20180226Link Direct - Corrected.pdf

l the Company's customers by meeting both near-term and long-term needs for
2 additional resources.My supplemental direct testimony explains the following:
3 The Combined Projects provide net customer benefits under all scenarios
4 studied through 2036,and in seven of the nine scenarios through 2050.
5 Customer benefits increase to $151 million in the medium case through 2050
6 (as compared to $137 million in the original filing),and range from
7 $333 million to $349 million in the medium case through 2036.
8 The analysis reflects changes in federal tax law that were enacted in December
9 2017,and updated best-and-final pricing from bidders received December 21,
10 2017,after the federal tax law changes were known.
11 The treatment of production tax credits ("PTCs")in the system modeling
12 scenarios extending out through 2036 has been changed to better reflect how
13 the PTCs will flow through to customers,which makes the treatment consistent
14 with the nominal revenue requirement results that extend out through 2050.
15 Sensitivityanalysis shows substantial benefits of the Combined Projects persist
16 when paired with PacifiCorp's wind repowering project and are not displaced
17 when considering the potential procurement of solar PPA bids submitted into
18 the on-going RFP for solar resources,the 2017S RFP.
19 2017R RFP RESULTS
20 Q.To recap the status of the 2017R RFP,when was it issued?
2l A.As described in my rebuttal testimony,PacifiCorp issued the 2017R RFP on September
22 27,2017,after it was approved by the Public Service Commission of Utah
23 ("Commission")on September 22,2017,and the Public UtilityCommission of Oregon
CORRECTED Link,Di-Supp -2
Rocky Mountain Power
l CORRECTED Table 2-SD Updated SO Model and PaR PVRR(d)
(Benefit)/Cost of the Combined Projects ($million)
PaR Risk-
SO Model PaR Stochastie Adjusted
Price-Poli Scenario P d Mean P d PVRR
Low Gas,Zero CO2 $145 $126 $131
Low Gas,Medium CO2 $186 $146 $152
Low Gas,Hi h CO2 $297)$280 ($294
Medium Gas,Zero CO2 $306 $268 $280
Medium Gas,Medium CO2 $343 $333 $349
Medium Gas,Hi h CO2 ($430)($409)($428
Hi h Gas,Zero CO2 $619 $531 $557
Hi h Gas,Medium CO2 $636 $56l $588
High Gas,High CO2 ($696)($627)($658)
2 Over a 20-year period,the Combined Projects reduce customer costs in all nine
3 price-policy scenarios.This outcome is consistent in both the SO model and PaR
4 results.Under the central price-policy scenario,assuming medium natural-gas prices
5 and medium CO2 prices,the PVRR(d)net benefits range between $333 million,when
6 derived from PaR stochastic-mean results,and $349 million,when derived from PaR
7 risk-adjusted results.
8 Q.What trends do you observe in the modeling results across the different price
9 policy scenarios?
10 A.Projected system net benefits increase with higher natural-gas price assumptions,and
11 similarly,increase with higher CO2 price assumptions.Conversely,system net benefits
12 decline when low natural-gas prices and low CO2 prices are assumed.This trend holds
CORRECTED Link,Di-Supp -27
Rocky Mountain Power
l results shown in the table are provided as Exhibit No 41.
2 CORRECTED Table 3-SD.Updated Nominal Revenue Requirement PVRR(d)
(Benefit)/Cost of the Combined Projects ($million)
Annual
Revenue
Requirement
Price-Po °Scenario P d
Low Gas,Zero CO2 $195
Low Gas,Medium CO2 $159
Low Gas,Hi h CO2 $79)
Medium Gas,Zero CO2 $34
Medium Gas,Medium CO2 $151
Medium Gas,Hi h CO2 $275
Hi h Gas,Zero CO2 $41l
Hi h Gas,Medium CO2 $453
High Gas,High CO2 ($559)
3 When system costs and benefits from the Combined Projects are extended out
4 through 2050,covering the full depreciable life of the owned-wind projects included in
5 the 2017R RFP final shortlist,the Combined Projects reduce customer costs in seven
6 out of nine price-policy scenarios.Customer benefits,range from $34 million in the
7 medium natural gas,zero CO2 scenario to $559 million in the high natural gas,high
8 CO2 scenario.Under the central price-policy scenario,assuming medium natural-gas
9 prices and medium CO2 prices,the PVRR(d)benefits of the Combined Projects are
10 $151 million.The Combined Projects providesignificant customer benefits in all price-
11 policy scenarios,and the net benefits are unfavorable only when low natural-gas prices
12 are paired with zero or medium CO2 prices.These results show that upside benefits far
13 outweigh downside risks.
CORRECTED Link,Di-Supp -30
Rocky Mountain Power
l O&M expenses,the Wyoming wind-production tax,and PTCs.The project costs are
2 netted against updated system impacts from the Combined Projects,reflecting the
3 change in NPC,emissions,non-NPC variable costs,and system fixed costs that are
4 affected by,but not directly associated with,the Combined Projects.
5 CORRECTED Figure 5-SD Updated Total-System Annual Revenue Requirement
With the Combined Projects (Benefit)/Cost ($million)
$80
$60
6 The data shown in this figure for the updated economic analysis have the same
7 basic profile as the data from the original economic analysis summarized in my direct
8 testimony.This profile shows that despite a reduction in PTC benefits associated with
9 changes in federal tax law,the reduced costs from winning bids from the 2017R RFP
10 continue to generate substantial near-term customer benefits,reduce the magnitude and
11 shorten the duration over which costs increase after federal PTCs for new wind
12 resources expire,and continue to contribute to customer benefits over the long-term.
13 The year-on-year reduction in net benefits from 2036 to 2037 is driven by the
14 Company's conservative approach to extrapolate benefits from 2037 through 2050
15 based on modeled results from the 2028 through 2036 timeframe.This leads to an
CORRECTED Link,Di-Supp -32
Rocky Mountain Power
l Projects were evaluated without solar PPA bids.
