c ROBERT J. PELLATT COMMISSION SECRETARY VIA FACSIMILE
Ms. Darlene M. Barnett Senior Vice President Marketing and Customer Services British Columbia Hydro and
Power Authority 17th Floor, 333 Dunsmuir Street Vancouver, B.C.
V6B 5R3
Dear Ms. Barnett: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
The Commission has reviewed the performance of the automatic mechanism to adjust the rate of return on common equity, set out on Pages 39/40 of its Decision dated June 10, 1994 and as amended by way of Commission Order No. G-49-97, and has determined that the mechanism has performed favourably. Therefore, the Commission has chosen to apply the mechanism to determine the rate of return on common equity for 1998.
Accordingly, the Commission has determined that the appropriate rates of return on common equity in 1998 for BC Gas, Centra-FSJ, PNG, and WKP are as follows: Allowed Rates of Return on Common Equity 1998
1998 Allowed Rate of Return on Common Equity
BCGas Centra - FSJ PNG WKP
LETTER No. L-73-97 SIXTH FLOOR. 900 HOWE STREET. BOX 250 VANCOUVER. B.C. CANADA V6Z 2N3 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 December 2, 1997
10.00 10.25 10.75 10.25
The calculation and other documentation in support of this finding is attached as Appendix A. Each Utility will be required to submit an application for approval to the Commission to vary its rates in line with the determinations made in this letter.
DWE'lssc Attachment cc: Mr. R. Brian Wallace Bull Housser & Tupper Mr. Richard Gathercole Executive Director BC Public Interest Advocacy Centre Ms. Carol Reardon Heenan Blaikie
Misc. Cor/L-73-97 Allowed Rates of Rtm on Common Equity
2 Yours truly,
**************************************************~************* ******* ~( * * TCR (DEC.02, '97 16:38) ;BCUC 660-1102 * **************************************************************** * * * * DATE START REr10TE TERMWRL TIME IDEt'HIFICRTION *** OCT. 24 14: 56 604 623 4311 * 14: 59 250 387 6003 * 15: 04 CEtHRRGRS REGULATORY * 15: 17 604 443 6904 * * 15: 20 PRe I FI C t'iORTHERti GRS * 15: 34 PRC I FI C ~iORTHER~i GRS * * OCT. 27 09: 12 604 691 5921 * 11:29 403 268 6563 * * 11 : 39 403 268 6563 * 11: 43 403 268 6563 ** * OCT. 31 14: 55 604 844 1998 * ~iOV .04 09: 49 604 640 4070 * NOV. 05 18: 20 * NOV. 12 12: 01 CEfHRRGRS REGULRTORY * 12: 05 604 443 6904 * NOV.13 19:54 * NOV.19 13:11 6044436476 * 13: 12 604 480 4459 * 13: 1:5 4166389318 * NOV. 20 08: 59 97752020 * 15: 42 604 6835317 * 16: 09 604 640 4070 * * 16:17 604 685 1713 * * 16: 26 604 895 3524 * 16: 34 CErHPRGRS REGULRTORY * * NOV. 21 12: 28 604 623 4311 * 13: 17 604 691 5921 * * * 21:41 13 L - .. -,-t'lOV. 27 19: ,6 -9-r '"f" * * NOV. 28 11 : 58 684 527 5949 * DEC.02 CM._ 16:01~/7 604 623 4311 * 16: 12v..L'J77L) 6046233855 ~ 16:221!.teLE£204 943 3922 * * * * * * * *** *******************************************************************************
* * * * ********* of; * * * ~. MODE TH1E TOTAL RESUL TS+ PRGES if * G3ST 01' 29" 004 OK i *f G3ST 00' 49" 002 Of< * G3ST CH' 27" 004 OK *;tC G3ST 01'26" 004 OK * G3ST 01 ' 26" 004 OK *t G3ST 00' 42" 002 OK o ~ f . G3ST 00' 58" 002 OK+* G3ST 01'12" 002 OKo! if G3ST 00 ' 56" 001 Of< *;+ G3ST 03' 30" 006 OK. t f G3ST 00' 40" 001 OK ** G3ST 02' 23" 004 OK f ;y G3SR 00"52" 001 OK *of G3ST 00'56" 002 OK * G3ST 02' 46" 006 OK * G3SR 00'43" 001 OK * G3ST 00'27" 001 OK * G3ST 01'11" 002 OK * G3ST 01 '05" 002 OK * G1 T 06 ' 04" 001 OK ,*.. G3ST 06' 10" 013 OK * G3ST 07' 32" 013 OK!* G3ST 07'36" 013 OK *f ,. . G3ST 06' 03" 013 OK of G3ST 06'05" 013 OK 0+ .! G3ST 00' 34" 001 OK.* G3ST 11' 45" 020 OK ~ :1'. * G3SR 00'33" 001 OK ;f G3SR 01 '27" 001 OK * G35T 88' 39" 881 Ol( * G35T 10'19" 014 OK ** G35T 10'21" 014 OK * G3ST 12'27" 014 OK ;t :1' * * * * * TX:33459 RX:20387 *
APPENDIX A to Commission Letter No. L-73-97 Page 1 of 12
Calculation of Allowed 1998 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1997 Consensus Forecast)
2. A verage of 3 and 12 Month Forecasts 5.95 3. Add Yield Spread Between lOYe ar (7.0%, December 1,2006) and 30 Year (9.0%, June 1,2025) Canada Bonds: 0.438 4. Equals Projected 1997 Yield on Long Term Canada Bond 6.338 5. Less BCUC Benchmark Forecast 9.25 6. Initial Adjustment Factor -2.862 7. Sliding Scale Adjustment Factor -2.290 7 . Allowed 1998 Rate of Return Common Equity:
Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 Misc. Cor/L-73-97 Allowed Rates of Rtrn on Common Equity
3 month Ahead 12 month Ahead (Feb. 1998) (Nov. 1998) 6.0 5.9
Initial Rounded 1998 ROE 1998 ROE 9.960 10.0 10.335 10.25 10.710 10.75 10.210 10.25
APPENDIX A to Commission Letter No. L·73·97 Page 2 of 12
. Survey Date November 10, 1997
Every month, Consensus Forecasts surveys over 200 prominent financial and economic forecasters for their estimates of a range of variables including future growth, inflation, interest rates and exchange rates. More than 30 countries are covered and the reference data, together with analysis and polls on topical issues, IS rushed to subscribers by express mail.
Syrvey Higbligbts Contents ~ .:. Despite the recent correction in world stock prices and downward revision to ASEAN growth prOjections, fore· Significant Changes in the casts for economic growth in most of the G-7 countries Consensus ........................................ 2 have remained broadly unchanged since our last survey. Indeed, contrary to initial concerns that the negative Reallnterc&t Ratca weaHh effect might weaken economic growth, ongoing {continued on page 27) .................... 3 strength in the United States has prompted upward revisions to consensus forecasts for growth in personal Individual Country Forecasts consumption, business investment and industriaJ production in both 1997 and 1998. With the slowdown in growth United States ..................................... 4 now expected to be less severe than antiCipated earlier Japan ................................................ 6 this year, combined with expectations of weaker export Germany ........................................... 8 demand from Asia (including Japan), forecasts for the France ............................................. 10 current account deficit have deteriorated. United Kingdom ............................... 12 Italy .................................................. 14 .:. The ensuing flight to long term government bonds, tradi-Canada ............................................ 16 Netherlands ..................................... 18 tionally considered to be a 'safe haven' investment in times Spain ............................................... 19 of stock market volatility, has caused nominal bond yields Sweden ........................................... 20 to dedine in most countries. Our special analysis of real intercat rates on page 3 highlights these movements, Austria, Belgium, Bulgana, Czech when adjusted for long term inflation expectations. This Republic, Denmark .......................... 21 month's speciaJ survey, on pages 26 and 27, Jooks at our Egypt, Finland, Greece, Hungary, panels' projections for growth in corporate profile be-Ireland, Israel .................................. 22 tween now and 2002 and assesses whether the collapse Norway, Poland, Portugal, Romania, in equity prices reflects any change in the underlying RUSSia, Saudi Arabia ....................... 23 growth and profitability outlook. Slovakia, Slovenia, South Africa, Switzerland, Turkey, Ukraine .......... 24 Consensys Forecasts Global Outlook Consensus Economics has just completed a new, one-Foreign Exchange and Oil Priee off report oontaining individual country, regional and Forecasts ........................................ 25 worldlong term forecasts covering the years 1997-2007 for the globaJ economy. This 24 page document in-Corporate Profits ............................ 26 cludes data on 45 countries, representing over 92% of the US$29.6 trillion world economy 0 naG DP weighted World Economic Activity basis (Virtually all industrialised countries). Further de-Table ................................................ 28 tails and a subscription form can be found on the back page of this publication.
