SECOND IMPACT STATEMENT
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- Isabel Weaver
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1 Filed: Page 1 of SECOND IMPACT STATEMENT 1.0 PURPOSE The purpose of this exhibit is to show the impact of certain material changes that have occurred since OPG filed the first Impact Statement (Ex. N1-1-1) on December 20, 2016, consistent with the requirements of paragraph of the OEB s Rules of Practice and Procedure. These changes impact the revenue requirement for the nuclear facilities and result from the need to exclude forecast capital in-service amounts for the Heavy Water Storage and Drum Handling Facility Project ( D2O Project ) relating to the Darlington Refurbishment Program ( DRP ) from the scope of OPG s Application. 2.0 SUMMARY This update to the Application is required to reflect material changes in costs for the nuclear facilities in the 2017 to 2021 incentive rate-setting ( IR ) period. These changes are driven by the fact that OPG is no longer seeking OEB approval of the forecast capital in-service amounts for the D2O Project, which was described in the pre-filed evidence as one of the Facilities & Infrastructure Projects ( F&IP ) for the DRP (Ex. D2-2-10, s. 2.4; Tables 1, 2, 4 and 5; and Attachment 1, ). The purpose of the D2O Project is to provide a heavy water storage and processing facility for the removal of heavy water from the Darlington units during refurbishment as well as a long-term solution for the management of heavy water during normal operations. In light of the tremendous complexity and scale associated with this first of its kind facility, certain circumstances relating to the detailed engineering design of the D2O Project have recently arisen that are expected to impact the forecast in-service date and may impact the in-service amounts for the project. OPG is actively reviewing the engineering design, including retaining third party expert advisors to assist in this regard. Given the present uncertainty associated with the D2O Project, OPG is amending its evidence in this proceeding to exclude the capital in-service amounts for the D2O Project
2 Filed: Page 2 of forecast to occur during the 2017 to 2021 period, and to revise the revenue requirement accordingly. The actual revenue requirement impact of the D2O Project will be recorded in the nuclear portion of the Capacity Refurbishment Variance Account ( CRVA ) once the project enters into productive service. Such entries into the CRVA will continue to be recorded until the OEB-approved D2O Project in-service amount is reflected in the revenue requirement through a subsequent rate setting process. The OEB will have the opportunity to conduct a prudence review in respect of the D2O Project after it has been completed and placed into service. This approach is consistent with the OEB's Decision with Reasons in EB The prudence review of the D2O Project is expected to occur at the mid-term review in the first half of The in-service amount determined by the OEB as a result of that review will provide the basis for determining the revenue requirement impacts that will be recorded in the CRVA until the OEB approved unamortized in-service D2O Project amount is reflected in revenue requirements in a subsequent rate setting process. 3.0 ITEMS INCLUDED IN THE IMPACT STATEMENT This section provides additional detail on the changes reflected in the revised revenue requirement requested for the IR period. The impact on the nuclear revenue requirement from removing the projected in-service amounts for the D2O Project is $(40.4)M in 2017, $(36.9)M in 2018, $(36.4)M in 2019, $(40.9)M in 2020 and $(40.1)M in 2021, as shown in Chart 1 below. 1 EB Decision with Reasons, page 59.
3 Filed: Page 3 of Chart 1 Nuclear Revenue Requirement Impact of Removing Forecast D2O Project In-Service Amounts Line No Total 1 Net Plant Rate Base Decrease 1 (240.5) (353.7) (343.0) (332.4) (321.7) 2 Weighted Average Cost of Capital % 6.66% 6.63% 6.61% 6.60% 3 Decrease in Cost of Capital Amount (line 1 x line 2) (16.4) (23.6) (22.7) (22.0) (21.2) (105.9) 4 Decrease in Depreciation Expense (6.9) (10.7) (10.7) (10.7) (10.7) (49.6) 5 Decrease in Regulatory Income Taxes Before Loss Carryback 3 (5.7) (8.6) (8.5) (8.3) (8.2) (39.3) 6 Regulatory Tax Loss Carryback (11.5) Total Revenue Requirement Change (lines 3 through 6) (40.4) (36.9) (36.4) (40.9) (40.1) (194.7) 1 From Chart 2, line As shown in Ex. N1-1-1 Table 2a, Note 1, col. (e) 3 Calculated as: (line 1 x 49% proposed equity thickness x 8.78% ROE value + line 4) x 25% / (1-25%) The updated nuclear revenue requirement is provided in Ex. N2-1-1 Table 1. The revised calculation of forecast nuclear regulatory income taxes for each year of the IR period is provided in Ex. N2-1-1 Table 2 and 2a, in the same format as Ex. N1-1-1 Tables 8 and 8a and Ex. F4-2-1 Tables 3a and 3b. As shown in Ex. N2-1-1 Table 2, line 20, OPG projects nuclear regulatory tax losses in 2018 and 2019 and regulatory taxable income in 2017, 2020 and 2021, whereas the forecast in the first Impact Statement showed nuclear regulatory taxable income for all years of the IR period (Ex. N1-1-1 Table 8, line 20). The losses now projected in 2018 and 2019 are carried back to reduce nuclear regulatory taxable income for These tax loss carry backs impact regulatory income taxes in each of 2017, 2018 and2019, but not in total over the IR period, as shown in Chart 1, line 6.
