ML18230A825
| ML18230A825 | |
| Person / Time | |
|---|---|
| Site: | Harris  |
| Issue date: | 07/06/1976 |
| From: | Ballentine C, Gooding H State of SC, Public Service Commission |
| To: | Butler G Office of Nuclear Reactor Regulation, State of SC, Public Service Commission |
| References | |
| Download: ML18230A825 (146) | |
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RKGU CRY DOCViG FILE CAROLINA POWER AND LIGHT COMPANY RALEIGH, NORTH CAROLINA RATE CASE - 1976 DOCKET NOS, 18,361 and 18,387 REPORT OF UTILITIES DIVISION ThE PUBLIC SERVICE COMMISSION OF SOUTH CAROLINA
STATE OF SOUTH CAROLINA THE PQ8LIC SERVICE COMMISSION P. O. DRAWER 11540 COI UMBIA. SOLJT11 CAROl INA 21211 July 6, 1976 Honorable Guy Butler, Chairman South Carolina Public Service Commission P. 0. Drawer 11649 Columbia, South Carolina 29211
Dear Chairman Butler:
~
We are submitting the Utilities Division's Report pertaining to Carolina Power and Light, Company's Rate Case under Docket Numbers 18,361 and 18,387.
The Accounting Department's Report was prepared under the supervision of Sam Hammond, Accounting Manager.
The Electric Department's Report was prepared by the Electric Department.
Respectfully submitted,
<~m.Ballenti Charles W.~
d-'~
, Director
~
Utilit' Divisio Harold Goodi g, ssistan erector Utilities Division CWB/kmt CC- Fred A.. Fuller, Vice-Chairman Lewis Moss, Commissioner Abney A. Smith, Commissioner Rudolph Mitchell, Commissioner Henry Yonce, Commissioner J. Henry Stuckey, Commissioner Nathan Kaminski, General Counsel
CAROLINA POWER AND LIGHT COMPANY RALEIGH, NORTH CAROLINA RATE CASE 1976 DOCKET NOS. 18,361 and 18,387 REPORT OF ACCOUNTING DEPARTMENT STAFF UTILITIES DIVISION THE SOUTH CAROLINA PUBLIC SERVICE COMMISSION
CAROLINA POWER AND LIGHT COMPANY REPORT SYNOPSIS Amount Requested $ 22,486,985 27.24~o Rate of Return on Rate Base Total Retail As Adjusted ------- 6.30%
Rate of Return on Rate Base S. C. Retail As Adjusted ------ 6.1'7%
Rate of Return on Rate Base S. C. Retail As Adjusted (+a'-~ -' .47%
Rate of Return Common Equity Before Proposed Inc. (S. C. Retail) 2.79%
Rate of Return Common Equity After Proposed Inc. (S. C. Retail) 12.90%
Rate of Return Common Equity Before Proposed Inc. (S. C. Retail w/o Normalization Adjustment) 4.71'%fter Rate of Return Common Equity Proposed Inc. (S. C. Retail w/o Normalization Adjustment) -- 14.76%
Embedded Cost: Long Term Debt 7. 74%
Preferred Stock 8. 01%
CAROLINA POWER AND LIGHT COMPANY RATE CASE 1976 INDEX Page No.
REPORT SYNOPSIS t
ANALYSIS 1 -'36
(
EXHIBIT A: STAFF METHOD - OPERATING EXPERIENCE, RATE BASE AND RATE OF RETURN EXHIBIT A-1: EXPLANATION OF PRO FORMA AND ACCOUNTING A
ADJUSTMENTS'XHIBIT 38 ,46 sfI EXHIBIT A-2: CALCULATION OF CUSTOMER GROWTH COMPUTATION 47 EXHIBIT A-3: COMPUTATION OF CASH WORKING CAPITAL EXHiBIT A-4: RECONCILIATI>ON OF NET OPERATING INCOME FOR RETURN-CP&L METHOD TO STAFF METHOD 49 EXHIBIT A-5: RECONCILIATION OF RATE BASE CP&L METHOD TO STAFF METHOD 50 EXHIBIT A-6: IMPLEMENTATION OF REQUESTED INCREASE 51 EXHIBIT B: CP&L METHOD OPERATING EXPERIENCE 52 EXHIBIT B-1: CP&L
SUMMARY
OF ADJUSTMENTS 53- 59 EXHIBIT B-2: CP&L RATE BASE 60 64 EXHIBIT B-3: CP&L EFFECT OF PROPOSED INCREASE 65 EXHIBIT B-4: RETURN ON COMMON EQUITY 66 L
EXHIBIT C REVENUE EFFECT OF PROPOSED INCREASE 67 EXHIBIT D: COMPARISON OF CAPITALIZATION AND COMPUTATION OF EMBEDDED COST OF LONG TERM DEBT AND PREFERRED STOCK 68 70 EXHIBIT E: RETURN ON COMMON EQUITY S.C. RETAIL OPERATIONS (Page 51 is Msed on Full Normalization and Page 02 is based on Partial Flow Through) 71-72 EXHIBIT F: EARNINGS PER SHARE, DIVIDENDS PER SHARE AND PAYOUT RATIO EXHIBIT G: PLANT ADDITIONS AND RE'ZIREMENTS 74-76 EXHIBIT H: MISCELLANEOUS GENERAL EXPENSES 77
INDEX (CONT.)
Page No.
EXHIBIT I: BREAKDOWN OF INSTITUTIONAL ADVERTISING EXPFNSES ---- 78 EXHIBIT J: LEGAL FEES 79 -80 EXHIBIT K: BALANCE SHEET AND INCOME STATEMENT TEST YEAR ----- 81 91 PUEL REPORT, 92 98
CAROLINA POWER AND LIGHT COMPANY RATE CASE The Accounting Department Staff has made a stu'dy of the books and records of Carolina Power and Light Company (hereinafter referred to as CPSL, Carolina, Carolina Power or Company), relative to the Company's Application for authority to adjust and increase its retail electric rates, revise its depreciation rates and adjust its fuel adjustment clause
~ I under the jurisdiction of this Commission.
The Accounting Department submits the followina infor-mation with reference to its studv:
- l. The Adjustment, of retail electric rates and charqes consists of two (2) Dockets and is summarized as follows:
A. Docket No. 18,631 Application for General Rate Increase.
7-31-75: CPaL filed an Application for Authority to increase its electric rates and charges for retail customers in South Carolina by approximately $ 2,012,202 (based on 1974 test peiiod). Th'is Application, if qranted, would equalize Residential Rates in North'Carolina and South Carolina.
8-1-75: The Commission issued Order No. 18,532, suspending the proposed rates until public hearings could be held on the matter, but authorized the Company to place said rates into effect subject to refund, on usage on and after September 1, 1975, pursuant to S.C. Code Ann. s 24-38 (1962).
B. Docket No. 18,387 Application for General Rate increase 8-11-75: On August 11, 1975, Carolina Power and Light Company filed an additional requesting a general increase
'pplication in rates of $ 19,117,335 (based on a 19'74 Fest period) to become effective on service rendered on and after September 15, 1975.
.9-2-75: The Commission issued Order No. 18,605 suspending the proposed rates until public hearings could be held on the matter, but, authorized the Company to place an interim rate increase of approximately $ 10,000,000 (based on a 1974 test year), subject to refund, on usage after September 15, 1975,
pursuant to S. C. Ann I24-38 (1962).
The Commission further ordered that Docket No. 18,361, dated July 31, 1975 and Docket No. 18,387, dated August ll, 1975, be consolidated for hearing purposes.
C. Docket. No. 18,361 and 18,387, Order Establishing Test Period and Requiring Updated Exhibits.
10-29-75: The Commission issued Order No. 18,764 directing CP&L to utilize a 1975, rather than a 1974 test period and to submit updated exhibits by March 1,',1976.
11-14-75: CP&L requested an extension of the March 1, 1976, filing date for updated exhibits reflecting 1975 test year information.
11-18-75: The Commission issued Order No. 18,808 directing CP&L to file updated exhibits reflecting 1975 test year information by May 1, 1976.
D. Docket No. 18,387 Supplement to Application for Approval of New Depreciation Rates.
2-9-76: CP&L requested that its application under Docket No. 18, 387 be supplemented to include a request for revised depreciation rates. The Company further requested that it be given permission to book these rates effective October 1, 1975,
pending a hearing thereon and a final order issued by the Commission.
Permission to book the requested depreciation was granted by the Commission in Order No. 19,045, dated February 12, 1976.
CP&L filed an additional Application requesting that the full effect of its Application under Docket No." 18,387 be allowed to go into effect for service rendered on and after March 1, 1976, upon the condition that the Company under-take to refund to its customers any amount (with interest), if any, collected in excess of the amount which would have been collected under rates and charges finally determined to be fair and reasonable.
This phase of the rate request"= 'implementation totaled approximately $ 9,117,335,(based on 1974 test period). The full effect of the rates as filed on August ll, 1975, are adjusted by Rider 35A which reduces the rate schedules. by $ 0.005536 per KWH, which is the amount included in said rates for the cost of fossil fuel allowed in 'the Company's presently approved rates. This rider would be utilized since the Company is to continue to operate under its presently approved Fossil Fuel Clause.
E. Docket No. 18,361 and 18,367 Supplemental Petition from CP&L requesting the Commission to consider an retail fuel 'l adjustment clause and alternate rates.
5-4-76: CP&L filed a Supplemental Application requesting the Commission to consider an alternative retail fuel adjustment clause, Rider No. 39, and alternative rates.
- 2. Based on the test year 1975, (as ordered by the Commission),
the proposed rates would result in additional revenue of $ 22,486,985.
This requested increase is summarized as follows:
(1) (2) (3) (4) (5) (6) (7)
Type of Proposed Monetary Per Cent Service Base Revenue $ . 005536/KWii .Base Revenue Rates Increase Increase s
'tal Residential 22,147,461 5,895,029 28 ~ 042 490 37 I 156 835 9 1 14 ~ 345 32 50%
Fatal Small General Service 9,679, 686 1,975,614 11,655,299 14,048,610 2,393,311 20.53t
'Dotal Large General Service 30,019,620 11,146,936 41,166,556 51,870,258 10,703,702 26. 00%
Total Lighting 1,669,551 6,162 1,675,713 1,951,340 275,627 16. 45%
'XOZAL 63,516,317 19,023,741 82 540 058 105g027a043 22 486 985 27 24+o L
3., As of the end of the test year, CP&L had outstanding Common Stock of $ 565,609,691 consisting of 32,692,791 shares of 60 000 000 shares authorized. The Outstanding Preferred Stock consists of 4,887,259 shares totaling8336,018,400. The long term debt consists of various issues totaling gl,109,030,000 with an embedded cost rate of 7.74% (See Exhibit D for details).
- 4. COMPUTER APPLICATIONS The Staff also utilized the Auditape, a computer audit software program, developed and marketed by Haskins and Sells, Certified Public Accountants, in its audit procedures.
The Staff was of the opinion that since portions of the Accounting information system was computerized it would be necessary to utilize the Auditape to increase the Staff's reliability in the system.
In order to accomplish this, the Staff, after meeting with the Company's personnel and reviewing the information flow, made use of the Company's computer tape files of cash disbursements and journal vouchers for the test year.
These files contained all of the cash disbursements and journal vouchers issued by the Company for the test year ended December 31, 1975. These tapes were subtotaled by FPC account number, and these subtotals were agreed to ledger cards which are a part, of the general ledger. This step gave the Staff reasonable assurance that the items to be selected in subsequent audit steps were reflected in the per book amounts reported in the Company's" financial>.gqcozds.
The Auditape was also used to provide a .random sample of Operation,and Maintenance Expense transactions for review.
These transactions were selected on a total company basis.
The Staff took no exception to the items reviewed.
(6)
l' As a final step, the Staff used the Auditape to select for more detailed analysis, expense transactions which were diiectly charged to South Carolina operations. These transactions were sampled by the Staff for review. The Staff noted no exceptions in the sample items reviewed.
- 5. Staff exhibits relative to the Company's request for authority to increase its retail electric rates, revise its depreciation rates and adjust its fuel adjustment clause are as follows:
II EXH B T A OPERAT 1 NG EXPERIENCE ~ RATE BASE AND RATE OF RETURN Shown in Exhibit A is the Company's Operating Experience, Rate Base and Rate of Return for the test year ended December 31, 1975. The Exhibit's format is designed to reflect ver book information for Total System, per book information for South Carolina Retail Operations and applicable accounting and pro forma adjustments necessary to normalize the Company's test year operations. For South Carolina Retail, the test year is normalized before and after the effect of the requested increase.
Exhibit A-1 shows the details of each adjustment.
CPGL's book balances for Total System were verified to the Company's General Ledger. Customer Growth (Footnote A) and Cash Working Capital (Footnote B) were computed by .Staff utilizing standard Commission procedures for electric utilities (See Exhibit A-2 and A-3 for details). Staff computed a Rate of Return of 8.30% on the Company's Per Book Total System Operations. The computation employed Total Income for Return of $ 191,447(000) and a Rate Base of $ 2,307,158(000).
Staff utilized." Adjustments gl through 413 which are fully explained in Exhibit A-1 to normalize the Total System Operations.
These adjustments were. further apportioned to Wholesale, Total Retail and South Carolina Retail. This apportionment of adjustments produced the following:
(9)
Total Income Rate Descri tion For Return Rate 'Base of Return Total System $ 135, 456 (000) $ 2,274,143 (000) 5. 96%
Total Co. Whsl. 20, 834 (000) 456, 025 (000) 4. 57%
Total Co. Retail 114,529'(000) 1, 818, 118 (000) 6.
S.C. Retail 20, 636 (000) 6.17%
305o'34,611(000)
Staff utilized Column 4 9 (Total Requested Increase) to reflect the $ 22,487(000) increase in annualized revenues sought by CP&L. Exhibit A-6, titled Implementation of Requested Increase, details the requested increase according to the date the appropriate rates were placed in effect under bond., Further, taxes of $ 11,528(000) associated with the requested increase are segregated in the same format as the increased rates. CPaL is therefore projected to net $ 10,959(000) from %his rate case based on a 1975 test year.
Based on Staff's study of CPGL's books, the appropriate Accounting and Pro Forma Adjustments and the requested increase, Staff computed a Rate of Return of 9.47% on South Carolina Retail Operations. This Rate of Return is base on an expected Total Income for Return of $ 31,672(000) and a Rate Base of
$ 334,611(000).
EXHIBIT A-1:
SUMMARY
OF ADJUSTMENTS For comparative purposes, Staff has presented Company adjustments and Staff adjustments as Exhibit A-l..consisting of pages 1-9. Company adjustments are those presented in Davis Exhibit 1, Pages 2-8. Columns 4 and 5 include Staff's adjustments and Column 6 is Staff's adjustment number for reference to Exhibit A for both System Total and S. C. Retail.
(1) Revenue Adjustments (a) Revenues were increased by $ 65,982 for a retail rate increase which went into effect during the test year.
Had the increase been in effect for the full test year, the Company would have realized this additional amount of revenue for S.C. Retail operations.
(b) During November, 1975, the, Company brought on line Brunswick 02 nuclear generating unit. To annualize the effect of a full year's operation, it was necessary to adjust revenues, expenses, and Rate Base items. The Company only had the benefit of nuclear generation from the new Brunswick plant for approximately two months during the test year. Had the nuclear unit been available for the entire test year, it would have displaced generating capacity from other fossil fuel plants.
I Since increased costs of fossil fuel above base are automatically passed on to the ratepayer by means of the fuel adjustment clause, it was necessary to make an adjustment to fuel clause revenue to reflect the loss in revenue. Based on actual fossil fuel generation for the test year and estimated annualized generation from the
new Brunswick plant, it is projected that fuel clause revenue would decrease by ($ 36,261,991) for system total operations and
((5,060,101) for S.C. Retail Operations. A review of the workpapers and supporting documents for the adjustment has been performed" by Staff Engineers of the Commission's Flectric Department and Staff is in basic agreement with the projected impact of the annualization of the Brunswick unit.
(c) A portion of the requested rates in this proceeding was placed into effect on September 1, and September 15, 1975 subject to refund, and was therefore, reflected in test year operating revenues. The Company made an adjustment to remove the interim revenue effect of the proposed rate which produced
($ 17,471,890) system-wide and ($ 3,060,439 for S.C. Retail operations.
The interim rates placed into effect during the test year in North Carolina have since been approved, but Staff has made no adjustment since it would have no effect on S.C. Retail Operations.
(d) During the test year 1975, Operating Revenues reflected a charge for estimated refunds to be made to S.C.
Retail customers as a result of the last general retail rate increase. The difference between the estimated refund and the actual amount refunded and credited to 1975 revenues but attributable to 1974 operating was $ 39,629 which understated revenues for the test year by that amount. An adjustment was made to properly reflect test year operations.
(2) 0 & M Ex ense Ad'ustments (a) An Adjustment was proposed by the Company and accepted by Staff to increase Insurance Expense by $ 109,024 (12)
for System and $ 15,645 for S.C. Retail. The System total amount was capitalized during the test year and should have been expensed.
(b) During 1973, the Company expensed to Account 0930 costs of "Carven County Abandoned Plant Site". As a result of the last general retail rate increase, this Commission ordered a 5-year amortization 'of these exoenses for rate-makina purposes. The adjustment totals $ 94,088 for system with
$ 13,501 being allocated to S.C. Retail representing one year' amortization.
(c) Based on a 45-year average, the Company was able to obtain an above-average level of hydro generation for the test'year. When hydro generation for the test year is normalized to represent, a 45-year average, KWH production from other sources would have resulted in increased fuel costs of
$ 1,168,558 for Total Company and $ 169,934 for S.C. Retail based on a cost of 5.13 mills per KWH (base cost of fuel).
(d) Wages and fringe benefits were annualized to an end of year level based on December 1975 payroll resulting in a total company increase to 0 & M expenses of $ 4,560,087 with
$ 736,215 apportioned to S.C. Retail.
(e) The Company made an adjustment to reflect a postage increase effective December 28, 1975. Based on year-end customers the annualized effect would be an increase of $ 293,331'o total system and $ 50,452 to S. C. Retail.
(f) Fuel Expense is projected to decrease by ($ 29,446,998) for total system and ($ 4,282,247) for S. C. Retail as a result of annualizing the operation of Brunswick g2 nuclear unit. The reduced fuel expense is the result of restated generation based on a new power estimate made by the Company's Bulk Power Supply Department. Fuel requirements were then determined based on the adjusted~generation from system resources including the nuclear unit.
(g) As a result of the addition of Brunswick 42, it is projected that other 0 6 M Expenses would increase by
$ 2,470,000 for total'ystem and $ 356,820 for S. C. Retail.
Included in these amounts are increased production expenses, excluding fuel, for a full year's operation including Supervision and Engineering, Maintenance etc.
(h) Based on the new power estimates referred to in
/
Adjustment 2 (f) including the availability of Brunswick, it is estimated that Purchased Power could be reduced by ($ 7,032,261)'n total system. Purchased Power for the test year was $ 13,114, 681.
) ~ ~
(i) Included in Account N557 for the test. year was
$ 20,650,131 related to Deferred Fuel Cost as a result of the time I
lag between incurring increased fuel costs and billing those costs to customers. Again, due to the annualization of Brunswick which resulted in decreased fuel expense (Adjustment 2(f), it is estimated that the deferred portion would also decrease by
($ 11,261,289) company-wide with ($ 1,497,786) allocated to S. C.
Retail.
(j) Also included in Account 5557 for the test. year was a credit to expenses of ($ 2,452,655) relating to expenses incurred for initial testing operhtion of Brunswick 42.
For the purpose of reflecting a normalized year and since this item is non-recurring in nature, an adjustment was made to increase 0 & M Expenses by this amount. S. C. Retail was apportioned $ 354,314.
(k) Lines 1,2, & 3 During a normal operating year, the Company maintains that Maintenance Exoense would be increased in total by $ 5,217,000 representing that Maintenance, which was deferred during the test year. Maintenance classified by functional category is a follows:
Total S. C. Retail Production Maintenance "507,000 73,729 Transmission Maintenance 710,000 101,324 Distribution Maintenance 4,000,000 649,236 (1) In Account 8930, "Miscellaneous General Expenses,"
the Company included $ 366,793 for "National and Local Institutional Advertising Expenses". Of this amount, $ 37,747 was attributable to Energy Conservation. Staff agress with advertising to conserve energy, but is of the opinion that advertisinq to promote the Company and its image should be borne by the stockholders rather than the ratepayers. As a result, Staff made an. adjustment to decrease 0 & M Expenses by @329,046) on system total. This has the effect of transferring Institutional Advertising excluding Conservation, to below-"the-line for rate making purposes. Staff allocated the S. C. Retail portion of the adjustment by use of (15)
the Company's Jurisdictional Allocation Study. The factor computed for S. C. Retail was 16.14%, or ($ 53,108).
(m) Also included in Account 5930, "Miscellaneous General Expenses", for the test year were Dues to various Chambers of Commerce totaling $ 11,614. Staff feels that, these expenditures are not necessary to electric operations and has excluded this amount from 0 & M Expenses. S. C. Retail 0 a M Expenses were decreased by ($ 1,874).
(3) De reciation Ex ense Ad'ustment Depreciation Expense was adjusted by the Company to reflect an increase of $ 14,919,000 for total Company and $ 2,155,928 for S. C. Retail. These amounts represent what Depreciation would have been for the test year had the plant in service at vear end been in service for the entire test vear. Also 'included as a part of the adjustment is a change in Depreciation rates as recommended by Ebasco Services, Inc., based on a study of Plant in Service at December 31, 1974.
(4) Taxes Other Than Income Ad'ustments (a) As a result of revenue-changes made in Adjustment Cl, Gross Receipts Taxes are projected to decrease by ($ 2,747,794) for total system and ($ 24,044) for S. C. Retail. The tax assessment rate for North Carolina is 6.0% and 0.003% for South Carolina. These rates were applied to the respective applicable revenue adjustment, resulting in the projected tax decrease.
(16)
(b) Social Security Taxes are projected to increase by $ 57,508, based on end of period employees, due to an increase in the FICA wage base from $ 14,100 to $ 15,300. Amount allocated to S.C. Retail is $ 9,285.
(c) As a result of increasing Wages and Fringe Benefits to an end of year level (adjustment 2d), Payroll Taxes will also increase by $ 234,822 for total company and $ 37,911 for S.C. Retail.
(d) As a result of the increase to Plant in Service during the test year, Property Taxes are projected to increase by $ 4,091,032 for total system based on end of year plant.
Property Taxes charged to 0 6 M Expense for the test year was
$ 11,792,708 while estimated taxes on end of year plant is
$ 15,883,740. S.C. Retail portion is an increase of $ 607,108.
(5) State Income Tax Ad 'ustments (a) State Income Taxes were adjusted by Company and Staff to reflect the state income tax effect of previously mentioned revenue and expense adjustments. The Company's computation resulted in a decrease to State Income Taxes of ($ 1,620,568) for total system and ($ 481,268) for S.C. Retail. Staff's Adjustment to revenue and expense items produced a decrease of ($ 1,944,826) with ($ 477,969) apportioned to S. C. Retail.
(b) State Income Taxes were also decreased for the tax effect of annualizing interest on year-end plant. Total Interest Expense per books of $ 89,955,262 was allocated between operating and non-operating taxes. Based on the ratio of plant at year-end (17)
the amount of Interest allocable to operating taxes would increase as a result of the additions to plant in service, and State Income Taxes would, therefore, be less. The projected decrease is
($ 646, 376) for total company and ($ 95,922) for S. C. Retail.
(c) State Income Taxes are projected to increase as a result of previously made adjustments to Property Taxes, FICA Taxes and Payroll Taxes capitalized during the test year.
When these capitalized taxes are adjusted to end-of-period Construction Work in Progress, the result is a projected decrease in these taxes which would necessitate an increase to State income Taxes of $ 16,900 for Total System and $ 2,328 for S. C. Retail.
~
(6) Federal Income Tax Adjustments (a) Federal Income Taxes were adjusted to reflect the tax effect of all revenue and expense adjustments. Company Adjustments resulted in a projected decrease in Federal Income Taxes of ($ 23,254,922) for Total System and ($ 3,619,140) for S. C. Retail. Staff's adjustments produced a decrease to Federal Income Taxes of ($ 22,935,761) for Total System and ($ 3,594,332) for S. C. Retail. The .difference is attributable to the tax C
effect of 0 & N Expense adjustments made by Staff which were not made by the Company.