2 CORRECTED Table 4-SD Solar Sensitivity with Solar PPAs Included
in lieu of the Combined Projects (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model $334)$343)$9
PaR Stochastic Mean $222 $333 $111
PaR Risk Adjusted ($233)($349)$116
Low Gas,Zero CO2
SO Model ($206)($145)($61)
PaR Stochastic Mean $141 $126 $15
PaR Risk Adjusted ($148)($131)($17)
3 In the medium natural gas,medium CO2 price-policy scenario,a portfolio with
4 the Combined Projects delivers greater customer benefits relative to a portfolio that
5 adds solar PPA bids without the Combined Projects.Customer benefits are greater
6 when the resource portfolio includes the Combined Projects without solar PPA bids by
7 $116 million in the medium natural gas,medium CO2 price-policy scenario based on
8 the risk-adjusted PaR results.In the low natural gas,zero CO2 price-policy scenario,
9 the portfolio with solar PPA bids and without the Combined Projects has higher net
10 customer benefits relative to a portfolio containing just the Combined Projects.The
11 increase in net benefits in the solar PPA portfolio is $17 million based on the risk-
12 adjusted PaR results.
13 Q.What were the results of the solar sensitivity where solar PPA bids are pursued
14 with the Combined Projects?
15 A.Table 5-SD summarizes PVRR(d)results for the solar sensitivity where solar PPA bids
CORRECTED Link,Di-Supp -34
Rocky Mountain Power
l are assumed to be pursued along with the proposed investments in the Combined
2 Projects.This sensitivity was developed using SO model and PaR simulations through
3 2036 for the medium natural gas,medium CO2 and the low natural gas,zero CO2 pfÏCC-
4 policy scenarios.The results are shown alongside the benchmark study in which the
5 Combined Projects were evaluated without solar PPA bids.
6 CORRECTED Table 5-SD Solar Sensitivity with Solar PPAs Included
With the Combined Projects (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model $602 $343 $259
PaR Stochastic Mean ($482 $333 $149
PaR Risk Adjusted ($504)($349)($155)
Low Gas,Zero CO2
SO Model $286 $145 $141
PaR Stochastic Mean $2l7 $126 $91
PaR Risk Adjusted ($227)($131)($96)
7 When the solar PPAs are pursued in additionto the Combined Projects,the total
8 benefits increase,but are diluted (i.e.,the aggregate net benefits are less than the sum
9 of the benefits for the cases where Combined Projects or solar PPAs are pursued
10 independently).
11 Q.What conclusions can you draw from these solar sensitivity analyses?
12 A.These sensitivities demonstrate that should the Company choose to pursue solar bids
13 through the 2017S RFP,the resulting solar PPAs would not displace the Combined
14 Projects as an alternative means to deliver economic savings for customers.
15 While the sensitivity with a portfolio containing solar PPAs without the
CORRECTED Link,Di-Supp -35
Rocky Mountain Power
1 Q.What were the results of the wind-repoweringsensitivity?
2 A.Table 6-SD summarizes PVRR(d)results for this wind-repowering sensitivity.This
3 sensitivity was developed using SO model and PaR simulations through 2036 for the
4 medium natural gas,medium CO2 and the low natural gas,zero CO2 price-policy
5 scenarios.The results are shown alongside the benchmark study in which the Combined
6 Projects were evaluated without wind repowering.
7 CORRECTED Table 6-SD Wind-Repowering
Sensitivity (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model ($541)$343 ($198)
PaR Stochastic Mean $497 $333 $164
PaR Risk Adjusted ($520)($349)($171)
Low Gas,Zero CO2
SO Model ($313)($145 ($169)
PaR Stochastic Mean $277 $126 $152
PaR Risk Adjusted ($290)($131)($159)
8 In the wind-repowering sensitivity,customer benefits increase significantly
9 when the wind repowering project is implemented with the Combined Projects in both
10 the medium natural gas,medium CO2 and the low natural gas,zero CO2 price-policy
11 scenarios.These results demonstrate that customer benefits not only persist,but
12 increase,if both the wind-repowering project and the Combined Projects are
13 completed.
14 Q.Please summarize the conclusion of your supplemental direct testimony.
15 A.The results of the 2017R RFP confirmed that the Combined Projects are the least-cost,
CORRECTED Link,Di-Supp -37
Rocky Mountain Power
REDLINE
1 the Company's customers by meeting both near-term and long-term needs for
2 additional resources.My supplemental direct testimony explains the following:
3 The Combined Projects provide net customer benefits under all scenarios
4 studied through 2036,and in seven of the nine scenarios through 2050.
5 Customer benefits increase to $‡-771 million in the medium case through
6 2050 (as compared to $137 million in the original filing),and range from
7 $-34-1million to $-343 million in the medium case through 2036.
8 The analysis reflects changes in federal tax law that were enacted in December
9 2017,and updated best-and-final pricing from bidders received December 21,
10 2017,after the federal tax law changes were known.
11 The treatment of production tax credits ("PTCs")in the system modeling
12 scenarios extending out through 2036 has been changed to better reflect how
13 the PTCs will flow through to customers,which makes the treatment consistent
14 with the nominal revenue requirement results that extend out through 2050.
15 Sensitivityanalysis shows substantial benefits of the Combined Projects persist
16 when paired with PacifiCorp's wind repowering project and are not displaced
17 when considering the potential procurement of solar PPA bids submitted into
18 the on-going RFP for solar resources,the 2017S RFP.