APPENDIX A to Commission Letter No. L-73-97 Page 3 of 12
llflfl l~D l~lf 01 02 03 04 01 02 03 Q4 01 02 Unemployment Rate, % 11.2 10.4 95 9.7 CUrrent Account, C$ bn _2B.t?A~~ ..1 7 -:-~ &3 .B Gross Domestic 2.8 3.7 3.8 3.9 3.7 3.4 3.2 29 2.B 2.B Product Federal Govt Budget Balance, fiscat years, C$ bn -42.0 -37.5 -2B.fl -B.9 Personal 3.3 4.3 4.1 3.6 3.2 29 28 2.B 2.8 2.6 EJcnenditure 3 mth Tray Billa, % (end yr) 3.9 7.2 5.fl 2.8 1.8 1.7 1.9 2.0 2.0 2.0 2.1 10 Yr Govt Bond, % (end yr) tHI 9.2 7.1 fl.4 I Jmer 2.1 1.7 1.7 P. ...c :s Consensus Forecasts shown in bold italics 15
APPENDIX A to Commission Letter No. L-73-97 Page 4 of 12
Average 'V. Change on PreviOUS Calellllar Vear Gross Personal Machinery I Pre· Tax DomestiC Expenditure & EQUipment Product Investment \
Produit Depense#de \ lnvesti.sse. Interleur Consomtrllt- mem BIUt lion de# Product" MenllOe$ EconomlCForec:asters 1997 1998 \1997 1998 1997 1998 ABC Dominion Seainties 4.0 41 4.0 3.6 18.6 12.0 BankOf Montreal 3.8 43 44 43 20.0 147 BankOf Nova Scotia 3.8 40 42 36 20.0 10.0 Caisse de Depot 3.7 2.6 35 2.5 Hl.8 8.7 I CIBC 37 3.5 41 30 ! 18.7 6.8 I Inrormetnca 3.7 3.0 na na 15.0 11.0 UOIversltyOf Toronto 3.7 3.9 43 3.6 18.6 8.0 ClBC Wood Gundy 3.6 32 42 2.8 18.5 0.0 National BankOfCanada 3.0 3A 4.2 32 19.0 10.7 Royal BankOf Canada 3.5 3.3 4.2 3.3 19A 11.8 51 ire 3.5 3.1 41 32 18.3 7.3 C. Joard Of Canada 3A 3.1 42 2.9 18.8 10.5 Consensus (Mean) 3.7 3.5 41 3.3 \ 18.5 9.8 \ 18.5 \ Last Month's Mean 3.7 3.6 41 33 18.7 10.0 JMonthsAgo 3.5 3.3 3.7 2.9 17.9 9.7 High 4.0 43 44 43 20.0 14.7 Low 3.4 2.8 3.5 2.5 15.0 5.6 Standard Deviation 0.2 05 0.2 05 14 CompansonForecasts Min. Of Finance (Mar. '97) 3.2 2.6 IMF (Oct. '97) 3.7 3.5 40 32 OECD (June '97) 3.5 3.3 2.7 3.0
Govemment and Background Data Hiatorical Data Prime Minister.Mr. Jean CtvelJen (uberal). Govemment • The uberais • % ctlange on preVIOUS year 1993 1994 1995 1996 held 155 of ltIe 301 seats 10 parliament. Next Election· Parliamentary by 2002. 01'088 Domeatic Product" 2.2 41 2.3 1.5 NomlnaIGDP.CS797.8t::n/1996).Populatlon.30.cmn(lTlId.year,1996). Peraonal Expenditure" 1.0 2.9 1.4 2.4 CS/S Exchange Rate ·1.36 (average, 1990\ Mactlinery & Eqpt. Inveetment" 3.9 8.4 10.9 110 Pre - Tax Profits· f 20.2 34.4 13.1 0.2 Induatrial Production" 45 7.0 3.4 1.7 Conaumer Price.' 18 0.2 2.1 1.0 ""aricrly Con. ..... Fo,""",. PercentJJge Change (year-<Jn-year). From SUf\leY: SeptemDer 8, 1997 Induetrial Product Pricea" 3.3 5.7 8.1 0.5 Houaing Starts, '000 units 155 154 113 124 1997 1998 1999 Q1 02 03 04 01 Q2 QJ Q4 Q1 Q2 Unemployment Rate, % 11.2 10.4 9.5 9.7 Current Account, C$ bn ·28.0 ·20.1 ·7.4 &3.8
AnnualTotal Industrial Consumer Industnal HOUSing ProTits Pl'OCIuctlon Pnces Pl'OCIuct Starts Prices (thousand units)
BeneJlCes \ Consttuc/OlJ de Pl'OCIuction Prix iI/a \ Prix des dea Societe:. Industrie//e Consomma- Produits Logements .vanlimpOts lion Industriels misellen I chantlet: mi/Iiers 1997 199811997 1998 1997 1998 1997 1998 1997 1998 na na na na 1.8 1.8 na na na na 13A 7.8 na na 1.8 11 na na 150 107 20.0 12.0 na na 17 19 na na 150 100 16.1 7.3 na na 1.7 1.8 na na 151 158 22.8 0.3 na na 17 20 na na 153 158 20.0 12.0 3.7 4.3 1.8 2.0 0.8 1.0 148 Hl2 19A 13.3 na na 1.7 1A na na 149 157 19.7 10.5 na na 1.7 1.8 na na 151 100 19.0 10.0 4.5 3.8 1.8 2.1 1.0 2.1 150 100 20.5 3.3 na na 1.8 1.8 11 1.7 154 173 14.5 0.1 na na 1.8 1.9 na na 151 150 180 2.5 3.8 4,3 1.9 2.2 1.3 2.9 150 1C12 8.5 \ 4.0 41 1.8 1.8 1.1 1.9 151 101 181 8.7 4.0 40 1.8 2.0 10 2.3 151 100 16.6 8.7 4.5 4.0 1.8 2.0 1.2 2.1 153 159 22.8 13.3 4.5 4.3 1.9 2.2 1.3 2.9 154 173 13.4 2.5 3.7 3.8 1.7 11 0.8 1.0 148 150 2.4 2.8 35 OA 0.3 0.1 0.3 0.2 0.8 2 5 1.0 1.8 1.5 1.0 4.7 3.9 , ~~-
APPENDIX A to Commission Letter No. L-73-97 12
Fiscal Years Rates on Survey Date Economy Continues on Expansionary Track YearAvg AnnualTotal (Apr-Mar) 3.0% 5.5% The Bank of Canada's cautious interest rate rise of 0.25 % on Jnemploy- Current Federal 3 month 10 Year October 1 has fuelled expectations that a further rate hike ment Account GovtBudget Treasury Government will be necsssary. Canada's growth rate is continuing on an Rate (%) (C$ bn) Balance Bill Bond upward trend, despite monthly figures showing the rate of (C$bn) Rate(%) Yield(%) GOP growth slowing to 0.2% in August (month-an-month), Tawcde Balance Balance Rendement Rendement surles Bons desObli9at- compared with July's stronger figure of 0.8%. The oonsen-ChOmBge Courante Budgelaire (%) (CSmd) (CSmd) duTresorde ionsd'Elat sus forecast for 1997 and 1998, however, implies that 3mois % de 10ans % August's slight slowdown may prove to be temporary and 1997 1998 1997 1998 FY97 FY98 End End End End l=oo'98 Nov'9f Fob'98 Nov'9f strong domestic demand should ensure that the current expansion continues. August retail sales figures recorded a 9.4 8.0 -12.0 -29.1 -7.0 -8.0 na na na na fall of 0.1 % month-an-month follOWing a 1.4% surge in July, 9.2 8.0 -97 -5.7 -4.0 4.0 4.0 4.1 0.2 5.1 due to a drop In auto sales. Non-auto retail sales - in oontrast 9.2 8.3 -7.0 -5.0 na na 3.5 3.7 5.7 5.4 - registered an increase of 0.7% month-on-month, while 9.3 8.8 -3.8 -0.3 0.0 na 4.1 4.4 7.2 5.0 sales are still growing strongly in year-on-year terms. De-I 9.2 7.9 -12.4 -11.0 -1.0 spite a hike in the key interest rate to 3.75% last month, 2.0 3.0 3.5 0.7 5.0 Canada's relatively low short-term interest rates - particu-9.2 8.7 -4.0 -3.0 na na 3.0 3.8 5.1 5.1 larly compared with the US - has encouraged consumer 9.2 8.8 -8.0 -4.3 0.0 0.1 3.0 3.0 5.0 0.9 spending and sparked an upturn in import demand. Imports 9.2 8.9 -8.7 -3.2 -0.1 10.3 3.9 4.1 0.5 0.7 grew by 5.5% in July, and continued growing - albeit more 9.2 8.8 -5.0 -4.0 -5.0 0.0 3.9 4.0 0.0 5.0 slowly - by 1,6% month-on-month in August. Exports, how-9.2 8.8 -8.4 -8.5 0.0 na 3.9 4.1 0.1 5.0 ever, rose by 0.4 % in August, prompting the trade surplus to ,. 8.7 .g.o -3.2 -5.0 3.0 3.9 3.9 0.4 0.3 drop from C$1.66bn to C$1.39bn, the smallest monthly 8.9 -7.0 -1.2 -4.1 0.5 3.7 3.0 5.4 5.0 surplus since mid-1994. The surge in imports has also been due to an increase in business investment which has translated into increased demand for machinery and eqUip-9.2 8.5 -8.0 .a.6 -2.7 2.2 3.8 3.9 6.0 5.9 ment. Despite the narrowing trade surplus, forecasts forthe current account deficit have been raised again this month, 9.2 8.6 -7.0 -5.5 -4.0 1.5 although a smaller deficit is projected for 1998. 9.3 8.8 -3.0 -3.0 .a.8 -0.1 9.4 8.9 -3.8 -0.3 0.0 10.3 4.1 4.4 72 5.1 Strong domestic demand has so far failed to generate a 9.2 79 -12.0 -29.1 -7.0 -8.0 3.0 3.0 0.4 0.3 deterioration in inflation. Consumer pnces declined by 0.1 % 0.1 0.3 2.8 7.7 2.6 0.2 0.2 0.3 0.0 0.3 month-an-month in September, with the year-on-year rate falling to 1.6% from 1,8% in August. Yet the Bank of Canada's monetary policy has been tested by the weakening of the Canadian dollar in reaction to the Asian currency 9.3 8.8 -17.0 -9.0 Crisis. The low inflation rate and narrowing fiscal detiat 9.2 8.7 means the Bank can afford to wait, for a short while at least, 9.4 9.1 before acting aexx>rdingly. Our panel predicts short term rates will, however, rise further.
Real Growth and Inflation 01 ,0 14t 12 /\ <Forecast> / \ 10 l \ \
\ ,..., ..... \ :\1\ 'M .... \ \ \
Shori and Long Term Interest Rates % 14 T r I <Forecast> 12
.\ \ I ... \ \ ... , I \/\ "'1'\' I \ "\ .... -n.
