20191226Attorney General Letter.pdf

rdaho Public Utilitios Commission
Otlico of tho SecretaryRECEIVED
HC 2 6 2019
Boise, ldaho
STATE OF IDAHO
OFFICE OF THE ATTORNEY GENER^L
LAWRENCE G. WASDEN
VIA E.MAIL
December 26,2019
AvistE Corporation
Michael Andrea
michae l.andrca @avistacom.com
Avista Utilities
14ll E. Mission
PO Box 3727
Spokane, W A 99220-3727
Clint Kalich
clint,kal ich @avisilcotD.com
Avista Utilities
14l I E. Mission
PO Box 3727
Spokane, W A 99220-3727
Re: UPDATE TO AVOIDED COST RATES; Case No. AVU-E-r9-r4
Pursuanl to lhe Public Utility Regulatory Policies Act of 1978 ("PURPA") and the
implementing rcgulations of the Federal Energy Regulatory Commission C'FERC), the Idaho
Public Utilities Commission ("Commission") has approved a Surrogate Avoided Resource
C'SAR") methodology for calculation of avoided cost rates at which PURPA qualifying
cogcner.ltion and small power production facilities ("qualifying facilities" or "QFs") are paid by
Idaho Power, Avista, and PacifiCorp. Avoided cost rates are the purchase price paid to QFs for
purchases of QF capacity and cnergy.
On November 29, 2019, the Commission issued Order No. 3,1499, the final Order in
Avista's recent general rate case (Case No. AVU-E-1g-Ot). The conclusion of the general rate
case has triggered recalculation of published avoided cost rates for Avista to reflect the change of
cost of debt lrom 5.727o to 5.2OVo. As a result, the weighted cost of capital, which depends on
debt and equity, has changed from 7.61?o to 7.357o. Past practice has been to incorporate new
ch:rnges immediately following a general rate c[se.
Weighted cost of capital affects avoided cost rates in the SAR modcl in two ways. First,
it rcpresents the avoided cost to a utility to finance constructioo of new facilities. Second, it is
used as a discount rate in the process of levelizing avoided cost rates. If the weighted cost of
capital changes, these two effects impact levelized avoided cost rates in opposile directions. For
example, when weighted cost of capital decreases, as it has in this case, the cost to finance new
facilities dccreases-lowering avoided cost rates. However, a lower weighted cost of capital
also causes highcr avoided cost rates when determining levelized rates because cash flows in the
Coltttaot3 t Adianltttatlyo La DMdon / Hsho Publlc Utlllllrs Comnrlsslon
PO Box 8:[An, Bolse, ldarE A,7 nqr74 Tdophono: (208) ixta-0300, FAX: {2001 334-3762
I 1:Bl W. Chlnd.n 8lvd. AUg E Suho 20r .A golso, ldaho 83714
Page ?
future are discounted less when brought back to present value. The final change in levelized
avoided cost rates depends on the nel effect.
Staff has recalculated published avoided cost rates for Avista using the new cost of debt
as shown in the attachment. For levelized rates, new avoided cost rates can be highcr or lower
than the old avoided cost rates, depending on thc contract length. However, non-lcvelized rates
are only affected by the decrease in cost to finance new facilities and are consistently lower than
the old avoided cost rales.
Please find attached (l) the new avoided cost rates for Avista, (2) a copy of the updated
SAR model, Please review these attachments and file timely comments with the Commission
regarding the updated SAR model and the resulting rates.
Staff will present a Decision Memo at the December 30, 2019 Decision Meeting
recommending the Commission issue a Notice of Application and a Notice of Modified
Procedure in this matter and set a comment deadline of January 20, 2A20 and a reply comment
deadline of January 27, 2020.
Thank you for your cooperation. Please contact Yao Yin (il lll ruc. id u ho.if youov
have any questions.
Sincerely.
Enclosures:
Updated SAR Price List
Updated SAR model excel spreadsheet
Matt Hunter
Deputy Attomey General
AVBTA
AVOIDED COST RATES FOH WND PRq'ECTS
xxxx, 2020
itl/Mh
t{ow Contracls and Roplacement Conlracts whhout Full Capactty Psyments
Eliglbllhy ior lhese rales ls llmtted lo prolects 10O kW or smaller.
ON.LINE YEAR
LENGTH CONTRACT
YEAR
NON.LEVELIZED
RATES202120222023m242025
1
2
3
4
5
6
7
8
't0
't1
12
t3
14
l5
r6
17
l8
l9
m
n.7a
2A.92
29.40
30.17
31,14
32.r8
33.47
34.53
35.52
36.36
37.14
37.U
38.55
39.23
39.88
40.50
41.11
41.68
42.n
12.75
8.07
x_75
30.71
31.84
33.01
u.47
35.62
36.66
38.35
39.07
39.80
40.50
41.18
41.42
42.45
43.04
43.60
44.14
44.67
30.48
31.62
32.90
34.t9
35.80
37.00
34.09
38.98
39.79
,o.5r
41.26
41.97
42.65
43.3r
43.S5
,14.55
45.12
15.67
$.22
s.74
32.Uv.E
35.61
37.38
38.6r
3S.70
rto.58
41.37
42.04
12.41
,13.53
44.21
44.87
45.52
46.13
46.71
47.27
47.8iI
.t8,35
48.86
35.76
37.14
39.12
40.3i1
41,39
42.22
42.98
43,64
44.3?
45.07
45.76
46.42
47.06
47.*
48.26
48.83
49.rO
49.94
50.,15
50.97
38.62
,o.98
42.O4
43,06
43.81
44.51
45.12
45.83
46.52
47.N
47.
48.5'l
49.13
49.72
50.n
50.87
51.42
51.95
52.4
53.02
2020
2021
2022
2023
2024
2025mfi
2!27N4mn
m30
m3r
m32
2033
203/-
2035
2036
2037
2038
2039
2040
m41
20,2
2043
2044
2045
28.74
n.o7
30.,{8
32.U
35.76
38.62
43.52
44.51
,16.48
47.41
4.82
49.91
52.43
.27
56.07
57.79
59,79
62.m
64.49
66.95
68.30
69.88
72.52
75.66
78.53
tlote: The ratss showl in this lable have been computed using the U.S. Eneroy lnlormalion Adninislration (ElA)! Annual En€roy
Odlook 2019, roleasod January i{19. Sso Ahnual Energy Ou ool i{}19, Tablo 3.8 ErErgy Pri:as by S€clor-l,lourtain al
httssr/$/ww.eia. gov/outlooks/a€o^ables-rol.php
AVISTA PagE I
NON.LEVELIZEDLEVELIZED
Nole: These rales will be ,urther adjusted with the applicable inlegraiion charge.
AVISTA
AVOIDED COST RATES FOB SOLAR PRO'ECTS
xxxx, 2020
SI''wh
New Contacls .nd Replacemonl ConlracB wllhoul Full Capaclty Paymenls
Eliglblllty tor lhese ral68 ls llmltad lo prolecla l0o kW or smaller.
CONT ON.LINE YEAR
LENGTH CONTRACT
YEAR
NON.LEVELIZED
FATES2020 2021 2022 2023 2024 2025
I
2
3
4
5
6
7
8I
10
't1
12
l3
14
15
16
17
18
t9
N
24.74
24.92
N.40
30.17
31.14
32.r8
33.63
34.81
35.89
34.74
41.17
41.73
42.32
12.91
,13.48
,14.03
44.57
45.09
r15.59
4.G.07
29.O7
29.75
30.7r
31.84
3:].0r
34.66
35.94
37.09&.4
42.97
€.49
,r4.06
,14.63
45.19
45.74
45.24
r{6.80
47.31
47.79
49.03
30.44
31.62
32.90
34.19
36-00
37.44
38.60
42.m
45.13
45.58
46.09
46.63
47.16
47.69
$.22
4A_73
49.22
49.70
51,01
51.46
32.U
u.23
35.61
37,68
39.'t 0
&.32
44.40
47.62
47.93
44.35
44.42
43.30
49.79
50.29
50.77
51.25
51.72
53.10
53.54
53.96
35.76
3?.14
39.5,1
40.96
42.16
46.85
50.39
50.49
*.77
51.13
5r.53
51.96
52.42
52.47
53.31
53.76
55.23
55.65
56.06
56.49
38.62
4r.64
42.*
44.6
49.58
53.49
53.25
53.32
53.52
53.81
5,1.16
54.55
5,1.95
55.36
55.78
57.34
57.74
58.13
58.55
58.99
2020
2021
2022
2023
2024
2025
2026
2027
m2a
2029
260
2tBlM2
2033
2034
2035
2036
m37
2038
2039
2040
m41M2
2043
2044
20{5
2a.7a
29.07
30.48
32.U
35.76
38.62
44.88
45.90
47,89
76.01
77.U
51.38
53.92
55.79
57.61
59.35
61.37
62.84
64.43
66.14
100.55
70.00
71.61
74.27
77.44
80.33
Noter These rates will be turlher adiusted vrith the applicable intogralion charg€.
Noler Th6 rates shown in this table have been computed usino the U.S. EneBy lnlormation Administration (ElA)'s Annual En€rgy
Outlook 2019, released January 2019. See Annual Energy Outlook it19, Tabl6 3.8 Enoroy Prices by Sector-lbuntain al
https rlrww.eia. gov/outlooks/aeo/tables-ref .php
AVISTA Paoe 2
LEVELIZED NON-LEVELIZED
AVISTA
AVOIDED COST RATES FOR NOT{€EASONAL HYDRO PROJECTS
xxxx, mm
gl'IWh
ilow Contracla snd Replacemenl Contracla whhoul Full Capaclty Paymenls
Ellglblllty ior theEe rater Ir llmhed to prolecls 6mallgr lhen 10 allw.
CONT ON LINE YEAR
LENGTH CONTRACT
YEAR
NON.LEVELIZED
RATES12022202320242025
1
2
3
1
5
6
7II
10tt
12
l3
14
l5
l6
17
18
l9
m
2A.78
28.92
n.40
30.t 7
31.14
32.18
34.35
36.08
37.58
40.12
42.n
4it.16
14.O2
,a4.83
45.60
46.33
47.O3
47.69
48.32
44.92
x.o7
x,75
30.71
3r.84
3:}01
35.53
37.15
39.0€
41.89
14.25
r(5.'l I
45.97
,t6.79
47.56
48,30
49.O1
.t9.68
50.31
50.92
52.00
30.48
31.62
32.90
3,1.19
37.12
39.23
,t0.s6
,14.06
46.61
47.43
4.27
49.06
49.82
50.54
51.25
51.91
52,54
53.14
t4.24
54.84
32.U
u.25
35.6t
39.'t0
41.38
43.18
46.62
.t9.35
50,08
50.84
51.58
52.30
52.99
53.67
54.31
54.93
55.52
56.71
57.25
57.74
2020
2021
2022mn
2024
x25
m
m27
202A
2029
2CBo
2@1
2@2
2033
2034
2G35
aJ36
zJ37
2038
2033
2040
2041
m42
2043ru4N5
24.74
4.07
30.,$
32.U
35.76
38.62
51,19
52.30
54.39
73.23
75.O2
58.tS
60.81
62.78
d4.71
65.55
68.67
70.25
71.95
73.74
97.28
77.87
79.53
&.37
85.66
88.67
Note: These rates will t e turttEr adjusted with the applicable inleoration chaQ6.
NON-LEVELIZEDLEVELIZED
35.76
37.14
41.50
43.92
15.73
49.54
52.45
53.OO
53.64
54,29
54.94
55.58
56.2r
56.82
57.41
57.S8
59_21
59.74
m.25
ffi-77
38.62
44.69
47.M
la.69
52.93
55.99
*.24
56.68
57.1A
*.27
58.84
59.33
59.93
60.47
61.75
62.26
62.75
63.26
63.78
Nole: The rales shown in this tabl€ have boen computed using lhe U,S. Enorgy lnlormalion Adminislration (ElA)'s Annual Energy
Oullook 2019, released January 2019, See AnnualEnoqy Outlook 2019. Tabl€ 3.8 Energy Pdces by Seclor-Mounlarn al
htlps /,vlvw.eia. gov/odlooks/aeo/tabl€s-rsl.php
AVISTA Page 3
AVISTA
AVOIDED COST RATES FOR SEASONAL HYDRO PROJECTS
xxxx, 2020
$/MWh
N€w Conlracls and Replacemenl Contracls whhout Full Capaclty Payments
Eliglbllity tor these rates B llmhed lo prolects smallar than 10 alrw.
ON.LINE YEAR
LENGTH @t.ITRACT
YEAR
NOT.I.LEVELIZEO
RATES2020 m21 2022 2023 2024 2025
1
2
3
4
6
7
8
't0
11
12
13
14
15
16
17
l8
19
m
28.78
24.92
29.40
30.r7
3t.14
32.r8
s3.13
33.94
v.72
38.85
42.32
42.56
42.89
43.24
43.60
43.98
44.37
44.75
15.12
,15.49
29.07
29.75
30.71
3r.84
33.01
34.06
34.91
35.73
40.41
44.?a
44.43
44_70
45.00
45.34
45.69
46.06
46.,13
46.7S
47.15
,r8.87
30.48
3r.62
32.90
34.1S
35.28
36.r5
36.98
42.U
46.65
rt6.66
46.81
47.U
17.32
47.63
47.96
48.30
,l8.65
49.m
50.&]
51.16
32.Uy.25
35.61
36.71
s7.54
38.35
44.57
49.40
49.18
49.18
49.29
49.,$
49.72
50.01
s0.30
50.62
50.94
52.91
53_21
53.5r
35.76
37 _14
38.20
3a.94
39.71
47.05
52.5'l
5r.95
51.72
51.67
51.74
51.88
52.10
52.U
52.61
52.90
55.0r
55.29
55.57
55.87
2020
2021
2022
&23
m24
m25
2026
m27ma
2029
2030
203r
m32
2033
203.
2035
2036
2037
2038
2039
2040
20/1
2042
m43
2014M5
Note: A "s€asonal hydrc proiecl' is delined as a generation lacility which producos at leasl 55% ol ils annual g€neration du ng lhe
fircnths ol June, July, and August. Ord€r 32802,
Not€: The ratos shown in lhis table have been comput€d using lhe U.S. Enorgy lnlormalion Administralion (ElA)'s Annual Energy
Outlook 2019, releas€d January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Pricos by Sector-Mountain at
https//$ftvr/,eia. gov/oullooks/aeo/tables_ref .php
AVISTA Pag6 4
LEVELIZED NON.LEVELIZED
38.62
39.55
40.15
40.89
,09.83
56.06
54.99
54.43
54.t5
54.05
.o7
u.m
il.37
54.58
54.42
57.10
57.3i)
57.58
57.47
58.m
8.7A
4.07
30.la
32.U
35.76
38.62
40.55
41.50
43.42
92.69
94.76
46.72
49,19
50.99
52.74
54.41
56.35
57 _75
59.26
60.so
1m.14
64.6r
66.13
6a_72
71.80
74.61
Nole: These ratos will be lurther adjusted with the applicable integration charye.
AVISTA
AVOIDED COST BATES FOR OTHER PRO,ECTS
xxxx, 2020
$/MWh
Now ContracE and Replacemant Conlracts wlthout Full C.paclly Prymonts
Ellglblllly lor theso ralos 13 llmll.d lo prolects smaller than 10 aMW.
ON LINE YEAR
LENGTH CONTRACT
YEAR
NON.LEVELIZED
RATES20202025
1
2
1
5
6
a
9
't0
l1
12
l3
l4
t5
t6
l7
t8
t9
20
.74
n.92
2S.40
9.17
31.t4
32.r8
35.47
3a.05
40.23
42.U
43.62
44.99
46.24
47.47
48.56
49.58
50.54
51.42
52.m
53.04
29.07
29.75
30.71
31.84
33.01
36.89
39.79
42_17
44.11
45.76
47 _19
48.53
43.75
50.87
51.91
52.89
53.80
54.65
55.45
56.22
30.48
31.62
32.90
34.t9
38.82
42.O7
,14.63
46.66
/la.36
19.42
51.17
52.10
53.53
54.58
55.57
56.,la
57.33
58. r4
54.92
5S.65
32.U
34.25
35.61
4r.30
44.92
47.63
,19.70
51.40
52.83
54.r 6
55.37
56.49
57.52
58.49
59.,l{)
60.24
61.04
61.82
62.55
63.24
35.76
37.14
44,54
48.51
51.2?
53.27
54.88
56.22
57.4
58.63
59.70
60.68
61.62
62.50
63.32
64.0S
64.86
65.58
66.26
66.93
38.62
49.42
53.40
55.89
57.58
58.94
60.06
6r.17
62.1S
63.16
64.07
64.94
65.76
66.53
67.27
68.0r
68.71
69.37
70.03
70.70
m20
m21ma
2oZ3
?c24
2025
&26
2027
2024
202s
2030
2031
2032
2033
2034
2035
2036
m37
2038
m39
2040
ru1
m42
2043
2044
2045
2A.78
29.O7
30.48
32.U
35.76
38.62
61.02
62.27
64.50
65.70
67 _37
68.74
71.54
73.66
75.75
77.76
80.05
81.79
83.66
85.66
88.,13
90.10
92.01
94.97
98.45
r01.65
Note: 'Other projects" rel€ys lo proj€cts other than wind, solar, non'seasonal hydro, and seasonal hydro projocls. These "Oher
projects" may include (bul aro not limiled to): cogeneralion, biomass, bio€as, landlill gas, or geothermal proiecls.
Nole: The rates sho$,n in lhis tabl€ have been conpded using the U.S. Eneroy lnlomalion Administration (ElA)'s Annual Energy
otrtlook 2019, released January 2019. S€e AnnualEnergy OJtlook 2ot9. Tabl6 3.8 En€rgy Prices by S€ctol-lvbuntarn al
httss r^vww.eia.Oov/outlookga€onables_ret. php
AVISTA PaO€ 5
LEVELIZED NON-LEVELIZED
CONTRACT
1 2020 28.78 28.78 29.07 30.48 32.84 35.76 38.62
2 2021 29.07 28.92 29.75 31.62 34.25 37.14 44.69
3 2022 30.48 29.40 30.71 32.90 35.61 41.50 47.05
4 2023 32.84 30.17 31.84 34.19 39.10 43.92 48.69
5 2024 35.76 31.14 33.01 37.12 41.38 45.73 52.93
6 2025 38.62 32.18 35.53 39.23 43.18 49.54 55.99
7 2026 51.19 34.35 37.45 40.96 46.62 52.45 56.24
8 2027 52.30 36.08 39.08 44.06 49.35 53.00 56.68
9 2028 54.39 37.58 41.89 46.61 50.08 53.64 57.18
10 2029 73.23 40.12 44.25 47.43 50.84 54.29 57.72
11 2030 75.02 42.29 45.11 48.27 51.58 54.94 58.27
12 2031 58.18 43.16 45.97 49.06 52.30 55.58 58.84
13 2032 60.81 44.02 46.79 49.82 52.99 56.21 59.39
14 2033 62.78 44.83 47.56 50.54 53.67 56.82 59.93
15 2034 64.71 45.60 48.30 51.25 54.31 57.41 60.47
16 2035 66.55 46.33 49.01 51.91 54.93 57.98 61.75
17 2036 68.67 47.03 49.68 52.54 55.52 59.21 62.26
18 2037 70.25 47.69 50.31 53.14 56.71 59.74 62.75
19 2038 71.95 48.32 50.92 54.28 57.25 60.25 63.26
20 2039 73.78 48.92 52.00 54.84 57.78 60.77 63.78
21 2040 97.28
22 2041 77.87
23 2042 79.59
24 2043 82.37
25 2044 85.66
Eligibility for these rates is limited to wind and solar
projects 100 kW or smaller, and to non-wind and non-
solar projects smaller than 10 aMW.
AVISTA
Avoided Cost Rates for Non-seasonal hydro Projects
NON-
LEVELIZED
RATE ($/MWH)
CAL
YEAR
LEVELIZED RATES ($/MWH)
AVISTA
AVOIDED COST RATES FOR NON-SEASONAL HYDRO PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEARLENGTH CONTRACT NON-LEVELIZED
(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78228.92 29.75 31.62 34.25 37.14 44.69 2021 29.07329.40 30.71 32.90 35.61 41.50 47.05 2022 30.48430.17 31.84 34.19 39.10 43.92 48.69 2023 32.84531.14 33.01 37.12 41.38 45.73 52.93 2024 35.76632.18 35.53 39.23 43.18 49.54 55.99 2025 38.62
7 34.35 37.45 40.96 46.62 52.45 56.24 2026 51.19
8 36.08 39.08 44.06 49.35 53.00 56.68 2027 52.30
9 37.58 41.89 46.61 50.08 53.64 57.18 2028 54.391040.12 44.25 47.43 50.84 54.29 57.72 2029 73.231142.29 45.11 48.27 51.58 54.94 58.27 2030 75.021243.16 45.97 49.06 52.30 55.58 58.84 2031 58.181344.02 46.79 49.82 52.99 56.21 59.39 2032 60.811444.83 47.56 50.54 53.67 56.82 59.93 2033 62.781545.60 48.30 51.25 54.31 57.41 60.47 2034 64.71
16 46.33 49.01 51.91 54.93 57.98 61.75 2035 66.55
17 47.03 49.68 52.54 55.52 59.21 62.26 2036 68.67
18 47.69 50.31 53.14 56.71 59.74 62.75 2037 70.251948.32 50.92 54.28 57.25 60.25 63.26 2038 71.952048.92 52.00 54.84 57.78 60.77 63.78 2039 73.78204097.28204177.87204279.59
2043 82.37
2044 85.66
2045 88.67
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook 2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
XXXX, 2020
Eligibility for these rates is limited to projects smaller than 10 aMW.

AVISTAAVOIDED COST RATES FOR WIND PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEARLENGTH CONTRACT NON-LEVELIZED(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78228.92 29.75 31.62 34.25 37.14 40.98 2021 29.07
3 29.40 30.71 32.90 35.61 39.12 42.08 2022 30.48
4 30.17 31.84 34.19 37.38 40.33 43.06 2023 32.84
5 31.14 33.01 35.80 38.61 41.39 43.81 2024 35.76632.18 34.47 37.00 39.70 42.22 44.51 2025 38.62733.47 35.62 38.09 40.58 42.98 45.12 2026 43.52834.53 36.66 38.98 41.37 43.64 45.83 2027 44.51935.52 37.55 39.79 42.08 44.37 46.52 2028 46.481036.36 38.35 40.51 42.81 45.07 47.20 2029 47.41
11 37.14 39.07 41.26 43.53 45.76 47.86 2030 48.82
12 37.84 39.80 41.97 44.21 46.42 48.51 2031 49.91
13 38.55 40.50 42.65 44.87 47.06 49.13 2032 52.43
14 39.23 41.18 43.31 45.52 47.68 49.72 2033 54.271539.88 41.82 43.95 46.13 48.26 50.29 2034 56.071640.50 42.45 44.55 46.71 48.83 50.87 2035 57.791741.11 43.04 45.12 47.27 49.40 51.42 2036 59.791841.68 43.60 45.67 47.83 49.94 51.95 2037 61.231942.23 44.14 46.22 48.35 50.45 52.48 2038 62.80
20 42.75 44.67 46.74 48.86 50.97 53.02 2039 64.49
2040 66.95
2041 68.30204269.88204372.52204475.66204578.53
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook
2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
XXXX, 2020
New Contracts and Replacement Contracts without Full Capacity Payments
Eligibility for these rates is limited to projects 100 kW or smaller.
Note: These rates will be further adjusted with the applicable integration charge.
AVISTAAVOIDED COST RATES FOR SOLAR PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEARLENGTH CONTRACT NON-LEVELIZED(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78
2 28.92 29.75 31.62 34.25 37.14 41.64 2021 29.07
3 29.40 30.71 32.90 35.61 39.54 42.96 2022 30.48430.17 31.84 34.19 37.68 40.96 44.06 2023 32.84531.14 33.01 36.03 39.10 42.16 49.58 2024 35.76632.18 34.66 37.40 40.32 46.85 53.49 2025 38.62733.63 35.94 38.60 44.40 50.39 53.25 2026 44.88834.81 37.09 42.20 47.62 50.49 53.32 2027 45.90
9 35.89 40.29 45.13 47.93 50.77 53.52 2028 47.89
10 38.74 42.97 45.58 48.35 51.13 53.81 2029 76.01
11 41.17 43.49 46.09 48.82 51.53 54.16 2030 77.84
12 41.73 44.06 46.63 49.30 51.96 54.55 2031 51.381342.32 44.63 47.16 49.79 52.42 54.95 2032 53.921442.91 45.19 47.69 50.29 52.87 55.36 2033 55.791543.48 45.74 48.22 50.77 53.31 55.78 2034 57.611644.03 46.28 48.73 51.25 53.76 57.34 2035 59.351744.57 46.80 49.22 51.72 55.23 57.74 2036 61.37
18 45.09 47.31 49.70 53.10 55.65 58.13 2037 62.84
19 45.59 47.79 51.01 53.54 56.06 58.55 2038 64.43
20 46.07 49.03 51.46 53.96 56.49 58.99 2039 66.142040100.55204170.00204271.61204374.27204477.44
2045 80.33
XXXX, 2020
New Contracts and Replacement Contracts without Full Capacity Payments
Eligibility for these rates is limited to projects 100 kW or smaller.
Note: These rates will be further adjusted with the applicable integration charge.
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook
2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
AVISTAAVOIDED COST RATES FOR NON-SEASONAL HYDRO PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEARLENGTH CONTRACT NON-LEVELIZED(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78
2 28.92 29.75 31.62 34.25 37.14 44.69 2021 29.07
3 29.40 30.71 32.90 35.61 41.50 47.05 2022 30.48430.17 31.84 34.19 39.10 43.92 48.69 2023 32.84531.14 33.01 37.12 41.38 45.73 52.93 2024 35.76632.18 35.53 39.23 43.18 49.54 55.99 2025 38.62734.35 37.45 40.96 46.62 52.45 56.24 2026 51.19836.08 39.08 44.06 49.35 53.00 56.68 2027 52.30
9 37.58 41.89 46.61 50.08 53.64 57.18 2028 54.39
10 40.12 44.25 47.43 50.84 54.29 57.72 2029 73.23
11 42.29 45.11 48.27 51.58 54.94 58.27 2030 75.02
12 43.16 45.97 49.06 52.30 55.58 58.84 2031 58.181344.02 46.79 49.82 52.99 56.21 59.39 2032 60.811444.83 47.56 50.54 53.67 56.82 59.93 2033 62.781545.60 48.30 51.25 54.31 57.41 60.47 2034 64.711646.33 49.01 51.91 54.93 57.98 61.75 2035 66.551747.03 49.68 52.54 55.52 59.21 62.26 2036 68.67
18 47.69 50.31 53.14 56.71 59.74 62.75 2037 70.25
19 48.32 50.92 54.28 57.25 60.25 63.26 2038 71.95
20 48.92 52.00 54.84 57.78 60.77 63.78 2039 73.78204097.28204177.87204279.59204382.37204485.66
2045 88.67
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook
2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
XXXX, 2020
New Contracts and Replacement Contracts without Full Capacity Payments
Eligibility for these rates is limited to projects smaller than 10 aMW.
Note: These rates will be further adjusted with the applicable integration charge.
AVISTAAVOIDED COST RATES FOR SEASONAL HYDRO PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEARLENGTH CONTRACT NON-LEVELIZED(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78
2 28.92 29.75 31.62 34.25 37.14 39.55 2021 29.07
3 29.40 30.71 32.90 35.61 38.20 40.15 2022 30.48430.17 31.84 34.19 36.71 38.94 40.89 2023 32.84531.14 33.01 35.28 37.54 39.71 49.83 2024 35.76632.18 34.06 36.15 38.35 47.05 56.06 2025 38.62733.13 34.91 36.98 44.57 52.51 54.99 2026 40.55833.94 35.73 42.34 49.40 51.95 54.43 2027 41.50
9 34.72 40.41 46.65 49.18 51.72 54.15 2028 43.42
10 38.85 44.28 46.66 49.18 51.67 54.05 2029 92.69
11 42.32 44.43 46.81 49.29 51.74 54.07 2030 94.76
12 42.56 44.70 47.04 49.48 51.88 54.20 2031 46.721342.89 45.00 47.32 49.72 52.10 54.37 2032 49.191443.24 45.34 47.63 50.01 52.34 54.58 2033 50.991543.60 45.69 47.96 50.30 52.61 54.82 2034 52.741643.98 46.06 48.30 50.62 52.90 57.10 2035 54.411744.37 46.43 48.65 50.94 55.01 57.33 2036 56.35
18 44.75 46.79 49.00 52.91 55.29 57.58 2037 57.75
19 45.12 47.15 50.83 53.21 55.57 57.87 2038 59.26
20 45.49 48.87 51.16 53.51 55.87 58.20 2039 60.902040120.14204164.61204266.13204368.72204471.80
2045 74.61
XXXX, 2020
New Contracts and Replacement Contracts without Full Capacity Payments
Eligibility for these rates is limited to projects smaller than 10 aMW.
Note: A "seasonal hydro project" is defined as a generation facility which produces at least 55% of its annual generation during the
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook
2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
AVISTA
AVOIDED COST RATES FOR OTHER PROJECTS
$/MWh
LEVELIZED NON-LEVELIZED
CONTRACT ON-LINE YEAR
LENGTH CONTRACT NON-LEVELIZED
(YEARS)2020 2021 2022 2023 2024 2025 YEAR RATES
1 28.78 29.07 30.48 32.84 35.76 38.62 2020 28.78228.92 29.75 31.62 34.25 37.14 49.42 2021 29.07329.40 30.71 32.90 35.61 44.54 53.40 2022 30.48430.17 31.84 34.19 41.30 48.51 55.89 2023 32.84
5 31.14 33.01 38.82 44.92 51.27 57.58 2024 35.76
6 32.18 36.89 42.07 47.63 53.27 58.94 2025 38.62
7 35.47 39.79 44.63 49.70 54.88 60.06 2026 61.02838.05 42.17 46.66 51.40 56.22 61.17 2027 62.27940.23 44.11 48.36 52.83 57.48 62.19 2028 64.501042.04 45.76 49.82 54.16 58.63 63.16 2029 65.701143.62 47.19 51.17 55.37 59.70 64.07 2030 67.371244.99 48.53 52.40 56.49 60.68 64.94 2031 68.74
13 46.28 49.75 53.53 57.52 61.62 65.76 2032 71.54
14 47.47 50.87 54.58 58.49 62.50 66.53 2033 73.66
15 48.56 51.91 55.57 59.40 63.32 67.27 2034 75.751649.58 52.89 56.48 60.24 64.09 68.01 2035 77.761750.54 53.80 57.33 61.04 64.86 68.71 2036 80.051851.42 54.65 58.14 61.82 65.58 69.37 2037 81.791952.26 55.45 58.92 62.55 66.26 70.03 2038 83.662053.04 56.22 59.65 63.24 66.93 70.70 2039 85.66
2040 88.43
2041 90.10
2042 92.01
2043 94.97204498.452045101.65
New Contracts and Replacement Contracts without Full Capacity Payments
Eligibility for these rates is limited to projects smaller than 10 aMW.
Note: "Other projects" refers to projects other than wind, solar, non-seasonal hydro, and seasonal hydro projects. These "Other projects"
Note: The rates shown in this table have been computed using the U.S. Energy Information Administration (EIA)'s Annual Energy Outlook 2019, released January 2019. See Annual Energy Outlook 2019, Table 3.8 Energy Prices by Sector-Mountain at
XXXX, 2020
Resource On-Peak Capacity Contributions
Current Resource 3 Non-seasonal hydro
Summer Winter
Wind 33%5%5%1
Solar 23%35%5%2
Non-seasonal hydro 46%65%25%3
Seasonal hydro 33%78%0%4
Other 89%93%93%5
Resource
Annual
Capacity
Old resources - no longer broken apart but grouped into other
Biomass 0.85 1 1
Geothermal 0.85 1 1
Other Base Load 0.92 1 1
Utility AVISTA 1 Notes:1. Capacity contributio
Project type Non-seasonal hydro Capacity contributions
Project Nameplate 0.4 Contract type New contract
Summer Winter 3. The capacity factor
Peak Capacity Facto
Peak Capacity (MW)
Current Year 2020 Max capacity in new cont
Most deficient seas First deficienc
(a)(b)(c)(d)(e)(f)(g)
Energy
(aMW)
Summer
Capacity
(MW)
Winter
Capacity
(MW)
Planning
Deficit
(MW)
Summer
Capacity
(MW)
Winter
Capacity
(MW)
New
Planning
Deficit
(MW)
2020 - - - - 0.3 0.1 0.1
2021 - - - - 0.3 0.1 0.1
2022 - - - - 0.3 0.1 0.1
2023 - - - - 0.3 0.1 0.1
2024 - - - - 0.3 0.1 0.1
2025 - - - - 0.3 0.1 0.1
2026 - - (129) (129) 0.3 (128.9)(128.9)
2027 - (130) (139) (139) (129.8)(139.2)(139.2)
2028 - (139) (161) (161) (139.1)(160.7)(160.7)
2029 - (180) (169) (180) (179.8)(169.0)(179.8)
2030 - (192) (177) (192) (191.9)(177.3)(191.9)
2031 - (259) (262) (262) (258.6)(262.0)(262.0)
2032 - (267) (270) (270) (266.7)(270.4)(270.4)
2033 - (275) (279) (279) (274.8)(278.8)(278.8)
2034 - (283) (287) (287) (283.0)(287.2)(287.2)
2035 - (291) (296) (296) (291.2)(295.7)(295.7)
2036 - (300) (304) (304) (299.4)(304.2)(304.2)
2037 - (312) (313) (313) (311.8)(312.7)(312.7)
2038 - (316) (321) (321) (316.0)(321.3)(321.3)
capacity contribution.
Calculation of basis for capacity payments
AVISTA With QF output
ons are set equal to zero when the utility do
cannot exceed the absolute value of the pl
t will be made if the capacity contribution is
r is calculated as the capacity contribution d
r cannot decrease over time.
(h)(i)(j)
Capacity
(1)
capacity
is capacity
payment
made? (2)
Capacity
applied to
(5)
0.0 No 0%
0.0 No 0%
0.0 No 0%
0.0 No 0%
0.0 No 0%
0.0 No 0%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.3 Yes 65%
0.3 Yes 65%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%
0.1 Yes 25%

