Florida Power & Light Company, P.O. Box , Miami, FL 33102
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1 Florida Power & Light Company, P.O. Box 291, Miami, FL 3312 I=PL January 15,213 Mr. John Slemkewicz Public Utilities Supervisor Division of Economic Regulation Florida Public Sel'Vice Commission 254 Shumard Oak Blvd. Tallahassee, FL Dear Mr. Slemkewicz: Enclosed is Florida Power & Light Company's Rate of Return Surveillance Report to the Florida Public Service Commission for November 212. This report was prepared using a thirteen month average and year-end rate base and adjustments consistent with Docket No EI, Order No. PSC FOF-EI. The required rate of return was calculated using the return on common equity as authorized in the aforementioned docket and order. This report also includes a pro forma adjustment to net operating income which reflects the annual effect of revenue normalization due to abnormal weather conditions. The pro forma return on common equity is 11.22%. This report was prepared consistent with the guidelines provided in Commission Form PSC/AFA 14. Sincerely, Sol L Stamm Director of Regulatory Accounting - )> (") ("') w Enclosures copy: J. R. Kelly, Office ofpublic Counsel C-. c::o :J:» z --1 ~::: zc;::; (;) - z en J<oz > -,a :X :Z"Tf )>.r z ("') f'l1 N...,.., r- ::::>::: no ol>:::c :;:-or: :?.C:n - ~c:l rr1 UJr-- tn-< -nrr: C:>wo ::z::n'l ;;o < ('") 'f'tl
2 EARNINGS SURVEILLANCE REPORT SUMMARY NOVEMBER, 212 SCHEDULE 1: PAGE 1 OF 1 ACTUAL PER BOOKS FPSC ADJUSTMENTS FPSC ADJUSTED PRO FORMA ADJUSTMENTS PRO FORMA ADJUSTED I. AVERAGE RAT~ OF RETURN (JURISDICTIONAL) NET OPERATING INCOME 1, ,96 (A) (176,243,756) (B) 1,378,594,151 21,288,498 1,399,882,649 RATE BASE 21,881,963,871 (1,772,698,69) 2,19,265,262 2,19,265,262 AVERAGE RATE OF RETURN 7.11% 6.86% 6.96% II. YEAR E[',ID RATE OF RETURN (JURISDICTIONAL) NET OPERATING INCOME 1 554, (A) (183,474,46) (B) 1,371,363,86 21,288,498 1,392,652,358 RAT!;: BASE ,178,434 (2,815,644,241) 2,667,534,193 2,667,534,193 YEAR END RATE OF RETURN 6.62% 6.64% 6.74% (A) INCLUDES AFUDC EARNINGS (B) INCLUDES REVERSAL OF AFUDC EARNINGS Ill. REQUIRED RATES OF RETURN AVERAGE CAPITAL STRUCTURE (FPSC ADJUSTED BASIS) LOW 5.91% MIDPOINT 6.38% HIGH 6.86% IV. FINANCIAL INTEGRITY INDICATORS A. TIMES INTEREST EARNED WITH AFUDC 5.55 (SYSTEM PER BOOKS BASIS) B. TIMES INTEREST EARNED WITHOUT AFUDC 5.39 (SYSTEM PER BOOKS BASIS) C. AFUDC AS PER CENT OF NET INCOME 5.8% (SYSTEM PER BOOKS BASIS) D. PERCENT OF CONSTRUCTION GENERATED INTERNALLY 82.36% (SYSTEM PER BOOKS BASIS) E. LTD TO INVESTOR FUNDS 37.51% (FPSC ADJUSTED BASIS) F. STD TO INVESTOR FUNDS 2.67% (FPSC ADJUSTED BASIS) G. RETURN ON COMMON EQUITY (AVERAGE) 11.% (FPSC ADJUSTED) H. RETURN ON COMMON EQUITY 11.22% (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 EI, ORDER NO. PSC FOF-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 PROVID. 77j , OR S KIMBERLy OUSDAHL 1,~ r 1, (VICE PRESIDENT AND CHIEF ACCOUNTING OFFICER) (SIGNATURE) ~IM u5()a).ic..dat~} ;1
3 AVERAGE RATE OF RETURN RATE BASE NOVEMBER. 212 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 , ( ,415) ,68 JURISDICTIONAL PER BOOKS ~ 15_ 23.~72.~.~91 (1,49Q,1Q(),52) ,871 FPSC ADJUSTMENTS (1, ,352) (325,899, 125) (SEE SCHEDULE 2, PAGE 3 OF 3 AND SCHEDULE 2, PAGE 3B OF 3 FPSC ADJUSTED: 29,871,333,85 11,896, (1,597,895,228) (2,569,694,943) 17, , ,12,6 431,622,132 (4, 167,59, 17) 2,394,891,561 (1,772,698,69) 64, , ,791,41 2,19,265,262 PRO FORMA ADJUSTMENTS PRO FORMA ADJUSTMENTS: PRO FORMA ADJUSTED 29, , ,559, , ,12,6 431, ,515 19,24,474, ,41 2,19,265,262 NOTE: THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL OF THE PROFORMA ADJUSTMENTS THAT WOULD BE MADE IN A BASE RATE FILING.
