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HomeMy WebLinkAbout20090415Wright Direct.pdfrr~ '~:\.-' b'~ zmBflPR 15 PH 12: 04 BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION IN THE MATTER OF THE APPLICATION ) OF IDAHO POWER COMPAN FOR ) AUTHORITY TO IMPLEMENT POWER ) COST ADJUSTMENT ("PCA") RATES FOR ) CASE NO. IPC-E-09-11 ELECTRIC SERVICE FROM JUNE 1, ) 2009, THROUGH MAY 31, 2010. ) ) IDAHO POWER COMPAN DIRECT TESTIMONY OF SCOTT WRIGHT 1 Q.Please state your name and business address. 2 A.My name is Scott Wright. My business 3 address is 1221 West Idaho Street, Boise, Idaho. 4 Q.By whom are you employed and in what 5 capacity? 6 A.I am employed by Idaho Power Company (the 7 "Company") as a Pricing Analyst. 8 Q.Please describe your educational background. 9 A.I received a Bachelor of Science degree in 10 Business Economics from Eastern Oregon University. I have 11 attended the Center for Public Utilities College of 12 Business Administration and Economics Practical Skills for 13 a Changing Electric course in Albuquerque, New Mexico. 14 Q.Please describe your work experience. 15 A.In May 1998, I accepted a position as 16 Research Assistant with Idaho Power Company in the Pricing 17 and Regulatory Services Department. In March 2007, I was 18 promoted to a Pricing Analyst. As a Pricing Analyst, I am 19 responsible for running the AURORAmp model to calculate 20 the Net Power Supply Expense ("NPSE") for ratemaking 21 purposes, the Oregon Power Cost Adjustment ("PCA") 22 calculations, and the marginal cost of energy used in the 23 Company's Marginal Cost Analysis. I also provide WRIGHT, DI 1 Idaho Power Company 1 analytical support for other regulatory acti vi ties wi thin 2 the Pricing and Regulatory Services Department. 3 Q.What is the scope of your testimony in this 4 proceeding? 5 A. My testimony is divided into several 6 sections. The first section of my testimony describes the 7 changes in the PCA base as a result of Order No. 30722 8 issued in Case No. IPC-E-08-10, the Company's general rate 9 case, and Order No. 30715 issued in Case No. IPC-E-08-19, 10 the PCA methodology case. The next section quantifies the 11 proj ection of PCA expense using the methodology approved in 12 Order No. 30715. The final section quantifies the True-Up 13 and the True-Up of the True-Up, resulting in a final PCA 14 rate. 15 Q.Please describe the components of the PCA 16 base. 17 A. The PCA base is comprised of the following 18 FERC accounts: FERC account 501, fuel (coal); FERC account 19 536, water for power; FERC account 547, fuel (gas); FERC 20 account 555, purchased power (both PURPA and non-PURPA 21 purchases); FERC account 565, transmission of electricity 22 by others; and FERC account 447, sales for resale 23 (typically referred to as surplus sales). WRIGHT, DI 2 Idaho Power Company 1 Q.Have any PCA base accounts changed from last 2 year as a result of changes in PCA methodology approved in 3 Order No. 30715? 4 A.Yes. FERC account 565, transmission of 5 electricity by others, is a new PCA base account. When 6 Idaho Power purchases transmission wheeling from other 7 companies, it is because wheeling is required to facilitate 8 ei ther purchases or sales of energy. Wi thin FERC account 9 555, purchases of energy from other utilities to replace 10 losses associated with the wheeling of energy on their 11 system were previously excluded from PCA tracking. With 12 the inclusion of FERC Account 565 in the PCA, it was also 13 determined that the purchase of energy to replace these 14 losses should be included. 15 Q.Did Order No. 30715 change the sharing 16 percentage for any of the PCA base accounts? 17 A.Yes. The sharing percentage was changed so 18 customers now take a 95 percent share of some PCA base 19 accounts. Customers are still responsible for 100 percent 20 of PURPA expenses. 