Xcel Energy Minnesota 2012 Rate Case Overview (Docket No:12-961) November 15, 2012
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1 Xcel Energy Minnesota 2012 Rate Case Overview (Docket No:12-961) November 15, 2012 *All data is from: U.S. Department of Energy Energy Information Administration
2 Minnesota Chamber of Commerce We represent over 2,400 large and small business at the Minnesota Capitol and at the Public Utilities Commission ( PUC ). Our mission is to advance nonpartisan, probusiness, responsible Minnesota public policy that creates jobs and grows the economy. Energy is a critical component to a successful business environment. Therefore, a focal point of the Chamber s work is ensuring Minnesota has a competitively priced, reliable, and environmentally sound energy supply.
3 Overview of Minnesota Rates Summary Minnesota s electric rates are below national average. However: Rates are rising faster in Minnesota than in much of the Midwest. In a low rate region, Minnesota is becoming less competitive. Minnesota is home to many energy intensive industries: mining, forestry and paper, steel production, manufacturing, and more. County rate structures also often fall within this same ratepayer group.
4 The Midwest has among the lowest electricity prices in the nation. New England Middle Atlantic East North Central 9.22 West North Central 8.26 The average price in Minnesota s Census Division was 8.26 cents per kilowatt hour in South Atlantic 9.74 East South Central 8.58 West South Central 8.54 Mountain 8.63 Pacific Contiguous Pacific Noncontiguous West North Central Minnesota, Iowa, North Dakota, South Dakota, Kansas, Missouri, and Nebraska. East North Central Wisconsin, Ohio, Michigan, Indiana and Illinois. Average retail price, all sectors
5 Minnesota s Electric Rates: Falling in the Rankings Competitiveness Commercial 12 th 18 th Industrial 15 th 25 th Overall 9 th 19 th
6 Commercial Prices in the Midwest Average price (Cents/kWh) WI MN NE IA SD ND Year ( ) 6
7 Industrial Prices in the Midwest 7.50 Average Price (Cents/kWh) WI MN NE ND SD IA Year ( ) 7
8 Rate of Increase Industrial Rate of Increase Commercial Rate of Increase
9 Rate Case Mechanics To determine rates for 2013, a utility: forecasts annual kwh sales for 2013 calculates 2013 revenues using 2012 rates estimates 2013 costs of doing business (expenses) estimates rate base (value of property) calculate earned rate of return compares with approved rate of return determines revenue deficiency increases 2013 rates to cover revenue deficiency
10 Xcel - Minnesota Minnesota Ratepayers: 1,200,000 Customers 1,070,000 residential 130,000 small business 461 large commercial/industrial
11 Xcel - Minnesota Top 20 customers: 100,000,000 kwh or larger annual usage. Average home in Minnesota: 4,231 kwh/year
12 Xcel - Minnesota Sales: $3.7 Billion ($2.6 MN) Total Current Revenue; 45,000,000,000 kwh (31B in MN 22B demand metered) $15 Billion in total Rate Base/Capital Invested
13 2010 Xcel Rate Case Highlights (Docket No:10 971) Multi year rate increase Year 1: $150.1 million, 5.6% increase Year 2: Step in of $48 million or 1.8% Awarded approximately $72 million or 2.73% Final Settlement on Key Issues: Monticello deferral of significant costs Adjustment to Grand Meadow base rate recovery Requested ROE 11.25%; ROE approved 10.37% ROR approved 8.31% $30 million deferral of depreciation costs
14 Xcel MN 2012 Rate Case Highlights Proposed rate increase: $285 million 10.7% on overall rates 15.71% of base rates excluding fuel and riders Customers don t pay rates, customers pay bills.
15 Xcel MN 2012 Rate Case Highlights Major Cost Drivers Nuclear Uprate / Aging infrastructure Operations & Maintenance Lost Sales Property Taxes 2 Bankers boxes, 8 binders, 19 witnesses presented by Xcel
16 2012 Cost Drivers
17 Interim Rates Level of request $ M 9.39% of overall rates 13.81% of every component of base rates (excludes fuel and riders) The Minnesota Attorney General is looking at changing the way Minnesota handles interim rates. We are an anomaly.
18 Interim Rates
19 Main Issues We Analyze in a Rate Case
20 General Expenses & Taxes Review employee expenses and benefits Review fuel costs and stability Review allocation of expenses Property taxes are an issue for the utility We review depreciation and accounting procedures that impact taxes
21 Lost Sales Lost several large customers like Verso in St. Cloud and the St. Paul Ford plant. Conservation Improvement Programs ( CIP ) are also cited as a reason for declining sales. The Economy is still slow to recover. Over $75 million in lost sales.
22 Declining Sales Can Lead to Higher Rates Declining sales means fewer kilowatt-hours to recover operating expenses, therefore, rates go up, all else equal. Rates = operating costs/sales = $/kwh Assume sales will decline by 5.0 percent next year. Assume operating costs remain the same for next year. Rates have to increase to recover operating costs. Slide prepared by Charlie Higley Citizens Utility Board of Wisconsin forenergy Utility Basics Wisconsin Public Utility Institute, October 3,
23 Xcel Nuclear Costs $114 to keep Monticello and Prairie Island nuclear power plants operating and boosting the output at one of them. Issues on what Xcel can actually claim for cost recovery in this rate case.
24 Rate of Return and Return on Equity Requested this case Granted last case Return on Equity (ROE) 10.6% 10.37% Overall Rate of Return 7.79% 8.31% Common Equity Ratio 52.56% 52.47% 24
25 Fuel Management/Risk Management Currently Xcel recovers funds through the fuel rider. Prudency of fuel costs determined outside of the rate case. Increasingly important as more utilities rely on natural gas (historically volatile market).
26 Outages Sherco Catastrophic turbine failure Grand Meadow Wind Farm some turbines at grand meadow windfarm/article_08a7a941 f95f 5943 a6ad 82fbe0004d1c.html
27 Outages Replacement Power Costs? Insurance Proceeds? Prudent precautions taken? Ratepayers pay for proper upkeep.
28 Class Cost of Service Utilities must apportion cost among the various customer classes. They file a cost of service study that evaluates the costs each class puts on the system. Xcel uses the stratification method. Allocates more costs to large users.
29 Proposed Revenue Apportionment (% of Total with Fuel and Riders) Proposed Revenue Apportionment (% of Total with Fuel and Riders)
30 Economic Development/Retention Rates Due to lower sales Xcel proposed a retention rate and economic development rate. Xcel proposes to allocate the discount cost to all customers (it benefits all customers). Other Models: IA requires shareholders to absorb some of the costs for these rates.
31 2014 Xcel stated in filings it will be coming in for another rate case in 2014.
32 Questions?
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