VIA FIRST CLASS MAIL & ELECTRONIC MAIL...2 Company’s upcoming August 1, 2020 annual Distribution...

July 1, 2020

VIA FIRST CLASS MAIL & ELECTRONIC MAIL

Luly E. Massaro, Commission Clerk Rhode Island Public Utilities Commission 89 Jefferson Boulevard Warwick, RI 02888

RE: National Grid’s Gas Revenue Decoupling Mechanism Reconciliation Filing For April 1, 2019 to March 31, 2020 Docket No. _______

Dear Ms. Massaro:

On behalf of National Grid,1 enclosed please find the Company’s annual Revenue Decoupling Mechanism (RDM) reconciliation filing for the period April 1, 2019 to March 31, 2020. National Grid submits this filing pursuant to the provisions of the Distribution Adjustment Clause of National Grid’s gas tariff, RIPUC NG-Gas No. 101, at Section 3, Schedule A, which allows an annual reconciliation of the target revenue-per-customer and the actual revenue-per-customer through a Revenue Decoupling Adjustment (RDA) factor to be included in National Grid’s annual Distribution Adjustment Charge (DAC) filing.

This filing consists of the joint pre-filed direct testimony and schedules of Ryan M. Scheib, and Michael J. Pini and the pre-filed direct testimony and schedule of Melissa A. Little. In their joint testimony, Mr. Scheib and Mr. Pini provide an overview of National Grid’s RDM reconciliation and describe the actual RDM results for the period April 1, 2019 to March 31, 2020. Ms. Little’s testimony presents the Company’s proposed revenue requirements for the Rate Years ending August 31, 2019, August 31, 2020 and August 31, 2021 on actual cumulative growth capital invested during the period from the end of the test year in the 2017 Rate Case (July 1, 2017) through the end of the first Rate Year (August 31, 2019) pursuant to the Amended

1 The Narragansett Electric Company d/b/a National Grid (National Grid or the Company).

LETICIA C. PIMENTEL

One Financial Plaza, Suite 1430 Providence, RI 02903-2485 Main (401) 709-3300 Fax (401) 709-3378 [email protected] Direct (401) 709-3337

Luly E. Massaro, Commission Clerk July 1, 2020 Page 2 of 2

Settlement Agreement in the 2017 Rate Case. She also describes how the Rate Years revenue requirements on actual growth capital investment was allocated among customer classes and factored into the target revenue-per-customer included in the Company’s RDM reconciliation. Schedule MAL-1 to Ms. Little’s testimony shows the calculation of this revenue requirement.

As a result of National Grid’s RDM reconciliation, National Grid under-recovered revenue of $2,009,962 under its RDM during the period April 1, 2019 to March 31, 2020. National Grid is not presenting a proposed RDA factor at this time because the RDA factor is just one of several factors included in the DAC. Rather, National Grid will submit the RDA factor in its August 1, 2020 annual DAC filing.

Thank you for your attention to this matter. If you have any questions, please contact me at 401-709-3337.

Sincerely,

Leticia C. Pimentel

Enclosures

cc: Leo Wold, Esq. John Bell, Division

THE NARRAGANSETT ELECTRIC COMPANY d/b/a NATIONAL GRID

RIPUC DOCKET ______ GAS REVENUE DECOUPLING MECHANISM RECONCILIATION

WITNESS: RYAN M. SCHEIB and MICHAEL J. PINI JULY 1, 2020

JOINT PRE-FILED DIRECT TESTIMONY

OF

RYAN M. SCHEIB

AND

MICHAEL J. PINI




TABLE OF CONTENTS

I. Introduction and Qualifications of Ryan M. Scheib ................................................1

II. Introduction and Qualifications of Michael J. Pini ..................................................2

III. Purpose of Pricing Panel Testimony ........................................................................3

IV. RDM Reconciliation ................................................................................................5

V. Results of the RDM Reconciliation .......................................................................13

VI. Bill Impacts………………………………………………………………………14




PAGE 1 OF 15

I. Introduction and Qualifications of Ryan M. Scheib 1

Q. Please state your name and business address.2

A. My name is Ryan M. Scheib. My business address is 40 Sylvan Road, Waltham, 3

Massachusetts 02451. 4

5

Q. What is your position at National Grid USA and responsibilities within that 6

position? 7

A. I am an Analyst in the New England Gas Pricing group of the Strategy and Regulation 8

department of National Grid USA Service Company, Inc. (Service Company). In this 9

position, I am responsible for preparing and submitting various regulatory filings with the 10

Rhode Island Public Utilities Commission (PUC) on behalf of The Narragansett Electric 11

Company d/b/a National Grid (the Company). 12

13

Q. Please provide your educational background. 14

A. I received a Bachelor of Science in Finance from University of Delaware in 2016. 15

16

Q. Please provide your professional background.17

A. In 2016, I joined National Grid as an Associate Analyst in the New England Gas Pricing 18

group. In 2018, I was promoted to Analyst supporting the Company. 19

20

Q. Have you previously testified before the PUC? 21




PAGE 2 OF 15

A. Yes. I have testified before the PUC in the Company’s Distribution Adjustment Charge 1

filing in October 2019 in Docket No. 4955, and in the Company’s Gas FY 2021 2

Infrastructure, Safety, and Reliability Plan filing in February 2020 in Docket No. 4996. 3

4

II. Introduction and Qualifications of Michael J. Pini5

Q. Please state your name and business address.6

A. My name is Michael J. Pini. My business address is 40 Sylvan Road, Waltham, 7

Massachusetts 02451. 8

9

Q. What is your position at National Grid USA and responsibilities within that 10

position? 11

A. I am a Lead Program Manager in the New England Pricing group of the Strategy and 12

Regulation department of the Service Company. My primary responsibilities include the 13

design, implementation, and administration of rates and tariffs for the gas division of the 14

Company and its Massachusetts affiliate, Boston Gas Company, d/b/a National Grid. 15

16

Q. Please provide your educational background. 17

A. I earned a Bachelor of Science in Economics and Finance from Bentley University in 18

2010. 19

20

Q. Please provide your professional background.21




PAGE 3 OF 15

A. In 2009, I joined National Grid USA as an intern in the Support Services function within 1

Gas Operations department. In 2010, I became an Associate Analyst in the Regulatory 2

Compliance department. In 2011, I joined the New England Electric Pricing group and 3

was promoted to Analyst in 2012. In 2013, my responsibilities changed to supporting 4

Boston Gas and Colonial Gas and, in 2014, I was promoted to Senior Analyst in the same 5

capacity. In 2017, I was promoted to Lead Program Manager, supporting the New 6

England electric and gas operating companies. 7

8

Q. Have you previously testified before the PUC? 9

A. Yes. I have testified before the PUC in support of the Company’s FY 2020 10

Infrastructure, Safety and Reliability Plan filing in Docket No. 4916, its Excess 11

Accumulated Deferred Income Tax True-Up filing in Docket No. 4770, and the 12

Company’s 2019 Gas Cost Recovery filing in Docket No. 4963. Additionally, I have 13

testified before the Massachusetts Department of Public Utilities (DPU) on several 14

occasions in support of the Gas System Enhancement Plan for Boston Gas and Colonial 15

Gas.16

17

III. Purpose of Testimony 18

Q. What is the purpose of your joint testimony? 19

A. The purpose of our testimony is to present the Company’s March 31, 2020 Revenue 20

Decoupling Mechanism (RDM) reconciliation balance, which will be used to compute 21




PAGE 4 OF 15

the proposed Revenue Decoupling Adjustment (RDA) factor to be incorporated in the 1

Company’s upcoming August 1, 2020 annual Distribution Adjustment Charge (DAC) 2

filing. Specifically, we provide an overview of the Company’s gas RDM reconciliation 3

and explain the RDM results for the reconciliation period April 1, 2019 through March 4

31, 2020. 5

6

Pursuant to the terms of the Amended Settlement Agreement in the Company’s last 7

general rate case in Docket No. 4770,1 the Company is required to true-up the revenue 8

requirement associated with forecasted growth-related capital investment as well as the 9

number of customers during Rate Year 1 of the Multi-Year Rate Plan (MRP) and reflect 10

the impact of both in its benchmark RDM values and RDM results beginning with Rate 11

Year 1 of the MRP as provided for in the Amended Settlement Agreement, which began 12

September 1, 2018. This filing also presents the calculation of the revenue requirement 13

impact for each Rate Year of actual growth-related capital investment in Rate Year 1, 14

which is contained in the accompanying testimony and schedules of Company witness 15

Melissa A. Little. 16

17

This filing is submitted pursuant to the Company’s Distribution Adjustment Clause 18

provision contained in its tariff, RIPUC NG-GAS No. 101, at Section 3, Schedule A, 19

Sheet 7, subpart 3.7 (Revenue Decoupling Adjustment Factor). 20

1 Amended Settlement Agreement, Article II, Section C.22.c.




PAGE 5 OF 15

1

Q. Are you sponsoring any schedules with your testimony? 2

A. Yes, we are sponsoring the following schedules that accompany our testimony: 3

Schedule RMS/MJP-1 Annual Gas RDM Reconciliation Balance 4

Schedule RMS/MJP-2 Monthly RDM Reconciliation by Rate Class for the 5 Period April 1, 2019 through March 31, 2020 6

Schedule RMS/MJP-3 Actual vs. Normal Billing Heating Degree Day 7 Comparison for April 2019 through March 2020 8

Schedule RMS/MJP-4 Target Revenue-Per-Customer by Rate Class for 9 Rate Year 1, 2 and 3 10

Schedule RMS/MJP-5 Calculation of the Credit to Customers Associated 11 with the Excess Accumulated Deferred Income Tax 12 (ADIT) True-up 13

Schedule RMS/MJP-6 Calculation of the Updated Fiscal Year 2019 RDM 14

15

IV. RDM Reconciliation 16

Q. Please provide an overview of the Company’s RDM reconciliation. 17

A. In Docket No. 4206, the PUC approved a Revenue-Per-Customer RDM that provides for 18

an annual reconciliation, by rate class, between a target level of base distribution revenue 19

and actual base distribution revenue billed during the reconciliation period. The 20

reconciliation is driven by the comparison of the Actual Revenue-Per-Customer during 21

the reconciliation period and the Target Revenue-Per-Customer. The reconciliation is 22

performed on a monthly basis and covers the Company’s fiscal year (the period April 1 23

through March 31 of the following year) for all Residential and Small and Medium 24




PAGE 6 OF 15

Commercial and Industrial (C&I) firm rate classes. Under the RDM, customers subject 1

to the RDM are credited any net over-recovery of target revenue and are surcharged for 2

any net under-recovery of target revenue through the RDA factor, which is one of several 3

components of the DAC, effective November 1 each year. 4

5

Q. What are the Target Revenue-Per-Customer and the Actual Revenue-Per-6

Customer? 7

A. The Target Revenue-Per-Customer is the Revenue-Per-Customer the Company is 8

allowed to earn for each customer in each rate class included in the RDM. The Actual 9

Revenue-Per-Customer is the actual average Revenue-Per-Customer associated with the 10

customers in each rate class included in the RDM based upon the base distribution 11

revenue billed by the Company divided by the actual number of customers billed. 12

13

Q. What is the result of the RDM reconciliation presented in this filing? 14

A. The RDM reconciliation results in a net under-recovery balance of approximately $2.0 15

million for the period April 2019 through March 2020, as shown in Schedule RMS/MJP-16

1. 17

18

Q. How did the Company determine the RDM reconciliation balance at the end of 19

March 2020? 20




PAGE 7 OF 15

A. On a monthly basis and for each rate class, the Company calculated the difference 1

between the Target Revenue-Per-Customer and the Actual Revenue-Per-Customer. If the 2

Actual Revenue-Per-Customer exceeds the Target Revenue-Per-Customer, the Company 3

has over-recovered its RDM target revenue and must credit customers the excess amount. 4

If the Actual Revenue-Per-Customer is less than the Target Revenue-Per-Customer, the 5

Company has under-recovered its RDM target revenue and must surcharge customers the 6

deficiency. Each month’s difference between the Actual and Target Revenue-Per-7

Customers is multiplied by the number of customers billed in the respective month to 8

derive the amount of revenue the Company has either over-recovered or under-recovered 9

for the month. For each month, the monthly revenue over-recovered or under-recovered 10

accumulates and the balance accrues interest, which is also reflected in the final monthly 11

balance.2 The Company presents this annual reconciliation in Schedule RMS/MJP-2. 12

13

Q. Has the Target Revenue-Per-Customer changed from last year’s filing? 14

A. Yes. The Company has updated both the rate class revenue requirement for Rate Years 15

1, 2, and 3 and the number of customers to be actual number of customers billed in Rate 16

Year 1 in order to calculate the Target Revenue-Per-Customer for Rate Years 1, 2, and 3 17

as stipulated in the Amended Settlement Agreement in Docket No. 4770 (Article II, 18

Section C.22.c). 19

2 Interest on the average monthly balance is calculated at the same interest rate used to calculate interest on the Company’s other DAC balances, which is the Bank of America Prime Rate less 200 basis points.




PAGE 8 OF 15

1

Q. How did the Company determine the Target Revenue-Per-Customer for Rate Years 2

1, 2, and 3? 3

A. Pursuant to Article II. Section C.22.c. of the Amended Settlement Agreement, the 4

Company revised its Revenue-Per-Customers targets for Rate Years 1, 2, and 3 by 5

adjusting for the difference between the revenue requirement on Rate Year 1’s forecasted 6

and actual growth-related capital investment and actual number of customers for the 7

period September 1, 2018 through August 31, 2019. As seen on Schedule MAL-1, Page 8

1, the total RDM class revenue requirements for Rate Years 1, 2, and 3 established in the 9

Company’s Second Compliance Filing in Docket No. 4770 have been adjusted to reflect 10

the difference between the forecasted and actual gas growth capital investment in Rate 11

Year 1. The Company then allocated the adjusted RDM rate class revenue requirements 12

to each of the months in Rate Years 1, 2, and 3 based on the monthly Rate Year revenues 13

also established in the Company’s Second Compliance Filing in Docket 4770, as seen on 14

Schedule RMS/MJP-4, Pages 2-4. Finally, the Company calculated the revised Target 15

Revenue-Per-Customer for each month of Rate Years 1, 2, and 3 by dividing the revised 16

revenue requirement for the RDM rate classes by the actual number of customers for the 17

period September 2018 through August 2019, which is presented on Schedule RMS/MJP-18

4, Page 1. 19

20




PAGE 9 OF 15

Q. In addition to updating the Target Revenue-Per-Customer for Rate Years 1, 2, and 1

3, has the Company made any other adjustments to the FY 2020 RDM 2

reconciliation? 3

A. Yes. The Company is including (1) an adjustment to its actual FY 2020 revenue for the 4

months of April through August to reflect the revenue which would have been billed to 5

customers had the base distribution rates for Rate Year 1 included in the Company’s May 6

30, 2019 Second Compliance Filing in Docket No. 4770 been implemented and (2) a 7

credit adjustment associated with its FY 2019 RDM reconciliation discussed below. 8

9

Q. Please explain the revenue adjustment to the FY 2020 RDM reconciliation as a 10

result of the PUC’s approval of the Company’s May 30, 2019 Second Compliance 11

Filing in Docket No. 4770? 12

A. As explained in the Company’s 2019 RDM Filing filed on June 28, 2019 in Docket No. 13

4955, the PUC approved the updated base distribution rates for Rate Years 2 and 3 the 14

Company proposed in its May 30, 2019 Second Compliance Filing in Docket No. 4770. 15

Since this filing was approved during Rate Year 1, the Company did not change its Rate 16

Year 1 base distribution rates billed to its customers. Instead, the Company agreed to 17

flow back the reduction in the Rate Year 1 revenue requirement by crediting customers 18

through the DAC.2 However, as part of the May 30, 2019 Second Compliance Filing, the 19

2 The reduction of the Rate Year 1 revenue requirement was credited to customers as part of the Tax Credit Factor in the Company’s 2019 DAC Filing in Docket No. 4955.