19 2017R RFP RESULTS
20 Q.To recap the status of the 2017R RFP,when was it issued?
21 A.As described in my rebuttal testimony,PacifiCorp issued the 2017R RFP on September
22 27,2017,after it was approved by the Public Service Commission of Utah
23 ("Commission")on September 22,2017,and the Public UtilityCommission of Oregon
Link,Di-Supp -2
Rocky Mountain Power
REDLINE
1 CORRECTED Table 2-SD Updated SO Model and PaR PVRR(d)
(Benefit)/Cost of the Combined Projects ($million)
PaR Risk-
SO Model PaR Stochastic Adjusted
Price-Poli Scenario P d Mean P d PV d
Low Gas,Zero CO2 $145 $-144126 $-19901
|Low Gas,Medium CO2 $186 $-1-241¾$-1-Kl52
Low Gas,Hi h CO2 $297 $258280 $272294
Medium Gas,Zero CO2 $306 $246268 $2582
Medium Gas,Medium CO2 $343 $3R333 $32729
Medium Gas,Hi h CO2 $430 $388409 ($4Mj8
Hi h Gas,Zero CO2 $619 $-509531 $53-5_51
Hi h Gas,Medium CO2 $636 $539¾_1.$-56728
High Gas,High CO2 ($696)($495627)($63462)
2 Over a 20-year period,the Combined Projects reduce customer costs in all nine
3 price-policy scenarios.This outcome is consistent in both the SO model and PaR
4 results.Under the central price-policy scenario,assuming medium natural-gas prices
5 and medium CO2 prices,the PVRR(d)net beneñts range between $-3M-D million,
6 when derived from PaR stochastic-mean results,and $-34319 million,when derived
7 from 84NeedelPaRrisk-adjusted results.
8 Q.What trends do you observe in the modeling results across the different price
9 policy scenarios?
10 A.Projected system net benefits increase with higher natural-gas price assumptions,and
11 similarly,increase with higher CO2 price assumptions.Conversely,system net benefits
12 decline when low natural-gas prices and low CO2 prices are assumed.This trend holds
Link,Di-Supp -27
Rocky Mountain Power
REDLINE
1 results shown in the table are provided as Exhibit No 41.
2 CORRECTED Table 3-SD.Updated Nominal Revenue Requirement PVRR(d)
(Benefit)/Cost of the Combined Projects ($million)
Annual
Revenue
Requirement
Price-Poli Scenario PVRR d
Low Gas,Zero CO2 $449195
Low Gas,Medium CO2 $4-33159
Low Gas,Hi h CO2 $44679
Medium Gas,Zero CO2 $6034
Medium Gas,Medium CO2 $4-77151
Medium Gas,Hi h CO2 $341-D
Hi h Gas,Zero CO2 $437411
Hi h Gas,Medium CO2 $479453
High Gas,High CO2 ($§862)
3 When system costs and benefits from the Combined Projects are extended out
4 through 2050,covering the full depreciable life of the owned-windprojects included in
5 the 2017R RFP final shortlist,the Combined Projects reduce customer costs in seven
6 out of nine price-policy scenarios.Customer benefits,range from $493 million in the
7 medium natural gas,zero CO2 scenario to $5852 million in the high natural gas,high
8 CO2 Scenario.Under the central price-policy scenario,assuming medium natural-gas
9 prices and medium CO2 prices,the PVRR(d)benefits of the Combined Projects are
10 $4-771 million.The Combined Projects provide significant customer benefits in all
11 price-policy scenarios,and the net benefits are unfavorable only when low natural-gas
12 prices are paired with zero or medium CO2 prices.These results show that upside
13 benefits far outweigh downside risks.
Link,Di-Supp -30
Rocky Mountain Power
REDLINE
1 O&M expenses,the Wyoming wind-production tax,and PTCs.The project costs are
2 netted against updated system impacts from the Combined Projects,reflecting the
3 change in NPC,emissions,non-NPC variable costs,and system fixed costs that are
4 affected by,but not directly associated with,the Combined Projects.
5 CORRECTED Figure 5-SD Updated Total-SystemAnnual Revenue Requirement
With the Combined Projects (Benefit)/Cost ($million)
$80
$60
6 The data shown in this figure for the updated economic analysis have the same
7 basic profile as the data from the original economic analysis summarized in my direct
8 testimony.This profile shows that despite a reduction in PTC benefits associated with
9 changes in federal tax law,the reduced costs from winning bids from the 2017R RFP
10 continue to generate substantial near-term customer benefits,reduce the magnitude and
11 shorten the duration over which costs increase after federal PTCs for new wind
12 resources expire,and continue to contribute to customer benefits over the long-term.
13 The year-on-year reduction in net benefits from 2036 to 2037 is driven by the
14 Company's conservative approach to extrapolate benefits from 2037 through 2050
15 based on modeled results from the 2028 through 2036 timeframe.This leads to an
Link,Di-Supp -32
Rocky Mountain Power
REDLINE
1 Projects were evaluated without solar PPA bids.
2 CORRECTED Table 4-SD Solar Sensitivity with Solar PPAs Included
in lieu of the Combined Projects (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model ($334)$343 $9
PaR Stochastic Mean $291222 $3-1-1-D $448111
PaR Risk Adjusted ($2-1-3_22)($327¾9)$-M4]_l_6
Low Gas,Zero CO2
SO Model $206)$145 $61
PaR Stochastic Mean $4-26141 $444126 $2215
PaR Risk Adjusted ($4-331_)($4491_31.)($2411)
3 In the medium natural gas,medium CO2 price-policy scenario,a portfolio with
4 the Combined Projects delivers greater customer benefits relative to a portfolio that
5 adds solar PPA bids without the Combined Projects.Customer benefits are greater
6 when the resource portfolio includes the Combined Projects without solar PPA bids by
7 $N411_6 million in the medium natural gas,medium CO2 price-policy scenario based
8 on the risk-adjusted PaR results.In the low natural gas,zero CO2 price-policy scenario,
9 the portfolio with solar PPA bids and without the Combined Projects has higher net
10 customer benefits relative to a portfolio containing just the Combined Projects.The
11 increase in net benefits in the solar PPA portfolio is $2417 million based on the risk-
12 adjusted PaR results.
13 Q.What were the results of the solar sensitivity where solar PPA bids are pursued
14 with the Combined Projects?
