Benefits Calculator

ENERGY EFFICIENCY BENEFITS CALCULATOR
National Action Plan for Energy Efficiency
July 31, 2006 Version
Contractor: Energy and Environmental Econcomics, Inc.

ENERGY EFFICIENCY BENEFITS CALCULATOR Instructions
National Action Plan for Energy Efficiency
31-Jul-06
Contractor: Energy and Environmental Economics, Inc.
INSTRUCTIONS
PURPOSE
The Energy Efficiency Benefits Calculator (Calculator) is a tool that demonstrates the benefits
to customers, utilities, and society of implementing energy efficiency programs. The Calculator
was developed for the Leadership Group of the National Action Plan for Energy Efficiency and
is one of the resources available to aid users in promoting the adoption of energy efficiency
programs. The Calculator is designed to support the new national commitment for energy
efficiency by demonstrating the energy efficiency business case from multiple perspectives
using transparent input assumptions and easily verifiable calculation methodology. Results
from the Calculator can be used, in conjunction with other program planning materials, to:
- Make the business case for an aggressive new energy efficiency commitment.
- Gain support for energy efficiency across the diverse set of stakeholders making decisions
about energy supply, including utilities, regulators, customers, businesses, and others.
- Show the range of benefits and impact on different approaches to program design using
“what-if” type analysis.
INTRODUCTION
The Calculator is a powerful resource that utilities, regulators, and partner organizations can use
to demonstrate the economic and environmental benefits accruing to all parties through
adoption of energy efficiency measures. The tool can evaluate the business case for energy
efficiency universally across utility types and provides robust results encompassing consumer,
utility, and societal benefits. It can be calibrated to numerous applications: electricity and
natural gas; public or private utilities (investor-owned utilities, municipal utilities and
cooperatives); vertically integrated or restructured markets; various utility financial structures;
different rate-setting approaches; with/without decoupling in base case and EE case; and
with/without shareholder incentives. It is straightforward to use and produces compelling
results. Because the Calculator was designed to accommodate a wide variety of utility types,
while at the same time requiring easily obtainable input data, the results are geared to education
and outreach purposes. The Calculator is not designed to be used for applications requiring
detailed data for specific applications such as rate-setting, comparing different types of energy
efficiency policies, cost effectiveness testing, energy efficiency resource planning analysis, and
consumer behavior analysis.
INSTRUCTIONS FOR USE

The Calculator is designed for users with a basic understanding of Excel and a moderate
understanding of utility economics. Data should be entered in cells with yellow highlighting
and blue color.
The model consists of 14 tabs, including the Cover and Instructions.

* Data will be entered only on the Step1 and Step2 tabs.
* If you do not wish to adapt the model to a specific utility, you may select one of the cases on
the Interpretation tab. To run one of these cases, simply select the case from the drop-down
menu in column D. To save a case you have manually input, press the Save Scenario button.
* The Interpretation tab provides an explanation of Calculator results, based on active
assumptions.
* The other tabs in the model (Electric No EE, Electric EE, Electric EE No Decoupling, Gas
No EE, Gas EE, Gas EE No Decoupling, Energy Forecast, Emissions, and Scenarios) perform
calculations only and have been hidden.
On the Step1 tab, you will calibrate inputs to your utility (size, rate-base, rate levels, growth
forecast, costs).
On the Step2 tab, you will adjust energy efficiency costs and savings inputs, decoupling and
sensitivities, then examine charts depicting program impact.
The Interpretation tab is a summary of results and is intended to be utilized to communicate the
business case for cost-effective energy efficiency to stakeholders.
Instructions
STEP 1 INPUTS SHEET - UTILITY-SPECIFIC INSTRUCTIONS
Utility Type
From the drop-down menu, select whether your utility is investor owned (1) or a public power or
cooperative utility (2). Your choice is shown in column E. Inputs not required will show in gray.
From the drop-down menus, select whether your utility provides electricity, gas or both by selecting
TRUE or FALSE. Your choice is shown in column E. Inputs not required will show in gray.
2007 is fixed as the first year of this analysis.
Separate results are provided for each type of utility (electric and natural gas).
You do not need to zero out data pertaining to a utility type that you do not use.
Load Forecast
Enter 2006 peak load (MW or mcf/day), 2006 load factor (%), and average annual forecast sales growth
rate (%) for your utility type(s).
Rates Inputs
Enter 2006 average rate ($/kWh or $/therm).
The model calculates 2006 annual sales (MWh or bcf) and 2006 revenue ($MM).
Energy Cost Forecasts

Average Cost Inputs
These inputs are used to calculate to purchases or production costs, before energy efficiency is applied.
Enter 2006 average costs of purchases or production cost for power and/or fuel:
For electric utilities, enter an energy cost in $/MWh and/or a capacity cost in $/kW-yr.
For gas utilities, enter a fuel cost in $/MMBtu and/or a capacity/storage cost in $/mcf/day.
Enter average marginal losses and/or unaccounted for (%). This figure is applied as an increase to
annual energy (vs capacity) sales.
Enter average energy and capacity cost escalation.
Marginal Cost Inputs

These inputs are used to calculate cost savings of purchased energy due to EE measures (no purchased
capacity savings assumed).
Pricing used to calculate this savings can be either market-forward curves or first-year inputs, which are
then escalated.
Selecting TRUE activates the market-forward curves:
For electricity, you must then select market location from the drop-down menu.
For gas, you must input the average nominal basis adjustment to Henry Hub
Enter the peak to off-peak or winter to summer price ratio. This ratio is applied to the peak/winter
price to calculate the off-peak/summer price.
Selecting FALSE activates first-year pricing, for which you must input a peak price, peak to off-peak
price ratio, and cost escalation.
Peak price should be the average peak price ($/MWh or $/MMBtu) for 2007 in 2007$. For a gas
utility, the price you enter should include any basis adjustment.
The peak to off-peak or winter to summer price ratio is applied to the peak/winter price to
calculate the off-peak/summer price.
The first year prices active in model calculations are shown below "Year 1 Marginal Cost"
Emissions Inputs
For electric utility, select marginal technology during peak and off-peak periods, 2007 cost of emissions
($), and cost escalation.
For gas utility, input emissions rates, 2007 cost of emissions ($), and escalation.
Capital Expenditure and Depreciation

Enter average book and tax asset depreciation terms (years).
Enter average annual capex expenditure (2006$MM), escalation, and percent of capex expenditure to
serve growth (vs maintenance).
Growth capital expenditure is reduced by energy efficiency measures in the EE case.
See Line Item Capital Expenditures below for additional capex inputs.
Other Expenses, Maintenance

Enter O&M expense as a percent of 2006 revenue. 2006 expense assumption active in model appears in
cell below (in $MM).
Enter O&M cost escalation rate.
Financing and Taxes

For investor-owned utilities:
Enter average interest rate for debt (%), average debt to total capital ratio and target return on
equity (%). Model then calculates WACC.
Enter applicable federal and state tax rates. Model calculates a combined rate for use in calculations.
Enter rate base assets ($MM) projected for the end of 2006.
For public and cooperative utilities:
Taxes always assumed to be zero.
Instructions
Enter debt cost, total asset base ($MM) projected for the end of 2006, and total debt amount
($MM) projected for the end of 2006.
Rate Setting Instructions
For investor-owned utilities:
Enter trigger for determining rate case year: regular cycle (1) or earnings band (2).
Enter length of cycle if (1) is selected per above.
Enter next rate case year if (1) is selected per above.
Enter band on earnings (+/- ROE) if (2) is selected per above.
For public power or cooperative utilities:
Enter trigger for determining rate case year: debt service coverage ratio (1) or cash position (2)
If (1) is selected, enter pre-tax DSCR for triggering rate case and target DSCR for establishing rates.
If (2) is selected, enter cash position at the end of 2006 ($MM) and cash position triggering rate case ($MM).
Enter percent of annual revenue paid in lieu of tax.
Line Item Capital Expenditures

Enter projected nominal dollar capital expenditures and year of expense for capex not already included in average
annual capital expenditures above.
Capital expenditure schedule will be delayed based upon growth-related capacity savings resulting from EE program.
STEP 2 INPUTS SHEET - ENERGY EFFICIENCY PROGRAM ASSUMPTIONS AND RESULTS CHARTS
EE Costs and Budget

Enter percent of 2006 revenue devoted to energy efficiency program budget. This percent is treated as an annual
expense recovered in rates, with no associated profit component.
Enter administrator cost in $/MWh and/or $/MMBtu. This input converts EE program budget entered
above into total MWh/mcf savings
Total MWh/mcf savings is then converted to annual savings per average life of efficiency measures and
utility WACC.
Enter participant cost in $/MWh and/or $/MMBtu. Model then shows total cost of EE.
Enter escalation - escalation is applied to both program costs and administrator costs.
Enter average life (in years) of implemented energy efficiency measures.
Resource Savings
For Electric Utility:
Enter percent of energy savings on-peak (onpeak MWh / total MWh). Applies to EE savings of
purchased/produced energy.
Enter ratio of peak MW savings to average MW savings. Must be >= 100%.
This ratio is the inverse of the coincident peak load factor of the energy efficiency program.
For example, 200% means that 2 MW are saved during the coincident peak load hour, for energy savings of 1
average MW or 8760 MWh of energy efficiency. Average MW = Annual MWh savings / 8760.
Enter percent growth related capacity saved. Applies to EE savings of purchased/produced capacity.
Enter percent
whethergrowth related
to include capex saved.
emissions Applies
cost savings to annual and
in economics line itemcost
(emissions capex.
by default assumed
always included in base case economics)
For Natural Gas Utility:
Enter percent of savings in winter (winter mcf / total mcf). Applies to EE savings of purchased/produced energy.
Enter
Enter percent
whethergrowth related
to include capex saved.
emissions Applies
cost savings to EE savings
in economics of annual
(emissions and
cost byline itemassumed
default capex.
always included in base case economics)
Revenue Requirement and Decoupling Inputs

Enter whether to activate decoupling (adjusts rates for variations in throughput) in No EE and EE cases.
The decoupling mechanism assumed by the Calculator is a ‘generic’ balancing account that adjusts rates
annually to account for reduced sales volumes, thereby maintaining revenue at target projections.
Differences in utility incentives that alternative decoupling mechanisms provide are discussed in the
Utility Ratemaking and Revenue Requirements Working Group paper, but are not modeled.
The decoupling mechanism does not protect the utility from variations in costs.
Enter whether to activate shareholder incentive (relevant only in EE case).
Enter target incentive (% of EE budget).
Enter additional EE implemented due to shareholder incentive as % of total EE budget. Increases both co
This input quantifies additional EE resulting from a utility having additional monetary incentive to implement EE.
Sensitivity
For Electric Utility:
Enter % cost increase / (savings) variation from forecast. Applied to Average Cost Inputs (capaci
Enter % decrease in average and marginal energy prices due to EE demand reduction. Applied to average
purchased energy cost, marginal energy cost and actual consumption.
Enter % cost increase / (savings) variation from forecast. Applied to Marginal Cost Inputs (EE) per above.
Enter % sales increase / (decrease) variation from forecast. Applied to energy sold.
Enter % of EE MWh to include in Ratesetting Forecast.
For Natural Gas Utility:
Enter % cost increase / (savings) variation from forecast. Applied to Average Cost Inputs (capaci
Enter % decrease in average and marginal energy prices due to EE demand reduction. Applied to
average purchased energy cost, marginal energy cost and actual consumption.
Enter % cost increase / (savings) variation from forecast. Applied to Marginal Cost Inputs (EE) per above.
Enter % sales increase / (decrease) variation from forecast. Applied to fuel sales.
Enter % of EE mcf to include in Ratesetting Forecast.
Instructions
STEP2 - RESULTS CHARTS
The second part of the Step2 tab is the results section.
The table located on rows 23-55 above the charts area provides a summary of key quantitative data.
The results are also presented in 11 charts organized in 3 columns: Customer, Utility, Society. Note that if either
of the electric/gas utility types has been switched to FALSE in Step1, data for that utility type will be hidden.
Two EE scenarios have been presented: "EE no Decoupling" and "EE and Decoupling." The "EE no
Decoupling" case always has no decoupling but enables shareholder incentive when that option is activated. The
"EE and Decoupling" case enables both decoupling and the shareholder incentive when those options are
activated.
Customer Perspective Charts
Percent Change in Customer Bills Chart

Shows percent change in customer bills over time versus the no EE case.
At first, customer bills increase because investments have been made in EE. Energy savings are assumed to
result in the years following initial investment, and as money saved on energy becomes greater than the cost of
the efficiency program, the chart area grows below the x-axis.
Comparison of Average Rate Chart

Shows average customer rates over time.
Customer rates increase over time due to inflation and increasing rate bases.
Rates equal total revenue (which is equal to the total customer revenue figure in the chart above) divided by total
energy sales.
Rates are higher in the with EE case because although total customer revenue decreases over time, total energy
sales also decrease due to EE measures. Because energy sales decrease at a higher rate than customer revenue,
rates are higher in the EE case.
Percent Difference in Average Rate Chart

Shows percent difference in average customer rates over time.
Calculated by subtracting the without EE rate from the with EE rate, then taking that result as a percent of the
without EE rate.
The percent difference increases over time, indicating rates are increasing more quickly in the with EE case.
Again, this is driven by the decrease in energy sales.
Utility Perspective Charts
Investor-Owned Utility Comparison of Return on Equity

Shows utility target ROE and achieved ROE.
Depending upon inclusion of decoupling and/or shareholder incentives, the achieved ROE may be higher or
lower than target.
OR
Public Power/Cooperative Debt Service Coverage Ratio
The DSCR remains constant when decoupling is activated.
OR
Cash Position at End of Year or Utility returns
Shows aggregate cash on hand at utility at year end in $MM.
Cash increases in each year when utility is profitable.
Utility Earnings
Shows utility earnings in $MM over time.
Trend will be upward if rate base is growing and downward if rate base is shrinking (i.e., capex is less than
depreciation).
Comparison of Peak Load Growth

Both lines trend upward, indicating annual load growth versus 2007 load.
Peak load increases more quickly in the no EE case because peak capacity savings are not captured.
Because decoupling does not impact load growth, only one EE case has been shown.
Growth Offset by EE
Shows base case (no EE) demand growth, energy savings due to EE, and the percentage of demand growth saved
due to EE.
Energy growth is upward sloping because of demand growth. Energy savings is upward sloping due to the
cumulative effect of EE savings. When demand growth is larger than energy savings growth, the percent growth
offset line trends downward.
Community or Society Perspective Charts
Total Societal Net Savings

Shows total benefits to society in $MM over time.
The net savings are the difference of total costs, including EE participant costs, and the savings from EE.
In the first year, the cost of the EE program is a cost to society. Over time, cumulative energy efficiency savings
lead to cost savings that are greater than the EE program cost. The graph shape is therefore upward sloping.
Because decoupling does not impact net savings, only one EE case has been shown.
Delivered Costs and Benefits of EE

Shows total utility costs in $MM per unit of EE energy savings and total utility savings in $MM per unit of EE
energy savings.
Total cost per unit declines over time because of the impact of cumulative EE energy savings. The savings per
unit stays relatively constant because of cumulative EE savings impacts both utility savings cost and unit energy
savings.
Because decoupling does not impact the cost or savings, only one EE case has been shown.
Emissions Savings
This graph shows annual tons of emissions saved due to EE.
The graph is upward sloping indicating increasing savings.
Emissions Cost Savings

This graph shows annual emissions cost savings in $MM due to EE.
If emissions costs are monetized, the graph is upward sloping indicating increasing savings; otherwise, no
change.
Customer Perspective Charts
Percent Change in Customer Bills Chart

Shows percent change in customer bills over time versus the no EE case.
At first, customer bills increase because investments have been made in EE. Energy savings are assumed to
Instructions
result in the years following initial investment, and as money saved on energy becomes greater than the cost of
the efficiency program, the chart area grows below the x-axis.
Comparison of Average Rate Chart

Shows average customer rates over time.
Customer rates increase over time due to inflation and increasing rate bases.
Rates equal total revenue (which is equal to the total customer revenue figure in the chart above) divided by total
energy sales.
Rates are higher in the with EE case because although total customer revenue decreases over time, total energy
sales also decrease due to EE measures. Because energy sales decrease at a higher rate than customer revenue,
rates are higher in the EE case.
Percent Difference in Average Rate Chart

Shows percent difference in average customer rates over time.
Calculated by subtracting the without EE rate from the with EE rate, then taking that result as a percent of the
without EE rate.
The percent difference increases over time, indicating rates are increasing more quickly in the with EE case.
Again, this is driven by the decrease in energy sales.

lower than target.
OR
OR
Utility Earnings
depreciation).

Growth Offset by EE
due to EE.


energy savings.
savings.
Emissions Savings

change.

lower than target.
Instructions
OR
OR
Utility Earnings
depreciation).

Growth Offset by EE
due to EE.


energy savings.
savings.
Emissions Savings

change.
Key Equations
ENERGY EFFICIENCY BENEFITS CALCULATOR KEY EQUATIONS
Summary of the Calculator’s key equations and relationships.
Revenue Requirement and Decoupling Inputs
The decoupling mechanism assumed by the Calculator is a “generic” balancing account that adjusts
rates annually to account for reduced sales volumes, thereby maintaining revenue at target projections.
Differences in utility incentives that alternative decoupling mechanisms provide are discussed in the
Utility Ratemaking and Revenue Requirements Working Group paper, but are not modeled. The
decoupling mechanism does not protect the utility from variations in costs.
The shareholder incentive (relevant only in EE case) provides additional monetary incentive to the
utility to implement EE. The target incentive (% of EE budget) must be entered in conjunction with
activating the shareholder incentive. The model also allows the user to enter how much additional
energy efficiency might be expected because of the shareholder incentive - if set at zero the incentive
will not change the amount of energy efficiency.
EE Costs and Budget
The annual EE utility program expense is entered as a percent of 2006 utility revenue devoted to energy
efficiency program budget. It is treated as an annual expense recovered in rates, with no associated
profit component. For example, if annual utility revenue is $1MM and the program expense is 1
percent, then the utility EE budget is $10,000.
The costs of energy efficiency are entered using two assumptions—the costs in $/MWh and/or
$/MMBtu for the utility and participant, and an assumption about the average life of the energy
efficiency investments. These inputs are then used to convert annual utility EE program budget ($) into
lifecycle MWh, or mcf savings, and savings per year over the life of the measure. For example, if the
utility EE budget is $10,000 and the administrator cost is $20/MWh then the total EE resulting from the
$10,000 invested is 500 MWh.
Total MWh/mcf savings is then converted to annual savings using the average life of efficiency
measures and the utility WACC. For example, if the average life of efficiency measures is 15 years and
the utility WACC is 8.5 percent, then the annual savings resulting from the $10,000 EE utility budget is
-PMT(.085, 15, 1)*10,000 = 1,204 MWh.
Key Equations
Load Forecast
Forecast sales growth rate (%) has a large impact on efficiency program results. For example, a high-
growth utility can see ROE decreased when decoupling is implemented, whereas a low-growth utility
will see ROE increase when decoupling is implemented. Note: the Calculator does not adjust the
amount of energy efficiency investment for changes in growth rate, because the efficiency investment is
based on the cost and budget assumptions explained previously.
Energy and Capacity Savings
The percent of energy savings on-peak (on peak MWh / total MWh or winter mcf/total mcf) applies to
EE savings of purchased/produced energy.
The ratio of peak MW savings to average MW savings is the inverse of the coincident peak load factor
of the energy efficiency program and must be >=100%. This input converts the average annual capacity
saved to capacity savings during the coincident peak load hour so that peak capacity savings can be
captured. This input is only applicable in the context of an electric utility.
For example, 200 percent means that 2 MW are saved during the coincident peak load hour, for energy
savings of 1 average MW or 8,760 MWh of energy efficiency. Average MW = Annual MWh savings /
8,760 hrs per year.
Emissions Inputs
Emissions savings estimates are provided for natural gas and coal generation technologies per MWh of
saved electricity or per MMBtu of saved natural gas. They are applied to quantities of energy saved,
resulting in emissions savings in physical units. In addition, the model allows the user to input costs per
unit emissions saved for monetizing emissions savings (which is optional).
Utility Type
1 1=Investor-owned, 2=Public Power and Cooperative Utilities Investor-owned
1 Electric Utility (Enter TRUE, if electric, otherwise FALSE) Electric and Natural Gas Utility
1 Natural Gas Utility (Enter TRUE, if electric, otherwise FALSE)
2007 Base Year (Fixed as 2007 in this model)
Load Forecast
Electric Natural Gas
956,000 Peak Load (MW) - Year0 121,479 Peak Day Sales (Mcf/day)
46% Annual Load Factor - Year 0 50% Annual Load Factor - Year 0
1.6% Forecast Sales Growth Rate 0.70% Forecast Sales Growth Rate
Rates Inputs
$ 0.086 Average Rate ($/kWh) - Year 0 $ 0.93 Average Rate ($/therm)
3,867,000,000 Annual Sales (MWh) - Year 0 22,170.0 Annual Sales (Bcf)
$ 331,848.1 Base Year Revenue ($M) - Year 0 $ 212,294.16 Year0 Revenue ($M)
Energy Cost Forecasts (Distribution utility = market purchases, Vertical utility = production cost and market purchases)
Electric Average Costs Natural Gas Average Costs
$ 61.06 Average Cost of Purchased Power or Average Production Cost ($/MWh) $ 4.05 Average Cost of Purchased Fuel or Average Production Cost ($/MMBtu)
6% Average Marginal Losses (for Energy Savings) 5% Losses and Unaccounted For
$ - Generation Capacity Cost if purchased ($/kW-yr) $ - Capacity Cost/Storage if purchased ($/mcf/day)