4 AVERAGE RATE OF RETURN INCOME STATEMENT NOVEMBER, 212 SCHEDULE 2: PAGE 2 OF 3 OPERATING REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME INCOME TAXES CURRENT DEFERRED INCOME TAXES ~ INVESTMENT TAX CREDIT (NET) (GAIN)/LOSS ON DISPOSITION OPERATING EXPENSES NET OPERATING INCOME(A) SYSTEM PER BOOKS {255,589,339) {2,192,914) (1,76,19) JURISDICTIONAL PER BOOKS 9,93,687, m (25,26,253) 932,876,93 (2,147,72) (1,695,Q82) 8,445,61,84 1,485, )~6,549 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE GROSS RECEIPTS TAX FINANCIAL PLANNING SERVICES INDUSTRY ASSOCIATION DUES ECONOMIC DEVELOPMENT 5% AVIATION- EXPENSES EXECUTIVE COMPENSATION FUEL REG RETAIL CONSERVATION RECOVERY CAPACITY RECOVERY ENVIRONMENTAL RECOVERY OTHER RATE CASE ADJUSTMENTS (1) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYCHRONIZATION FPSC ADJUSTMENTS (454,248,21) (233,336,123) (3,735, 15,639) (181,364,344) (694,65,286) (179,414,644) ( 15,772, 59) (5,583,911,33) (3,715,974,23) (463,453,765) (4, 179,427,996) (379,847) (3,768,374) (64,643) (221,181) (31,932,942) (9,727,63) (171,22,284) (6,59,793) (19,784,688) (941,386) 1,634,12 (296,446,822) (8,2,926) (175,647,62) (27,215, 168) 1,963,36 (6,547,386) (289,847,923) (11,683,264) (442,564,832) (232,961,768) (2,66,68) (136,973) (493,411) (285,785) (69,86,712) (17,719,428) 17,719,364 (144,48) 146,526 1,452,879 24,936 85,321 12,318,132 (75,93,878) (16,439,91) 17,974,583 (47,9,698) (757,386) (9,367,285) (63,362) 35,313,416 (83,17,339) 72,5,59 15,727,76 (15,966,953) (3,264,54) (6,869,263) 62,17, , ,941 (182,42,692) (271,645,518) (271,845,448) 271,845,448 (233,16,174) (229,949) (233,321) 233,321 (2,313,495) 2,313,495 (39,77) 39,77 (135,861) 135,861 (19,614,81) 19,614,81 (3,73,976,82) (4, 129,557) (16,251,568) (1,132,776) (697,847, 14) 3,196,856 (97,91,473) (81,54, 171) 1,25,994 (1,25,994) (9,856,36) (14,916,21) 1,3,758 (1,3,758) 28,444,153 (28,444,153) (5,476,878,95) (1 7,32,398) FPSC ADJUSTED 4,346,776,33 16,328,31 1,439,878, ,944,47 365,553,246 (333,223,592) 994,984,876 (2, 147,72) (1,135,142) 2,968, 1!!;1, 179 1,378, 94, 151 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 2, PAGE 2A OF 3) PRO FORMA SYSTEM PER BOOKS ADJUSTED 34,682,682 4,361,459,12 16,328,31 1,439,878, ,944,47 24, ,578,218 13,369,212 (319,854,38) 994,964,876 (2,147,72) (1,135,142) 13,394,184 21,288,498 2,981,576,363 1,399,682,649 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY AND THE JURISDICTIONAL NOI BY 7,736,279 69,211,358 (B) ECONOMIC DEVELOPMENT S RELATED TO THE PERIOD ARE: ON A COMPANY BASIS ON A JURISDICTIONAL BASIS 1,313,11 1,292,853 CURRENT MONTH AMOUNT SYSTEM PER BOOKS JURISDICTIONAL PER BOOKS 75,646,9 692,467,88 289,934, ,685,771 14,454, ,144,29 39,997,329 38,751,54 78,232,824 77,675,239 (45,215,357) (44,422,875) 93,216,46 91,581,355 (175,315) (171,7) (142,587) (141,631) 596,32,62 585,11,52 19,343,488 17,365,586 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETTLEMENT AGREEMENT. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
5 AVERAGE RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS NOVEMBER, 212 SCHEDULE 2: PAGE 2A OF 3 OPERATING REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME INCOME TAXES CURRENT DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES TAX CREDIT ON OPERATING OPERATING ~~ DISPOSITION EXPENSES INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1) 34,682,682 24,972 13,369,212 13,394,184 21,288,498 PROFORMA ADJUSTMENTS 34,682,682 24,972 13,369,212 13,394,184 21,288,498 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD.
