debits 39 Elec Plant Acq Adj 40 Nuclear Fuel 41 Prepayments 42 Fuel Stock 43 Material & Supplies 44 Working Capital 45 Weatherization Loans 46 Misc Rate Base 4 48 Total Electric Plant: 51 Accum Prov For Deprec 52 Accum Prov For Amort 53 Accum Def Income Tax 54 Unamortized ITC 55 Customer Adv For Const 56 Customer Service Deposits 5 Misc Rate Base Deductions 59 Total Rate Base Deductions 61 Total Rate Base: 63 Return on Rate Base 65 Return on Equity 6 TAX CALCULATION: 68 Operating Revenue 0 Interest (AFUDC) 1 Interest 2 Schedule "M" Additions 3 Schedule "M" Deductions 4 Income Before Tax 5 6 State Income Taxes Taxable Income 8 9 Federal Income Taxes + Other Supplemental Wyoming Update Normalized Results December 2016 Rebuttal Wyoming Update Normalized Results December ,43,50-15,43,50 - (6,15,5) 54,,3,53 54,654,931 (92) 24,204,023 (04,016) 23,500,00 (6,15,8) 94,254,889 (356,443) 93,898,446 (3,1,03) 204,6,18 (901,046) 203,5, ,945,34 (,523) 6,895,851 (4,44,3) 12,40,41 (455,56) 12,284,16 (936,0) 33,002,388 (13,),865,016-23,4,41 (183,9) 23,0,92-6,896,554 (3,502) 6,823,052-1,951,383 (22,8) 1,928,51 - (188,100) 22,556,020 (280,81) 22,25,150 (8,48,896) 41,965,650 (2,104,884) 469,8,6 (6,410) 102,333,955 (35,438) 102,298,51 (3) 8,69,522 (9,153) 8,4,369 (2,890) 24,83,508 (456) 24,83,051 18,335 31,611,002,89,1,880 9, 5,831,226 99,314 5,9, ,205 5,39, ,54 6,1,95 - (20,435) - (20,435) - (159,822) - (159,822) (8,548,2) 650,694,00 (1,239,1) 9,454,843 1,8, ,5, ,20 144,443,3 - (5,8,1) 3,941,18,11 (1,0,8) 3,940,13, , ,338 3,950,0 108,416,5 313,00 108,29,915-4,683, - 4,683, - (4) 3,0,911 (54) 3,0,856-29,41,3-29,41,3 (2),536,6 (0),536,6 (4,) 2,42,5 (,41) 2,,8 0 1,1 0 1,1 - (1,918,998) 4,1,144,682 (43,9) 4,120,400,23-5,520,150 (1,243,935,841) 25,653 (1,243,910,188) 5,845 (83,485,1) 923 (83,484,568) 93,518 (8,6,656) 2,831 (8,41,825) - (89,26) - (89,26) - (4,59,428) - (4,59,428) - 4,2 (38,1,8) (2,028) (39,489,88) 6,468,115 (1,999,0,5) (552,6) (2,000,043,153) 4,5,116 2,1,654,150 (1,296,1) 2,120,35, % 6.% 0.046% 6.812% 0.000% 0.000% 0.140% 8.150% 0.14% 8.4% 2,252,9 89,2,691 2,093,488 91,16, - (4,805,1) 129 (4,804,990) 11,031 54,2,099 (959,656) 53,2,443 (380,113) 125,365,3 (969,890) 124,395,433 (1,104) 133,6,310 (104,416) 133,514,894 1,56,59 128,441,110 2,18,540 1,8,650 9, 5,831,226 99,314 5,9,541 1,,84 122,9,884 2,088, ,698,109 18,335 42,939,096,89 43,9,95 APPROXIMATE REVISED PROTOCOL PRICE CHANGE (2,402,961),022,112 (3,088,020) 26,9,093