4 Filed: Page 4 of The revised in-service amounts for DRP are provided in Table 3. Further details of the impact on proposed nuclear net plant rate base amounts of removing forecast in-service amounts for the D2O Project are provided in Charts 2 and 3 below. Line No. Chart 2 Impact of Forecast D2O Project In-Service Amounts on Net Plant Rate Base Reference Gross Plant In-service - Opening Balance Gross Plant In-service - Additions Ex. D2-2-10, Table 2, line Gross Plant In-service - Closing Balance line 1 + line Accumulated Depreciation - Opening Balance Depreciation Expense Chart 1, line Accumulated Depreciation - Closing Balance line 4 + line Net Plant In-service - Opening Balance line 1 + line Net Plant In-service - Closing Balance line 3 - line Net Plant Rate Base Impact Note As the forecast in-service addition is at the beginning of May 2017 (see Ex. B3-3-1 Table 2, Note 1), it is a assigned an 8/12 weighting for 2017, with net plant rate base amount calculated as 8/12 x line 2 - (line 4 - line 6)/2. For , net plant rate base amount is calculated as (line 7 + line 8)/2. Chart 3 Changes in Nuclear Rate Base Line No. Reference N1 Update: 1 Darlington Refurbishment Program Net Plant Ex. B3-2-2 Table 1, Rate Base lines 9 and , , Total Nuclear Net Plant Rate Base Ex. N1-1-1 Table 1, line 1 3, , , , , Total Nuclear Rate Base Ex. N1-1-1 Table 1, line 4 3, , , , ,208.6 N2 Update: 4 Darlington Refurbishment Program Net Plant Rate Base line 1 less Chart 2, line , , Total Nuclear Net Plant Rate Base Ex. N2-1-1 Table 1, line 1 2, , , , , Total Nuclear Rate Base Ex. N2-1-1 Table 1, line 4 3, , , , , Nuclear Rate Base Decrease (240.5) (353.7) (343.0) (332.4) (321.7) 4.0 SUMMARY OF CHANGES IN APPROVALS SOUGHT The items identified in this Impact Statement result in amendments to the following approvals sought by OPG in this Application for the IR period: (i) nuclear revenues requirements, (ii) nuclear rate base, (iii) portion of the nuclear revenue requirements deferred under rate
5 Filed: Page 5 of smoothing, and (iv) in-service additions to rate base for DRP for the IR period. The updated approvals are detailed below. In conjunction with this exhibit, OPG has filed an amended Ex. A1-2-2 Approvals and Ex. A1-3-4 Drivers of Deficiency to reflect these changes. A revised revenue requirement workform is provided in Attachment 1. OPG is not updating its request for smoothed nuclear payment amounts or riders, and therefore there is no change to the annualized residential consumer impact of OPG s Application. Nuclear Revenue Requirement 1. The approval of the following revised revenue requirements for the nuclear facilities, net of the nuclear stretch factor, for each year of the IR period: Period January 1, 2017 through December 31, 2017 January 1, 2018 through December 31, 2018 January 1, 2019 through December 31, 2019 January 1, 2020 through December 31, 2020 January 1, 2021 through December 31, 2021 Nuclear Rate Base 2. The approval of the following revised rate base values for the nuclear facilities for each year of the IR period: Year Rate Base 2017 $3,627.9M 2018 $3,606.9M 2019 $3,476.2M 2020 $7,453.8M 2021 $7,887.0M Deferred Nuclear Revenue Requirement Revenue Requirement $3,161.4M $3,185.7M $3,273.2M $3,783.5M $3,397.8M 3. The approval of the deferred amounts resulting from the revised nuclear revenue requirements identified in item 1 above of $654M, $375M, $109M, $421M and $(137)M in 2017, 2018, 2019, 2020 and 2021, respectively, and as shown below:
6 Filed: Page 6 of Proposed Revenue Requirement ($M) $ 3,161 $ 3,186 $ 3,273 $ 3,783 $ 3,398 Forecast Production (TWh) Smoothed Rate ($/MWh) $ $ $ $ $ Smoothed Revenue ($M) $ 2,507 $ 2,810 $ 3,165 $ 3,362 $ 3,535 Deferred Revenue Requirement ($M) $ 654 $ 375 $ 109 $ 421 $ (137) Darlington Refurbishment Program In-Service Amounts for IR Period 4. The approval of the revised in-service additions to rate base for the DRP of $8.5M in 2017, $8.9M in 2018, $4,809.2M in 2020 and $0.4M in 2021 on a forecast basis. 9
7 Filed: Page 7 of Attachment 1: ATTACHMENTS Revenue Requirement Workform
8 Filed: Page 1 of 12 Filed February Revenue Requirement Work Form Ontario Power Generation
9 ` Ontario Power Generation Revenue Requirement Work Form Filed: Page 2 of 12 Table of Contents Worksheet No. 1 Cover Page 2 Table of Contents 3 Legend / Colour Scheme 4 OEB Adjustment Input Sheet 5 Rate Base and Cost of Capital 6 Regulatory Income Taxes 7 Revenue Requirement 8 Revenue Requiremenmt Deficiency / Sufficiency 9 Requested Payment Amounts 10 Recovery of Deferral and Variance Accounts and Riders 11 Residential Customer Impacts
10 Ontario Power Generation Revenue Requirement Work Form Filed: Page 3 of 12 Legend / Colour Scheme OPG Proposed Amounts Adjustment Input Cells For OEB Use Automatically Generated Calculations
11 OEB Adjustment Input Sheet Filed: Page 4 of 12 OEB Adjustment Input Sheet Total Generating Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N2 Update D2O OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/2016 2/17/2017 2/17/2017 Adjustment Approved Capital Structure 1 Common Equity 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 49.0% 2 Debt 51.0% 51.0% 51.0% 0.0% 51.0% 51.0% 51.0% 51.0% 0.0% 51.0% 51.0% 51.0% 51.0% 0.0% 51.0% 51.0% 51.0% 51.0% 0.0% 51.0% 51.0% 51.0% 51.0% 0.0% 51.0% Cost of Capital 3 Short-Term Debt Facility Cost ($M) Short-Term Debt Interest Cost ($M) Short-Term Debt Cost ($M) Regulated Portion of Short-Term Debt Cost Rate 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 92.67% 7 Existing and Planned Long-Term Debt Cost Rate 4.89% 4.89% 4.89% 4.89% 4.60% 4.60% 4.60% 4.60% 4.52% 4.52% 4.52% 4.52% 4.49% 4.49% 4.49% 4.49% 4.48% 4.48% 4.48% 4.48% 8 Other Long-Term Debt Provision Cost Rate 4.89% 4.89% 4.89% 4.89% 4.60% 4.60% 4.60% 4.60% 4.52% 4.52% 4.52% 4.52% 4.49% 4.49% 4.49% 4.49% 4.48% 4.48% 4.48% 4.48% 9 Common Equity Cost Rate ROE 9.19% 8.78% 8.78% 8.78% 9.19% 8.78% 8.78% 8.78% 9.19% 8.78% 8.78% 8.78% 9.19% 8.78% 8.78% 8.78% 9.19% 8.78% 8.78% 8.78% 10 Adjustment for Lesser of UNL/ARC Cost Rate 5.11% 4.95% 4.95% 4.95% 5.11% 4.95% 4.95% 4.95% 5.11% 4.95% 4.95% 4.95% 5.11% 4.95% 4.95% 4.95% 5.11% 4.95% 4.95% 4.95% Capitalization ($M) 11 Short-Term Debt Principal Existing and Planned Long-Term Debt Principal 2, , , , , , , , , , , , , , , , , , , , Adjustment for Lesser of UNL/ARC Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N2 Update D2O OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/2016 2/17/2017 2/17/2017 Adjustment Approved Rate Base ($M) 14 Gross Plant at Cost 7, , , , , , , , , , , , , , , , , , , , Accumulated Depreciation/Amortization 4, , , , , , , , , , , , , , , , , , , , Cash Working Capital Materials and Supplies Nuclear Fuel Inventory Total 4, , , , , , , , , , , , , , , , , , , ,887.0 Expenses ($M) 20 OM&A 2, , , , , , , , , , , , , , , , , , , , Fuel Depreciation/Amortization Property Taxes Total 2, , , , , , , , , , , , , , , , , , , ,891.8 Other Revenues ($M) 25 Bruce Lease Revenues Net of Direct Costs (66.1) (16.9) (16.9) (16.9) (74.3) (17.1) (17.1) (17.1) (85.9) (27.4) (27.4) (27.4) (82.1) (23.8) (23.8) (23.8) (93.1) (38.1) (38.1) (38.1) 26 Ancillary and Other Revenue Total (34.5) (52.4) (63.2) (4.7) (4.7) - (4.7) (59.9) (1.6) (1.6) - (1.6) (70.2) (15.1) (15.1) - (15.1) 28 Forecast Production (TWh)
