20110316Noe Di.pdf

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BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE APPLICATION
OF IDAHO POWER COMPANY TO INCREASE
ITS RATES FOR ELECTRIC SERVICE
TO RECOVER ITS 2010 PENSION CASH
CONTRIBUTION.
CASE NO. IPC-E-11-04
IDAHO POWER COMPANY
DIRECT TESTIMONY
OF
KELLEY K. NOE
1 Q.Please state your name and business address.
2 A.My name is Kelley K. Noe. My business address
3 is 1221 West Idaho Street, Boise, Idaho.
4 Q.By whom are you employed and in what capacity?
5 A.I am employed by Idaho Power Company (" Idaho
6 Power" or "Company") as a Regulatory Analyst II.
7 Q .Please describe your educational background.
8 A.In May of 2004, I received a Bachelor of
9 Business Administration in Finance from Boise State
10 University.
11 Q.Please describe your business experience with
12 Idaho Power.
13 A.In September 2006, I accepted a position at
14 Idaho Power as a Financial Analyst in the Finance
15 Department. My primary duties included performing credit
16 reviews on current and prospective transmission customers
17 as well as providing the financial support for Grid
18 Operations, Planning, and Operations Analysis and
19 development groups.
20 In October 2010, I accepted a Regulatory Analyst II
21 position within the Regulatory Affairs department of the
22 Company. My duties as a Regulatory Analyst II include
23 gathering, analyzing, and coordinating data from various
24 departments throughout the Company required for development
NOE, DI 1
Idaho Power Company
1 of jurisdictional separation studies, as well as other
2 analyses that may be required.
3 Q.What is the scope of your testimony in this
4 proceeding?
5 A.I am sponsoring testimony in this proceeding
6 to present the customer rate impacts resulting from the
7 Company's proposal for recovery of its 2010 cash
8 contributions to the pension plan, as described by Mr.
9 Darrel Anderson in his direct testimony.
10 Q.Have you prepared exhibits for this
11 proceeding?
12 A.Yes. I am offering the following exhibits:
13 Exhibi t No.1, Calculation of Revenue Impact by Rate Class
14 - Adj ustment to Base Revenues, Exhibit No.2, Calculation
15 of Revenue Impact by Rate Class - Adjustment to Billed
16 Revenues.
17 Q.What cash contribution did the Company make to
18 its pension balancing account in 2010?
19 A.As detailed in Darrel Anderson's testimony,
20 the Company contributed $60 million to the pension
21 balancing account. The Idaho portion of this contribution,
22 $56,505,566, was added to the balancing account in
23 September 2010. This balance was reduced by the $5,416,796
24 and was recovered between June 1, 2010, and May 31, 2011.
NOE, DI 2
Idaho Power Company
1 During the same period, the balancing account will have
2 earned carrying charges of $372,368 to arrive at the ending
3 balance of $51,461,138.
4 Based on Mr. Anderson's proposal to recover this
5 amount over a three-year period, the Company is seeking the
6 Idaho Public Utili ties Commission's ("Commission") approval
7 of an additional $11,736,917 in annual cost recovery for
8 the Idaho-allocated portion of the 2010 cash contribution
9 to the pension balancing account.
10 Q.If the Commission approves the Company's
11 requested pension recovery amortization, what is the
12 percentage increase in revenue as measured from total base
13 amounts currently recovered from customers?
14 A.Total Idaho jurisdictional base revenue
15 currently recovered from customers is comprised of revenue
16 generated from base rates, including the current Pension
17 Recovery Adj ustment. Exhibit No. 1 to my testimony
18 illustrates that the revenue impact of the proposed
19 amortization to Idaho retail customers for the June 1,
20 2011, through May 31, 2012, forecast year is $11,736,912 or
21 1.47 percent as measured from current base rates.
22 Q.Have you prepared an exhibit that details the
23 quantification of the customer class impacts resulting from
NOE, DI 3
Idaho Power Company
1 the Company's request, as measured from current billed
2 revenue?