2.3% Cost Escalation of Average Energy and Capacity Cost 2.3% Cost Escalation
Electric Marginal Costs Natural Gas Marginal Costs

1 Use Market Price for Marginal Cost 1 Use Market Price for Marginal Cost
NP15 Select market if Market Price is active $ - Basis Adjustment to Henry Hub if Market Price is active
$ 65.00 Input Peak Price ($/MWh) $ 8.00 Input Winter Price (Year 1) ($/MMBtu)
1.65 Peak to Off-Peak Price Ratio 1.26 Winter to Summer Price Ratio
2.3% Marginal Cost Escalation 2.3% Marginal Cost Escalation (also for Henry Hub post-2011)
Year 1 Marginal Cost Forecast Streams on Energy Forecast Tab Year 1 Marginal Cost Forecast Streams on Energy Forecast Tab
$ 75.72 Peak ($/MWh) $ 10.67 Winter ($/MMBtu)
$ 60.10 Off-Peak ($/MWh) $ 8.47 Summer ($/MMBtu)
Emissions Inputs
Marginal Electric Generation Technology for Emissions Marginal Emission Rate for Natural Gas
Natural Gas CCGT (117 lb/MMBTU) <---- Select for Peak Period 0.06 Tons CO2 per MMBtu
Coal, subbituminous coals (212 lb/MMBtu) <---- Select for Off-Peak Period 0.10 lbs Nox per MMBtu
Year 1 Cost for Monetized Emissions - (Sensitivity) Year 1 Cost for Monetized Emissions - (Sensitivity) Source:
9.3 $/Ton CO2 9.3 $/Ton CO2 California Public Utility Commissi
4.6 $/lb Nox 4.6 $/lb Nox Note: Inputs have been escalated
6.5 $/lb PM-10 6.5 $/lb PM-10
0 $/lb Sox 0 $/lb Sox
0 $/lb CO 0 $/lb CO
0 $/lb VOC 0 $/lb VOC
2.3% Escalation Rate 2.3% Escalation Rate
Capital Expenditure and Depreciation

30 Average Asset Book Depreciation (years) 50 Average Asset Book Depreciation (years)
20 Tax depreciation (years) 30 Tax depreciation (years)
$ 19,733 Total Year0 CapEx ($M) - Except Line Item Schedule $ 22,330 Total Year0 CapEx ($M) - Except Line Item Schedule
2.3% Capex Cost Escalation 2.3% Capex Cost Escalation
32% Percent Capex Growth Related 55% Percent Capex Growth Related
Also See Line Item Capital Expenditures Below Also See Line Item Capital Expenditures Below
Other Expenses, Maintenance

5% O&M, other expense as % of yr0 revenue 5% O&M, other expense as % of revenue
$ 16,592.40 Annual expense - Year0 $M $ 10,614.7 Annual expense
2.3% O&M Escalation Rate 2.3% O&M escalation rate
Financing and Taxes

Electric - Investor-owned Natural Gas - Investor-Owned
7.00% Debt Cost 7.00% Debt Cost
50% Debt % 50% Debt %
11.00% Target Return on Equity 11.00% Target Return on Equity
50% Equity % 50% Equity %
9.00% WACC 9.00% WACC
35.00% Federal Tax Rate 35.00% Federal Tax Rate

0.00% State Tax Rate 0.00% State Tax Rate
35.00% Combined Federal & State Tax Rate 35.00% Combined Federal & State Tax Rate
$ 400,000 Rate Base Assets $MM (book and tax) $ 525,000 Rate Base Assets $MM (book and tax)
Electric - Public Power or Cooperative Utility Natural Gas - Public Power or Cooperative Utility
5% Debt Cost 6% Debt Cost
$ 400,000.0 Asset Base Year0 $ 525,000.0 Asset Base Year0
$ 250 Debt Amount Year 0 $ 275 Debt Amount Year 0
Rate Setting
Investor-Owned Investor-Owned
1 1=Regular Cycle, 2=Earnings Band 1 1=Regular Cycle, 2=Earnings Band
1 Years between rate cases 1 Years between rate cases
2007 Next rate case year for cyclical rate cycle 2007 Next rate case year for cyclical rate cycle
2.00% Band on earnings (+/- ROE) for earnings band rate cycle 2.00% Band on earnings (+/- ROE) for earnings band rate cycle
Public Power / Cooperative Public Power / Cooperative

2 1=Debt Service Coverage Ratio, 2=Cash Position 2 1=Debt Service Coverage Ratio, 2=Cash Position
1.00% Percent of Revenue for Payment in Lieu of Tax 1.50% Percent of Revenue for Payment in Lieu of Tax
Trigger Rate Adjustments Trigger Rate Adjustments

2.00 Debt Service Coverage Ratio (assumed pre-tax) 2.00 Minimum Debt Service Coverage Ratio (or Rates are Reset)
2.00 Target Debt Service Coverage Ratio 2.20 Target debt service when rates are reset
Cash Position Trigger Cash Position Trigger

50.00 Cash Position (Year 0) $M 50.00 Cash Position (Year 0) $M
45.00 Minimum Cash position before targetting an increase 45.00 Minimum Cash position before targetting an increase
Line Item Capital Expenditures
Electric Capital Expenses - Line Item Base Case Natural Gas Capital Expenses - Line Item Base Case
Capital Cost Capital Cost
Year Description (Nominal $M) Year Description (Nominal $M)
2010 Investment 1 Description 0 2010 Investment 1 Description 0
Comparison of Investment Timing - Natural Gas Utility
Comparison of Investment Timing - Electric Utility
1
0.9
Capital Expenditure (Nominal $Millions)

1
Capital Expenditure (Nominal $Millions)
0.9 0.8
0.8 0.7
0.7 0.6
0.6
0.5
0.5
0.4
0.4 Without Energy Efficiency
0.3 Without Energy Efficiency
0.3 With Energy Efficiency
With Energy Efficiency
0.2
0.2
0.1 0.1
0 0
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
Year Year
Investor-owned Electric and Natural Gas Utility
Efficiency Program Planning Inputs Revenue Requirement and Decoupling Inputs
Electric EE Costs and Budget Electric Resource Savings Decoupling
2.0% EE Program Budget = % of Base Case revenue 75% Percent of Energy Savings on Peak (%) 1 No EE Case
$ 20.00 EE Administrator Cost $/MWh 200% EE Capacity Savings (peak MW / average 1 With EE Case
$ 15.00 Participant Cost $/MWh
$ 35.00 Total Cost of EE $/MWh - electric 0% Growth Related Gen Capacity Saved Shareholder Incentives
2% EE Cost Escalation 25% Growth Related Capex Saved 0 Add Shareholder Incentives
15 EE Life (Years) (maximum 15 per model term) 0% Decrease in market price 0% Target Incentive (% of EE Budget)
0 Monetize Emissions Savings 0% Additional EE Implemented
Natural Gas EE Costs and Budget Natural Gas Resource Savings Sensitivities
0.5% EE Program Budget = % of Base Case revenue 75% Percent of Energy Savings in Winter (%) Electric
$ 1.50 EE Administrator Cost $/MMBtu 0% Variation in average purchased energy cost
$ 1.50 Participant Cost $/MMBtu 10.0% Growth Related Capex Saved 0% Variation in marginal energy cost
$ 3.00 Total Cost of EE $/MMBtu - gas 0 Monetize Emissions Savings 0% Variation in forecast sales
2% EE Cost Escalation 0% Decrease in market price 100% % of EE in Ratesetting Forecast
15 EE Life (Years) (maximum 15 per model term) Natural Gas
0% Variation in average purchased energy cost
0% Variation in marginal energy cost
0% Variation in forecast sales
100% % of EE in Ratesetting Forecast
Summary of Results
Program Cost Electric Gas Total
Utility Program Spending (% of utility revenue) 2.0% 0.5%
Total Cost of Efficiency (Customer & Utility) $35/MWh $3/MMBtu
Cost of Efficiency (Customer) $15/MWh $2/MMBtu
Average Annual Cost of Efficiency $MM $6,829 $1,248 electr
Total Cost of Efficiency (NPV, $MM) $139,247 $25,452 $164,699 $276,893
Efficiency Spending - Customer (NPV, $MM) $59,677 $12,726 $72,403 $276,893
Efficiency Program Spending - Utility (NPV, $79,570 $12,726 $92,296
Resulting Savings Electric Gas Total

Net Customer Savings (NPV, $MM) $276,893 $76,500 $353,394 $139,247
Annual Customer Savings $MM $18,012 $4,976
Net Resource Savings (NPV, $MM) $270,879 $74,040 $344,919 $7,878,997
Annual Net Resource Savings ($MM) $17,621 $4,816
Decrease in Revenue Requirement (NPV, $MM) $336,571 $89,226 $425,797 $7,878,997
Annual Decrease in Revenue Requirement ($M $21,894 $5,804
Energy Savings Electric Gas Total
Percent of Growth Saved 61% 52%
Percent of Consumption Saved 12% 5%
Energy Saved (maximum annual) 587,889 GWh 1,192 BCF
Energy Saved (cumulative) 9,448,217 GWh 19,159 BCF
Peak Capacity Saved (MW) (Derated) 33555
Emissions Reductions Electric Gas Total
CO2 Emissions Reduction (1000 Tons) 337,889 71,900 409,789
NOx Emissions Reduction (Tons) 66,578 61,453 128,031
Other Assumptions Electric Gas

Load Growth (%) 2% 1%
NPV term of discounting period (years) 30 30
Utility NPV discount rate 5% 5%
Customer NPV discount rate 5% 5%
EE Project Life Term (years) 15 15
Electric Utility
Customer Perspective Utility Perspective Community or Society Perspective
Percent Change in Customer Bills Investor-owned Utility Annual Total Societal Net Savings
Comparison of Return on Equity
3.0% $20,000.0
2.0%
14.0% $15,000.0
Net Societal Benefit ($M)

1.0%
Change in Bills (%)
12.0%
After Tax ROE (%)

0.0% $10,000.0
10.0%
-1.0% $5,000.0
8.0%
-2.0%
6.0% $-
-3.0%
4.0%
-4.0% $(5,000.0)
-5.0% 2.0%
-6.0% 0.0% $(10,000.0)
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
$(15,000.0)
Year 1 2 3 4 5 6 7 8 9 10
Year ROE% - No EE
Change in Customer Bills (%) - EE no Decoupling
ROE% - EE no Decoupling Year
Change in Customer Bills (%) - EE and Decoupling ROE% - EE and Decoupling Total Societal Net Savings ($M)
Target ROE%
Comparison of Average Rate Utility Earnings Delivered Costs and Benefits of EE
$23,500
$0.12
$350
Average Rate ($/kWh)
$0.10 $23,000 $300

Earnings ($MM)
$0.08
$250
$0.06 $22,500
$200
$/MWh
$0.04
$0.02 $22,000 $150
$- $100
1 2 3 4 5 6 7 8 9 10 $21,500 $50
1 2 3 4 5 6 7 8 9 10
Year $-
Year 1 2 3 4 5 6 7 8 9 10
Utility Average Rate - No EE
Utility Average Rate - EE no De- Earnings $MM - No EE
coupling Earnings $MM - EE no De- SocietalYear
Cost ($/MWh saved)
Utility Average Rate - EE and De- coupling Societal Savings ($/MWh saved)
coupling
Percent Difference in Average Rate Percent Growth Offset by Cumulative Emissions Savings
Energy Efficiency
4.5% Tons NOx Saved
700,000 80% Tons PM-10 Saved
4.0%
600,000 70% 80000
Tons SOx Saved
250000
3.5% Tons CO Saved
500,000 60%
% Change in Rate
3.0% 70000 Tons VOC Saved

50% 1000 Tons CO2 Saved 200000
400,000
1000 Tons CO2 saved
2.5% 40% 60000
GWh
2.0% 300,000
30% 50000
Tons Saved
150000
1.5% 200,000 20% 40000
1.0% 100,000 10% 100000
30000
0.5% - 0%
0.0% 1 2 3 4 5 6 7 8 9 10 20000
50000
1 2 3 4 5 6 7 8 9 10000
Year
Energy Savings GWh 0 0
Year
Percent Change in Rate - EE no Decoupling Demand Growth GWh
1 2 3 4 5 6 7 8 9 10
Percent Change in Rate - EE and Decoupling Percent Growth Offset
Year
Comparison of Peak Load Growth Cumulative Emissions Cost Savings
120% 1.00
Peak Load % of First Yr
115%
0.80
110%
$MM Saved
0.60
105%
0.40
100%
0.20
95%
90% -
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Year Year
CO2 NOx
Forecasted Growth - No EE
PM10 SOx
Forecasted Growth - EE and Decoupling CO VOC
Natural Gas Utility
Customer Perspective Utility Perspective Community or Society Perspective
Percent Change in Customer Bills Investor-owned Utility Annual Total Societal Net Savings
Comparison of Return on Equity
1.0%
$6,000.0

15.0%
Change in Bills (%)
After Tax ROE (%)
0.0%
$4,000.0
10.0%
-1.0% $2,000.0
5.0%
-2.0% $-
0.0% $(2,000.0)
-3.0% 1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10 $(4,000.0)
Year 1 2 3 4 5 6 7 8 9 10
Year ROE% - No EE
Change in Customer Bills (%) - EE no Decoupling ROE% - EE no Decoupling Year
ROE% - EE and Decoupling Total Societal Net Savings ($M)
Change in Customer Bills (%) - EE and Decoupling
Target ROE%
Comparison of Average Rate Utility Earnings Delivered Costs and Benefits of EE

$1.50 $35,000 $3.00
Average Rate ($/therm)
$1.30 $2.50
Earnings ($MM)
$33,000
$1.10 $2.00
$31,000
$/therm
$0.90 $1.50
$0.70 $29,000 $1.00
$0.50 $27,000 $0.50

1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10 $-
1 2 3 4 5 6 7 8 9 10
Year Year
Earnings $MM - no EE
Utility Average Rate - No EE Year
Societal Savings ($/therm saved)
Earnings $MM - EE no Decoupling
Utility Average Rate - EE no De- Earnings $MM - EE and De- Societal Cost ($/therm saved)
coupling coupling
Percent Difference in Average Rate Comparison of Peak Load Growth Cumulative Emissions Savings
0.7% 108% 1000 Tons CO2 Saved

Tons NOx Saved

0.6% 106% 50000
% Change in Rate
Tons PM-10 Saved

0.5% 104% Tons SOx Saved
40000
0.4% Tons CO Saved
102% Tons VOC Saved
0.3%
Tons Saved
100% 30000
0.2%
0.1% 98% 20000
0.0% 96%
1 2 3 4 5 6 7 8 9 1 2 3 4 5 6 7 8 9 10 10000
Year Year 0
Percent Change in Rate - EE no Decoupling Forecasted Growth - No EE
1 2 3 4 5 6 7 8 9 10
Percent Change in Rate - EE and Decoupling Forecasted Growth - EE and Decoupling
Year
Percent Growth Offset by Cumulative Emissions Cost Savings

Energy Efficiency
1,600,000 60% 5
50% 4
1,200,000
$MM Saved
40% 3
800,000 30%
mcf
2
20%
400,000 1
10%
- 0% 0
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Year mcf
Gas Savings Year
CO2 NOx
Demand Growth mcf PM10 SOx
Percent Growth Offset CO VOC
Business Case for Energy Efficiency
A business case is an analysis that shows the benefits of energy efficiency to customers, the utility, and society within an approach that can lead to
actions by utilities, regulators, and other stakeholders. Making the business case for energy efficiency programs requires a different type of
analysis than that required for traditional supply-side resources. Because adoption of energy efficiency reduces utility sales and utility size,
traditional metrics such as impact on rates and total earnings do not measure the benefits of energy efficiency. By examining other metrics,
however, such as customer bills and utility earnings per share, the benefits to all stakeholders of adopting energy efficiency can be demonstrated.
(These benefits include reduced customer bills, decreased cost per megawatt-hour (MWh) of energy provided, increased net resource savings,
decreased emissions, and decreased reliance on energy supplies.)
The summary and interpretation of results below demonstrates the benefits of energy efficiency to customers, the utility, and society, based on the
assumptions active in the Energy Efficiency Benefits Calculator. Select a case from the Business Case Summary by using the pull-down list in the
upper right-hand corner of this sheet.
Summary of Results: Case 12: National Case

Program Cost Electric Natural Gas Total
Utility Program Spending (% of utility revenue) 2.0% 0.5%
Total Cost of Efficiency (Customer & Utility) $35/MWh $3/MMBtu
Cost of Efficiency (Customer) $15/MWh $2/MMBtu
Average Annual Cost of Efficiency $MM $6,829 $1,248
Total Cost of Efficiency (NPV, $MM) $139,247 $25,452 $164,699
Efficiency Spending - Customer (NPV, $MM) $59,677 $12,726 $72,403
Efficiency Program Spending - Utility (NPV, $MM) $79,570 $12,726 $92,296
Resulting Savings Electric Natural Gas Total

Net Customer Savings (NPV, $MM) $276,893 $76,500 $353,394
Annual Customer Savings $MM $18,012 $4,976 $22,989
Net Societal Savings (NPV, $MM) $270,879 $74,040 $344,919
Annual Net Societal Savings ($MM) $17,621 $4,816 $22,437
Decrease in Revenue Requirement (NPV, $MM) $336,571 $89,226 $425,797
Annual Decrease in Revenue Requirement ($MM) $21,894 $5,804 $27,699
Energy Savings Electric Natural Gas Total
Percent of Growth Saved, Year 15 61% 52%
Percent of Consumption Saved, Year 15 12% 5%
Peak Load Reduction, Year 15 (Derated) 33,555 MW
Energy Saved, Year 15 587,889 GWh 1,192 BCF
Energy Saved (cumulative) 9,448,217 GWh 19,159 BCF
Emissions Reductions Electric Natural Gas Total
CO2 Emissions Reduction (1000 Tons) 337,889 71,900 409,789
NOx Emissions Reduction (Tons) 66,578 61,453 128,031
Other Assumptions Electric Natural Gas

Load Growth (%) 2% 1%
NPV term of discounting period (years) 30 30
Utility NPV discount rate 5% 5%
Customer NPV discount rate 5% 5%
EE Project Life Term (years) 15 15
Page 17 of 45
Page 18 of 45
Customer Perspective Electric Natural Gas
Customer Bills – Decrease

In the first year, customer utility bills increase because
the cost of the EE program has not yet produced savings. Percent Change in Customer Bills Percent Change in Customer Bills
Total customer bills decline over time, usually within the
first three years, indicating customer savings resulting 3.0% 3.0%
from lower energy consumption.
-1.0% 2.0%
1.0%
Change in Bills (%)
Change in Bills (%)

-5.0%
0.0%
-9.0% -1.0%
-13.0% -2.0%
-3.0%
-17.0%
-4.0%
-21.0% -5.0%
-25.0% -6.0%
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Years
Change in Customer Bills (%) - EE no Decoupling Years
Change in Customer Bills (%) - EE no Decoupling
Change in Customer Bills (%) - EE and De-
coupling Change in Customer Bills (%) - EE and Decoupling
Utility Rates – Mild Increase

The rates customers pay ($/kWh, $/therm) increase
when avoided costs are less than retail rates, which
is typically the case for most energy efficiency Comparison of Average Rate Comparison of Average Rate
programs. Rates increase because revenue
requirements increase more quickly than sales.
$1.50
$0.22
Average Rate ($/therm)

Average Rate ($/kWh)
$1.30
$0.17
$1.10
$0.12 $0.90
$0.70
$0.07
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Years
Years Rate - No EE
Utility Average Utility Average Rate - No EE
Utility Average Rate - EE no De- Utility Average Rate - EE no De-
coupling coupling
Page 19 of 45
Utility Perspective Electric Natural Gas
Utility Financial Health – Small Changes