6 AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS NOVEMBER, 212 SCHEDULE 2: PAGE 3 OF 3 RATE BASE ADJUSTMENTS SYSTEM JURISDICTIONAL PLANT IN SERVICE: ENVIRONMENTAL FUEL AND CAPACITY 1,217,376, ,941,848 1 '194,53, ,266,86 AVIATION- PLANT LOAD CONTROL 36,999,961 36,999,961 ASSET RETIREMENT OBLIGATION CAPITAL LEASES 11 '142,622 58,43,67 1,96,864,318 1,97,84 57,53,94 1,923,794,352 ACCUMULATED PROVISION FOR DEPRECIATION: ENVIRONMENTAL ACCUM PROV DECOMMISSIONING S (98,659,84) (3,67,338,121) (96,769,676) (3,12, 194,957) ASSET RETIREMENT OBLIGATION 4,824,849 4,195,336 ASSET RETIREMENT OBLIGATION DECOMMISSIONING AVIATION- RESERVE 2,842,998,987 2,799,16,369 FUEL AND CAPACITY (36,813,87) (36,49,291) OTHER RATE CASE ADJUSTMENTS (1) 154, ,28 LOAD CONTROL CAPITAL LEASES (18,613,913) (1,85,865) (339,253,382) (18,613,913) (1,778,19) (325,899, 125) CONSTRUCTION WORK IN PROGRESS: CONSTRUCTION WORK IN PROGRESS CWIP - ECRC PROJECTS 2,371,655, ,393,146 2,62,48,493 2,326,6,52 243,634,423 2,569,694,943 NUCLEAR FUEL: NUCLEAR FUEL IN PROCESS NUCLEAR FUEL CAPITAL LEASES WORKING CAPITAL: (SEE SCHEDULE 2, PAGE 3B OF 3) (2,44,338,384) (2,394,891,561) ADJUSTMENTS 1,81,321,45 1,772,698,69 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETTLEMENT AGREEMENT.
7 AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS INCOME STATEMENT NOVEMBER, 212 SCHEDULE 2~ PAGE 3A OF 3 OPERATION & MAINTENANCE TAXES OTHER DEFERRED OPERATING FUEL& DEPRECIATION & THAN INCOME TAXES INCOME TAXES REVENUES NET INTERCHANGE OTHER AMORTIZATION INCOME CURRENT (NET) -- SYSTEM PER BOOKS 1,113,878,452 4,282,357, (255,589,339) 952,949,16 INVESTMENT (GAIN)/LOSS NET TAX CREDIT ON OPERATING OPERATING (NET) DISPOSITION EXPENSES INCOME(A) (2, 192,914) (1,7QE),19) 8,597,17,579 1,516,77,873 FPSC ADJUSTMENTS FRANCHISE REVENUE (454,248,21) (11,683,264) (17,719,428) FRANCHISE EXPENSE (442,584,832) 17,719,384 GROSS RECEIPTS TAX (233,336, 123) (232,961 '768) (144,48) FINANCIAL PLANNING SERVICES (385,796) 148,821 INDUSTRY ASSOCIATION DUES (3,825,361) 1,475,633 ECONOMIC DEVELOPMENT 5% (65,655) 25,326 AVIATION- EXPENSES (224,645) 68,657 EXECUTIVE COMPENSATION (32,433,55) 12,511,51 ADVERTISING EXPENSES FUEL REG RETAIL (3,81,66,43) (3,792,4,34) (9,934,689) (2,68,68) (74,832,656) 72,494,726 CONSERVATION RECOVERY (181,384,344) (171,22,284) (8,2,926) (136,973) (16,439,91) 15,727,76 CAPACITY RECOVERY (694,669,583) (473,676,89) (61,137,491) (175,847,82) (493,288) 22,326,75 (15,966,953) ENVIRONMENTAL RECOVERY (179,414,644) (2,171,128) (27,746,762) (288,644) (47,549,614) (3,284,54) OTHER RATE CASE ADJUSTMENTS (1) 2,6,618 (774,53) STORM DEFICIENCY RECOVERY (15,772,59) (956,97) (8,547,366) (9,361,298) GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES 1,659,712 (64,234) INTEREST SYCHRONIZA TION 35,841,149 (6,976,845) -- FPSC ADJUSTMENTS (5,659,55,392) (4,265,68,429) (298,677,279) (29,336,238) (69,69,648) (77,326,666) 61,994,58 (182,42,692) (271,845,518) (271,845,448) 271,845,448 (233, 16, 174) (229,949) (236,975) 236,975 (2,349,728) 2,349,728 (4,329) 4,329 (137,988) 137,988 (19,922,4) 19,922,4 (3,86,957,62) (3,722,81) (16,251,568) (1,132,776) (74,795,548) 1,125,965 57,877 (98,469,523) (8,945,121) 1,232,565 (1,232,565) (9,665,571) (14,96,467) 1,19,478 (1,19,478) 28,664,34 (28,664,34) 57,877 (5,56,264,822) (99,24,571) FPSC ADJUSTED 4,454,373,6 16,676,923 1,465,155,231 53,195,78 373,178,216 (332,916,25) 1,14,943,76 (2, 192,914) (1,135,142) 3,36,9!2,758 1,417,46I,32 PRO FORMA ADJUSTMENTS 34,682,682 24,972 13,369,212 (SEE SCHEDULE 2, PAGE 3C OF 3) PRO FORMA SYSTEM PER BOOKS ADJUSTED 4,489,55,742 16,676,923 1,465,155,231 53, 195,78 373,23,188 (319,546,813) 1,14,943,76 13,394,184 21,288,498 (2, 192,914) (1,135,142) 3,5,299,942 1,438,755,8 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY 7,736,279 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETTLEMENT AGREEMENT. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