(b) Federal Income Taxes were 'decreased for the reasons I
given in Adjustment 5(b) i.e., Interest Expense allocable to operating taxes based on Plant in Service at the end of the test year. Federal Income Taxes are decreased by ($ 4,860,744) on Total System and ($ 721,332) for S. C. Retail.
(18)
(c) Federal Income Taxes were increased for the reasons given in Adjustment 5(c) i.e., to compute Federal Income Tax effect based on end of year Construction Work in r
Progress. Again, based on end of year Construction, capitalized taxes would have been less and Federal Income Taxes would therefore, have been more in the amount of $ 127,090 for total system and $ 17,507 for S.C. Retail.
(7) Provision for Deferred Income Taxes Ad'ustments (a) In Staff Adjustment 2 (i), it was projected that Deferred Fuel Expense could be reduced by ($ 11,261,289) for total system and ($ 1,497, 786) for S. C. Retail if the year-end plant, to include Brunswick Nuclear, had been in service for the enti're test year. Deferred Taxes related to this Deferrel Fuel Expense have been recorded to Account 5410.1, "Provision for Deferred Income Taxes" and subsequently credited to Account 411.1 Provision for Deferred Income Taxes Credit," when the deferral expense is recovered. Had the net fuel deferral for the test year been reduced by the amount shown in Staff Adjustment 2(i),
the credit to Deferred Income Taxes would have been reduced.
Increasing net deferred taxes for the test year, by $ 5,405,419 for total system and $ 718.;937 for S.C. Retail changes deferred taxes for the reduced deferred fuel expense.
(b) Also included as an adjustment to Deferred Income Taxes is a proposal by the Company to normalize the tax benefits of certain items which have previously been "flowed-through" to the benefit of current ratepayers. These items consist of (19)
(1) the tax effect of capitalized items (Property Taxes and I
Pension Costs) which are deductible for tax purposes totaling
$ 3,279,000 for total company and (2). a portion of the tax benefits arising from the difference between book depreciation and accelerated depreciation totaling $ 12,335,000. The tax benefits arising from both of the above-mentioned items have previously been under the "flow-through" method, thereby reducing the current book income taxes and increasing Net Operating Income. The proposed adjustment requires an increase to Deferred Income Taxes in the amount of $ 15,614,000 for the test year for total Company. By this normalization method taxes are not deferred for future ratepayers. Over the life of the asset, taxes will be normal as if the Company had used straiqht-line depreciation.
For purposes of this proceeding, Staff has disallowed a portion of the adjustment for capitalized items totaling $ 3,279,000.
Though Staff is basically in agreement with the normalization method of accounting, we feel that a change to full normalization is an undue burden on the current ratepayer.
Since the Company was actually under the "flow-through" method during the test year for capitalized items, Staff recommends the same treatment for rate-making purposes and would recommend that the company achieve full normalization for future rate-making'urposes. Therefore, Staff's adjustment totals $ 12,335,000 for total Company and $ 2,197,325 for S.C. Retail.
(20)
(8) In accordance with this Commission's directive dated November 13, 1974, concerning components to be included in Total Income for Return, staff has .adjusted:per .book '.-.
Allowance for Funds During Construction to reflect only that amount which applies to end-of-period Construction .Work in Progress. By this method, the Company is not required to include AFDC on construction which has already been transferred to Plant in Service. Staff feels thi0 method more accurately reflects what, the Company can reasonably be expected to earn in future periods based on an historic test year. The Adjustment totals (j24,429,000) for total Company and $ 3,513,00/ on S.C.
Retail.
(9) Also, in accordance with this Commission's Directive of November 13, 1974, Staff has,included "Income Tax-Credit" as a part of Total Income for Return. "Income Tax-Credit" is the negative taxes taken below the line but is included as a part of Total Income for Return due to the inclusion of Construction Work in Progress in the Rate Base.
The Company's Adjustment included a re-allocation of year end Interest Expense based on the relationship of Plant in Service to Construction Work in Progress at year end. This re-allocation produced Interest Expense attributable to Construction Work in Progress of $ 28,135,930 producing the "income Tax-Credit" of
$ 14,383,087. Actual "Income Tax-Credit" per books taken below the line was 519,733,336) for a difference of $ 5,350,249).
Since the amount of Interest Expense allocated to year end CWIP would be less, the Income Tax-Credit is reduced by this amount.
S.C. Retail portion of the adjustment is($ 793,'975)-
(21)
(10) Plant in Service Ad'ustment Adjustment 410 was necessary to reduce Plant:in Service by ($ 109,024) since this amount was charged to Plant in Service durina the test year when it should have been expensed (See Staff Adjustment 2-a). The amount allocated to S.C. Retail is 7915,645).
(ll) Accumulated Depreciation Adjustments Accumulated Depreciation is increased, thereby reducing Rate Base, in the amount. of ($ 14,919,000) for system total and
($ 2,155,928) for S.C. Retail. This Adjustment is made to reflect what the charge to Depreciation Reserve would have been if the Plant in Service at year-end had been in service all year (Staff Adjustment 53). Also reflected is a change in Depreciation Rates as recommended by the firm Ebasco Services, Inc., based on an engineering study. The proposed rates have also been reviewed by Staff engineers of the Commission's Electric Department.
(12) Materials and Su lies Adjustments (a) The Company adjusted Materials and Supplies to reflect a decrease to Deferred Fuel Stock as a result of annualizing the operation of Brunswick 42 Nuclear Unit.
Included in Materials and Supplies for the test year was Deferred Fuel Stock of $ 14,377,915. Had Brunswick been on line for the full test year, it, is estimated that the Deferred Fuel Stock could have been reduced to $ 13,158,249 based on the overall system restated generation. This amount would include the estimated Deferred Fuel related to S.C. Retail for the (22)
months of November and December, 1975, plus the unrecovered portion of Deferred Fuel related to N. C. Retail operations.
The adjustment reduces Materials and Supplies by ($ 1,219,666) for total company with ($ 224,499) being allocated to S. C. Retail.
(b) Included in Account 4155 as a part of Materials and Supplies for the test year was "Merchandise" of
$ 8,222. Since Materials and Supplies is' part of Rate Base upon which investors are entitled to earn a rate of return, Staff has eliminated "Merchandise" as being unrelated to the sales of electricity. Staff computed an allocation factor of
.1556 for S.C. Retail from the Company's Jurisdictional Allocation Study. Amount allocated to S.C. Retail was $ 1,279.
I (c) As a part of the Company's last rate application, Docket Nos. 17,134 and 17,336, before this Commission, an adjustment was proposed to increase fuel supply to an August, 1974 price level based on a 1973 test year. The adjustment was proposed due to the rapidly rising prices of coal. Since the price of coal has been decreasing, Staff feels that a similar adjustment should be made to reflect that decrease for this proceeding. Staff has, therefore, adjusted the end of year coal inventory to April 30, 1976 average cost per ton which were the latest figures available at the time of preparation of this report.
Even though this adjustment encompasses a known change occurring beyond the test year, Staff has, in previous cases, accepted adjustments for known changes up to the date of filing a rate application. Staff is of the opinion that this adjustment is necessary to more accurately reflect future expectations of coal prices.
The revaluation of the ending inventory to April 30, 1976 average cost ($ 25.57) per ton decreased ending inventory by
($ 1,339,212). Staff computed an allocation factor of .1454 from the Company's Jurisdictional Allocation Study resulting in a decrease to inventory allocated to S. C. Retail of ($ 194,721).
(13) Accumulated Deferred Income Tax Adjustments 1
Due to the adjustment. previously discussed in Staff Adj. 7 (b), Accumulated Deferred Income Taxes are increased by $ 12,335,000 on total system with $ 1,804,183 being allocated to S. C. Retail. This has the effect of normalizing a portion of the tax benefits associated with Accelerated Depreciation which have previously been under the "flow-through" method.
Since Deferred Income Taxes are a form of cost-free capital and an element upon which Staff feels investors. are not entitled to earn a rate of return, the adjusted amount of
$ 79,926,000 is a deduction from Rate Base on Staff Exhibit A.
(24)
EXHIBIT A-2: CALCULATION OF CUSTOMER GROWTH The computation for Customer Growth produced a factor of 0.95% for Total Electric System. In that gains in Wholesale Customer are nominal, Staff applied this factor to Total Company Retail Operations. With reference to South Carolina Operations, Staff utilized a factor of 0.70%, applied it to Net Operating Income and arrived at a monetary growth amount of $ 170(000) after accounting and pro forma adjustments.
EXHIBIT A-3: COMPUTATION OF CASH WORKINS'APITAL Shown in this exhibit. is Staff's computation of Cash Working Capital. The allowance after accounting and pro forma adjustments amounted to the following:
Total System Adjusted $ 47,204(000)
Total Wholesale Adjusted 8,530(000)
Total Retail Adjusted 38,674(000)
Total S.C. Retail Adj. 7,405(000)
(25)
EXHIBIT A-4: RECONCILIATION OF TOTAL INCOME FOR RETURN Shown in this Exhibit is Staff's reconciliation of the Company's Total Income for Return reconciled to Staff's Total I
Income for Return.
EXHIBIT A-5: RECONCILIATION OF RATE BASE Shown in this Exhibit is Staff's reconciliation of the Company's Rate Base reconciled to Staff's Rate Base.
EXHIBIT A-6: IMPLEMENTATION OF REQUESTED INCREASE Shown in this Exhibit are the stages that CPGL implemented its requested increase in annual revenues of $ 22,486,985.
(26)
EXHIBIT B: CP&L METHOD OPERATING INCOME RATE BASE, AND RATE OF RETURN Operating Experience, Rate Base and Rate of Return as computed by the Company was submitted as Davis Exhihit No. l.
Staff has included these same exhibits for comparative purposes.
The Company prepared schedules are included as Exhibits B through B-4. Any exceptions taken. by the Staff to the Company method of computing Total Income for Return and Rate Base computation have been explained in detail in Exhibit A-l.
The Company prepared schedules are as follows:
Exhibit B Operating Experience Exhibit B-l Summary of Adjustments Exhibit B-2 Rate Base Exhibit B Effect of Proposed Increase Exhibit B-4 Return on Common Equity
EXHIBIT C: REVENUE EFFECT OF PROPOSED INCREASE The Company's retail customers are separated into (4) four broad classifications which include residential (Res.)
small general service (SGS), large general'ervice (LGS),
and lighting.
The proposed increase for Total Residential Service is 32.50%. The largest percentage increase in this category is for the R-3 rate (Water. Heating).
Total Small General Service is proposed to increase by 20.53%. Within this class the percentage increase varies from a low of 19.65% to a high of 32.92%.
Large General Servi'ces averages approximately 26% and is as high as 33% for a single class.
C The proposed average percentage increase for lighting is 16.44%. The highest increase in this class is 24.89% for Sports Field Lighting.
The total requested increase is $ 22,486,984 which is used in Staff's Exhibit A, Line 4, Column 9, to compute Total Income for Return after the proposed increase.
(28)
EXHIBIT D: COMPARISON OF CAPITALIZATION AND COMPUTATION OF EMBEDDED COST OF LONG TERM DEBT AND PREFERRED STOCK Capitalization Ratios are compared for the calendar years 1974-75. Long Term Debt decreased from 55.33%, in 1974 to 52.19% in 1975 and Preferred Stock decreased from 15.42% to 15.18%
while Common Stock increased from 22.46% to 25.55%.
Amounts shown for Long Term Debt are computed on the face amounts of bonds outstanding less the Net Unamortized Premium and Discount which totals $ 3,980,298 for 1975 and
$ 2,819,036 for 1974. Retained Earnings excludes any amount restricted for future Federal Income Taxes and excludes Investment in Subsidiary Companies of $ 1,674,000 in 1974 and $ 75,000 in 1975.
Also, shown in Exhibit D, page I2 is the computation for Embedded Cost, on Long Term Debt of 7.74% l for both 1974 and 1975.
Page N3 shows an Embedded Cost on Preferred Stock using annualized dividends of 7.49% for 1974 and 8.01% for 1975.
(29)
EXHIBIT E: RETURN ON COMMON EQUITY S.C. RETAIL OPERATIONS Return on Common Equity for South Carolina Retail Operations is computed before and after the proposed increase. The rate base which is apportioned to South Carolina Retail Operations is allocated among various classes of capital according to the respective capitalization ratios for Long Term Debt, Preferred Stock and Common Stock. The amount of Net Operating Income necessary to cover the Embedded Cost on Long Term Debt and Preferred Stock is then computed. The balance of Net Operating Income ($ 3,050,000) is allocated to Common Equity resulting in a Return on Common of 2.79% before the Proposed Increase.
Overall cost for all classes of capital is 6.17% which equals the Rate of Return on Rate Base allocated to South Carolina Retail Operations on Exhibit A, Line 38, Col. 8. The amount of Net Operating Income necessary to cover Embedded Cost on Long Term Debt and Preferred Stock remains the same after the Proposed Increase. However, the Total Net Operating Income is increased to $ 31,672,000 and the amount available to Common Equity is $ 14,086,000. This amount, when using the South Carolina Retail Rate Base allocated to Common Equity, produces a Rate of Return on Common of. 12.90%.
Page 42 of the Exhibit follows the same format as Page 41 with the difference being the Rate Base allocated to S. C. Retail and Net Operating Income were computed without the adjustment for full normalization as proposed by the Company. This method is the same as used by the Company in prior rate proceedings.
This Computation produced a Return on Common of 14.76% after the requested increase.
(30)
EXHIBIT F: EARNINGS PER SHARE, DIVIDENDS PER SHARE, PAYOUT RATIO Earnings Per Share increased from,a low of $ 1.12 in 1960 to $ 2.05 in 1969. In 1970, Earnings dropped to $ 1.56, then gained to a high of $ 2.86 in 1972. A slight reduction occurred, in 1973 ($ 2.58) and 1974 ($ 2.21). For the test year 1975, Earnings are shown at $ 2.70 per share., Dollar and percentage increases for the individual years are also shown.
While Earnings Per Share have experienced periods of decline, Dividends have increased in each of the years with the exception of the test year 1975 in which it remained unchanged from the previous year. Dividends Per Share for the test year were $ 1.60.
The Payout Ratios shown in this exhibit show corresponding increases in years in which earnings decline. The Average Payout Ratio for 1960-1975 is 66%.
Earnings Per Share and Dividends Per Share shown on this Exhibit are computed on the average number of Common Shares outstanding.
EXHIBIT G: PLANT ADDITIONS AND RETIREMENTS Total Electric Plant in Service at the beginning of the test year was $ 1,364,183,273. This amount was composed of the following classification:
Intangible Plant 177,329 Production Plant 681,272,479 Transmission Plant 215,684,533 Distribution Plant 444,878,765 General Plant 22,170,167 TOTAL $ 1, 364, 183, 273 Net Additions of $ 473,149,306 during the year resulted in an ending balance of $ 1,837,332,579 or a 34.68% increase in Plant in Service. Dollar amounts and percentage increases to the individual classifications are as follows:
Increase Increase Intangible Plant Production Plant 414,932,065 60.
Transmission Plant 905o'2.
26,491,465 28%
Distribution Plant 4. 84%
General Plant 21,512,377'0,213,399
- 46. 00%
NET INCREASE 473,149,306 34.68%
$ 305,552,827 was charged to Construction Work in Progress during the test year. Of this amount, Staff verified $ 137,131,103 or 44.87% by tracing amounts from plant ledgers to original invoices, or to distribution sheets with supporting invoices attached.
(32)
EXHIBIT H: MISCELLANEOUS GENERAL EXPENSES (4930)
Presented in this Exhibit is a breakdown of Account 4930.
The most notable expense was for Nuclear Power Research in the amount of $ 1,579,676. Other notable expenditures are as follows:
Industry Association Dues $ 172,972 Serviding Outstanding Securities 709,581 National and Local Inst. Advertising 366,793 Load Survey Study 147,418 Total Expenses charged to Account 5930 for the test year were $ 3,205,756. Thi's:amount constitutes .90% of Total 0 6 M Expenses. Staff has eliminated expenditures of $ 329,046 for Institutional Advertising not related to energy conservation from 0 6 M Expenses for purposes of Rate of Return Computations on Rate Base and Common. Equity. Staff has also transferred Chamber of Commerce Dues in the amount of $ 11,614 from Account 5930 to Below the Line. Details of this amount are included in Item 533 of the Data Request and are as follows:
U. S. Chamber of Commerce 2, 500 Raleigh Chamber of Commerce 4, 114 Asheville Chamber of Commerce 5,000 TOTAL $ 11, 614 (33)
EXHIBIT I: BREAKDOWN OF INSTITUTIONAL ADVERTISING EXPENSES Shown in this Exhibit is a breakdown of Institutional Advertising Expenses included in Account ~r930, "Miscellaneous General Expenses." Total Institutional Advertising for the test year amounted to $ 366,793. Of this amount, $ 37,747 was spent for energy conservation. Staff is in agreement with the amount spent on conservation however, advertising for the purpose of promoting the Company's image should be borne by the Stockholders rather than the ratepayers. For this reason, Staff has eliminated from Rate of Return computation that portion of advertising not related to conservation ($ 329,046).
This has the effect of transferring this amount to Account $ 426, "Miscellaneous Income Charges," a below-the-line expense.
EXHIBIT J: LEGAL FEES Legal Fees for the test year ended December 31, 1975 amounted to $ 911,718. Included in this amount is retainer fees to various outside firms. Total Expenditures for outside legal services constituted .26% of Operation and Maintenance Expenses.
(34)
EXHIBIT K: FINANCIAL STATEMENTS Presented in this Exhibit is the Company's Financial Statements for the Test Year ended December 31, 1975.
The Balance Sheet is shown on pages 1 and 2 of this Exhibit and reveals Total Assets of $ 2,408,472,585. Of this amount, Plant in Service is $ 1,837,332,579. Net Plant in Service including Nuclear Fuel less amortization is $ 2,244,413,221 and represents 93.10% of Total Assets.
Capital Stock consists of 237,259 shares of $ 5 Preferred Stock, various issues of Serial Preferred totaling 2,150,000 shares and 500,000 shares of $ 7.45 Series Preferred for a total amount outstanding of $ 288,118,400, and 2,000,000 shares of $ 2.675 Series Preference Stock totaling $ 47,900,000. Also, included is Common Stock outstanding, without. par value, consisting of 32,692,791 shares totaling $ 565,609,691. Long-Term Debt for the test year amounted to $ 1,155,254,061 (52.00% of Total Capi alization).
An Income Statement for the test period is shown on page 3.
Electric Operations produced revenues for the year of $ 606,329,121.
Total Operating Expenses were $ 495,463,091. Of this amount, Fuel was $ 232,722,278, or 46.97%. Net Operating Income for the test year is $ 110,866,030 which is increased by. "Other Income" of $ 80,710,953. Of the $ 80,710, 953 of "Other Income", Allowance for Funds used during Construction is $ 59,956,830 or 74.29%.
After the deduction of Interest Charges, Net Income is $ 101,621,721.
Earnings Per Share of Aver'age .Common'tock for'he year-is $ 2.70.
(35)
Shown on page 4 is a Statement. of Retained Earnings for the test year. The ending balance in Retained Earnings of gl63,437,834 includes Accumulated Deferred Income Taxes resulting from Accelerated Amortization of $ 6,761,406. Staff has eliminated this amount from Retained Earnings in computations for Return on Common Equity.
Pages 5 through ll contain notes to the financial statements.
(36)
( ( ) l j FsurrlsE!LX li NI7r ZS) El<7!I'lail'Iunt OPE!r43TMi I..1"'I'I!%XX, IP74'!E rrXCE Aal i!ATE Ol'l.llllt:
~ 'A&r 31" a ! ."5!75!557'I'Y'(fir 31, -1975 fllIAtie'NN Or'XrL!d3le'5)
(2) 0) (4) (5) (61 (9) (10)
S. C.
'Ibtal Accour)ting Total 'lbtnl Co. S. C. Accounting S. C. 'Ibtal Retail Car(Pan y And Pm Forlrn Carpany \53roiesale Retail Retail 6 Pro Fbnr(a Retail Reguested After
~(user( t(cn Pcr Books M~uscnunts As Miusted ~(n M'ed M~$ Ad 'usted per scene M~uctnents M~ls Ad Meed Increase 'ncrease OPERATLNG REVD4)ES Gmss Op7ratlAg Revenue 606,329 Contract Sales Credit (7, 485)
IKF OPER 5TING RolENE ui.641~<53 6"-sl 545,"35 'l3 lst 451 814 88 870 8 01 80 855 22 487 103 342 5 OPER%TING EXPOSES 6 Fuel 2326722 7 Purchased Power 13,115 8 Other Opcraticn 77,G85 9 Hil( n tent%lee 33,Ci86 10 Tbtnl 0 S ntl Fi~nlrSes ~35,208
)1 Contract Sn)es Cred(t (7,4ns~
)2 13 Net 0 I )1 Lenses Deprec) a t ion 349 )23 01,7TGP>> 318,007 sl),oak 2606003 . 525205 (4 33 l 2~43 lll2 4,812 4G,G48 61,567 11,407 50, 1C30 G,9G1 2,156 (3) 9,117 9,117 14 Taxes Other Than Incor((C 46,437 1,636 (4) 48,073 8,546 630 (4) 15 Incolr(e Taxes - State 39 52 4,33G 4,966 67 5,033 2,574 574) (5) 899 (572) (5) 327 1,345 1,672 16 Inoar(e Taxes - feleral 23,439 (27,669) (6) (4,230) (46647) 417 3,666 (4,298)(6) (632) 10,116 9,484 17 Investrrcnt Tax Credit 14,274 14.274 2,994 116280 2,085 2,085 2,085 18 Pmvisicn for Defs Taxes 4,883 17 740 (7) 22 673 7 27G 15 347 870 2 916 (7) 3 786 3,786 19 'lbtal Operating Expenses 48,978 (27 6G4) 4GO 314 83 580 376 734 71 022 3 501 67 521 11 52 049 20 lret Operating Inoaro 110.866 (25,965) 846901 9,821 75,080 17,848 (4, 514) 13,334 10,959 24,293 21 Less: Int. on Cust. Cup. 162 162 167 35 35 35 uu 22 Pet Operating Inc. for Ret.
23 Arwl Cust. Gm th (A) 9,821 746918 17,813 4,5.4 1 ,29 0695 16053 (2< I) 806 713 125 (32) 93 77 170
~ 24 A.F.D.C. 59,957 (24,429)(") (3 513) (8)
~
354528 8.404 27,17.4 8,623 5,110 5,110 25 Inc. Tax Credit 19,733 (5.350)(9) 14,383 2 609 11 774 2 928 (794) (9) 2,134 2,134 26 Total Incaro for Return 9 44l (55,9913 135,45G 20, 834 114,529 296489 (8,853) 20,6 6 40 27 ORIGINS COST BATE BASE 28 E ectrlc plant ln Scr 1,837.333 (109) (10) 168374224 333,255 1,503,9G9 272,660 (16) ( ) 272.644 272,644 29 icssl Accurr. Dep. 29Ci,401 14 919 3) I 320 50 344 2GO 976 44 559 2 156 (11) 46 715 46,715 30 Net Electric Plant ~24~4)32 (15 4 0281 1,525,904 282,911 1,242,993 728,101 (2, 172) 225,929 225,929 31 Addi Net Nuclear Ibel 51,732 51,732 11,185 40,547 7,523 7,523 7,523 32 Const. N)rk in Pm. 643,0G9 643,0(i9 152,130 490,939 92,486 92,486 92,486 33 )17terials 6 Supplies 92,481 (>>) (421) (12) '13,768 34 Cash ltbrk. Cap. I) 50,289 (2, S67)
(3,085) 89,914 476204 ~
17,839 86530.
72,075 38,674 14,189 7,819 (414) 13,768 7,405 35 Iess: Accurr. Dcff. Inc. Tax. 67,591 12,33S (I>> 79,92G' 16,570 63,356 9,886 1,804 (13) 7,405'lPG90 11,690 36 Custarer Deposits 3,754 754 3 754 810 810 ~ 810 37 'Ibtal Year End Bate Base 2,3, 58 (33 '151 2 '74 '43 456 '2S 14818 '18 339,422 (4,811) 334,61 38 RA'K OF (A)
REIVING custar(er Growth Carputatrcn on 8.30%
l rt A - 2.
