Rate Case Summary Q FINANCIAL UPDATE QUARTERLY REPORT OF THE U.S. INVESTOR-OWNED ELECTRIC UTILITY INDUSTRY
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1 Rate Case Summary Q FINANCIAL UPDATE QUARTERLY REPORT OF THE U.S. INVESTOR-OWNED ELECTRIC UTILITY INDUSTRY
2 About EEI The Edison Electric Institute (EEI) is the association that represents all U.S. investor-owned electric companies. Our U.S. members provide electricity for 220 million Americans and operate in all 50 states and the District of Columbia. EEI also has dozens of international electric companies as International Members, and hundreds of industry suppliers and related organizations as Associate Members. Safe, reliable, affordable, and increasingly clean energy enhances the lives of all Americans and powers the economy. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States and contributes 5 percent to the nation s GDP. Organized in 1933, EEI provides public policy leadership, strategic business intelligence, and essential conferences and forums. About EEI s Quarterly Financial Updates EEI s quarterly financial updates present industry trend analyses and financial data covering 49 U.S. investor-owned electric utility companies. These 49 companies include 43 electric utility holding companies whose stocks are traded on major U.S. stock exchanges and six electric utilities who are subsidiaries of non-utility or foreign companies. Financial updates are published for the following topics: Dividends Stock Performance Credit Ratings Rate Case Summary SEC Financial Statements (Holding Companies) FERC Financial Statements (Regulated Utilities) EEI Finance Department material can be found online at: We Welcome Your Feedback EEI is interested in ensuring that our financial publications and industry data sets best address the needs of member companies and the financial community. We welcome your comments, suggestions and inquiries. Contact: Mark Agnew Senior Director, Financial Analysis (202) , magnew@eei.org Bill Pfister Director, Financial Analysis (202) , bpfister@eei.org Michael Buckley Senior Financial Analyst (202) , mbuckley@eei.org Future EEI Finance Meetings EEI Financial Conference November 5-8, 2017 Walt Disney World Swan & Dolphin Lake Buena Vista, Florida For more information about future EEI Finance Meetings, please contact Debra Henry at (202) or dhenry@eei.org. For EEI Member Companies The EEI Finance and Accounting Division maintains current year and historical data sets that cover a wide range of industry financial and operating metrics. We look forward to serving as a resource for member companies who wish to produce customized industry financial data and trend analyses for use in: Investor relations studies and presentations Internal company presentations Performance benchmarking Peer group analyses Annual and quarterly reports to shareholders Edison Electric Institute 701 Pennsylvania Avenue, N.W. Washington, D.C
3 The 49 The companies listed below all serve a regulated distribution territory. Other utilities, such as transmission provider ITC Holdings, are not shown below because they do not serve a regulated distribution territory. However, their financial information is included in relevant EEI data sets, such as transmission-related construction spending. ALLETE, Inc. (ALE) Alliant Energy Corporation (LNT) Ameren Corporation (AEE) American Electric Power Company, Inc. (AEP) AVANGRID, Inc. (AGR) Avista Corporation (AVA) Berkshire Hathaway Energy Black Hills Corporation (BKH) CenterPoint Energy, Inc. (CNP) Cleco Corporation CMS Energy Corporation (CMS) Consolidated Edison, Inc. (ED) Dominion Resources, Inc. (D) DPL, Inc. DTE Energy Company (DTE) Duke Energy Corporation (DUK) Edison International (EIX) El Paso Electric Company (EE) Entergy Corporation (ETR) Eversource Energy (ES) Exelon Corporation (EXC) FirstEnergy Corp. (FE) Great Plains Energy Incorporated (GXP) Hawaiian Electric Industries, Inc. (HE) IDACORP, Inc. (IDA) IPALCO Enterprises, Inc. MDU Resources Group, Inc. (MDU) MGE Energy, Inc. (MGEE) NextEra Energy, Inc. (NEE) NiSource Inc. (NI) NorthWestern Corporation (NWE) OGE Energy Corp. (OGE) Oncor Electric Delivery Company Otter Tail Corporation (OTTR) PG&E Corporation (PCG) Pinnacle West Capital Corporation (PNW) PNM Resources, Inc. (PNM) Portland General Electric Company (POR) PPL Corporation (PPL) Public Service Enterprise Group Inc. (PEG) Puget Energy, Inc. SCANA Corporation (SCG) Sempra Energy (SRE) Southern Company (SO) Unitil Corporation (UTL) Vectren Corporation (VVC) WEC Energy Group, Inc. (WEC) Westar Energy, Inc. (WR) Xcel Energy, Inc. (XEL)