8 AVERAGE RATE OF RETURN SYSTEM ADJUSTMENTS NOVEMBER, 212 SCHEDULE 2: PAGE 3B OF 3 WORKING CAPITAL ADJUSTMENTS SYSTEM JURISDICTIONAL ADJUSTMENTS TO ASSETS PER BOOKS: ACCOUNTS RECEIVABLE - ASSOC COS 21,986,988 21,63,621 INTEREST & DIVIDENDS RECEIVABLE 824, ,446 ACCTS RECEIVABLE- TAX REFUND NET UNDERRECOVERED FUEL, CAPACITY,ECCR, ECRC 94,12,795 94,289,36 CASH CAPITAL SUB ACCOUNT POLE ATTACHMENTS RENTS RECEIVABLE 12,431,726 12,23,231 PREPAYMENTS -INTEREST ON COMMERCIAL PAPER 7,164,75 7,1,294 RATE CASE EXPENSE 2,83,379 2,83,379 TEMPORARY CASH INVESTMENTS 5,696,155 5,63,831 ASSET RETIREMENT OBLIGATION STORM DEFICIENCY RECOVERY 712,166, ,166,879 NUCLEAR RECOVERY 9,297,36 9,297,36 JOBBING ACCOUNTS 12,911,222 12,71,956 ADJUSTMENTS TO ASSETS PER BOOKS 879,296,68 878,545,33 ADJUSTMENTS TO LIABILITIES PER BOOKS: ACCOUNTS PAYABLE - ASSOC COS ACCUM DEFERRED RETIREMENT BENEFITS (3,346,847) (3,295,239) ACCUM. PROV. - PROPERTY & STORM INSURANCE (176, 187, 1) (176, 187, 1) ACCUM. PROV.- RATE REFUNDS (373, 148) (345,75) GAIN ON SALE OF EMISSION ALLOWANCE (1,547,88) (1,517,449) JOBBING ACCOUNTS (14, 165,282) ( 13,935, 698) PAYABLE TO NUCLEAR DECOMMISSIONING FUND LEHMAN HEDGE POLE ATTACHMENT RENTS PAYABLE (6,585,511) (6,478,773) PREFERRED STOCK DIVIDENDS ACCRUED SJRPP ACCELERATED RECOVERY (55,856,517) (54,747,958) STORM DEFICIENCY RECOVERY ASSET RETIREMENT OBLIGATION (2,894,97,234) (2,85,33,227) MARGIN~ALL CASH COLLATERAL NUCLEAR RECOVERY (166,377,549) (166,377,549) TRANSMISSION RELIABILITY ENHANCEMENT (225,176) (221,526) ADJUSTMENTS TO LIABILITIES PER BOOKS (3,319,634,452) (3,273,436,594) - NET ADJUSTMENTS TO WORKING CAPITAL PER BOOKS {2,44,338,384) {2,394,891,561)
9 AVERAGE RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS NOVEMBER, 212 SCHEDULE 2: PAGE 3C OF 3 OPERATION & MAINTENANCE OPERATING FUEL& REVENUES NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES INCOME TAXES TAX CREDIT ON OPERATING OPERATING CURRENT (NET) (NET) DISPOSITION EXPENSES INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1) 34,682,682 24,972 13,369,212 13,394,184 21,288,498 PROFORMA ADJUSTMENTS 34,682,682 o, 24,972 13,369,212 13,394,184 21,288,498 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD.
10 YEAR END RATE OF RETURN RATE BASE NOVEMBER, 212 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 34,362,113, ,627,584, (1,242,12,415) 23,797,664,968 JURISDICTIONAL PER BOOKS 33,485,4,53 11,875,258,111 21,69,746, ,538,71 2,534,462, ,53,955 24,973,278,954 (1,41l(),1,52) 23,483,178,434 FPSC ADJUSTt.,IENTS {3 48,277,288) {322,913,95) (SEE SCHEDULE 3, PAGE 3 OF 3 AND SCHEDULE 2, PAGE 3B OF 3 FPSC ADJUSTED: 3,a76,727,243 11,552,344,26 {3,85,363,382) {2, 125, 172,42) 18,524,383,37 194,538,7a1 49,29,458 {5,21,535 63)_ -~. ~1 (2,815,644,241) 634,53a,955 19,762,743,151 9o4,791,41 2a,667,534, 193 PRO FORMA ADJUSTMENTS PRO FORMA ADJUSTMENTS: a a a a a a a a PRO FORMA ADJUSTED 3,a76,727,243 11,552,344,26 18,524,383,37 194,538,7a1 49,29, ,53a,955 19,762,743,151 94,791,41 2a,667,534, 193
11 YEAR END RATE OF RETURN INCOME STATEMENT NOVEMBER, 212 SCHEDULE 3: PAGE 2 OF 3 OPERATING REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER TAXES OTHER DEFERRED DEPRECIATION & THAN INCOME TAXES INCOME TAXES AMORTIZATION INCOME CURRENT (NET) INVESTMENT (GAIN)/LOSS NET TAX CREDIT ON OPERATING OPERATING (NET) DISPOSITION EXPENSES INCOME(A) SYSTEM PER BOOKS 1,113,878,452 4,282,357, , ,63,987,864 {255,589,339) 952,949,18 {2, 192,914) {1,76,19) 8, ,516,77,873 JURISDICTIONAL PER BOOKS 9,93,687,633 4,195,756,27 1,736,3~5, ,7!11,961) 1,56,351JL958 (25,~6,253) 932,876,93 {~. 