APPENDIX A to Commission Letter No. L-73-97 Page 6 of 12
2-t/ >-A_ _ ~~ 6 ..,.. "I I ' , \ r ' V\ -I'I \ 1 1\ 1 I. ,/ 'T ~ PAG 8. \ r. 1 1 ' 4 1"
-2 I ' 0186 !lO 61 62 a3 84 6S 66 67 66 69 90 91 92 B3 94 Il5 go 97 96 gg 00 01 02 - Real GDP (% chg yay) - - - Coosumer Prices ("Ie chg yay)
II 0188 0190 0192 0194 0196 0198 - 3 Mtti Treasury Bill Rate - - - 10 Yr Govt Bend Yield 17
APPENDIX A to Commission Letter No. L·7 3·97 Page 7 of 12
;Uuder) 0.7956 0.5587 of I Coala (USS/tne) clsd. elSa. 1;1700 I (US cents per gal) Xlilar) Q8787 O..6JJO -147 I ~ World II dsd. = :.2.89 I U.s. GuiI 4'1.68 = 01900 Ol39O -LS3 i· \ NY Hartlor 5255 ':!sa. _ ~ Canada grainS ~.aJ236 OJ1[172 rlIi I (0 per tome at frundI!r flay) U.s. lumber 11 L4242 JJXm O!I i CaroIa 394.40 dsd. 3941lO I (1JSS) JI O.04llO 0112886 -l1l8 I Flax 36l7O dsd. 3443J I Ra!1mI ~ Csd dsd. 0.4037 Cl.2834 -Q2l I 'M"e.at 16B.OO dsd. 169.40 I Caast Ilem.-fir dsd. em ;:)1 0 o 0 S 07 m 91 01Xl555 -100 i Bartev l.44.OO dsd. 144.00 I Wstm5lll'UC!'1lll1! = dsd. Q.36765 -<l.26 : o.oo:ll8l o..roJl27 -1ll2 I 0.00J2«ll o.a:xJl.686 -<l.3S I I'(a/) o:sm il.2(:,66 ni I I Advert • i se here' .3) 0.0414 Il.£rl9l oW; 01XIl6 a.cxr.o -{)Jl9 I Call • 'JY!f 0.2932 Il2ll59 -<lS7 I '<In) . O.OOl2l8 Q.OCQISl5 -1ll.l3 I O.!Xl95S Q.1ll67l -1.22 I (416) 350-6100 -e) 0.02346 0Jll.647 -1.00 I 0l.842 0l2'JJ -2IJl I 0.04437 o.tJ3l2 -(}ll I 0.03Sl Q.0246 ~68 I ) (llcIIar)02297 Il.l6l3 -Ul2 I I e 0.tXlXXl73 !l.lllmiI. -1..89 onver t lbl e D e be n tu 13') 000284.5 0.lXl200 -D..22 I res m . LIIJJ4 llZl7·Ul I SelectIld""""'!'O"S0ft8C1Mlflr ___ IU"",ie<lIIyRBC Dominion Secunt.eSlnc. 1 i .... " SlIan C-. C-. I Cat8» tt'Stll) 1943'2 ~ -0.4> '-'1IiItiIIc ~ IIrice PIwL Yield IJIice nItio Price i c...- /qYIJJ" N£GINISJIQ 27-JaI>-04 l.:tl 62.00 l34.a7 1253 4.lS ..... AI' canacIa ACOBItSE. ME <D-AIJ'.(li 8.lXl l65.lXl 2J2 am l2.8S AMRangeWWTSE 17-Jano«.! 8.Sl lS.S3 0123 l6.96 1.00 1~ Fr_"_ 9&fr_ AS A_AVIlIlBI15E.ME ~ TSJ ll3.OO lUI S.!Il 2l.75 0.24113 0.9\'632 0.9tI& 8I1xifJeIdPn:loenl!StI'CllUITSt 14-~ 6..00 12l.IJ) 6.44 am 24.lXl 016936 Il7Illl9 ll.6IIlOO CInD1tIgeS/l)pClJill8llSE 1-Mar-<B 8.lXl lll1.68 7<\.12 7JJl WI! O.2'Jl!8l 1.23714 l.2IIl52 CInD1tIgeS/l)pC8iJllWlSE l~ TSJ llll25 l3Ul 7.(5 WI! ~ 'SiR 86.91 CInD1tIgeS/l)p<Bi.mIVISE 1-M1r-04 6..00 llXIJ5 -49l4 5.8S WI! 0.4l.S77 0.«1332 QnilndgeS/l)pCBill8.CllliE ».mol 6..00 ISJ.(J) um Q.62 WI! U«l17 IJl2llIl6 ~SIIlo.~ U-Mar-04 6..00 9138 0.-49 7.D WI! • - o.91l21 \ 02411i'O LlI2965 OInamMinlCOle 1-~~ 8.Sl ~ 1111~ 5.74 425 ! l7Sl64 42l.57 4l6.l2 Cdn.Wesl!msn~ lS-AIJ'-(x) 6J5 ~ >V am 1925 Cenln!IInlt::ltllUlTSl: ll-lt7I-(X) 8.Sl J25JJl 6.l6 sm l.I!25 ,s Cenln!IInlOEm.lllTSE 3l.-..IaIHll 7KlS 117SJ 9.<45 5.<1 l825 .. Oi: ti!Iaxes Ole 3l.-A1J}-Q7 8.00 96J5 ria 8.-49 UOO " Co-SIe!i III:. ~ ll-AIJ'-07 6SJ 9'1.00 <l.~ 6..64 l.8.Q5 2.". ~ _ .. - ,,- ..,.,. .,...,.. "'"7' Cans.&1feilOle 3l.·Mar-<J2 8.lXl '11SJ 64!2 8J1) o..2ll ..39S3 L3IlS8 L38l3 Ll773 ()ayU]n MmIl" DAY.IlB.VITSE l-Aor-<J2 7.00 74.lXl l8l.38 15.<1 1.67 l7J3 llUl lll23 l.lll.S3 0IM!!i Ole ll-Aor-'i6 8.lXl lID..ID 6Q.53 5.54 7.55 .J1l65 16946 L6884 L6BS2 fnmIlndDOC.OOlTSE.ME lS-AIJ'.(li 8.Sl llJQ.OO ~ Q.2lI lBSJ JJT!, n..l. n.a. n.a. Edper Group EI!C.W1SE 3l.-~ 1.00 l68.!Il -ur. am 2"-65 Em:o .lnlklslnl51M..al1TSE 4-..u-Q7 6SJ llI7.oo 3U7 5.55 l5.7S Jl61 O.lZl6 QJ24> Il.n5l. Em:o.lnlklslnl5Ole ll-Aor-<J2 725 lJll.lXl ria 725 l5.7S &l38 82.<1 00S2 7a.IIl Em:o.lnlklslnl5Ole 3l.-1lec~ 8.lXl lID..ID ria 7£ l5.7S ..2Z3l. l2229 l2224 l2236 tmnac Padc HICDBIlSE, ME 4-(kI-04 8.lXl lJll.lXl ll2.~ 8.00 7]5 , ~ n.a. n.a. n.a. t'dingI!rtt.G.lBl1SE l-N0r-'i6 7.00 1l5.1ll -8.99 am 26.lS - t'dingI!r* 1t.GlF.olWilWl ~1tIo-13 am 38..ll 5D.l6 6.ll .. • • 1ncII"~ lS-Mar-16 7]5 lOl25 lJlll6 7.62 19.Q6 :tecumles Inm!tDotlll8llSE.ME 25-~ 1SJ <;lIS) lJJ..Q 8.48 'U ""_. __ 1nm!t0le 29-Se!X17 s.oo 19.00 l62.l) 8.14 --...... KaIiI!I Group Ole 2lhlHI 7]5 llJlII) lBZJS 772 Price 't1IW s..so I'mIssK.lllllTSE ~OI!!:-(X) 69SJ 1291» lQ.~ ,.8 10 Ole 1-~ s.oo 821ll S3.CZ 772 lS.ll WB78 4JI3 ~Irt.~ ~ 715 J..S2.88 2..69 023 89)0 l!ll44 <t63 I« CoIIIn.!IIlZ.WtSI: a.-Jan-07 7.00 es.m 110.<1 9.-49 JJn65 .u!6 NOOIe OW Ole ll-HoMl4 9.00 9O.Ill 117.97 lL09 l.OOSl 4.9l s.oo (93 ! NaranIlaOle 'B-AIJ'-07 9'2SJ 3S.J.8 6.Il6 11JU) 5.lS ! IUrat &egy Ole lS-Aor-Q2 7.00 lll11ll IVa 6J3 lll2.Sl 99.6«1 5.CZ PeJ;lsusGotl*Ole ll-Aor-<J2 625 lB.lXl 'lSJJ7 6UI:. 'i6.7l2 5.<3 ~Ole ll-.b>-~ 9.00 ~ 'XI37.<1 37SJ lJll7Z 5.53 : ~Pn:IoenI!SRI'C.IlII.AIlSE 3l.·0ec-(x) 7.00 117.oo lJl3l 4.68 s..so lll.7B 5.7l i RloAlgtmIlCMlR/lSE 1-~ >46.l3 Sl.38 6.Il6 ---------: RDIJn CorrmOle 1·~99 7S J '11SJ 2lOJl 9L1\ I ~Met!1s0le 3Hkt-W 9.00 lll11ll '2f1121 8.CZ ~ 5.41 'l73 U2 , Sl'emtSJRfl'liE lS-1lec-(x) 6..00 )93) <Z.II6 7£ 86 U2 : ..J.'11 4.52 Te dt Corp TEK.OOIlliE ll-Seo-21 3..00 65.29 1('11 5.h7 11ll.l5 414 TedtCorp*Ole ~ lJS 1n74 <n.~ 6J3 llllS9 <1.94 TenU!c* 11lCOI!..UIlSE.ME 3l.''''''''r-(B 6.Sl 99SJ 4S.41 6.6l. J.O:l.B4 5.4> TnzecHam"TZH.ll8.UIlSf,ME l8-Nov-18 125 62..l2 16.41 6.62 tOOlS 5,.:1 TnzecHam*TZH.ll8.VfflE,ME 29-Jan.21. llXl 65Jll 22.6J 5.7S 100.93 5.48 W _ iliam _ sAe!l _ lua!S • W _ NJJIIT _ SI: . . 2 _ 3-Ja1t.Q _ 2 8. . lX . l _ 3 " 9.4> ' _ 3S2.6 _ 8 38 " J8 ' . ... _ lJll.lXl 5.41 10lW 5.93 : ...... ,_ .. _ ... _ •• US$
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Aug lI'99 107.31. s.oo 25.4> 23) 4l.lXl ca... 91lJ IWIIll 129.25 5.aJ OreHydro 931 Jlnl\l\J) llJI.56 5..l3 6SJ 4.!ll ;ro]. I c..- s.so.ill IIll l24.64 5.!4 Ore Hydro WO Augllll) llVl. 5.14 lBSJ c...a lO.25 IWl5Il4 145.65 5.B6 OreHydro I.OJXI IWI.9J!Il IlJ3l. 5.33 5.9S lQ.5J 9SJ ClnGI ll.25 ...... 1IlS 1S1.89 ,90 OreHydrot99 171lJ IWl/II2 ll4.45 ~91 c..- IIJ.sD IW15I2l l56J9 ~96 27.4> 2IJl 48.l9 CndI 9:15.i11 1121 1471 18 ~94 0It Hydro 91lJ AcIr 16/'02 Ul6I 5.45 1U4 4.66 ZL48 c..- 9.25 ...... lI'Z2 142.1l1 ,96 OItHydro 91lJ.illWIrl UUl~" Ore..,.." 91lJ ...... WIrl llUl 5.., 5.62 l2l7 8.22 I ~(O) 8.IIO.!un 1IZJ ur.A5 5.'11 Ore..,.."dl) l2.sD NorJllU! llUS s.q 16.44 l2S llJIl i ~ P ( I. 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APPENDIX A to Commission Letter No. L·73·97 Page 8 of 12
