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. d-'
~
~
~
Charles W. Ballenti
, 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 Rate of Return Common Equity Rate of Return Common Equity Rate of Return Common Equity Before Proposed Inc.
(S.
C. Retail) 2.79%
After Proposed Inc.
(S.
C. Retail) 12.90%
Before Proposed Inc.
(S.
C. Retail w/o Normalization Adjustment)
4.71'%fter Proposed Inc.
(S.
C. Retail w/o Normalization Adjustment) 14.76%
Embedded Cost:
Long Term Debt Preferred Stock
- 7. 74%
- 8. 01%
CAROLINA POWER AND LIGHT COMPANY RATE CASE 1976 INDEX REPORT SYNOPSIS t
ANALYSIS EXHIBIT A:
(
STAFF METHOD - OPERATING EXPERIENCE, RATE BASE AND RATE OF RETURN Page No.
1 -'36 EXHIBIT A-1:
EXPLANATION OF PRO FORMA AND ACCOUNTING ADJUSTMENTS'XHIBIT A
38,46 sfI EXHIBIT A-2:
CALCULATION OF CUSTOMER GROWTH COMPUTATION 47 EXHIBIT A-3:
COMPUTATION OF CASH WORKING CAPITAL EXHiBIT A-4:
EXHIBIT A-5:
RECONCILIATI>ON OF NET OPERATING INCOME FOR RETURN-CP&L METHOD TO STAFF METHOD RECONCILIATION OF RATE BASE CP&L METHOD TO STAFF METHOD 49 50 EXHIBIT A-6:
EXHIBIT B:
EXHIBIT B-1:
EXHIBIT B-2:
IMPLEMENTATION OF REQUESTED INCREASE CP&L METHOD OPERATING EXPERIENCE CP&L
SUMMARY
OF ADJUSTMENTS 51 52 53-59 CP&L RATE BASE 60 64 EXHIBIT B-3:
CP&L EFFECT OF PROPOSED INCREASE 65 L
EXHIBIT B-4:
RETURN ON COMMON EQUITY 66 EXHIBIT C REVENUE EFFECT OF PROPOSED INCREASE 67 EXHIBIT D:
EXHIBIT E:
EXHIBIT F:
COMPARISON OF CAPITALIZATIONAND COMPUTATION OF EMBEDDED COST OF LONG TERM DEBT AND PREFERRED STOCK 68 70 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 EARNINGS PER
- SHARE, DIVIDENDS PER SHARE AND PAYOUT RATIO EXHIBIT G:
EXHIBIT H:
PLANT ADDITIONS AND RE'ZIREMENTS MISCELLANEOUS GENERAL EXPENSES 74-76 77
INDEX (CONT.)
EXHIBIT I:
EXHIBIT J:
EXHIBIT K:
PUEL REPORT, Page No.
BREAKDOWN OF INSTITUTIONALADVERTISING EXPFNSES 78 LEGAL FEES 79 -80 BALANCE SHEET AND INCOME STATEMENT TEST YEAR -----
81 91 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:
.9-2-75:
On August 11, 1975, Carolina Power and Light Company filed an additional
'pplication requesting a general increase 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.
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 C.
Docket. No.
10-29-75:
11-14-75:
11-18-75:
D.
Docket No.
2-9-76:
purposes.
18,361 and 18,387, Order Establishing Test Period and Requiring Updated Exhibits.
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.
CP&L requested an extension of the March 1, 1976, filing date for updated exhibits reflecting 1975 test year information.
The Commission issued Order No. 18,808 directing CP&L to file updated exhibits reflecting 1975 test year information by May 1, 1976.
18,387 Supplement to Application for Approval of New Depreciation Rates.
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
'l retail fuel 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:
(2)
(1)
Type of Service Fatal Small General Service 9,679, 686
'Dotal Large General Service 30,019,620 Total Lighting 1,669,551 Base Revenue
'tal Residential 22,147,461 (3)
$. 005536/KWii 5,895,029 1,975,614 11,146,936 6,162 28 ~ 042 490 37 I 156 835 9 114 ~ 345 32 50%
11,655,299 14,048,610 2,393,311 20.53t 41,166,556 51,870,258 10,703,702 1,675,713 1,951,340 275,627
- 26. 00%
- 16. 45%
(4)
(5)
(6)
(7)
Proposed Monetary Per Cent
.Base Revenue Rates Increase Increase s
'XOZAL L
63,516,317 19,023,741 82 540 058 105g027a043 22 486 985 27 24+o 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:
EXHIBIT 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)
Descri tion Total Income For Return Rate 'Base Rate of Return Total System Total Co.
Whsl.
Total Co. Retail S.C. Retail
$ 135, 456 (000) 20, 834 (000) 114,529'(000) 20, 636 (000)
$ 2,274,143 (000)
- 5. 96%
456, 025 (000)
- 4. 57%
1, 818, 118 (000) 6.
305o'34,611(000) 6.17%
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.
Since I
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 lag between incurring increased fuel costs and billing those I
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:
Production Maintenance Transmission Maintenance Distribution Maintenance Total "507,000 710,000 4,000,000 S.
C. Retail 73,729 101,324 649,236 (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 CAPITALIZATIONAND 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% for both 1974 and 1975.
l 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 Production Plant Transmission Plant Distribution Plant General Plant TOTAL 177,329 681,272,479 215,684,533 444,878,765 22,170,167
$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:
Intangible Plant Production Plant Transmission Plant Distribution Plant General Plant NET INCREASE Increase 414,932,065 26,491,465 21,512,377'0,213,399 473,149,306 Increase 60.
905o'2.
28%
- 4. 84%
- 46. 00%
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 Serviding Outstanding Securities National and Local Inst. Advertising Load Survey Study
$ 172,972 709,581 366,793 147,418 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 Raleigh Chamber of Commerce Asheville Chamber of Commerce TOTAL 2, 500 4, 114 5,000
$11, 614 (33)
EXHIBIT I:
BREAKDOWN OF INSTITUTIONALADVERTISING 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)
FsurrlsE!LX liNI7r ZS) El<7!I'lail'Iunt OPE!r43TMi I..1"'I'I!%XX, IP74'!E rrXCE Aal i!ATE Ol'l.llllt:
~
'A&r31" a !."5!75!557'I'Y'(fir 31, -1975 fllIAtie'NNOr'XrL!d3le'5) l j
(
(
)
~(user( t(cn
'Ibtal Car(Pan y Pcr Books (2) 0)
(4)
Accour)ting Total And Pm Forlrn Carpany
\\53roiesale M~uscnunts As Miusted ~(n M'ed (5)
'lbtnl Co.
Retail M~$ Ad 'usted (61 S. C.
Accounting S. C.
Retail 6 Pro Fbnr(a Retail per scene M~uctnents M~ls Ad Meed (9)
(10)
S. C.
'Ibtal Retail Reguested After Increase 'ncrease OPERATLNG REVD4)ES Gmss Op7ratlAg Revenue Contract Sales Credit IKF OPER 5TING RolENE 606,329 (7, 485) ui.641~<53 6"-sl 545,"35
'l3 lst 451 814 88 870 8 01 80 855 22 487 103 342 5
6 7
8 9
10
)1
)2 13 14 15 16 17 18 19 OPER%TING EXPOSES Fuel Purchased Power Other Opcraticn Hil( ntent%lee Tbtnl 0 S
ntl Fi~nlrSes Contract Sn)es Cred(t Net 0 I )1 Lenses Deprec) ation Taxes Other Than Incor((C Incolr(e Taxes - State Inoar(e Taxes - feleral Investrrcnt Tax Credit Pmvisicn for Defs Taxes
'lbtal Operating Expenses 01,7TGP>>
1,636 (4) 574) (5)
(27,669) (6) 17 740 (7) 48,978 (27 6G4) 2326722 13,115 77,G85 33,Ci86
~35,208 (7,4ns~
349
)23 4G,G48 46,437 2,574 23,439 14,274 4,883 sl),oak 11,407 8,546 (46647) 2,994 7 27G 318,007 61,567 48,073 (4,230) 14.274 22 673 4GO 314 83 580 2606003 50, 1C30 39 52 417 116280 15 347 376 734 525205 G,9G1 4,33G 899 3,666 2,085 870 71 022 (4
33 l 2~43 lll2 2,156 (3) 9,117 630 (4) 4,966 (572) (5) 327 (4,298)(6)
(632) 2,085 2 916 (7) 3 786 3 501 67 521 67 1,345 10,116 11 52 4,812 9,117 5,033 1,672 9,484 2,085 3,786 049 20 21 uu 22 23
~
~
24 25 26 lret Operating Inoaro Less: Int. on Cust.
Cup.
Pet Operating Inc. for Ret.
Arwl Cust. Gm th (A)
A.F.D.C.
Inc. Tax Credit Total Incaro for Return 110.866 162 16053 59,957 19,733 9 44l 9,821 8.404 2 609 (2< I)
(24,429)(")
(5.350)(9) 806 354528 14,383 (55,9913 135,45G 20, 834 (25,965) 846901 9,821 162 75,080 167 746918 713 27,17.4 11 774 114,529 17,848 35 17,813 125 8,623 2 928 296489 (4, 514) 13,334 10,959 35 0695 77 40 4,5.4 1,29 (32) 93 (3 513) (8) 5,110 (794) (9) 2,134 (8,853) 20,6 6
24,293 35 170 5,110 2,134 27 28 29 30 31 32 33 34 35 36 37 38 ORIGINS COST BATE BASE E ectrlc plant ln Scr 1,837.333 icssl Accurr. Dep.
29Ci,401 Net Electric Plant
~24~4)32 Addi Net Nuclear Ibel 51,732 Const. N)rk in Pm.
643,0G9
)17terials 6 Supplies 92,481 Cash ltbrk. Cap. I) 50,289 Iess:
Accurr. Dcff. Inc. Tax. 67,591 Custarer Deposits 3,754
'Ibtal Year End Bate Base 2,3, 58 (109) (10) 168374224 14 919
- 3) I 320 333,255 50 344 1,503,9G9 2GO 976 (15 4 0281 1,525,904 51,732 643,0(i9 89,914 476204
~
79,92G' 754 1,242,993 40,547 490,939 72,075 38,674 63,356 3 754 282,911 11,185 152,130 17,839 86530.
16,570 (2, S67) (>>)
(3,085) 12,33S (I>>
(33 '151 2'74 '43 456 '2S 14818 '18 6.303 RA'K OF REIVING 8.30%
5.963 '.57\\
(A) custar(er Growth Carputatrcn on l rt A - 2.
(8)
Cash working Capital Carputaticn on Exhibit A - 3.
(C)
Sce Exhibit A-6 for stages of Iriplerr(entaticn of reguested Increase.
272,660 44 559 728,101 7,523 92,486 14,189 7,819 9,886 810 339,422
- 8. 69l (16) (
)
272.644 2 156 (11) 46 715 (2, 172)
(421) (12)
(414) 1,804 (13) 225,929 7,523 92,486
'13,768 7,405'lPG90 810 (4,811) 334,61
- 6. 173 272,644 46,715 225,929 7,523 92,486 13,768 7,405 11,690
~
810 34
~ ~
CAROLINA PCNER AND LIGHT CGMANY SALARY'F AMUSEMENTS TEST YEAR WDED DECEMBER 31, 1975 HMMOND EXHIBIT A-1 Page 1 of 9 Line R.
Description (1)
FPC Acct.
No.
(2)
(3)
Cavan Ad'ustxrents System Total Apportioned To S.
C. Retail Davis Exhibit Il (4)
(5)
Staff Ad'ustments System Total Apportioned To S.
C. Retail Staff ZhRibit A.
(6)
Staf.
Exh. I 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 2
I2 (36 ~ 261 991)
(5 060 ~ 101)
(36,261,991)
(5, 060, 101)
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 0 & M EXPENSE AMUSZ4IENTS (53, 628, 270)
(8, 014, 929)
(53, 628, 270)
(8, 014, 929)
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
CAROLINA POWER AND LIGHT COMPANY SENARY OF AMUS'IMENTS TEST YEAR ENDED DECEMBER 31, 1975 HAMMOND EXHIBIT A-1 Page 2 of 9 cri tio (1)
FPC Acct.
~a 1
0
& M Ex en'se A'd'jus'tlnen't's Co'nt.
(2)
(3)
Ccmpany Adjustments System Total Apportioned To, S.
C. Retail Davis Exhibit Il (4)
(5)
(6)
Staff Adjustments Adj.NG System Total Apportioned To Staf C. Retail Exh. A Staff Ad~it A
~$
3 lA
'LD 4
Adjust For Normalization of Hydro Generation Adjust for Wages and Fringe Benefits at end of Test Period Adjust to Reflect Postage Increase 501 921 1,168,558 4,560,087 293,331 169,934 736,215 50,452 1,168,558 4,560,087 293,331 169,934 736,215 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 Adjust Fuel Deferral To Reflect 8
Addition of Brunswick I2 555 557
'7 g 032 g 261)
(1 018 ~ 897)
(11,261,289)
OL,497, 786)
'7,032,261)
(1,018,897)
(llg 261 289)
(1 ~ 497 786)
Adjust for Test Operation 9
Brunswick I2 2,452,655 354,314 2,452,655 354,314
CAROLER PCNER AND LIGHT CGiMANY SUMi%YY OF AMUS'LMBVS TEST YEAR ENDED DKXXM31% 31, 1975 HAMMOND EXHIBIT A-1 Page 3 of 9 Line No.
Description 0
& M EXPENSE ADJUSDKNT CONT.
(1)
~
FPC Acct.
No.
(2)
(3)
Ccmpan Adjustments System Total Apportioned To S.
C. Retail" Davis Exhibit Il (4)
(5)
Staff Ad'ustxrents System Total Apportioned To S.
C. Retail Staff Extdbit A (o'.
AGg ~.'
Staf.
Exn. i C) l3 Adjust to Normalize Production Maintenance Expense Adjust to Normalize Trans-mission Maintenance Expense Adjust to Normalize Distribution Maintenance Expense Var 507,000 710,000 4,000,000 73,729 101,324 649,236 507,000 710,000 4,000,000 73,729 101,324 649,239 Adjust to Transfer Institutional Advertising, Excluding Conserva-tion, to belier the line Adjust to Transfer Chamber of Comnerce Dues Included in Acct.
0930 to Belch the Line Total 0
& M se Adjustments DEPR1KIATION EXPENSE 930 930 (31,375,805)
(4,277,760)
(329,046)
(53,108)
(11,614)
(1,874)
(31,716,465)
(4,332,742)
(2)
Adjust for Plant in Service at December 31, 1975, and Change in Depreciation Rates 430 KRAAL DEPRECIATION AMUSZKNZS 14,919,000 14,919,000 2,155,9 8
2,155,928 14,919,000 2,155,928 14,919,000 2,155i928 (3)
CAROLINA POWER MD LIGHT COMPANY
SUMMARY
OF AMUS%MENTS TEST YEAR ENDED DEGu~BER 31, 1975 HAMMOND EXHIBIT A-1 Page 4 of 9 ~
Line No.