147,72) {1,69,82) 8,445, ,485,626,549 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE GROSS RECEIPTS TAX FINANCIAL PLANNING SERVICES INDUSTRY ASSOCIATION DUES ECONOMIC DEVELOPMENT 5% AVIATION- EXPENSES EXECUTIVE COMPENSATION FUEL REG RETAIL CONSERVATION RECOVERY CAPACITY RECOVERY ENVIRONMENTAL RECOVERY OTHER RATE CASE ADJUSTMENTS {1) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYCHRONIZATION (454,248,21) (233,336, 123) {3,735,15,639) (181,384,344) (694,65,285) (179,414,644) (15,772,59) (379,847) (3,766,374) (64,643) (221,181) (31,932,942) {3,715,974,23) (9,727,83) (171,22,284) (463,453,765) (6,59,793) (19,784,688) (941,386) 1,634,12 (11,683,264) (1.7,719,428) (442,564,832) 17,719,384 (232,961,766) (144,48) 146,526 1,452,879 24,936 85,321 12,318,132 (2,68,68) (75,93,878) 72,5,59 (8,2,926) (136,973) (16,439,91) 15,727,76 (175,847,82) (493,411) 17,974,583 (15,966,953) (27,215, 188) (285,785) (47,9,698) (3,284,54) 1,963,36 (757,366) (8,547,366) (9,367,285) (63,362) 42,543,76 {6,869,263) (182,42,692) (271,845,518) (271,645,448) 271,845,448 (233,16,174) (229,949) (233,321) 233,321 (2,313,495) 2,313,495 (39,77) 39,77 (135,861) 135,861 (19,614,81) 19,614,81 (3,73,976,82) (4, 129,557) (18,251,568) {1, 132,776) (697,847,14) 3,196, ,941 (97,91,473) (81,54, 171) 1,25,994 (1,25,994) (9, 856, 38) (14,916,21) 1,3,758 {1,3,758) 35,674,443 (35,674,443) FPSC ADJUSTMENTS (5,583,911,33) (4,179,427,996) (296,446,822) (289,847,923) (69,86,712) (75,787,49) 62,17, ,941 (5,469,648,615) (114,262,688) FPSC ADJUSTED 4,346,776,33 16,328,31 1,439,878,41 487,944,47 365,553,246 (32,993,~2) 994,984,876 (2,147,72) (1,135,142) 2,975,412,469 1,371,363,86 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 2, PAGE 2A OF 3) 34,682,682 24,972 13,369,212 13,394,184 21,288,498 PRO FORMA SYSTEM PER BOOKS ADJUSTED 4,381,459,12 16,328,31 1,439,878, ,944,47 365,578,218 (312,624,9) 994,984,876 (2.147,72) (1,135,142) 2,988,86,653 1,392,652,358 {A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY AND THE JURISDICTIONAL NOI BY 7,736,279 69,211,358 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETTLEMENT AGREEMENT THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
12 YEAR END RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS NOVEMBER, 212 SCHEDULE 3: PAGE 2A OF 3 OPERATION & MAINTENANCE OPERATING FUEL& REVENUES NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES INCOME TAXES TAX CREDIT ON OPERATING OPERATING CURRENT ~ (NET) DISPOSITION EXPENSES INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1) 34,682,682 24,972 13,369,212 13,394,184 21,288,498 PROFORMA ADJUSTMENTS 34,682,682 24,972 13,369,212 13,394,184 21,288,498 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD
13 YEAR END RATE OF RETURN SYSTEM ADJUSTMENTS NOVEMBER, 212 SCHEDULE 3: PAGE 3 OF 3 RATE BASE ADJUSTMENTS SYSTEM JURISDICTIONAL PLANT IN SERVICE: ENVIRONMENTAL 1,453,8,74 1,425,241,923 FUEL AND CAPACITY 1,913,926,122 1,875,98,38 AVIATION- PLANT LOAD CONTROL 38,472,599 38,472,599 ASSET RETIREMENT OBLIGATION CAPITAL LEASES 11,324,939 58,44,741 3,475,28,475 11,15,31 57,54,148 3,48,277,288 ACCUMULATED PROVISION FOR DEPRECIATION: ENVIRONMENTAL (8,234,57) (78,696,93) ACCUM PROV DECOMMISSIONING S (3,199,31,241) (3,141,52,561) ASSET RETIREMENT OBLIGATION 41,216,19 4,58,475 ASSET RETIREMENT OBLIGATION DECOMMISSIONING 2,965,56,122 2,919,335,41 AVIATION- RESERVE FUEL AND CAPACITY (42,585, 188) (41,77,35) OTHER RATE CASE ADJUSTMENTS (1) 2,6,618 1,963,36 LOAD CONTROL CAPITAL LEASES (2,537,622) (2,367,5) (336,476,848) (2,537,622) (2,33,994) (322,913,95) CONSTRUCTION WORK IN PROGRESS: CONSTRUCTION WORK IN PROGRESS 2,139,614,33 2,97,881,737 CWIP- ECRC PROJECTS 27,823,732 2,167,437,765 27,29,684 2, 125,172,42 NUCLEAR FUEL: NUCLEAR fuel IN PROCESS NUCLEAR FUEL CAPITAL LEASES WORKING CAPITAL: (SEE SCHEDULE 2, PAGE 3B OF 3) (2,44,338,384) (2,394,891,561) ADJUSTMENTS 2,865,831,8 2,815,644,241 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETTLEMENT AGREEMENT.
