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HomeMy WebLinkAbout20210527Bulkley Exhibit 9.pdfCase No. PAC-E-21-07 Exhibit No. 9 Witness: Ann E. Bulkley BEFORE THE TDAHO PUBLIC UTILITIES COMMISSION ROCKY MOUNTAIN POWER Exhibit Accompanying Direct Testimony of Ann E. Bulkley Resume May 2O2l @ coNcENTRIC Rocxv Mounran PowsR ExnrarrNo.9Pece 1or11 Cess No. PAC-E-2L-07 Wrrr.rsss: Altr E. Bulxlsv ANN E. BUIKIEY Senior Vice President Ms. Bulkley hos more thon two decodes of monogement ond economic consulting experience in the energy industry. Ms. Bulkley hos extensive stote ond federol regulotory experience on both electric ond noturol gos issues including rote of return, cost of equity ond copitolstrucfure issues. Ms. Bulkley hos provided expert testimony on the cost of copitol in more thon 30 regulotory proceedings before regulotory commissions in Arizono, Arkonsos, Colorodo, Connecticut, Konsqs, Mossochusetts, Michigon, Minnesoto, Missouri. New Jersey, New Mexico, New York, North Dokoto. Oklohomo, Pennsylvonio. Texos, South Dokoto, West Virginio, ond the Federol Energy Regulotory Commission. ln oddition, Ms. Bulkley hos prepored ond provided supporting onolysis for of leost forty Federol ond Stote regulotory proceedings. ln oddition, Ms. Bulkley hos worked on ocquisition teoms with investors seeking to ocquire utility ossets, providing voluotion services including on understonding of regulotion, morket expected returns, ond the ossessment of utility risk foctors. Ms. Bulkley hos ossisted clients with voluotions of public utility ond industriol properties for rotemoking, purchose ond sole considerotions, od volorem tox ossessments, ond occounting ond finonciol purposes. ln oddition, Ms. Bulkley hos experience in the oreos of controct ond business unit voluotion, strotegic ollionces, morket restructuring ond regulotory ond litigotion support. Prior to joining Concentric, Ms. Bulkley held senior expertise-bosed consulting positions of severol firms, including Reed Consulting Group ond Novigont Consulting, lnc. where she speciolized in voluotion. Ms. Bulkley holds on M.A. in economics from Bosion University ond o B.A. in economics ond finonce from Simmons College. Ms. Bulkley is o Certified Generol Approiser licensed in the Commonweolth of Mossochusetts ond the Stote of New Hompshire. REPRESENTATIVE PROJECT EXPERIENCE Regulotory Anolysis ond Rotemoking Ms. Bulkley has provided a range of advisory services relating to regulatory policy analysis and many aspects of utility ratemaking. Specific services have included: cost of capital and return on equity testimony, cost of service and rate design analysis and testimony, development of ratemaking strategies; development of merchant function exit strategies; analysis and program development to address residual energy supply and/or provider oflast resort obligations; stranded costs assessment and recovery; performance-based ratemaking analysis and design; and many aspects of traditional utility ratemaking (e.g., rate design, rate base valuation). Cost of Capital Ms. Bulkley has provided expert testimony on the cost of capital in more than 30 regulatory proceedings before regulatory commissions in Arizona, Arkansas, Colorado, Connecticut, Kansas, Massachusetts, Michigan, Minnesota, Missouri, Newfersey, New Mexico, NewYorh North Dakota, Oklahoma, Pennsylvania, Texas, South Dakota, West Virginia, and the Federal Energy Regulatory Commission. In addition, Ms. Bulkley has prepared and provided supporting analysis for at least forty Federal and State regulatory proceedings in which she did not testify. CoNCENTRTc EHsncv Anvrsons I Pc. A-1 @ Rocrv MouNrarn Pownn ExHrsrrNo9Pacu 2or11 Docxm No. PAC-E-Z1-07 WrrHess: ANr,r E. BULKLEY Valuation Ms. Bulkley has provided valuation services to utility clients, unregulated generators and private equity clients for a variety of purposes including ratemaking fair value, ad valorem tax, Iitigation and damages, and acquisition. Ms. Bulkley's