Reference: Exhibit B-5-1, page 1-4, Section , Electricity Demand Growth
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1 C18-2 REQUESTOR NAME: Independent Power Producers of B.C. INFORMATION REQUEST ROUND NO: 1 TO: BRITISH COLUMBIA HYDRO & POWER AUTHORITY DATE: July 5, 2006 PROJECT NO: APPLICATION NAME: F2007/F2008 Revenue Requirements Applications ( F07/F08 RRA ) 1.0 Reference: Exhibit B-5-1, page What growth in domestic load (both GWh and % growth) was forecast based on the anticipated growth of the B.C. economy of 3.1%, and what was the actual growth realized when the economy grew at 3.6%? Are these growth rates for the economy stated in terms of Gross Domestic Product or what other measure? What relationship is assumed between the growth of provincial real GDP and the load growth for residential, commercial, and industrial electricity? 1.2 Is it correct that Section states that about 40% of the total variance in Domestic Energy Costs over the past 2 years (i.e. about 40% of $621 million) was due to the variance in the load forecast? Please provide the complete variance analysis of Domestic Energy Costs for each of the years F2005 and F2006, including the impact of changes in the Canadian/US exchange rate. 2.0 Reference: Exhibit B-5-1, page 1-4, Section , Electricity Demand Growth 2.1 This section states that the load for F2007 is forecast to grow by 1.8% and for F2008 by a further 1.3%, after the impact of DSM. How much would these growth forecasts be without the impact of DSM? What is the assumed growth in real GDP that forms the basis for these forecasts? 3.0 Reference: Exhibit B-5-1, page 1-4, Table The forecast Operating Expenses for F2006 appear to be about 31% higher than the estimate made in the last RRA ($659 million vs. $504 million). If the F2006 load was only 5% higher than forecast, why are the Operating Expenses 31% higher? Please provide a complete variance analysis to explain the difference. 4.0 Reference: Exhibit B-5-1, page 1-15, Section 1.4.2, Capital Plan Requests 4.1 This section states that the proposed capital plan expenditures are in the interest of ratepayers. What financial tests are applied to support the choice of these expenditures in preference to choosing more IPP power or more DSM? Is there a single financial test that is applied to all these alternative resources? 5.0 Reference: Exhibit B-5-1, page 2-15, Section 2.2.7, Trade Income 5.1 Why does BC Hydro compare the F2007 Trade Income ($135 million) to the last RRA forecast ($91 million), when there is a more recent estimate for the F2006 actual ($190 million)? Why is 1
2 the F2007 Trade Income expected to be $55 million lower than the F2006 amount? 5.2 This section mentions higher returns on longer-term deals not previously held. Please provide details of these longer-term deals, including the source or destination of the electricity, the fuel type, the duration of the contract, and the price indexing method. 6.0 Reference: Exhibit B-5-1, page 2-18, Section 2.3.2, Deferral Account Disposition 6.1 Why should a 4-year amortization be preferable to any other period? What is the periodicity of the underlying business cycle that affects these accounts? 7.0 Reference: Exhibit B-5-1, page 2-47 to 2-49, Schedules 2-10 to 2-12, Load Forecast History 7.1 Are the Forecasts listed in these tables always from the immediately preceding year to the Actuals (i.e. one year ahead forecasts)? Are the years calendar or fiscal years? 7.2 If the volumes are on a billed basis, how is it that they do not include the impact of DSM? 7.3 Schedule 2-12 indicates that the forecast for Large Industrial GWh for 2005 was only off by 1.9%, but the statement in section (on page 1-2) indicated the error was 10%. What causes this discrepancy? 8.0 Reference: Exhibit B-5-1, page 2-55, Schedules 2-18, Return on Equity 8.1 Please explain the term Deferred revenue listed under Deferred Credits, and exactly what transactions give rise to this amount. At what point in time will this revenue no longer be deferred? 9.0 Reference: Exhibit B-5-1, page 3-2, Table 3-1, Cost of Energy, F2006 to F Is it correct that the energy costs forecast for F2007 were based on the assumption of 93% of average system water inflows? 9.2 If the F2007 cost was adjusted for the freshet prices experienced in May and June 2006, how much would the annual energy cost change? 