HomeMy WebLinkAbout20070928Carlock direct.pdfBEFORE THE
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IDAHO PUBLIC UTILITIES COMMISSIO~Cif,HO ?UB~\i; . . -
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IN THE MATTER OF THE APPLICATION OF
PACIFICORP DBA ROCKY MOUNTAIN
POWER FOR APPROVAL OF CHANGES
TO ITS ELECTRIC SERVICE SCHEDULES
CASE NO. PAC-07-
DIRECT TESTIMONY OF TERRI CARLOCK
IDAHO PUBLIC UTILITIES COMMISSION
SEPTEMBER 28, 2007
please state your name and address for the
record.
My name is Terri Carlock.My business address
is 472 West Washington Street, Boise, Idaho.
By whom are you employed and in what capacity?
I am employed by the Idaho Public Utilities
Commission as the Deputy Administrator of the Utilities
Division responsible for the Accounting/Audit Section.
Please outline your educational background and
experience.
I graduated from Boise State University in
1980, with B. B.A. Degrees in Accounting and Finance.
have attended various regulatory, accounting, rate of
return, economics, finance and ratings programs.
chaired the National Association of Regulatory Utilities
Commissioners (NARUC) Staff Subcommittee on Economics and
Finance for more than 3 years.Under this subcommittee,
I also chaired the Ad Hoc Committee on Diversification.
I am currently the Vice-Chair of the NARUC Staff
Subcommittee on Accounting and Finance.I have been a
presenter for the Institute of Public Utilities at
Michigan State University and for many other conferences.
Since joining the Commission Staff in May 1980, I have
participated in audits, performed financial analysis on
various companies, and have presented testimony before
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di)
STAFF
this Commission on numerous occasions.
What is the purpose of your testimony in this
proceeding?
The purpose of my testimony is to discuss
policy positions, the Multi-State Process, Renewable
Energy Credits and present the Staff I s recommendation
related to the overall cost of capital for Rocky Mountain
Power to be used in the revenue requirement in this case.
I will address the appropriate capital structure, cost
rates and the overall rate of return.
Please summarize your testimony.
Portions of my testimony are policy related
and do not have specific recommendations directly
impacting the revenue requirement.I discuss Renewable
Energy Credits (RECs) in my testimony, and I recommend
recognizing additional REC revenues of $4,270,923
(system) that reduce the Idaho revenue requirement by
$269,344.In my testimony on the overall rate of return,
I am recommending a return on common equity in the range
of 9.5% - 10.5% with a point estimate of 10.25%.The
recommended overall weighted cost of capital is in the
range of 7.889% - 8.393% with a point estimate of 8.267%
to be applied to the rate base for the test year.
Are you sponsoring any exhibits to accompany
your testimony?
CASE NO. PAC-E- 07-09/28/07
CARLOCK, T (Di) 2
STAFF
Yes, I am sponsoring Staff Exhibit No. 120 and
Staff Exhibit No. 121 consisting of 3 schedules.
Please identify the REC or green tag
adj ustments made by Staff in this case.
Staff has made two adj ustments to properly
reflect REC or green tag revenues.The first imputes
revenue for RECs associated with maj or new wind proj ects.
The second is a proforma adjustment to better reflect REC
revenue credits from sales during the adj usted test
period.
Please explain the adj ustment to impute
revenues associated with maj or new wind proj ects.
PacifiCorp assumes that there will be RECs with
the energy generated by the Wolverine Creek , Leaning
Juniper , Marengo and Goodnoe Hills proj ects.In the
Integrated Resource Plans, the Company s economic
analysis uses the sale of RECs to show the economic
feasibili ty of the wind proj ects for inclusion in the
system resource portfolio.Staff utilized and accepted
use of these REC revenues to fully accept the inclusion
of these plants in rate base and all associated costs in
the revenue requirement.The associated REC revenues
shown on Staff Exhibit No. 120 are required to make these
specific wind proj ects cost effective.To compute the
total REC value, Staff multiplied the Company s assumed
CASE NO. PAC-E- 07-
09/28/07
CARLOCK , T (Di) 3
STAFF
value of RECs by the generation for each proj ect for the
time period reflected during the proformed 2007 period.
These revenues need to be imputed to properly reflect all
the components to justify inclusion of these plants in
customer rates.The total REC values for these proj ects
are $3,445,533 (system).
Please explain the proforma adjustment to
better reflect REC revenue credits from sales during the
adj usted test period.