The change in utility financial health depends on whether
or not there are decoupling mechanisms in place, if there Investor-Owned Utility Investor-Owned Utility
are shareholder incentives in place (for investor-owned
utilities), the frequency of rate adjustments, and other Comparison of Return on Equity Comparison of Return on Equity
factors. Depending on the type of utility the measure of
financial health changes. Investor-Owned Utility - ROE,
Publicly- or Cooperatively-Owned Utility - Cash Position 13.0% 13.0%
or Debt Coverage Ratio.
After Tax ROE (%)
After Tax ROE (%)

11.0% 11.0%
9.0% 9.0%
7.0% 7.0%
5.0%
5.0%
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
ROE%Years
- No EE Years
ROE% - No EE
ROE% - EE no Decoupling
ROE% - EE no Decoupling
ROE% - EE and Decoupling ROE% - EE and Decoupling
Target ROE% Target ROE%
Utility Earnings – Results Vary
Earnings ($MM)
Utility earnings depend on growth rate, capital
investment, frequency of rate adjustments, and other Utility Earnings
factors. If energy efficiency reduces capital investment, Utility Earnings
the earnings will be lower in the energy efficiency case $23,400
unless shareholder incentives for EE are introduced. $35,000
$23,200
However, utility return (ROE or earnings per share) may $34,000
not be affected. $23,000
$33,000
Earnings ($MM)
$22,800
$32,000
$22,600
$22,400 $31,000
$22,200 $30,000
$22,000 $29,000
$21,800 $28,000
$21,600 $27,000
1 2 3 4 5 6 7 8 9 10 1 2 3 4 5 6 7 8 9 10
Year Year
Earnings $MM - No EE Earnings $MM - no EE
Earnings $MM - EE no De- Earnings $MM - EE no Decoupling
coupling Earnings $MM - EE and De-
coupling
Page 20 of 45
Community or Society Perspective Electric Natural Gas
Societal Net Savings - Increase

The net savings are the difference of total utility costs,
including EE program costs, with EE and without EE. In
the first year, the cost of the EE program is a cost to
Annual Total Societal Net Savings Annual Total Societal Net Savings
society. Over time, cumulative energy efficiency savings
lead to a utility production cost savings that is greater
than the EE program cost. The graph shape is therefore $20,000.0
$5,000.0
upward sloping. Total Societal Net Savings is the same $15,000.0 $4,000.0

with and without decoupling; therefore, only one line is
shown. $10,000.0 $3,000.0
$5,000.0 $2,000.0
$1,000.0
$-
$-
$(5,000.0) $(1,000.0)
$(10,000.0) $(2,000.0)
$(3,000.0)
$(15,000.0)
1 2 3 4 5 6 7 8 9
1 2 3 4 5 6 7 8 9 10
Year
YearNet Savings ($M)
Total Societal Total Societal Net Savings ($M)
Total Societal Cost Per Unit - Declines

Total cost of providing each unit of energy (MWh, cf)
declines over time because of the impacts of energy Delivered Costs and Benefits of EE
savings, decreased peak load requirements, and Delivered Costs and Benefits of EE
decreased costs during peak periods. Well-designed
energy efficiency programs can deliver energy at an
average cost less than that of new power sources. When $300
$/MWh
the two lines cross, the annual cost of energy efficiency $(100)
equals the annual savings resulting from energy
efficiency. The Societal Cost and Societal Savings are the $(500) $6.00
same with and without decoupling. 1 2 3 4 5 6 7 8 9 10 $5.00
Years $4.00
$/therm
$3.00
$2.00
$1.00
$-
1 2 3 4 5 6 7 8 9 10
Societal Cost ($/MWh saved) Years

Societal Savings ($/therm saved)
Societal Savings ($/MWh saved)
Societal Cost ($/therm saved)
Page 21 of 45
Emissions and Cost Savings - Increase Electric Natural Gas
Annual tons of emissions saved increases. Emissions cost
savings increases when emissions cost is monetized. Annual Emissions Savings Annual Emissions Savings
Emissions costs and savings are the same with and
without decoupling, therefore only one case is shown. 1000 Tons CO2 Saved
Tons NOx Saved
Tons PM-10 Saved
50,000 Tons NOx Saved
80,000 250,000 Tons PM-10 Saved
Tons SOx Saved 45,000 Tons SOx Saved
70,000 Tons CO Saved
40,000 Tons CO Saved
Tons VOC Saved
200,000 Tons VOC Saved
60,000 1000 Tons CO2 Saved 35,000
1000 Tons CO2 saved

30,000
Tons Saved
50,000 150,000
Tons Saved
25,000
40,000
20,000
30,000 100,000
15,000
20,000 10,000
50,000
10,000 5,000
0
0 0
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Year Year
Page 22 of 45
Growth Offset by EE – Increase
As energy efficiency programs ramp up, energy
consumption declines. This comparison shows the growth
with and without the energy efficiency and illustrates the Percent Growth Offset by Percent Growth Offset by
amount of energy efficiency relative to load growth. Energy Efficiency Energy Efficiency
Demand growth and energy savings are not impacted by 700,000 80% 1,600,000 60%
decoupling, therefore only one case is shown. 600,000 70% 1,400,000
50%
60%
MCF
500,000 1,200,000
50% 40%
400,000 1,000,000
40%
GWh
300,000 800,000 30%
30%
200,000 600,000
20% 20%
100,000 400,000
10% 10%
- 0% 200,000
1 2 3 4 5 6 7 8 9 10 - 0%
1 2 3 4 5 6 7 8 9 10
Year
Energy Savings GWh Year
Gas Savings mcf
Demand Growth GWh Demand Growth mcf
Percent Growth Offset Percent Growth Offset
Peak Load Growth – Decrease

Peak load requirements decrease because peak capacity
savings are captured due to EE measures. Peak load is Comparison of Peak Load Growth Comparison of Peak Load Growth
not impacted by decoupling, therefore only one case is
shown.
160% 110%
150%

140% 105%
130%
120% 100%
110%
95%
100%
90%
90%
1 2 3 4 5 6 7 8 9 10
1 2 3 4 5 6 7 8 9 10
Years
Years
Forecasted Growth - No EE Forecasted Growth - No EE
Forecasted Growth - EE and Decoupling Forecasted Growth - EE and Decoupling
Page 23 of 45
Case 7:
Electric
Case 1: Low- Case 2: High- Case 3: Low Case 4: High Case 5: Public/Coop Case 8: Case 1: Case 2:
Growth Growth Growth with Growth with Vertically Case 6: - Debt Electric Low-Growth High-Growth
Electric and Electric and 2009 2009 Integrated Distribution Coverage Public/Coop Electric and Electric and
Gas Utility Gas Utility Powerplant Powerplant Utility Utility Ratio - No Debt Gas Utility Gas Utility
Utility Size
Annual Revenue ($mil) - Year 0 $ 284 $ 284 $ 284 $ 284 $ 284 $ 284 $ 284 $ 284 $ 344 $ 344
Peak Load (MW) or Sales (BCF) - Year 0 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 600 MW 33 BCF 33 BCF
Debt
Parameter Tested Load Growth Load Growth Load Growth Load Growth Vertical Utility Delivery Utility Coverage Cash Load Growth Load Growth
Ratio Position
Assumptions that Differ Between Cases
Load Growth Assumption 1% 5% 1% 5% 2% 2% 2% 2% 0% 2%
Average Rate - Year 1 $0.16/kWh $0.15/kWh $0.16/kWh $0.15/kWh $0.16/kWh $0.16/kWh $0.12/kWh $0.10/kWh $0.91/Therm $0.90/Therm
EE Program EE Program results do not change when decoupling is activated.
Cumulative Savings (EE vs No EE case) 8,105 GWh 8,105 GWh 8,105 GWh 8,105 GWh 8,105 GWh 8,105 GWh 8,105 GWh 8,105 GWh 31 BCF 31 BCF
Utility Spending as Percent of Revenue (%) 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 2.0% 0.5% 0.5%
Annual Utility Spending (NPV in $mil) $70 $70 $70 $70 $70 $70 $70 $70 $21 $21
EE Project Life Term (years) 15 15 15 15 15 15 15 15 15 15
Percent of Growth Saved 142% 21% 142% 21% 66% 66% 66% 66% #NA 18%
Total Cost of EE in Year 0 ($/MWh or $/MMBtu) $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $35.00 $3.00 $3.00
Utility Cost in Year 0 ($/MWh or $/MMBtu) $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $20.00 $1.50 $1.50
Customer Cost in Year 0 ($/MWh or $/MMBtu) $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $15.00 $1.50 $1.50
Business Case Results Revenue Requirement and Net Societal Savings do not change with decoupling.
(NPV in $mil) Business Case Results are the difference between the No EE and EE cases.
Reduction in Revenue Requirement ($mil) $396 $318 $476 $338 $359 $348 $347 $323 $139 $142
% of Total Revenue Requirement 5.5% 3.0% 6.0% 3.0% 4.9% 4.4% 4.8% 5.1% 2.5% 2.2%
Net Customer Savings - no decoupling ($mil) $407 $342 $503 $364 $373 $363 $292 $280 $123 $129
% of Total Customer Bills 7.1% 5.8% 8.7% 6.2% 6.4% 6.3% 6.6% 7.3% 2.6% 2.7%
Net Customer Savings - decoupling ($mil) $247 $236 $319 $275 $307 $222 $98 $240 $19 $64
% of Total Customer Bills 4.3% 4.0% 5.5% 4.7% 5.3% 3.8% 2.2% 6.2% 0.4% 1.3%
Net Societal Savings ($mil) $289 $258 $332 $269 $263 $271 $271 $271 $118 $119
% of Total Societal Cost 8.2% 4.5% 8.4% 4.4% 9.2% 7.0% 7.0% 7.0% 4.7% 3.7%
Air Emission Savings Air Emission Savings are the difference between No EE and EE cases and do not change when decoupling is activated.
1000 Tons CO2 311 311 311 311 311 311 311 311 128 128
Tons NOx 61 61 61 61 61 61 61 61 107 107
Year 2007 2008 2009 2010 2011 2012
Year Index 1 2 3 4 5 6
CALCULATE RATE ADJUSTMENT YEAR

Utility Type (1=investor owned; 2=municipal / coop) 1
Investor Owned Utility Flag Calculations

Switch for Cycle or Earnings Band Rate Setting (1=cycle; 0=band) 1
Years between cases 1
Next rate case year 2007
Band on Earnings % 2%
Flag for Year of Large Capex Spend 0 0 0 0 0 0

Flag for Required Rate Case based on Capex 0 0 0 0 0 0
Adjusted next rate case year 2007 2007 2007 2007 2007 2007 2007
Adjusted Flag for Rate Case Year - Investor Owned Utility, Cycle Method 1 1 1 1 1 1
Achieved ROE without Decoupling Effect 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Year on Year Difference 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Hurdle Band for Rate Base Year 2.00%
Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0
Adjusted Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0
Public Utility Flag Calculations

Switch for Earnings Ratio or Cash Position (1=earnings ratio, 2=cash position) 2
Debt Coverage Ratio Method
Revenue - without decoupling 339,404.8 351,129.4 363,239.8 375,751.5 388,680.6 402,043.8
Less: operating expenses 289,062.9 299,794.4 310,927.7 322,478.4 334,463.2 346,899.1
Pre-Tax Cash Available for Debt Service 50,341.93 51,334.99 52,312.16 53,273.08 54,217.37 55,144.65
Debt Service Assumption
Depreciation = debt principal repaid 14,006.2 14,694.6 15,398.8 16,119.3 16,856.2 17,610.2
Interest 14,130.5 14,249.0 14,355.2 14,448.7 14,529.3 14,596.7
Total Debt Service 28,136.8 28,943.7 29,754.0 30,568.0 31,385.6 32,206.9
Debt Service Coverage Ratio 1.79 1.77 1.76 1.74 1.73 1.71
Hurdle 2.00
Rate Case Flag for Debt Coverage Method 0 1.00 1.00 1.00 1.00 1.00
Adjusted Rate Case Flag for Debt Coverage Method 0 1 1 1 1 1
Cash Position Method

Beginning Cash Position 50.00
Cash Earned 22,205.14 22,391.34 22,558.14 22,705.12 22,831.81 22,937.74
Beginning Cash Balance 22,255.1 22,441.3 22,608.1 22,755.1 22,881.8 22,987.7
Cash Distributed 22,205.14 22,391.34 22,558.14 22,705.12 22,831.81 22,937.74
End of Year Cash Position 50.00 50.00 50.00 50.00 50.00 50.00
Minimum Cash Position Threshhold 45.00
Amount Short - - - - - -
Rate Case Flag for Cash Position Method 0 0 0 0 0 0
Adjusted Rate Case Flag for Cash Position Method 0 0 0 0 0 0
Flag for Public Utility Rate Case Year 0 0 0 0 0 0
Rate Case Flag Assumption Active in Model 1 1 1 1 1 1
ELECTRIC UTILITY CALCULATIONS

Electric Sales Forecasts - MWh
Peak Load Capacity (MW) 956,000
Average Load Factor 46%
Forecast Electric Sales (MWh) - yr 0 3,867,000,000
Forecast Electric Sales - Annual Increase 1.02 1.02 1.02 1.02 1.02 1.02
Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00
Forecast Electric Sales (NoEE) MWh - Adjusted per actuals 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Actual Energy Efficiency Reductions - - - - - -
Percent of EE to Include in Forecast 100%
Forecasted Energy Efficiency Reductions - - - - - -
Forecast Electric Sales MWh - Adjusted per actuals during rate case 3,867,000,000 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Electric Sales Actual MWh
Electric Sales - MWh - year 0 3,867,000,000
Growth Rate - actual MWh 1.02 1.02 1.02 1.02 1.02 1.02
Actual Electric Sales (MWh) with EE 3,867,000,000 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Actual Electric Sales (MWh) without EE 3,867,000,000 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
ELECTRIC UTILITY COST CALCULATIONS

Electric Purchases MWh
Actual Electric Sales (MWh) without EE 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Average Marginal Losses - additional above sales MWh 1.06 1.06 1.06 1.06 1.06 1.06
MWh Purchased / Produced without EE 4,164,604,320 4,231,237,989 4,298,937,797 4,367,720,802 4,437,604,335 4,508,606,004
Cost of Energy (Purchased or Produced)

Average Cost of Energy $/MWh $ 61.06
Escalation 1.02 1.05 1.07 1.10 1.12 1.15
Forecast Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98
Sensitivity to Fuel Cost 0%
Actual Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98
MWh Purchased / Produced - Without EE 4,164,604,320 4,231,237,989 4,298,937,797 4,367,720,802 4,437,604,335 4,508,606,004
Forecast Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1
Actual Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1
Energy Efficiency Cost Savings - Forecasted

Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54
Off-Peak Period ($/MWh) 60.10 57.82 58.11 58.80 60.16 61.54
Percent of EE Included in Forecast 100%
Peak Period EE Savings (MWh) - - - - - -
Off-Peak Period EE Savings (MWh) - - - - - -
Peak Period Savings ($MM) 0 0 0 0 0 0
Off-Peak Period Savings ($MM) 0 0 0 0 0 0
Total Forecast Energy Savings ($MM) - - - - - -
Energy Efficiency Cost Savings - Actual

Sensitivity % variation in cost 0%
Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54

Off-Peak Period ($/MWh) 60.10 57.82 58.11 58.80 60.16 61.54
Peak Period EE Savings (MWh) - - - - - -
Off-Peak Period EE Savings (MWh) - - - - - -
Peak Period Savings ($MM) - - - - - -
Off-Peak Period Savings ($MM) - - - - - -
Total Actual Energy Savings ($MM) - - - - - -
Forecast Cost of Energy with EE ($MM) 260,132 270,373 281,017 292,080 303,579 315,530
Actual Cost of Energy with EE ($MM) 260,132 270,373 281,017 292,080 303,579 315,530
Cost of Capacity
Average Cost of Purchased Electricity Capacity or Production Cost $/kW-yr -
Escalation 1.02 1.05 1.07 1.10 1.12 1.15
Forecasted Cost of Capacity ($/kW-yr ) - - - - - -
Actual Cost for Sensitivity ($/kW-yr) 0% - - - - - -
Peak Capacity Purchases with EE 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967
Forecasted Cost of Capacity ($MM) - - - - - -
Actual Cost for Sensitivity ($MM) - - - - - -
Forecast Cost of Energy and Capacity with EE ($MM) 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1
Actual Total Cost of Energy and Capacity with EE ($MM) 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1
Capital Expenditures
Line Item Capacity Capex $MM - - - - - -
Capital Expenditure (Growth and Other) $MM 20,187 20,652 21,126 21,612 22,109 22,618
Total Electric Capital Expenditures ($MM) 20,187 20,652 21,126 21,612 22,109 22,618
O&M Expenditures
O&M - yr1 $ 16,592.40
O&M Cost Escalation 1.02 1.05 1.07 1.10 1.12 1.15
Total Electric O&M Expenditures 16,974 17,364 17,764 18,172 18,590 19,018
RATE BASE AND REVENUE REQUIREMENTS

Deferred Taxes - Electric Utility
Basis for Depreciation 400,000 420,187.2 440,838.7 461,965.2 483,577.6 505,687.1 528,305.1
Deferred Tax
Tax life (years) 20
Tax Depreciation Schedule (assumed average straight line, vs MACRS) 5% 5% 5% 5% 5% 5%
Beginning Tax Basis 400,000.0 399,177.8 397,787.4 395,815.6 393,249.2 390,074.3

Tax Depreciation Schedule (assumed average straight line, vs MACRS) 21,009.4 22,041.9 23,098.3 24,178.9 25,284.4 26,415.3
Capex 20,187.2 20,651.5 21,126.5 21,612.4 22,109.5 22,618.0
Ending Tax Basis 400,000 399,177.8 397,787.4 395,815.6 393,249.2 390,074.3 386,277.0
Book life (years) 30

Book Depreciation 3% 3% 3% 3% 3% 3%
Beginning Book Basis 400,000.0 406,181.0 412,137.8 417,865.5 423,358.6 428,611.9

Book Depreciation 14,006.2 14,694.6 15,398.8 16,119.3 16,856.2 17,610.2
CapEx 20,187.2 20,651.5 21,126.5 21,612.4 22,109.5 22,618.0
Ending Book Basis 400,000 406,181.0 412,137.8 417,865.5 423,358.6 428,611.9 433,619.7
Tax Rate 35.00%

Annual Deferred Tax 2,451.1 2,571.6 2,694.8 2,820.9 2,949.8 3,081.8
Accumulated Deferred Income Tax (ADIT) - electric utility 2,451.1 5,022.7 7,717.4 10,538.3 13,488.2 16,569.9
Rate Base
Rate Base Assets 420187.2 440838.7 461965.2 483577.6 505687.1 528305.1
Depreciation Reserve 14,006.2 28,700.9 44,099.7 60,219.0 77,075.2 94,685.4
Deferred Tax Reserve 2,451.1 5,022.7 7,717.4 10,538.3 13,488.2 16,569.9
Rate Base 403,729.9 407,115.2 410,148.0 412,820.3 415,123.7 417,049.8
Investor-owned Utility - Interest and Returns

Rate Base % Debt 50%
Rate Base % Equity 50%
Rate Base Debt 201,864.9 203,557.6 205,074.0 206,410.2 207,561.9 208,524.9
Rate Base Equity 201,864.9 203,557.6 205,074.0 206,410.2 207,561.9 208,524.9
Municipal - Cooperative Utility Debt Cost

Initial Debt Level 250.00
Capital Expenditures 20,187.2 20,651.5 21,126.5 21,612.4 22,109.5 22,618.0
Principal Repayment (= Depreciation) 14,006.2 14,694.6 15,398.8 16,119.3 16,856.2 17,610.2
Debt Level 6,431.0 12,387.8 18,115.5 23,608.6 28,861.9 33,869.7
Annual Debt Cost

Debt Interest Rate 7%
Debt 201,864.9 203,557.6 205,074.0 206,410.2 207,561.9 208,524.9
Interest on Debt 14,130.5 14,249.0 14,355.2 14,448.7 14,529.3 14,596.7
Return on Rate Base - Investor-owned Utility

Utility Equity Return 11.0%
Rate Base Equity 201,864.9 203,557.6 205,074.0 206,410.2 207,561.9 208,524.9
Return - electric utility 22,205.1 22,391.3 22,558.1 22,705.1 22,831.8 22,937.7
Tax Rate 35%
Tax - electric utility 11,956.6 12,056.9 12,146.7 12,225.8 12,294.0 12,351.1
Earnings Target - Municipal and Cooperative Utilities