Capacity Calculations
Utility
Rate
($/kW-mo)Losses
AVISTA 2.00 3.0%
IPCO 1.75 4.0%
Rates Year 2012
Inflation Rate 2.00%
Utility Transmission Costs
Seasonalization Factors
Season 1 108.00%(Applied to July - February)
Season 2 84.00%(Applied to March - June)
$1.67 ($3.33)
Contract Flat Heavy Load
1 28.78 30.45 25.45 31.08 NA 32.88 NA
2 28.92 30.59 25.59 31.23 NA 33.04 NA
3 29.40 31.07 26.07 31.76 NA 33.56 NA
4 30.17 31.84 26.84 32.59 NA 34.39 NA
5 31.14 32.81 27.81 33.63 NA 35.43 NA
6 32.18 33.85 28.85 34.75 NA 36.55 NA
7 34.35 36.02 31.02 37.10 NA 38.90 NA
8 36.08 37.75 32.75 38.96 NA 40.77 NA
9 37.58 39.25 34.25 40.59 NA 42.39 NA
10 40.12 41.79 36.79 43.33 NA 45.14 NA
11 42.29 43.96 38.96 45.68 NA 47.48 NA
12 43.16 44.83 39.83 46.62 NA 48.42 NA
13 44.02 45.69 40.69 47.54 NA 49.34 NA
14 44.83 46.50 41.50 48.42 NA 50.22 NA
15 45.60 47.27 42.27 49.25 NA 51.05 NA
16 46.33 48.00 43.00 50.04 NA 51.84 NA
17 47.03 48.70 43.70 50.79 NA 52.60 NA
18 47.69 49.36 44.36 51.51 NA 53.31 NA
19 48.32 49.99 44.99 52.18 NA 53.99 NA
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Light Load
Hour
$5.00 Flat Heavy Load Hour
Price
Levelized Price Season 1 Pricing (108%)
$1.67 ($3.33)
Contract
Length
Flat Heavy Load
Hour Hour
1 29.07 30.74 25.74 31.40 NA 33.20 NA
2 29.75 31.42 26.42 32.13 NA 33.94 NA
3 30.71 32.38 27.38 33.17 NA 34.97 NA
4 31.84 33.51 28.51 34.39 NA 36.19 NA
5 33.01 34.68 29.68 35.65 NA 37.46 NA
6 35.53 37.20 32.20 38.38 NA 40.18 NA
7 37.45 39.12 34.12 40.45 NA 42.25 NA
8 39.08 40.75 35.75 42.21 NA 44.01 NA
9 41.89 43.56 38.56 45.24 NA 47.04 NA
10 44.25 45.92 40.92 47.79 NA 49.59 NA
11 45.11 46.78 41.78 48.72 NA 50.53 NA
12 45.97 47.64 42.64 49.65 NA 51.46 NA
13 46.79 48.46 43.46 50.53 NA 52.34 NA
14 47.56 49.23 44.23 51.37 NA 53.17 NA
15 48.30 49.97 44.97 52.16 NA 53.97 NA
16 49.01 50.68 45.68 52.93 NA 54.73 NA
17 49.68 51.35 46.35 53.65 NA 55.45 NA
18 50.31 51.98 46.98 54.34 NA 56.14 NA
19 50.92 52.59 47.59 54.99 NA 56.79 NA
20 52.00 53.67 48.67 56.16 NA 57.97 NA
Rate Effectiv
Resource: N
Levelized Price Season 1 Pricing (108%)
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Levelized Price Season 1 Pricing (108%)
Light Load
Hour
Differential
$5.00 Flat Heavy Load Hour
$1.67 ($3.33)
Contract Flat Heavy Load
1 30.48 32.15 27.15 32.92 NA 34.73 NA
2 31.62 33.29 28.29 34.15 NA 35.95 NA
3 32.90 34.57 29.57 35.54 NA 37.34 NA
4 34.19 35.86 30.86 36.92 NA 38.72 NA
5 37.12 38.79 33.79 40.09 NA 41.90 NA
6 39.23 40.90 35.90 42.36 NA 44.17 NA
7 40.96 42.63 37.63 44.24 NA 46.04 NA
8 44.06 45.73 40.73 47.59 NA 49.39 NA
9 46.61 48.28 43.28 50.34 NA 52.14 NA
10 47.43 49.10 44.10 51.23 NA 53.03 NA
11 48.27 49.94 44.94 52.13 NA 53.93 NA
12 49.06 50.73 45.73 52.99 NA 54.79 NA
13 49.82 51.49 46.49 53.81 NA 55.61 NA
14 50.54 52.21 47.21 54.59 NA 56.39 NA
15 51.25 52.92 47.92 55.35 NA 57.15 NA
16 51.91 53.58 48.58 56.06 NA 57.87 NA
17 52.54 54.21 49.21 56.74 NA 58.55 NA
18 53.14 54.81 49.81 57.39 NA 59.20 NA
19 54.28 55.95 50.95 58.62 NA 60.43 NA
20 54.84 56.51 51.51 59.22 NA 61.03 NA
$1.67 ($3.33)
Flat
1 32.84 34.51 29.51 35.47 NA 37.27 NA
2 34.25 35.92 30.92 36.99 NA 38.79 NA
3 35.61 37.28 32.28 38.45 NA 40.26 NA
4 39.10 40.77 35.77 42.23 NA 44.03 NA
5 41.38 43.05 38.05 44.69 NA 46.49 NA
6 43.18 44.85 39.85 46.63 NA 48.44 NA
Price less
wind
integration
adjustment
wind
integration
adjustment
Levelized Price Season 1 Pricing (108%)
Heavy and
Light Load
Hour
Differential
$5.00 Flat Heavy Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Light Load
Hour
Differential
$5.00 Flat Heavy Load Hour
7 46.62 48.29 43.29 50.34 NA 52.15 NA
8 49.35 51.02 46.02 53.30 NA 55.10 NA
9 50.08 51.75 46.75 54.08 NA 55.89 NA
10 50.84 52.51 47.51 54.91 NA 56.71 NA
11 51.58 53.25 48.25 55.71 NA 57.51 NA
12 52.30 53.97 48.97 56.49 NA 58.29 NA
13 52.99 54.66 49.66 57.23 NA 59.04 NA
14 53.67 55.34 50.34 57.96 NA 59.77 NA
15 54.31 55.98 50.98 58.66 NA 60.46 NA
16 54.93 56.60 51.60 59.32 NA 61.13 NA
17 55.52 57.19 52.19 59.96 NA 61.77 NA
18 56.71 58.38 53.38 61.24 NA 63.05 NA
19 57.25 58.92 53.92 61.83 NA 63.64 NA
20 57.78 59.45 54.45 62.40 NA 64.20 NA
$1.67 ($3.33)
Length Flat Hour Hour
1 35.76 37.43 32.43 38.62 NA 40.42 NA
2 37.14 38.81 33.81 40.11 NA 41.92 NA
3 41.50 43.17 38.17 44.82 NA 46.62 NA
4 43.92 45.59 40.59 47.43 NA 49.23 NA
5 45.73 47.40 42.40 49.38 NA 51.19 NA
6 49.54 51.21 46.21 53.50 NA 55.30 NA
7 52.45 54.12 49.12 56.65 NA 58.45 NA
8 53.00 54.67 49.67 57.24 NA 59.04 NA
9 53.64 55.31 50.31 57.93 NA 59.74 NA
10 54.29 55.96 50.96 58.64 NA 60.44 NA
11 54.94 56.61 51.61 59.34 NA 61.14 NA
12 55.58 57.25 52.25 60.02 NA 61.83 NA
13 56.21 57.88 52.88 60.71 NA 62.51 NA
14 56.82 58.49 53.49 61.37 NA 63.17 NA
15 57.41 59.08 54.08 62.00 NA 63.80 NA
16 57.98 59.65 54.65 62.61 NA 64.42 NA
17 59.21 60.88 55.88 63.95 NA 65.75 NA
A
LEVEL
PROJECT
Rate Effectiv
Resource: N
Levelized Price Season 1 Pricing (108%)
Light Load
Hour
$5.00 Flat Heavy Load Hour
wind
integration
adjustment
wind
integration
adjustment
19 60.25 61.92 56.92 65.07 NA 66.88 NA
20 60.77 62.44 57.44 65.64 NA 67.44 NA
$1.67 ($3.33)
Flat
1 38.62 40.29 35.29 41.71 NA 43.52 NA
2 44.69 46.36 41.36 48.26 NA 50.06 NA
3 47.05 48.72 43.72 50.81 NA 52.61 NA
4 48.69 50.36 45.36 52.59 NA 54.39 NA
5 52.93 54.60 49.60 57.16 NA 58.97 NA
6 55.99 57.66 52.66 60.47 NA 62.27 NA
7 56.24 57.91 52.91 60.74 NA 62.54 NA
8 56.68 58.35 53.35 61.21 NA 63.02 NA
9 57.18 58.85 53.85 61.76 NA 63.56 NA
10 57.72 59.39 54.39 62.33 NA 64.14 NA
11 58.27 59.94 54.94 62.93 NA 64.73 NA
12 58.84 60.51 55.51 63.54 NA 65.35 NA
13 59.39 61.06 56.06 64.14 NA 65.95 NA
14 59.93 61.60 56.60 64.73 NA 66.53 NA
15 60.47 62.14 57.14 65.31 NA 67.11 NA
16 61.75 63.42 58.42 66.69 NA 68.50 NA
17 62.26 63.93 58.93 67.24 NA 69.04 NA
18 62.75 64.42 59.42 67.77 NA 69.57 NA
19 63.26 64.93 59.93 68.32 NA 70.12 NA
20 63.78 65.45 60.45 68.89 NA 70.69 NA
Rate Effectiv
Levelized Price Season 1 Pricing (108%)
Heavy and
Light Load
Hour
Differential
$5.00 Flat Heavy Load Hour
wind
integration
adjustment
wind
integration
adjustment
Price Price Price Price
27.48 NA 24.17 NA 25.57 NA 21.37
27.64 NA 24.29 NA 25.70 NA 21.50
28.16 NA 24.70 NA 26.10 NA 21.90
28.99 NA 25.35 NA 26.75 NA 22.55
30.03 NA 26.16 NA 27.56 NA 23.36
31.15 NA 27.03 NA 28.43 NA 24.23
33.50 NA 28.85 NA 30.26 NA 26.06
35.37 NA 30.31 NA 31.71 NA 27.51
36.99 NA 31.57 NA 32.97 NA 28.77
39.74 NA 33.70 NA 35.11 NA 30.91
42.08 NA 35.53 NA 36.93 NA 32.73
43.02 NA 36.26 NA 37.66 NA 33.46
43.94 NA 36.98 NA 38.38 NA 34.18
44.82 NA 37.66 NA 39.06 NA 34.86
45.65 NA 38.30 NA 39.71 NA 35.51
46.44 NA 38.92 NA 40.32 NA 36.12
47.20 NA 39.51 NA 40.91 NA 36.71
47.91 NA 40.06 NA 41.46 NA 37.26
48.59 NA 40.59 NA 41.99 NA 37.79
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Light Load Hour Flat Heavy Load Hour
Season 2 Pricing (84%)
Price Price Price Price
27.80 NA 24.42 NA 25.83 NA 21.63
28.54 NA 24.99 NA 26.40 NA 22.20
29.57 NA 25.80 NA 27.20 NA 23.00
30.79 NA 26.75 NA 28.15 NA 23.95
32.06 NA 27.73 NA 29.13 NA 24.93
34.78 NA 29.85 NA 31.25 NA 27.05
36.85 NA 31.46 NA 32.86 NA 28.66
38.61 NA 32.83 NA 34.23 NA 30.03
41.64 NA 35.19 NA 36.59 NA 32.39
44.19 NA 37.17 NA 38.57 NA 34.37
45.13 NA 37.90 NA 39.30 NA 35.10
46.06 NA 38.62 NA 40.02 NA 35.82
46.94 NA 39.30 NA 40.71 NA 36.51
47.77 NA 39.95 NA 41.36 NA 37.16
48.57 NA 40.57 NA 41.97 NA 37.77
49.33 NA 41.17 NA 42.57 NA 38.37
50.05 NA 41.73 NA 43.13 NA 38.93
50.74 NA 42.26 NA 43.66 NA 39.46
51.39 NA 42.77 NA 44.17 NA 39.97
52.57 NA 43.68 NA 45.09 NA 40.89
ve Date: XXXX, 2020
Non-seasonal hydro
Season 2 Pricing (84%)
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat Heavy Load Hour
Season 2 Pricing (84%)
Light Load Hour
Price Price Price Price
29.33 NA 25.61 NA 27.01 NA 22.81
30.55 NA 26.56 NA 27.96 NA 23.76
31.94 NA 27.64 NA 29.04 NA 24.84
33.32 NA 28.72 NA 30.12 NA 25.92
36.50 NA 31.18 NA 32.59 NA 28.39
38.77 NA 32.95 NA 34.35 NA 30.15
40.64 NA 34.41 NA 35.81 NA 31.61
43.99 NA 37.01 NA 38.42 NA 34.22
46.74 NA 39.15 NA 40.56 NA 36.36
47.63 NA 39.85 NA 41.25 NA 37.05
48.53 NA 40.54 NA 41.95 NA 37.75
49.39 NA 41.21 NA 42.61 NA 38.41
50.21 NA 41.85 NA 43.25 NA 39.05
50.99 NA 42.46 NA 43.86 NA 39.66
51.75 NA 43.05 NA 44.45 NA 40.25
52.47 NA 43.60 NA 45.01 NA 40.81
53.15 NA 44.13 NA 45.54 NA 41.34
53.80 NA 44.64 NA 46.04 NA 41.84
55.03 NA 45.60 NA 47.00 NA 42.80
55.63 NA 46.06 NA 47.46 NA 43.26
Price Price Price Price
31.87 NA 27.59 NA 28.99 NA 24.79
33.39 NA 28.77 NA 30.17 NA 25.97
34.86 NA 29.91 NA 31.31 NA 27.11
38.63 NA 32.84 NA 34.25 NA 30.05
41.09 NA 34.76 NA 36.16 NA 31.96
43.04 NA 36.27 NA 37.67 NA 33.47
Price less
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Flat Heavy Load Hour
Season 2 Pricing (84%)
Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat Heavy Load HourLight Load Hour
46.75 NA 39.16 NA 40.56 NA 36.36
49.70 NA 41.45 NA 42.86 NA 38.66
50.49 NA 42.06 NA 43.47 NA 39.27
51.31 NA 42.71 NA 44.11 NA 39.91
52.11 NA 43.33 NA 44.73 NA 40.53
52.89 NA 43.93 NA 45.34 NA 41.14
53.64 NA 44.51 NA 45.92 NA 41.72
54.37 NA 45.08 NA 46.49 NA 42.29
55.06 NA 45.62 NA 47.03 NA 42.83
55.73 NA 46.14 NA 47.54 NA 43.34
56.37 NA 46.64 NA 48.04 NA 43.84
57.65 NA 47.63 NA 49.04 NA 44.84
58.24 NA 48.09 NA 49.50 NA 45.30
58.80 NA 48.53 NA 49.94 NA 45.74
Price Price Price Price
35.02 NA 30.04 NA 31.44 NA 27.24
36.52 NA 31.20 NA 32.60 NA 28.40
41.22 NA 34.86 NA 36.26 NA 32.06
43.83 NA 36.89 NA 38.29 NA 34.09
45.79 NA 38.41 NA 39.81 NA 35.61
49.90 NA 41.61 NA 43.01 NA 38.81
53.05 NA 44.06 NA 45.46 NA 41.26
53.64 NA 44.52 NA 45.92 NA 41.72
54.34 NA 45.06 NA 46.46 NA 42.26
55.04 NA 45.61 NA 47.01 NA 42.81
55.74 NA 46.15 NA 47.55 NA 43.35
56.43 NA 46.68 NA 48.09 NA 43.89
57.11 NA 47.22 NA 48.62 NA 44.42
57.77 NA 47.73 NA 49.13 NA 44.93
58.40 NA 48.22 NA 49.62 NA 45.42
59.02 NA 48.70 NA 50.10 NA 45.90
60.35 NA 49.74 NA 51.14 NA 46.94
AVISTA
LIZED RATES
ON-LINE IN 2024
ve Date: XXXX, 2020
Non-seasonal hydro
Season 2 Pricing (84%)
Light Load Hour
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Flat Heavy Load Hour
61.48 NA 50.61 NA 52.02 NA 47.82
62.04 NA 51.05 NA 52.45 NA 48.25
Price Price Price Price
38.12 NA 32.44 NA 33.85 NA 29.65
44.66 NA 37.54 NA 38.94 NA 34.74
47.21 NA 39.52 NA 40.92 NA 36.72
48.99 NA 40.90 NA 42.30 NA 38.10
53.57 NA 44.46 NA 45.86 NA 41.66
56.87 NA 47.03 NA 48.43 NA 44.23
57.14 NA 47.24 NA 48.64 NA 44.44
57.62 NA 47.61 NA 49.01 NA 44.81
58.16 NA 48.03 NA 49.43 NA 45.23
58.74 NA 48.48 NA 49.88 NA 45.68
59.33 NA 48.94 NA 50.35 NA 46.15
59.95 NA 49.42 NA 50.83 NA 46.63
60.55 NA 49.89 NA 51.29 NA 47.09
61.13 NA 50.34 NA 51.75 NA 47.55
61.71 NA 50.79 NA 52.20 NA 48.00
63.10 NA 51.87 NA 53.27 NA 49.07
63.64 NA 52.30 NA 53.70 NA 49.50
64.17 NA 52.71 NA 54.11 NA 49.91
64.72 NA 53.14 NA 54.54 NA 50.34
65.29 NA 53.58 NA 54.98 NA 50.78
ve Date: XXXX, 2020
Light Lo
Season 2 Pricing (84%)
Light Load Hour
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Heavy Load HourFlat
Price Price Price
NA 28.78 NA 30.45 NA 25.45 NA
NA 28.92 NA 30.59 NA 25.59 NA
NA 29.40 NA 31.07 NA 26.07 NA
NA 30.17 NA 31.84 NA 26.84 NA
NA 31.14 NA 32.81 NA 27.81 NA
NA 32.18 NA 33.85 NA 28.85 NA
NA 34.35 NA 36.02 NA 31.02 NA
NA 36.08 NA 37.75 NA 32.75 NA
NA 37.58 NA 39.25 NA 34.25 NA
NA 40.12 NA 41.79 NA 36.79 NA
NA 42.29 NA 43.96 NA 38.96 NA
NA 43.16 NA 44.83 NA 39.83 NA
NA 44.02 NA 45.69 NA 40.69 NA
NA 44.83 NA 46.50 NA 41.50 NA
NA 45.60 NA 47.27 NA 42.27 NA
NA 46.33 NA 48.00 NA 43.00 NA
NA 47.03 NA 48.70 NA 43.70 NA
NA 47.69 NA 49.36 NA 44.36 NA
NA 48.32 NA 49.99 NA 44.99 NA
Heavy Load Hour Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Non-Seasonalized Pricing
Flat
Price less
wind
integration
adjustment
Price Price Price
NA 29.07 NA 30.74 NA 25.74 NA
NA 29.75 NA 31.42 NA 26.42 NA
NA 30.71 NA 32.38 NA 27.38 NA
NA 31.84 NA 33.51 NA 28.51 NA
NA 33.01 NA 34.68 NA 29.68 NA
NA 35.53 NA 37.20 NA 32.20 NA
NA 37.45 NA 39.12 NA 34.12 NA
NA 39.08 NA 40.75 NA 35.75 NA
NA 41.89 NA 43.56 NA 38.56 NA
NA 44.25 NA 45.92 NA 40.92 NA
NA 45.11 NA 46.78 NA 41.78 NA
NA 45.97 NA 47.64 NA 42.64 NA
NA 46.79 NA 48.46 NA 43.46 NA
NA 47.56 NA 49.23 NA 44.23 NA
NA 48.30 NA 49.97 NA 44.97 NA
NA 49.01 NA 50.68 NA 45.68 NA
NA 49.68 NA 51.35 NA 46.35 NA
NA 50.31 NA 51.98 NA 46.98 NA
NA 50.92 NA 52.59 NA 47.59 NA
NA 52.00 NA 53.67 NA 48.67 NA

Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Non-Seasonalized Pricing
Flat Heavy Load Hour Light Load Hour
Non-Seasonalized Pricing
Price Price Price
NA 30.48 NA 32.15 NA 27.15 NA
NA 31.62 NA 33.29 NA 28.29 NA
NA 32.90 NA 34.57 NA 29.57 NA
NA 34.19 NA 35.86 NA 30.86 NA
NA 37.12 NA 38.79 NA 33.79 NA
NA 39.23 NA 40.90 NA 35.90 NA
NA 40.96 NA 42.63 NA 37.63 NA
NA 44.06 NA 45.73 NA 40.73 NA
NA 46.61 NA 48.28 NA 43.28 NA
NA 47.43 NA 49.10 NA 44.10 NA
NA 48.27 NA 49.94 NA 44.94 NA
NA 49.06 NA 50.73 NA 45.73 NA
NA 49.82 NA 51.49 NA 46.49 NA
NA 50.54 NA 52.21 NA 47.21 NA
NA 51.25 NA 52.92 NA 47.92 NA
NA 51.91 NA 53.58 NA 48.58 NA
NA 52.54 NA 54.21 NA 49.21 NA
NA 53.14 NA 54.81 NA 49.81 NA
NA 54.28 NA 55.95 NA 50.95 NA
NA 54.84 NA 56.51 NA 51.51 NA
Price Price Price
NA 32.84 NA 34.51 NA 29.51 NA
NA 34.25 NA 35.92 NA 30.92 NA
NA 35.61 NA 37.28 NA 32.28 NA
NA 39.10 NA 40.77 NA 35.77 NA
NA 41.38 NA 43.05 NA 38.05 NA
NA 43.18 NA 44.85 NA 39.85 NA
Price less
wind
integration
adjustment
Flat Heavy Load Hour Light Load Hour
Non-Seasonalized Pricing
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Heavy Load Hour Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat
Price less
wind
integration
adjustment
NA 46.62 NA 48.29 NA 43.29 NA
NA 49.35 NA 51.02 NA 46.02 NA
NA 50.08 NA 51.75 NA 46.75 NA
NA 50.84 NA 52.51 NA 47.51 NA
NA 51.58 NA 53.25 NA 48.25 NA
NA 52.30 NA 53.97 NA 48.97 NA
NA 52.99 NA 54.66 NA 49.66 NA
NA 53.67 NA 55.34 NA 50.34 NA
NA 54.31 NA 55.98 NA 50.98 NA
NA 54.93 NA 56.60 NA 51.60 NA
NA 55.52 NA 57.19 NA 52.19 NA
NA 56.71 NA 58.38 NA 53.38 NA
NA 57.25 NA 58.92 NA 53.92 NA
NA 57.78 NA 59.45 NA 54.45 NA
Price Price Price
NA 35.76 NA 37.43 NA 32.43 NA
NA 37.14 NA 38.81 NA 33.81 NA
NA 41.50 NA 43.17 NA 38.17 NA
NA 43.92 NA 45.59 NA 40.59 NA
NA 45.73 NA 47.40 NA 42.40 NA
NA 49.54 NA 51.21 NA 46.21 NA
NA 52.45 NA 54.12 NA 49.12 NA
NA 53.00 NA 54.67 NA 49.67 NA
NA 53.64 NA 55.31 NA 50.31 NA
NA 54.29 NA 55.96 NA 50.96 NA
NA 54.94 NA 56.61 NA 51.61 NA
NA 55.58 NA 57.25 NA 52.25 NA
NA 56.21 NA 57.88 NA 52.88 NA
NA 56.82 NA 58.49 NA 53.49 NA
NA 57.41 NA 59.08 NA 54.08 NA
NA 57.98 NA 59.65 NA 54.65 NA
NA 59.21 NA 60.88 NA 55.88 NA

Price less
wind
integration
adjustment
Non-Seasonalized Pricing
Heavy Load Hour Light Load Hour
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Flat
NA 60.25 NA 61.92 NA 56.92 NA
NA 60.77 NA 62.44 NA 57.44 NA
Price Price Price
NA 38.62 NA 40.29 NA 35.29 NA
NA 44.69 NA 46.36 NA 41.36 NA
NA 47.05 NA 48.72 NA 43.72 NA
NA 48.69 NA 50.36 NA 45.36 NA
NA 52.93 NA 54.60 NA 49.60 NA
NA 55.99 NA 57.66 NA 52.66 NA
NA 56.24 NA 57.91 NA 52.91 NA
NA 56.68 NA 58.35 NA 53.35 NA
NA 57.18 NA 58.85 NA 53.85 NA
NA 57.72 NA 59.39 NA 54.39 NA
NA 58.27 NA 59.94 NA 54.94 NA
NA 58.84 NA 60.51 NA 55.51 NA
NA 59.39 NA 61.06 NA 56.06 NA
NA 59.93 NA 61.60 NA 56.60 NA
NA 60.47 NA 62.14 NA 57.14 NA
NA 61.75 NA 63.42 NA 58.42 NA
NA 62.26 NA 63.93 NA 58.93 NA
NA 62.75 NA 64.42 NA 59.42 NA
NA 63.26 NA 64.93 NA 59.93 NA
NA 63.78 NA 65.45 NA 60.45 NA

oad Hour Flat Heavy Load Hour Light Load Hour
Non-Seasonalized Pricing
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Seasonalization Factors
Season 1 108.00%(Applied to July - February)
Season 2 84.00%(Applied to March - June)
$1.67 ($3.33)
Flat Heavy Load
Light
Load
2020 28.78 30.45 25.45 31.08 NA 32.88 NA
2021 29.07 30.74 25.74 31.40 NA 33.20 NA
2022 30.48 32.15 27.15 32.92 NA 34.73 NA
2023 32.84 34.51 29.51 35.47 NA 37.27 NA
2024 35.76 37.43 32.43 38.62 NA 40.42 NA
2025 38.62 40.29 35.29 41.71 NA 43.52 NA
2026 51.19 52.86 47.86 55.29 NA 57.09 NA
2027 52.30 53.97 48.97 56.48 NA 58.29 NA
2028 54.39 56.06 51.06 58.74 NA 60.54 NA
2029 73.23 74.90 69.90 79.09 NA 80.89 NA
2030 75.02 76.69 71.69 81.02 NA 82.82 NA
2031 58.18 59.85 54.85 62.83 NA 64.63 NA
2032 60.81 62.48 57.48 65.68 NA 67.48 NA
2033 62.78 64.45 59.45 67.80 NA 69.61 NA
2034 64.71 66.38 61.38 69.88 NA 71.69 NA
2035 66.55 68.22 63.22 71.88 NA 73.68 NA
2036 68.67 70.34 65.34 74.17 NA 75.97 NA
2037 70.25 71.92 66.92 75.87 NA 77.68 NA
2038 71.95 73.62 68.62 77.71 NA 79.51 NA
2039 73.78 75.45 70.45 79.68 NA 81.48 NA
Heavy and
Light Load
Hour
Differential
$5.00 Flat Heavy Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Non Levelized Price Season 1 Pricing (108%)
2040 97.28 98.95 93.95 105.07 NA 106.87 NA
2041 77.87 79.54 74.54 84.10 NA 85.90 NA
2042 79.59 81.26 76.26 85.96 NA 87.76 NA
2043 82.37 84.04 79.04 88.96 NA 90.77 NA
2044 85.66 87.33 82.33 92.51 NA 94.31 NA
2045 88.67 90.34 85.34 95.77 NA 97.57 NA
Price Price Price Price
27.48 NA 24.17 NA 25.57 NA 21.37
27.80 NA 24.42 NA 25.83 NA 21.63
29.33 NA 25.61 NA 27.01 NA 22.81
31.87 NA 27.59 NA 28.99 NA 24.79
35.02 NA 30.04 NA 31.44 NA 27.24
38.12 NA 32.44 NA 33.85 NA 29.65
51.69 NA 43.00 NA 44.41 NA 40.21
52.89 NA 43.93 NA 45.34 NA 41.14
55.14 NA 45.68 NA 47.09 NA 42.89
75.49 NA 61.51 NA 62.92 NA 58.72
77.42 NA 63.02 NA 64.42 NA 60.22
59.23 NA 48.87 NA 50.27 NA 46.07
62.08 NA 51.08 NA 52.48 NA 48.28
64.21 NA 52.74 NA 54.14 NA 49.94
66.29 NA 54.35 NA 55.76 NA 51.56
68.28 NA 55.90 NA 57.31 NA 53.11
70.57 NA 57.69 NA 59.09 NA 54.89
72.28 NA 59.01 NA 60.41 NA 56.21
74.11 NA 60.44 NA 61.84 NA 57.64
76.08 NA 61.97 NA 63.38 NA 59.18
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
AVISTA
Season 2 Pricing (84%)
Light Load Hour Flat Heavy Load Hour
101.47 NA 81.72 NA 83.12 NA 78.92
80.50 NA 65.41 NA 66.81 NA 62.61
82.36 NA 66.85 NA 68.26 NA 64.06
85.37 NA 69.19 NA 70.60 NA 66.40
88.91 NA 71.95 NA 73.36 NA 69.16
92.17 NA 74.49 NA 75.89 NA 71.69
Price Price Price
NA 28.78 NA 30.45 NA 25.45 NA
NA 29.07 NA 30.74 NA 25.74 NA
NA 30.48 NA 32.15 NA 27.15 NA
NA 32.84 NA 34.51 NA 29.51 NA
NA 35.76 NA 37.43 NA 32.43 NA
NA 38.62 NA 40.29 NA 35.29 NA
NA 51.19 NA 52.86 NA 47.86 NA
NA 52.30 NA 53.97 NA 48.97 NA
NA 54.39 NA 56.06 NA 51.06 NA
NA 73.23 NA 74.90 NA 69.90 NA
NA 75.02 NA 76.69 NA 71.69 NA
NA 58.18 NA 59.85 NA 54.85 NA
NA 60.81 NA 62.48 NA 57.48 NA
NA 62.78 NA 64.45 NA 59.45 NA
NA 64.71 NA 66.38 NA 61.38 NA
NA 66.55 NA 68.22 NA 63.22 NA
NA 68.67 NA 70.34 NA 65.34 NA
NA 70.25 NA 71.92 NA 66.92 NA
NA 71.95 NA 73.62 NA 68.62 NA
NA 73.78 NA 75.45 NA 70.45 NA
Non-Seasonalized Pricing
Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat Heavy Load Hour
NA 97.28 NA 98.95 NA 93.95 NA
NA 77.87 NA 79.54 NA 74.54 NA
NA 79.59 NA 81.26 NA 76.26 NA
NA 82.37 NA 84.04 NA 79.04 NA
NA 85.66 NA 87.33 NA 82.33 NA
NA 88.67 NA 90.34 NA 85.34 NA
Seasonalization Factors
Season 1 73.50%(Applied to March - May)
Season 2 120.00%(Applied to July, August, November, and December)
Season 3 100.00%(Applied to January, February, June, September, and October)
$3.24 ($4.04)
Contract Flat Heavy Load
1 28.78 32.02 24.74 21.15 NA 23.53 NA
2 28.92 32.16 24.88 21.26 NA 23.64 NA
3 29.40 32.64 25.36 21.61 NA 23.99 NA
4 30.17 33.41 26.13 22.18 NA 24.56 NA
5 31.14 34.38 27.10 22.89 NA 25.27 NA
6 32.18 35.42 28.14 23.65 NA 26.03 NA
7 34.35 37.59 30.31 25.25 NA 27.63 NA
8 36.08 39.32 32.04 26.52 NA 28.90 NA
9 37.58 40.82 33.54 27.62 NA 30.01 NA
10 40.12 43.36 36.08 29.49 NA 31.87 NA
11 42.29 45.53 38.25 31.08 NA 33.47 NA
12 43.16 46.40 39.12 31.72 NA 34.11 NA
13 44.02 47.26 39.98 32.35 NA 34.73 NA
14 44.83 48.07 40.79 32.95 NA 35.33 NA
15 45.60 48.84 41.56 33.52 NA 35.90 NA
16 46.33 49.57 42.29 34.05 NA 36.43 NA
17 47.03 50.27 42.99 34.57 NA 36.95 NA
18 47.69 50.93 43.65 35.05 NA 37.43 NA
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Levelized Price Season 1 Pricing (73.5%)
Light Load
Hour
$7.28 Flat Heavy Load Hour
20 48.92 52.16 44.88 35.95 NA 38.33 NA
$3.24 ($4.04)
Contract Flat Heavy Load
1 29.07 32.31 25.03 21.37 NA 23.75 NA
2 29.75 32.99 25.71 21.87 NA 24.25 NA
3 30.71 33.95 26.67 22.57 NA 24.95 NA
4 31.84 35.08 27.80 23.40 NA 25.79 NA
5 33.01 36.25 28.97 24.26 NA 26.65 NA
6 35.53 38.77 31.49 26.12 NA 28.50 NA
7 37.45 40.69 33.41 27.53 NA 29.91 NA
8 39.08 42.32 35.04 28.72 NA 31.10 NA
9 41.89 45.13 37.85 30.79 NA 33.17 NA
10 44.25 47.49 40.21 32.52 NA 34.90 NA
11 45.11 48.35 41.07 33.16 NA 35.54 NA
12 45.97 49.21 41.93 33.79 NA 36.17 NA
13 46.79 50.03 42.75 34.39 NA 36.77 NA
14 47.56 50.80 43.52 34.96 NA 37.34 NA
15 48.30 51.54 44.26 35.50 NA 37.88 NA
16 49.01 52.25 44.97 36.02 NA 38.40 NA
17 49.68 52.92 45.64 36.51 NA 38.89 NA
18 50.31 53.55 46.27 36.98 NA 39.36 NA
19 50.92 54.16 46.88 37.42 NA 39.80 NA
20 52.00 55.24 47.96 38.22 NA 40.60 NA
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Levelized Price Season 1 Pricing (73.5%)
Light Load
Hour
Differential
$7.28 Flat Heavy Load Hour
$3.24 ($4.04)
Contract Flat Heavy Load
1 30.48 33.72 26.44 22.41 NA 24.79 NA
2 31.62 34.86 27.58 23.24 NA 25.62 NA
3 32.90 36.14 28.86 24.18 NA 26.57 NA
4 34.19 37.43 30.15 25.13 NA 27.51 NA
5 37.12 40.36 33.08 27.29 NA 29.67 NA
6 39.23 42.47 35.19 28.83 NA 31.21 NA
7 40.96 44.20 36.92 30.10 NA 32.49 NA
8 44.06 47.30 40.02 32.39 NA 34.77 NA
9 46.61 49.85 42.57 34.26 NA 36.64 NA
10 47.43 50.67 43.39 34.86 NA 37.25 NA
11 48.27 51.51 44.23 35.48 NA 37.86 NA
12 49.06 52.30 45.02 36.06 NA 38.44 NA
13 49.82 53.06 45.78 36.62 NA 39.00 NA
14 50.54 53.78 46.50 37.15 NA 39.53 NA
15 51.25 54.49 47.21 37.67 NA 40.05 NA
16 51.91 55.15 47.87 38.15 NA 40.53 NA
17 52.54 55.78 48.50 38.62 NA 41.00 NA
18 53.14 56.38 49.10 39.06 NA 41.44 NA
19 54.28 57.52 50.24 39.90 NA 42.28 NA
20 54.84 58.07 50.79 40.30 NA 42.69 NA
$3.24 ($4.04)
Flat
1 32.84 36.08 28.80 24.14 NA 26.52 NA
2 34.25 37.49 30.21 25.17 NA 27.55 NA
3 35.61 38.84 31.56 26.17 NA 28.55 NA
4 39.10 42.34 35.06 28.74 NA 31.12 NA
Price less
wind
integration
adjustment
wind
integration
adjustment
Levelized Price Season 1 Pricing (73.5%)
Light Load
Hour
Differential
$7.28 Flat Heavy Load Hour
Levelized Price Season 1 Pricing (73.5%)
Light Load
Hour
Differential
$7.28 Flat Heavy Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
5 41.38 44.62 37.34 30.41 NA 32.79 NA
6 43.18 46.42 39.14 31.74 NA 34.12 NA
7 46.62 49.86 42.58 34.26 NA 36.64 NA
8 49.35 52.59 45.31 36.27 NA 38.65 NA
9 50.08 53.32 46.04 36.81 NA 39.19 NA
10 50.84 54.08 46.80 37.37 NA 39.75 NA
11 51.58 54.82 47.54 37.91 NA 40.29 NA
12 52.30 55.54 48.26 38.44 NA 40.82 NA
13 52.99 56.23 48.95 38.95 NA 41.33 NA
14 53.67 56.91 49.63 39.45 NA 41.83 NA
15 54.31 57.55 50.27 39.92 NA 42.30 NA
16 54.93 58.17 50.89 40.37 NA 42.75 NA
17 55.52 58.76 51.48 40.81 NA 43.19 NA
18 56.71 59.95 52.67 41.68 NA 44.06 NA
19 57.25 60.49 53.21 42.08 NA 44.46 NA
20 57.78 61.02 53.74 42.47 NA 44.85 NA
$3.24 ($4.04)
Flat
1 35.76 39.00 31.72 26.28 NA 28.66 NA
2 37.14 40.38 33.10 27.30 NA 29.68 NA
3 41.50 44.74 37.46 30.50 NA 32.88 NA
4 43.92 47.16 39.88 32.28 NA 34.66 NA
5 45.73 48.96 41.68 33.61 NA 35.99 NA
6 49.54 52.78 45.50 36.41 NA 38.79 NA
7 52.45 55.69 48.41 38.55 NA 40.93 NA
8 53.00 56.24 48.96 38.96 NA 41.34 NA
9 53.64 56.88 49.60 39.43 NA 41.81 NA
10 54.29 57.53 50.25 39.91 NA 42.29 NA
11 54.94 58.18 50.90 40.38 NA 42.76 NA
12 55.58 58.82 51.54 40.85 NA 43.23 NA
13 56.21 59.45 52.17 41.32 NA 43.70 NA
14 56.82 60.06 52.78 41.76 NA 44.14 NA
15 57.41 60.65 53.37 42.19 NA 44.57 NA
Levelized Price Season 1 Pricing (73.5%)

Heavy and
Light Load
Hour
$7.28 Flat Heavy Load Hour
wind
integration
adjustment
wind
integration
adjustment
17 59.21 62.45 55.17 43.52 NA 45.90 NA
18 59.74 62.98 55.70 43.91 NA 46.29 NA
19 60.25 63.49 56.21 44.29 NA 46.67 NA
20 60.77 64.01 56.73 44.67 NA 47.05 NA
$3.24 ($4.04)
Flat
1 38.62 41.86 34.58 28.39 NA 30.77 NA
2 44.69 47.92 40.64 32.84 NA 35.22 NA
3 47.05 50.29 43.01 34.58 NA 36.96 NA
4 48.69 51.93 44.65 35.79 NA 38.17 NA
5 52.93 56.17 48.89 38.90 NA 41.28 NA
6 55.99 59.23 51.95 41.15 NA 43.53 NA
7 56.24 59.48 52.20 41.34 NA 43.72 NA
8 56.68 59.92 52.64 41.66 NA 44.04 NA
9 57.18 60.42 53.14 42.03 NA 44.41 NA
10 57.72 60.96 53.68 42.42 NA 44.80 NA
11 58.27 61.51 54.23 42.83 NA 45.21 NA
12 58.84 62.08 54.80 43.24 NA 45.63 NA
13 59.39 62.63 55.35 43.65 NA 46.03 NA
14 59.93 63.17 55.89 44.05 NA 46.43 NA
15 60.47 63.71 56.43 44.45 NA 46.83 NA
16 61.75 64.99 57.71 45.39 NA 47.77 NA
17 62.26 65.50 58.22 45.76 NA 48.14 NA
18 62.75 65.99 58.71 46.12 NA 48.50 NA
19 63.26 66.50 59.22 46.49 NA 48.88 NA
20 63.78 67.02 59.74 46.88 NA 49.26 NA

Price less
wind
integration
adjustment
wind
integration
adjustment
Levelized Price Season 1 Pricing (73.5%)
Light Load
Hour
Differential
$7.28 Flat Heavy Load Hour
Price Price Price Price
18.18 NA 34.53 NA 38.42 NA 29.68
18.29 NA 34.70 NA 38.59 NA 29.86
18.64 NA 35.29 NA 39.17 NA 30.44
19.21 NA 36.21 NA 40.10 NA 31.36
19.92 NA 37.37 NA 41.25 NA 32.52
20.68 NA 38.61 NA 42.50 NA 33.76
22.28 NA 41.22 NA 45.11 NA 36.37
23.55 NA 43.29 NA 47.18 NA 38.45
24.65 NA 45.10 NA 48.99 NA 40.25
26.52 NA 48.15 NA 52.03 NA 43.30
28.12 NA 50.75 NA 54.64 NA 45.90
28.75 NA 51.79 NA 55.68 NA 46.95
29.38 NA 52.82 NA 56.71 NA 47.97
29.98 NA 53.80 NA 57.68 NA 48.95
30.55 NA 54.72 NA 58.61 NA 49.87
31.08 NA 55.60 NA 59.48 NA 50.75
31.60 NA 56.44 NA 60.33 NA 51.59
32.08 NA 57.23 NA 61.12 NA 52.38
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Season 2 Pricing (120%)
THESE RATES ARE NOT VALID
AVOIDED COST RATES FOR NON-FUELED PROJECTS
Light Load Hour Flat Heavy Load Hour
32.98 NA 58.70 NA 62.59 NA 53.85
Price Price Price Price
18.40 NA 34.89 NA 38.78 NA 30.04
18.90 NA 35.70 NA 39.59 NA 30.86
19.60 NA 36.85 NA 40.74 NA 32.01
20.43 NA 38.21 NA 42.10 NA 33.36
21.30 NA 39.62 NA 43.50 NA 34.77
23.15 NA 42.64 NA 46.53 NA 37.79
24.56 NA 44.94 NA 48.83 NA 40.09
25.75 NA 46.90 NA 50.78 NA 42.05
27.82 NA 50.27 NA 54.15 NA 45.42
29.55 NA 53.10 NA 56.99 NA 48.25
30.19 NA 54.14 NA 58.02 NA 49.29
30.82 NA 55.17 NA 59.06 NA 50.32
31.42 NA 56.15 NA 60.03 NA 51.30
31.99 NA 57.08 NA 60.96 NA 52.23
32.53 NA 57.96 NA 61.85 NA 53.11
33.05 NA 58.81 NA 62.70 NA 53.96
33.54 NA 59.61 NA 63.50 NA 54.76
34.01 NA 60.37 NA 64.26 NA 55.52
34.45 NA 61.10 NA 64.99 NA 56.25
35.25 NA 62.41 NA 66.29 NA 57.56
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat Heavy Load Hour
Season 2 Pricing (120%)
Light Load Hour
Price Price Price Price
19.44 NA 36.58 NA 40.47 NA 31.73
20.27 NA 37.95 NA 41.83 NA 33.10
21.21 NA 39.49 NA 43.37 NA 34.64
22.16 NA 41.02 NA 44.91 NA 36.17
24.32 NA 44.55 NA 48.43 NA 39.70
25.86 NA 47.07 NA 50.96 NA 42.22
27.14 NA 49.15 NA 53.04 NA 44.30
29.42 NA 52.88 NA 56.77 NA 48.03
31.29 NA 55.93 NA 59.82 NA 51.09
31.89 NA 56.92 NA 60.81 NA 52.07
32.51 NA 57.92 NA 61.81 NA 53.07
33.09 NA 58.87 NA 62.76 NA 54.03
33.65 NA 59.79 NA 63.67 NA 54.94
34.18 NA 60.65 NA 64.54 NA 55.81
34.70 NA 61.50 NA 65.38 NA 56.65
35.18 NA 62.29 NA 66.18 NA 57.44
35.65 NA 63.05 NA 66.93 NA 58.20
36.09 NA 63.77 NA 67.66 NA 58.92
36.93 NA 65.14 NA 69.03 NA 60.29
37.33 NA 65.80 NA 69.69 NA 60.95
Price Price Price Price
21.17 NA 39.41 NA 43.30 NA 34.56
22.20 NA 41.10 NA 44.99 NA 36.25
23.20 NA 42.73 NA 46.61 NA 37.88
25.77 NA 46.92 NA 50.81 NA 42.07
Price less
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Flat Heavy Load Hour
Season 2 Pricing (120%)
Light Load Hour
Season 2 Pricing (120%)
Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat Heavy Load Hour
27.44 NA 49.65 NA 53.54 NA 44.81
28.77 NA 51.82 NA 55.70 NA 46.97
31.29 NA 55.94 NA 59.83 NA 51.09
33.30 NA 59.22 NA 63.11 NA 54.37
33.84 NA 60.09 NA 63.98 NA 55.24
34.40 NA 61.01 NA 64.90 NA 56.16
34.94 NA 61.90 NA 65.79 NA 57.05
35.47 NA 62.76 NA 66.65 NA 57.91
35.98 NA 63.59 NA 67.48 NA 58.74
36.48 NA 64.41 NA 68.29 NA 59.56
36.95 NA 65.18 NA 69.06 NA 60.33
37.40 NA 65.91 NA 69.80 NA 61.06
37.84 NA 66.62 NA 70.51 NA 61.78
38.71 NA 68.05 NA 71.94 NA 63.20
39.11 NA 68.70 NA 72.59 NA 63.86
39.50 NA 69.33 NA 73.22 NA 64.49
Price Price Price Price
23.31 NA 42.91 NA 46.80 NA 38.06
24.33 NA 44.57 NA 48.46 NA 39.72
27.53 NA 49.80 NA 53.68 NA 44.95
29.31 NA 52.70 NA 56.59 NA 47.85
30.64 NA 54.87 NA 58.76 NA 50.02
33.44 NA 59.44 NA 63.33 NA 54.60
35.58 NA 62.94 NA 66.83 NA 58.09
35.99 NA 63.60 NA 67.49 NA 58.75
36.46 NA 64.37 NA 68.26 NA 59.52
36.94 NA 65.15 NA 69.04 NA 60.30
37.41 NA 65.93 NA 69.82 NA 61.08
37.88 NA 66.69 NA 70.58 NA 61.84
38.35 NA 67.46 NA 71.34 NA 62.61
38.79 NA 68.18 NA 72.07 NA 63.34
39.22 NA 68.89 NA 72.77 NA 64.04
Season 2 Pricing (120%)
Flat Heavy Load HourLight Load Hour
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
40.55 NA 71.05 NA 74.94 NA 66.21
40.94 NA 71.69 NA 75.58 NA 66.84
41.32 NA 72.31 NA 76.19 NA 67.46
41.70 NA 72.93 NA 76.82 NA 68.08
Price Price Price Price
25.42 NA 46.35 NA 50.23 NA 41.50
29.87 NA 53.62 NA 57.51 NA 48.77
31.61 NA 56.46 NA 60.34 NA 51.61
32.82 NA 58.43 NA 62.32 NA 53.58
35.93 NA 63.51 NA 67.40 NA 58.67
38.18 NA 67.19 NA 71.07 NA 62.34
38.37 NA 67.49 NA 71.37 NA 62.64
38.69 NA 68.01 NA 71.90 NA 63.17
39.06 NA 68.62 NA 72.50 NA 63.77
39.45 NA 69.26 NA 73.15 NA 64.41
39.86 NA 69.92 NA 73.81 NA 65.07
40.27 NA 70.60 NA 74.49 NA 65.75
40.68 NA 71.27 NA 75.16 NA 66.42
41.08 NA 71.92 NA 75.81 NA 67.07
41.48 NA 72.56 NA 76.45 NA 67.72
42.42 NA 74.10 NA 77.99 NA 69.25
42.79 NA 74.71 NA 78.60 NA 69.86
43.15 NA 75.30 NA 79.19 NA 70.45
43.52 NA 75.91 NA 79.80 NA 71.06
43.91 NA 76.54 NA 80.43 NA 71.69
Price less
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Heavy Load HourFlat
Season 2 Pricing (120%)
Light Load Hour
Price Price Price
NA 28.78 NA 32.02 NA 24.74 NA
NA 28.92 NA 32.16 NA 24.88 NA
NA 29.40 NA 32.64 NA 25.36 NA
NA 30.17 NA 33.41 NA 26.13 NA
NA 31.14 NA 34.38 NA 27.10 NA
NA 32.18 NA 35.42 NA 28.14 NA
NA 34.35 NA 37.59 NA 30.31 NA
NA 36.08 NA 39.32 NA 32.04 NA
NA 37.58 NA 40.82 NA 33.54 NA
NA 40.12 NA 43.36 NA 36.08 NA
NA 42.29 NA 45.53 NA 38.25 NA
NA 43.16 NA 46.40 NA 39.12 NA
NA 44.02 NA 47.26 NA 39.98 NA
NA 44.83 NA 48.07 NA 40.79 NA
NA 45.60 NA 48.84 NA 41.56 NA
NA 46.33 NA 49.57 NA 42.29 NA
NA 47.03 NA 50.27 NA 42.99 NA
NA 47.69 NA 50.93 NA 43.65 NA
Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Season 3 Pricing (100%)
Flat
Price less
wind
integration
adjustment
Heavy Load Hour
NA 48.92 NA 52.16 NA 44.88 NA
Price Price Price
NA 29.07 NA 32.31 NA 25.03 NA
NA 29.75 NA 32.99 NA 25.71 NA
NA 30.71 NA 33.95 NA 26.67 NA
NA 31.84 NA 35.08 NA 27.80 NA
NA 33.01 NA 36.25 NA 28.97 NA
NA 35.53 NA 38.77 NA 31.49 NA
NA 37.45 NA 40.69 NA 33.41 NA
NA 39.08 NA 42.32 NA 35.04 NA
NA 41.89 NA 45.13 NA 37.85 NA
NA 44.25 NA 47.49 NA 40.21 NA
NA 45.11 NA 48.35 NA 41.07 NA
NA 45.97 NA 49.21 NA 41.93 NA
NA 46.79 NA 50.03 NA 42.75 NA
NA 47.56 NA 50.80 NA 43.52 NA
NA 48.30 NA 51.54 NA 44.26 NA
NA 49.01 NA 52.25 NA 44.97 NA
NA 49.68 NA 52.92 NA 45.64 NA
NA 50.31 NA 53.55 NA 46.27 NA
NA 50.92 NA 54.16 NA 46.88 NA
NA 52.00 NA 55.24 NA 47.96 NA
Price less
wind
integration
adjustment
Flat Heavy Load Hour Light Load Hour
Season 3 Pricing (100%)
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price Price Price
NA 30.48 NA 33.72 NA 26.44 NA
NA 31.62 NA 34.86 NA 27.58 NA
NA 32.90 NA 36.14 NA 28.86 NA
NA 34.19 NA 37.43 NA 30.15 NA
NA 37.12 NA 40.36 NA 33.08 NA
NA 39.23 NA 42.47 NA 35.19 NA
NA 40.96 NA 44.20 NA 36.92 NA
NA 44.06 NA 47.30 NA 40.02 NA
NA 46.61 NA 49.85 NA 42.57 NA
NA 47.43 NA 50.67 NA 43.39 NA
NA 48.27 NA 51.51 NA 44.23 NA
NA 49.06 NA 52.30 NA 45.02 NA
NA 49.82 NA 53.06 NA 45.78 NA
NA 50.54 NA 53.78 NA 46.50 NA
NA 51.25 NA 54.49 NA 47.21 NA
NA 51.91 NA 55.15 NA 47.87 NA
NA 52.54 NA 55.78 NA 48.50 NA
NA 53.14 NA 56.38 NA 49.10 NA
NA 54.28 NA 57.52 NA 50.24 NA
NA 54.84 NA 58.07 NA 50.79 NA
Price Price Price
NA 32.84 NA 36.08 NA 28.80 NA
NA 34.25 NA 37.49 NA 30.21 NA
NA 35.61 NA 38.84 NA 31.56 NA
NA 39.10 NA 42.34 NA 35.06 NA

