Florida Power & Light Company, 7 Universe Blvd, Juno Beach FL. 3348-42 I=PL February 15, 215 Mr. Bart Fletcher Public Utilities Supervisor Division of Accounting and Finance Florida Public Service Commission 254 Shumard Oak Blvd. Tallahassee, FL 32399 Dear Mr. Fletcher: Enclosed is Florida Power & Light Company's Rate of Return Surveillance Report to the Florida Public Service Commission for December 214. This report was prepared using a thirteen month average and year-end rate base and adjustments consistent with Docket No. 1215-EI, Order No. PSC-13-23-S-EI. The required rate of return was calculated using the return on common equity as authorized in the aforementioned docket and order. The return on common equity is 11.5%. This report was prepared consistent with the guidelines provided in Commission Form PSC/AFA 14. Sincerely, Kimberly Ousdahl Vice President, Controller and Chief Accounting Officer c. Enclosures Copy: J. R. Kelly, Office of Public Counsel..., ' '. 'i ') ]? <?? (Jl co.. ~ ' ~ "" --. { -~~
EARNINGS SURVEILLANCE REPORT SUMMARY DECEMBER, 214 SCHEDULE 1: PAGE 1 OF 1 ACTUAL PER BOOKS FPSC ADJUSTMENTS FPSC ADJUSTED PROFORMA ADJUSTMENTS PRO FORMA ADJUSTED I. AVERAGE RATE OF RETURN (JURISDICTIONAL\ NET INCOME 1,97,469,85 (A) (162,375,71) (B) 1,745,94,734 13,431,124 RATE BASE 25,166,268,333 468,733,125 25,635,1,458 AVERAGE RATE OF RETURN 7.58% 6.81% II. YEAR END RATE OF RETURN (JURISDICTIONAL\ NET INCOME 1,97,469,85 (A) (158,851,587) (B) 1,748,618,218 13,431,124 1 '758,525,857 25,635,1,458 6.86% 1 '762,49,341 RATE BASE 25,978,256,781 493,816,794 26,472,73,575 26,472,73,575 YEAR END RATE OF RETURN 7.34% 6.61% 6.66% (A) INCLUDES AFUDC EARNINGS (B) INCLUDES REVERSAL OF AFUDC EARNINGS Ill. REQUIRED RATES OF RETURN AVERAGE CAPITAL STRUCTURE (FPSC ADJUSTED BASIS) LOW 5.88% MIDPOINT 6.34% HIGH 6.81% IV. FINANCIAL INTEGRITY INDICATORS A. TIMES INTEREST EARNED WITH AFUDC 6.38 (SYSTEM PER BOOKS BASIS) B. TIMES INTEREST EARNEEl WITHOUT AFUDC 6.27 (SYSTEM PER BOOKS BASIS) C. AFUDC AS PERCENT OF NET INCOME 2.94% (SYSTEM PER BOOKS BASIS) D. PERCENT OF CONSTRUCTION GENERATED INTERNALLY 64.75% (SYSTEM PER BOOKS BASIS) E. LTD TO INVESTOR FUNDS 38.56% (FPSC ADJUSTED BASIS) F. STD TO INVESTOR FUNDS 1.42% (FPSC ADJUSTED BASIS) G. RETURN ON COMMON EQUITY (AVERAGE) 11.5% (FPSC ADJUSTED) H. RETURN ON COMMON EQUITY 11.61% (PROFORMA ADJUSTED) NOTE: THIS REPORT HAS BEEN PREPARED USING A THIRTEEN MONTH AVERAGE AND END OF PERIOD RATE BASE AND ADJUSTMENTS CONSISTENT WITH DOCKET NO. 1215-EI, ORDER NO. PSC-13-23-S-EI. THIS REPORT DOES NOT NECESSARILY REPRESENT THE OPINION OF THE COMPANY AS TO THE ACTUAL EARNED RATE OF RETURN FOR THE PERIOD COVERED. I AM AWARE THAT SECTION 837.6, FLORIDA STATUES, PROVIDES: WHOEVER KNOWINGLY MAKES A FALSE STATEMENT IN WRITING WITH THE INTENT TO MISLEAD A PUBLIC SERVANT IN THE PERFORMANCE OF HIS OFFICIAL DUTY SHALL BE GUlL TY OF A MISDEMEANOR OF THE SECOND DEGREE, PUNISHABLE AS PROVI9ED ~ S. 77~3, OR S. 775.84. - KIMBERLYOUSDAHL LA-; ~.2-/3-;6 :vice PRESIDENT, CONTROLLER & CHIEF ACCOUNTING OFFICER. (SIGNATURE) (DATE)
AVERAGE RATE OF RETURN RATE BASE DECEMBER, 214 SCHEDULE 2: PAGE 1 OF 3 PLANT IN SERVICE ACCUMULATED DEPRECIATION & AMORTIZATION NET CONSTRUCTION PLANT IN PROPERTY HELD WORK IN SERVICE FOR FUTURE USE PROGRESS NET WORKING NUCLEAR FUEL UTILITY PLANT CAPITAL RATE BASE SYSTEM PER BOOKS 38 273 692 234 13 351163 471 24,922,528,763 243 293 336 1 789142 85 738 676195 27 693 641144 (1,555,416,857) 26,138 224,286 JURISDICTIONAL PER BOOKS 36,621,118,25 11 916 673 299 24 74 444 95 231161 313 1 71 384 492 77176 65 27 344 166 821 (2,177,898,488) 25,166,268 333 FPSC ADJUSTMENTS (1,656,634,2) (323,523,352) (SEE SCHEDULE 2, PAGE 3 OF 3 AND SCHEDULE 2, PAGE 3B OF 3 FPSC ADJUSTED: 34,964,484,5 11,593,149,947 (1,333,11,848) (1,69,288,382) 23,371,334,12 231,161,313 632,96,11 a (2,42,399,23) 2 871,132 356 468,733,125 77,176,65 24,941,767,59 693,233,868 25,635,1,458 PRO FORMA ADJUSTMENTS PRO FORMA ADJUSTMENTS: PRO FORMA ADJUSTED 34,964,484,5 11,593,149,847 23,371,334,12 231,161,313 632,96,11 77,176,65 24,941,767,59 693,233,868 25,635,1,458 NOTE: THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL OF THE PROFORMA ADJUSTMENTS THAT WOULD BE MADE IN A BASE RATE FILING.