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APPENDIX A to Commission Letter No. L·73·97 Page 9 of 12
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Emeldern: n·Mat-<l2 aoo 97S1 6168 I!JI) is n.a. rta. :.3 117.10 lll!il ll~~ 107~ Daytan,....~.,.mVITSl: l'AD<-<l2 7ID 7LlJ 16173 l6SJ l8 L7048 L692S 1.68S2 L68J.4 \ DevIei ern: ll-Aor-'ill aoo lOlOO 00.53 5.S8 )5 17242 r..a. "-3.\ 00rmJ1nd00CJlVl5E.r.E lS-Au{)5 I1SJ l!il.OQ ·7::rJ 0.28 -------- EllDerGnlDEIlC.IBI1SE n·Mav-06 7ID 16>.00 .1.72 0.00 ,4 i8cJcndoGdd*ern: 1·1tJ\o{)4 8.2S 1Ol000 415.94 7.68 rta. n..a. "..a. rut j Em:!)!IIiISIrI!s IM..aII1SE 4-..uHl7 6SJ uo.oo V.07 517 !S rta. :la. :\-2. rut I Em:!)!IIiISIrI!sern: l}Au·02 725 lOlOO rJ3 6.'ill n.a. n.a. r. ~ ..l. Em:!)!IIiISIrI!sern: aoo rva rut \ 3Hlec-lXl lOlSJ 7.44 11 n.a. n..a. ".3. __________ n.a. i Harmac Paoli: HAC.llBITSE, ME 4-(kI·04 aoo 100.00 100.00 aoo HoIn}ertt.G.aIITSE l·Nov-'ill 7.00 l36.OO ·933 0.00 d _.0 . S ~~urities I HOIinI;Jer" tt.GlfD NASIWl S-Nov-13 0.00 ]Ul 50.16 ill lraI· H.l6.MIfSE lS-Mar·16 7J S lOl5O 12144 7.IJJ ~ "" "on. InOICt1ed ",etOS a47 I InmeIlM'UIIIITSE, ME 25-.AJl.'" 73) 98.50 114.'ill .late. ritJ Irmetern: P!b '(MIld I 29-~07 5.00 79.00 166.47 8.14 ......;..-------- i l<atietGnlloOR: 28-JJ~'ill 7J5 100.00 l66.67 7J2 I ;(nQSS K.IlIII'TSE 5-DI!c-06 5.50 (:IUS 124.38 1llJl4 37 99.880 199 i MacBDOR: l'~ :..00 82JS Sl.W. 7!!1 .98 10152 4.54 Mil!J'8I& NG.IIVI'SE S-.Ai-QS 725 l.S2.Zl 2JO Il.]) W 100.82 4.71 '-UCirllll.NlIUIII\'SE 8-Jan.iJl 7.00 &US 109.1!1. ''11 1:JQ.69 4.75 NollIe on ern: l}1tJ\o{)4 9.00 90.00 lll36 11.09 '.'11 10lSO 4.78 to'anda ern: 29-Au.fJ7 5.00 9lS) 4l.<16 '.01 102.8S ~.~ ,.... .e rn: lS-AII'-<l2 7.00 lOlOO nla ,", 1Mn1
...... ...' U. , ----..--- --- ,-. I :E.IIl 39.00 I s.-.... .., _ e_ Of c.,,_ 29.IIl 29.00 I PI'I!'I WI!._ l-ilD1!1 5.611 5.611 5..65 SiX 3-nmh 5lI8 S..87 S..87 5J' UIteI:t ~ ICII lIP 6-mInII >'90 >'90 >'91 5.l! 3lOO 3lOO I uss 0mncJt 5.50 5.47 5..46 5.43 -56J.O SS3S\ l·fT'IOI'Ch 5..56 S.56 5.S9 5.S3 Bank Rates }fT'IOI'Ch 5.75 5.75 5.75 5.63 CaIUlda u.s. 6-fT'IOI'Ch 5J8 5J8 5J8 5..6B 'JIJJ1 :?4.55 cs }fT'IOI'Ch ~1l2 193 l87 178 an ~ C!n.,. 4.OQ ()saut,. 5.lX (J.I }fT'IOI'Ch 171 168 3.fR 112 Prer. IIIn cmo. 159 Prm! 1311! 8.SI 7719 77.66 }fT'IOI'Ch 0.78 Q03 0.1. 0Al PITne_ s.so Fe! finis n.a '1m 1912 19.29 GBP }fT'IOI'Ch. 7.46 7.56 7.56 725 Q[I Laan IIftraQt 190 lS.45 15.90 1iA4 19.54 I Bonds }-J C;-J 61-1 fr l\Jw Ab 19.1S 19.8) I s.. ...... ..,_._CO. ...... AIC __. ... ___ eo.- MIlt. Data BId S Y1d'Jf. c..... MIL Data IIdSYId IIeIIdIIMriI --. .......... ., till QMIbec 9,SQ Mar llI'23 1.37.ss 6. 52.90 53.95 54J15 56.00 BInI! III c:-.ta. .. iIIIId .. ...... QMIbec ~ lO.87 ..u 2SIIll 1l8.69 0. (N'-........ IOI-oW ...... Cor,onte . Canada IGT 9.SO Aug 241114 12179 5. 31!8.00 364.00 o.tiC 6.00 Dec 1/98 lOl38 (Sa Ala Nat Gas &4:1 J.d l5J1I3 112.62 5. (lJ.IX) (JlJX) I o.tiC 8..25 I><Jq 3199 lll5.43 U4 IwaJ fr1 8J5 Mar l5/OO l!V:J2 5. m.oo :moo !o .K 8.50 Dec V99 106.74 4.93 Be Gas &.50 ~ 'JMJl. 11l.B9 5. -1 o.K 8.BO Mar 1100 liR09 4.96 BC G as 8.lS..uI 28103 lll.39 5 Q.\HC 8.2O.)Jn 30/00 107.56 5..Il5 BeTel 725 Jlj J..5I'i6 lOl.57 4 o.tiC 7JS Dec1100 llV.1I 5JD BeTel lO..65.A.n 19m l5lJ3 t C3naaa 6.25 H!b 1/98 10Q.36 4.ll Be Tef 9J1j kl8/72 139.11 t CInadA (N) 6.00 Mar 1.5198 100.58 195 OCE 712 May l/98 101.09 I Canada 10.75 Mar J..5I'i6 101.97 193 % canada • 6..50 Seo l/98 l.lll.54 U1 OCE 8.95 AD< 1102 11291 ~ Bel 9.50 .A.n lSIlI2 llS.l2 ~ CanaIIa (N) B.IlO No'I1I'l8 IIXU5 4.48 Bel c04 9.~ Mar lIll 119.23 ~ 1":'\ C3naaa 5.75 Mar V99 lOl.J9 GJ Bel 9.71) Dec LSI32 145.lS I C3nac1i1 7JS SeoV99 lO4.91 4.S) I Ilk 01 ....... us .A.n lJlI3 ll5.OO ' Canada 9.25 DecV99 1(828 4J1l ..J C3nada 8.50 Mar 1100 l!V.59 4.90 Ilk oI .......l DlIS Dec 2ll/lI! 138.46 I \ can.a. Bk ~ NS 8.lIl Mar 241113 llllJ9 ' (0) 7S I Sell 1100 lO6.lI 4.99 C:wIda 750 Mat 1101 107.%1 5.D5 Ilk ~ NS 8.90 J\.n 20/25 lll.S7 ' (N) 1 9arriIiJnfIer 8.ll JJI 28103 ll2..2O C3nac1i1 9JS JJn1101 llU4 5JO em: 7Jll MarIOI04 107.Q9 C3nada 9.50 (kI1101 114.95 5J5 Canada 9JS Dec 1101 116.44 5J5 em: 9J1j Oct 3lIl4 l3V6 __ c-. c- Carada &.50 AD< 1102 JJ.2]9 5.16 Oil UIiIi!s &43 .A.n lJ1l5 ll6.3l 725 J\.n lJlI3 10925 5.29 Oil UIiIies 9.4:1 M;!y l/Z3 l38.66 ~ Carada C31lilda 7SJ Dec 1103 llL02 s.:n 0L5wn!t 0.00 ~l3I07 61.00 4.S6 5.S8 17.93 Cons. Gas 7.ss Dec l5I97 J.OO.OQ l295 12.5) aoo CaIlilda lll.25 H!b 1104 l2S.43 s.!s IPl ftII!rIIr t96 8.20 FtIll5l'24 l21.S3 US 10 7. II C3nada 6..50 JJn 1104 lO623 S.3S ImIsaIIJII s.:v .A.n Z3I03 ll2.64 22.IJ) US 22.IJ) I C3nada 9.00 Dec 1104 12lJ2 s.~ MaIsIJn 8rew 8ZJ Mar ll/O3 lll..QS 24IID 6JiI lS.OO IC InadA(O) a.1S Dec lJIl5 l2l.OO SA1 IUS 3Jl4 26.Ill CInadA(N) 71/1J Dec lJI)6 ll4AO s.sz Nlvc...a 6.45 .A.n 1104 lJl.l22 lUS 2Bl 35.Sl Canada 9SJ JJn 1110 l3176 5JH 'N;wc...a 7.4:1 .A.n Vll ll.l79 14.95 4.44 Z23l C3nac1i1 9.00 Mar lIll 13UlI 5J3 fbtI'II!m Tel 7.45 Mar lQJ';6 lOO.IJ) IUS 8JI9 ll2S C31lilda lll.25 Mar 15114 146.35 SJ!l 11m 8.ll ..u 15/1l3 lll99 14.95 121 ~ C3nada 9JS JJn lI2l 148.~ 5.91 11m SaIIII Pw 7.70 . Oct l5J1I3 109.44 US 10.2& 9JS CInadA(O) a.oo B.IlO Jun IJZI 126.90 5.M 0iIt.- Gr1IIC) &.25 .A.n llItl3 lll83 l&8D l2SO CInadA(N) 9.00 JurI IJZj I4LOP 5.95 PIraII'I!t 8J5 Now 9105 ll&43 l&25 6.45 l.S.S) lO.SO Mar 1102 ll8.77 IlDraI an l&25 5.88 17. o Provincial IlDraIIlri 6.SO Seo 12111 lO3J7 l215 nla AtIer1a 6.00 Mar V99 Itll.62 us SeapnIJll 9.00 DecJ..51'i6 lO4..lll-18.00 lJ!J. 26.2S AtIer1a 8.50 SeoV99 lll5.96 4.90 TaIiInwI EnI!ro 9.