Description TAXES OTHER LHAN INGOT (1)
FPC Acct.
No.
(2)
(3)
Company Adjustments System Total Apportioned To S.
C. Retail Davis Exhibit gl S
(4)
(5)
Staff Ad'ustments System Total Apportioned To S.
C. Retail Staff Exhibit A S
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 Adjust Property Tax.to Plant in Service at~
December 31, 1975 KfZALAG3USTMENTS KO TAXES OTKK THAN INOME 408 408 234,822 4,091,032 1,635,568 37,911 607,108 630,260 234,822 37,911 4,091,032 607,108 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)
CAROLINA POWER AND LIGHT COMPANY SALARY OF AMUS%MENTS TEST YEAR ENDED DECEMBER 31, 1975 HAMMOND EXHIBITA-1 Page 5 of 9 Line No.
Description (1)
FPC Acct.
No.
(2)
(3)
Company Adjustments System Total Appo~oned To S.
C. Retail Davis Exhibit Il 8~
(4)
(5)
(6)
Staff Ad'ustments System Total Apportioned To Adj. No S.
C. Retail Staff Staff Exhibit A Exh. A 8
T Adjust for Tax Effect of Year End Construction KfJ'AL STATE INCOME TAX AD3TS.
409 16,900 2,328 (2i250 i044)
(574 i862) 16,900 (2,574, 302) 2,328 (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 i744)
(721 I332)
(4,860,744)
(721,332)
CAROLINA KM% AND LIGHT CQ%'A.K SU&WARY OF AMUSIMR7IS TEST YEAR EKED DEGKBER 31, 1975 HAMMOND EXHIBIT A-1 Page 6 of 9 Line No.
Descri tion Adjust for Tax Effect of Year-End Construction TOTAL FEDERAL INCQiW TAX AMUS'MXTS (1)
FPC Acct.
No.
409 127,090 17,507 (27,988,576)
(4,322,96S)
(2)
(3)
Ccxopan Adjustments System Total Apportioned To S.
C. Retail Davis Exhibit Cl 127,090 17,507 (27,669,415)
(4,298,157)
(4)
~
(5)
Staff Ad'ustments System Total Apportioned To S.
C. Retail Staff Exhibit A S
(6; M) ~ s<
Staf:
Exh.
(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 KXlALPROVISION FOR DEFI%RED 410 15,614,000 2,781,315 12,335,000 2,197,325 3
00 252 7 7 1
2 1
2 2 (7) 7 TVllALOPERATING EXPENSE AMUS'INEÃIS
-INCOME FOR RL'IURN AMUS'IMEÃIS Effect of Revenue and Expense Adjustments (24,040,438)
(2,889,147)
(29,587,832)
(5,125,782)
(27,665,195)
(3,S00,012)
(25,963,075)
(4,514,917)
CAROLS POWER AND LIGHT Kh~PANY,
SUMMARY
OF AMUSZ49XTS TEST YEAR ENDED DZCENEK 31, 1975 HAMMOND KGiXHZTA-1 Page 7 of 9 Line No.
Descr'i tion (1)
FPC Acct.
NO; (2)
(3)
Ccmpan Adjustments System Total Apportioned To S.
C. Retail Davis ~ibit Il (4)
(5)
Staff Ad'ustments System Total Apportioned To S.
C. Retail Staff 1MBbit A
('i, Aaj.::
Staf.
Exn.
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 Adjust Incom Tax-Credit 3
for Year End Interest 419 Var N/A (5,350,249)
N/A (793,975)
(24,429,000)
(3,513,000)
(5,350,249)
(793,975)
(8)
(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 6
KlGK PLANT IN SERVICE AMUS'IMENTS ACCUMULATED DEPRECIATION AMUSZ4KFZS (109,024)
(109,024)
(15,645)
(15,645)
'(109,024)
(109,024)
(15,645)
(15,645)
(10)
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)
CAROLINA POWER AND LIGHT (Xi&'ANY
SUMMARY
OF AMUS'IMEÃTS TEST YEAR ENDED DECEMBER 31, 1975 HAMMOND EXHIBITA-1 Page 8 of 9 Line No.
Description (1)
FPC Acct No.
(2)
(3)
Staff Adjustments System Total Apportioned To S.
C. Retail Davis Exhibit 51 (4)
(5)
(6)
Staff Ad'ustments Adj. No System 'Jbtal Apportioned To Staff S.
C. Retail Exh. A.
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) 2 MATERIALS AND SUPPLIES AMUS'IMENTS Adjust Materials and Supplies for Fuel Stock Deferral Adjust Materials and Supplies 4
to Delete Merchandise Adjust Materials and Supplies for Revaluation of Coal 5
Inventory to 4-30-76 Prices KlZALMATiUUALS AND SUPPLIES 6
AMUS'IMENTS 151 154 151 (1,219,666)
(1,219,666)
(224,499)
(224,.499)
(1,219,666)
(8,222)
(1, 339,212)
(2,567,100)
(224, 499)
(1,279)
(194,721)
(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)
CAROLINA E'CNER AND LIGHT COMPANY SUN'S RY OF AMUSEMENTS TEST YEAR ENDED DELIBER 31, 1975 HAMMOND EXHIBIT A-1 Page 9 of 9 Line No.
Description (1)
FPC Acct.
No.
(2)
(3)
AdjustIIents System Total Apportioned To S.
C. Retail Davis Exhibit Il 8~
(4)
(5)
(6)
Staff Ad'ustaents Adj.No.
System Total Apportioned To Staff S.
C. Retail Exh. A.
Staff Exhibit A Custaner Grmrth Adjustment to Working Capital TOZAL WORKING CAPITAL AMUSEMENTS EXCLUDING MATERIAL AND SUPPLIES WHICH STAFF HAS SHOViV AS A SEPARATE Iym (AM. I12)
DEFERRED INQME TAX AMUSZKVZS (28,908)
(3,071,851)
(2,852)
(410,209)
(3,085,000)
(414,000)
Exh. A-3 Adjust for Effect of Full Normalization K7ZAL DEFERRED INQOME TAX 5
AMUS'IMENZS TZM RATE BASE AMUKNWZS 282 (12,335,000)
(1,804,183)
(12,335,000)
(1,804,183)
(31, 654,541)
(4, 610, 464)
(12,335,000)
(1,804,183)
(12 335 ~ 000)
(1 ~ 804 183)
(33,015,124)
(4,810,255)
(13)
HAMMOND EXHIBIT A-2 CAROLINA PONER AND LIGHT COMPANY'ONPVPATICN OF CUSTER GRDWIS TEST YEAR ENDED DECEMBER 31, 1975
,(THOUSANDS OF DO~)
Custaner - Data Grcarth Factor Net Op. Inc.
For Return Line 20, Exh. A Customer G~
Line 23, Exh. A Per Books 660,474 654,259 654,259 Acctg.
& Pro Forma Adjts.
Total Company As Adjusted Nholesale Per Books
.0095
.0095
.0095 110,866 (25,965) 84,901 1,053 (247) 806 Total 44 44 44 Acctg.
6 Pro Forma Adjustments Total Campany Retail As Adj.
S.
C. Retail Per Books
. 0095
. 0095
. 0095 94,854 (19,774) 75,080 901 (188) 713 113,336 112,552 112,552 Acct.
a Pro Forma Adjustnents S.
C. Retail As Adjusted Effect of Proposed Increase S.
C. Retail After Increase
.0070
.0070
.0070
.0070
.0070 17,848 (4,514) 13,334 10,959 24,258 125 (32) 93 77 170 (47,)
CVOLIst't PCZR AATI LIAIF C(71PAIIy CQ'IBSZATIQI OF CIASII IQPRIIXi CAPITAL TEST ETC'IR BiDED DOCKER 31 ~ 1975 (TIGVQW% OF DOLIARS)
~CCSCSS tta (1)
Total COITptlny Per Books (2)
Accounting 6 Pro ron i (3)
(4)
(5)
Total Total Oo.
W>~11 Co,.
CrAAIany I)in)e" ale Retail
~AI Ad'IISCCd
~ll5 Sd C5ttd l~lS M'IlstCd (6)
(7)
(8)
(10)
S. C.
Accounting S.
C S.
C. Petail Petail 6 Pro Foxy Retail Abater sec tucks Ad ustse ts M~sM usted Zs te e
6 8
1 Net 0 6 H Expenses 2
Less:
Purchased Fodder 3
N t 0 6 H By. (B~l. Pur.
Itdder) 349s723 (315716) 13,115 (7,032) 36.6 318,007 58,004 260,003 G,QA3 1,356 4,727 7AA~sc, ts d
~
52,205 1,900 0,
4 (4 333) 47,872 47 872 (1,019) 881 881gl 12.5i of 0 a H Expenses 5
AM:
HinbaNA B.vs Balances 6
Prep>) vwts 7
Less. Average Tax Accruals 425076 9d350
. 1,397 2 534 (3,085) 38,991 9,350 1,397 2,534 7,081 1,G96 213 460.
31,910 7,654 1,184 2,074 6,288 ld388 519 376 (4143 5,874 5d 874 1,388 ld388 519 519 376 376 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 COMPANY'1XXNCILIATION OF KJZAL INOCME FOR REEK%
TEST YEAR ENDED DECK%& 31, 1975 Total Company As Adjusted S.C.
Retail As Adjusted Ccmpany Method Total Income For Return Davis Exhibit
'll, Page 1 of 8 and Davis Exhibit N6, Page 1 of 3 Add:
Staff 's Adjustment to Transfer Institutional Advertising, Excluding Conservation, to Belch the Line (Adj. 2, Staff Exhibit A-1)
Staff's Adjustment to Transfer Chamber of Cczrnerce dues included in Account 4>930 to Below'he Line (Adj. 2, Staff Exhibit A-1)
Difference in Petitioner's and Staff's Computation of State Income Tax Effect of Revenue and Expense Adjustnants (Adj. 5, Staff Exhibit A-1)
Difference in Petitioner's and Staff's Adjustment for Full Normalization (Adj. 7, Staff Exhibit A-1) 329,046 11,614 324,258 3,279,000 131, 799, 083 53,108 874 (3,299) 583,990 20,020,111 Difference in Petitioner's and Staff's Adjustnent to Customer %xmth to Reflect Revenue and Expense Adjustzants Deduct:
Difference in Petitioner's 34 084 3 ~ 978 g 002 3,880 639,553 and Staff's Computation of Federal Incom Tax effect of Revenue and Expense Adjust<rents (Adj. 6, Staff Zhchihit A-1)
Staff Method:
Total Incarre for For Return Staff Exhibit A, Line 26, Cols.
3 and 8.
(319, 161)
(319,161) 135,457,924 (24,808)
(24,808) 20,634,856 (49)
HAMMOND EXHIBITA-5 CAROLINA POWER AND LIGHT COMPANY MXXNCILIATIONOF RATE BASE TEST YEAR ENDED DECEMBER 31, 1975 Corrrpany Method Original Cost Rate Base Davis !~it I6, Page 1 of 3 and Page 2 of 3 Tota1 Company As Ad'usted 2 275 I 903 ~ 163 S.C.
Retail As Ad'usted 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)
Staff's Adjustrrent to Omit Custorrer Grmrth Prom Working Capital Staff's Adjustrrent to Materials and Supplies to delete Merchandise (Adj. 412, Staff Exhibit A-1)
Staff 's Adjustrrent to Materials and Supplies for Revaluation of Coal Inventory to 4-30-76 Prices (Adj. 112, Staff A-1)
(42,057)
(370,815)
(8,222)
(1, 339, 212)
(6,643)
(41, 165)
(1,279)
(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 EXHIBITA-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.
9-1-75
.-9-15-75 3-1-76 Docket
$18, 361 Docket 418,387 Docket 418,387 Total Requested In'crease Operating Revenue 2,012 10,668 9,807 22, 487 Taxes Other Than Income Income Taxes State Incom Taxes Federal Total Tax Effect 120 905 1,031 32 638 4,799 5,469 29 587 4,412 5,028 67 1,345 10,116 11,528 Net Operating Revenue 981 5,199 4,779 10,959
7 Carolina Pover 6 Light Cdxspany Operating Experience Test Year Ended DececdBer 31, 1975 Line Ro.
cretin Revenues Cross Operating Revenue Contract Sales Credit Net Operating Revenue Tots 1 Per Rooks (2) 606,329,122
{7,485,408) 598,843>714 S
~ ted> Total
~46 t
t (3)
(53,628,270)
Total Mith
~dd t
{4) 54 5 ~ 2 15, 4 44 Total 770
'{5) 88,869,912 A
rtloned to S.
C Retail
~dd t
t (6)
(8>014,929)
Total With
~dd t
t (1) 80>8S4>983 8
9 Vl 10ll 12 13 14 1$
16 17 18 19 20 21 cretin Ex enses Operation 6 Maintenance Expenses Contract Sales Credit Net Operation 6 Maintenance Expenses Depreciation Taxes Other than Inco232e Incone Taxes - State Intone Taxes - Federal Invest>sent Tax Credit Provision for Deferred Intone Taxes Total Operating Expenses Incocde for Return Operating Inco7>e Custolaer Croldth Allo5>. for Funds During Construction Incolae Tax Credit Interest on Custos>er Deposits Total Inccc>e for Return 35'08>613 (7,485,408) 349 ~ 723 ~ 20S 46>648,000 46>436,687 2'74,302 23>438,786 14,273,80$
4 882 899 487,977,684 110,866,030 1,053>227 35,528,236 19,733,336
~762 581 167>018>248 (3 1 > 3 7 5 > 80 5 )
14>919>000 1,63S,568 (2,250,044)
(27,988,576) 21 019 419 (24,040,438)
(29>587>832)
(281,084)
(5,3$ 0>249)
(35,219, 165) 318>347>400 61,$ 67,000 48,072,255 324>2$ 8 (4,$ 49,190) 14,273>805 25 902 318 463,937,246 81,278,198 772, L43 35,528,236 14>383,087
~262 581 131,799,083 52>205,197 6,961,202 4,336,112 899,120 3,665,610 2,084,991 869 789 71>OZZ,021 17,847,88S 124,93S 5,109,669 2,928,420
~35 161 25,975,748 (4,277 ~ 160) 2,155>928 630,260
($ 748862)
(4,322,965) 3 500 252 (2 ~ 88 9 ~ 14 7)
($ >125,782)
(35,880)
(793,975)
(5,95$,631) 47>9278437 9,117,130 4,966,312 324,2S8 (657,3$ $)
2,084,997 4 370 041 68,132,880 12>722,103 89,0$ S 5,109,669 2, 134,44$
~35 161 20,020, ill
EXHIBIT B-1 Page 1 of 7 Summary of Adjustments December 31,
- 1975, Test Year FPC Acct.
System Total Apportioned to South Carolina 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 FPC Acct.
System Total Apportioned to South Carolina.