5.963 '.57\ 6.303 8. 69l 6. 173 34 (8) Cash working Capital Carputaticn on Exhibit A - 3.
(C) Sce Exhibit A-6 for stages of Iriplerr(entaticn of reguested Increase.
~
~
HMMOND EXHIBIT A-1 Page 1 of 9 CAROLINA PCNER AND LIGHT CGMANY SALARY'F AMUSEMENTS TEST YEAR WDED DECEMBER 31, 1975 (1) (2) (3) (4) (5) (6)
FPC Cavan Ad 'ustxrents Staff Ad'ustments Line Acct. System Total Apportioned To System Total Apportioned To Staf.
R. Description No. S. C. Retail S. C. Retail Exh. I Davis Exhibit Il Staff ZhRibit A.
Revenue Adjustments Adjust for Annual effect of 1 1975 Retail Rate Increase 400 65,982 65,982 65,982 65,982 Q Adjust Fuel Clause Revenue to Reflect Addition of Brunswick 400 (36 ~ 261 991) (5 060 ~ 101) (36,261,991) (5, 060, 101) 2 I2 Adjust To Remove Interim .
Revenue Effect of Proposed 3 Increase 400 (17,471,890) (3,060,439) (17,471,890) (3,060,439)
Adjust for Effect of Annualization of S. C.
4 Residential Refund 400 39,629 39,629 39,629 39,629 5 KYZAL REVENUE AMUS'lMEÃZS (53, 628, 270) (8, 014, 929) (53, 628, 270) (8, 014, 929) 0 & M EXPENSE AMUSZ4IENTS Adjust to Correct Insurance for Nov., Dec., 1975, Charged 6 to Plant . 924 109,024 15,645 109,024 15,645 Adjust For Amortization of Craven 7 County Plant Site 500 94,088 13,501 94,088 13,501
HAMMOND EXHIBIT A-1 Page 2 of 9 CAROLINA POWER AND LIGHT COMPANY SENARY OF AMUS'IMENTS TEST YEAR ENDED DECEMBER 31, 1975 (1) (2) (3) (4) (5) (6)
FPC Ccmpany Adjustments Staff Adjustments Adj.NG Acct. System Total Apportioned To, Total Apportioned To Staf cri tio ~a S. C.
Davis Exhibit Il Retail System Staff Ad~it A C. Retail Exh. A 1 0 & M Ex en'se A'd'jus'tlnen't's Co'nt. $ $ ~$
Adjust For Normalization of Hydro Generation 501 1,168,558 169,934 1,168,558 169,934 Adjust for Wages and Fringe 3 Benefits at end of Test Period 4,560,087 736,215 4,560,087 736,215 lA
'LD Adjust to Reflect Postage 4 Increase 921 293,331 50,452 293,331 50,452 Adjust Fuel Expense to Annualize 5 Addition of Brunswick I2 (29,446,998) (4,282,247) (29,446, 998) (4, 282,247)
. Adjust Other 0 & M Expenses to 6 Reflect Addition of Brunswick I2 Var 2,470,000 356,820 2,470,000 356,820 Adjust Purchased Power Expense to Reflect AQditicn of Brunswick 7 I2 555 '7 g 032 g 261) (1 018 ~ 897) '7,032,261) (1,018,897)
Adjust Fuel Deferral To Reflect 8 Addition of Brunswick I2 557 (11,261,289) OL,497, 786) (ll 261 g 289) (1 ~ 497 786)
Adjust for Test Operation 9 Brunswick I2 " 2,452,655 354,314 2,452,655 354,314
HAMMOND EXHIBIT A-1 Page 3 of 9 CAROLER PCNER AND LIGHT CGiMANY SUMi%YY OF AMUS'LMBVS TEST YEAR ENDED DKXXM31% 31, 1975 (1) ~
(2) (3) (4) (5) (o'.
FPC Ccmpan Adjustments Staff Ad'ustxrents AGg ~ .'
Line Acct. System Total Apportioned To System Total Apportioned To Staf.
No. Description No. S. C. Retail" S. C. Retail Exn. i 0 & M EXPENSE ADJUSDKNT CONT.
Davis Exhibit Il Staff Extdbit A Adjust to Normalize Production Maintenance Expense 507,000 73,729 507,000 73,729 Adjust to Normalize Trans-mission Maintenance Expense 710,000 101,324 710,000 101,324 C)
Adjust to Normalize Distribution l3 Maintenance Expense Var 4,000,000 649,236 4,000,000 649,239 Adjust to Transfer Institutional Advertising, Excluding Conserva-tion, to belier the line 930 (329,046) (53,108)
Adjust to Transfer Chamber of Comnerce Dues Included in Acct.
0930 to Belch the Line 930 (11,614) (1,874)
Total 0 & M se Adjustments (31,375,805) (4,277,760) (31,716,465) (4,332,742) (2)
DEPR1KIATION EXPENSE Adjust for Plant in Service at December 31, 1975, and Change in Depreciation Rates 430 14,919,000 2,155,9 8 14,919,000 2,155,928 KRAAL DEPRECIATION AMUSZKNZS 14,919,000 2,155,928 14,919,000 2,155i928 (3)
HAMMOND EXHIBIT A-1 Page 4 of 9 ~
CAROLINA POWER MD LIGHT COMPANY
SUMMARY
OF AMUS%MENTS TEST YEAR ENDED DEGu~BER 31, 1975 (1) . (2) (3) (4) (5)
FPC Company Adjustments Staff Ad'ustments Line Acct. System Total Apportioned To System Total Apportioned To No. Description No. S. C. Retail S. C. Retail Davis Exhibit gl Staff Exhibit A S S $
TAXES OTHER LHAN INGOT Adjust for Gross Receipts Tax on Revenue Adjustments 408 (2,747,794) (24,044) (2,747,794) (24,044)
Adjust For Increases in FICA Taxes 408 57,508 9,285 57,508 9,285 Adjust for Payroll Taxes on Wage Increase Adjustment 408 234,822 37,911 234,822 37,911 Adjust Property Tax .to Plant in Service at~
December 31, 1975 408 4,091,032 607,108 4,091,032 607,108 KfZAL AG3USTMENTS KO TAXES OTKK THAN INOME 1,635,568 630,260 1; 635,568 630, 260 STATE INCOME TAX AMUSEMENTS Adjust for Tax Effect of Revenue and Expense Adjustments 409 (1,620,568) (481,268) (1,944,826) (477,969)
Adjust for Interest Expense on Year End Plant 409 ..(646, 376) (95,922) (646, 376) . (9S,922)
HAMMOND EXHIBIT A-1 Page 5 of 9 CAROLINA POWER AND LIGHT COMPANY SALARY OF AMUS%MENTS TEST YEAR ENDED DECEMBER 31, 1975 (1) (2) (3) (4) (5) (6) 8~
FPC Company Adjustments Staff Ad'ustments Line Acct. System Total Appo~oned To System Total Apportioned To Adj. No No. Description No. S. C. Retail S. C. Retail Staff Davis Exhibit Il Staff Exhibit A Exh. A 8 T Adjust for Tax Effect of Year End Construction 409 16,900 2,328 16,900 2,328 KfJ'AL STATE INCOME TAX AD3TS. (2i 250 i 044) (574 i 862) (2,574, 302) (571,563) 3 FEDERAL INCQK TAX AMUSRK5TS Adjust for Tax Effect of Revenue and Expense Adjts. 409 (23, 254,922) (3, 619, 140) (22i935i761) (3i594 332)
Adjust for Interest Expense on Year End Plant 409 (4 860 i 744) (721 I 332) (4,860,744) (721,332)
HAMMOND EXHIBIT A-1 Page 6 of 9 CAROLINA KM% AND LIGHT CQ%'A.K SU&WARY OF AMUSIMR7IS TEST YEAR EKED DEGKBER 31, 1975 (1) . (2) (3) (4) ~
(5) (6; FPC Ccxopan Adjustments Staff Ad'ustments M) ~ s<
Line Acct. System Total Apportioned To System Total Apportioned To Staf:
No. Descri tion No. S. C. Retail S. C. Retail Exh.
Davis Exhibit Cl Staff Exhibit A S $
Adjust for Tax Effect of Year-End Construction 409 127,090 17,507 127,090 17,507 TOTAL FEDERAL INCQiW TAX AMUS'MXTS (27,988,576) (4,322,96S) (27,669,415) (4,298,157) (6)
PROVISION FOR DEFERRED IHCOiK TAX'MUS%MENTS Adjust. for Taxes on Change in Fuel Deferral Account 410 5,405,419 718,937 5,40S,419 718,937 Adjust for Effect of Full Normalization 410 15,614,000 2,781,315 12,335,000 2,197,325 KXlAL PROVISION FOR DEFI%RED 3 00 252 7 7 1 2 1 2 2 (7)
TVllAL OPERATING EXPENSE AMUS'INEÃIS (24,040,438) (2,889,147) (27,665,195) (3,S00,012)
-INCOME FOR RL'IURN AMUS'IMEÃIS Effect of Revenue and Expense 7 Adjustments (29,587,832) (5,125,782) (25,963,075) (4,514,917)
HAMMOND KGiXHZT A-1 Page 7 of 9 CAROLS POWER AND LIGHT Kh~PANY, "
SUMMARY
OF AMUSZ49XTS TEST YEAR ENDED DZCENEK 31, 1975 (1) (2) (3) (4) (5) ('i, FPC Ccmpan Adjustments Staff Ad'ustments Aa j.::
Line Acct. System Total Apportioned To System Total Apportioned To Staf .
No. Descr'i tion NO; S. C. Retail S. C. Retail Exn.
Davis ~ibit Il Staff 1MBbit A Adjust Customer Growth for 1 'evenue and Expense Adjustments (281,084) (35,880) (247,000) (32,000) (Exh.A-2',
Adjust AFDC To Reflect only that portion capitalized on end of year Construction 2 Work in Progress 419 N/A N/A (24,429,000) (3,513,000) (8)
Adjust Incom Tax-Credit 3 for Year End Interest Var (5,350,249) (793,975) (5,350,249) (793,975) (9) 4 TOTAL INCQK FOR RETURN AMTS. (35, 219, 165) (5,955, 637) (55,989,324) (8, 853, 892)
PLANT IN SERVICE AMUS%MENTS Mjust to Correct Insurance for
- 5. *Nov., Dec., 1975, Charged to Plant 101 (109,024) (15,645) '(109,024) (15,645) 6 KlGK PLANT IN SERVICE AMUS'IMENTS (109,024) (15,645) (109,024) (15,645) (10)
ACCUMULATED DEPRECIATION AMUSZ4KFZS Adjust for Plant in Service 'at December 31, 1975, and Change in Rates (Adj. I3) Var (14,919,000) (2, 155, 928) (14,919,000) (2,155,928)
HAMMOND EXHIBIT A-1 Page 8 of 9 CAROLINA POWER AND LIGHT (Xi&'ANY
SUMMARY
OF AMUS'IMEÃTS TEST YEAR ENDED DECEMBER 31, 1975 (1) (2) (3) (4) (5) (6)
FPC Staff Adjustments Staf f Ad'ustments Adj. No Line Acct System Total Apportioned To System 'Jbtal Apportioned To Staff No. Description No. S. C. Retail S. C. Retail Exh. A.
Davis Exhibit 51 Staff Exhibit A
'IO'ZAL ACCUMULtKE'D DEPRECIATICN 1 AMUS'IMENTS (14 g 919 ~ 000) (2/ 155 '28) (14, 919,000) (2, 155,928) (ll)
MATERIALS AND SUPPLIES 2 AMUS'IMENTS Adjust Materials and Supplies for Fuel Stock Deferral 151 (1,219,666) (224,499) (1,219,666) (224, 499)
Adjust Materials and Supplies 4 to Delete Merchandise 154 (8,222) (1,279)
Adjust Materials and Supplies for Revaluation of Coal 5 Inventory to 4-30-76 Prices 151 (1, 339,212) (194,721)
KlZAL MATiUUALS AND SUPPLIES 6 AMUS'IMENTS (1,219,666) (224,.499) (2,567,100) (420,499) (12) 7 WORKING CAPITAL AMUSIMENXS Adjust Cash Alliance for 8 0 6 M Expense Adjustments (3,042,943) (407,357) (3,085,000) (414,000)
HAMMOND EXHIBIT A-1 Page 9 of 9 CAROLINA E'CNER AND LIGHT COMPANY SUN'S RY OF AMUSEMENTS TEST YEAR ENDED DELIBER 31, 1975 8~
(1) (2) (3) (4) (5) (6)
FPC AdjustIIents Staff Ad'ustaents Adj.No.
Line Acct. System Total Apportioned To System Total Apportioned To Staf f No. Description No. S. C. Retail S. C. Retail Exh. A.
Davis Exhibit Il Staff Exhibit A Custaner Grmrth Adjustment to Working Capital (28,908) (2,852)
TOZAL WORKING CAPITAL AMUSEMENTS EXCLUDING MATERIAL AND SUPPLIES WHICH STAFF HAS SHOViV AS A SEPARATE Iym (AM. I12) (3,071,851) (410,209) (3,085,000) (414,000) Exh. A-3 DEFERRED INQME TAX AMUSZKVZS Adjust for Effect of Full Normalization 282 (12,335,000) (1,804,183) (12,335,000) (1,804,183)
K7ZAL DEFERRED INQOME TAX 5 AMUS'IMENZS (12,335,000) (1,804,183) (12 335 ~ 000) (1 ~ 804 183) (13)
TZM RATE BASE AMUKNWZS (31, 654,541) (4, 610, 464) (33,015,124) (4,810,255)
HAMMOND EXHIBIT A-2 CAROLINA PONER AND LIGHT OF CUSTER GRDWIS COMPANY'ONPVPATICN TEST YEAR ENDED DECEMBER 31, 1975
,(THOUSANDS OF DO~)
Net Op. Inc. Customer Grcarth Factor For Return Line 20, Exh. A G~
Line 23, Exh. A Custaner - Data Per Books 660,474 654,259 654,259 .0095 110,866 1,053 Acctg. & Pro Forma Adjts. .0095 (25,965) (247)
Total Company As Adjusted .0095 84,901 806 Nholesale Per Books 44 44 44 Total . 0095 94,854 901 Acctg. 6 Pro Forma Adjustments . 0095 (19,774) (188)
Total Campany Retail As Adj. . 0095 75,080 713 S. C. Retail Per Books 113,336 112,552 112,552 .0070 17,848 125 Acct. a Pro Forma Adjustnents .0070 (4,514) (32)
S. C. Retail As Adjusted .0070 13,334 93 Effect of Proposed Increase .0070 10,959 77 S. C. Retail After Increase .0070 24,258 170 (47,)
CVOLIst't PCZR AATI LIAIF C(71PAIIy CQ'IBSZATIQI OF CIASII IQPRIIXi CAPITAL TEST ETC'IR BiDED DOCKER 31 ~ 1975 (TIGVQW% OF DOLIARS)
(1) (2) (3) (4) (5) (6) (7) (8) (10)
Total Accounting Total Total Oo. - W>~11 Co,. S. C. Accounting S. C S. C. Petail COITptlny 6 Pro ron i CrAAIany I)in)e" ale Retail Petail 6 Pro Foxy Retail Abater
~CCSCSS tta Per Books ~AI Ad'IISCCd ~ll5 Sd C5ttd l~lS M'IlstCd sec tucks Ad ustse ts M~sM usted Zs te e 6 8 1 Net 0 6 H Expenses 349s723 (315716) 318,007 58,004 260,003 ~ 52,205 (4 333) 47,872 47 872 2 Less: Purchased Fodder 13,115 (7,032) G,QA3 1,356 4,727 1,900 (1,019) - 881 881 3 N t0 6 H By. (B~l. Pur. Itdder) 36.6 7AA~sc, ts . d 0, 4 gl 12.5i of 0 a H Expenses 425076 (3,085) 38,991 7,081 31,910 6,288 (4143 5,874 5d 874 5 AM: HinbaNA B.vs Balances 9d350 9,350 1,G96 7,654 ld388 1,388 ld388 6 Prep>) vwts . 1,397 1,397 213 1,184 519 519 519 7 Less. Average Tax Accruals 2 534 2,534 460. 2,074 376 376 376 8 irking Capital Allotdance 50.289 (3,085) 47,204 85530 38,674 7,819 (414) 7,405 7,405 gx C
0
~i c sci
/ a
HAMMOND EXHIBIT A-4 CAROLINA HIER AND LIGHT OF KJZAL INOCME FOR REEK%
COMPANY'1XXNCILIATION TEST YEAR ENDED DECK%& 31, 1975 Total S.C.
Company Retail As Adjusted As Adjusted Ccmpany Method Total Income For Return Davis Exhibit
'll, Page 1 of 8 and Davis Staff's Exhibit N6, Page 1 of 3 131, 799, 083 20,020,111 Add: Adjustment to Transfer Institutional Advertising, Excluding Conservation, to Belch the Line (Adj. 2, Staff Exhibit A-1) 329,046 53,108 Staff's Adjustment to Transfer Chamber of included in Cczrnerce dues Account 4>930 to Below'he Line (Adj. 2, Staff Exhibit A-1) 11,614 874 Difference in Petitioner's and Staff's Computation of State Income Tax Effect of Revenue and Expense Adjustnants (Adj. 5, Staff Exhibit A-1) 324,258 (3,299)
Difference in Petitioner's and Staff's Adjustment for Full Normalization (Adj. 7, Staff Exhibit A-1) 3,279,000 583,990 Difference in Petitioner's and Staff's Adjustnent to Customer %xmth to Reflect Revenue and Expense Adjustzants 34 084 3 ~ 978 g 002 3,880 639,553 Deduct: Difference in Petitioner's and Staff's Computation of Federal Incom Tax effect of Revenue and Expense Adjust<rents (Adj. 6, Staff Zhchihit A-1) (319, 161) (319,161) (24,808) (24,808)
Staff Method: Total Incarre for For Return Staff Exhibit A, Line 26, Cols. 3 and 8. 135,457,924 20,634,856 (49)
HAMMOND EXHIBIT A-5 CAROLINA POWER AND LIGHT COMPANY MXXNCILIATIONOF RATE BASE TEST YEAR ENDED DECEMBER 31, 1975 Tota1 S.C.
Company Retail As Ad'usted As Ad'usted Davis Page 2
!~it Corrrpany Method Original of 3 I6, Page 1 Cost Rate Base of 3 and 2 275 I 903 ~ 163 334,854,353 Deduct: Difference in Petitioner's and Staff's Computation of Adjustment to Working Capital for 0 & M Expense Adjustrrents (Staff Exhibit A-3) (42,057) (6,643)
Staff's Adjustrrent to Omit Custorrer Grmrth Prom Working Capital (370,815) (41, 165)
Staff's Adjustrrent to Materials and Supplies to delete Merchandise (Adj. 412, Staff Exhibit A-1) (8,222) (1,279)
Staff 's Adjustrrent to Materials and Supplies for Revaluation of Coal Inventory to 4-30-76 Prices (Adj. 112, Staff A-1) (1, 339, 212) (194, 721)
Staff Method Original Cost Rate Base Staff 3Muhit A, Line 37, Cols. 3, 8, and 10 2,274,142,857 334,610,545 (50)
HAMMOND EXHIBIT A-6 CAROIZNA. PCNER AND IZGHT COMPANY IMPUKENTATICN OF REQUESTED INCREASE TEST YEAR ENDED DECEMBER 31, 1975 (THOUSANDS OF DOLLARS)
Rates Effect. Rates Effect. Rates Effect. Total 9-1-75 .-9-15-75 3-1-76 Requested Docket $ 18, 361 Docket 418,387 Docket 418,387 In'crease Operating Revenue 2,012 10,668 9,807 22, 487 Taxes Other Than Income 32 29 67 Income Taxes State 120 638 587 1,345 Incom Taxes Federal 905 4,799 4,412 10,116 Total Tax Effect 1,031 5,469 5,028 11,528 Net Operating Revenue 981 5,199 4,779 10,959
7 Carolina Pover 6 Light Cdxspany Operating Experience Test Year Ended DececdBer 31, 1975 S ~ ted> Total A rtloned to S. C Retail Line Tots 1 Total Mith Total Total With Ro. Per Rooks ~46 t t ~dd ! t 770 ~dd t t ~dd t t (2) (3) {4) '{5) (6) (1) cretin Revenues Cross Operating Revenue 606,329,122 Contract Sales Credit {7,485,408)
Net Operating Revenue 598,843>714 (53,628,270) 5 4 5 ~ 2 1 5, 4 44 88,869,912 (8>014,929) 80>8S4>983 cretin Ex enses Operation 6 Maintenance Expenses 35'08>613 Contract Sales Credit (7,485,408) 8 Net Operation 6 Maintenance Expenses 349 ~ 723 ~ 20S (3 1 > 3 7 5 > 8 0 5 ) 318>347>400 52>205,197 (4,277 ~ 160) 47>9278437 Vl 9 Depreciation 46>648,000 14>919>000 61,$ 67,000 6,961,202 2,155>928 9,117,130 10 Taxes Other than Inco232e 46>436,687 1,63S,568 48,072,255 4,336,112 630,260 4,966,312 ll Incone Taxes - State 2 '74,302 (2,250,044) 324>2$ 8 899,120 ($ 748862) 324,2S8 12 Intone Taxes - Federal 23>438,786 (27,988,576) (4,$ 49,190) 3,665,610 (4,322,965) (657,3$ $ )
13 Invest>sent Tax Credit 14,273,80$ 14,273>805 2,084,991 2,084,997 14 Provision for Deferred Intone Taxes 4 882 899 21 019 419 25 902 318 869 789 3 500 252 4 370 041 1$ Total Operating Expenses 487,977,684 (24,040,438) 463,937,246 71>OZZ,021 (2 ~ 88 9 ~ 1 4 7) 68,132,880 16 Incocde for Return 17 Operating Inco7>e 110,866,030 (29>587>832) 81,278,198 17,847,88S ($ >125,782) 12>722,103 18 Custolaer Croldth 1,053>227 (281,084) 772, L43 124,93S (35,880) 89,0$ S 19 Allo5>. for Funds During Construction 35,528,236 35,528,236 5,109,669 5,109,669 20 Incolae Tax Credit 19,733,336 (5,3$ 0>249) 14>383,087 2,928,420 (793,975) 2, 134,44$
21 Interest on Custos>er Deposits ~762 581 ~262 581 ~35 161 ~35 161 Total Inccc>e for Return 167>018>248 (35,219, 165) 131,799,083 25,975,748 (5,95$ ,631) 20,020, ill
EXHIBIT B-1 Page 1 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina Acct. Total Retail 0 erations (2) (3) (4)
Revenue Ad ustments Adjust for annual 'effect of 1975 retail rate increase 400 65,982 65,982 Ajust fuel clause revenue to reflect addition of Brunswick f/2 400 (36,261,991) (5,060,101)
Adju'st to remove interim revenue proposed increase 400 (17,471,890) (3,060,439)
Adjust for effect of annualization of S. C. residential refun'd 400 39 629 39 629 Total Revenue Ad ustments (53,628,270) (8,014,929)'
(53)
EXHIBIT B-1 Page 2 of 8 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina .
Acct. Total Retail 0 erations (2), (3) (4) 0&M Ex ense Ad'ustments Adjust to correct insurance for Nov.-Dec., 1975, charged to plant 924 ( 109,024 15,645 Adjust for amortization of Craven County Plant Site 500 94,088 13,501 Adjust for normalization of hydro generation 501 13168,558 169, 934 Adjust for wages and fringe benefits at end of test period VAR 4, 560,087 736,215 Adjust'o reflect postage increase 921 293, 331 50,452 Adjust fuel expense to annualize addition of Brunswick 82 VAR (29,446,998) (43282,247)
Adjust other 0&M expenses to reflect addition of Brunswick 82 VAR '2,470,000 356, 820 Adjust purchased power expense to reflect addition of Brunswick f/2 555 (7,032,261) (1,018,897)
Adjust fuel deferral to reflect addition of Brunswick 82 557 (11,261,289) (1,497, 786)
Adjust for test operation Brunswick $/2 VAR 2,4523655 354,314 j t Ad us to normalize production maintenance expense 507,000 73,729 Adjust to normalize transmission maintenance expense VAR .710,000 101, 324 Adjust to normalize distribution maintenance expense 4 000 000 649 236 Total 0&M Ex ense Ad ustments (31, 375, 805) '(4,277,760)
(54)
EXHEBET B-1 Page 3 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina Acct. Total Retail 0 erations (2) (3) (4)
De reciation Ex ense Ad ustments Adjust for plant in service at December 31, 1975, and change in rates 403 14 919 000 2 155 928 Total De reciation Ez ense Ad 'ustments 14,919,000 2,155,928 General Tax Ad'ustments Adjust for gross receipts tax on revenue adjustments 408 (2,747,794) (24 > 044)
Adjust for increases in FICA taxes 408 57,508 9,285 Adjust for payroll taxes on wage increase adjustment 408 234,822 37,911
.Adjust property tax to plant in service at December 31, 1975 408 4 091 032 607 108 Total General Tax Ad'ustments 1,635,568 630,260 (ss)
EXH1BIT B-1 Page 4 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC Sys tern South Carolina Acct. To tal ~
Retail 0 erations (2) (3) (4)
State Income Tax Ad ustments Adjust for tax effect of revenue and expense adjustments 409 (1,620,568) (481, 268)
Adjust for interest expense on year end plant 409 (646,376) (95,922)
Adjust for tax effect of year-end construction 409 16 900 2 328 Total State Income Tax Ad'ustments (2.,250,044) (574,862)
Federal Income Tax Ad'ustments Adjust for tax effect of revenue and expense adjustments 409 (23,254,922) (3,619,140)
Adjust for interest expense on year end plant 409 (4,860,744) (721, 332)
Adjust for tax effect of year-
'7 end construction 409 127 090 507 Total Federal Income Tax Ad'ustments (27,988,576) (4,322,965)
E>lHIBIT B-1 Page 5 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina Acct. Total Retail 0 erations (2) (3) (4)
Provision for Deferred Income Taxes Ad 'ustments Adjust for taxes on change
'in fuel deferral account 5,405,419 '718,937 Adjust for effect of full normalization 15 614 000 2 781 315 Total Provision for Deferred Income Taxes Ad'ustment 21,019,419 3,500,252 Total 0 eratin E ense Ad ustments (24,040,438) (2,889>147)
Income for Re turn Ad us tments Effect of Revenue and Expense Adjustments (29,587,832) (5>125,782)
Adjust customer growth for revenue and expense adjustments (281,084) (35,880)
Adjust income tax credit for year-end interest 5 350 249) (793 975)
Total Income for Return Ad'ustments (35,219,165) (5,955;637)
(57)
EXHZB1T B-l Page 6 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina Acct. Total Retail. 0 erations (2) '3) (4)
Plant in Service Ad'ustments Adjust to correct insurance for Nov.-Dec., 1975, charged to plant 101 (109 024) (15 645)
Total Plant in Service'd'ustments (109,024) (15,645)
Accumulated De reciation Ad ustments Adjust for plant in service at December 31, 1975, and change in rates (14 919 000) (2 155 928)
I Total Accumulated De reciation Ad ustments (14 > 919, 000) ~
(2, 155, 928)
'Workin Ca ital Ad 'ustments Adjust cash allowance related to 06M expense adjustments (3,042,943) (407, 357)
Adjust materials and supplies for fuel stock deferral. (1, 219., 666) (224,499)
Customer growth adjustment to cash ~2852)
Total Workin Ca ital Ad ustments (4,291,517) (634 $ 708)
(58)
EXHIBIT B-l Page 7 of 7 Summary of Adjustments December 31, 1975, Test Year Apportioned to FPC System South Carolina Acct. Total Retail 0 erations (2) (3) (4)
Deferred Income Taxes Lib. De r.
Adjust for effect of full normalization 282 (12 335 000 (1 804 183)
Total Deferred Income Tax (12,335,000) (1 804, 183)
Total Rate Base Ad ustments (31,654,541) (4, 610,464)
(59)
9 ~to ' 98 ~ C I I I > I 6 l I I ~ I g ]
Carol3.na Power & L3.ght Company
. Rate Base Test Year Ended December 31, l975 S stc)s Total A rtioned to S. C. Retell Line Total Mlth Total Mith Roo Ori lnal Cost Rate Base Total t t t t Total ! t t~
(2)
~dd
'3) ~dd (4) (5)
~dd (6) 1 ~dd 6 6 8 8 Electric Planr. ln Service 1>837e332>579 (109,024) 1 ~ 837 '23 '55 272,6S9,496 (15 8'645) 272,643 F 851 Accuoulated Provision for Depreciation (2968400>613) (14>919>000) (311,319,613) (44 '59,488) (2,1S5,928) (46, 715,416)
Net Clectric Plant in Service 1 ~ 540 ~ 931 ~ 966 (15,028>024) 1 ~ 52S>903 '42 228,100,008 (2,171,$ 73) 22$ >9288435 Net Nuclear Fuel S1,731,998 51 ~ 731,998 7 '22 980 7>5228980
~
Ch O 5 Working Capital:
Materials and Suppliei 92,480,805 (1,219,666) 91,261,139 14,188,724 (224,499) 13 '64 '25 Cash Working Capital 46,934,920 (3,071,851) 43,863,069 7 '53 '67 (410, 209) 6,642,958 Construction Murk in Progress 643,068,550 643>068>550 92,486,091 92,486,091 Deferred Intone Taxes-Llberaiized Depreciation ~63 590 533) ~)3 335 000) 79 92$ 535 ~9886 153) ~)806 1!11) 11 690 336 10 Total Rata base 2 '07>5$ 7>704 (31,654,541) 2 '75 ~ 903>163 339,464,817 (4,610 >464) 334>8$ 4>3S3
EXH1BlT B-2 Carolina Power & Light Company Original Cost of Total Electric Plant Used or Useful in the Public Service December 31, 1975 System Apportioned to Line Total South Carolina No. ~* Retail 0 erations (2) (3)
- 1. Plant in Service:
2; Production 1,096,095,520 157, 286, 415 3e Transmission 242,175,998 34,560,964
- 4. Distribution (N. C.) 390,108,965
- 5. Distribution (S. C.) 76,282,177 '75,699,458
- 6. General 32,383,566...- 5,070,698
- 7. Xn tangible 177 329 26 316
! 8. Total Plant in Service 1,837,223,555 , 272, 643, 851
- 9. Nuclear Fuel:
- 10. Nuclear Fuel 70,239,100 Less Accumulated Provision for Amortization (18 507 102)
- 12. Net Nuclear Fuel 51 731 998 7 522 980
- 13. Total Electric Plant 1,888,955,553 280;166,S31
EXHlBXT B-2 Page 3 of 5 Carolina Power 6 Light Company Depreciation The accrued depreciation on said property as shown on applicant's books adjusted to December 31, 1975, is as follows:
System Apportioned to Line Total ~
South Carolina As Ad usted Retail 0 erations (2) (3)
Accumulated Prov- sion for Depreciation:
Production 24,313,990 169,439,014'0,279,306 3~ Transmission 4,321,163 4- Distribution 105,729,277 17,160,808'19
- 5. General 5 872 016 455
- 6. Total Accumulated Provision for Depreciation 311,319,613 46,715,416 The method used on computing the amount charged to depreciation is the straight-line method. The rates used are the following:
- 7. 'Steam Production Plant 3.446%
\
- 8. Nuclear Production Plant 4. 348%
- 9. Hydro Production Plant 1.143%
- 10. Other Production Plant 4.081%
ll. Transmission Plant 2.353X
'I ,K w ~
- 12. Distribution Plant 3.166%
- 13. General Plant 3 .512%*
(*) Composite rate for General Plant after excluding book cost of Transportation Equipment Vehicles Account 392. The provision for depreciation of Transportation Equipment (Automobiles and Trucks) is based on the estimated lives thereof. The amount is charged to a clearing account and allocated to operating expenses, construction and other accounts on the basis of the'se of such equipment.
(62)
EXHIBIT B-2 Page 4 of 5 Carolina Power 6 Light Company Cost of Haterials and Supplies on Hand December 31, 1975 System Apportioned to Line Total South Carolina No. As Ad'usted Retail 0 erations (2) (3)
- 1. Haterials and Supplies:.
- 2. Fuel Inventory 60,008,940 8, 726, 631 3~ Fuel Stock Deferred 13,158,249 2,421,987
- 4. Other Haterials and Supplies 18 093 950 2 815 607
- 5. Total >hterials and Supplies 91,261,139 13>964,225
EXHIBIT B-2 Page 5 of 5 Carolina Power & Light Company Cash Working Capital The cash working capital which the applicant finds necessary to keep on hand for the efficient, economical operation of the business is deter-mined by adding to the minimum bank balance requirements the prepayments and one-eighth of the annual operation and maintenance expenses, 'exclusive of purchased power, less average Federal tax accruals and customer deposits, all for the period ended December 31, 1975.
System Total Apportioned to Line After South Carolina No. Descri tion Ad ustments Retail 0 erations (2) (3)
Minimum Bank Balances 9, 350, 000 1, 387,537
- 2. Prepayments 3., 397, 190 519,648 3~ 45 Days'xpense .C'ash 39,033,122 5,880,770
- 4. Customer Growth 370,815 41,166
- 5. Less: Average Federal Tax Accruals (2,534,088) (376, 058)
Customer Deposits (810 105) 7~ Total Cash Working Capital 43,863,069 6,642,958
Carolina Power & Light Company Effect of Proposed Increase - South Carolina Retail Operations Year 1975 S, C. Retail S. C. Retail Line Prcscnt Proposed . After No. Rates Increase Increase (2) (3) (4) eratin Rcvcnucs Net Operating Revenues 80,854,983 22,486,985 103 > 34 1 > 968 3 0 eratin Revenue Deductions
~
4 bet Operation & Maintenance 47,927,437 47,927,437 5 Depreciation 9, 117, 130 9,117,130 6 Taxes Other Than Income 76>96G,372 67>461 5,033,833 7 Income Taxes - State 324,258 1,345,171 1,669,429 8 Income Taxes - Fcdcral (G57,355) 10,115,689 9,458,334 9 Investment Tax Credit 2,084,997 2,084,997 10 Deferred Income Tax - Net 4 370 041 4 370 041 ll Total Operating Revenue Deductions 68,132,880 11,528,321 79>661,201 tn 12 Income for Return 13 Nct Operating Income 12,722,103 10,958,664 23,680,767 14 Customer Growth 89,055 76;711 165,766 15 Allow. For Funds During Construction 5,109,G69 5,109,669 16 Income Tax - Credit 2,134,445 2,134,445 17 18 Interest on 'Customer Deposits Total Income for Return 33 161) 20,020,111 11 '35,375
~35 31,055,486 161) 19 ~Ori inal Cost Rate Base 20 Electric PIant in Service 272 > 643 > 85 1 272,643,851 21 Net Nuclear Fuel 7,522,980 7,522,980 22 Less Accumulated Depreciation (46,715,416) (46,715,416) 23 Nct Electric Plant in Service 233,451,415 233,451,415 24 Allowance for Working Capital 25 Natcrials and Supplies 13,964,225 13>964>225 26 Cash Allowance 6,642,958 6,642,958 27 Total Working Capital Allowance 20,607,183 20,607,183 28 Construction Work in Progress 92,486,091 92,486,091 29 Deferred Income Taxes - Lib. Deprec. ~)1 690 336) ~)1 690 336) 30 Total Original Cost Rate Base 334,854,353 334,854,353 31' Return on Original Cost Rate Base 5.979 9.274 H
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Carolina Povcr 6 Light Covdpsny Return on Cocdnun Kqudty Test Year Ended Dece9sber 31, 1975 Present Rates Pro osed Rates S. C. Retail Overall S. C, Retail Overall TOtal Codslpany Original Cost Rate InCOcse fOr Rate Original Cost Rate Incosse for Rate
~RI tl ~tlt II tl Ratio Rate Base Earned Return Earned R t I ~RI d R t ~RI d (2) (3) (4) (5) (6) (8) (ID) (Ll)
$ $ $ $ $ x Long Tees Debt 1,15S,254,061 51 594 1729764 ~ 755 7 ~ 745 139380 ~ 630 3 996 172 ~ 7649 7SS 7.745 1393809630 3.996 Preferred Stock 336 9 0 18 9 400 1$ ,007 50,251,593 8 ~ 062 4,05L,283 1,210 50,251,593 8.062 490$ 1 ~ 283 I 210 Coc33son Equity:
C9nnson Stock 56596099691 Retained Earnings 163 ~ 437 ~ 834 Deferred Invcstncnt Tax Credit (1971 Rev. Act) IS ISI III '3 Total Cocsson Equity 747 ~ 8359456 33 ~ 399 111 ~ 838 ~ 005 2 314 29 $ 889 198 0 773 I 1198389 005 12 181 139623 ~ 573 4 068 2 ~ 239 ~ 1079917 100 000 3349854 ~ 353 20,020,111 5.979 334,854,3S3 31,055,486 9.274
rabin:,: ' siva::.a1 I.i<trr ccvvwz R'i3:a~ r773:r OP P'1'.CII3) VmS SCl."ll Cia'ALI:<<X VEST %KM 1975 i))
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P1C'PKFD PrVVE IB)
I:ICPFi&E (4)
INtcs i~~T 18,341 IJ ~%T i. VIII71)r P<<VsY. P<<1sc i~<<r. OS.AOS.'.)Gfhsl IL1s7 h~. its 'I l(xl IB'~cia &r burnt ihmna ~cr Cent Amcit iwr Ccr.t P.-2 8,041.005.65 2,365,849.60 10,4)0.855.33 13 ~ 541i737 r)n 563,955.93 5. 417 2,566.925.74 24.656 3,130,881.67 30.073 R-3 12,113,904. 83 3,)29,8'Q.53 15,243,.97.35 20,542.3c4).os li3G2,039.00 8. 935 3,936.523.G9 25 '24 si298.5:2.69 34 '59 R-4 1,992,550. 14 395,286 F 65 2.387.836.79 3i072 737 47
~ 85,98S.50 3. 601 598.912.18 25.082 684,900.68 28.683
'amytal Rcs. 22,147.460.62 5,895.028.86 28,042i489.48 37,15G,834.52 2,0)1,983.43 7. 175 7,102,361.61 25.327 )gl)4g345.04 32.502 rp-) s,071. 89@.nn ),587,838.6'3 9,659.736.G3 11,626,423.32 1,967,)86.69 20.365 li967i186.69 20.365 I~r'-I lol,l2').52 18.l85.68 119i30G.20 152, 125. 41 32,819.21 27.508 32,819 F 21 lJi-1 9,333.4G 7 676 $ 3 12,0) I. 95 15 3,5$ 3.43 32.917 3,953.93 32. 917 Cl-i 635,7ln.)n 127,)n).36 757,ezI.GG 506,'i0.90 1 lB. 919. 24 19.651 148i919.24 19.551 IS1-I 15')i395.28 4GI,4)8.15 203,817.47 2sn,cs).on 46iS35.53 22.9 l9 46,835.53 22.&75 vr:I In.s)).96 1,86). 0'I 22,354.77 29,573.21 7,)78.44 32.054 7,178.44 32.054 CS- 2 6831584.56 l5G.525.48 860,2l0.04 ii066,G27.91 186,417.87 21 '79 166,417.S7 21.179 Vctsl SLS 9,675,685;08 1,975,ri13.ri8 lli655i298,76 14i,048,609.G7 2,393,310.91 20.534 2,393,310.91 20.534 0-2 13,26Gi399.97. 4,141i779.27 17,408,179.19 21,763,237.21 4i355,058.02 25.017 4i355i058.02 25 ~ 017 G-3 16,473,849.88 6,887,860.07 23 '61 '09 95 29i578 517 40 61216i807.45 26.611 6i216,807.45 26.611
)P-2 279,370.53 117,296.44 396,666.97 528,503.39 131,836.42 33.236 131,836. 42 33.235 CIIZ 3 SC-)
Zotel LES 30r019<<620.33 11 146 935 F 78 41 '66,556.11 51,870,258.00 ioi703i701 89 G.cn) 10,703,701.89 r6.001
'IS-1 Al 1 33,185. 65 33,185 '5 40g34$ .72 7,)C0.07 21 576 7,160.07 21. 576 927,64 3. 35 927,643.35 1,07'.884.47 151. 241 ~ 12 16.304 151,241.12 lr>.304 SL-l 543,642. 74 543 ~ 642,74 626,4)3.98 82,771.24 15.225 82i77i."ii 15.22$
SL-2 62,847. 30 62,847.30 77.,335.57 9,492.27 )S.ln4 9,492.:7 15.)04 Srr3 10,217.98 10,217.98 11,793.36 1 575 8 15.418 li$75.38 15.418 SL.4 16,9G2.58 16.9G2.58 20,133.73 3,171 F 15 18.G95 3i171.15 18.695 SFL-I 7$ .051.32 6,162.42 81,213.74 loi,429.61 0,215.87 24.892 20i215i87 24.892 Wtal I ight)ng li669i550.92 6.162.42 1.675,713.34 1,951,340.44 275i627.10 16.448 275,627.10 16 448 Total Petal) '3,516i316.9$ 19i023 740.74 82<540i057 69 105,027,042.63 2,011i983.43 2.43S 20,475in'rl.sl 24 '06 22i486 984 94 27 244
)33 0
- 9 U 1
HAMMOND EXHIBIT D PAGE 1 OF 3 CAROLINA POWER AND LIGHT COMPANY CAPITALIZATION RATIOS FOR CAUXDAR YFMK 1974-1975
'ZOTAL K&PANY PER BOOKS (THOUSANDS OF DOLIA1%)
Calendar Year Calendar Year 1974 1975
( ) 1,155,254 52. 19 Long Term Debt 1,034,095 55. 33 Preferred Stock 288,118 15. 42 336,018 15. 18 Caman Stock 419,702 22. 46 565,610 25. 55 Premium on Capital Stock Other Paid In Capital Capital Stock Expense E ed S~l~ (') 127,089 6. 79 156,601 7. 08 0 1,869,004 100. 00 % 9 2, 213, 483 100.00~o (1) Consists of: 1974 1975 Bonds Outstanding (>221) 986,680 1, 109,030 Other Long-Term Debt (I224) 50,234 50,204 Unannrtized Premium on Long-Term DMt (4225) 637 ,
595 Unanartized Discount on Long-Term Debt (f226) (3,456) (4, 575) 1,034,095 1,155,254 (2) Consists of:
Ca~n Stock Issued (4201) 419,459 565,610 Ccrrarcn Stock Subscribed (I202) 243 419,702 565,610 (3) Consists of: .-:;. =.
Retained Earnings (4215,216) 128,763 156,676 Less: Investment in Subsidiary Cof9paM.es (1,674) (75) 127,089 156,601 (68)
HAh&10ND EXHIBIT D CAROLINA POWER & LIGHT COMPANY PAGE 2 OF 3 EMBEDDED COST OF LONG-TERM DEBT FOR CALENDAR YEARS ENDED DECEMBER 31, 1974-1975 (1) 19 75 (2) (3) 1974 (4)
Outstanding Ann. Int. Outstandin Ann. Int Account 221 Bonds First Mortgage Bonds:
3 1/8% Series 9 15,000,000 468,750 $ 15,000,000 628,125 3 1/8% Series 5,100,'000'3,930,000 159,375 5,100,000 3 1/4% Series 1,427,725 43,930,000 1,427,725 2 7/8% Series 15/ 000~ 000 431,250 15,000,000 431,250 3 1/2% Series 20,000,000 '00,000 20,000,000 700,000 4 1/8$ Series 20,000,000 825,000 20,000,000 825,00'0 4 7/8% Series 25,000,000 1~218g750 25,000,000 lg218/750 4 1/2% Series 25,000,000 1,125,000 25, 000, 000 1,125,000 4 1/2o Series 30,000,000 1,350,000 30,000,000 1,350,000 5 1/8% Series 30,000,000 1,537,500 30,000,000 1,537,500 6 3/8% Series 40,000,000 2,550,000 40,000,000 2,550,000 6 7/8% Series 40,000,000 2,750,000 40,000,000 2, 750, 000 8 3/4% Series 40,000,000 3, 500, 000 40,000,000 3,500,000 8 3/4% Series 50,000,000 4,375,000 50,000,000 4,375,000 7 3/8% Series 65,000,000 4,793,750 65,000,000 4,793,750 7 3/4% Series 70,000,000 5,425,000 70,000,000 5,425,000 7 3/'4% Series 100,000,000 7,750,000 100,000,000 7,750,000 7 3/4% Series 100,000,000 7,750,000 100,000,000 7,750,000 8 1/8% Series 100,000,000 8,125,000 100,000,000 8,125,000 Series ll 9 3/4%
1/8% Series 125, 000, 000 50,000,000 12,187,500 5,562,500 125,000,000 27,650,000 12,187,500 5,562,500 t 11% .Series Total First Mort. ' onds 100,000,000 lg 109 0 Og 000 11,000,000 85'12'00 986 / 680 ~ 000 74 g 012 g 100 Six Year Promissory Note Due 7-31-78 50 000'00 4 165'00 50 ~ 000 000 5 ~ 850 000 (Int. Rate 8. 33% 8 12 75)
. Misc. Promissory Notes 204 g 359
' 587 234,309 8, 810 Total Principal Amount 1,159,234,359 89,185,687 1 036/ 914 309 79 g 870~ 910 Less: Unamort. Disc. & Prem Net (4225, 5226 ) 3,980,298 2,819,036 Net Amort. of Debt Disc.
and Exp. and Prem.
(4428, 5429) 269,691 122,114 Total Long-Term Debt 1,155,254,061 89,455,378 1,034,095,273 79,993,024 Embedded Cost 7. 74% 7. 74%
(69)
HAMMOND EXHIBIT D PAGE 3 OF 3 CAROLINA POWER & LIGHT COMPANY EMBEDDED COST OF PREFERRED STOCK FOR YEARS ENDED DECEMBER 31, 1974- 1975 (1) 19 74 (2) .". (3)* 1975 (4)
Amount Annualized Amount, Annualized Description Outstanding Dividends
$ 5 Preferred Cumulative 237,259 Shares 24,375,900 1,186,295 24,375,900 1,186,295 Serial Preferred Cumulative
~ -94. 20 Series 100,000 Shares 10,000,000 420, 000 10, 000, 000 420, 000
- 5. 44 Series 250,000 Shares 25,000,000 1, 360, 000 25'00 / 000 1,360,000 9.10 Series 300,000 Shares 30,000,000 2, 730, 000 30, 000, 000 2g730g000 7.95 Series 350,000 Shares 35,000,000 2, 782, 35,000,000 2,782,500
'-72 Series 500,000 Shares
- 8. 48 Series 650,000 Shares 49,425,000 3, 860, 500 000 49,425,000 3,860,000 64,317,500 5,512,000 64,317,500 5,512,000 Preferred Stock A Cumulative
$ 7.45 Series-500,000 Shares 50,000,000 3 725 000
~ 50 000 000 3 725~ 000 Preference Stock Cumulative
$ 2. 675 Series A 2,000,000 Shares 47, 900, 000 5, 350, 000 Totals 288,118,400 ,21,575,795 '36,018,400 26,925,795
,.Embedded Cost 7.'49% 8.01%
(7.0);
cmeblv Dna2 A:;,i Lv.rr o:eoaiT Dain"52v5 A'l 0~~7'll lgi5llY SNllll (y5flu ll" PTTA4ll OPllQTIA S
'ITST YEAR i.aAm D(IW50(2< 31, 1975 (TlKNS45'52X5 OF DOLLARS)
I
-(1) 7r5us1 (3)
Srn (4)
RE (5) r lerOO(B BZRFASE (G) (7) (8),
AF(TR PKh OSED (9) 1)45CRPASE (10)
Line Corlay Q. FE't.- 1:l)~vKM OVCra N"t O22r Overa Net Ooer 5io ~ 544444 25444 Ca25italization Ratios Pate 01SC COSt/R55turn3 COSt/R4atel InCXQ Rate Sase Cost/Return% Cost/Rate% Inane
$~ 6 (1) 1 Iong-Vezm Debt 1,1555254 52.19 174,633 4. 7) 4.04 13,517 174,633 7. 74 4.04 132517 2 Prefcrrcd Stock 336,01S 15.18 50,794 8. 01 1.22 4,069 50,794 S. 01 1.22 4,069 (2) 3 CC52uen Euuity 722,211 32.63 109 184 2.79 0.91 3,050 109,184 12.90 4 21 144086 2,213,483 100.00 334,6111 G.17 20,636 334,611 9.47 31,672 (I) Cca(5uted as folio s2 Sends Outstanding (l221) $ 1,109,030 Other Lang-Team Clat (l224) 505204 t5namrtized Premium on long-Ter222 Debt 595 lhumrtircd Discount on IcA9-Tena Debt (4,575) 51.155.254 (2) Ccnputed as foll~:
Ca522cn Stock Issued (l201) 5655610 Retained Earnings ((215,216)
(alluding Acnn5. Def. Inc. Tax 1562676 less: Investn5ent in Subsidiary Cc22panies (75) 722. 211 AÃ~@
WH~tU 0 i3U 0M td
~ ~
~ % ~ % h 4'
C40I>I,IYib IYl'27I 8;T5 L)AB'IV1&I Is.IUICI ITI A%45'";A'I fl:45I'IY ".111YXI~rPIr)IC41AI417rhTION SOLLll C'i%101.1'5 IJZhll OPG'ATIKS 5
'1TST YEhR I.iV~D AECDIDVI 314 1975 (7)~hNI5S OF DOIJARS)
(1) (2) (3) (4) (5) (G) <7) (8) (9) (10) 7rital DITOt'4: I'I@5~III II@PI'ARE 15PITP. PPDPOSED LCBFJSE I,lne Cc22)any cc r r. 2 552:55'4 rri 414 1' cp:r. SC Rctnzl CNcrai 1 at r42cr.