1=Debt Service Coverage Ratio, 2=Cash Position 2
Debt Service Coverage Target 2.00
Debt Service 28,136.8 28,943.7 29,754.0 30,568.0 31,385.6 32,206.9
Revenue to Cover Debt Service Ratio 28,136.8 28,943.7 29,754.0 30,568.0 31,385.6 32,206.9
Tax rate 35%
Tax 15,150.6 15,585.0 16,021.4 16,459.7 16,899.9 17,342.2
Revenue 331,848.07 339,404.8 351,129.4 363,239.8 375,751.5 388,680.6 402,043.8

Percent of Revenue for Payment in Lieu of Tax 1%
Cash Contribution Target 3,318.5 3,394.0 3,511.3 3,632.4 3,757.5 3,886.8
Return on Ratebase/Public Utility Payment in Lieu of Tax (PiLoT) 22,205.1 22,391.3 22,558.1 22,705.1 22,831.8 22,937.7
Annual Revenue Requirement

Return on Rate Base or Public Utility PiLoT/cash contribution 22,205.1 22,391.3 22,558.1 22,705.1 22,831.8 22,937.7
Depreciation or Debt Principal 14,006.2 14,694.6 15,398.8 16,119.3 16,856.2 17,610.2
Interest on Debt 14,130.5 14,249.0 14,355.2 14,448.7 14,529.3 14,596.7
O&M 16,974.0 17,364.4 17,763.8 18,172.4 18,590.3 19,017.9
Utility Program Costs for EE - - - - - -
Purchased Electricity/Production Cost 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1
Taxes 11,956.6 12,056.9 12,146.7 12,225.8 12,294.0 12,351.1
Annual Revenue Requirement 339,404.8 351,129.4 363,239.8 375,751.5 388,680.6 402,043.8
Check Revenue Requirement Achieves Annual ROE

Revenue Requirement 339,404.8 351,129.4 363,239.8 375,751.5 388,680.6 402,043.8
Depreciation 14,006.2 14,694.6 15,398.8 16,119.3 16,856.2 17,610.2
Operating Expenses 291,236.8 301,986.6 313,136.1 324,701.3 336,698.5 349,144.8
Pre-Tax Earnings 34,161.8 34,448.2 34,704.8 34,931.0 35,125.9 35,288.8
Tax 35% 11,956.6 12,056.9 12,146.7 12,225.8 12,294.0 12,351.1
After Tax Earnings 22,205.14 22,391.34 22,558.14 22,705.12 22,831.81 22,937.74
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
CALCULATION OF ELECTRIC RATES

Revenue Requirement $ 339,404.79 $ 351,129.39 $ 363,239.82 $ 375,751.52 $ 388,680.61 $ 402,043.80
Non-fuel Revenue Requirement $ 79,272.57 $ 80,756.29 $ 82,222.67 $ 83,671.30 $ 85,101.77 $ 86,513.66
Fuel Revenue Requirement $ 260,132.21 $ 270,373.10 $ 281,017.15 $ 292,080.23 $ 303,578.84 $ 315,530.14
Rate Case Year 1 1 1 1 1 1

Sales for Test Year 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Actual Electric Sales MWh 3,928,872,000 3,991,733,952 4,055,601,695 4,120,491,322 4,186,419,184 4,253,401,890
Input Year 0 rate 0.085815378

Non-fuel rate $/kWh $ 0.0200 $ 0.0202 $ 0.0202 $ 0.0203 $ 0.0203 $ 0.0203 $ 0.0203
Fuel rate $/kWh $ 0.0658 $ 0.0662 $ 0.0677 $ 0.0693 $ 0.0709 $ 0.0725 $ 0.0742
Total rate $/kWh $ 0.0864 $ 0.0880 $ 0.0896 $ 0.0912 $ 0.0928 $ 0.0945
Balancing Accounts
Decoupling 100%
Actual Non-fuel Revenue Collection 79,272.57 80,756.29 82,222.67 83,671.30 85,101.77 86,513.66
Actual Fuel Revenue Collection 260,132.21 270,373.10 281,017.15 292,080.23 303,578.84 315,530.14
Non-Fuel RR Balancing Account - - - - - -

Fuel RR Balancing Account - - - - - -
Decoupling Regulatory Asset - - - - - -
Shareholder Incentive
Switch for Shareholder Incentive (always FALSE for no EE Case) -
Program Cost for Energy Efficiency - - - - - -
Percent of Program Cost for Shareholder Incentive 0%
Shareholder Incentive Regulatory Asset - - - - - -
Average Rate $/kWh

Non-fuel Rate $/kWh $ 0.020 $ 0.020 $ 0.020 $ 0.020 $ 0.020 $ 0.02
Fuel Rate $/kWh $ 0.066 $ 0.068 $ 0.069 $ 0.071 $ 0.073 $ 0.07
Non-fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ -
Fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ -
Shareholder Incentive Acct $/kWh $ - $ - $ - $ - $ - $ -
Average Rate $/kWh $ 0.086 $ 0.088 $ 0.090 $ 0.091 $ 0.093 $ 0.095
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Base Rate Revenue 339,404.79 351,129.39 363,239.82 375,751.52 388,680.61 402,043.80

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ACHIEVED ROE CALCULATION (with Decoupling)

Revenue 339,404.79 351,129.4 363,239.8 375,751.5 388,680.6 402,043.8
Balancing Account / Regulatory Asset - - - - - -
Operating Expenses, incl Depreciation (Actual Costs) 305,243.0 316,681.2 328,535.0 340,820.6 353,554.8 366,755.0
Pre-Tax Earnings 34,161.8 34,448.2 34,704.8 34,931.0 35,125.9 35,288.8
Tax 35% 11,956.6 12,056.9 12,146.7 12,225.8 12,294.0 12,351.1
Earnings 22,205.1 22,391.3 22,558.1 22,705.1 22,831.8 22,937.7
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Achieved Debt Coverage Ratio Calculation (with Decoupling)

Cash Flow Available for Debt Service 62,299 63,392 64,459 65,499 66,511 67,496
Debt 28,137 28,944 29,754 30,568 31,386 32,207
Debt Coverage Ratio 2.21 2.19 2.17 2.14 2.12 2.10
Achieved Cash Position (with Decoupling)

Cash Position (End of Year) 50.00 50.00 50.00 50.00 50.00 50.00 50.00
ACHIEVED ROE CALCULATION (without Decoupling)

Revenue 339,405 351,129 363,240 375,752 388,681 402,044
Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Year Index 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23


Flag for Year of Large Capex Spend 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Flag for Required Rate Case based on Capex 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted next rate case year 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007
Adjusted Flag for Rate Case Year - Investor Owned Utility, Cycle Method 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Achieved ROE without Decoupling Effect 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Year on Year Difference 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Revenue - without decoupling 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Less: operating expenses 295,832.6 303,768.1 312,079.8 320,723.6 329,603.0 338,793.9 348,309.2 358,162.5 368,367.8 378,939.8 389,893.7 401,245.7 413,012.2 425,210.7 437,859.2 441,865.4 463,286.7 485,576.0 508,767.1 532,895.1 557,996.7 584,109.5 611,273.0
Pre-Tax Cash Available for Debt Service 50,341.93 51,209.25 52,063.52 52,904.38 53,731.49 54,544.48 55,342.98 56,126.60 56,894.97 57,647.68 58,384.32 59,104.48 59,807.73 60,493.63 61,161.73 61,811.57 62,721.45 63,605.83 64,464.20 65,295.99 66,100.65 66,877.61 67,626.27
Depreciation = debt principal repaid 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Interest 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8
Total Debt Service 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Debt Service Coverage Ratio 1.79 1.77 1.76 1.74 1.73 1.71 1.70 1.68 1.67 1.65 1.63 1.62 1.60 1.59 1.57 1.56 1.54 1.53 1.51 1.50 1.48 1.47 1.45
Hurdle 2.00
Rate Case Flag for Debt Coverage Method 0 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Adjusted Rate Case Flag for Debt Coverage Method 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Cash Earned 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
Beginning Cash Balance 22,255.1 22,385.9 22,499.1 22,594.4 22,671.3 22,729.3 22,768.1 22,787.1 22,785.8 22,763.8 22,720.5 22,655.4 22,568.0 22,457.7 22,324.0 22,166.3 22,106.9 22,018.2 21,899.6 21,750.2 21,569.6 21,356.9 21,111.6
Cash Distributed 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
End of Year Cash Position 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00
Amount Short - - - - - - - - - - - - - - - - - - - - - - -
Rate Case Flag for Cash Position Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Rate Case Flag for Cash Position Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Flag for Public Utility Rate Case Year 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rate Case Flag Assumption Active in Model 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Forecast Electric Sales - Annual Increase 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02
Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Forecast Electric Sales (NoEE) MWh - Adjusted per actuals ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Energy Efficiency Reductions - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Forecasted Energy Efficiency Reductions - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Forecast Electric Sales MWh - Adjusted per actuals during rate case 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Growth Rate - actual MWh 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02
Actual Electric Sales (MWh) with EE 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Electric Sales (MWh) without EE 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,396,871,020 5,483,220,956 5,570,952,492

Actual Electric Sales (MWh) without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,396,871,020 5,483,220,956 5,570,952,492
Average Marginal Losses - additional above sales MWh 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06
Actual MWh Purchased / Produced without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,720,683,281 5,812,214,214 5,905,209,641

Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Forecast Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98 71.59 73.24 74.92 76.65 78.41 80.21 82.06 83.95 85.88 87.85 89.87 91.94 94.05 96.22 98.43 100.70 103.01
% Cost Decrease due to Demand Reduction from Energy Efficiency 0%
Actual Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98 71.59 73.24 74.92 76.65 78.41 80.21 82.06 83.95 85.88 87.85 89.87 91.94 94.05 96.22 98.43 100.70 103.01
MWh Purchased / Produced - Without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,720,683,281 5,812,214,214 5,905,209,641
Forecast Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1 327,951.9 340,862.7 354,281.8 368,229.2 382,725.6 397,792.8 413,453.1 429,729.9 446,647.5 464,231.1 482,507.0 501,502.3 521,245.5 541,765.9 563,094.1 585,262.0 608,302.6
Actual Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1 327,951.9 340,862.7 354,281.8 368,229.2 382,725.6 397,792.8 413,453.1 429,729.9 446,647.5 464,231.1 482,507.0 501,502.3 521,245.5 541,765.9 563,094.1 585,262.0 608,302.6

Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54 79.32 81.15 83.01 84.92 86.88 88.87 90.92 93.01 95.15 97.34 99.58 101.87 104.21 106.61 109.06 111.57 114.13
Off-Peak Period ($/MWh) 60.10 57.82 58.11 58.80 60.16 61.54 62.95 64.40 65.88 67.40 68.95 70.54 72.16 73.82 75.52 77.25 79.03 80.85 82.71 84.61 86.55 88.54 90.58
Peak Period EE Savings (MWh) - 31,494,056 62,988,112 94,482,167 125,976,223 157,470,279 188,964,335 220,458,390 251,952,446 283,446,502 314,940,558 346,434,614 377,928,669 409,422,725 440,916,781 472,410,837 440,916,781 409,422,725 377,928,669 346,434,614 314,940,558 283,446,502 251,952,446
Off-Peak Period EE Savings (MWh) - 10,498,019 20,996,037 31,494,056 41,992,074 52,490,093 62,988,112 73,486,130 83,984,149 94,482,167 104,980,186 115,478,205 125,976,223 136,474,242 146,972,260 157,470,279 146,972,260 136,474,242 125,976,223 115,478,205 104,980,186 94,482,167 83,984,149
Peak Period Savings ($MM) 0 2295 4612 7000 9549 12210 14989 17890 20916 24071 27361 30789 34361 38080 41953 45983 43905 41706 39384 36932 34347 31623 28756
Off-Peak Period Savings ($MM) 0 607 1220 1852 2526 3230 3965 4733 5533 6368 7238 8145 9090 10074 11099 12165 11615 11033 10419 9770 9086 8366 7607
Total Forecasted Energy Savings ($MM) - 2,902 5,832 8,852 12,075 15,440 18,955 22,622 26,449 30,439 34,599 38,935 43,451 48,154 53,051 58,148 55,520 52,740 49,803 46,702 43,433 39,989 36,363

Sensitivity % cost variation from forecast 0%
Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54 79.32 81.15 83.01 84.92 86.88 88.87 90.92 93.01 95.15 97.34 99.58 101.87 104.21 106.61 109.06 111.57 114.13
Peak Period Savings ($MM) - 2,295 4,612 7,000 9,549 12,210 14,989 17,890 20,916 24,071 27,361 30,789 34,361 38,080 41,953 45,983 43,905 41,706 39,384 36,932 34,347 31,623 28,756
Off-Peak Period Savings ($MM) - 607 1,220 1,852 2,526 3,230 3,965 4,733 5,533 6,368 7,238 8,145 9,090 10,074 11,099 12,165 11,615 11,033 10,419 9,770 9,086 8,366 7,607
Total Actual Energy Savings ($MM) - 2,902 5,832 8,852 12,075 15,440 18,955 22,622 26,449 30,439 34,599 38,935 43,451 48,154 53,051 58,148 55,520 52,740 49,803 46,702 43,433 39,989 36,363
Forecast Cost of Energy with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Actual Cost of Energy with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Cost of Capacity
Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Forecasted Cost of Capacity ($/kW-yr ) - - - - - - - - - - - - - - - - - - - - - - -
Actual Cost for Sensitivity ($/kW-yr) 0% - - - - - - - - - - - - - - - - - - - - - - -
Peak Capacity Purchases with EE 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Forecasted Cost of Capacity ($MM) - - - - - - - - - - - - - - - - - - - - - - -
Actual Cost for Sensitivity ($MM) - - - - - - - - - - - - - - - - - - - - - - -
Forecast Cost of Energy and Capacity with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Actual Total Cost of Energy and Capacity with EE ($MM) 260,132.2 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Line Item Capacity Capex $MM - - - - - - - - - - - - - - - - - - - - - - -
Capital Expenditure (Growth and Other) $MM 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Total Electric Capital Expenditures ($MM) 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
O&M Expenditures
O&M - yr1 $ 16,592.40
O&M Cost Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Total Electric O&M Expenditures 16,974 17,364 17,764 18,172 18,590 19,018 19,455 19,903 20,361 20,829 21,308 21,798 22,299 22,812 23,337 23,874 24,423 24,985 25,559 26,147 26,748 27,364 27,993

Basis for Depreciation 400,000 420,187 439,789 459,859 480,407 501,445 522,985 545,037 567,614 590,727 614,390 638,615 663,415 688,804 714,795 741,402 768,640 798,849 829,735 861,312 893,596 926,603 960,351 994,855
Deferred Tax
Tax life (years) 20
Tax Depreciation Schedule (assumed average straight line, vs MACRS) 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Beginning Tax Basis 400,000 399,178 396,790 393,867 390,395 386,361 381,751 376,551 370,747 364,325 357,268 349,562 341,192 332,140 322,392 311,929 300,734 291,001 280,400 268,911 256,516 243,193 228,923
Tax Depreciation Schedule (assumed average straight line, vs MACRS) 21,009 21,989 22,993 24,020 25,072 26,149 27,252 28,381 29,536 30,720 31,931 33,171 34,440 35,740 37,070 38,432 39,942 41,487 43,066 44,680 46,330 48,018 49,743
Capex 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Ending Tax Basis 400,000 399,178 396,790 393,867 390,395 386,361 381,751 376,551 370,747 364,325 357,268 349,562 341,192 332,140 322,392 311,929 300,734 291,001 280,400 268,911 256,516 243,193 228,923 213,685

Book Depreciation 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Beginning Book Basis 400,000 406,181 411,123 415,864 420,399 424,723 428,829 432,713 436,369 439,792 442,975 445,913 448,600 451,028 453,193 455,087 456,703 460,284 463,511 466,378 468,876 470,996 472,732
Book Depreciation 14,006 14,660 15,329 16,014 16,715 17,433 18,168 18,920 19,691 20,480 21,287 22,114 22,960 23,827 24,713 25,621 26,628 27,658 28,710 29,787 30,887 32,012 33,162
CapEx 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Ending Book Basis 400,000 406,181 411,123 415,864 420,399 424,723 428,829 432,713 436,369 439,792 442,975 445,913 448,600 451,028 453,193 455,087 456,703 460,284 463,511 466,378 468,876 470,996 472,732 474,075
Tax Rate 35.00%

Annual Deferred Tax 2,451.1 2,565.4 2,682.5 2,802.4 2,925.1 3,050.7 3,179.4 3,311.1 3,445.9 3,583.9 3,725.3 3,869.9 4,018.0 4,169.6 4,324.8 4,483.7 4,660.0 4,840.1 5,024.3 5,212.6 5,405.2 5,602.0 5,803.3
Accumulated Deferred Income Tax (ADIT) - electric utility 2,451.1 5,016.5 7,699.0 10,501.4 13,426.5 16,477.3 19,656.6 22,967.7 26,413.6 29,997.6 33,722.8 37,592.7 41,610.8 45,780.4 50,105.3 54,589.0 59,248.9 64,089.1 69,113.4 74,326.0 79,731.2 85,333.3 91,136.6
Rate Base
Rate Base Assets 420187.2 439789.2 459858.9 480407.3 501445.5 522984.7 545036.8 567613.5 590727.2 614390.1 638615.2 663415.5 688804.3 714795.2 741402.3 768639.9 798849.2 829734.7 861311.6 893595.8 926603.4 960350.9 994855.2
Depreciation Reserve 14,006.2 28,665.9 43,994.5 60,008.1 76,722.9 94,155.8 112,323.7 131,244.1 150,935.0 171,414.7 192,701.9 214,815.7 237,775.8 261,602.4 286,315.8 311,937.1 338,565.4 366,223.2 394,933.6 424,720.1 455,606.9 487,618.6 520,780.4
Deferred Tax Reserve 2,451.1 5,016.5 7,699.0 10,501.4 13,426.5 16,477.3 19,656.6 22,967.7 26,413.6 29,997.6 33,722.8 37,592.7 41,610.8 45,780.4 50,105.3 54,589.0 59,248.9 64,089.1 69,113.4 74,326.0 79,731.2 85,333.3 91,136.6
Rate Base 403,729.9 406,106.8 408,165.4 409,897.8 411,296.0 412,351.7 413,056.5 413,401.7 413,378.5 412,977.9 412,190.6 411,007.0 409,417.6 407,412.4 404,981.3 402,113.8 401,034.9 399,422.4 397,264.6 394,549.6 391,265.2 387,399.0 382,938.1

Rate Base Debt 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Rate Base Equity 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1

Capital Expenditures 20,187.2 19,602.0 20,069.7 20,548.4 21,038.1 21,539.3 22,052.1 22,576.7 23,113.6 23,663.0 24,225.1 24,800.3 25,388.8 25,991.0 26,607.1 27,237.6 30,209.4 30,885.4 31,576.9 32,284.2 33,007.6 33,747.5 34,504.3
Principal Repayment (= Depreciation) 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Debt Level 6,431.0 11,373.3 16,114.4 20,649.2 24,972.5 29,079.0 32,963.1 36,619.4 40,042.1 43,225.5 46,163.4 48,849.8 51,278.4 53,442.9 55,336.6 56,952.8 60,533.8 63,761.4 66,628.0 69,125.6 71,246.5 72,982.3 74,324.7
Annual Debt Cost

Debt 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Interest on Debt 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8

Rate Base Equity 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Return - electric utility 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
Tax Rate 35%
Tax - electric utility 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9

Debt Service 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Revenue to Cover Debt Service Ratio 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Tax rate 35%
Tax 15,150.6 15,547.2 15,946.2 16,347.7 16,751.7 17,158.1 17,567.2 17,979.0 18,393.4 18,810.6 19,230.5 19,653.4 20,079.1 20,507.8 20,939.6 21,374.4 21,896.3 22,420.2 22,946.3 23,474.6 24,005.2 24,538.0 25,073.3
Revenue 331,848.07 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Cash Contribution Target 3,318.5 3,461.7 3,549.8 3,641.4 3,736.3 3,833.3 3,933.4 4,036.5 4,142.9 4,252.6 4,365.9 4,482.8 4,603.5 4,728.2 4,857.0 4,990.2 5,036.8 5,260.1 5,491.8 5,732.3 5,981.9 6,241.0 6,509.9
Return on Ratebase/Public Utility Payment in Lieu of Tax (PiLoT) 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6