14 YEAR END RATE OF RETURN SYSTEM ADJUSTMENTS INCOME STATEMENT NOVEMBER, 212 SCHEDULE 3: PAGE 3A OF 3 OPERATING REVENUES OPERATION & MAINTENANCE FUEL& NET INTERCHANGE OTHER TAXES OTHER DEFERRED DEPRECIATION & THAN INCOME TAXES INCOME TAXES AMORTIZATION INCOME CURRENT (NET) --- INVESTMENT (GAIN)/LOSS NET TAX CREDIT ON OPERATING OPERATING (NET) DISPOSITION EXPENSES INCOME(A) SYSTEM PER BOOKS ,763,832,51 793,531,946 1,63,987,864 (255,589,339) 952,949,18 (2, 192,914) (1,76,19) 8,597,17,579 1,516,77,873 FPSC ADJUSTMENTS FRANCHISE REVENUE FRANCHISE EXPENSE GROSS RECEIPTS TAX FINANCIAL PLANNING SERVICES INDUSTRY ASSOCIATION DUES ECONOMIC DEVELOPMENT 5% AVIATION- EXPENSES EXECUTIVE COMPENSATION FUEL REC RETAIL CONSERVATION RECOVERY CAPACITY RECOVERY ENVIRONMENTAL RECOVERY OTHER RATE CASE ADJUSTMENTS (1) STORM DEFICIENCY RECOVERY GAIN ON SALE LAND (PROPERTY) INTEREST TAX DEFICIENCIES INTEREST SYCHRONIZA TION (454,248,21) (233,336, 123) (3,81,68,43) (181,384,344) (694,669,583) (179,414,644) (15,772,59) (385,796) (3,825,361) (65,655) (224,645) (32,433,55) (3,792,4,34) (9,934,669) (171,22,284) (473,676,89) (61,137,491) (2,171,128) (956,97) 1,659,712 (11,683,264) (17,719,428) (442,564,832) 17,719,384 (232,961,766) (144,48) 148,821 1,475,633 25,326 86,657 12,511,51 (2,68,68) (74,832,656) 72,494,726 (8,2,926) (136,973) (16,439,91) 15,727,76 (175,847,82) (493,288) 22,326,75 (15,966,953) (27,746,762) (288,844) (47,549,614) (3,284,54) 2,6,618 (774,53) (8,547,366) (9,361,298) (64,234) 44,21,779 (6,976,845) (182,42,692) (271,845,518) (271,845,448) 271,845,448 (233,16,174) (229,949) (236,975) 236,975 (2,349, 728) 2,349,728 (4,329) 4,329 (137,988) 137,988 ( 19,922,4) 19,922,4 (3,86,957,62) (3,722,81) (18,251,568) (1,132,776) (74, 795,548) 1,125,965 57,877 (98,469,523) (8,945,121) 1,232,565 (1,232,565) (9,865,571) (14,96,487) 1,19,478 (1,19,478) 37,224,934 (37,224,934) FPSC ADJUSTMENTS (5,659,55,392) (4,265,68,429) (298,677,279) (29,336,238) (69,89,648) (68,966,56) 61,994,58 57,877 (5,551,94, 192) (17,61,2) FPSC ADJUSTED 4,454,373,6 16,1')76,923 1,165, 1!;,231-5Q3,1~5.7Q ~73,17~11') _(3~~5.3~~ 1.Q11,94U!iO -- (2,1!32,914) (1,135,142) 3,45,266,387 1,49, 16,672 PRO FORMA ADJUSTMENTS (SEE SCHEDULE 3, PAGE 3B OF 3) PRO FORMA SYSTEM PER BOOKS ADJUSTED 34,682,682 4,489,55,742 16,676,923 1,465,155,231 24,972 13,369,212 53,195,78 373,23,188 (311,186,184) 1,14,943,76 Q 13,394,184 21,288,498 (2,192,914) (1,135,142) 3,58,66,571 1,43,395,17 (A) THE ADDITION OF EARNINGS FROM AFUDC WOULD INCREASE THE SYSTEM NOI BY 7,736,279 NOTE: (1) REFLECTS A PORTION OF THE DEPRECIATION RESERVE SURPLUS ADJUSTMENT PROVIDED UNDER PARAGRAPH 7 OF THE 21 STIPULATION AND SETILEMENT AGREEMENT. THE PROFORMA ADJUSTMENTS ARE NOT NECESSARILY ALL THE PROFORMA THAT WOULD BE MADE IN A BASE RATE FILING.