21 Q.Please quantify the amounts included in the 22 new PCA base from which deviations are to be tracked based 23 on customers taking a 95 percent share. WRIGHT, DI 3 Idaho Power Company 1 A.Order No. 30722 issued in Case No. IPC-E-08- 2 10, the Company's last general rate case, quantified PCA 3 base amounts from which deviations are to be tracked at 95 4 percent for customer responsibility as follows: 5 account 501, coal $133,454,723 6 account 536, water for power $ 67,519 7 account 547, gas $ 6,125,180 8 account 555, non PURPA $ 57,231,921 9 account 565, transmission $ 10,469,726 10 account 447, surplus sales $116,568,567 11 Net of 95 percent accounts $ 90,780,502 12 Q.Please quantify the amounts included in the 13 new PCA base from which deviations are to be tracked based 14 upon a 100 percent customer sharing percentage. 15 A.Order No. 30722 quantified PCA base amounts 16 from which deviations are to be tracked at 100 percent for 17 customer responsibility as follows: 18 account 555, PURPA $ 63,269,889 19 Q.Did Order No. 30715 change the way the 20 Company calculated this year's projection of PCA expenses 21 for the April 2009 through March 2010 time period? 22 A.Yes. Order No. 30715 allows the Company to 23 utilize the results of its most recent Operating Plan as 24 the basis for the April proj ection of PCA expenses. This WRIGHT, DI 4 Idaho Power Company 1 method replaces the previous method which was based upon 2 inserting a Brownlee runoff forecast into a regression 3 formula derived from rate case data. The Company's most 4 recent Operating Plan was reviewed by the Company's Risk 5 Management Committee on March 26, 2009, and was presented 6 to the Customer Advisory Committee on March 31, 2009. 7 Q.Please quantify the amounts included in the 8 PCA proj ection for which deviations from base are to be 9 tracked based upon a 95 percent customer sharing 10 percentage. 11 A.Based upon the March 26,2009,Operating 12 Plan,the PCA proj ection of amounts for which deviations 13 from base are to be tracked at 95 percent for customer 14 responsibility is as follows: 15 account 501,coal $152,223,739 16 account 536,water for power $2,000,000 17 account 547,gas $17,382,025 18 account 555,non PURPA $87,943,236 19 account 565,transmission $8,451,318 20 account 447,surplus sales $59,622,584 21 Net of 95 percent accounts $208,377,734 22 Q.Does the recently approved Hoku special 23 contract impact PCA compu ta t ions? WRIGHT, DI 5 Idaho Power Company 1 A.Yes. Order No. 30748 approved the Energy 2 Sales Agreement between Idaho Power and Hoku, which 3 provides that the Hoku first block revenues are to be 4 reflected in PCA computations as if they were surplus 5 sales. The March 26, 2009, Operating Plan reflects Hoku 6 loads that would generate $18,539,291 of Hoku first block 7 revenues. Subtracting this amount from the $208,377,734 8 results in an adjusted net of $189,838,443. 9 Q.What is the difference between the Operating 10 Plan amount of $189,838,443 and the $90,780,502 PCA base 11 amount from the last general rate case? 12 A. The difference between $189,838,443 and 13 $90,780,502 is $99,057,941. 14 Q. What is the Operating Plan quantification of 15 PURPA expenses anticipated from April 2009 through March 16 2010? 17 A.The March 26, 2009, Operating Plan 18 anticipates $51,767,620 of PURPA expenses during the April 19 2009 through March 2010 time period. 20 Q.How does this amount compare to the base 21 level of PURPA expenses quantified in the last general rate 22 case? WRIGHT, DI 6 Idaho Power Company 1 A.The Operating Plan quantification of PURPA 2 expenses is $11,502,269 below the $63,269,889 quantified in 3 the Company's last general rate case. 4 Q.What is the rate for the proj ection portion 5 of the PCA for April 2009 through March 2010? 