~ Dec Z1HJ lIB.OII Q,2J. 7.41 J.33) BrCoU1Oa 7.00 Mar 2I'JII 100..68 4ZJ TaIiInwI EnI!ro 9Jll Dec 22Itl4 l22.37 1.12 lS.n 4J6 BrCoUTDa 7.00 .)In 9199 103.27 4.J5 T~ 8.lS .A.n 2O/Il3 1U90 7S '5 8.ll l2.OO Br CollIIiJa 1015 Aug 29/01 116.49 5.24 1laIBI1 7.90 Seo 17/02 109.11 19.00 9!19 lLOO BrCotJrrba 900 Jan 9/02 lllS5 5.2B 'IlunDI 9.15 JJl6I04 117.7S 2UI 6.91 1, 775 J\.n l6I03 lJ.l.OO 5.42 TrCda~ 9.45 Mar 20IlB l3l22 0.Q:rJ:l7 \ B B r r C C o oi t J J r r n r b b l a a 9.00 J\II 2l/1l4 11911 >'49 TrnaIII UIi 8.lS Dec 15/1l3 lll87 lS.!S 5.ll6 19. BrCokJlI'ilIa 9SJ Jan 9112 l3l53 5.95 lS.!S nla \)imGas 9.70 Now 6Il7 l36..l2 Br Col.imDla aso Aug 23Il3 124.88 6.03 nla \)imGas 8J5 ~ 3Il8 l2S.74 lS.!S Br CoiJrnbla 9.00 I><Jq 23/24 1.37.00 6J6 VftsIIDISt Erer 9.90 Jan 10120 139.09 8.25 6Jl6 l6SJ 26.2S s.n. l6.62 New Brunsw1d< 912 I>cr 1102 114.S5 5.32 Newloun:IIand 10.00 Jul 25/Ol llS.ll s.:n IntematIoaal 9.41 2.7l 36Jl4 Newtourdand 11.00 H!b 15112 146.58 Aus1raia 7.00 15 APR 2000 103.67 1731 2.6l 38.25 6.06 NOOI ScotIa 90 Mar 1198 lOl34 UZ AIIsIraiI lO.lI) 15 OCT 2002 117.82 6.l) 7:1J l.iI.Ill15 OCT lJIl 12l!.76 4.7l 5 NowaScoIla 8..25 Dec lJOS ll6.OO Ius\I'i1iI 6.l) 5J3 ONOOIScoba 9.!il· Jan llI22 lJ9J1j 6.36 Britain 6.00 10 AUG 1999 98.34 U) 8.ll 15 Ort Hyd 725 Mar 3l/98 lcn94 4.31. Britain 7..00 IV.Ul2OO2 lOO.BI. 4.l5 7.19 149 ,()tHyd 9.62 Aug 3199 l!V.ss Ul Main 725 117 00: lJIl lll5.2S l5Jl) 8II.JI 1.66 ,()tHyd 9.00 f4;x 16102 11U l 5.34 ITfte 7.00 12lCt' 1999 J.OOI7 9.54 8ZJ 4.93 IOrtHyd 9.00 .A.n 24102 114.57 5.J6 ITfte 4.50 12.lJl2OO2 <;6.14 UI l2.SO . i IOrtHyd 1012 Oct lSJZl 141.91 614 ITfte 5.5D 25 OCTlJIl lOOJI7 6.20 2Z.I) '2.11& 4.00 VSEPl999 IIOrtHyd a90 ~ l8I'22 l3UiO 6.31 ee-. "'..86 6.13 . S.!II. nla: • IWam aoo Mar ll/O3 lll61 5AZ IiII-. 731 lIZ 00: 2002 109!11
APPENDIX A to Commission Letter No. L-73-97
Page 10 of 12
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DIIr Tart.1MI 26.00 26.00 26JX) , (I.ISS per bilI'reI) laCS .USS" dII TtIrUII!Iai!l 7.!11 7.8) 7r o Bn!It 0'\I0e 19J2 :url) ().(W1ll a.an.56 '" T,... Antl med. lS.45 q (fr.n:) o..aJ)C) 0J:tlJ79 -Q.36 (US (!lIS oer b IIiISs stiII!d) Bcmr It. 19.44 np) 0.CJ70 Il287l -a.til MItJr:a CIIIIee l511.li3 157.50 157.I! West Texas R. 19..1) 16419 '1!:tEl -Q.28 Rdu5ta CIIIIeI! i'8.OO 78.2S 1Il.OO ......... (GuIder) 0J2l0 Il.!DlS -()'+I CoaJa (lISSIft) 1776.00 l72l.OO lJ'jUOO (US arcs per gaI.) :5 (GuitIer) 0J92l Il.W '" Sup v.b1d 11 1.2.92 1289 U3l U£ GuI 52 .., (\)lI;W) 011186 Il.6.l97 -().]l CaIIIIIia paiIaL. NY _ su .9 s 0 .-me) ~ Q.loOl {JjJJ (CSoer"'.Tluldl!rBay) U.s.1wnDer UII!I!) o.m:z22 0JJlZl2 r1I GaRiI _90 39Ul J13JO (I.ISS) .abaa) L(JJ8 LOOOO '" fIaI 349.50 ~Cl 3WIl RinIIJn ~ 3tiII.IIl ~_~ (Pesl) 00022 G.l1m7. ill 'NI1ta JJIl.OO lJIl.ll l7lSO \ CoasI hem"" (JW) fYI 0.Cl27 Q.284l run 8fty 144,00 144,00 14500 WsIm ~:m.oo !1" II! ~ s:ucll) 0Jll195 o.m56l. -1l3! 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I Co-SlaIIIE. CEI.alI ~ l>-AINl7 6!j) lO2.lXl 3626 6.22 ~~~~--~ ~~Olt 1973 n.a. n..a. n.a. 3l-Mar-al 8.00 97S l 6168 8JD 111 ~ 0ayIDn MIInQ* QAymv I TSE 11731 lJ..l!ll llO.8l l'Acr-al 7!Jl 76.00 l58Sl 14..65 168 l69ll l.6OOl l6124 L6706 0evII!iI0lt l>-Acr·96 8.00 lJILOO Ill.53 5.S9 'A88 'Ln60 "A "A rUL Damallnd 1XX.08/1SE. ME 15-Acr-05 8.50 l6O.OO ·731 Q.29 ----------- I ~Gnllilac.tlB/TSE 3l.-MIy-06 7!Jl l72.OO .OJ!2 0.00 EIiIIndD GGkI" Olt 1·1bH)o\ 8.2S lllllDl U5.66 7.68 ua.oo 7lS6 n.a. n..a. Q.Q3 rUL \ EmalInriIIIn!s BLIlBI TSE +~ 6!j) 38.82 Sl7 n..a. r\.iI. rUL EmalIIIIbIftS Olt l>-~ 725 lJILOO tVa 6.96 22l!6 n.a. n.a. ..4. rUL EmalInrillln!sOlt 3l.0I!ic{J) 8.00 lOl.5O tVa 7.44 :m9 rUL rUL n.a. rUL HarmIC Pm IW:lB 11SE. ME ~ 8.00 llI2.OO 92.34 7G l ....... tLG.Il8l TSE 1·1\1a1M18 7!Jl l30iIll . WJ3 0.00 ..,..,ItS.f.o NASlAQ S-tGt-13 0.00 38.3l 5l.l6 6Jl !d Securities InaI" IU6.H I N'/SE 15-1IW-16 71'5 l.OOSl 117.I1 )(I """""'"" 51 tnlillOl'L indICII'lH 'IMttOI I.aINil MlDI/1SE. 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APPENDIX A to Commission Letter No. L· 73·97 Page 11 of 12
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Allert! 6.00 Mar1l99 Im.90 4.42 SelqamUd 9.00 0I!c~ llM3II ( 2!l.OO 3Sl 262S \ Allert! &SO Seo1l99 ~-«l 4.60 Taflsman€nI!rV9.45 0I!c2'1J99 JJBS6 5. 021 7.41 US) BrCoUttlta 7.00 Mar21\18 1IJl.19 189 Talismi!n€nI!rV9.fJl 0et22.I'!M 12lIXI 5. 2.00 15.72 11.36 BrCoUttlta 7.00 .lJ19M 1IIl63 4.S2 Telegobe 8.l5 ,",2OIU3 )12.43 5. 7.55 8.33 12IJl BrCoUttlta 1lllS Aug29101 Il1.1l! 5.09 fulmson 7.90 Seo17/1l2 lO9.81 5. 19.00 9.09 u.oo BrCoUttlta 9.00 Jan9J1l2 llUl 514 fulmson 915 ~61'04 ll&25 5. 2S.fJ) 6.91 14.47 Br CoUttlta 715 .lJ1l61113 1lL65 5.ll Tr Cda ~ 9.45 Mar lQIl8 l3lJ6 6. l61YJ SJ:6 1915 BrCllUlUl 9.00 .lJ12lJ04 ll9.82. 5.38 TransanaUli 8.l5 OetlSl'll3 ll4.43 S. l61YJ nla nil Br CaiInila 9.so Jan 9112 l34ll 5.90 UnIon Gas 9.10 Nur6ll7 lJ6.27 6. l61YJ nla nil BrCailnila 8.SO AugZ3ll3 l25.47 5.98 UrionGas 8J5 1ua3ll8 l25.II7' 6-9.00 ~ l6Sl BrCllUlUl 9.00 Aug 23124' 131.35 614 Westt/lIaSt&w9.90 Janllll3l tB.24 6. 26.90 5.1l l6.62 NewBrunswick9.12 Aclrl102 1lSl6 Sl8 .,....,---::--....,..-----....,. 9.«> 2.7l 3f..84 Newb.n:landJ.Q.OO .lJ25IUI. us.so 5.28 Inte~" lJ!JJ 2.6l 38.25 NewtudandllOO ftIIlS/12 14615 6.05 Aus1I'aia 7.lX1lSM'lt2lnl 111315 S. 6Bl 7:0 ll75 NovaSColll 91!1 Mar1/98 1IIL48 4.aJ. Aus1I'aia lllJX)lSOCTm lW)4 50 6Bl 4.7l 2l..25 NIMISCoIII 8.2S OI!cllU5 1l6.74 5.63 Aus1I'aila lllJX) lSOCT2007 129.115 ~ 4.25 8.33 12IJl NIMIScoIJa 9.a) JanJ1/22 139.98 6.34 BritaIn 6.OOlDMlGl999 9BJB 7. us 7.~ WS CrtHyd 725 Mll'31J98 1l11.Il! 4.00 1B ritam 7'OO1l7 .... m lDIJI6 6-16.40 ..3.~ 2!l.63 ()tHyd 9.62 Aug3J99 107.99 4.63\BritaIn 725I17IE2007 105.31. 6; L66 6Q.2S ()t Hyd 9.00 Apr l6/1l2 U4.n 5211 Fram 7.lX112101l999 10014 4. 8.20 493 Jl.ll ()tHyd 9.oo.lJ124102 llS.2O 5.221 Fram U112.ll.m 9IU2 (' 138 12"l 7.75 ()t Hyd 10.l2 Oc1lS12l 148.25 6.22 \ Fram s.so 2S ocr 2007 lOOD5 5.. 24.55· 2Jl6 3SIJl ()tHyd 8.90 AugJ&i22 l32.9'2 6.2D I GenniIny UQ l1SEPl999 99.78 4. 5."l nla nI a OrOno s..oo Mar llJU3 ll2.'Jl 5.ll I GenniIny 725 21 ocr m lO9.37 SJ U!l 6J'J 14.9'2 ()Uno 8.7S Apr 22JI]3 llS.91 5.32 \ GenniIny 6.00 04.ll. 2007 lll3.67 5.. OlB S.88 lJ.oo OrOno 715 OetSIIB 112.22 5.3S Ilaif 6.lXIlSMAV2lnl 1mJI6 s.: III ()Uno 9.00 seol5lO4 ll9.97 5.44 Ilaif 6:J5lSMAVm l!I1III ~ 26.!IJ z.so 4IlOO OrOno 8.lO Seo8123 l2lAI 6.2D I Ilaif 615 0l.l.l2007 1/l5.94 6J 7.&'5 4.83 20Jl ()Uno 7.so !'e7l24 llSJlI. 6.2D 1J iIlIan 4.90 2OSEP1999 llIJI7 0.' 4.95 5.41 lB..5O PB 9]5 AIlrJW2 ll1.22 5..331 Jaoan SSl3lSEPm l2!IJI2 1.: 6.10 lll5l 9S1 PB 925. Mll'l8Il3 Ul14 6.13 1J apan 2tIO 20 5Bl2007 1lI5.23 lJ 2S.OO 2JJ1 4&l9 QJebec s..oo MIr JI(Il8 llII.3l -4.071 U.s. 5.Q It ocrl999 99.84 So; l6JB 4.66 21.411 QJebec lIl.25 AIlr719& lD2J5 4.l31 u.s. SJ5lS1Of2lnl lLVJl6 So; 5.66 1217 8ZZ QJebec 6.00.lJ99 1.ID9l 4.Sl\ u.s. SJ5 31. ocrm 99.84 5..l 17.so 125 llJI) n........ _ •• - ••• - -. - .. -