AVERAGE RATE OF RETURN INCOME STATEMENT DECEMBER, 214 SCHEDULE 2: PAGE 2 OF 3 REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME INCOME TAXES CURRENT DEFERRED INCOME TAXES (NET) INVESTMENT TAX CREDIT (NET) (GAJN)/LOSS ON DISPOSITION EXPENSES NET INCOME(A) SYSTEM PER BOOKS 11 271 81 67 4 196 784 55 1 637 47262 1 417 91 338 1 168 566181 36 254131 67 612 615 11575 (1,732,353) 9 333199 787 1 937 881 28 JURISDICTIONAL PER BOOKS 1,838,197,783 3 993 831 54 1 586 781 524 1 37 333 37 115351517 293,296,778 581,821,286 111145 (1,714,443) 8 978 975 811 1 859 221 971 FPSC ADJUSTMENTS FRANCHISE REVENUE (465,32,285) FRANCHISE EXPENSE GROSS RECEIPTS TAX (251,42,425) FINANCIAL PLANNING SERVICES INDUSTRY ASSOCIATION DUES ECONOMIC DEVELOPMENT 5% AVIATION- EXPENSES EXECUTIVE COMPENSATION FUEL COST REG RETAIL (3,552,88,627) CONSERVATION COST RECOVERY (166,661,989) CAPACITY COST RECOVERY (563,444, 116) ENVIRONMENTAL COST RECOVERY (211,318,452) OTHER RATE CASE ADJUSTMENTS (1) STORM DEFICIENCY RECOVERY (18,74,888) GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYNCHRONJZA TION (3,57,646,543) (463,424,461) (37,64) (2,1,764) (118,158) (181,18) (3,543,96) (1,51,673) (152,39,666) (57,368,28) (27,33,661) (75,78) 1,479,168 (8,488,39) (44,646,79) (5, 129,919) 2,726,781 (89,448,297) (11,96,63) (453,71,63) (25,688, 186) (2,48,96) (1,627,954) (539,224) (3,258) (174,772,391) 174,772,371 (136,648) 142,752 772,181 45,58 69,828 11,782,312 29,346,467 (5,861,691) (14,691,312) (51,926,371) (1,51,856) (7,152,775) (57,589) 21,228,848 (41,933,611) 4,123,587 15,668,747 148,662 (4,593,12) 371,464 (186,733,21) (278,299,264) (278,299,232) 278,299,232 (25,824,834) (217,591) (227,312) 227,312 (1,229,584) 1,229,584 (72,579) 72,579 (111,19) 111,19 (18,761,594) 18,761,594 (3,532,765,456) (2,43, 171) (163,894,314) (2,767,675) (565,,537) 1,556,421 (128,87,83) (82,448,369) 1,674,925 (1,674,925) (97,351, 149) (11,389,739) 98,579 (98,579) 16,635,836 (16,635,836) FPSC ADJUSTMENTS (5,319,48,782) (3,971,71,4) (278,979,228) (189,985,94) (72,667,951) (18,3,295) (26,585,627) 371,464 (5,24,921,545) (114, 127,238) FPSC ADJUSTED 5,519,149, 22,76,5 1,37,82,297 1 '18,347, 133 432,847,219 275,293,483 555,235,659 1,111,45 (1,342,98) 3,774,54,267 1,745,94,734 PRO FORMA ADJUSTMENTS 21,881,646 (SEE SCHEDULE 2, PAGE 2A OF 3) PRO FORMA SYSTEM PER BOOKS ADJUSTED 5,541,3,646 22,76,5 1,37,82,297 1,18,347,133 15,755 432,862,973 8,434,767 283,728,251 555,235,659 1,111,45 (1,342,98) 8,45,522 13,431,124 3,782,54,789 1,758,525,857 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NO/ BY 5,14,158 AND THE JURISDICTIONAL NO/ BY 48,247,833 (B) ECONOMIC DEVELOPMENT COSTS RELATED TO THE PERIOD ARE: ON A COMPANY BASIS ON A JURISDICTIONAL BASIS 2,44,219 2,363,169 CURRENT MONTH AMOUNT SYSTEM PER BOOKS JURISDICTIONAL PER BOOKS 849,54,121 818,143,747 297,56,838 283,128,891 177,538,52 171,98,317 17,348,224 13,77,84 87,341,653 66,121,83 (279,57, 114) (269,91,825) 344,788,595 332,95,336 236,812 228,724 (46,985) (45,49) 734,396,75 76,946,559 115,144,46 111,197,188 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
AVERAGE RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS DECEMBER, 214 SCHEDULE 2: PAGE 2A OF 3 OPERATION & MAINTENANCE FUEL & REVENUES NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME INCOME TAXES CURRENT DEFERRED INCOME TAXES (NET) INVESTMENT TAX CREDIT (NET) (GAIN)/LOSS ON DISPOSITION EXPENSES NET INCOME (A) WEATHER NORMALIZATION ADJUSTMENT (1) 21,881,646 15.755 8,434,767 8,45,522 13,431.124 PROFORMA ADJUSTMENTS 21,881,646 15,755 8,434,767 8,45,522 13,431,124 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD.
AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS DECEMBER, 214 SCHEDULE 2: PAGE 3 OF 3 RATE BASE ADJUSTMENTS SYSTEM JURISDICTIONAL PLANT IN SERVICE: ENVIRONMENTAL FUEL AND CAPACITY 1 '58,472,612 98,411,325 1,439,89,554 93,71,983 CAPITALIZED EXECUTIVE COMPENSATION 5, 171,,642 5,8,348 LOAD CONTROL 42,376,195 42,376,195 ASSET RETIREMENT OBLIGATION CAPITAL LEASES 2,536,957 58,44,741 1 '733,373,472 19,888,54 56,56,616 1,656,634,2 ACCUMULATED PROVISION FOR DEPRECIATION: ENVIRONMENTAL (122,6,926) (116,395, 148) ACCUM PROV DECOMMISSIONING COSTS (3,678,378,974) (3,497,368,667) ASSET RETIREMENT OBLIGATION 47,857,262 46,346,173 ASSET RETIREMENT OBLIGATION DECOMMISSIONING 3,49,7,511 3,31,429,382 FUEL AND CAPACITY (34, 73,84) (33,57,71) OTHER RATE CASE ADJUSTMENTS (1) 217,979 29,752 LOAD CONTROL CAPITAL LEASES (2,581,837) (4,239,88) (42, 765,633) (2,581,837) (4, 15,936) (323,523,352) CONSTRUCTION WORK IN PROGRESS: CONSTRUCTION WORK IN PROGRESS 1,65,71,669 1,11,84,691 CWIP- CAPACITY & ECRC PROJECTS 6,283,45 1,125,355,119 57,483,691 1,69,288,382 NUCLEAR FUEL: NUCLEAR FUEL IN PROCESS NUCLEAR FUEL CAPITAL LEASES WORKING CAPITAL: (SEE SCHEDULE 2, PAGE 3B OF 3) (2,98,74,61) (2,871 '132,356) ADJUSTMENTS (524,741,14) (468,733, 125) NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI.
AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS INCOME STATEMENT DECEMBER, 214 SCHEDULE 2: PAGE 3A OF 3 REVENUES OPERATION & MAINTENANCE TAXES OTHER FUEL& DEPRECIATION & THAN NET INTERCHANGE OTHER AMORTIZATION INCOME --- DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES INCOME TAXES TAX CREDIT ON CURRENT (NET) (NET) DISPOSITION EXPENSES INCOME(A) -- SYSTEM PER BOOKS 11 271 81 67 4196 784 55 1 637 472 62 1 417 91 338 1 168 566181 36,254131 67 612,615 1 15 75 (1,732,353) 9,333,199,787 1,937,881,28 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE (465,32,285) (11,96,63) (453,71,63) (174,772,391) (186,733,21) (278,299,264) 174,772,371 (278,299,232) 278,299,232 GROSS RECEIPTS TAX FINANCIAL PLANNING SERVICES (251,42,425) (25,688, 186) (382,129) (136,648) (25,824,834) (217,591) 147,46 (234,723) 234,723 INDUSTRY ASSOCIATION DUES (2,67,31) 797,357 (1,269,673) 1,269,673 ECONOMIC DEVELOPMENT 5% (122,11) 47,66 (74,945) 74,945 AVIATION- EXPENSES (186,92) 72,14 (114,815) 114,815 EXECUTIVE COMPENSATION ADVERTISING EXPENSES FUEL COST REC RETAIL (3, 733,551,351) (31,539,772) (3,687,373,967) (1,552,238) (2,48,965) 12,166,467 (19,373,35) 19,373,35 29,288,55 (42,73,918) (3, 713, 192,537) (2,358,813) CONSERVATION COST RECOVERY (166,661,989) (152,39,866) (8,488,39) (1,627,954) (5,861,691) 4,123,587 (163,894,314) (2, 767,675) CAPACITY COST RECOVERY (563,668,32) (485,636,72) (6,316,231) (44,846,79) (546,19) (5,69,564) 15,668,747 (58,545,956) 16,877,636 ENVIRONMENTAL COST RECOVERY (211,318,452) (28,337,4) (52,546,84) (37,398) (5,495,42) 148,662 389,373 (131, 148,663) (8, 169, 789) OTHER RATE CASE ADJUSTMENTS (1) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) (18,74,888) 2,833,728 (772,527) (89,448,297) (1,93,111) 1,74,617 (1,74,617) (7,144,115) (97,364,939) (11,375,95) INTEREST TAX DEFICIENCIES 1,527,395 (589,193) 938,23 (938,23) INTEREST SYNCHRONIZATION 21,462,879 (4,742,764) 16,72,115 (16,72,115) FPSC ADJUSTMENTS (5,5,15,71) (4, 173,1,687) (284, 788,368) (192,295,879) (72,682,845) (6,47,93) (26,875,687) 389,373 (5,43,672,23) (96,343,688) FPSC ADJUSTED 5, 771,65,357 23,773,864 ~!384.252 1,224,795,459 ~3,336 299,846,21 58,736,928 1 15 75 (1,342,98) 3,929,527 764 1,841,537,592 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 2, PAGE 3C OF 3) 21,881,646 15,755 8,434,767 8,45,522 13,431,124 PRO FORMA SYSTEM PER BOOKS ADJUSTED 5,792,947,2 23,773,664 1,352,684,252 1,224,795,459 447,899,91 38,28,968 58,736,928 1,15,75 (1,342,98) 3,937,978,287 1,854,968,716 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY 5,14,158 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS DECEMBER, 214 SCHEDULE 2: PAGE 3B OF 3 WORKING CAPITAL ADJUSTMENTS SYSTEM JURISDICTIONAL ADJUSTMENTS TO ASSETS PER BOOKS: ACCOUNTS RECEIVABLE - ASSOC COS 23,276,24 22,519,795 INTEREST & DIVIDENDS RECEIVABLE 53,534 51,794 ACCTS RECEIVABLE- TAX REFUND NET UNDERRECOVERED FUEL, CAPACITY,ECCR, ECRC 238,28,721 237,33,557 CASH CAPITAL SUB ACCOUNT POLE ATTACHMENTS RENTS RECEIVABLE 15,163,368 14,67,58 PREPAYMENTS-ECCR 52,286,716 52,286,716 PREPAYMENTS -INTEREST ON COMMERCIAL PAPER 2,579,728 2,482,367 RATE CASE EXPENSE 15,434 15,434 TEMPORARY CASH INVESTMENTS 1,59,692 1,25,254 ASSET RETIREMENT OBLIGATION STORM DEFICIENCY RECOVERY 535,164,544 535,164,544 NUCLEAR COST RECOVERY 7,361,534 7,361,534 JOBBING ACCOUNTS 16,633,85 16,93,229 MISC. DEFFERED DEBIT - CLAUSES 98,186 865,14 ADJUSTMENTS TO ASSETS PER BOOKS 892,531,51 889,569,97 ADJUSTMENTS TO LIABILITIES PER BOOKS: ACCOUNTS PAYABLE -ASSOC COS ACCUM DEFERRED RETIREMENT BENEFITS (215,697) (28,886) ACCUM. PROV.- PROPERTY & STORM INSURANCE (121,542,789) (121,542,789) ACCUM. PROV.- RATE REFUNDS (441,241) (439,956) GAIN ON SALE OF EMISSION ALLOWANCE (454,228) (433,336) JOBBING ACCOUNTS (14,165,818) (13,75,448) PAYABLE TO NUCLEAR DECOMMISSIONING FUND LEHMAN HEDGE POLE ATTACHMENT RENTS PAYABLE (7,663,83) (7,414,44) PREFERRED STOCK DIVIDENDS ACCRUED SJRPP ACCELERATED RECOVERY (41,66,165) (39,611,933) STORM DEFICIENCY RECOVERY ASSET RETIREMENT OBLIGATION (3,477,464,73) (3,367,664,59) MARGIN CALL CASH COLLATERAL NUCLEAR COST RECOVERY (29,681,812) (29,681,812) TRANSMISSION RELIABILITY ENHANCEMENT ADJUSTMENTS TO LIABILITIES PER BOOKS (3,873,235,562) (3,76,72,263) NET ADJUSTMENTS TO WORKING CAPITAL PER BOOKS {2,98,74,61) {2,871,132,356)
AVERAGE RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS DECEMBER, 214 SCHEDULE 2: PAGE 3C OF 3 OPERATION & MAINTENANCE FUEL & REVENUES NET INTERCHANGE OTHER TAXES OTHER DEFERRED DEPRECIATION & THAN INCOME TAXES INCOME TAXES AMORTIZATION INCOME CURRENT ~ INVESTMENT TAX CREDIT (NET) (GAIN)/LOSS ON DISPOSITION EXPENSES NET INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1) 21,881,646 15,755 8,434,767 8,45,522 13,431,124 PROFORMA ADJUSTMENTS 21,881,646 15,755 8,434,767 8,45,522 13,431,124 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD.