15 A.Table 5-SD summarizes PVRR(d)results for the solar sensitivity where solar PPA bids
Link,Di-Supp -34
Rocky Mountain Power
REDLINE
1 are assumed to be pursued along with the proposed investments in the Combined
2 Projects.This sensitivity was developed using SO model and PaR simulations through
3 2036 for the medium natural gas,medium CO2 and the low natural gas,zero CO2 price-
4 policy scenarios.The results are shown alongside the benchmark study in which the
5 Combined Projects were evaluated without solar PPA bids.
6 CORRECTED Table 5-SD Solar Sensitivity with Solar PPAs Included
With the Combined Projects (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model $602 $343 $259
I PaR Stochastic Mean $442482 $-3-H-D $411-1_)
PaR Risk Adjusted ($4645_04)($-327 ($-1-37
Low Gas,Zero CO2
SO Model $286 $145 $141
I PaR Stochastic Mean $4452_l7 $-194126 $41-91
PaR Risk Adjusted ($495.21)($‡09B)($8496)
7 When the solar PPAs are pursued in additionto the Combined Projects,the total
8 benefits increase,but are diluted (i.e.,the aggregate net benefits are less than the sum
9 of the benefits for the cases where Combined Projects or solar PPAs are pursued
10 independently).
11 Q.What conclusions can you draw from these solar sensitivity analyses?
12 A.These sensitivities demonstrate that should the Company choose to pursue solar bids
13 through the 2017S RFP,the resulting solar PPAs would not displace the Combined
14 Projects as an alternative means to deliver economic savings for customers.
15 While the sensitivity with a portfolio containing solar PPAs without the
Link,Di-Supp -35
Rocky Mountain Power
REDLINE
1 Q.What were the results of the wind-repoweringsensitivity?
2 A.Table 6-SD summarizes PVRR(d)results for this wind-repowering sensitivity.This
3 sensitivity was developed using SO model and PaR simulations through 2036 for the
4 medium natural gas,medium CO2 and the low natural gas,zero CO2 price-policy
5 scenarios.The results are shown alongside the benchmark study in which the Combined
6 Projects were evaluated without wind repowering.
7 CORRECTED Table 6-SD Wind-Repowering
Sensitivity (Benefit)/Cost ($million)
Sensitivity Benchmark Change in
PVRR(d)PVRR(d)PVRR(d)
Medium Gas,Medium CO2
SO Model ($541)$343 $198
PaR Stochastic Mean $475497 $-MU $164
PaR Risk Adjusted ($498 ($-327¾9)($171)
Low Gas,Zero CO2
SO Model $313 $145 $169
PaR Stochastic Mean $255277 $-144126 $152
PaR Risk Adjusted ($268¾($4491E)($159)
8 In the wind-repowering sensitivity,customer benefits increase significantly
9 when the wind repowering project is implemented with the Combined Projects in both
10 the medium natural gas,medium CO2 and the low natural gas,zero CO2 price-policy
11 scenarios.These results demonstrate that customer benefits not only persist,but
12 increase,if both the wind-repowering project and the Combined Projects are
13 completed.
14 Q.Please summarize the conclusion of your supplemental direct testimony.
15 A.The results of the 2017R RFP confirmed that the Combined Projects are the least-cost,
Link,Di-Supp -37
Rocky Mountain Power
Case No.PAC-E-l7-07
Exhibit No.37 -CORRECTED
Witness:Rick T.Link
BEFORE THE IDAHO PUBLIC UTILITIES COMMISSION
ROCKY MOUNTAIN POWER
Exhibit Accompanying Supplemental Direct Testimony of Rick T.Link
February 2018
Rocky Mountain PowerCORRECTEDExhibitNo.37 Page 1 of 2
Case No.PAC-E-17-07
Witness:Rick T.Link
(BenefityCost Pimid;2017 2018 2019 2020 |2021 2022 2023 2024 2025 |2026 2027 |2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects 8806 50 50 50 12 SSB $62 562 $64 568 168 572 572 K77 $102 $221 5225 5230 5235 5241 $246
CliangeinNPC (5806)(50)50 SI ($11)($91)(592)(595)(594)(598)(598)(5101)(Sil4)(5114)(5127)($124)(5126)(5135)(5150)(5144)(5144)
ChangeinEmissions $0 50 50 SO SO 50 30 SO SO 50 50 50 SO 50 SO 10 50 $0 $0 $0 50
ChangemDSM (564)50 (50)($1)($2)($3)(S4)($5)(57)(59)(59)($11)(511)(SII)($11)(Sil)($11)(511)(Sil)(511)(510)