12 OEB Adjustment Input Sheet Filed: Page 5 of 12 Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N2 Update D2O OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/2016 2/17/2017 2/17/2017 Adjustment Approved Applicable Tax Rates 29 Federal Rate 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 15.00% 30 Provincial Rate 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 10.00% 31 Total Tax Rate 25.00% 25.00% 25.00% % 25.00% 25.00% 25.00% % 25.00% 25.00% 25.00% % 25.00% 25.00% 25.00% % 25.00% 25.00% 25.00% % Tax Credits and Payment Adjustments ($M) 32 SR&ED Investment (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) (18.4) Taxable Income Adjustments ($M) Additions 33 Depreciation and Amortization Pension and OPEB Accrual Regulatory Liability Amortization - Income and Other Taxes Variance Acct (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) Regulatory Asset Amortization - Bruce Lease Net Revenues Variance Acct (24.0) (24.0) (24.0) (24.0) (24.0) (24.0) (24.0) (24.0) Taxable SR&ED Investment Tax Credits Adjustment Related to Financing Cost for Nuclear Liabilities Nuclear Waste Management Expenses Receipts from Nuclear Segregated Funds Other Total Additions , , , , , , , , , ,009.3 Deductions 43 CCA Cash Expenditures for Nuclear Waste & Decomissioning Contributions to Nuclear Segregated Funds Pension Plan Contributions OPEB/SPP Payments Deductible SR&ED Qualifying Expenditures Other Total Deductions 1, , , , , , , , , , , , , , , , ,317.4 Deferral Accounts Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Hydroelectric Facilities ($M) 51 Hydroelectric Water Conditions Variance (8.7) (8.7) (8.7) (8.7) (8.7) (8.7) (8.7) (8.7) 52 Ancillary Services Net Revenue Variance - Hydroelectric (6.6) (6.6) (6.6) (6.6) (6.6) (6.6) (6.6) (6.6) 53 Hydroelectric Incentive Mechanism Variance (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 54 Hydroelectric Surplus Baseload Generation Variance Income and Other Taxes Variance - Hydroelectric (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) (0.0) 56 Capacity Refurbishment Variance - Hydroelectric Pension and OPEB Cost Variance - Hydroelectric - Future Pension and OPEB Cost Variance - Hydroelectric - Post 2012 Additions Pension & OPEB Cash Payment Variance - Hydroelectric Hydroelectric Deferral and Variance Over/Under Recovery Variance Total Nuclear Facilities ($M) 62 Nuclear Development Variance Ancillary Services Net Revenue Variance - Nuclear Capacity Refurbishment Variance - Nuclear - Capital Portion (18.8) (18.8) (18.8) (18.8) (18.8) (18.8) (18.8) (18.8) 65 Capacity Refurbishment Variance - Nuclear - Non-Capital Portion (15.8) (15.8) (15.8) (15.8) (15.8) (15.8) (15.8) (15.8) 66 Bruce Lease Net Revenues Variance - Derivative Sub-Account (34.3) (34.3) (34.3) (34.3) (34.3) (34.3) (34.3) (34.3) 67 Bruce Lease Net Revenues Variance - Non-Derivative Sub-Account - Post Additions Income and Other Taxes Variance - Nuclear (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) (2.2) 69 Pension and OPEB Cost Variance - Nuclear - Future Pension and OPEB Cost Variance - Nuclear - Post 2012 Additions Pension & OPEB Cash Payment Variance - Nuclear Nuclear Deferral and Variance Over/Under Recovery Variance Total
