HomeMy WebLinkAbout20081023Duval Direct.pdfRECEIVED
2008 OCT 23 Apt fO '9
IDAHO PUBLIC
UTILITIES COMMISSiON
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
IN THE MATTER OF THE )
APPLICATION OF ROCKY )
MOUNTAIN POWER-FOR )
APPROVAL OF AN ENERGY COST )
ADJUSTMENT MECHANISM )
)
CASE NO. PAC-E-08-08
Direct Testimony of Gregory N. Duvall
ROCKY MOUNTAIN POWER
CASE NO. PAC-E-08-08
October 2008
1 Q.Please state your name, business address and present position with Rocky
2 Mountain Power (the Company), a division of PacifiCorp.
3 A.My name is Gregory N. Duvall, my business address is 825 NE Multnomah St.,
4 Suite 600, Portland, Oregon 97232, and my present title is Director, Long Range
5 Planing and Net Power Costs.
6 Qualifications
7 Q.Briefly describe your educational and professional background.
8 A.I received a degree in Mathematics from University of Washington in 1976 and a
9 Master of Business Administration degree from University of Portland in 1979. I
10 was first employed by Pacific Power in 1976 and have held varous positions in
11 resource and transmission planning, regulation, resource acquisitions and trading.
12 From 1997 through 2000 I lived in Australia where I managed the Energy Trading
13 Departent for Powercor, a PacifiCorp subsidiary at that time. After retuing to
14 Portland, I was involved in direct access issues in Oregon, was responsible for
15 directing the analytical effort for the Multi-State Process (MSP), and curently
16 direct the work of the integrated resource planning group, the load forecasting
17 group, the forward pricing group, and the net power cost group in the Company.
18 Purpose of Testimony
19 Q.What is the purpose of your testimony?
20 A.My testimony describes the Company's proposed Energy Cost Adjustment
21 Mechanism (ECAM), including the need for a mechanism of this kind, costs that
22 would be recovered by the mechanism, and how the proposed mechanism would
23 be administered.
Duvall, Di - 1
Rocky Mountain Power
1 Energy CostAdjustment Mechanism
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Please briefly describe the proposed Energy Cost Adjustment Mechanism.
The proposed ECAM is a rate designed to allow the Company to collect or credit
the differences between the actual net power costs (NPC) incured to serve
customers in Idaho and the amount collected from customers in Idaho though
rates set in general rate cases. On a monthly basis, the Company wil compare the
actual system net power costs (Actual NPC) to the net power costs embedded in
rates from the most recent general rate case (Base NPC), and defer the differences
in a balancing account. An ECAM rate wil be calculated anually to collect from
or credit to customers the accumulated balance over the subsequent year.
Why is the Company proposing an ECAM at this time?
The Company's net power costs represent a large proportion of the Company's
total revenue requirement. They are subject to a high degree of volatilty largely
outside of the Company's control. Some of the factors causing this volatilty .
include changes in retail load, hydro conditions, wind generation, market prices,
third part wheeling expenses, natual gas and coal fuel expenses. Because the
Company depends on both the electrcity and natual gas markets to balance its
system and meet the load requirement, fluctuations in the markets invariably
impact the Company's net power costs. Coal expenses, which were previously
relatively stable, are affected by changes in commodity costs due to contract re-
openers, and even the captive mine costs may change significantly intoday's
environment due to the rapid escalation of the costs of mining equipment and
supplies. An ECAM would provide safeguards to customers and give the
Duvall, Di - 2
Rocky Mountain Power
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Company an opportity to recover the net power costs that are prudently
incured to serve those customers.
Please describe the volatility of the wholesale power and natural gas
markets?
Exhibit No.1 shows the historic natual gas prices at Henr Hub and Opal, along
with the wholesale electrcity prices for Mid-Columbia and Palo Verde separated
by heavy and light ioad hours from Januar 1, 2005 through October 20, 2008.
Over this period, gas prices have ranged from below $l/mmbtu to over
$15/mmbtu and electrcity prices have gone from near zero to over $300IMWh.
