G-56-95 SIXTH FLOOR, 900 HOWE STREET, BOX 250 TELEPHONE: (604) 660-4700 VANCOUVER, B.C. V6Z 2N3 BC TOLL FREE: 1-800-663-1385 CANADA FACSIMILE: (604) 660-1102 AN ORDER IN THE MATIER OF the Utilities Commission Act, S.B.C. 1980, c. 60, as amended and and Power Company, Limited for Approval of General Rate Increases for Fiscal 1995/96 and 1996/97 BEFORE: M.K. Jaccard, Chairperson; and ) L.R. Barr, Deputy Chairperson ) June 30, 1995 ORDER WHEREAS: A. On May 19, 1995 Princeton Light and Power Company, Limited ("PLP") applied, pursuant to Section 67 of the Utilities Commission Act ("the Act"), for an order approving a general rate increase to its current rate schedules, Electric Tariff No.4 of 7.5 percent on July 1, 1995 and 4.82 percent on July 1, 1996; and B. On June 18, and June 21, 1995 PLP provided additional information to the Commission in support of the application; and C. The Commission has reviewed the Application and supporting material and finds that certain adjustments are necessary and in the public interest, as set out in the Reasons for Decision attached as Appendix A to this Order. NOW THEREFORE the Commission orders as follows: 1. The Rate Base and Revenue Requirements for the test year ending March 31, 1996 are set out in the Schedules and Notes attached as Appendix B to this Order. 2. Pursuant to Section 67 of the Act, the Commission approves a general revenue requirement increase of 4.52 percent effective July 1, 1995. The request for a general revenue requirement increase of 4.82 percent for July 1, 1996 is denied at this time.
2 G-56-95 3. As set out in the Reasons for Decision, PLP's Return on Equity ("ROE") for fiscal 1995/96 is approved at 12.0 percent. The Commission advises PLP that the ROE for future years will be determined by a decision and formula on what the appropriate premiums will be over a low-risk 4. The Commission will accept, subject to timely filing, amended Electric Tariff rate schedules that conform to the increase approved effective July 1, 1995. 5. PLP will provide all customers with an appropriate notice of explanation of the increase and its effects on monthly electricity bills by way of a bill stuffer and will publish a notice in the Community newspaper. DATED at the City of Vancouver, in the Province of British Columbia, this day of July, 1995. BY ORDER Dr. Mark K. 3ac:cm-d Chairperson Attachments Orders/PLP-General Rate lners.
Appendix A to Order No. G-56-95 Page 1 of 1 REASONS FOR DECISION The Application was for a period covering two fiscal years, 1995/96 and 1996/97. The Commission fully supports two or three year applications; however, in the case of the current application, did not have confidence in the forecast for the second year, 1996/97. In particular, the application lacked evidence of what the Commission would consider proper planning concerning capital expenditures and forecasts of customer growth. In addition, there appeared to be no consideration given to the potential of improvements in productivity over the two year period. The Commission would expect to see, prior to the next multi-year application, support that the above concerns have been adequately dealt with. As a consequence of the above omissions in the Application, the Commission is only prepared to award a rate increase as at 1, 1995. The Commission finds that the requested Return on Common Equity ("ROE") for 1995/96 is not adequately supported. Recognizing the evolvement of the ROE mechanism for regulated utilities in the