YEAR END RATE OF RETURN RATE BASE DECEMBER, 214 SCHEDULE 3: PAGE 1 OF 3 PLANT IN SERVICE ACCUMULATED DEPRECIATION & AMORTIZATION NET CONSTRUCTION PLANT IN PROPERTY HELD WORK IN SERVICE FOR FUTURE USE PROGRESS NET WORKING NUCLEAR FUEL UTILITY PLANT CAPITAL RATE BASE SYSTEM PER BOOKS 39,14,529,666 13 374 733 426 25 765 796 24 236 244 526 1 911 312 272 716 281 53 28 629 634 569 (1,555 416,857) 2774217711 JURISDICTIONAL PER BOOKS 37 452 266 75 12,23 673 263 25,428,593 442 224 426,889 1817398538 685 736 399 28,156,155,269 (2, 177,898,488) 25 978 256 781 FPSC ADJUSTMENTS (1,664112,363) (351,496,86) (SEE SCHEDULE 3, PAGE 3 OF 3 AND SCHEDULE 2, PAGE 3B OF 3) FPSC ADJUSTED: 35,788,154,342 11,672,176,43 (1,312,615 53) (1,64, 7,59) 24,115,977,939 224,426,889 752,698,48 (2,377,315,562) 2 871 132 356 493,816,794 685,736,399 25,778,839,77 693,233,668 26,472,73,575 PRO FORMA ADJUSTMENTS PRO FORMA ADJUSTMENTS: PRO FORMA ADJUSTED 35,788,154,342 11,672,176,43 24,115,977,939 224,426,889 752,698,48 685,736,399 25,778,839,77 693,233,868 26,472,73,575
YEAR END RATE OF RETURN INCOME STATEMENT DECEMBER, 214 SCHEDULE 3 PAGE 2 OF 3 REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER TAXES OTHER DEPRECIATION & THAN INCOME TAXES AMORTIZATION INCOME CURRENT DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES TAX CREDIT ON (NET) (NET) DISPOSITION EXPENSES INCOME(A) SYSTEM PER BOOKS 11 271 81 67 4 196 784 55 1 637 472 62 1 417 91 338 1 168 566181 36 254 131 67 612 615 1 15 75 (1 '732,353) 9 333 199 787 1 937 881 28 JURISDICTIONAL PER BOOKS 1838197783 3,993,831,54 1,586,781,524 1,37,333,37 1,153,515,17 293,296,778 581,821,286 1,111,45 (1,714,443) 8,978,975,811 1,859,221,971 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE GROSS RECEIPTS TAX FINANCIAL PLANNING SERVICES INDUSTRY ASSOCIATION DUES ECONOMIC DEVELOPMENT 5% AVIATION- EXPENSES EXECUTIVE COMPENSATION FUEL COST REG RETAIL CONSERVATION COST RECOVERY CAPACITY COST RECOVERY ENVIRONMENTAL COST RECOVERY OTHER RATE CASE ADJUSTMENTS (1) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYNCHRONIZATION (465,32,285) (251,42,425) (3,552,88,627) (166,661,989) (563,444, 116) (211,318,452) (18,74,888) (37,84) (2,1,784) (118,158) (181,18) (3,543,96) (3,57,646,543) (1,51,673) (152,39,866) (463,424,461) (57,368,28) (27,33,661) (75,78) 1,479,168 (11,96,63) (174,772,391) (453,71,63) 174,772,371 (25,688, 186) (136,648) 142,752 772,181 45,58 69,828 11,782,312 (2,48,96) 29,346,467 (8,488,39) (1,627,954) (5,861,691) (44,646,79) (539,224) (14,691,312) (5, 129,919) (3,258) (51,926,371) 2,726,781 (1,51,856) (89,448,297) (7,152,775) (57,589) 17,75,364 (186,733,21) (278,299,264) (278,299,232) 278,299,232 (25,824,834) (217,591) (227,312) 227,312 (1,229,584) 1,229,584 (72,579) 72,579 (111,19) 111,19 (18,761,594) 18,761,594 (41,933,611) (3,532, 765,456) (2,43,171) 4,123,587 (163,894,314) (2,767,675) 15,668,747 (565,,537) 1,556,421 148,662 371,464 (128,87,83) (82,448,369) 1,674,925 (1,674,925) (97,351,149) (11,389,739) 98,579 (98,579) (4,593,12) 13,112,352 (13,112,352) FPSC ADJUSTMENTS (5,319,48,782) (3,971,71,4) (278,979,228) (189,985,94) (72,667,951) (21,526,779) (26,585,627) 371,464 (5,28,445,29) (11,63,754) FPSC ADJUSTED 5,519,149, 22,76,5 1,37,82,297 1,18,347,133 432,847,219 271,769,999 555,235,659 1,111,45 (1,342,98) 3,77,53,782 1,748,618,218 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 2, PAGE 2A OF 3) 21,881,646 15,755 8,434,767 8,45,522 13,431,124 PRO FORMA SYSTEM PER BOOKS ADJUSTED 5,541,3,646 22,76,5 1,37,82,297 1,18,347,133 432,862,973 28,24,767 555,235,659 1,111,45 (1,342,98) 3,778,981,35 1,762,49,341 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY AND THE JURISDICTIONAL NOI BY 5,14,158 48,247,833 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
YEAR END RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS DECEMBER, 214 SCHEDULE 3: PAGE 2A OF 3 OPERATION & MAINTENANCE FUEL& REVENUES NET INTERCHANGE OTHER TAXES OTHER DEPRECIATION & THAN INCOME TAXES AMORTIZATION INCOME CURRENT DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES TAX CREDIT ON {NET) it:!ill DISPOSITION EXPENSES INCOME (A) WEATHER NORMALIZATION ADJUSTMENT (1) 21,881,646 --- PROFORMA ADJUSTMENTS 21,881,646 15,755 8,434,767 15,755 8,434,767 8,45,522 13,431,124 8,45,522 13,431,124 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD
YEAR END RATE OF RETURN SYSTEM ADJUSTMENTS DECEMBER, 214 SCHEDULE 3: PAGE 3 OF 3 RATE BASE ADJUSTMENTS SYSTEM JURISDICTIONAL PLANT IN SERVICE: ENVIRONMENTAL 1,581,759,56 1,59,5,146 FUEL AND CAPACITY 28,198,285 26,863,335 CAPITALIZED EXECUTIVE COMPENSATION 7,143,232 6,917,685 LOAD CONTROL 44,392,21 44,392,21 ASSET RETIREMENT OBLIGATION CAPITAL LEASES 21,37,631 58,44,741 1,74,935,156 2,373,37 56,56,616 1,664,112,363 ACCUMULATED PROVISION FOR DEPRECIATION: ENVIRONMENTAL (148,171,586) (141,356,349) ACCUM PROV DECOMMISSIONING COSTS (3,822,237,282) (3,634, 147,814) ASSET RETIREMENT OBLIGATION 48,438,685 46,99,238 ASSET RETIREMENT OBLIGATION DECOMMISSIONING 3,542,66,739 3,43,749,215 AVIATION- RESERVE FUEL AND CAPACITY (33,51,444) (31,912,37) OTHER RATE CASE ADJUSTMENTS (1) 2,833,728 2,726,781 LOAD CONTROL CAPITAL LEASES (19,761,498) (4,857,5) (434,65, 157) (19,761,498) (4,74,125) (351,496,86) CONSTRUCTION WORK IN PROGRESS: CONSTRUCTION WORK IN PROGRESS 1,86,494,239 1,31,527,946 CWIP- CAPACITY & ECRC PROJECTS 34,842,8 1 '121,336,246 33,172,113 1,64,7,59 NUCLEAR FUEL: NUCLEAR FUEL IN PROCESS NUCLEAR FUEL CAPITAL LEASES WORKING CAPITAL: (SEE SCHEDULE 2, PAGE 3B OF 3) (2,98,74,61) (2,871 '132,356) ADJUSTMENTS (553,82,817) (493,816,794) NOTE: {1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI.
YEAR END RATE OF RETURN SYSTEM ADJUSTMENTS INCOME STATEMENT DECEMBER, 214 REVENUES OPERATION & MAINTENANCE FUEL & NET INTERCHANGE OTHER SCHEDULE 3: PAGE 3A OF 3 TAXES OTHER DEFERRED INVESTMENT (GAIN)/LOSS NET DEPRECIATION & THAN INCOME TAXES INCOME TAXES TAX CREDIT ON AMORTIZATION INCOME CURRENT (NET) (NET) DISPOSITION EXPENSES INCOME(A) ---- SYSTEM PER BOOKS 11,271,81,67 4196 784 55 1,637,472,62 1 417 91 338 1168 566181 36 254 131 67 612 615 1 15 75 (1,732,353) 9 333 199 787 1 937 881 28 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE (465,32,285) (11,96,63) (174,772,391) (453,71,63) 174, 772,371 (186, 733,21) (278,299,264) (278,299,232) 278,299,232 GROSS RECEIPTS TAX (251,42,425) (25,688, 186) (136,648) (25,824,834) (217,591) FINANCIAL PLANNING SERVICES (382,129) 147,46 (234,723) 234,723 INDUSTRY ASSOCIATION DUES (2,67,31) 797,357 (1,269,673) 1,269,673 ECONOMIC DEVELOPMENT 5% (122,11) 47,66 (74,945) 74,945 AVIATION- EXPENSES EXECUTIVE COMPENSATION (186,92) (31,539, 772) 72,14 12,166,467 (114,815) 114,815 (19,373,35) 19,373,35 FUEL COST REC RETAIL (3,733,551,351) (3,687,373,967) (1,552,238) (2,48,965) 29,288,55 (42,73,918) (3,713, 192,537) (2,358,813) CONSERVATION COST RECOVERY CAPACITY COST RECOVERY (186,661,989) (563,668,32) (152,39,886) (485,636, 72) (6,316,231) (8,488,39) (1,627,954) (5,861,691) 4,123,587 (44,646,79) (546, 19) (5,69,564) 15,668,747 (163,894,314) (2,767,675) (58,545,956) 16,877,636 ENVIRONMENTAL COST RECOVERY OTHER RATE CASE ADJUSTMENTS (1) (211,318,452) (28,337,4) (52,546,84) (37,398) (5,495,42) 148,662 2,833,728 (1,93,111) 389,373 (131,148,663) (8,169,789) 1,74,617 (1,74,617) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYNCHRONIZATION (18,74,888) (772,527) 1,527,395 (89,448,297) (7,144,115) (589,193) 17,278,4 (4,742,764) (97,364,939) (11,375,95) 938,23 (938,23) 12,535,24 (12,535,24) FPSC ADJUSTMENTS (5,5,15,71) (4, 173,1,687) (284, 788,368) (192,295,879) (72,682,845) (1,592,86) (26,875,687) 389,373 (5,47,856,898) (92,158,812) FPSC ADJUSTED 5,771,65,357 23,773,864 1,352,684,252 1,224, 795,459 447,883,336 295,661,325 58,736,928 1,15,75 (1,342,98) 3,925,342,889 1,845,722,467 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 3, PAGE 3B OF 3) 21,881,646 15,755 8,434,767 8,45,522 13,431,124 PRO FORMA SYSTEM PER BOOKS ADJUSTED 5,792,947,2 23,773,864 1,352,664,252 1,224,795,459 447,899,91 34,96,93 58,736,928 1,15,75 (1,342,98) 3,933,793,411 1,859,153,591 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY 5,14,158 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION/DISMANTLEMENT RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER ORDER NO. PSC-13-23-S-EI. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