6 A.The rate for the projection portion of the 7 PCA is equal to the sum of: (1) 95 percent of the 8 difference between the non-PURPA expenses quantified in the 9 Operating Plan and those quantified in the Company's last 10 general rate case and (2) 100 percent of the difference 11 between PURPA related expenses quantified in the Operating 12 Plan and those quantified in the Company's last general 13 rate case divided by (3) the Company's normalized system 14 firm sales. 15 The rate for non-PURPA expenses is 0.6451 cents per 16 kWh, which is calculated by multiplying $99,057,941 by 95 17 percent and then dividing it by the normalized system firm 18 sales of 14,586,634 MWh ((99,057,941 * .95) /14,586,634). 19 The rate for PURPA expenses is negative 0.0789 cents per 20 kWh, which is calculated by dividing negative $11,502,269 21 by the normalized system firm sales of 14,586,634 MWh. The 22 projection portion of the PCA rate is 0.5662 cents per kWh, 23 which is calculated by adding 0.6451 cents per kWh with a 24 negative 0.0789 cents per kWh. WRIGHT, DI 7 Idaho Power Company 1 Q.Please describe the True-Up portion of the 2 PCA rate. 3 A.The True-Up portion of the PCA rate starts 4 wi th the Deferral Expense Report. The Deferral Expense 5 Account Report is attached as Exhibit NO.1. This report 6 compares actual PCA account results to last year's PCA 7 account proj ections on a monthly basis, with the 8 differences accumulated as the deferral balance. The 9 balance at the end of March 2009, with interest applied, 10 was $107,891,769, as shown on row 84 of Exhibit NO.1. 11 Q.Were there anyone-time adjustments to the 12 PCA True-Up balances in the April 2008 through March 2009 13 time frame? 14 A.Yes. There was an adj ustment for the sale 15 of S02 credits, which reduces the True-Up amount by 16 $4,591,632. 17 Q. What is this year's True-Up rate? 18 A. This year's True-Up component of the PCA is 19 $103,300,137. The True-Up is computed by reducing the 20 deferral balance of $107,891,769 by the proceeds from the 21 sale of S02 credits of $4,591,632. The revised deferral 22 balance of $103,300,137 divided by the Company's projected 23 Idaho jurisdictional sales of 13,838,689 MWh results in a 24 rate of 0.7465 cents per kWh. WRIGHT, DI 8 Idaho Power Company 1 Q.What is this year's True-Up of the True-Up 2 rate? 3 A.The Company under collected this year's PCA 4 True-Up balance by $22,003,335, as shown on row 103 of the 5 Deferral Expense Account Report. The True-Up of the True- 6 Up rate is calculated by dividing $22,003,335 by the 7 projected 2009 Idaho jurisdictional sales of 13,838,689 8 MWh, which results in 0.1590 cents per kWh. 9 Q.What is the resulting PCA rate when you 10 combine all of the described components? 11 A.The Company's PCA rate for the 2009/2010 PCA 12 year is 1.4717 cents per kWh. The rate is comprised of: 13 (1) the 0.5662 cents per kWh adjustment for the 2009/2010 14 projected power cost of serving firm loads under the 15 current PCA methodology and 95 percent sharing, (2) the 16 0.7465 cents per kWh for the 2008/2009 True-Up portion of 17 the PCA, and (3)the 0.1590 cents per kWh for the True-Up of 18 the True-Up. The components used to calculate the 1.4717 19 cents per kWh are shown in Attachment No. 1 of the 20 Application, the Company's proposed Schedule 55. 21 Q.How does the new PCA rate of 1.4717 cents 22 per kWh compare to the existing PCA rate? WRIGHT, DI 9 Idaho Power Company 1 A.The 2009/2010 rate of 1.4717 cents per kWh 2 is 0.6853 cents per kWh higher than the 0.7864 cents per 3 kWh currently in place for all customers. 4 Q.What is the overall percentage increase in 5 the Company's Idaho Jurisdictional revenues as a result of 6 the PCA increase? 