20190610McKenzie Exhibit 3 Schedule 10.pdf

o EXPECTED EARNINGS APPROACH
UTILITY GROUP
(a)
Expected Return
on Common Eouitv
n/a
9.0%
t0.5%
6.5%
8.0%
10.0%
t0.0%
14.0%
13.0%
10.5%
8.5%
ttj%
t0.s%
9.5%
17.5%
t0.0%
9.s%
9.0%
tr5%
105%
95%
12.0%
(b)
Adjustment
Factor
nla
1.0146
r.0290
r.0092
1.0250
1.0229
1.0645
r.0429
1.050t
1.0360
r.0275
1.0079
1.0310
t.0293
1.0s64
1.0250
1.0184
1.0148
l.0l6l
1.0280
1.0310
1.0s00
Schedule 10
Page I of I
(c)
Adjusted Return
on Common Equitv
nla
9.1%
10.8%
6.6%
8.2%
r0.2%
10.6%
14.6%
13.7%
10.9%
8.7%
tt.6%
10.8%
98%
18.5%
10.3%
9.7%
9.t%
tt.7%
10.8%
9.8%
12.6%
l0.7Yo
It.4%o
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 10, Page 1 of 1
o
Company
I Algonquin Pwr & Util.
2 ALLETE
3 Ameren Corp.
4 Avangrid,lnc.
5 Avista Corp.
6 Black Hills Corp.
7 CenterPoint Energy
8 CMS Energy Corp.
9 Dominion Energy
l0 DTE Energy Co.
11 El Paso Electric Co.
12 Emera lnc.
13 Entergy Corp.
14 Exelon Corp.
l5 FirstEnergy Corp.
l6 Hawaiian Elec. Ind.
17 IDACORP,lnc.
18 NorthWestern Corp.
l9 OGE Energy Corp.
20 Otter Tail Corp.
2l PNM Resources
22 Sempra Energy
Average (d)
Midpoint (d,e)
(a) ttre Value Line Investment Survey (Feb. 1 5, Mar. 15, Mar. 22, & Apr. 26,2019).
(b) Adjustment to convert year-end return to an average rate ofreturn from Schedule 6.
(c) (a) x (b).
(d) Excludes highlighted values.
(e) Average oflow and high values.
o