15 YEAR END RATE OF RETURN INCOME STATEMENT DETAIL OF PRO FORMA ADJUSTMENTS NOVEMBER, 212 SCHEDULE 3 PAGE 3B OF 3 OPERATION & MAINTENANCE OPERATING FUEL& REVENUES -NET INTERCHANGE OTHER DEPRECIATION & AMORTIZATION TAXES OTHER THAN INCOME DEFERRED INVESTMENT (GAIN)/LOSS NET INCOME TAXES INCOME TAXES TAX CREDIT ON OPERATING OPERATING CURRENT (NET) (NED DISPOSITION EXPENSES INCOME(A) WEATHER NORMALIZATION ADJUSTMENT (1). 34,682,682 24,972 13,369,212 13,394,184 21,288,498 PROFORMA ADJUSTMENTS 34,682,682 24,972 13,369,212.o 13,394,184 21,288,498 FOOTNOTES: (1) ADJUSTMENT TO NORMALIZE BASE REVENUES AS A RESULT OF ABNORMAL WEATHER CONDITIONS EXPERIENCED DURING THE PERIOD
16 CAPITAL STRUCTURE FPSC ADJUSTED BASIS NOVEMBER, 212 SCHEDULE 4: PAGE 1 OF 2 LOWPOINT MIDPOINT HIGH POINT AVERAGE SYSTEM PER BOOKS 1 RETAIL PER BOOKS 2 PRO RATA 3 ADJUSTMENTS SPECIFIC 4 ADJUSTED RETAIL 5 RATIO 6 RATE 7 WEIGHTED 8 RATE 9 WEIGHTED 1 RATE 11 WEIGHTED 12 LONG TERM DEBT 6,851,651,166 6,711,969,385 (264,8,254) (499,799,797) 5,948,161,334 29,58% 5,17% 1,53% 5.17% 1.53% 5.17% 1.53% SHORT TERM DEBT 452,24, ,155,442 (18,79,969) 423,364,473 2,11% 1.64%.3% 1.64%.3% 1.64%.3% PREFERRED STOCK,%.%.%.%.%.%.% COMMON EQUITY 1,127,561,7 9,96,451,348 (421,9,94) () 9,485,441,443 47,17% 9.% 4.25% 1.% 4.72% 11.% 5.19% CUSTOMER DEPOSITS 457,349, ,243,871 (19,432,25) 437,811,665 2,18% 4.72%.1% 4.72%.1% 4.72%.1% DEFERRED INCOME TAX 4,279,283,62 4,19,413,376 (169,215,259) (28, 7 42,852) 3,812,455,265 18,96%.%.%.%.%.%.% INVESTMENT TAJ CREDITS (1) 177,129,76 173,73,45 (9,149) (171,69,2.19) 2,31,81,1% 7.52%.% 8.14%.% 8.75%.% 22,345,,68 21,881,963,871 (892,546,741) (88,151,868) 2,19,265,262 1,% 5.91% 6.38% 6.86% LOWPOINT MIDPOINT HIGH POINT YEAREND SYSTEM PER BOOKS 1 RETAIL PER BOOKS 2 PRO RATA 3 ADJUSTMENTS SPECIFIC 4 ADJUSTED RETAIL 5 RATIO 6 RATE 7 WEIGHTED 8 RATE 9 WEIGHTED 1 RATE 11 WEIGHTED 12 LONG TERM DEBT 7,177,713,389 7,84,799,262 (564,876,92) (499,247,876) 6,2,674, % 5.1% 1.49% 5.1% 1.49% 5.1% 1.49% SHORT TERM DEBT 229,618,48 226,446,465 (19,423,488) () 27,22,977 1.%.27%.%.27%.%.27%.% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 11,71,59,87 1,918,141,635 (936,55,641) () 9,981,635, % 9.% 4.35% 1.% 4.83% 11.% 5.31% CUSTOMER DEPOSITS 448,388, ,964,178 (38,424,211) () 49,539, % 2.14%.4% 2.14%.4% 2.14%.4% DEFERRED INCOME TAX, 4,696,539,735 4,634,692,633 (379,636,67) (28,742,852) 4,46,313, %.%.%.%.%.%.% INVESTMENT TAX CREDITS (1) 174,345, ,134,261 (22,264) (168,566,336) 2,347,661.1% 7.53%.% 8.16%.% 8.78%.% 23,797,664,968 23,483,178,434 (1,939,87,177) (876,557,64) 2,667,534,193 1,% 5.86% 6.36% 6.84% NOTE: (1) INVESTMENT TAX CREDITS RATES ARE BASED ON THE WEIGHTED AVERAGE OF LONG TERM DEBT, PREFERRED STOCK AND COMMON EQUITY. (2) COLUMNS MAY NOT FOOT DUE TO ROUNDING.
17 CAPITAL STRUCTURE PROFORMA ADJUSTED BASIS NOVEMBER, 212 SCHEDULE 4: PAGE 2 OF 2 LOWPOINT MIDPOINT HIGH POINT.WEIGHTED WEIGHTED WEIGHTED FPSC PRO-FORMA PRO-FORMA RATIO RATE RATE RATE AVERAGE ADJUSTED ADJUSTMENTS ADJUSTED _ LONG TERM DEBT 5,948,161,334 {) 5,948,161, % 5.17% 1.53% 5.17% 1.53% 5.17% 1.53% SHORT TERM DEBT 423,364, ,364, % 1.64%.3% 1.64%.3% 1.64%.3% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 9,485,441,443 9,485,441, % 9.% 4.25% 1.% 4.72% 11.% 5.19% CUSTOMER DEPOSITS 437,811, ,811, % 4.72%.1% 4.72%.1% 4.72%.1% DEFERRED INCOME T P\X 3,812,455,265 {) 3,812,455, %.%.%.%.%.%.% INVESTMENT TAA CREDITS (1) 2,31,81 2,31,81.1% 7.52%.% 8.14%.% 8.75%.% 2,19,265,262 2,19,265,262 1.% 5.91% 6.38% 6.86% LOWPOINT MIDPOINT HIGH POINT WEIGHTED WEIGHTED WEIGHTED FPSC PRO-FORMA PRO-FORMA RATIO RATE RATE RATE YEAR END ADJUSTED ADJUSTMENTS ADJUSTED LONG TERM DEBT 6,2,674,484 {) 6,2,674, % 5.1% 1.49% 5.1% 1.49% 5.1% 1.49% SHORT TERM DEBT 27,22,977 () 27,22,977 1.%.27%.%.27%.%.27%.% PREFERRED STOCK.%.%.%.%.%.%.% COMMON EQUITY 9,981,635,993 () 9,981,635, % 9.% 4.35% 1.% 4.83% 11.% 5.31% CUSTOMER DEPOSITS 49,539,967 {) 49,539, % 2.14%.4% 2.14%.4% 2.14%.4% DEFERRED INCOME TAA 4,46,313,111 {) 4,46,313, %.%.%.%.%.%.% INVESTMENT TAA CREDITS {1) 2,347,661 {) 2,347,661.1% 7.53%.% 8.16%.% 8.78%.% 2,667,534,193. {) 2,667,534,193 1.% 5.88% 6.36% 6.84% NOTE: {1) INVESTMENT TAA CREDITS RATES ARE BASED ON THE WEIGHTED AVERAGE OF LONG TERM DEBT, PREFERRED STOCK AND COMMON EQUITY. (2) COLUMNS MAY NOT FOOT DUE TO ROUNDING.