4555. 4~24rrl .145 Ca ital ization Ratios Rate Ham Cost/IitctunA Cost/Pate'L Inccn2e Bate Base COst/Return% Cost/Rate% 1nccrre (ll 1 Iong-Vern2 Debt 1,155,254 52.19 175,575 7. 74 4.04 13,590 1752575 7. 74 4.04 l32590 2 Preferred Stock 336,018 15.)8 51,068 8.01 1.22 4,091 515068 8.01 1.22 4,091 (2) 3 Cc22non Equity 722,211 32.G3 109,772 4.7l 1.53 5,168 109,772 14.76 4.81 16.204 4 TOTALS 2,213.483 100-00 33G.415 G.79 22,849 336.415 10 07 33 '85 (1) Cc22putcd as follms:
Dcnds Outstanding (l221) 81,109,030 Other Iong-Term Debt (1224) 50,204 Vna~artized Prceiu22 on Long Tenn ~t Unarorti zcd Di scoun't on 595 Iarg-Tur222 R%t (4,575) 51, 155,254 (2) Cc22outed as follcws:
Condom Stock Issued (l201) $ 565,610 Retained Wrings (l 215,21G)
E5cluding hcnm. Def. Inc. Tax 156,676 Less: Invests5cnt in Subsidiary Carpanies (75) 5 122.211 WO t5) H 2S Q U 0
J ~
42
CAROLINA POWER & LIGHT COMPANY
'EARNINGS PER SHARERS DIVIDENDS PER SHARERS PAYOUT RATIO
'TOTAL COMPANY OPERATIONS FOR YEAR ENDED DECEMBER 31, 1960-1975 (1) (2) (3) (4) (5) (6) (7)
Line Earnings Increase Over Percentage Dividends Increase Over Percentage Payout No. Year Per Share Previous Year Increase Per Share Previous Year Increase Ratio 1 1960 l. 12 .03 2.75 .66 59 2 1961 l. 19 .07 6. 25 .74 .08 12. 12 62 3 1962 l. 34 .15 12. 61 .82 .08 10. 81 61 4 1963 l. 41 .07 5.22 .92 .10 12.20 65 94J 5 1964 1. 62 .21 14. 89 1.00 .08 8. 70 62 7
1965 1966"
- 1. 80
- 1. 88
.18
.08 ll. 11
- 4. 44
- 1. 16
- 1. 28
.16
.12 16.00 10.34 64 68 8 1967 l. 91 .03 l. 60 l. 34 .06 4.69 70 9 1968 1. 98 .07 3.66 l. 38 .04 2.99 70 10 ll 1969 2.05 .07 3. 54 l. 42 ,04 2.90 69 1970 l. 56 (. 49) (23. 90) l. 46 .04 2. 82 94 12 1971 l. 97 .41 26. 28 1. 46 74 13 1972 2. 86 .89 45. 18 l. 48 .02 1. 37 52 14 1973 2. 58 (. 28) (9. 79) l. 54 .06 4. 05 60 15 1974 2. 21 (. 37) (14. 17) 1. 60 .06 3. 90 72 16 1975 2. 70 .49 22. 17 1. 60 59 NO M Z RU
CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT ADDITIONS AND RETIREMENTS FOR TEST YEAR ENDED DECEMBER 31, 1975 jttno dotonc) bopinninp do)onc ~
Accovnt Additions its)its mont) Adjv)tmsnl) Tron)4))
tto. of yror md of yror I (o) ib) lc) ldl is) )1t
, l. INTANGIBLE PLANT (301) Gr+anization .. 177,329 i77,329 (302) Franchises and conscnts (303) Miscellaneous intangible plant ..
Total intangible plant...... 177,329 i77,3 J
- 2. PRODUC) IO)b PLANT STKAst PRODUCTION PI.ANT (310) Land and land riohts...... ii,847,075 i,555,439 6,606 J.3 J95 'Jtrii (311) Structures ano improvements. 62,730,031 ii,505,i84 4,909 74) 230) 3t)))
10 (312) Boiler plant cquipn)cnt....... 285,343,834 il,91G.,114 711,670 296,548,27o (313) Bng's. and cng. driven generators.
12 (314) Turbogenerator units....... 125,851,658 1,847,151 1,S56 127,696,953 13 (315) Accessory electric cquipmcnt.. .30,806,759 i,550,927 123,900 ~
32,233,786 (316) 'viisc. power plant cquipmcnt.. 5,958,604 203 '7q 19,784 13 Total stcam production plant >ZZZZ3, J 28,578,390 868,725 5>V)ZK/,odo ld NucbcAR PRCDUcrtoN PLANT (320) Land and land rights. 5,400,063 5 ) 4QL) ) Go~
20,988,213 133,2S4,993 55 I / I a ) a J.i.
18 (321) Structures and in:provcments..
19 (322) Reactor plant equipment. 25,616,150 136,559,936 8,000 162,i68,0oG ~ a 20 (323) Turbogcnerator units.. 25,918)695 54,083,277 80,003.,972 'TI 21 (324) Accessory electric <<quipmcnt ... 8,574,379 48,332,322 56,906,70 ..
22 (325) Misc. power plant cquipmcnt.. 2,174,832 6)339,444 35,904 8,47S,372 x Total nuclear production plant. 83 272 269 384 000,035 43,959 1)228)3 J~ HYDRAUltC PRODVCTtON PLANT H (330) Land and land rights....... 2,101,829 21) 172 2,123,00 2,18S,444 C) 2d (331) Structures and improvcmcnts... 2,092,731 96,28G 573 27 (332) Reservoirs, darns, and watcrways.. 15,524,447 1,000 15,525,447 28 (333) Wtr. whb., turb., and generators. 4,979,759 4,979,759 . A 29 (334) Accessory electric equipment ..... 1,077,487 40 1,077,527 30 (335) Misc. power plant cquipmcnt... 201,706 4, 814 360 206, it) lr )
31 (336) Roads, ra)lroads, and bridges.... 8,258 6 ) 25i) i 0 32 Total hydraulic prorluctinn plant .. 25,9S6,217 123,:r A2 933 2o, iGo, 5>)t )
~
~
~
I 4 CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT ADDITIONS AND RETIREMENTS ZOR TEST 'REAR ENDED DECEMBER 31, 1975 bofonce bettinnrnp bain nce Account of year Addition> Reliremenii Ad( v it me nl ~ Tran>fer> ~ nd al year (al lbl (cl tdl fel fol
! OTHER PRODt:CTIO>r PI.ANT S IS 33'5 (340) Land and land rights.......... 250,84i (3,934)! 246, 9G!
(34f) Structures and improvcmcnts.... 5,374>203 2,394,246 650 7,767,799 1
3b (342) Fuel holders, prod., and access'rs ..
1,337,598 75,589 w>r>LD>*OI 25,670,199 (35,232) 25,634,967 r 37 (343) Prime movers..
11,248,693 673,015 11,92:.,7C-I 3bI (344) Generators.
I 2,453,923 56,00S 2,5 09, 93.
39 (345) Accessory clcctric equipment......
3,140,575 jl5,097)! 3>L20>470 I .o (346) >v(isc. power plant equipment Total other prod. plant 49 476 032 3 14i4 595 650 52 6i9 977 Total production plant. G81,272 479 415 846,332 914,267 1,096,204,54r'5
- 3. TRANSMiSSIO> f PLANT (350) Land and land rights.... 28,665,748 2,141>437 30,807, ic 5 (352) Structures and irnprovcmcnts.... 9,121,635 856,376 1,950 9,97G,GG 4b (353) Station equipment............ 76,098,138 12,813,801 966,975 87,944,96>
(354) Towers and fixtures........... 14,073,844 2,978,821 117,055 16,935,6:6 (355) Poics and fixtures........ 28,651,039 4,606,462 252,408 4,000 33,009,093 x9 (356) Overhead conductors and dcviccs. 59,057,214 4,753,210 324,254 63,48G, i70 50 (357) Underground conduit...........
51 (358) Underground conductors and dcv..
Sl (359) Roads and trails. 16,915 Lt>>9 Total transmission plant. 2L5 684 533 28 3.5C>107 1 662 642 I. 4,000 242, 175, 9'.r.s 53 O Sa 4. DISTRLBUTION PLAiNT zU 55 (360) Land and land rights........... 14,204,679 1,421,528 247,937 9,766 15 >30(7>OJV I (36I) Structures and irnprovcmcnts.... li,447,428 9L1,7S3 184,S63 12, i74, 3r'>S W I Sb ,
(362) Station equipmcnt............. 79,237,519 G,423,060 4,075,402 81,585,1/7 Sy cquipmcnt......
IH l SO (363) Storage banery (364) Poles, towers. and fixtures.....
67,943,160 4, 905, 040 1, 398, 073 4>073 7i,454, 20tr I (77 t H 77,929,718 4,711,066 1,279,893 4,323 81,365,.:4 bO (365) Overhead conductors and dcviccs .. Si6 2,721q011 A I 2,533,816 188,0G7 1,3SS I bt (366) Underground condun..... ll,S59,1 '/
9,908,144 1,946,292 15, 151 19,832 b2 (367) Underground conductors and dcv,.
110,092,146 4,953,687 1,237,649 15,385 113,823>569 A (360) Line transformers.............. td b3 32,230,G22 2,28S,G29 318,152 11,385 34,212,484 I ba (369) Services . 268- 28,299,394 26,792,593 1,767,725 261,192 (370) Mctcrs.
37990,798 0 3,777,176 499,828 2S6,206 , th (37I) installations on cust. premises... i
f: j= ( - '- ') ." .; -
CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT '.ADE)ITIONS. AND RETIREMENTS FOR TEST YEAR ENDED DECEMBER 31, 1975 I
87 (3>2) Leased propert) on cuss. premises .. 79,541 1 i 79,5 ll ts8 (3>3) Street lighting and signal sestems.. 8 702 223 Sess. ~ s<i01 i.40,83! 1,567 9 i 4+V .13 1
,. b9 Total distribution plant 0 898 li05t 9 452 743 l 67 115 4G6 3)J.,
I i 70 5 CECERAL PLA3(T 71 1'389) Land and land rights............ 412,900 182, 119' 11,647 383i3r 1
72 13901 Structures and improvements.... 3,317,340 i 238 ) 3201 60,258 10,495 s-r i 23,538 t',225,vi-13 (39I) Office I'urniture and equipment.. 2,998,G90 250,524, 74 l392) Transportation e<tuipment....... 8,461,116 ls105,24sr; 523,703 9,042,(;"3 317,299 345 ts ',.
73 (393) Stores equipment.............. ~
7tt (39() Tools. shop and garage equipment. 1,010,046 255 i it Sli( 23 237 1, 242, 2'i 71 1,216,859 940,533' 39,517 2,117,67 (395) Laboratory equipment..........
78 175,G83 175 i VQ.
(396),Power operaied equipment...... 4i$ 49,9r:i.
79 (392) Communication equipment...... 4,059,161 994,094; 203,257 80 1398) Miscellanrous equipment.......
201,073 103,95/, 85 304,94'~os,avo 81 Subtotal 22,170,167 11,098,641'85,242 1 82 (399) Other tangible property '....... I 83 Total general plant ............. 22,1/0,167 11, 098, 641," 8S5, 242 32)3oas3 ': ~
8i Total (Accounts 101 and 106).... 1,364,183,273 485,993,0o5I 12,914,894 71,115 1,837,332,5/-'43,616'(
85 (l02) Electric plant purchased "...... (97,446) 88 (l02) Electric plant soid ":.......... ( ) I I
87 (103t) Expcritscntal Electric Plant Unclassified 88 Total electric plant in service.... 1,364 i 183,27 486,134,14X 12,914,894 (97,446) 27,499 1,837,332,579 1
I ~
t I
I
+*Purchase of distribution facilities near Clieraw, $ . C. row t.ynches River electric Co-op 3n november,"197ft ~
Proposed entries submitted to Commission on 11-19-75 anic accepted 12-09-75.
Note'. Credits in column (c) represent primarily reclassifications of prior year s plant additions within Other Production Plant.
HAMMOND CAROLINA PCNER AND LIGHT CXRPANY EXHIBIT H MISCELLANEOUS GENERAL EXPENSES (ACCOUNT 930) (EUKXRIC)
TEST YEAR ENDED DECfXBER 31, 1975 Line No. Descri tion 1 Industry Associations Du s 172,972 2 Nuclear Pester Research Zhqpenses 1,579,676 3 Other Experimental and General Research Expenses 31,104 4 Publishing and Distributing Information and Reports to Stockholders, 5 Trustee, Registrar, and Transfer Agent Fees and Dispenses and Other 6 Expenses of Servicing 'Outstanding Securities of the Respondent 709,581 National and local Institutional Advertising Hcpenses 366, 793 8 Fees Paid to Board of Directors 41,900 9 ~penses paid Board of Directors 4,363 10 Aaartized Insurance Premium 228 ll 12 American Stock Exchange, N.Y. Fee for Listing Stock New York Stock Exchange, N.Y. Annual Listing Fee, Corral Stock 2,500 21,788 13 Moody's Investnent Services, Inc., Church Street Station, N.Y.
14 Cmttmercial Paper Appraisal Service 3,000 15 Whiteville Chamber of Cornice 151 16 Federal Comnunication Ccnrnission, Washington, D.C., Cormunication 17 Licenses and Renewals 236 18 Southeastern Association of Tax Administrators Conference, l9 Louisville, Kentucky 250 20 Council of State, Chambers of Ccnrrerce, Washington, D.C. 100 21 South Carolina Legislative Services Services Rendered 1975 22 General Assembly 600 23 Raleigh Little Theatre, Raleigh, N.C. Sponsor Membership 250 24 Goldsboro Country Club, Goldsboro, N.C. Retir~~t Luncheon for 25 R. A. Bryan, Director 340 26 Big Jim's Restaurant. Sumter. S.C. Retire@ant Luncheon 320 27 Theo Davis Sons. Inc.. Zebulon, N.C. Retirement Certificates 309 28 System Engineering and Construction Costs of Development 29 of an In-Service Fixed Asset Accounting System 25,097 30 Darlington County Plant 42 Site Expenses (ER74057) 6,508 31 Detail Design Costs of Fixed Asset Accounting System 85,917 32 Environmental Assessment Group, License and Technical Unit Labor, 33 Vehicle and Materials Cost 612 34 S. C. Electric and Gas Co., Columbia, S. C. Pro Rata Exoenses 35 S. C. Association of Assessing Officials Meeting 113 36 Atlantic Landmark Motor Inn, t4rrtle Beach, S. C. Annual Association 37 of Counties Convention 728 38 Landmark Motor Inn, Myrtle Beach, S. C. Pro Rata E~enses-39 Dinner, S.C. Association of Counties Annual Meeting 1,698 40 Landmark Motor Inn, M~~e Beach, S.C. Pro Rata ~~enses, Law 41 Enforcement Assoc., Convention 188 42 Asheboro Randolph, Chambers of Ccmaerce, Asheboro, N.C. 120 43 Various Civic Organizations, Projects, Etc., (23) 651 44 Other Various Miscellaneous Charges (15) 245 45 Rates and Regulations Departm nt Ibad Survey Study 147,418 46 K7ZALS 3,205,756 (77)
HAMMOND EXHIBIT I CAFGLINA PONl& AND LIGHT CXMPANY BREAK1XNN OF XblSTIKUTIONALADVISING EXPENSES TEST YEAR ENDED DiKRGKR 31, 1975 Line No. ,. Description 1 Reddy Kilowatt Contract 7f 373 2 Cavalier Advertisers, Inc. Postcards, Pens, Matches, etc. 11, 093 3 Electric Industry Exhibit, EEI Visual Corrmunications Project 4,992 4 Commercial Printing Co. Folders 40,547 V
I 5 Tneo Davis a Sons, Inc. Charts, Books, Check Inserts, Shareholder's 6 Information Folders, etc. 14,315 7 Walraven Book Cover Co. Book Covers 6,484 (I << 8 Lynch Exhibits Storage of Exhibit Material for'arris 9 Visitor Center 8,576 10 Stone's Southern School Supply Co., Inc. Black Board and Standards 1,681 12 Hearst Metrotone News Screen News Digest Vol. 18 1,664 13 McKimey, Silver 6 Rockett Newspaper Ads 18,183 14 Transferred from Deferred Debit Expenditures in Connection 15 with the Costs of Displays at Harris Energy Environmental Center 121,790 16 Arrartization of Prepaid Advertising (EEI) 55,995 I
17 Arrartization of Expenses in Connection with Brunswick Visitor Center 9,540 2/233 18 Other Miscellaneous Not Included in Above '64,560 19 Total Institutional Advertising- 366,793 20 Pronntional Advertising (Acct. 4913) 21 lbtal Advertising 366, 793
(.78)
HAPJ1OND EXHIBIT J PAGE 1 of 2 CAROLINA POWER & LIGHT COMPANY LEGAL FEES TEST YEAR ENDED DECEMBER 31, 1975 f
Line No. Description Amount 1 Blakeney, Alexander & Machen 12,880 2 Bode & Bode 30,692 3 Debevoise, Plimpton, Lyons & Gates 2'7, 203 Donelan, Cleary & Caldwell 13,411 5 Douglas & Barham 22,101 6 Greer & Chandler 35,200 7 W. Brian Howell 11,905 8 Hunton, Williams, Gay, & Gibson 28,570 9 Joyner & Howison 40,633 10 Manning, Fulton & Skinner 16,110 Reid & Priest 307,943 12 Charles F. Rouse 15,579 13 Shaw, Pittman, Potts, & Trowbridge 55,680 14 Wald, Harkrader & Ross 42, 341 15 White, Allen, Hooten, & Hines - 23,957.
16 Zollicoffer & Zollicoffer 43, 125 17 Allen, Steed & Pullen 4,519 18 Bailey",Dixon, Wotten, McDonald & Fountain 8,039 19 Barber, Holmes & Barber 3,100 20 Wade Barber 600 21 Barber, Stith, McCotter & Stith 1,894 22 Baskin & Baskin 600 23 Battle, Winslow & Wiley- 9,822 24 Bennett & McConkey 3,988 25 Boyette & Boyette 2.227 26 Sumter C. Brawley, Jr. 6, 750 27 Brown, Jefferies & Boulware 7,500 28 Brown, Ward & Haynes 1,680 29 Butler & Faircloth 1,650 30 James R. Byerly 2,450 31 Cottingham & Easterling 3,000 32 Debevoise & Liberman 993 33 J. B. Gibson 735 34 Harris, Griggs & Spruill 1,317 35 Herring, Parker, Ledgett, Gall & Edwards 1,275 36 E. Avery Hightower 1,619 37 Isham, Lincoln & Beale 4,960 38 Johnson & Johnson 607 39 W. A. Johnson 610 40 Joslin, Culbertson & Sedberry 2,049
- (79 )
HAMMOND EXHIBIT J PAGE 2 of 2 CAROLINA POWER & LIGHT COMPANY LEGAL FEES TEST YEAR ENDED DECEMBER 31, 1975 Line No. Description Amount 41 Bruce Kennedy 2,450 42 Leath, Bynum, Kitchin & Neal 4,140 43 Ledgett, Gall & Edwards 908 44 Lee & Moise 1,602 45 Harry M. Lightsey 7, 887 46 Lucas, Rand, Rose, Meyer, Jones & Orcutt 632 47 Mason, Williamson, Etheridge & Moser 1,656 48 McLean, Stacey, Henry & McLean 2,383 49 Moran D. McLindon 1,258 r
50 McNair, Konduros, Corley, Singletary & Dibble 8,245 51 Nance; Collier, Singleton, Kirkman & Herndon 2,718 52 Newsom, Graham, Strayhorn, Hedrick, Murray, Bryson 5,610 53 Ernest E. Parker, Jr. 3, 510 54 Paulling & James 9,107 55 Poisson, Barnhill, Butler & Martin 1, 592 56 Haigh Porter 729 57 Procter & Sessoms 1,530 58 Ramsey, Jackson, Hubbard & Galloway 8,980 59 James E. Ramsey 1,200 60 Rogers, Riggs & Rickenbaker 786 61 Shuford,, Frue & Sluder 3,208 62 Archie L. Smith 600 63 Charles W. Smith 4,375 h
64 Henry L. Stevens, III 1, 371 7,463
~.
65 Taylor, Allen, Warren & Kerr 66 Thompson, Ogletree & Deakins 2, 895 67 Van Winkle, Buck, Wall, Starnes & Hyde 6,302 68 Ward, Tucker, Ward & Smith 911 69 Warlick, Milstead & Dotson 2,117 70 Warren & Fowler 2 333 71 David J. White & Associates, Inc. 8,750 Willcox, Hardee, Palmer, O'Farrell, McLeod r
72 & Buyck 1,405 73 Wintrop, Stimson, Putman & Roberts 2,786 74 Yarborough, Jolly & Williamson 965 GRAND TOTAL 911,718 (80)
EXHIBIT K PAGE 1 OF ll CAROLINA POKER & LIGHT COMPANY BALANCE SHEET DECEMBER 31, 1975 ASSETS Electric Utility Plant:
Electric utility plant other than nuclear fuel:
In service $ 1,837,332,579 Held for future use 8,705,994 Construction work in progress 643 068 549 Total 2,489,107,122 Less accumulated depreciation 296 425 899 Net 2 192 681 223 Nuclear fuel:
In service 33,381,993 Xn process and other 36 857 107 Total 70 239 100 Less accumulated amortization 18 507 102 Net 51 731 998 Electric utility plant - net 2 244 413 221 Other Property and Investments 2 026 358 Current Assets:
Cash in banks 9,155,772 Special deposits for dividends, intere'st, etc. 67j866 Working funds 130,713 Temporary cash investments 13,496,583 Accounts receivable, net 31,484,652 Materials and supplies:
Fuel 74,386,855 Other 18,093,951 Prepayments, etc. 1 472 295 Total current assets 148 288 687 De ferr ed Debits:
Unamortized 'debt expense 1,5180038 Other 5,775,927 Accumulated deferred income taxes 6 450 354.