appraisal practices are consistent with the national standards established by the Uniform Standards of Professional Appraisal Practice. Representative projects/clients have included: o Northern lndiana Fuel and Light Provided expert testimony regarding the fair value of the company's natural gas distribution system assets. Valuation relied on cost approach. o Kokomo Gas: Provided expert testimony regarding the fair value of the company's natural gas distribution system assets. Valuation relied on cost approach. . Prepared fair value rate base analyses for Northern Indiana Public Service Company for several electric rate proceedings. Valuation approaches used in this project included income, cost and comparable sales approaches. o Confidential Utility Client: Prepared valuation of fossil and nuclear generation assets for financing purposes for regulated utility client. . Prepared a valuation of a portfolio of generation assets for a large energy utility to be used for strategic planning purposes. Valuation approach included an income approach, a real options analysis and a risk analysis. o Assisted clients in the restructuring of NUG contracts through the valuation of the underlying assets. Performed analysis to determine the option value of a plant in a competitively priced electricity market following the settlement of the NUG contract. o Prepared market valuations of several purchase power contracts for large elecffic utilities in the sale of purchase power contracts. Assignment included an assessment of the regional power market, analysis of the underlying purchase power contracts, a traditional discounted cash flow valuation approach, as well as a risk analysis. Analyzed bids from potential acquirers using income and risk analysis approached. Prepared an assessment of the credit issues and value at risk for the selling utility. o Prepared appraisal of a portfolio of generating facilities for a large electric utility to be used for financing purposes. o Prepared an appraisal of a fleet of fossil generating assets for a large electric utility to establish the value of assets transferred from utility property. o Conducted due diligence on an electric ffansmission and distribution system as part of a buy-side due diligence team. o Provided analytical support for and prepared appraisal reports ofgeneration assets to be used in ad valorem tax disputes. o Provided analytical support and prepared testimony regarding the valuation of electric distribution system assets in five communities in a condemnation proceeding. r Valued purchase power agreements in the transfer of assets to a deregulated electric market. CoxcsNrruc Enency Aovrsons I Pc. A-2 Rocrv Mouxtent Powen ExHrsrr No 9 Pecr 3 op 11 DocKEr No. PAC-E-2L-07 Wrmrsss: ANr.r E. Bulxlsv Ratemaking Ms. Bulkley has assisted several clients with analysis to support investor-owned and municipal utility clients in the preparation of rate cases. Sample engagements include: o Assisted several investor-owned and municipal clients on cost allocation and rate design issues including the development of expert testimony supporting recommended rate alternatives. Worked with Canadian regulatory staff to establish filing requirements for a rate review of a newly regulated electric utility. Analyzed and evaluated rate application. Attended hearings and conducted investigation of rate application for regulatory staff. Prepared, supported and defended recommendations for revenue requirements and rates for the company. Developed rates for gas utility for transportation program and ancillary services. Strotegic ond Finqnciol Advisory Services Ms. Bulkley has assisted several clients across North America with analytically based strategic planning, due diligence and financial advisory services. Representative proiects include: o Preparation of feasibility studies for bond issuances for municipal and district steam clients. o Assisted in the development of a generation strategy for an electric