13 OPG Rate Base and Cost of Capital Filed: Page 6 of 12 OPG Rate Base and Cost of Capital Total Generating Facilities Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 1 Nuclear Rate Base Financed by Capital Structure ($M) 3, , , , , , , , , , , , , , , , , , , , Nuclear Allocation Factor* 30.90% 30.90% 29.33% 0.00% 29.33% 31.96% 31.96% 29.70% 0.00% 29.70% 31.58% 31.58% 29.36% 0.00% 29.36% 49.70% 49.70% 48.56% 0.00% 48.56% 50.88% 50.88% 49.85% 0.00% 49.85% Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Capitalization ($M) 3 Total Rate Base 4, , , , , , , , , , , , , , , , , , , , Adjustment for Lesser of UNL/ARC Rate Base Financed by Capital Structure 3, , , , , , , , , , , , , , , , , , , , Common Equity 1, , , , , , , , , , , , , , , , , , , , Total Debt 1, , , , , , , , , , , , , , , , , , , , Short-Term Debt (0.0) (0.0) Existing and Planned Long-Term Debt (0.0) , , , , ,024.7 (0.0) 1, , , , , , , , , Other Long-Term Debt Provision , , , , , , ,178.7 (0.0) 2,178.7 Cost of Capital ($M) 11 Adjustment for Lesser of UNL/ARC Common Equity Existing and Planned Long-Term Debt (0.0) (0.0) Other Long-Term Debt Provision (0.0) 97.6 * Uses Principal Rate Base Financed by Capital Structure from C1-1-1,
14 OPG Regulatory Income Taxes Filed: Page 7 of 12 OPG Regulatory Income Taxes Nuclear Generating Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Applicable Tax Rates 1 Federal Rate 15.00% 15.00% 15.00% 0.00% 15.00% 15.00% 15.00% 15.00% 0.00% 15.00% 15.00% 15.00% 15.00% 0.00% 15.00% 15.00% 15.00% 15.00% 0.00% 15.00% 15.00% 15.00% 15.00% 0.00% 15.00% 2 Provincial Rate 10.00% 10.00% 10.00% 0.00% 10.00% 10.00% 10.00% 10.00% 0.00% 10.00% 10.00% 10.00% 10.00% 0.00% 10.00% 10.00% 10.00% 10.00% 0.00% 10.00% 10.00% 10.00% 10.00% 0.00% 10.00% 3 Total Tax Rate 25.00% 25.00% 25.00% 0.00% 25.00% 25.00% 25.00% 25.00% 0.00% 25.00% 25.00% 25.00% 25.00% 0.00% 25.00% 25.00% 25.00% 25.00% 0.00% 25.00% 25.00% 25.00% 25.00% 0.00% 25.00% Taxable Income ($M) 4 Earnings Before Tax Adjustments: Additions , , , , , , , , , , Adjustments: Deductions 1, , , , , , , , , , , , , , , , , Tax Loss Carry Over (19.3) - (34.4) (34.4) (182.3) Total Taxable Income Income Taxes ($M) 9 Federal Income Taxes Provincial Income Taxes Tax Credits (SR&ED Investment) (18.4) (18.4) (18.4) - (18.4) (18.4) (18.4) (18.4) - (18.4) (18.4) (18.4) (18.4) - (18.4) (18.4) (18.4) (18.4) - (18.4) (18.4) (18.4) (18.4) - (18.4) 12 Total Income Taxes (18.4) 10.5 (6.7) - (6.7) (18.4) (15.8) (18.4) - (18.4) (18.4) (15.4) (18.4) - (18.4) (5.0) - (5.0) Earnings Before Tax ($M) 13 Requested After Tax ROE Bruce Lease Net Revenues (66.1) (16.9) (16.9) - (16.9) (74.3) (17.1) (17.1) - (17.1) (85.9) (27.4) (27.4) - (27.4) (82.1) (23.8) (23.8) - (23.8) (93.1) (38.1) (38.1) - (38.1) 15 Total Regulatory Income Taxes After Tax Loss Carry-Over (18.4) 10.5 (6.7) (6.7) (18.4) (15.8) (18.4) (18.4) (18.4) (15.4) (18.4) (18.4) (5.0) (5.0) 16 Total Earnings Before Tax Adjustments ($M) Additions 16 Depreciation and Amortization Pension and OPEB Accrual Regulatory Liability Amortization - Income and Other Taxes Variance Account (2.2) (2.2) (2.2) - (2.2) (2.2) (2.2) (2.2) - (2.2) Regulatory Asset Amortization - Bruce Regulatory Asset (24.0) (24.0) (24.0) - (24.0) (24.0) (24.0) (24.0) - (24.0) Taxable SR&ED Investment Tax Credits Adjustment Related to Financing Cost for Nuclear Liabilities Nuclear Waste Management Expenses Receipts from Nuclear Segregated Funds Other Total Additions , , , , , , , , , ,009.3 Deductions 26 CCA Cash Expenditures for Nuclear Waste & Decomissioning Contributions to Nuclear Segregated Funds and Earnings Pension Plan Contributions OPEB Payments SR&ED Costs Capitalized for Accounting Other Total Deductions 1, , , , , , , , , , , , , , , , ,317.4 Numbers may not add due to rounding