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 Adjust'o reflect postage increase 921 4, 560,087 293, 331 736,215 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 Adjus t to normalize production maintenance expense VAR 2,4523655 507,000 354,314 73,729 Adjust to normalize transmission maintenance expense VAR
.710,000 101, 324 Adjust to normalize distribution maintenance expense Total 0&M Ex ense Ad ustments (54) 4 000 000 (31, 375, 805) 649 236
'(4,277,760)
EXHEBET B-1 Page 3 of 7
Summary of Adjustments December 31, 1975, Test Year FPC Acct.
System Total Apportioned to South Carolina 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 FPC Acct.
Sys tern Total
~
Apportioned to South Carolina 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 Adjust for interest expense on year end plant Adjust for tax effect of year-end construction Total Federal Income Tax Ad'ustments 409 (23,254,922) 409 127 090 (27,988,576) 409 (4,860,744)
(3,619,140)
(721, 332)
'7 507 (4,322,965)
E>lHIBIT B-1 Page 5 of 7
Summary of Adjustments December 31, 1975, Test Year FPC System Acct.
Total Apportioned to South Carolina 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 Total Income for Return Ad'ustments 5 350 249)
(35,219,165)
(793 975)
(5,955;637)
(57)
EXHZB1T B-l Page 6 of 7
Summary of Adjustments December 31, 1975, Test Year FPC Acct.
System Total Apportioned to South Carolina 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 I
Total Accumulated De reciation (14 919 000)
(2 155 928)
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.
Customer growth adjustment to cash Total Workin Ca ital Ad ustments (1, 219., 666)
(4,291,517)
(224,499)
~2852)
(634
$ 708)
(58)
EXHIBIT B-l Page 7 of 7 Summary of Adjustments December 31, 1975, Test Year FPC Acct.
System Total Apportioned to South Carolina 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 I
I I
I 6
l I
I ~
~
g C
]
I Carol3.na Power
& L3.ght Company
. Rate Base Test Year Ended December 31, l975 Line Roo Ori lnal Cost Rate Base Total (2) 6 S stc)s Total
~dd t
t
'3) 6 Total Mlth
~dd t
t (4) 8 Total (5) 8 A
rtioned to S.
C. Retell
~dd 1
(6)
Total Mith
~dd t
t ~
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 ChO 5
Net Nuclear Fuel Working Capital:
S1,731,998 51 ~ 731,998 7'22 ~ 980 7>5228980 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 10 Total Rata base 2 '07>5$ 7>704 Deferred Intone Taxes-Llberaiized Depreciation
~63 590 533)
~)3 335 000)
(31,654,541) 79 92$ 535 2'75 ~ 903>163
~9886 153) 339,464,817
~)806 1!11)
(4,610 >464) 11 690 336 334>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 Line No.
System Total
~*
(2)
Apportioned to South Carolina Retail 0 erations (3) 1.
Plant in Service:
2; Production 3e Transmission 4.
5.
6.
Distribution (N. C.)
Distribution (S. C.)
General 7.
Xn tangible 8.
Total Plant in Service 1,096,095,520 242,175,998 390,108,965 76,282,177 32,383,566...-
177 329 1,837,223,555 157, 286, 415 34,560,964
'75,699,458 5,070,698 26 316
, 272, 643, 851 9.
Nuclear Fuel:
10.
12.
Nuclear Fuel Less Accumulated Provision for Amortization Net Nuclear Fuel 70,239,100 (18 507 102) 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:
Line System Total As Ad usted Apportioned to
~
South Carolina Retail 0 erations (2)
(3)
Accumulated Prov-sion for Depreciation:
Production 3 ~
Transmission 5.
General 4-Distribution 169,439,014'0,279,306 105,729,277 5 872 016 24,313,990 4,321,163 17,160,808'19 455 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
\\
8.
Nuclear Production Plant 9.
Hydro Production Plant 10.
Other Production Plant ll.
Transmission Plant
'I 12.
Distribution Plant 3.446%
- 4. 348%
1.143%
4.081%
2.353X 3.166%
,K w ~
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 Line No.
System Total As Ad'usted Apportioned to South Carolina Retail 0 erations (2)
(3) 1.
Haterials and Supplies:.
2.
3 ~
4.
Fuel Inventory Fuel Stock Deferred Other Haterials and Supplies 60,008,940 13,158,249 18 093 950 8, 726, 631 2,421,987 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.
Line No.
Descri tion System Total After Ad ustments Apportioned to South Carolina Retail 0 erations (2)
(3) 2.
3 ~
4.
Minimum Bank Balances Prepayments 45 Days'xpense
.C'ash Customer Growth 9, 350, 000 3., 397, 190 39,033,122 370,815 1, 387,537 519,648 5,880,770 41,166 5.
7 ~
Less:
Average Federal Tax Accruals Customer Deposits Total Cash Working Capital (2,534,088) 43,863,069 (376, 058)
(810 105) 6,642,958
Carolina Power
& Light Company Effect of Proposed Increase
- South Carolina Retail Operations Year 1975 Line No.
3 4
5 6
7 8
9 10ll tn 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31' eratin Rcvcnucs Net Operating Revenues 0 eratin
~ Revenue Deductions bet Operation
& Maintenance Depreciation Taxes Other Than Income Income Taxes
- State Income Taxes - Fcdcral Investment Tax Credit Deferred Income Tax - Net Total Operating Revenue Deductions Income for Return Nct Operating Income Customer Growth Allow. For Funds During Construction Income Tax - Credit Interest on 'Customer Deposits Total Income for Return
~Ori inal Cost Rate Base Electric PIant in Service Net Nuclear Fuel Less Accumulated Depreciation Nct Electric Plant in Service Allowance for Working Capital Natcrials and Supplies Cash Allowance Total Working Capital Allowance Construction Work in Progress Deferred Income Taxes - Lib. Deprec.
Total Original Cost Rate Base Return on Original Cost Rate Base S,
C. Retail Prcscnt Rates (2) 80,854,983 47,927,437 9, 117, 130 76>96G,372 324,258 (G57,355) 2,084,997 4 370 041 68,132,880 12,722,103 89,055 5,109,G69 2,134,445 33 161) 20,020,111 272 >643 > 85 1 7,522,980 (46,715,416) 233,451,415 13,964,225 6,642,958 20,607,183 92,486,091
~)1 690 336) 334,854,353 5.979 Proposed Increase (3) 22,486,985 67>461 1,345,171 10,115,689 11,528,321 10,958,664 76;711 11 '35,375 S.
C. Retail
. After Increase (4) 103 > 34 1 > 968 47,927,437 9,117,130 5,033,833 1,669,429 9,458,334 2,084,997 4 370 041 79>661,201 23,680,767 165,766 5,109,669 2,134,445
~35 161) 31,055,486 272,643,851 7,522,980 (46,715,416) 233,451,415 13>964>225 6,642,958 20,607,183 92,486,091
~)1 690 336) 334,854,353 9.274 H
H t'ai I
W
(i If
'il
r
~
~
~
I I
9 Carolina Povcr 6 Light Covdpsny Return on Cocdnun Kqudty Test Year Ended Dece9sber 31, 1975 Present Rates Pro osed Rates
~RI tl TOtal Codslpany
~tlt II tl (2)
Ratio (3)
S.
C. Retail Original Cost Rate Base (4)
Rate Earned (5)
InCOcse fOr Return (6)
Overall Rate Earned S.
C, Retail Original Cost Rate R t I
~RI d
(8)
(ID)
(Ll) x Overall Incosse for Rate R t
~RI d
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 Retained Earnings Deferred Invcstncnt Tax Credit (1971 Rev. Act) 56596099691 163 ~ 437 ~ 834 IS ISI III
'3 Total Cocsson Equity 747 ~ 8359456 33 ~ 399 111 ~ 838 ~ 005 2 314 29 $889 198 0 773 I1198389 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 P<<VsY.
i))
i2),
CI) i1PPB7'I <<) PATES P<<1sc i~<<r.
OS.AOS.'.)Gfhsl IL1s7 h~.
i4)
Prein."M INtcs its 'I l(xl
<5) i6) i~~T 18,341 IB'~cia
&r burnt (4)
(7)
IB)
P1C'PKFD PrVVE I:ICPFi&E IJ ~%T i.
VIII71)r ihmna
~cr Cent Amcit iwr Ccr.t P.-2 8,041.005.65 R-3 12,113,904. 83 R-4 1,992,550. 14
'amytal Rcs. 22,147.460.62 2,365,849.60 3,)29,8'Q.53 395,286 F 65 5,895.028.86 10,4)0.855.33 15,243,.97.35 2.387.836.79 28,042i489.48 13 ~ 541i737 r)n 20,542.3c4).os 3i072 ~ 737 47 37,15G,834.52 563,955.93 li3G2,039.00 85,98S.50 2,0)1,983.43
- 5. 417
- 8. 935
- 3. 601
- 7. 175 2,566.925.74 3,936.523.G9 598.912.18 7,102,361.61 24.656 25'24 25.082 25.327 3,130,881.67 si298.5:2.69 684,900.68
)gl)4g345.04 30.073 34 '59 28.683 32.502 rp-)
I~r'-I lJi-1 Cl-i IS1-I vr:I CS-2 Vctsl SLS s,071. 89@.nn lol,l2').52 9,333.4G 635,7ln.)n 15')i395.28 In.s)).96 6831584.56 9,675,685;08
),587,838.6'3 18.l85.68 7 676 $ 3 127,)n).36 4GI,4)8.15 1,86). 0'I l5G.525.48 1,975,ri13.ri8 9,659.736.G3 119i30G.20 12,0) I.95 757,ezI.GG 203,817.47 22,354.77 860,2l0.04 lli655i298,76 11,626,423.32 152, 125. 41 15 506,'i0.90 2sn,cs).on 29,573.21 ii066,G27.91 14i,048,609.G7 1,967,)86.69 32,819.21 3,5$ 3.43 1 lB.919. 24 46iS35.53 7,)78.44 186,417.87 2,393,310.91 20.365 27.508 32.917 19.651 22.9 l9 32.054 21'79 20.534 li967i186.69 32,819 F 21 3,953.93 148i919.24 46,835.53 7,178.44 166,417.S7 2,393,310.91 20.365
- 32. 917 19.551 22.&75 32.054 21.179 20.534 0-2 13,26Gi399.97.
G-3 16,473,849.88
)P-2 279,370.53 CIIZ 3 SC-)
Zotel LES 30r019<<620.33 4,141i779.27 6,887,860.07 117,296.44 11 146 935 F 78 17,408,179.19 21,763,237.21 23 '61 '09 95 29i578 517 40 396,666.97 528,503.39 41 '66,556.11 51,870,258.00 4i355,058.02 61216i807.45 131,836.42 ioi703i701 89 25.017 26.611 33.236 G.cn) 4i355i058.02 6i216,807.45 131,836. 42 10,703,701.89 25 ~ 017 26.611 33.235 r6.001
'IS-1 Al 1 SL-l SL-2 Srr3 SL.4 SFL-I Wtal I ight)ng 33,185. 65 927,64 3. 35 543,642. 74 62,847. 30 10,217.98 16,9G2.58 7$.051.32 li669i550.92 6,162.42 33,185 '5 927,643.35 543 ~ 642,74 62,847.30 10,217.98 16.9G2.58 81,213.74 40g34$.72 1,07'.884.47 626,4)3.98 77.,335.57 11,793.36 20,133.73 loi,429.61 6.162.42 1.675,713.34 1,951,340.44 7,)C0.07 151. 241 ~ 12 82,771.24 9,492.27 1 575 8
3,171 F 15 0,215.87 21 576 16.304 15.225
)S.ln4 15.418 18.G95 24.892 275i627.10 16.448 7,160.07 151,241.12 82i77i."ii 9,492.:7 li$75.38 3i171.15 20i215i87 275,627.10
- 21. 576 lr>.304 15.22$
15.)04 15.418 18.695 24.892 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 EXHIBITD PAGE 1
OF 3
CAROLINA POWER AND LIGHT COMPANY CAPITALIZATIONRATIOS FOR CAUXDAR YFMK 1974-1975
'ZOTAL K&PANY PER BOOKS (THOUSANDS OF DOLIA1%)
Calendar Year 1974 Calendar Year 1975 Long Term Debt
(
)
Preferred Stock Caman Stock Premium on Capital Stock Other Paid In Capital 1,034,095 288,118 419,702
- 55. 33
- 15. 42
- 22. 46 1,155,254 336,018 565,610
- 52. 19
- 15. 18
- 25. 55 Capital Stock Expense E
ed S~l~
(')
127,089 0 1,869,004
- 6. 79 156,601 100. 00 9 2, 213, 483
- 7. 08 100.00~o (1)
Consists of:
Bonds Outstanding
(>221)
Other Long-Term Debt (I224)
Unannrtized Premium on Long-Term DMt (4225)
Unanartized Discount on Long-Term Debt (f226) 1974 986,680 50,234 637 (3,456) 1975 1, 109,030 50,204
, 595 (4, 575)
(2)
Consists of:
Ca~n Stock Issued (4201)
Ccrrarcn Stock Subscribed (I202) 1,034,095 419,459 243 1,155,254 565,610 419,702 565,610 (3)
Consists of:.-:;. =.
Retained Earnings (4215,216)
Less:
Investment in Subsidiary Cof9paM.es 128,763 (1,674) 127,089 156,676 (75) 156,601 (68)
CAROLINA POWER
& LIGHT COMPANY EMBEDDED COST OF LONG-TERM DEBT FOR CALENDAR YEARS ENDED DECEMBER 31, 1974-1975 HAh&10ND EXHIBIT D PAGE 2
OF 3
Account 221 Bonds First Mortgage Bonds:
3 1/8% Series 3 1/8% Series 3 1/4% Series 2
7/8% Series 3 1/2% Series 4 1/8$ Series 4
7/8% Series 4
1/2% Series 4 1/2o Series 5 1/8% Series 6
3/8% Series 6
7/8% Series 8
3/4% Series 8
3/4% Series 7
3/8% Series 7
3/4% Series 7
3/'4% Series 7 3/4% Series 8 1/8% Series 9
3/4% Series t
ll 1/8% Series 11%.Series Total First Mort. '
Six Year Promissory Due 7-31-78 (Int. Rate
- 8. 33% 8 onds Note 12 75)
. Misc. Promissory Notes
" Total Principal Amount Net Amort. of Debt Disc.
and Exp.
and Prem.
(4428, 5429)
Total Long-Term Debt Embedded Cost Less:
Unamort. Disc.
& Prem Net (4225, 5226
)
(1) 19 75 (2)
Outstanding Ann. Int.