utility. Analyzed various NERC regions to identiff potential market entry points. Evaluated potential competitors and alliance partners. Assisted in the development of gas and electric price forecasts. Developed a framework for the implementation of a risk management program. o Assisted clients in identiVing potential joint venture opportunities and alliance partners. Contacted interviewed and evaluated potential alliance candidates based on company- established criteria for several LDCs and marketing companies. Worked with several LDCs and unregulated marketing companies to establish alliances to enter into the retail energy market. Prepared testimony in support of several merger cases and participated in the regulatory process to obtain approval for these mergers. o Assisted clients in several buy-side due diligence efforts, providing regulatory insight and developing valuation recommendations for acquisitions of both electric and gas properties. PROFESSIONAL HISTORY Concentric Enerry Advisors, Inc. (2002 - Present) Senior Vice President Vice President Assistant Vice President Project Manager Navigant Consulting Inc. (1995 -2OO2) Project Manager Cahners Publishing Company (1995) Economist Colrconrnrc Eue ncy Aovrsons I Pc. A-3 RocxrMorrrTilr PowBR BffisnNo9Pecs 4or11 DocrErNo: PAC-B-ZL-07 WmrEss: Ailrr E. BuI.n sv EI'UCATION Boston Unlversity M.A., Economics,1995 SlmmonsCollege 8.A., Economics and Financg 1991 CERTIFIGATIONS Certified General Appraiser licensed in the Commonwelth of Massachusetts and the State of New Hampshire. Concmrruc EruncvAousons I PaA.l @ Rocry MoururerN PowsR ExHrerr No 9 Pecs 5 or lt Docrsr No. PAC-E-2 1-07 Wrrr.rsss: AlrH E. Bulxlev sPoNsoR loare lcesetarrrrcANTtt Arizona Corporation Commission DOCKET /CASE NO.SUBJECI Arizona Public Service Company 10/1e Arizona Public Service Company Docket No. E-01345A- L9-0236 Return on Equity Tucson Electric Power Company 04/le Tucson Electric Power Company Docket No. E-019334- L9-0028 Return on Equity Tucson Electric Power Company LL/Ls Tucson Electric Power Company Docket No. E-019334- L5-0322 Return on Equity UNS Electric 0s/1s UNS EIectriC Docket No. E-04204A- t5-0142 Return on Equity UNS Electric !2/L2 UNS Electric Docket No. E-04204A- 12-0504 Return on Equity Arkansas Public Service Commission Arkansas Oklahoma Gas Corporation t0/L3 Arkansas Oklahoma Gas Corporation Docket No. 13-078-U Return on Equity Colorado Public Utilities Commission Public Service Company of Colorado 02/20 Public Service Company of Colorado 20AL-0049G Return on Equity Public Service Company of Colorado 0s/Le Public Service Company of Colorado 19AL-0268E Return on Equity Public Service Company of Colorado 0L/Le Public Service Company of Colorado 194L-0063ST Return on Equity Atmos Enerry Corporation os/Ls Atmos Energy Corporation Docket No. 1SAL-0299G Return on Equity Atmos Energy Corporation 04/14 Atmos Energy Corporation Docket No. 14AL-0300G Return on Equity Atmos Energy Corporation 0s/13 Atmos Energy Corporation Docket No. 13AL-0496G Return on Equity Connecticut Public Utilities Regulatory Authority Connecticut Water Company 0u2L Connecticut Water Company Docket No. 20-12-30 Return on Equity Connecficut Natural Gas Corporation 06/78 Connecticut Natural Gas Corporation Docket No. 18-05-16 Return on Equity Yankee Gas Services Co. d/b/a Eversource Enerry 06/t8 Yankee Gas Services Co. d/b/a Eversource Energy Docket No. 18-05-10 Return on Equity The Southern Connecticut Gas Company 06/17 The Southern Connecticut Gas Company Docket No. 1.7-05-42 Return on Equity The United Illuminating Company 07 /t6 The United Illuminating Company Docket No. 16-06-04 Return on Equity Federal Energy Regulatory Commission Wisconsin Electric Power Company 08/20 Wisconsin Electric Power Company Docket No. EL20-57-000 Return on Equity Cor.rcsrurnrc ENencv Aovrsons I Pc. A-5 Rocrv MouurerN Powsn ExnrsrrNo9Pace 6or11 DocKErNo. PAC-E-21-07 Wtrugss: ANn E. BuLxLsv SPONSOR Panhandle Eastern Pipe Line