Over the last 12 months, gas prices at Henr Hub have gone from about $5 to $13
and back to $7/mmbtu, while Opal has gone from $0.25/mmbtu to over
$IO/mmbtu. Over the same time, electricity has varied widely from about
$401MWh to $1501MWh and back again.
Does the Company expect the volatility of net power costs will continue?
Yes, it certainly could, given the curent economic conditions and uncertainties
regarding environmental legislation. The volatility in fuel and wholesale electric
prices is compounded by the variabilty in the Company's load - also caused by
economic conditions. Small fluctuations in load, combined with fuel and
wholesale power volatility, can lead to significant changes in net power costs. In
addition, the composition of the Company's resource portfolio is shifting to wind
and natual gas fired generation, both of which increase the volatility of the net
power costs because of the high volatility of wholesale natual gas and power
market prices and the intermittent natue of wind resources.
Duvall, Di - 3
Rocky Mountain Power
1 Q.
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Why are general rate cases no longer adequate to capture net power costs?
The Company's general rate cases in Idaho utilize historical test years with known
and measurable adjustments under the Commission's rules and requirements.
Static test period data cannot accurately reflect the volatility in net power costs
that we are curently experiencing.
For example, in Case No. PAC-E-08-07, I explained in my direct
testimony that the Company's system net power costs at that time were increasing
sharly at a rate of $40 to $SO milion every six months. The Company had not
experienced rising net power costs of this magnitude since the Western energy
crisis. This trend was in par due to sharp price increases in wholesale power and
natural gas. Referring to Exhibit No. l, it can be seen that this trend continued
through July 2008. Then, in August 2008, natual gas and wholesale power prices
began a precipitous drop. If the Company had a rate case with a test period
ending June 30, 2008, the wholesale power and natural gas costs in that period
would not at all be representative of curent costs - to the detrment of customers.
Durng a period of net power cost volatility, requiring a utilty to recover
its net power costs through a rate case virtally ensures that either customers or
the Company wil be harmed.
Is the Company proposing a symmetrical mechanism for net power cost
recovery?
Yes. The Company wants to recover its prudent and reasonable net power costs ~
nothing more or less. Thus, we are proposing an ECAM mechanism that is
applied symmetrically to safeguard customers when the net power costs that the
Duvall, Di - 4
Rocky Mountain Power
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Company actually incurs are lower.
Does the ECAM shift the risk of net power cost increases away from the
Company and onto the customer?
No. Based on the historic data presented in Exhibit No. l, a symmetrcal tracker is
as much a safeguard for customers as it is for the Company. For example, a rate
case where NPC are based on $1 00-1501M prices for electricity would not
serve customers WëU if actual prices tued out to be less than $80IMWh. Or, if
actual hydro generation were 500,000 megawatt-hours greater than the
normalized amount included in rates and market prices were $IOOIMWh, NPC
would be overstated by $50 milion total Company.
The proposed ECAM wil recover from customers only actual net power
costs and wil pass through to customers any actual net power cost reductions.
While this creates symmetry, a desirable featue of an adjustment mechanism, it
does not shift from the Company to customers the risks of prudent acquisition and
reasonable pricing. The Company retains.that risk. The Commission,
Commission staff and partes wil have the opportity to assess the prudence and
reasonableness of the net power costs in the annual reconciliation fiing on April 1
of each year and as part of any general rate cases.
What types of costs would be included in the ECAM?
The ECAM rate wil be calculated using all components of net power costs as
traditionally defined in the Company's general rate cases and modeled by the
Company's production dispatch model GRID. Specifically, Base NPC and Actual
NPC wil include amounts tyically booked to the following FERC accounts:
Duvall, Di - 5
Rocky Mountain Power
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Account 447 - Sales for resale, excluding on-system wholesale sales and
other revenues that are not modeled in GRID
Account 501 - Fuel, steam generation; excluding fuel handling, sta up
fuel/gas!, diesel fuel, residual disposal and other costs that
are not modeled in GRID
Account 503 - Steam from other sources
Account 547 - Fuel, other generation
Account 555 - Purchased power, excluding BPA residential exchange credit
pass-though if applicable
Account 565 - Transmission of electricity by others
The mechanism addresses power cost expenses and does not include any
costs associated with fixed cost recovery (i.e., capital investment in rate base).