APPENDIX A to Commission Letter No. L-73-97 Page 12 of 12
u.JU J..l)I I .................... ,I.UIIUUII alA, c.neru O<.:AJ 22749 Q(5 Q.38 5.52 I (USS bid Del' ., lI1eSS staI!d) (l5S/miion IffiJ) 42767 0.04 028 ·199 I AIiImIInr (lnel l625.OO l625.OO l.i'!Jl.OO Nat. gas: M3.1)Bt lSO 10528 -0.02 0.15 .5.60 I BivrUh lOO lOO lOO Nat. gas - EnuI!ss 0.9648 O.~ .Q03 2.02 I <atrun W'fo Q.l) Q.l) Q.l) Pnnn! (Sat./gaL) ll.OO 5.6(j)4 ·Q03 .l.63 2:Il I 01"0me III!tII 9.00 9.00 aso Pnnn! <EmVgaI) 29.00 5.5538 Q.2l .Q3l .u n I asne CdlaIt I1gOt 19.50 19.50 19.50 (Sat'/gaI) U327 .QS4 0J8 -0.95 i GaIUn IIIlOI :m.oo :m.oo Jlll.OO asne (&:in./gaI) 5.95 Q.2l ·032 . LBO I Gerrranu1\ (kg) 900.00 900.00 900.00 UnGas (NVH.IgaI) IlnUn ___________ : MaI'I!I II n Il R O ( I l ( n ig el l l. 2 l8 t4 lO O O O l. 2 l8 t4 lO O O O l2 2 2l t4OO_ .OO Oil rJy Country I MeraIry ftask 1«100 1«100 1«100 «(1 Del' bam!) MctjIJd. M!rr. (kg) 9.70 9.70 931 U. srur (CtIJ1'll!l\ ~ (Ozl 3S.OO 3S.OO 3S.OO U. S'M!et. (&in) DIIiIJ \ SeIL!nlm LBO L80 L80 (USS Del' bam!) QITIDCY IIICS InUSS %chc \ TariBII 26.00 26JXl 26JXl Brent cnJCIe JlCI!IItlOOr9(fTatx:) Q.lll939 o.WlIl -0.65 TII3IUn~) 7.l!l 7.l!l· 7.l!l Ar3b111!ll. 'alcllSaiRnDt) 0.41~ 02926 -115 T....... eom,lt. 'ab(\n) 167SO 25940 036 (USCI!IiS .. b\Jil!ssstal!d) West Teras rt. '!III!rI;JndS(GlHlerl 0!Dl4 {).]';m -{)]9. AnlbaCllflee lSl.67 l62.83 157.00 ........ ~ AIdes (Guider) 0J9l5 Il.S51!7 Ili RdJlSIa aIffee 79.00 79.88 8lOO (US CI!IiS Del' _I "W ZsIand jDoIIarl 0.887J. Q.h2h2 014 Cccoa \\SIInel rm.oo lJ95.00 lS3S.OO US Gull ~ ('Nve) Q.2(lX) 01412 -032 !d;IIr VIIlI1I11 J..Zm 12ro U3l NY Harbor ,1aStIn~) (l.(]32l9 Q.02272 III CanIda ....i ns u.s. lumber IIWIIB (8aboa) 14167 l.OOXl Ili «(1 Del' lime at llu1dI!r Bayl (US$) 'nwnes(PeID) Q.04l67 IlO294l -1l8 CancIa 39UJ 39UJ 394.50 j Rarmnlenglts <ard(Zk1y) 0.«124 0.2&Il.l.29 I AiIx' 344.l) 344.l) 344.50 IC oasIIeIl-1ir 'f\U!JlI (BnJOo) Q.1llJ'l6 0ll!i62 -0..86 I 'M'Ieat lfB.<Cl l8l<Cl J.i"Q.<Cl WslmDUte1n moo <U (I'Ew sa) Q.S22l9 Q.J686O Q.S2 mna(teu) 0.000l.82 0.tlXll28 -MI Q:o= ~:: ~ SUBSClIBUlS!l'Rla I J<eISI (Tolarl o.lD!6 Il.lW. -lO4 ., UlI AIra <RaOOr' 02933 02l71. MS t -800-387 -9011 UlII'D1!II(Ytb11 rumJ48 0JXXl95l -6SI <III (Pp- o..oorJ62 0JnI79 -o.JS "l' 7 Fill ri IIJIiIi, o.o:z3S7 CUIl664 -0. 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WIlI 975 ..lAllIm 1lS.l3 4.'" --7!1i lSSl 3.84 26lB = = 1ft! lQ5) Atitt ISIQ1 I 9s:J OcIlIm us.41 ~ --7.(J lSSl 2.82 1iSl a.- 1ft! 9s:J S1!1181112 I 9s:J OcIlIm us.41 ~ Ift!dlI. UI7 Atitt6/ll1 I S!5 lSSl (44 22!l 9J5 Der:lIm 116.. ~ 1ft!dX! llSO OcIlSI04 I Q.S4 lSSl 8.89 1125 a.- 975 Der:lIm 116.. ~ 1ft! 931 &J5 Fob2SllD I Fob IIIlZ lll.B5 S.ID 1ft! Fe1Sll2 I 7.33 lSSl l.2l &:11 =a.- WIl JS.S) MIr lSIIII IJUO Sll6 1ft! 11111 Fe1Sll2 I 5.BI. Ui lII.26 9.15 8!D Atitt IIIlZ Illl2 5.04 l4lII MorIlllZ 1l9.15 5.117 1ft! IIU2 1tW22Il4 I OIJJ 19.50 8JXl l2.!I a.- 1ft! U Atittl5l2l I ll25 Der: lSIIII l2UI 5.14 Ift!..,.., IU2 AugZ1'J8 I 4.(J 19.1l5 6.45 l5.5D = UJ5 Fe IIID 129,67 Sl5 Ift!..,.., 725 ,u, IIID lOIIJ9 ll25 Der: IS/99 I 5JJ Ift!..,.., :D15 S1!11171'!ll I 5.00 19.1l5 S.88 11.00 a.- 725 ,u, IIID lOIIJ9 5JJ 1ft!..,.,..d8 lO.25 0cI1SIQ1 I nla 8.6l ll6S nla nla = 9s:J 0cI1IID l21.l5 5.2l Ift!..,.,.. 0cI1SIQ1 I 1s :J Der: IIID UUO 5.2l Il25 lI!I. 2625 a.- lft!..,.,..t1II ,u,27111J I lQ.25 Fob 1104 l26.D9 IDlll S.25 Ift!..,.,.. lQs:J ,u,l5Il4 I Il.2l 7. . (1 ll5l a.- 6SI ,u, 1104 IlI6J9 s.26 011..,.., 1II1II FeIlWl I 2.l2 lS.71 6J6 = = mil ,u, 1104 145.05 S.25 0 0 1 11 1 . . . . , , . .., 7.25 MarllJ'J8 I lllSl 0cI1I04 129.41 5.lI. ,.. I2l.l1 5.lI. 011..,.,.. Dli' ,u,16I\I8 I 5.65 7.55 8.3l 1200 a.- 9111 Der: 1104 lQ.25 .ul2l9ll ) l2.IJ) MIr lIII5 !lIll S.JJ Q.l) 19.00 9JR' WJI 011. 12.25 Sl!lllIII5 1(JJS s.:JI 011.. ., , . ., , . . . . 9.62 Augll'99 I .... l1ItO I OIJJ 25.95 6.91 9:J1 14.(7 C8natI (0) 8J'5 Dec UII5 121.71 5.JI 011..,.,.. WD Aug8ltl) I 7.68 Q..6l ll7l 125 = lUI ..1 106 1"6.1l ~41 14JJ) 0cI1I06 15').45 5.44 0II1+r<n lOIIl Mar191'!ll I 1l1.O3 0 0 I 1 I 1 .. . , . . ,. , , . . . . t99 11.11l Marl102 I SJ7 l6.OO 5.QS 19.15 C8natI (N) 7.00 Dec lJQ6 5A4 9.11l Atitt I6IIll I nla 6.18 l6.OO nla nla a =.- W5 ..1 107 15').eo 5.46 0 0 1 1 1 1 ..,.,.. till ,u,:M!Q2 I nla 7.45 l6.OO nla nla IJIJ) 0cI1I07 lS6J:I 5.Sl ..,.,.. 9111 ,u,:M!Q2 J W5 MIr 1l1li 15593 5.S3 OII..,.,..dII .l2.SI 1tW~ J 7.62 9.25 ~ 16.5) a.-l4lII ,u, 1l1li ll5Al 5.S2 OII..,.,..dlI. llSO MorIllD J OIJJ 'l6.75 5.Jl l6.62 a =.- UJ5 0cI1IIII 149.17 5.S6 = OII..,.,..dlI. 14.25 Atitt Z1I'06 I Il.5D .. l IDII l4LIZ SilO OII..,.,..dlI. lQ25 Apr4lO9 I 6JO 9.41 2.7l 36JI4 Wl) ,u, lIDII ~ SilO 0II..,..,c115 lI1Sl _15110 I 7e , 11J H 2.6l 3!!.25 a.- l1l15 OcIlIDII l4laI 5.62 OII..,..,cm lll7 1oW2SIlD I 9.15 ..l IlD lli\II1 S6l OII..,.,..cm 95.45 7.81. 7.00 727 l3J5 U.25 MorWlO I 9s:J ,u, lIlD lJUJ S6l 0II..,.,..C04 ll1ll .... 29IU I &14 7.00 (7l 2l.25 a.-&J5 OcIlIlD 127J3 SIiI Crt..,.., lQII) 0:217114 1 Crt..,.., lQII) 7J2 Ul 8.3l 1200 = = 9.11l 1oW1I11 UIJ1 SIiI Fe6/'lll1 e- 8!D .u.lIll ~ S1l Crt..,.., WIl OcIlt:ID I ([6 7.49 lll5 lQ.25 IoWl5Il4 l46.96 SJ7 Crt..,.., lJ.!D "2713) I 46JO 7116 14IS 149 21141 ll25 ,u, 1115 1Sl27 5.Bl 011..,.., :D15 Aut6l2l I l4SI MIr l5I2l JS7. . 5.SD Crt..,.., IU2 0J8 sa Crt..,.., OcIl5I2l I 1.O6 8IIa) 166 8l.2S .... 9J5 .u.lIZI. l.4IL!I6 UO AutIlf22 I 9.44 aas 4.93 2Q:J) c...II 3. ,,;!:'/1i~. 5.SD 2!!~ !!! ~1If22 I .- ClMdllCO) ""01
~, s\-\ COL&: ~\ ~ ~~ O q J ; ; .. ~ .. _ . _ Y~· :wr..I'';' c \ r.~~"- "~. 0z ?~ ~S ('/~ ROBERT J. PELLATI ••' \:. f: .:: '.. COMMISSION SECRETARY /~S CO\J\~" VIA FACSIMILE
Mr. David M Masuhara Vice President Legal and Regulatory Affairs BC Gas Utility Ltd, 700 - 1111 West Georgia Street Vancouver, B.c. V6E4M4
Dear Mr. Masuhara: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
Please find attached a revised page 1 to Appendix A of Commission Letter L-73-97. The revision is necessary as a result of three typographical errors contained in the original page I to Appendix A. Neither error affects the calculation of the rate of return on common equity.