3 A.Yes. Exhibit No. 2 to my testimony
4 illustrates quantification of the total revenue impact,
5 including the current Power Cost Adjustment and Fixed Cost
6 Adjustment, for the affected classes for the June 1, 2011
7 through May 31, 2012, period.
8 Q.Is the Company proposing that it continue its
9 pension cost recovery from Idaho customers after the end of
10 the amortization period on May 31, 2014?
11 A.Yes. The Commission-ordered pension balancing
12 account mechanism is intended to smooth out the
13 amortization of pension costs over a reasonable time
14 period. Therefore, the Company will continue to track the
15 difference between its cash contributions to the pension
16 balancing account and amounts recovered in rates until the
17 Commission authorizes a new amount and amortization period
18 for recovery of the Idaho portion of the Company's pension
19 cost balancing account. The computed amounts of pension
20 cost recovery from Idaho customers accumulated in the
21 pension cost balancing account will reduce the amount
22 placed into customers' rates for the ensuing authorized
23 amortization period.
NOE, DI 4
Idaho Power Company
1 Q.What type of rate design does the Company
2 propose to apply to recover the pension costs under the
3 proposed balancing account mechanism?
4 A.As illustrated in Exhibit No. 1 to my
5 testimony, the Company proposes to recover the pension
6 balancing account amortization requested in this filing as
7 an equal percentage rate of 1.47 percent applied to all
8 rate classes' forecast base revenues. In turn, the Company
9 is proposing the same 1.47 percent uniform percentage
10 increase be applied as equally as technically possible
11 among the billing components within the rate classes'
12 schedules, with exceptions for Service Charges in
13 Residential Service (Schedules 1, 3, 4, and 5), and Small
14 General Service (Schedule 7). Attachment No. 1 to the
15 Application in this filing includes the Company's
16 Calculation of Revenue Impact documents illustrating the
17 impact of pension cost recovery on each billing component
18 wi thin each retail rate schedule. The proposed rate design
19 in this proceeding is consistent with that approved by the
20 Commission on May 28, 2010, in Case No. IPC-E-10-08, Order
21 No. 31091.
22 Q.Why are there pension cost recovery exemptions
23 for the Service Charge billing component within the
NOE, DI 5
Idaho Power Company
1 Company's Residential Service and Small General Service
2 rate schedules?
3 A.In Case No. IPC-E-09-30, the Company and the
4 other settlement parties signed a Stipulation that was
5 later approved in Commission Order No. 30978. In paragraph
6 7.2.1.1 of the Stipulation, it states:
7 The Company's share of the PCA rate
8 reduction will be applied to increase
9 permanent base rates on a uniform10 percentage basis to all customer11 classes and special contract
12 customers. Schedule 1 and Schedule 713 customer classes will have any14 increase placed on their respective15 energy ra tes. This increase in base16 rates will remain in effect until new17 base rates, which are ordered in a
18 future Idaho Power Company general19 rate case, become effective.
20
21 (Emphasis added.)
2223 The Company is proposing similar treatment for
24 pension cost recovery by applying additional charges to
25 only the respective Residential and Small General Service
26 rate schedules' energy billing component. This will
27 necessi tate an increase in excess of 1.47 percent to each
28 affected rate class's energy component to recover the total
29 pension costs allocated to that rate class.
30 Q.Will the recovery of pension expense costs
31 appear as a separate line item on customers' bills?
NOE, DI 6
Idaho Power Company
1 A.No. Because the Company is proposing an
2 increased percentage rate be applied to all base rate
3 billing components, pension expense recovery will be
4 integrated within those component rates and not listed as a
5 separate item on customers' bills.
6 Q.Does this conclude your testimony?
7 A.Yes, it does.
NOE, DI 7
Idaho Power Company
BEFORE THE
IDAHO PUBLIC UTiliTIES COMMISSION
CASE NO. IPC-E-11-04
IDAHO POWER COMPANY
NOE, DI
TESTIMONY
EXHIBIT NO.1
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BEFORE THE
IDAHO PUBLIC UTILITIES COMMISSION
CASE NO. IPC-E-11-04
IDAHO POWER COMPANY
NOE, DI
TESTIMONY
EXHIBIT NO.2
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