7 A.The overall Idaho Jurisdictional revenues 8 must increase by 11.40 percent from the current levels in 9 order for the Company to recover its PCA related Power 10 Supply Expenses during the June 2009 through May 2010 time 11 frame. 12 Q.What factors have contributed to the 13 increase in this year's PCA rate as compared to the 14 previous year's PCA rate? 15 A.There are three primary factors driving the 16 increase in the 2009/2010 PCA rate. First, the Company's 17 projected NPSE is significantly higher than the current 18 base NPSE. This is due to the proj ected below normal 19 streamflow conditions in 2009 as compared to the normal 20 streamflow conditions that served as the basis for the 21 2008/2009 PCA rate. Furthermore, the projected NPSE 22 includes the combination of higher fuel costs and lower 23 revenue from surplus sales as compared to the base levels. WRIGHT, DI 10 Idaho Power Company 1 Second, the proposed PCA rate was developed 2 according to the modified forecasting methodology approved 3 in Order No. 30715. Because the modified forecasting 4 methodology more accurately projects the Company's NPSE, 5 the impact of lower than normal streamflow conditions is 6 better reflected in the forecast, as opposed to being 7 captured in the following year's True-Up. Finally, last 8 year's projected NPSE was set at the base level NPSE¡ 9 however, the actual NPSE for the period was considerably 10 higher than the base level, resulting in the current True- 11 Up balance. 12 Q.Should the IPUC Commission approve the 13 Company's computation of the PCA rate? 14 A.Yes. The IPUC Commission should approve the 15 Company's computation of the PCA rate. The calculation of 16 the PCA rate follows the methodology that was approved in 17 Order No. 30715. Furthermore, the proposed PCA rate will 18 more closely align actual revenues with actual costs as 19 they occur. 20 Q.Does this conclude your testimony? 21 A.Yes. WRIGHT, DI 11 Idaho Power Company BEFORE THE IDAHO PUBLIC UTiliTIES COMMISSION CASE NO. IPC-E-09-11 IDAHO POWER COMPANY WRIGHT, 01 TESTIMONY EXHIBIT NO.1 A B C 0 E F G H I J K L M N 0 1 P o w e r C o s t A d i u s t m e n t 2 A D r i l 2 0 0 8 t h N M a r c h 2 0 0 9 AD r i l Ma v Ju n e Ju l Au a u s t Se D t e m b e r Oc t o b e r No v e m b e r De c e m b e r Ja n u a r v Fe b r u a r v Ma r c h To t a l s 3 4 p e A R e v e n u e 5 N o r m l i z e d I d a h o J u r i s d i c t o n a l S a l e s 96 3 , 0 8 3 97 6 , 3 4 5 1, 1 1 9 , 9 3 6 1,3 2 1 , 2 4 6 1,4 1 3 , 1 8 5 1,2 7 2 , 0 6 3 1,0 3 5 , 8 8 3 97 9 , 2 5 3 10 7 7 8 0 5 1, 1 6 4 , 5 4 8 1, 1 2 6 9 6 8 1,0 5 0 , 3 8 6 13 , 5 0 0 , 7 0 1 fo PC A C o m p o n e n t R a t 1. 8 8 1. 8 8 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 f- Rf l \ ë n u e 18 1 8 3 0 0 . 7 0 1 8 4 3 3 3 9 . 3 6 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 3, 6 6 1 , 6 4 0 . 0 6 8 9 L o a d C h a n g e A d j u s t m e n t 10 A c t u a l F i r m L o a d - A d u s t e d Mw h 1,1 1 8 6 6 3 1,3 3 2 , 8 7 0 1, 4 7 2 , 3 7 4 17 6 5 , 3 5 7 1,6 2 8 , 9 7 2 1,2 6 8 , 6 3 1 1, 1 1 5 , 2 3 5 11 1 4 , 5 9 6 1,3 4 7 , 1 7 6 1, 3 2 0 , 3 4 6 1, 1 3 8 6 6 2 1,1 4 8 , 7 3 4 15 , 7 7 1 , 6 1 6 11 N o r m a l i z e d F i r m L o a d Mw h 10 9 9 4 2 4 12 2 4 0 9 9 14 2 6 7 5 3 17 0 2 0 9 6 1 5 8 8 3 9 3 12 4 7 9 0 8 11 3 0 7 7 3 11 7 3 1 6 7 13 7 0 5 6 2 13 2 3 4 4 8 11 8 4 0 7 2 11 8 1 6 2 2 15 6 5 2 3 1 7 12 L o a d C h a n o e Mw h 19 2 3 9 10 8 7 7 1 45 6 2 1 63 2 6 1 40 5 7 9 20 7 2 3 15 5 3 8 58 5 7 1 23 3 8 6 13 1 0 2 45 4 1 0 13 2 8 8 8 11 9 2 9 9 13 L o a d C h a n a e a l 5 0 % 96 2 0 54 3 8 6 22 8 1 1 31 6 3 1 20 2 9 0 10 3 6 2 17 . 7 6 9 29 2 8 6 11 6 9 3 11 5 5 1 0 0 98 7 9 9 14 E x a e n s e A d i u s t m n t ( a l $ 6 2 . 7 9 / $ 2 6 . 6 3 F e b r 60 4 , 0 0 8 . 4 1 3,4 1 4 , 8 6 5 . 5 5 1,4 3 2 , 2 7 1 . 3 0 (1 , 9 8 6 , 0 7 9 . 