ChmpeinsvsternFixedCost (SSI)SD (SO)30 (50)(53}(53)(53)(56)(56)(56)(56)(56)(519)(519)($19)(532)($22)($12)(527)($27)
Net(Benefit)Cost ($143)(50)(50)(50)($12)(539)(537)(542)(544)(545)(546)(546)(559)(367)(554)167 557 562 562 $59 565
(Benefit}Cost PIRR¢¢2017 2018 2019 2020 |2021 2022 2023 2024 2025 |2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects 5806 50 SO 50 $2 158 $62 $62 564 168 368 $72 572 $77 5102 5221 5225 5230 5235 5241 5246
ChangemNPC ($795)(30)50 St (Sil)(591)(192)($95)($95)(599)(SPS)($101)($114)($113)(SI26)($123)(5127)(5129)(5135)(5139)($134)
ChangeinEnnssions ($16)50 SO 50 SD 30 30 50 SO 50 50 SO SO 50 ($3)(38)(SB)(SB)($7)(57)(39)
ChangeinDSM (577)50 (SO)(81)(53)(54)(SS)(SS)(SB)($8)(S9)(510)($10)($12)($12)($14)($16)($17)($18)($19)($20)
ChangeinSystemFixedCost (5103)30 (50)(30)(50)(53)(53)(53)(56)(56)($6)(16)(56)($17)(S25)(526)($22)($29)(SS6)($32)(546)
Net(BenefityCost (5186)(50)(SO)($1)($12)(539)(537)($42)(545)(544)(546)(546)(559)(S66)(165)549 153 546 519 $44 537
(iknefit)Cost Pl7tRid 2017 2018 2019 2020 |2021 2022 2023 2024 2025 2026 2027 2018 2029 2030 2031 2032 2033 2034 2035 2036
CostofProjects $806 30 30 50 52 558 562 $62 564 368 $68 572 572 577 5102 3221 $225 $230 $235 $241 $246
ChangemNPC ($85[)(50)SG 50 (513)(593)(594)($97)(198)($102)(5105)(5113}(5135)(5142)($143)($131)($129)(5148)($157)($131)($118)
ChangemEnnssions ($136)50 SG 50 50 10 10 So 50 10 (510)(518}($16)($21)(136)(SS2)($57)(544)($44)(541)($56)
ChangeinDSM ($27)30 So (30)(SI)(51)(52)($2)(52)($2)(53)(54)(54)(54)(55)(SS)(55)(56)(56)($8)($9)
ChangeinSvstemFixedcost (sso)So so 50 (so)(53)(53)(53)(56)(56)(56)(56)(56)(520)(521)(521)(520)(524)($17)(541)(542)
Net(BenefityCost ($297)(50)50 (SO)($12)(138)(537)(541)(543)(543)($56)(568)(589)istill .1102)113 111 19 112 519 521
(Benefit)Cost PIRRid)2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects $306 SO 50 50 52 558 $62 562 364 568 168 572 ¶72 577 5102 5221 5225 5130 $235 $24]$246ChmgeinNPC(1978)($0)50 51 (512)(S97)(599)(5102)(SIOS)($116)($115)(5120)(5133)(5148)($166)(8181)(5184)(SI91)(5204)($181)($146)
Chmge in Ennssions SO 50 50 So 50 50 50 50 30 SO 50 50 50 30 50 30 SD SD SD $0 50
ChangeinOSM (143)50 (SI)(51)(52)(52)(D)(53)(S4)($4)(55)(55)(56)(S7)(57)(SS)(19)(S9)(59)($9)($9)
ChangeinSystemFixedCosi (592)SD (SO)(50)($0)(D)(D)(53)(56)(36)(56)($6)($6)($20)(520)(520)(Sl7)(522)Sil (543)(594)Net(Benefitycost (5306)(50)(50)(50)($12)(544)(544)(547)(552)(558)(559)1559)(574)(598)(591)512 516 59 534 $8 ($2)
(IkmfnyCost |PIRRid>2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CastofProjects 5806 50 30 SO S2 558 $62 162 $64 $68 568 572 572 577 5102 5221 $125 $230 $235 $241 $246
ChangeinNPC (5906)(50)30 50 (SI3)(597)($100)($102)($106)($117)(5115)(5119)(5133)(5149)(Sl70)($187)($190)($175)($160)(587)(SB)
ChangeinEmissions ($10)50 30 So 30 So 30 $0 50 50 50 30 SO 50 (SS)(53)(SS)(SS)(S5)($4)($2)
ChangeinDSM ($41)50 30 (51)(Sl)(52)(53)(53)(54)($4)(55)(56)(56)(37)(57)(38)(St)(59)($9)($9)(39)
ChangeinSystemFixedCost (5193)50 50 $0 (50)($3)($3)(53)(56)(56)(36)(S6)(S6)($19)($19)($19)(517)(544)(569)(5151)(5247)
Net(Benefitycost (3343)(50)So (50)(512)(544)(544)(547)(353)(559)(559)(559)(574)(598)(5100)S2 55 ($2)($8)(Slo)($19)
(BenclityCost PI7tRyd)2017 2018 2019 2020 |2021 2022 2023 2024 2025 2026 2027 2028 1029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects 5806 50 50 50 $1 $58 $62 562 564 568 368 572 ST2 177 $102 5221 5125 5230 5235 5241 5246
ChangeinNPC (5868)(SD)30 51 (513)tS92)(595)(S97)(5101)($111)($108)(5119)($124)($123)(5169)(5189)(5186)(572)(574)($154)(5160)
ChangeinEmissions (396)So SO 50 50 50 50 50 30 30 ($13)(Sit)($36)($49)(510)(513)(517)($17)(518)(518)(520)
ChangeinDSM (848)30 (SI)(51)(52)(53)(53)(53)(54)(SS)(S6)($6)(57)(59)(59)(S9)(59)(59)(59)(59)(SIO)
ChangeinSystemFixedCost (5224)30 50 50 (SO)(39)(39)(SIO)(513)(513)(513)(514)(SI4)($25)($25)(526)($27)(5147)($148)($73)($75)
Net(BenefityCost (5430)(50)(30)(SO)(512)(546)(546)(548)(554)(S61)(173)(585)(5109)($129)(5132)(Sl7)(514)(SIS)(514)(514)($18)