DWFlssc Attachment
. ; y ,.-SIXTH FLOOR. 900 HOWE STREET. BOX 250 VANCOUVER. B.C. CANADA V6Z 2N3 TELEPHONE: (604) 660-4700 C:;)V:J BO TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 December 9, 1997
APPENDIX A to Commission L~tter No. L-73-97 Amended Page 1
Calculation of Allowed 1998 Rate of Return on Common Equity l. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1997 Consensus Forecast)
2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (7.0%, December 1, 2006) and 30 Year (9.0%, June 1,2025) Canada Bonds: 4. Equals Projected 1998 Yield on Long Term Canada Bond 5. Less BCUC Benchmark Forecast 6. Initial Adjustment Factor 7. Sliding Scale Adjustment Factor 8. Allowed 1998 Rate of Return Common Equity: Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 MiscCor/Amded ROE'98-Appdx A, p.l BeG
3 month Ahead 12 month Ahead (Feb. 1998) -lNov. 1998) 6.0 5.9
5.95 0.438 6.388 9.25 -2.862 -2.290 Initial Rounded 1998 ROE 1998 ROE 9.960 10.00 10.335 10.25 10.710 10.75 10.210 10.25
h ***************************************** *** ACTIVITY MANAGEMENT REPORT TX ***************************************** ACTY# ~lODE CONNECTION TEL CONNECTI ON I D *5713 TX EC~1 96695101 *5714 TX ECM 814034204111 *5715 TX ECM 815032307405 *5716 TX EC~1 96414949 BULL HOUSSER
:1:5717 TX ECM 812503641270 :1:5718 TX EC~1 96414949 BULL HOUSSER *5725 TX EC~1 812503567326 *5732 TX ECM 96880318 :1:5733 TX ECM 99816601 RBC DS WEST VAN :1:5736 TX ECM 94436904 *5738 TX ECM 96811523 :1:5739 TX EC~1 812503876018 *5740 TX ECM IIm£IJDW 99257006 *5741 TX ECM pi ..7 6 ' 96414949 BULL HOUSSER TUP 12109 12: 07 5746 TX ECM 94436904 BC6fl.a 5747 TX ECM AfI4'rtI/1 96234311 SR. \'P M&cs&'iI 5748 TX ECM ROE 96915863 PAlG- 5749 TX ECM . 812503641270 6JKP 5750 TX ECM ~13 812504804450 CC;-F~ 5752 TX EC~1 -96835317 ***************************************** *:1:* ACTIVITY MANAGEMENT REPORT RX ***************************************** ACTY# MODE CONNECTION TEL CONNECTION ID :1:5712 AUTO RX ECM 604 689 9943 :1:5719 AUTO RX F.C'M ~ - .
*** START TIME USAGE T. PAGES RESULT 12108 15: 46 00'34 2 OK 12/08 15:48 00'32 2 OK 12/08 15:49 00'48 2 OK 12108 15: 50 00'45 2 NG 2 ##757
12/08 15:52 01'29 4 OK 12108 15: 58 01'21 4 OK 12/09 08:51 01'01 2 OK 12/09 10:15 11' 43 16 OK 12/09 10:27 00'59 3 OK 12/09 11: 15 01'42 6 OK 12109 11: 42 00'28 1 OK 12/09 11: 47 06'04 29 OK 12109 11: 59 01'16 4 OK 01'28 4 OK 12/09 13:56 00'31 1 OK 12109 13: 57 00'46 2 OK 12/09 13:58 00'37 2 OK 12109 13: 59 00'56 2 OK 12109 14: 04 00'42 2 OK 12/09 14: 06 00'43 2 OK *:t:* 1 START TUIE IU SAGE T·I PAGES I RESULT I , .., ... ".., . ~ ~ • - I
c ROBERT J. PELLATT COMMISSION SECRETARY VIA FACSIMILE
Mr. Craig P Donohue Manager of Regulatory Affairs Pacific Northern Gas Ltd. & Pacific Northern Gas (NE) Ltd. 1400 - 1185 West Georgia Street Vancouver, B.C. V6E4E6
Dear Mr. Donohue: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
Please find attached a revised page 1 to Appendix A of Commission Letter L-73-97. The revision is necessary as a result of three typographical errors contained in the original page 1 to Appendix A. Neither error affects the calculation of the rate of return on common equity.
Yours trul y ,
DWFlssc Attachment
SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 TELEPHONE: (604) 66D-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 December 9, 1997
APPENDIX A to Commission Letter No. L·73·97 Amended Page 1
Calculation of Allowed 1998 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1997 Consensus Forecast) 2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (7.0%, December 1, 2006) and 30 Year (9.0%, June 1, 2025) Canada Bonds: 4. Equals Projected 1998 Yield on Long Term Canada Bond 5. Less BCUC Benchmark Forecast 6. Initial Adjustment Factor 7. Sliding Scale Adjustment Factor 8. Allowed 1998 Rate of Return Common Equity: Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 MiscCor/Amded ROE'98-Appdx A, p.l BCG
3 month Ahead 12 month Ahead (Feb. 1998) (Nov. 1998) 6.0 5 , . 9 5.95 0.438 6.388 9.25 -2.862 -2.290 Initial Rounded 1998 ROE 1998 ROE 9.960 10.00 10.335 10.25 10.710 10.75 10.210 10.25
***************************************** *** ACTIVITY ~lANAGEMENT REPORT TX ***************************************** ACTY# MODE CONNECTION TEL CONNECTION ID *5713 TX ECM 96695101 :1:5714 TX ECM 814034204111 *5715 TX ECM 815032307405 *5716 TX ECM 96414949 BULL HOUSSER *571 7 TX EC~l 812503641270 *5718 TX ECM 96414949 BULL HOUSSER *5725 TX ECM 812503567326 *5732 TX ECM 96880318 *5733 TX ECM 99816601 RBC DS WEST VAN *5736 TX EC~l 94436904 *5738 TX ECM 96811523 :1:5739 TX ECM 812503876018 *5740 TX EC~l IIm€1J DED 99257006 *5741 TX ECM pi 1.')6 ' -96414949 BULL HOUSSER TUP 12/09 12:07 5746 TX ECM Apporrill 94436904 BC6fJ.a 5747 TX ECM 96234311 SR. VP M&cs6::1i 5748 TX ECM ROE 96915863 PA..IG- 5749 TX ECM . 812503641270 tAJKP 5750 TX ECM ~13 812504804450 c. C; -F'S:J 5752 TX EC~I L..- 96835317 ***************************************** *:~* ACTIVITY MANAGEMENT REPORT RX ***************************************** ACTY# MODE CONNECTION TEL CONNECTION 10 :\:5712 AUTO RX ECM 6 --04 689 9943 :\:5719 AUTO RX P'CM .
*:\::\: START TIME USAGE T. PAGES RESULT 12108 15: 46 00'34 2 OK 12108 15: 48 00'32 2 OK 12108 15: 49 00'48 2 OK 12108 15:50 00'45 2 NG 2 ##757 1210815:52 01'29 4 OK 12108 15: 58 01'21 4 OK 12109 08: 51 01'01 2 OK 12109 10: 15 11' 43 16 OK 12109 10: 27 00'59 3 OK 12109 11: 15 01'42 6 OK 12109 11: 42 00'28 1 OK 12109 11: 47 06'04 29 OK 1210911:59 01'16 4 OK 01'28 4 OK 12109 13: 56 00'31 1 OK 12109 13:57 00'46 2 OK 12109 13: 58 00'37 2 OK 12109 13: 59 00'56 2 OK 12109 14: 04 00'42 2 OK 12109 14: 06 00'43 2 OK :~** \ START TDIE \ USAGE T.\ PAGES I RESULT I , ., /00 . ~ . - I
~\~'A COl.u~ Q ~J ~ ~ .•• _ ~• • c , r.::-.. ~n..~' .". ~ 0z ?:~ ~S ROBERT J. PELLATT ('/~ .~ ~~ !: .:: '" COMMISSION SECRETARY /~S CO~~'\ VIA FACSIMILE
Mr. Robert H. Hobbs Director Regulatory Affairs and Corporate Secretary West Kootenay Power Ltd. 1290 Esplanade PO Box 130 Trail, B.c. VIR4LA
Dear Mr. Hobbs: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
Please find attached a revised page 1 to Appendix A of Commission Letter L-73-97. The revision is necessary as a result of three typographical errors contained in the original page 1 to Appendix A. Neither error affects the calculation of the rate of return on common equity.