1 0 1, 2 7 3 , 9 7 7 7 1 (6 5 0 , 5 9 8 . 5 9 48 7 8 1 5 . 5 1 1,8 3 8 , 8 3 6 . 5 5 73 4 2 0 3 . 4 7 97 , 3 8 7 . 2 9 1,2 0 9 , 2 6 8 . 3 0 87 5 , 8 0 7 . 4 4 4, 1 1 8 , 4 8 2 . 0 8 15 16 A c t u a l N o n . . F P C A 17 E x o e n s e A d u s t m e n t $ 60 4 , 0 0 8 . 4 1 3,4 1 4 , 8 6 5 . 5 5 1,4 3 2 , 2 7 1 . 3 0 (1 , 9 8 6 , 0 7 9 . 1 0 1, 2 7 3 , 9 7 7 7 1 65 0 , 5 9 8 . 5 9 48 7 , 8 1 5 . 5 1 1,8 3 8 8 3 6 . 5 5 73 4 , 2 0 3 . 4 7 97 , 3 8 7 . 2 9 1,2 0 9 , 2 6 8 . 3 0 87 5 8 0 7 . 4 4 4,1 1 8 4 8 2 . 0 8 18 W a t e r l e a s e P u r c a s e s $ 0.0 0 0.0 0 0. 0 0 0.0 0 1, 0 8 0 , 6 9 5 . 0 0 1,1 0 8 , 8 4 2 . 0 0 6,7 9 7 . 0 0 0.0 0 69 , 0 0 0 . 0 0 14 0 0 0 0 . 0 0 0.0 0 0. 0 0 2,3 9 1 . 7 4 0 . 0 0 19 C l o u d S e e d i n a P r o a r a m $ 24 , 8 7 7 2 3 12 6 , 3 0 0 . 4 9 20 5 6 1 . 5 1 32 5 7 8 . 3 9 29 , 7 3 7 . 5 4 44 , 7 0 0 . 0 8 55 , 5 8 4 . 4 3 61 , 4 4 3 . 5 4 79 , 3 9 8 . 2 5 13 3 , 6 0 3 . 3 8 0.0 0 0. 0 0 60 8 , 7 8 4 . 8 4 20 F u e l E x p e n s e - C o a l $ 7,8 3 3 , 0 1 5 . 7 9 8,3 5 1 , 4 0 8 . 9 9 9, 2 1 8 , 2 9 0 . 3 8 12 , 3 1 6 , 2 7 0 . 5 1 13 , 6 0 3 , 9 4 4 . 6 0 12 , 2 2 6 , 4 6 3 . 1 8 10 4 5 2 1 5 6 . 5 4 13 , 0 0 6 , 5 7 6 . 4 9 10 , 9 7 8 , 9 2 0 . 7 1 13 , 2 4 3 , 3 0 5 . 7 7 11 , 9 9 4 , 4 6 9 . 7 1 12 , 5 5 7 , 3 1 5 . 6 6 13 5 , 7 8 2 , 1 3 8 , 3 3 21 D a n s k i n - G a s $ 79 5 , 1 7 5 . 5 4 52 3 , 8 5 9 . 3 0 98 0 , 5 1 5 . 1 0 1 8 4 8 8 8 4 . 2 6 2,7 6 4 , 9 3 4 . 3 4 2, 5 2 5 , 5 1 9 . 5 2 65 1 , 0 9 7 . 8 4 48 4 , 0 5 3 . 3 1 83 9 , 0 9 5 . 1 8 25 5 2 3 1 . 4 5 15 5 , 4 8 6 . 6 8 29 7 , 7 8 1 . 7 2 12 , 1 2 1 , 6 3 4 . 2 4 22 B e n n e t t M o u n t a i n - G a s $ 34 5 , 6 6 4 . 4 3 19 1 . 6 5 29 2 7 4 5 . 5 3 61 , 9 6 6 . 3 7 1 2 4 5 , 7 2 3 . 1 4 68 , 5 3 7 . 8 0 21 , 3 0 6 . 7 4 0. 0 0 49 0 9 3 9 . 3 6 10 5 , 0 1 4 . 0 7 10 0 , 1 2 3 . 2 4 34 2 , 7 8 4 . 2 8 3,0 7 4 , 9 9 6 . 6 1 23 N o n - F i r m P u r c h a s e s $ 8,7 4 6 , 3 7 7 0 4 15 , 4 7 1 , 1 3 8 . 6 5 9,0 3 8 , 9 2 2 . 4 1 24 , 4 6 7 , 2 5 4 . 2 9 21 , 5 4 6 , 7 4 6 . 7 1 10 , 3 5 1 , 0 3 8 . 8 2 8, 3 2 2 5 1 . 3 0 9, 4 7 3 7 2 7 . 1 1 23 , 6 8 0 , 0 0 8 . 9 9 10 0 5 9 4 4 9 . 2 5 6,2 5 5 7 0 8 . 2 3 4,6 1 9 , 7 6 0 . 7 5 15 1 7 4 2 3 8 3 . 5 5 24 T e l o c a s e t W i n d P o w r P a r t n e r s 72 2 , 6 9 3 . 5 8 84 0 3 2 6 . 1 6 1,1 7 2 1 2 3 . 5 2 1, 6 1 5 , 0 8 1 . 2 6 1, 2 3 8 , 3 9 5 . 0 9 72 2 , 3 6 7 . 8 4 1,1 5 6 , 5 4 9 . 9 2 1,2 1 7 , 3 1 7 . 1 3 1, 7 1 3 , 8 0 6 . 3 8 82 8 , 3 6 6 . 5 6 1, 5 5 1 , 4 8 1 . 4 8 94 2 2 6 2 . 8 2 13 , 7 2 0 , 7 7 1 . 7 4 25 R a f t R i v e r 9 0 % 9, 9 2 6 . 8 3 20 , 3 1 7 . 1 2 0. 0 0 0.0 0 0.0 0 23 , 4 2 3 . 9 0 34 1 5 9 . 0 7 47 , 2 7 9 . 7 0 56 , 5 6 5 . 0 7 44 9 6 1 . 0 2 37 , 7 9 3 . 6 4 0.0 0 27 4 , 4 2 6 . 3 5 26 T h i r d P a r t T r a n s m i s s i o n 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 15 9 , 2 2 0 . 2 4 63 1 , 1 2 3 . 2 5 79 0 , 3 4 3 . 4 9 27 S u r p l u s S a l e s $ (8 6 7 7 7 5 4 . 4 0 84 3 8 1 6 5 . 4 9 52 5 7 2 0 8 . 2 8 (8 0 8 2 5 6 8 . 4 9 96 6 9 4 7 3 . 0 7 (1 3 6 9 8 1 3 2 . 3 6 (8 6 9 4 5 9 5 . 6 9 14 9 1 0 6 3 5 . 8 9 12 8 4 7 9 5 0 . 5 6 18 3 6 0 4 0 2 . 7 2 60 1 8 4 6 4 . 5 0 13 2 3 3 3 0 4 . 1 2 10 7 8 8 8 6 5 5 . 5 7 28 T o t a l N o n - O F $ 91 9 5 9 6 7 . 6 4 13 4 8 0 5 1 1 . 3 3 14 0 3 3 6 7 8 . 8 8 30 2 7 3 3 8 7 . 5 0 30 5 6 6 7 2 5 . 6 5 12 7 2 2 1 6 2 . 2 0 12 1 8 9 5 2 8 . 6 6 21 2 1 8 5 9 7 . 9 4 25 7 9 3 9 8 6 . 8 5 16 5 4 6 9 1 6 . 0 7 15 4 4 5 0 8 7 . 0 2 70 3 3 5 3 1 . 8 0 20 8 5 0 0 0 8 1 . 5 1 29 30 B A S E 31 F u e l E x e n s e - C o a l $ 5, 8 9 5 , 8 5 0 . 9 6 5,8 9 5 , 8 5 0 . 9 6 9, 9 5 6 , 5 7 1 . 0 0 9, 9 5 6 , 5 7 1 . 0 0 9, 9 5 6 , 5 7 1 . 0 0 9,9 5 6 , 5 7 1 . 0 0 9, 9 5 6 , 5 7 1 . 0 0 9, 9 5 6 5 7 1 . 0 0 9,9 5 6 , 5 7 1 . 0 0 99 5 6 5 7 1 . 0 0 10 , 9 1 4 , 6 5 6 . 0 0 10 , 1 2 4 , 9 1 3 . 0 0 11 2 , 4 8 3 , 8 3 8 . 