9 15,000,000 5,100,'000'3,930,000 15/ 000~ 000 20,000,000 20,000,000 25,000,000 25,000,000 30,000,000 30,000,000 40,000,000 40,000,000 40,000,000 50,000,000 65,000,000 70,000,000 100,000,000 100,000,000 100,000,000 125, 000, 000 50,000,000 100,000,000 468,750 159,375 1,427,725 431,250
'00,000 825,000 1~218g750 1,125,000 1,350,000 1,537,500 2,550,000 2,750,000 3, 500, 000 4,375,000 4,793,750 5,425,000 7,750,000 7,750,000 8,125,000 12,187,500 5,562,500 11,000,000 lg 109 0
Og 000 85'12'00 50 000'00 4 165'00 3,980,298 269,691 1,155,254,061 89,455,378
- 7. 74%
204 g 359 '
587 1,159,234,359 89,185,687 (3) 1974 (4)
Outstandin Ann. Int
$ 15,000,000 5,100,000 43,930,000 15,000,000 20,000,000 20,000,000 25,000,000 25, 000, 000 30,000,000 30,000,000 40,000,000 40,000,000 40,000,000 50,000,000 65,000,000 70,000,000 100,000,000 100,000,000 100,000,000 125,000,000 27,650,000 628,125 1,427,725 431,250 700,000 825,00'0 lg218/750 1,125,000 1,350,000 1,537,500 2,550,000 2, 750, 000 3,500,000 4,375,000 4,793,750 5,425,000 7,750,000 7,750,000 8,125,000 12,187,500 5,562,500 986 / 680 ~ 000 74 g 012 g 100 50 ~ 000 000 5 ~ 850 000 234,309 8, 810 1 036/ 914 309 79 g 870~ 910 2,819,036 122,114 1,034,095,273 79,993,024
- 7. 74%
(69)
CAROLINA POWER
& LIGHT COMPANY EMBEDDED COST OF PREFERRED STOCK FOR YEARS ENDED DECEMBER 31, 1974-1975 HAMMOND EXHIBIT D PAGE 3
OF 3
Description (1) 19 74 (2).".
Amount Annualized (3)*
1975 (4)
- Amount, Annualized Outstanding Dividends
$ 5 Preferred Cumulative 237,259 Shares Serial Preferred Cumulative 24,375,900 1,186,295 24,375,900 1,186,295
~ -94. 20
- 5. 44 9.10 7.95
'-72
- 8. 48 Series Series Series Series Series Series 100,000 Shares 250,000 Shares 300,000 Shares 350,000 Shares 500,000 Shares 650,000 Shares 10,000,000 25,000,000 30,000,000 35,000,000 49,425,000 64,317,500 420, 000 1, 360, 000 2, 730, 000 2, 782, 500 3, 860, 000 5,512,000 10, 000, 000 25'00 / 000 30, 000, 000 35,000,000 49,425,000 64,317,500 420, 000 1,360,000 2g730g000 2,782,500 3,860,000 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
,.Embedded Cost 288,118,400 7.'49%
8.01%
,21,575,795 '36,018,400 26,925,795 (7.0);
cmeblv Dna2 A:;,i Lv.rr o:eoaiT Dain"52v5 A'l 0~~7'll lgi5llY SNllll (y5flull" PTTA4ll OPllQTIAS
'ITST YEAR i.aAm D(IW50(2< 31, 1975 (TlKNS45'52X5 OF DOLLARS)
I Line 5io~
544444 25444
-(1) 7r5us1 Corlay Ca25italization Ratios (3)
(4)
(5)
(G)
Srn RE r lerOO(B BZRFASE Q. FE't.- 1:l)~vKM OVCra N"t O22r Pate 01SC COSt/R55turn3 COSt/R4atel InCXQ (7)
(8),
(9)
(10)
AF(TR PKh OSED 1)45CRPASE Overa Net Ooer Rate Sase Cost/Return%
Cost/Rate%
Inane (1) 1 Iong-Vezm Debt 2
Prefcrrcd Stock (2) 3 CC52uen Euuity
$ ~
336,01S 15.18 722,211 32.63 2,213,483 100.00 50,794 109 184 334,6111 1,1555254 52.19 174,633
- 4. 7)
- 8. 01 2.79 6
4.04 13,517 1.22 4,069 0.91 3,050 G.17 20,636 174,633 50,794 109,184 334,611
- 7. 74 S. 01 12.90 4.04 132517 1.22 4,069 4 21 144086 9.47 31,672 (I)
Cca(5uted as folio s2 Sends Outstanding (l221)
Other Lang-Team Clat (l224) t5namrtized Premium on long-Ter222 Debt lhumrtircd Discount on IcA9-Tena Debt
$1,109,030 505204 595 (4,575) 51.155.254 (2)
Ccnputed as foll~:
Ca522cn Stock Issued (l201)
Retained Earnings
((215,216)
(alluding Acnn5. Def. Inc. Tax less:
Investn5ent in Subsidiary Cc22panies 5655610 1562676 (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 5 IJZhll OPG'ATIKS
'1TST YEhR I.iV~D AECDIDVI 314 1975 (7)~hNI5S OF DOIJARS)
I,lne 4555.
4~24rrl
.145 (1)
(2) 7rital Cc22)any Ca italization Ratios (3)
(4)
(5)
(G)
DITOt'4: I'I@5~III II@PI'ARE cc r r. 2 552:55'4 rri 414 1'
cp:r.
Rate Ham Cost/IitctunA Cost/Pate'L Inccn2e
<7)
(8)
(9)
(10) 15PITP. PPDPOSED LCBFJSE SC Rctnzl CNcrai 1 at r42cr.
Bate Base COst/Return%
Cost/Rate%
1nccrre (ll 1
Iong-Vern2 Debt 2
Preferred Stock (2) 3 Cc22non Equity 4
TOTALS 1,155,254 52.19 336,018 15.)8 722,211 32.G3 2,213.483 100-00 175,575 51,068 109,772 33G.415
- 7. 74 8.01 4.7l 4.04 13,590 1.22 4,091 1.53 5,168 G.79 22,849 1752575 515068 109,772 336.415
- 7. 74 8.01 14.76 4.04 1.22 l32590 4,091 4.81 16.204 10 07 33'85 (1)
Cc22putcd as follms:
Dcnds Outstanding (l221)
Other Iong-Term Debt (1224)
Vna~artized Prceiu22 on Long Tenn ~t Unarorti zcd Discoun't on Iarg-Tur222 R%t 81,109,030 50,204 595 (4,575) 51, 155,254 (2)
Cc22outed as follcws:
Condom Stock Issued (l201)
Retained Wrings (l215,21G)
E5cluding hcnm.
Def. Inc. Tax Less:
Invests5cnt in Subsidiary Carpanies 565,610 156,676 (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 Line No.
Year (1)
(2)
(3)
(4)
Earnings Increase Over Percentage Dividends Per Share Previous Year Increase Per Share (5)
Increase Over Previous Year (6)
Percentage Increase (7)
Payout Ratio 1
2 3
4 9 5 4J 7
8 9
10ll 12 13 14 15 16 1960 1961 1962 1963 1964 1965 1966" 1967 1968 1969 1970 1971 1972 1973 1974 1975
- l. 12
- l. 19
- l. 34
- l. 41
- 1. 62
- 1. 80
- 1. 88
- l. 91
- 1. 98 2.05
- l. 56
- l. 97
- 2. 86
- 2. 58
- 2. 21
- 2. 70
.03
.07
.15
.07
.21
.18
.08
.03
.07
.07
(. 49)
.41
.89
(. 28)
(. 37)
.49 2.75
- 6. 25
- 12. 61 5.22
- 14. 89 ll.11
- 4. 44
- l. 60 3.66
- 3. 54 (23. 90)
- 26. 28
- 45. 18 (9. 79)
(14. 17)
- 22. 17
.66
.74
.82
.92 1.00
- 1. 16
- 1. 28
- l. 34
- l. 38
- l. 42
- l. 46
- 1. 46
- l. 48
- l. 54
- 1. 60
- 1. 60.08
.08
.10
.08
.16
.12
.06
.04
,04
.04.02
.06
.06 12. 12
- 10. 81 12.20
- 8. 70 16.00 10.34 4.69 2.99 2.90
- 2. 82 1. 37
- 4. 05
- 3. 90 59 62 61 65 62 64 68 70 70 69 94 74 52 60 72 59 NO M Z RU
CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT ADDITIONS AND RETIREMENTS FOR TEST YEAR ENDED DECEMBER 31, 1975 jttno I tto.
10 12 13 13 ld 18 19 20 21 22 J ~
2d 27 28 29 30 31 32 Accovnt (o)
, l. INTANGIBLEPLANT (301) Gr+anization..
(302) Franchises and conscnts (303) Miscellaneous intangible plant..
Total intangible plant......
(311) Structures ano improvements.
(312) Boiler plant cquipn)cnt.......
(313) Bng's. and cng. driven generators.
(314) Turbogenerator units.......
(315) Accessory electric cquipmcnt..
(316) 'viisc. power plant cquipmcnt..
Total stcam production plant NucbcAR PRCDUcrtoN PLANT (320) Land and land rights.
(321) Structures and in:provcments..
(322) Reactor plant equipment.
(323) Turbogcnerator units..
(324) Accessory electric <<quipmcnt...
(325) Misc. power plant cquipmcnt..
Total nuclear production plant.
HYDRAUltC PRODVCTtON PLANT (330) Land and land rights.......
(331) Structures and improvcmcnts...
(332) Reservoirs, darns, and watcrways..
(333) Wtr. whb., turb., and generators.
(334) Accessory electric equipment.....
(335) Misc. power plant cquipmcnt...
(336) Roads, ra)lroads, and bridges....
Total hydraulic prorluctinn plant..
dotonc) bopinninp of yror ib) 177,329 177,329 ii,847,075 62,730,031 285,343,834 125,851,658
.30,806,759 5,958,604
>ZZZZ3, J 20,988,213 25,616,150 25,918)695 8,574,379 2,174,832 83 272 269 2,101,829 2,092,731 15,524,447 4,979,759 1,077,487 201,706 8,258 25,9S6,217 Additions lc) i,555,439 ii,505,i84 il,91G.,114 1,847,151 i,550,927 203 '7q 28,578,390 5,400,063 133,2S4,993 136,559,936 54,083,277 48,332,322 6)339,444 384 000,035
- 21) 172 96,28G 1,000 40 4, 814 123,:r A2 its)its mont) ldl 6,606 4,909 711,670 1,S56 123,900
~
19,784 868,725 55 8,000 35,904 43,959 573 360 933 Adjv)tmsnl) is)
Tron)4))
do)onc ~
md of yror
)1t i77,329 i77,3 J J.3 J95
'Jtrii
- 74) 230) 3t)))
296,548,27o 127,696,953 32,233,786 5>V)ZK/,odo 5 ) 4QL) ) Go~
I
/
I a ) a J.i.
162,i68,0oG 80,003.,972 56,906,70 8,47S,372 1)228)3 2,123,00 2,18S,444 15,525,447 4,979,759 1,077,527 206, it)lr 6 ) 25i) 2o, iGo, 5>)t
~ a
'TI..
x H
C)
. A
)
i 0
)
~
~
I
~
4 CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT ADDITIONS AND RETIREMENTS ZOR TEST 'REAR ENDED DECEMBER 31, 1975 33'5 3b r 37 I 3bI I 39 I.o Account (al OTHER PRODt:CTIO>r PI.ANT (340) Land and land rights..........
(34f) Structures and improvcmcnts....
(342) Fuel holders, prod., and access'rs..
(343) Prime movers..
(344) Generators.
(345) Accessory clcctric equipment......
(346) >v(isc. power plant equipment Total other prod. plant Total production plant.
bofonce bettinnrnp of year lbl 250,84i 5,374>203 1,337,598 25,670,199 11,248,693 2,453,923 3,140,575 49 476 032 G81,272 479 Addition>
(cl S
IS (3,934)!
2,394,246 75,589 (35,232) 673,015 56,00S jl5,097)!
3 14i4 595 415 846,332 Reliremenii tdl 650 650 914,267 Ad( v itme nl ~
fel Tran>fer>
bain nce
~ nd al year fol 246, 9G!
7,767,799 1w>r>LD>*OI 25,634,967 11,92:.,7C-2,5 09, 93.
3>L20>470 52 6i9 977 1,096,204,54r'5 4b x9 50 51 Sl 53 Sa 55 I Sb Sy l
SO I
bO bt b2 b3 I ba
- 3. TRANSMiSSIO> f PLANT (350) Land and land rights....
(352) Structures and irnprovcmcnts....
(353) Station equipment............
(354) Towers and fixtures...........
(355) Poics and fixtures........
(356) Overhead conductors and dcviccs.
(357) Underground conduit...........
(358) Underground conductors and dcv..
(359) Roads and trails.
Total transmission plant.
- 4. DISTRLBUTION PLAiNT (360) Land and land rights...........
(36I) Structures and irnprovcmcnts....
(362) Station equipmcnt.............
(363) Storage banery cquipmcnt......
(364) Poles, towers. and fixtures.....
(365) Overhead conductors and dcviccs..
(366) Underground condun.....
(367) Underground conductors and dcv,.
(360) Line transformers..............
(369) Services (370) Mctcrs.
(37I) installations on cust. premises...
28,665,748 9,121,635 76,098,138 14,073,844 28,651,039 59,057,214 16,915 2L5 684 533 14,204,679 li,447,428 79,237,519 67,943,160 77,929,718 2,533,816 9,908,144 110,092,146 32,230,G22 26,792,593 3,777,176 2,141>437 856,376 12,813,801 2,978,821 4,606,462 4,753,210 28 3.5C>107 1,421,528 9L1,7S3 G,423,060 4, 905, 040 4,711,066 188,0G7 1,946,292 4,953,687 2,28S,G29 1,767,725 499,828 1,950 966,975 117,055 252,408 324,254 1 662 642 I.
247,937 184,S63 4,075,402 1, 398, 073 1,279,893 1,3SS 15, 151 1,237,649 318,152 261,192 2S6,206 4,000 4,000 9,766 4>073 4,323 Si6 19,832 15,385 11,385 268-30,807, ic 5 9,97G,GG 87,944,96>
16,935,6:6 33,009,093 63,48G, i70 Lt>>9 242, 175, 9'.r.s 15 >30(7>OJV 12, i74, 3r'>S 81,585,1/7 7i,454, 20tr 81,365,.:4 2,721q011 ll,S59,1
'/
113,823>569 34,212,484 28,299,394 37990,798 OzU I
, W IH I
(77 t H A
I A
td 0
, th i
f: j=
(
- ')
CAROLINA POWER AND LIGHT COMPANY SCHEDULE OF PLANT '.ADE)ITIONS. AND RETIREMENTS FOR TEST YEAR ENDED DECEMBER 31, 1975
. 87 I
1 ts8
,. b9 i 70 1
71 i
72 13 74 73 7tt 71 78 79 80 81 82 83 8i 85 88 87 88 (3>2) Leased propert) on cuss. premises..
(3>3) Street lighting and signal sestems..
Total distribution plant 5 CECERAL PLA3(T 1'389) Land and land rights............
13901 Structures and improvements....
(39I) Office I'urniture and equipment..
l392) Transportation e<tuipment.......
(393) Stores equipment..............
(39() Tools. shop and garage equipment.
