20190610McKenzie Exhibit 3 Schedule 4.pdf

o CAPITAL STRUCTURE
UTILITY GROUP
Company
I Algonquin Pwr & Util
2 ALLETE
3 Ameren Corp.
4 Avangrid,Inc.
5 Avista Corp.
6 Black Hills Corp.
7 CenterPoint Energy
8 CMS Energy Corp.
9 Dominion Energy
l0 DTE Energy Co.
I I El Paso Electric Co.
12 Emera lnc.
l3 Entergy Corp.
14 Exelon Corp.
l5 FirstEnergy Corp.
l6 Hawaiian Elec. Ind.
l7 IDACORP,Inc.
l8 NorthWestern Corp.
19 OGE Energy Corp.
20 Otter Tail Corp.
2l PNM Resources
22 Sempra Energy
Average
Common
Debt Preferred Equity
47.3% 7.4% 4s.3%
40.8% 0.0% 59.2%
s2.t% 0.9% 47.1%
27.2% 1.4% 7t.4%
s1.2% 0.0% 48.8%
s6A% 2.0% 4t.6%
53.1% 0.0% 46.9%
70.8% 0.2% 29.0%
s7.6% 3.7% 38.7%
56.0% 2.0% 42.0%
s4.3% 0.0% 45.7%
64.8% 0.2% 35.0%
64.6% 0.0% 35.4%
sl.1% 3.4% 44.9%
72.8% 0.3% 26.9%
46.5% 0.0% 53.s%
43.6% 0.t% 56.3%
s2.0% 0.0% 48.0%
44.0% 0.0% s6.0%
44.7% 0.0% 55.3%
60.4% t5% 38.2%
s4.7% s.0% 40.3%
Schedule 4
Page 1 of3
At Fiscal Year-End 2018 (a) Value Line Projected (b)
o
Debt Other
Common
Equity
n/a
59.0%
49.5%
61.5%
50.0%
5r.5%
48.s%
36.5%
4t.0%
46.5%
47.5%
36.2%
395%
51.0%
33.s%
55.0%
57.0%
51.5%
54.5%
495%
42.0%
46.0%
n/a
4t.0%
s0.0%
38.5%
50.0%
485%
48.0%
63.5%
59.0%
s3.5%
52.5%
60.7%
s9.s%
49.0%
66.5%
44.s%
43.0%
48.5%
45.5%
50.5%
57.5%
s4.0%
nla
0.0%
0.5%
0.0%
0.0%
0.0%
3.s%
0.0%
0.0%
0.0%
0.0%
3.1%
1.0%
0.0%
0.0%
05%
0.0%
0.0%
0.0%
0.0%
0.5%
0.0%
53.00 l.3o/o 45.7yo 51.60 0.4o 48.00
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 4, Page 1 of 3
o
(a) Company Form 10-K and Annual Reports.
(b) The Value Line Investment Survey (Feb. 15, Mar. 15, Mar.22, & Apr. 26,2019).
CAPITAL STRUCTURE
OPERATING SUBSIDIARIES
Operating Company
ALGONQUTN PWR. & UTIL.
Empire District Electric Co.
Liberty Util.(Granite St. Elec.)
ALLETE
ALLETE,lnc.
Superior Water, Light and Power
AMEREN CORP.
Ameren Illinois Co.
Union Electric Co.
AVANGRID
Central Maine Pwr
NY State E&G
Rochester G&E
United Illuminating
BLACK HILLS CORP.
Black Hills Power
Cheyenne Light Fuel & Power
Black Hills/CO Elec. Utility Co
CENTERPOINT ENERGY
CenterPoint Energy Houston Elect.
CMS ENERGY
Consumers Energy Co.
DOMINION ENERGY
South Carolina Electric & Gas
Virginia Electric & Power
DTE ENERGY CO.
DTE Electric Co.
EL PASO ELECTRIC
El Paso Electric Co.
