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Rate of Return on Common Equity: Annual Survey of Electric Rate Case

Fortnightly Magazine - June 1 1995

Our 13th annual electric rate-case survey covers electric rate orders issued between

April 1, 1994, and March 31, 1995.

The survey tabulates rates of return on common equity (ROE) approved by state public utility commissions (PUCs) in major electric rate orders, but also includes some cases in which rate of return was not directly at issue, or where a rate adjustment resulted from a settlement agreement.

The figures were obtained from a survey of over 225 rate analysts at PUCs and the major investor-owned electric utilities. We asked respondents to 1) identify only cases in which cost of equity was at issue; 2) list figures only for electric service, in the case of a combined utility; 3) indicate whether a rate-of-return award was subject to an adjustment for management efficiency; and 4) list final figures for rate increases requested and granted. Respondents were asked to provide figures to two decimal places, if possible.

The footnotes explain variations from the basic survey criteria and provide additional detail. Appellate court orders that modify PUC decisions are not listed.

ROE

Increase Increase Previously New

(Decrease) (Decrease) Authorized Authorized

Case, Docket, Application Order Test Year Requested Granted Rate Rate

Jurisdiction/Company or Decision No. Date Date End Date ($ Million) ($ Million) (%) (%)

ALASKA

Municipal Light & Power Dept. U-94-90 6/30/94 12/2/94 12/31/93 2.7 2.1 13.00 12.00

ARIZONA

Arizona Public Service Co. U-1345-94-120 4/20/941 6/1/94 9/30/93 (38.3) (38.3) NA* NA*

153 PUR4th 396

CALIFORNIA

Pacific Gas & Electric Co. D.94-11-0762 5/9/94 11/22/94 12/31/95 131 104 11.00 12.10

158 PUR4th 217

San Diego Gas & Electric Co. D.94-11-0762 5/9/94 11/22/94 12/31/95 67.7 57.43 10.85 12.05

158 PUR4th 217

Sierra Pacific Power Co. D.94-11-0762 5/9/94 11/22/94 12/31/95 NA NA 11.10 11.30

158 PUR4th 217

Southern California Edison Co. D.94-11-0762 5/9/94 11/22/94 12/31/95 189.9 120.67 11.00 12.10

158 PUR4th 217

DISTRICT OF COLUMBIA

Potomac Electric Power Co. FC 929 4/4/944 5/4/94 (em (em 1.254 (em (em 4

HAWAII

Hawaiian Electric Co., Inc. 7700 7/26/93 12/28/94 12/31/94 53.8 50.5 13.00 12.15

Hawaii Electric Light Co., Inc. 7764 11/30/93 2/10/95 12/31/94 15.8 15.5 13.0 12.6

159 PUR4th 290

Maui Electric Co., Ltd. 7000 11/13/91 8/5/94 12/31/935 10.63 8.05 15.00 12.75

153 PUR4th 437

IDAHO

Idaho Power Co. IPC-E-94-5 6/30/94 1/31/95 12/31/93 37.1 17.2 12.25 11.006

ILLINOIS

Commonwealth Edison Co. 94-0065 2/10/94 1/9/95 12/31/94 461.7 303.2 13.00 12.28

158 PUR4th 458

INDIANA

PSI Energy, Inc. 39584 11/6/92 2/17/95 12/31/92 102.7 42.4 14.25 11.9

IOWA

Interstate Power Co. RPU-93-6 8/4/93 6/3/94 12/31/93 11.45 7.388 11.90 11.00

152 PUR4th 377

KANSAS

Empire District Electric Co. 190,360-U 3/17/94 9/7/94 12/31/93 0.72 0.51 12.25 11.60

LOUISIANA

Gulf States Utilities Co. U-19904 5/16/947 12/29/94 12/31/93 46.3587 (12.657) NA 10.95

159 PUR4th 54

MARYLAND

Potomac Edison Co. 8652 4/15/94 9/20/94 12/31/93 30.9 19.6 11.90 NA*

MICHIGAN

Consumers Power Co. U-10335 5/10/93 5/10/94 12/31/94 165.6 57.6 13.50 11.75

151 PUR4th 374

Upper Peninsula Power Co. U-10802 3/3/95 3/10/95 12/31/94 (2.9) (2.9) 11.75 11.75

MINNESOTA

Minnesota Power E-015/GR-94-001 1/3/94 11/22/948 12/31/94 34.3 19.0 11.56 11.6

MISSOURI

Empire District Electric Co. ER-94-174 12/1/93 8/2/94 12/31/93 7.97 7.35 NA* NA*

St. Joseph

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