Commission's June 10, 1994 generic ROE Decision, the Commission determines that the appropriate return for fiscal 1995/96 should be 12.0 percent. This includes a premium over the low risk utility return of .75 percent, based on the mechanism of establishing a forecast long term Canada bond rate plus 3 percent, averaged to the nearest quarter percent. The Commission has provided the .75 percent premium based on the similarities in load profile between PLP and Pacific Northern Gas ("PNG"). Next year, the Commission will want PNG to provide details on the appropriate risk premium above long Canada's recognizing that PNG has an awarded premium of .75 percent while West Kootenay Power ("WKP") has a premium of .25 percent over the low risk utility rate. The Commission noted that the utility currently pays for the electricity used by its employees. The Commission has recently reviewed a similar issue concerning Employee Rate Schedule 9 in West Kootenay Power Ltd.'s last revenue requirements application. The Commission's Decision of June 17, 1994 ordered the elimination of the preferential Tariff. The Commission continues to believe that such policies are inappropriate for ratepayers to support and as a result, determines that PLP is to phase out its payment of employee electrical use by the end of the current fiscal year, March 31, 1996. The resulting increased revenues should be used to pay the compensation which employees will expect for the loss of the preferential rate. The Commission reviewed the Management agreement between PLP and Halco Management Ltd.("Halco") and noted the provisions in the contract concerning payment of a performance bonus to Halco in the event that certain financial criteria were reached. There was no bonus paid to Halco in 1994/95 nor forecast to be paid in 1995/96; however, the Commission views the bonus as being rewarded by the shareholders. Consequently, the Commission would not expect the bonus expenses to be collected from the ratepayers in any future years that the provision is applied. Other adjustments to the revenue 1995/96 requirements are set out in Appendix B of this Order. OrdersIPLP-Incres. Appendix A
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED UTILITY RATE BASE 1991/92 1992/93 1993/94 SCHEDULE 1 REPORT REPORT REPORT ASSETS Land $17,700 $17,700 $17,700 Plant 3,597,836 3,962,735 4,372,539 Buildings 171,994 191,808 191,808 Furniture, Tools and Equipment 167,527 191,718 198,726 Computer Equipment 35,206 36,906 36,906 Trucks 410,208 417,831 463,078 --.._-_..- ..__ ..__....... ..----....-_ ...._----- ...._---_.....__..----- -----oo_---------- PLANT IN SERVICE, opening $4,400,471 $4,818,698 $5,280,757 Additions to plant in service 418,227 462,059 583,271 Disposals 0 0 0 .. -_.._oo_---------- -----oo----------- --.._oo_--_ ......---_.... ..---.....-----_...---- PLANT IN SERVICE, closing 4,818,698 5,280,757 5,864,028 Add: Work in progress 0 0 0 Plant held for future use 0 0 0 --.....---...._--- .._..- ......-----_ .._--_ ...... . .._-------------- ..__ .._------_.....__.. 4,818,698 5,280,757 5,864,028 Less: Accum. Depreciation (1,734,848) (1,924,588) (2,100,234) ---------_ ..------ -_ ... -oo__ ....--_..._--- ---------------_ .. ---------------.... NET PLANT IN SERVICE, closing 3,083,850 3,356,169 3,763,794 NET PLANT IN SERVICE, opening 2,799,871 3,083,850 3,356,169 -_ ..-_ .._--_ ..__ .._-- --_......._--- ... __ ........... ---_.._-_...__.._..--- --_.....