The proforma test year adj ustment reflects a
known and measurable adjustment.The 2007 REC revenues
through May amounts to $1,837,075 (system) while the
amount booked in 2006 was $1 011,684 (system).The
difference of $825 390 (system) is the conservative
proforma adjustment recommended by Staff.The adj ustment
is conservative since REC sales in prior years were also
made in the last two quarters of the year but the 2007
comparison does not include these quarters.
What is the total adjustment made by Staff for
REC revenue credits?
The total of these two adj ustments
$4,270,923 (system).Both adjustments would be allocated
using the system generation factor of 6.306%, resulting
in a reduction of $269,344 in the Idaho revenue
requirement.
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di) 4
STAFF
Have you reviewed the testimony and exhibits of
Rocky Mountain Power witnesses Hadaway and williams
associated with the return components?
Much of the theoretical approach used byYes.
witnesses Hadaway and Williams in their testimonies and
exhibits is generally the same as I have used.
judgment in some areas of application results in
different outcomes.
What legal standards have been established for
determining a fair and reasonable rate of return?
The legal test of a fair rate of return for a
utility company was established in the Bluefield Water
Works decision of the United States Supreme Court and is
repeated specifically in Hope Natural Gas.
In Bluefield Water Works and Improvement Co. v.
West Virginia Public Service Commission, 262 U. S. 679,
692, 43 S.Ct. 675, 67 L.Ed. 1176 (1923), the Supreme
Court stated:
A public utility is entitled to such rates as
will permit it to earn a return on the value
of the property which it employs for the
convenience of the public equal to that
generally being made at the same time and in
the same general part of the country on
investments in other business undertakings
which are attended by corresponding risks and
uncertainties but it has no constitutional
right to profits such as are realized or
anticipated in highly profitable enterprisesor speculative ventures. The return should
be reasonably sufficient to assure confidence
CASE NO. PAC-07-09/28/07 CARLOCK, T (Di) 5
STAFF
in the financial soundness of the utility and
should be adequate, under efficient and
economical management, to maintain and
support its credit and enable it to raise the
money necessary for the proper discharge ofits public duties. A rate of return may be
reasonable at one time and become too high or
too low by changes affecting opportunities
for investment , the money market and businessconditions generally.
The Court stated in FPC v. Hope Natural Gas Company, 320
S. 591, 603, 64 S.Ct. 281, 88 L.Ed. 333 (1944) :
From the investor or company point of view it
is important that there be enough revenue not
only for operating expenses but also for thecapital costs of the business. These include
service on the debt and dividends on thestock.
. ..
By that standard the return to the equity
owner should be commensurate with returns on
investments in other enterprises having
corresponding risks. That return , moreover,
should be sufficient to assure confidence in
the financial integrity of the enterprise, so
as to maintain its credit and to attractcapital. (Citations omitted.
The Supreme Court decisions in Bluefield Water
Works and Hope Natural Gas have been affirmed in In re
Permian Basin Area Rate Case, 390 U.S. 747 , 88 S.Ct 1344,
20 L.Ed 2d 312 (1968), and Duquesne Light Co. v. Barasch,
488 U. S. 299, 109 S.Ct. 609, 102 L.Ed.2d. 646 (1989) .
The Idaho Supreme Court has also adopted the principles
established in BluefLeld Water Works and Hope Natural
Gas.See In re Mountain States Tel. Tel. Co. 76 Idaho
474 , 284 P.2d 681 (1955) i General Telephone Co. v. IPUC,
CASE NO. PAC-07-09/28/07
CARLOCK, T (Di) 6
STAFF
109 Idaho 942, 712 P.2d 643 1986); Hayden Pines Water
Company v. IPUC, 122 ID 356, 834 P.2d 873 (1992).
As a result of these United States and Idaho
Supreme Court decisions, three standards have evolved for
determining a fair and reasonable rate of return:
(1) The Financial Integrity or Credit Maintenance
Standard;(2) the Capital Attraction Standard; and,
(3) The Comparable Earnings Standard.If the Comparable
Earnings Standard is met, the Financial Integrity or
Credit Maintenance Standard and the Capital Attraction
Standard will also be met, as they are an integral part
of the Comparable Earnings Standard.
Have you considered these standards in your
recommendation?
