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

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EXHIBIT NO. SCE-I6 Table No. MJV-4 Panel A: Commission-Based Unrestricted Electric Sample Summary of High, Low and Median Cost of Equity Estimates Companies Meeting Sample Screening Criteria DCF Cost of Equity 6_MQnth Dividend Yield Adjusted Dividend Yield Grov.rthRates Implied Cost of Equity Company Bond Rating High Low High Low High Low High Low [t) [2) [3) [4) [5) [6) [7) [8) [9) American Electric Power Co Inc BBB 5.92% 5,55% 6.07% 5.68% 5.00% 4.81% 11.07% \0.49% Cleco Corp BBB 4.10% 3.85% 4.35% 3.95% 11.82% 4.81% 16.16% 8,76% Empire District Electric Co/The • BSB- 7.87% 7.39% 9.21% 7,50% 34.00% l.8ID/':' 43.21% 10.30% Entergy Corp BBB 4.17% 3,87% 4.34% 3,99% 8.25% 6.33% 12.59% 10.33% aGE Energy Corp BBB+ 523% 4.88% 5,39% 5.00% 6,32% 5.00% 11.71% 10.00% Centerpoint Energy Inc BBB 7.04% 6.48% 7.28% 6.70% 7.00% 6.62% 14.28% 13.32% Progress Energy Inc BBB+ 6.88% 6.50% 7.06% 6.59% 5.42% 2.51% 12.48% 9.09% Dominion Resources Inc/VA A· 5.54% 5.28% 5.77% 5.42% 7.99% 5.33% 13.75% 10.75% FPL Group Inc A 3.52% 3.29% 3.68% 3.44% 9.05% 8.80% 12.73'% 12.23% SCANACorp BBB 5.99% 5.64% 6.14% 5.77% 4.91% 4.66% 11.05% 10.43% Southern Co A 5.92% 5.58% 6.07% 5.70% 5.25% 4.31% 11.32% 1000% TECO Energy Inc BBB 6.86% 6.30% 7.05% 6.42% 5.50% 3.62% 12.55% 10.04% Duke Energy Corp A- 6.71% 6.39% 6.82% 644% 3.38% 1.28% 10.20% 7.72% Xce1 Energy Inc BBB+ 5.39% 5.10% 5.54% 5.20% 5.50% 4.06% 11.04% 9.26% "o o '" .... "w .... I o w ..,J ;:J ~ :g '" ~ ~ ~. n ~. ~ .... .... " "'" " "oo'" Range 16.16% 7.72% Midpoint 11.94% Median 11.04% Mean 11.28% Number of companies meet screening criteria 14 Number of companies included in the calculation of Implied Cost of Equity 13 Sources and Notes [I]: Table No. MJV-2, [3] [2]: Workpaper #7 to Table No. MJV-4, Panel 8, [4]. [3) Workpaper #7 to Table No. MIV-4, Panel A, [4] [4) [2) x ( 1 +5 x [6) ). [5) [3)x( 1 +5x[7)) [6]: Highest Growth Rate from Workpaper #1 to Table No. MJV-4, [7] and Workpaper #10 to Table No. MJV-4, [l]. [7]: Lowest Growth Rate from Workpaper #1 to Table No. MJV-4 [7] and Workpaper#1O to Table No MJV-4, [IJ. [8) [4) + [6). [9) [5) + [7) . • Companies which were excluded either because their growth rate is above 13.3% or estimated cost of equity is below cost of debt plus 100 bps (excluded numbers are bold and italicized). These companies are not included in the calculation of Median and Mean. Page 4
Table No. MJV·4 Panel B Commission·Based Restricted Electric Sample Summary of High, Low and Median Cost of Equity Estimates Companies Meeting Sample Screening Criteria DCF Cost of Equity 6-Month Dividend Yield Adiusted Dividend Yield Growth Rates Company Bond Rating High Low High Low High Low [I] [2] 13] [4] [5] [6] [7] American Electric Power Co Inc BBB 5.92% 5.55% 6.07% 5.68% 5.00% 4.81% Cleco Corp BBB 4.10% 385% 4.35% 3.95% 11.82% 4.81% Empire District Electric ColThe • BBB· 7.87% 7.39% 9.21% 7.50% ~ 2.81% Entergy Corp BBB 4.17% 3.87% 4.34% 3.99% 8.25% 6.33% aGE Energy Corp BBB+ 5.23% 4.88% 5.39% 5.00% 6.32% 5.00% Centerpoint Energy Inc BBB 7.04% 6.48% 7.28% 6.70% 7.00% 6.62% Progress Energy Inc BBB+ 6.88% 650% 706% 6.59% 5.42% 2.51% Dominion Resources Inc/V A FPL Group Inc SCANA Corp BBB 5.99% 5.64% 6.14% 5.77% 4.91% 4.66% Southern Co TECa Energy Inc BBB 6.86% 6.30% 7.05% 6.42% 5.50% 3.62% Duke Energy Corp Xcel Energy Inc BBB+ 5.39% 5.10% 5.54% 5.20% 5.50% 4.06% Range Midpoint Median Mean Number of companies meet screening criteria Number of companies included in the calculation of Implied Cost of Equity EXHIBIT NO. SCE-16 Implied High Cost of Equity Low [8] [9] 11.07% 10.49% 16.16% 8.76% 43.21% 10.30% 12.59% 10.33% 11,71% 10,00% 14.28% 13.32% 12.48% 9,09% 11.05% 10.43% 12,55% 10.04% 1\.04% 9.26% - 16,16% 8.76% 12.46% 11.04% 11.37% 10 9 "o o '" ,... "W,... I o W -.J ;:J ~ :g '" ~ ~ n ~ ~,... ,... ""- " "- '" "o o '" Sources and Notes: [1]: Table No. MJV-2, [3] [2]: Workpaper #7 to Table No. MJV-4, Panel B, [4] [3]: Workpaper #7 to Table No. MJV-4, Panel A, [4] [4] [2] x ( 1+.5 x [6]) [5] [3] x ( I + .5 x [7] ) [6] Highest Grov.th Rate from Workpaper #1 to Table No. MJV-4, [7] and Workpaper #10 to Table No, MJV.4, [lJ [7] Lowest Grov.th Rate from Workpaper #1 to Table No. MJV-4 [7) and Workpaper #10 to Table No. MJV-4, [I] [8] [4] + [6]. [9] [5] + [7] .. Companies which were excluded either because their growth rate is above 13.3%, estimated cost of equity is below cost of debt plus ]00 bps, or their debt rating is not within one notch (+1.) ofBBB (excluded numbers are bold and italicized), These companies are not included in the calculation of Median and Mean Page 5
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20091231-0037 FERC PDF (Unofficia1)
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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 259 and 260: 20091231-0037 FERC PDF (Unofficia1)
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Page 317 and 318: Company American Electric Power Co
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Page 325: Date Workpaper # 11 to Table No. MJ
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