10.0 Reference: Exhibit B-5-1, page 3-3, Table 3-2, Domestic Sales Volume, F2006 to F Is it correct that this table is indicating an increase in Total Domestic Sales of only 1.9% for F2007 (compared to the latest forecast for F2006) and a further increase of only 1.3% for F2008? Is it also correct that the provincial economic growth assumption (real GDP) is 3.1% for each of those years (according to Table 2-8 on page 2-26)? Given the recent forecast errors, does this relationship to GDP growth seem reasonable? 11.0 Reference: Exhibit B-5-1, page 3-7, Section , System Storage and Section Operating Plan Summary 11.1 Please update the tables provided in response to IPPBC IR in the BC Hydro RRA 2004/05 2
3 and 2005/06. Please include reservoir levels in both feet and GWh above the minimum level. Please add to the tables the corresponding annual inflows as a percent of normal In each of F2000 to F2006 how much was drawn from storage for domestic purposes? For export? Has there been any trend in terms of withdrawals from storage since 1986 e.g. reduction in operation of Burrard, withdrawals for export purposes, etc.? 12.0 Reference: Exhibit B-5-1, page 5-15, Compensation and Performance 12.1 Table 5-3 outlines the Variable Pay Targets. Of the targets listed in this table, what proportion was actually paid out in F2005 and F Please provide more details of the executive compensation program, including pensions What is the average length of service of employees who retired in F2005 or F Reference: Exhibit B-5-1, page In its October 29, 2004 Revenue Requirements Decision the BCUC said: The Commission Panel approves the initial $1.9 million sought for F2005 for Stage 1 Cabinet approval of Site C expenditures and denies approval for $5.5 million sought for F2006. BC Hydro may apply for approval of F2006 expenditures as contemplated by BC Hydro s proposed approach to the investigation of Ste C. Please provide an itemized list of all expenditures in excess of $5,000 with respect to any item or person, internal and external which were made with respect Site C in F2005. Please provide copies of any reports, terms of reference, studies or the like that have been prepared including without limitation electronic and hard copies of any financial model(s) Reference: Exhibit B-5-1, page 5-56 Table In its October 29, 2004 Revenue Requirements Decision the BCUC said: The Commission Panel approves the initial $1.9 million sought for F2005 for Stage 1 Cabinet approval of Site C expenditures and denies approval for $5.5 million sought for F2006. BC Hydro may apply for approval of F2006 expenditures as contemplated by BC Hydro s proposed approach to the investigation of Ste C. Did BC Hydro seek BCUC approval before making ay of the expenditures listed under the heading F2006 Forecast in Table 5-21? If not, why not? Please provide an itemized list of all expenditures in excess of $5,000 with respect to any item or person, internal and external which were made with respect Site C in F2006. i.e. in more detail than Table Please provide copies of any reports, terms of reference, studies or the like that have been prepared Please provide an itemized list of all expenditures in excess of $5,000 with respect to any item or person, internal and external which are expected to be made with respect Site C in F2007 and F2008. i.e. in more detail than Table Please provide copies of any reports, terms of reference, studies or the like that have been prepared Reference: Exhibit B-5-1, page 5-56, Section , Site C Stage 1 to Stage 3 costs 15.1 This section is requesting $10 million to be spent in F2007. What is the status of engineering and design drawings for the Site C project? How much was spent on these in the past and was that amount expensed or capitalized? Will any of that design work have to be redone? Will that sunk 3
