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Southwestern Public Service Company

Southwestern Public Service Company. Attachment O - Transmission Formula Rate 2016 True-Up Customer Meeting July 13, 2017. Table of Contents - Notebook. Tab 1 – 2016 True-Up Tab 2 – Variance Analyses and Capital Additions Tab 3 – Disclosure of Material Changes

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Southwestern Public Service Company

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  1. Southwestern Public Service Company Attachment O - Transmission Formula Rate 2016 True-Up Customer Meeting July 13, 2017

  2. Table of Contents - Notebook • Tab 1 – 2016 True-Up • Tab 2 – Variance Analyses and Capital Additions • Tab 3 – Disclosure of Material Changes • Tab 4 – Supporting Documentation • Tab 5 – Radial Line Study (RLS)

  3. Purpose of Meeting • Review Attachment O 2016 True-Up Adjustment • Primary Drivers of 2016 Estimated vs. Actual • Review Schedule 1 True-Up Adjustment • Material Changes, Supporting Documentation, RLS • Customer Questions

  4. Southwestern Public Service CompanySummary of Attachment O True-Up AdjustmentJanuary 1, 2016 – December 31, 2016

  5. Southwestern Public Service CompanySummary of Attachment O True-Up – DivisorJanuary 1, 2016 – December 31, 2016

  6. Southwestern Public Service CompanyCost Drivers – Decrease in Actual 2016 ATRR from the Estimated 2016 ATRR Projected 2016 ATRR $266.5M 2016 Actual Cost Drivers: • Rate Base and Cost of Capital ($ 6.3) • Revenue Credits $ 7.3 • O&M Expense ($ .4) • Depreciation Expense ($ 1.4) • Taxes ($ 1.5) 2016 Actual ATRR $264.1M

  7. Southwestern Public Service CompanyRate Base Change Actual vs. Projected Transmission Net Plant In Service – Decrease ($ 33.9M) General & Intangible Net Plant in Service – Decrease ($ 1.9M) Total Net Plant In Service Decrease ($ 35.8M) Adjustments to Rate Base Increase in ADIT Credit Adjustment to Rate Base ($ 38.3M) Working Capital & Land Held for Future Use ($ 0.2M) Actual Net Decrease in Rate Base from Projected ($ 74.3M)

  8. Southwestern Public Service CompanyCost of Capital Changes – Actual vs. Projected RatiosActualProjectedDifference Long Term Debt 45.93% 46.38% (0.45%) Equity 54.07% 53.62% 0.45% Cost Long Term Debt 5.50% 5.58% (0.08%) Equity 10.50% 10.50% 0.00% Weighted Cost Long Term Debt 2.53% 2.59% (0.06%) Equity 5.68%5.63% 0.05% Total 8.21% 8.22% (0.01%) Rate Base $1,575.3M $1,649.6M $( 74.3M) Return on Rate Base $ 129.3M $ 135.6M $( 6.3M)

  9. Southwestern Public Service CompanyBase Plan Upgrade Projects Revenue Requirements Projected BPU Revenue Requirement $134,110,705 Change in Carrying Charge (11.34% vs. 11.46%) $ 1,285,166 Change in Plant In Service $ 8,327,195 Actual BPU Revenue Requirement $143,723,066 *WsP BPU – Table 36 of template

  10. Southwestern Public Service CompanyRadial Line Study 2016 Update Radial Line Gross Plant Investment in 2016 Estimate $ 71.4M Changes in Gross Plant Balances for Existing Radial Lines $ 10.8M New Radial Lines $ 3.5M Radial Line Investment in 2016 Actual $ 85.7M

  11. Southwestern Public Service CompanySummary of Schedule 1 True-Up AdjustmentJanuary 1, 2016 – December 31, 2016

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