These criteria have been seriouslyYes.
considered in the analysis upon which my recommendations
are based.It is also important to recognize that the
fair rate of return that allows the utility company to
maintain its financial integrity and to attract capital
is established assuming efficient and economic
management, as specified by the Supreme Court in
Bluefield Water Works.
Please summarize the parent/subsidiary
relationships for Rocky Mountain Power.
Rocky Mountain Power I s common stock is not
CASE NO. PAC-07-09/28/07
CARLOCK, T (Di) 7
STAFF
traded.Rocky Mountain Power is a division of PacifiCorp
and PacifiCorp is a wholly owned subsidiary of
MidAmerican Energy Holdings Company (MEHC).Due to thi
parent/subsidiary relationship there is no direct equity
market data available for utility operations at Rocky
Mountain Power or PacifiCorp.
What approach have you used to determine the
cost of equity for Rocky Mountain Power?
I have primarily evaluated two methods:the
Discounted Cash Flow (DCF) method and the Comparable
Earnings method.
Please explain the Comparable Earnings method
and how the cost of equity is determined using this
approach.
The Comparable Earnings method for determining
the cost of equity is based upon the premise that a given
investment should earn its opportunity costs.
competitive markets, if the return earned by a firm is
not equal to the return being earned on other investments
of similar risk, the flow of funds will be toward those
investments earning the higher returns.Therefore , for a
utility to be competitive in the financial markets, it
should be allowed to earn a return on equity equal to the
average return earned by other firms of similar risk.
The Comparable Earnings approach is supported by the
CASE NO. PAC-07-
09/28/07
CARLOCK , T (Di) 8
STAFF
Bluefield Water Works and Hope Natural Gas decisions as a
basis for determining those average returns.
Industrial returns tend to fluctuate with
business cycles, increasing as the economy improves and
decreasing as the economy declines.Utility returns are
not as sensi ti ve to fluctuations in the business cycle
because the demand for utility services generally tends
to be more stable and predictable.However, returns have
fluctuated since 2000 when prices in the electricity
markets dramatically increased.Electrici ty prices have
not seen the dramatic spikes lately so earnings are more
stabile.
Please evaluate interest rate trends.
The prime interest rate has increased since the
last PacifiCorp rate case but has decreased from 8.25% to
the current rate of 7.75%.The federal funds rate and
other rates have also decreased this year.
Please provide the current index levels for the
Dow Jones Industrial Average and the Dow Jones Utility
Average.
The Dow Jones Industrial Average (DJIA) closed
13,878 on September 26 2007.The DJIA all-time high
14,000.was reached on July 19,2007.The Dow J one s
Utility Average closed at 512 September 26,2007.
Please explain the risk differentials between
CASE NO. PAC-07-09/28/07 CARLOCK, T (Di) 9
STAFF
industrials and utilities.
Risk is a degree of uncertainty relative to a
company.The lower risk level associated with utilities
is attributable to many factors even though the
difference is not as great as it used to be.Utili ties
continue to have limited competition for distribution of
utility services within the certificated area.With
limited competition for regulated services , there is less
chance of losses related to pricing practices, marketing
strategy and advertising policies.The competitive risks
for electric utilities have changed with increasing non-
utili ty generation, deregulation in some states, open
transmission access, and changes in electricity markets.
However , competitive risks are limited for Rocky Mountain
utili ty operations.The demand for utility services is
relatively stable and certain or increasing compared to
that of unregulated firms and even other utility
industries.
Competitive risks continue to be lower for
Rocky Mountain Power and PacifiCorp than for many other
electric companies primarily because of the low-cost
source of power and the low retail rates compared to
national averages.The risk differential between Rocky
Mountain Power and PacifiCorp and other electric
utilities is based on the resource mix and the cost of
CASE NO. PAC-E- 07 - 5
09/28/07
CARLOCK, T (Di) 10
STAFF
those resources.All resource mixes have risks specific
to resources chosen.The demand for electric utility
services of Rocky Mountain Power and PacifiCorp is
increasing at predictable rates.This low demand risk is
partially due to the low-cost power and the customer mix
of the power users.
Under regulation , utilities are generally
allowed to recover through rates, reasonable, prudent and
justifiable cost expenditures related to regulated
services.Unregulated firms have no such assurance.
Utilities in general are sheltered by regulation for
reasonable cost recovery risks, making the average
utility less risky than the average unregulated
industrial firm.