Price less
wind
integration
adjustment
Flat Heavy Load Hour Light Load Hour
Season 3 Pricing (100%)
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Season 3 Pricing (100%)
Heavy Load Hour Light Load Hour
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Price less
wind
integration
adjustment
Flat
Price less
wind
integration
adjustment
NA 41.38 NA 44.62 NA 37.34 NA
NA 43.18 NA 46.42 NA 39.14 NA
NA 46.62 NA 49.86 NA 42.58 NA
NA 49.35 NA 52.59 NA 45.31 NA
NA 50.08 NA 53.32 NA 46.04 NA
NA 50.84 NA 54.08 NA 46.80 NA
NA 51.58 NA 54.82 NA 47.54 NA
NA 52.30 NA 55.54 NA 48.26 NA
NA 52.99 NA 56.23 NA 48.95 NA
NA 53.67 NA 56.91 NA 49.63 NA
NA 54.31 NA 57.55 NA 50.27 NA
NA 54.93 NA 58.17 NA 50.89 NA
NA 55.52 NA 58.76 NA 51.48 NA
NA 56.71 NA 59.95 NA 52.67 NA
NA 57.25 NA 60.49 NA 53.21 NA
NA 57.78 NA 61.02 NA 53.74 NA
Price Price Price
NA 35.76 NA 39.00 NA 31.72 NA
NA 37.14 NA 40.38 NA 33.10 NA
NA 41.50 NA 44.74 NA 37.46 NA
NA 43.92 NA 47.16 NA 39.88 NA
NA 45.73 NA 48.96 NA 41.68 NA
NA 49.54 NA 52.78 NA 45.50 NA
NA 52.45 NA 55.69 NA 48.41 NA
NA 53.00 NA 56.24 NA 48.96 NA
NA 53.64 NA 56.88 NA 49.60 NA
NA 54.29 NA 57.53 NA 50.25 NA
NA 54.94 NA 58.18 NA 50.90 NA
NA 55.58 NA 58.82 NA 51.54 NA
NA 56.21 NA 59.45 NA 52.17 NA
NA 56.82 NA 60.06 NA 52.78 NA
NA 57.41 NA 60.65 NA 53.37 NA

Price less
wind
integration
adjustment
wind
integration
adjustment
Flat Heavy Load Hour Light Load Hour
wind
integration
adjustment
wind
integration
adjustment
NA 59.21 NA 62.45 NA 55.17 NA
NA 59.74 NA 62.98 NA 55.70 NA
NA 60.25 NA 63.49 NA 56.21 NA
NA 60.77 NA 64.01 NA 56.73 NA
Price Price Price
NA 38.62 NA 41.86 NA 34.58 NA
NA 44.69 NA 47.92 NA 40.64 NA
NA 47.05 NA 50.29 NA 43.01 NA
NA 48.69 NA 51.93 NA 44.65 NA
NA 52.93 NA 56.17 NA 48.89 NA
NA 55.99 NA 59.23 NA 51.95 NA
NA 56.24 NA 59.48 NA 52.20 NA
NA 56.68 NA 59.92 NA 52.64 NA
NA 57.18 NA 60.42 NA 53.14 NA
NA 57.72 NA 60.96 NA 53.68 NA
NA 58.27 NA 61.51 NA 54.23 NA
NA 58.84 NA 62.08 NA 54.80 NA
NA 59.39 NA 62.63 NA 55.35 NA
NA 59.93 NA 63.17 NA 55.89 NA
NA 60.47 NA 63.71 NA 56.43 NA
NA 61.75 NA 64.99 NA 57.71 NA
NA 62.26 NA 65.50 NA 58.22 NA
NA 62.75 NA 65.99 NA 58.71 NA
NA 63.26 NA 66.50 NA 59.22 NA
NA 63.78 NA 67.02 NA 59.74 NA
Price less
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
wind
integration
adjustment
Flat Heavy Load Hour Light Load Hour
Season 3 Pricing (100%)
Seasonalization Factors
Season 1 73.50%(Applied to March - May)
Season 2 120.00%(Applied to July, August, November, and December)
Season 3 100.00%(Applied to January, February, June, September, and October)
$3.24 ($4.04)
Flat Heavy Load Light
2020 28.78 32.02 24.74 21.15 NA 23.53 NA 18.18 NA 34.53 NA 38.42 NA 29.68 NA 28.78 NA 32.02 NA 24.74 NA
2021 29.07 32.31 25.03 21.37 NA 23.75 NA 18.40 NA 34.89 NA 38.78 NA 30.04 NA 29.07 NA 32.31 NA 25.03 NA
2022 30.48 33.72 26.44 22.41 NA 24.79 NA 19.44 NA 36.58 NA 40.47 NA 31.73 NA 30.48 NA 33.72 NA 26.44 NA
2023 32.84 36.08 28.80 24.14 NA 26.52 NA 21.17 NA 39.41 NA 43.30 NA 34.56 NA 32.84 NA 36.08 NA 28.80 NA
2024 35.76 39.00 31.72 26.28 NA 28.66 NA 23.31 NA 42.91 NA 46.80 NA 38.06 NA 35.76 NA 39.00 NA 31.72 NA
2025 38.62 41.86 34.58 28.39 NA 30.77 NA 25.42 NA 46.35 NA 50.23 NA 41.50 NA 38.62 NA 41.86 NA 34.58 NA
2026 51.19 54.43 47.15 37.63 NA 40.01 NA 34.66 NA 61.43 NA 65.32 NA 56.58 NA 51.19 NA 54.43 NA 47.15 NA
2027 52.30 55.54 48.26 38.44 NA 40.82 NA 35.47 NA 62.76 NA 66.65 NA 57.91 NA 52.30 NA 55.54 NA 48.26 NA
2028 54.39 57.62 50.34 39.97 NA 42.35 NA 37.00 NA 65.26 NA 69.15 NA 60.41 NA 54.39 NA 57.62 NA 50.34 NA
2029 73.23 76.47 69.19 53.82 NA 56.20 NA 50.85 NA 87.88 NA 91.76 NA 83.03 NA 73.23 NA 76.47 NA 69.19 NA
2030 75.02 78.26 70.98 55.14 NA 57.52 NA 52.17 NA 90.02 NA 93.91 NA 85.17 NA 75.02 NA 78.26 NA 70.98 NA
2031 58.18 61.41 54.13 42.76 NA 45.14 NA 39.79 NA 69.81 NA 73.70 NA 64.96 NA 58.18 NA 61.41 NA 54.13 NA
2032 60.81 64.05 56.77 44.70 NA 47.08 NA 41.73 NA 72.97 NA 76.86 NA 68.13 NA 60.81 NA 64.05 NA 56.77 NA
2033 62.78 66.02 58.74 46.14 NA 48.53 NA 43.17 NA 75.34 NA 79.22 NA 70.49 NA 62.78 NA 66.02 NA 58.74 NA
2034 64.71 67.95 60.67 47.56 NA 49.94 NA 44.59 NA 77.65 NA 81.53 NA 72.80 NA 64.71 NA 67.95 NA 60.67 NA
2035 66.55 69.79 62.51 48.92 NA 51.30 NA 45.95 NA 79.86 NA 83.75 NA 75.01 NA 66.55 NA 69.79 NA 62.51 NA
2036 68.67 71.91 64.63 50.48 NA 52.86 NA 47.51 NA 82.41 NA 86.30 NA 77.56 NA 68.67 NA 71.91 NA 64.63 NA
2037 70.25 73.49 66.21 51.64 NA 54.02 NA 48.67 NA 84.30 NA 88.19 NA 79.45 NA 70.25 NA 73.49 NA 66.21 NA
2038 71.95 75.19 67.91 52.88 NA 55.26 NA 49.91 NA 86.34 NA 90.23 NA 81.49 NA 71.95 NA 75.19 NA 67.91 NA
2039 73.78 77.02 69.74 54.23 NA 56.61 NA 51.26 NA 88.53 NA 92.42 NA 83.69 NA 73.78 NA 77.02 NA 69.74 NA
2040 97.28 100.52 93.24 71.50 NA 73.89 NA 68.53 NA 116.74 NA 120.63 NA 111.89 NA 97.28 NA 100.52 NA 93.24 NA
2041 77.87 81.11 73.83 57.23 NA 59.61 NA 54.26 NA 93.44 NA 97.33 NA 88.59 NA 77.87 NA 81.11 NA 73.83 NA
2042 79.59 82.83 75.55 58.50 NA 60.88 NA 55.53 NA 95.51 NA 99.39 NA 90.66 NA 79.59 NA 82.83 NA 75.55 NA
2043 82.37 85.61 78.33 60.54 NA 62.92 NA 57.57 NA 98.85 NA 102.73 NA 94.00 NA 82.37 NA 85.61 NA 78.33 NA
2044 85.66 88.90 81.62 62.96 NA 65.34 NA 59.99 NA 102.79 NA 106.68 NA 97.94 NA 85.66 NA 88.90 NA 81.62 NA
2045 88.67 91.91 84.63 65.17 NA 67.56 NA 62.21 NA 106.41 NA 110.30 NA 101.56 NA 88.67 NA 91.91 NA 84.63 NA
Flat
Price less wind
integration adjustment
Heavy Load Hour Light Load Hour
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Price less wind
integration adjustment
Non-Levelized Price Season 1 Pricing (73.5%)Season 2 Pricing (120%)Season 3 Pricing (100%)
Light Load
Hour
$7.28 Flat Heavy Load Hour Light Load Hour Flat Heavy Load Hour Light Load Hour
THESE RATES ARE NOT VALID
AVOIDED COST RATES FOR NON-FUELED PROJECTS
Eligibility for these rates is limited to wind and solar projects 100 kW or smaller, and to non-wind and non-solar projects smaller than 10 aMW
HLH LLH
JAN 103%94%
FEB 105%97%
MAR 95%80%
APR 95%76%
MAY 92%63%
JUN 94%65%
JUL 121%92%
AUG 121%106%
SEP 109%99%
OCT 115%105%
NOV 110%96%
DEC 129%120%
Contract Levelized Flat integration integration integration integration integration integration integration integration
1 28.78 29.64 NA 27.05 NA 30.21 NA 27.91 NA 27.34 NA 23.02 NA 27.34 NA 21.87 NA
2 28.92 29.79 NA 27.18 NA 30.37 NA 28.05 NA 27.47 NA 23.14 NA 27.47 NA 21.98 NA
3 29.40 30.29 NA 27.64 NA 30.87 NA 28.52 NA 27.93 NA 23.52 NA 27.93 NA 22.35 NA
4 30.17 31.08 NA 28.36 NA 31.68 NA 29.27 NA 28.67 NA 24.14 NA 28.67 NA 22.93 NA
5 31.14 32.07 NA 29.27 NA 32.70 NA 30.21 NA 29.58 NA 24.91 NA 29.58 NA 23.67 NA
6 32.18 33.14 NA 30.25 NA 33.79 NA 31.21 NA 30.57 NA 25.74 NA 30.57 NA 24.45 NA
7 34.35 35.38 NA 32.29 NA 36.07 NA 33.32 NA 32.63 NA 27.48 NA 32.63 NA 26.11 NA
8 36.08 37.16 NA 33.91 NA 37.88 NA 35.00 NA 34.27 NA 28.86 NA 34.27 NA 27.42 NA
9 37.58 38.71 NA 35.33 NA 39.46 NA 36.46 NA 35.71 NA 30.07 NA 35.71 NA 28.56 NA
10 40.12 41.33 NA 37.71 NA 42.13 NA 38.92 NA 38.12 NA 32.10 NA 38.12 NA 30.49 NA
11 42.29 43.56 NA 39.75 NA 44.41 NA 41.02 NA 40.18 NA 33.83 NA 40.18 NA 32.14 NA
12 43.16 44.46 NA 40.57 NA 45.32 NA 41.87 NA 41.00 NA 34.53 NA 41.00 NA 32.80 NA
13 44.02 45.34 NA 41.38 NA 46.22 NA 42.70 NA 41.82 NA 35.21 NA 41.82 NA 33.45 NA
14 44.83 46.18 NA 42.14 NA 47.07 NA 43.49 NA 42.59 NA 35.86 NA 42.59 NA 34.07 NA
15 45.60 46.97 NA 42.86 NA 47.88 NA 44.23 NA 43.32 NA 36.48 NA 43.32 NA 34.66 NA
16 46.33 47.72 NA 43.55 NA 48.65 NA 44.94 NA 44.01 NA 37.06 NA 44.01 NA 35.21 NA
17 47.03 48.44 NA 44.21 NA 49.38 NA 45.62 NA 44.68 NA 37.63 NA 44.68 NA 35.74 NA
18 47.69 49.12 NA 44.83 NA 50.08 NA 46.26 NA 45.31 NA 38.15 NA 45.31 NA 36.25 NA
19 48.32 49.77 NA 45.42 NA 50.73 NA 46.87 NA 45.90 NA 38.65 NA 45.90 NA 36.72 NA
20 48.92 50.38 NA 45.98 NA 51.36 NA 47.45 NA 46.47 NA 39.13 NA 46.47 NA 37.18 NA
Resource: Non-seasonal hydro
76%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
THESE RATES ARE NOT VALID
AVOIDED COST RATES FOR NON-FUELED PROJECTS
Eligibility for these rates is limited to wind and solar projects 100 kW or smaller, and to non-wind and non-solar projects smaller than 10 aMW
Monthly Weighting Factors
January February March April
103%94%105%97%95%80%95%
Contract Levelized Flat integration integration integration integration integration integration integration integration
1 29.07 29.95 NA 27.33 NA 30.53 NA 28.20 NA 27.62 NA 23.26 NA 27.62 NA 22.10 NA
2 29.75 30.65 NA 27.97 NA 31.24 NA 28.86 NA 28.27 NA 23.80 NA 28.27 NA 22.61 NA
3 30.71 31.63 NA 28.87 NA 32.25 NA 29.79 NA 29.18 NA 24.57 NA 29.18 NA 23.34 NA
4 31.84 32.80 NA 29.93 NA 33.43 NA 30.89 NA 30.25 NA 25.47 NA 30.25 NA 24.20 NA
5 33.01 34.00 NA 31.03 NA 34.66 NA 32.02 NA 31.36 NA 26.41 NA 31.36 NA 25.09 NA
6 35.53 36.60 NA 33.40 NA 37.31 NA 34.47 NA 33.76 NA 28.43 NA 33.76 NA 27.00 NA
7 37.45 38.57 NA 35.20 NA 39.32 NA 36.33 NA 35.58 NA 29.96 NA 35.58 NA 28.46 NA
8 39.08 40.25 NA 36.73 NA 41.03 NA 37.91 NA 37.13 NA 31.26 NA 37.13 NA 29.70 NA
9 41.89 43.15 NA 39.38 NA 43.98 NA 40.63 NA 39.80 NA 33.51 NA 39.80 NA 31.84 NA
10 44.25 45.58 NA 41.59 NA 46.46 NA 42.92 NA 42.04 NA 35.40 NA 42.04 NA 33.63 NA
11 45.11 46.47 NA 42.41 NA 47.37 NA 43.76 NA 42.86 NA 36.09 NA 42.86 NA 34.29 NA
12 45.97 47.35 NA 43.22 NA 48.27 NA 44.59 NA 43.68 NA 36.78 NA 43.68 NA 34.94 NA
13 46.79 48.19 NA 43.98 NA 49.13 NA 45.39 NA 44.45 NA 37.43 NA 44.45 NA 35.56 NA
14 47.56 48.99 NA 44.71 NA 49.94 NA 46.14 NA 45.19 NA 38.05 NA 45.19 NA 36.15 NA
15 48.30 49.75 NA 45.40 NA 50.71 NA 46.85 NA 45.88 NA 38.64 NA 45.88 NA 36.71 NA
16 49.01 50.48 NA 46.07 NA 51.46 NA 47.54 NA 46.56 NA 39.21 NA 46.56 NA 37.25 NA
17 49.68 51.17 NA 46.70 NA 52.16 NA 48.19 NA 47.19 NA 39.74 NA 47.19 NA 37.75 NA
18 50.31 51.82 NA 47.29 NA 52.83 NA 48.80 NA 47.79 NA 40.25 NA 47.79 NA 38.24 NA
19 50.92 52.44 NA 47.86 NA 53.46 NA 49.39 NA 48.37 NA 40.73 NA 48.37 NA 38.70 NA
20 52.00 53.56 NA 48.88 NA 54.60 NA 50.44 NA 49.40 NA 41.60 NA 49.40 NA 39.52 NA
Resource: Non-seasonal hydro
95%76%103%94%105%97%95%80%
Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
January February March April
Heavy Load Hour
Contract Levelized Flat Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
1 30.48 31.40 NA 28.65 NA 32.01 NA 29.57 NA 28.96 NA 24.39 NA 28.96 NA 23.17 NA
2 31.62 32.57 NA 29.72 NA 33.20 NA 30.67 NA 30.04 NA 25.30 NA 30.04 NA 24.03 NA
3 32.90 33.89 NA 30.93 NA 34.55 NA 31.92 NA 31.26 NA 26.32 NA 31.26 NA 25.01 NA
4 34.19 35.21 NA 32.13 NA 35.89 NA 33.16 NA 32.48 NA 27.35 NA 32.48 NA 25.98 NA
5 37.12 38.24 NA 34.90 NA 38.98 NA 36.01 NA 35.27 NA 29.70 NA 35.27 NA 28.21 NA
6 39.23 40.40 NA 36.87 NA 41.19 NA 38.05 NA 37.26 NA 31.38 NA 37.26 NA 29.81 NA
7 40.96 42.19 NA 38.50 NA 43.01 NA 39.73 NA 38.91 NA 32.77 NA 38.91 NA 31.13 NA
8 44.06 45.39 NA 41.42 NA 46.27 NA 42.74 NA 41.86 NA 35.25 NA 41.86 NA 33.49 NA
9 46.61 48.01 NA 43.82 NA 48.94 NA 45.21 NA 44.28 NA 37.29 NA 44.28 NA 35.42 NA
10 47.43 48.86 NA 44.59 NA 49.81 NA 46.01 NA 45.06 NA 37.95 NA 45.06 NA 36.05 NA
11 48.27 49.71 NA 45.37 NA 50.68 NA 46.82 NA 45.85 NA 38.61 NA 45.85 NA 36.68 NA
12 49.06 50.53 NA 46.12 NA 51.51 NA 47.59 NA 46.61 NA 39.25 NA 46.61 NA 37.29 NA
13 49.82 51.32 NA 46.83 NA 52.31 NA 48.33 NA 47.33 NA 39.86 NA 47.33 NA 37.86 NA
14 50.54 52.06 NA 47.51 NA 53.07 NA 49.03 NA 48.02 NA 40.44 NA 48.02 NA 38.41 NA
15 51.25 52.78 NA 48.17 NA 53.81 NA 49.71 NA 48.68 NA 41.00 NA 48.68 NA 38.95 NA
16 51.91 53.47 NA 48.79 NA 54.50 NA 50.35 NA 49.31 NA 41.53 NA 49.31 NA 39.45 NA
17 52.54 54.11 NA 49.39 NA 55.17 NA 50.96 NA 49.91 NA 42.03 NA 49.91 NA 39.93 NA
18 53.14 54.74 NA 49.95 NA 55.80 NA 51.55 NA 50.49 NA 42.51 NA 50.49 NA 40.39 NA
19 54.28 55.91 NA 51.02 NA 57.00 NA 52.65 NA 51.57 NA 43.43 NA 51.57 NA 41.25 NA
20 54.84 56.48 NA 51.55 NA 57.58 NA 53.19 NA 52.09 NA 43.87 NA 52.09 NA 41.67 NA
Resource: Non-seasonal hydro
95%76%103%94%105%97%95%80%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
January February March April
Contract Levelized Flat Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
1 32.84 33.83 NA 30.87 NA 34.49 NA 31.86 NA 31.20 NA 26.27 NA 31.20 NA 24.96 NA
2 34.25 35.28 NA 32.19 NA 35.96 NA 33.22 NA 32.54 NA 27.40 NA 32.54 NA 26.03 NA
3 35.61 36.67 NA 33.47 NA 37.39 NA 34.54 NA 33.83 NA 28.48 NA 33.83 NA 27.06 NA
4 39.10 40.27 NA 36.75 NA 41.05 NA 37.93 NA 37.14 NA 31.28 NA 37.14 NA 29.71 NA
5 41.38 42.62 NA 38.90 NA 43.45 NA 40.14 NA 39.31 NA 33.10 NA 39.31 NA 31.45 NA
6 43.18 44.48 NA 40.59 NA 45.34 NA 41.88 NA 41.02 NA 34.54 NA 41.02 NA 32.82 NA
7 46.62 48.01 NA 43.82 NA 48.95 NA 45.22 NA 44.28 NA 37.29 NA 44.28 NA 35.43 NA
8 49.35 50.83 NA 46.39 NA 51.82 NA 47.87 NA 46.88 NA 39.48 NA 46.88 NA 37.51 NA
9 50.08 51.58 NA 47.07 NA 52.58 NA 48.57 NA 47.57 NA 40.06 NA 47.57 NA 38.06 NA
10 50.84 52.37 NA 47.79 NA 53.38 NA 49.31 NA 48.30 NA 40.67 NA 48.30 NA 38.64 NA
11 51.58 53.13 NA 48.49 NA 54.16 NA 50.04 NA 49.00 NA 41.27 NA 49.00 NA 39.20 NA
12 52.30 53.87 NA 49.16 NA 54.92 NA 50.73 NA 49.69 NA 41.84 NA 49.69 NA 39.75 NA
13 52.99 54.58 NA 49.81 NA 55.64 NA 51.40 NA 50.34 NA 42.39 NA 50.34 NA 40.27 NA
14 53.67 55.28 NA 50.45 NA 56.35 NA 52.06 NA 50.99 NA 42.94 NA 50.99 NA 40.79 NA
15 54.31 55.94 NA 51.05 NA 57.03 NA 52.68 NA 51.60 NA 43.45 NA 51.60 NA 41.28 NA
16 54.93 56.58 NA 51.63 NA 57.67 NA 53.28 NA 52.18 NA 43.94 NA 52.18 NA 41.74 NA
17 55.52 57.19 NA 52.19 NA 58.30 NA 53.85 NA 52.74 NA 44.42 NA 52.74 NA 42.20 NA
18 56.71 58.41 NA 53.31 NA 59.54 NA 55.01 NA 53.87 NA 45.37 NA 53.87 NA 43.10 NA
19 57.25 58.97 NA 53.82 NA 60.12 NA 55.54 NA 54.39 NA 45.80 NA 54.39 NA 43.51 NA
20 57.78 59.51 NA 54.31 NA 60.67 NA 56.04 NA 54.89 NA 46.22 NA 54.89 NA 43.91 NA
Resource: Non-seasonal hydro
95%76%103%94%105%97%95%80%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
AprilJanuaryFebruaryMarch
Contract Levelized Flat Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
1 35.76 36.83 NA 33.61 NA 37.55 NA 34.69 NA 33.97 NA 28.61 NA 33.97 NA 27.18 NA
2 37.14 38.25 NA 34.91 NA 39.00 NA 36.03 NA 35.28 NA 29.71 NA 35.28 NA 28.23 NA
3 41.50 42.74 NA 39.01 NA 43.57 NA 40.25 NA 39.42 NA 33.20 NA 39.42 NA 31.54 NA
4 43.92 45.24 NA 41.28 NA 46.11 NA 42.60 NA 41.72 NA 35.13 NA 41.72 NA 33.38 NA
5 45.73 47.10 NA 42.98 NA 48.01 NA 44.35 NA 43.44 NA 36.58 NA 43.44 NA 34.75 NA
6 49.54 51.02 NA 46.56 NA 52.01 NA 48.05 NA 47.06 NA 39.63 NA 47.06 NA 37.65 NA
7 52.45 54.02 NA 49.30 NA 55.07 NA 50.88 NA 49.83 NA 41.96 NA 49.83 NA 39.86 NA
8 53.00 54.59 NA 49.82 NA 55.65 NA 51.41 NA 50.35 NA 42.40 NA 50.35 NA 40.28 NA
9 53.64 55.25 NA 50.42 NA 56.33 NA 52.03 NA 50.96 NA 42.91 NA 50.96 NA 40.77 NA
10 54.29 55.92 NA 51.04 NA 57.01 NA 52.67 NA 51.58 NA 43.44 NA 51.58 NA 41.26 NA
11 54.94 56.59 NA 51.65 NA 57.69 NA 53.29 NA 52.19 NA 43.95 NA 52.19 NA 41.76 NA
12 55.58 57.24 NA 52.24 NA 58.36 NA 53.91 NA 52.80 NA 44.46 NA 52.80 NA 42.24 NA
13 56.21 57.90 NA 52.84 NA 59.02 NA 54.53 NA 53.40 NA 44.97 NA 53.40 NA 42.72 NA
14 56.82 58.52 NA 53.41 NA 59.66 NA 55.12 NA 53.98 NA 45.46 NA 53.98 NA 43.18 NA
15 57.41 59.13 NA 53.96 NA 60.28 NA 55.68 NA 54.54 NA 45.92 NA 54.54 NA 43.63 NA
16 57.98 59.72 NA 54.50 NA 60.88 NA 56.24 NA 55.08 NA 46.38 NA 55.08 NA 44.06 NA
17 59.21 60.99 NA 55.66 NA 62.17 NA 57.44 NA 56.25 NA 47.37 NA 56.25 NA 45.00 NA
18 59.74 61.53 NA 56.16 NA 62.73 NA 57.95 NA 56.75 NA 47.79 NA 56.75 NA 45.40 NA
19 60.25 62.06 NA 56.64 NA 63.27 NA 58.45 NA 57.24 NA 48.20 NA 57.24 NA 45.79 NA
20 60.77 62.60 NA 57.13 NA 63.81 NA 58.95 NA 57.73 NA 48.62 NA 57.73 NA 46.19 NA
Resource: Non-seasonal hydro
95%76%103%94%105%97%95%80%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
AprilJanuaryFebruaryMarch
Contract Levelized Flat Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
1 38.62 39.78 NA 36.30 NA 40.55 NA 37.46 NA 36.69 NA 30.90 NA 36.69 NA 29.35 NA
2 44.69 46.03 NA 42.00 NA 46.92 NA 43.34 NA 42.45 NA 35.75 NA 42.45 NA 33.96 NA
3 47.05 48.46 NA 44.22 NA 49.40 NA 45.63 NA 44.69 NA 37.64 NA 44.69 NA 35.75 NA
4 48.69 50.15 NA 45.77 NA 51.13 NA 47.23 NA 46.26 NA 38.95 NA 46.26 NA 37.00 NA
5 52.93 54.52 NA 49.75 NA 55.57 NA 51.34 NA 50.28 NA 42.34 NA 50.28 NA 40.23 NA
6 55.99 57.67 NA 52.63 NA 58.79 NA 54.31 NA 53.19 NA 44.79 NA 53.19 NA 42.55 NA
7 56.24 57.93 NA 52.86 NA 59.05 NA 54.55 NA 53.43 NA 44.99 NA 53.43 NA 42.74 NA
8 56.68 58.38 NA 53.28 NA 59.51 NA 54.98 NA 53.85 NA 45.34 NA 53.85 NA 43.08 NA
9 57.18 58.90 NA 53.75 NA 60.04 NA 55.47 NA 54.32 NA 45.74 NA 54.32 NA 43.46 NA
10 57.72 59.45 NA 54.25 NA 60.60 NA 55.99 NA 54.83 NA 46.17 NA 54.83 NA 43.86 NA
11 58.27 60.01 NA 54.77 NA 61.18 NA 56.52 NA 55.35 NA 46.61 NA 55.35 NA 44.28 NA
12 58.84 60.60 NA 55.31 NA 61.78 NA 57.07 NA 55.89 NA 47.07 NA 55.89 NA 44.72 NA
13 59.39 61.17 NA 55.83 NA 62.36 NA 57.61 NA 56.42 NA 47.51 NA 56.42 NA 45.14 NA
14 59.93 61.73 NA 56.34 NA 62.93 NA 58.14 NA 56.94 NA 47.95 NA 56.94 NA 45.55 NA
15 60.47 62.28 NA 56.84 NA 63.49 NA 58.66 NA 57.45 NA 48.38 NA 57.45 NA 45.96 NA
16 61.75 63.60 NA 58.05 NA 64.84 NA 59.90 NA 58.66 NA 49.40 NA 58.66 NA 46.93 NA
17 62.26 64.13 NA 58.52 NA 65.37 NA 60.39 NA 59.15 NA 49.81 NA 59.15 NA 47.32 NA
18 62.75 64.63 NA 58.99 NA 65.89 NA 60.87 NA 59.61 NA 50.20 NA 59.61 NA 47.69 NA
19 63.26 65.16 NA 59.46 NA 66.42 NA 61.36 NA 60.09 NA 50.61 NA 60.09 NA 48.08 NA
20 63.78 65.70 NA 59.96 NA 66.97 NA 61.87 NA 60.59 NA 51.03 NA 60.59 NA 48.48 NA
Resource: Non-seasonal hydro
THESE RATES ARE NOT VALID
LEVELIZED RATES
April
103%94%105%97%95%80%95%76%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
January February March
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Contract Levelized Flat
1 28.78
2 28.92
3 29.40
4 30.17
5 31.14
6 32.18
7 34.35
8 36.08
9 37.58
10 40.12
11 42.29
12 43.16
13 44.02
14 44.83
15 45.60
16 46.33
17 47.03
18 47.69
19 48.32
20 48.92