18 NOVEMBER, 212 SCHEDULE 5: PAGE 1 OF 2 A. TIMES INTEREST EARNED WITH AFUDC EARNINGS BEFORE INTEREST CHARGES ALLOWANCE FOR BORROWED FUNDS DURING CONSTRUCTION INCOME TAXES INTEREST CHARGES EXCLUDING DEBT AFUDC TIMES INTEREST EARNED WITH AFUDC D. PERCENT INTERNALLY GENERATED FUNDS 1,641,535,856 NET INCOME 21,748,475 PREFERRED DIVIDENDS DECLARED 75,12,286 COMMON DIVIDENDS 2,413,296,616 AFUDC (DEBT & OTHER) DEPRECIATION AND AMORTIZATION EXPENSE 434, DEFERRED INCOME TAXES INVESTMENT TAX CREDITS 5.55 OTHER SOURCE/USES OF FUNDS INTERNALLY GENERATED FUNDS 1,228,367,397 (7,736,279) 793,531, ,11,77 (2,192,914) ,69,471,65 B. TIMES INTEREST EARNED WITHOUT AFUDC CONSTRUCTION EXPENDITURES PERCENT INTERNALLY GENERATED FUNDS 3, 726,72, % EARNINGS BEFORE INTEREST CHARGES ALLOWANCE FOR EQUITY FUNDS USED DURING CONSTRUCTION INCOME TAXES INTEREST CHARGES EXCLUDING DEBT AFUDC 1,641,535,856 (48,987,84) 75 12,286 2,342,56, , E. LONG TERM DEBT AS A PERCENT OF INVESTOR CAPITAL TIMES INTEREST EARNED WITHOUT AFUDC 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 NET INCOME AVAILABLE FOR COMMON AFUDC AS PER CENT OF NET INCOME 5.39 F. SHORT TERM DEBT AS A PERCENT OF INVESTOR CAPITAL AVERAGE RETAIL AMOUNTS JURIS ADJUSTED LONG TERM DEBT JURIS ADJUSTED SHORT TERM DEBT JURIS ADJUSTED PREFERRED STOCK JURIS ADJUSTED COMMON STOCK 21,748, LTD TO INVESTOR FUNDS 13,359,1 STD TO INVESTOR FUNDS 48, ,346,85 1,228,367, % G. FPSC ADJUSTED AVERAGE JURISDICTIONAL RETURN ON COMMON EQUITY 5,948,161, ,364,473 9,485, ,856,967, % 2.67% FPSC RATE OF RETURN 6.86% FOOTNOTES CLAUSE OVER/UNDER RECOVERY GAINS ON DISPOSITION OF PROPERTY LONG TERM DEBT RETIREMENTS & REDEMPTIONS INCREASE/DECREASE IN DECOMMISSIONING FUNDS ** INCLUDES EXPENDITURES FOR NUCLEAR FUELS OF: LESS: RECONCILED AVG. RETAIL WEIGHTED RATES FOR: LONG TERM DEBT 1.53% SHORT TERM DEBT.3% PREFERRED STOCK.% CUSTOMER DEPOSITS.1% TAX CREDITS- WTD.% 18,196,397 SUB 1.67% (1 '76,19) 5.19% 178,49,379 DIVIDED BY COMMON EQUITY RATIO 47.17% JURISDICTIONAL RETURN ON COMMON EQUITY 11.%
19 FINANCIAL INTEGRITY INDICATORS NOVEMBER, 212 SCHEDULE 5: PAGE 2 OF 2 H. PROFORMA ADJUSTED AVERAGE JURISDICTIONAL RETURN ON COMMON EQUITY PRO FORMA RATE OF RETURN 6.96% LESS: AVERAGE RETAIL WEIGHTED RATES FOR: LONG TERM DEBT 1.53% SHORT TERM DEBT.3% PREFERRED STOCK.% CUSTOMER DEPOSITS.1% TAX CREDITS- WTD.% SUB 1.67% PRO FORMA ROR LESS NON EQUITY 5.29% PRO FORMA COMMON EQUITY RATIO 47.17% PRO FORMA RETURN ON COMMON EQUITY 11.22%
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