Company, LP DAIE 10/re cAsE/APPUCANT Panhandle Eastern Pipe Line Company, LP DOCKEI/CASE NO. Docket Nos. RP19-78-000 RP19-78-001 SUBJECT Return on Equity Panhandle Eastern Pipe Line Company, LP 08lLe Panhandle Eastern Pipe Line Company, LP Docket Nos. RP19-1523 Return on Equity Sea Robin Pipeline Company LLC LL/18 Sea Robin Pipeline Company LLC Docket# RP19-352-000 Return on Equity Tallgrass Interstate Gas Transmission L0lLs Tallgrass lnterstate Gas Transmission RP16-137 Return on Equity Indiana Utility Regulatory Commission Indiana Gas Company Inc.L2/20 Indiana Gas Company Inc.IURC Cause No.45468 Return on Equity Southern Indiana Gas and Electric Company t0/20 Southern Indiana Gas and Electric Company IURC Cause No.45447 Return on Equity Indiana and Michigan American WaterCompany oe/18 Indiana and Michigan American Water Company IURC Cause No.45142 Return on Equity Indianapolis Power and Light Company t2/L7 Indianapolis Power and Light Company Cause No.45029 Fair Value Northern Indiana Public Service Company 0e/17 Northern Indiana Public Service Company Cause No.44988 Fair Value Indianapolis Power and Light Company L2lL6 Indianapolis Power and Light Company Cause No.44893 Fair Value Northern Indiana Public Service Company r0/ts Northern lndiana Public Service Company Cause No.44688 Fair Value Indianapolis Power and Light Company 0elts Indianapolis Power and Light Company Cause No.44576 Cause No.44602 FairValue Kokomo Gas and Fuel Company 0e/Lo Kokomo Gas and Fuel Company Cause No.43942 Fair Value Northern Indiana Fuel and Light Company, lnc. oe/10 Northern Indiana Fuel and Light Company, Inc. Cause No.43943 Fair Value Iowa Departrnentof Commerce Utilities Board Iowa-American Water Company 08/20 Iowa-American Water Company Docket No. RPU-2020- 0001 Return on Equity Kansas Corporation Commisslon Atmos Enerry Corporation 08/1s Atrnos Energr Corporation Docket No. 16-ATMG- 079-RTS Return on Equity Kentuclry Public Senrice Commission Kentucky American Water Company t7/L8 Kentuclry American Water Company Docket No. 2018-00358 Return on Equity CoNcsNrerc Er,rsRcy Aousons I Pc. A-6 @ Rocrv Mounrarn Powea ExHrsrr No 9 Pacr 7 or 11 Docxpr No. PAC-E-2L-07 WITNESS: ANN E. But xuev sPoNsoR loerr lcesUlppucANTtt Maine Public Utilities Commission DOCKET /CASE NO SUBJECI Central Maine Power L0/18 Central Maine Power Docket No. 2018-194 Return on Equity Maryland Public Service Commission Maryland American Water Company 06/LB Maryland American Water Company Case No.9487 Rerurn on Equity Massachusetts Appellate Tax Board Hopkinton LNG Corporation 03/20 Hopkinton LNG Corporarion Docket No.Valuation of LNG Facility Firstlight Hydro Generating Company 06/L7 FirstLight Hydro Generating Company Docket No. F-325471 Docket No. F-325472 Docket No. F-325473 Docket No. F-325474 Valuarion of Electric Generation Assets Massachusetts Department of Public Utilities Berkshire Gas Company 0s/18 Berkshire Gas Company DPU TB.4O Return on Equity Unitil Corporation 0t/04 Fitchburg Gas and Elecrric DTE 03-52 Integrated Resource Plan; Gas Demand Forecast Michigan Public Service Commission Wisconsin Electric Power Company 12/1.1 Wisconsin Electric Power Company Case No. U-16830 Return on Equity Michigan Tax Tribunal New Covert Generating Co., LLC.03/LB The Township of New Covert Michigan MTT Docket No. 000248TT and 16- 001888-TT Valuation of Electric Generation Assets Covert Township 07 /L4 New Covert Generating Co., LLC. Docket No. 399578 Valuation of Electric Generation Assets Minnesota Public Utilities Commission Otter Tail Power Company tL/20 Otter Tail Power Company E017lGR-20-7L9 Return on Equity Allete, lnc. d/b/a Minnesota Power LL/Le Allete, Inc. d/b/a Minnesota Power E075/cR-L9-442 Return on Equity CenterPoint Energy Resources Corporation d/b/a CenterPoint Enerry Minnesota Gas ro/Le CenterPoint Energy Resources Corporation d/b/a CenterPoint Energr Minnesota Gas G-oo8/GR-19-524 Return on Equity Great Plains Natural Gas Co.091L9 Great Plains Natural Gas