Total deferred debits 13 744 319 Total S2 408 472 585 See notes to financial statements. '(81)
EXHIBIT K PAGE 2 OF 11 CAROLINA POMER 6 LIGHT COtPANY BALANCE SHEET DECEMBER 31, 1975 LIABILITIES Capital Stock and Retained Earnings:
Preferred stock, without par value, cumulative (entitled upon liquidation to $ 100 a share) (Note 2) 336, 018,400 Common stock, without par value (Note 2) 565,609,691 Retained earnings (Note 1) 163 437 834 Total capital stock and retained earnings 1 065 065 925 Long-Term Debt (Note 3) 1 155 254 061 Current Liabilities:
Notes payable:
Banks Other 78, 385 Accounts payable:
Construction contract retentions 5,114,161 Other 23,596,816 Customers'eposits 3,753,970 Taxes accrued 9,380$ 705
. Interest accrued 20,932,577 Dividends declared 25,608,792 Other 2 114 170 Total current liabilities 90 579 576 Deferred Credits:
Customers'dvances for construction 202,420 Investment tax credits 18,787,931 Other 459 170 Total deferred credits 19 449 521 Reserve for Injuries and Damages 794 184 Accumulated Deferred Income Taxes 77$ 329$ 318 Commitments and Contingencies (Note 4)
Total 2 408 472 585 (82)
See notes to financial statements.
EXHIBIT K PAGE 3 OF ll CAROLINA POWER 6 LIGHT COMPANY STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED DECHG3ER 31, 1975 OPERATING REVENUES - ELECTRIC 606 329 121 OPERATING EXPENSES:
Fuel 232,722,278 Purchased power 13,114,681 0ther operation 77, 685, 707 Maintenance 33$ 685$ 947 Depreciation 46$ 648$ 000 Taxes:
Taxes other than income 46,436,686 Federal income 23,438,785 State income 2,574,302 Provision for deferred income taxes 5,545,865 Income taxes deferred in prior years (credi.t) 662,966 Xnvestment tax credit adjustments:
Amount deferred 14,966$ 347 Amortization of amounts deferred (credit) 692 542 Total operating expenses 495 463 091 OPERATING INCOME 110 866 030 OTHER INCOME:
Allowance for funds used during construction 59,956,830 Xncome taxes credit. 19,733,336 Other income (deductions) - .net 1 020 787 Total other income 80 710 953 GROSS INCOME 191 576 983 INTEREST CHARGES:
Long-term debt 85,740,401 Amortization of debt premium, discount and expense-net 269,691 Other 3 945 170 Total in teres t charges 89 955 262 NET INCOME 101,621,721 PREFERRED STOCK DIVXDEND REQUIREMENTS 25 751 863 EARNINGS FOR COMMON STOCK 75 869 858 AVERAGE COMMON SHARES OUTSTANDXNG 28 109 092 EARNINGS PER SHARE OF CO%ION STOCK 2.70 See notes to financial statements.
~ (83)
EXHIBIT K PAGE 4 OF '1l CAROLINA POMER & LIGHT COMPANY STATEMENT OF RETAINED EARNINGS FOR THE TWELVE MONTHS ENDED DECBKER 31, 1975 Balance, January 1, 1975 $ 136,187,098 Add - Net income for the period '01 621 721 Total 237,808,819 Deduct:
Cash dividends declared:
$5 preferr'ed stock $ 1,186,295 Serial preferred stock - $ 4.20 Series 420,000
$ 5.44 Series 1,360,000
$ 9.10 Series 2,730,009
- $ 7.95 Series 2,7829525
- $ 7.72 Series 3,860,000 .
- $ 8.48 Series 5,5120000 Preferred Stock A << $ 7.45 Series 3,725,000 Preference Stock A - $ 2.675 Series 5,513,534 Co~~ n stock (at annual rate of $ 1.60 a share) 46 172 859 Total 73,262,222 Capital stock expense 445,797 Federal income tax deferred in prior years 662 966 74 370 985 Balance, December 31, 1975 (including $ 6,761,406 restricted fo'r future Federal taxes on income-Note 1) 163 437 834 See notes to financial statements.
(84)
EXHIBIT K PAGE 5 OF 3.1 CAROLINA POWER 6 LIGHT COMPANY NOTES TO FINANCIAL STATBIENTS DECBSER 31, 1975 1;
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES S stem of Accounts. The accounting records of the Company are maintained in accordance with uniform systems of accounts pre'scribed by the Federal Power Commission and the regulatory commissions of North Carolina and South Carolina.
Electric Utili Plant. Electric utility plant is stated at original cost. The cost of additions, including replacements of units of property and betterments, is charged to utility plant. The Company includes in such additions an allowance for 'funds used during construction (8%
for 1975). Maintenance and repairs of property and replacements and renewals of items determined to be less than units of property are charged to maintenance expense. The cost of units of property replaced or renewed plus removal costs, less salvage, is charged to accumulated depreciation. Utility plant is subject to the lien of the Company's mortgage.
Allowance for Funds Used Durin Construction. In accordance with the uniform systems of accounts prescribed by regulatory authorities, an allowance for funds used during construction is included in construc-tion work in progress and credited to income, recognizing that funds used for construction were provided by borrowings, preferred stock, and corrnon equity. This accounting practice results in the inclusion in utility plant in service of amounts considered by regulatory authorities as an appropriate cost for the purpose of establishing rates for utility charges to customers over the service lives of the property.
De reciation and Amortization. Depreciation of utility plant, other than nuclear fuel, for financial reporting purposes is computed on the straight-line method based on estimated useful lives and charged principally to depreciation expense. Depreciation provisions as a percent of average depreciable property other than nuclear fuel approxi-mated 3.0% in 1975. Effective as of October 1, 1975 the Company adopted revised depreciation rates generally reflecting shorter estimated useful lives for utility plarit, which increased the provision for depreciation by $ 2,538,000 in 1975. Amortization of nuclear fuel charged to fuel m~ense (1975, $ 9,190,000) is computed on the unit-of-production method.,
Deferred Fossil Fuel Invento Costs..In 1974, pursuant to state regulatory commission orders, and in January 1975, pursuant to Federal Power Commission order, the Company put into effect automatic fossil fuel adjustment clauses to recover increased fuel costs. The provisions of the clauses result in a time lag between the 'date increased fuel cost is incurred and the date such cost is billed to customers. To properly 4
(85)
EXHIBITK PAGE 6 OF 11 match increased fuel costs with the related revenues, the Company defers, except for North Carolina retail operations, increased fuel cost when incurred and expenses it in the month the related revenue is billed.
Beginning September 1, 1975 for North Carolina retail operations, the fossil fuel ad)ustment clause was replaced by an "approved fuel charge" adjustment to basic rates (which results in billing increased fuel costs on a current basis) and the Company was authorized to recover the deferred fossil fuel inventory costs accumulated at August 31, 1975 by a temporary rate surcharge over an approximate twelve-month period, with matching amortization of the deferred costs. Therefore, as a result of deferred fuel cost accounting, operating expenses include a charge of $ 20,650,131 in 1975 and deferred fossil fuel inventory costs on the balance sheet decreased 920,650,131 in 1975, representing the normalization of such costs. Related deferred income taxes have been recorded and are reflected in income tax expense; and the accumulated deferred tax liability is reflected in Current Portion of Deferred Income Taxes on the balance sheet.
Income Taxes. Deferred income tax provisions are recorded only to the extent such amounts are currently allowed for rate-making purposes.
In compliance with regulatory accounting, income taxes are allocated between Operating Income and Other Income, principally with respect to interest charges related to construction work in progress. Deferred income taxes are provided relating to the d'eduction for income tax purposes of a coal mining subsidiary's development costs and such taxes are charged to Other Income.
Investment Tax Credits. Investment tax credits generated and utilized after 1971 have been deferred and are being amortized over the service lives of the property; substantially all credits prior to 1972 were deferred for amortization over five-year periods. At December 31, 1975 the Company had generated but not utilized investment tax credits totaling $ 14,600,000.
Necessity Certificates permitted amortization over 60-month periods, for Federal income tax purposes, the cost of certain plant facilities completed during the period 1952 through 1958. Amounts equivalent .to the net reduction in Federal taxes on income attributable to the excess of such amortization over depreciation ordinarily deducted were charges against income and the corresponding ciedit recorded in Account 216 - Retained Earnings Restricted for Future Taxes on Income pursuant to orders of State Regulatory Authorities. In the accompanying balance sheet, the accumulated credit of $ 6,761,406 attributable to such accumulated deferred taxes is included in Retained Earnings. In Financial.
Statements filed with the Federal Power Commission and with the Securities Exchange Commission, the accumulated credit for deferred Federal
'nd taxes on income is excluded from Retained Earnings and shown as "Accumu-lated Deferred Taxes on Income" consistent with the regulations of each of these commissions.
Preferred Dividends. Preferred stock dividends declared and charged to retained earnings include amounts applicable to the first quarter of the following year, except for the, Preferred Stock A, $ 7;45 Series which dividends are wholly applicable to the year in which declared.
EXHIBIT K PAGE 7 OF 11 Retirement Plan. The Company has a non-contributory retirement plan for all regular full-time employees and is funding the costs accrued under the plan. Retirement plan costs for 1975 were approximately
$ 3,526,000. In 1975, the Company amended the plan by changing, among other things, vesting provisions to conform with the requirements of the Employee Retirement Income Security Act of 1974, the interest assumption from 4)7. to 5/, and the amortization of unfunded prior service cost over a period of twenty years from January 1, 1975 instead of from January 1, 1974. The effect of these changes on periodic net income is not material.
At January 1, 1975, the date of the latest actuarial valuation, the unfunded prior service cost was approximately $ 24 million and the actuarially computed value of vested benefi.ts exceeded assets of the plan
'y approximately $ 22 million.
Other Policies. At December 31, 1975 the Company had available lines of credit with various banks and maintains account balances in connection with certain of such lines. Othex property and investments are stated principally at- cost, less accumulated depreciation where applicable, except for the investment in its coal mining subsidi.axy which is accounted for on the equity basis. Temporaxy cash investments are stated at cost, approximating maiket value. Materials and supplies inventories are stated at average cost. The Company maintains an allowance for doubtful accounts receivable (1975, $ 580,237). Bond premium, discount and expense are amortized over the life of the related debt.
- 2. CAPITAL STOCK 1975 1974 Preferred Stock, without par value, cumulative:
$ 5 (authorized, 300,000 shares; outstanding, 2 37,259 shares)......................;......... 24,375,900 $ 24,375,900 Serial (authorized, 10,000,000 shares):
$ 4.20 Series (outstanding, 100,000 shares)..... 10,000,000 10,000,000
$ 5.44 Series (outstanding, 250,000 shares)..... 25,000,000 25;000,000
$ 9. 10 Series (outs tanding, 300, 000 shares)..... 30,000,000 30,000,000
$ 7. 95 Series (outstanding, 350,000 shares)..... 35,000,000 35,000,000 7.72 Series (outstanding, 500,000 shares)..... 49,425,000 49,425,000 8.48 Series (outstanding, 650p000 shares)..... 64,317,500 64,317,500 Preferred Stock A (authorized 5,000,000 shares)-
. $ 7.45 Seri.es (outstanding, 500,000 shares)..... 50 000 000 50 000 000 Total.. ~ 0 ~ ~ ~ ~ $ 288 118 400 $ 288 118 400 Preference Stock, without par value, cumulative (authorized, 10,00,000 shares)-
$ 2.675 Series A (outstanding, 2,000,000 shares. $ 47 900 000 Common Stock, without par value (authorized, 60,000,000 shares):
Outstanding (1975, 32,692,791 shares; 1974, 23,438,844 shares)..................... $ 565,609,691 $ 419,458,687 Subscribed but not issued - 19,875 shaxes...... 243 217 T otal...............................
. 565 609 691 419 701 904
EXHIBIT K PAGE 8 OF ll Authorized Preference Stock was increased from 2,000,000 to 10,000,000 shares in May 1975.
Common stock outstanding increased $ 146,151,004 in 1975 from the sale of 9,000,000 shares in public offerings and the sale of 253,947 shares in 1975 under the Company's Stock Purchase-Savings Program for Employees. At December 31, 1975, 711,513 shares of unissued conan stock were reserved for issuance under the Program. The preference stock account increased $ 47,900,000 in 1975 from the sale of 2,000,000 shares of such securities in public offerings.
The preferred stock is callable, in whole or in part; at redemption prices ranging from $ 102 to $ 115 a share plus accumulated dividends. The Preferred Stock A, $ 7.45 Series, has a sinking fund requirement, commencing in 1984, to redeem 20,000 shares annually at
$ 100 per share plus accumulated dividends. In the event of liquidation, the preferred stock is entitled to $ 100 a share plus accumulated dividends. The $ 2.675 Preference Stock Series A i.s presently callable in whole or in part at $ 27.68 per share plus ace~~ lated dividends, unless refundin'g is involved in which case there are substantial limitations on redemption until April 1, 1980; and in the event of liquidation is entitled to $ 25 a share plus accumulated dividends in preference only, to the common stock.
The Company's charter and the first mortgage bond indenture as amended contain provisions limiting pa~nts of cash dividends on canon stock under certain circumstances. At December 31, 1975, none of the retained earnings was restricted under these provisions.
- 3. LONG-TERM DEBT --- PRINCIPAL AMOUNTS First Mortga ge Bond s ~
3-1/8% Series, due 1979.. 20, 100, 000 3-1/4% Series, due 1979.. 43,930,000 2-7/8% Series, due 1981.. 15,000,000 3-1/2% Series, due 1982.. 20,000,000 ll Series, due 1984..
4-1/8% Series, due 1988..
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
100,000,00&
20,000,000 4-7/8% Series, due 1990.. 25,0001000 4-1/2% Series, due 1991.. 25,000,000 4-1/2% Series, due 1994.. 30,0000000 11-1/8% Series, due 1994.. 50,000,000~"*
5-1/8% Series, due 1996.. 30,000,000 6-3/8% Series, due 1997.. 40,000,000 6-7/8% Seri.es, due 1998.. 40, 000, 000 8-3/4% Series, due 2000.. 40,000,000 8-3/4% Seri.es, due 2000.. 50,000,000 7-3/8% Series, due 2001 65,000,000 7-3/4% Series, due 2001.. 70,000,000 7-3/4% Series, due 2002.. 100,000,000 7-3/4% Series, due 2003.. 100,000,000 8-1/8% S eries, due 2003.. 100,000,000 9-3/4V. Series, due 2004.. 125 000 000 Total.. 1,109,030,000
+Issued in 1975
- +$22,350,000 issued in 1975 (88)
EXHIBIT K PAGE 9 OF 1 Six-year note payable to a bank, due July 31, 1978, at a fluctuating rate (8.33%%u, at December 31, 1975) related to the bank's P rime ra'te ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ e ~ ~ ~ ~ ~ ~ i ~ ~ ~ ~ ~ ~ ~ ~ o ~ 50,000,000 Miscellaneous promissory notes (1974'2347310)t ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ 204 359 Total long-term debt, including current maturities............ 1,159,234,359 L'ess long-term debt due within one year-11-1/8% Series, due 1994................. 2 000 000 Total long-term debt excluding current maturities at December 31, 1975............. 1 157 234 359 The bond indenture, as amended, contains requirements that additional property be certified or that specified amounts in cash and/or principal amount of bonds be delivered annually to the Trustee as an improvement fund. Current liabilities do not include the current improvement fund requirements (approximately $ 6,700,000 at December 31,.
1975) sin'ce the Company meets such requirements by the certification of additional property.
3onds of the 11-1/8% Series, due 1994, shall be redeemed under sinking fund provisions at $ 2,000,000 each year commencing on December 1, 1976, at the principal a~unt without .premium plus accrued inter es t.
- 4. COM'HZKNTS AhD CONTINGENCIES It is estimated the Company's construction program for 1976 through 1978, excluding nuclear fuel, will cost approximately $ 826 million.
At December 31, 1975, firm commitments f'r construction aggregated approximately $ 436 million plus approximately $ 306 million for initial and replacement nuclear fuel. In addition, the Company has a contract with the Energy Research and Development Administration for nuclear fuel enrichment requirements through June 30, 2002, which is cancelable without penalty upon five years written notice. Payments for enrichment services are anticipated to approximate $ 110 million during the next five years. Many contracts include escalation provisions.
The Company has entered into agreements with Pickands Mather &
C o. (PM), a firm engaged in owning, operating and managing mineral properties, to develop two adjacent deep coal mines in Pike County, Kentucky, each capable of producing 1,000,000 tons of coal per year over about 25 years. A subsidiary, Leslie Coal Mining Company (LC),
has been formed, owned 80% by the Company and 20% by PM, to construct and develop one of the mines. Significant aspects of LC's financial position are suanr~rized as follows (in thousands):
December 31 1975 1974 To 't a 1 a s s e 't s ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ to ~ ~17 744 ~2946 Notes payable to bank (guaranteed by the Company)..... ~......;... 16 200 (89)
EXHIBIT K PAGE 10 OF ll The Company has guaranteed the obligations of LC under the terms of bank loan agreements and a lease financing arrangement which
'can provide up to $ 49.7 million in funds for the LC mine (currently estimated maximum capital cost i.s $ 50 million). The Company has further agreed to advance any other funds required by LC and to cause LC to complete the mine not later than December 31, 1979. The Company and PM have entered into coal purchase contracts for 80%%u and 20%%u, respectively, of LC's production at prices sufficient to meet all of its costs. The adjacent mine is currently expected to cost approxi-mately $ 46.6 million.
Rentals, excluding nuclear fuel, charged to income were approximately $ 7,400,000 in 1975. Minimum rental commitments under
'oncancelable leases (except for nuclear fuel) at December 31, 1975 were approximately (in thousands):
ICT "
~Pa ab1e . Generators Other Total 1976 3,800 $ 2,800 $ 6,600 1977 3,800 2,400 6, 200 1978 3,800 1,400 5,200 1979 3,800 800 4,600 1980 3,800 700 4,500 1981-1985 19$ 000 3,400 22,400 1986-1990 19,000 3,100 22>100 1991-1995 19,000 2,300 21$ 300 Rema ind er 13,300 6, 300 19$ 600 Rentals under a nuclear fuel lease totaled $ 5,400,000 in 1975 of'which $ 3,500,000 for 1975 was charged to income. Such rentals include a component based on energy produced and another computed on the lessor's unamortized acquisition cost($ 47,100,000 at December 31, 1975). Rental payments for nuclear fuel presently under lease are estimated to approximate $ 11,000,000 in 1976 and 1977 and declining each year thereafter through 1980. Under the terms of the leases for the internal combustion turbine (ICT) generators and the nuclear fuel, the Company, under certain circumstances, is contingently liable to purchase the properties from the lessors. The Company is responsible for expenses in connection with most of the leased properties, including insurance, taxes and maintenance.
Electri.c utility plant at December 31, 1975 includes approxi- ~
mately $ 15 million representing cost less accumulated depreciation of four hydroelectric projects licensed by the Federal Power Commission (FPC), which licenses expire in 1976, 1993 and 2008. Upon or after expiration of each license, the United States may take over the project, or the FPC may i,ssue a new license either to the Company or a new licensee.
In the event of a takeover or licensing to another licensee, the Company would be paid its "net investment" in the project, not to exceed fair value, plus severance damages, if any. No provision for amortization reserves as required for the determination of "net invest-ment" has been recorded as such amounts, if any, are considered immaterial. In 1973, the Company applied for a new 50-year. license for the Valters Hydroelectric Project which original license m~ires in November 1976. A competing application has been filed by a group (90)-
EXHIBIT K PAGE 1l OF .
of rural electric cooperatives. The Company expects that its license application will be granted.
The Company is a member of Nuclear Mutual Limited, established to provide insurance coverage against property damage to generating facilities. The Company would be sub)ect to a members'uclear maximum assessment of about $ 19 million in the event of losses.
In 1972 the Company comnitted a total of $ 3,450,000 for research concerning development of the Liquid Metal Fast Breeder Reactor payable in ten equal annual installments through 1981.
- 5. PROPOSED ACCOUNTING RULES In Hay 3.976 the FPC published for comment certain proposed revisions in its uniform system of accounts which would provide for a formula establishing a ceiling on AFC (allowance for funds used during construction) rates 'and the separate reporting in the statement of income of the debt .
and equity portions of AFC. The ultimate effects, if any, on the Company's financial position and results of operations are not presently determin-able pending definitive action on the proposal.
I. FUEL AUDIT REPORT AUDIT SCOPE As a part of the Staff's continuing audit of Fossil Fuel Adjustment Clauses under the jurisdiction of this Commission, and as a part of the current rate proceeding, Staff has completed an audit of the Fuel Adjustment Clause currently applied by Carolina Power and Light Company.
The scope of the audit encompassed the year ending December 31, 1975. The months of March, June, August and December, 1975, were selected for detailed audit review.
The review consisted of checking computations and source documentation as deemed necessary to ascertain that the fuel adjustment factor was applied. within the intent of the South Carolina Public Service Commission Order No. 18,105, which approved Carolina Power and Light's Fossil Fuel Adjustment Clause.
The Audit was conducted under the authority of the South Carolina Public Service Commission Order No. 17,186, which provides for Staff investigations of fuel adjustment clauses.
AUDIT OBJECTIVES The specific audit objectives were:
(1) To determine that CP&L is computing and applying the Fuel Adjustment Factor to South Carolina Retail Customers as intended under Order No. 18,105.
(2) To update Staff's documentation of CP&L's internal control in the area of purchasing.
(92)
FACTOR APPLICATION The first objective was accomplished using a reconciliation of the Fuel Stock Account as an audit control. The amount charged as burned cost was traced into the factor computation and test checked. The month of August, 1975, was selected for this test because average purchase cost per ton of.'coal was the closest to the average purchase cost per ton for the year 1975.
The Staff selected coal and g2 fuel oil purchase orders for review and testing of fuel receipts. The Staff found no exceptions in its analysis of purchase orders and freight bills.
Since CP6L does not have its fuel accounting system computerized, the Staff did not utilize the Auditape in its audit procedures.
However, full computerization is being implemented by the Company and the Staff is planning to utilize the Auditape in future audits.
PURCHASING I
The second objective was accomplished by the Staff's investigation into CP&L's fuel purchasing procedures. This investigation consisted of a review of the Company's policies for spot market purchases and company procedures for investigating the increases in contract prices passed through by contract escalation . clauses.
(1) The selection of spot coal to be purchased is made from information provided by vendors in response to Carolina Power and Light's monthly bid solicitation and from historic data compiled on previous purchases. The selection is
based on the required coal specifications and quantity needed at each plant along with the total delivered cost of both spot and contract coal. Data from the supplier quotations is used in a computer evaluation program that accesses purchase history files and applies the freight rate to arrive at the most economic distribution of expected contract receipts along with the necessary spot, coal purchases to each plant.
The selection and distribution. provided by the evaluation program is designed to allow each plant to meet the required coal specifications while incurring the lowest total delivered cost.
(2) The Staff also investigated the Company's procedures for investigating cost increases passed on to the Company through escalation clauses in coal contracts. The Staff did not perform this area of investigation with the intent of evaluating the propriety of the contracts. Zt was the intent of the Staff to determine if the Company is implementing cost control in its fuel purchasing in an attempt to obtain the lowest costs for the ratepayer. This area will be of continuing interest to the Staff.
The contract escalation-. clauses are generally for labor cost increases and for material (coal) cost increases. The Staff found that CPGL cost control procedures varied with each vendor and contract. The Staff investigated the following four vendors'ontract escalation clauses:
A. United Collieries, Inc.
The contract with United contains a specific price per ton escalation as of a specific date. The purpose of the escalation . was to cover the producers anticipated increased cost of production due to wage increases in the industry effective the date of the escalation. This contract was for a period of one year.
B. Eastern Associated Coal Corporation Under terms of this contract Eastern is allowed to escalate for materials in accordance with movements in the "Index of Wholesale 'Prices by Durability of Product, Total Manufacturers'urable, U. S. Department Labor, Bureau of Labor and Statistics." Eastern sends its computations to CP&L for review and approval. Company personnel evaluate the escalation, and if any differences are found the Company does not pay the escalation until these differences are resolved.'ome differences have resulted in audits by Haskins and Sells, CPAs on the Company's behalf and in arbitration proceedings.
C. Continental Coal Sales Corporation The terms of the contracts with Continental provide for escalation or deescalation for changes in the costs of mining.
The escalations passed through on these contracts during 1975 were accepted subject to adjustment after audit by CP&L.
D. A. T. Massey Coal Co., Inc.
The contract with Massey provides for annual market price renegotiations and for escalation for increases in the costs of production. On November 29, 1974, Massey informed CP&L that Massey desired to renogotiate'he contract price.