Return on Rate Base or Public Utility PiLoT/cash contribution 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
Depreciation or Debt Principal 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Interest on Debt 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8
O&M 16,974.0 17,364.4 17,763.8 18,172.4 18,590.3 19,017.9 19,455.3 19,902.8 20,360.6 20,828.9 21,307.9 21,798.0 22,299.4 22,812.3 23,336.9 23,873.7 24,422.8 24,984.5 25,559.1 26,147.0 26,748.4 27,363.6 27,993.0
Utility Program Costs for EE 6,769.7 6,905.1 7,043.2 7,184.1 7,327.7 7,474.3 7,623.8 7,776.3 7,931.8 8,090.4 8,252.2 8,417.3 8,585.6 8,757.3 8,932.5 - - - - - - - -
Purchased Electricity/Production Cost 260,132.2 267,471.5 275,184.8 283,227.9 291,504.2 300,089.7 308,997.3 318,240.4 327,833.1 337,790.0 348,126.4 358,858.3 370,002.2 381,575.4 393,596.1 406,083.0 426,987.1 448,762.4 471,442.8 495,063.4 519,660.8 545,272.9 571,939.2
Taxes 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Annual Revenue Requirement 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3

Revenue Requirement 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Depreciation 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Operating Expenses 298,006.5 305,954.8 314,277.6 322,930.8 331,817.7 341,014.3 350,533.4 360,388.5 370,593.7 381,163.5 392,113.2 403,458.8 415,216.8 427,404.4 440,039.8 444,030.7 465,446.1 487,726.7 510,906.2 535,019.6 560,103.5 586,195.5 613,335.0
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 35% 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
After Tax Earnings 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Revenue Requirement $ 346,174.49 $ 354,977.32 $ 364,143.27 $ 373,627.99 $ 383,334.51 $ 393,338.40 $ 403,652.22 $ 414,289.11 $ 425,262.76 $ 436,587.45 $ 448,278.07 $ 460,350.16 $ 472,819.94 $ 485,704.31 $ 499,020.91 $ 503,676.99 $ 526,008.16 $ 549,181.81 $ 573,231.26 $ 598,191.12 $ 624,097.30 $ 650,987.12 $ 678,899.30
Non-fuel Revenue Requirement $ 86,042.27 $ 87,505.79 $ 88,958.50 $ 90,400.10 $ 91,830.27 $ 93,248.65 $ 94,654.92 $ 96,048.72 $ 97,429.69 $ 98,797.47 $ 100,151.66 $ 101,491.90 $ 102,817.78 $ 104,128.89 $ 105,424.81 $ 97,594.01 $ 99,021.03 $ 100,419.38 $ 101,788.49 $ 103,127.74 $ 104,436.51 $ 105,714.18 $ 106,960.10
Fuel Revenue Requirement $ 260,132.21 $ 267,471.54 $ 275,184.77 $ 283,227.89 $ 291,504.25 $ 300,089.75 $ 308,997.30 $ 318,240.39 $ 327,833.07 $ 337,789.98 $ 348,126.40 $ 358,858.26 $ 370,002.17 $ 381,575.43 $ 393,596.09 $ 406,082.99 $ 426,987.13 $ 448,762.43 $ 471,442.78 $ 495,063.38 $ 519,660.79 $ 545,272.94 $ 571,939.21
Rate Case Year 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Sales for Test Year ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Electric Sales MWh ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321

Non-fuel rate $/kWh $ 0.0213 $ 0.0219 $ 0.0222 $ 0.0224 $ 0.0226 $ 0.0229 $ 0.0231 $ 0.0233 $ 0.0235 $ 0.0237 $ 0.0239 $ 0.0241 $ 0.0243 $ 0.0245 $ 0.0246 $ 0.0248 $ 0.0228 $ 0.0228 $ 0.0227 $ 0.0227 $ 0.0226 $ 0.0225 $ 0.0225 $ 0.0224
Fuel rate $/kWh $ 0.0645 $ 0.0662 $ 0.0677 $ 0.0693 $ 0.0709 $ 0.0726 $ 0.0743 $ 0.0761 $ 0.0780 $ 0.0799 $ 0.0818 $ 0.0838 $ 0.0859 $ 0.0880 $ 0.0903 $ 0.0925 $ 0.0949 $ 0.0982 $ 0.1016 $ 0.1050 $ 0.1086 $ 0.1122 $ 0.1158 $ 0.1196
Total rate $/kWh $ 0.0881 $ 0.0899 $ 0.0917 $ 0.0936 $ 0.0955 $ 0.0974 $ 0.0994 $ 0.1015 $ 0.1036 $ 0.1057 $ 0.1079 $ 0.1102 $ 0.1125 $ 0.1149 $ 0.1173 $ 0.1177 $ 0.1210 $ 0.1243 $ 0.1277 $ 0.1312 $ 0.1347 $ 0.1383 $ 0.1420
Balancing Accounts
Decoupling 100%
Actual Non-fuel Revenue Collection 86,042.27 87,505.79 88,958.50 90,400.10 91,830.27 93,248.65 94,654.92 96,048.72 97,429.69 98,797.47 100,151.66 101,491.90 102,817.78 104,128.89 105,424.81 97,594.01 99,021.03 100,419.38 101,788.49 103,127.74 104,436.51 105,714.18 106,960.10
Actual Fuel Revenue Collection 260,132.21 267,471.54 275,184.77 283,227.89 291,504.25 300,089.75 308,997.30 318,240.39 327,833.07 337,789.98 348,126.40 358,858.26 370,002.17 381,575.43 393,596.09 406,082.99 426,987.13 448,762.43 471,442.78 495,063.38 519,660.79 545,272.94 571,939.21
Non-Fuel RR Balancing Account - - - - - - - - - - - - - - - - - - - - - - -

Fuel RR Balancing Account - - - - - - - - - - - - - - - - - - - - - - -
Decoupling Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Program Cost for Energy Efficiency 6,769.70 6,905.09 7,043.20 7,184.06 7,327.74 7,474.30 7,623.78 7,776.26 7,931.78 8,090.42 8,252.23 8,417.27 8,585.62 8,757.33 8,932.48 - - - - - - - -
Shareholder Incentive Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Average Rate $/kWh

Non-fuel Rate $/kWh $ 0.022 $ 0.022 $ 0.022 $ 0.023 $ 0.023 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
Fuel Rate $/kWh $ 0.066 $ 0.068 $ 0.069 $ 0.071 $ 0.073 $ 0.07 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.10 $ 0.10 $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.12
Non-fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Shareholder Incentive Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Average Rate $/kWh $ 0.088 $ 0.090 $ 0.092 $ 0.094 $ 0.095 $ 0.097 $ 0.099 $ 0.101 $ 0.104 $ 0.106 $ 0.108 $ 0.110 $ 0.113 $ 0.115 $ 0.117 $ 0.118 $ 0.121 $ 0.124 $ 0.128 $ 0.131 $ 0.135 $ 0.138 $ 0.142
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Base Rate Revenue 346,174.49 354,977.32 364,143.27 373,627.99 383,334.51 393,338.40 403,652.22 414,289.11 425,262.76 436,587.45 448,278.07 460,350.16 472,819.94 485,704.31 499,020.91 503,676.99 526,008.16 549,181.81 573,231.26 598,191.12 624,097.30 650,987.12 678,899.30

Revenue 346,174.49 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Balancing Account / Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Operating Expenses, incl Depreciation (Actual Costs) 312,012.7 320,614.4 329,606.2 338,944.3 348,532.5 358,447.1 368,701.3 379,309.0 390,284.6 401,643.2 413,400.4 425,572.6 438,176.9 451,230.9 464,753.3 469,652.0 492,074.4 515,384.5 539,616.6 564,806.2 590,990.2 618,207.2 646,496.8
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 35% 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Earnings 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Cash Flow Available for Debt Service 62,299 63,236 64,151 65,044 65,912 66,756 67,576 68,370 69,137 69,878 70,592 71,277 71,933 72,559 73,155 73,720 74,598 75,435 76,229 76,981 77,688 78,351 78,967
Debt 28,137 28,873 29,614 30,360 31,110 31,865 32,625 33,390 34,159 34,934 35,714 36,499 37,290 38,086 38,888 39,695 40,665 41,638 42,615 43,596 44,581 45,571 46,565
Debt Coverage Ratio 2.21 2.19 2.17 2.14 2.12 2.09 2.07 2.05 2.02 2.00 1.98 1.95 1.93 1.91 1.88 1.86 1.83 1.81 1.79 1.77 1.74 1.72 1.70

Cash Position (End of Year) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00

Revenue 346,174 354,977 364,143 373,628 383,335 393,338 403,652 414,289 425,263 436,587 448,278 460,350 472,820 485,704 499,021 503,677 526,008 549,182 573,231 598,191 624,097 650,987 678,899
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Earnings 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
ENERGY EFFICIENCY CALCULATIONS
ENERGY EFFICIENCY PROGRAM COSTS

Escalation of Efficiency Costs 2%
Base Case Revenue without EE ($MM) 331848
Cost of EE Program % of revenue 2%
Additional Energy Efficiency through Shareholder Incentive 0%
Flag for Program Costs Active 15 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0
Budget (Cost) of EE Program - Utility 6,769.7 6,905.1 7,043.2 7,184.1 7,327.7 7,474.3 7,623.8 7,776.3 7,931.8 8,090.4 8,252.2 8,417.3 8,585.6 8,757.3 8,932.5 - - - - - - - -
Participant Cost of EE Program 75%
Cost of EE Program - Participant 5,077.3 5,178.8 5,282.4 5,388.0 5,495.8 5,605.7 5,717.8 5,832.2 5,948.8 6,067.8 6,189.2 6,313.0 6,439.2 6,568.0 6,699.4 - - - - - - - -
Total Program Cost - Utility and Participant 11,847.0 12,083.9 12,325.6 12,572.1 12,823.5 13,080.0 13,341.6 13,608.5 13,880.6 14,158.2 14,441.4 14,730.2 15,024.8 15,325.3 15,631.8 - - - - - - - -
ENERGY EFFICIENCY PROGRAM SAVINGS

Calculations of Cumulative MWh saved
Budget (Cost) of EE Program - Utility 6769.7 6905.1 7043.2 7184.1 7327.7 7474.3 7623.8 7776.3 7931.8 8090.4 8252.2 8417.3 8585.6 8757.3 8932.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cost of Energy Efficiency $/MWh Year1 20
EE Cost Escalation 1.00 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55
Levelized Cost of Energy Efficiency $/MWh $ 20.00 $ 20.40 $ 20.81 $ 21.22 $ 21.65 $ 22.08 $ 22.52 $ 22.97 $ 23.43 $ 23.90 $ 24.38 $ 24.87 $ 25.36 $ 25.87 $ 26.39 $ 26.92 $ 27.46 $ 28.00 $ 28.56 $ 29.14 $ 29.72 $ 30.31 $ 30.92
Annualization Factor to Convert Levelized Costs 12%
Saved MWh - assumed in next calendar year after cost incurred - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Cumulative Saved MWh - 41,992,074 83,984,149 125,976,223 167,968,298 209,960,372 251,952,446 293,944,521 335,936,595 377,928,669 419,920,744 461,912,818 503,904,893 545,896,967 587,889,041 629,881,116 587,889,041 545,896,967 503,904,893 461,912,818 419,920,744 377,928,669 335,936,595
Calculations of Cumulative MW saved
EE Capacity Savings (peak MW/average MW) 200%

Cumulative Savings average MW - 4,794 9,587 14,381 19,174 23,968 28,762 33,555 38,349 43,143 47,936 52,730 57,523 62,317 67,111 71,904 67,111 62,317 57,523 52,730 47,936 43,143 38,349
Cumulative Savings peak MW - 9,587 19,174 28,762 38,349 47,936 57,523 67,111 76,698 86,285 95,872 105,460 115,047 124,634 134,221 143,808 134,221 124,634 115,047 105,460 95,872 86,285 76,698
Peak Load Forecast No EE (MW) 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Growth Related Gen Capacity Saved 0%
Peak Load Forecast for Capacity Purchases (MW) 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Capex Escalation Rate 0.023

CapEx - No EE Case $MM 19,733.33 20,187.20 20,651.51 21,126.49 21,612.40 22,109.48 22,618.00 23,138.22 23,670.40 24,214.82 24,771.76 25,341.51 25,924.36 26,520.62 27,130.60 27,754.60 28,392.95 29,045.99 29,714.05 30,397.47 31,096.62 31,811.84 32,543.51 33,292.01
Percentage of Capital Expenditure that is Growth Related % 32%
Growth Related Capex Saved % 25%
Peak Load Forecast for Capital Expenditures (MW) 956,000 968,899 982,043 995,436 1,009,081 1,022,983 1,037,145 1,051,573 1,066,270 1,081,240 1,096,488 1,112,019 1,127,836 1,143,945 1,160,350 1,177,055 1,198,860 1,220,976 1,243,407 1,266,158 1,289,235 1,312,644 1,336,388
Non-Growth Related Capex 13,640 13,954 14,275 14,603 14,939 15,282 15,634 15,994 16,361 16,738 17,123 17,516 17,919 18,331 18,753 19,184 19,626 20,077 20,539 21,011 21,494 21,989 22,495
Other Growth-Related CapEx $MM 6,547 6,698 6,852 7,009 7,171 7,336 7,504 7,677 7,853 8,034 8,219 8,408 8,601 8,799 9,001 9,209 9,420 9,637 9,859 10,085 10,317 10,555 10,797
Growth Rate - No EE (MW) - 15,296 15,541 15,789 16,042 16,299 16,559 16,824 17,094 17,367 17,645 17,927 18,214 18,506 18,802 19,102 19,408 19,719 20,034 20,355 20,680 21,011 21,347
Growth Rate with EE (MW) - 12,899 13,144 13,393 13,645 13,902 14,163 14,428 14,697 14,970 15,248 15,530 15,817 16,109 16,405 16,706 21,805 22,115 22,431 22,752 23,077 23,408 23,744
Percentage of Growth Related Capex Saved 0% 16% 15% 15% 15% 15% 14% 14% 14% 14% 14% 13% 13% 13% 13% 13% -12% -12% -12% -12% -12% -11% -11%
Other Capex - Electric $MM with EE $ 20,187.20 $ 19,602.00 $ 20,069.75 $ 20,548.38 $ 21,038.13 $ 21,539.27 $ 22,052.05 $ 22,576.75 $ 23,113.63 $ 23,662.98 $ 24,225.10 $ 24,800.26 $ 25,388.77 $ 25,990.95 $ 26,607.10 $ 27,237.55 $ 30,209.36 $ 30,885.43 $ 31,576.92 $ 32,284.19 $ 33,007.60 $ 33,747.51 $ 34,504.30
Matrix to Determine Life of EE Savings

Life of EE Projects 15
Flag for EE Projects Life 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - -
2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - -
3 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - -
4 - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - -
5 - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - -
6 - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - -
7 - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - -
8 - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -
9 - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
10 - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1
11 - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1
12 - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1
13 - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1
14 - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1
15 - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1
16 - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1
17 - - - - - - - - - - - - - - - 1 1 1 1 1 1 1
18 - - - - - - - - - - - - - - - - 1 1 1 1 1 1
19 - - - - - - - - - - - - - - - - - 1 1 1 1 1
20 - - - - - - - - - - - - - - - - - - 1 1 1 1
21 - - - - - - - - - - - - - - - - - - - 1 1 1
22 - - - - - - - - - - - - - - - - - - - - 1 1
23 - - - - - - - - - - - - - - - - - - - - - 1
24 - - - - - - - - - - - - - - - - - - - - - -
25 - - - - - - - - - - - - - - - - - - - - - -
26 - - - - - - - - - - - - - - - - - - - - - -
27 - - - - - - - - - - - - - - - - - - - - - -
28 - - - - - - - - - - - - - - - - - - - - - -
29 - - - - - - - - - - - - - - - - - - - - - -
30 - - - - - - - - - - - - - - - - - - - - - -
Annual MWh Savings (savings assumed in next calendar year after cost incurred)
1 - - - - - - - - - - - - - - - - - - - - - - - -
2 41,992,074 - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
3 41,992,074 - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - -
4 41,992,074 - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - -
5 41,992,074 - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - -
6 41,992,074 - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - -
7 41,992,074 - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - -
8 41,992,074 - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 -
9 41,992,074 - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
10 41,992,074 - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
11 41,992,074 - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
12 41,992,074 - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
13 41,992,074 - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
14 41,992,074 - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
15 41,992,074 - - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
16 41,992,074 - - - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
17 - - - - - - - - - - - - - - - - - - - - - - - -
18 - - - - - - - - - - - - - - - - - - - - - - - -
19 - - - - - - - - - - - - - - - - - - - - - - - -
20 - - - - - - - - - - - - - - - - - - - - - - - -
21 - - - - - - - - - - - - - - - - - - - - - - - -
22 - - - - - - - - - - - - - - - - - - - - - - - -
23 - - - - - - - - - - - - - - - - - - - - - - - -
24 - - - - - - - - - - - - - - - - - - - - - - - -
25 - - - - - - - - - - - - - - - - - - - - - - - -
26 - - - - - - - - - - - - - - - - - - - - - - - -
27 - - - - - - - - - - - - - - - - - - - - - - - -
28 - - - - - - - - - - - - - - - - - - - - - - - -
29 - - - - - - - - - - - - - - - - - - - - - - - -
30 - - - - - - - - - - - - - - - - - - - - - - - -
Cumulative MWh Savings - 41,992,074 83,984,149 125,976,223 167,968,298 209,960,372 251,952,446 293,944,521 335,936,595 377,928,669 419,920,744 461,912,818 503,904,893 545,896,967 587,889,041 629,881,116 587,889,041 545,896,967 503,904,893 461,912,818 419,920,744 377,928,669 335,936,595
Savings Percentage on Peak 75%
On-Peak Savings (MWh) 31,494,056 62,988,112 94,482,167 125,976,223 157,470,279 188,964,335 220,458,390 251,952,446 283,446,502 314,940,558 346,434,614 377,928,669 409,422,725 440,916,781 472,410,837 440,916,781 409,422,725 377,928,669 346,434,614 314,940,558 283,446,502 251,952,446
Off-Peak Savings (MWh) 10,498,019 20,996,037 31,494,056 41,992,074 52,490,093 62,988,112 73,486,130 83,984,149 94,482,167 104,980,186 115,478,205 125,976,223 136,474,242 146,972,260 157,470,279 146,972,260 136,474,242 125,976,223 115,478,205 104,980,186 94,482,167 83,984,149
Emissions Rates Calculations
Monetize Emissions Costs 0

Escalation Rate 2%
$/Ton CO2 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb Nox $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb PM-10 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb Sox 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$/lb CO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$/lb VOC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
On-Peak Energy Savings (MWh) - 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 - - - - - - -
Off-Peak Energy Savings (MWh) - 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 - - - - - - -
Peak Period Savings Peak Emissions Rates

Tons CO2 per MWh 0.429
lbs NOx per MWh 0.078
lbs PM-10 per MWh 0.04
lbs SOx per MWh 0.004
lbs CO per MWh 0.01
lbs VOC per MWh 0.0006
On-Peak Savings
Tons CO2 Saved - 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 - - - - - - -
lbs NOx Saved - 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 - - - - - - -
lbs PM-10 Saved - 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 - - - - - - -
lbs SOx Saved - 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 - - - - - - -
lbs CO Saved - 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 - - - - - - -
lbs VOC Saved - 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 - - - - - - -
Off-Peak Period Savings Emissions Rates

lbs CO per MWh 1.438
Off-Peak Savings
Tons CO2 Saved - 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 - - - - - - -
lbs NOx Saved - 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 - - - - - - -
lbs PM-10 Saved - 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 - - - - - - -
lbs SOx Saved - 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 - - - - - - -
lbs CO Saved - 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 - - - - - - -
lbs VOC Saved - 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 - - - - - - -
Annual Emissions Saved (Physical Units)

Tons CO2 Saved - 24,134,945 48,269,889 72,404,834 96,539,779 120,674,724 144,809,668 168,944,613 193,079,558 217,214,503 241,349,447 265,484,392 289,619,337 313,754,282 337,889,226 362,024,171 337,889,226 313,754,282 289,619,337 265,484,392 241,349,447 217,214,503 193,079,558
lbs NOx Saved - 9,511,205 19,022,410 28,533,615 38,044,819 47,556,024 57,067,229 66,578,434 76,089,639 85,600,844 95,112,048 104,623,253 114,134,458 123,645,663 133,156,868 142,668,073 133,156,868 123,645,663 114,134,458 104,623,253 95,112,048 85,600,844 76,089,639
lbs PM-10 Saved - 2,771,477 5,542,954 8,314,431 11,085,908 13,857,385 16,628,861 19,400,338 22,171,815 24,943,292 27,714,769 30,486,246 33,257,723 36,029,200 38,800,677 41,572,154 38,800,677 36,029,200 33,257,723 30,486,246 27,714,769 24,943,292 22,171,815
lbs SOx Saved - 12,198,698 24,397,395 36,596,093 48,794,790 60,993,488 73,192,186 85,390,883 97,589,581 109,788,278 121,986,976 134,185,674 146,384,371 158,583,069 170,781,766 182,980,464 170,781,766 158,583,069 146,384,371 134,185,674 121,986,976 109,788,278 97,589,581
lbs CO Saved - 15,411,091 30,822,183 46,233,274 61,644,365 77,055,456 92,466,548 107,877,639 123,288,730 138,699,822 154,110,913 169,522,004 184,933,096 200,344,187 215,755,278 231,166,369 215,755,278 200,344,187 184,933,096 169,522,004 154,110,913 138,699,822 123,288,730
lbs VOC Saved - 312,841 625,682 938,523 1,251,364 1,564,205 1,877,046 2,189,887 2,502,728 2,815,569 3,128,410 3,441,250 3,754,091 4,066,932 4,379,773 4,692,614 4,379,773 4,066,932 3,754,091 3,441,250 3,128,410 2,815,569 2,502,728
Annual Emissions Savings ($MM)