Considering all of these comparisons, I believe
a reasonable return on equity attributed to Rocky
Mountain Power and PacifiCorp is 10.0% - 11.0% under the
Comparable Earnings method.
You indicated that the Discounted Cash Flow
method is utilized in your analysis.Please explain this
method.
The Discounted Cash Flow (DCF) method is based
upon the theory that (1) stocks are bought for the income
they provide (i. e., both dividends and/or gains from the
sale of the stock), and (2) the market price of stocks
CASE NO. PAC-07-09/28/07 CARLOCK, T (Di) 11
STAFF
equals the discounted value of all future incomes.The
discount rate, or cost of equity, equates the present
value of the stream of income to the current market price
of the stock.The formula to accomplish this goal is:
--------------
(l+ks ) 1 ( 1 + ks ) 2
+...+ ------ + ------
(l+ks ) N (l+ks ) N
Po =Current Price
Di vidend
ks =Capitalization Rate, Discount Rate, or Required
Rate of Return
Latest Year Considered
The pattern of the future income stream is the
key factor that must be estimated in this approach.Some
simplifying assumptions for ratemaking purposes can be
made without sacrificing the validity of the results.
Two such assumptions are:(1) dividends per share grow
at a constant rate in perpetuity and (2) prices track
earnings.These assumptions lead to the simplified DCF
formula , where the required return is the dividend yield
plus the growth rate
(g):
ks = -
- - + g
Have you factored flotation costs in with your
cost of capital analysis?
Yes, I have considered direct flotation costs
CASE NO. PAC-07-09/28/07
CARLOCK , T (Di) 12
STAFF
in my analysis by increasing the dividend yield component
of the DCF analysis.Because only direct costs should be
considered, I have used a flotation factor of 4% with 2%
assigned to the utility operations.This practice
continues to be reasonable because all subsidiaries of
MEHC should be responsible for some of the actual
flotation costs.I have therefore adj usted the DCF
formula to include the direct flotation costs as "df"
ks = (-
- -
(1 + df) J + g
What is your estimate of the current cost of
capital for Rocky Mountain Power and PacifiCorp using the
Discounted Cash Flow method?
The current cost of equity capital for Rocky
Mountain Power and PacifiCorp, using the Discounted Cash
Flow method with comparable companies is between 7.7% -
11.7%.Due to ongoing capital requirements, I believe a
dividend yield of 4.2% with an average growth rate of
2% is reasonable and representative resulting in a DCF
return on equity of 9.4%.
How is the growth rate (g) determined?
The growth rate is the factor that requires the
most extensive analysis in the DCF method.It is
important that the growth rate used in the model be
consistent with the dividend yield so that investor
CASE NO. PAC-E- 07 - 5
09/28/07
CARLOCK, T (Di) 13
STAFF
expectations are accurately reflected and the growth rate
is not too large or too small.
I have used an expected growth rate of 4% - 6%.
This expected growth rate was derived from an analysis of
various historical and proj ected growth indicators,
including growth in earnings per share, growth in cash
di vidends per share, growth in book value per share,
growth in cash flow and the sustainable growth.
What is the capital structure you have used for
Rocky Mountain Power and PacifiCorp to determine the
overall cost of capital?
I have utilized the embedded capital structure
at December 31 , 2007 consisting of 49.1% debt, 0.
preferred stock and 50.4% common equity as shown on
Schedule 3 of Staff Exhibit No. 120.Rocky Mountain
Power witness Williams reflects this capital structure in
his testimony on page I have accepted the proforma
capital structure recommended by Rocky Mountain Power in
this case because the proforma changes are adequately
known to be included as a known and measurable adj ustment
in this case and it represents a capital structure
consistent with the rate base investment included in the
Staff revenue requirement.
What are the costs related to the capital
structure for debt and preferred stock?
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di) 14
STAFF
I have evaluated and accepted the embedded cost
rates used in williams Exhibit Nos. 7 - 10.The cost of
debt is 6.26% (Staff Exhibit No. 120, Schedule 1) and the
cost of preferred stock is 5.41% (Staff Exhibit No. 120,
Schedule 2) .
You indicated the cost of common equity range
for Rocky Mountain Power and PacifiCorp is 10.0% - 11.
under the Comparable Earnings method and 7.7% - 11.
under the Discounted Cash Flow method.What is the cost
of common equity capital you are recommending?