(395) Laboratory equipment..........
(396),Power operaied equipment......
(392) Communication equipment......
1398) Miscellanrous equipment.......
Subtotal (399) Other tangible property '.......
Total general plant.............
Total (Accounts 101 and 106)....
(l02) Electric plant purchased "......
(l02) Electric plant soid ":..........
(103t Expcritscntal Electric Plant
) Unclassified Total electric plant in service....
79,541 8 702 223 412,900 3,317,340 2,998,G90 8,461,116 317,299 1,010,046 1,216,859 175,G83 4,059,161 201,073 22,170,167 22,1/0,167 1,364,183,273
(
)
1,364 i 183,27 1
Sess.
~ s<i01 i
i.40,83!
0 898 li05t 9 452 743 l
I 182, 119' i238 ) 3201 250,524, ls105,24sr; 255 i itSli(
940,533' 994,094; 103,95/,
11,647 60,258 23,538 523,703 23 237 39,517 203,257 85 486,134,14X 12,914,894 11,098,641'85,242 I
11, 098, 641,"
8S5, 242 485,993,0o5I 12,914,894 (97,446)
I (97,446) 1,567 79,5 ll 9 i 4+V
.13 32)3oas3
~':
71,115 1,837,332,5/-'43,616'(
I 27,499 1,837,332,579 67 115 4G6 3)J.,
383i3r 10,495 s-r t',225,vi-9,042,(;"3 345
~ ts ',.
1, 242, 2'i 2,117,67 175 i VQ.
4i$49,9r:i.
304,94'~os,avo 1
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.
CAROLINA PCNER AND LIGHT CXRPANY MISCELLANEOUS GENERAL EXPENSES (ACCOUNT 930)
(EUKXRIC)
TEST YEAR ENDED DECfXBER 31, 1975 HAMMOND EXHIBIT H Line No.
Descri tion 1
2 3
4 5
6 8
9 10ll 12 13 14 15 16 17 18l9 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Industry Associations Du s Nuclear Pester Research Zhqpenses Other Experimental and General Research Expenses Publishing and Distributing Information and Reports to Stockholders,
- Trustee, Registrar, and Transfer Agent Fees and Dispenses and Other Expenses of Servicing 'Outstanding Securities of the Respondent National and local Institutional Advertising Hcpenses Fees Paid to Board of Directors
~penses paid Board of Directors Aaartized Insurance Premium American Stock Exchange, N.Y. Fee for Listing Stock New York Stock Exchange, N.Y. Annual Listing Fee, Corral Stock Moody's Investnent Services, Inc., Church Street Station, N.Y.
Cmttmercial Paper Appraisal Service Whiteville Chamber of Cornice Federal Comnunication Ccnrnission, Washington, D.C., Cormunication Licenses and Renewals Southeastern Association of Tax Administrators Conference, Louisville, Kentucky Council of State, Chambers of Ccnrrerce, Washington, D.C.
South Carolina Legislative Services Services Rendered 1975 General Assembly Raleigh Little Theatre, Raleigh, N.C.
Sponsor Membership Goldsboro Country Club, Goldsboro, N.C. Retir~~t Luncheon for R. A. Bryan, Director Big Jim's Restaurant.
Sumter.
S.C.
Retire@ant Luncheon Theo Davis Sons. Inc.. Zebulon, N.C.
Retirement Certificates System Engineering and Construction Costs of Development of an In-Service Fixed Asset Accounting System Darlington County Plant 42 Site Expenses (ER74057)
Detail Design Costs of Fixed Asset Accounting System Environmental Assessment Group, License and Technical Unit Labor, Vehicle and Materials Cost S.
C. Electric and Gas Co., Columbia, S.
C.
Pro Rata Exoenses S.
C. Association of Assessing Officials Meeting Atlantic Landmark Motor Inn, t4rrtle Beach, S.
C. Annual Association of Counties Convention Landmark Motor Inn, Myrtle Beach, S.
C.
Pro Rata E~enses-Dinner, S.C. Association of Counties Annual Meeting Landmark Motor Inn, M~~e Beach, S.C.
Pro Rata ~~enses, Law Enforcement Assoc.,
Convention Asheboro Randolph, Chambers of Ccmaerce,
- Asheboro, N.C.
Various Civic Organizations, Projects, Etc.,
(23)
Other Various Miscellaneous Charges (15)
Rates and Regulations Departm nt Ibad Survey Study K7ZALS (77) 172,972 1,579,676 31,104 709,581 366, 793 41,900 4,363 228 2,500 21,788 3,000 151 236 250 100 600 250 340 320 309 25,097 6,508 85,917 612 113 728 1,698 188 120 651 245 147,418 3,205,756
HAMMOND EXHIBIT I I
(I <<
Line No.
1 2
CAFGLINA PONl& AND LIGHT CXMPANY BREAK1XNN OF XblSTIKUTIONALADVISING EXPENSES TEST YEAR ENDED DiKRGKR 31, 1975
,. Description Reddy Kilowatt Contract Cavalier Advertisers, Inc. Postcards,
- Pens, Matches, etc.
12 13 Hearst Metrotone News Screen News Digest Vol. 18 McKimey, Silver 6 Rockett Newspaper Ads 3
Electric Industry Exhibit, EEI Visual Corrmunications Project 4
Commercial Printing Co.
Folders V
5 Tneo Davis a Sons, Inc. Charts,
- Books, Check Inserts, Shareholder's 6
Information Folders, etc.
7 Walraven Book Cover Co.
Book Covers 8
Lynch Exhibits Storage of Exhibit Material for'arris 9
Visitor Center 10 Stone's Southern School Supply Co., Inc.
Black Board and Standards 7f 373 11, 093 4,992 40,547 14,315 6,484 8,576 1,681 1,664 18,183 14 15 16 I
17 18 19 20 21 Transferred from Deferred Debit Expenditures in Connection with the Costs of Displays at Harris Energy Environmental Center Arrartization of Prepaid Advertising (EEI)
Arrartization of Expenses in Connection with Brunswick Visitor Center Other Miscellaneous Not Included in Above Total Institutional Advertising-Pronntional Advertising (Acct. 4913) lbtal Advertising 121,790 55,995 9,540 2/233
'64,560 366,793 366, 793
(.78)
HAPJ1OND EXHIBITJ PAGE 1 of 2 CAROLINA POWER
& LIGHT COMPANY LEGAL FEES TEST YEAR ENDED DECEMBER 31, 1975 f
Line No.
Description Amount 1
2 3
5 6
7 8
9 10 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40
- Blakeney, Alexander
& Machen Bode
& Bode Debevoise,
- Plimpton, Lyons
& Gates
- Donelan, Cleary
& Caldwell Douglas
& Barham Greer
& Chandler W. Brian Howell Hunton, Williams, Gay,
& Gibson Joyner
& Howison Manning, Fulton
& Skinner Reid
& Priest Charles F.
Rouse Shaw, Pittman, Potts,
& Trowbridge Wald, Harkrader
& Ross White, Allen, Hooten,
& Hines Zollicoffer
& Zollicoffer Allen, Steed
& Pullen Bailey",Dixon, Wotten, McDonald
- Barber, Holmes
& Barber Wade Barber Barber, Stith, McCotter
& Stith Baskin
& Baskin Battle, Winslow
& Wiley-Bennett
& McConkey Boyette
& Boyette Sumter C. Brawley, Jr.
Brown, Jefferies
& Boulware Brown, Ward
& Haynes Butler
& Faircloth James R. Byerly Cottingham
& Easterling Debevoise
& Liberman J.
B. Gibson Harris, Griggs
& Spruill
- Herring, Parker,
- Ledgett, Gall E. Avery Hightower Isham, Lincoln
& Beale Johnson
& Johnson W. A. Johnson
- Joslin, Culbertson
& Sedberry Fountain Edwards 12,880 30,692 2'7, 203 13,411 22,101 35,200 11,905 28,570 40,633 16,110 307,943 15,579 55,680 42, 341
- 23,957.
43, 125 4,519 8,039 3,100 600 1,894 600 9,822 3,988 2.227 6, 750 7,500 1,680 1,650 2,450 3,000 993 735 1,317 1,275 1,619 4,960 607 610 2,049
- (79 )
HAMMOND EXHIBIT J PAGE 2 of 2 CAROLINA POWER
& LIGHT COMPANY LEGAL FEES TEST YEAR ENDED DECEMBER 31, 1975 r
h
~.
r Line No.
41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 Description Bruce Kennedy
- Leath, Bynum, Kitchin
& Neal Ledgett, Gall
& Edwards Lee
& Moise Harry M. Lightsey
- Lucas, Rand,
- Rose, Meyer, Jones
& Orcutt Mason, Williamson, Etheridge
& Moser McLean, Stacey, Henry
& McLean Moran D. McLindon McNair, Konduros, Corley, Singletary
& Dibble Nance; Collier, Singleton, Kirkman
& Herndon
- Newsom, Graham, Strayhorn, Hedrick, Murray, Bryson Ernest E. Parker, Jr.
Paulling
& James
- Poisson, Barnhill, Butler
& Martin Haigh Porter Procter
& Sessoms
- Ramsey, Jackson, Hubbard
& Galloway James E.
Ramsey
- Rogers, Riggs
& Rickenbaker Shuford,,
Frue
& Sluder Archie L. Smith Charles W. Smith Henry L. Stevens, III Taylor, Allen, Warren
& Kerr
- Thompson, Ogletree
& Deakins Van Winkle, Buck, Wall, Starnes
& Hyde Ward, Tucker, Ward
& Smith Warlick, Milstead
& Dotson Warren
& Fowler David J.
White
& Associates, Inc.
Willcox, Hardee, Palmer, O'Farrell, McLeod
& Buyck Wintrop, Stimson, Putman
& Roberts Yarborough, Jolly
& Williamson GRAND TOTAL Amount 2,450 4,140 908 1,602 7, 887 632 1,656 2,383 1,258 8,245 2,718 5,610 3, 510 9,107 1, 592 729 1,530 8,980 1,200 786 3,208 600 4,375 1, 371 7,463 2, 895 6,302 911 2,117 2
333 8,750 1,405 2,786 965 911,718 (80)
EXHIBIT K PAGE 1 OF ll CAROLINA POKER & LIGHT COMPANY BALANCE SHEET DECEMBER 31, 1975 ASSETS Electric UtilityPlant:
Electric utility plant other than nuclear fuel:
In service Held for future use Construction work in progress Total Less accumulated depreciation Net
$ 1,837,332,579 8,705,994 643 068 549 2,489,107,122 296 425 899 2 192 681 223 Nuclear fuel:
In service Xn process and other Total Less accumulated amortization Net Electric utility plant - net Other Property and Investments Current Assets:
Cash in banks Special deposits for dividends, intere'st, etc.
Working funds Temporary cash investments Accounts receivable, net Materials and supplies:
Fuel Other Prepayments, etc.
Total current assets 33,381,993 36 857 107 70 239 100 18 507 102 51 731 998 2 244 413 221 2 026 358 9,155,772 67j866 130,713 13,496,583 31,484,652 74,386,855 18,093,951 1 472 295 148 288 687 Deferr ed Debits:
Unamortized 'debt expense Other Accumulated deferred income taxes Total deferred debits Total 1,5180038 5,775,927 6 450 354.
13 744 319 S2 408 472 585 See notes to financial statements.
'(81)
CAROLINA POMER 6 LIGHT COtPANY BALANCE SHEET DECEMBER 31, 1975 EXHIBIT K PAGE 2 OF 11 LIABILITIES Capital Stock and Retained Earnings:
Preferred stock, without par value, cumulative (entitled upon liquidation to $ 100 a share) (Note 2)
Common stock, without par value (Note 2)
Retained earnings (Note 1)
Total capital stock and retained earnings Long-Term Debt (Note 3) 336, 018,400 565,609,691 163 437 834 1 065 065 925 1 155 254 061 Current Liabilities:
Notes payable:
Banks Other Accounts payable:
Construction contract retentions Other Customers'eposits Taxes accrued
. Interest accrued Dividends declared Other Total current liabilities 78, 385 5,114,161 23,596,816 3,753,970 9,380$ 705 20,932,577 25,608,792 2 114 170 90 579 576 Deferred Credits:
Customers'dvances for construction Investment tax credits Other Total deferred credits 202,420 18,787,931 459 170 19 449 521 Reserve for Injuries and Damages Accumulated Deferred Income Taxes Commitments and Contingencies (Note 4)
Total 794 184 77$ 329$ 318 2 408 472 585 (82)
See notes to financial statements.
CAROLINA POWER 6 LIGHT COMPANY STATEMENT OF INCOME FOR THE TWELVE MONTHS ENDED DECHG3ER 31, 1975 EXHIBIT K PAGE 3 OF ll OPERATING REVENUES - ELECTRIC 606 329 121 OPERATING EXPENSES:
Fuel Purchased power 0ther operation Maintenance Depreciation Taxes:
Taxes other than income Federal income State income Provision for deferred income taxes Income taxes deferred in prior years (credi.t)
Xnvestment tax credit adjustments:
Amount deferred Amortization of amounts deferred (credit)
Total operating expenses 232,722,278 13,114,681 77, 685, 707 33$ 685$ 947 46$ 648$ 000 46,436,686 23,438,785 2,574,302 5,545,865 662,966 14,966$ 347 692 542 495 463 091 OPERATING INCOME 110 866 030 OTHER INCOME:
Allowance for funds used during construction Xncome taxes credit.
Other income (deductions)
-.net Total other income 59,956,830 19,733,336 1 020 787 80 710 953 GROSS INCOME 191 576 983 INTEREST CHARGES:
Long-term debt Amortization of debt premium, discount and expense-net Other Total interes t charges NET INCOME PREFERRED STOCK DIVXDEND REQUIREMENTS EARNINGS FOR COMMON STOCK AVERAGE COMMON SHARES OUTSTANDXNG EARNINGS PER SHARE OF CO%ION STOCK 85,740,401 269,691 3 945 170 89 955 262 101,621,721 25 751 863 75 869 858 28 109 092 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 Add - Net income for the period Total Deduct:
Cash dividends declared:
$ 5 preferr'ed stock Serial preferred stock - $4.20 Series
$5.44 Series
$ 9.10 Series
$ 7.95 Series
$ 7.72 Series
$ 8.48 Series Preferred Stock A
<< $ 7.45 Series Preference Stock A
- $ 2.675 Series Co~~
n stock (at annual rate of $ 1.60 a share)
Total Capital stock expense Federal income tax deferred in prior years
$ 1,186,295 420,000 1,360,000 2,730,009 2,7829525 3,860,000 5,5120000 3,725,000 5,513,534 46 172 859 73,262,222 445,797 662 966
$ 136,187,098
'01 621 721 237,808,819 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)
CAROLINA POWER 6 LIGHT COMPANY NOTES TO FINANCIAL STATBIENTS DECBSER 31, 1975 EXHIBIT K PAGE 5 OF 3.1 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.