$MM CO2 - - - - - - - - - - - - - - - - - - - - - - -
$MM Nox - - - - - - - - - - - - - - - - - - - - - - -
$MM PM-10 - - - - - - - - - - - - - - - - - - - - - - -
$MM Sox - - - - - - - - - - - - - - - - - - - - - - -
$MM CO - - - - - - - - - - - - - - - - - - - - - - -
$MM VOC - - - - - - - - - - - - - - - - - - - - - - -
Total - - - - - - - - -
Year 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029
Year Index 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23


Flag for Year of Large Capex Spend 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Flag for Required Rate Case based on Capex 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted next rate case year 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007 2007
Adjusted Flag for Rate Case Year - Investor Owned Utility, Cycle Method 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
Achieved ROE without Decoupling Effect 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
Year on Year Difference 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Flag for Rate Case Year - Investor Owned Utility, Band Method 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0

Revenue - without decoupling 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Less: operating expenses 295,832.6 303,768.1 312,079.8 320,723.6 329,603.0 338,793.9 348,309.2 358,162.5 368,367.8 378,939.8 389,893.7 401,245.7 413,012.2 425,210.7 437,859.2 441,865.4 463,286.7 485,576.0 508,767.1 532,895.1 557,996.7 584,109.5 611,273.0
Pre-Tax Cash Available for Debt Service 50,341.93 51,209.25 52,063.52 52,904.38 53,731.49 54,544.48 55,342.98 56,126.60 56,894.97 57,647.68 58,384.32 59,104.48 59,807.73 60,493.63 61,161.73 61,811.57 62,721.45 63,605.83 64,464.20 65,295.99 66,100.65 66,877.61 67,626.27
Depreciation = debt principal repaid 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Interest 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8
Total Debt Service 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Debt Service Coverage Ratio 1.79 1.77 1.76 1.74 1.73 1.71 1.70 1.68 1.67 1.65 1.63 1.62 1.60 1.59 1.57 1.56 1.54 1.53 1.51 1.50 1.48 1.47 1.45
Hurdle 2.00
Rate Case Flag for Debt Coverage Method 0 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Adjusted Rate Case Flag for Debt Coverage Method 0 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Cash Earned 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
Beginning Cash Balance 22,255.1 22,385.9 22,499.1 22,594.4 22,671.3 22,729.3 22,768.1 22,787.1 22,785.8 22,763.8 22,720.5 22,655.4 22,568.0 22,457.7 22,324.0 22,166.3 22,106.9 22,018.2 21,899.6 21,750.2 21,569.6 21,356.9 21,111.6
Cash Distributed 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
End of Year Cash Position 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00
Amount Short - - - - - - - - - - - - - - - - - - - - - - -
Rate Case Flag for Cash Position Method 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted Rate Case Flag for Cash Position Method 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Flag for Public Utility Rate Case Year 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
Rate Case Flag Assumption Active in Model 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Forecast Electric Sales - Annual Increase 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02
Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00 1.00
Forecast Electric Sales (NoEE) MWh - Adjusted per actuals ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Energy Efficiency Reductions - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Forecasted Energy Efficiency Reductions - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Forecast Electric Sales MWh - Adjusted per actuals during rate case 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Growth Rate - actual MWh 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02 1.02
Actual Electric Sales (MWh) with EE 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Electric Sales (MWh) without EE 3,867,000,000 ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,396,871,020 5,483,220,956 5,570,952,492

Actual Electric Sales (MWh) without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,396,871,020 5,483,220,956 5,570,952,492
Average Marginal Losses - additional above sales MWh 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06 1.06
Actual MWh Purchased / Produced without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,720,683,281 5,812,214,214 5,905,209,641

Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Forecast Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98 71.59 73.24 74.92 76.65 78.41 80.21 82.06 83.95 85.88 87.85 89.87 91.94 94.05 96.22 98.43 100.70 103.01
Actual Average Cost of Energy $/MWh 62.46 63.90 65.37 66.87 68.41 69.98 71.59 73.24 74.92 76.65 78.41 80.21 82.06 83.95 85.88 87.85 89.87 91.94 94.05 96.22 98.43 100.70 103.01
MWh Purchased / Produced - Without EE ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 5,720,683,281 5,812,214,214 5,905,209,641
Forecast Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1 327,951.9 340,862.7 354,281.8 368,229.2 382,725.6 397,792.8 413,453.1 429,729.9 446,647.5 464,231.1 482,507.0 501,502.3 521,245.5 541,765.9 563,094.1 585,262.0 608,302.6
Actual Average Cost of Energy $MM 260,132.2 270,373.1 281,017.1 292,080.2 303,578.8 315,530.1 327,951.9 340,862.7 354,281.8 368,229.2 382,725.6 397,792.8 413,453.1 429,729.9 446,647.5 464,231.1 482,507.0 501,502.3 521,245.5 541,765.9 563,094.1 585,262.0 608,302.6

Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54 79.32 81.15 83.01 84.92 86.88 88.87 90.92 93.01 95.15 97.34 99.58 101.87 104.21 106.61 109.06 111.57 114.13
Peak Period Savings ($MM) 0 2295 4612 7000 9549 12210 14989 17890 20916 24071 27361 30789 34361 38080 41953 45983 43905 41706 39384 36932 34347 31623 28756
Off-Peak Period Savings ($MM) 0 607 1220 1852 2526 3230 3965 4733 5533 6368 7238 8145 9090 10074 11099 12165 11615 11033 10419 9770 9086 8366 7607
Total Forecasted Energy Savings ($MM) - 2,902 5,832 8,852 12,075 15,440 18,955 22,622 26,449 30,439 34,599 38,935 43,451 48,154 53,051 58,148 55,520 52,740 49,803 46,702 43,433 39,989 36,363

Sensitivity % cost variation from forecast 0%
Peak Period ($/MWh) 75.72 72.86 73.22 74.09 75.80 77.54 79.32 81.15 83.01 84.92 86.88 88.87 90.92 93.01 95.15 97.34 99.58 101.87 104.21 106.61 109.06 111.57 114.13
Peak Period Savings ($MM) - 2,295 4,612 7,000 9,549 12,210 14,989 17,890 20,916 24,071 27,361 30,789 34,361 38,080 41,953 45,983 43,905 41,706 39,384 36,932 34,347 31,623 28,756
Off-Peak Period Savings ($MM) - 607 1,220 1,852 2,526 3,230 3,965 4,733 5,533 6,368 7,238 8,145 9,090 10,074 11,099 12,165 11,615 11,033 10,419 9,770 9,086 8,366 7,607
Total Actual Energy Savings ($MM) - 2,902 5,832 8,852 12,075 15,440 18,955 22,622 26,449 30,439 34,599 38,935 43,451 48,154 53,051 58,148 55,520 52,740 49,803 46,702 43,433 39,989 36,363
Forecast Cost of Energy with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Actual Cost of Energy with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Cost of Capacity
Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Forecasted Cost of Capacity ($/kW-yr ) - - - - - - - - - - - - - - - - - - - - - - -
Actual Cost for Sensitivity ($/kW-yr) 0% - - - - - - - - - - - - - - - - - - - - - - -
Peak Capacity Purchases with EE 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Forecasted Cost of Capacity ($MM) - - - - - - - - - - - - - - - - - - - - - - -
Actual Cost for Sensitivity ($MM) - - - - - - - - - - - - - - - - - - - - - - -
Forecast Cost of Energy and Capacity with EE ($MM) 260,132 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Actual Total Cost of Energy and Capacity with EE ($MM) 260,132.2 267,472 275,185 283,228 291,504 300,090 308,997 318,240 327,833 337,790 348,126 358,858 370,002 381,575 393,596 406,083 426,987 448,762 471,443 495,063 519,661 545,273 571,939
Line Item Capacity Capex $MM - - - - - - - - - - - - - - - - - - - - - - -
Capital Expenditure (Growth and Other) $MM 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Total Electric Capital Expenditures ($MM) 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
O&M Expenditures
O&M - yr1 $ 16,592.40
O&M Cost Escalation 1.02 1.05 1.07 1.10 1.12 1.15 1.17 1.20 1.23 1.26 1.28 1.31 1.34 1.37 1.41 1.44 1.47 1.51 1.54 1.58 1.61 1.65 1.69
Total Electric O&M Expenditures 16,974 17,364 17,764 18,172 18,590 19,018 19,455 19,903 20,361 20,829 21,308 21,798 22,299 22,812 23,337 23,874 24,423 24,985 25,559 26,147 26,748 27,364 27,993

Basis for Depreciation 400,000 420,187 439,789 459,859 480,407 501,445 522,985 545,037 567,614 590,727 614,390 638,615 663,415 688,804 714,795 741,402 768,640 798,849 829,735 861,312 893,596 926,603 960,351 994,855
Deferred Tax
Tax life (years) 20
Tax Depreciation Schedule (assumed average straight line, vs MACRS) 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5% 5%
Beginning Tax Basis 400,000 399,178 396,790 393,867 390,395 386,361 381,751 376,551 370,747 364,325 357,268 349,562 341,192 332,140 322,392 311,929 300,734 291,001 280,400 268,911 256,516 243,193 228,923
Tax Depreciation Schedule (assumed average straight line, vs MACRS) 21,009 21,989 22,993 24,020 25,072 26,149 27,252 28,381 29,536 30,720 31,931 33,171 34,440 35,740 37,070 38,432 39,942 41,487 43,066 44,680 46,330 48,018 49,743
Capex 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Ending Tax Basis 400,000 399,178 396,790 393,867 390,395 386,361 381,751 376,551 370,747 364,325 357,268 349,562 341,192 332,140 322,392 311,929 300,734 291,001 280,400 268,911 256,516 243,193 228,923 213,685

Book Depreciation 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3% 3%
Beginning Book Basis 400,000 406,181 411,123 415,864 420,399 424,723 428,829 432,713 436,369 439,792 442,975 445,913 448,600 451,028 453,193 455,087 456,703 460,284 463,511 466,378 468,876 470,996 472,732
Book Depreciation 14,006 14,660 15,329 16,014 16,715 17,433 18,168 18,920 19,691 20,480 21,287 22,114 22,960 23,827 24,713 25,621 26,628 27,658 28,710 29,787 30,887 32,012 33,162
CapEx 20,187 19,602 20,070 20,548 21,038 21,539 22,052 22,577 23,114 23,663 24,225 24,800 25,389 25,991 26,607 27,238 30,209 30,885 31,577 32,284 33,008 33,748 34,504
Ending Book Basis 400,000 406,181 411,123 415,864 420,399 424,723 428,829 432,713 436,369 439,792 442,975 445,913 448,600 451,028 453,193 455,087 456,703 460,284 463,511 466,378 468,876 470,996 472,732 474,075
Tax Rate 35.00%

Annual Deferred Tax 2,451.1 2,565.4 2,682.5 2,802.4 2,925.1 3,050.7 3,179.4 3,311.1 3,445.9 3,583.9 3,725.3 3,869.9 4,018.0 4,169.6 4,324.8 4,483.7 4,660.0 4,840.1 5,024.3 5,212.6 5,405.2 5,602.0 5,803.3
Accumulated Deferred Income Tax (ADIT) - electric utility 2,451.1 5,016.5 7,699.0 10,501.4 13,426.5 16,477.3 19,656.6 22,967.7 26,413.6 29,997.6 33,722.8 37,592.7 41,610.8 45,780.4 50,105.3 54,589.0 59,248.9 64,089.1 69,113.4 74,326.0 79,731.2 85,333.3 91,136.6
Rate Base
Rate Base Assets 420187.2 439789.2 459858.9 480407.3 501445.5 522984.7 545036.8 567613.5 590727.2 614390.1 638615.2 663415.5 688804.3 714795.2 741402.3 768639.9 798849.2 829734.7 861311.6 893595.8 926603.4 960350.9 994855.2
Depreciation Reserve 14,006.2 28,665.9 43,994.5 60,008.1 76,722.9 94,155.8 112,323.7 131,244.1 150,935.0 171,414.7 192,701.9 214,815.7 237,775.8 261,602.4 286,315.8 311,937.1 338,565.4 366,223.2 394,933.6 424,720.1 455,606.9 487,618.6 520,780.4
Deferred Tax Reserve 2,451.1 5,016.5 7,699.0 10,501.4 13,426.5 16,477.3 19,656.6 22,967.7 26,413.6 29,997.6 33,722.8 37,592.7 41,610.8 45,780.4 50,105.3 54,589.0 59,248.9 64,089.1 69,113.4 74,326.0 79,731.2 85,333.3 91,136.6
Rate Base 403,729.9 406,106.8 408,165.4 409,897.8 411,296.0 412,351.7 413,056.5 413,401.7 413,378.5 412,977.9 412,190.6 411,007.0 409,417.6 407,412.4 404,981.3 402,113.8 401,034.9 399,422.4 397,264.6 394,549.6 391,265.2 387,399.0 382,938.1

Rate Base Debt 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Rate Base Equity 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1

Capital Expenditures 20,187.2 19,602.0 20,069.7 20,548.4 21,038.1 21,539.3 22,052.1 22,576.7 23,113.6 23,663.0 24,225.1 24,800.3 25,388.8 25,991.0 26,607.1 27,237.6 30,209.4 30,885.4 31,576.9 32,284.2 33,007.6 33,747.5 34,504.3
Principal Repayment (= Depreciation) 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Debt Level 6,431.0 11,373.3 16,114.4 20,649.2 24,972.5 29,079.0 32,963.1 36,619.4 40,042.1 43,225.5 46,163.4 48,849.8 51,278.4 53,442.9 55,336.6 56,952.8 60,533.8 63,761.4 66,628.0 69,125.6 71,246.5 72,982.3 74,324.7
Annual Debt Cost

Debt 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Interest on Debt 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8

Rate Base Equity 201,864.9 203,053.4 204,082.7 204,948.9 205,648.0 206,175.9 206,528.2 206,700.8 206,689.3 206,488.9 206,095.3 205,503.5 204,708.8 203,706.2 202,490.6 201,056.9 200,517.4 199,711.2 198,632.3 197,274.8 195,632.6 193,699.5 191,469.1
Return - electric utility 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
Tax Rate 35%
Tax - electric utility 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9

Debt Service 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Revenue to Cover Debt Service Ratio 28,136.8 28,873.4 29,614.4 30,360.0 31,110.2 31,865.1 32,624.9 33,389.5 34,159.2 34,933.9 35,713.8 36,499.1 37,289.8 38,085.9 38,887.8 39,695.3 40,664.5 41,637.6 42,614.6 43,595.8 44,581.1 45,570.7 46,564.7
Tax rate 35%
Tax 15,150.6 15,547.2 15,946.2 16,347.7 16,751.7 17,158.1 17,567.2 17,979.0 18,393.4 18,810.6 19,230.5 19,653.4 20,079.1 20,507.8 20,939.6 21,374.4 21,896.3 22,420.2 22,946.3 23,474.6 24,005.2 24,538.0 25,073.3
Revenue 331,848.07 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Cash Contribution Target 3,318.5 3,461.7 3,549.8 3,641.4 3,736.3 3,833.3 3,933.4 4,036.5 4,142.9 4,252.6 4,365.9 4,482.8 4,603.5 4,728.2 4,857.0 4,990.2 5,036.8 5,260.1 5,491.8 5,732.3 5,981.9 6,241.0 6,509.9
Return on Ratebase/Public Utility Payment in Lieu of Tax (PiLoT) 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6

Return on Rate Base or Public Utility PiLoT/cash contribution 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
Depreciation or Debt Principal 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Interest on Debt 14,130.5 14,213.7 14,285.8 14,346.4 14,395.4 14,432.3 14,457.0 14,469.1 14,468.2 14,454.2 14,426.7 14,385.2 14,329.6 14,259.4 14,174.3 14,074.0 14,036.2 13,979.8 13,904.3 13,809.2 13,694.3 13,559.0 13,402.8
O&M 16,974.0 17,364.4 17,763.8 18,172.4 18,590.3 19,017.9 19,455.3 19,902.8 20,360.6 20,828.9 21,307.9 21,798.0 22,299.4 22,812.3 23,336.9 23,873.7 24,422.8 24,984.5 25,559.1 26,147.0 26,748.4 27,363.6 27,993.0
Utility Program Costs for EE 6,769.7 6,905.1 7,043.2 7,184.1 7,327.7 7,474.3 7,623.8 7,776.3 7,931.8 8,090.4 8,252.2 8,417.3 8,585.6 8,757.3 8,932.5 - - - - - - - -
Purchased Electricity/Production Cost 260,132.2 267,471.5 275,184.8 283,227.9 291,504.2 300,089.7 308,997.3 318,240.4 327,833.1 337,790.0 348,126.4 358,858.3 370,002.2 381,575.4 393,596.1 406,083.0 426,987.1 448,762.4 471,442.8 495,063.4 519,660.8 545,272.9 571,939.2
Taxes 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Annual Revenue Requirement 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3

Revenue Requirement 346,174.5 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Depreciation 14,006.2 14,659.6 15,328.6 16,013.6 16,714.8 17,432.8 18,167.9 18,920.5 19,690.9 20,479.7 21,287.2 22,113.8 22,960.1 23,826.5 24,713.4 25,621.3 26,628.3 27,657.8 28,710.4 29,786.5 30,886.8 32,011.7 33,161.8
Operating Expenses 298,006.5 305,954.8 314,277.6 322,930.8 331,817.7 341,014.3 350,533.4 360,388.5 370,593.7 381,163.5 392,113.2 403,458.8 415,216.8 427,404.4 440,039.8 444,030.7 465,446.1 487,726.7 510,906.2 535,019.6 560,103.5 586,195.5 613,335.0
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 35% 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
After Tax Earnings 22,205.14 22,335.87 22,449.10 22,544.38 22,621.28 22,679.34 22,718.11 22,737.09 22,735.82 22,713.78 22,670.48 22,605.39 22,517.97 22,407.68 22,273.97 22,116.26 22,056.92 21,968.23 21,849.55 21,700.23 21,519.59 21,306.95 21,061.60
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Revenue Requirement $ 346,174.49 $ 354,977.32 $ 364,143.27 $ 373,627.99 $ 383,334.51 $ 393,338.40 $ 403,652.22 $ 414,289.11 $ 425,262.76 $ 436,587.45 $ 448,278.07 $ 460,350.16 $ 472,819.94 $ 485,704.31 $ 499,020.91 $ 503,676.99 $ 526,008.16 $ 549,181.81 $ 573,231.26 $ 598,191.12 $ 624,097.30 $ 650,987.12 $ 678,899.30
Non-fuel Revenue Requirement $ 86,042.27 $ 87,505.79 $ 88,958.50 $ 90,400.10 $ 91,830.27 $ 93,248.65 $ 94,654.92 $ 96,048.72 $ 97,429.69 $ 98,797.47 $ 100,151.66 $ 101,491.90 $ 102,817.78 $ 104,128.89 $ 105,424.81 $ 97,594.01 $ 99,021.03 $ 100,419.38 $ 101,788.49 $ 103,127.74 $ 104,436.51 $ 105,714.18 $ 106,960.10
Fuel Revenue Requirement $ 260,132.21 $ 267,471.54 $ 275,184.77 $ 283,227.89 $ 291,504.25 $ 300,089.75 $ 308,997.30 $ 318,240.39 $ 327,833.07 $ 337,789.98 $ 348,126.40 $ 358,858.26 $ 370,002.17 $ 381,575.43 $ 393,596.09 $ 406,082.99 $ 426,987.13 $ 448,762.43 $ 471,442.78 $ 495,063.38 $ 519,660.79 $ 545,272.94 $ 571,939.21
Rate Case Year 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1

Sales for Test Year ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321
Actual Electric Sales MWh ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### ### 4,633,028,358 4,707,156,812 4,782,471,321