Co.Docket No. G004/GR-19- 511 Return on Equity Minnesota Enerry Resources Corporation L0/L7 Minnesota Energy Resources Corporation Docket No. G011/GR-17- 563 Return on Equity CoHcsNrRrc Er.rsRcv Aovrsons I Pc. A-7 @ Rocrv Mounmm Powen Exxrslr No 9 Pacs 8 or 1L Docxsr No. PAC-E-2L-07 WttHsss: ANr.r E. Bur-xlev sPoNsoR loarr lcaselarpllcANTtt Missouri Public Service Commission loocrer/cAsE No.SUBJECI Missouri American Water Company o6/20 Missouri American Water Company Case No. WR-202O-0344 Case No. SR-2020-0345 Return on Equity Missouri American Water Company 06/17 Missouri American Water Company Case No. WR-17-0285 Case No. SR-17-0286 Return on Equity Montana Public Service Commission Montana-Dakota Utilities Co.06/20 Montana-Dakota Urilities Co.D2020.06.076 Return on Equity Montana-Dakota Utilities Co.0e/r8 Montana-Dakota Utilities Co.D2018.9.60 Return on Equity New Hampshire - Board ofTax and Land Appeals Public Service Company of New Hampshire d/b/a Eversource Enerry Lt/7e L2/\e Public Service Company of New Hampshire d/b/a Eversource Energy Master Docket No. 28873-14-t5-L6-L7YT Valuation of Utility Property and Generating Assets New Hampshire Public Utilities Commission Public Service Company of New Hampshire os/19 Public Service Company ot New Hampshire DE-19-057 Return on Equity New Hampshire-Merrimack County Superior Court Northern New England Telephone Operations, LLC d/b/a FairPoint Communications, NNE 04/78 Northern New England Telephone Operations, LLC d/b/a FairPoint Communications, NNE 220-2012-CV-LL00 Valuation of Utility Property New Hampshire-Rockingham Superior Court Eversource Enerry 0s/t8 Public Service Commission of New Hampshire 2 1B-2016-CV-00899 2L8-2017 -CV-009L7 Valuation of Utility Property New |ersey Board of Public Utilities Public Service Electric and Gas Company L0/20 Public Service Electric and Gas Company EO181011r.5 Return on Equity New fersey American Water Company, Inc. L2/Le New Jersey American Water Company, Inc. wR19121516 Return on Equity Public Service Electric and Gas Company 04/le Public Service Electric and Gas Company EO18060629 GO18060630 Return on Equity Public Service Electric and Gas Company 02/LB Public Service Electric and Gas Company GRL7070776 Return on Equity Public Service Electric and Gas Company o1l18 Public Service Electric and Gas Company ER18010029 GR180 10030 Return on Equity New Mexico Public Regulation Commission Southwestern Public Service Company 07 /Le Southwestern Public Service Company 19-00170-UT Return on Equity Cor.rcsurnrc EHencv Aousons I Pc. A-8 @ Rocrv Mouuraru PowEn ExHrsrr No 9 PecE 9 op 11 Docxrr No. PAC-E-21-07 Wrrnuss: ANll E. BuLxt-sY SPONSOR DAIE cAsE/APPUCANT DOCKET/CASE NO SUBJECT Southwestern Public Service Company L0/17 Southwestern Public Service Company Case No.17-00255-UT Return on Equity Southwestern Public Service Company L2/L6 Southwestern Public Service Company Case No.16-00269-UT Return on Equity Southwestern Public Service Company L0/7s Southwestern Public Service Company Case No. t5-00296-UT Return on Equity Southwestern Public Service Company 06/Ls Southwestern Public Service Company Case No. 15-00139-UT Return on Equity New York State Department of Public Service Central Hudson Gas and Electric Corporation 08/20 CenEal Hudson Gas and Electric Corporation Electric 20-E-0428Gas 20-G-0429 Return on Equity Niagara Mohawk Power Corporation 07 /20 National Grid USA Case No.20-E-0380 20-G-0381 Return on Equity Corning Natural Gas Corporation 02/20 Corning Natural Gas Corporation Case No.20-G-0101 Return on Equity New York State Electric and Gas Company Rochester Gas and Electric 0s/Le New York State Electric and Gas Company Rochester Gas and Electric 19-E-0378 L9-G-0379 19-E-0380 19-G-0381 Return on Equity Brooklyn Union Gas Company d/b/a National Grid NY KeySpan Gas East Corporation d/b/a National Grid 04/re Brooklyn Union Gas Company d/b/a National Grid NY KeySpan Gas East Corporation d/b/a National Grid 19-G-0309 19-G-0310 