City of South Daytona Municipalization Evaluation. December 19, 2006 WHH Enterprises, Inc.
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1 City of South Daytona Municipalization Evaluation December 19, 2006 WHH Enterprises, Inc. 1
2 Purpose of WHH Assignment Evaluate feasibility of purchasing FPL electric facilities used to provide retail electric service within the City of South Daytona Prepare a 20-year financial pro forma Estimate the purchase price Evaluate likely bulk power supply alternatives Analyze severance & reintegration identify and evaluate changes required in distribution system to form independent municipal utility system Planning Level Accuracy 2 WHH Enterprises, Inc
3 Franchise Agreement with FPL 30 year agreement (expires ) Gives FPL the right to construct, operate, and maintain required facilities to provide retail electric service within City and to use public rights-of-way Grants FPL the non-exclusive right to provide electric service City agrees to not engage in the electric distribution business during life of the franchise 3 WHH Enterprises, Inc
4 Franchise Agreement with FPL (cont d) Agreement gives City the right to purchase FPL s facilities used to provide electric service within the City at end of franchise. Purchase price = Replacement Cost less Depreciation FPL pays 6% franchise fee to City (percentage of sales revenues within city). 4 WHH Enterprises, Inc
5 Purchase Option Why would City want to purchase electric distribution system? Municipal electric utilities are profitable (source of additional revenues for City. Opportunities for efficiency through combined operations with other City enterprise funds. Local Control: Responsiveness to citizen/customer concerns (Local control is strongest benefit) Ability to determine locally how capital dollars will be spent (e.g. undergrounding) Ability to determine electric distribution system aesthetics and design. 5 WHH Enterprises, Inc
6 Purchase Option Reasons to Not Purchase Increased responsibilities over what the City now has. Electric revenue supported debt seen by some as additional per capita debt of City s citizens (note current electric rates pays FPL s debt) Political opposition, fear of change City seen as too small and lacking sophistication to run an electric utility 6 WHH Enterprises, Inc
7 Purchase Option Overview of Municipal Ownership & Operation Over 2000 in the U.S. 33 municipal utilities in Florida Smallest is Moore Haven ~1,100 customers Largest is JEA with 360,000 customers Median size is < 2,000 (South Daytona ~ 6,550). Larger than 75% of other APPA Municipal utilities. On the average IOUs residential rates are 10-15% higher than municipals on a nationwide average basis. (Muni s do it right) 7 WHH Enterprises, Inc
8 Purchase Option Overview of Municipal Ownership & Operation Distribution of Public Power Utilities By Customer Count Information Obtained from the American Public Power Association 8 WHH Enterprises, Inc
9 Real World Study Source: American Public Power Association; Based on 2011 municipal utilities and 230 Investor owned utilities 9 WHH Enterprises, Inc
10 Florida Electric Rate Comparisons IOU vs. Muni Residential Rates Source: FMEA 10 WHH Enterprises, Inc
11 What would be involved in developing a South Daytona Municipal Electric Utility? Purchase the distribution system in accordance with franchise agreement. Requires debt Contract out for wholesale power supply Contract out for distribution services. WHH does not see self do option as a reasonable initial option City performs customer service and billing functions City determines budget (capital and O&M), sets rates City Commission sits as utility s policy board, sets rules, regulations and policies governing electric service 11 WHH Enterprises, Inc
12 Severance and Reintegration Reconfiguration of the utility facilities (i.e. electric distribution facilities) so that the City s customers are connected to City owned distribution facilities and FPL s customers are connected to FPL distribution facilities. 12 WHH Enterprises, Inc