9 2 32 D a n s k i n - G a s $ 20 1 , 8 1 1 . 2 7 20 1 , 8 1 1 . 2 7 53 2 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 53 2 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 53 2 , 5 8 7 . 0 0 45 4 , 2 5 9 . 0 0 42 1 3 9 0 . 0 0 5,5 3 9 , 9 6 7 . 5 4 33 B e n n e t t M o u n t a i n - G a s $ 91 , 9 6 6 . 8 3 91 , 9 6 6 . 8 3 66 1 7 9 9 . 0 0 66 1 , 7 9 9 . 0 0 66 1 , 7 9 9 . 0 0 66 1 , 7 9 9 . 0 0 66 1 , 7 9 9 . 0 0 66 1 7 9 9 . 0 0 66 1 7 9 9 . 0 0 66 1 , 7 9 9 . 0 0 46 , 6 9 2 . 0 0 43 , 3 1 3 . 0 0 5,5 6 8 , 3 3 0 . 8 5 34 N o n - F i r m P u r c h a s e s $ 72 9 , 2 4 4 . 3 7 72 9 , 2 4 4 . 3 7 3,7 9 7 , 6 0 7 . 0 0 3, 7 9 7 , 6 0 7 . 0 0 3, 7 9 7 , 6 0 7 . 0 0 3,7 9 7 , 6 0 7 . 0 0 3, 7 9 7 , 6 0 7 . 0 0 3, 7 9 7 , 6 0 7 . 0 0 3,7 9 7 6 0 7 . 0 0 3, 7 9 7 , 6 0 7 . 0 0 4,6 8 0 , 7 3 9 . 0 0 4, 3 4 2 0 5 8 . 0 0 40 , 8 6 2 , 1 4 1 . 7 5 35 T h i r d P a r t T r a n s m i s s i o n $ - 85 6 , 2 7 1 . 0 0 79 4 , 3 1 5 . 0 0 16 5 0 5 8 6 . 0 0 36 C l o u d S e e d i n a E x o e n s e $ 62 2 7 0 . 2 7 62 , 2 7 0 . 2 7 74 , 3 4 0 . 0 0 74 3 4 0 . 0 0 74 , 3 4 0 . 0 0 74 , 3 4 0 . 0 0 74 , 3 4 0 . 0 0 74 , 3 4 0 . 0 0 74 , 3 4 0 . 0 0 74 3 4 0 . 0 0 71 9 , 2 6 0 . 5 4 37 C l o u d S e e d i n o B e n e f i t $ (1 1 7 , 7 7 9 . 0 3 11 7 , 7 7 9 . 0 3 11 8 , 9 4 5 . 0 0 (1 1 8 , 9 4 5 . 0 0 11 8 , 9 4 5 . 0 0 11 8 , 9 4 5 . 0 0 (1 1 8 , 9 4 5 . 0 0 (1 1 8 , 9 4 5 . 0 0 11 8 , 9 4 5 . 0 0 (1 1 8 , 9 4 5 . 0 0 - 1,1 8 7 , 1 1 8 . 0 6 38 S u r p l u s S a l e s $ (3 9 9 4 2 4 6 . 5 0 39 9 4 2 4 6 . 5 0 12 2 5 2 6 5 9 . 0 0 12 2 5 2 6 5 9 . 0 0 12 2 5 2 6 5 9 . 0 0 12 2 5 2 6 5 9 . 0 0 12 2 5 2 6 5 9 . 0 0 12 2 5 2 6 5 9 . 0 0 (1 2 2 5 2 6 5 9 . 0 0 11 2 2 5 2 6 5 9 . 0 0 95 3 3 6 1 4 . 0 0 (8 8 4 3 7 9 8 . 0 0 12 4 3 8 7 1 7 7 . 0 1 39 N e t 9 0 % I t e m s $ 2,8 6 9 , 1 1 8 . 1 7 2,8 6 9 , 1 1 8 . 1 7 2,6 5 1 3 0 0 . 0 0 2, 6 5 1 3 0 0 . 0 0 2,6 5 1 3 0 0 . 0 0 2, 6 5 1 3 0 0 . 0 0 2,6 5 1 3 0 0 . 0 0 2,6 5 1 3 0 0 . 0 0 2, 6 5 1 , 3 0 0 . 0 0 26 5 1 3 0 0 . 0 0 74 1 9 , 0 0 3 . 0 0 68 8 2 1 9 1 . 0 0 41 , 2 4 9 , 8 3 0 . 3 3 .i ,~ " ' " ' ~ . . . . 41 $ 6,3 2 6 , 8 4 9 . 4 7 10 , 6 1 1 , 3 9 3 . 1 6 11 , 3 8 2 , 3 7 8 . 8 8 27 6 2 2 , 0 8 7 . 5 0 27 , 9 1 5 , 4 2 5 . 6 5 10 0 7 0 , 8 6 2 . 2 0 9 5 3 8 , 2 2 8 . 6 6 18 , 5 6 7 , 2 9 7 . 9 4 23 , 1 4 2 , 6 8 6 . 8 5 13 8 9 5 6 1 6 . 0 7 80 2 6 , 0 8 4 . 0 2 15 1 3 4 0 . 8 0 16 7 , 2 5 0 , 2 5 1 . 1 7 42 $ 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 0 43 S u b t o t a l $ 6,3 2 6 , 8 4 9 . 4 7 10 , 6 1 1 , 3 9 3 . 1 6 11 , 3 8 2 , 3 7 8 . 8 8 27 , 6 2 2 , 0 8 7 . 5 0 27 , 9 1 5 , 4 2 5 . 6 5 10 , 0 7 0 8 6 2 . 2 0 9,5 3 8 , 2 2 8 . 8 6 18 , 5 6 7 2 9 7 . 9 4 23 , 1 4 2 , 6 8 6 . 8 5 13 8 9 5 6 1 6 . 7 80 2 6 , 0 8 4 . 0 2 15 1 3 4 0 . 8 0 16 7 , 2 5 0 2 5 1 . 1 7 44 45 S h a r i n a P e r c e n t a a e 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 90 . 0 % 95 . 0 % 95 . 0 % 46 I d a h o A l l o c a t i o n 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 8 % 94 . 8 % 47 48 N o n . . F D e e r r a l $ 53 9 2 3 7 3 . 8 0 90 4 4 0 9 0 . 3 9 97 0 1 2 0 1 . 5 2 23 5 4 2 3 0 5 . 1 7 23 7 9 2 3 1 7 . 2 8 85 8 3 3 9 5 . 8 5 81 2 9 4 3 2 . 2 9 15 8 2 4 9 0 8 . 0 3 19 7 2 4 5 1 2 . 0 0 11 8 4 3 2 3 3 . 5 8 72 2 7 5 2 8 . 7 9 13 6 2 8 3 . 1 5 14 2 9 4 1 5 8 1 . 8 5 49 50 A c u a l O F I n c l u d e s N e t M e t e r i n a ! $ 2, 2 6 5 , 4 6 . 7 5 4,2 2 0 , 8 4 7 . 5 5 6, 2 5 2 , 9 6 7 . 9 4 7,0 1 8 , 5 9 2 . 5 9 6 1 1 7 , 2 5 9 . 3 4 4, 4 5 9 , 8 7 9 . 0 7 3,4 1 5 , 2 3 2 . 5 7 2,8 5 8 8 3 6 . 6 5 30 2 0 , 4 9 2 . 8 0 2,7 4 0 , 6 8 6 . 3 5 2, 3 5 8 , 2 3 7 . 8 0 2, 2 3 9 , 2 8 3 . 7 4 46 9 6 7 , 7 8 3 . 1 5 51 R a f t R i v e r 1 0 0 % 26 4 , 7 6 8 . 0 0 31 7 7 6 8 . 1 8 39 8 , 5 3 9 . 3 3 40 6 2 2 1 . 5 6 48 8 5 9 9 . 6 6 39 8 , 6 6 1 . 0 0 41 1 , 5 2 5 . 