20041115Final Accounting Entries.pdf

Avista Corp.
1411 East Mission PO Box 3727
Spokane, Washington 99220-3727
Telephone [phone]
Toll Free 800-727-9170
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November 11 2004
Jean Jewell, Commission Secretary
Idaho Public Utilities Commission
472 W. Washington St.
Boise, ID 83702-5983
Dear Ms. Jewell:
Re: Case No. A VU-04-
Accounting Entry Associated with the Sale of A vista s Interest in Skookumchuck
Order No. 29484 dated April 28, 2004 in Case No. A VU-04-02 approved the sale of
A vista s minority interest in the Skookumchuck dam, hydroelectric plant and related
facilities. The order directed A vista to file the final accounting entries associated with
the sale within 45 days of closing. Please find enclosed a copy of the journal entry that
records the sale of Avista s interest in Skookumchuck.
Please direct any questions on this matter to Ron McKenzie at [phone].
Kelly Norwood
Vice President, State and Federal Regulation
Enclosure
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Avista Corporation
Assignment of Gain on Sale of Skookumchuck
State of Washington
Allocated Using Methodology Set Forth in
Second Supplemental Order in Docket No. UE-991255
Line Avista Washington AssiQnment of Gain
No.17.50%66.99%Ratepayers Shareholders
Plant Sale Proceeds 291 625 865,260
Clear Closing Costs 243 842
Projected Plant Sale Proceeds 287 382 862,418
Gross Assets Sold
Plant in Service 9/30/04 578,916 387 816
Book Gain Before Income Taxes
Appreciation on Assets Sold (Line 3 - Line 4) ,708,466 474 602 237 301 237 301
' Accumulated Depreciation 9/30/04 271,931 182,167 182 167
Total Book Gain 980,397 656,769 419,468 237 301
Income Taxes
Book Gain on Sale of Plant (Line 7)980,397 656,769 419,468 237 301
Net Plant-Books 306,985 205,649 205,649
Net Plant-Tax 207 934 139,295 139,295
Taxable Gain 079,448 $723,123 $485 822 $237,301
State Income Tax Rate 00%00%00%00%
State Income Taxes $21 589 $14,462 $9,716 746
Federal Income Tax 370,251 248,031 166 637 394
Total State and Federal Income Tax on Sale of Plant 391 840 262,493 176,353 86,140
DFIT Expense-MACRS Reversal 81,704 734 54,734
Total Income Tax (Lines 15+16)310,136 207 759 121 619 86,140
Book Gain net of Income Tax (Line 7 - Line 17)$670 261 $449,010 $297 849 $151 161
, (2)
fl
Dr-
t;;bj:J23 '(4)
jV u TC--
DOCKET NO. UE-040338
ORDER NO. 01
PAGE 5
(6)This matter was brought before the Commission at its regularly scheduled
open meeting on March 12, 2004.
(7)It is consistent with the public interest that the Commission grant A vista
request for authorization to sell the assets associated with the
Skookumchuck Project.
ORDER
(1)THE CO:Nllv1ISSION GRANTS the petition of A vista Corporation for
authorization to sell and transfer the Company s interest in the
. Skookumchuck dam, hydroelectric facility, and related assets substantially
in accordance with the Sale Agreement.
The Commission determines that allowing the Skookumchuck ,Project to
, become an eligible facility under Section 32(c) of the Public Utility Holding,
Company Act of 1935 (PUHCA) (1) will benefit consumers, (2) is in the
public interest and (3) does not violate Washington State law.
A vista shall allocate any gain resulting from the transaction between
ratepayers and sharehol~ers in the same manner as the Company s after-
tax gain of the sale of the Centralia Power Plant in Dockets Nos. UE-
991255 ,and UE-OOOO80. The estimated portion of the Skookumchuck gain
allocated to ratepayers shall be applied to the demand side management
f'oiff!"
tariff rider balance,
This Order shall in no way affect the authority of the Commission over
, rates, services, accounts, evalu~tions, estimates, or determination of costs
on any matters whatsoever that may come before it, nor shall anything
herein be construed as acquiescence in any estiinate or determination of
costs claimed or asserted.