Utilityplant 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
'nd Exchange Commission, the accumulated credit for deferred Federal 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, 237,259 shares)......................;.........
Serial (authorized, 10,000,000 shares):
$4.20 Series (outstanding, 100,000 shares).....
$5.44 Series (outstanding, 250,000 shares).....
$ 9. 10 Series (outs tanding, 300, 000 shares).....
$ 7. 95 Series (outstanding, 350,000 shares).....
7.72 Series (outstanding, 500,000 shares).....
8.48 Series (outstanding, 650p000 shares).....
Preferred Stock A (authorized 5,000,000 shares)-
. $ 7.45 Seri.es (outstanding, 500,000 shares).....
Total..
~ 0
~
~
~ ~
Preference Stock, without par value, cumulative (authorized, 10,00,000 shares)-
$ 2.675 Series A (outstanding, 2,000,000 shares.
Common Stock, without par value (authorized, 60,000,000 shares):
Outstanding (1975, 32,692,791 shares;
- 1974, 23,438,844 shares).....................
Subscribed but not issued - 19,875 shaxes......
. otal...............................
T 24,375,900
$ 24,375,900 10,000,000 25,000,000 30,000,000 35,000,000 49,425,000 64,317,500 10,000,000 25;000,000 30,000,000 35,000,000 49,425,000 64,317,500
$ 47 900 000
$565,609,691
$419,458,687 243 217 565 609 691 419 701 904 50 000 000 50 000 000
$ 288 118 400
$ 288 118 400
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 3-1/8%
3-1/4%
2-7/8%
3-1/2%
ll 4-1/8%
4-7/8%
4-1/2%
4-1/2%
11-1/8%
5-1/8%
6-3/8%
6-7/8%
8-3/4%
8-3/4%
7-3/8%
7-3/4%
7-3/4%
7-3/4%
8-1/8%
S 9-3/4V.
ge Bond
- Series, Series,
- Series, Series,
- Series, Series,
- Series, Series,
- Series, Series,
- Series, Series, Seri.es,
- Series, Seri.es,
- Series, Series,
- Series, Series,
- eries, Series, s
~
due 1979..
due 1979..
due 1981..
due 1982..
due 1984..
due 1988..
due 1990..
due 1991..
due 1994..
due 1994..
due 1996..
due 1997..
due 1998..
due 2000..
due 2000..
due 2001 due 2001..
due 2002..
due 2003..
due 2003..
due 2004..
Total..
~
~
~
~
~
~ ~
~
~
~
~ ~
20, 100, 000 43,930,000 15,000,000 20,000,000 100,000,00&
20,000,000 25,0001000 25,000,000 30,0000000 50,000,000~"*
30,000,000 40,000,000 40, 000, 000 40,000,000 50,000,000 65,000,000 70,000,000 100,000,000 100,000,000 100,000,000 125 000 000 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 Prime ra'te
~ ~
~ ~
~
~
~ ~
~
~
~ ~ ~ e ~
~ ~
~
~
~ i ~ ~
~
~
~
~
~
~ o
~
Miscellaneous promissory notes (1974'2347310)t
~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~ ~
~
50,000,000 204 359 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.................
Total long-term debt excluding current maturities at December 31, 1975.............
2 000 000 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):
To'ta 1 a s s e 'ts ~ ~
~
~
~
~ ~
~ ~
~ ~
~
~
~ ~ ~
~
~ ~ ~ t o ~
Notes payable to bank (guaranteed by the Company)..... ~......;...
(89)
December 31 1975 1974
~17 744
~2946 16 200
EXHIBITK 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):
~Pa ab1e 1976 1977 1978 1979 1980 1981-1985 1986-1990 1991-1995 Rema inder ICT
. Generators 3,800 3,800 3,800 3,800 3,800 19$ 000 19,000 19,000 13,300 Other
$ 2,800 2,400 1,400 800 700 3,400 3,100 2,300 6, 300 Total
$ 6,600 6, 200 5,200 4,600 4,500 22,400 22>100 21$ 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 members'uclear generating facilities.
The Company would be sub)ect to a 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~>fiIX'I'FAfrPl?\\ 'I%I SH'Ii?II?Di? ?973 - AI"?II~ )976 (1)
Contract (2)
Contract (3)
Spot (4) 5 mt (5)
Overall Cost (6)
Freiq".t (7)
'Ibtal Cost (8)
Days
~S' Septa;ber 1973 October wvcaCv r
~
December January 1974 February Ia~rch A(n'll Kly June July Ausust Septa ber October Irlvcnber Dco?nber January 1975 FcbDLlry N~rch April itsy Jesse July Au9?et Septccber Octo?mr N>varber ber January 1976 February Y~rch April
- 8. 37 8.64 8.94 6.72 9.34 13.14 9.62 10.09 10.31 10.19 9.91 10.38 10.31 17.18 11.81 4S.86 1$.12 19.14 18.71 18.83 21.G9 20.84 20.48
'?3.86 22.51 22.30 21.37 23.26 2?.. 20 22.20 20.56 20.20
- 72. 71
- 60. 5$
- 60. 34
- 67. 41 67.58 4i6. 66
- 43. 67 47.18 53.64 61.76 45.93
- 25. 09
- 22. 19
- 19. 57
- 25. I3 20.00 47.64 GB. 22 G3.10 56.82 62.89 71.07 52.50 53.24 74.07 64.99 60.72 67.77 Ci3. 34 85.20 88.28 82.50
- 8. 30 S. 76
- 6. 7l
- 8. 79 14.G6 22.04 26.79 28.06
?8.07 27.67 30.05 35.31 36.02 38.56 39 50
- 37. 36 33.93 31.18 16.99 l8.54 19.06 18.83 17.01 16.73 15.08 16.10 15.78 15.51 15.91 15.86 14.92 13.84
- 27. 29 39.aS 39.GG 32.59
- 32. 42
- 53. 34 SCI. 33 52.62 46'6 36.24
$4.07 74.91
- 71. 81 80.43 74 ~ 27 60.00 52 ~ 36 3). 78
- 36. 90
- 43. 18 37.1'.
26'3 47.50 4G.76 25.93
- 35. 01 39'6 32.23 36'G
'4.80 11.72 17isn
- 8. 35 S.GB Bi85 8.74 11.07 17.89 19.37 19.58 18.54 16.87 20.60 29.05 30.32 34.38 32.38 39.04 24.97 22.97 18.81 18.70 20.71 20.28 18.83 20i52 20i58 20.13 19.18 20.76 19.89 21.26 19.90 19.09 3.68 3.94 3.96 4'7 3.79 4.34 4.44'.78 5.05 4.28 4.64 5.56 5.45 5.75 5'9 5.49 4.67 5.06 5.43 s.ss 5.29 4,97 5.23 5.32 5.39 5.48 5.75 5.91 5.80 6.00 5.53 5,71 12.03
- 12. G2 12.81 12.81'4.66 22.23 23.81 24'6 23.59 21.15 25.64 34.61
- 35. 71
- 40. 13 37.87 44.53
- 29. 64 26.03 24.21 24.25 2Ci.nn 25.2$
24.06 25.84 25.97 25.61 24.93 26.67 25.69 27.26 2$ ~ 43 24.86 74 57 60 47 58 59 59 59 43 35 24 25 46 64 77 66 78 71 66
$9 49 48 58 63 55 59 64 66 64
')7 85 78
~
~
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~
we li,i'i~
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~
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'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 Jan.*
Feb.*
Mar.*
Apr.*
May June July Aug Sept.
Oct.
Nov.
Dec.
Cost
$ 20,305,335 14,955,377 15,721,167 16,069,674 14,373,451 18,856,010 20,928,320 21,654,458 16,924,582 15,383,571 19,916,790 20,423,889 Sales (MWH) 2, 371, 700 2,265,851 2,024,836.5 1,921,924.1 1,824,105 2,074,039 2,182,975 2,369,617 2,340,264 2,065,325 1,999,044 2,133,789 Mills/KWH 8.562
- 6. 600
'7. 764
- 8. 361
- 7. 880 9.091 9.587 9.138 7.232 7.448 9.968 9.572
"'Actual Average for year is 8.43
= 8.5 Mills per KWH J
F M
A J
J A
S 0
N D
Cost
- 8. 562
- 6. 600
- 7. 764
- 8. 361 7.880 9.091 9.587 9.138 7.232 7.448 9
968 9 '72 Base 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 8.5 Credit./1000 KWH 1.90 0.74 0.14
- 0. 62 1.27 1.05
$ 5.72 Debit/1000 KWH
$ 0.06 0.59 1.09 0.64 1.18 1.07
,$ 4.57 8.5 in Base alloii~s 6 mos. Credit and 6 mos. Debit
BASE RATE COMPARISON RESIDENTIAL CUSTOMER (With June Fuel Adjustment)
LINE SERVICE KWH APPROVED RATE 1-15-75*
PROPOSED DOCKET jj18,387**
AMOUNT INCREASE DOLLARS PERCENT 01 02 03 04 05 06 07 08 General Min 100 250 500 750 1,000 2,000 3,000 R4K $
2 ~ 00 4.74 9'2 16.10 22.57 28.95 54.36 79.77 R4R 2.80
- 6. 04 12.20 21.36
- 30. 82 39.62 74.82 110. 02
.80 1.30
- 2. 58
- 5. 26 8.25 10.67 20.46 30.25 40.00Ã 27.43%
26.82K 32.671o 36.55%
36.86'5
- 37. 64'A 37.92K 09 10 11 12 13 14 15 16 Water Heater Min 100 250 500 750 1,000 2,000 3,000 R3M
- 2. 00 R3T 4.74 9.30 14.61 19.13 25.12 50.53 75.94
- 2. 80
- 6. 04
- 11. 79
- 19. 09
- 26. 92
- 35. 52
- 70. 72 105.92
.80 1.30 2.49 4.48 7.79 10.40 20.19 29.98 40.00K
- 27. 43K
- 26. 77K 30.66%
40.72K 41.40K 39.96K 39.48K 17 18 19 20 21 22 23 24 All Electric Min 100 250 500 750 1,000 2,000 3,000 R2M
- 2. 00 4.74 9.30 14.61 19.13 24.32 45.73 66.54 R2T
- 2. 80
- 6. 04 11.79
- 19. 09 26.92 33.84 60.64 86.69
~ 80 1
~ 30 2.49 4.48 7.79 9.52 14.91 20.15 40.005 27.43K 26.77/.
30.66K 40.72K 39.14%
32.60Ã 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 0.160154 per KWH) 6/15/76
BASE RATE COMPARISON RESIDENTIAL CUSTOMER (Without Fuel Adjustment)
LINE SERVICE APPROVED RATE 1-15-75*
PROPOSED DOCKET
/jl8,387**
AMOUNT INCREASE DOLLARS PERCENT
-01 02.
03 04 05 06 07 08 General Min 100 250 500 750 1,000 2,000 3,000 R4K $ 2.00 4.35 8.64 14.14 19.64 25.04 46.54 68.04 R4R $
2.80 6.20 12.60 22.16 32.02 41.22 78.02 114.82
.80 1.85 3.96 8.02 12.38 16.18 31.48 46.78 40.00K 42.53%%d 45.835 56.72%
62.94K
- 64. 62'5 67.64%%d 68.75$
09 10 11 12 13 14 15 16 17=
18 19 20 21 22 23-24 Water Heater All Electric Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 R3M
- 2. 00 4.35 8.32
- 12. 65
- 16. 20
- 21. 21
- 42. 71 64.21 R2M
- 2. 00 4.35 8.32 12 ~ 65 16.20 20.41 37.91 54.81 R3T 2.80
- 6. 20 12.19 19.89 28.12 37.12 73.92 110.72 R2T
- 2. 80
- 6. 20 12.19 19.89 28.12
- 35. 44 63.84 91.49
.80 1.85 3.87 7.24 11.92 15.91 31.21 46.51
.80
- l. 85 3.87 7.24 11.92
- 15. 03
- 25. 93 36.68 40.00K 42.53$
- 46. 51Ã
- 57. 23Ã 73.58K 75.01%%d 73.07K 72.43K 40.00$
42.535 46.51Ã
- 57. 23K 73.58K 73.64K 68.40K 66.92K Fuel in base rate of 0.5134 Fuel in base rate of 1.010$
per KWH per KWH (Based on Nuclear and Fossil Clause) 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTIAL CUSTOMER (With June Fuel Adjustment)
LINE SERVICE KWH APPROVED RATE 1-15-75*
STAFF AMOUNT PROPOSAL INCREASE 4-21-76**
DOLLARS PERCENT 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 General Water Heater All Electric Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 R4K $ 2.00 4.74
- 9. 62
- 16. 10
- 22. 57 28.95 54.36 79.77 R3M
- 2. 00 4.74
- 9. 30
- 14. 61
- 19. 13
- 25. 12
- 50. 53
- 75. 94 Summer R2M 2.00 4.74 9.30 14.61
- 19. 13 24.32 45.73
- 66. 54 Winter R2M
- 2. 00 4.74
- 9. 30
- 14. 61
- 19. 13 24.32 45.73 66.54 0 4.50 7.82 12.81 21.05 29.24 37.03
- 67. 78 98.53
- 4. 50 7.82 12.81 20.19 26; 94 34.46 65.21 95.97
- 5. 00 8.32 13.31 20.69 27.46
- 34. 96
- 65. 71 96.46
- 5. 00 8.32 13.31
- 20. 69 27.46 34.76
- 60. 31 81.66 5 2.50
- 3. 08 3.19 4.95
- 6. 67
- 8. 08 13.42 18.76
- 2. 50 3.08 3.51
- 5. 5S 7.81
- 9. 34 14
~ 68
- 20. 03
- 3. 00 3.58
- 4. Ol
- 6. 08 8.33 10.64
- 19. 98 29.92 3.00 3.58
- 4. Ol
- 6. 08 8.33 10.44 14.58 15.12 125. 005 64.98%
33.165 30.755 29.55K 27.91%
24.695 23.525 125. 005
- 64. 98%
37.745 38.19Ã 40.835 37.185 29.055 26.384 150. OOK
- 75. 535
- 43. 12'5 41,62fo 43.54K 43.755 43.69K 44.975 150. OOX
- 75. 535 43.12%
41.621'3.54%
42.93K 31.88%
22.72%
Fuel in base rate of 0.513( per KWH plus F.A.C. of 0.3914 Fuel in base rate of 0.8504 per KWH (Based on Nuclear and Clause),
therefore since cost of fuel burned was 0.849854 a credit to the customer of 0.00015( per KWH is necessary per KWH Fossil per KWH 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTI'AL CUSTOMER (without Fuel Adjustment)
LINE SERVICE APPROVED RATE 1-15-75*
STAFF PROPOSAL 4-21-76**
AMOUNT INCREASE DOLLARS PERCENT 01 02 03 04 05 06 07 08 General Min 100 250 500 750 1,000 2,000 3,000 R4K $ 2. 00
- 4. 35 8.64 14.14 19.64 25.04
- 46. 54
- 68. 04
$ 4.50 7.84
- 12. 85
- 21. 13 29.35 37.18 68.08 98.98
$ 2. 50 3.49 4.21
- 6. 99 9.71 12.14
- 21. 54
- 30. 94 125.00%
- 80. 23K
- 48. 735 49.43K 49.44K
- 48. 48'5 46.285
- 45. 475 09 10ll 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 i)ater Hea ter All Electric Min 100 250 500 750 1,000.