PAGE 10 OF 15

Company did reduce the Target Revenue-Per-Customer for the RDM rate classes to 1

reflect the reduction in the revenue requirement for all three Rate Years. 2

3

The Company credited the difference in base distribution rates for the period September 4

1, 2018 through August 30, 2019 through its DAC. The Company did not utilize the 5

RDM to pass back this reduction to customers because the RDM excludes the Large and 6

Extra-Large C&I rate classes. Since the Company credited this reduction through its 7

DAC, it needed to make a corresponding adjustment to the actual revenue reflected in its 8

RDM reconciliation to avoid crediting this difference to its customers twice (once in the 9

DAC and again in the RDM for RDM rate classes). As a result, the Company reduced 10

the actual billed revenue in the FY 2020 RDM reconciliation for the period April 2019 11

through August 2019 to reflect the revenue it would have billed customers had the Rate 12

Year 1 base distribution rates been reduced.3 This revenue adjustment is the same as the 13

revenue adjustment included in the FY 2019 RDM reconciliation for the months of 14

September 2018 through March 2019. 15

16

Q. Please explain how the Company calculated the reduction to revenue for the 17

Residential and C&I rate classifications. 18

3 The illustrative Rate Year 1 base distribution rates are included in the Second Compliance Filing, Revised Supplemental Compliance Attachment 16, Page 11.




PAGE 11 OF 15

A. The Company calculated the reduction by multiplying the actual volumes used by the 1

various rate classes for the period of April 2019 through August 2019 by the difference 2

between the approved distribution rates and the illustrative rates for Rate Year 1 as shown 3

in the Company’s Second Compliance Filing in Docket No. 4770, Attachment 16, Page 4

11. The calculation by month and rate class is provided in Schedule RMS/MJP-5. 5

6

Q. Why is the Company including an adjustment in its FY 2020 RDM associated with 7

its FY 2019 RDM reconciliation filed in Docket 4955? 8

A. The period covered by the true-up to the revenue requirement on growth-related capital 9

investment and number of customers for Rate Year 1 (September 2018 through August 10

2019) and the period covered by the FY 2019 RDM reconciliation (April 2018 through 11

March 2019) overlap. Since the Company is revising monthly Target Revenue-Per-12

Customer values for Rate Year 1, it is appropriate to revise the FY 2019 RDM 13

reconciliation to reflect this change. The revised FY 2019 RDM reconciliation is 14

presented in Schedule RMS/MJP-6. The Company has recalculated the RDM 15

reconciliation balance for FY 2019 by applying the revised Target Revenue-Per-16

Customer values for the months of September 2018 through March 2019 of Rate Year 1 17

as calculated on Schedule RMS/MJP-4, Page 1. 18

19

Q. Please explain the calculation of the adjustment to the FY 2019 RDM reconciliation 20

balance. 21




PAGE 12 OF 15

A. As seen on Schedule RMS/MJP-6, Pages 2-4, the Company recalculated the monthly 1

RDM reconciliation balances for FY 2019. The recalculated FY 2019 RDM 2

reconciliation balance is summarized on Page 1 on Schedule RMS/MJP-6 and results in a 3

net over-recovery balance of $10,965,021 for the period April 2018 through March 2019 4

as shown on Schedule RMS/MJP-6, Page 1, Line (5). The revised net over-recovery 5

balance for FY 2019 is compared to the net over-recovery balance of $10,271,482 filed in 6

Docket No. 4955, resulting in a credit to customers of $693,539 as shown on Schedule 7

RMS/MJP-6, Page 1, Line (7). The FY 2019 RDM credit adjustment is included on Line 8

(6) on Schedule RMS/MJP-1 to be applied to the net under-recovery reconciliation 9

balance for FY 2020. 10

11

Q. Please explain why the net over-recovery of the FY 2019 Reconciliation balance has 12

increased by $693,539 despite the Company experiencing an increase in revenue 13

requirement associated with growth-related capital investment shown in Schedule 14

MAL-1. 15

A. The revised Target Revenue-Per-Customer values presented in Schedule RMS/MJP-4 16

reflect updates to both the revenue requirement associated with actual growth-related 17

capital investment as well as the actual number of customers in Rate Year 1. The higher-18

than-forecasted revenue requirement associated with growth-related capital investment 19

would cause an increase in the Target Revenue-Per-Customer. However, there were 20

more customers during Rate Year 1 than what had been forecasted, resulting in lower 21




PAGE 13 OF 15

Target Revenue-Per-Customer values. In fact, the increase in the number of customers 1

the Target Revenue-Per-Customer calculation was of a greater impact than the increase in 2

the revenue requirement associated with the growth-related capital investment, resulting 3

in a net decrease in the Target Revenue-Per-Customer values for RDM rate classes 4

except the Small C&I rate class. This decrease in the Target Revenue-Per-Customer 5

values resulted an increase in the net over-recovery in the FY 2019 RDM reconciliation 6

balance. 7

8

Q. Does the Company anticipate updating the Target Revenue-Per-Customer based on 9

actual growth capital investment in Rate Years 2 and 3 in future filings? 10

A. No. The adjusted Target Revenue-Per-Customer for Rate Years 1, 2, and 3 calculated in 11

Schedule RMS/MJP-4 will be used in the calculation of RDM adjustments until new base 12

distribution rates are established for gas service. 13

14

V. Results of the RDM Reconciliation 15

Q. What are the results of the RDM reconciliation for the year ending March 31, 2020? 16

A. For the reconciliation period April 2019 through March 2020, the Company has 17

calculated a net under-recovery of target revenue of approximately $2.0 million as 18

summarized in Schedule RMS/MJP-1. This under-recovery will be recovered from 19

customers through the RDA factor, which the Company would propose to go into effect 20

November 1, 2020 when it submits its DAC filing. 21




PAGE 14 OF 15

1

Q. What are the drivers for the net under-recovery? 2

A. As shown in Schedule RMS/MJP-1, the Company’s net under-recovery of $2.0 million 3

was driven by a $3.0 million combined under-recovery for the Residential RDM groups, 4

a $0.3 million combined over-recovery for the Small and Medium C&I RDM groups, and 5

a $0.7 million increase in the net over-recovery resulting from the revised FY 2019 RDM 6

reconciliation calculated in Schedule RMS/MJP-6. The total under-recovery for the 7

RDM rate classes was driven by a decrease in actual revenue due to warmer than normal 8

weather.4 Schedule RMS/MJP-3 shows the billing heating degree day comparison for 9

this reconciliation period. 10

11

VI. Bill Impacts 12

Q. Did the Company include bill impacts resulting from the RDM reconciliation in this 13

filing? 14

A. No, the Company is not presenting bill impact information at this time. Because the 15

RDA factor will be proposed in the DAC filing along with several other factors, the bill 16

impact of an RDA factor on a stand-alone basis provides limited information as to the 17

cumulative impact of the change in the overall DAC. Rather, the Company will submit 18

bill impacts for the cumulative impact of all of its proposed DAC factors, including the 19

RDA factor, with its August 1, 2020 DAC filing. 20

4 Overall, FY 2020 weather was approximately 6 percent warmer than normal and 10 percent warmer than FY 2019.




PAGE 15 OF 15

1

Q. Does this conclude your testimony? 2

A. Yes. 3

The Narragansett Electric CompanyAnnual Gas RDM Reconciliation Balance

(1) Residential Non-Heat (incl Low Income) ($89,275)(2) Residential Heat (incl Low Income) $3,088,003(3) Small C&I $514,083(4) Medium C&I ($809,310)(5) FY 2020 Net Under Recovery of Target Revenue $2,703,501

(6) FY 2019 RDM True-Up ($693,539)(7) Net Under Recovery of Target Revenue $2,009,962

(1) Schedule RMS/MJP-2, Page 1, Column (l), Line (40)(2) Schedule RMS/MJP-2, Page 2, Column (l), Line (80)(3) Schedule RMS/MJP-2, Page 3, Column (l), Line (94)(4) Schedule RMS/MJP-2, Page 3, Column (l), Line (108)(5) Sum [Lines (1):(4)](6) Schedule RMS/MJP-6, Page 1, Line (7)(7) Sum [Lines (5):(6)]

Under (Over) Recovery of Target Revenue

The Narragansett Electric Company d/b/a National Grid

RIPUC Docket No. ____ Schedule RMS/MJP-1

Page 1 of 1

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15%

3.00

%2.

75%

2.75

%2.

75%

2.75

%1.

78%

(13)

Inte

rest

App

lied

$44

$70

($7)

($95

)($

130)

($14

4)($

171)

($17

8)($

210)

($29

9)($

341)

($15

7)(1

4)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y$3

0,43

2$1

6,79

8($

21,7

78)

($42

,487

)($

51,8

36)

($59

,459

)($

75,1

14)

($82

,806

)($

97,0

90)

($16

0,15

4)($

153,

096)

($55

,619

)

Res

iden

tial

Non

-Hea

t L

ow I

nco

me

(15)

Ben

chm

ark

Rev

enue

Per

Cus

tom

er (

RP

C)

$27.

19$2

2.28

$19.

28$1

8.26

$18.

39$1

8.36

$19.

14$2

1.34

$25.

37$2

8.24

$27.

56$3

3.05

(16)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

($3,

414)

($6,

374)

($9,

185)

($11

,156

)($

11,7

62)

($12

,555

)($

13,5

69)

($15

,969

)($

20,6

17)

($27

,068

)($

31,8

91)

(17)

Act

ual N

umbe

r of

Cus

tom

ers

495

53

2

552

52

5

476

48

3

503

50

2

507

51

5

542

57

0

(18)

Act

ual B

ase

Rev

enue

$16,

889

$14,

813

$13,

442

$11,

535

$9,3

33$9

,634

$10,

608

$13,

080

$17,

467

$20,

939

$19,

696

$20,

554

(19)

Rev

enue

Adj

ustm

ent

($20

)($

15)

($11

)($

7)($

5)($

3)$0

$0$0

$0$0

$0(2

0)A

djus

ted

Bas

e R

even

ue$1

6,86

9$1

4,79

8$1

3,43

1$1

1,52

8$9

,328

$9,6

31$1

0,60

8$1

3,08

0$1

7,46

7$2

0,93

9$1

9,69

6$2

0,55

4(2

1)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$34.

08$2

7.82

$24.

33$2

1.96

$19.

60$1

9.94

$21.

09$2

6.05

$34.

45$4

0.66

$36.

34$3

6.06

(22)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($6.

89)

($5.

54)

($5.

05)

($3.

70)

($1.

21)

($1.

58)

($1.

95)

($4.

71)

($9.

08)

($12

.42)

($8.

78)

($3.

01)

(23)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($3,

410)

($2,

945)

($2,

789)

($1,

941)

($57

4)($

762)

($98

1)($

2,36

7)($

4,60

5)($

6,39

6)($

4,75

9)($

1,71

6)(2

4)P

reli

min

ary

End

ing

Bal

ance

($3,

410)

($6,

359)

($9,

162)

($11

,126

)($

11,7

30)

($12

,524

)($

13,5

36)

($15

,936

)($

20,5

74)

($27

,012

)($

31,8

26)

($33

,606

)(2

5)A

vera

ge B

alan

ce($

1,70

5)($

4,88

7)($

7,76

8)($

10,1

55)

($11

,443

)($

12,1

43)

($13

,046

)($

14,7

53)

($18

,272

)($

23,8

15)

($29

,447

)($

32,7

49)

(26)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s3.

50%

3.50

%3.

50%

3.50

%3.

25%

3.15

%3.

00%

2.75

%2.

75%

2.75

%2.

75%

1.78

%(2

7)In

tere

st A

ppli

ed($

5)($

15)

($22

)($

30)

($32

)($

31)

($33

)($

33)

($43

)($

55)

($64

)($

49)

(28)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

($3,

414)

($6,

374)

($9,

185)

($11

,156

)($

11,7

62)

($12

,555

)($

13,5

69)

($15

,969

)($

20,6

17)

($27

,068

)($

31,8

91)

($33

,656

)

Res

iden

tial

Non

-Hea

t (i

ncl

Low

In

com

e)(2

9)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$2

7.19

$22.

28$1

9.28

$18.

26$1

8.39

$18.

36$1

9.14

$21.

34$2

5.37

$28.

24$2

7.56

$33.

05(3

0)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0$2

7,01

7$1

0,42

4($

30,9

63)

($53

,643

)($

63,5

98)

($72

,015

)($

88,6

83)

($98

,775

)($

117,

707)

($18

7,22

2)($

184,

986)

(31)

Act

ual N

umbe

r of

Cus

tom

ers

18,2

86

18

,218

18,1

98

17

,532

16,9

63

16

,976

17,0

13

17

,099

17,1

57

17

,164

17,1

63

17

,150

(32)

Adj

uste

d B

ase

Rev

enue

$470

,218

$422

,546

$392

,215

$342

,689

$321

,742

$319

,951

$342

,093

$374

,773

$453

,952

$553

,872

$470

,371

$470

,889

(33)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$2

5.71

$23.

19$2

1.55

$19.

55$1

8.97

$18.

85$2

0.11

$21.

92$2

6.46

$32.

27$2

7.41

$27.

46(3

4)R

PC

Var

ianc

e (B

ench

mar

k- A

ctua

l)$1

.48

($0.

91)

($2.

27)

($1.

29)

($0.

58)

($0.

49)

($0.

97)

($0.

58)

($1.

09)

($4.

03)

$0.1

5$5

.59

(35)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

$26,

979

($16

,649

)($

41,3

57)

($22

,555

)($

9,79

3)($

8,24

1)($

16,4

64)

($9,

880)

($18

,679

)($

69,1

61)

$2,6

41$9

5,91

9(3

6)P

reli

min

ary

End

ing

Bal

ance

$26,

979

$10,

368

($30

,933

)($

53,5

18)

($63

,436

)($

71,8

39)

($88

,479

)($

98,5

64)

($11

7,45

4)($

186,

868)

($18

4,58

1)($

89,0

68)

(37)

Ave

rage

Bal

ance

$13,

489

$18,

693

($10

,255

)($

42,2

40)

($58

,540

)($

67,7

19)

($80

,247

)($

93,6

24)

($10

8,11

5)($

152,

287)

($18

5,90

2)($

137,

027)

(38)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s3.

50%

3.50

%3.

50%

3.50

%3.

25%

3.15

%3.

00%

2.75

%2.

75%

2.75

%2.

75%

1.78

%(3

9)In

tere

st A

ppli

ed$3

9$5

6($

29)

($12

6)($

162)

($17

5)($

204)

($21

2)($

253)

($35

5)($

405)

($20

7)(4

0)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y$2

7,01

7$1

0,42

4($

30,9

63)

($53

,643

)($

63,5

98)

($72

,015

)($

88,6

83)

($98

,775

)($

117,

707)

($18

7,22

2)($

184,

986)

($89

,275

)

(1)

Col

(a)

-(e)

: RM

S/M

JP-4

, Pg.

1, L

ine

(4)

(8)

L

ine

(1)

- L

ine

(7)

(16)

Lin

e (2

8)(2

4)L

ine

(16)

+ L

ine

(23)

(32)

Lin

e (6

) +

Lin

e (2

0)

C

ol (

f)-(

l): R

MS

/MJP

-4, P

g. 1

, Lin

e (2

0)(9

)

Lin

e (3

) x

Lin

e (8

)(1

7)C

ompa

ny's

bil

ling

sys

tem

(25)

[Lin

e (1

6) +

Lin

e (2

4)]

÷ 2

(33)

Lin

e (3

2) ÷

Lin

e (3

1)(2

)L

ine

(14)

(10)

Lin

e (2

) +

Lin

e (9

)(1

8)C

ompa

ny's

bil

ling

sys

tem

(27)

[Lin

e (2

5) x

Lin

e (2

6)]

÷ 36

5 x

# da

ys(3

4)L

ine

(29)

- L

ine

(33)

(3)

Com

pany

's b

illi

ng s

yste

m(1

1)[L

ine

(2)

+ L

ine

(10)

] ÷

2(1

9)R

MS

/MJP

-5, L

ine

(42)

(28)

Lin

e (2

4) +

Lin

e (2

7)(3

5)L

ine

(31)

* L

ine

(34)

(4)

Com

pany

's b

illi

ng s

yste

m(1

3)[L

ine

(11)

x L

ine

(12)

] ÷

365

x #

days

(20)

Lin

e (1

8) +

Lin

e (1

9)(2

9)C

ol (

a)-(

e): R

MS

/ MJP

-4, P

g. 1

, Lin

e (4

)(3

6)

Lin

e (3

0) +

Lin

e (3

5)(5

)R

MS

/MJP

-5, L

ine

(41)

(14)

Lin

e (1

0) +

Lin

e (1

3)(2

1)L

ine

(20)

÷ L

ine

(17)

C

ol (

f)-(

l): R

MS

/MJP

-4, P

g. 1

, Lin

e (2

0)(3

7)

[Lin

e (3

0) +

Lin

e (3

6)]

÷ 2

(6)

Lin

e (4

) +

Lin

e (5

)(1

5)C

ol (

a)-(

e): R

MS

/MJP

-4, P

g. 1

, Lin

e (4

)(2

2)L

ine

(15)

- L

ine

(21)

(30)

Lin

e (4

0)(3

9)[L

ine

(37)

x L

ine

(38)

] ÷

365

x #

days

(7)

Lin

e (6

) ÷

Lin

e (3

)

Col

(f)

-(l)

: RM

S/M

JP-4

, Pg.