However, as has been done in Idaho in the past, the Company may fie futue
applications requesting an increase in rates based on the revenue requirement of
individual resources. This wil assure a better match between new resource fixed
costs and net varable power costs. If net power cost recovery is updated
regularly but other fixed costs are not, a mismatch wil be created between the
variable and fixed costs associated with new resources. This mismatch is
particularly significant for renewable resources since they have near-zero variable
costs, are added with greater frequency than traditional generation investments,
and are depreciated more rapidly than traditional generation investments.
Is the Company proposing the deferral be based on forecasted net power
costs?
Not at this time. The Company is requesting to establish an ECAM and defer the
differences between Base NPC and Actual NPC. The Company may later request
using forecast net power costs to adjust the Base NPC similar to the mechanism
i Start up fuel is accounted for separate from the primary fuel for stearn power generation plants. Start up
costs are not accounted for separately for natual gas plants, and therefore all fuel for natual gas plants is
included in the determination of both Base NPC and Actual NPC.
Duvall, Di - 6
Rocky Mountain Power
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20 A.
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authorized for Idaho Power and A vista.
How would Base NPC be calculated?
Base NPC is computed using total company net power costs from the most recent
general rate case. Initially, Base NPC would be set based on the Company's
current general rate case, Case No. PAC-E-08-07, including any adjustments
ultimately approved by the Commission in that case. Monthly net power costs are
divided by the monthly normalized load used to determine the net power costs to
express the costs on a per unit basis.
Do Actual NPC include adjustments prior to the comparison with Base
NPC?
Yes. Adjustments wil be made to net power costs as booked to be consistent
with the Company's production dispatch model, to remove prior period
accounting entries, and to include applicable Commission-adopted adjustments
reflected in the most recent general rate case. Actual NPC wil not be adjusted
for hydro conditions and forced outages because they give rise to the fluctuations
in net power costs that this mechanism is designed to captue. Actual NPC wil
be subject to review by the Commission and other parties annually when the
Company files its applications for recovery of the deferred net power costs.
Please explain the balancing account and the calculation of the ECAM rate.
The balancing account and ECAM rate serve as a tre-up mechanism to recover
or credit the differences between Base NPC and Actual NPC. On a monthly
basis, the Company wil compare Actual NPC to Base NPC. Any differences in
the system per-unit cost wil be multiplied by actual Idaho load in that month and
Duvall, Di - 7
Rocky Mountain Power
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the product wil be deferred in the balancing account. The monthly under- or
over-recovery wil accumulate in the balancing account and ear interest at the
Company's most recently approved rate of retu on rate base in Idaho.
On an annual basis the cumulative deferred balance in the balancing
account wil be converted to the Schedule 94 ECAM rate expressed on a cents per
kilowatt-hour basis for projected Idaho sales for the twelve months of the ECAM
recovery period. An example of the monthly deferral calculation is provided as
Exhibit No.2.
Is the Company proposing to defer the net power costs associated with the
two tariff contract customers?
Not initially. In Case No. PAC-E-07-05 the Commission approved a stipulation
including an energy service agreement with specific planed rate increases for
these customers through December 31, 2010. The Company committed not to
seek fuer increases to these customers rates before January 1,2011 and is not
proposing any modifications to those rate plans in this application. Rather, the
tariff contract customers' loads wil be included in the ECAM cost deferral
calculation beginning January 1,2011 (the rate plan expires December 31,2010),
and would be subject to the ECAM rate from that date forward. To keep it
simple, Exhibit No.2 does not make a distinction between the deferral balances
accumulated before or after Januar 1,2011. Ifthe application is approved any
balance at December 31, 2010 would be isolated from the balance calculated
beginning January 1,2011.
Duvall, Di - 8
Rocky Mountain Power
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How wil the ECAM rate be applied across customer classes?
The Schedule 94 rate wil be applied equally to the energy charge rate for all
customer classes, with the initial exception of the Company's two tariff contract
customers in Idaho. Exhibit No.3 is an example of the initial Schedule 94.