2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 R3M
- 2. 00 4.35
- 8. 32
- 12. 65
- 16. 20
- 21. 21
- 42. 71
- 64. 21 Su+ver R2M
- 2. 00 4.35 8.32 12.65 16.20
- 20. 41
- 37. 91 54.81 i<inter R2li
- 2. 00 4.35
- 8. 32
- 12. 65
- 16. 20
- 20. 41
- 37. 91
- 54. 81
- 4. 50 7.84
- 12. 85
- 20. 27
- 27. 07 34.61 65.51 96.41
- 5. 00 8.34 13.35 20.77 27.57 35.11 66.01 96.91
- 5. 00 8.34 13
~ 35
- 20. 77
- 27. 57
- 34. 91
- 60. 61
- 82. 11
- 2. 50 3.49
- 4. 53 7.62 10.87 13.40 22.80 32.20
- 3. 00
- 3. 99
- 5. 03 8.72 11.37 14.70 28.10 42.10
- 3. 00
- 3. 99
- 5. 03
- 8. 72 11.37 14.50 22.70 27.30 125.005
- 80. 23'A
- 54. 45$
60.24Ã 67.10K 63.18Ã 53.39/
50.15%
150.005 91.72%
60.465 68.97Ã
- 70. 19/o
- 72. 02$
74.125 76.81K 150. 00/o
- 91. 721o 60.46%
68.97/o
- 70. 19Ã
- 71. 04/
59.87K 49.81K Fuel in base Fuel in base rate of 0.5134 per KWH rate of 0.850( per Kl]H (Nuclear and Fossil) 6/15/76
HARRIS EXHIBIT BASE RATE COMPARISON RESIDENTIAL CUSTOMER (WITH JUNE FUEL ADJUSTMENT)
Line 03 04 05
'06 08 Service General Min
- 100 250 500
'750.
1000 2000 3000 Approved Rate 1-15-75*
R4K 5 2.00 4.74
' '2 16.10 22.57 28.95 54.36 79.77 Proposed Alternate Rate**
R4T
$ 4,40 7.72 12.71 20.95 29.14
'6,93
- 67. 68 98.43 Dollars
$ 2.40
. 2.98 3.09 4.85 6,57 7.98 13.32 18.66 Percent 120.00K 62.87 32'2 30.12 29.11 27.56 24.50 23.39 Amount Increase 09 10ll 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 Hater Heater All Electric Min 100 250 500 750 1000 2000 3000
~
Min 100 250 500 750 1000 2000 3000 Min 100 250 500 750 1000 2000 3000 R3M 2,00 4'4 9.30 14.61 19.13 25.'12 50.53 75.94 Surfer R2N 2.00 4.74
'9.30 14.61 19.13 24.32 45.73 66.54 Hinter R2M
$.00 4.74 9.30 14.61 19.13 24.32
- 45. 73 66'4 R3V
- 4. 55 7.87 12.86 20.24 27.01
- 34. 5]
65.26
- 96. 01 R2V ',00 8.32 13,31 20.69 27.46 34,96 65..71
- 96. 46 R2V 5.,00 8,32
- 13. 31 20.69 27.46 34 '6 60.31 81,66 2.55 3.13 3.56 5.63 7.88 9.39 14.73 20,07 F 00 3.58 4.01 6.08 8,33 10.64 19.98 29,92
- 3. 00 3.58 4,01 6.08 8,33 10.44 14.58 15.12 127.50 66.03 38.28 38.54 41.19 37.38 29.15 26.43 150. 00
- 75. 53 43,12
- 41. 62 43,54 43.75 43,69 44,97 150,00 75.53-43,12 41,62 43.54 42.93 31,88-
- 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)
I i Line Dl 02.
03
)'e D8 Service Gener al Min 100 250 500 750 1000 2000 3000
- R4K
$ 2;00 4.35 8.64 14.14 19.64 25.04 46.54 68.04 Approved Rate 1-15-75*
Proposed Alternate Rate**
$ 4,40 7.74 12.75
- 21. 03 29.25 37.08 67.98 98,88'mount Increase Dollars
$ 2.40 3;39 4.11 6.89 9.61 12.04 21.44 30.84 Percent 120,005 77.93 47.57 98,73 48,93 48,08 46,07 45.33 09 10ll 12 13 14 15 16 I/ater Heater Min 100 250 500 750 1000 2000 3000 R3M 2.00
- 4. 35
- 8. 32
- 12. 65
- 16. 20
- 21. 21
- 42. 71
- 64. 21 R3 4.55 7.89 12.90 20.32 27.12
- 34. 66
- 65. 56 96.46 2.55 3.54 4.58 7-67 10.92 13.45 22.85 32.25 127, 50 81, 38 55,05
- 60. 63-67,41 63,41 53.50 50,23 l 7 18 19 I
24 L
25 All Electric Min 100 250 500 750 1000 2000 3000 Min 100 250 500 750 1000 2000 3000 Summer R2M F 00 4.35 8.32 12,65 16.20 20'1 37.91 54,81 Winter R2M 2,00 4.35
- 8. 32 12,65 16,20 20.41 37,91 54.81 R2V R2V
- 5. 00 8,34 13.35 20.,77 27, 57
- 35. 11
- 66. 01
- 96. 91 5,00
- 8. 34
- 13. 35 20,77 27s57 34,91
- 60. 6'1
- 82. 11 3.
00'.99 5.03 8.12 11, 37
- 14. 70 28.10 42.10 3,00 3.99 5.03 8,12 11.37
- 14. 50 22.70 27,30 150,00 91.72 60.46 64.19 70.19 72,02 74,13 76.81 150,00 91,72 60,46 64.19 70,19 71.04 59.88 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)
L]llE SERV]CE Ol General 02 03 04 05 06 07 08 APPROVED.
RATE KWH 1-15-75*
lhin R4K $ 2.00
)00 4.74 250
- 9. 62 500 16.]0 750 22.57 1,000 28.95 2,000 54.36 3,000 79.77 RATE UNDER BOIID*~
R4R $ 2.80 s'.es 11.22 19.39 27.87
- 35. 68 66.95 98.21 PROPOSED DOCKET
'38 387***
R4R $
2.80
- 6. 04 12.20 21.36 30.'82 39.62 74.82
"]10. 02 PROPOSED ALTERWATE RATE>>**>>
R4T $ 4.40 7.72 12.71 20.95 29.14
- 36. 93
- 67. 68 98.43 STAFF
'ROPOSAL 4-2]-76~*"*
$ 4. 50 7.82 12.81 21.05 29.24 37.03 67.78 98.53 09 Mater Heater 10 11 12
]3 14 15 16 17 All Electric
]8 19 20 21 22 23 24 25 26 27 28 29 30 3]
32 i<in 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 Min
]00 250 500 750
).000 2,000 3,000 R3M 2.00 4.74 9.30
]4. 6]
] 9.13 25.12
- 50. 53
- 75. 94 Sunder Rzli
- 2. 00
- 4. 74 9.30
]4.6) 1.9.13 24.32
- 45. 73 ee.s4 Minter R2!TI
- 2. 00 4.74 9.30 14.61
- 19. 13 24.32
- 45. 73
- 66. 54 R3T
- 2. 80 R3T
- 5. 65 10.81 17.12
- 23. 97
- 31. 58
- 62. SS 94.11
- 2. 80 R3V
- 6. 04 11.79
- 19. 09
- 26. 92
- 35. 52
- 70. 72 105. 92 4.55 4.50 7.87 7.82
]2.86 12.8]
20.24 20.] 9 27 01 26 94 34.5) 34.46 65.26 65.21 96.0) 95.97 R2T
- 2. 80
- 5. 65 10.81
]7.12
- 23. 97
'29. 90 52.77 74.88
'2T
- 2. 80 C. 04 11.79
) 9.09 26.92
- 33. 84
- 60. 64 06.69 R2V
- 5. 00 8.32
) 3.31
- 20. 69 27.46
- 34. 96
- 65. 71
- 96. 46
- 5. 00 8.32
)3.31
- 20. 69
- 27. 46 34.96 65.71 96.46 RBT 2.80 R2T
- 5. 65 10.81 17.12
- 23. 97
- 29. 90
- 52. 77 74.88 2.80 R2V
- 6. 04 11.79
)9.09
- 26. 92 33.84
- 60. 64
- 86. 69
- 5. 00
- 5. 00 8.32 8.32 13.31 s3.3) 20.69 E.'0. 69
- 27. 46
- 27. 46 34.76 34.'75
- 60. 3]
- 60. 31 81.66 8].66 fue) in base
- Fuel
<<n base
~**
Fuel in base
'~** Fuel in base rate of 0.513C per KMH rate of ).0)OC per IXH rate of ).OIOC per Kl'H ra te of 0. 850f per hWH plus less less less 0.391C-per ICMH F.A.C.
0.5536f per VMH plus 0.39]f per V!3TH F.A.C.
0.160C per KMH less 0.000)5C per VMH credit 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
- 3. 71< per KWH 2.43< per KWH 1.79< per KWH 2.20< per KWH 1.42< per KWH 1.75< per KWH 1.63'er KWH
$2. 00 for the for the for the for the for the for the for the for all Minimum first 50 KWH next 100 KWH next 50 KWH next 50 KWH next 100 KWH next 450 KWH next 1700 KWH over 2500 KWH Bill 7,
02',37' 72C 2
90',24<
3.29e 2.84<
2.69<
per KWH per KWH per KWH per Y.WH per KWH per KWH per KWH per KWH
$2.80 for the for the for the for the for the for the for the for al 1
Minimum first 50 KWH next 100 KWH nex t 50 KWH next 50 KWH next 50 KWH next 500 KWH next 1700 KWH over 2500 KWH Bi 1 1
~Rff P 1
2i Summer. 3/
$ 5. 00 3.34'.
724 3.09'inter 4/
S5. 00 3.34'.
72/
2.99'.15'aci 1 iti per KWH per YWH per KWH per KWH per KWH per KWH per KWH es Charge 5/
for the first 350 KWH for the next 450 KWH for all over 800 KWH for the first 350 KWH for the next 450 KWH for the next 700 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 3.7lr, per KWH for the Next 100 KWH 2.434 per KWH for the next 50 KWH 1.79< per KWH for the next 50 KWH 2.20< per KWH for the next 100 KWH 1.42< per KWH for the next 450 KWH 2.15< per KWH for al1 over 800 KWH
$2. 00 Hinimum Bill 7.02< per KWH for the first 50 KWH 5.37C per KWH for the next 100 KWH 3.72'er KWH for the next 50 KWH 2.90< per KWH for the 2.24< per KWH for the next 50 KWH next 50 KWH 3.29< per KWH for the next 500 KWH 3.68< per KWH for a11 over 800 KWH
$2.80 Minimum Bill
~fff 2 1
ff
$4.50 3
34'.72'09'acilities Charge per KWH 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 3.71C per KWH for the next 100 KWH 2.43C per KWH for the next 100 KWH
'.20C per KWH for the next 550 KWH 2.15C per KWH for all over 800 KWH
$2.00 Hinimum Bill 7.02C per KWH for the first 50 KWH 5.37C per KWH for the next 100 KWH 3.72c per KwH for the next 100 KwH 3.07C per KWH for the next, 50 KWH 4,01C per KWH for the next 400 KWH 3.68C per KWH for all over 700 KWH
$ 2.80 Ninimum Bill
~581 2
1 2/
(4.50 3.34c 3.29c 3.09c Facilities Charge 3/
per KWH for the first 350 YWH 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/
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 PEAK YEAR LOAD 1976 5396 1977 5836 1978 6330 1979 6821 1980 7342 1981 7904 1982 8492 GENERATING CAPABILITY 6538 7495 7495 7495 8215 8215 8215 1984 9707 9835 1985 10363 10555 1983 9086 8935 221.5 227.5 227.5 127.5
- 75. 0 75.0
- 75. 0
- 75. 0
- 75. 0 7716. 5 7722. 5 7722. 5 8342. 5 8290. 0 8290. 0 9010. 0 9910. 0 10630. 0 MEGAWATTS PURCHASES AND TOTAL
- SALES, NET RESOURCES 82.5 6620.5 1224.5 22.7 1880.5
- 32. 2 1392. 5
- 22. 0 901. 5 1000. 5 386 (202)
(76) 203 267 13.2 13.6 4.9 (2.4) 2.1 2.6 RESERVE RESERVE MARGIN
/ LOAD (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 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1
2 3
4 5
6 7
8 9
10 11 12 13 14 15 16 PEAK 1237 1338 1468 1561 1737 1931 2184 2270 2834 3055 3484 3625 4119 4711 4771 5060 ADJ PEAK 1199 1326 1466
~
1622 1794 1984 2194 2427 2684 2969 3283 3632 4017 4443 4914 5435 YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 PROJ PEAK 6011 6649 7354 8134 8996 9950 11006 12173 13464 14892 16471 18218 20150 22287 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 1968 1969 1970 1971 1972 1973 1974 1975
'EAR
.1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990
. PEAK 2834 3055 3484 3625 4119 4711 4771 5060 ADJ PEAK 2860 3120 3404 3714 4052 4421 4823 5262 PROJ PEAK 5741 6264 6834 7456 8135 8876 9684 10566 11527 12577 13722 14971 16334 17821 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 1971 1972 1973 1974
'1975 YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1
2 3
4 5
PEAK 3625 4119 4711 4771 5060 ADJ PEAK 3761 4080 4426 4802 5209 PROJ PEAK 5650 6130 6649 7213 7825 8489 9208 9989 10836 11755 12752 13834 15007
'6279 17660 AVG.
PER CENT INCREASE EQUALS 8.481 6/22/76
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HARRIS EXHIBIT 17 SUMMER PEAK LOAD FORECAST YEAR PEAK LOAD M.W.
PERCENT GROHTH ACCUM.
AAR ENERGY G,M.H.