1, L

ine

(20)

(23)

L

ine

(17)

x L

ine

(22)

(31)

Lin

e (3

) +

Lin

e (1

7)(4

0)L

ine

(36)

+ L

ine

(39)



Page 1 of 3

RD

M R

econ

cili

atio

n b

y R

ate

Cla

ss b

y M

onth

Pro

rate

d

Apr

-19

May

-19

Jun-

19Ju

l-19

Aug

-19

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20F

eb-2

0M

ar-2

030

3130

3131

3031

3031

3129

31(a

)(b

)(c

)(d

)(e

)(f

)(g

)(h

)(i

)(j

)(k

)(l

)

Res

iden

tial

Hea

tin

g(4

1)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$6

5.24

$39.

04$2

7.71

$23.

73$2

2.83

$23.

46$2

6.56

$45.

50$7

2.71

$96.

46$1

04.3

0$9

2.55

(42)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

$147

,175

($97

5,97

2)($

1,32

4,75

3)($

1,06

3,91

3)($

1,08

3,06

3)($

1,00

9,52

4)($

1,06

9,55

3)($

784,

544)

($2,

326,

239)

($3,

633,

695)

$326

,209

(43)

Act

ual N

umbe

r of

Cus

tom

ers

208,

614

207,

449

206,

501

206,

465

206,

932

207,

003

208,

316

211,

627

212,

665

213,

072

212,

496

210,

852

(44)

Act

ual B

ase

Rev

enue

$13,

476,

490

$9,2

23,0

93$6

,068

,876

$4,6

35,7

80$4

,741

,159

$4,7

79,4

22$5

,590

,257

$9,3

41,9

27$1

7,00

0,93

8$2

1,85

3,44

8$1

8,19

9,83

0$1

6,93

6,92

8(4

5)R

even

ue A

djus

tmen

t($

13,4

77)

($2,

366)

($1,

257)

($75

1)($

710)

($39

1)$0

$0$0

$0$0

$0(4

6)A

djus

ted

Bas

e R

even

ue$1

3,46

3,01

3$9

,220

,727

$6,0

67,6

19$4

,635

,029

$4,7

40,4

49$4

,779

,031

$5,5

90,2

57$9

,341

,927

$17,

000,

938

$21,

853,

448

$18,

199,

830

$16,

936,

928

(47)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$6

4.54

$44.

45$2

9.38

$22.

45$2

2.91

$23.

09$2

6.84

$44.

14$7

9.94

$102

.56

$85.

65$8

0.33

(48)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

$0.7

0($

5.41

)($

1.67

)$1

.28

($0.

08)

$0.3

7($

0.28

)$1

.36

($7.

23)

($6.

10)

$18.

65$1

2.22

(49)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

$146

,964

($1,

121,

918)

($34

5,47

7)$2

64,3

86($

16,1

91)

$76,

245

($57

,384

)$2

87,1

02($

1,53

8,06

6)($

1,30

0,52

3)$3

,963

,503

$2,5

77,4

24(5

0)P

reli

min

ary

End

ing

Bal

ance

$146

,964

($97

4,74

2)($

1,32

1,44

9)($

1,06

0,36

8)($

1,08

0,10

4)($

1,00

6,81

8)($

1,06

6,90

7)($

782,

451)

($2,

322,

610)

($3,

626,

762)

$329

,809

$2,9

03,6

34(5

1)A

vera

ge B

alan

ce$7

3,48

2($

413,

784)

($1,

148,

711)

($1,

192,

561)

($1,

072,

008)

($1,

044,

941)

($1,

038,

216)

($92

6,00

2)($

1,55

3,57

7)($

2,97

6,50

0)($

1,65

1,94

3)$1

,614

,921

(52)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s3.

50%

3.50

%3.

50%

3.50

%3.

25%

3.15

%3.

00%

2.75

%2.

75%

2.75

%2.

75%

1.78

%(5

3)In

tere

st A

ppli

ed$2

11($

1,23

0)($

3,30

5)($

3,54

5)($

2,95

9)($

2,70

5)($

2,64

5)($

2,09

3)($

3,62

9)($

6,93

3)($

3,60

0)$2

,438

(54)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$147

,175

($97

5,97

2)($

1,32

4,75

3)($

1,06

3,91

3)($

1,08

3,06

3)($

1,00

9,52

4)($

1,06

9,55

3)($

784,

544)

($2,

326,

239)

($3,

633,

695)

$326

,209

$2,9

06,0

71

Res

iden

tial

Hea

tin

g -

Low

In

com

e(5

5)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$6

5.24

$39.

04$2

7.71

$23.

73$2

2.83

$23.

46$2

6.56

$45.

50$7

2.71

$96.

46$1

04.3

0$9

2.55

(56)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

$15,

783

($97

,337

)($

143,

417)

($13

1,71

1)($

153,

412)

($16

7,45

4)($

201,

365)

($20

2,69

5)($

395,

543)

($48

9,67

0)($

80,6

35)

(57)

Act

ual N

umbe

r of

Cus

tom

ers

20,0

51

20

,581

21,1

14

21

,342

21,2

85

21

,063

20,2

55

17

,916

17,5

00

17

,330

18,1

06

19

,716

(58)

Act

ual B

ase

Rev

enue

$1,2

93,6

60$9

16,7

14$6

30,9

36$4

94,4

14$5

07,3

25$5

07,7

05$5

71,4

15$8

16,0

51$1

,464

,576

$1,7

64,7

49$1

,478

,800

$1,5

62,2

26(5

9)R

even

ue A

djus

tmen

t($

1,29

3)($

233)

($13

2)($

83)

($80

)($

44)

$0$0

$0$0

$0$0

(60)

Adj

uste

d B

ase

Rev

enue

$1,2

92,3

67$9

16,4

81$6

30,8

04$4

94,3

31$5

07,2

45$5

07,6

61$5

71,4

15$8

16,0

51$1

,464

,576

$1,7

64,7

49$1

,478

,800

$1,5

62,2

26(6

1)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$64.

45$4

4.53

$29.

88$2

3.16

$23.

83$2

4.10

$28.

21$4

5.55

$83.

69$1

01.8

3$8

1.67

$79.

24(6

2)R

PC

Var

ianc

e (B

ench

mar

k- A

ctua

l)$0

.79

($5.

49)

($2.

17)

$0.5

7($

1.00

)($

0.65

)($

1.65

)($

0.05

)($

10.9

8)($

5.37

)$2

2.63

$13.

31(6

3)M

onth

ly U

nder

/(O

ver)

Rec

over

y of

RP

C$1

5,76

0($

112,

999)

($45

,735

)$1

2,11

4($

21,3

08)

($13

,627

)($

33,4

42)

($87

3)($

192,

151)

($93

,097

)$4

09,6

56$2

62,4

90(6

4)P

reli

min

ary

End

ing

Bal

ance

$15,

760

($97

,216

)($

143,

072)

($13

1,30

3)($

153,

019)

($16

7,03

9)($

200,

896)

($20

2,23

9)($

394,

846)

($48

8,64

0)($

80,0

14)

$181

,855

(65)

Ave

rage

Bal

ance

$7,8

80($

40,7

16)

($12

0,20

4)($

137,

360)

($14

2,36

5)($

160,

226)

($18

4,17

5)($

201,

802)

($29

8,77

0)($

442,

092)

($28

4,84

2)$5

0,61

0(6

6)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

3.50

%3.

50%

3.50

%3.

50%

3.25

%3.

15%

3.00

%2.

75%

2.75

%2.

75%

2.75

%1.

78%

(67)

Inte

rest

App

lied

$23

($12

1)($

346)

($40

8)($

393)

($41

5)($

469)

($45

6)($

698)

($1,

030)

($62

1)$7

6(6

8)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y$1

5,78

3($

97,3

37)

($14

3,41

7)($

131,

711)

($15

3,41

2)($

167,

454)

($20

1,36

5)($

202,

695)

($39

5,54

3)($

489,

670)

($80

,635

)$1

81,9

32

Res

iden

tial

Hea

t (i

ncl

Low

In

com

e)(6

9)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$6

5.24

$39.

04$2

7.71

$23.

73$2

2.83

$23.

46$2

6.56

$45.

50$7

2.71

$96.

46$1

04.3

0$9

2.55

(70)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

$162

,958

($1,

073,

309)

($1,

468,

171)

($1,

195,

624)

($1,

236,

475)

($1,

176,

977)

($1,

270,

918)

($98

7,23

9)($

2,72

1,78

2)($

4,12

3,36

4)$2

45,5

75(7

1)A

ctua

l Num

ber

of C

usto

mer

s22

8,66

5

22

8,03

0

22

7,61

5

22

7,80

7

22

8,21

7

22

8,06

6

22

8,57

1

22

9,54

3

23

0,16

5

23

0,40

2

23

0,60

2

23

0,56

8

(7

2)A

djus

ted

Bas

e R

even

ue$1

4,75

5,38

0$1

0,13

7,20

8$6

,698

,423

$5,1

29,3

60$5

,247

,694

$5,2

86,6

92$6

,161

,672

$10,

157,

978

$18,

465,

514

$23,

618,

197

$19,

678,

629

$18,

499,

154

(73)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$6

4.53

$44.

46$2

9.43

$22.

52$2

2.99

$23.

18$2

6.96

$44.

25$8

0.23

$102

.51

$85.

34$8

0.23

(74)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

$0.7

1($

5.42

)($

1.72

)$1

.21

($0.

16)

$0.2

7($

0.40

)$1

.25

($7.

52)

($6.

05)

$18.

96$1

2.32

(75)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

$162

,724

($1,

234,

916)

($39

1,21

1)$2

76,5

00($

37,4

99)

$62,

618

($90

,826

)$2

86,2

28($

1,73

0,21

7)($

1,39

3,62

0)$4

,373

,159

$2,8

39,9

15(7

6)P

reli

min

ary

End

ing

Bal

ance

$162

,724

($1,

071,

958)

($1,

464,

521)

($1,

191,

671)

($1,

233,

123)

($1,

173,

857)

($1,

267,

803)

($98

4,69

0)($

2,71

7,45

6)($

4,11

5,40

2)$2

49,7

95$3

,085

,489

(77)

Ave

rage

Bal

ance

$81,

362

($45

4,50

0)($

1,26

8,91

5)($

1,32

9,92

1)($

1,21

4,37

4)($

1,20

5,16

6)($

1,22

2,39

0)($

1,12

7,80

4)($

1,85

2,34

7)($

3,41

8,59

2)($

1,93

6,78

5)$1

,665

,532

(78)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s3.

50%

3.50

%3.

50%

3.50

%3.

25%

3.15

%3.

00%

2.75

%2.

75%

2.75

%2.

75%

1.78

%(7

9)In

tere

st A

ppli

ed$2

34($

1,35

1)($

3,65

0)($

3,95

3)($

3,35

2)($

3,12

0)($

3,11

5)($

2,54

9)($

4,32

6)($

7,96

3)($

4,22

0)$2

,514

(80)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$162

,958

($1,

073,

309)

($1,

468,

171)

($1,

195,

624)

($1,

236,

475)

($1,

176,

977)

($1,

270,

918)

($98

7,23

9)($

2,72

1,78

2)($

4,12

3,36

4)$2

45,5

75$3

,088

,003

(41)

Col

(a)

-(e)

: RM

S/M

JP-4

, Pg.

1, L

ine

(8)

(48)

L

ine

(41)

- L

ine

(47)

(56)

Lin

e (6

8)(6

4)L

ine

(56)

+ L

ine

(63)

(72)

Lin

e (4

6) +

Lin

e (6

0)C

ol (

f)-(

l): R

MS

/MJP

-4, P

g. 1

, Lin

e (2

4)(4

9)

Lin

e (4

3) x

Lin

e (4

8)(5

7)C

ompa

ny's

bil

ling

sys

tem

(65)

[Lin

e (5

6) +

Lin

e (6

4)]

÷ 2

(73)

Lin

e (7

2) ÷

Lin

e (7

1)(4

2)L

ine

(54)

(50)

Lin

e (4

2) +

Lin

e (4

9)(5

8)C

ompa

ny's

bil

ling

sys

tem

(67)

[Lin

e (6

5) x

Lin

e (6

6)]

÷ 36

5 x

# da

ys(7

4)L

ine

(69)

- L

ine

(73)

(43)

Com

pany

's b

illi

ng s

yste

m(5

1)[L

ine

(42)

+ L

ine

(50)

] ÷

2(5

9)R

MS

/MJP

-5, L

ine

(44)

; Col

(f)

Pro

rate

d(6

8)

Lin

e (6

4) +

Lin

e (6

7)(7

5)L

ine

(74)

x L

ine

(71)

(44)

Com

pany

's b

illi

ng s

yste

m(5

3)[L

ine

(51)

x L

ine

(52)

] ÷

365

x #

days

(60)

Lin

e (5

8) +

Lin

e (5

9)(6

9)C

ol (

a)-(

e): R

MS /

MJP

-4, P

g. 1

, Lin

e (8

)(7

6)

Lin

e (7

0) +

Lin

e (7

5)(4

5)R

MS

/MJP

-5, L

ine

(43)

; Col

(f)

Pro

rate

d(5

4)

Lin

e (5

0) +

Lin

e (5

3)(6

1)L

ine

(60)

÷ L

ine

(57)

C

ol (

f)-(

l): R

MS/

MJP

-4, P

g. 1

, Lin

e (2

4)(7

7)

[Lin

e (7

0) +

Lin

e (7

6)]

/ 2(4

6)L

ine

(44)

+ L

ine

(45)

(55)

Col

(a)

-(e)

: RM

S/M

JP-4

, Pg.

1, L

ine

(8)

(62)

L

ine

(55)

- L

ine

(61)

(70)

Lin

e (8

0)(7

9)[L

ine

(77)

x L

ine

(78)

] ÷

365

x #

days

(47)

Lin

e (4

6) ÷

Lin

e (4

3)C

ol (

f)-(

l): R

MS

/MJP

-4, P

g. 1

, Lin

e (2

4)(6

3)

Lin

e (5

7) x

Lin

e (6

2)(7

1)L

ine

(43)

+ L

ine

(57)

(80)

Lin

e (7

6) +

Lin

e (7

9)



Page 2 of 3

RD

M R

econ

cili

atio

n b

y R

ate

Cla

ss b

y M

onth

Pro

rate

d

Apr

-19

May

-19

Jun-

19Ju

l-19

Aug

-19

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20F

eb-2

0M

ar-2

030

3130

3131

3031

3031

3129

31(a

)(b

)(c

)(d

)(e

)(f

)(g

)(h

)(i

)(j

)(k

)(l

)

Sm

all C

&I

(81)

Ben

chm

ark

Rev

enue

Per

Cus

tom

er (

RP

C)

$96.

66$5

4.57

$44.

09$3

6.71

$35.

79$3

6.89

$40.

83$6

1.30

$109

.25

$141

.91

$147

.82

$136

.26

(82)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

$139

,109

$11,

344

$64,

033

$108

,151

$110

,078

$145

,753

$172

,372

$33,

340

($96

,972

)($

211,

530)

$45,

181

(83)

Act

ual N

umbe

r of

Cus

tom

ers

19,1

08

19

,002

18,8

93

18

,795

18,8

77

18

,905

18,9

86

19

,218

19,2

72

19

,308

19,3

17

19

,265

(84)

Act

ual B

ase

Rev

enue

$1,7

09,6

23$1

,165

,798

$780

,840

$646

,364

$674

,255

$662

,194

$748

,984

$1,3

17,3

28$2

,235

,704

$2,8

54,1

97$2

,598

,547

$2,1

56,5

69(8

5)R

even

ue A

djus

tmen

t($

1,55

3)($

871)

($42

8)($

262)

($27

3)($

137)

$0$0

$0$0

$0$0

(86)

Adj

uste

d B

ase

Rev

enue

$1,7

08,0

70$1

,164

,927

$780

,412

$646

,102

$673

,982

$662

,057

$748

,984

$1,3

17,3

28$2

,235

,704

$2,8

54,1

97$2

,598

,547

$2,1

56,5

69(8

7)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$89.

