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HomeMy WebLinkAbout20041203Decision Memo.pdfTO: FROM: DATE: RE: DECISION MEMORANDUM COMMISSIONER KJELLANDER CO MMISSI 0 NER SMITH CO MMISSI 0 NER HANSEN COMMISSION SECRETARY LEGAL WORKING FILE TERRI CARLOCK DECEMBER 1 , 2004 ANNUAL DETERMINATION OF THE INTEREST RATES ON DEPOSITS COLLECTED FROM CUSTOMERS FOR THE CALENDAR YEAR 2005. CASE NO. GNR-04- The interest to be paid on customer deposits for the 2005 calendar year is determined by the twelve-month average interest rate from November 1 , 2003 through October 31 , 2004. This average rate is 1.67% as shown on the attached worksheet. Rounded to the nearest whole percent the rate will be 2%, a 1 % increase from the prior year. The following chart shows the interest rates for the various years and the order numbers approving those rates. Calendar Year 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 Interest Rate Order No. 21622, 27167 22230 22836 23425 23971 24578 25242 25788 26233 26681 27248 27828 28234 28575 28896 29158 29386 DECISION MEMORANDUM DECEMBER 1 , 2004 COMMISSION DECISION Should the interest rate to be paid on deposits collected from customers for the calendar year 2005 be set at 2%? CtuJo T em Carlock TC:word:u/tcarloc/ AnnDetIntRates 12-2004. TC DECISION MEMORANDUM DECEMBER 1 2004 APPEND IX ONE-YEAR TREASURY BILLS Week Ended Rate %Week Ended Rate % 11/7/2003 1.35 5/7/2004 1.63 11/14/2003 1.36 5/14/2004 1.83 11/21/2003 1.30 5/21/2004 1.83 11/28/2003 5/28/2004 1.82 12/5/2003 1.37 6/4/2004 1.92 12/12/2003 1.31 6/11/2004 12/19/2003 1.27 6/18/2004 12/26/2003 1.28 6/25/2004 1/2/2004 1.29 7/2/2004 2.14 1/9/2004 1.29 7/9/2004 1/16/2004 1.19 7/16/2004 1/23/2004 1.20 7 /23 /2004 2.12 1/30/2004 1.25 7/30/2004 2.16 2/6/2004 1.28 8/6/2004 2/13/2004 1.24 8/13/2004 1.99 2/20/2004 1.23 8/20/2004 1.98 2/27/2004 1.22 8/27/2004 3/5/2004 1.23 9/3/2004 3/12/2004 1.16 9/10/2004 3/19/2004 1.18 9/17/2004 3/26/2004 1.17 9/24/2004 2.14 4/2/2004 1.23 10/1/2004 4/9/2004 1.32 10/8/2004 4/16/2004 1.41 10/15/2004 4/23/2004 1.50 10/22/2004 4/30/2004 1.55 10/29/2004 Average 1.67 Source: Wall Street Journal Key Interest Rates