4 Companies Listed by Category (as of 09/30/2017) Please refer to the Quarterly Financial Updates webpage for previous years lists. iven the diversity of utility holding company corporate strategies, no single company categorization approach will be G useful for all EEI members and utility industry analysts. Never-theless, we believe the following classification provides an informative framework for tracking financial trends and the capital markets response to business strategies as companies depart from the traditional regulated utility model. Regulated Mostly Regulated 80% or more of total assets are regulated Less than 80% of total assets are regulated Categorization is based on year-end business segmentation data presented in SEC 10-K filings, supplemented by discussions with and information provided by parent company IR departments. The EEI Finance and Accounting Division continues to evaluate our approach to company categorization and business segmentation. In addition, we can produce customized categorization and peer group analyses in response to member company requests. We welcome comments, suggestions and feedback from EEI member companies and the financial community. Regulated (35 of 49) Alliant Energy Corporation Ameren Corporation American Electric Power Company, Inc. Avista Corporation Berkshire Hathaway Energy Black Hills Corporation Cleco Corporation CMS Energy Corporation Consolidated Edison, Inc. Duke Energy Corporation Edison International El Paso Electric Company Entergy Corporation Eversource Energy FirstEnergy Corp. Great Plains Energy Inc. IDACORP, Inc. IPALCO Enterprises, Inc. NiSource Inc. NorthWestern Corporation OGE Energy Corp. Oncor Electric Delivery Company Otter Tail Corporation PG&E Corporation Pinnacle West Capital Corporation PNM Resources, Inc. Portland General Electric Company PPL Corporation Puget Energy, Inc. Southern Company Unitil Corporation Vectren Corporation WEC Energy Group, Inc. Westar Energy, Inc. Xcel Energy Inc. Mostly Regulated (14 of 49) ALLETE, Inc. AVANGRID, Inc. CenterPoint Energy, Inc. Dominion Resources, Inc. DPL Inc. DTE Energy Company Exelon Corporation Hawaiian Electric Industries, Inc. MDU Resources Group, Inc. MGE Energy, Inc. NextEra Energy, Inc. Public Service Enterprise Group Incorporated SCANA Corporation Sempra Energy Note: Based on assets at 12/31/2016
5 Q Rate Case Summary HIGHLIGHTS Electric utilities filed 13 new rate cases in Q The average approved return on equity (ROE) in Q3 was 9.66%, a level little changed from that of recent quarters. Average requested ROE was a record low 10.18%. In Q3, capital expenditures continued to be the primary reason for filings. However, several utilities desire to earn larger returns and to implement larger customer charges rivaled O&M expenses as secondary drivers of filings. Average regulatory lag in Q3 was 11.3 months, slightly above the ten-month average over our data set. COMMENTARY Electric utilities filed 13 new rate cases in Q3 2017, a number consistent with the increased pace of quarterly filings following the industry s period of restructuring nearly 20 years ago. The average awarded return on equity (ROE) in Q3 was 9.66%, a level little changed from that of recent quarters. The average requested ROE was a record low 10.18%. Declining interest rates since the early 1980s have resulted in a very long-term secular decline in both requested and approved ROEs. Average regulatory lag in Q3 was 11.3 months, slightly above the industry s approximate 10-month long-term average since restructuring. While regulatory lag in recent years has temporarily fluctuated around this average, it will likely hold near it unless state commissions accelerate the speed of rate case decisions. I. Number I. U.S. of Electric Rate Cases Output Filed (GWh) (Quarterly) Source: S&P Global Market Intelligence / Regulatory Research Assoc. and EEI Rate Department % II. Average Awarded ROE (Quarterly) Source: S&P Global Market Intelligence / Regulatory Research Assoc. and EEI Rate Department Filed Cases in Q Broadly speaking, the primary reason for rate case filings is recovery of capital expenditures (capex). The second and third most common reasons are utilities desire to establish rate mechanisms and to recover operation and maintenance 1