A new contract price was agreed upon which included all increases for production costs. These increases were audited by CP&L's internal audit department; II. EXHIBI'Z.:: PURCHASE COST OF COAL PER TON This Exhibit shows the purchase cost of coal per ton from September 1973 through April 1976, along with the number of days supply on hand during that period. Coal prices declined from an average price of $ 29.04 per ton (Total Cost) in 1974 to an average of $ 25.87 for 1975.
III. ACCOUNTING PROCEDURES PROPOSED FUEL ADJUSTMENT The, Staff recognizes that various procedures for implementing an Automatic Fuel Adjustment are utilized by one or more utilities under the jurisdiction of this Commission.
Any procedure will consist of four related but separate steps.
(96)
These're (l) determining the cost, to be passed through; (2) distributing those costs to the rate payers; (3) collecting the distributed costs from the ratepayers; and (4) accounting for the related expenses and revenues that are produced by the transaction. It is the Accounting.Staff's recommendation for the items above that each month's fuel cost above base is to be charged to that month's usage by each customer of the Company and billing should be deferred 60 days to enable the Company to use actual costs. The Company should use an expense deferral or a revenue accrual method to account for any lag in collections.
Cia.IIIA PCIiFI? 1viD l,iCSCC KN'A!iV CIA70lh~>fi IX'I'FAfr -
Pl?\ 'I%I SH'Ii?II?Di? ?973 AI"?II )976
~
(1) (2) (3) (4) (5) (6) (7) (8)
Contract Spot Overall 'Ibtal Days Contract 5 mt Cost Freiq".t Cost ~S' Septa;ber 1973 8. 37 72. 71 8. 30 27. 29 8. 35 3.68 12.03 74 October 8.64 60. 5$ S. 76 39.aS S.GB 3.94 12. G2 57 wvcaCv r ~ 8.94 60. 34 6. 7l 39.GG Bi85 3.96 12.81 60 December 6.72 67. 41 8. 79 32.59 8.74 4 '7 12.81'4.66 47 January 1974 9.34 67.58 14.G6 32. 42 11.07 3.79 58 February 13.14 4i6. 66 22.04 53. 34 17.89 4.34 22.23 59 Ia~rch 9.62 43. 67 26.79 SCI. 33 19.37 23.81 59 A(n'll 10.09 47.18 28.06 52.62 19.58 4.44'.78 24 '6 59 Kly 10.31 53.64 61.76
?8.07 27.67 46 '6 18.54 5.05 23.59 43 June 10.19 36.24 16.87 4.28 21.15 35 July 9.91 45.93 30.05 $ 4.07 20.60 4.64 25.64 24 Ausust 10.38 25. 09 35.31 74.91 29.05 5.56 34.61 25 Septa ber 10.31 22. 19 36.02 71. 81 30.32 5.45 35. 71 46 October 17.18 19. 57 38.56 80.43 34.38 5.75 40. 13 64 Irlvcnber 11.81 25. I3 39 50 74 ~ 27 32.38 5 '9 37.87 77 Dco?nber 4S.86 20.00 37. 36 60.00 39.04 5.49 44.53 66 January 1975 1$ .12 47.64 33.93 52 ~ 36 24.97 4.67 29. 64 78 FcbDLlry 19.14 GB. 22 31.18 3). 78 22.97 5.06 26.03 71 N~rch 18.71 G3.10 16.99 36. 90 18.81 5.43 24.21 66 April 18.83 56.82 l8.54 43. 18 18.70 s.ss 24.25 $9 itsy 21.G9 62.89 19.06 37.1'. 20.71 5.29 2Ci.nn 49 Jesse 20.84 71.07 18.83 26 '3 20.28 4,97 25.2$ 48 July 20.48 52.50 17.01 47.50 18.83 5.23 24.06 58 Au9?et '?3.86 53.24 16.73 4G.76 20i52 5.32 25.84 63 Septccber 22.51 74.07 15.08 25.93 20i58 5.39 25.97 55 Octo?mr 22.30 64.99 16.10 35. 01 20.13 5.48 25.61 59 N>varber 21.37 60.72 15.78 39 '6 19.18 5.75 24.93 64 ber 23.26 67.77 15.51 32.23 20.76 5.91 26.67 66 January 1976 2?.. 20 Ci3. 34 15.91 36 'G 19.89 5.80 25.69 64 February 22.20 85.20 15.86 '4.80 21.26 6.00 27.26 ')7 Y~rch 20.56 88.28 14.92 11.72 19.90 5.53 2$ ~ 43 85 April 20.20 82.50 13.84 17isn 19.09 5,71 24.86 78
~ ~ W ~ ~ we li, i'i ~ I r ~ ~ '< g ~" r, ~ I
'I CAROLINA POWER AND LIGHT COMPANY RALEIGH, NORTH CAROLINA RATE CASE 1976 DOCKET NOS. 18,361 and 18,387 REPORT OF ELECTRIC DEPARTMENT STAFF UTILITIES DIVXSION THE SOUTH CAROLINA PUBLIC SERVXCE COMMISSION
HARRIS EXHIBIT 1 UNIT COST OF TOTAL FUEL FOR 1976 Month Cost Sales (MWH) Mills/KWH Jan.* $ 20,305,335 2, 371, 700 8.562 Feb.* 14,955,377 2,265,851 6. 600 Mar.* 15,721,167 2,024,836.5 '7. 764 Apr.* 16,069,674 1,921,924.1 8. 361 May 14,373,451 1,824,105 7. 880 June 18,856,010 2,074,039 9.091 July 20,928,320 2,182,975 9.587 Aug 21,654,458 2,369,617 9.138 Sept. 16,924,582 2,340,264 7.232 Oct. 15,383,571 2,065,325 7.448 Nov. 19,916,790 1,999,044 9.968 Dec. 20,423,889 2,133,789 9.572
"'Actual Average for year is 8.43 = 8.5 Mills per KWH Cost Base Credit./1000 KWH Debit/1000 KWH J 8. 562 8.5 $ 0.06 F 6. 600 8.5 1.90 M 7. 764 8.5 0.74 A 8. 361 8.5 0.14 7.880 8.5 0. 62 J 9.091 8.5 0.59 J 9.587 8.5 1.09 A 9.138 8.5 0.64 S 7.232 8.5 1.27 0 7.448 8.5 1.05 N 9 968 8.5 1.18 D 9 '72 8.5 1.07
$ 5.72 ,$ 4.57 8.5 in Base alloii~s 6 mos. Credit and 6 mos. Debit
BASE RATE COMPARISON RESIDENTIAL CUSTOMER (With June Fuel Adjustment)
APPROVED PROPOSED AMOUNT RATE DOCKET INCREASE LINE SERVICE KWH 1-15-75* jj18,387** DOLLARS PERCENT 01 General Min R4K $ 2 00~ R4R $ 2.80 $ .80 40.00Ã 02 100 4.74 6. 04 1.30 27.43%
03 250 9 '2 12.20 2. 58 26.82K 04 500 16.10 21.36 5. 26 32.671o 05 750 22.57 30. 82 8.25 36.55%
06 1,000 28.95 39.62 10.67 36.86'5 07 2,000 54.36 74.82 20.46 37. 64'A 08 3,000 79.77 110. 02 30.25 37.92K 09 Water Heater Min R3M 2. 00 R3T 2. 80 .80 40.00K 10 100 4.74 6. 04 1.30 27. 43K 11 250 9.30 11. 79 2.49 26. 77K 12 500 14.61 19. 09 4.48 30.66%
13 750 19.13 26. 92 7.79 40.72K 14 1,000 25.12 35. 52 10.40 41.40K 15 2,000 50.53 70. 72 20.19 39.96K 16 3,000 75.94 105.92 29.98 39.48K 17 All Electric Min R2M 2. 00 R2T 2. 80 ~ 80 40.005 18 100 4.74 6. 04 1 ~ 30 27.43K 19 250 9.30 11.79 2.49 26.77/.
20 500 14.61 19. 09 4.48 30.66K 21 750 19.13 26.92 7.79 40.72K 22 1,000 24.32 33.84 9.52 39.14%
23 2,000 45.73 60.64 14.91 32.60Ã 24 3,000 66.54 86.69 20.15 30.28K Fuel in base rate of 0.5134 per KWH plus F.A.C. of 0.3914 per KWH Fuel in base rate of 1.010$ per KWH (Based on Nuclear and Fossil Clause, therefore a deduction or credit would be necessary; 1.010 less .85
( NuclearSFossil Staff Proposal ) equals 0.164 per KWH; and .85 less
.84985 (Cost of total fuel burned for June) equals 0.000154 per KWH; therefore a deduction or credit to the consumer from proposed base of 6/15/76 0.160154 per KWH)
BASE RATE COMPARISON RESIDENTIAL CUSTOMER (Without Fuel Adjustment)
APPROVED PROPOSED AMOUNT RATE DOCKET INCREASE LINE SERVICE 1-15-75* /jl8,387** DOLLARS PERCENT
-01 General Min R4K $ 2.00 R4R $ 2.80 .80 40.00K
- 02. 100 4.35 6.20 1.85 42.53%%d 03 250 8.64 12.60 3.96 45.835 04 500 14.14 22.16 8.02 56.72%
05 750 19.64 32.02 12.38 62.94K 06 1,000 25.04 41.22 16.18 64. 62'5 07 2,000 46.54 78.02 31.48 67.64%%d 08 3,000 68.04 114.82 46.78 68.75$
09 Water Heater Min R3M 2. 00 R3T 2.80 .80 40.00K 10 100 4.35 6. 20 1.85 42.53$
11 250 8.32 12.19 3.87 46. 51Ã 12 500 12. 65 19.89 7.24 57. 23Ã 13 750 16. 20 28.12 11.92 73.58K 14 1,000 21. 21 37.12 15.91 75.01%%d 15 2,000 42. 71 73.92 31.21 73.07K 16 3,000 64.21 110.72 46.51 72.43K 17= All Electric Min R2M 2. 00 R2T 2. 80 .80 40.00$
18 100 4.35 6. 20 l. 85 42.535 19 250 8.32 12.19 3.87 46.51Ã 20 500 12 65
~ 19.89 7.24 57. 23K 21 750 16.20 28.12 11.92 73.58K 22 1,000 20.41 35. 44 15. 03 73.64K 23- 2,000 37.91 63.84 25. 93 68.40K 24 3,000 54.81 91.49 36.68 66.92K
- Fuel in base rate of 0.5134 per KWH Fuel in base rate of 1.010$ per KWH (Based on Nuclear and Fossil Clause) 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTIAL CUSTOMER (With June Fuel Adjustment)
APPROVED STAFF AMOUNT RATE PROPOSAL INCREASE LINE SERVICE KWH 1-15-75* 4-21-76** DOLLARS PERCENT 01 General Min R4K $ 2.00 0 4.50 5 2.50 125. 005 02 100 4.74 7.82 3. 08 64.98%
03 250 9. 62 12.81 3.19 33.165 04 500 16. 10 21.05 4.95 30.755 05 750 22. 57 29.24 6. 67 29.55K 06 1,000 28.95 37.03 8. 08 27.91%
07 2,000 54.36 67. 78 13.42 24.695 08 3,000 79.77 98.53 18.76 23.525 09 Water Heater Min R3M 2. 00 4. 50 2. 50 125. 005 10 100 4.74 7.82 3.08 64. 98%
11 250 9. 30 12.81 3.51 37.745 12 500 14. 61 20.19 5. 5S 38.19Ã 13 750 19. 13 26; 94 7.81 40.835 14 1,000 25. 12 34.46 9. 34 37.185 15 2,000 50. 53 65.21 14 68
~ 29.055 16 3,000 75. 94 95.97 20. 03 26.384 Summer 17 All Electric Min R2M 2.00 5. 00 3. 00 150. OOK 18 100 4.74 8.32 3.58 75. 535 19 250 9.30 13.31 4. Ol 43. 12'5 20 500 14.61 20.69 6. 08 41,62fo 21 750 19. 13 27.46 8.33 43.54K 22 1,000 24.32 34. 96 10.64 43.755 23 2,000 45.73 65. 71 19. 98 43.69K 24 3,000 66. 54 96.46 29.92 44.975 Winter 25 Min R2M 2. 00 5. 00 3.00 150. OOX 26 100 4.74 8.32 3.58 75. 535 27 250 9. 30 13.31 4. Ol 43.12%
28 500 14. 61 20. 69 6. 08 41.621'3.54%
29 750 19. 13 27.46 8.33 30 1,000 24.32 34.76 10.44 42.93K 31 2,000 45.73 60. 31 14.58 31.88%
32 3,000 66.54 81.66 15.12 22.72%
Fuel in base rate of 0.513( per KWH plus F.A.C. of 0.3914 per KWH Fuel in base rate of 0.8504 per KWH (Based on Nuclear and Fossil Clause), therefore since cost of fuel burned was 0.849854 per KWH a credit to the customer of 0.00015( per KWH is necessary 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTI'AL CUSTOMER (without Fuel Adjustment)
APPROVED STAFF AMOUNT RATE PROPOSAL INCREASE LINE SERVICE 1-15-75* 4-21-76** DOLLARS PERCENT 01 General Min R4K $ 2. 00 $ 4.50 $ 2. 50 125.00%
02 100 4. 35 7.84 3.49 80. 23K 03 250 8.64 12. 85 4.21 48. 735 04 500 14.14 21. 13 6. 99 49.43K 05 750 19.64 29.35 9.71 49.44K 06 1,000 25.04 37.18 12.14 48. 48'5 07 2,000 46. 54 68.08 21. 54 46.285 08 3,000 68. 04 98.98 30. 94 45. 475 09 i)a ter Hea ter Min R3M 2. 00 4. 50 2. 50 125.005 10 100 4.35 7.84 3.49 80. 23'A ll 12 250 500
- 8. 32
- 12. 65
- 12. 85
- 20. 27
- 4. 53 7.62
- 54. 45$
60.24Ã 13 750 16. 20 27. 07 10.87 67.10K 14 1,000. 21. 21 34.61 13.40 63.18Ã 15 2,000 42. 71 65.51 22.80 53.39/
16 3,000 64. 21 96.41 32.20 50.15%
Su+ver 17 All Electric Min R2M 2. 00 5. 00 3. 00 150.005 18 100 4.35 8.34 3. 99 91.72%
19 250 8.32 13.35 5. 03 60.465 20 500 12.65 20.77 8.72 68.97Ã 21 750 16.20 27.57 11.37 70. 19/o 22 1,000 20. 41 35.11 14.70 72. 02$
23 2,000 37. 91 66.01 28.10 74.125 24 3,000 54.81 96.91 42.10 76.81K i<inter 25 Min R2li 2. 00 5. 00 3. 00 150. 00/o 26 100 4.35 8.34 3. 99 91. 721o 27 250 8. 32 13 35
~ 5. 03 60.46%
28 500 12. 65 20. 77 8. 72 68.97/o 29 750 16. 20 27. 57 11.37 70. 19Ã 30 1,000 20. 41 34. 91 14.50 71. 04/
31 2,000 37. 91 60. 61 22.70 59.87K 32 3,000 54. 81 82. 11 27.30 49.81K Fuel in base rate of 0.5134 per KWH Fuel in base rate of 0.850( per Kl]H (Nuclear and Fossil) 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTIAL CUSTOMER (WITH JUNE FUEL ADJUSTMENT)
Approved Proposed Amount Rate Alternate Increase Line Service 1-15-75* Rate** Dollars Percent General Min R4K 5 2.00 R4T $ 4,40 $ 2.40 120.00K
- 100 4.74 7.72 . 2.98 62.87 03 250
'2 12.71 3.09 32 '2 04 500 16.10 20.95 4.85 30.12 05 '750 . 22.57 29.14 6,57 29.11
'06 1000 28.95 '6,93 7.98 27.56 2000 54.36 67. 68 13.32 24.50 08 3000 79.77 98.43 18.66 23.39 09 Hater Heater Min R3M 2,00 R3V 4. 55 2.55 127.50 10 100 4 '4 7.87 3.13 66.03 ll 250 500 9.30 14.61 12.86 20.24 3.56 5.63 38.28 38.54 12 13 750 19.13 27.01 7.88 41.19 14 1000 25.'12 34. 5] 9.39 37.38 15 2000 50.53 65.26 14.73 29.15 16 3000 75.94 96. 01 20,07 26.43 Surfer 17 All Electric ~
Min R2N 2.00 R2V ',008.32 F 00 3.58 150. 00
- 75. 53 18 100 4.74 19 250 '9.30 13,31 4.01 43,12 20 500 14.61 20.69 6.08 41. 62 21 750 19.13 27.46 8,33 43,54 22 1000 24.32 34,96 10.64 43.75 23 2000 45.73 65..71 19.98 43,69 24 3000 66.54 96. 46 29,92 44,97 Hinter 25 Min R2M $ .00 R2V 5.,00 3. 00 150,00 26 100 4.74 8,32 3.58 75.53-27 250 9.30 13. 31 4,01 43,12 28 500 14.61 20.69 6.08 41,62 29 750 19.13 27.46 8,33 43.54 30 1000 24.32 34 '6 10.44 42.93 31 2000 45. 73 60.31 14.58 31,88-32 3000 66 '4 81,66 15.12 22. 72
- Fuel in. base.cate'f.'0,5134 per'..Klitll plus F,A,C, of 0,391( per'HH,.-
~"'Fuel in base rate of 0.850( per KHH (Based on Nuclear and Fossil Clause),,
therefore since cost of fuel burned eras 0,84985( per KHH a credit to the customer of 0.00015( per KWH is necessary 6-15-76
HARRIS EXHIBIT 7 BASE RATE COMPARISON RESIDENTIAL CUSTOMER (WITHOUT FUEL ADJUSTMENT)
Approved Proposed I Rate Alternate Increase i 1-15-75* Rate** Dollars Percent Line Service Dl Gener al Min :R4K $ 2;00 $ 4,40 $ 2.40 120,005 100 4.35 7.74 3;39 77.93 02.
250 8.64 98,88'mount 12.75 4.11 47.57
)'e03 500 750 14.14 19.64
- 21. 03 29.25 6.89 9.61 98,73 48,93 1000 25.04 37.08 12.04 48,08 "
2000 46.54 67.98 21.44 46,07 D8 3000 68.04 30.84 45.33 09 I/ater Heater Min R3M 2.00 R3 4.55 2.55 127, 50 10 100 4. 35 7.89 3.54 81, 38 ll 250 500
- 8. 32
- 12. 65 12.90 20.32 4.58 7-67 55,05
- 60. 63-12 13 750 16. 20 27.12 10.92 67,41 14 1000 21. 21 34. 66 13.45 63,41 15 2000 42. 71 65. 56 22.85 53.50 16 3000 64. 21 96.46 32.25 50,23 Summer l7 All Electric Min R2M F 00 R2V 5. 00 3. 00'.99 150,00 18 100 4.35 8,34 91.72 19 250 8.32 13.35 5.03 60.46 500 12,65 20.,77 8.12 64.19 750 16.20 27, 57 11, 37 70.19 1000 20 '1 35. 11 14. 70 72,02 2000 37.91 66. 01 28.10 74,13 24 3000 54,81 96. 91 42.10 76.81 I Winter 25 Min R2M 2,00 R2V 5,00 3,00 150,00 100 4.35 8. 34 3.99 91,72 250 8. 32 13. 35 5.03 60,46 500 12,65 20,77 8,12 64.19 750 16,20 27s57 11.37 70,19 1000 20.41 34,91 14. 50 71.04 L 2000 37,91 60. 6'1 22.70 59.88 3000 54.81 82. 11 27,30 49,81
- Fuel in base rate of 0.513( pee KWH
- Fuel in base rate of 0.8504 per KWH (Nuclear and Fossil) 6-15-76
HARRIS EXHIB]: o BASE RATE COliPARISOII RESIDENTIAL CUST64ER (With June Fuel Adjustment)
APPROVED . RATE PROPOSED PROPOSED STAFF RATE UNDER DOCKET ALTERWATE 'ROPOSAL L]llE SERV]CE KWH 1-15-75* BOIID*~ '38 387*** RATE>>**>> 4-2]-76~*"*
Ol General lhin R4K $ 2.00 R4R $ 2.80 R4R $ 2.80 R4T $ 4.40 $ 4. 50 02 )00 4.74 s'.es 6. 04 7.72 7.82 03 250 9. 62 11.22 12.20 12.71 12.81 04 500 16.]0 19.39 21.36 20.95 21.05 05 750 22.57 27.87 30.'82 29.14 29.24 06 1,000 28.95 35. 68 39.62 36. 93 37.03 07 2,000 54.36 66.95 74.82 67. 68 67.78 08 3,000 79.77 98.21 "]10. 02 98.43 98.53 09 Mater Heater i<in R3M 2.00 R3T 2. 80 R3T 2. 80 R3V 4.55 4.50 10 100 4.74 5. 65 6. 04 7.87 7.82 11 250 9.30 10.81 11.79 ]2.86 12.8]
12 500 ]4. 6] 17.12 19. 09 20.24 20.] 9
]3 750 ] 9.13 23. 97 26. 92 27 01 26 94 14 1,000 25.12 31. 58 35. 52 34.5) 34.46 15 2,000 50. 53 62. SS 70. 72 65.26 65.21 16 3,000 75. 94 94.11 105. 92 96.0) 95.97 Sunder 17 All Electric Min Rzli 2. 00 R2T 2. 80 '2T 2. 80 R2V 5. 00 5. 00
]8 100 4. 74 5. 65 C. 04 8.32 8.32 19 250 9.30 10.81 11.79 ) 3.31 )3.31 20 500 ]4.6) ]7.12 ) 9.09 20. 69 20. 69 21 750 1.9.13 23. 97 26.92 27.46 27. 46 22 1,000 24.32 '29. 90 33. 84 34. 96 34.96 23 2,000 45. 73 52.77 60. 64 65. 71 65.71 24 3,000 ee.s4 74.88 06.69 96. 46 96.46 Minter 25 Min R2!TI 2. 00 RBT 2.80 R2T 2.80 R2V 5. 00 5. 00 26 ]00 4.74 5. 65 6. 04 8.32 8.32 27 250 9.30 10.81 11.79 13.31 s3.3) 28 500 14.61 17.12 )9.09 20.69 E.'0. 69 29 750 19. 13 23. 97 26. 92 27. 46 27. 46 30 ) .000 24.32 29. 90 33.84 34.76 34.'75 3] 2,000 45. 73 52. 77 60. 64 60. 3] 60. 31 32 3,000 66. 54 74.88 86. 69 81.66 8].66
- fue) in base rate of 0.513C per KMH plus 0.391C-per ICMH F.A.C.
- Fuel <<n base rate of ).0)OC per IXH less 0.5536f per VMH plus 0.39]f per V!3TH F.A.C.
~** Fuel in base rate of ).OIOC per Kl'H less 0.160C per KMH less 0.000)5C per VMH credit
'~** Fuel in base ra te of 0. 850 f per hWH less 0.0015C per KlIH credit F.A.C. 6/16/76
HARRIS EXHIBIT 9 RESIDENTIAL SERVICE ALL ELECTRIC SCHEDULE R-2 Present Rates 1/ Com an Pro osed Rates
- 4. 99< per YWH for the f irst 50 KWH 7, per KWH for the first 50 KWH
- 3. 71< per KWH for the next 100 KWH 02',37' per KWH for the next 100 KWH 2.43< per KWH for the next 50 KWH 72C per KWH for the nex t 50 KWH 1.79< per KWH for the next 50 KWH 2 per Y.WH for the next 50 KWH 2.20< per KWH for the next 100 KWH 90',24<
per KWH for the next 50 KWH 1.42< per KWH for the next 450 KWH 3.29e per KWH for the next 500 KWH 1.75< per KWH for the next 1700 KWH 2.84< per KWH for the next 1700 KWH 1.63'er KWH for all over 2500 KWH 2.69< per KWH for al 1 over 2500 KWH
$ 2. 00 Minimum Bill $ 2.80 Minimum Bi 1 1
~Rff P 1 2i 4/
Summer .
$ 5.
3.34'.