15 OPG Revenue Requirement Filed: Page 8 of 12 OPG Revenue Requirement Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Cost of Capital ($M) 1 Short-term Debt* (0.0) (0.0) (0.0) (0.0) (0.0) Long-Term Debt ROE Adjustment for Lesser of UNL/ARC Total (0.0) (0.0) (0.0) (0.0) (0.0) Expenses ($M) 6 OM&A 2, , , , , , , , , , , , , , , , , , , , Fuel Depreciation/Amortization Property Taxes Total 2, , , , , , , , , , , , , , , , , , , ,891.8 Other Revenues ($M) 11 Bruce Lease Net Revenues (66.1) (16.9) (16.9) 0.0 (16.9) (74.3) (17.1) (17.1) 0.0 (17.1) (85.9) (27.4) (27.4) 0.0 (27.4) (82.1) (23.8) (23.8) 0.0 (23.8) (93.1) (38.1) (38.1) 0.0 (38.1) 12 Ancillary and Other Revenue Total (34.5) (52.4) (63.2) (4.7) (4.7) 0.0 (4.7) (59.9) (1.6) (1.6) 0.0 (1.6) (70.2) (15.1) (15.1) 0.0 (15.1) 14 Regulatory Income Tax ($M) (18.4) 10.5 (6.7) 0.0 (6.7) (18.4) (15.8) (18.4) 0.0 (18.4) (18.4) (15.4) (18.4) 0.0 (18.4) (5.0) 0.0 (5.0) 15 Revenue Requirement ($M) 3, , ,161.4 (0.0) 3, , , ,190.7 (0.0) 3, , , ,283.4 (0.0) 3, , , ,798.8 (0.0) 3, , , ,418.4 (0.0) 3,418.3 * Uses Principal Rate Base Financed by Capital Structure from C1-1-1, Tables 1-5 Numbers may not add due to rounding
16 OPG Revenue Requirement Deficiency / (Sufficiency) Filed: Page 9 of 12 OPG Revenue Requirement Deficiency / (Sufficiency) Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Production & Revenue 1 Forecast Production (TWh) Current Payment Rate ($/MWh) Revenue From Current Payment Rate ($M) 2, , , , , , , , , , , , , , , , , , , ,097.9 Revenue Requirement 4 Revenue Requirement ($M) 3, , ,161.4 (0.0) 3, , , ,190.7 (0.0) 3, , , ,283.4 (0.0) 3, , , ,798.8 (0.0) 3, , , ,418.4 (0.0) 3, Revenue Requirement Deficiency (Sufficiency) ($M) (0.0) (0.0) , (0.0) , , ,584.0 (0.0) 1, , , ,320.5 (0.0) 1,320.5 Numbers may not add due to rounding
17 OPG Requested Payment Amounts Filed: Page 10 of 12 OPG Requested Payment Amounts Hydroelectric Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 1 Requested Payment Amount ($/MWh) Nuclear Facilities Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 2 Revenue Requirement ($M) 3, , ,161.4 (0.0) 3, , , ,190.7 (0.0) 3, , , ,283.4 (0.0) 3, , , ,798.8 (0.0) 3, , , ,418.4 (0.0) 3, Stretch Adjustment ($M) N/A N/A N/A Forecast Production (TWh) Unsmoothed Payment Amount ($/MWh) (0.0) (0.0) (0.0) (0.0) (0.0) Smoothed Payment Amount (11%) Numbers may not add due to rounding
18 OPG Recovery of Deferral and Variance Accounts and Riders OPG Recovery of Deferral and Variance Accounts and Riders Previously Regulated Hydroelectric Facilities Amortization 2017/2018 Line OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved (a) (b) (b) (c) (d) Variance Accounts ($M) 1 Hydroelectric Water Conditions Variance (17.3) (17.3) (17.3) 0.0 (17.3) 2 Ancillary Services Net Revenue Variance - Hydroelectric (13.2) (13.2) (13.2) 0.0 (13.2) 3 Hydroelectric Incentive Mechanism Variance (0.1) (0.1) (0.1) 0.0 (0.1) 4 Hydroelectric Surplus Baseload Generation Variance Income and Other Taxes Variance - Hydroelectric (0.0) (0.0) (0.0) 0.0 (0.0) 6 Capacity Refurbishment Variance - Hydroelectric Pension and OPEB Cost Variance - Hydroelectric - Future Pension and OPEB Cost Variance - Hydroelectric - Post 2012 Additions Pension & OPEB Cash Payment Variance - Hydroelectric Hydroelectric Deferral and Variance Over/Under Recovery Variance Total Filed: Page 11 of Actual Production (divided by 12, multiplied by 24) (TWh) N/A Rider ($/MWh) (Line 12 / Line 13) Nuclear Facilities Amortization 2017/2018 Line OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved (a) (b) (b) (c) (d) Variance Accounts ($M) 14 Nuclear Development Variance Ancillary Services Net Revenue Variance - Nuclear Capacity Refurbishment