EMERA INC.
Emera Maine
Tampa Electric Co.
ENTERGY CORP.
Entergy Arkansas Inc.
Entergy Louisiana LLC
Entergy Mississippi Inc.
Entergy New Orleans Inc.
Entergy Texas Inc.
At Year-End 201712018 (a\
Debt
Common
Preferred Equity
Schedule 4
Page 2 of3 o
o
47.7%
23.6%
38.6%
s0.3%
46.60/,
48.6%
36.8%
45.7%
5l.lo/o
43.s%
45.9%
46.2%
46.8%
55.1%
A1 10/
39.8%
44.4Yo
52.0%
53.6%
50.6%
5t.3%
51.6Yo
0.0%
0.0%
0.0%
0.0%
0.9%
1.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
52.3%
76.4%
61.4y,
66.3%
s25%
50.4%
63.2%
54.3%
48.9%
56.5%
s4.l%
53.8%
s3.2%
44.9%
s2.8%
60.1o/o
55.6%
48.0%
46.4%
49.4Yo
48.7%
48.4y,
49.7% 0.3% 50.1%
49.1% 0.0% s0.9%
52.1% 0.0% 47.9yo
(a) Data for year-end 201 8 from Company l0-K and FERC Form I reports, except for NorthWestem Corp. (201 7).
o
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 4, Page 2 of 3
55.2% 0.0% 44.8%
o CAPITAL STRUCTURE
OPERATING SUBSIDIARIES
Operating Company
EXELON CORP.
Atlantic City Electric Co.
Baltimore Gas & Electric Co.
Commonweath Edison Co.
Delmarva Power and Light
PECO Energy Co.
Potomac Electric Power Co.
FIRSTENERGY CORP.
Cleveland Elec. Illuminating Co.
Jersey Central Power & Light Co.
Metropolitan Edison Co.
Monongahela Power Co.
Ohio Edison Co.
Pennsylvania Electric Co.
The Potomac Edison Co.
Toledo Edison Co.
West Penn Power Co.
HAWAIIAN ELEC.IND.
Hawaiian Electric Co.
IDACORP
Idaho Power Co.
NORTHWESTERN CORP.
NorthWestem Corporation
OGE ENERGY CORP.
Oklahoma G&E
OTTER TAIL CORP.
Otter Tail Power Co.
PNM RESOURCES
Public Service Co. of New Mexico
Texas-New Mexico Power Co.
SEMPRA ENERGY
Oncor Electric Delivery
San Diego Gas & Electric
At Year-End 201712018 (a)
Schedule 4
Page3 of3
Debt
Common
Preferrcd Equity
o
513%
46.2%
44.2%
49.8%
44.7%
49.8%
38.6%
30.1y,
46.8yo
5t.t%
30.1%
46.1%
47.7%
39.60/o
46.5%
s4.2%
46.1%
42.9%
50.4%
0.0%
0.0%
0.0o/o
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.4%
0.0%
0.0%
0.0%
48.7%
53.8%
55.8%
50.2%
55.3Yo
50.2%
61.4y,
69.9%
53.2%
48.9%
69.9%
s3.9%
52.3%
60.4%
53.5%
45.4y,
s3.9%
57.1%
49.6%
41.6% t.0% s7.4%
45.50/o 0.0% 54.5yo
s0.1% 0.0% 49.9%
46.8% 0.0% s3.2%
46.4% 0.0% 53.6%
Exhibit No. 3
Case No. AVU-E-19-04
A. McKenzie, Avista
Schedule 4, Page 3 of 3
Minimum
Maximum
Simple Average
Weighted Average
23.60/o
55.2Yo
46.2Yo
48.0o/"
0.00
1.0"
0.lo/o
0.lo/o
44.80h
76.4Yo
54.loh
51.9o/o
o
(a) Data from most recent Company I 0-K (year-end 20 I 8) and FERC Form I reports (year-end 20 I 7)