__ ....._------- NET PLANT IN SERVICE, mid yr. 2,941,861 3,220,010 3,559,982 WORKING CAPITAL ALLOWANCE 138,954 162,153 172,239 DEFERRED CHARGES 82,180 77,991 105,375 CIAC DAM PROJECT COSTS 0 0 ..__ ..._---_ .._---_ ..- ......__ ........---_.._...... - ....--- .._------_ ..- _.._--_....._--_ ....._-- UTILITY RATE BASE, MID YEAR $3,162,995 $3,460,154 $3,837,595 ========== ========== ========== ========== ========== RETURN ON RATE BASE 9.14% 10.59% 8.02% NOTE S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION ADJUSTMENT NO. ADJUSTED $17,700 $17,700 $17,700 4,943,003 5,482,798 (79,987) 5,402,811 194,045 195,163 9,191 204,354 206,838 216,791 216,791 39,743 48,432 48,432 462,699 462,699 462,699 -------... _-_ ..._--_ .._- ......_oo-_ .......----............ ---... _-_ ...._--_.......--$5,864,028 $6,423,583 ($70,79q) [8] $6,352,787 488,759 251,000 17,000 [9] 268,000 0 0 0 ------- .._------_ ..-- ----_.....--_.....--_...- ..- --_oo....------------6,352,787 6,674,583 (53,79q) 6,620,787 0 0 0 0 0 0 --.. _oo_ .._-----_..__ ..... --_........-- ......----_......... -- .......-_.....---- ..... -_ .... 6,352,787 6,674,583 (53,79q) 6,620,787 (2,274,721) (2,614,576) 76,301 [1 ] (2,538,275) . ..._----------_ ..---- _..__oo_ .._---------..... ......_oo ..------- ... ----4,078,066 4,060,007 22,50$ 4,082,512 3,763,794 4,077,889 177 4,078,066 ~ ---_..._------------- ----_..._--------_ ......... -------_ ....----_......_3,920,930 4,068,948 11,341 4,080,289 v ~ 174,761 212,678 212,678 ~ tx:i 121,893 103,390 (450) [5] 102,940 ~ o 0 0 o 0 ...._------_ .._------- -_....__ ...._-------...-... -_ ..... __ .....__ ..._.._..._....- ~ $4,217,584 $4,385,016 $10,8Q1 $4,395,907 "'t:1Z ========== ========== O > . 0 T5P2 tTl 0 7.41% 8.88% -0.48% 8.40% ...... I Vl 0 '"I1 0 -o \ 00 Vl
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED UTILITY INCOME & RETURN 1991/92 1992/93 1993/94 SCHEDULE 2 REPORT REPORT REPORT SALES VOLUME MWh 50,589 53,633 52,630 ========== ========== ========== ========== ========== RATES Existing Revenue: It per kWh 5.435 5.975 6.119 Rate Increase % 0.00% 0.00% 0.00% Average after increase: it/kWh 5.435 5.975 6.119 REVENUE At Existing Rates $2,749,674 $3,204,414 $3,220,422 Revenue Deficiency Discounts and Interest (215,251) (248,588) (254,472) Other Income 75,726 69,866 92,934 --..-----..-----_..... ----- ..----------- ---------_......_---- .._----_ ......_--_....... TOTAL REVENUE 2,610,149 3,025,692 3,058,884 Less: PURCHASED POWER 1,436,173 1,655,089 1,747,912 ....._-----_ ...--- .._-- _... __ ..... -_ ..- ... __..--- ..- ....-_ .._--_......._.... ----.._----_.......-_ .. GROSS MARGIN 1,173,976 1,370,603 1,310,972 % excluding Other Income 46.32% 46.37% 44.20% OPERATING EXPENSES 836,943 895,745 944,008 --------------_...- ---------- .._----- _..........---_........_---- ----------------- Utility income before tax 337,033 474,858 366,964 INCOME TAX EXPENSE 47,972 108,265 59,246 ----------------- ----....._-----_ ...._- -_ .._-------- ...... -_ .. ----------------- EARNED RETURN $289,061 $366,593 $307,718 ========== ========== ========== ========== ========== RETURN ON RATE BASE 9.14% 10.59% 8.02% NOT E S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION ADJUSTMENT NO. ADJUSTED 53,781 54,594 0 54,594 ========== ========== 6.290 6.319 0.000 6.319 0.00% 7.50% -2.98% 4.52% 6.290 6.793 -0.188 6.604 $3,382,695 $3,449,561 $0 $3,449,561 258,717 (102,85Q) 155,867 (266,601) (318,579) 34,424 [6] (284,155) 92,151 93,117 93,117 --_...---......---...._--- ---_.....------_..._---- --- ........--_............