980,397 323,628
306,985 101,336
207 934 68,639
079,448 $356 325
00%00%
$21 ,589 $7,127
370,251 122,219
391 840 129 346
704 970
310,136 102,376
$670,261 $221 ~252 $154 213 $67,039
, . "
Avista Corporation
Assignment of Gain on Sale of Skookumchuck
State of Idaho
Allocated Using Methodology Set Forth in
Order No. 28297/ Case No. AVU-99-
Line
No.
Avista
17.50%
291 625
243
287 382
Idaho
33.01 %
426,365
401
424 964
Plant Sale Proceeds
Clear Closing Costs
Projected Plant Sale Proceeds
Gross Assets Sold
Plant in Service 9/30104 191 100578,916
Book Gain Before Income Taxes
Appreciation on Assets Sold (Line 3 .. Line 4)
Accumulated Depreciation 9/30/04
Total Book Gain
233,864
89,764
323,628
708,466
271 931
980 397
Income Taxes
Book Gain on Sale of Plant (Line 7)
Net Plant-Books
Net Plant-Tax
Taxable Gain
State Income Tax Rate
State Income Taxes
Federal Income Tax
Total State and Federal Income Tax on Sale of Plant
DFIT Expense-MACRS Reversal
Total Income Tax (Lines 15+16)
18 Book Gain net of Income Tax (Line 7 - Line 17)
IDr~6lof
f( fh\ IY1C;e-~~i
Assiqnment of Gain
Ratepayers Shareholders
69.70% 30.30%
5V
;Vue
ORDER
In consideration of the foregoing and as more particularly described above, IT IS
HEREBY ORDERED and the CoTI'unission ~oes hereby make the following determinations:
The Commission by this Order further approves the proposed sale by A vista of its
interest in the Skookumchuck Project facilities to 2677588'Washington, LLC. We also approve
the ratemaking treatn1ent and allocation proposed by the Gompany for Idaho s jurisdictional'
share of after-tax gain. Avista is directed to file the final accounting entries associated, with the
sale of Skookumchuck Proj ect facilities with the Comn1ission within 45 ,days of closing.
;" "
II.
Avista s Application for EWG detern1inations under '15 U.S~C.~ 79z-5a(c) is granted
and the Commission accordingly finds that allowing the Skookumchuck hydroelectric generation
facility to become an "eligible facility" and sell electric energy at wholesale (1) will benefit
consumers, (2) is in the public interest, and (3) does not violate Idaho state law.
THIS IS A FINAL ORDER. Any person 'interested in this Order may petition for
reconsideration within twenty-one (21) days of the service date of this Order. Within seven (7)
days after any person has petitioned for reconsideration, any other person may croBs-petition for
reconsideration. See Idaho Code 61-626.
ORDER NO. 29484
,",
proposed sale of Skookumchuck would result in a lesser amount of gain being allocated to
rat e ~16cal giiiiltlliiCresuIts
..
ITOnf' u
: g
he 69. 700/
,,-
ti on,
- ---- ..........'.....-../' --
The Company is proposing to use the higher 69.700/0 Centralia allocation to ratepayers in the "
the IPUC'pproving the sale of the Centralia Power Plant it adopted a
methodology to allocate the gain between ratepayers and shareholders based on the ratio
accumulated depreciation to gross plant. This methodology resulted in an allocation of
69.7% of the gain to ratepayers and 30.3% to shareholders.
The ratio of accumulated depreciation to gross plant of the Skookumchuck plant
currently being retired is approximately ;944%. Applying ~44% to the after-tax gain on the
interest of minimizing the issues in this case regarding the allocation of the gain.
Is the Company asking for expedited treatment for EWG findings and
approva
Yes. The Company is asking the Commission to consider the EWG issues and
approval of the sale on an expedited basis.
Does that conclude your prefiled direct testimony?
Yes.
Peterson, Di
A vista Corporation
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'_"""'""""_"""'M"'M"""-""""'*""-~""'."'---__"MW""""","_"",,=W"'-----"'"""""""'-""._"-~""
"---"""""--""""*"'-"".'-'."""-""""._-
Acct Detail by Main and Sub
October 2004
Date Work Utility Main
Order Code Acct
Sub
Acct
Resp
Code
Loc Description
Code
Amount
10-05-2004 0000 143 FIN 000 STEW ART TITLE 291 625.42
Sum 291 625.42
Wednesday, October 13 2004 Page of