Monthly
Price
Price less integration integration integration integration integration integration integration integration
26.47 NA 18.13 NA 27.05 NA 18.70 NA 34.82 NA 26.47 NA 34.82 NA 30.50 NA
26.61 NA 18.22 NA 27.18 NA 18.80 NA 34.99 NA 26.61 NA 34.99 NA 30.66 NA
27.05 NA 18.52 NA 27.64 NA 19.11 NA 35.58 NA 27.05 NA 35.58 NA 31.17 NA
27.76 NA 19.01 NA 28.36 NA 19.61 NA 36.51 NA 27.76 NA 36.51 NA 31.99 NA
28.65 NA 19.62 NA 29.27 NA 20.24 NA 37.68 NA 28.65 NA 37.68 NA 33.01 NA
29.60 NA 20.27 NA 30.25 NA 20.91 NA 38.93 NA 29.60 NA 38.93 NA 34.11 NA
31.60 NA 21.64 NA 32.29 NA 22.33 NA 41.56 NA 31.60 NA 41.56 NA 36.41 NA
33.19 NA 22.73 NA 33.91 NA 23.45 NA 43.65 NA 33.19 NA 43.65 NA 38.24 NA
34.58 NA 23.68 NA 35.33 NA 24.43 NA 45.48 NA 34.58 NA 45.48 NA 39.84 NA
36.91 NA 25.28 NA 37.71 NA 26.08 NA 48.55 NA 36.91 NA 48.55 NA 42.53 NA
38.91 NA 26.64 NA 39.75 NA 27.49 NA 51.17 NA 38.91 NA 51.17 NA 44.83 NA
39.71 NA 27.19 NA 40.57 NA 28.06 NA 52.23 NA 39.71 NA 52.23 NA 45.75 NA
40.50 NA 27.73 NA 41.38 NA 28.61 NA 53.26 NA 40.50 NA 53.26 NA 46.66 NA
41.24 NA 28.24 NA 42.14 NA 29.14 NA 54.24 NA 41.24 NA 54.24 NA 47.52 NA
41.95 NA 28.73 NA 42.86 NA 29.64 NA 55.18 NA 41.95 NA 55.18 NA 48.34 NA
42.62 NA 29.19 NA 43.55 NA 30.11 NA 56.06 NA 42.62 NA 56.06 NA 49.11 NA
43.27 NA 29.63 NA 44.21 NA 30.57 NA 56.91 NA 43.27 NA 56.91 NA 49.85 NA
43.88 NA 30.05 NA 44.83 NA 31.00 NA 57.71 NA 43.88 NA 57.71 NA 50.55 NA
44.45 NA 30.44 NA 45.42 NA 31.41 NA 58.47 NA 44.45 NA 58.47 NA 51.22 NA
45.00 NA 30.82 NA 45.98 NA 31.80 NA 59.19 NA 45.00 NA 59.19 NA 51.85 NA
121%106%92%63%94%65%121%92%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load HourHeavy Load Hour
June July AugustMay
Light Load Hour
Contract Levelized Flat
1 29.07
2 29.75
3 30.71
4 31.84
5 33.01
6 35.53
7 37.45
8 39.08
9 41.89
10 44.25
11 45.11
12 45.97
13 46.79
14 47.56
15 48.30
16 49.01
17 49.68
18 50.31
19 50.92
20 52.00

Price
Price less integration integration integration integration integration integration integration integration
26.75 NA 18.32 NA 27.33 NA 18.90 NA 35.18 NA 26.75 NA 35.18 NA 30.82 NA
27.37 NA 18.74 NA 27.97 NA 19.34 NA 36.00 NA 27.37 NA 36.00 NA 31.54 NA
28.25 NA 19.35 NA 28.87 NA 19.96 NA 37.16 NA 28.25 NA 37.16 NA 32.55 NA
29.30 NA 20.06 NA 29.93 NA 20.70 NA 38.53 NA 29.30 NA 38.53 NA 33.75 NA
30.37 NA 20.80 NA 31.03 NA 21.46 NA 39.95 NA 30.37 NA 39.95 NA 34.99 NA
32.69 NA 22.39 NA 33.40 NA 23.10 NA 42.99 NA 32.69 NA 42.99 NA 37.66 NA
34.45 NA 23.59 NA 35.20 NA 24.34 NA 45.31 NA 34.45 NA 45.31 NA 39.70 NA
35.95 NA 24.62 NA 36.73 NA 25.40 NA 47.29 NA 35.95 NA 47.29 NA 41.42 NA
38.54 NA 26.39 NA 39.38 NA 27.23 NA 50.69 NA 38.54 NA 50.69 NA 44.40 NA
40.71 NA 27.88 NA 41.59 NA 28.76 NA 53.54 NA 40.71 NA 53.54 NA 46.90 NA
41.51 NA 28.42 NA 42.41 NA 29.32 NA 54.59 NA 41.51 NA 54.59 NA 47.82 NA
42.30 NA 28.96 NA 43.22 NA 29.88 NA 55.63 NA 42.30 NA 55.63 NA 48.73 NA
43.05 NA 29.48 NA 43.98 NA 30.41 NA 56.62 NA 43.05 NA 56.62 NA 49.60 NA
43.76 NA 29.97 NA 44.71 NA 30.92 NA 57.55 NA 43.76 NA 57.55 NA 50.42 NA
44.44 NA 30.43 NA 45.40 NA 31.39 NA 58.44 NA 44.44 NA 58.44 NA 51.20 NA
45.09 NA 30.88 NA 46.07 NA 31.86 NA 59.30 NA 45.09 NA 59.30 NA 51.95 NA
45.70 NA 31.30 NA 46.70 NA 32.29 NA 60.11 NA 45.70 NA 60.11 NA 52.66 NA
46.29 NA 31.70 NA 47.29 NA 32.70 NA 60.88 NA 46.29 NA 60.88 NA 53.33 NA
46.84 NA 32.08 NA 47.86 NA 33.10 NA 61.61 NA 46.84 NA 61.61 NA 53.97 NA
47.84 NA 32.76 NA 48.88 NA 33.80 NA 62.93 NA 47.84 NA 62.93 NA 55.12 NA
92%63%94%65%
Heavy Load Hour Light Load Hour
121%92%121%106%
July August
Heavy Load Hour Light Load HourHeavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
May June
Contract Levelized Flat
1 30.48
2 31.62
3 32.90
4 34.19
5 37.12
6 39.23
7 40.96
8 44.06
9 46.61
10 47.43
11 48.27
12 49.06
13 49.82
14 50.54
15 51.25
16 51.91
17 52.54
18 53.14
19 54.28
20 54.84

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
28.04 NA 19.20 NA 28.65 NA 19.81 NA 36.88 NA 28.04 NA 36.88 NA 32.31 NA
29.09 NA 19.92 NA 29.72 NA 20.55 NA 38.26 NA 29.09 NA 38.26 NA 33.52 NA
30.27 NA 20.73 NA 30.93 NA 21.39 NA 39.81 NA 30.27 NA 39.81 NA 34.88 NA
31.45 NA 21.54 NA 32.13 NA 22.22 NA 41.36 NA 31.45 NA 41.36 NA 36.24 NA
34.15 NA 23.39 NA 34.90 NA 24.13 NA 44.92 NA 34.15 NA 44.92 NA 39.35 NA
36.09 NA 24.71 NA 36.87 NA 25.50 NA 47.46 NA 36.09 NA 47.46 NA 41.58 NA
37.68 NA 25.80 NA 38.50 NA 26.62 NA 49.56 NA 37.68 NA 49.56 NA 43.42 NA
40.54 NA 27.76 NA 41.42 NA 28.64 NA 53.32 NA 40.54 NA 53.32 NA 46.71 NA
42.88 NA 29.37 NA 43.82 NA 30.30 NA 56.40 NA 42.88 NA 56.40 NA 49.41 NA
43.64 NA 29.88 NA 44.59 NA 30.83 NA 57.40 NA 43.64 NA 57.40 NA 50.28 NA
44.41 NA 30.41 NA 45.37 NA 31.37 NA 58.40 NA 44.41 NA 58.40 NA 51.16 NA
45.14 NA 30.91 NA 46.12 NA 31.89 NA 59.36 NA 45.14 NA 59.36 NA 52.01 NA
45.84 NA 31.39 NA 46.83 NA 32.38 NA 60.28 NA 45.84 NA 60.28 NA 52.81 NA
46.50 NA 31.84 NA 47.51 NA 32.85 NA 61.16 NA 46.50 NA 61.16 NA 53.58 NA
47.15 NA 32.29 NA 48.17 NA 33.31 NA 62.01 NA 47.15 NA 62.01 NA 54.32 NA
47.76 NA 32.70 NA 48.79 NA 33.74 NA 62.81 NA 47.76 NA 62.81 NA 55.02 NA
48.34 NA 33.10 NA 49.39 NA 34.15 NA 63.57 NA 48.34 NA 63.57 NA 55.69 NA
48.89 NA 33.48 NA 49.95 NA 34.54 NA 64.30 NA 48.89 NA 64.30 NA 56.33 NA
49.94 NA 34.20 NA 51.02 NA 35.28 NA 65.68 NA 49.94 NA 65.68 NA 57.54 NA
50.45 NA 34.55 NA 51.55 NA 35.64 NA 66.35 NA 50.45 NA 66.35 NA 58.13 NA
92%63%94%65%
Heavy Load Hour Light Load Hour
121%92%121%106%
May June July August
Heavy Load Hour Light Load HourHeavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
Contract Levelized Flat
1 32.84
2 34.25
3 35.61
4 39.10
5 41.38
6 43.18
7 46.62
8 49.35
9 50.08
10 50.84
11 51.58
12 52.30
13 52.99
14 53.67
15 54.31
16 54.93
17 55.52
18 56.71
19 57.25
20 57.78

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
30.22 NA 20.69 NA 30.87 NA 21.35 NA 39.74 NA 30.22 NA 39.74 NA 34.81 NA
31.51 NA 21.58 NA 32.19 NA 22.26 NA 41.44 NA 31.51 NA 41.44 NA 36.30 NA
32.76 NA 22.43 NA 33.47 NA 23.14 NA 43.08 NA 32.76 NA 43.08 NA 37.74 NA
35.97 NA 24.63 NA 36.75 NA 25.41 NA 47.31 NA 35.97 NA 47.31 NA 41.44 NA
38.07 NA 26.07 NA 38.90 NA 26.90 NA 50.07 NA 38.07 NA 50.07 NA 43.86 NA
39.73 NA 27.20 NA 40.59 NA 28.07 NA 52.25 NA 39.73 NA 52.25 NA 45.77 NA
42.89 NA 29.37 NA 43.82 NA 30.30 NA 56.41 NA 42.89 NA 56.41 NA 49.41 NA
45.40 NA 31.09 NA 46.39 NA 32.08 NA 59.71 NA 45.40 NA 59.71 NA 52.31 NA
46.07 NA 31.55 NA 47.07 NA 32.55 NA 60.59 NA 46.07 NA 60.59 NA 53.08 NA
46.77 NA 32.03 NA 47.79 NA 33.05 NA 61.52 NA 46.77 NA 61.52 NA 53.89 NA
47.46 NA 32.50 NA 48.49 NA 33.53 NA 62.41 NA 47.46 NA 62.41 NA 54.68 NA
48.12 NA 32.95 NA 49.16 NA 34.00 NA 63.28 NA 48.12 NA 63.28 NA 55.44 NA
48.75 NA 33.39 NA 49.81 NA 34.45 NA 64.12 NA 48.75 NA 64.12 NA 56.17 NA
49.38 NA 33.81 NA 50.45 NA 34.89 NA 64.94 NA 49.38 NA 64.94 NA 56.89 NA
49.97 NA 34.22 NA 51.05 NA 35.30 NA 65.72 NA 49.97 NA 65.72 NA 57.57 NA
50.53 NA 34.60 NA 51.63 NA 35.70 NA 66.46 NA 50.53 NA 66.46 NA 58.22 NA
51.08 NA 34.98 NA 52.19 NA 36.09 NA 67.18 NA 51.08 NA 67.18 NA 58.85 NA
52.17 NA 35.73 NA 53.31 NA 36.86 NA 68.62 NA 52.17 NA 68.62 NA 60.11 NA
52.67 NA 36.07 NA 53.82 NA 37.21 NA 69.28 NA 52.67 NA 69.28 NA 60.69 NA
53.16 NA 36.40 NA 54.31 NA 37.56 NA 69.91 NA 53.16 NA 69.91 NA 61.24 NA
92%63%94%65%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
121%92%121%106%
May June July August
Heavy Load Hour Light Load Hour
Contract Levelized Flat
1 35.76
2 37.14
3 41.50
4 43.92
5 45.73
6 49.54
7 52.45
8 53.00
9 53.64
10 54.29
11 54.94
12 55.58
13 56.21
14 56.82
15 57.41
16 57.98
17 59.21
18 59.74
19 60.25
20 60.77

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
32.90 NA 22.53 NA 33.61 NA 23.24 NA 43.27 NA 32.90 NA 43.27 NA 37.91 NA
34.17 NA 23.40 NA 34.91 NA 24.14 NA 44.94 NA 34.17 NA 44.94 NA 39.37 NA
38.18 NA 26.14 NA 39.01 NA 26.97 NA 50.21 NA 38.18 NA 50.21 NA 43.99 NA
40.40 NA 27.67 NA 41.28 NA 28.55 NA 53.14 NA 40.40 NA 53.14 NA 46.55 NA
42.07 NA 28.81 NA 42.98 NA 29.72 NA 55.33 NA 42.07 NA 55.33 NA 48.47 NA
45.57 NA 31.21 NA 46.56 NA 32.20 NA 59.94 NA 45.57 NA 59.94 NA 52.51 NA
48.25 NA 33.04 NA 49.30 NA 34.09 NA 63.46 NA 48.25 NA 63.46 NA 55.60 NA
48.76 NA 33.39 NA 49.82 NA 34.45 NA 64.13 NA 48.76 NA 64.13 NA 56.18 NA
49.35 NA 33.80 NA 50.42 NA 34.87 NA 64.91 NA 49.35 NA 64.91 NA 56.86 NA
49.95 NA 34.21 NA 51.04 NA 35.29 NA 65.70 NA 49.95 NA 65.70 NA 57.55 NA
50.55 NA 34.61 NA 51.65 NA 35.71 NA 66.48 NA 50.55 NA 66.48 NA 58.24 NA
51.13 NA 35.01 NA 52.24 NA 36.13 NA 67.25 NA 51.13 NA 67.25 NA 58.91 NA
51.72 NA 35.41 NA 52.84 NA 36.54 NA 68.02 NA 51.72 NA 68.02 NA 59.59 NA
52.27 NA 35.80 NA 53.41 NA 36.93 NA 68.75 NA 52.27 NA 68.75 NA 60.23 NA
52.81 NA 36.17 NA 53.96 NA 37.31 NA 69.46 NA 52.81 NA 69.46 NA 60.85 NA
53.34 NA 36.53 NA 54.50 NA 37.68 NA 70.15 NA 53.34 NA 70.15 NA 61.45 NA
54.47 NA 37.30 NA 55.66 NA 38.49 NA 71.65 NA 54.47 NA 71.65 NA 62.76 NA
54.96 NA 37.64 NA 56.16 NA 38.83 NA 72.29 NA 54.96 NA 72.29 NA 63.33 NA
55.43 NA 37.96 NA 56.64 NA 39.17 NA 72.91 NA 55.43 NA 72.91 NA 63.87 NA
55.91 NA 38.29 NA 57.13 NA 39.50 NA 73.54 NA 55.91 NA 73.54 NA 64.42 NA
92%63%94%65%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
121%92%121%106%
May June July August
Heavy Load Hour Light Load Hour
Contract Levelized Flat
1 38.62
2 44.69
3 47.05
4 48.69
5 52.93
6 55.99
7 56.24
8 56.68
9 57.18
10 57.72
11 58.27
12 58.84
13 59.39
14 59.93
15 60.47
16 61.75
17 62.26
18 62.75
19 63.26
20 63.78

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
35.53 NA 24.33 NA 36.30 NA 25.10 NA 46.73 NA 35.53 NA 46.73 NA 40.94 NA
41.11 NA 28.15 NA 42.00 NA 29.05 NA 54.07 NA 41.11 NA 54.07 NA 47.37 NA
43.28 NA 29.64 NA 44.22 NA 30.58 NA 56.93 NA 43.28 NA 56.93 NA 49.87 NA
44.80 NA 30.68 NA 45.77 NA 31.65 NA 58.92 NA 44.80 NA 58.92 NA 51.61 NA
48.69 NA 33.34 NA 49.75 NA 34.40 NA 64.04 NA 48.69 NA 64.04 NA 56.10 NA
51.51 NA 35.27 NA 52.63 NA 36.39 NA 67.75 NA 51.51 NA 67.75 NA 59.35 NA
51.74 NA 35.43 NA 52.86 NA 36.56 NA 68.05 NA 51.74 NA 68.05 NA 59.61 NA
52.14 NA 35.71 NA 53.28 NA 36.84 NA 68.58 NA 52.14 NA 68.58 NA 60.08 NA
52.61 NA 36.02 NA 53.75 NA 37.17 NA 69.19 NA 52.61 NA 69.19 NA 60.61 NA
53.10 NA 36.36 NA 54.25 NA 37.52 NA 69.84 NA 53.10 NA 69.84 NA 61.18 NA
53.60 NA 36.71 NA 54.77 NA 37.87 NA 70.50 NA 53.60 NA 70.50 NA 61.76 NA
54.13 NA 37.07 NA 55.31 NA 38.24 NA 71.19 NA 54.13 NA 71.19 NA 62.37 NA
54.64 NA 37.42 NA 55.83 NA 38.60 NA 71.86 NA 54.64 NA 71.86 NA 62.95 NA
55.14 NA 37.76 NA 56.34 NA 38.96 NA 72.52 NA 55.14 NA 72.52 NA 63.53 NA
55.63 NA 38.10 NA 56.84 NA 39.31 NA 73.17 NA 55.63 NA 73.17 NA 64.10 NA
56.81 NA 38.90 NA 58.05 NA 40.14 NA 74.72 NA 56.81 NA 74.72 NA 65.46 NA
57.28 NA 39.22 NA 58.52 NA 40.47 NA 75.33 NA 57.28 NA 75.33 NA 65.99 NA
57.73 NA 39.53 NA 58.99 NA 40.79 NA 75.93 NA 57.73 NA 75.93 NA 66.52 NA
58.20 NA 39.85 NA 59.46 NA 41.12 NA 76.54 NA 58.20 NA 76.54 NA 67.05 NA
58.68 NA 40.18 NA 59.96 NA 41.46 NA 77.18 NA 58.68 NA 77.18 NA 67.61 NA
63%94%65%121%92%121%106%
Heavy Load Hour Light Load HourHeavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
92%
May June July August
JAN
FEB
MAR
APR
MAY
JUN
JUL
AUG
SEP
OCT
NOV
DEC
Contract Levelized Flat
1 28.78
2 28.92
3 29.40
4 30.17
5 31.14
6 32.18
7 34.35
8 36.08
9 37.58
10 40.12
11 42.29
12 43.16
13 44.02
14 44.83
15 45.60
16 46.33
17 47.03
18 47.69
19 48.32
20 48.92

Monthly
Price
Price less integration integration integration integration integration integration integration integration
31.37 NA 28.49 NA 33.09 NA 30.21 NA 31.65 NA 27.62 NA 37.12 NA 34.53 NA
31.52 NA 28.63 NA 33.26 NA 30.37 NA 31.81 NA 27.76 NA 37.31 NA 34.70 NA
32.05 NA 29.11 NA 33.82 NA 30.87 NA 32.34 NA 28.23 NA 37.93 NA 35.29 NA
32.89 NA 29.87 NA 34.70 NA 31.68 NA 33.19 NA 28.97 NA 38.93 NA 36.21 NA
33.94 NA 30.83 NA 35.81 NA 32.70 NA 34.25 NA 29.89 NA 40.17 NA 37.37 NA
35.07 NA 31.85 NA 37.00 NA 33.79 NA 35.39 NA 30.89 NA 41.51 NA 38.61 NA
37.44 NA 34.01 NA 39.50 NA 36.07 NA 37.79 NA 32.98 NA 44.31 NA 41.22 NA
39.33 NA 35.72 NA 41.49 NA 37.88 NA 39.69 NA 34.63 NA 46.54 NA 43.29 NA
40.97 NA 37.21 NA 43.22 NA 39.46 NA 41.34 NA 36.08 NA 48.48 NA 45.10 NA
43.73 NA 39.72 NA 46.14 NA 42.13 NA 44.13 NA 38.52 NA 51.76 NA 48.15 NA
46.10 NA 41.87 NA 48.64 NA 44.41 NA 46.52 NA 40.60 NA 54.56 NA 50.75 NA
47.05 NA 42.73 NA 49.64 NA 45.32 NA 47.48 NA 41.44 NA 55.68 NA 51.79 NA
47.98 NA 43.58 NA 50.62 NA 46.22 NA 48.42 NA 42.26 NA 56.78 NA 52.82 NA
48.87 NA 44.38 NA 51.55 NA 47.07 NA 49.31 NA 43.04 NA 57.83 NA 53.80 NA
49.70 NA 45.14 NA 52.44 NA 47.88 NA 50.16 NA 43.78 NA 58.82 NA 54.72 NA
50.50 NA 45.87 NA 53.28 NA 48.65 NA 50.96 NA 44.48 NA 59.77 NA 55.60 NA
51.26 NA 46.56 NA 54.09 NA 49.38 NA 51.74 NA 45.15 NA 60.67 NA 56.44 NA
51.98 NA 47.22 NA 54.85 NA 50.08 NA 52.46 NA 45.78 NA 61.52 NA 57.23 NA
52.67 NA 47.84 NA 55.57 NA 50.73 NA 53.15 NA 46.39 NA 62.33 NA 57.98 NA
53.32 NA 48.43 NA 56.25 NA 51.36 NA 53.81 NA 46.96 NA 63.10 NA 58.70 NA
129%120%109%99%115%105%
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
110%96%
DecemberSeptemberOctoberNovember
Heavy Load Hour Light Load Hour
Contract Levelized Flat
1 29.07
2 29.75
3 30.71
4 31.84
5 33.01
6 35.53
7 37.45
8 39.08
9 41.89
10 44.25
11 45.11
12 45.97
13 46.79
14 47.56
15 48.30
16 49.01
17 49.68
18 50.31
19 50.92
20 52.00

Price
Price less integration integration integration integration integration integration integration integration
31.69 NA 28.78 NA 33.44 NA 30.53 NA 31.98 NA 27.91 NA 37.51 NA 34.89 NA
32.43 NA 29.46 NA 34.22 NA 31.24 NA 32.73 NA 28.56 NA 38.38 NA 35.70 NA
33.48 NA 30.40 NA 35.32 NA 32.25 NA 33.78 NA 29.48 NA 39.62 NA 36.85 NA
34.71 NA 31.52 NA 36.62 NA 33.43 NA 35.03 NA 30.57 NA 41.08 NA 38.21 NA
35.98 NA 32.68 NA 37.97 NA 34.66 NA 36.31 NA 31.69 NA 42.59 NA 39.62 NA
38.73 NA 35.18 NA 40.86 NA 37.31 NA 39.09 NA 34.11 NA 45.84 NA 42.64 NA
40.82 NA 37.08 NA 43.07 NA 39.32 NA 41.19 NA 35.95 NA 48.31 NA 44.94 NA
42.60 NA 38.69 NA 44.94 NA 41.03 NA 42.99 NA 37.52 NA 50.41 NA 46.90 NA
45.66 NA 41.47 NA 48.17 NA 43.98 NA 46.08 NA 40.21 NA 54.04 NA 50.27 NA
48.23 NA 43.81 NA 50.89 NA 46.46 NA 48.67 NA 42.48 NA 57.08 NA 53.10 NA
49.17 NA 44.66 NA 51.88 NA 47.37 NA 49.63 NA 43.31 NA 58.20 NA 54.14 NA
50.11 NA 45.51 NA 52.87 NA 48.27 NA 50.57 NA 44.13 NA 59.31 NA 55.17 NA
51.00 NA 46.32 NA 53.81 NA 49.13 NA 51.47 NA 44.92 NA 60.36 NA 56.15 NA
51.85 NA 47.09 NA 54.70 NA 49.94 NA 52.32 NA 45.66 NA 61.36 NA 57.08 NA
52.65 NA 47.82 NA 55.54 NA 50.71 NA 53.13 NA 46.37 NA 62.31 NA 57.96 NA
53.42 NA 48.52 NA 56.36 NA 51.46 NA 53.91 NA 47.05 NA 63.22 NA 58.81 NA
54.15 NA 49.18 NA 57.13 NA 52.16 NA 54.64 NA 47.69 NA 64.08 NA 59.61 NA
54.84 NA 49.81 NA 57.86 NA 52.83 NA 55.34 NA 48.30 NA 64.90 NA 60.37 NA
55.50 NA 50.41 NA 58.55 NA 53.46 NA 56.01 NA 48.88 NA 65.68 NA 61.10 NA
56.68 NA 51.48 NA 59.81 NA 54.60 NA 57.20 NA 49.92 NA 67.09 NA 62.41 NA
115%105%110%96%129%120%109%99%
September October
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load HourHeavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
November December
Contract Levelized Flat
1 30.48
2 31.62
3 32.90
4 34.19
5 37.12
6 39.23
7 40.96
8 44.06
9 46.61
10 47.43
11 48.27
12 49.06
13 49.82
14 50.54
15 51.25
16 51.91
17 52.54
18 53.14
19 54.28
20 54.84