09'inter 00 724 3/
S5. 00 per per 1 i KWH YWH ti es Charge 5/
for the first 350 KWH for the next 450 KWH
- 3. per KWH for all over 800 KWH 3.34'. 99'.15'aci 72/
per per KWH KWH for for the first 350 KWH the next 450 KWH
- 2. per KWH for the next 700 KWH per KWH for all over 1500 KWH 1/ Rates approved in Commission Order No. 18,100, Docket No. 17,134; rates do not include current Approved Fuel Clause 2/ KMH rates include 0.85004/Kl(H for fuel in base rate 3/ Billing months of July through October; usage months of June through September 4/ Billing months of November through June; usage months of October through Hay 5/ Facilities Charge applies regardless of KHH consumption, CP&L's alternate rate is identical to Staff' April 21, 1976
HARRIS EXHIBIT 10 RESIDENTIAL SERVICE WATER HEATING SCHEDULE R-3 Present Rates 1/ Com an Pro osed Rates 4.99( per KWH for the first 50 KWH 7.02< per KWH for the first 50 KWH 3.7lr, per KWH for the Next 100 KWH 5.37C per KWH for the next 100 KWH 2.434 per KWH for the next 50 KWH 3.72'er KWH for the next 50 KWH 1.79< per KWH for the next 50 KWH 2.90< per KWH for the next 50 KWH 2.20< per KWH for the next 100 KWH 2.24< per KWH for the next 50 KWH 1.42< per KWH for the next 450 KWH 3.29< per KWH for the next 500 KWH 2.15< per KWH for al1 over 800 KWH 3.68< per KWH for a11 over 800 KWH
$ 2. 00 Hinimum Bill $ 2.80 Minimum Bill
~fff 2 1 ff 3
09'acilities
$ 4.50 34'.72' per KWH Charge for the first 350 KWH per KWH for the next 450 KWH per KWH for all over '800 KWH 1/ Rates approved in Commission Order No. 18,100, Docket No. 17,134; rates do not include current approved 'Fuel Clause .
2/ KWH rates include 0.8504/KWH for fuel in base rate 3/ Facilities Charge applies regardless of KWH consumption, CP&L's alternate rate uses same block rates as Staff proposal but has $ 4. 55 facilities charge 2
April 21, 1976
HARRI S EXHIBIT 3.1 RESIDENTIAL SERYICE GENERAL SCHEDULE R-4 Present Rates 1/ Com an Pro osed Rates 4.99C per KWH for the first 50 KWH 7.02C per KWH for the first 50 KWH 3.71C per KWH for the next 100 KWH 5.37C per KWH for the next 100 KWH 2.43C per KWH for the next 100 KWH 3.72c per KwH for the next 100 KwH per KWH for the next 550 KWH
'.20C 3.07C per KWH for the next, 50 KWH 2.15C per KWH for all over 800 KWH 4,01C per KWH for the next 400 KWH
$ 2.00 Hinimum Bill 3.68C per KWH for all over 700 KWH
$ 2.80 Ninimum Bill
~581 2 1 2/
(4.50 Facilities Charge 3/
3.34c per KWH for the first 350 YWH 3.29c per KWH for the next 450 KWH 3.09c per KWH for all over 800 KWH 1/ Rates approved in Commission Order No. 18,100, Docket No. 17,134; rates do not include current approved Fuel Clause 2/ KHH rates include 0.850(/Kl.'H fot fuel in base rate 3/ Facilities Charge applies regardless of KllH consumption, CPEL's alternate rate uses same block rates as Staff proposal but has $ 4.40 facilities charge April 21, 1976
HARRIS EXHIBIT 12 TABLE 1 LOAD, CAPABILITY, RESERVE MEGAWATTS PEAK GENERATING PURCHASES AND TOTAL RESERVE RESERVE YEAR LOAD CAPABILITY SALES, NET RESOURCES MARGIN / LOAD 1976 5396 6538 82.5 6620.5 1224.5 22.7 1977 5836 7495 221.5 7716. 5 1880.5 32. 2 1978 6330 7495 227.5 7722. 5 1392. 5 22. 0 1979 6821 7495 227.5 7722. 5 901. 5 13.2 1980 7342 8215 127.5 8342. 5 1000. 5 13.6 1981 7904 8215 75. 0 8290. 0 386 4.9 1982 8492 8215 75.0 8290. 0 (202) (2.4) 1983 9086 . 8935
- 75. 0 9010. 0 (76) 1984 9707 9835 75. 0 9910. 0 203 2.1 1985 10363 10555 75. 0 10630. 0 267 2.6 (1) Includes generating unit additions and expected uprates of existing units.
( ) INDICATES NEGATIVE NUMBER 6/23/7 6
HARRIS EXHIBIT l3 SOUTH CAROLINA PUBLIC SERVICE COMMISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 SUMMER LOAD YEAR PEAK ADJ PEAK 1960 1 1237 1199 1961 2 1338 1326 1962 3 1468 1466 1963 4 1561 ~
1622 1964 5 1737 1794 1965 6 1931 1984 1966 7 2184 2194 1967 8 2270 2427 1968 9 2834 2684 1969 10 3055 2969 1970 11 3484 3283 1971 12 3625 3632 1972 13 4119 4017 1973 14 4711 4443 1974 15 4771 4914 1975 16 5060 5435 YEAR PROJ PEAK 1976 6011 1977 6649 1978 7354 1979 8134 1980 8996 1981 9950 1982 11006 1983 12173 1984 13464 1985 14892 1986 16471 1987 18218 1988 20150 1989 22287 1990 24651 AVG. PER CENT INCREASE EQUALS 10. 606 6/22/76
HARRIS EXHIBIT 14 SOUTH CAROLINA PUBLIC SERVICE COMMISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 SUMMER LOAD YEAR . PEAK ADJ PEAK 1968 2834 2860 1969 3055 3120 1970 3484 3404 1971 3625 3714 1972 4119 4052 1973 4711 4421 1974 4771 4823 1975 5060 5262
'EAR PROJ PEAK
.1976 5741 1977 6264 1978 6834 1979 7456 1980 8135 1981 8876 1982 9684 1983 10566 1984 11527 1985 12577 1986 13722 1987 14971 1988 16334 1989 17821 1990 19444 AVG. PER CENT INCREASE EQUALS 9. 105 6/22/76
HARRIS EXHIBIT 15 SOUTH CAROLINA PUBLIC SERYICE COYiNISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 SUtNER LOAD YEAR PEAK ADJ PEAK 1971 1 3625 3761 1972 2 4119 4080 1973 3 4711 4426 1974 4 4771 4802
'1975 5 5060 5209 YEAR PROJ PEAK 1976 5650 1977 6130 1978 6649 1979 7213 1980 7825 1981 8489 1982 9208 1983 9989 1984 10836 1985 11755 1986 12752 1987 13834 1988 15007 1989 '6279 1990 17660 AVG. PER CENT INCREASE EQUALS 8.481 6/22/76
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HARRIS EXHIBIT 17 SUMMER PEAK LOAD FORECAST PEAK PERCENT ACCUM. PERCENT ACCUM, YEAR LOAD M.W. GROHTH AAR ENERGY G,M.H. GROHTH AAR L.F.*
1960'961 1237 5875 .542
'1338 8. 16 8.16 6422 9.31 9. 31 .548 1962 1468 9.71 8.94 7088 10.37 9.84 .551 1963 1561 6.33 8.06 7769 9.61 .9.76 .568 1964 1737 11.27 8.86 8759 12.74 10.50 .576 1965 1931 11. 17 9.31 9707 10.82 10.56 .574 1966 2184 13.10 9.94 11006 13.38 11.03 .575 1967 2270 3.94 9 ~ 06 12140 10.30 10.92 .610 1968 2834 24.84 10.92 14026 15.53 11.49 .565 1969 3055 7.'80 10. 57 15617 11.34 11.47 .583 3484 14. 04 10. 91 17302 10.79 11.41 .567 1971 3625 4. 05 10. 27 18861 9.10 11.19 .594 1972 4119 13. 63 10. 54 20517 8.78 10,98 .569 1973 4711 ].4, 37 10. 83 23229 13. 22 11 ~ 15 .563 1974 4771 1.27 10.12 23607 1.63 10.44 .565 1975 5060 6. 06 9. 85 24057 1.91 9.85 .543 Actual Forecast
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976 5650 11.66 9.96 1977 6130 8.48 .9.87 1978 6649 8.48 9.79 1979 7213 8.48 9 '2 1980 7825 8.47 9.66 8,79Ã Compound 1981 8489 . 8 '9 9.60 1982 9208 8.48 9.55 1983 9989 8.47 9. 51 1984 10836 8. 48 9.46 1985 11755 8. 48 9.42 Average Annual Rate (A= P(l + r)n )
- Average L.F. = . 568 (Load Peak x 8760 6 76
HARRIS EXHIBIT 18 LOAD, CAPABILITY, RESERVE (SUMMER MEGAWATTS PEAK( GENERATING PURCHASES, TOTAL(2) RESERVE RESERVE YEAR 40AD CAPABILITY SALES, NET RESOURCES YiARGIN I LOAD 1976 5650 6538 82. 5 6620 ' 970. 5 17.2 1977 61 XO 7495 221.5 77'i6.5 1586. 5 25.9 1978 6649 7495 227.5 7722.5 1073.5 16.1 1979 7213 7495 227.5 7722.5 509.5 7.1 1980 7825 8215 127. 5 8342 ' 517.5 6.6 1981 848 9 8215 75. 0 8290.0 . (199) (2.3) 1982 9208 8215 75.0 8290.0 (918) (9.9) 1983 9989 8935 75. 0 9010.0 (g7g} (9. 8) 1984 10836 9835 75.0 9910.0 (926) 1985 11755 10555 75.0 10630.0 (1,125) (9.6)
(1) Staff Forecast (2) CPSL Figures dated 3/31/76 6-16-76
HARRIS EXHIBIT 19 SOUTH CAROLINA PUBLIC SERVICE COMMISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 WINTER'OAD YEAR N PEAK ADJ PEAK 1960 1 1266. 1250.
1961 2 1350. 1373.
1962 3 1516. 1508.
1963 4 1638. 1657.
1964 5 1749. 1820.
1965 6 1943. 1999.
1966 7 2127. 2195.
1967 8 2445. 2411.
1968 9 2660. 2648.
1969 10 3171. 2909.
1970 11 3400. 3195.
1971 12 3625. 3510.
1972 13 3957. 3855.
1973 14 '219. 4234.
1974 15 4261. 4651.
1975 16 4968. 5108.
YEAR PROJ PEAK 1976 5611.
1977 6163.
1978 6770.
1979 7436.
1980 8168.
1981 8971.
1982 9854.
1983 10824.
1984 11889.
1985 13059.
1986 14344.
1987 15755.
1988 17306.
1989 19009.
1990 20879.
AVG. PER CENT INCREASE EQUALS 9. 841 6/22/76
HARRIS EXHIBIT 20 SOUTH CAROLINA PUBLIC SERVICE COMMISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 ldINTER LOAD YEAR PEAK ADJ PEAK 1968 2660. 2828.
1969 3171. 3059.
1970 3400. 3309.
1971 3625. 3578.
1972 3957. 3870.
1973 4219. 4186.
1974 4261. 4527.
1975 4968. 4896.
YEAR PROJ PEAK 1976 5295.
1977 5727.
1978 6194.
1979 6699.
1980 7245.
1981 7836.
1982 8475.
1983 9166.
1984 9914.
1985 10722.
1986 11597.
1987 12542.
1988 13565.
1989 14672.
1990 15868.
AVG. PER CENT INCREASE EQUALS 8.'155 6/22/76
HARRIS EXHIBIT 21 SOUTH CAROLINA PUBLIC SERVICE COMMISSION PROCESSED JUNE 1976 PROJECTION OF PEAK DEMAND RUN NO. 1 HINTER LOAD YEAR N PEAK ADJ PEAK 1971 1 3625. 3634.
1972 2 3957. 3899.
1973 3 4219. 4184.
1974 4 4261. 4489.
1975 5 4968. 4817.
YEAR PROJ PEAK 1976 5168.
1977 5545.
1978 5950.
197 9 6384.
1980 6850.
1981 7350.
1982 7886.
1983 8461.
1984 9079.
1985 9741.
1986 10452.
1987 11215.
1988 12033.
1989 12911.
1990 13853.
AVG. PER CENT INCREASE EQUALS 7.297 6/22/76
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HARRIS EXHIBIT 23 14INTER,,PEAK LOAD'ORECAST PEAK PERCENT ACCUM.
YEAR LOAD M.M. GROWTH AAR 1960 1266 1961 1350 6.6 6.6 1962 1516 12.3 9 1963 1638 8.'0 8.9 1964 1749 6.8 8.4 1965 1943 11.1 8.9 1966 2127 9.5 9.0 1967 '445
- 15. 0 9.9 1968 2660 8.8 9.7 1969 3171 19,2 10.7 1970 3400 7.2 10.4 1971 3625 6.6 10.0 1972 3957 9.2 9.9 1973 4219 6.6 9 '
1974 4261 1.0 9.1 1975 4968 14.2 9.5 ACTUAL FORECAST 1976 5611 12. 9 9.7 1977 6163 9.8 9.7 1978 6770 9.8 9.7 1979 7436 9.8 9.7 1980 8168 9.8 9,7 10.15 1981 8971 9.8 9.7
'1982 9854 9.8 9,7 Compoun'AR 1983, 10824 9.8 9.7 1984 11889 9.8 9,7 1985 13059 9.8 9,7
= Average Annual Rate (A = P(l + r) )
6-16-76
HARRIS EXHIBIT 24 LOAD, CAPABILITY, RESERVE MINTER MEGA'WATTS PEAr(') GENERATING PURCHASES, ( ) TOTAL(.').. RESERVE RESERVE YEAR LOAD CAPABILITY SALES, NET RESOURCES MARGIN X LOAD 1976 "5611 6538 82.5 6620.5 1009.5 18.0.
1977 61,63 7495 221. 5 7716.5 1553.5 25.2 1978 6770 7495 227.5 7722.5 952. 5 14.1 1979 7436 7495 227.5 7722,5 286,5 3,9 1980 8168 8215 127. 5 8342.5 174.5 2.1 1981 8971 8215 75,0 8290.0 '(681) (7,6) 1982 9854 8215 75,0 8290.0 (1564) (15.9) 1983 10824 8935 75. 0 9010,0 (lS14) (16.8) 1984 11889 9835 75.0 9910,0 (1979) (16.6) 1985 13059 10555 75.0 10630.0 (2429) (18.6)
(1) Staff Forecast (2) CPSL Figures dated 3/31/76 6-16-76
BASE RATE COMPARISON RESIDENTIAL CUSTOMER (With June Fuel Adjustment of 0.3914 per KWH)
APPROVED RATE AMOUNT RATE UNDER INCREASE LINE SERVICE "KWH 1-15-75* BOND** DOLLARS PERCENT 01 02 Genera 1 Min 100 R 44K4 2. 0 0
- 4. 74 R4~R2. 80
- 6. 04
~801.30 40.00K 27.43K 03 ~
250 9. 62 12. 20 2.58 26.824 04 500 16. 10 21.35 5.25 32.61'X 05 750 22. 57 30.80 8.23 36.46/
06 1,000 28. 95 39.59 10.64 36.75K 07 2,000 54.36 74.77 20.41 37.55K 08 3,000 79.77 109. 94 30.17 37.82K 09 Water Heater Min R3M 2. 00 R3T 2.80 .80 40.00K 10 100 4.74 6. 04 1.30 27.43Ã 11 250 9.30 11.79 2.49 26.77Ã 12 500 14.61 '9.08 4.47 30.60K 13 750 19.13 26.90 7.77 40.62/
14 1,000 25.12 35.49 10.37 41.28K 15 16 2,000 50 '3 70. 67 20.14 39.86K 3,000 75.94 105.84 29.90 39.37K 17 All Electric Min R2M 2.00 R2T 2.80 .80 40.00K 18 100 4.74 6. 04 1.30 27.43K 19 250 9.30 11.79 2.49 26.77K 20 500 14.61 19. 08 4.47 30.60K 21 750 19.13 26.90 7.77 40.62Ã 22 1,000 24.32 33.81 9.49 39.02%
23 2,000 45.73 60.59 14.86 32.50K 24 3,000 66.54 86.61 36.62 55.03/o Fuel in base rate of 0.5134 per KWH Fuel in base rate of 1.0104 less 0.55364 per KWH 6/14/76
BASE RATE COMPARISON RESIDENTIAL CUSTOMER'Without Fuel Adjustment)
APPROVED RATE AMOUNT RATE UNDER INCREASE LINE SERVICE KWH 1-15-75* BOND** DOLLARS PERCENT Ol 02 General Min 100 R~4K 2. 0 0 4.35 R4~R2. 80 5.65
~801.30 40.00K 29.891'.58 03 250 8.64 11.22 29.86'5 04 500 14.14 19.39 5. 25 37.13'5 05 750 19.64 27.87 8. 23 41.901 06 1,000 25.04 35.68 10.64 42.49K 2,000 46.54
'8 07 3,000 68.04 66.95 98.21 20.41 30.17 =
43.85K 44.34K 09 Water Heater Min R3M 2. 00 R3T 2.80 .80 40.00K 10 100 4.35 5. 65 1.30 29.89%
11 250 8.32 10. 81 2.49 29.93K 12 500 12.65 17. 12 4.47 35.34K 13 750 16.20 23. 97 7.77 47.96K 14 1,000 21.21 31. 58 10.37 48.89K 15 2,000 42.71 62.85 20.14 47.16K 16 3,000 64.21 94.11 29.90 46.57K 17 All Electric Min R2M 2. 00 R2T 2.80 ..80 40.00Ã 18 100 4. 35 5.65 1.30 29.89K 19 250 8.32 10.81 2. 49 29.93K 20 500 12.65 17.12 4. 47 35.34K 21 750 16.20 23.97 7.77 47.96K 22 1,000 20.41 29.90 9.49 46.50Ã 23 2,000 37.91 52.77 14.86 39.20K 24 3,000 54.81 74.88 20.07 36.62K Fuel in base rate of 0.513it: per KWH Fuel in base rate of 1.0104 less 0.55364 per KWH 6/14/76 C/l Pl U7 4
Ol
BASE RATE COHPARISON RES IDEttTIAL CUST0l'lER (hl ttlout Fuel hdlus JTTen.)
CPSL '1UKE S C E f G APPROVED PROPOSEO AHOUttT PROPOSED AHOUNT APPROYEO APPROVED RATE DOCKET It(CREASE DOCKET I>>tCREASE RATE "*>> RATE "***
SERVICE KltH 7-15-75* PLO.361>> DOLLRRS PERCERT ELO 367** DOLLRRS PERCERT 1-13-76 4-1-76 01 General Hinimum R4K $ 2.00 R4P $ 2.00 $ 0. 00 0. 00~ R4R $ 2.00 $ .00 40. 001. R $ 4.27 8 $ 3.50 02 100 4.35 4.35 0. 00 0.00 6.20 1.05 42.53 4.09 7. 20 03 250 S.G4 B.Gi 0. 00 0. 00 12.60 3.96 45.03 9. 54 12.31 C4 05 500 14.14 14.90 .76 5.37 22.16 0.02 56 '2 10. 01 19.35 750 19. 64 21.40 1.76 8.9G 32.02 12.30 62.94 27.06 26.38 06 1000 25 04
~ 27.40 2.36 - 9.42 41.22 1G.IS 64.62 3G.11 33.42 07 2000 4G. 54 51.40 4.S6 10.44 70.02 31.40 67.64 66.43 66.16 00 3000 60.04 75.40 7.36 10.02 114.02 46.70 68.75 92.23 99.19 09 Water Heater t4in.(mum R3H 2.00 R3S 2.00 0. 00 0.00 R3T 2.80 .00 40. 00 RW 4.60 ttone 10 )OO 4.35 4.35 0. 00 0.00 6.20 ).U5 42.53 5.22 11 250 8.32 ~ 8.32 0. 00 0.00 12.19 3.87 46.51 9.07 12 500 12.65 13.16 .51 4.03 19.89 7.24 ~
. 57.23 15.60 13 750 16.20 18.41 2.21 13.64 28.12 11.92 73.58 22.65 14 1000 21.21 24.26 3 Or 14.30 37.12 15.91 75.01 29.70 15 2000 42 '1 40.26 5.55 12.99 73.92 31.21 73.07 56.22 16 3000 64.21 72.26 0.05 12.54 110.72 46.51 72.43 82.02 July-Sept.
17 All Electric Hinimum R2H 2.00 R2S 2.00 0. 00 0. 00 R2T 2.80 ;00 40.00 RA 4.00 8 6.50 10 100 4.35 4.35 0. 00 0.00 6.20 l. 05 42. 53 5.42 7.20 19 250 8.32 8.32 0. CO C. 00 12.19 3.07 46.51 9. 67 12.31 20 500 12.65 13.16 .51 4. 03 19.09 7.246 57.23 16.05 19.35 21 .750 16.20 10.41 2. 21 13.64 20.12 11.92 73.50 22.85 26.30 22 1000 20.41 22.96 . 2.55 12.49 35.44 15.03 73.64 29.65 33.42 23 2000 37.91 40.46 2.55 6.73 63>>34 25.93 68.40 51.0) 66.16 24 3000 54.01 57.36 2.55 4.65 91.49 36.68 66.92 70.01 99.19 Oct.-June 25 2000 55.73 26 3000 77.67
- Fuel in Base Rate of;5)34 Per Kltll m
>c
"* Fuel in Base Rate of ).0)0l7 Per KWH
- Fuel in Base Rate of .4745'er KNt C33
- Fuel in Base Rate of .900'er KWH 1/20/76
BASE RATE COHPARISOH COt:.WERCIAL At.O IKDUSTRIAL CLASS (Without Fuel Adjustn.ent)
C P 5 L S C E 5 G DUKE APPROVED PROPOSED AISUHT APPROVED APPROVED RATE DOCKET IHCREASE RATE RATE LIRE SERVICE 1-15-75* 8}8.387** 4-1-7 6>>**
KW DOLLARS PERCEHT }3 76***%
Ol Comn<<rc i a 1 3 375 G}H $ 17.00 Glj 22.43 5.43 31.94% 9$ 18.86
$ $ 19.36 G $
02 6 7r50 29.}5 38.70 9. 55 32.76" 35. 69 34.65 03 12 1,500 55.54 74.4n 18.90 34.03%
'30 65.25 67.37 04 6,000 157.10 222. 4I2 65. 32 41.58% 210.62 209.85 05 40 10,000 224.60 324.98 100.38 44.69>> 313.47 314.21 06 07 100 300 30,000 90,000 G2K 557.50 1,615 '0 G2P 865.50 2,549.50 308.00 934.00 55.25'7.81% 836.01 737 '7 2.401.41 1,991.77 08 All Electric 3 375 19.03 09 6 750 35.87 10 12 1,500 67. 54 ll 30 6,000 176. 14 12 40 ~
10,000 252.84v 13 100 30,000 '57.84
}n 300 90,000 1,903.84 15 Industrial 75 15,000 G2K 338.75 G2P 517 75 179.00 52.84% 9 444.66 I 427.54 16 150 30,000 665.00 1,012.00 347.00 52.}8% 836.01 823.73 17 300 60,000 1,309.50 2,000.50 o9'0 52.77" 1,618.71 1,601.11 18 500 200,000 3,167.50 5,14I8.50 1,981.00 62.54>> 20 4,435.50 4,063.86 19 },000 400,000 G38 6,170. 00 G3F }O,UZJ.OO 3,850.00 62.40% 8,'nos.so 7,311.86 20 5,000 2,000,000 28,490.00 49'r500 pp 21,010.00 73.75% 23 no,}80 Go~ 33,711 86 F
21 10,000 4,000,000 56,390.00 98,850.00 42,460.00 75.30% 79.860. 00 62,899.36 22'3 20.000 lo,G00,000 126,590.00 228,150.00 101,560.00 80.23% .'.78,600. 00 141,074 .36 50,000 25,000,000 . 315 590.00 570,150.00 254,560.00 80.66% nn5,'750.'00 344,399.36
- Fuel in Base Rate of .5}34 Per KhH
- Fuel in Case Rate of }.0}OC Per KHH VVS
- "* Fuel in Case Rate of .900< Per KhIH
- Fuel in Base Rate of .4745'er KhH l
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