_---3,208,245 3,482,816 (68,42~) 3,414,390 1,822,780 1,947,179 (32,071) [2] 1,915,108 ...---_ ..----_ ..-----_.. .._--_ .._-_ ..--_..._.......... -------- ....-_....._-_ ..... 1,385,465 1,535,637 (36,355) 1,499,282 44.46% 45.30% -0.16°/0 45.14% 1,035,086 1,046,840 (5,554) 1,041,286 --_....._-----_.._----- -----------------;0.- ........-----....._-----_ ..350,379 488,797 (30,801) 457,996 38,027 99,573 (10,72~) 88,844 ~ ......_-_.......---_...........- ... _..._..._..._- ......__.._-_...... ---------_ .._- ..._...._$312,352 $389,224 ($20,07f) $369,152 ========== ========== i 7.41% 8.88% -0.48'% 8.40% ~ , t . o .., o o ~ :::0 '"i:!Z ~9 trJO tv I VI 00'\ '"I1", 00 VI
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED INCOME TAXES 1991/92 1992/93 1993/94 SCHEDULE 3 REPORT REPORT REPORT UTILITY INCOME BEFORE TAX $337,033 $474,858 $366,964 Deduct - interest (123,487) (145,164) (104,777) - non deductible 1,600 2,112 1,056 ---_ .....__..__ .................. - ........--..__ ..-......._- ... --_ ..__ ....._....._----- ------ .....---.._--_ ... ACCOUNTING INCOME 215,146 331,806 263,242 Timing differences Depreciation 186,077 203,847 224,940 Amortization of rate application 11,660 0 0 Amortization of computer software 8,373 9,729 11,496 Capital cost allowance (200,000) (198,915) (211,136) Amortization of contributions (20,784) (22,092) (24,444) Overhead capitalized (33,926) (21,265) (38,763) Plant removal costs (5,905) (5,423) (8,206) Rate stabilization collections 0 0 0 Cost of Service amortization 5,180 0 0 Power Sense amortization 1,068 1,068 1,068 Refinancing amortization 0 0 11,724 Dam Project/Refinancing costs (87,489) (11,724) Power Sense costs (150) 0 Rate application costs 0 0 0 ----- ..--------- ..- -----_ ....----_...--- --_..._----_ ..__ .......- ........-------..._----- (135,896) (33,051 ) (45,045) Adjust to Agree to T2 (5) (10,827) ..._---_ ..--- .....----- _....._---_ ...---_........- ---------_..._----- ------_ ........._-_ .._-- TAXABLE INCOME $79,250 $298,750 $207,371 ========== ========== ========== ========== ========== Income tax rate - deferred 21.84% 44.84% 22.25% Income tax rate - effective 21.84% 30.11% 22.84% Income tax rate - on AlC income Income tax expense - Deferred $29,881 $18,754 $10,261 - Current 17,308 89,960 48,985 Forecast on Accounting Income 783 (449) 0 --_ ...._-------- ....- -_ .._-_ .._----_......_- ------_... --_... _-_ ..- --_ .._-----_ ... _-.._- INCOME TAX EXPENSE $47,972 $108,265 $59,246 ========== ========== ========== ========== ========== NOT E S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION ADJUSTMENT NO. ADJUSTED $350,379 $488,797 ($30,801 1) $457,996 (154,806) (177,187) 15,454 (161,733) 3,508 0 ----_ .._---- ..--- .....-- .....----------_ ....--_... .....---_...---..---- ...--199,080 311,610 (15,347) 296,263 245,460 268,882 (5,32~) 263,554 0 0 0 0 12,727 12,909 (22Q) 12,689 (219,792) (268,882) (268,882) (27,780) (29,067) <ll (29,067) (30,946) (40,000) <ll (40,000) (13,925) 0 0 0 0 0 0 1,068 1,068 0 1,068 17,598 17,592 (~) 17,586 (11,724) (11,724) (11,724) 0 0 0 0 0 0 -------_........----_ .._- ------_......_-_ .._--_...... ....._-_ ......------_ ..---(27,314) (49,222) (5,554) (54,776) (32,925) 0 0 ?; ------_..._---------- "' ..._--_.......-_.....__..-...- -_........--_ ..__ ..-- .._--$138,842 $262,388 ($20,90~) $241,487 ~ ========== ========== v ~ 22.25% 23.00% -0.75% 22.25% tl:1 22.84% 22.84% 0.00% 22.84% ~ o 31.95% -1.97ff'1o [3] 29.99% N/A N/A $6,316 $0 $0 $0 31,712 0 0 ~ ~ 0 99,573 (10,748) 88,844 ""OZ .._---------------- .. ....._-_ .._-----_.....- ...-- _.._..__ ..__ .._......_---.. O > . 0 $38,027 $99,573 ($10,748) $88,844 trJO ========== ========== WI VI 00-"I1-b 00 VI