Return on Equity Central Hudson Gas and Electric Corporation 07 /17 Central Hudson Gas and Electric Corporation Electric 17-E-0459Gas 77-G-0460 Return on Equity Niagara Mohawk Power Corporation 04/17 National Grid USA Case No. L7-E-0238 \7-G-0239 Return on Equity Corning Natural Gas Corporation 06/16 Corning Natural Gas Corporation Case No. 16-G-0369 Return on Equity National Fuel Gas Company 041L6 National Fuel Gas Company Case No. L6-G-0257 Return on Equity KeySpan Enerry Delivery oL/L6 KeySpan Enerry Delivery Case No. 15-G-0058 Case No. 15-G-0059 Return on Equity New York State Elecffic and Gas Company Rochester Gas and Electric os/Ls New York State Electric and Gas Company Rochester Gas and Electric Case No. 15-E-0283 Case No. 15-G-0284 Case No. 15-E-0285 Case No. 15-G-0286 Return on Equity North Dakota Public Service Commission Montana-Dakota Utilities Co.08/20 Montana-Dakota Utilities Co.c-PU-20-379 Return on Equity Northern States Power Company L2/12 Northern States Power Company c-PU-12-813 Return on Equity CoucsNrRrc ENencvAovrsons I Pc. A-9 @ Rocry MouNrarN PoweR ExHrsrr No 9 PAcE 10 oF 1.1 Docrsr No. PAC-E-2 1-07 WrrNess: ANN E. Bulxlrv SPONSOR DAIE cAsE/APPUCANT DOCKET /CASE NO SUBJECT Northern States Power Company L2/r0 Northern States Power Company c-PU-10-557 Return on Equity Oklahoma Corporation Commission Arkansas Oklahoma Gas Corporation 0L/L3 Arkansas Oklahoma Gas Corporation Cause No. PUD 201200236 Return on Equity Oregon Public Service Commission PacifiCorp d/b/aPacific Power & Light 02/20 PacifiCorp d/b/a Pacific Power & Light Docket No. UE-374 Return on Equity Pennsylvania Public Utility Commission American Water Works Company Inc. 04/20 Pennsylvania-American Water Company Docket No. R-2020- 3019369 (water) Docket No. R-2020- 301937L (wastewater) Return on Equity American Water Works Company Inc. 04/17 Pennsylvania-American Water Company Docket No. R-2017- 2595853 Return on Equity South Dakota Public Utilities Commission Northern States Power Company 061L4 Northern States Power Company Docket No. ELL4-058 Return on Equity Texas Public Ufility Commission Southwestern Public Service Commission 08/19 Southwestern Public Service Commission Docket No. D-49831 Return on Equity Southwestern Public Service Company 0LlL4 Southwestern Public Service Company Docket No.42004 Return on Equity Utah Public Service Commission PacifiCorp d/b/a Rocl<y Mountain Power 0s/20 PacifiCorp d/b/a Rocky Mountain Power Docket No. 20-035-04 Return on Equity Virginia State Corporation Commission Virginia American Water Company, Inc. 1.1/18 Virginia American Water Company, Inc. Docket No. PUR-2018 00175 Return on Equity Washington Utilities Transportation Comm ission Cascade Natural Gas Corporation 06/20 Cascade Natural Gas Corporation Docket No. UG-200568 Return on Equity PacifiCorp d / b / a P acific Power & Light 1.2/Le PacifiCorp d / b / a P acifrc Power & Light Docket No. UE-191024 Return on Equity Cascade Natural Gas Corporation 04119 Cascade Natural Gas Corporalion Docket No. UG-190210 Return on Equity West Virginia Public Service Commission West Virginia American Water Company 04lLB West Virginia American Water Company Case No. L8-0573-W-427 Case No. 18-0576-5-427 Return on Equity ConceNrRrc Eruencv Aovrsons I Pc. A-10 Rocxv MouutetN PowER E:ornnNo9Pffis 11ort1 Docxrt No. PAC-E-2L-07 Wrusss: ANr{ E. Bulxr.rv SPONSOR DATE lcesr/arrucANr DOCKET/CASE NO. I SUrreCr lVlsconsin Public Service Commigsion Wisconsin Electric Power Company and Wisconsin Gas LLC 03lLe Msconsin Electric Power Companyand Wsconsin Gas LLC Docket No. 05-UR-109 ReHrn on Equity Wisconsin Public Service Corp.03/Le Wisconsin Public Servioe Corp. 6690-UR-126 Return on Equity Wyoming Publlc Sewlce Gommlssion PacifiCorp d/b/a Rocky Mountain Power 03120 PaciffCorp d/b/a Rocky Mountain Power Docket No.20000-578- ER.2O Return on Equity Montana-Dakota Uti[ties Co.0slLe Montana-Dakota Utilides Co.30013-351-GR-19 Return on Equity CoNcsNrRrc ENERcy ADusoRs I Pc. A-11