13 WHH approach to Severance and Reintegration Field survey and evaluation of electric distribution system particularly at the boundaries Identification of solutions and planning level estimate of cost to separate and reintegrate 13 WHH Enterprises, Inc
14 Severance & Reintegration Findings Some FPL feeders originate inside City and serve customers within the City and then serve FPL customers beyond the City Some FPL feeders originate outside the City and serve customers both outside and inside the City City currently served by feeders from 3 substations (South Daytona, Port Orange, and Reed Substation) WHH severance and reintegration plan assumes 4 feeders from Reed Substation will serve City 14 WHH Enterprises, Inc
15 Severance and Reintegration - Identification of Solutions Minor reconfiguration will be required along Beville Rd. Minor severance and reconfiguration required along Nova Rd. south of Beville Rd. New feeder from So. Daytona Sub along Palmetto to serve beach load. Existing O/H Palmetto feeder to be isolated from So. Daytona Sub and connected to Reed Sub. New Feeder required along east side of South U.S. 1 to serve beach. Existing feeder along west side will need to be severed at City limits New lateral required along west side of Sauls St. (Harborside Village area) to serve FPL customers isolated by severance 15 WHH Enterprises, Inc
16 Estimated Cost of Severance and Reintegration Severance & Reintegration Projects U.S. 1 south of Buchannan Way to Port Orange Boundary Oak Lea Village Area Harborside Village Area Nova Rd. Reed Canal north to Beville Rd. Beville Rd Area South Palmetto Ave. Misc. Severance and Reconfiguration Contingency and Rounding TOTAL Estimated Cost $214,000 $7,000 $46,000 $4,000 $15,000 $210,000 $35,000 $59,000 $625, WHH Enterprises, Inc
17 Severance & Reintegration Conclusions Compact nature of system and uniformity of City boundary results in low severance & reintegration cost $625,000 estimated severance & reintegration cost amounts to $95/customer, lowest WHH has evaluated to date 17 WHH Enterprises, Inc
18 Estimation of Purchase Price According to franchise agreement, purchase price = Replacement cost less depreciation Estimated by using FPL original cost information + escalation (Handy-Whitman index). Depreciation estimated using FPL system depreciation information. 18 WHH Enterprises, Inc
19 Estimation of Purchase Price Methodology Replacement Cost Less Depreciation (per franchise agreement) Prior Arbitrations (for comparison purposes only) Estimate $9.5 million $17 million 19 WHH Enterprises, Inc
20 Financial Analysis WHH prepared a 20 year financial forecast (Pro Forma) Pro forma includes estimated annual revenues Annual cost of wholesale power supply Operations and maintenance expenses Administrative & general expenses Debt Service Annual capital expenditures Transfers to the City at current franchise fee levels + utility taxes (makes City whole for financial analysis purposes) Excess net cash flow 20 WHH Enterprises, Inc
21 Financial Pro forma - Key Assumptions Estimated number of customers ,650 Annual revenues, assumed FPL rates Growth in sales including customer growth and usage growth = 1.5%/yr Power supply based on FPL s wholesale cost to FKEC; derived rate using FPL balance sheet and income statements; FPL large transmission customer rate; + City of Winter Park power supply costs. Distribution services based on APPA comparables, WHH utility experience and competitive bids Transfer to City equal to 6% franchise fee + 10% utility taxes 21 WHH Enterprises, Inc
22 Wholesale Power Supply Available for T&D, Administration & General, and funds for City $ set by market competitive limits (FPL) $87.07/MWh FPL analyses + Winter Park actual Wholesale Power Supply 22 WHH Enterprises, Inc
23 Wholesale Power Supply Following utilities identified as possible wholesale suppliers: Gainesville Regional Utilities, JEA, Utility Commission New Smyrna Beach/PEF, The Energy Authority (TEA), Orlando Utilities Commission, and Florida Power & Light Co. Financial Feasibility of acquisition is significantly affected by cost of wholesale power. Best options for power supply may be JEA, OUC, FPL and possibly PEF through NSB. 23 WHH Enterprises, Inc