(Benefitycost PUR¢d;2017 2018 2019 2020 |2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 1035 2036
CostofProjects $806 50 SO SO $2 558 562 362 $64 $68 $68 572 572 ST1 S102 5221 $225 1230 1235 1241 5246
ChangeinNPC (51.067)(50)SO SI ($19)($117)($126)($118)(5128)($136)(5135)(5140)(5156)($172)(5163)(5150)($94)($180)($153)(1242)($230)
angein Emissions 50 50 50 50 $0 50 SO $0 50 50 50 SD SO SO 50 50 SO 50 50 $0 50
ChangeinDSM (819)30 (51)($1)($2)($2)($2)(53)(55)(55)(55)(SS)(56)(56)(56)(S6)($7)(57)(58)(58)($9)
ChangeinsystemFixedCost (5319)30 50 50 (SO)($3)(53)(526)(530)(S30)(531)(532)(192)($39)($75)($94)($149)(567)(5109)($51)($71)
Net(Benclit)Cost (5619)(50)(50)(SO)($19)(364)(369)(586)(599)($103)(5103)(3105)(5123)(5141)($142)(530)(S25)(524)(534)($60)($64)
(BenefityCost Pl9tR(d)2017 2018 1019 2020 202]2022 2023 2024 2025 2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects $806 30 $0 10 $2 SSS $61 162 $64 168 568 572 572 577 3102 S221 $225 $230 $235 $241 $246
ChangemNPC (51,000)(50)10 51 ($19)($117)($126)(5102)(5106)(5116)(5116)(8120)(Sile)(5146)($139)($136)(5105)($173)(5168)($253)($274)
angeinEnussions (513)30 50 50 50 50 50 50 50 50 30 50 50 SD (53)(54)(53)(56)(56)(59)(510)
angemDSM (542)30 (st)($1)(52)(12)(52)(53)(55)(55)(55)(56)(56)(56)(57)(57)(58)(58)(39)(59)(510)
ChangeinSystemFixedCosi (S387)SO 50 50 (50)(D)(53)(547)(551)(552)(553)(154)(555)(562)(595)(5108)(5141)(S71)(584)(535)(528]
Net(BenefhšCost (5636)(50}(50)(50)(319)(364)(569)(190)(598)(SIOS)(5106)(5108)(5124)(3139)($143)($34)($31)($28)($32)(567)(276)
(BenefityCost PIRR(d)2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProjects 5806 50 So 50 S2 558 562 562 $64 568 568 571 572 977 5102 5221 $225 5230 $235 $241 $246
ChangeinNPC (51.046)($0)50 SI (519)($115)($124)(587)(590)(599)(S99)($102)(Si]6)($131)(5149)($203)(5203}(5191)(5232)(5298)($311)
ChangeinEmissions (364)SO 50 50 50 50 50 30 50 So (54)(58)($11)($15)(518)(510)(522)($19)(526)(518)(528)angeinDSM (539)50 ($1)(Sl)(Sl)(SI)(SI)($3)(54)(54)(54)(SS)(56)(S6)(S6)(57)(77)($8)($8)($9)($10)
angeinsysiemFixedCost (5352)50 50 50 (50)(56)(56)(564)($68)(570)(971)(573)(574)(574)(575)(546)($39)(SS9)(S45)16 S4
Net(Benefit)Cost (1696)(30)($0)(50)(SI9)(S65)(570)($93)(5100)(5105)(5111)(5116)(5135)(3149)($146)(545)(546)(546)(576)($59)(5100)
(Benefitycost PIRRtd)2017 2018 2019 2020 |2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 |2031 2032 2033 2034 2035 2036
CostofProject $784 50 50 50 $2 555 $$9 559 561 565 565 569 569 573 599 5217 5222 $227 $232 5237 $242
ChangeinNPC (5733)30 50 51 ($12)(585)(586)(588)(587)(S91)(389)(589)(199)(5103)($110)(5113)($116)(5120)(5132)($132)($132)
ChangemEmissions 50 50 50 $0 SD 50 SO 50 50 10 50 SO SO $0 30 $0 SO 50 30 50 10ChangeinvOM($17)30 50 50 (Sol (22)($2)($2)(52)(52)(53)(53)(52)($2)($2)(52)($2)(SI)(53)($2)(53)
ChangeinDSM (571)50 (50)(51)(53)(53)(54)(56)(58)(510)(Slo)(512)(SI2)($12)(SI2)($12)($12)(512)($12)(512)(511)
ChangeinDelictenev (58)30 50 10 $0 50 SD 50 50 50 50 30 SO (S[)($3)($4)($3)($3)(16)($2)($4)
ChangemPTClosses(dumpedenergy)50 30 50 $0 SD 50 SD 50 50 50 50 SO SO 30 SG 10 50 50 $0 50 $0
ChangeinSystemFixedcost (Sto)30 (50)So (50)(53)(53)(53)(56)(56)(36)(36)(56)(Sls)(SI9)($19)($32)($22)(512)(527)($27)
Net(Benefitycost (5126)50 (30)(51)(St3)($38)(536)(541)(543)(544)(543)(540)(SSI)(563)(547)567 $57 $67 $66 $6]$65
(BenefityCost PIRR(d)2017 2018 2019 2020 |2021 2022 2023 2024 2015 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036CostofProject578450So50S25555595595615653655695691735995217$222 5227 $132 5237 5242
ChangeinNPC (5717)50 SO 51 ($11)(SBS)(185)(588)(587)(591)($89)(389)(S99)($102)($109)(Sill)($113)(5114)($116)($122)($116)
ChangemEnussions (S25)SO SO $0 SO 10 50 50 50 SO 50 50 So 30 (59)(S9)(Slo)($12)(514)($12)($13)ChangeinVOM (526)SD So 50 (50)(52)(52)(52)(52)($2)(53)(53)($2)($2)(56)(56)tS6)(57)(57)(57)(57)