Non-fuel rate $/kWh $ 0.0213 $ 0.0219 $ 0.0222 $ 0.0224 $ 0.0226 $ 0.0229 $ 0.0231 $ 0.0233 $ 0.0235 $ 0.0237 $ 0.0239 $ 0.0241 $ 0.0243 $ 0.0245 $ 0.0246 $ 0.0248 $ 0.0228 $ 0.0228 $ 0.0227 $ 0.0227 $ 0.0226 $ 0.0225 $ 0.0225 $ 0.0224
Fuel rate $/kWh $ 0.0645 $ 0.0662 $ 0.0677 $ 0.0693 $ 0.0709 $ 0.0726 $ 0.0743 $ 0.0761 $ 0.0780 $ 0.0799 $ 0.0818 $ 0.0838 $ 0.0859 $ 0.0880 $ 0.0903 $ 0.0925 $ 0.0949 $ 0.0982 $ 0.1016 $ 0.1050 $ 0.1086 $ 0.1122 $ 0.1158 $ 0.1196
Total rate $/kWh $ 0.0881 $ 0.0899 $ 0.0917 $ 0.0936 $ 0.0955 $ 0.0974 $ 0.0994 $ 0.1015 $ 0.1036 $ 0.1057 $ 0.1079 $ 0.1102 $ 0.1125 $ 0.1149 $ 0.1173 $ 0.1177 $ 0.1210 $ 0.1243 $ 0.1277 $ 0.1312 $ 0.1347 $ 0.1383 $ 0.1420
Balancing Accounts
Decoupling 0
Actual Non-fuel Revenue Collection 86,042.27 87,505.79 88,958.50 90,400.10 91,830.27 93,248.65 94,654.92 96,048.72 97,429.69 98,797.47 100,151.66 101,491.90 102,817.78 104,128.89 105,424.81 97,594.01 99,021.03 100,419.38 101,788.49 103,127.74 104,436.51 105,714.18 106,960.10
Actual Fuel Revenue Collection 260,132.21 267,471.54 275,184.77 283,227.89 291,504.25 300,089.75 308,997.30 318,240.39 327,833.07 337,789.98 348,126.40 358,858.26 370,002.17 381,575.43 393,596.09 406,082.99 426,987.13 448,762.43 471,442.78 495,063.38 519,660.79 545,272.94 571,939.21
Non-Fuel RR Balancing Account - - - - - - - - - - - - - - - - - - - - - - -

Fuel RR Balancing Account - - - - - - - - - - - - - - - - - - - - - - -
Decoupling Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Program Cost for Energy Efficiency 6,769.70 6,905.09 7,043.20 7,184.06 7,327.74 7,474.30 7,623.78 7,776.26 7,931.78 8,090.42 8,252.23 8,417.27 8,585.62 8,757.33 8,932.48 - - - - - - - -
Shareholder Incentive Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Average Rate $/kWh

Non-fuel Rate $/kWh $ 0.022 $ 0.022 $ 0.022 $ 0.023 $ 0.023 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02 $ 0.02
Fuel Rate $/kWh $ 0.066 $ 0.068 $ 0.069 $ 0.071 $ 0.073 $ 0.07 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.08 $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.09 $ 0.10 $ 0.10 $ 0.11 $ 0.11 $ 0.11 $ 0.12 $ 0.12
Non-fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Fuel Bal Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Shareholder Incentive Acct $/kWh $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
Average Rate $/kWh $ 0.088 $ 0.090 $ 0.092 $ 0.094 $ 0.095 $ 0.097 $ 0.099 $ 0.101 $ 0.104 $ 0.106 $ 0.108 $ 0.110 $ 0.113 $ 0.115 $ 0.117 $ 0.118 $ 0.121 $ 0.124 $ 0.128 $ 0.131 $ 0.135 $ 0.138 $ 0.142
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Base Rate Revenue 346,174.49 354,977.32 364,143.27 373,627.99 383,334.51 393,338.40 403,652.22 414,289.11 425,262.76 436,587.45 448,278.07 460,350.16 472,819.94 485,704.31 499,020.91 503,676.99 526,008.16 549,181.81 573,231.26 598,191.12 624,097.30 650,987.12 678,899.30

Revenue 346,174.49 354,977.3 364,143.3 373,628.0 383,334.5 393,338.4 403,652.2 414,289.1 425,262.8 436,587.4 448,278.1 460,350.2 472,819.9 485,704.3 499,020.9 503,677.0 526,008.2 549,181.8 573,231.3 598,191.1 624,097.3 650,987.1 678,899.3
Balancing Account / Regulatory Asset - - - - - - - - - - - - - - - - - - - - - - -
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 35% 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Earnings 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Cash Flow Available for Debt Service 62,299 63,236 64,151 65,044 65,912 66,756 67,576 68,370 69,137 69,878 70,592 71,277 71,933 72,559 73,155 73,720 74,598 75,435 76,229 76,981 77,688 78,351 78,967
Debt 28,137 28,873 29,614 30,360 31,110 31,865 32,625 33,390 34,159 34,934 35,714 36,499 37,290 38,086 38,888 39,695 40,665 41,638 42,615 43,596 44,581 45,571 46,565
Debt Coverage Ratio 2.21 2.19 2.17 2.14 2.12 2.09 2.07 2.05 2.02 2.00 1.98 1.95 1.93 1.91 1.88 1.86 1.83 1.81 1.79 1.77 1.74 1.72 1.70

Cash Position (End of Year) 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00 50.00

Revenue 346,174 354,977 364,143 373,628 383,335 393,338 403,652 414,289 425,263 436,587 448,278 460,350 472,820 485,704 499,021 503,677 526,008 549,182 573,231 598,191 624,097 650,987 678,899
Pre-Tax Earnings 34,161.8 34,362.9 34,537.1 34,683.7 34,802.0 34,891.3 34,950.9 34,980.1 34,978.2 34,944.3 34,877.7 34,777.5 34,643.0 34,473.4 34,267.6 34,025.0 33,933.7 33,797.3 33,614.7 33,385.0 33,107.1 32,779.9 32,402.5
Tax 11,956.6 12,027.0 12,088.0 12,139.3 12,180.7 12,212.0 12,232.8 12,243.1 12,242.4 12,230.5 12,207.2 12,172.1 12,125.1 12,065.7 11,993.7 11,908.8 11,876.8 11,829.0 11,765.1 11,684.7 11,587.5 11,473.0 11,340.9
Earnings 22,205.1 22,335.9 22,449.1 22,544.4 22,621.3 22,679.3 22,718.1 22,737.1 22,735.8 22,713.8 22,670.5 22,605.4 22,518.0 22,407.7 22,274.0 22,116.3 22,056.9 21,968.2 21,849.6 21,700.2 21,519.6 21,306.9 21,061.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
ENERGY EFFICIENCY CALCULATIONS
ENERGY EFFICIENCY PROGRAM COSTS

Escalation of Efficiency Costs 2%
Base Case Revenue without EE ($MM) 331848
Cost of EE Program % of revenue 2%
Additional Energy Efficiency through Shareholder Incentive 0%
Flag for Program Costs Active 15 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0
Participant Cost of EE Program 75%
Cost of EE Program - Participant 5,077.3 5,178.8 5,282.4 5,388.0 5,495.8 5,605.7 5,717.8 5,832.2 5,948.8 6,067.8 6,189.2 6,313.0 6,439.2 6,568.0 6,699.4 - - - - - - - -
Total Program Cost - Utility and Participant 11,847.0 12,083.9 12,325.6 12,572.1 12,823.5 13,080.0 13,341.6 13,608.5 13,880.6 14,158.2 14,441.4 14,730.2 15,024.8 15,325.3 15,631.8 - - - - - - - -
ENERGY EFFICIENCY PROGRAM SAVINGS

Calculations of Cumulative MWh saved
Budget (Cost) of EE Program - Utility 6769.7 6905.1 7043.2 7184.1 7327.7 7474.3 7623.8 7776.3 7931.8 8090.4 8252.2 8417.3 8585.6 8757.3 8932.5 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Cost of Energy Efficiency $/MWh Year1 20
EE Cost Escalation 1.00 1.02 1.04 1.06 1.08 1.10 1.13 1.15 1.17 1.20 1.22 1.24 1.27 1.29 1.32 1.35 1.37 1.40 1.43 1.46 1.49 1.52 1.55
Levelized Cost of Energy Efficiency $/MWh $ 20.00 $ 20.40 $ 20.81 $ 21.22 $ 21.65 $ 22.08 $ 22.52 $ 22.97 $ 23.43 $ 23.90 $ 24.38 $ 24.87 $ 25.36 $ 25.87 $ 26.39 $ 26.92 $ 27.46 $ 28.00 $ 28.56 $ 29.14 $ 29.72 $ 30.31 $ 30.92
Annualization Factor to Convert Levelized Costs 12%
Saved MWh - assumed in next calendar year after cost incurred - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
Cumulative Saved MWh - 41,992,074 83,984,149 125,976,223 167,968,298 209,960,372 251,952,446 293,944,521 335,936,595 377,928,669 419,920,744 461,912,818 503,904,893 545,896,967 587,889,041 629,881,116 587,889,041 545,896,967 503,904,893 461,912,818 419,920,744 377,928,669 335,936,595
Calculations of Cumulative MW saved
EE Capacity Savings (peak MW/average MW) 200%

Cumulative Savings average MW - 4,794 9,587 14,381 19,174 23,968 28,762 33,555 38,349 43,143 47,936 52,730 57,523 62,317 67,111 71,904 67,111 62,317 57,523 52,730 47,936 43,143 38,349
Cumulative Savings peak MW - 9,587 19,174 28,762 38,349 47,936 57,523 67,111 76,698 86,285 95,872 105,460 115,047 124,634 134,221 143,808 134,221 124,634 115,047 105,460 95,872 86,285 76,698
Peak Load Forecast No EE (MW) 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Growth Related Gen Capacity Saved 0%
Peak Load Forecast for Capacity Purchases (MW) 956,000 971,296 986,837 1,002,626 1,018,668 1,034,967 1,051,526 1,068,351 1,085,444 1,102,811 1,120,456 1,138,384 1,156,598 1,175,103 1,193,905 1,213,008 1,232,416 1,252,134 1,272,168 1,292,523 1,313,204 1,334,215 1,355,562
Capex Escalation Rate 0.023

CapEx - No EE Case $MM 19,733.33 20,187.20 20,651.51 21,126.49 21,612.40 22,109.48 22,618.00 23,138.22 23,670.40 24,214.82 24,771.76 25,341.51 25,924.36 26,520.62 27,130.60 27,754.60 28,392.95 29,045.99 29,714.05 30,397.47 31,096.62 31,811.84 32,543.51 33,292.01
Percentage of Capital Expenditure that is Growth Related % 32%
Growth Related Capex Saved % 25%
Peak Load Forecast for Capital Expenditures (MW) 956,000 968,899 982,043 995,436 1,009,081 1,022,983 1,037,145 1,051,573 1,066,270 1,081,240 1,096,488 1,112,019 1,127,836 1,143,945 1,160,350 1,177,055 1,198,860 1,220,976 1,243,407 1,266,158 1,289,235 1,312,644 1,336,388
Non-Growth Related Capex 13,640 13,954 14,275 14,603 14,939 15,282 15,634 15,994 16,361 16,738 17,123 17,516 17,919 18,331 18,753 19,184 19,626 20,077 20,539 21,011 21,494 21,989 22,495
Other Growth-Related CapEx $MM 6,547 6,698 6,852 7,009 7,171 7,336 7,504 7,677 7,853 8,034 8,219 8,408 8,601 8,799 9,001 9,209 9,420 9,637 9,859 10,085 10,317 10,555 10,797
Growth Rate - No EE (MW) - 15,296 15,541 15,789 16,042 16,299 16,559 16,824 17,094 17,367 17,645 17,927 18,214 18,506 18,802 19,102 19,408 19,719 20,034 20,355 20,680 21,011 21,347
Growth Rate with EE (MW) - 12,899 13,144 13,393 13,645 13,902 14,163 14,428 14,697 14,970 15,248 15,530 15,817 16,109 16,405 16,706 21,805 22,115 22,431 22,752 23,077 23,408 23,744
Percentage of Growth Related Capex Saved 0% 16% 15% 15% 15% 15% 14% 14% 14% 14% 14% 13% 13% 13% 13% 13% -12% -12% -12% -12% -12% -11% -11%
Other Capex - Electric $MM with EE $ 20,187.20 $ 19,602.00 $ 20,069.75 $ 20,548.38 $ 21,038.13 $ 21,539.27 $ 22,052.05 $ 22,576.75 $ 23,113.63 $ 23,662.98 $ 24,225.10 $ 24,800.26 $ 25,388.77 $ 25,990.95 $ 26,607.10 $ 27,237.55 $ 30,209.36 $ 30,885.43 $ 31,576.92 $ 32,284.19 $ 33,007.60 $ 33,747.51 $ 34,504.30
Matrix to Determine Life of EE Savings

Life of EE Projects 15
Flag for EE Projects Life 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - - -
2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - - -
3 - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - - -
4 - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - - -
5 - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - - -
6 - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - - -
7 - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 - -
8 - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 -
9 - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
10 - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1 1
11 - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1 1
12 - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1 1
13 - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1 1
14 - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1 1
15 - - - - - - - - - - - - - 1 1 1 1 1 1 1 1 1
16 - - - - - - - - - - - - - - 1 1 1 1 1 1 1 1
17 - - - - - - - - - - - - - - - 1 1 1 1 1 1 1
18 - - - - - - - - - - - - - - - - 1 1 1 1 1 1
19 - - - - - - - - - - - - - - - - - 1 1 1 1 1
20 - - - - - - - - - - - - - - - - - - 1 1 1 1
21 - - - - - - - - - - - - - - - - - - - 1 1 1
22 - - - - - - - - - - - - - - - - - - - - 1 1
23 - - - - - - - - - - - - - - - - - - - - - 1
24 - - - - - - - - - - - - - - - - - - - - - -
25 - - - - - - - - - - - - - - - - - - - - - -
26 - - - - - - - - - - - - - - - - - - - - - -
27 - - - - - - - - - - - - - - - - - - - - - -
28 - - - - - - - - - - - - - - - - - - - - - -
29 - - - - - - - - - - - - - - - - - - - - - -
30 - - - - - - - - - - - - - - - - - - - - - -
Annual MWh Savings (savings assumed in next calendar year after cost incurred)
1 - - - - - - - - - - - - - - - - - - - - - - - -
2 41,992,074 - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - - -
3 41,992,074 - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - - -
4 41,992,074 - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - - -
5 41,992,074 - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - - -
6 41,992,074 - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - - -
7 41,992,074 - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 - -
8 41,992,074 - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 -
9 41,992,074 - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
10 41,992,074 - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
11 41,992,074 - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
12 41,992,074 - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
13 41,992,074 - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
14 41,992,074 - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
15 41,992,074 - - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
16 41,992,074 - - - - - - - - - - - - - - - 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074 41,992,074
17 - - - - - - - - - - - - - - - - - - - - - - - -
18 - - - - - - - - - - - - - - - - - - - - - - - -
19 - - - - - - - - - - - - - - - - - - - - - - - -
20 - - - - - - - - - - - - - - - - - - - - - - - -
21 - - - - - - - - - - - - - - - - - - - - - - - -
22 - - - - - - - - - - - - - - - - - - - - - - - -
23 - - - - - - - - - - - - - - - - - - - - - - - -
24 - - - - - - - - - - - - - - - - - - - - - - - -
25 - - - - - - - - - - - - - - - - - - - - - - - -
26 - - - - - - - - - - - - - - - - - - - - - - - -
27 - - - - - - - - - - - - - - - - - - - - - - - -
28 - - - - - - - - - - - - - - - - - - - - - - - -
29 - - - - - - - - - - - - - - - - - - - - - - - -
30 - - - - - - - - - - - - - - - - - - - - - - - -
Cumulative MWh Savings - 41,992,074 83,984,149 125,976,223 167,968,298 209,960,372 251,952,446 293,944,521 335,936,595 377,928,669 419,920,744 461,912,818 503,904,893 545,896,967 587,889,041 629,881,116 587,889,041 545,896,967 503,904,893 461,912,818 419,920,744 377,928,669 335,936,595
Savings Percentage on Peak 75%
On-Peak Savings (MWh) 31,494,056 62,988,112 94,482,167 125,976,223 157,470,279 188,964,335 220,458,390 251,952,446 283,446,502 314,940,558 346,434,614 377,928,669 409,422,725 440,916,781 472,410,837 440,916,781 409,422,725 377,928,669 346,434,614 314,940,558 283,446,502 251,952,446
Off-Peak Savings (MWh) 10,498,019 20,996,037 31,494,056 41,992,074 52,490,093 62,988,112 73,486,130 83,984,149 94,482,167 104,980,186 115,478,205 125,976,223 136,474,242 146,972,260 157,470,279 146,972,260 136,474,242 125,976,223 115,478,205 104,980,186 94,482,167 83,984,149
Emissions Rates Calculations
Monetize Emissions Costs 0

Escalation Rate 2%
$/Ton CO2 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb Nox $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb PM-10 $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ - $ -
$/lb Sox 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$/lb CO 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
$/lb VOC 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0
On-Peak Energy Savings (MWh) - 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 31,494,056 - - - - - - -
Off-Peak Energy Savings (MWh) - 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 10,498,019 - - - - - - -
Peak Period Savings Peak Emissions Rates

lbs CO per MWh 0.01
On-Peak Savings
Tons CO2 Saved - 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 13,510,950 - - - - - - -
lbs NOx Saved - 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 2,456,536 - - - - - - -
lbs PM-10 Saved - 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 1,259,762 - - - - - - -
lbs SOx Saved - 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 125,976 - - - - - - -
lbs CO Saved - 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 314,941 - - - - - - -
lbs VOC Saved - 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 18,896 - - - - - - -
Off-Peak Period Savings Emissions Rates

lbs CO per MWh 1.438
Off-Peak Savings
Tons CO2 Saved - 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 10,623,995 - - - - - - -
lbs NOx Saved - 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 7,054,668 - - - - - - -
lbs PM-10 Saved - 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 1,511,715 - - - - - - -
lbs SOx Saved - 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 12,072,721 - - - - - - -
lbs CO Saved - 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 15,096,151 - - - - - - -
lbs VOC Saved - 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 293,945 - - - - - - -
Annual Emissions Saved (Physical Units)

Tons CO2 Saved - 24,134,945 48,269,889 72,404,834 96,539,779 120,674,724 144,809,668 168,944,613 193,079,558 217,214,503 241,349,447 265,484,392 289,619,337 313,754,282 337,889,226 362,024,171 337,889,226 313,754,282 289,619,337 265,484,392 241,349,447 217,214,503 193,079,558
lbs NOx Saved - 9,511,205 19,022,410 28,533,615 38,044,819 47,556,024 57,067,229 66,578,434 76,089,639 85,600,844 95,112,048 104,623,253 114,134,458 123,645,663 133,156,868 142,668,073 133,156,868 123,645,663 114,134,458 104,623,253 95,112,048 85,600,844 76,089,639
lbs PM-10 Saved - 2,771,477 5,542,954 8,314,431 11,085,908 13,857,385 16,628,861 19,400,338 22,171,815 24,943,292 27,714,769 30,486,246 33,257,723 36,029,200 38,800,677 41,572,154 38,800,677 36,029,200 33,257,723 30,486,246 27,714,769 24,943,292 22,171,815
lbs SOx Saved - 12,198,698 24,397,395 36,596,093 48,794,790 60,993,488 73,192,186 85,390,883 97,589,581 109,788,278 121,986,976 134,185,674 146,384,371 158,583,069 170,781,766 182,980,464 170,781,766 158,583,069 146,384,371 134,185,674 121,986,976 109,788,278 97,589,581
lbs CO Saved - 15,411,091 30,822,183 46,233,274 61,644,365 77,055,456 92,466,548 107,877,639 123,288,730 138,699,822 154,110,913 169,522,004 184,933,096 200,344,187 215,755,278 231,166,369 215,755,278 200,344,187 184,933,096 169,522,004 154,110,913 138,699,822 123,288,730
lbs VOC Saved - 312,841 625,682 938,523 1,251,364 1,564,205 1,877,046 2,189,887 2,502,728 2,815,569 3,128,410 3,441,250 3,754,091 4,066,932 4,379,773 4,692,614 4,379,773 4,066,932 3,754,091 3,441,250 3,128,410 2,815,569 2,502,728
Annual Emissions Savings ($MM)

$MM CO2 - - - - - - - - - - - - - - - - - - - - - - -
$MM Nox - - - - - - - - - - - - - - - - - - - - - - -
$MM PM-10 - - - - - - - - - - - - - - - - - - - - - - -
$MM Sox - - - - - - - - - - - - - - - - - - - - - - -
$MM CO - - - - - - - - - - - - - - - - - - - - - - -
$MM VOC - - - - - - - - - - - - - - - - - - - - - - -
Total - - - - - - - - -
Year 2007 2008 2009 2010 2011 2012



Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Interest 18,701.6 19,026.3 19,349.3 19,670.3 19,989.5 20,306.7
Hurdle 2.00

Cash Earned 29,388.16 29,898.51 30,405.98 30,910.52 31,412.06 31,910.52
GAS UTILITY CALCULATIONS

Gas Sales Forecasts - mcf
Peak Load Capacity (mcf/day) 121,479
Forecast Gas Sales (mcf) - yr 0 22,185,185
Forecast Gas Sales - Annual Increase 101% 101% 101% 101% 101% 101%
Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00
Forecast Gas Sales (NoEE) mcf - Adjusted per actuals 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Actual Fuel Efficiency Reductions - - - - - -
Forecasted Fuel Efficiency Reductions - - - - - -
Forecast Gas Sales mcf - Adjusted per actuals during rate case 22,185,185 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Gas Sales Actual mcf
Gas Sales - mcf - year 0 22,185,185
Growth Rate - actual mcf 1.01 1.01 1.01 1.01 1.01 1.01
Actual Gas Sales (mcf) with EE 22,185,185 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Actual Gas Sales (mcf) without EE 22,185,185 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
GAS UTILITY COST CALCULATIONS

Gas Purchases mcf
Actual Gas Sales (mcf) without EE 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Average Marginal Losses - additional above sales mcf 105% 105% 105% 105% 105% 105%
Gas mcf Purchased / Produced without EE 23,457,505 23,621,708 23,787,060 23,953,569 24,121,244 24,290,093
Cost of Fuel (Purchased or Produced)

Average Cost of Fuel $/MMBtu $ 4.05
Escalation 1.02 1.05 1.07 1.10 1.12 1.15
MMBtu per mcf conversion factor 1031
Forecast Average Cost of Fuel $/mcf 4,269.36 4,367.56 4,468.01 4,570.77 4,675.90 4,783.45
Actual Average Cost of Fuel $/mcf 4,269.36 4,367.56 4,468.01 4,570.77 4,675.90 4,783.45
mcf Purchased / Produced - Without EE 23,457,505 23,621,708 23,787,060 23,953,569 24,121,244 24,290,093
Forecast Average Cost of Fuel $MM 100,148.6 103,169.1 106,280.8 109,486.4 112,788.6 116,190.4
Actual Average Cost of Fuel $MM 100,148.6 103,169.1 106,280.8 109,486.4 112,788.6 116,190.4
Fuel Efficiency Cost Savings - Forecasted

Peak Period ($/MMBtu) 10.67 10.22 9.69 9.19 8.72 8.93
Off-Peak Period ($/MMBtu) 8.47 8.11 7.69 7.29 6.92 7.08
Peak Period EE Savings (mcf) - - - - - -
Off-Peak Period EE Savings (mcf) - - - - - -
Total Forecast Fuel Savings ($MM) - - - - - -
Fuel Efficiency Cost Savings - Actual

Sensitivity % variation in cost 0%
Peak Period EE Savings (mcf) - - - - - -
Off-Peak Period EE Savings (mcf) - - - - - -
Peak Period Savings ($MM) - - - - - -
Off-Peak Period Savings ($MM) - - - - - -
Total Actual Fuel Savings ($MM) - - - - - -
Forecast Cost of Fuel with EE ($MM) 100,149 103,169 106,281 109,486 112,789 116,190
Actual Cost of Fuel with EE ($MM) 100,149 103,169 106,281 109,486 112,789 116,190
Cost of Capacity (production/LNG facilities, pipeline/storage capacity)

Average Cost of Purchased Gas Capacity or Production Cost $/mcf/day -
Escalation 1.02 1.05 1.07 1.10 1.12 1.15
Forecasted Cost of Capacity ($/mcf/day ) - - - - - -
Actual Cost for Sensitivity ($/mcf/day) 0% - - - - - -
Peak Capacity Purchases with EE (mcf/day) 121,479 122,329 123,186 124,048 124,916 125,791
Forecast Cost of Fuel and Capacity with EE ($MM) 100,148.6 103,169.1 106,280.8 109,486.4 112,788.6 116,190.4
Actual Total Cost of Fuel and Capacity with EE ($MM) 100,148.6 103,169.1 106,280.8 109,486.4 112,788.6 116,190.4
Total Gas Capital Expenditures ($MM) 22,844 23,369 23,906 24,456 25,019 25,594
O&M Expenditures
O&M - yr1 $ 10,614.71
Total Gas O&M Expenditures 10,859 11,109 11,364 11,625 11,893 12,166

Deferred Taxes - Gas Utility
Deferred Tax
Tax life (years) 30

Capex 22,843.6 23,369.0 23,906.5 24,456.3 25,018.8 25,594.3
Ending Tax Basis 525,000 529,582.1 533,910.7 537,979.9 541,783.7 545,316.1 548,570.7


CapEx 22,843.6 23,369.0 23,906.5 24,456.3 25,018.8 25,594.3
Tax Rate 35.00%

Accumulated Deferred Income Tax (ADIT) - Gas utility 2,556.6 5,222.3 7,999.5 10,890.8 13,898.9 17,026.5
Rate Base
Rate Base Assets 547843.6 571212.6 595119.1 619575.4 644594.2 670188.5
Rate Base 534,330.1 543,609.2 552,836.1 562,009.5 571,128.4 580,191.3

Rate Base Debt 267,165.1 271,804.6 276,418.0 281,004.8 285,564.2 290,095.7
Rate Base Equity 267,165.1 271,804.6 276,418.0 281,004.8 285,564.2 290,095.7
Debt Level 12,161.7 24,106.5 36,110.6 48,175.4 60,302.3 72,492.8
Annual Debt Cost

Debt 267,165.1 271,804.6 276,418.0 281,004.8 285,564.2 290,095.7
Interest on Debt 18,701.6 19,026.3 19,349.3 19,670.3 19,989.5 20,306.7

Rate Base Equity 267,165.1 271,804.6 276,418.0 281,004.8 285,564.2 290,095.7
Return - Gas utility 29,388.2 29,898.5 30,406.0 30,910.5 31,412.1 31,910.5
Tax Rate 35.00%
Tax - Gas utility 15,824.4 16,099.2 16,372.5 16,644.1 16,914.2 17,182.6

Debt Service 29,658.4 30,450.6 31,251.6 32,061.8 32,881.4 33,710.5
Tax rate 35%
Tax 19,163.9 19,675.8 20,193.4 20,716.9 21,246.4 21,782.1
Revenue 212,294.16 185,878.4 190,726.0 195,675.0 200,728.3 205,889.1 211,160.4

Percent of Revenue for Payment in Lieu of Tax 1.5%

Interest on Debt 18,701.6 19,026.3 19,349.3 19,670.3 19,989.5 20,306.7
O&M 10,858.8 11,108.6 11,364.1 11,625.5 11,892.9 12,166.4
Utility Program Costs for EE - - - - - -
Purchased Gas/Production Cost 100,148.6 103,169.1 106,280.8 109,486.4 112,788.6 116,190.4
Taxes 15,824.4 16,099.2 16,372.5 16,644.1 16,914.2 17,182.6

Depreciation 10,956.9 11,424.3 11,902.4 12,391.5 12,891.9 13,403.8
Pre-Tax Earnings 45,212.5 45,997.7 46,778.4 47,554.7 48,326.2 49,093.1
Tax 35% 15,824.4 16,099.2 16,372.5 16,644.1 16,914.2 17,182.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%
CALCULATION OF GAS RATES


Sales for Test Year (mcf) 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Actual Gas Sales (mcf) 22,340,481 22,496,865 22,654,343 22,812,923 22,972,614 23,133,422
Input Year 0 rate $/therm $ 0.93

Non-fuel rate $/therm $ 0.4284 $ 0.3722 $ 0.3775 $ 0.3827 $ 0.3879 $ 0.3931 $ 0.3982
Fuel rate $/therm $ 0.5004 $ 0.4348 $ 0.4448 $ 0.4550 $ 0.4655 $ 0.4762 $ 0.4872
Total rate $/therm $ 0.8070 $ 0.8223 $ 0.8378 $ 0.8534 $ 0.8693 $ 0.8853
therm per mcf 10,310
Balancing Accounts
Decoupling 100%

Program Cost for Fuel Efficiency - - - - - -
Average Rate $/therm

Non-fuel Rate $/therm $ 0.372 $ 0.377 $ 0.383 $ 0.388 $ 0.393 $ 0.40
Fuel Rate $/therm $ 0.435 $ 0.445 $ 0.455 $ 0.466 $ 0.476 $ 0.49
Non-fuel Bal Acct $/therm $ - $ - $ - $ - $ - $ -
Fuel Bal Acct $/therm $ - $ - $ - $ - $ - $ -
Shareholder Incentive Acct $/therm $ - $ - $ - $ - $ - $ -
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Average Rate $/therm $ 0.807 $ 0.822 $ 0.838 $ 0.853 $ 0.869 $ 0.885
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Base Rate Revenue $MM 185,878.38 190,726.01 195,675.00 200,728.33 205,889.06 211,160.36

Revenue 185,878.38 190,726.0 195,675.0 200,728.3 205,889.1 211,160.4
Pre-Tax Earnings 45,212.5 45,997.7 46,778.4 47,554.7 48,326.2 49,093.1
Tax 35% 15,824.4 16,099.2 16,372.5 16,644.1 16,914.2 17,182.6
Earnings 29,388.2 29,898.5 30,406.0 30,910.5 31,412.1 31,910.5
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Debt 29,658 30,451 31,252 32,062 32,881 33,710

Cash Position (End of Year) 50.00 26,253.74 53,364.07 80,909.17 108,884.57 137,285.70 166,107.89

Revenue 185,878 190,726 195,675 200,728 205,889 211,160
Year 2007 2008 2009 2010 2011 2012


Flag for Rate Case Year - Investor Owned Utility, Cycle Method 1 1 1 1 1 1

Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Interest 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7
Hurdle 2.00

Cash Earned 29,388.16 29,879.59 30,368.33 30,854.32 31,337.48 31,817.75

Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00
Actual Fuel Efficiency Reductions - 85,150 85,150 85,150 85,150 85,150
Forecasted Fuel Efficiency Reductions - 85,150 85,150 85,150 85,150 85,150

Gas Purchases mcf

Escalation 1.02 1.05 1.07 1.10 1.12 1.15

Peak Period EE Savings (mcf) - 63,862.70 127,725.40 191,588.09 255,450.79 319,313.49
Off-Peak Period EE Savings (mcf) - 21,287.57 42,575.13 63,862.70 85,150.26 106,437.83
Total Forecast Fuel Savings ($MM) - 851 1,614 2,295 2,906 3,716

Sensitivity Variation % in Cost 0%
Peak Period Savings ($MM) - 673 1,276 1,815 2,298 2,938
Off-Peak Period Savings ($MM) - 178 338 480 608 777
Total Actual Fuel Savings ($MM) - 851 1,614 2,295 2,906 3,716

Escalation 1.02 1.05 1.07 1.10 1.12 1.15
O&M Expenditures
O&M - yr1 $ 10,614.71

Deferred Tax
Tax life (years) 30

Capex 22,843.6 23,016.4 23,548.3 24,092.4 24,649.1 25,218.7
Ending Tax Basis 525,000 529,582.1 533,569.9 537,304.5 540,780.2 543,991.1 546,930.8


CapEx 22,843.6 23,016.4 23,548.3 24,092.4 24,649.1 25,218.7
Tax Rate 35.00%

Rate Base
Rate Base Assets 547843.6 570860.0 594408.2 618500.7 643149.8 668368.5
Rate Base 534,330.1 543,265.3 552,151.5 560,987.6 569,772.3 578,504.6

Rate Base Debt 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Rate Base Equity 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3

Debt Level 12,161.7 23,760.9 35,421.0 47,143.4 58,929.6 70,780.9
Annual Debt Cost

Debt 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Interest on Debt 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7

Rate Base Equity 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Tax Rate 35.00%
Tax - Gas utility 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6

Debt Service 29,658.4 30,431.5 31,213.5 32,004.6 32,805.0 33,615.0
Tax rate 35%
Tax 19,163.9 19,663.4 20,168.7 20,679.9 21,197.1 21,720.5
Revenue 212,294.16 186,961.1 190,931.2 195,091.7 199,438.7 203,964.2 208,401.9


Interest on Debt 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7
O&M 10,858.8 11,108.6 11,364.1 11,625.5 11,892.9 12,166.4
Utility Program Costs for EE 1,082.7 1,104.4 1,126.4 1,149.0 1,171.9 1,195.4
Taxes 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6

Depreciation 10,956.9 11,417.2 11,888.2 12,370.0 12,863.0 13,367.4
Pre-Tax Earnings 45,212.5 45,968.6 46,720.5 47,468.2 48,211.5 48,950.4
Tax 35% 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%



Fuel rate $/therm $ 0.4975 $ 0.4348 $ 0.4428 $ 0.4515 $ 0.4609 $ 0.4710 $ 0.4805
Total rate $/therm $ 0.8117 $ 0.8263 $ 0.8416 $ 0.8576 $ 0.8743 $ 0.8904
Balancing Accounts
Decoupling 100%

Program Cost for Fuel Efficiency 1,082.70 1,104.35 1,126.44 1,148.97 1,171.95 1,195.39

Fuel Rate $/therm $ 0.435 $ 0.443 $ 0.452 $ 0.461 $ 0.471 $ 0.48
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Revenue 186,961.08 190,931.2 195,091.7 199,438.7 203,964.2 208,401.9
Pre-Tax Earnings 45,212.5 45,968.6 46,720.5 47,468.2 48,211.5 48,950.4
Tax 35% 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6
Earnings 29,388.2 29,879.6 30,368.3 30,854.3 31,337.5 31,817.8
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Debt 29,658 30,431 31,213 32,005 32,805 33,615


Revenue 186,961 190,931 195,092 199,439 203,964 208,402
Year 2007 2008 2009 2010 2011 2012


Flag for Rate Case Year - Investor Owned Utility, Cycle Method 1 1 1 1 1 1

Target ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Interest 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7
Hurdle 2.00

Cash Earned 29,388.16 29,879.59 30,368.33 30,854.32 31,337.48 31,817.75

Rate Case Year 1.00 1.00 1.00 1.00 1.00 1.00
Actual Fuel Efficiency Reductions - 85,150 85,150 85,150 85,150 85,150
Forecasted Fuel Efficiency Reductions - 85,150 85,150 85,150 85,150 85,150

Gas Purchases mcf

Escalation 1.02 1.05 1.07 1.10 1.12 1.15

Total Forecast Fuel Savings ($MM) - 851 1,614 2,295 2,906 3,716

Sensitivity Variation % in Cost 0%
Peak Period Savings ($MM) - 673 1,276 1,815 2,298 2,938
Off-Peak Period Savings ($MM) - 178 338 480 608 777
Total Actual Fuel Savings ($MM) - 851 1,614 2,295 2,906 3,716

Escalation 1.02 1.05 1.07 1.10 1.12 1.15
O&M Expenditures
O&M - yr1 $ 10,614.71

Deferred Tax
Tax life (years) 30

Capex 22,843.6 23,016.4 23,548.3 24,092.4 24,649.1 25,218.7
Ending Tax Basis 525,000 529,582.1 533,569.9 537,304.5 540,780.2 543,991.1 546,930.8


CapEx 22,843.6 23,016.4 23,548.3 24,092.4 24,649.1 25,218.7
Tax Rate 35.00%

Rate Base
Rate Base Assets 547843.6 570860.0 594408.2 618500.7 643149.8 668368.5
Rate Base 534,330.1 543,265.3 552,151.5 560,987.6 569,772.3 578,504.6

Rate Base Debt 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Rate Base Equity 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3

Debt Level 12,161.7 23,760.9 35,421.0 47,143.4 58,929.6 70,780.9
Annual Debt Cost

Debt 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Interest on Debt 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7

Rate Base Equity 267,165.1 271,632.6 276,075.7 280,493.8 284,886.2 289,252.3
Tax Rate 35.00%
Tax - Gas utility 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6

Debt Service 29,658.4 30,431.5 31,213.5 32,004.6 32,805.0 33,615.0
Tax rate 35%
Tax 19,163.9 19,663.4 20,168.7 20,679.9 21,197.1 21,720.5
Revenue 212,294.16 186,961.1 190,931.2 195,091.7 199,438.7 203,964.2 208,401.9


Interest on Debt 18,701.6 19,014.3 19,325.3 19,634.6 19,942.0 20,247.7
O&M 10,858.8 11,108.6 11,364.1 11,625.5 11,892.9 12,166.4
Utility Program Costs for EE 1,082.7 1,104.4 1,126.4 1,149.0 1,171.9 1,195.4
Taxes 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6

Depreciation 10,956.9 11,417.2 11,888.2 12,370.0 12,863.0 13,367.4
Pre-Tax Earnings 45,212.5 45,968.6 46,720.5 47,468.2 48,211.5 48,950.4
Tax 35% 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%



Fuel rate $/therm $ 0.4975 $ 0.4348 $ 0.4428 $ 0.4515 $ 0.4609 $ 0.4710 $ 0.4805
Total rate $/therm $ 0.8117 $ 0.8263 $ 0.8416 $ 0.8576 $ 0.8743 $ 0.8904
Balancing Accounts
Decoupling 0

Program Cost for Fuel Efficiency 1,082.70 1,104.35 1,126.44 1,148.97 1,171.95 1,195.39
Percent of Program Cost for Shareholder Incentive 0

Fuel Rate $/therm $ 0.435 $ 0.443 $ 0.452 $ 0.461 $ 0.471 $ 0.48
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Revenue 186,961.08 190,931.2 195,091.7 199,438.7 203,964.2 208,401.9
Pre-Tax Earnings 45,212.5 45,968.6 46,720.5 47,468.2 48,211.5 48,950.4
Tax 35% 15,824.4 16,089.0 16,352.2 16,613.9 16,874.0 17,132.6
Earnings 29,388.2 29,879.6 30,368.3 30,854.3 31,337.5 31,817.8
ROE 11.0% 11.0% 11.0% 11.0% 11.0% 11.0%

Debt 29,658 30,431 31,213 32,005 32,805 33,615


Revenue 186,961 190,931 195,092 199,439 203,964 208,402

Benefits Calculator

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ENERGY EFFICIENCY BENEFITS CALCULATOR

National Action Plan for Energy Efficiency

July 31, 2006 Version

Contractor: Energy and Environmental Econcomics, Inc.

National Action Plan for Energy Efficiency

Contractor: Energy and Environmental Economics, Inc.

INSTRUCTIONS FOR USE

The model consists of 14 tabs, including the Cover and Instructions.

Energy Cost Forecasts

Marginal Cost Inputs

Capital Expenditure and Depreciation

Other Expenses, Maintenance

Financing and Taxes

Line Item Capital Expenditures

EE Costs and Budget

Revenue Requirement and Decoupling Inputs

The second part of the Step2 tab is the results section.

Customer Perspective Charts

Percent Change in Customer Bills Chart

Comparison of Average Rate Chart

Percent Difference in Average Rate Chart

Utility Perspective Charts

Investor-Owned Utility Comparison of Return on Equity

Comparison of Peak Load Growth

Community or Society Perspective Charts

Total Societal Net Savings

Delivered Costs and Benefits of EE

Emissions Cost Savings

Percent Change in Customer Bills Chart

Comparison of Average Rate Chart

Percent Difference in Average Rate Chart

Utility Perspective Charts

Investor-Owned Utility Comparison of Return on Equity

Comparison of Peak Load Growth

Community or Society Perspective Charts

Total Societal Net Savings

Delivered Costs and Benefits of EE

Emissions Cost Savings

Investor-Owned Utility Comparison of Return on Equity

Comparison of Peak Load Growth

Community or Society Perspective Charts

Total Societal Net Savings

Delivered Costs and Benefits of EE

Emissions Cost Savings

ENERGY EFFICIENCY BENEFITS CALCULATOR KEY EQUATIONS

Summary of the Calculator’s key equations and relationships.

Revenue Requirement and Decoupling Inputs

EE Costs and Budget

Energy and Capacity Savings

$ - Generation Capacity Cost if purchased ($/kW-yr) $ - Capacity Cost/Storage if purchased ($/mcf/day)

Electric Marginal Costs Natural Gas Marginal Costs

2.3% Escalation Rate 2.3% Escalation Rate

Capital Expenditure and Depreciation

Other Expenses, Maintenance

Financing and Taxes

35.00% Federal Tax Rate 35.00% Federal Tax Rate

Public Power / Cooperative Public Power / Cooperative

Trigger Rate Adjustments Trigger Rate Adjustments

Cash Position Trigger Cash Position Trigger

Line Item Capital Expenditures

Capital Expenditure (Nominal $Millions)

Resulting Savings Electric Gas Total

Other Assumptions Electric Gas