0 0 47 6 , 4 8 8 . 2 0 49 1 , 2 8 1 . 8 0 41 9 , 9 3 2 . 2 0 38 0 , 5 2 6 . 6 0 30 4 6 2 0 . 6 3 4,7 5 8 , 9 3 2 . 1 6 52 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 77 5 6 7 1 9 . 2 5 51 7 4 5 5 7 . 0 0 48 0 0 1 4 6 . 0 0 87 5 4 1 8 9 5 . 5 0 53 ''' ' ' m . . . . . . . , 5,2 2 6 , 4 8 4 . 5 0 3,2 1 8 , 1 0 3 . 5 2 (1 , 1 0 5 , 2 1 1 . 9 8 (3 3 1 , 9 0 5 . 1 0 (1 1 5 0 , 8 6 0 . 2 5 (2 , 8 9 8 1 7 9 . 1 8 3,9 2 9 , 9 6 1 . 6 8 44 2 1 3 9 4 . 4 0 4,2 4 4 , 9 4 4 . 6 5 4,5 9 6 , 1 0 0 . 7 0 2, 4 3 5 , 7 9 2 . 6 0 2,2 5 6 , 2 4 1 . 6 3 35 8 1 5 , 1 8 0 . 1 9 54 55 S h a r i n a P e r c n t a a e 10 0 . 0 % 10 0 . 0 % 10 0 . 0 % 10 0 . 0 % 10 0 . 0 % 10 0 . % 10 0 . 0 % 10 0 . % 10 0 . 0 % 10 0 . % 10 0 . 0 % 10 0 . 0 % 56 I d a h o A l l o c a t i o n 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 7 % 94 . 8 % 94 . 8 % 57 58 O F D e f e r r l $ 49 4 9 4 8 0 . 8 2 30 4 7 5 4 4 . 0 3 (1 0 4 6 3 5 . 7 5 (3 1 4 3 1 4 . 1 3 (1 0 8 9 8 6 4 . 6 6 (2 7 4 4 5 7 5 . 6 8 37 2 1 6 7 3 . 7 1 41 8 7 0 6 0 . 5 0 40 1 9 9 6 2 . 5 8 43 5 2 5 0 7 . 3 6 23 0 8 8 8 7 . 8 1 21 3 8 6 9 1 . 4 4 33 9 2 1 1 9 8 . 4 7 59 60 61 To t a l D e f e r r a l $ 13 7 5 4 0 7 . 7 2 41 5 3 2 0 7 . 0 0 86 5 4 5 6 5 . 7 23 2 2 7 9 9 1 . 0 4 22 7 0 2 4 5 2 . 6 2 58 3 8 8 2 0 . 1 7 44 0 7 7 5 8 . 5 8 11 6 3 7 8 4 7 . 5 3 15 7 0 4 5 4 9 . 4 2 74 9 0 7 2 6 . 2 2 49 1 8 6 4 0 . 9 8 20 0 2 4 0 8 . 2 9 10 5 3 5 8 7 4 3 . 3 2 62 (1 63 64 Pr i n c i o a l B a l a n c e s ~* Bê g i n n i n g B a l a n C ë 0.0 0 1, 3 7 5 , 4 0 7 . 7 2 2, 7 7 7 , 7 9 9 . 2 8 11 , 4 3 2 , 3 6 5 . 0 5 34 , 6 6 0 , 3 5 6 . 0 9 57 , 3 8 2 , 8 0 8 . 7 1 63 , 2 0 1 , 6 2 8 . 8 8 67 6 0 9 , 3 8 7 . 4 6 79 , 2 4 7 , 2 3 4 . 9 9 94 9 5 1 7 8 4 . 4 1 10 2 , 4 4 2 , 5 1 0 . 6 3 10 7 3 8 1 , 1 5 1 . 6 1 68 Am o u n t D e f e r r d $ 1, 3 7 5 4 0 7 . 7 2 4,1 5 3 , 2 0 7 . 0 0 8, 6 5 4 , 5 6 5 . 7 7 23 , 2 2 7 9 9 1 . 0 4 22 , 7 0 2 4 5 2 . 6 2 5, 6 3 8 , 8 2 0 . 1 7 4, 4 0 7 , 7 5 8 . 5 8 11 , 6 3 7 , 8 4 7 . 5 3 15 , 7 0 4 , 5 4 9 . 4 2 7,4 9 0 7 2 6 . 2 2 4, 9 1 8 , 6 4 0 . 9 8 2,0 0 2 , 4 0 8 . 2 9 10 5 3 5 8 7 4 3 . 3 2 69 70 E n d i n g B a l a n c e $ 1, 3 7 5 , 4 0 7 . 7 2 2,7 7 7 , 7 9 9 . 2 8 11 , 4 3 2 , 3 6 5 . 0 5 34 , 6 6 0 , 3 5 6 . 0 9 57 , 3 6 2 , 8 0 8 . 7 1 63 , 2 0 1 , 6 2 8 . 8 67 , 6 0 9 , 3 8 7 . 4 6 79 , 2 4 7 2 3 4 . 9 9 94 9 5 1 , 7 8 4 . 4 1 10 2 4 4 2 5 1 o . 3 10 7 3 6 1 1 5 1 . 6 1 10 5 , 3 5 8 7 4 3 . 3 2 71 72 In t e r e s t B a l a n c e s .g~ At ç a l l h r i p n r M A A $ 0.0 0 43 9 . 7 9 (5 , 2 3 2 . 7 1 44 , 3 7 1 . 3 1 34 3 9 . 7 7 14 7 , 9 2 8 . 6 1 38 9 , 7 8 0 . 3 7 65 3 0 8 8 . 4 3 93 3 0 6 0 . 7 4 1,2 6 3 2 5 7 . 2 3 16 5 8 8 4 5 . 0 9 2,0 8 5 6 8 7 . 3 3 75 76 Mo n t h l I n t e r e s t R a t e * * 5.0 % 5.0 % 5. 0 % 5.0 % 5.0 % 5. 0 % 5.0 % 5.0 % 5. 0 % 5.0 % 5. 0 % 5.0 % 77 78 Mo n t h l I n t e r e s t l n c l E x o ) $ 0.0 0 5,7 3 0 . 8 7 11 , 5 7 4 . 1 6 47 , 6 3 4 . 8 5 14 4 , 4 1 8 . 1 5 23 9 , 0 1 1 . 7 0 26 3 , 3 4 0 . 1 2 28 1 7 0 5 . 7 8 33 0 , 1 9 6 . 8 1 39 5 , 6 3 2 . 4 4 42 6 8 4 3 . 7 9 44 7 , 3 3 8 . 1 3 2,5 8 1 , 9 6 5 . 0 6 79 Pr i o r M o n t h ' s I n t e r e s t A d u s t m e n t s $ 43 9 . 7 9 58 . 3 7 50 7 1 2 . 7 6 17 6 . 2 3 70 . 6 9 28 4 0 . 0 6 32 . 0 6 17 3 3 . 4 7 0. 3 2 44 . 5 8 1.5 5 0. 0 0 48 9 3 9 . 6 0 80 To t a l C u r r n t M o n t h I n t e r e s t $ 43 9 . 7 9 5,6 7 2 . 5 0 39 , 1 3 8 . 6 0 47 , 8 1 1 . 0 8 14 4 , 4 8 8 . 8 4 24 1 , 8 5 1 . 7 6 26 3 , 3 0 8 . 0 6 27 9 9 7 2 . 3 1 33 0 , 1 9 6 . 4 9 39 5 , 5 8 7 . 8 6 42 6 , 8 4 2 . 2 4 44 7 , 3 3 8 . 1 3 2,5 3 3 , 0 2 5 . 4 6 81 82 In t e r e s t A c c e d t o d a t e $ 43 9 . 7 9 5,2 3 2 . 7 1 44 , 3 7 1 . 3 1 3,4 3 9 . 7 7 14 7 , 9 2 8 . 6 1 38 9 , 7 8 0 . 3 7 65 3 , 0 8 8 . 4 3 93 3 0 6 0 . 7 4 12 6 3 2 5 7 . 2 3 1,6 5 8 , 8 4 5 . 0 9 2, 0 8 , 6 8 7 . 3 3 2,5 3 3 , 0 2 5 . 