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED RETURN ON CAPITAL 1991/92 1992/93 1993/94 SCHEDULE 4 REPORT REPORT REPORT Deferred Stabilization $75,234 $75,234 $75,234 proportion 2.38% 2.17% 1.96% Deferred Income Taxes $98,255 $122,955 $137,462 proportion 3.11% 3.55% 3.58% Contributions in Aid $435,658 $463,544 $520,274 proportion 13.77% 13.40% 13.56% Capital Loans $550,926 $997,575 $408,969 $1,419,519 proportion 17.42% 28.83% 10.66% embedded cost 11.25% 11.25% 11.25% $ return $61,979 $112,227 $46,009 Current Debt $314,928 $453,868 $366,830 proportion 9.96% 13.12% 9.56% embedded cost 9.96% 7.26% 5.73% $ return $31,357 $32,937 $21,023 Notional (1994 Floating Rate Debt) $306,099 $0 $643,788 proportion 9.68% .00% 16.78% embedded cost 9.85% 9.85% 5.86% $ return $30,151 $0 $37,745 Preferred Shares $150,000 $150,000 $150,000 proportion 4.74% 4.34% 3.91% embedded cost 9.00% 9.00% 9.00% $ return $13,500 $13,500 $13,500 Common Equity $1,231,896 $1,196,978 $1,535,038 $1,378,593 proportion 38.95% 34.59% 40.00% ROE 12.34% 17.37% 12.34% $ return $152,074 $207,929 $189,440 UTILITY RATE BASE $3,162,995 $3,460,154 $3,837,595 $4,217,584 ========== ==========1 ==========1 ==========1========== TOTAL CAPITALIZATION $3,162,995 $3,460,154 I $3,837,595 I $4,217,584 NOT E S:7/5/95 1994/95 / 1995/96 I BCUC 1/ I 1995/96 REPORT APPLICATION ADJUSTMENT NO. ADJUSTED $75,234 $75,234 $0 $75,234 1.78% 1.72% -0.01% 1.71% $150,145 $150,145 $0 $150,145 3.56% 3.42% 0.00% 3.42% $569,370 $594,763 $0 $594,763 13.50% 13.56% -0.03% 13.53% $1,373,745 $0 $1,373,745 33.66% 31.33% -0.08% 31.25% 9.00% 9.50% -0.50%1 [11] 9.00% $127,757 $130,506 ($6,869) $123,637 $474,726 $491,384 $0 $491,384 11.26% 11.21% -0.03% 11.18% 5.70% 9.50% -0.75%1 [4] 8.75% $27,050 $46,681 ($3,685) $42,996 ($3) ($2) (56,001) ($56,003) .00% .00% $0 -1.27% 5.70% 9.50% -0.75% 8.75% > $0 $0 ($4,900) ($4,900) ""0 ~ $150,000 $150,000 $0 $150,000 3.56% 3.42% -0.01% 3.41% a 9.00% 9.00% 0.00% 9.00% ~ $13,500 $13,500 $0 $13,500 t::;O ~ o $1,549,746 $66,89~ $1,616,639 o 32.69% 35.34% 1.44tol [10] 36.78% 10.45% 12.81% -0.82'ro [12] 12.00% $144,045 $198,537 ($4,61 ~ ~) $193,919 iO ""Oz $4,385,016 $10,891 $4,395,907 g;p =========:=' ========== tI10 $4,385,016 $10,891 $4,395,907 +:>V ' I 001 "rJ~ 00 VI
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED OPERATING EXPENSES 1991/92 1992/93 1993/94 SCHEDULE A REPORT REPORT REPORT Administrative Salaries $88,216 $94,897 $96,658 Computer Software Amortization 8,373 9,729 11,496 Amortization of Contributions (20,784) (22,092) (24,444) Amortization of Rate Application 11,660 0 0 Bad Debts 6,772 6,151 3,801 Bank Charges 2,489 2,723 3,568 Construction Overheads Cap. (33,926) (21,265) (38,763) Data Processing 0 0 0 Depreciation 186,077 203,847 224,940 Directors Fees 36,250 39,000 38,999 Employee Benefits 46,225 51,512 56,563 Engineering Consulting 5,528 9,914 30,627 Insurance 11,473 11,979 12,000 Maintenance - Wages 170,952 179,971 203,146 - Other 35,345 29,927 49,644 Miscellaneous 30,992 29,639 16,277 Office Expenses 22,795 29,067 24,591 Pension 44,913 0 0 Professional Services 30,101 41,461 21,728 Provincial Taxes 16,639 21,366 20,907 Regulatory Commission 3,063 3,043 2,581 Transportation 10,845 37,698 27,603 Travel 23,412 27,587 21,768 Municipal Taxes 31,305 34,025 35,098 B.C. Capital Taxes 10,156 13,428 Management Fees 61,980 64,342 79,000 Power Sense Amortization 1,068 1,068 1,068 Cost of Service Survey Amort. 