YEAR END RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS DECEMBER, 214 SCHEDULE 3: PAGE 3B OF 3 OPERATION & MAINTENANCE FUEL& REVENUES NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES INCOME TAXES TAX CREDIT ON CURRENT (NET) (NET) DISPOSITION EXPENSES INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1) 21,881,646 PROFORMA ADJUSTMENTS 21,881,646 15,755 15,755 8,434,767 8,45,522 13,431,124 8,434,767 8,45,522 13,431,124 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD
CAPITAL STRUCTURE FPSC ADJUSTED BASIS DECEMBER, 214 SCHEDULE 4: PAGE 1 OF 2 LOWPOINT MIDPOINT HIGH POINT COST WEIGHTED COST WEIGHTED COST WEIGHTED SYSTEM RETAIL ADJUSTMENTS ADJUSTED RATIO RATE COST RATE COST RATE COST AVERAGE PER BOOKS PER BOOKS PRO RATA SPECIFIC RETAIL (%) (%) (%) (%) (%) (%) (%) _1 2 3 4 5 6 7 8 9 1 11 1_2_ LONG TERM DEBT 7,956,7,116 7,662,979,194 347,126,147 (383,397,961) 7,626,77,381 29.75% 4.79% 1.42% 4.79% 1.42% 4.79% 1.42% SHORT TERM DEBT 279,435,134 268,686,314 12,812,282 281,498,595 1.1% 2.25%.2% 2.25%.2% 2.25%.2% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 11,783,115,76 11,329,863,489 54,263,476 11,87,126,965 46.3% 9.5% 4.4% 1.5% 4.86% 11.5% 5.33% CUSTOMER DEPOSITS 396,422,775 396,71,864 18,917,12 415,627,984 1.62% 2.4%.3% 2.4%.3% 2.4%.3% DEFERRED INCOME TAX 5,559,383,848 5,351,691,846 247,562,834 (16,52,524) 5,439,22,156 21.22%.%.%.%.%.%.% INVESTMENT TAX CREDITS (1) 163,859,76 156,336,626 83,673 (154,581,922) 1,838,377.1% 7.66%.% 8.26%.% 8.87%.% 26,138,224,286 25,166,268,333 1,166,765,532 (698,32,47) 25,635,1,458 1.% 5.88% 6.34% 6.81% LOW POl!:!!.._ MIDPOINT HIGH POINT COST WEIGHTED COST WEIGHTED COST WEIGHTED SYSTEM RETAIL ADJUSTMENTS ADJUSTED RATIO RATE COST RATE COST RATE COST YEAR END PER BOOKS PER BOOKS PRO RATA SPECIFIC RETAIL (%) (%) (%) (%) (%) (%) (%) _1 2 3 4 5 6 7 8 9 1 11 1_2_ LONG TERM DEBT 8,23,872,238 7,9,726,559 353,328,769 (382, 799, 772) 7,871,255,556 29.73% 4.77% 1.42% 4.77% 1.42% 4.77% 1.42% SHORT TERM DEBT 997,119,797 955,37,249 44,9,649 1,,27,898 3.78%.44%.2%.44%.2%.44%.2% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 11,471,953,41 1,991,621,86 516,586,3 11,58,27,116 43.47% 9.5% 4.13% 1.5% 4.56% 11.5% 5.% CUSTOMER DEPOSITS 399,53,224 399,775,48 18,788,714 418,564,195 1.58% 2.14%.3% 2.14%.3% 2.14%.3% DEFERRED INCOME TAX 5,814,974,899 5,578,272,191 254,646,386 (16,52,524) 5,672,866,53 21.43%.%.%.%.%.%.% INVESTMENT TAX CREDITS (1) 159,767,144 152,491,217 4,838 (151,622,297) 99,758.% 7.58%.% 8.17%.% 8.77%.% 27,74,217,711 25,978,256,781 1,188,291,387 (694,474,593) 26,472,73,575 1.% 5.6% 6.3% 6.47% NOTE: (1) INVESTMENT TAX CREDITS COST RATES ARE BASED ON THE WEIGHTED AVERAGE COST OF LONG TERM DEBT, PREFERRED STOCK AND COMMON EQUITY. (2) COLUMNS MAY NOT FOOT DUE TO ROUNDING.
CAPITAL STRUCTURE PROFORMA ADJUSTED BASIS DECEMBER, 214 SCHEDULE 4: PAGE 2 OF 2 LOWPOINT MIDPOINT HIGH POINT COST WEIGHTED COST WEIGHTED COST WEIGHTED FPSC PRO-FORMA PRO-FORMA RATIO RATE COST RATE COST RATE COST AVERAGE ADJUSTED ADJUSTMENTS ADJUSTED (%) (%) (%) (%) (%) (%) (%) 1 2 3 4 5 6 7 8 9 1 LONG TERM DEBT 7,626,77,381 7,626,77,381 29.75% 4.79% 1.42% 4.79% 1.42% 4.79% 1.42% SHORT TERM DEBT 281,498,595 281,498,595 1.1% 2.25%.2% 2.25%.2% 2.25%.2% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 11,87,126,965 11,87,126,965 46.3% 9.5% 4.4% 1.5% 4.86% 11.5% 5.33% CUSTOMER DEPOSITS 415,627,984 415,627,984 1.62% 2.4%.3% 2.4%.3% 2.4%.3% DEFERRED INCOME TAX 5,439,22,156 5,439,22,156 21.22%.%.%.%.%.%.% INVESTMENT TAX CREDITS (1) 1,838,377 1,838,377.1% 7.66%.% 8.26%.% 8.87%.% 25,635,1,458 25,635,1,458 1.% 5.88% 6.34% 6.81% LOWPOINT MIDPOINT HIGH POINT COST WEIGHTED COST WEIGHTED COST WEIGHTED FPSC PRO-FORMA PRO-FORMA RATIO RATE COST RATE COST RATE COST YEAR END ADJUSTED ADJUSTMENTS ADJUSTED (%) (%) (%) (%) (%) (%) (%) 1 2 3 4 5 6 7 8 9 1 LONG TERM DEBT 7,871,255,556 7,871,255,556 29.73% 4.77% 1.42% 4.77% 1.42% 4.77% 1.42% SHORT TERM DEBT 1,,27,898 1,,27,898 3.78%.44%.2%.44%.2%.44%.2% PREFERRED STOCK -.%.%.%.%.%.%.% COMMON EQUITY 11,58,27,116 11,58,27,116 43.47% 9.5% 4.13% 1.5% 4.56% 11.5% 5.% CUSTOMER DEPOSITS 418,564,195 418,564,195 1.58% 2.14%.3% 2.14%.3% 2.14%.3% DEFERRED INCOME TAX 5,672,866,53 5,672,866,53 21.43%.%.%.%.%.%.% INVESTMENT TAX CREDITS (1) 99,758 99,758.% 7.58%.% 8.17%.% 8.77%.% 26,472,73,575-26,472,73,575 1.% 5.6% 6.3% 6.47% NOTE: (1) INVESTMENT TAX CREDITS COST RATES ARE BASED ON THE WEIGHTED AVERAGE COST OF LONG TERM DEBT, PREFERRED STOCK AND COMMON EQUITY. (2) COLUMNS MAY NOT FOOT DUE TO ROUNDING.