The fair and reasonable cost of common equity
capi tal I am recommending for Rocky Mountain Power and
PacifiCorp is in the range of 9.5% - 10.5%.Although any
point within this range is reasonable, the return on
equity granted would not normally be at either extreme of
the fair and reasonable range.I utilized a point
estimate of 10.25% in calculating the overall rate of
return for the revenue requirement.
What is the basis for your point estimate being
10.25% when your range is 9.5% - 10. 5%?
The 10.25% return on equity point estimate
utilized is based on a review of market data and
comparables, average risk characteristics for Rocky
Mountain Power and PacifiCorp, including past and current
impacts in state jurisdictions, operations and the
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di) 15
STAFF
capital structure.
What is the overall weighted cost of capital
you are recommending for Rocky Mountain Power and
PacifiCorp?
I am recommending an overall weighted cost of
capital in the range of 7.889% - 8.393%.For use in
calculating the revenue requirement, a point estimate
consisting of a return on equity of 10.25% and a
resulting overall rate of return of 8.267% was utilized
as shown on Schedule 3, Staff Exhibit No. 120.
Have you reviewed all of the Staff
recommendations in this case to evaluate if they are
consistent with Revised Protocol?
Yes, I have and I believe all of the
recommended Staff adjustments are consistent with Revised
Protocol.
Are there Multi - State Process (MSP) or Revised
Protocol items that have influenced Staff recommendations
in this case?
All Staff recommendations took intoYes.
consideration, and were therefore influenced by, Revised
Protocol to ensure they were consistent.There are items
where absent the MSP process and Revised Protocol, Staff
may have made different or additional adjustments.
CASE NO. PAC-07-09/28/07
CARLOCK, T (Di) 16
STAFF
Please explain the first area where you believe
differences would have likely occurred.
Absent the Revised Protocol, the treatment of
Monsanto by Staff would have likely been different.
Staff would have likely continued to treat Monsanto
completely as a system customer.Staff treatment for all
ancillary services where Monsanto and irrigators were
given credits would have likely been treated the same as
Staff proposes in this case, i. e. as system resources.
Revised Protocol allows the costs to serve
these customer contracts to be completely allocated to
Idaho using dynamic system allocation factors.The bill
credi t provisions for Monsanto are treated similar to
ancillary power supply contacts where they are allocated
among states on the same basis as system resources.
Staff witness Lanspery proposes the Irrigation Credits be
allocated the same as ancillary power supply contacts.
The credits to Monsanto and Irrigation
customers are given for various ancillary services as set
out in the contacts.These ancillary services provide
system benefits that are dispatchable by the Company or
predetermined by contract thus avoiding the need for
additional resources or duplicative services if these
contracts were not in place.
CASE NO. PAC-07-09/28/07 CARLOCK , T (Di) 17
STAFF
I am pointing out these differences to help
explain the thought process as I evaluated the
consistency and reasonableness of Staff I s positions under
Revised Protocol.The Company and all customers continue
to receive system benefits from these ancillary services
set forth in the contracts.A reasonable price is paid
for these services based on market evaluations that are
utilized throughout the PacifiCorp models and system
operations.The Revised Protocol treatment allows Idaho
Commissioners to establish reasonable rates for Idaho
customers and it also avoids having Idaho customers pay
for any incentive or economic development rates that may
be established in other states.To summarize, the
Revised Protocol allocation retains the benefits, assures
only reasonable costs are being allocated and most of all
leaves the rate decisions for Idaho customers with the
Idaho Commission without negatively impacting other
states.
Are there additional adjustments or issues
Staff would have discussed absent the Revised Protocol?
Yes, there are areas where Staff would have
likely proposed specific regulatory treatment or
adjustments absent the MSP process and Revised Protocol.
These areas include the regulatory treatment and cost
allocation for hydro decommissioning and abandonment; the
CASE NO. PAC-07-09/28/07
CARLOCK, T (Di) 18
STAFF
cost prudence of resource choices in general and under
Resource Portfolio Standards (RPS); and green tag
revenues in addition to the adjustment discussed
previously.These additional issues would not have a
material revenue requirement impact if they were proposed
in this case.In fact I believe the revenue requirement
could have been offset by the increasing and decreasing
impacts since the rate impacts from these issues are just
beg inning.Future rate cases and the resulting impacts
are where the regulatory treatment will become more
important to customers.
