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August 22, 2014

Missouri River Energy Services and Member Attachment O Customer Meeting. August 22, 2014. Terry Wolf, Manager of Transmission Services. Agenda. Meeting Purpose MRES Profile MRES True-up for 2013 MRES member rate information Question/Answer. Meeting Purpose. MRES background

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August 22, 2014

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  1. Missouri River Energy Services and Member Attachment OCustomer Meeting August 22, 2014 Terry Wolf, Manager of Transmission Services

  2. Agenda • Meeting Purpose • MRES Profile • MRES True-up for 2013 • MRES member rate information • Question/Answer

  3. Meeting Purpose • MRES background • Regulatory Changes / Timelines • MRES specific rate information • MRES true-up info on Attachment O/GG/M from 2013. • True-up from 2013 along with forecast for 2015 will be incorporated into rates become effective on January 1, 2015. • MRES member rate information • Benson Municipal Utilities (BMU), Detroit Lakes Public Utilities (DLPU), Hutchinson Utilities Commission (HUC), and Worthington Public Utilities (WPU).

  4. 61 Members served • Transmission: ~350 miles • Generation: ~744 MW • Renewable: ~86 MW Missouri River Energy Services Rugby Wind Project Fort Peck Dam Missouri River ITA Garrison Dam Yellowstone River Canyon Ferry Dam Big Horn River Missouri River CapX Fargo Yellowtail Dam CapX Brookings Oahe Dam WatertownPower Plant Irv Simmons Point Beach Nuclear Plant Marshall Wind Project Big Bend Dam Gavin’s PointDam Odin Wind Project Fort Randall Dam WorthingtonWind Project LaramieRiver Station MBPP Exira Station Missouri River Red Rock Hydroelectric Plant MRES Member MRES Generation Resource Planned MRES Generation Resource Federal Hydroelectric Dam Transmission Projects (MBPP, Irv Simmons, ITA, CapX (Fargo, Brookings)

  5. MRES FERC Background • Transmission facilities are owned by Western Minnesota Municipal Power Agency (WMMPA) • FERC Declaratory Order (EL08-22, 12/08) combines financial statements for ATRR • Attachment O effective 6/1/11 • Incentive filing (EL11-45, 6/11) • CapX; Fargo P2 & P3, and Brookings • CWIP, Abandon Plant, Hypothetical cap structure • 205 filing (ER12-351, 11/11) • FERC Approved ER12-351, and EL 11-45 on January 20, 2012

  6. Regulatory / FERC Issues • Complaint against MISO TOs regarding ROE and certain TOs regarding capital structure (ER14-12) • Unknown timing and impacts • Resolved in 2014?? • Complaint against MISO TOs regarding Protocols (Docket EL12-35) • Requires changes in timing and info shared

  7. Regulatory / FERC Issues, Procedures and Timing cont. • By June 1st • Post actual calculations and true-ups based on prior year’s Rate Information • By September 1st • Meet with Interested Parties to discuss the actual prior year’s Rate information • December 1st • Deadline for information requests • By January 10th • Must respond to information requests • January 31st • Deadline for informal challenges • March 15th • Annual Informational filing • March 31st • Deadline for formal challenges

  8. True-up of Attachment O / GG / MM • Forward Rate Requirements • Rate Base • Operating Expenses • Revenue Requirement and Rate • Network Rate Summary

  9. 2013 True-Up Adjustment Overview Actual Projected Difference Net Revenue Requirement $6,313,763$6,097,661($216,102) (a) Divisor True-Up Divisor 667,836684,55616,720 Projected Rate ($/kW/Yr) $8.907 True-Up (Divisor Difference x Projected Rate) ($148,925) (b) Interest (a + b * interest rate)($1,321)(c) Total 2013 True-Up Adjustment (Under Recovery) ($366,348) (a+b+c)

  10. Total Rate Base Note: The above numbers are transmission only and general and intangible plant allocated to transmission.

  11. Rate Base Earning Hypothetical Capital Structure Return Note: The above numbers are transmission only and general and intangible plant allocated to transmission.

  12. Operating Expenses Note: The above numbers are transmission only and A&G expenses, general plant depreciation and taxes allocated to transmission.

  13. Return on Rate Base (Actual Capital Structure)

  14. Return on Rate Base (Hypothetical Capital Structure)

  15. Revenue Requirements

  16. 2013 MRES Annual TransmissionRevenue Requirement Distribution

  17. MRES member Attachment O Information • All standard MISO templates • OTP JPZ • BMU – 2012 financials, 1 yr lag • DLPU– 2012 financials, 1 yr lag • ITC-M JPZ - WPU– 2012 financials, 1 yr lag • GRE JPZ – HUC - 2013 financials • MRES is contact for any initial questions

  18. Total Rate Base

  19. Return on Rate Base

  20. Operating Expenses Note: The above numbers are transmission only and A&G expenses, general plant depreciation and taxes allocated to transmission.

  21. Revenue Requirements

  22. Questions If you have any questions after the meeting, please submit via e-mail to Terry Wolf: twolf@mrenergy.com All questions and answers from this meeting will be distributed by e-mail to all attendees. Additionally, the questions and answers will be posted on the MRES OASIS website along with any follow-up questions received within two weeks from the date of inquiry on the OASIS site. (http://oasis.midwestiso.org/OASIS/MRET )

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