39$6

1.31

$41.

31$3

4.38

$35.

70$3

5.02

$39.

45$6

8.55

$116

.01

$147

.82

$134

.52

$111

.94

(88)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

$7.2

7($

6.74

)$2

.78

$2.3

3$0

.09

$1.8

7$1

.38

($7.

25)

($6.

76)

($5.

91)

$13.

30$2

4.32

(89)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

$138

,909

($12

7,98

8)$5

2,58

0$4

3,86

3$1

,626

$35,

344

$26,

215

($13

9,26

4)($

130,

238)

($11

4,19

9)$2

56,8

92$4

68,4

80(9

0)P

reli

min

ary

End

ing

Bal

ance

$138

,909

$11,

121

$63,

924

$107

,895

$109

,777

$145

,422

$171

,967

$33,

108

($96

,898

)($

211,

171)

$45,

362

$513

,661

(91)

Ave

rage

Bal

ance

$69,

455

$75,

115

$37,

634

$85,

964

$108

,964

$127

,750

$158

,860

$102

,740

($31

,779

)($

154,

072)

($83

,084

)$2

79,4

21(9

2)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

3.50

%3.

50%

3.50

%3.

50%

3.25

%3.

15%

3.00

%2.

75%

2.75

%2.

75%

2.75

%1.

78%

(93)

Inte

rest

App

lied

$200

$223

$108

$256

$301

$331

$405

$232

($74

)($

359)

($18

1)$4

22(9

4)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y$1

39,1

09$1

1,34

4$6

4,03

3$1

08,1

51$1

10,0

78$1

45,7

53$1

72,3

72$3

3,34

0($

96,9

72)

($21

1,53

0)$4

5,18

1$5

14,0

83

Med

ium

C&

I(9

5)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$4

53.8

7$3

55.1

9$2

81.6

2$2

87.9

4$2

91.7

9$2

88.3

1$3

14.1

4$3

73.9

2$5

11.7

5$6

11.0

5$5

91.0

6$5

75.5

5(9

6)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0($

198,

685)

($34

7,26

2)($

476,

921)

($30

4,67

1)($

200,

193)

($15

3,44

9)($

88,8

75)

($18

5,01

6)($

546,

719)

($86

1,67

1)($

891,

741)

(97)

Act

ual N

umbe

r of

Cus

tom

ers

5,27

7

5,26

5

5,26

2

5,26

0

5,18

2

5,15

7

5,16

8

5,18

6

5,19

7

5,20

1

5,20

3

5,18

9

(98)

Act

ual B

ase

Rev

enue

$2,5

96,0

76$2

,019

,462

$1,6

11,3

35$1

,341

,776

$1,4

07,5

27$1

,439

,994

$1,5

58,5

93$2

,034

,981

$3,0

20,4

14$3

,491

,385

$3,1

03,4

47$2

,902

,815

(99)

Rev

enue

Adj

ustm

ent

($2,

605)

($1,

620)

($97

5)($

621)

($64

5)($

370)

$0$0

$0$0

$0$0

(100

)A

djus

ted

Bas

e R

even

ue$2

,593

,471

$2,0

17,8

42$1

,610

,360

$1,3

41,1

55$1

,406

,882

$1,4

39,6

24$1

,558

,593

$2,0

34,9

81$3

,020

,414

$3,4

91,3

85$3

,103

,447

$2,9

02,8

15(1

01)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$4

91.4

7$3

83.2

6$3

06.0

4$2

54.9

7$2

71.4

9$2

79.1

6$3

01.5

9$3

92.4

0$5

81.1

8$6

71.2

9$5

96.4

7$5

59.4

2(1

02)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($37

.60)

($28

.07)

($24

.42)

$32.

97$2

0.30

$9.1

5$1

2.55

($18

.48)

($69

.43)

($60

.24)

($5.

41)

$16.

13(1

03)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($19

8,39

9)($

147,

767)

($12

8,47

6)$1

73,4

10$1

05,1

74$4

7,20

1$6

4,88

3($

95,8

32)

($36

0,85

0)($

313,

314)

($28

,162

)$8

3,71

4(1

04)

Pre

lim

inar

y E

ndin

g B

alan

ce($

198,

399)

($34

6,45

2)($

475,

738)

($30

3,51

1)($

199,

497)

($15

2,99

2)($

88,5

66)

($18

4,70

7)($

545,

865)

($86

0,03

3)($

889,

833)

($80

8,02

8)(1

05)

Ave

rage

Bal

ance

($99

,200

)($

272,

568)

($41

1,50

0)($

390,

216)

($25

2,08

4)($

176,

592)

($12

1,00

8)($

136,

791)

($36

5,44

0)($

703,

376)

($87

5,75

2)($

849,

884)

(106

)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

3.50

%3.

50%

3.50

%3.

50%

3.25

%3.

15%

3.00

%2.

75%

2.75

%2.

75%

2.75

%1.

78%

(107

)In

tere

st A

ppli

ed($

285)

($81

0)($

1,18

4)($

1,16

0)($

696)

($45

7)($

308)

($30

9)($

854)

($1,

638)

($1,

908)

($1,

283)

(108

)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y($

198,

685)

($34

7,26

2)($

476,

921)

($30

4,67

1)($

200,

193)

($15

3,44

9)($

88,8

75)

($18

5,01

6)($

546,

719)

($86

1,67

1)($

891,

741)

($80

9,31

0)

(81)

Col

(a)

-(e)

: RM

S/M

JP-4

, Pg.

1, L

ine

(12)

(88)

Lin

e (8

1) -

Lin

e (8

7)(9

6) L

ine

(108

)(1

04)

Lin

e (9

6) +

Lin

e (1

03)

Col

(f)

-(l)

: RM

S/M

JP-4

, Pg.

1, L

ine

(28)

(89)

Lin

e (8

3) x

Lin

e (8

8)(9

7) C

ompa

ny's

bil

ling

sys

tem

(105

) [

Lin

e (9

6) +

Lin

e (1

04)]

÷ 2

(82)

Lin

e (9

4)(9

0) L

ine

(82)

+ L

ine

(89)

(98)

Com

pany

's b

illi

ng s

yste

m(1

07)

[L

ine

(105

) x

Lin

e (1

06)]

÷ 3

65 x

# d

ays

(83)

Com

pany

's b

illi

ng s

yste

m(9

1) [

Lin

e (8

2) +

Lin

e (9

0)]

÷ 2

(99)

RM

S/M

JP-5

, Lin

e (4

6); C

ol (

f) P

rora

ted

(108

) L

ine

(104

) +

Lin

e (1

07)

(84)

Com

pany

's b

illi

ng s

yste

m(9

3) [

Lin

e (9

1) x

Lin

e (9

2)]

÷ 36

5 x

# da

ys(1

00)

Lin

e (9

8) +

Lin

e (9

9)(8

5) R

MS

/MJP

-5, L

ine

(45)

; Col

(f)

Pro

rate

d(9

4) L

ine

(90)

+ L

ine

(93)

(101

) L

ine

(100

) ÷

Lin

e (9

7)(8

6) L

ine

(84)

+ L

ine

(85)

(95)

Col

(a)

-(e)

: RM

S/M

JP-4

, Pg.

1, L

ine

(16)

(102

) L

ine

(95)

- L

ine

(101

)(8

7) L

ine

(86)

÷ L

ine

(83)

Col

(f)

-(l)

: RM

S/M

JP-4

, Pg.

1, L

ine

(32)

(103

) L

ine

(97)

x L

ine

(102

)



Page 3 of 3

Month/Year Actual Billing Degree Days Normal Billing Degree Days(a) (b)

(1) Apr-19 630 646(2) May-19 352 345(3) Jun-19 122 110(4) Jul-19 7 12(5) Aug-19 0 1(6) Sep-19 18 22(7) Oct-19 141 153(8) Nov-19 455 422(9) Dec-19 861 766(10) Jan-20 926 1,033(11) Feb-20 857 1,028(12) Mar-20 748 907(13) Total 5,117 5,446(14) Degree Day Difference(15) Degree Day Difference (%)

Source: Normal Heating Degree Day Report (13) Sum [Lines (1):(12)](14) Abs [Column (b), Line (13) - Column (a), Line (13)](15) [Column (a), Line (13) ÷ Column (b), Line (13)] - 1

Actual vs. Normal Billing Degree Day Comparison for April 2019 - March 2020

329-6.0%



Page 1 of 1

Gas

Rev

enu

e D

ecou

pli

ng

Tar

gets

1 - R

ate

Yea

r 1

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19F

eb-1

9M

ar-1

9A

pr-1

9M

ay-1

9Ju

n-19

Jul-

19A

ug-1

9T

otal

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(1)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(2

)N

umbe

r of

Cus

tom

ers

18,2

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18,3

1918

,364

18,3

5818

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18,3

3418

,286

18,2

1818

,198

17,5

3216

,963

(3)

Act

ual R

even

ue$3

26,2

01$3

40,7

94$3

78,8

06$4

47,8

28$4

96,1

90$4

84,2

85$5

76,4

02$4

97,2

02$4

05,8

33$3

50,9

20$3

20,0

92$3

11,9

68$4

,936

,520

(4)

RP

C$1

7.92

$18.

66$2

0.68

$24.

39$2

7.03

$26.

39$3

1.44

$27.

19$2

2.28

$19.

28$1

8.26

$18.

39

(5)

Res

iden

tial

Hea

ting

(in

cl L

ow-I

ncom

e)(6

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umbe

r of

Cus

tom

ers

224,

509

225,

664

227,

078

227,

977

228,

494

228,

682

228,

871

228,

665

228,

030

227,

615

227,

807

228,

217

(7)

Act

ual R

even

ue$5

,313

,726

$5,8

55,9

38$9

,984

,385

$15,

931,

434

$21,

134,

776

$22,

860,

468

$20,

318,

498

$14,

917,

234

$8,9

02,6

34$6

,308

,250

$5,4

06,7

04$5

,209

,690

$142

,143

,736

(8)

RP

C$2

3.67

$25.

95$4

3.97

$69.

88$9

2.50

$99.

97$8

8.78

$65.

24$3

9.04

$27.

71$2

3.73

$22.

83

(9)

Sm

all

(10)

Num

ber

of C

usto

mer

s 18

,529

18,6

8718

,958

19,1

2719

,187

19,2

1019

,224

19,1

0819

,002

18,8

9318

,795

18,8

77(1

1)A

ctua

l Rev

enue

$693

,894

$747

,340

$1,1

26,0

51$2

,005

,908

$2,6

06,7

35$2

,717

,697

$2,5

09,0

79$1

,847

,038

$1,0

37,0

00$8

32,9

50$6

89,9

69$6

75,7

00$1

7,48

9,36

2(1

2)R

PC

$37.

45$3

9.99

$59.

40$1

04.8

7$1

35.8

6$1

41.4

7$1

30.5

2$9

6.66

$54.

57$4

4.09

$36.

71$3

5.79

(13)

Med

ium

C&

I(1

4)N

umbe

r of

Cus

tom

ers

5,22

15,

252

5,25

85,

270

5,27

35,

277

5,28

05,

277

5,26

55,

262

5,26

05,

182

(15)

Act

ual R

even

ue$1

,455

,855

$1,6

11,1

26$1

,900

,771

$2,5

82,6

18$3

,076

,297

$2,9

79,8

86$2

,904

,330

$2,3

95,0

51$1

,870

,099

$1,4

81,8

66$1

,514

,587

$1,5

12,0

51$2

5,28

4,53

6(1

6)R

PC

$278

.85

$306

.76

$361

.50

$490

.06

$583

.41

$564

.69

$550

.06

$453

.87

$355

.19

$281

.62

$287

.94

$291

.79

1A

ctua

l rev

enue

all

ocat

ions

fro

m S

ched

ule

RM

S/M

JP-4

pg.

2

Gas

Rev

enu

e D

ecou

pli

ng

Tar

gets

2 - R

ate

Yea

r 2

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20F

eb-2

0M

ar-2

0A

pr-2

0M

ay-2

0Ju

n-20

Jul-

20A

ug-2

0T

otal

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(17)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(1

8)N

umbe

r of

Cus

tom

ers

18,2

0218

,263

18,3

1918

,364

18,3

5818

,349

18,3

3418

,286

18,2

1818

,198

17,5

3216

,963

(19)

Act

ual R

even

ue$3

33,6

32$3

49,4

97$3

90,8

42$4

65,8

85$5

18,5

21$5

05,7

20$6

05,8

93$5

19,9

83$4

20,7

81$3

61,1

82$3

27,7

32$3

18,9

32$5

,118

,600

(20)

RP

C$1

8.33

$19.

14$2

1.34

$25.

37$2

8.24

$27.

56$3

3.05

$28.

44$2

3.10

$19.

85$1

8.69

$18.

80

(21)

Res

iden

tial

Hea

ting

(in

cl L

ow-I

ncom

e)(2

2)N

umbe

r of

Cus

tom

ers

224,

509

225,

664

227,

078

227,

977

228,

494

228,

682

228,

871

228,

665

228,

030

227,

615

227,

807

228,

217

(23)

Act

ual R

even

ue$5

,424

,075

$5,9

92,5

43$1

0,33

1,92

3$1

6,57

6,63

1$2

2,04

0,02

4$2

3,85

1,42

7$2

1,18

1,33

8$1

5,50

8,97

0$9

,184

,092

$6,4

63,8

56$5

,518

,940

$5,3

12,7

67$1

47,3

86,5

85(2

4)R

PC

$24.

16$2

6.56

$45.

50$7

2.71

$96.

46$1

04.3

0$9

2.55

$67.

82$4

0.28

$28.

40$2

4.23

$23.

28

(25)

Sm

all

(26)

Num

ber

of C

usto

mer

s 18

,529

18,6

8718

,958

19,1

2719

,187

19,2

1019

,224

19,1

0819

,002

18,8

9318

,795

18,8

77(2

7)A

ctua

l Rev

enue

$706

,568

$763

,033

$1,1

62,2

17$2

,089

,678

$2,7

22,8

53$2

,839

,578

$2,6

19,4

85$1

,921

,498

$1,0

67,6

07$8

52,6

19$7

02,0

74$6

87,2

34$1

8,13

4,44

3(2

8)R

PC

$38.

13$4

0.83

$61.

30$1

09.2

5$1

41.9

1$1

47.8

2$1

36.2

6$1

00.5

6$5

6.18

$45.

13$3

7.35

$36.

41

(29)

Med

ium

C&

I(3

0)N

umbe

r of

Cus

tom

ers

5,22

15,

252

5,25

85,

270

5,27

35,

277

5,28

05,

277

5,26

55,

262

5,26

05,

182

(31)

Act

ual R

even

ue$1

,484

,822

$1,6

49,8

42$1

,966

,077

$2,6

96,9

04$3

,222

,064

$3,1

19,0

32$3

,038

,922

$2,4

94,7

04$1

,935

,323

$1,5

20,6

95$1

,545

,504

$1,5

43,2

46$2

6,21

7,13

4(3

2)R

PC

$284

.39

$314

.14

$373

.92

$511

.75

$611

.05

$591

.06

$575

.55

$472

.75

$367

.58

$289

.00

$293

.82

$297

.81

2A

ctua

l rev

enue

all

ocat

ions

fro

m S

ched

ule

RM

S/M

JP-4

pg.

3

Gas

Rev

enu

e D

ecou

pli

ng

Tar

gets

3 - R

ate

Yea

r 3

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

21F

eb-2

1M

ar-2

1A

pr-2

1M

ay-2

1Ju

n-21

Jul-

21A

ug-2

1T

otal

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(33)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(3

4)N

umbe

r of

Cus

tom

ers

18,2

0218

,263

18,3

1918

,364

18,3

5818

,349

18,3

3418

,286

18,2

1818

,198

17,5

3216

,963

(35)

Act

ual R

even

ue$3

37,1

92$3

53,6

97$3

96,7

20$4

74,7

92$5

29,5

80$5

16,3

30$6

20,5

57$5

31,2

72$4

28,1

29$3

66,1

74$3

31,4

05$3

22,2

65$5

,208

,111

(36)

RP

C$1

8.53

$19.