The MSP Standing Committee and workgroup
participants are evaluating these issues.I f recommended
clarifications, modifications or additions to the Revised
Protocol are developed; they will be presented to the
various Commissions for approval.If agreement between
the states is not achieved, a different process will be
followed to bring issues before the Commission.Each
state could have different proposals for regulatory
treatment presented.Disjointed treatment in different
states may have a negative impact on system planning
and/or operations and would need to be evaluated at that
time.
If additional adjustments are not being
proposed in this case, why discuss these items?
CASE NO. PAC-07-09/28/07
CARLOCK , T (Di) 19
STAFF
These items are discussed for identification
purposes.It allows parties in this case that haven I
been participating in the MSP workgroup process to be
aware of these current and future issues to evaluate
future participation levels.
Please generally describe the issue associated
with hydro decommissioning and abandonment.
The Regional Resources category in the Revised
Protocol includes the Hydro-Endowment for owned hydro
resources and Mid-Columbia contracts.The allocation
methodology utilizes an Embedded Cost Differential (ECD)
adjustment to attribute hydro benefits and costs to the
region, West or East, where hydro resources originated.
The calculation of the ECD when hydro proj ects are
decommissioned or abandoned is the issue.For example,
the Powerdale Hydroelectric Facility was decommissioned
for economic reasons following a flood.One reason it
was more economic to decommission the facility than to
repair it was timing.This facility was part of a
settlement agreement to decommission so there was
insufficient time before the settlement date for
decommissioning to allow repairs to be economic.These
circumstances were discussed in Case No. PAC-07-4 and
Order No. 30344.The discussion topic for MSP evaluation
needs to focus on the intent behind the continuation of
CASE NO. PAC-07-09/28/07
CARLOCK , T (Di) 20
STAFF
the hydro-endowment concept in Revised Protocol.The
West (the original Pacific Power system) wanted to
continue to receive the benefits of the low cost hydro
system in the West and was willing to pay costs
associated with the hydro system including relicensing
costs if they were more expensive , above embedded costs.
Settlements to decommission are part of the relicensing
process.The intent behind the hydro-endowment along
with the ECD formula needs to be evaluated to assure they
remain consistent when hydro facilities are
decommissioned or abandoned.This includes evaluating
costs above the embedded cost.The embedded cost should
be calculated for ECD comparison purposes in the hydro-
endowment without marginal new resources, including wind,
being added to the embedded costs.This will allow the
higher costs for relicensing to follow hydro benefits.
Please generally describe issues related to
resource choices in general and under Resource Portfolio
Standards (RPS).
Resource choices in general and under RPS
requirements are topics being explored in the MSP
Resource Choice workgroup.The workgroup is evaluating
issues that may impact cost allocations.Areas of
concern with workgroup participants range from no
concern, to concern when different resource preferences
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di) 21
STAFF
emerge among states.Workgroup participants note that
the Revised Protocol does address divergent resource
portfolio standards in the event that a state chooses a
higher cost resource than contained in the IRP.Some
workgroup participants note that the resulting
operational effects could remain a problem.In addition
the Revised Protocol language may not cover scenarios
where a state did not choose a different resource but
rej ected a resource in the Integrated Resource Plan or
Request for Proposal.The workgroup is ongoing.
What Renewable Energy Credit or Green Tag
issues are being discussed within MSP?
As Renewable Portfolio Standards are
established in numerous states, the availability of
renewable resources and/or Renewable Energy Credits,
RECs, to meet those requirements becomes an issue.RECs
or Green Tags are tradable commodities even though the
market isn't very liquid.Most terms and conditions
associated with REC transactions are established in
bilateral contracts.RECs represent the environmental
green" attributes associated with the generation of one
megawatt-hour of renewable energy from an eligible
renewable resource.Since the state RPS requirements
differ , the need and regulatory treatment may not be
consistent even between states with RPS requirements.
CASE NO. PAC-07-
09/28/07
CARLOCK, T (Di) 22
STAFF
In states where RPS requirements have not been
established, such as Idaho, the issue is slightly
different.Meeting RPS requirements means that RECs will
not be sold in the same manner as they were previously
sold and the associated revenue credit dollars to Idaho
will most likely decline.Available RECs will only be
sold when they are not needed to meet RPS requirements.
An allocation methodology is needed to provide revenue
credits to states that have available RECs allocated to
it and charge states for the transfer of needed RECs.
This is one way to maintain or enhance the revenue stream
associated with RECs in states where RPS requirements
haven t been established and provide a win-win scenario
for all customers.