6 2 RATE CASE SUMMARY III. Average Requested ROE (Quarterly) IV. Average Regulatory Lag (Quarterly) % 14.0 Months Source: S&P Global Market Intelligence / Regulatory Research Assoc. and EEI Rate Department Source: S&P Global Market Intelligence / Regulatory Research Assoc. and EEI Rate Department % V. 10-Year Treasury Yield (1/1980 9/2017) Reliability Electric utilities often invest capital to improve reliability. In Q3, Delmarva Power & Light in Maryland filed partly to recover for investments made to maintain and improve the electric distribution infrastructure, support commission initiatives including reliability and tree trimming, and other essential costs required to provide safe and reliable service, including... Advanced Metering Infrastructure deferred costs not recovered in the last case. The company spent $68.1 million on reliability improvements in 2016 and plans to spend an additional $72.3 million in The company is requesting: 1) a year-end, reliability-related rate base valuation, 2) known and measurable reliability-related plant additions beyond the end of the historic test year through 10/2017, and 3) reliability-related construction work-inprogress to be placed in service through 4/2018. The company also asked for recovery of similar reliability-related investments in its case in Delaware. More than half of San Diego Gas & Electric s request relates to recovery of infrastructure modernization investment in support of long-term reliability and safety, including safety-related upgrades to both underground and overhead power lines. Kentucky Utilities in Virginia estimates it will spend $1.5 billion between January 1, 2016 and December 31, 2018 on generation, transmission and distribution infrastructure, including closing ash ponds and constructing landfills at generating stations, removing equipment from former coal units, and initiating a five-year transmission upgrade program to both replace aging equipment and install intelligent control systems that will improve reliability. Source: U.S. Federal Reserve (O&M) expenses. While this was the pattern in Q3, several utilities desire to earn larger returns and to implement larger customer charges also rivaled O&M expenses as secondary drivers of filings. Riders Indiana Michigan Power in Indiana filed partly to establish a resource adequacy rider that would track incremental changes in the company s purchased power costs, including costs recovered through the fuel adjustment clause. Duke Energy in North Carolina is proposing a Grid Reliability and Resiliency Rider for improving reliability, modernizing aging infrastructure, and to support the current wave of renewable projects. In Kentucky, Duke wants to implement a distribution capital investment rider to recover costs associated with safety and reliability projects and an environmental cost recovery rider that allows it to more quickly recover incremental transmission-related costs. Efforts to Earn Approved ROE Delmarva Power, in its filing in Maryland, said the company has a well-documented history of earning less than the ROE that has been authorized by [the commission].... [The] company has realized unadjusted ROEs lower than those authorized by the commission over each of the last five years and, on average, has earned 372 basis points less than its authorized ROE during that period. The company said it earned an ROE of 4.04% versus an authorized 9.6% in the test period. Among the reasons the company cites for this underperformance is a Maryland regulation that requires use of a historical test year to set rates. Duke Energy Kentucky s earned rate of return for electric operations is 2.58%, which is inadequate to enable the
7 RATE CASE SUMMARY 3 VI. Rate Case Data: From Tables I-V Number of Average Average Average Average Quarter Rate Cases Filed Awarded ROE Requested ROE 10-Year Treasury Yield Regulatory Lag Q NA NA Q NA NA Q NA NA Q NA NA Q NA NA Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q NA Q Q NA Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q
8 4 RATE CASE SUMMARY VI. Rate Case Data: From Tables I-V (cont.) Number of Average Average Average Average Quarter Rate Cases Filed Awarded ROE Requested ROE 10-Year Treasury Yield Regulatory Lag Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q Q NA = Not available / Source: S&P Global Market Intelligence/ Regulatory Research Assoc. and EEI Rate Department