24 20-year Pro Forma Financial Analysis Annual Operating Cash Flows. Year Annual System Requirement at Reed Sub delivery point kw-hr 166,835, ,337, ,878, ,456, ,073, ,729,158 System Peak Demand kw 38,090 38,662 39,242 39,830 40,428 41,034 Losses kw-hr 8,036,041 8,156,581 8,278,930 8,403,114 8,529,161 8,657,098 Retail Sales kw-hr 158,799, ,181, ,599, ,053, ,543, ,072,060 Revenue per MW-hr sold $ $ $ $ $ $ Retail Sales Revenue $19,339,870 $20,120,718 $20,933,092 $21,778,265 $22,657,563 $23,572,362 Other Revenues ( Service Fees, ets) $386,797 $402,414 $418,662 $435,565 $453,151 $471,447 Total Revenues $19,726,668 $20,523,132 $21,351,753 $22,213,830 $23,110,714 $24,043,809 Annual Energy Requirement kw-hr 166,835, ,337, ,878, ,456, ,073, ,729,158 Average Cost Bulk Power Supply (incldg transmission) $/MW-hr $87.07 $89.08 $91.13 $93.22 $95.37 $97.56 Total Bulk Power Supply Expense $14,527,105 $15,084,147 $15,662,548 $16,263,129 $16,886,738 $17,534,260 Distribution O&M Expense $711,044 $734,153 $758,013 $782,648 $808,084 $834,347 Customer Service and A&G Expenses $959,909 $991,107 $1,023,317 $1,056,575 $1,090,914 $1,126,369 Annual Capital Outlays $591,800 $615,694 $640,553 $666,415 $693,321 $721,314 Debt Service $712,142 $712,142 $712,142 $712,142 $712,142 $712,142 Gross receipt tax $421,815 $438,846 $456,564 $474,998 $494,176 $514,128 General Fund Transfer (Franchise Fees & Utility Tax) $2,179,382 $2,267,375 $2,358,920 $2,454,161 $2,553,248 $2,656,335 Total Cash Outlays $20,103,197 $20,843,462 $21,612,057 $22,410,068 $23,238,624 $24,098,896 Net Cash Flow ($376,529) ($320,330) ($260,303) ($196,238) ($127,910) ($55,087) Electric Utility Fund Cash Balance (plus earned interest incl DSR) $449,063 $104,252 ($199,562) ($456,492) ($660,151) ($803,618) ($879,400) Internal Rate of Return 10.19% Net Present Value of Investment $5,758,633 $13,532, WHH Enterprises, Inc
25 Purchase Option Base Case $(000) Revenues $19,727 $28,168 $41,847 Wholesale Power 14,527 20,382 29,694 O&M + A&G + G.R. Taxes 2,093 2,831 3,963 Capital ,255 Debt Service Franchise Fee + Utility taxes 2,179 3,112 4,623 Net Cash Flow ($376) $286 $1, WHH Enterprises, Inc
26 Base Case Renewal of Franchise Financial Evaluation Franchise Fee + Utility tax 2008 $2,179k 2018 $3,112k 2025 $4,623k 20 Year Present Value To City = $40 million 26 WHH Enterprises, Inc
27 Base Case Financial Analysis - Summary Internal Rate of Return Cost of Money Net present value of 7% Net present value of 4.5% Net Present value of franchise fees + utility Net Present value of franchise fees + utility 10.19% 4.50% $5.8 million $13.5 million $31.6 million $40 million 27 WHH Enterprises, Inc
28 SUMMARY RESULTS Cost of money 4.5% Hurdle Rate 7% Not feasible Break-Even Feasible Compelling X 0% 2% 4% 6% 8% 10% Internal Rate of Return 28 WHH Enterprises, Inc
29 Conclusions Purchase of the distribution system is financially feasible (compelling range) Synergies with existing operations should improve economics of ownership. Not considered Financial results are very sensitive to power supply costs. Purchase increases local control FPL concessions may improve value of franchise renewal 29 WHH Enterprises, Inc
30 Recommended Next Steps Recommend duel path, i.e. negotiate renewed franchise including purchase option. Refine financial evaluation of purchase option Refine replacement cost less depreciation analysis Commence discussions with alternate power supply providers (PEF, OUC) Commence discussions with distribution services providers Begin discussions with NSB to explore mutually advantageous relationships (power supply, distribution svcs, other) 30 WHH Enterprises, Inc
31 Questions & Answers 31 WHH Enterprises, Inc
32 Severance and Reintegration Schematic 32 WHH Enterprises, Inc
33 33 WHH Enterprises, Inc
34 34 WHH Enterprises, Inc
35 35 WHH Enterprises, Inc
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