37$2

1.66

$25.

85$2

8.85

$28.

14$3

3.85

$29.

05$2

3.50

$20.

12$1

8.90

$19.

00

(37)

Res

iden

tial

Hea

ting

(in

cl L

ow-I

ncom

e)(3

8)N

umbe

r of

Cus

tom

ers

224,

509

225,

664

227,

078

227,

977

228,

494

228,

682

228,

871

228,

665

228,

030

227,

615

227,

807

228,

217

(39)

Act

ual R

even

ue$5

,478

,848

$6,0

60,9

14$1

0,50

0,86

5$1

6,89

2,21

5$2

2,48

3,71

5$2

4,33

7,33

4$2

1,60

4,11

4$1

5,79

8,17

6$9

,327

,441

$6,5

42,0

19$5

,574

,647

$5,3

63,7

35$1

49,9

64,0

24(4

0)R

PC

$24.

40$2

6.86

$46.

24$7

4.10

$98.

40$1

06.4

2$9

4.39

$69.

09$4

0.90

$28.

74$2

4.47

$23.

50

(41)

Sm

all

(42)

Num

ber

of C

usto

mer

s 18

,529

18,6

8718

,958

19,1

2719

,187

19,2

1019

,224

19,1

0819

,002

18,8

9318

,795

18,8

77(4

3)A

ctua

l Rev

enue

$712

,467

$770

,442

$1,1

79,8

65$2

,131

,114

$2,7

80,4

49$2

,900

,050

$2,6

74,2

21$1

,958

,269

$1,0

82,4

47$8

62,0

01$7

07,6

85$6

92,5

61$1

8,45

1,57

0(4

4)R

PC

$38.

45$4

1.23

$62.

24$1

11.4

2$1

44.9

1$1

50.9

7$1

39.1

1$1

02.4

8$5

6.96

$45.

63$3

7.65

$36.

69

(45)

Med

ium

C&

I(4

6)N

umbe

r of

Cus

tom

ers

5,22

15,

252

5,25

85,

270

5,27

35,

277

5,28

05,

277

5,26

55,

262

5,26

05,

182

(47)

Act

ual R

even

ue$1

,498

,552

$1,6

68,4

47$1

,998

,082

$2,7

53,4

82$3

,294

,391

$3,1

88,0

43$3

,105

,657

$2,5

43,9

27$1

,967

,311

$1,5

39,4

56$1

,560

,187

$1,5

58,0

74$2

6,67

5,61

0(4

8)R

PC

$287

.02

$317

.68

$380

.01

$522

.48

$624

.77

$604

.14

$588

.19

$482

.08

$373

.66

$292

.56

$296

.61

$300

.67

3A

ctua

l rev

enue

all

ocat

ions

fro

m S

ched

ule

RM

S/M

JP-4

pg.

4



Page 1 of 4

Sec

tion

1 -

Bas

e R

even

ue

Req

uir

emen

t an

d R

even

ue

All

ocat

or -

Rat

e Y

ear

1

Tot

alD

ocke

t No.

477

01

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19F

eb-1

9M

ar-1

9A

pr-1

9M

ay-1

9Ju

n-19

Jul-

19A

ug-1

9S

ept 1

8 -

Aug

19

Sep

t 18

- A

ug 1

9(a

)(b

)(c

)(d

)(e

)(f

)(g

)(h

)(i

)(j

)(k

)(l

)(m

)(n

)(1

)R

esid

enti

al N

on-H

eat

(2)

Bas

e R

even

ue$3

20,0

43$3

34,0

47$3

69,9

50$4

35,3

11$4

81,7

31$4

71,3

70$5

61,7

92$4

84,7

66$3

96,8

62$3

44,6

46$3

14,7

00$3

06,6

17$4

,821

,835

Lin

e 58

, Col

(U

)(3

)A

lloc

ator

(2)

÷ (2

), C

ol (

m)

7%7%

8%9%

10%

10%

12%

10%

8%7%

7%6%

100%

(4)

Low

Inc

ome

Res

iden

tial

Non

-Hea

t(5

)B

ase

Rev

enue

$4,5

47$5

,064

$6,9

85$1

0,30

5$1

2,00

8$1

0,52

3$1

1,76

3$9

,980

$6,9

67$4

,541

$3,8

11$3

,810

$90,

304

Lin

e 59

, Col

(U

)(6

)A

lloc

ator

(5)

÷ (5

), C

ol (

m)

5%6%

8%11

%13

%12

%13

%11

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5%4%

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0%

(7)

Res

iden

tial

Non

-Hea

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ase

Rev

enue

$324

,590

$339

,111

$376

,935

$445

,616

$493

,739

$481

,893

$573

,555

$494

,746

$403

,829

$349

,187

$318

,511

$310

,427

$4,9

12,1

39L

ine

58 +

Lin

e 59

(9)

All

ocat

or(2

)+(5

) ÷

(2+

5),

Col

(m

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7%8%

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(10)

Res

iden

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Hea

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(11)

Bas

e R

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,051

$5,3

95,1

82$9

,209

,724

$14,

686,

466

$19,

546,

912

$21,

191,

397

$18,

822,

255

$13,

824,

092

$8,2

58,4

78$5

,847

,013

$5,0

00,1

79$4

,816

,824

$131

,483

,573

Lin

e 64

, Col

(U

)(1

2)A

lloc

ator

(11)

÷ (

11),

Col

(m

)4%

4%7%

11%

15%

16%

14%

11%

6%4%

4%4%

100%

(13)

Low

Inc

ome

Res

iden

tial

Hea

ting

(14)

Bas

e R

even

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26,2

71$4

58,1

07$7

70,1

44$1

,237

,760

$1,5

78,3

02$1

,658

,729

$1,4

87,0

51$1

,086

,393

$640

,128

$458

,383

$404

,079

$390

,509

$10,

595,

856

Lin

e 68

, Col

(U

)(1

5)A

lloc

ator

(14)

÷ (

14),

Col

(m

)4%

4%7%

12%

15%

16%

14%

10%

6%4%

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100%

(16)

Res

iden

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Hea

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(in

cl L

ow-I

ncom

e)(1

7)B

ase

Rev

enue

$5,3

11,3

22$5

,853

,289

$9,9

79,8

68$1

5,92

4,22

6$2

1,12

5,21

4$2

2,85

0,12

6$2

0,30

9,30

6$1

4,91

0,48

5$8

,898

,606

$6,3

05,3

96$5

,404

,258

$5,2

07,3

33$1

42,0

79,4

29L

ine

64 +

Lin

e 68

(18)

All

ocat

or(1

1)+

(14)

÷ (

11+

14),

C

ol (

m)

4%4%

7%11

%15

%16

%14

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4%10

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(19)

Sm

all

(20)

Bas

e R

even

ue$6

93,5

80$7

47,0

02$1

,125

,542

$2,0

05,0

01$2

,605

,556

$2,7

16,4

68$2

,507

,944

$1,8

46,2

03$1

,036

,531

$832

,573

$689

,657

$675

,394

$17,

481,

451

Lin

e 72

, Col

(U

)(2

1)A

lloc

ator

(20)

÷ (

20),

Col

(m

)4%

4%6%

11%

15%

16%

14%

11%

6%5%

4%4%

100%

(22)

Med

ium

C&

I(2

3)B

ase

Rev

enue

$1,4

55,1

96$1

,610

,397

$1,8

99,9

11$2

,581

,450

$3,0

74,9

05$2

,978

,538

$2,9

03,0

16$2

,393

,968

$1,8

69,2

53$1

,481

,196

$1,5

13,9

02$1

,511

,367

$25,

273,

099

Lin

e 77

, Col

(U

)(2

4)A

lloc

ator

(23)

÷ (

23),

Col

(m

)6%

6%8%

10%

12%

12%

11%

9%7%

6%6%

6%10

0%

Sec

tion

2 -

All

ocat

ed R

evis

ed R

even

ue

Req

uir

emen

tT

otal

Rev

ised

Rev

enue

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19F

eb-1

9M

ar-1

9A

pr-1

9M

ay-1

9Ju

n-19

Jul-

19A

ug-1

9S

ept 1

8 -

Aug

19

Req

uire

men

t2

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(25)

Res

iden

tial

Non

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t (in

cl L

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6)A

ctua

l Rev

enue

Req

uire

men

t(2

6), C

ol (

n) x

(9)

$326

,201

$340

,794

$378

,806

$447

,828

$496

,190

$484

,285

$576

,402

$497

,202

$405

,833

$350

,920

$320

,092

$311

,968

$4,9

36,5

20$4

,936

,520

(27)

Res

iden

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Hea

ting

(in

cl L

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l Rev

enue

Req

uire

men

t(2

8), C

ol (

n) x

(18

)$5

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$5,8

55,9

38$9

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,385

$15,

931,

434

$21,

134,

776

$22,

860,

468

$20,

318,

498

$14,

917,

234

$8,9

02,6

34$6

,308

,250

$5,4

06,7

04$5

,209

,690

$142

,143

,736

$142

,143

,736

(29)

Sm

all

(30)

Act

ual R

even

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equi

rem

ent

(30)

, Col

(n)

x (

21)

$693

,894

$747

,340

$1,1

26,0

51$2

,005

,908

$2,6

06,7

35$2

,717

,697

$2,5

09,0

79$1

,847

,038

$1,0

37,0

00$8

32,9

50$6

89,9

69$6

75,7

00$1

7,48

9,36

2$1

7,48

9,36

2

(31)

Med

ium

C&

I(3

2)A

ctua

l Rev

enue

Req

uire

men

t(3

2), C

ol (

n) x

(24

)$1

,455

,855

$1,6

11,1

26$1

,900

,771

$2,5

82,6

18$3

,076

,297

$2,9

79,8

86$2

,904

,330

$2,3

95,0

51$1

,870

,099

$1,4

81,8

66$1

,514

,587

$1,5

12,0

51$2

5,28

4,53

6$2

5,28

4,53

6

1B

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requ

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Sec

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Page 2 of 4

Sec

tion

1 -

Bas

e R

even

ue

Req

uir

emen

t an

d R

even

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All

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or -

Rat

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2

Tot

alD

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477

01

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20F

eb-2

0M

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0A

pr-2

0M

ay-2

0Ju

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Jul-

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Aug

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Sep

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Bas

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42,1

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81,1

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52,0

96$5

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91,4

23$5

89,6

22$5

06,1

61$4

10,8

41$3

54,2

43$3

21,7

94$3

13,0

55$4

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,920

Lin

e 58

, Col

(U

)(3

)A

lloc

ator

(2)

÷ (2

), C

ol (

m)

7%7%

8%9%

10%

10%

12%

10%

8%7%

6%6%

100%

(4)

Low

Inc

ome

Res

iden

tial

Non

-Hea

t(5

)B

ase

Rev

enue

$4,6

68$5

,220

$7,3

04$1

0,90

7$1

2,76

4$1

1,16

9$1

2,52

3$1

0,60

5$7

,337

$4,7

05$3

,911

$3,9

04$9

5,01

7L

ine

59, C

ol (

U)

(6)

All

ocat

or(5

) ÷

(5),

Col

(m

)5%

5%8%

11%

13%

12%

13%

11%

8%5%

4%4%

100%

(7)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(8

)B

ase

Rev

enue

$331

,568

$347

,335

$388

,424

$463

,003

$515

,314

$502

,592

$602

,145

$516

,766

$418

,178

$358

,948

$325

,705

$316

,959

$5,0

86,9

37L

ine

58 +

Lin

e 59

(9)

All

ocat

or(2

)+(5

) ÷

(2+

5),

Col

(m

)7%

7%8%

9%10

%10

%12

%10

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0%

(10)

Res

iden

tial

Hea

ting

(11)

Bas

e R

even

ue$4

,979

,172

$5,5

13,3

36$9

,517

,170

$15,

259,

972

$20,

356,

084

$22,

079,

649

$19,

594,

425

$14,

352,

519

$8,5

07,8

95$5

,982

,986

$5,0

96,7

08$4

,905

,185

$136

,145

,101

Lin

e 64

, Col

(U

)(1

2)A

lloc

ator

(11)

÷ (

11),

Col

(m

)4%

4%7%

11%

15%

16%

14%

11%

6%4%

4%4%

100%

(13)

Low

Inc

ome

Res

iden

tial

Hea

ting

(14)

Bas

e R

even

ue$4

34,9

22$4

68,1

80$7

95,7

40$1

,286

,155

$1,6

43,3

82$1

,727

,887

$1,5

47,9

35$1

,127

,911

$659

,296

$468

,975

$412

,076

$397

,805

$10,

970,

264

Lin

e 68

, Col

(U

)(1

5)A

lloc

ator

(14)

÷ (

14),

Col

(m

)4%

4%7%

12%

15%

16%

14%

10%

6%4%

4%4%

100%

(16)

Res

iden

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(in

cl L

ow-I

ncom

e)(1

7)B

ase

Rev

enue

$5,4

14,0

94$5

,981

,516

$10,

312,

910

$16,

546,

127

$21,

999,

466

$23,

807,

536

$21,

142,

360

$15,

480,

430

$9,1

67,1

91$6

,451

,961

$5,5

08,7

84$5

,302

,990

$147

,115

,365

Lin

e 64

+ L

ine

68

(18)

All

ocat

or(1

1)+

(14)

÷ (

11+

14),

C

ol (

m)

4%4%

7%11

%15

%16

%14

%11

%6%

4%4%

4%10

0%

(19)

Sm

all

(20)

Bas

e R

even

ue$7

05,0

73$7

61,4

19$1

,159

,759

$2,0

85,2

58$2

,717

,093

$2,8

33,5

71$2

,613

,944

$1,9

17,4

33$1

,065

,349

$850

,815

$700

,589

$685

,780

$18,

096,

083

Lin

e 72

, Col

(U

)(2

1)A

lloc

ator

(20)

÷ (

20),

Col

(m

)4%

4%6%

12%

15%

16%

14%

11%

6%5%

4%4%

100%

(22)

Med

ium

C&

I(2

3)B

ase

Rev

enue

$1,4

82,0

45$1

,646

,756

$1,9

62,3

99$2

,691

,859

$3,2

16,0

37$3

,113

,198

$3,0

33,2

37$2

,490

,037

$1,9

31,7

03$1

,517

,850

$1,5

42,6

13$1

,540

,359

$26,

168,

093

Lin

e 77

, Col

(U

)(2

4)A

lloc

ator

(23)

÷ (

23),

Col

(m

)6%

6%7%

10%

12%

12%

12%

10%

7%6%

6%6%

100%

Sec

tion

2 -

All

ocat

ed R

evis

ed R

even

ue

Req

uir

emen

tT

otal

Rev

ised

Rev

enue

Sep

-19

Oct

-19

Nov

-19

Dec

-19

Jan-

20F

eb-2

0M

ar-2

0A

pr-2

0M

ay-2

0Ju

n-20

Jul-

20A

ug-2

0S

ept 1

9 -

Aug

20

Req

uire

men

t2

(a)

(b)

(c)

(d)

(e)

(f)

(g)

(h)

(i)

(j)

(k)

(l)

(m)

(n)

(25)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(2

6)A

ctua

l Rev

enue

Req

uire

men

t(2

6), C

ol (

n) x

(9)

$333

,632

$349

,497

$390

,842

$465

,885

$518

,521

$505

,720

$605

,893

$519

,983

$420

,781

$361

,182

$327

,732

$318

,932

$5,1

18,6

00$5

,118

,600

(27)

Res

iden

tial

Hea

ting

(in

cl L

ow-I

ncom

e)(2

8)A

ctua

l Rev

enue

Req

uire

men

t(2

8), C

ol (

n) x

(18

)$5

,424

,075

$5,9

92,5

43$1

0,33

1,92

3$1

6,57

6,63

1$2

2,04

0,02

4$2

3,85

1,42

7$2

1,18

1,33

8$1

5,50

8,97

0$9

,184

,092

$6,4

63,8

56$5

,518

,940

$5,3

12,7

67$1

47,3

86,5

85$1

47,3

86,5

85

(29)

Sm

all

(30)

Act

ual R

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rem

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(30)

, Col

(n)

x (

21)

$706

,568

$763

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$1,1

62,2

17$2

,089

,678

$2,7

22,8

53$2

,839

,578

$2,6

19,4

85$1

,921

,498

$1,0

67,6

07$8

52,6

19$7

02,0

74$6

87,2

34$1

8,13

4,44

3$1

8,13

4,44

3

(31)

Med

ium

C&

I(3

2)A

ctua

l Rev

enue

Req

uire

men

t(3

2), C

ol (

n) x

(24

)$1

,484

,822

$1,6

49,8

42$1

,966

,077

$2,6

96,9

04$3

,222

,064

$3,1

19,0

32$3

,038

,922

$2,4

94,7

04$1

,935

,323

$1,5

20,6

95$1

,545

,504

$1,5

43,2

46$2

6,21

7,13

4$2

6,21

7,13

4

1B

ase

reve

nue

requ

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ent f

rom

Doc

ket 4

770

("20

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e"),

Sec

ond

Com

plia

nce

Att

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age

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Page 3 of 4

Sec

tion

1 -

Bas

e R

even

ue

Req

uir

emen

t an

d R

even

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All

ocat

or -

Rat

e Y

ear

3

Tot

alD

ocke

t No.