Variance - Nuclear - Capital Portion (37.6) (37.6) (37.6) 0.0 (37.6) 17 Capacity Refurbishment Variance - Nuclear - Non-Capital Portion (31.6) (31.6) (31.6) 0.0 (31.6) 18 Bruce Lease Net Revenues Variance - Derivative Sub-Account (68.6) (68.6) (68.6) 0.0 (68.6) 19 Bruce Lease Net Revenues Variance - Non-Derivative Sub-Account - Post 2012 Additions Income and Other Taxes Variance - Nuclear (4.3) (4.3) (4.3) 0.0 (4.3) 21 Pension and OPEB Cost Variance - Nuclear - Future Pension and OPEB Cost Variance - Nuclear - Post 2012 Additions Pension & OPEB Cash Payment Variance - Nuclear Nuclear Deferral and Variance Over/Under Recovery Variance Total Forecast Production (TWh) Rider ($/MWh) (Line 28 / Line 29) Numbers may not add due to rounding
19 Filed: Page 12 of 12 OPG Customer Bill Impacts / >> Line OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. Description 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Production and Demand 1 Typical Usage, including Line Losses 1 (kwh/month) n/a n/a n/a n/a n/a Forecast Production (TWh) IESO Forecast Provincial Demand 2 (TWh) n/a n/a n/a n/a n/a OPG Proportion of Consumer Usage (line 2 / line 3) 49.7% 49.7% 49.7% 0.0% 49.7% 49.9% 49.9% 49.9% 0.0% 49.9% 50.3% 50.3% 50.3% 0.0% 50.3% 49.1% 49.1% 49.1% 0.0% 49.1% 47.7% 47.7% 47.7% 0.0% 47.7% 5 Typical Usage of OPG Generation (kwh/month) (line 1 x line 4) Typical Bill 1 ($/Month) n/a n/a n/a n/a n/a Production-Weighted Average Rates 7 Prior Year weighted average rate with proposed payment amounts and riders ($/MWh) Current Year weighted average rate with proposed payment amounts and riders ($/MWh) Impact 9 Typical Bill Impact ($/Month) (1.29) (1.29) (1.29) - (1.29) Percentage Change of Typical Bill (line 9 / line 6) -0.9% -0.9% -0.9% 0.0% -0.9% 1.1% 1.1% 1.1% 0.0% 1.1% 0.7% 0.7% 0.7% 0.0% 0.7% 1.2% 1.2% 1.2% 0.0% 1.2% 1.3% 1.3% 1.3% 0.0% 1.3% Residential Consumers Current Rates 2017 Line Description OPG Proposed N1 Update N2 Update OEB OEB No. 5/27/ /19/2016 2/17/2017 Adjustment Approved (a) (b) (b) (c) (d) Payment Amounts ($MWh) 11 Regulated Hydroelectric n/a Nuclear n/a Riders ($MWh) 13 Regulated Hydroelectric n/a Nuclear n/a Total Annual Rates ($MWh) 15 Regulated Hydroelectric n/a Nuclear n/a Forecast Production (TWh) 17 Regulated Hydroelectric n/a Nuclear n/a Total Production-Weighted Average Rates ($MWh) 20 Regulated Hydroelectric n/a Nuclear Total (line 20 + line 21) Total Production-Weighted Average Rate ($MWh) Proposed Rates Proposed Rates Proposed Rates Proposed Rates Proposed Rates Line Description OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB OPG Proposed N1 Update N2 Update OEB OEB No. 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved 5/27/ /19/2016 2/17/2017 Adjustment Approved Payment Amounts ($MWh) 24 Regulated Hydroelectric Nuclear Riders ($MWh) 26 Regulated Hydroelectric Nuclear Total Annual Rates ($MWh) 28 Regulated Hydroelectric Nuclear Forecast Production (TWh) 30 Regulated Hydroelectric n/a n/a n/a n/a n/a Nuclear Total Production-Weighted Average Rates ($MWh) / Regulated Hydroelectric n/a n/a n/a n/a n/a Nuclear Total (line 20 + line 21) Total Production-Weighted Average Rate ($MWh) Numbers may not add due to rounding Notes: 1 Typical monthly consumption (750 kwh) and typical monthly bill are based on the OEB "Bill Calculator" for estimating monthly electricity bills (using Time of Use pricing), available at: Consumption includes line losses (Assumed loss factor of ) 2 Based on forecast demand for 2017 (137.6 TWh) from Table 3.1 of IESO 18-Month Outlook Update for April 2016 to September 2017, published March 22, 2016.