When will the ECAM rate be implemented?
The Company proposes to implement the ECAM coincident with new rates
resulting from Case No. PAC-E-08-07. Initially the ECAM rate wil be zero
because there would not yet be any deferred balance in the balancing account.
The Company wil begin tracking the monthly deferrals once new rates from Case
No. PAC-E-08-07 are in effect.
When wil the Company reconcile the ECAM costs and recoveries and
update the ECAM factors?
The Company proposes to fie annual ECAM reconcilations and updated factors
on April 1 each year with a new ECAM rate effective June 1. The first
application addressing a deferred amount in the balancing account would be made
April 1, 2010.
Does this conclude your testimony?
Yes.
Duvall, Di - 9
Rocky Mountain Power
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Case No. PAC-E-08-08
Exhibit No.1
Witness: Gregory N. Duvall
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
ROCKY MOUNTAIN POWER
Exhibit Accompanying Direct Testimony of Gregory N. Duvall
October 2008
Rocky Mountin Power
Exhibit No. 1 Page 1 of 3
Case No. PAC-E-D8-08
Witness: Gregory N. Duvall
Day Ahead Spot Price History (Electricity)
Source: ICE
~
Mid-C,HLH
$140
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Exhibit No. 1 Page 2 of 3
Case No. PAC-E-08-08
Witness: Gregry N. Duvall
Day Ahead Spot Price History (Natural Gas)
Source: ICE
$16
$14
$12
$10
==:i $8Ë..
$6
$4
$2
Henry Hub
$0
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Roy Mountain Power
Exhibit No. 1 Page 3 of 3
Case No. PAC-E-oS-OS
Witness: Gregry N. Duvall
Day Ahead Spot Price History (Electricity)
Source: ICE
Palo Verde, HLH
$20
$140
$120
$100
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$60
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2008 OCT 23 AM 10: l 9
UJAHOPU6L\C
UTU...TIES COMMiSSION
Case No. PAC-E-08-08
Exhibit No.2
Witness: Gregory N. Duvall
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
ROCKY MOUNTAIN POWER
Exhibit Accompanying Direct Testimony of Gregory N. Duvall
October 2008
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200 OCT 23
IDAHO
UTILITIES
AM IOE!~ ~o. PAC-E-08-08Exñibit No.3
I GWitness: Gregory N. Duvall
ISSION
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
ROCKY MOUNTAIN POWER
Exhibit Accompanying Direct Testimony of Gregory N. Duvall
October 2008
ROCKY MOUNTAINPOER
A DIVISI OF PAC1FlCOP
Rocky MDuntain Power
Exhibit No. 3 Page 1 of 1
Case No. PAC-e-DB-oa
Witness: Greg N. Duvall
I.P.U.C. No.1 Original Sheet No. 94.1
ROCKY MOUNTAIN POWER
ELECTRIC SERVICE SCHEDULE NO. 94
STATE OF IDAHO
Energy Cost Adjustment
A V AILABILITY: At any point on the Company's interconnected system.
APPLICATION: This Schedule shall be applicable to all retail tariff Customers taking service
under the Company's electrc service schedules.
ENERGY COST ADJUSTMENT:_The Energy Cost Adjustmnt is calculated to collect or refund
the accumulated difference between total Company Base Net Power Cost and total Company Actual Net
Power Cost calculated on a cents per kWh basis.
MONTHLY BILL: In addition to the Monthly Charges contained in the Customer's applicable
schedule, all monthly bils shall have applied the following cents per kilowatt.hour rate.
Schedule 1
Schedule 6
Schedule 6A
Schedule 7
Schedule 7A
Schedule 8
Schedule 9
Schedule 10
Schedule 11
Schedule 12
Schedule 19
Schedule 23
Schedule 23A
Schedule 24
Schedule 35
Schedule 35A
Schedule 36
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
0.0000 cents per kWh
Submitted Under Order No. xxxxx
ISSUED: October 20, 2008 EFFECTIVE: xxxx x, xxxx