477

01

Sep

-20

Oct

-20

Nov

-20

Dec

-20

Jan-

20F

eb-2

0M

ar-2

0A

pr-2

0M

ay-2

0Ju

n-20

Jul-

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0 -

Aug

21

Sep

t 20

- A

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1(a

)(b

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)(d

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)(j

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)(1

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enti

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eat

(2)

Bas

e R

even

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30,4

10$3

46,2

45$3

86,8

38$4

60,6

88$5

13,2

07$5

01,6

87$6

03,8

68$5

17,1

13$4

17,9

97$3

59,1

55$3

25,4

26$3

16,3

51$5

,078

,985

Lin

e 58

, Col

(U

)(3

)A

lloc

ator

(2)

÷ (2

), C

ol (

m)

7%7%

8%9%

10%

10%

12%

10%

8%7%

6%6%

100%

(4)

Low

Inc

ome

Res

iden

tial

Non

-Hea

t(5

)B

ase

Rev

enue

$4,7

30$5

,299

$7,4

67$1

1,21

4$1

3,15

0$1

1,50

0$1

2,91

2$1

0,92

5$7

,526

$4,7

90$3

,962

$3,9

53$9

7,42

8L

ine

59, C

ol (

U)

(6)

All

ocat

or(5

) (

5), C

ol (

m)

5%5%

8%12

%13

%12

%13

%11

%8%

5%4%

4%10

0%

(7)

Res

iden

tial

Non

-Hea

t (in

cl L

ow-I

ncom

e)(8

)B

ase

Rev

enue

$335

,140

$351

,544

$394

,305

$471

,902

$526

,357

$513

,187

$616

,780

$528

,038

$425

,523

$363

,945

$329

,388

$320

,304

$5,1

76,4

13L

ine

58 +

Lin

e 59

(9)

All

ocat

or(2

)+(5

) ÷

(2+

5),

Col

(m

)6%

7%8%

9%10

%10

%12

%10

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Sep

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Page 4 of 4

FY2019 Rate Year

Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Mar-19 Total Apr-19 May-19 Jun-19 Jul-19 Aug-19 Sep-19 Total

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o)

Volumes(1) Res Non Heat 75,404 179,973 286,235 442,082 519,619 561,271 489,780 2,554,364 385,867 295,377 224,991 164,456 139,217 75,548 3,839,820

(2) Res Non Heat Low Income 1,907 4,966 9,140 16,046 20,127 23,418 25,595 101,199 18,581 14,072 9,760 6,805 4,686 2,693 157,796

(3) Res Heat 1,294,631 4,965,243 14,008,633 25,254,462 30,777,056 33,531,245 29,735,848 139,567,118 19,253,009 11,831,452 6,286,845 3,753,583 3,552,240 1,953,483 186,197,730

(4) Res Heat Low Income 182,359 488,358 1,224,245 2,246,796 2,598,836 2,955,618 2,742,145 12,438,357 1,846,955 1,164,816 658,780 412,621 398,393 221,878 17,141,800

(5) Small C&I 188,779 497,717 1,659,560 3,468,983 4,301,009 5,030,796 4,369,163 19,516,007 2,589,123 1,452,409 712,823 436,061 454,177 228,146 25,388,746

(6) Medium C&I 806,831 2,181,109 4,502,323 7,913,044 9,200,698 10,072,101 8,906,355 43,582,461 6,511,284 4,050,149 2,436,545 1,552,431 1,612,777 926,082 60,671,729

(7) Large Low Load Factor C&I (41,020) 825,431 2,496,767 4,385,986 4,829,581 5,631,299 4,436,680 22,564,724 3,343,446 1,485,450 651,674 (102,826) 405,805 214,338 28,562,612

(8) Large High Load Factor C&I 382,155 902,729 1,161,982 1,427,166 1,512,124 1,747,148 1,450,075 8,583,379 1,268,402 1,000,436 874,618 847,749 829,110 442,613 13,846,307

(9) XLarge Low Load Factor C&I 102,425 327,797 1,495,372 2,434,193 2,235,941 2,786,235 1,762,795 11,144,758 1,818,897 242,638 402,513 (168,321) 212,554 112,166 13,765,205

(10) XLarge High Load Factor C&I 2,029,169 5,096,898 5,780,647 5,901,252 6,384,226 6,804,423 4,973,367 36,969,982 5,817,418 4,588,920 4,572,124 4,591,758 4,627,949 2,445,929 63,614,080

Current Approved Distribution Rates(11) Res Non Heat $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456

(12) Res Non Heat Low Income $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456 $0.5456

(13) Res Heat $0.4960 $0.4960 $0.5534 $0.5534 $0.5534 $0.5534 $0.5534 $0.5534 $0.4960 $0.4960 $0.4960 $0.4960 $0.4960

(14) Res Heat Low Income $0.4960 $0.4960 $0.5534 $0.5534 $0.5534 $0.5534 $0.5534 $0.5534 $0.4960 $0.4960 $0.4960 $0.4960 $0.4960

(15) Small C&I $0.4284 $0.4284 $0.4852 $0.4852 $0.4852 $0.4852 $0.4852 $0.4852 $0.4284 $0.4284 $0.4284 $0.4284 $0.4284

(16) Medium C&I $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484 $0.2484

(17) Large Low Load Factor C&I $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429 $0.2429

(18) Large High Load Factor C&I $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617 $0.1617

(19) XLarge Low Load Factor C&I $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421 $0.0421

(20) XLarge High Load Factor C&I $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369 $0.0369

Illustrative Rates from Excess ADIT True-Up Second Compliance Filing (Docket 4770)(21) Res Non Heat $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445

(22) Res Non Heat Low Income $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445 $0.5445

(23) Res Heat $0.4958 $0.4958 $0.5527 $0.5527 $0.5527 $0.5527 $0.5527 $0.5527 $0.4958 $0.4958 $0.4958 $0.4958 $0.4958

(24) Res Heat Low Income $0.4958 $0.4958 $0.5527 $0.5527 $0.5527 $0.5527 $0.5527 $0.5527 $0.4958 $0.4958 $0.4958 $0.4958 $0.4958

(25) Small C&I $0.4278 $0.4278 $0.4846 $0.4846 $0.4846 $0.4846 $0.4846 $0.4846 $0.4278 $0.4278 $0.4278 $0.4278 $0.4278

(26) Medium C&I $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480 $0.2480

(27) Large Low Load Factor C&I $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425 $0.2425

(28) Large High Load Factor C&I $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614 $0.1614

(29) XLarge Low Load Factor C&I $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420 $0.0420

(30) XLarge High Load Factor C&I $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367 $0.0367

Reduction in Rates(31) Res Non Heat ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011)

(32) Res Non Heat Low Income ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011) ($0.0011)

(33) Res Heat ($0.0002) ($0.0002) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002)

(34) Res Heat Low Income ($0.0002) ($0.0002) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0007) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002)

(35) Small C&I ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006) ($0.0006)

(36) Medium C&I ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004)

(37) Large Low Load Factor C&I ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004) ($0.0004)

(38) Large High Load Factor C&I ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003) ($0.0003)

(39) XLarge Low Load Factor C&I ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001) ($0.0001)

(40) XLarge High Load Factor C&I ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002) ($0.0002)

Reduction in Distribution Revenues(41) Res Non Heat ($83) ($198) ($315) ($486) ($572) ($617) ($539) ($2,810) ($424) ($325) ($247) ($181) ($153) ($83) ($4,223)

(42) Res Non Heat Low Income ($2) ($5) ($10) ($18) ($22) ($26) ($28) ($111) ($20) ($15) ($11) ($7) ($5) ($3) ($172)

(43) Res Heat ($259) ($993) ($9,806) ($17,678) ($21,544) ($23,472) ($20,815) ($94,567) ($13,477) ($2,366) ($1,257) ($751) ($710) ($391) ($113,519)

(44) Res Heat Low Income ($36) ($98) ($857) ($1,573) ($1,819) ($2,069) ($1,920) ($8,372) ($1,293) ($233) ($132) ($83) ($80) ($44) ($10,237)

(45) Small C&I ($113) ($299) ($996) ($2,081) ($2,581) ($3,018) ($2,621) ($11,709) ($1,553) ($871) ($428) ($262) ($273) ($137) ($15,233)

(46) Medium C&I ($323) ($872) ($1,801) ($3,165) ($3,680) ($4,029) ($3,563) ($17,433) ($2,605) ($1,620) ($975) ($621) ($645) ($370) ($24,269)

(47) Large Low Load Factor C&I $16 ($330) ($999) ($1,754) ($1,932) ($2,253) ($1,775) ($9,027) ($1,337) ($594) ($261) $41 ($162) ($86) ($11,426)

(48) Large High Load Factor C&I ($115) ($271) ($349) ($428) ($454) ($524) ($435) ($2,576) ($381) ($300) ($262) ($254) ($249) ($133) ($4,155)

(49) XLarge Low Load Factor C&I ($10) ($33) ($150) ($243) ($224) ($279) ($176) ($1,115) ($182) ($24) ($40) $17 ($21) ($11) ($1,376)

(50) XLarge High Load Factor C&I ($406) ($1,019) ($1,156) ($1,180) ($1,277) ($1,361) ($995) ($7,394) ($1,163) ($918) ($914) ($918) ($926) ($489) ($12,722)

(51) Sub-Total (RDM Only) ($816) ($2,465) ($13,785) ($25,001) ($30,218) ($33,231) ($29,486) ($135,002) ($19,372) ($5,430) ($3,050) ($1,905) ($1,866) ($1,028) ($167,653)

(52) Total (All Customers) ($1,331) ($4,118) ($16,439) ($28,606) ($34,105) ($37,648) ($32,867) ($155,114) ($22,435) ($7,266) ($4,527) ($3,019) ($3,224) ($1,747) ($197,332)

(1):(10), Col (a)-(g), (i)-(n) Company billing system; Col (a) Prorated for only volume billed in Sept '18 (33) Line (23) - Line (13) (43) Line (33) x Line (3), truncated to 4 decimal placesCol (n) Prorated for Aug '19 volume billed in Sept '19 (34) Line (24) - Line (14) (44) Line (34) x Line (4), truncated to 4 decimal places

(1):(10), Col (h) Sum [Col (a)-(g)] (35) Line (25) - Line (15) (45) Line (35) x Line (5), truncated to 4 decimal places(1):(10), Col (o) Sum [Col (h)-(n)] (36) Line (26) - Line (16) (46) Line (36) x Line (6), truncated to 4 decimal places

(11):(20) RIPUC NG-GAS No. 101 Section 4 & 5 (37) Line (27) - Line (17) (47) Line (37) x Line (7), truncated to 4 decimal placesSchedule A-F (38) Line (28) - Line (18) (48) Line (38) x Line (8), truncated to 4 decimal places

(21):(20) RIPUC Docket 4770, Second Commpliance (39) Line (29) - Line (19) (49) Line (39) x Line (9), truncated to 4 decimal placesAttachment 16, Page 11 filed May 31, 2019 (40) Line (30) - Line (20) (50) Line (40) x Line (10), truncated to 4 decimal places

(31) Line (21) - Line (11) (41) Line (31) x Line (1), truncated to 4 decimal places (51) Sum [Lines (41):(46)](32) Line (22) - Line (12) (42) Line (32) x Line (2), truncated to 4 decimal places (52) Sum [Lines (47):(50)]

Credit for Excess ADITSeptember 2018 through August 2019



Page 1 of 1

The Narragansett Electric CompanyRevised Fiscal Year 2019 Gas RDM Reconciliation Balance incl. Capital Growth

(1) Residential Non-Heat (incl Low Income) ($61,376)(2) Residential Heat (incl Low Income) ($9,059,401)(3) Small C&I ($736,845)(4) Medium C&I ($1,107,399)(5) Net Over Recovery of Target Revenue ($10,965,021)

(6) Net Over Recovery of Target Recovery as filed in 2019 RDM Filing ($10,271,482)

(7) FY2019 RDM True-Up Adjustment - Credit to Customers ($693,539)

(1) Schedule RMS/MJP-6, Page 2, Column (l), Line (40)(2) Schedule RMS/MJP-6, Page 3, Column (l), Line (80)(3) Schedule RMS/MJP-6, Page 4, Column (l), Line (94)(4) Schedule RMS/MJP-6, Page 4, Column (l), Line (108)(5) Sum [Lines (1):(4)](6) 2019 RDM Filing (Docket 4955, Schedule RMS/AEL-1, Page 1, Line (5))(7) Line (5) - Line (6)

Under (Over) Recovery of Target Revenue



Page 1 of 4

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9($

65,2

07)

(3)

Act

ual N

umbe

r of

Cus

tom

ers

18,3

69

18

,236

18,1

53

17

,900

17,8

99

17

,873

17,9

29

17

,971

18,0

03

17

,959

17,9

09

17

,866

(4)

Act

ual B

ase

Rev

enue

$422

,200

$387

,254

$315

,951

$319

,466

$293

,964

$322

,975

$347

,887

$410

,744

$484

,993

$542

,261

$561

,465

$528

,021

(5)

Rev

enue

Adj

ustm

ent

$0$0

$0$0

$0($

83)

($19

8)($

315)

($48

6)($

572)

($61

7)($

539)

(6)

Adj

uste

d B

ase

Rev

enue

$422

,200

$387

,254

$315

,951

$319

,466

$293

,964

$322

,892

$347

,689

$410

,429

$484

,507

$541

,689

$560

,848

$527

,482

(7)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$2

2.98

$21.

24$1

7.40

$17.

85$1

6.42

$18.

07$1

9.39

$22.

84$2

6.91

$30.

16$3

1.32

$29.

52(8

)R

PC

Var

ianc

e (B

ench

mar

k- A

ctua

l)$2

.13

$0.7

2$2

.78

$1.5

4$2

.20

$0.2

3($

0.73

)($

2.16

)($

2.52

)($

3.13

)($

4.93

)$1

.92

(9)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

$39,

178

$13,

126

$50,

440

$27,

625

$39,

464

$4,1

02($

13,1

34)

($38

,789

)($

45,4

14)

($56

,258

)($

88,2

30)

$34,

225

(10)

Pre

lim

inar

y E

ndin

g B

alan

ce$3

9,17

8$5

2,34

8$1

02,8

96$1

30,7

04$1

70,4

66$1

74,9

52$1

62,2

50$1

23,9

27$7

8,89

6$2

2,92

7($

65,1

51)

($30

,982

)(1

1)A

vera

ge B

alan

ce$1

9,58

9$4

5,78

5$7

7,67

6$1

16,8

92$1

50,7

34$1

72,9

01$1

68,8

17$1

43,3

21$1

01,6

03$5

1,05

6($

21,0

36)

($48

,095

)(1

2)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

2.75

%2.

75%

2.88

%3.

00%

3.00

%3.

03%

3.25

%3.

25%

3.35

%3.

50%

3.50

%3.

50%

(13)

Inte

rest

App

lied

$44

$107

$184

$298

$384

$431

$466

$383

$289

$152

($56

)($

143)

(14)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$39,

222

$52,

455

$103

,079

$131

,002

$170

,850

$175

,384

$162

,716

$124

,310

$79,

185

$23,

079

($65

,207

)($

31,1

25)

Res

iden

tial

Non

-Hea

t L

ow I

nco

me

(15)

Ben

chm

ark

Rev

enue

Per

Cus

tom

er (

RP

C)

$25.