4 cost be included in the project costs going forward? 16.0 Reference: Exhibit B-5-1, page Please provide details of a more robust management team and oversight structure are planned Please identify the studies, insofar as they haven t been previously itemized, referred to in lines Reference: Exhibit B-5-1, page 7-52, Section , Line of Business Support Units 17.1 Please explain the change in capital overhead methodology mentioned in line Reference: Exhibit B-5-1, page 8-17, lines 17-19, Distribution s Planning Process 18.1 This section states that Distribution uses an iterative process to select those projects and programs that maximize contributions towards objectives. Please explain the financial tests that are applied to allow BC Hydro to choose between Distribution capital projects, Generation capital projects, IPP projects, Transmission projects, or DSM projects. How are all these different investment options evaluated on a consistent and balanced basis? 19.0 Reference: Exhibit B-5-1, page 8-28, Table 8-8 as revised by Exhibit B Please clarify. Does this table indicate that BC Hydro plans to spend $2.875 million on the F2007 Call for Energy, over the next two fiscal years? If so, why does the majority of it fall after F2007? For comparison purposes, how much is the estimated spending on the F2006 Call during F2006 and F2007? 19.2 Please provide full details of the electricity purchase contract and evaluation criteria that will be used for the F2007 Call Reference: Exhibit B-5-2, Appendix C, page 13, Schedule 4.0, Domestic Cost of Energy 20.1 Please explain the terms Market Purchases to Non-Heritage, Net Purchases from Powerex, Net Sales to Powerex (Displaced Hydro), and Exchange net. Why do some of these categories show dollar amounts but no GWh amounts, or vice versa? 20.2 What is the difference between Net Sales to Powerex (Displace Hydro) shown in this Schedule, and Net Sales to Powerex Future Use as shown in Appendix D, Schedule C? 21.0 Reference: Exhibit B-5-2, Appendix D, Schedule A-2, Consolidated Statement of Operations 21.1 Please give details of what transactions have been included in line 40, Regulatory provision for future removal and site restoration costs. Will these amounts be included in the capital costs of any projects for evaluation purposes? 4
5 22.0 Reference: Exhibit B-5-2, Appendix D, Schedule B, Domestic Cost of Energy 22.1 Please explain the meaning of line 44, Net Sales to Powerex. Does this mean that Hydro planned to have 1,550 GWh to sell to Powerex in F2005 but, in fact, purchased 664 GWh from Powerex due to the higher than expected load and lower than expected generation? 22.2 Where is the dollar value that corresponds to the GWh shown on line 44? The only other line that refers to Powerex is line 20 Net purchases from Powerex (Trade Account) and that has no dollar value for the Plan column Reference: Exhibit B-5-2, Appendix D, Schedule C, Transfers to HDA and NHDA 23.1 Line 50 to 52 refers to forward contracts with Powerex to mitigate commodity risk on domestic energy costs. Please provide copies of any such forward contracts Reference: Exhibit B-5-2, Appendix D, Schedule C-1, Transfers to HDA and NHDA cont d 24.1 Line 1 refers to derivatives to manage foreign exchange exposure. Please give details of any such transactions entered into during F2005 or F006, or planned for F2007 or F Line 16, Note 3, refers to Schedule C line 16 Net Sales to Powerex (Future Use). Does this mean that Powerex maintains an inventory of electricity which it has purchased outside of BC, and sold to BC Hydro, but which it has the right to reclaim from inventory at some future date in order to sell that electricity on the export market? If so please provide a table showing the balance of such inventory owed by BC Hydro to Powerex at the end of each month since April, 2000 to the present (in GWh and dollars), and also into the planning period of F2007 and F Please provide a table showing how much electricity Powerex has purchased for domestic requirements in LLH and HLH for each month of F2005 and F2006 and what the forecast is for F2007 and F2008. Please include in the table the point of origin of any such purchases (a % breakdown will be sufficient) Reference: Exhibit B-5-2, Appendix E, Schedule A-2, Summary of Deferral Account Transfers 25.1 Line refers to the First Nations Regulatory Asset Account Transfer. What transactions have given rise to this deferral account and what is the year end balance in the account for each of the years since it began, and including the forecast for F2007 and F2008? What will determine the timing and amount of this account that will be charged against income in future years? 25.2 To which specific projects does this $87 million cost relate? Will this charge be included in the capital cost of those projects for evaluation purposes? 25.3 Is it BC Hydro s intention to recover this $87 million cost from the ratepayers or from the government? 25.4 Is there any expectation that additional amounts will be required for any other projects in the future? 5