Another issue deals with the actual revenue
credits from the sale of RECs.Unless the allocation of
REC sales revenue is changed to be more closely aligned
with the states that have RECs available for sale, the
revenue credits will go to all customers in the system
rather than customers in states with available RECs.
These are issues also being discussed wi thin the ongoing
MSP and workgroup meetings.
Does this conclude your direct testimony in
this proceeding?
Yes, it does.
CASE NO. PAC-07-09/28/07 CARLOCK, T (Di) 23
STAFF
Imputed Revenue for Green Tags Associated with Major new Wind Projects
No. Months
Operational in Imputed System
Project Name In-Service Date Test Year Revenue
Wolverine Creek 12/1/2005 875 000
Leaning Juniper 8/1/2006 527 365
Marengo 8/1/2007 791 508
Goodnoe Hills 12/1/2007 251 660
Total 3,445 533
Exhibit No. 120
Case No. PAC-07-
T. Carlock, Staff
9/28/07 Schedule
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Rocky Mountain Power
A division of PacifiCorp
Overall Cost of Capital
Com onent Ratio Cost Wei hted A vera
Long Term Debt 49.26%074%
Preferred Stock 5.41 %027%
Common Equity 50.4%10.25%166%
100.267%
Exhibit No. 121
Case No. PAC-E-07-
T. Carlock, Staff9/28/07 Schedule 3
CERTIFICATE OF SERVICE
HEREBY CERTIFY THAT I HAVE THIS 28TH DAY OF SEPTEMBER 2007
SERVED THE FOREGOING DIRECT TESTIMONY OF TERRI CARLOCK, IN
CASE NO. PAC-07-, BY MAILING A COpy THEREOF, POSTAGE PREPAID
TO THE FOLLOWING:
JUSTIN BROWN
ROCKY MOUNTAIN POWER
201 S MAIN ST STE 2300
SALT LAKE CITY UT 84111
MAIL: iustin.brown~pacificorp.com
DATA REQUEST RESPONSE CENTER
ACIFICORP
825 NE MUL TNOMAH STE 2000
PORTLAND OR 97232
MAIL: datarequest~pacificorp.com
(ELECTRONIC COPIES ONLY)
JAMES R SMITH
MONSANTO COMPANY
PO BOX 816
SODA SPRINGS ID 83276
MAIL: iim.smith~monsanto.com
ERIC L OLSEN
RACINE OLSON NYE BUDGE & BAILEY
PO BOX 1391
POCATELLO ID 83201-1391
MAIL: elo~racine1aw.net
CONLEY E WARD
MICHAEL C CREAMER
GIVENS PURSLEY LLP
PO BOX 2720
BOISE ID 83701-2720
MAIL: cew~givenspurs1ey.com
BRIAN DICKMAN
MANAGER, ID REGULATORY AFFAIRS
ROCKY MOUNTAIN POWER
201 S MAIN ST STE 2300
SALT LAKE CITY UT 84111
MAIL: brian.dickmanC?PJJacificorp.com
RANDALL C BUDGE
RACINE OLSON NYE BUDGE & BAILEY
PO BOX 1391
POCATELLO ID 83201-1391
MAIL: rcb~racine1aw .net
MAURICE BRUBAKER
KATIE IVERSON
BRUBAKER & ASSOCIATES
1215 FERN RIDGE PARKWAY
SUITE 208
ST LOUIS MO 63141
MAIL: mbrubaker~consu1tbai.com
ki verson~consu1 tbai. com
ANTHONY Y ANKEL
29814 LAKE ROAD
BAY VILLAGE OH 44140
MAIL: ton y~yanke1.net
DENNIS E PESEAU, Ph.
UTILITY RESOURCES INC
1500 LIBERTY ST SE STE 250
SALEM OR 97302
MAIL: dpeseau~excite.com
CERTIFICATE OF SERVICE
BRAD M PURDY
ATTORNEY AT LAW
2019 N 17TH STREET
BOISE ID 83702
MAIL: bmpurdv(Ci),hotmaiLcom
KEVIN B HOMER
ATTORNEY AT LAW
1565 SOUTH BOULEVARD
IDAHO FALLS ID 83404
MAIL: kbh(Ci),khomerlaw.com
TIMOTHY SHURTZ
411 S. MAIN
FIRTH ID 83236
MAIL: tim(Ci),idahosupreme.com
CERTIFICATE OF SERVICE