12$2

1.96

$20.

18$1

9.39

$18.

63$1

8.30

$18.

66$2

0.68

$24.

39$2

7.03

$26.

39$3

1.44

(16)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

($1,

620)

($3,

089)

($2,

677)

($3,

198)

($2,

922)

($2,

977)

($4,

096)

($6,

669)

($11

,546

)($

17,3

53)

($24

,479

)(1

7)A

ctua

l Num

ber

of C

usto

mer

s27

6

328

33

9

309

32

3

329

33

4

348

36

1

399

44

0

468

(1

8)A

ctua

l Bas

e R

even

ue$8

,551

$8,6

65$6

,423

$6,5

05$5

,733

$6,0

69$7

,347

$9,7

65$1

3,67

3$1

6,57

1$1

8,70

8$2

0,43

3(1

9)R

even

ue A

djus

tmen

t$0

$0$0

$0$0

($2)

($5)

($10

)($

18)

($22

)($

26)

($28

)(2

0)A

djus

ted

Bas

e R

even

ue$8

,551

$8,6

65$6

,423

$6,5

05$5

,733

$6,0

67$7

,342

$9,7

55$1

3,65

5$1

6,54

9$1

8,68

2$2

0,40

5(2

1)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$30.

98$2

6.42

$18.

95$2

1.05

$17.

75$1

8.44

$21.

98$2

8.03

$37.

83$4

1.48

$42.

46$4

3.60

(22)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($5.

86)

($4.

46)

$1.2

4($

1.66

)$0

.88

($0.

14)

($3.

32)

($7.

35)

($13

.44)

($14

.45)

($16

.07)

($12

.16)

(23)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($1,

619)

($1,

463)

$419

($51

4)$2

84($

47)

($1,

109)

($2,

558)

($4,

851)

($5,

764)

($7,

070)

($5,

691)

(24)

Pre

lim

inar

y E

ndin

g B

alan

ce($

1,61

9)($

3,08

4)($

2,67

0)($

3,19

1)($

2,91

5)($

2,97

0)($

4,08

6)($

6,65

5)($

11,5

20)

($17

,310

)($

24,4

23)

($30

,170

)(2

5)A

vera

ge B

alan

ce($

809)

($2,

352)

($2,

880)

($2,

934)

($3,

056)

($2,

946)

($3,

532)

($5,

375)

($9,

094)

($14

,428

)($

20,8

88)

($27

,324

)(2

6)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

2.75

%2.

75%

2.88

%3.

00%

3.00

%3.

03%

3.25

%3.

25%

3.35

%3.

50%

3.50

%3.

50%

(27)

Inte

rest

App

lied

($2)

($5)

($7)

($7)

($8)

($7)

($10

)($

14)

($26

)($

43)

($56

)($

81)

(28)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

($1,

620)

($3,

089)

($2,

677)

($3,

198)

($2,

922)

($2,

977)

($4,

096)

($6,

669)

($11

,546

)($

17,3

53)

($24

,479

)($

30,2

51)

Res

iden

tial

Non

-Hea

t (i

ncl

Low

In

com

e)(2

9)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$2

5.12

$21.

96$2

0.18

$19.

39$1

8.63

$18.

30$1

8.66

$20.

68$2

4.39

$27.

03$2

6.39

$31.

44(3

0)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0$3

7,60

2$4

9,36

6$1

00,4

02$1

27,8

03$1

67,9

28$1

72,4

06$1

58,6

19$1

17,6

41$6

7,63

9$5

,726

($89

,686

)(3

1)A

ctua

l Num

ber

of C

usto

mer

s18

,645

18,5

64

18

,492

18,2

09

18

,222

18,2

02

18

,263

18,3

19

18

,364

18,3

58

18

,349

18,3

34

(3

2)A

djus

ted

Bas

e R

even

ue$4

30,7

51$3

95,9

19$3

22,3

74$3

25,9

72$2

99,6

97$3

28,9

59$3

55,0

31$4

20,1

84$4

98,1

62$5

58,2

39$5

79,5

30$5

47,8

87(3

3)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$23.

10$2

1.33

$17.

43$1

7.90

$16.

45$1

8.07

$19.

44$2

2.94

$27.

13$3

0.41

$31.

58$2

9.88

(34)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

$2.0

1$0

.63

$2.7

5$1

.49

$2.1

8$0

.22

($0.

78)

($2.

26)

($2.

74)

($3.

38)

($5.

19)

$1.5

6(3

5)M

onth

ly U

nder

/(O

ver)

Rec

over

y of

RP

C$3

7,55

9$1

1,66

3$5

0,85

9$2

7,11

1$3

9,74

8$4

,055

($14

,243

)($

41,3

47)

($50

,265

)($

62,0

22)

($95

,300

)$2

8,53

4(3

6)P

reli

min

ary

End

ing

Bal

ance

$37,

559

$49,

265

$100

,225

$127

,513

$167

,552

$171

,983

$158

,163

$117

,272

$67,

376

$5,6

18($

89,5

74)

($61

,152

)(3

7)A

vera

ge B

alan

ce$1

8,78

0$4

3,43

3$7

4,79

6$1

13,9

58$1

47,6

78$1

69,9

55$1

65,2

85$1

37,9

46$9

2,50

9$3

6,62

8($

41,9

24)

($75

,419

)(3

8)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

2.75

%2.

75%

2.88

%3.

00%

3.00

%3.

03%

3.25

%3.

25%

3.35

%3.

50%

3.50

%3.

50%

(39)

Inte

rest

App

lied

$42

$101

$177

$290

$376

$424

$456

$368

$263

$109

($11

3)($

224)

(40)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$37,

602

$49,

366

$100

,402

$127

,803

$167

,928

$172

,406

$158

,619

$117

,641

$67,

639

$5,7

26($

89,6

86)

($61

,376

)

(1)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (4

)(9

)L

ine

(3)

x L

ine

(8)

(18)

Com

pany

's b

illi

ng s

yste

m(2

7)[L

ine

(25)

x L

ine

(26)

] ÷

365

x #

days

(35)

Lin

e (3

1) x

Lin

e (3

4)(2

)L

ine

(14)

(10)

Lin

e (2

) +

Lin

e (9

)(1

9)R

MS

/MJP

-5, L

ine

(42)

(28)

Lin

e (2

4) +

Lin

e (2

7)(3

6)L

ine

(30)

+ L

ine

(35)

(3)

Com

pany

's b

illi

ng s

yste

m(1

1)[L

ine

(2)

+ L

ine

(10)

] ÷

2(2

0)L

ine

(18)

+ L

ine

(19)

(29)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (4

)(3

7)[L

ine

(30)

+ L

ine

(36)

] ÷

2(4

)C

ompa

ny's

bil

ling

sys

tem

(13)

[Lin

e (1

1) x

Lin

e (1

2)]

÷ 36

5 x

# da

ys(2

1)L

ine

(20)

÷ L

ine

(17)

(30)

Lin

e (4

0)(3

9)[L

ine

(37)

x L

ine

(38)

] ÷

365

x #

days

(5)

RM

S/M

JP-5

, Lin

e (4

1)(1

4)L

ine

(10)

+ L

ine

(13)

(22)

Lin

e (1

5) -

Lin

e (2

1)(3

1)L

ine

(3)

+ L

ine

(17)

(40)

Lin

e (3

6) +

Lin

e (3

9)(6

)L

ine

(4)

+ L

ine

(5)

(15)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (4

)(2

3)L

ine

(17)

x L

ine

(22)

(32)

Lin

e (6

) +

Lin

e (2

0)(7

)L

ine

(6)

÷ L

ine

(3)

(16)

Lin

e (2

8)(2

4)L

ine

(16)

+ L

ine

(23)

(33)

Lin

e (3

2) ÷

Lin

e (3

1)(8

)L

ine

(1)

- L

ine

(7)

(17)

Com

pany

's b

illi

ng s

yste

m(2

5)[L

ine

(16)

+ L

ine

(24)

] ÷

2(3

4)L

ine

(29)

- L

ine

(33)



Page 2 of 4

RD

M R

econ

cili

atio

n b

y R

ate

Cla

ss b

y M

onth

Pro

rate

d

Apr

-18

May

-18

Jun-

18Ju

l-18

Aug

-18

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19F

eb-1

9M

ar-1

930

3130

3131

3031

3031

3128

31(a

)(b

)(c

)(d

)(e

)(f

)(g

)(h

)(i

)(j

)(k

)(l

)

Res

iden

tial

Hea

tin

g(4

1)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$5

2.93

$34.

33$2

4.38

$21.

60$2

0.37

$21.

92$2

5.95

$43.

97$6

9.88

$92.

50$9

9.97

$88.

78(4

2)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0($

2,26

0,34

2)($

3,77

2,59

3)($

3,42

0,64

1)($

3,57

4,32

0)($

3,50

7,51

8)($

3,27

8,87

1)($

3,23

2,75

8)($

4,28

6,10

7)($

6,38

4,39

1)($

7,00

1,72

7)($

7,56

6,06

5)(4

3)A

ctua

l Num

ber

of C

usto

mer

s20

8,05

4

20

5,43

7

20

4,47

7

20

4,50

2

20

4,24

8

20

4,74

1

20

7,18

1

20

9,04

5

20

9,99

3

21

0,23

5

20

9,77

0

20

9,42

5

(4

4)A

ctua

l Bas

e R

even

ue$1

3,27

1,08

0$8

,557

,565

$4,6

23,7

54$4

,561

,618

$4,0

85,6

35$4

,251

,777

$5,3

22,2

53$1

0,24

4,83

4$1

6,77

5,13

0$2

0,06

5,75

1$2

1,53

8,98

7$1

9,39

0,37

0(4

5)R

even

ue A

djus

tmen

t$0

$0$0

$0$0

($25

9)($

993)

($9,

806)

($17

,678

)($

21,5

44)

($23

,472

)($

20,8

15)

(46)

Adj

uste

d B

ase

Rev

enue

$13,

271,

080

$8,5

57,5

65$4

,623

,754

$4,5

61,6

18$4

,085

,635

$4,2

51,5

18$5

,321

,260

$10,

235,

028

$16,

757,

452

$20,

044,

207

$21,

515,

515

$19,

369,

555

(47)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$6

3.79

$41.

66$2

2.61

$22.

31$2

0.00

$20.

77$2

5.68

$48.

96$7

9.80

$95.

34$1

02.5

7$9

2.49

(48)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($10

.85)

($7.

33)

$1.7

6($

0.71

)$0

.37

$1.1

6$0

.27

($4.

99)

($9.

92)

($2.

84)

($2.

60)

($3.

71)

(49)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($2,

257,

790)

($1,

505,

214)

$360

,440

($14

4,77

9)$7

5,81

3$2

37,0

96$5

5,08

7($

1,04

3,31

9)($

2,08

3,14

1)($

597,

469)

($54

4,80

8)($

776,

804)

(50)

Pre

lim

inar

y E

ndin

g B

alan

ce($

2,25

7,79

0)($

3,76

5,55

6)($

3,41

2,15

3)($

3,56

5,42

0)($

3,49

8,50

7)($

3,27

0,42

1)($

3,22

3,78

4)($

4,27

6,07

8)($

6,36

9,24

8)($

6,98

1,86

1)($

7,54

6,53

5)($

8,34

2,86

9)(5

1)A

vera

ge B

alan

ce($

1,12

8,89

5)($

3,01

2,94

9)($

3,59

2,37

3)($

3,49

3,03

1)($

3,53

6,41

4)($

3,38

8,96

9)($

3,25

1,32

7)($

3,75

4,41

8)($

5,32

7,67

7)($

6,68

3,12

6)($

7,27

4,13

1)($

7,95

4,46

7)(5

2)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

2.75

%2.

75%

2.88

%3.

00%

3.00

%3.

03%

3.25

%3.

25%

3.35

%3.

50%

3.50

%3.

50%

(53)

Inte

rest

App

lied

($2,

552)

($7,

037)

($8,

489)

($8,

900)

($9,

011)

($8,

449)

($8,

975)

($10

,029

)($

15,1

44)

($19

,866

)($

19,5

31)

($23

,645

)(5

4)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y($

2,26

0,34

2)($

3,77

2,59

3)($

3,42

0,64

1)($

3,57

4,32

0)($

3,50

7,51

8)($

3,27

8,87

1)($

3,23

2,75

8)($

4,28

6,10

7)($

6,38

4,39

1)($

7,00

1,72

7)($

7,56

6,06

5)($

8,36

6,51

4)

Res

iden

tial

Hea

tin

g -

Low

In

com

e(5

5)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$5

2.93

$34.

33$2

4.38

$21.

60$2

0.37

$21.

92$2

5.95

$43.

97$6

9.88

$92.

50$9

9.97

$88.

78(5

6)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0($

127,

348)

($23

6,59

1)($

219,

603)

($24

2,04

9)($

244,

247)

($24

0,05

8)($

270,

837)

($37

5,86

4)($

610,

214)

($61

8,36

6)($

635,

680)

(57)

Act

ual N

umbe

r of

Cus

tom

ers

17,8

45

19

,543

19,6

46

19

,650

19,9

29

19

,768

18,4

83

18

,033

17,9

84

18

,259

18,9

12

19

,446

(58)

Act

ual B

ase

Rev

enue

$1,0

71,8

25$7

79,7

01$4

61,3

50$4

46,2

60$4

07,6

22$4

28,6

25$5

09,8

07$8

97,9

32$1

,491

,245

$1,6

97,1

06$1

,908

,334

$1,7

83,5

71(5

9)R

even

ue A

djus

tmen

t$0

$0$0

$0$0

($36

)($

98)

($85

7)($

1,57

3)($

1,81

9)($

2,06

9)($

1,92

0)(6

0)A

djus

ted

Bas

e R

even

ue$1

,071

,825

$779

,701

$461

,350

$446

,260

$407

,622

$428

,589

$509

,709

$897

,075

$1,4

89,6

72$1

,695

,287

$1,9

06,2

65$1

,781

,651

(61)

Act

ual B

ase

Rev

enue

Per

Cus

tom

er$6

0.06

$39.

90$2

3.48

$22.

71$2

0.45

$21.

68$2

7.58

$49.

75$8

2.83

$92.

85$1

00.8

0$9

1.62

(62)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($7.

13)

($5.

57)

$0.8

9($

1.11

)($

0.08

)$0

.24

($1.

63)

($5.

78)

($12

.95)

($0.

35)

($0.

83)

($2.

84)

(63)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($12

7,20

5)($

108,

819)

$17,

527

($21

,859

)($

1,57

9)$4

,792

($30

,076

)($

104,

164)

($23

2,95

0)($

6,32

9)($

15,6

32)

($55

,235

)(6

4)P

reli

min

ary

End

ing

Bal

ance

($12

7,20

5)($

236,

167)

($21

9,06

4)($

241,

462)

($24

3,62

8)($

239,

455)

($27

0,13

3)($

375,

001)

($60

8,81

4)($

616,

543)

($63

3,99

8)($

690,

915)

(65)

Ave

rage

Bal

ance

($63

,602

)($

181,

758)

($22

7,82

8)($

230,

532)

($24

2,83

8)($

241,

851)

($25

5,09

5)($

322,

919)

($49

2,33

9)($

613,

378)

($62

6,18

2)($

663,

297)

(66)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s2.

75%

2.75

%2.

88%

3.00

%3.

00%

3.03

%3.

25%

3.25

%3.

35%

3.50

%3.

50%

3.50

%(6

7)In

tere

st A

ppli

ed($

144)

($42

5)($

538)

($58

7)($

619)

($60

3)($

704)

($86

3)($

1,39

9)($

1,82

3)($

1,68

1)($

1,97

2)(6

8)E

ndin

g B

alan

ce U

nder

/(O

ver)

Rec

over

y($

127,

348)

($23

6,59

1)($

219,

603)

($24

2,04

9)($

244,

247)

($24

0,05

8)($

270,

837)

($37

5,86

4)($

610,

214)

($61

8,36

6)($

635,

680)

($69

2,88

7)

Res

iden

tial

Hea

t (i

ncl

Low

In

com

e)(6

9)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$5

2.93

$34.

33$2

4.38

$21.

60$2

0.37

$21.

92$2

5.95

$43.

97$6

9.88

$92.

50$9

9.97

$88.