6 26.0 Reference: Exhibit B-5-2, Appendix E, Schedule B, Domestic Cost of Energy 26.1 Please indicate which lines contain the cost of gas supplied to the McMahon and ICP cogen facilities Is the gas for McMahon still purchased on a long-term fixed price contract? If so, what is the remaining term of that contract? If not, when did that fixed price contract expire? 26.3 Please confirm that BC Hydro was offered a long-term fixed price gas supply contract for ICP but elected not to contract for fixed price gas for that facility Reference: Exhibit B-5-2 and B-5-3, Appendices H to N (Mica, GMS, John Hart, Ruskin, Aberfeldi, Peace Canyon, and Coquitlam) 27.1 Please provide the economic/financial evaluation models for each of the projects in these Appendices, in electronic form. Please provide the models which perform the Levelized Unit Cost analysis, the Net Present Value analysis, and the Cost of Service/ Rate Impact analysis for each of the projects in Appendices H to N What is BC Hydro s seismic policy? Has it been updated with respect to the recent amendment to the National Building Code? How is it applied to the John Hart, Ruskin, and Coquitlam projects? 28.0 Reference: Exhibit B-5-2, Appendix H, Capital Expenditures Mica 28.1 Please provide a breakdown of the $25 million cost increase for the Mica Stator Project referred to on page Page 1-14 refers to a choice between Revelstoke Unit 6 and Mica Unit 5 to provide additional capacity by F2013. What is the cost for each project for the transmission upgrades referred to in lines 17 to 25? Would the transmission upgrade needed to implement REV6 also allow MCA5 to be implemented? 28.3 Schedule 1, Mica Asset Plan, page 6 of 34 states that BC Hydro may be required to comply with NERC proposed cyber security standards. Which NERC standards may possibly be required to be complied with, and what would the total cost be? 28.4 Schedule 5, pages 6-7 refer to a rotational energy constraint for 75 to 200 hours per year. Please explain why and when this occurs, why it limits imports and how the proposed Synchronous Condenser project can alleviate the constraint. When specifically did these 200 hours occur in F2005? 29.0 Reference: Exhibit B-5-3, Appendix J, Capital Expenditures John Hart 29.1 The Identification and Preliminary Assessment of Alternatives, page 18, states There have been problems with such installations in the past (i.e. Cheakamus G.S.) and that remains a risk for such upgrades at JHT. Please explain these problems in detail at the Cheakamus G.S The Facility Asset Plan page 8 of 29 states that seismic deficiencies were rehabilitated in What seismic standard was applied at that time to the different components of the facility, and are those still the required standards today? 6
7 30.0 Reference: Exhibit B-5-3, Appendix L, pages Please explain the statement: and not allocated costs that in reality would not be impacted by the project proceeding Reference: Exhibit B-5-3, Appendix L, Supplemental Business Case page 2 of Please provide the information that has been blocked out Has the Major Equipment Supply Contract been awarded? If yes please provide the terms and conditions but not the technical specifications Has the Construction Contract been awarded? If yes please provide the terms and conditions but no the technical specifications Reference: Exhibit B-5-3, Appendix L, Supplemental Business Case page 5 of Why would: (the dam would likely not be able to be decommissioned)? 33.0 Reference: Exhibit B-5-3, Appendix L, Business Case October 2004 page In 1999 the dam was anchored to the underlying bedrock. What seismic standard was this work done to? 34.0 Reference: Exhibit B-5-3, Appendix L, Business Case October 2004 page What contingency was included in the P50 and P90 cost estimates? 35.0 Reference: Exhibit B-5-3, Appendix L, Business Case October 2004 Table Has an agreement been reached with First Nations? If yes please provide a copy of the agreement. Are the terms of the settlement reflected in the capital cost of the project? If not, why not? Is any payment amount included in the First Nations Regulatory Deferral Account with respect to this project, or is any amount expected in F2007 or F
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