5,180 0 0 Refinancing Penalty Amort. 11,724 DSM Fees 0 - ..__ ..------- ..---- -_...-......--......_---- -oo_ ...---.._-------- ----_.......--_........- .... TOTAL $836,943 $895,745 $944,008 $1,035,086 ========== ========== ========== ========== ========== change from previous year 7.90% 7.03% 5.39% NOT E S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION ADJUSTMENT NO. ADJUSTED $122,392 $177,040 ($56,287~ R1 $120,753 12,727 12,909 (220~ [5] 12,689 (27,780) (29,067) (29,067) 0 0 0 0 4,669 4,000 4,000 3,333 3,434 3,434 (30,946) (40,000) (40,000) 0 0 0 245,460 268,882 (5,328) [7] 263,554 43,821 38,000 38,000 66,485 69,905 69,905 5,500 12,500 12,500 17,490 12,423 12,423 197,796 249,309 (49,20Q) R2 200,109 50,274 49,200 R2 49,200 4,629 14,698 14,698 30,823 31,749 31,749 0 0 0 37,176 32,866 32,866 21,000 21,630 21,630 3,665 34,500 (32,50Q) R1 2,000 48,382 35,000 35,000 ?; 24,951 19,900 8,500 R1 28,400 39,390 40,572 40,572 10,476 10,790 10,790 ~ 77,567 80,287 R1 80,287 ~ 1,068 1,068 0 1,068 tl:1 0 0 0 0 >-3 o 17,598 17,592 (9) 17,586 7,140 7,140 7,140 - ....._---_ ...--- ..--_....... -------- ..----......_-- _...._--- ......---------$1,046,840 ($5,55fl) $1,041,286 ~ :;0 ========== ========== ~z 9.65% 1.14% 0.60% 09 tTJo Vl I Vl 00\ '"rL.b 00 Vl
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED DEFERRED CHARGES 1991/92 1992/93 1993/94 REPORT REPORT REPORT Rate Application Opening Balance, March 31 $11,660 $0 Costs 1988/89 Costs 1989/90 Costs 1990/91 ......__ ...- .........-_ ..._..... .._-_... __ ..........._----- --_...............-_ ..__ ........ ------_...-------- .. 11,660 0 0 _........-_ .._---_........_- .........._----_ ....----.. ----_....._-_ ....- .......- _......-- ... __....-.......- ..... Amortization 1988/89 - 2 years Amortization 1989/90 - 2 years 11,660 --_ .._----_ ....---_ .. -_ ..._........---------- --------.....------- ---------- ..------ 11,660 0 0 ...------------_ ..-- ....-----_ ..----_........ _..__ ...--- .....__.._-_ .. -_ ......_..---_......- ... _- Closing Balance, March 31 $0 $0 $0 ========== ========== ========== ========== ========== APPLICATION COSTS midyear $5,830 $0 $0 Computer Software Opening Balance $50,109 $56,725 $60,558 Costs 14,989 13,561 17,673 Amortization 8,373 9,729 11,496 _..._---- .....-----_ .... ----------------- ..------ ..--------- _......__ .._-- ..__ ......- Closing Balance $56,725 $60,558 $66,734 ========== ========== ========== ========== ========== SOFTWARE COSTS midyear $53,417 $58,641 $63,646 Cost of Service/Power Sense Opening Balance $25,981 $19,883 $18,815 Costs 150 Amortization - Cost of Service 5,180 Amortization - Power Sense 1,068 1,068 1,068 -_ .._---_ ..-------- --_ ....__......-_ .._- ..- ....__ ..------------ --_ .._--_ ...._----_ .. Closing Balance $19,883 $18,815 $17,747 ========== ========== ========== ========== ========== STUDIES midyear $22,932 $19,349 $18,281 NOT E S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION <1 n II IIVIt:r'l If NO. ADJUSTED $0 0 0 0 _....._--_ ...._--- ........--- ---.....------_ ..------0 0 0 ... ....._-----_.....- ..........- .. .. ....._----- ....---_...--0 0 0 .._-_oo--- ..--------_... ..- .........-.._-_....._-----0 0 0 ---_... --_ ......---_.....-- .....- .._---_ ..-----_....... $0 $0 $0 ========== $0 $0 $0 $66,796 $66,337 $66,378 12,309 12,500 12,500 12,727 12,909 (229) 12,689 -- ..........-..---_........._-- ... ...._..._-----_ .._--_ ...... $66,378 $65,928 $66,189 ========= $66,587 $66,133 $1 $66,284 ~ ~ to $17,747 $16,679 P $16,679 o ~ 0 o 0 1,068 1,068 1,068 - ....._-_ ....._-_ ... _-_......... ......_-_ .._-_ .._--_ ..__ .. ~ ~ $16,679 $15,611 $15,611 '"i::lZ ========== > Q -. 0 $17,213 $16,145 $16,145 t'dQ 0\ I VI 00\ "'rj", 00 VI