DECEMBER, 214 SCHEDULE 5: PAGE 1 OF 2 A. TIMES INTEREST EARNED WITH AFUDC D. PERCENT INTERNALLY GENERATED FUNDS EARNINGS BEFORE INTEREST CHARGES ALLOWANCE FOR BORROWED FUNDS DURING CONSTRUCTION INCOME TAXES INTEREST CHARGES EXCLUDING DEBT AFUDC TIMES INTEREST EARNED WITH AFUDC 1,953,376,83 14,37,115 99,662,877 2,877,49,821 45~872 6.38 NET INCOME PREFERRED DIVIDENDS DECLARED COMMON DIVIDENDS AFUDC (DEBT & OTHER) DEPRECIATION AND AMORTIZATION EXPENSE DEFERRED INCOME TAXES INVESTMENT TAX CREDITS OTHER SOURCE/USES OF FUNDS INTERNALLY GENERA TED FUNDS 1,517,69,72 (1,55,,) (5,14,158) 1,42,619,97 595,719,922 1,15,75 (7,866,17) 1,863,552,621 CONSTRUCTION EXPENDITURES 2,878,33,89 B. TIMES INTEREST EARNED WITHOUT AFUDC PERCENT INTERNALLY GENERATED FUNDS 64.75% EARNINGS BEFORE INTEREST CHARGES ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION INCOME TAXES INTEREST CHARGES EXCLUDING DEBT AFUDC 1,953,376,83 (35,77,43) 99,662,877 2,827,269,663 45,677,872 E. LONG TERM DEBT AS A PERCENT OF INVESTOR CAPITAL TIMES INTEREST EARNED WITHOUT AFUDC 6.27 F. SHORT TERM DEBT AS A PERCENT OF INVESTOR CAPITAL C. PERCENT AFUDC TO NET INCOME AVAILABLE FOR COMMON STOCKHOLDERS ALLOWANCE FOR BORROWED FUNDS DURING CONSTRUCTION X (1 -INCOME_TAX_RATE) SUB ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION 14,37,115.6143 8,826,843 35,77,43 44,596,886 AVERAGE RETAIL AMOUNTS JURIS ADJUSTED LONG TERM DEBT JURIS ADJUSTED SHORT TERM DEBT JURIS ADJUSTED PREFERRED STOCK JURIS ADJUSTED COMMON STOCK LTD TO INVESTOR FUNDS STD TO INVESTOR FUNDS 7,626,77,381 281,498,595 11,87,126,965 19,778,332,942 38.56% 1.42% NET INCOME AVAILABLE FOR COMMON AFUDC AS PERCENT OF NET INCOME 1,517,69,72 2.94% G. FPSC ADJUSTED AVERAGE JURISDICTIONAL RETURN ON COMMON EQUITY FPSC RATE OF RETURN 6.81% FOOTNOTES CLAUSE OVER/UNDER RECOVERY GAINS ON DISPOSITION OF PROPERTY LONG TERM DEBT RETIREMENTS & REDEMPTIONS INCREASE/DECREASE IN DECOMMISSIONING FUNDS (69,127,432) (1,738,584) (7,866,17) LESS: RECONCILED AVG. RETAIL WEIGHTED COST RATES FOR: LONG TERM DEBT SHORT TERM DEBT PREFERRED STOCK CUSTOMER DEPOSITS TAX CREDITS- WTD COST SUB DIVIDED BY COMMON EQUITY RATIO 1.42%.2%.%.3%.% 1.48% 5.33% 46.3% **INCLUDES EXPENDITURES FOR NUCLEAR FUELS OF: JURISDICTIONAL RETURN ON COMMON EQUITY 11.5%
FINANCIAL INTEGRITY INDICATORS DECEMBER, 214 SCHEDULE 5: PAGE 2 OF 2 H. PROFORMA ADJUSTED AVERAGE JURISDICTIONAL RETURN ON COMMON EQUITY PRO FORMA RATE OF RETURN 6.66% LESS: AVERAGE RETAIL WEIGHTED COST RATES FOR: LONG TERM DEBT 1.42% SHORT TERM DEBT.2% PREFERRED STOCK.% CUSTOMER DEPOSITS.3% TAX CREDITS- WTD COST.% SUB 1.48% PRO FORMA ROR LESS NON EQUITY COST 5.36% PRO FORMA COMMON EQUITY RATIO 46.3% PRO FORMA RETURN ON COMMON EQUITY 11.61%
BASIS FOR THE REQUESTED AFUDC RATE FPSC ADJUSTED BASIS DECEMBER, 214 SCHEDULE A: PAGE 1 OF 1 CAPITAL COMPONENTS JURISDICTIONAL AVERAGE CAPITAL RATIO COST OF CAPITAL AFUDC WEIGHTED COMPONENTS LONG TERM DEBT SHORT TERM DEBT PREFERRED STOCK CUSTOMER DEPOSITS COMMON EQUITY DEFERRED INCOME TAX INVESTMENT TAX CREDITS 7,626,77,381 29.75% 281,498,595 1.1%.% 415,627,984 1.62% 11,87,126,965 46.3% 5,439,22,156 21.22% 1,838,377.1% 4.77% 1.42% 2.25%..2%.%.% 2.4%..3% 1.5% 4.86%.%.%.%.% 25,635,1,458 1.% 6.34% 13-MONTH AVERAGE NOTE: EFFECTIVE JANUARY 1, 214 THE COMMISSION APPROVED AFUDC RATE IS 6.34%
BASIS FOR THE REQUESTED AFUDC RATE FPSC ADJUSTED BASIS DECEMBER, 214 SCHEDULE B: PAGE 1 OF 3 AVERAGE SYSTEM RETAIL COMMISSION ADJUSTED PER BOOKS PER BOOKS ADJUSTMENTS * RETAIL LONG TERM DEBT SHORT TERM DEBT 7,956,7,116 7,662,979,194 (36,271,813) 7,626,77,381 279,435,134 268,686,314 12,812,282 281,498,595 PREFERRED STOCK COMMON EQUITY CUSTOMER DEPOSITS DEFERRED INCOME TAX INVESTMENT TAX CREDITS 11,783,115,76 11,329,863,489 54,263,476 11,87,126,965 396,422,775 396,71,864 18,917,12 415,627,984 5,559,383,848 5,351,691,846 87,51,39 5,439,22,156 163,859,76 156,336,626 (154,498,249) 1,838,377 26,138,224,286 25,166,268,333 468,733,125 25,635,1,458 *FOR ADJUSTMENT DETAILS, SEE SCHEDULE B, PAGES 2 AND 3
