SCEG OATT Formula Transmission Rate Filing.pdf - SCANA ...

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20091231-0037 FERC PDF (Unofficia1) 12/29/2009 Direct Testimonyof Michael J. Vilbert Docket ERIO· -000 Page 17of35 EXHIBIT NO. SCE-13 CBOE S&P 500 Volatility Index (VIX) January 2000 through September 2009 90,------------------------------------------------------, 80 --------------------" ------------------------------------- 70 --------------------------------------------------------- 60 --------------------------------------------------------- 50 -------------- - ---------------------------------------- 40 30 20 10 --------------------- O+--r--.-~~--~_,--,__r--._~_,--~_,--,__r--._~_,--~ ##~~###~##~~##~~#### ################~#~# Source: Data pulled from Bloomberg as of September 30, 2009 Figure 3 1 2 3 Prior to the crisis, average volatility was in the 10-20 percent range, but it spiked to 80 percent in late 2008. Although volatility has decreased substantially over the last couple of months, it is still higher than the average value for the first half of 2008. 4 5 6 The Federal Reserve's efforts to stimulate spending via interest rates cuts have resulted in the drop of the federal funds rate as indicated in Figure 4 below. The yield on the Treasury bills is also at extraordinarily low levels with yields close to zero.
20091231-0037 FERC PDF (Unofficia1) 12/29/2009 Direct Testimony of Michael J. Vilbert Docket ER 10- -000 Page 18 of35 EXHIBIT NO. SCE-13 Federal Funds Effective <strong>Rate</strong> 8.0 7.0 6.0 ~ 5.0 ~ "0 4.0 0; >= 3.0 2.0 1.0 0.0 Figure 4 Source: Federal Reserve Bank I 2 3 4 5 6 The lower yields on government debt, however, did not translate into lower yields on corporate debt (including the yields on investment grade utility bonds). As Figure 5 shows, the spreads over Treasury bonds for long-term A and BBB utility debt have fallen from their historically high levels but remain higher than the average over the recent past. Figure 6 displays the yields on A and BBB-rated utility debt relative to government bond yields.
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"0 0 '" .... Exhibit No. seE· 7 ..
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Exhibit No. SCE-9 Page 2 of 10 8 FE
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"0 0 '" .... .... I 0 0 Exhibit No.
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Exhibit No. SCE-9 Page 6 of 10 ~. 4
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64 FERC ER07-169 Ameren Energy Mark
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88 Illinois Commerce Commission ER0
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Page 307 and 308: EXHIBIT NO. SCE-16 "o o '" .... "w
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Table No. MJV·4 Panel B Commission
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Workpaper Commission #2 to Table No
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Company American Electric Power Co
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Company Workpaper #9 to Table No. M
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Date Workpaper # 11 to Table No. MJ
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