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED DEFERRED CHARGES 1991/92 1992/93 1993/94 [2] REPORT REPORT REPORT Rate Application Opening Balance, March 31 $0 Costs 1988/89 Costs 1989/90 Costs 1990/91 -_.......--------_... _- --- .._-_.....-_ ...._--- ---..------------- 0 0 .._- ....----- ....__...... .._-_ ....----........_-- -_ ......_--- .._-_....._- Amortization 1988/89 - 2 years Amortization 1989/90 - 2 years ------_...--------- ---------------- .. --- ...._-_.......- ............. 0 0 .._....------ ......---- .._---_.......-......--- .. . .........---_....--_ .._- Closing Balance, March 31 $0 $0 ========== ========== ========== ========== APPLICATION COSTS midyear $0 $0 Bank Refinancing Penalty Opening Balance $0 $0 Costs 58,620 Amortization [40 months] 11,724 ..._-------_ ....----- ..._--------_ ..----- ----------------- Closing Balance $0 $46,896 ========== ========== ========== ========== REFINANCING midyear $0 $23,448 Cost of Service/Power Sense Opening Balance $0 $0 Costs Amortization - Cost of Service Amortization - Power Sense _......------_..._---- .._-----_....._-_..--- ...__......-_ ....__...._-- Closing Balance $0 $0 ========== ========== ========== ========== STUDIES midyear $0 $0 NOT E S:7/5/95 1994/95 1995/96 BCUC 1995/96 REPORT APPLICATION ~nlll<";TMI::NT NO. ADJUSTED $0 0 0 0 _..__ ......----..---_ ........ ...--_ ..- ...........---_ ....-_ .. 0 0 0 _... _-_..........._---_ ..__.. ------.......---_ ..-_....... 0 0 0 _.._--_ ..__ ..._--_ ........-- _........-------- ....-----0 0 0 _..__ ... ---_ .._--_.......-- _.....------_ ......-----$0 $0 $0 ========== $0 $0 $0 $46,896 $29,304 0 $29,304 0 17,592 17,586 17,586 ... _- ..._---- ..--------- _....._----_ ..._..._....._--- ~ $29,304 $11,718 $11,718 ========== ~ $38,100 $20,511 $20,511 v ~ tx:i $0 $0 $0 >---l o 0 0 0 ---_ ...._-- ....-_....._-_ ... -_ ...... __ ..__...._--_......... ~ $0 $0 $0 ""OZ ========== O > . 0 $0 $0 $0 tTJO -....). Vl 00-'li", 00 Vl
95/96 Decision PRINCETON LIGHT AND POWER COMPANY, LIMITED ADJUSTMENTS [1 ] $76,301 Correct for 1995/96 depreciation plus 1994/95 Accumulated Depreciation balance. [2] ($32,071) Remove 4.5% WKP rate increase assumed in Application and use 5 year average Line I h~~A~ [3] -1.97% Adjust for actual income tax rates and changes in earned return. [4] -0.75% Adjust floating debt rate to current bank prime. [5] ($450) Correct Deferred Charges to reflect actual 1994/95 Annual Report balances carried [6] $34,424 Adjust for actual 1994/95 Annual Report ratios and changes in 1995/96 revenue ron, [7] ($5,328) Correct for 1995/96 Depreciation. [8] ($70,796) Correct for actual 1994/95 Annual Report balances. [9] $17,000 Adjust additions to forecast at Application Tab 5 page 3. [10] 1.44% Adjust EqUity component to First Revision of Tab 14 page 3. [11] -0.50% Adjust long-term debt rate to actual. [12] -0.82% Adjust ROE to Commission-approved amount. R Reclassifications - no net effect. NOT E S:7/5/95 'Ol. ~ ~ ~ t:O o >-3 2 ~ '"t:Iz > 0 -. 0 trJo 00 I VI 001 '"11", 00 VI
You are being directed to the most recent version of the statute which may not be the version considered at the time of the judgment.