ChangeinDSM (585)30 (50)($2)($3)(54)(SS)($6)(58)(59)(510)(511}(Sil)(513)($14)(SIS)($17)($19)($20)($20)($22)
ChangeinDeficiencv 526 50 50 SO SO $0 SO $0 50 50 50 50 50 (Sl)S2 SI3 113 $18 SIS $13 39
Change in PTC losses(dumped energy)50 50 50 50 50 50 SO 50 50 50 50 50 50 30 SO 30 SO 50 SD $0 30
ChangeinsystemFixedCost ($103)30 (50)(50)(SO)(53)(53)(S3)(56)(56)(S6)($6)(S6)($17)(525)(526)(522)(529)(556)($32)(546}
Net(BenefityCost (5146)SO (50)(SI)($13)($38)($36)(541)(543)($43)(543)(540)(551)(562)(862)S62 $67 $65 535 $$6 $47
(Benefit}Cost Pl7tRyd)2017 2018 2019 2020 |2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 |2032 2033 2034 2035 2036
CostofProjcct 5784 50 50 50 S2 555 559 559 361 565 165 569 $69 $73 599 5217 S222 5227 S232 5237 5242
Rocky Mountain Power
CORRECTEDExhibit No.37 Page 2 of 2
Case No.PAC-E-17-07
Witness:Rick T.Link
ChangeinNPC (ST15)so so so ($13)(587)(587)(590)(590)(595)($96)($99)(5114)(Sils)(5126)($127)(5129)($131)(SI35)(SIlt)($118)
ChangeinEmissions (5149)so so 50 50 So 50 So 50 So (Slo)(520)($28)($35)(544)(546)(548)(550)($53)(545)(545)ChangeinvoM (516)so so so (50)($2)(32)($2)(52)(52)($2)(S2)($2)(S2)(52)($2)($2)($3)(54)(52)(52)
ChangeinDSM (530)30 50 (30)(Sl)(51)($2)($2)(53)(53)(54)(54)(54)(55)(55)(SS)($6)(56)($6)($9)(510)
ChangeinDeficiency (SS)30 30 (50)SO 50 SO SO SO SO SO SO (50)(Sl)($3)(53)(53)(Sl)(Sl)(51)(53)
ChangeinFTClosses(dumpedenergy)$0 $0 SO 50 50 50 50 SO SO SO 50 50 50 30 SO $0 30 SD 50 50 50
ChangeinSystemFixedCost (589)30 50 50 (50)(53)(53)(53)(56)(56)(56)(56)(56)(520)(521)(511)(520)(524)($17)(541)(542)
Net(Benefitycost (5280)50 SO (50)($12)($37)(535)(539)(140)($40)(554)($62)(585)($108)(SIGI)513 $14 512 $16 521 522
Medhu wLa /m tBI PEP¾kmewh
(BenefityCost PURid)2017 2018 2019 (2020 2021 2012 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 |2036
CostofProject 5784 50 50 30 52 555 559 559 561 565 565 569 569 573 599 5217 5222 5227 5232 $237 5242
ChangeinNPC (5886)10 50 SI ($12)(891)(592)(594)(598)(8111)(5108)(5110)(SI25)($133)($146)(5155)($159)(5167)(Sl79)(5161)($126)
Change in Ennssicus $3 $0 SO 50 50 50 50 SO $0 50 50 $0 SG $0 50 SD $0 $0 SO SO 50
ChangeinVOM (521)50 So 50 (50)($2)(12)(53)(53)(53)(SI)($3)(52)($2)(53)(13)(53)($5)(SS)(53)(SI)
ChangeinDSM (547)SO (SI)(Sl)(52)(52)(54)(54)(54)(54)(SS)(56)(57)(58)(58)(S9)(59)(59)($9)($9)($10)
ChangeinDeficiency (56)30 50 50 So (50)so so so so 50 50 50 (50)(52)(53)(SS)(50)(55)(52)(53)
ChangeinPTClosses(dumpedenergy)So $0 50 $0 SO SD SD SG SD 50 50 SO $0 SD SO SD 50 SD SO SO SG
ChangeinsystemFixedCost (592)30 (SO)(SD)(50)(53)(53)(53)(56)(36)(56)(56)(56)(520)(520)(520)($17)($22)Sll (S43)(594)
Net(BenefityCost (5268)So (50)($1)($13)(543)(542)($44)(550)($59)($58)(556)(572)($91)(510)S28 529 524 $45 $19 57
Medh>m N=turm]Gm MrdimfD2 Prke Ituky Smuk
(BenefityCost PE7tRid)2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036
CostofPmject S784 SO 50 50 52 555 559 559 561 $65 S65 569 $69 573 599 S217 $222 5227 S232 $237 S242
ChangeinNPC ($838)30 50 50 (313)(391)(592)(594)(5100)(5113)(8109)(Slll)($127)($138)($154)($164)($169)($156)(5142)(586)(512)
ChmgeinEmissions ($17)50 So 50 $0 $0 50 $0 50 SO 50 50 50 50 ($9)($8)($9)($8)($9)($5)($2)ChangeinVOM (519)50 50 50 (SO)(52)(52)(53)(53)(53)(53)(53)(52)(53)(SI)(53)(53)(53)(53)($2)($I)
ChmgeinDSM (544)SO 50 (Sl)(SI)(52)(53)(53)(54)(54)(55)(57)(57)(58)(58)(SP)(59)(39)(59)($9)($9)
ChmgeinDeficienev (56)SO So SO 50 50 50 50 50 50 30 50 50 (SI)(52)(53)(55)($4)(56)(51)$2
ChmgeinPTClasses(dumpedenergy)50 50 50 SO 50 50 $0 50 50 50 50 50 50 SO SO 50 SO 10 SO 50 $0
ChangeinSystemFixedCesi ($193)50 50 So (50)(53)(B)(53)(56)(56)(16)(56)($6)($19)($19)($19)($17)($44)($69)($151)(5247)
Net(Benefkycost (5333)30 So (50)(513)(543)(841)(544)(552)(560)(559)(557)(574)(595)(SPS)SII SII S2 (37)(SIS)(S27)
(IlenetityCast PERR(d)2017 2018 1019 2020 2u2i 2022 2V23 2u24 2U15 2026 2017 2028 2029 2030 2031 2032 2033 2034 2u35 2036
CostofProject 7784 50 50 50 $1 155 $59 559 561 $65 165 $69 $69 $73 $99 S217 2222 $227 $232 $237 $242