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
33.23 NA 30.18 NA 35.06 NA 32.01 NA 33.53 NA 29.26 NA 39.32 NA 36.58 NA
34.47 NA 31.31 NA 36.36 NA 33.20 NA 34.78 NA 30.36 NA 40.79 NA 37.95 NA
35.87 NA 32.58 NA 37.84 NA 34.55 NA 36.19 NA 31.59 NA 42.45 NA 39.49 NA
37.26 NA 33.84 NA 39.31 NA 35.89 NA 37.60 NA 32.82 NA 44.10 NA 41.02 NA
40.46 NA 36.75 NA 42.69 NA 38.98 NA 40.83 NA 35.64 NA 47.89 NA 44.55 NA
42.76 NA 38.83 NA 45.11 NA 41.19 NA 43.15 NA 37.66 NA 50.60 NA 47.07 NA
44.65 NA 40.55 NA 47.10 NA 43.01 NA 45.05 NA 39.32 NA 52.84 NA 49.15 NA
48.03 NA 43.62 NA 50.67 NA 46.27 NA 48.47 NA 42.30 NA 56.84 NA 52.88 NA
50.81 NA 46.15 NA 53.60 NA 48.94 NA 51.27 NA 44.75 NA 60.13 NA 55.93 NA
51.70 NA 46.96 NA 54.55 NA 49.81 NA 52.18 NA 45.54 NA 61.19 NA 56.92 NA
52.61 NA 47.78 NA 55.51 NA 50.68 NA 53.09 NA 46.34 NA 62.26 NA 57.92 NA
53.48 NA 48.57 NA 56.42 NA 51.51 NA 53.97 NA 47.10 NA 63.29 NA 58.87 NA
54.30 NA 49.32 NA 57.29 NA 52.31 NA 54.80 NA 47.83 NA 64.27 NA 59.79 NA
55.09 NA 50.04 NA 58.13 NA 53.07 NA 55.60 NA 48.52 NA 65.20 NA 60.65 NA
55.86 NA 50.73 NA 58.93 NA 53.81 NA 56.37 NA 49.20 NA 66.11 NA 61.50 NA
56.58 NA 51.39 NA 59.70 NA 54.50 NA 57.10 NA 49.83 NA 66.96 NA 62.29 NA
57.27 NA 52.01 NA 60.42 NA 55.17 NA 57.79 NA 50.44 NA 67.77 NA 63.05 NA
57.93 NA 52.61 NA 61.11 NA 55.80 NA 58.46 NA 51.02 NA 68.55 NA 63.77 NA
59.17 NA 53.74 NA 62.42 NA 57.00 NA 59.71 NA 52.11 NA 70.02 NA 65.14 NA
59.77 NA 54.29 NA 63.06 NA 57.58 NA 60.32 NA 52.64 NA 70.74 NA 65.80 NA
115%105%110%96%129%120%109%99%
DecemberSeptemberOctober
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load HourLight Load Hour Heavy Load Hour Light Load Hour
November
Heavy Load Hour
Contract Levelized Flat
1 32.84
2 34.25
3 35.61
4 39.10
5 41.38
6 43.18
7 46.62
8 49.35
9 50.08
10 50.84
11 51.58
12 52.30
13 52.99
14 53.67
15 54.31
16 54.93
17 55.52
18 56.71
19 57.25
20 57.78

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
35.80 NA 32.51 NA 37.77 NA 34.49 NA 36.13 NA 31.53 NA 42.37 NA 39.41 NA
37.33 NA 33.91 NA 39.39 NA 35.96 NA 37.67 NA 32.88 NA 44.18 NA 41.10 NA
38.81 NA 35.25 NA 40.95 NA 37.39 NA 39.17 NA 34.18 NA 45.93 NA 42.73 NA
42.62 NA 38.71 NA 44.96 NA 41.05 NA 43.01 NA 37.53 NA 50.44 NA 46.92 NA
45.10 NA 40.96 NA 47.58 NA 43.45 NA 45.52 NA 39.72 NA 53.38 NA 49.65 NA
47.07 NA 42.75 NA 49.66 NA 45.34 NA 47.50 NA 41.45 NA 55.70 NA 51.82 NA
50.81 NA 46.15 NA 53.61 NA 48.95 NA 51.28 NA 44.75 NA 60.13 NA 55.94 NA
53.79 NA 48.86 NA 56.75 NA 51.82 NA 54.28 NA 47.38 NA 63.66 NA 59.22 NA
54.58 NA 49.57 NA 57.59 NA 52.58 NA 55.08 NA 48.07 NA 64.60 NA 60.09 NA
55.42 NA 50.33 NA 58.47 NA 53.38 NA 55.92 NA 48.81 NA 65.58 NA 61.01 NA
56.23 NA 51.07 NA 59.32 NA 54.16 NA 56.74 NA 49.52 NA 66.54 NA 61.90 NA
57.01 NA 51.78 NA 60.15 NA 54.92 NA 57.53 NA 50.21 NA 67.47 NA 62.76 NA
57.76 NA 52.46 NA 60.94 NA 55.64 NA 58.29 NA 50.87 NA 68.36 NA 63.59 NA
58.50 NA 53.13 NA 61.72 NA 56.35 NA 59.04 NA 51.52 NA 69.24 NA 64.41 NA
59.20 NA 53.77 NA 62.46 NA 57.03 NA 59.74 NA 52.14 NA 70.06 NA 65.18 NA
59.87 NA 54.38 NA 63.17 NA 57.67 NA 60.42 NA 52.73 NA 70.86 NA 65.91 NA
60.52 NA 54.96 NA 63.85 NA 58.30 NA 61.07 NA 53.30 NA 71.62 NA 66.62 NA
61.81 NA 56.14 NA 65.21 NA 59.54 NA 62.38 NA 54.44 NA 73.15 NA 68.05 NA
62.41 NA 56.68 NA 65.84 NA 60.12 NA 62.98 NA 54.96 NA 73.86 NA 68.70 NA
62.98 NA 57.20 NA 66.44 NA 60.67 NA 63.56 NA 55.47 NA 74.53 NA 69.33 NA
115%105%110%96%
Heavy Load Hour
129%120%109%99%
DecemberSeptemberOctober
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load HourLight Load Hour Heavy Load Hour Light Load Hour
November
Contract Levelized Flat
1 35.76
2 37.14
3 41.50
4 43.92
5 45.73
6 49.54
7 52.45
8 53.00
9 53.64
10 54.29
11 54.94
12 55.58
13 56.21
14 56.82
15 57.41
16 57.98
17 59.21
18 59.74
19 60.25
20 60.77

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
38.98 NA 35.40 NA 41.12 NA 37.55 NA 39.34 NA 34.33 NA 46.13 NA 42.91 NA
40.48 NA 36.77 NA 42.71 NA 39.00 NA 40.85 NA 35.65 NA 47.91 NA 44.57 NA
45.23 NA 41.08 NA 47.72 NA 43.57 NA 45.65 NA 39.84 NA 53.53 NA 49.80 NA
47.87 NA 43.48 NA 50.51 NA 46.11 NA 48.31 NA 42.16 NA 56.65 NA 52.70 NA
49.84 NA 45.27 NA 52.58 NA 48.01 NA 50.30 NA 43.90 NA 58.99 NA 54.87 NA
53.99 NA 49.04 NA 56.97 NA 52.01 NA 54.49 NA 47.55 NA 63.90 NA 59.44 NA
57.17 NA 51.93 NA 60.32 NA 55.07 NA 57.69 NA 50.35 NA 67.66 NA 62.94 NA
57.77 NA 52.47 NA 60.95 NA 55.65 NA 58.30 NA 50.88 NA 68.37 NA 63.60 NA
58.47 NA 53.11 NA 61.69 NA 56.33 NA 59.01 NA 51.50 NA 69.20 NA 64.37 NA
59.18 NA 53.75 NA 62.44 NA 57.01 NA 59.72 NA 52.12 NA 70.04 NA 65.15 NA
59.89 NA 54.39 NA 63.18 NA 57.69 NA 60.44 NA 52.74 NA 70.87 NA 65.93 NA
60.58 NA 55.02 NA 63.91 NA 58.36 NA 61.13 NA 53.35 NA 71.69 NA 66.69 NA
61.27 NA 55.65 NA 64.64 NA 59.02 NA 61.83 NA 53.96 NA 72.51 NA 67.46 NA
61.93 NA 56.25 NA 65.34 NA 59.66 NA 62.50 NA 54.55 NA 73.30 NA 68.18 NA
62.57 NA 56.83 NA 66.02 NA 60.28 NA 63.15 NA 55.11 NA 74.05 NA 68.89 NA
63.19 NA 57.40 NA 66.67 NA 60.88 NA 63.77 NA 55.66 NA 74.79 NA 69.57 NA
64.54 NA 58.62 NA 68.09 NA 62.17 NA 65.13 NA 56.84 NA 76.38 NA 71.05 NA
65.12 NA 59.14 NA 68.70 NA 62.73 NA 65.72 NA 57.35 NA 77.07 NA 71.69 NA
65.68 NA 59.65 NA 69.29 NA 63.27 NA 66.28 NA 57.84 NA 77.73 NA 72.31 NA
66.24 NA 60.17 NA 69.89 NA 63.81 NA 66.85 NA 58.34 NA 78.40 NA 72.93 NA
Heavy Load Hour
129%120%109%99%96%115%105%110%
DecemberSeptemberOctober
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load HourLight Load Hour Heavy Load Hour Light Load Hour
November
Contract Levelized Flat
1 38.62
2 44.69
3 47.05
4 48.69
5 52.93
6 55.99
7 56.24
8 56.68
9 57.18
10 57.72
11 58.27
12 58.84
13 59.39
14 59.93
15 60.47
16 61.75
17 62.26
18 62.75
19 63.26
20 63.78

Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
42.10 NA 38.24 NA 44.42 NA 40.55 NA 42.48 NA 37.08 NA 49.82 NA 46.35 NA
48.71 NA 44.24 NA 51.39 NA 46.92 NA 49.15 NA 42.90 NA 57.64 NA 53.62 NA
51.28 NA 46.58 NA 54.10 NA 49.40 NA 51.75 NA 45.16 NA 60.69 NA 56.46 NA
53.07 NA 48.20 NA 55.99 NA 51.13 NA 53.56 NA 46.74 NA 62.81 NA 58.43 NA
57.69 NA 52.40 NA 60.87 NA 55.57 NA 58.22 NA 50.81 NA 68.28 NA 63.51 NA
61.03 NA 55.43 NA 64.39 NA 58.79 NA 61.59 NA 53.75 NA 72.23 NA 67.19 NA
61.30 NA 55.68 NA 64.67 NA 59.05 NA 61.86 NA 53.99 NA 72.55 NA 67.49 NA
61.78 NA 56.11 NA 65.18 NA 59.51 NA 62.35 NA 54.41 NA 73.12 NA 68.01 NA
62.33 NA 56.61 NA 65.76 NA 60.04 NA 62.90 NA 54.89 NA 73.76 NA 68.62 NA
62.91 NA 57.14 NA 66.37 NA 60.60 NA 63.49 NA 55.41 NA 74.45 NA 69.26 NA
63.51 NA 57.68 NA 67.01 NA 61.18 NA 64.09 NA 55.94 NA 75.16 NA 69.92 NA
64.13 NA 58.25 NA 67.66 NA 61.78 NA 64.72 NA 56.48 NA 75.90 NA 70.60 NA
64.74 NA 58.80 NA 68.30 NA 62.36 NA 65.33 NA 57.01 NA 76.61 NA 71.27 NA
65.33 NA 59.33 NA 68.92 NA 62.93 NA 65.93 NA 57.54 NA 77.31 NA 71.92 NA
65.91 NA 59.87 NA 69.54 NA 63.49 NA 66.52 NA 58.05 NA 78.01 NA 72.56 NA
67.31 NA 61.13 NA 71.01 NA 64.84 NA 67.93 NA 59.28 NA 79.66 NA 74.10 NA
67.86 NA 61.64 NA 71.60 NA 65.37 NA 68.48 NA 59.77 NA 80.31 NA 74.71 NA
68.40 NA 62.12 NA 72.16 NA 65.89 NA 69.03 NA 60.24 NA 80.95 NA 75.30 NA
68.95 NA 62.62 NA 72.75 NA 66.42 NA 69.58 NA 60.73 NA 81.60 NA 75.91 NA
69.52 NA 63.15 NA 73.35 NA 66.97 NA 70.16 NA 61.23 NA 82.28 NA 76.54 NA
96%129%120%109%99%
Heavy Load Hour
November
Heavy Load Hour
115%105%110%
DecemberSeptemberOctober
Light Load HourLight Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
Year Non-Levelized Price Price
Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
2020 28.78 29.64 NA 27.05 NA 30.21 NA 27.91 NA 27.34 NA 23.02 NA 27.34 NA 21.87
2022 30.48 31.40 NA 28.65 NA 32.01 NA 29.57 NA 28.96 NA 24.39 NA 28.96 NA 23.17202332.84 33.83 NA 30.87 NA 34.49 NA 31.86 NA 31.20 NA 26.27 NA 31.20 NA 24.96
2024 35.76 36.83 NA 33.61 NA 37.55 NA 34.69 NA 33.97 NA 28.61 NA 33.97 NA 27.18202538.62 39.78 NA 36.30 NA 40.55 NA 37.46 NA 36.69 NA 30.90 NA 36.69 NA 29.35
2026 51.19 52.73 NA 48.12 NA 53.75 NA 49.66 NA 48.63 NA 40.96 NA 48.63 NA 38.91202752.30 53.87 NA 49.16 NA 54.92 NA 50.73 NA 49.69 NA 41.84 NA 49.69 NA 39.75
2028 54.39 56.02 NA 51.12 NA 57.10 NA 52.75 NA 51.67 NA 43.51 NA 51.67 NA 41.33202973.23 75.43 NA 68.84 NA 76.89 NA 71.03 NA 69.57 NA 58.58 NA 69.57 NA 55.65203075.02 77.27 NA 70.52 NA 78.77 NA 72.77 NA 71.27 NA 60.02 NA 71.27 NA 57.01203158.18 59.92 NA 54.68 NA 61.08 NA 56.43 NA 55.27 NA 46.54 NA 55.27 NA 44.21203260.81 62.64 NA 57.16 NA 63.85 NA 58.99 NA 57.77 NA 48.65 NA 57.77 NA 46.22
2033 62.78 64.66 NA 59.01 NA 65.92 NA 60.90 NA 59.64 NA 50.22 NA 59.64 NA 47.71203464.71 66.65 NA 60.82 NA 67.94 NA 62.76 NA 61.47 NA 51.76 NA 61.47 NA 49.18
2035 66.55 68.55 NA 62.56 NA 69.88 NA 64.55 NA 63.22 NA 53.24 NA 63.22 NA 50.58203668.67 70.73 NA 64.55 NA 72.11 NA 66.61 NA 65.24 NA 54.94 NA 65.24 NA 52.19203770.25 72.36 NA 66.04 NA 73.76 NA 68.14 NA 66.74 NA 56.20 NA 66.74 NA 53.39203871.95 74.11 NA 67.63 NA 75.55 NA 69.79 NA 68.35 NA 57.56 NA 68.35 NA 54.68203973.78 75.99 NA 69.35 NA 77.47 NA 71.57 NA 70.09 NA 59.02 NA 70.09 NA 56.07
2040 97.28 100.20 NA 91.45 NA 102.15 NA 94.37 NA 92.42 NA 77.83 NA 92.42 NA 73.94204177.87 80.20 NA 73.19 NA 81.76 NA 75.53 NA 73.97 NA 62.29 NA 73.97 NA 59.18
2042 79.59 81.98 NA 74.81 NA 83.57 NA 77.20 NA 75.61 NA 63.67 NA 75.61 NA 60.49204382.37 84.84 NA 77.43 NA 86.49 NA 79.90 NA 78.25 NA 65.90 NA 78.25 NA 62.60
2044 85.66 88.23 NA 80.52 NA 89.94 NA 83.09 NA 81.38 NA 68.53 NA 81.38 NA 65.10204588.67 91.33 NA 83.35 NA 93.11 NA 86.01 NA 84.24 NA 70.94 NA 84.24 NA 67.39
Resource: Non-seasonal hydro
103%94%105%97%95%80%95%76
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour Heavy Load Hour
January February March April
Year Non-Levelized Price
2020 28.78
2022 30.48202332.84
2024 35.76202538.62
2026 51.19202752.30
2028 54.39202973.23203075.02203158.18203260.81
2033 62.78203464.71
2035 66.55203668.67
2037 70.25203871.95203973.78204097.28204177.87
2042 79.59204382.37
2044 85.66204588.67

Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration Price less integration
NA 26.47 NA 18.13 NA 27.05 NA 18.70 NA 34.82 NA 26.47 NA 34.82 NA 30.50 NA 31.37 NA 28.49 NA 33.09 NA 30.21 NA 31.65 NA 27.62 NA 37.12 NA 34.53 NA
NA 28.04 NA 19.20 NA 28.65 NA 19.81 NA 36.88 NA 28.04 NA 36.88 NA 32.31 NA 33.23 NA 30.18 NA 35.06 NA 32.01 NA 33.53 NA 29.26 NA 39.32 NA 36.58 NANA30.22 NA 20.69 NA 30.87 NA 21.35 NA 39.74 NA 30.22 NA 39.74 NA 34.81 NA 35.80 NA 32.51 NA 37.77 NA 34.49 NA 36.13 NA 31.53 NA 42.37 NA 39.41 NA
NA 32.90 NA 22.53 NA 33.61 NA 23.24 NA 43.27 NA 32.90 NA 43.27 NA 37.91 NA 38.98 NA 35.40 NA 41.12 NA 37.55 NA 39.34 NA 34.33 NA 46.13 NA 42.91 NANA35.53 NA 24.33 NA 36.30 NA 25.10 NA 46.73 NA 35.53 NA 46.73 NA 40.94 NA 42.10 NA 38.24 NA 44.42 NA 40.55 NA 42.48 NA 37.08 NA 49.82 NA 46.35 NA
NA 47.10 NA 32.25 NA 48.12 NA 33.28 NA 61.95 NA 47.10 NA 61.95 NA 54.27 NA 55.80 NA 50.68 NA 58.87 NA 53.75 NA 56.31 NA 49.15 NA 66.04 NA 61.43 NANA48.12 NA 32.95 NA 49.16 NA 34.00 NA 63.28 NA 48.12 NA 63.28 NA 55.44 NA 57.01 NA 51.78 NA 60.15 NA 54.92 NA 57.53 NA 50.21 NA 67.47 NA 62.76 NA
NA 50.03 NA 34.26 NA 51.12 NA 35.35 NA 65.81 NA 50.03 NA 65.81 NA 57.65 NA 59.28 NA 53.84 NA 62.54 NA 57.10 NA 59.82 NA 52.21 NA 70.16 NA 65.26 NANA67.37 NA 46.13 NA 68.84 NA 47.60 NA 88.61 NA 67.37 NA 88.61 NA 77.62 NA 79.82 NA 72.50 NA 84.21 NA 76.89 NA 80.55 NA 70.30 NA 94.47 NA 87.88 NANA69.02 NA 47.26 NA 70.52 NA 48.76 NA 90.77 NA 69.02 NA 90.77 NA 79.52 NA 81.77 NA 74.27 NA 86.27 NA 78.77 NA 82.52 NA 72.02 NA 96.77 NA 90.02 NANA53.52 NA 36.65 NA 54.68 NA 37.81 NA 70.39 NA 53.52 NA 70.39 NA 61.67 NA 63.41 NA 57.59 NA 66.90 NA 61.08 NA 63.99 NA 55.85 NA 75.05 NA 69.81 NANA55.95 NA 38.31 NA 57.16 NA 39.53 NA 73.58 NA 55.95 NA 73.58 NA 64.46 NA 66.29 NA 60.20 NA 69.93 NA 63.85 NA 66.89 NA 58.38 NA 78.45 NA 72.97 NA
NA 57.76 NA 39.55 NA 59.01 NA 40.81 NA 75.97 NA 57.76 NA 75.97 NA 66.55 NA 68.43 NA 62.15 NA 72.20 NA 65.92 NA 69.06 NA 60.27 NA 80.99 NA 75.34 NANA59.53 NA 40.76 NA 60.82 NA 42.06 NA 78.29 NA 59.53 NA 78.29 NA 68.59 NA 70.53 NA 64.06 NA 74.41 NA 67.94 NA 71.18 NA 62.12 NA 83.47 NA 77.65 NA
NA 61.23 NA 41.93 NA 62.56 NA 43.26 NA 80.53 NA 61.23 NA 80.53 NA 70.54 NA 72.54 NA 65.89 NA 76.53 NA 69.88 NA 73.21 NA 63.89 NA 85.85 NA 79.86 NANA63.18 NA 43.26 NA 64.55 NA 44.64 NA 83.10 NA 63.18 NA 83.10 NA 72.79 NA 74.85 NA 67.99 NA 78.97 NA 72.11 NA 75.54 NA 65.93 NA 88.59 NA 82.41 NANA64.63 NA 44.26 NA 66.04 NA 45.66 NA 85.00 NA 64.63 NA 85.00 NA 74.47 NA 76.57 NA 69.55 NA 80.79 NA 73.76 NA 77.28 NA 67.44 NA 90.62 NA 84.30 NANA66.19 NA 45.33 NA 67.63 NA 46.77 NA 87.06 NA 66.19 NA 87.06 NA 76.27 NA 78.43 NA 71.23 NA 82.74 NA 75.55 NA 79.15 NA 69.07 NA 92.82 NA 86.34 NANA67.88 NA 46.48 NA 69.35 NA 47.96 NA 89.27 NA 67.88 NA 89.27 NA 78.21 NA 80.42 NA 73.04 NA 84.85 NA 77.47 NA 81.16 NA 70.83 NA 95.17 NA 88.53 NA
NA 89.50 NA 61.29 NA 91.45 NA 63.23 NA 117.71 NA 89.50 NA 117.71 NA 103.12 NA 106.04 NA 96.31 NA 111.88 NA 102.15 NA 107.01 NA 93.39 NA 125.50 NA 116.74 NANA71.64 NA 49.06 NA 73.19 NA 50.61 NA 94.22 NA 71.64 NA 94.22 NA 82.54 NA 84.87 NA 77.09 NA 89.55 NA 81.76 NA 85.65 NA 74.75 NA 100.45 NA 93.44 NA
NA 73.22 NA 50.14 NA 74.81 NA 51.73 NA 96.30 NA 73.22 NA 96.30 NA 84.36 NA 86.75 NA 78.79 NA 91.53 NA 83.57 NA 87.55 NA 76.41 NA 102.67 NA 95.51 NANA75.78 NA 51.89 NA 77.43 NA 53.54 NA 99.67 NA 75.78 NA 99.67 NA 87.31 NA 89.79 NA 81.55 NA 94.73 NA 86.49 NA 90.61 NA 79.08 NA 106.26 NA 98.85 NA
NA 78.81 NA 53.96 NA 80.52 NA 55.68 NA 103.65 NA 78.81 NA 103.65 NA 90.80 NA 93.37 NA 84.80 NA 98.51 NA 89.94 NA 94.22 NA 82.23 NA 110.50 NA 102.79 NANA81.58 NA 55.86 NA 83.35 NA 57.64 NA 107.29 NA 81.58 NA 107.29 NA 93.99 NA 96.65 NA 87.79 NA 101.97 NA 93.11 NA 97.54 NA 85.13 NA 114.39 NA 106.41 NA
94%120%121%92%121%106%109%99%115%105%110%96%129%
Heavy Load Hour Light Load Hour Light Load HourHeavy Load Hour Light Load HourHeavy Load Hour Light Load Hour Heavy Load Hour Light Load HourHeavy Load Hour Light Load Hour
November
Heavy Load Hour Light Load Hour Heavy Load Hour Light Load Hour
DecemberMayJuneJulyAugustSeptemberOctober
Heavy Load Hour
Source notes:
Source: Table 2 Source: Table 3
Idaho Power IPC-E-13-21 w/o DR IPC-E-13-21 w DR
Summary Energy (aMW)Summer Capacity (MW)Winter Capacity (MW)Summer Capacity (MW)
2013 - (87)- -
2014 - (30)- -
2015 - (94)- -
2016 - (215)- -
2017 - (275)- -
2018 - (320)- -
2019 - (365)- -
2020 - (414)- -
2021 - (476)- (36)
2022 - (582)- (142)
2023 - (635)- (195)
2024 - (683)- (243)
2025 - (733)- (293)
2026 - (781)- (341)
2027 - (828)- (388)
2028 - (872)- (432)
2029 - (918)- (478)
2030 - (966)- (526)
2031 - (1,012)- (572)
2032 - (1,059)- (619)
2033 - (1,059)- (619)
2034 - (1,059)- (619)
2035 - (1,059)- (619)
2036 - (1,059)- (619)
2037 - (1,059)- (619)
2038 - (1,059)- (619)
2039 - (1,059)- (619)
2040 - (1,059)- (619)
2041 - (1,059)- (619)
2042 - (1,059)- (619)
2043 - (1,059)- (619)
2044 - (1,059)- (619)
2045 - (1,059)- (619)
2046 - (1,059)- (619)
2047 - (1,059)- (619)
ummer need will always outweigh winter.
Staff-recommended Net Position
Demand response (MW)Summer Capacity (MW)Summer Capacity (MW)Winter Capacity (MW)
170 - - -
170 - - -
170 - - -
170 (45) - -
170 (105) - -
170 (150) - -
170 (195) - -
170 (244) - -
170 (306) - -
170 (412) - -
170 (465) - -
170 (513) (47) -
170 (563) (88) -
170 (611) (398) -
170 (658) (474) -
170 (702) (512) -
170 (748) (562) -
170 (796) (653) -
170 (842) (689) -
170 (889) (763) -
170 (889) (828) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
Monthly Average Energy Load and Resource Balance sent
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
170 (889) (860) -
Summer Capacity (MW)Winter Capacity (MW)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
(34)-
(94)-
(159)-
(397)-
(458)-
(521)-
(574)-
(815)-
(872)-
(928)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
(986)-
Update gray areas:
PacifiCorp PAC-E-13-12
Energy (aMW)*Summer Capacity (MW)Winter Capacity (MW)
2013 - (824)-
2014 - (986)-
2015 - (1,228)-
2016 - (1,469)-
2017 - (1,688)-
2018 (1) (1,888)-
2019 (1) (2,100)-
2020 (1) (2,274)-
2021 (1) (2,081)-
2022 (1) (2,308)-
2023 (1) (2,308) -
2024 (1) (2,308) -
2025 (1) (2,308) -
2026 (1) (2,308) -
2027 (1) (2,308) -
2028 (1) (2,308) -
2029 (1) (2,308) -
2030 (1) (2,308) -
2031 (1) (2,308) -
2032 (1) (2,308) -
2033 (1) (2,308) -
2034 (1) (2,308) -
2035 (1) (2,308) -
2036 (1) (2,308) -
2037 (1) (2,308) -
2038 (1) (2,308) -
2039 (1) (2,308) -
2040 (1) (2,308) -
2041 (1) (2,308) -
2042 (1) (2,308) -
2043 (1) (2,308) -
2044 (1) (2,308) -
2045 (1) (2,308) -
2047 (1) (2,308) -
2048 (1) (2,308) -
2049 (1) (2,308) -
2050 (1) (2,308) -
PAC-E-15-12 PAC-E-17-09
Summer Capacity (MW)Winter Capacity (MW)Summer Capacity (MW)
0
0
0
825 0
511 0
649 0 1139
532 0 1129
294 0 743
150 0 893
372 0 728
219 0 655
104 0 730
27 0 687
(167) 0 516
(289) 0 576
(455) 0 510
(1,437) 0 (270)
(1,401) 0 (697)
(2,212) 0 (1115)
(2,312) 0 (1211)
(2,579) 0 (1352)
(2,982) 0 (2146)
(3,398) 0 (2179)
(3,398) 0 (2356)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
(3,398) 0 (2461)
Winter Capacity (MW)
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
0
0
0
0
0
SOURCE NOTES:2014 numbers from Avista 2013 IRP, pages 8-3
2015-2034 numbers from AVU-E-13-10 filing, pa
Avista AVU-E-13-10
Energy (aMW)Summer Capacity (MW)Winter Capacity (MW)
2012 - - -
2013 - - -
2014 - 14 17
2015 - 21 (123)
2016 - (36) (139)
2017 - 70 72
2018 - 65 57
2019 - 4 11
2020 - (10) (86)
2021 - 20 (104)
2022 - 11 (120)
2023 - (3) (128)
2024 - (14) (151)
2025 - (24) (167)
2026 - (37) (173)
2027 - (279) (470)
2028 - (289) (485)
2029 - (303) (492)
2030 - (315) (515)
2031 - (325) (530)
2032 - (339) (538)
2033 - (351) (561)
2034 - (362) (576)
2035 - (362) (576)
2036 - (362) (576)
2037 - (362) (576)
2038 - (362) (576)
2039 - (362) (576)
2040 - (362) (576)
2041 - (362) (576)
2042 - (362) (576)
2043 - (362) (576)
2044 - (362) (576)
2045 - (362) (576)
2046 - (362) (576)
2047 - (362) (576)
2048 - (362) (576)
2049 - (362) (576)
Numbers from Production Request Response to Capacity Deficit Case
ages 2 & 3, Energy is contingency net position, capacity is peak position with contingency
AVU-E-17-10
Winter Capacity Deficit (MW)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- (129)
(130)(139)
(139)(161)
(180)(169)
(192)(177)
(259)(262)
(267)(270)
(275)(279)
(283)(287)
(291)(296)
(300)(304)
(312)(313)
(316)(321)
(325)(330)
(325)(323)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
(325)(427)
2012 Final Release 2013 Final Release
Real 2010 $Nominal Real 2011 $Nominal
2009 4.49 4.44
2010 5.02 5.02 2010 5.14 5.03
2011 4.13 4.22 2011 4.83 4.83
2012 3.9 4.03 2012 2.99 3.04
2013 3.84 4 2013 3.52 3.64
2014 3.76 3.98 2014 3.63 3.81
2015 4.09 4.41 2015 3.75 3.99
2016 4.15 4.55 2016 4.32 4.68
2018 4.3 4.88 2018 4.93 5.51
2019 4.42 5.11 2019 5.15 5.84
2020 4.46 5.25 2020 5.29 6.10
2021 4.78 5.71 2021 5.55 6.52
2022 5.12 6.22 2022 5.86 7.00
2023 5.34 6.61 2023 6.09 7.40
2024 5.45 6.87 2024 6.12 7.58
2025 5.53 7.09 2025 6.16 7.77
2026 5.65 7.4 2026 6.19 7.95
2027 5.87 7.83 2027 6.18 8.07
2028 5.98 8.15 2028 6.24 8.31
2029 6.05 8.42 2029 6.33 8.57
2030 6.17 8.78 2030 6.40 8.84
2031 6.29 9.16 2031 6.52 9.17
2032 6.41 9.55 2032 6.68 9.56
2033 6.53 9.93 2033 6.84 9.97
2034 6.8 10.54 2034 7.09 10.52
2035 7.06 11.18 2035 7.42 11.21
2036 7.76 11.93
2037 8.10 12.68
2038 8.50 13.54
2039 8.66 14.04
2040 8.81 14.55
2014 Release 2015 Release
Nominal Real 2013 Nominal
2010 5.14 5.03
2011 4.92 4.83 2011 4.92 4.83
2012 3.44 3.44 2012 3.53 3.48
2013 4.39 4.46 2013 4.42 4.42
2014 4.51 4.66 2014 4.62 4.69
2015 4.11 4.32 2015 4.26 4.41
2016 3.95 4.21 2016 4.27 4.50
2018 4.65 5.10 2018 4.32 4.72
2019 4.90 5.46 2019 4.70 5.24
2020 4.84 5.48 2020 5.07 5.75
2021 4.96 5.71 2021 5.34 6.16
2022 4.98 5.83 2022 5.51 6.46
2023 5.11 6.08 2023 5.63 6.71
2024 5.28 6.39 2024 5.68 6.88
2025 5.35 6.59 2025 5.88 7.24
2026 5.26 6.59 2026 6.07 7.60
2027 5.26 6.71 2027 6.07 7.72
2028 5.31 6.89 2028 5.97 7.73
2029 5.56 7.34 2029 5.93 7.81
2030 5.80 7.81 2030 5.94 7.97
2031 5.94 8.16 2031 6.04 8.24
2032 6.16 8.63 2032 6.16 8.57
2033 6.39 9.13 2033 6.24 8.85
2034 6.56 9.58 2034 6.36 9.17
2035 6.75 10.06 2035 6.55 9.63
2036 7.19 10.95 2036 6.73 10.08
2037 7.29 11.32 2037 6.77 10.34
2038 7.27 11.54 2038 7.03 10.93
2039 7.49 12.15 2039 7.33 11.65
2040 7.69 12.76 2040 7.65 12.40
2016 Release 2017 Release
Real 2015 Nominal Real 2016 Nominal
2014
2015
2016
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2033
2034
2035
2036
2037
2038
2039
2040
2041 5.00 8.36
2042 5.05 8.63
2043 5.11 8.90
2044 5.23 9.31
2045 5.34 9.70
2018 Release 2019 Release
Real 2017 Nominal Real 2018 Nominal
2016 2.77 2.73
2017 3.36 3.30
2018 3.63 3.71 2018 3.46 3.46
2019 3.99 4.18 2019 3.36 3.44
2020 4.23 4.54 2020 3.55 3.74
2021 4.20 4.62 2021 3.49 3.77
2022 4.23 4.77 2022 3.58 3.96
2023 4.37 5.05 2023 3.78 4.29
2024 4.50 5.32 2024 4.04 4.69
2025 4.65 5.63 2025 4.28 5.09
2026 4.70 5.83 2026 4.40 5.35
2027 4.77 6.04 2027 4.41 5.48
2028 4.79 6.20 2028 4.52 5.75
2029 4.85 6.41 2029 4.51 5.86
2030 4.86 6.55 2030 4.55 6.05
2031 4.85 6.69 2031 4.56 6.19
2032 4.88 6.88 2032 4.71 6.53
2033 4.87 7.02 2033 4.78 6.77
2034 4.89 7.21 2034 4.84 7.01
2035 4.89 7.37 2035 4.89 7.24
2036 5.01 7.72 2036 4.96 7.50
2037 5.02 7.91 2037 4.97 7.69
2038 5.08 8.18 2038 4.99 7.89
2039 5.13 8.46 2039 5.02 8.12
2040 5.18 8.74 2040 5.11 8.45
2041 5.23 9.02 2041 5.10 8.62
2042 5.29 9.35 2042 5.10 8.83
2043 5.35 9.68 2043 5.18 9.18
2044 5.42 10.04 2044 5.30 9.60
2045 5.47 10.39 2045 5.39 9.99
2046 5.52 10.74 2046 5.47 10.38
2047 5.58 11.14 2047 5.62 10.92
2048 5.71 11.68 2048 5.80 11.55
2049 5.78 12.11 2049 5.87 11.98
2050 5.89 12.65 2050 6.02 12.58
2050 1.7%4.1%
ref2019.d111618a 2017 2018 2019 2020
Report Annual Energy Outlook 2019
Scenario ref2019
Datekey d111618a
Release Date January 2019
3.8. Energy Prices by Sector and Source
(2018 dollars per million Btu, unless otherwise noted)
Mountain - 08
Sector and Source 2017 2018 2019 2020
Residential
Propane 17.01 20.04 22.39 23.89
Distillate Fuel Oil 17.11 20.45 20.84 21.35
Natural Gas 8.97 9.07 9.25 9.45
Electricity 35.58 34.65 33.76 32.70
Commercial
Propane 15.70 17.94 18.93 19.05
Distillate Fuel Oil 18.56 22.19 23.00 22.74
Residual Fuel Oil 5.15 6.52 5.67 6.88
Natural Gas 7.10 7.13 7.31 7.45
Electricity 28.77 28.36 27.69 25.94
Propane 12.89 13.67 14.23 14.15
Distillate Fuel Oil 18.56 22.19 23.15 22.96
Residual Fuel Oil 5.42 6.87 5.88 7.05
Natural Gas 2/3.93 3.90 3.98 4.07
Metallurgical Coal 0.00 0.00 0.00 0.00
Other Industrial Coal 2.70 3.08 3.07 3.08
Coal to Liquids - -- -- -- -
Electricity 19.68 19.72 19.03 17.21
Transportation
Propane 18.44 17.39 17.57 17.48
E85 3/21.07 28.25 29.66 31.96
Motor Gasoline 4/21.51 24.06 23.98 24.45
Jet Fuel 5/12.60 16.48 16.30 17.28
Diesel Fuel (distillate fuel oil) 6/19.91 23.56 22.98 24.21
Residual Fuel Oil 2.11 8.45 9.63 10.25
Natural Gas 7/13.76 13.64 13.62 13.55
Electricity 30.50 32.41 35.25 34.61
Electric Power 8/
Distillate Fuel Oil 18.50 22.13 23.11 23.00
Residual Fuel Oil 4.28 4.96 5.90 7.01
Natural Gas 3.36 3.46 3.36 3.55
Steam Coal 1.83 1.84 1.82 1.75
Uranium 0.66 0.66 0.66 0.66
Average Price to All Users 9/
Propane 16.12 18.42 20.27 21.70
E85 3/21.07 28.25 29.66 31.96
Motor Gasoline 4/21.50 24.05 23.98 24.45
Jet Fuel 5/12.60 16.48 16.30 17.28
Distillate Fuel Oil 19.60 23.23 23.01 23.90
Residual Fuel Oil 4.29 4.97 5.90 7.01
Natural Gas 5.39 5.39 5.43 5.57
Metallurgical Coal 0.00 0.00 0.00 0.00
Other Coal 1.87 1.89 1.87 1.81
Coal to Liquids - -- -- -- -
Electricity 28.57 28.15 27.41 25.81
Residential 16.0 16.0 16.1 16.0
Commercial 12.5 12.7 12.6 12.2
Industrial 1/9.9 10.8 10.8 10.6
Transportation 38.7 44.9 44.9 46.2
Total Non-Renewable Expenditures 77.0 84.4 84.4 85.1
Transportation Renewable Expenditures 0.0 0.1 0.1 0.1
Total Expenditures 77.0 84.5 84.5 85.2
Residential
Propane 16.68 20.04 22.94 25.16
Distillate Fuel Oil 16.78 20.45 21.35 22.48
Natural Gas 8.80 9.07 9.48 9.95
Electricity 34.90 34.65 34.59 34.43
Commercial
Propane 15.40 17.94 19.40 20.06
Distillate Fuel Oil 18.20 22.19 23.57 23.94
Residual Fuel Oil 5.05 6.52 5.81 7.24
Natural Gas 6.97 7.13 7.49 7.85
Electricity 28.22 28.36 28.38 27.31
Industrial 1/
Propane 12.65 13.67 14.58 14.90
Distillate Fuel Oil 18.20 22.19 23.72 24.18
Residual Fuel Oil 5.32 6.87 6.03 7.42
Natural Gas 2/3.86 3.90 4.08 4.28
Metallurgical Coal 0.00 0.00 0.00 0.00
Other Industrial Coal 2.64 3.08 3.15 3.24
Coal to Liquids - -- -- -- -
Electricity 19.31 19.72 19.50 18.13
Transportation
Propane 18.09 17.39 18.00 18.41
E85 3/20.66 28.25 30.39 33.66
Motor Gasoline 4/21.10 24.06 24.57 25.75
Jet Fuel 5/12.36 16.48 16.71 18.20
Diesel Fuel (distillate fuel oil) 6/19.53 23.56 23.55 25.49
Residual Fuel Oil 2.07 8.45 9.86 10.79
Natural Gas 7/13.50 13.64 13.96 14.27
Electricity 29.91 32.41 36.12 36.44
Electric Power 8/
Distillate Fuel Oil 18.15 22.13 23.68 24.22
Residual Fuel Oil 4.20 4.96 6.05 7.38
Natural Gas 3.30 3.46 3.44 3.74
Steam Coal 1.80 1.84 1.86 1.85
Uranium 0.65 0.66 0.68 0.70
Average Price to All Users 9/
Propane 15.81 18.42 20.77 22.85
E85 3/20.66 28.25 30.39 33.66
Motor Gasoline 4/21.09 24.05 24.57 25.74
Jet Fuel 5/12.36 16.48 16.71 18.20
Distillate Fuel Oil 19.22 23.23 23.58 25.17
Residual Fuel Oil 4.20 4.97 6.05 7.38
Natural Gas 5.29 5.39 5.56 5.86
Metallurgical Coal 0.00 0.00 0.00 0.00
Other Coal 1.83 1.89 1.91 1.91
Coal to Liquids - -- -- -- -
Electricity 28.02 28.15 28.08 27.18
Non-Renewable Energy Expenditures by Sector
(billion nominal dollars)
Residential 15.7 16.0 16.5 16.9
Commercial 12.2 12.7 12.9 12.9
Industrial 1/9.7 10.8 11.1 11.2
Transportation 37.9 44.9 46.0 48.7
Total Non-Renewable Expenditures 75.5 84.4 86.5 89.6
Transportation Renewable Expenditures 0.0 0.1 0.1 0.1
Total Expenditures 75.5 84.5 86.6 89.7
2/ Excludes use for lease and plant fuel and fuel used for liquefaction in export facilities.
the percentage of ethanol varies seasonally. The annual average ethanol content of 74 percent is used for these projections.
4/ Sales weighted-average price for all grades. Includes Federal, State, and local taxes.
5/ Kerosene-type jet fuel. Includes Federal and State taxes while excluding county and local taxes.
6/ Diesel fuel for on-road use. Includes Federal and State taxes while excluding county and local taxes.
7/ Natural gas used as fuel in motor vehicles, trains, and ships. Price includes estimated motor vehicle fuel taxes
and estimated dispensing costs or charges.
8/ Includes electricity-only and combined heat and power plants that have a regulatory status.
Btu = British thermal unit.
- - = Not applicable.
Note: Data for 2017 are model results and may differ from official EIA data reports.
Sources: 2017 prices for motor gasoline, distillate fuel oil, and jet fuel are based on prices in the
U.S. Energy Information Administration (EIA), Petroleum Marketing Monthly, July 2018. 2017 residential and commercial
natural gas delivered prices: EIA, Natural Gas Annual 2017. 2017 industrial natural gas delivered prices
based on: EIA, Manufacturing Energy Consumption Survey, 2002-2014. 2017 transportation sector
natural gas delivered prices derived from: U.S. Department of Energy, Clean Cities Alternative Fuel Price Report. 2017
electric power sector distillate and residual fuel oil prices: EIA, Monthly Energy Review, September 2018. 2017 electric
2017 electricity prices: EIA, Monthly Energy Review, September 2018. 2017 E85 prices
derived from: U.S. Department of Energy, Clean Cities Alternative Fuel Price Report.
Projections: EIA, AEO2019 National Energy Modeling System run ref2019.d111618a.
2021 2022 2023 2024 2025 2026 2027 2028
Reference case
2021 2022 2023 2024 2025 2026 2027 2028
10.86 11.23 11.48 11.72 12.10 12.43 12.61 12.68
13.31 13.12 13.02 12.92 12.81 12.53 12.17 11.88
34.29 34.28 34.20 34.08 33.98 33.84 33.62 33.22
22.53 21.82 21.61 21.70 22.07 22.55 23.19 23.38
7.97 8.80 9.90 11.23 11.51 11.91 12.50 12.71
3.49 3.58 3.78 4.04 4.28 4.40 4.41 4.52
1.77 1.76 1.76 1.76 1.74 1.72 1.72 1.74
0.67 0.67 0.67 0.67 0.67 0.67 0.67 0.68
22.53 23.42 24.10 24.85 25.61 26.25 26.74 27.10
30.95 30.98 29.84 28.46 26.01 25.80 25.22 24.60
24.45 24.37 24.55 24.75 25.02 25.27 25.77 26.02
16.98 16.65 16.82 17.03 17.30 17.70 18.17 18.59
23.66 23.30 23.32 23.62 24.05 24.30 24.97 25.25
7.97 8.80 9.90 11.24 11.52 11.92 12.51 12.71
5.68 5.80 5.99 6.18 6.38 6.43 6.45 6.51
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.83 1.82 1.83 1.82 1.80 1.79 1.79 1.81
- -- -- -- -- -- -- -- -
25.05 24.88 24.82 24.81 24.92 24.97 24.92 24.88
15.9 16.1 16.3 16.6 16.8 17.1 17.2 17.4
12.0 12.0 12.1 12.2 12.4 12.5 12.5 12.6
10.7 10.8 11.1 11.4 11.8 12.0 12.3 12.5
45.7 45.1 45.1 45.2 45.4 45.6 46.3 46.6
84.3 84.0 84.5 85.4 86.4 87.2 88.4 89.1
0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3
84.5 84.2 84.7 85.6 86.6 87.5 88.7 89.4
27.10 29.03 30.79 32.59 34.45 36.23 37.89 39.41
23.25 23.75 24.80 26.23 27.26 28.46 29.91 30.83
10.36 10.83 11.40 11.98 12.51 12.96 13.33 13.74
34.48 35.39 36.40 37.52 38.77 39.93 41.02 42.04
20.94 22.07 23.05 24.20 25.41 26.50 27.46 28.34
24.08 24.00 24.36 25.17 26.38 27.53 28.98 29.96
8.59 9.84 11.46 13.40 14.04 14.85 15.92 16.54
8.12 8.46 8.88 9.32 9.74 10.08 10.35 10.65
27.17 27.52 27.97 28.48 29.10 29.69 30.16 30.61
15.63 16.65 17.47 18.50 19.58 20.52 21.31 22.03
24.42 24.47 24.95 25.90 27.16 28.32 29.79 30.80
8.73 9.94 11.51 13.40 14.04 14.85 15.92 16.54
4.32 4.45 4.69 4.98 5.35 5.58 5.73 5.94
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.32 3.41 3.48 3.57 3.66 3.74 3.83 3.92
- -- -- -- -- -- -- -- -
18.07 18.29 18.65 19.01 19.54 19.99 20.27 20.69
19.17 20.17 21.03 22.05 23.10 24.05 24.88 25.65
33.46 34.34 33.90 33.10 30.94 31.39 31.39 31.29
26.44 27.02 27.89 28.78 29.77 30.75 32.07 33.10
18.36 18.46 19.11 19.80 20.58 21.53 22.60 23.66
26.07 26.29 27.03 28.02 29.13 30.03 31.53 32.61
11.74 12.45 13.04 13.63 14.40 15.12 15.69 16.13
14.39 14.55 14.79 15.03 15.24 15.24 15.15 15.11
37.07 38.01 38.85 39.63 40.43 41.17 41.84 42.27
24.36 24.19 24.55 25.24 26.25 27.43 28.86 29.75
8.62 9.75 11.25 13.06 13.70 14.50 15.56 16.17
3.77 3.96 4.29 4.69 5.09 5.35 5.48 5.75
1.91 1.95 2.00 2.05 2.07 2.09 2.14 2.21
0.72 0.74 0.76 0.78 0.80 0.82 0.84 0.86
24.36 25.96 27.38 28.89 30.46 31.93 33.27 34.47
33.46 34.34 33.90 33.10 30.94 31.39 31.39 31.29
26.43 27.02 27.89 28.78 29.77 30.75 32.07 33.10
18.36 18.46 19.11 19.80 20.58 21.53 22.60 23.66
25.58 25.83 26.50 27.47 28.60 29.57 31.07 32.13
8.62 9.75 11.25 13.07 13.70 14.50 15.56 16.18
6.14 6.43 6.80 7.18 7.59 7.83 8.02 8.28
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.98 2.02 2.07 2.12 2.15 2.17 2.23 2.30
- -- -- -- -- -- -- -- -
27.08 27.59 28.19 28.85 29.65 30.38 31.01 31.65
17.2 17.8 18.5 19.2 20.0 20.8 21.5 22.2
13.0 13.3 13.7 14.2 14.7 15.2 15.6 16.0
11.6 12.0 12.6 13.3 14.0 14.6 15.3 15.9
49.4 50.0 51.2 52.6 54.0 55.5 57.6 59.3
91.2 93.1 96.0 99.3 102.8 106.1 110.0 113.4
0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.4
91.3 93.3 96.2 99.5 103.1 106.4 110.3 113.8
starting issues,
l consumption.
:
8a.
18a.
ms.
2029 2030 2031 2032 2033 2034 2035 2036
2029 2030 2031 2032 2033 2034 2035 2036
31.32 31.56 31.73 31.96 32.24 32.52 32.79 33.07
24.79 24.88 25.10 25.43 25.69 25.74 25.98 26.32
10.84 10.89 10.92 11.02 11.12 11.19 11.25 11.32
33.14 33.29 33.60 34.03 34.29 34.50 34.60 34.68
22.35 22.41 22.45 22.61 22.80 22.98 23.14 23.30
24.09 24.25 24.48 24.80 25.03 25.13 25.37 25.70
13.42 13.57 13.77 14.01 14.19 14.37 14.51 14.75
8.39 8.42 8.43 8.51 8.58 8.63 8.67 8.72
23.89 23.81 23.87 24.04 24.03 24.02 23.94 23.82
17.37 17.41 17.45 17.63 17.84 18.02 18.17 18.34
24.75 24.93 25.16 25.47 25.69 25.80 26.05 26.37
13.42 13.57 13.77 14.01 14.19 14.37 14.51 14.75
4.67 4.70 4.69 4.81 4.87 4.93 4.97 5.04
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.09 3.10 3.10 3.10 3.10 3.10 3.10 3.10
- -- -- -- -- -- -- -- -
16.18 16.17 16.27 16.48 16.50 16.54 16.54 16.50
20.22 20.26 20.29 20.43 20.59 20.75 20.87 21.01
24.48 23.47 23.46 23.55 23.21 22.89 22.93 22.91
26.38 26.51 26.78 27.02 27.14 27.36 27.53 27.79
19.24 19.36 19.61 20.01 20.23 20.37 20.64 21.00
26.17 26.36 26.60 26.92 27.13 27.24 27.51 27.82
12.91 13.18 13.56 13.87 13.85 14.09 14.20 14.60
11.52 11.27 11.08 11.05 11.00 10.97 10.94 10.94
32.97 32.67 32.51 32.49 32.36 32.13 31.84 31.57
23.94 24.03 24.25 24.58 24.84 24.89 25.13 25.47
13.13 13.28 13.48 13.72 13.90 14.08 14.22 14.46
4.51 4.55 4.56 4.71 4.78 4.84 4.89 4.96
1.75 1.76 1.73 1.74 1.75 1.75 1.76 1.77
0.68 0.68 0.68 0.68 0.68 0.69 0.69 0.69
27.30 27.43 27.50 27.68 27.89 28.10 28.29 28.49
24.48 23.47 23.46 23.55 23.21 22.89 22.93 22.91
26.38 26.51 26.78 27.02 27.14 27.36 27.53 27.79
19.24 19.36 19.61 20.01 20.23 20.37 20.64 21.00
25.79 25.97 26.20 26.52 26.73 26.84 27.09 27.41
13.13 13.28 13.48 13.72 13.90 14.09 14.22 14.46
6.53 6.59 6.56 6.68 6.75 6.83 6.88 6.96
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.82 1.83 1.81 1.81 1.82 1.82 1.83 1.84
- -- -- -- -- -- -- -- -
24.83 24.87 25.04 25.32 25.42 25.51 25.53 25.50
17.6 17.8 18.1 18.4 18.6 18.9 19.1 19.3
12.7 12.7 12.9 13.1 13.2 13.3 13.4 13.5
12.7 12.8 13.0 13.3 13.5 13.7 13.9 14.2
47.2 47.2 47.5 47.9 48.1 48.3 48.8 49.4
90.2 90.6 91.5 92.6 93.4 94.2 95.2 96.3
0.3 0.4 0.4 0.4 0.4 0.4 0.4 0.4
90.5 91.0 91.8 93.0 93.8 94.6 95.6 96.8
40.74 41.93 43.06 44.32 45.68 47.10 48.54 50.04
32.24 33.06 34.07 35.26 36.40 37.27 38.45 39.83
14.10 14.47 14.83 15.29 15.75 16.20 16.65 17.13
43.10 44.23 45.60 47.19 48.59 49.96 51.22 52.49
29.07 29.77 30.47 31.35 32.31 33.28 34.25 35.27
31.33 32.22 33.23 34.39 35.46 36.38 37.56 38.89
17.45 18.03 18.69 19.43 20.11 20.81 21.48 22.32
10.91 11.19 11.44 11.80 12.16 12.49 12.83 13.20
31.08 31.64 32.39 33.34 34.06 34.79 35.44 36.04
22.59 23.14 23.68 24.45 25.27 26.09 26.89 27.76
32.19 33.12 34.14 35.33 36.41 37.36 38.56 39.91
17.45 18.03 18.69 19.43 20.11 20.81 21.48 22.32
6.08 6.25 6.37 6.67 6.91 7.13 7.36 7.63
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4.01 4.12 4.21 4.30 4.40 4.49 4.59 4.70
- -- -- -- -- -- -- -- -
21.04 21.49 22.08 22.85 23.38 23.95 24.49 24.98
26.29 26.91 27.54 28.33 29.18 30.04 30.89 31.80
31.83 31.18 31.84 32.65 32.88 33.14 33.94 34.68
34.31 35.23 36.34 37.47 38.46 39.62 40.76 42.06
25.02 25.72 26.62 27.75 28.67 29.50 30.55 31.77
34.04 35.03 36.11 37.33 38.44 39.45 40.72 42.10
16.79 17.51 18.41 19.24 19.62 20.40 21.02 22.10
14.98 14.98 15.04 15.33 15.59 15.89 16.19 16.56
42.88 43.41 44.13 45.05 45.86 46.53 47.13 47.78
31.13 31.94 32.91 34.08 35.20 36.04 37.19 38.55
17.07 17.65 18.30 19.03 19.70 20.40 21.05 21.89
5.86 6.05 6.19 6.53 6.77 7.01 7.24 7.50
2.27 2.34 2.35 2.41 2.47 2.53 2.60 2.67
0.88 0.90 0.92 0.95 0.97 0.99 1.02 1.04
35.50 36.44 37.33 38.38 39.52 40.69 41.87 43.11
31.83 31.18 31.84 32.65 32.88 33.14 33.94 34.68
34.31 35.23 36.34 37.47 38.46 39.62 40.76 42.06
25.02 25.72 26.62 27.75 28.67 29.50 30.55 31.77
33.54 34.51 35.57 36.78 37.87 38.87 40.10 41.48
17.07 17.65 18.30 19.03 19.70 20.40 21.05 21.89
8.49 8.75 8.90 9.27 9.57 9.89 10.19 10.54
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.36 2.43 2.45 2.52 2.58 2.64 2.71 2.78
- -- -- -- -- -- -- -- -
32.30 33.05 33.98 35.11 36.03 36.94 37.78 38.60
22.9 23.7 24.5 25.5 26.4 27.3 28.3 29.2
16.5 16.9 17.5 18.1 18.7 19.3 19.8 20.4
16.5 17.0 17.7 18.5 19.1 19.8 20.6 21.4
61.4 62.8 64.5 66.4 68.1 70.0 72.2 74.7
117.3 120.4 124.1 128.4 132.3 136.4 140.9 145.8
0.4 0.5 0.5 0.5 0.6 0.6 0.6 0.7
117.7 120.9 124.6 129.0 132.9 137.0 141.5 146.4