20 Numbers may not add due to rounding. Filed: Table 1 Table 1 Summary of Revenue Requirement - Nuclear ($M) (Updated Ex.I1-1-1 Table 1) Years Ending December 31, 2017 to 2021 Line No. Description Note (a) (b) (c) (d) (e) Rate Base 1 Net Fixed Assets 1a, 1b,2 2, , , , , Working Capital Cash Working Capital Total Rate Base 3, , , , ,887.0 Capitalization 5 Short-term Debt 1b Long-Term Debt 1b 1, , , , , Common Equity 1b 1, , , , , Adjustment for Lesser of UNL or ARC 1a, Total Capital 3, , , , ,887.0 Cost of Capital 10 Short-term Debt 1b Long-Term Debt 1b Return on Equity 1b Adjustment for Lesser of UNL or ARC 1a, Total Cost of Capital Expenses: 15 OM&A 5 2, , , , , Fuel 1a, Depreciation & Amortization 1a, 1b, Property Tax Total Expenses 2, , , , ,891.8 Less: Other Revenues 20 Bruce Lease Revenues Net of Direct Costs 8 (16.9) (17.1) (27.4) (23.8) (38.1) 21 Ancillary and Other Revenue Total Other Revenues (4.7) (1.6) (15.1) 23 Income Tax 9 (6.7) (18.4) (18.4) 59.2 (5.0) 24 Revenue Requirement Before Stretch Factor 3, , , , ,418.4 (line 14 + line 19 - line 22 + line 23) 25 Revenue Requirement Before Stretch Factor from N , , , , , Variance Between Revised and N1 Revenue Requirement Before Stretch Factor (40.4) (36.9) (36.4) (40.9) (40.1) 27 Cummulative Nuclear Stretch Dollars Revenue Requirement Net of Stretch Factor 3, , , , ,397.8 (line 24 - line 27) 29 Amortization of Variance & Deferral Account Amounts Revenue Requirement Net of Stretch Factor Plus Variance & Deferral Account Amounts (line 26 + line 27) N1 Revenue Requirement Net of Stretch Factor Plus Variance & Deferral Account Amounts 3, , , , , , , , , , Variance Between Revised and Prefiled Revenue Requirement Net of Stretch Factor Plus Variance & Deferral Account Amounts (40.4) (36.9) (36.4) (40.9) (40.1) Notes Changes are related to: 1a Change from pre-filed evidence is due to changes in nuclear liabilities. 1b Change from pre-filed evidence and Ex. N1-1-1 is due to the removal of forecast in-service additions for the D2O Project. 2 Calculated as Ex. I1-1-1 Table 1, line 1, plus Ex. N1-1-1 Table 3, line 26, less Ex. C2-1-1, Table 2, line 26, plus Ex. N2-1-1, Chart 3, line 9. 3 Calculated as Ex. I1-1-1 Table 1, line 8, plus Ex. N1-1-1 Table 3, line 27, less Ex. C2-1-1, Table 2, line Calculated as Ex. I1-1-1 Table 1, line 13, plus Ex. N1-1-1 Table 2, line 4, less Ex. C2-1-1 Table 1, line 4. 5 Change from pre-filed evidence is due to changes in pension and OPEB cash amounts, nuclear liabilities, and nuclear base OM&A expenses related to new CNSC requirements. Calculated as Ex. I1-1-1 Table 1, line 15, plus Ex. N1-1-1, Chart 3.1.2A, line 9, plus Ex. N1-1-1 Table 2, line 3, less Ex. C2-1-1 Table 1, line 3, plus incremental nuclear base OM&A expenses related to new CNSC requirements outlined in Ex. N1-1-1 section Calculated as Ex. I1-1-1 Table 1, line 16, plus Ex. N1-1-1 Table 2, line 2, less Ex. C2-1-1, Table 1, line 2. 7 Calculated as Ex. I1-1-1 Table 1, line 17, plus Ex. N1-1-1 Table 2, line 1, less Ex. C2-1-1, Table 1, line 1, minus Ex. N2-1-1, Chart 2, line 5. 8 Change from pre-filed evidence is due to changes in nuclear liabilities and used fuel and low and intermediate level waste revenues. Calculated as Ex. I1-1-1 Table 1, line 20, plus Ex. C2-1-1 Table 1, line 17, less Ex. Ex. N1-1-1 Table 2, line 17, plus Ex. N1-1-1, Chart 3.3, line 10, less Ex. N1-1-1, Chart 3.3, line 4. 9 Change from pre-filed evidence is due to changes in nuclear liabilities, removal of forecast in-service additions for the D2O Project, updated OEBpublished ROE value, Bruce Lease Net Revenues, and tax loss carryforwards during IR period. Change from Ex. N1-1-1 is due to removal of forecast in-service additions for the D2O Project. Calculated as Ex. I1-1-1 Table 1, line 23, plus Ex. N1-1-1 Table 2, lines 7 and 16, less Ex. C2-1-1 Table 1, lines 7 and 16, plus Ex. N1-1-1, p.22, Chart
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