AVERAGE RATE OF RETURN DECEMBER, 214 SCHEDULE B: PAGE 2 OF 3 RATE BASE ADJUSTMENTS JURISDICTIONAL PLANT IN SERVICE: ENVIRONMENTAL FUEL AND CAPACITY CAPITALIZED EXECUTIVE COMPENSATION LOAD CONTROL ASSET RETIREMENT OBLIGATION CAPITAL LEASES 1,439,89,554 93,71,983 5,8,348 42,376,195 19,888,54 56,56,616 1 '656, 634,2 ACCUMULATED PROVISION FOR DEPRECIATION: ENVIRONMENTAL ACCUM PROV DECOMMISSIONING COSTS ASSET RETIREMENT OBLIGATION ASSET RETIREMENT OBLIGATION DECOMMISSIONING AVIATION- RESERVE FUEL AND CAPACITY OTHER RATE CASE ADJUSTMENTS LOAD CONTROL CAPITAL LEASES (116,395, 148) (3,497,368,667) 46,346,173 3,31,429,382 (33,57,71) 29,752 (2,581,837) (4, 15,936) (323,523,352) CONSTRUCTION WORK IN PROGRESS: CONSTRUCTION WORK IN PROGRESS CWIP - ECRC PROJECTS 1,11,84,691 57,483,691 1,69,288,382 NUCLEAR FUEL: NUCLEAR FUEL IN PROCESS NUCLEAR FUEL CAPITAL LEASES WORKING CAPITAL: (SEE SCHEDULE B, PAGE 3 OF 3) (2,871 '132,356) ADJUSTMENTS (468,733,125)
AVERAGE RATE OF RETURN DECEMBER, 214 SCHEDULE B: PAGE 3 OF 3 WORKING CAPITAL ADJUSTMENTS ADJUSTMENTS TO ASSETS PER BOOKS: ACCOUNTS RECEIVABLE - ASSOC COS INTEREST & DIVIDENDS RECEIVABLE ACCTS RECEIVABLE- TAX REFUND NET UNDERRECOVERED FUEL, CAPACITY,ECCR, ECRC CASH CAPITAL SUB ACCOUNT POLE ATTACHMENTS RENTS RECEIVABLE PREPAYMENTS-ECCR PREPAYMENTS -INTEREST ON COMMERCIAL PAPER RATE CASE EXPENSE TEMPORARY CASH INVESTMENTS ASSET RETIREMENT OBLIGATION STORM DEFICIENCY RECOVERY NUCLEAR COST RECOVERY JOBBING ACCOUNTS MISC. DEFFERED DEBIT - CLAUSES ADJUSTMENTS TO ASSETS PER BOOKS ADJUSTMENTS TO LIABILITIES PER BOOKS: ACCOUNTS PAYABLE -ASSOC COS ACCUM DEFERRED RETIREMENT BENEFITS ACCUM. PROV. - PROPERTY & STORM INSURANCE ACCUM. PROV. -RATE REFUNDS GAIN ON SALE OF EMISSION ALLOWANCE JOBBING ACCOUNTS PAYABLE TO NUCLEAR DECOMMISSIONING FUND LEHMAN HEDGE POLE ATTACHMENT RENTS PAYABLE PREFERRED STOCK DIVIDENDS ACCRUED SJRPP ACCELERATED RECOVERY ASSET RETIREMENT OBLIGATION MARGIN CALL CASH COLLATERAL STORM DEFICIENCY RECOVERY NUCLEAR COST RECOVERY TRANSMISSION RELIABILITY ENHANCEMENT ADJUSTMENTS TO LIABILITIES PER BOOKS JURISDICTIONAL 22,519,795 51,794 237,33,557 14,67,58 52,286,716 2,482,367 15,434 1,25,254 535,164,544 7,361,534 16,93,229 865,14 889,569,97 (28,886) (121,542,789) (439,956) (433,336) (13,75,448) (7,414,44) (39,611,933) (3,367,664,59) (29,681,812) (3,76,72,263) NET ADJUSTMENTS TO WORKING CAPITAL PER BOOKS {2,871 '132,356)
METHODOLOGY FOR MONTHLY COMPOUNDING OF THE AFUDC RATE DECEMBER, 214 SCHEDULE C: PAGE 1 OF 1 AFUDC COMPOUNDING ((1+R/12)**12)-1 = APPROVED RATE ((1+R/12)**12)-1 = ((1+R/12)**12) = (1+RI12) = (R/12) = 6.34% 1.634 1.513575.513575 AFUDC MONTHLY CUMULATIVE MONTHS BASE AFUDC AFUDC JAN 1..513575.513575 FEB 1.513575.516213.129788 MAR 1.129788.518864.1548652 APR 1.1548652.521529.27181 MAY 1.27181.52427.2594388 JUN 1.2594388.526899.3121288 JUL 1.3121288.52965.365893 AUG 1.365893.532325.4183219 SEP 1.4183219.53559.4718278 OCT 1.4718278.53787.525685 NOV 1.525685.54569.5796654 DEC 1.5796654.543346.634
SUPPLEMENTAL EARNINGS SURVEILLANCE INFORMATION COMMERCIAUINDUSTRIAL SERVICE RIDER DECEMBER, 214 SCHEDULE D: PAGE 1 OF 1 IN COMPLIANCE WITH FPSC DOCKET# 1448, ORDER NO. PSC-14-197-PAA-EI, FLORIDA POWER & LIGHT COMPANY DID NOT HAVE ANY EXISTING NOR PROSPECTIVE COMMERCIAUINDUSTRIAL SERVICE RIDER TARIFF CUSTOMERS FOR THE YEAR ENDED DECEMBER 31, 214.