PERCENT
- ACCUM, GROHTH AAR L.F.*
1960'961 1962 1963 1964 1965 1966 1967 1968 1969 1971 1972 1973 1974 1975 Actual Forecast
'] 976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1237
'1338 1468 1561 1737 1931 2184 2270 2834 3055 3484 3625 4119 4711 4771 5060 5650 6130 6649 7213 7825 8489 9208 9989 10836 11755
- 8. 16 9.71 6.33 11.27
- 11. 17 13.10 3.94 24.84 7.'80
- 14. 04
- 4. 05
- 13. 63
].4, 37 1.27
- 6. 06 11.66 8.48 8.48 8.48 8.47 8'9 8.48 8.47
- 8. 48
- 8. 48 8.16 8.94 8.06 8.86 9.31 9.94 9 ~ 06 10.92
- 10. 57
- 10. 91
- 10. 27
- 10. 54
- 10. 83 10.12
- 9. 85 9.96
.9.87 9.79 9'2 9.66 9.60 9.55
- 9. 51 9.46 9.42 5875 6422 7088 7769 8759 9707 11006 12140 14026 15617 17302 18861 20517 23229 23607 24057 8,79Ã Compound 9.31 10.37 9.61 12.74 10.82 13.38 10.30 15.53 11.34 10.79 9.10 8.78
- 13. 22 1.63 1.91
- 9. 31 9.84
.9.76 10.50 10.56 11.03 10.92 11.49 11.47 11.41 11.19 10,98 11
~ 15 10.44 9.85
.542
.548
.551
.568
.576
.574
.575
.610
.565
.583
.567
.594
.569
.563
.565
.543 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 YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 PEAK(
40AD 5650 61 XO 6649 7213 7825 848 9 9208 9989 10836 11755 GENERATING CAPABILITY 6538 7495 7495 7495 8215 8215 8215 8935 9835 10555 MEGAWATTS PURCHASES,
- SALES, NET
- 82. 5 221.5 227.5 227.5 127. 5
- 75. 0 75.0
- 75. 0 75.0 75.0 TOTAL(2)
RESOURCES 6620 '
77'i6.5 7722.5 7722.5 8342 '
8290.0 8290.0 9010.0 9910.0 10630.0 RESERVE YiARGIN 970. 5 1586. 5 1073.5 509.5 517.5
. (199)
(918)
(g7g}
(926)
(1,125)
RESERVE I LOAD 17.2 25.9 16.1 7.1 6.6 (2.3)
(9.9)
(9. 8)
(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 YEAR 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 WINTER'OAD N
PEAK 1
1266.
2 1350.
3 1516.
4 1638.
5 1749.
6 1943.
7 2127.
8 2445.
9 2660.
10 3171.
11 3400.
12 3625.
13 3957.
14 '219.
15 4261.
16 4968.
ADJ PEAK 1250.
1373.
1508.
1657.
1820.
1999.
2195.
2411.
2648.
2909.
3195.
3510.
3855.
4234.
4651.
5108.
YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 PROJ PEAK 5611.
6163.
6770.
7436.
8168.
8971.
9854.
10824.
11889.
13059.
14344.
15755.
17306.
19009.
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 YEAR 1968 1969 1970 1971 1972 1973 1974 1975 ldINTER LOAD PEAK 2660.
3171.
3400.
3625.
3957.
4219.
4261.
4968.
ADJ PEAK 2828.
3059.
3309.
3578.
3870.
4186.
4527.
4896.
YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 PROJ PEAK 5295.
5727.
6194.
6699.
7245.
7836.
8475.
9166.
9914.
10722.
11597.
12542.
13565.
14672.
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 1971 1972 1973 1974 1975 YEAR 1976 1977 1978 197 9 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 N
PEAK 1
3625.
2 3957.
3 4219.
4 4261.
5 4968.
ADJ PEAK 3634.
3899.
4184.
4489.
4817.
PROJ PEAK 5168.
5545.
5950.
6384.
6850.
7350.
7886.
8461.
9079.
9741.
10452.
11215.
12033.
12911.
13853.
AVG.
PER CENT INCREASE EQUALS 7.297 6/22/76
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HARRIS EXHIBIT 23 14INTER,,PEAK LOAD'ORECAST YEAR PEAK LOAD M.M.
PERCENT GROWTH ACCUM.
AAR 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 ACTUAL FORECAST 1976 1977 1978 1979 1980 1981
'1982
- 1983, 1984 1985 1266 1350 1516 1638 1749 1943 2127
'445 2660 3171 3400 3625 3957 4219 4261 4968 5611 6163 6770 7436 8168 8971 9854 10824 11889 13059 6.6 12.3 8.'0 6.8 11.1 9.5
- 15. 0 8.8 19,2 7.2 6.6 9.2 6.6 1.0 14.2
- 12. 9 9.8 9.8 9.8 9.8 9.8 9.8 9.8 9.8 9.8 6.6 9
8.9 8.4 8.9 9.0 9.9 9.7 10.7 10.4 10.0 9.9 9 '
9.1 9.5 9.7 9.7 9.7 9.7 9,7 9.7 9,7 9.7 9,7 9,7 10.15 Compoun'AR
= Average Annual Rate (A = P(l + r)
)
6-16-76
HARRIS EXHIBIT 24 YEAR 1976 1977 1978 1979 1980 1981 1982 1983 1984 1985 PEAr(')
LOAD "5611 61,63 6770 7436 8168 8971 9854 10824 11889 13059 MEGA'WATTS GENERATING CAPABILITY PURCHASES, (
)
TOTAL(.')..
- SALES, NET RESOURCES 6538 7495 7495 7495 8215 8215 8215 8935 9835 10555 82.5 221. 5 227.5 227.5 127. 5 75,0 75,0
- 75. 0 75.0 75.0 6620.5 7716.5 7722.5 7722,5 8342.5 8290.0 8290.0 9010,0 9910,0 10630.0 LOAD, CAPABILITY, RESERVE MINTER RESERVE MARGIN 1009.5 1553.5 952. 5 286,5 174.5
'(681)
(1564)
(lS14)
(1979)
(2429)
RESERVE X LOAD 18.0.
25.2 14.1 3,9 2.1 (7,6)
(15.9)
(16.8)
(16.6)
(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)
LINE SERVICE 01 Genera 1
02 03
~
04 05 06 07 08 "KWH Min 100 250 500 750 1,000 2,000 3,000 APPROVED RATE 1-15-75*
44K4 2. 0 R
0
- 4. 74
- 9. 62
- 16. 10
- 22. 57
- 28. 95 54.36 79.77 RATE UNDER BOND**
R4~R2. 80
- 6. 04
- 12. 20 21.35 30.80 39.59 74.77 109. 94 AMOUNT INCREASE DOLLARS PERCENT
~80 40.00K 1.30 27.43K 2.58 26.824 5.25 32.61'X 8.23 36.46/
10.64 36.75K 20.41 37.55K 30.17 37.82K 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Water Heater All Electric Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 R3M
- 2. 00 4.74 9.30 14.61 19.13 25.12 50'3 75.94 R2M 2.00 4.74 9.30 14.61 19.13 24.32 45.73 66.54 R3T 2.80
- 6. 04 11.79
'9.08 26.90 35.49
- 70. 67 105.84 R2T 2.80
- 6. 04 11.79
- 19. 08 26.90 33.81 60.59 86.61
.80 1.30 2.49 4.47 7.77 10.37 20.14 29.90
.80 1.30 2.49 4.47 7.77 9.49 14.86 36.62 40.00K 27.43Ã 26.77Ã 30.60K 40.62/
41.28K 39.86K 39.37K 40.00K 27.43K 26.77K 30.60K 40.62Ã 39.02%
32.50K 55.03/o Fuel in base rate Fuel in base rate of 0.5134 per KWH of 1.0104 less 0.55364 per KWH 6/14/76
BASE RATE COMPARISON RESIDENTIAL CUSTOMER'Without Fuel Adjustment)
LINE SERVICE Ol General 02 03 04 05 06 07'8 KWH Min 100 250 500 750 1,000 2,000 3,000 APPROVED RATE 1-15-75*
~4K
- 2. 0 R
0 4.35 8.64 14.14 19.64 25.04 46.54 68.04 RATE UNDER BOND**
R4~R2. 80 5.65 11.22 19.39 27.87 35.68 66.95 98.21
- 5. 25
- 8. 23 10.64 20.41 30.17 37.13'5 41.901 42.49K 43.85K
= 44.34K AMOUNT INCREASE DOLLARS PERCENT
~80 40.00K 1.30 29.891'.5829.86'5 09 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 Water Heater All Electric Min 100 250 500 750 1,000 2,000 3,000 Min 100 250 500 750 1,000 2,000 3,000 R3M
- 2. 00 4.35 8.32 12.65 16.20 21.21 42.71 64.21 R2M
- 2. 00
- 4. 35 8.32 12.65 16.20 20.41 37.91 54.81 R3T 2.80
- 5. 65
- 10. 81
- 17. 12
- 23. 97
- 31. 58 62.85 94.11 R2T 2.80 5.65 10.81 17.12 23.97 29.90 52.77 74.88
.80 1.30 2.49 4.47 7.77 10.37 20.14 29.90
..80 1.30
- 2. 49
- 4. 47 7.77 9.49 14.86 20.07 40.00K 29.89%
29.93K 35.34K 47.96K 48.89K 47.16K 46.57K 40.00Ã 29.89K 29.93K 35.34K 47.96K 46.50Ã 39.20K 36.62K Fuel in base rate Fuel in base rate of 0.513it: per KWH 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
SERVICE KltH APPROVED PROPOSEO AHOUttT PROPOSED AHOUNT APPROYEO APPROVED RATE DOCKET It(CREASE DOCKET I>>tCREASE RATE "*>>
RATE "***
7-15-75*
PLO.361>>
DOLLRRS PERCERT ELO 367**
DOLLRRS PERCERT 1-13-76 4-1-76 01 02 03 C4 05 06 07 00 09 10 11 12 13 14 15 16 General Water Heater Hinimum 100 250 500 750 1000 2000 3000 t4in.(mum
)OO 250 500 750 1000 2000 3000 R4K $ 2.00 4.35 S.G4 14.14
- 19. 64 25 ~ 04 4G. 54 60.04 R3H 2.00 4.35 8.32 12.65 16.20 21.21 42'1 64.21 R4P
$ 2.00 4.35 B.Gi 14.90 21.40 27.40 51.40 75.40 R3S 2.00 4.35
~
8.32 13.16 18.41 24.26 40.26 72.26
$0. 00
- 0. 00
- 0. 00
.76 1.76 2.36 4.S6 7.36
- 0. 00
- 0. 00
- 0. 00
.51 2.21 3
Or 5.55 0.05
- 0. 00~
0.00
- 0. 00 5.37 8.9G
- 9.42 10.44 10.02 0.00 0.00 0.00 4.03 13.64 14.30 12.99 12.54 R4R 2.00 6.20 12.60 22.16 32.02 41.22 70.02 114.02 R3T 2.80 6.20 12.19 19.89 28.12 37.12 73.92 110.72
.00 1.05 3.96 0.02 12.30 1G.IS 31.40 46.70
.00
).U5 3.87 7.24
~.
11.92 15.91 31.21 46.51
- 40. 001.
42.53 45.03 56'2 62.94 64.62 67.64 68.75
- 40. 00 42.53 46.51 57.23 73.58 75.01 73.07 72.43 R $ 4.27 4.09
- 9. 54
- 10. 01 27.06 3G.11 66.43 92.23 RW 4.60 5.22 9.07 15.60 22.65 29.70 56.22 82.02 8
$ 3.50
- 7. 20 12.31 19.35 26.38 33.42 66.16 99.19 ttone 17 10 19 20 21 22 23 24 25 26 All Electric Hinimum 100 250 500
.750 1000 2000 3000 2000 3000 R2H 2.00 4.35 8.32 12.65 16.20 20.41 37.91 54.01 R2S 2.00 4.35 8.32 13.16 10.41 22.96 40.46 57.36
- 0. 00
- 0. 00
- 0. CO
.51
- 2. 21
. 2.55 2.55 2.55
- 0. 00 0.00 C. 00
- 4. 03 13.64 12.49 6.73 4.65 R2T 2.80 6.20 12.19 19.09 20.12 35.44 63>>34 91.49
- 00 40.00 l.05
- 42. 53 3.07 46.51 7.246 57.23 11.92 73.50 15.03 73.64 25.93 68.40 36.68 66.92 RA 4.00 5.42
- 9. 67 16.05 22.85 29.65 51.0) 70.01 July-Sept.
8 6.50 7.20 12.31 19.35 26.30 33.42 66.16 99.19 Oct.-June 55.73 77.67
- Fuel in Base Rate of;5)34 Per Kltll
"* Fuel in Base Rate of ).0)0l7 Per KWH
- Fuel in Base Rate of.4745'er KNt
- Fuel in Base Rate of.900'er KWH 1/20/76 m
>c C33
BASE RATE COHPARISOH COt:.WERCIAL At.O IKDUSTRIAL CLASS (Without Fuel Adjustn.ent)
C P 5 L
S C
E 5 G
DUKE LIRE SERVICE KW APPROVED RATE 1-15-75*
PROPOSED DOCKET 8}8.387**
AISUHT IHCREASE DOLLARS PERCEHT APPROVED RATE 4-1-7 6>>**
APPROVED RATE
}3 76***%
Ol Comn<<rc ia 1 02 03 04 05 06 07 08 All Electric 09 10ll 12 13
}n 3
6 12
'30 40 100 300 3
6 12 30 40
~
100 300 375 7r50 1,500 6,000 10,000 30,000 90,000 375 750 1,500 6,000 10,000 30,000 90,000 G}H $
G2K 17.00 29.}5 55.54 157.10 224.60 557.50 1,615'0 Glj $
G2P 22.43 38.70 74.4n 222. 4I2 324.98 865.50 2,549.50 5.43
- 9. 55 18.90
- 65. 32 100.38 308.00 934.00 31.94%
32.76" 34.03%
41.58%
44.69>>
55.25'7.81%
9$
19.36 34.65 65.25 209.85 314.21 836.01 2.401.41 G $
18.86
- 35. 69 67.37 210.62 313.47 737 '7 1,991.77 19.03 35.87
- 67. 54 176. 14 252.84v
'57.84 1,903.84 15 Industrial 16 17 18 19 20 21 22'3 75 150 300 500
},000 5,000 10,000 20.000 50,000 15,000 30,000 60,000 200,000 400,000 2,000,000 4,000,000 lo,G00,000 25,000,000 G2K G38 338.75 665.00 1,309.50 3,167.50 6,170. 00 28,490.00 56,390.00 126,590.00 315 590.00 G2P G3F 517 75 1,012.00 2,000.50 5,14I8.50
}O,UZJ.OO 49'r500 pp 98,850.00 228,150.00 570,150.00 179.00 347.00 o9'0 1,981.00 3,850.00 21,010.00 42,460.00 101,560.00 254,560.00 52.84%
52.}8%
52.77" 62.54>>
62.40%
73.75%
75.30%
80.23%
80.66%
9 444.66 836.01 1,618.71 20 4,435.50 8,'nos.so 23 no,}80 ~ Go 79.860. 00
.'.78,600. 00 nn5,'750.'00 I
427.54 823.73 1,601.11 4,063.86 7,311.86 33,711 F 86 62,899.36 141,074.36 344,399.36
- Fuel in Base Rate of
.5}34 Per KhH
- Fuel in Case Rate of }.0}OC Per KHH
- "* Fuel in Case Rate of
.900< Per KhIH
- Fuel in Base Rate of
.4745'er KhH VVS l
t
)
f