ChangeinNPC ($786)50 50 SI ($12)(586)(187)(589)(594)($106)(5102)(5104)(5118)(5127)(5143)(5153)(5152)(569)(571)($135)($135)
ChangeinEmissions ($107)$0 50 30 50 $0 50 50 50 $0 (59)(519)(528)(534)(537)(534)(97)($17)(518)(528)(Slo)
ChangeinVOM ($17)$0 SO 30 (50)(52)(52)(52)(S3)(S3)(53)(53)(52)(52)(52)(52)(SI)(31)(Sl)(52)(52)
ChangeinDSM (552)30 (51)(SI)(52)(D)(54)(54)(S4)(SS)(37)(S7)(38)(39)(510)(SIO)(SIO)($10)(SIO)(510)($10)
ChangeinDeficiency (57)50 50 (50)30 50 (SO)50 50 50 50 50 SO (SO)($2)($2)($2)($3)($3)(34)($9)
ChangeinPTClosses(dumpedenergy)$0 50 50 50 50 $0 30 50 50 50 50 50 50 50 50 50 50 50 50 50 50
ChangeinsystemFixedCosi (5224)30 50 $0 (50)(19)(SP)(SIO)(SI3)($13)(Sl3)($14)(314)($25)(SIS)($26)($27)($147)($148)(573)(575)
Net(BenefityCost ($409)$0 (30)(51)($13)(S44)($43)(546)($52)($61)(569)(576)(5101)(5124)(5120)(510)(19)(520)($19)(515)($20)
(BenefityCest PYRR(d)2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036CostofPmject578450505012SSS$59 559 $61 565 165 569 $69 $73 $99 5217 5222 $227 $232 $237 $242
ChangeinNPC ($923)50 50 51 ($18)($llo)(SII6)(5107)($112)(Sil7)(5115)(5116)(5132)(5147)(5140)(5130)(585)(5149)(5124)(5198)($189)
ChmgeinEmissions 50 30 50 So 50 SO 50 50 50 50 So 50 50 So 50 So 50 So 50 $0 50
ChangeinVOM (sis)50 So 50 (50)(B)(D)($2)($2)(52)(52)(22)($1)($2)($1)($2)(52)($1)($2)(53)($4)
ChangeinDSM (542)50 (51)(SI)($2)($2)($2)(53)(SS)($5)(SS)($6)($6)(56)(56)(57)(57)(SR)(58)($9)($9)
ChangeinDeficiency (SI2)30 50 50 SO SO SO SO 30 ($0)$0 SS 50 (53)(52)(54)(54)(513)(Sls)50 ($3)
ChangeinPTClosses(dumpedenergy)So 50 50 50 SO SO $0 10 SO SO $0 50 50 50 50 50 50 30 50 50 $0
ChangeinSystemFixedCest (919)50 50 SO (50)(53)(53)(526)(530)(S30)(531)(532)(S32)($39)(575)($94)($149)($67)($109)(5$1)($71)
Net(Benefitycost (5531)So (30)(SI)($19)($62)($64)(580)(588)($90)($39)(587)(5103)(5121)(5126)($19)(525)(512)(529)(524)(134)
(BenefityCost PF7Œtd)2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 203I 2032 2033 2034 2035 |2036
CostofProject 5784 50 $0 SO S2 555 559 559 561 565 S65 $69 569 573 $99 $217 $222 $227 $232 $237 $242
ChangeinNPC (5869)SO 50 SI (SIB)($110)(SIl6)($93)(595)($101)(199)(599)(5113)(5125)(5120)(5117)(590)(5146)($142)(5210)($226)
ChangeinEmissions ($17)$0 50 50 50 50 SO 50 50 50 50 50 SO 50 (SS)(55)(54)(SS)(SS)(512)(515)ChangeinVOM ($16)$0 SO 50 (50)($3)($3)(52)(52)(52)(S2)(52)(52)(52)(S2)(52)(SI)($2)($2)(53)(54)
ChangeinDSM ($45)10 (Sl)(51)(52)($2)($2)(53)(55)(55)(SS)(56)(57)(57)(SS)(38)(SS)(SP)(59)(510)(511)
ChangeinDeficiency (Slo)30 SO 50 50 50 30 50 50 (50)50 SO SO 50 (51)(51)(Sl)($13)(516)(50)(53)
ChangeinPTClosses(dumpedenergy)SO 50 50 50 So 50 So SO So so 50 50 50 So 50 So lo 50 50 SD 50
ChangeinSystemFixedCost ($387)30 SO 50 (50)($3)($3)(547)(551)(SS2)(553)(554)(SSS)(562)($95)(5108)($141)(571)(584)(535)(528)
Net(BenefityCost (5561)30 (SD)(Sl)($19)(562)(564)(586)(592)(595)($95)($93)(5107)(1123)($131)($24)($24)($21)($31)($34)($44)
(BenefityCost PVRR(dj 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 |2036CostofProject87845050SD$2 S$5 359 SS9 $61 $65 $65 569 569 $73 599 5217 5222 5227 5232 5237 5242
ChangeinNPC ($898)30 SO SI (Sls)($108)($114)(SSI)($81)($86)(584)(583)($95)(5110)($126)(5186)(5165)(5158)($190)(5239)(5246)
ChangeinEmissions (594)50 So 50 50 50 50 SO 50 So (57)(513)($17)(520)($23)($17)($31)($30)($34)(540)($41)
ChangeinVOM (SIS)30 50 So (50)(13)(83)(Sz)(22)(52)(Sz)(52)(52)($2)(52)(54)(53)(52)(53)(54)($4)
ChangeinOSM (542)30 (51)($1)(SI)(Sl)(Sl)(53)(15)(55)(55)(56)($6)($6)(57)(57)(58)(58)(59)(Slo)($11)
ChangeinDeficienev (57)30 50 $0 SG SO SO SO 10 $0 ($0)50 (50)50 (50)(52)(51)(513)(55)($2)(SS)
ChangeinFTClosses(dumpedenergy)30 SO 50 $0 SU 50 50 SO 10 SO SO 50 $0 50 SO 50 50 50 50 50 $0
ChangeinSystemFixedCost ($352)So 50 50 (50)(56)(56)(564)(568)(590)(571)(573)(574)(574)($75)(546)(539)(559)(545)56 54
Net(BenernyCost ($627)$0 (50)(SI)($18)($62)(564)($91)(595)(598)(5104)(5108)(5126)(5138)($135)(545)(524)(544)(553)(551)(562)