9 RATE CASE SUMMARY 5 company to continue providing safe, reasonable and reliable service to its customers, and is insufficient to afford Duke Energy Kentucky a reasonable opportunity to earn a fair return on its investment property that is used to provide such service while attracting necessary capital at reasonable rates, according to the company s filing. Residential Customer Charges Indiana Michigan Power in Indiana would like to raise the residential customer charge from $7.30 to $18, saying the proposed increase better reflects the fixed, customer specific nature of these customer costs and provides increased customer rate stability. The proposed increase... also brings [the company s] rates more in line with the principles of cost causation, thereby eliminating subsidies within the residential class. Similarly, Delmarva Power & Light in Delaware would like to raise the residential customer charge from $11.70 to $13.51 and Duke Energy Carolinas in North Carolina from $11.80 to $ Duke Energy Carolinas North Carolina Duke Energy Carolinas filed in North Carolina in large part to recover investments made to create a cleaner, more reliable and smarter energy future. Under this program, the company has been retiring, replacing and upgrading generation plants and T&D systems, making investments in a new billing system, and doing work related to a new nuclear plant. The company has invested $557 million in new gas-fueled generation while replacing older coal-fired generation. The company hopes to recover costs associated with management of coal ash and closure of coal ash basins. Of the company s total $611 million request, $161 million is for plant additions and modifications, $182 million is for posttest-year additions, $336 million relates to coal ash plants, and $53 million is related to a new nuclear plant. (Some reductions bring the total to $611 million.) The company is cancelling the nuclear project because it is no longer in the best interest of customers, the main contractor went bankrupt, and the main contractor s parent has refused to support any new nuclear projects. The $53 million per year related to the nuclear plant extends only to the next dozen years. While it is cancelling the project, the company notes... the license and other investments remain an important asset. Cancelling the project now helps to keep costs lower for customers while also meeting the state s energy needs through the use of cost effective natural gas, existing nuclear plants, and expanded renewable energy. And it gives us the opportunity to benefit from the lessons learned from other utilities pursuing new nuclear generation which will ultimately benefit customers when the time comes to build a new nuclear plant. We are also continuing to evaluate options to extend the life of our existing nuclear fleet. Decided Cases in Q Six of the ten cases decided in Q were settled with little information available on factors determining the outcomes. Oncor Electric Delivery and Sharyland Utilities Texas Oncor Electric Delivery and Sharyland Utilities proposed a customer and asset swap associated with the rate cases for both utilities. Under swap terms, Oncor would get all distribution assets and customers while Sharyland would receive transmission assets from Oncor. The Texas commission approved a settlement specifying rates contingent upon the swap, which is being adjudicated separately. Appalachian Power Virginia In Q3, the Virginia commission found increased costs associated with Appalachian Power s accelerated vegetation management program were imprudent; the company s proposal would have increased vegetation management program costs by 132%. The commission found that, while the increased spending would have resulted in a 16% reduction in treerelated outages, it would have increased each residential customer s bill by at least 40%. Miscellaneous In Q3, the Washington, D.C. commission approved the merging of Potomac Electric Power s all-electric residential class with the residential time of use rate class to form a generic residential class. In New Jersey, the commission approved a settlement that included the withdrawal of Atlantic City Electric s request for a system renewal recovery charge for new infrastructure investment since there was a separate generic proceeding in progress on implementing a distribution system improvement charge. Residential Customer Charge Activity in Q Company State Original Requested Approved Indiana Michigan Power Indiana $7.30 $18.00 Delmarva Power & Light Delaware $11.70 $13.51 Duke Energy Carolinas North Carolina $11.80 $17.79 Potomac Electric Power District of Columbia $13.00 $10.25 master metered apartments $15.09 $11.84 master metered apartments Atlantic City Electric New Jersey $4.44 $6.44 $5.00
Rate Review Summary Q REGULATORY & FINANCIAL UPDATE QUARTERLY REPORT OF THE U.S. INVESTOR-OWNED ELECTRIC UTILITY INDUSTRY
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