Yours truly,
DWFlssc Attachment
• . . .L, ~ Ir/. -p SIXTH FLOOR. 900 HOWE STREET. BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 <:00 TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 December 9, 1997
APPENDIX A to Commission Letter No. L-73-97 Amended Page 1
Calculation of Allowed 1998 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1997 Consensus Forecast)
2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (7.0%, December 1, 2006) and 30 Year (9.0%, June 1,2025) Canada Bonds: 4. Equals Projected 1998 Yield on Long Term Canada Bond 5. Less BCUC Benchmark Forecast 6. Initial Adjustment Factor 7. Sliding Scale Adjustment Factor 8. Allowed 1998 Rate of Return Common Equity: Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 MiscCor/Amded ROE'98-Appdx A, p.1 BeG
3 month Ahead 12 month Ahead (Feb. 1998) (Nov. 1998) 6.0 5.9
5.95 0.438 6.388 9.25 -2.862 -2.290 Initial Rounded 1998 ROE 1998 ROE 9.960 10.00 10.335 10.25 10.710 10.75 10.210 10.25
# ********************************** *** ACTIVITY ~lANAGE~lENT REPORT n ***************************************** ACTYi:I MODE CONNECTION TEL CONNECTION ID :1:5713 TX ECM 96695101 *5714 TX ECM 814034204111 *5715 TX ECM 815032307405 *5716 TX ECM 96414949 BULL HOUSSER
*5717 TX ECM 812503641270 :1:5718 TX ECM 96414949 BULL HOUSSER :~5725 TX ECM 81250356i326 *5732 TX ECM 96880318 *5733 TX ECM 99816601 RBC DS WEST VAN *5736 TX ECM 94436904 *5738 TX ECM 96811523 *5739 TX ECbI 812503876018 *5740 TX ECM fXiJ.. 99257006 IIm£IJ *5741 TX ECM pi "-:6 ' 96414949 BULL HOUSSER TUP 12109 12:07 5746 n ECM 94436904 5747 n ECM AfpoatA f!,CCtflc 96234311 SR. "P M&CS f.!I: 11'/ 5748 n ECM ROE. 96915863 PIJG- 5749 n ECM , 812503641270 t.JKP 5750 TX ECM ~13 812504804450 Ct; -F'S:J 5752 TX ECM '-- 96835317 ***************************************** *** ACTIYITY MANAGE~IENT REPORT RX *****************************************
ACTY# MODE CONNECTION TEL CONNECTION ID iSTART TIME iUSAGE T.J~:\GESi RESULT :1:5712 I AUTO RX ECM 604 689 9943 1'0'),1'\0 ~-! *5719 I AUTO RX ReM
* ****** :1:*:1: START TIME USAGE T. PAGES RESULT 12/08 15:46 00'34 2 OK 12/08 15:48 00'32 2 OK 12/08 15:49 00'48 2 OK 12108 15: 50 00'45 2 NG 2 ##757
12108 15: 52 01'29 4 OK 12108 15:58 01'21 4 OK 12109 08: 51 01'01 2 OK 12109 10: 15 11' 43 16 OK 12109 10: 27 00'59 3 OK 12109 11: 15 01'42 6 OK 12/09 11: 42 00'28 1 OK 12109 11:47 06'04 29 OK 12/09 11:59 01'16 4 OK 01'28 4 OK 12109 13: 56 00'31 1 OK 12109 13:57 00'46 2 OK 12109 13: 58 00'37 2 OK 12/09 13:59 00'56 2 OK 12109 14: 04 00'42 2 OK 12109 14: 06 00'43 2 OK , :!:**
'0\"\ .CJOl. u ~\ ~ ~~ ~ .. Q] ~l.l.· _.:~ VA 'Y ~ G;..~4J S ROBERT J. PELLATT </~ ;:. \) t: ",:.; COMMISSION SECRETARY /~8 CO~~\ VIA FACSIMILE
Mr. Marcel Reghelini Manager Regulatory Affairs & Rates Centra Gas British Columbia Inc. 1675 Douglas Street PO Box 3777 Victoria, B.c. V8W3V3
Dear Mr. Reghelini: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
Please find attached a revised page 1 to Appendix A of Commission Letter L-73-97. The revision is necessary as a result of three typographical errors contained in the original page 1 to Appendix A. Neither error affects the calculation of the rate of return on common equity. Yours truly,
DWEIssc Attachment
;.. -SIXTH FLOOR, 900 HOWE STREET. BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 e:,Oj TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-800-663-1385 FACSIMILE: (604) 660-1102 December 9, 1997
APPENDIX A to Commission Letter No. L·73·97 Amended Page 1
Calculation of Allowed 1998 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average:
(Consensus Economics, November 1997 Consensus Forecast)
2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (7.0%, December 1, 2006) and 30 Year (9.0%, June 1,2025) Canada Bonds: 4. Equals Projected 1998 Yield on Long Term Canada Bond 5. Less BCUC Benchmark Forecast 6. Initial Adjustment Factor 7. Sliding Scale Adjustment Factor 8. Allowed 1998 Rate of Retum Common Equity: Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 MiscCor/Amded ROE'98-Appdx A, p.l BeG
3 month Ahead 12 month Ahead (Feb. 1998) (Nov. 1998)
6.0 5.9
5.95 0.438 6.388 9.25 -2.862 -2.290 Initial Rounded 1998 ROE 1998 ROE 9.960 10.00 10.335 10.25 10.710 10.75 10.210 10.25
. • ••• :t:*.:t::t:.***:t:* •••• :t: ••• :t: •••••• :t:*** •••• **. *~::t: ACTIVITY MANAGEMENT REPORT TX :t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t:*:t::t::t::t::t::t: ACTY# MODE CONNECTION TEL CONNECTI ON I D :t:5713 TX ECM 96695101 *5714 TX ECM 814034204111 *5715 TX ECM 815032307405 *5716 TX ECM 96414949 BULL HOUSSER
*5717 TX ECM 812503641270 :1:5718 TX ECM 96414949 BULL HOUSSER *5725 TX ECM 812503567326 *5732 TX EC~l 96880318 *5733 TX ECM 99816601 RBC DS WEST VAN *5736 TX ECM 94436904 *5738 TX EC~I 96811523 *5739 TX ECM 812503876018 *5740 TX ECM IItnE/JDEJ) 99257006 :1:5741 TX ECM pi /"'16 ' 96414949 BULL HOUSSER TUP 12109 12: 07 5746 TX ECM AffdaiA 94436904 BC(111o 5747 TX ECM 96234311 SR. \'p M&CS~I/ 12109 13:57 5748 TX ECM ROE. 96915863 PA./G- 5749 TX ECM . 812503641270 6JKP 5750 TX ECM ~l3 812504804450 C C; -F:;;:J 5752 TX ECM ~96835317 :t::t:*:t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t: :t.*:t: ACTIVITY MANAGEMENT REPORT RX :t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t::t.:t::t::t::I::t::t::t::t::t::t::t::t::t::t::t.:t::t::t.:t.:t: ACTY# MODE CONNECTI ON TEL CONNECTION ID IS TART TIME IU SAGE T·I PAGES I RESULT *5712 AUTO RX ECM 604 689 9943 .5719 AUTO RX R('M ~- .
:t::t::t: START TIME USAGE T. PAGES RESULT 12/08 15:46 00'34 2 OK 12/08 15:48 00'32 2 OK 12/08 15:49 00'48 2 OK 12108 15: 50 00'45 2 NG 2 ##757
12108 15: 52 01'29 4 OK 12/08 15:58 01'21 4 OK 12109 08: 51 01'01 2 OK 12/09 10:15 11' 43 16 OK 12109 10: 27 00'59 3 OK 12/09 11: 15 01'42 6 OK 12/09 11: 42 00'28 1 OK 12109 11:47 06'04 29 OK 12/09 11: 59 01'16 4 OK 01'28 4 OK 12109 13: 56 00'31 1 OK 00'46 2 OK 12/09 13:58 00'37 2 OK 12/09 13:59 00'56 2 OK 12/09 14:04 00'42 2 OK 12109 14: 06 00'43 2 OK :l::t:~: \'9/('\0 . ~ - - I
<2>~ COI.{J ~\ ~ ~<$) Q ~ J ~.a. .. ' m •• _. ~ G;.~.4J ~ <'/_ , ) : . ::. . • . • .. , . • ROBERT J, PELLATT COMMISSION SECRETARY /~8 CO~~" VIA FACSIMILE
Ms. Darlene M. Barnett Senior Vice President Marketing and Customer Services
British Columbia Hydro and Power Authority 17th Floor, 333 Dunsmuir Street Vancouver, B.C. V6B 5R3
Dear Ms. Barnett: Re: 1998 Rate of Return on Equity BC Gas Utility Ltd., Centra Gas Fort St. John Inc. Pacific Northern Gas Ltd. and West Kootenay Power Ltd.
Please find attached a revised page 1 to Appendix A of Commission Letter L-73-97. The revision is necessary as a result of three typographical errors contained in the original page 1 to Appendix A. Neither error affects the calculation ofthe rate of return on common equity. Yours truly,
DWFlssc Attachment
J : . ,.. II'''{ j? SIXTH FLOOR, 900 HOWE STREET, BOX 250 VANCOUVER, B.C. CANADA V6Z 2N3 . • ." , .:: <: r O _ J TELEPHONE: (604) 660-4700 BC TOLL FREE: 1-600-663-1365 FACSIMILE: (604) 660-1102 December 9, 1997
APPENDIX A to Commission Letter No. L·73·97 Amended Page 1
Calculation of Allowed 1998 Rate of Return on Common Equity 1. 10 Year Canada Bond Yield Forecast Average: (Consensus Economics, November 1997 Consensus Forecast)
2. Average of 3 and 12 Month Forecasts 3. Add Yield Spread Between 10 Year (7.0%, December 1,2006) and 30 Year (9.0%, June 1,2025) Canada Bonds: 4. Equals Projected 1998 Yield on Long Term Canada Bond 5. Less BCUC Benchmark Forecast 6. Initial Adjustment Factor 7. Sliding Scale Adjustment Factor 8. Allowed 1998 Rate of Return Common Equity: Sliding Scale Benchmark Adjustment ROE Factor BCGas 12.25 -2.290 Centra-FSJ 12.625 -2.290 PNG 13.0 -2.290 WKP 12.5 -2.290 MiscCor/Amded ROE'98·Appdx A. p.l BCG
3 month Ahead 12 month Ahead (Feb. 1998) (Nov. 1998) 6.0 5.9
5.95 0.438 6.388 9.25 -2.862 -'2.290 Initial Rounded 1998 ROE 1998 ROE 9.960 10.00 10.335 10.25 10.710 10.75 10.210 10.25
***************************************** *** ACTIVITY ~IANAGEMENT REPORT TX ***************************************** ACTY# MODE CONNECTION TEL CONNECTION ID *5713 TX ECM 96695101 *5714 TX ECM 814034204111 *5715 TX ECM 815032307405 *5716 TX ECM 96414949 BULL HOUSSER
*5717 TX ECM 812503641270 *5718 TX ECM 96414949 BULL HOUSSER :1:5725 TX ECM 812503567326 *5732 TX ECM 96880318 :1:5733 TX ECM 99816601 RBC DS WEST VAN :1:5736 TX ECM 94436904 *5738 TX ECM 96811523 *5739 TX ECM 812503876018 *5740 TX ECM I1m£IJDEi2 99257006 *5741 TX ECM 96414949 BULL HOUSSER TUP 12109 12: 07 5746 TX ECM ;~;jA' 94436904 f!,C61la 5747 TX ECM 96234311 SR. \'P M&CS&:I/ 5748 TX ECM ROE 96915863 PI./G- 5749 TX ECM . 812503641270 tvKP 5750 TX ECM ~13 812504804450 c. r; -F'S:! 5752 TX ECM L.- 96835317 ***************************************** *** ACTIVITY MANAGEMENT REPORT RX ***************************************** ACTY# MODE CONNECTION TEL CONNECTI ON 1D IS TART TIME IU SAGE T. IP AGES I RESULT *5712 AUTO RX ECM 604 689 9943 *5719 AUTO RX R('M ~- .
:1:*:;: START TIME USAGE T. PAGES RESULT 12/08 15:46 00'34 2 OK 12108 15: 48 00'32 2 OK 12108 15: 49 00'48 2 OK 12/08 15:50 00'45 2 NG 2 ##757
12108 15: 52 01'29 4 OK 12/08 15:58 01'21 4 OK 12109 08:51 01'01 2 OK 12109 10: 15 11' 43 16 OK 12/09 10:27 00'59 3 OK 12109 11: 15 01'42 6 OK 12109 11: 42 00'28 1 OK 12109 11: 47 06'04 29 OK 12109 11: 59 01'16 4 OK 01'28 4 OK 12109 13: 56 00'31 1 OK 12109 13; 57 00'46 2 OK 12109 13: 58 00'37 2 OK 12109 13: 59 00'56 2 OK 12/09 14:04 00'42 2 OK 12109 14: 06 00'43 2 OK *** 1,9.10 0 . ~ - - I