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Southwestern Public Service Company

Southwestern Public Service Company. Attachment O - Transmission Formula Rate 2015 True-Up Customer Meeting July 14, 2016. Table of Contents - Notebook. Tab 1 – Variance Analyses and Capital Additions Tab 2 – 2015 True-Up 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 2015 True-Up Customer Meeting July 14, 2016

  2. Table of Contents - Notebook • Tab 1 – Variance Analyses and Capital Additions • Tab 2 – 2015 True-Up • Tab 3 – Disclosure of Material Changes • Tab 4 – Supporting Documentation • Tab 5 – Radial Line Study (RLS)

  3. Purpose of Meeting • Review Attachment O 2015 True-Up Adjustment • Primary Drivers of 2015 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, 2015 – December 31, 2015

  5. Southwestern Public Service CompanySummary of Attachment O True-Up – DivisorJanuary 1, 2015 – December 31, 2015

  6. Southwestern Public Service CompanyCost Drivers – Decrease in Actual 2015 ATRR from the Estimated 2015 ATRR Projected 2015 ATRR $228.4M 2015 Actual Cost Drivers: • Rate Base and Cost of Capital ($ 2.9) • Revenue Credits $ 1.2 • O&M Expense $ .8 • Depreciation Expense ($ 1.2) • Taxes ($ 1.1) 2015 Actual ATRR $225.2M

  7. Southwestern Public Service CompanyRate Base Change Actual vs. Projected Transmission Net Plant In Service – Decrease ($ 9.0M) General & Intangible Net Plant in Service – Decrease ($ 4.0M) Total Net Plant In Service Decrease ($ 13.0M) Adjustments to Rate Base Increase in ADIT Credit Adjustment to Rate Base ($ 15.9M) Working Capital & Land Held for Future Use $ 4.1M Actual Net Decrease in Rate Base from Projected ($ 24.8M)

  8. Southwestern Public Service CompanyCost of Capital Changes – Actual vs. Projected RatiosActualProjectedDifference Long Term Debt 46.46% 46.48% (0.02%) Equity 53.54% 53.52% 0.02% Cost Long Term Debt 5.80% 5.92% (0.12%) Equity 10.50% 10.50% 0.00% Weighted Cost Long Term Debt 2.69% 2.75% (0.06%) Equity 5.62%5.62%(0.00%) Total 8.31% 8.37% (0.06%) Rate Base $1,350.7M $1,375.5M $( 24.8M) Return on Rate Base $ 112.2M $ 115.1M $( 2.9M)

  9. Southwestern Public Service CompanyBase Plan Upgrade Projects Revenue Requirements Projected BPU Revenue Requirement $108,593,933 Change in Carrying Charge (11.36% vs. 11.25%) $( 961,662) Change in Plant In Service $ 7,569,874 Actual BPU Revenue Requirement $115,202,145 *WsP BPU – Table 36 of template

  10. Southwestern Public Service CompanyRadial Line Study 2015 Update Radial Line Gross Plant Investment in 2015 Estimate $ 77.7M Changes in Gross Plant Balances for Existing Radial Lines ($14.9M) New Radial Lines $ 8.7M Radial Line Investment in 2015 Actual $ 71.5M

  11. Southwestern Public Service CompanySummary of Schedule 1 True-Up AdjustmentJanuary 1, 2015 – December 31, 2015

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