4 6 83 84 B a l a n c e i n A l l A c c o u n t s $ 13 7 4 9 6 7 . 9 3 27 7 2 5 6 . 5 7 11 3 8 7 9 9 3 . 7 4 34 6 6 3 7 9 5 . 8 6 57 5 1 0 7 3 7 . 3 2 63 5 9 1 4 0 9 . 2 5 68 2 6 2 4 7 5 . 8 9 80 1 8 0 2 9 5 . 7 3 96 2 1 5 0 4 1 . 6 4 10 4 1 0 1 3 5 5 . 7 2 10 9 4 4 6 8 3 8 . 9 4 10 7 8 9 1 7 6 8 . 7 8 10 7 8 9 1 7 6 8 . 7 8 , , Ca s e N o . I P C - E - 0 9 - 1 1 S. W r i g h t , ( P C Pa g e 1 o f 2 A n5 86 T r u e - U p o f T r u e - U p 87 A d u s t e n t s : 88 2 0 0 7 - 0 8 P e A t r n s f e r D O r O r d e r N o . 3 0 5 6 3 $ 89 E m i s s i o n A l l o w n c e O r d e r N o . 3 0 5 2 9 $ ~ $ 91 rn 93 M o n t h l y I n t e r e s l R a l e 94 95 M o n t h l Y I n t e r e s t ~~~ M o n l h l y C o l l e c t i o n A p p l i e d T o I n l e r e s t ~~10 2 1Õ E n d i n 9 T r u e - U p o f t h e T r u e - U p B a l a n c e 10 4 10 5 * N e a a t i v e a m o u n t s i n d i c a e b e n e f i t t o t h e r a t e o a v e r s . 10 6 ~ I n t e r e s t r a t e c h a n o e d D e r I P U C O r d e r 2 9 9 3 2 . 10 7 ( 1 ) T h e r e w a s a n e r r r i n t h e J a n u a r y d e f e r r l ( L G A R ) o f $ 1 6 6 , 0 0 . 3 8 t h a t h a s b e e n c o r r c t e d i n t h i s r e p o r t b u t n o t i n t h e G e n e r a l L e d e r . T h e e n t r y t o c o r r c t t h i s e r r r wa s m a d e o n t h e F e b r u a r y v o u c h e r . B C o 11 8 , 9 9 2 , 2 7 0 . 0 5 0.0 0 ii 6, 4 6 3 , 3 4 9 . 8 0 11 2 . 5 2 8 , 9 2 0 . 2 5 5. 0 % 46 8 . 8 7 0 . 5 0 55 4 , 4 4 3 . 5 8 46 8 , 8 7 0 . 5 0 11 2 . 4 4 3 , 3 4 7 . 1 7 0.0 0 '6 , 5 0 3 , 4 6 1 . 6 6 0.0 0 10 5 . 9 3 9 , 8 8 5 . 5 1 5.0 % 44 1 . 4 1 6 . 1 9 3.9 4 4 . 4 6 8 . 3 3 44 1 , 4 1 6 . 1 9 E 10 2 , 4 3 6 , 8 4 3 . 3 7 0.0 0 0. 0 0 ii 10 2 . 4 3 6 , 8 4 3 . 3 7 5.0 % 42 6 . 8 2 0 . 1 8 11 . 4 1 1 . 7 2 4 . 7 3 42 6 , 8 2 0 . 1 8 F 91 . 4 6 1 , 9 3 8 . 8 2 0.0 0 0.0 0 ii 91 , 4 5 1 . 9 3 8 . 8 2 5. 0 % 38 1 . 0 4 9 . 7 5 11 . 4 8 5 . 0 9 0 . 3 5 38 1 , D 9 . 7 5 G H 80 , 3 4 7 . 8 9 8 . 2 2 0. 0 0 0. 0 0 ii 80 . 3 4 7 . 8 9 8 . 2 2 5. 0 % 33 4 . 7 8 2 . 9 1 10 . 3 3 7 . 7 9 8 . 6 7 33 4 , 7 8 2 . 9 1 70 . 3 4 4 . 8 8 2 . 4 6 0. 0 0 0. 0 0 ii 70 . 3 4 4 , 8 8 2 . 4 6 5.0 % 29 3 . 1 0 3 . 6 8 8.2 2 5 . 6 2 8 . 6 5 29 3 , 1 0 3 . 6 8 62 . 4 1 2 , 3 5 7 . 4 9 0. 0 0 0. 0 0 ii 62 . 4 1 2 , 3 5 7 . 4 9 5. 0 % 26 0 . 0 5 1 . 4 9 7.4 4 3 . 7 8 9 . 5 4 28 0 , 0 5 1 . 4 9 5. 0 % K L M N 0 55 . 2 2 8 , 6 1 9 . 4 4 47 1 6 3 , 9 2 1 . 4 1 38 , 1 2 7 0 4 1 . 2 1 29 7 1 7 , 0 6 8 . 8 7 4,8 6 2 , 4 8 6 . 5 9 0.0 0 0.0 0 0. 0 0 0.0 0 12 4 , 1 0 1 , 2 1 0 . 8 1 0.0 0 0.0 0 0. 0 0 0.0 0 16 . 4 4 1 , 4 5 0 . 4 4 0.0 0 0.0 0 0. 0 0 0.0 0 (8 4 6 3 3 4 9 . 8 0 55 , 2 2 8 6 1 9 . 4 4 47 1 6 3 , 9 2 1 . 4 1 38 , 1 2 7 , 0 4 1 . 2 1 29 7 1 7 , 0 6 8 . 8 7 10 6 , 0 5 8 , 8 9 7 . 1 6 5.0 % 5. 0 % 5. 0 % 5.0 % 23 0 1 1 9 . 2 5 19 6 5 1 6 . 3 4 15 8 8 6 2 . 6 7 12 3 8 2 1 . 1 2 38 1 1 3 5 4 . 5 3 82 9 4 8 1 7 . 2 8 92 3 3 3 9 6 . 5 4 85 6 8 8 3 5 . 0 1 78 3 7 5 5 4 . 8 5 87 . 8 6 6 . 9 1 6 . 5 5 23 0 , 1 1 9 . 2 5 19 6 , 5 1 6 . 3 4 15 8 , 8 6 2 . 6 7 12 3 , 8 2 1 . 1 2 t 80 6 4 6 9 8 . 0 3 90 3 6 8 8 0 . 2 0 84 0 9 9 7 2 . 3 4 77 1 3 7 3 3 . 7 3 84 0 5 5 5 6 2 . 0 2 47 . 1 6 3 . 9 2 1 . 4 1 38 . 1 2 7 . 0 4 1 . 2 1 29 . 7 1 7 . 0 6 8 . 8 7 22 . 0 0 3 . 3 3 5 . 1 4 I 22 . 0 0 3 . 3 3 5 . 1 4 4, 8 6 2 , 4 6 6 . 5 9 49 5 . 9 4 0 . 4 5 52 9 . 3 7 9 . 0 2 49 5 , 9 4 0 . 4 5 33 . 4 3 8 . 5 7 11 8 . 9 9 2 . 2 7 0 . 0 5 85 . 5 7 3 . 0 8 11 2 . 4 4 3 . 3 4 7 . 1 7 3.5 0 3 . 0 4 2 . 1 4 10 2 . 4 3 6 , 8 4 3 . 3 7 10 . 9 8 4 . 9 0 4 . 5 5 91 . 4 5 1 . 9 3 8 . 8 2 11 . 1 0 4 . 0 4 0 . 6 0 80 . 3 4 7 . 8 9 8 . 2 2 10 . 0 0 3 . 0 1 5 . 7 6 70 . 3 4 4 . 8 8 2 . 4 6 7.9 3 2 . 5 2 4 . 9 7 62 . 4 1 2 . 3 5 7 . 4 9 7.1 8 3 . 7 3 8 . 0 5 55 . 2 2 8 . 6 1 9 . 4 4 Ex i b i t N o . 1 Ca s e N O . I P C - E - 0 9 - 1 1 S. W r 9 h l , I P C Pa g e 2 o f 2