2037 2038 2039 2040 2041 2042 2043 2044
2037 2038 2039 2040 2041 2042 2043 2044
33.29 33.47 33.64 33.79 33.89 34.00 34.12 34.23
26.28 26.46 26.63 26.74 26.83 27.10 27.15 27.12
11.39 11.42 11.46 11.52 11.55 11.60 11.67 11.75
34.78 34.86 34.97 35.14 35.29 35.29 35.25 35.35
23.41 23.49 23.58 23.66 23.69 23.76 23.84 23.91
25.66 25.85 26.00 26.10 26.15 26.38 26.39 26.28
14.79 14.92 15.07 15.18 15.27 15.49 15.52 15.52
8.77 8.78 8.81 8.85 8.87 8.90 8.96 9.02
23.75 23.67 23.61 23.58 23.53 23.38 23.24 23.20
18.44 18.51 18.60 18.68 18.71 18.78 18.86 18.93
26.34 26.52 26.68 26.78 26.82 27.04 27.04 26.92
14.79 14.92 15.07 15.18 15.27 15.49 15.52 15.52
5.07 5.09 5.11 5.16 5.16 5.20 5.26 5.35
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
3.10 3.10 3.10 3.10 3.10 3.10 3.10 3.10
- -- -- -- -- -- -- -- -
16.53 16.53 16.54 16.57 16.56 16.52 16.52 16.55
21.10 21.16 21.23 21.30 21.32 21.38 21.45 21.50
22.83 23.02 23.47 23.89 24.59 25.43 26.25 26.73
27.79 27.98 28.15 28.32 28.43 28.72 28.76 28.73
21.00 21.22 21.39 21.51 21.63 21.90 21.99 21.96
27.79 27.97 28.12 28.22 28.25 28.45 28.45 28.29
14.68 14.85 15.07 15.24 15.32 15.36 15.43 15.52
10.94 10.91 10.91 10.95 10.93 10.97 11.05 11.15
31.32 31.08 30.85 30.68 30.49 30.11 29.75 29.52
25.43 25.61 25.79 25.89 25.98 26.25 26.30 26.27
14.50 14.63 14.78 14.89 14.98 15.20 15.23 15.23
4.97 4.99 5.02 5.11 5.10 5.10 5.18 5.30
1.77 1.78 1.79 1.79 1.80 1.80 1.80 1.80
0.69 0.69 0.69 0.70 0.70 0.70 0.70 0.70
28.63 28.73 28.83 28.91 28.95 29.01 29.08 29.14
22.83 23.02 23.47 23.89 24.59 25.43 26.25 26.73
27.79 27.98 28.15 28.32 28.43 28.72 28.76 28.73
21.00 21.22 21.39 21.51 21.63 21.90 21.99 21.96
27.37 27.56 27.71 27.80 27.83 28.04 28.04 27.89
14.50 14.64 14.78 14.89 14.98 15.20 15.24 15.23
7.03 7.06 7.09 7.16 7.14 7.16 7.22 7.31
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
1.84 1.85 1.86 1.86 1.87 1.87 1.87 1.87
- -- -- -- -- -- -- -- -
25.53 25.53 25.54 25.60 25.63 25.56 25.49 25.51
19.6 19.8 20.0 20.2 20.5 20.7 20.8 21.1
13.6 13.7 13.8 13.9 14.0 14.1 14.2 14.3
14.3 14.5 14.7 15.0 15.2 15.4 15.6 15.8
49.5 50.1 50.7 51.2 51.6 52.4 52.8 53.0
96.9 98.1 99.2 100.4 101.3 102.5 103.4 104.2
0.5 0.5 0.5 0.5 0.5 0.5 0.4 0.4
97.4 98.5 99.7 100.8 101.7 103.0 103.8 104.7
51.51 52.95 54.41 55.89 57.34 58.84 60.42 62.04
40.67 41.85 43.08 44.23 45.39 46.90 48.08 49.15
17.62 18.06 18.54 19.05 19.54 20.08 20.67 21.29
53.82 55.15 56.56 58.12 59.70 61.08 62.43 64.06
36.23 37.16 38.13 39.13 40.08 41.12 42.21 43.32
39.71 40.88 42.06 43.18 44.25 45.65 46.73 47.63
22.89 23.61 24.38 25.11 25.83 26.80 27.49 28.12
13.57 13.90 14.25 14.64 15.00 15.41 15.87 16.35
36.74 37.44 38.18 39.01 39.81 40.47 41.16 42.04
28.53 29.29 30.08 30.90 31.65 32.50 33.40 34.31
40.75 41.95 43.15 44.29 45.37 46.79 47.89 48.78
22.89 23.61 24.38 25.11 25.83 26.80 27.49 28.12
7.85 8.05 8.27 8.54 8.72 8.99 9.32 9.69
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
4.80 4.90 5.01 5.12 5.24 5.36 5.48 5.62
- -- -- -- -- -- -- -- -
25.58 26.15 26.75 27.40 28.02 28.59 29.25 29.99
32.64 33.47 34.34 35.22 36.08 37.00 37.98 38.97
35.33 36.42 37.96 39.51 41.61 44.00 46.49 48.44
43.00 44.26 45.53 46.85 48.09 49.70 50.93 52.06
32.49 33.57 34.59 35.57 36.59 37.89 38.95 39.80
43.00 44.24 45.49 46.68 47.79 49.23 50.37 51.27
22.71 23.50 24.38 25.21 25.92 26.58 27.33 28.12
16.92 17.26 17.65 18.11 18.50 18.99 19.56 20.20
48.47 49.16 49.90 50.75 51.59 52.11 52.69 53.50
39.35 40.51 41.71 42.83 43.95 45.44 46.58 47.61
22.44 23.15 23.91 24.63 25.34 26.30 26.98 27.59
7.69 7.89 8.12 8.45 8.62 8.83 9.18 9.60
2.74 2.81 2.89 2.96 3.04 3.11 3.19 3.27
1.07 1.10 1.12 1.15 1.18 1.21 1.24 1.27
44.29 45.45 46.62 47.82 48.97 50.20 51.49 52.80
35.33 36.42 37.96 39.51 41.61 44.00 46.49 48.44
43.00 44.26 45.53 46.85 48.09 49.70 50.93 52.06
32.49 33.57 34.59 35.57 36.59 37.89 38.95 39.80
42.35 43.59 44.81 45.99 47.09 48.52 49.64 50.55
22.44 23.15 23.91 24.63 25.34 26.31 26.98 27.60
10.87 11.17 11.47 11.84 12.08 12.38 12.79 13.25
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
2.85 2.93 3.00 3.08 3.16 3.24 3.32 3.40
- -- -- -- -- -- -- -- -
39.50 40.38 41.32 42.34 43.36 44.23 45.14 46.23
30.3 31.3 32.3 33.5 34.6 35.7 36.9 38.2
21.0 21.7 22.3 23.0 23.7 24.4 25.2 26.0
22.1 23.0 23.8 24.7 25.6 26.6 27.6 28.6
76.6 79.2 81.9 84.8 87.4 90.7 93.5 96.1
150.0 155.1 160.4 166.0 171.4 177.5 183.1 188.9
0.7 0.7 0.8 0.8 0.8 0.8 0.8 0.8
150.7 155.9 161.2 166.8 172.1 178.2 183.9 189.7

2045 2046 2047 2048 2049 2050
2018-
2045 2046 2047 2048 2049 2050 2050
15.61 15.72 15.90 16.02 16.15 16.42 2.1%
11.25 11.35 11.47 11.64 11.78 11.89 -0.4%
29.51 29.51 29.29 29.31 29.31 29.23 -0.3%
26.34 26.36 26.37 26.43 26.38 26.36 0.5%
15.31 15.32 15.35 15.37 15.34 15.34 3.6%
5.39 5.47 5.62 5.80 5.87 6.02 1.7%
1.81 1.82 1.82 1.82 1.83 1.83 0.0%
0.71 0.71 0.71 0.71 0.71 0.72 0.2%
29.17 29.16 29.14 29.11 29.04 28.92 1.4%
27.28 28.80 30.88 32.35 32.34 32.27 0.4%
28.79 28.90 29.00 29.13 29.15 29.13 0.6%
22.09 22.13 22.19 22.33 22.30 22.29 0.9%
27.91 27.82 27.67 27.71 27.65 27.63 0.5%
15.31 15.32 15.35 15.37 15.34 15.34 3.6%
7.40 7.50 7.62 7.77 7.88 8.00 1.2%
0.00 0.00 0.00 0.00 0.00 0.00 - -
1.88 1.89 1.89 1.89 1.90 1.91 0.0%
- -- -- -- -- -- -- -
25.65 25.80 25.82 25.98 26.10 26.17 -0.2%
21.4 21.7 21.9 22.3 22.6 22.8 1.1%
14.5 14.7 14.9 15.1 15.4 15.6 0.6%
16.1 16.3 16.6 16.9 17.2 17.4 1.5%
53.6 54.2 54.8 55.5 55.9 56.3 0.7%
105.6 106.9 108.2 109.8 111.0 112.1 0.9%
0.4 0.4 0.3 0.3 0.3 0.3 3.3%
106.0 107.3 108.5 110.1 111.3 112.4 0.9%
63.66 65.26 66.87 68.51 70.12 71.67 4.1%
50.43 51.67 52.93 54.34 55.56 56.90 3.2%
21.96 22.63 23.35 24.13 24.97 25.76 3.3%
66.10 68.25 70.11 72.43 74.78 77.04 2.5%
44.42 45.49 46.59 47.72 48.81 49.84 3.2%
48.81 49.85 50.85 52.17 53.34 54.63 2.9%
28.94 29.63 30.40 31.18 31.88 32.69 5.2%
16.88 17.40 17.96 18.59 19.26 19.88 3.3%
43.16 44.35 45.33 46.64 47.89 49.11 1.7%
35.18 36.02 36.88 37.77 38.60 39.36 3.4%
49.99 51.03 52.02 53.36 54.56 55.88 2.9%
28.94 29.63 30.40 31.18 31.88 32.69 5.0%
10.09 10.47 10.90 11.44 11.97 12.45 3.7%
0.00 0.00 0.00 0.00 0.00 0.00 - -
5.76 5.90 6.05 6.21 6.38 6.54 2.4%
- -- -- -- -- -- -- -
30.86 31.81 32.66 33.69 34.69 35.67 1.9%
39.94 40.91 41.89 42.90 43.88 44.82 3.0%
50.60 54.68 60.04 64.43 65.99 67.49 2.8%
53.40 54.88 56.39 58.02 59.49 60.92 2.9%
40.97 42.02 43.14 44.48 45.51 46.62 3.3%
52.51 53.57 54.56 55.93 57.19 58.59 2.9%
28.96 29.84 30.91 31.91 32.96 34.33 4.5%
20.87 21.55 22.30 23.17 24.05 24.87 1.9%
54.74 56.04 56.96 58.37 59.80 61.14 2.0%
48.86 50.06 51.28 52.65 53.83 55.12 2.9%
28.40 29.09 29.84 30.60 31.29 32.09 6.0%
9.99 10.38 10.92 11.55 11.98 12.58 4.1%
3.35 3.45 3.54 3.63 3.73 3.83 2.3%
1.31 1.34 1.38 1.42 1.46 1.50 2.6%
54.10 55.38 56.66 57.98 59.26 60.47 3.8%
50.60 54.68 60.04 64.43 65.99 67.49 2.8%
53.40 54.88 56.39 58.02 59.49 60.92 2.9%
40.97 42.02 43.14 44.48 45.51 46.62 3.3%
51.78 52.82 53.81 55.18 56.43 57.79 2.9%
28.41 29.09 29.84 30.61 31.30 32.09 6.0%
13.73 14.23 14.82 15.47 16.08 16.73 3.6%
0.00 0.00 0.00 0.00 0.00 0.00 - -
3.49 3.59 3.68 3.77 3.88 3.99 2.4%
- -- -- -- -- -- -- -
47.58 48.99 50.21 51.75 53.26 54.72 2.1%
39.7 41.2 42.7 44.3 46.0 47.7 3.5%
27.0 28.0 29.0 30.2 31.4 32.6 3.0%
29.8 31.0 32.2 33.7 35.0 36.4 3.9%
99.4 102.8 106.5 110.5 114.1 117.8 3.1%
195.8 203.1 210.3 218.7 226.5 234.5 3.2%
0.7 0.7 0.6 0.5 0.5 0.6 5.7%
196.6 203.7 210.9 219.2 227.0 235.1 3.2%

Earnings Book Tax Tax Equity Deferred Current Total Prop.Misc.CarryingINPUT AND RESULTS Year Base Return Depr Base Depr Interest Return Taxes Taxes Taxes Taxes Items Cost
0 100.000 7.350FINANCING:1 96.579 7.224 3.333 100.000 3.750 2.556 4.669 0.088 1.421 1.509 1.000 0.000 13.066Capital Structure 2 92.430 6.946 3.333 96.250 7.219 2.457 4.489 0.816 0.465 1.281 1.000 0.000 12.560 Debt 50.000%3 88.394 6.645 3.333 89.031 6.677 2.351 4.295 0.702 0.541 1.244 1.000 0.000 12.222 Preferred 0.000%4 84.464 6.353 3.333 82.354 6.177 2.247 4.105 0.597 0.609 1.206 1.000 0.000 11.892 Common 50.000%5 80.631 6.067 3.333 76.177 5.713 2.146 3.921 0.500 0.668 1.168 1.000 0.000 11.569 Total 100.000%6 76.888 5.789 3.333 70.464 5.285 2.048 3.741 0.410 0.720 1.130 1.000 0.000 11.252
7 73.228 5.517 3.333 65.179 4.888 1.951 3.565 0.327 0.765 1.092 1.000 0.000 10.942Component Cost 8 69.645 5.251 3.333 60.291 4.522 1.857 3.393 0.250 0.804 1.053 1.000 0.000 10.637
Debt 5.200%9 66.075 4.988 3.333 55.769 4.462 1.764 3.223 0.237 0.764 1.001 1.000 0.000 10.322 Preferred 10 62.504 4.725 3.333 51.307 4.462 1.672 3.054 0.237 0.708 0.945 1.000 0.000 10.004
Common 9.500%11 58.934 4.463 3.333 46.846 4.462 1.579 2.884 0.237 0.653 0.890 1.000 0.000 9.686 Total 7.350%12 55.364 4.200 3.333 42.384 4.462 1.486 2.715 0.237 0.597 0.834 1.000 0.000 9.368
Discount Rate (Utility Weig 7.350%13 51.794 3.938 3.333 37.923 4.462 1.393 2.545 0.237 0.542 0.778 1.000 0.000 9.0501448.223 3.676 3.333 33.461 4.462 1.300 2.375 0.237 0.486 0.723 1.000 0.000 8.732
TAXES 15 44.653 3.413 3.333 29.000 4.462 1.207 2.206 0.237 0.431 0.667 1.000 0.000 8.414 Tax Life 20 16 41.083 3.151 3.333 24.538 4.462 1.115 2.036 0.237 0.375 0.612 1.000 0.000 8.096
Month (Real Prop)6 17 37.513 2.888 3.333 20.077 4.462 1.022 1.867 0.237 0.319 0.556 1.000 0.000 7.778 DRDB Rate 150.000%18 33.942 2.626 3.333 15.615 4.462 0.929 1.697 0.237 0.264 0.501 1.000 0.000 7.460
Composite Rate 24.670%19 30.372 2.364 3.333 11.154 4.462 0.836 1.527 0.237 0.208 0.445 1.000 0.000 7.142 Deferred Rate 21.000%20 26.802 2.101 3.333 6.692 4.462 0.743 1.358 0.237 0.153 0.390 1.000 0.000 6.8242123.700 1.856 3.333 2.231 2.231 0.657 1.199 -0.232 0.678 0.447 1.000 0.000 6.636FACILITY2221.067 1.645 3.333 0.000 0.000 0.582 1.063 -0.700 1.211 0.511 1.000 0.000 6.489 Book Life 30 23 18.433 1.452 3.333 0.000 0.000 0.514 0.938 -0.700 1.170 0.470 1.000 0.000 6.255 Investment $1.000 24 15.800 1.258 3.333 0.000 0.000 0.445 0.813 -0.700 1.129 0.429 1.000 0.000 6.0202513.167 1.065 3.333 0.000 0.000 0.377 0.688 -0.700 1.088 0.388 1.000 0.000 5.786OTHER2610.533 0.871 3.333 0.000 0.000 0.308 0.563 -0.700 1.047 0.347 1.000 0.000 5.551 Property Tax Rate 1.000%27 7.900 0.677 3.333 0.000 0.000 0.240 0.438 -0.700 1.006 0.306 1.000 0.000 5.317 Misc. Costs Rate 0.000%28 5.267 0.484 3.333 0.000 0.000 0.171 0.313 -0.700 0.965 0.265 1.000 0.000 5.082292.633 0.290 3.333 0.000 0.000 0.103 0.188 -0.700 0.924 0.224 1.000 0.000 4.848Note: Misc. Costs Include Insurance,30 0.000 0.097 3.333 0.000 0.000 0.034 0.063 -0.700 0.883 0.183 1.000 0.000 4.613 Working Capital, and Other Taxes 31 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
32 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000330.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
SUMMARY OF RESULTS 34 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Return 4.818%35 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depr Annuity 3.454%36 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Taxes 0.965%37 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Prop. Taxes 1.036%38 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Misc. Costs 0.000%39 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
40 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000CARRYING CHARGE RATE 10.273%TOTAL 100.000 0.000 100.000 36.088 0.000 21.592 21.592 253.611
123.116B23*(1-1/B25) =6.666666667 CARRYING CHARGE RATE (mid-year):10.273%
LEVELIZED CARRYING CHARGE CALCULATION
Earnings Book Tax Tax Equity Deferred Current Total Prop.Misc.CarryingINPUT AND RESULTS Year Base Return Depr Base Depr Interest Return Taxes Taxes Taxes Taxes Items Cost
0 100.000 8.180FINANCING:1 96.579 8.040 3.333 100.000 3.750 2.955 5.085 0.088 1.648 1.736 1.000 0.000 14.109Capital Structure 2 92.430 7.731 3.333 96.250 7.219 2.842 4.889 0.816 0.631 1.447 1.000 0.000 13.511 Debt 50.730%3 88.394 7.396 3.333 89.031 6.677 2.718 4.677 0.702 0.706 1.408 1.000 0.000 13.137 Preferred 0.000%4 84.464 7.070 3.333 82.354 6.177 2.599 4.471 0.597 0.771 1.368 1.000 0.000 12.772 Common 49.270%5 80.631 6.752 3.333 76.177 5.713 2.482 4.270 0.500 0.829 1.328 1.000 0.000 12.414 Total 100.000%6 76.888 6.443 3.333 70.464 5.285 2.368 4.074 0.410 0.878 1.288 1.000 0.000 12.064
7 73.228 6.140 3.333 65.179 4.888 2.257 3.883 0.327 0.920 1.247 1.000 0.000 11.720Component Cost 8 69.645 5.844 3.333 60.291 4.522 2.148 3.696 0.250 0.956 1.205 1.000 0.000 11.382
Debt 5.927%9 66.075 5.551 3.333 55.769 4.462 2.040 3.511 0.237 0.908 1.145 1.000 0.000 11.029 Preferred 10 62.504 5.259 3.333 51.307 4.462 1.933 3.326 0.237 0.844 1.081 1.000 0.000 10.673
Common 10.500%11 58.934 4.967 3.333 46.846 4.462 1.826 3.141 0.237 0.780 1.017 1.000 0.000 10.317 Total 8.180%12 55.364 4.675 3.333 42.384 4.462 1.718 2.957 0.237 0.716 0.953 1.000 0.000 9.961
Discount Rate (Utility Weig 8.180%13 51.794 4.383 3.333 37.923 4.462 1.611 2.772 0.237 0.652 0.889 1.000 0.000 9.6051448.223 4.091 3.333 33.461 4.462 1.504 2.587 0.237 0.588 0.825 1.000 0.000 9.249
TAXES 15 44.653 3.799 3.333 29.000 4.462 1.396 2.402 0.237 0.524 0.761 1.000 0.000 8.893 Tax Life 20 16 41.083 3.507 3.333 24.538 4.462 1.289 2.218 0.237 0.460 0.697 1.000 0.000 8.537
Month (Real Prop)6 17 37.513 3.215 3.333 20.077 4.462 1.182 2.033 0.237 0.396 0.633 1.000 0.000 8.181 DRDB Rate 150.000%18 33.942 2.923 3.333 15.615 4.462 1.074 1.848 0.237 0.332 0.569 1.000 0.000 7.825
Composite Rate 25.740%19 30.372 2.630 3.333 11.154 4.462 0.967 1.664 0.237 0.268 0.505 1.000 0.000 7.468 Deferred Rate 21.000%20 26.802 2.338 3.333 6.692 4.462 0.860 1.479 0.237 0.204 0.441 1.000 0.000 7.1122123.700 2.066 3.333 2.231 2.231 0.759 1.306 -0.232 0.755 0.523 1.000 0.000 6.922FACILITY2221.067 1.831 3.333 0.000 0.000 0.673 1.158 -0.700 1.314 0.614 1.000 0.000 6.778 Book Life 30 23 18.433 1.616 3.333 0.000 0.000 0.594 1.022 -0.700 1.267 0.567 1.000 0.000 6.516 Investment $1.000 24 15.800 1.400 3.333 0.000 0.000 0.515 0.886 -0.700 1.220 0.520 1.000 0.000 6.2532513.167 1.185 3.333 0.000 0.000 0.435 0.749 -0.700 1.172 0.472 1.000 0.000 5.991OTHER2610.533 0.969 3.333 0.000 0.000 0.356 0.613 -0.700 1.125 0.425 1.000 0.000 5.728 Property Tax Rate 1.000%27 7.900 0.754 3.333 0.000 0.000 0.277 0.477 -0.700 1.078 0.378 1.000 0.000 5.465 Misc. Costs Rate 0.000%28 5.267 0.539 3.333 0.000 0.000 0.198 0.341 -0.700 1.031 0.331 1.000 0.000 5.203292.633 0.323 3.333 0.000 0.000 0.119 0.204 -0.700 0.984 0.284 1.000 0.000 4.940Note: Misc. Costs Include Insurance,30 0.000 0.108 3.333 0.000 0.000 0.040 0.068 -0.700 0.936 0.236 1.000 0.000 4.677 Working Capital, and Other Taxes 31 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
32 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000330.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
SUMMARY OF RESULTS 34 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Return 5.519%35 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depr Annuity 3.467%36 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Taxes 1.131%37 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Prop. Taxes 1.040%38 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Misc. Costs 0.000%39 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
40 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000CARRYING CHARGE RATE 11.157%TOTAL 100.000 0.000 100.000 41.734 0.000 24.890 24.890 268.431
123.499B23*(1-1/B25) =6.666666667 CARRYING CHARGE RATE (mid-year):11.157%
LEVELIZED CARRYING CHARGE CALCULATION
Earnings Book Tax Tax Equity Deferred Current Total Prop.Misc.CarryingINPUT AND RESULTS Year Base Return Depr Base Depr Interest Return Taxes Taxes Taxes Taxes Items Cost
0 100.000 7.973FINANCING:1 96.579 7.837 3.333 100.000 3.750 2.751 5.086 0.088 1.551 1.638 1.000 0.000 13.808Capital Structure 2 92.430 7.535 3.333 96.250 7.219 2.645 4.890 0.816 0.593 1.409 1.000 0.000 13.278 Debt 47.600%3 88.394 7.209 3.333 89.031 6.677 2.531 4.678 0.702 0.664 1.366 1.000 0.000 12.908 Preferred 0.300%4 84.464 6.891 3.333 82.354 6.177 2.419 4.472 0.597 0.726 1.323 1.000 0.000 12.547 Common 52.100%5 80.631 6.582 3.333 76.177 5.713 2.310 4.271 0.500 0.780 1.279 1.000 0.000 12.194 Total 100.000%6 76.888 6.280 3.333 70.464 5.285 2.204 4.075 0.410 0.826 1.236 1.000 0.000 11.849
7 73.228 5.984 3.333 65.179 4.888 2.101 3.884 0.327 0.866 1.192 1.000 0.000 11.510Component Cost 8 69.645 5.696 3.333 60.291 4.522 1.999 3.696 0.250 0.899 1.149 1.000 0.000 11.178
Debt 5.880%9 66.075 5.410 3.333 55.769 4.462 1.899 3.511 0.237 0.854 1.091 1.000 0.000 10.835 Preferred 5.420%10 62.504 5.126 3.333 51.307 4.462 1.799 3.326 0.237 0.794 1.031 1.000 0.000 10.490
Common 9.900%11 58.934 4.841 3.333 46.846 4.462 1.699 3.142 0.237 0.734 0.971 1.000 0.000 10.145 Total 7.973%12 55.364 4.557 3.333 42.384 4.462 1.600 2.957 0.237 0.673 0.910 1.000 0.000 9.800
Discount Rate (Utility Weig 7.973%13 51.794 4.272 3.333 37.923 4.462 1.500 2.772 0.237 0.613 0.850 1.000 0.000 9.4551448.223 3.987 3.333 33.461 4.462 1.400 2.588 0.237 0.553 0.790 1.000 0.000 9.110
TAXES 15 44.653 3.703 3.333 29.000 4.462 1.300 2.403 0.237 0.493 0.730 1.000 0.000 8.766 Tax Life 20 16 41.083 3.418 3.333 24.538 4.462 1.200 2.218 0.237 0.433 0.669 1.000 0.000 8.421
Month (Real Prop)6 17 37.513 3.133 3.333 20.077 4.462 1.100 2.033 0.237 0.372 0.609 1.000 0.000 8.076 DRDB Rate 150.000%18 33.942 2.849 3.333 15.615 4.462 1.000 1.849 0.237 0.312 0.549 1.000 0.000 7.731
Composite Rate 24.587%19 30.372 2.564 3.333 11.154 4.462 0.900 1.664 0.237 0.252 0.489 1.000 0.000 7.386 Deferred Rate 21.000%20 26.802 2.279 3.333 6.692 4.462 0.800 1.479 0.237 0.192 0.429 1.000 0.000 7.0412123.700 2.013 3.333 2.231 2.231 0.707 1.307 -0.232 0.710 0.478 1.000 0.000 6.825FACILITY2221.067 1.785 3.333 0.000 0.000 0.626 1.158 -0.700 1.236 0.536 1.000 0.000 6.654 Book Life 30 23 18.433 1.575 3.333 0.000 0.000 0.553 1.022 -0.700 1.192 0.492 1.000 0.000 6.400 Investment $1.000 24 15.800 1.365 3.333 0.000 0.000 0.479 0.886 -0.700 1.147 0.447 1.000 0.000 6.1452513.167 1.155 3.333 0.000 0.000 0.405 0.749 -0.700 1.103 0.403 1.000 0.000 5.891OTHER2610.533 0.945 3.333 0.000 0.000 0.332 0.613 -0.700 1.058 0.358 1.000 0.000 5.637 Property Tax Rate 1.000%27 7.900 0.735 3.333 0.000 0.000 0.258 0.477 -0.700 1.014 0.314 1.000 0.000 5.382 Misc. Costs Rate 0.000%28 5.267 0.525 3.333 0.000 0.000 0.184 0.341 -0.700 0.970 0.270 1.000 0.000 5.128292.633 0.315 3.333 0.000 0.000 0.111 0.204 -0.700 0.925 0.225 1.000 0.000 4.873Note: Misc. Costs Include Insurance,30 0.000 0.105 3.333 0.000 0.000 0.037 0.068 -0.700 0.881 0.181 1.000 0.000 4.619 Working Capital, and Other Taxes 31 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
32 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000330.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
SUMMARY OF RESULTS 34 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Return 5.342%35 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Depr Annuity 3.464%36 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Taxes 1.073%37 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
Prop. Taxes 1.039%38 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 Misc. Costs 0.000%39 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000
40 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000CARRYING CHARGE RATE 10.917%TOTAL 100.000 0.000 100.000 38.849 0.000 23.414 23.414 264.082
123.215B23*(1-1/B25) =6.666666667 CARRYING CHARGE RATE (mid-year):10.917%
LEVELIZED CARRYING CHARGE CALCULATION