78(7

0)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0($

2,38

7,69

0)($

4,00

9,18

4)($

3,64

0,24

4)($

3,81

6,36

9)($

3,75

1,76

4)($

3,51

8,92

8)($

3,50

3,59

6)($

4,66

1,97

0)($

6,99

4,60

5)($

7,62

0,09

3)($

8,20

1,74

5)(7

1)A

ctua

l Num

ber

of C

usto

mer

s22

5,89

9

22

4,98

0

22

4,12

3

22

4,15

2

22

4,17

7

22

4,50

9

22

5,66

4

22

7,07

8

22

7,97

7

22

8,49

4

22

8,68

2

22

8,87

1

(7

2)A

djus

ted

Bas

e R

even

ue$1

4,34

2,90

5$9

,337

,266

$5,0

85,1

04$5

,007

,878

$4,4

93,2

58$4

,680

,108

$5,8

30,9

70$1

1,13

2,10

3$1

8,24

7,12

4$2

1,73

9,49

3$2

3,42

1,77

9$2

1,15

1,20

6(7

3)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$63.

49$4

1.50

$22.

69$2

2.34

$20.

04$2

0.85

$25.

84$4

9.02

$80.

04$9

5.14

$102

.42

$92.

42(7

4)R

PC

Var

ianc

e (B

ench

mar

k- A

ctua

l)($

10.5

6)($

7.17

)$1

.69

($0.

74)

$0.3

3$1

.08

$0.1

1($

5.05

)($

10.1

6)($

2.64

)($

2.45

)($

3.64

)(7

5)M

onth

ly U

nder

/(O

ver)

Rec

over

y of

RP

C($

2,38

4,99

5)($

1,61

4,03

3)$3

77,9

67($

166,

638)

$74,

234

$241

,888

$25,

011

($1,

147,

483)

($2,

316,

092)

($60

3,79

8)($

560,

440)

($83

2,03

9)(7

6)P

reli

min

ary

End

ing

Bal

ance

($2,

384,

995)

($4,

001,

723)

($3,

631,

217)

($3,

806,

882)

($3,

742,

135)

($3,

509,

876)

($3,

493,

917)

($4,

651,

079)

($6,

978,

062)

($7,

598,

404)

($8,

180,

533)

($9,

033,

784)

(77)

Ave

rage

Bal

ance

($1,

192,

497)

($3,

194,

706)

($3,

820,

200)

($3,

723,

563)

($3,

779,

252)

($3,

630,

820)

($3,

506,

422)

($4,

077,

337)

($5,

820,

016)

($7,

296,

504)

($7,

900,

313)

($8,

617,

764)

(78)

Bk

Am

eric

a R

ate

less

200

Bas

is P

oint

s2.

75%

2.75

%2.

88%

3.00

%3.

00%

3.03

%3.

25%

3.25

%3.

35%

3.50

%3.

50%

3.50

%(7

9)In

tere

st A

ppli

ed($

2,69

5)($

7,46

2)($

9,02

7)($

9,48

7)($

9,62

9)($

9,05

2)($

9,67

9)($

10,8

92)

($16

,543

)($

21,6

90)

($21

,212

)($

25,6

17)

(80)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

($2,

387,

690)

($4,

009,

184)

($3,

640,

244)

($3,

816,

369)

($3,

751,

764)

($3,

518,

928)

($3,

503,

596)

($4,

661,

970)

($6,

994,

605)

($7,

620,

093)

($8,

201,

745)

($9,

059,

401)

(41)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (8

)(4

9)L

ine

(43)

x L

ine

(48)

(58)

Com

pany

's b

illi

ng s

yste

m(6

7)[L

ine

(65)

x L

ine

(66)

] ÷

365

x #

days

(75)

Lin

e (7

4) x

Lin

e (7

1)(4

2)L

ine

(54)

(50)

Lin

e (4

2) +

Lin

e (4

9)(5

9)R

MS

/MJP

-5, L

ine

(44)

; Col

(f)

Pro

rate

d(6

8)

Lin

e (6

4) +

Lin

e (6

7)(7

6)L

ine

(70)

+ L

ine

(75)

(43)

Com

pany

's b

illi

ng s

yste

m(5

1)[L

ine

(42)

+ L

ine

(50)

] ÷

2(6

0)L

ine

(58)

+ L

ine

(59)

(69)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (8

)(7

7)[L

ine

(70)

+ L

ine

(76)

] ÷

2(4

4)C

ompa

ny's

bil

ling

sys

tem

(53)

[Lin

e (5

1) x

Lin

e (5

2)]

÷ 36

5 x

# da

ys(6

1)L

ine

(60)

÷ L

ine

(57)

(70)

Lin

e (8

0)(7

9)[L

ine

(77)

x L

ine

(78)

] ÷

365

x #

days

(45)

RM

S/M

JP-5

, Lin

e (4

3); C

ol (

f) P

rora

ted

(54)

L

ine

(50)

+ L

ine

(53)

(62)

Lin

e (5

5) -

Lin

e (6

1)(7

1)L

ine

(43)

+ L

ine

(57)

(80)

Lin

e (7

6) +

Lin

e (7

9)(4

6)L

ine

(44)

+ L

ine

(45)

(55)

Col

(f)

-(l)

: RM

S/M

JP-4

, Lin

e (8

)(6

3)L

ine

(57)

x L

ine

(62)

(72)

Lin

e (4

6) +

Lin

e (6

0)(4

7)L

ine

(46)

÷ L

ine

(43)

(56)

Lin

e (6

8)(6

4)L

ine

(56)

+ L

ine

(63)

(73)

Lin

e (7

2) ÷

Lin

e (7

1)(4

8)L

ine

(41)

- L

ine

(47)

(57)

Com

pany

's b

illi

ng s

yste

m(6

5)[L

ine

(56)

+ L

ine

(64)

] ÷

2(7

4)L

ine

(69)

- L

ine

(73)



Page 3 of 4

RD

M R

econ

cili

atio

n b

y R

ate

Cla

ss b

y M

onth

Pro

rate

d

Apr

-18

May

-18

Jun-

18Ju

l-18

Aug

-18

Sep

-18

Oct

-18

Nov

-18

Dec

-18

Jan-

19F

eb-1

9M

ar-1

930

3130

3131

3031

3031

3128

31(a

)(b

)(c

)(d

)(e

)(f

)(g

)(h

)(i

)(j

)(k

)(l

)

Sm

all C

&I

(81)

Ben

chm

ark

Rev

enue

Per

Cus

tom

er (

RP

C)

$77.

93$5

0.14

$33.

47$3

1.72

$29.

56$3

3.27

$39.

99$5

9.40

$104

.87

$135

.86

$141

.47

$130

.52

(82)

Beg

inni

ng B

alan

ce U

nder

/(O

ver)

Rec

over

y$0

($21

8,89

0)($

359,

583)

($28

9,58

4)($

292,

721)

($28

5,80

3)($

254,

717)

($18

7,52

6)($

289,

522)

($42

3,04

2)($

437,

430)

($64

6,21

7)(8

3)A

ctua

l Num

ber

of C

usto

mer

s19

,202

18,9

85

18

,840

18,7

44

18

,581

18,5

29

18

,687

18,9

58

19

,127

19,1

87

19

,210

19,2

24

(8

4)A

ctua

l Bas

e R

even

ue$1

,715

,116

$1,0

91,9

85$5

59,8

86$5

97,0

49$5

41,5

40$5

84,7

50$6

79,7

92$1

,228

,461

$2,1

40,4

38$2

,622

,438

$2,9

27,9

91$2

,600

,312

(85)

Rev

enue

Adj

ustm

ent

$0$0

$0$0

$0($

113)

($29

9)($

996)

($2,

081)

($2,

581)

($3,

018)

($2,

621)

(86)

Adj

uste

d B

ase

Rev

enue

$1,7

15,1

16$1

,091

,985

$559

,886

$597

,049

$541

,540

$584

,637

$679

,493

$1,2

27,4

65$2

,138

,357

$2,6

19,8

57$2

,924

,973

$2,5

97,6

91(8

7)A

ctua

l Bas

e R

even

ue P

er C

usto

mer

$89.

32$5

7.52

$29.

72$3

1.85

$29.

14$3

1.55

$36.

36$6

4.75

$111

.80

$136

.54

$152

.26

$135

.13

(88)

RP

C V

aria

nce

(Ben

chm

ark-

Act

ual)

($11

.39)

($7.

38)

$3.7

6($

0.13

)$0

.41

$1.7

1$3

.63

($5.

35)

($6.

93)

($0.

68)

($10

.79)

($4.

61)

(89)

Mon

thly

Und

er/(

Ove

r) R

ecov

ery

of R

PC

($21

8,64

3)($

140,

018)

$70,

764

($2,

396)

$7,6

54$3

1,76

0$6

7,80

0($

101,

360)

($13

2,50

9)($

13,1

11)

($20

7,33

4)($

88,5

75)

(90)

Pre

lim

inar

y E

ndin

g B

alan

ce($

218,

643)

($35

8,90

8)($

288,

818)

($29

1,98

0)($

285,

067)

($25

4,04

4)($

186,

916)

($28

8,88

6)($

422,

031)

($43

6,15

3)($

644,

764)

($73

4,79

2)(9

1)A

vera

ge B

alan

ce($

109,

321)

($28

8,89

9)($

324,

200)

($29

0,78

2)($

288,

894)

($26

9,92

3)($

220,

817)

($23

8,20

6)($

355,

776)

($42

9,59

8)($

541,

097)

($69

0,50

5)(9

2)B

k A

mer

ica

Rat

e le

ss 2

00 B

asis

Poi

nts

2.75

%2.

75%

2.88

%3.

00%

3.00

%3.

03%

3.25

%3.

25%

3.35

%3.

50%

3.50

%3.

50%

(93)

Inte

rest

App

lied

($24

7)($

675)

($76

6)($

741)

($73

6)($

673)

($61

0)($

636)

($1,

011)

($1,

277)

($1,

453)

($2,

053)

(94)

End

ing

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

($21

8,89

0)($

359,

583)

($28

9,58

4)($

292,

721)

($28

5,80

3)($

254,

717)

($18

7,52

6)($

289,

522)

($42

3,04

2)($

437,

430)

($64

6,21

7)($

736,

845)

Med

ium

C&

I(9

5)B

ench

mar

k R

even

ue P

er C

usto

mer

(R

PC

)$3

90.9

1$3

06.7

4$2

58.9

9$2

28.1

0$2

15.2

5$2

45.1

4$3

06.7

6$3

61.5

0$4

90.0

6$5

83.4

1$5

64.6

9$5

50.0

6(9

6)B

egin

ning

Bal

ance

Und

er/(

Ove

r) R

ecov

ery

$0($

127,

621)

($11

3,60

2)$1

33,9

37$2

08,8

19$2

95,6

58$3

94,9

58$5

46,4

27$3

36,2

84($

43,6

14)

($26

1,19

0)($

797,

508)

(97)

Act

ual N

umbe

r of

Cus

tom

ers

5,14

4

5,14

1

5,12

7

5,12

2

5,20

0

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Page 4 of 4


RIPUC DOCKET NO._______ GAS REVENUE DECOUPLING MECHANISM RECONCILIATION

WITNESS: MELISSA A. LITTLE JULY 1, 2020

______________________________________________________________________________________

PRE-FILED DIRECT TESTIMONY

OF

MELISSA A. LITTLE

July 1, 2020




______________________________________________________________________________________

TABLE OF CONTENTS

I. Introduction and Qualifications............................................................................... 1

II. Purpose of Testimony ............................................................................................. 3

III. Gas Growth Revenue Requirement ......................................................................... 5



WITNESS: MELISSA A. LITTLE JULY 1, 2020 PAGE 1 of 11

______________________________________________________________________________________

I. Introduction and Qualifications 1

Q. Please state your full name and business address. 2

A. My name is Melissa A. Little, and my business address is 40 Sylvan Road, 3

Waltham, Massachusetts 02451. 4

5

Q. By whom are you employed and in what capacity? 6

A. I am a Director for New England Revenue Requirements in the New England 7

Regulation and Pricing Group of the Strategy and Regulation department of 8

National Grid USA Service Company, Inc. (Service Company). The Service 9

Company provides engineering, financial, administrative, and other technical 10

support to subsidiary companies of National Grid USA (National Grid). New 11

England Regulation and Pricing provides regulatory and rate-related support to 12

National Grid’s New England’s retail operating companies. My current duties 13

include revenue requirement responsibilities for National Grid’s gas and electric 14

distribution activities in New England, including The Narragansett Electric 15

Company d/b/a National Grid (the Company). 16

17

Q. Please describe your educational background and professional experience. 18

A. In 2000, I received a Bachelor of Science degree in Accounting Information 19

Systems from Bentley College (now Bentley University). In September 2000, I 20




______________________________________________________________________________________

joined PricewaterhouseCoopers LLP in Boston, Massachusetts, where I worked as 1

an associate in the Assurance practice. In November 2004, I joined National Grid 2

as an Analyst in the General Accounting group. After the merger of National Grid 3

and KeySpan in 2007, I joined the Regulation and Pricing department as a Senior 4

Analyst in the Regulatory Accounting function, also supporting the Niagara 5

Mohawk Power Corporation Revenue Requirement team. I was promoted to Lead 6

Specialist in July 2011 and moved to the New England Revenue Requirements 7

team. In August 2017, I was promoted to my current position. 8

9

Q. Have you previously filed testimony or testified before the Rhode Island Public 10

Utilities Commission (“PUC”)?11

A. Yes. I have testified before the PUC on numerous occasions, including in support 12

of the Company’s revenue requirement for the Company’s Application to Change 13

Electric and Gas Base Distribution Rates in Docket No. 4770 and the proposed 14

Power Sector Transformation (PST) Vision and Implementation Plan in Docket No. 15

4780. In addition, I have testified as the revenue requirement witness in numerous 16

Gas and Electric Infrastructure, Safety, and Reliability Plan proceedings and in 17

other matters before the PUC. 18




______________________________________________________________________________________

II. Purpose of Testimony 1

Q. What is the purpose of your testimony in this proceeding? 2

A. The purpose of my testimony is to present the Company’s proposed revenue 3

requirement for the rate years ending August 31, 2019, August 31, 2020, and 4

August 31, 2021 (Rate Year 1, Rate Year 2, and Rate Year 3, respectively) on 5

actual cumulative growth capital invested during the period from the end of the test 6

year in the Company’s general rate case in Docket No. 4770 (“2017 Rate Case”) 7

through the end of the first Rate Year, or July 1, 2017 through August 31, 2019, 8

pursuant to Article II, Section C.22.c of the Amended Settlement Agreement 9

(“Settlement Agreement”) in the 2017 Rate Case. I will then describe how the Rate 10

Years’ revenue requirements on actual growth capital investment were allocated 11

among customer classes, the result of which will be included in the calculation of 12

the Company’s Revenue Decoupling Mechanism (“RDM”) reconciliation for the 13

period April 1, 2019 through March 31, 2020. 14

15

Q. Why is the Company performing this update? 16

A. In the 2017 Rate Case, the parties to the Amended Settlement Agreement agreed 17

that actual growth capital investments through the end of the Rate Year 1 and actual 18

number of customers in Rate Year 1 should be used for purposes of establishing the 19

final Revenue-Per-Customer (RPC) Targets used in the calculation of the 20




______________________________________________________________________________________

Company’s annual RDM reconciliation for periods commencing September 1, 2018 1

(the effective date of new base rates resulting from the 2017 Rate Case). The 2

difference between the actual Rate Years revenue requirements related to actual 3

growth capital and the forecasted Rate Years revenue requirements related to 4

forecasted growth capital, as is currently reflected in distribution base rates, will be 5

added or subtracted to the total RDM class revenue requirement used to establish 6

base rates in the 2017 Rate Case. The adjusted RDM class revenue requirement and 7

adjusted number of customers will be used in the calculation of the RPC Targets 8

used to determine the RDM reconciliation balances effective September 1, 2018. 9

The impact of the adjusted RPC Targets on the Company’s RDM reconciliation for 10

the periods September 1, 2018 through March 31, 2019 and April 1, 2019 through 11

March 31, 2020 is described in the testimony of Company Witnesses Ryan M. 12

Scheib and Michael J. Pini included in this filing. 13

14

Q. Are you sponsoring any schedules with your testimony? 15

A. Yes. I am sponsoring the following schedule that accompanies my testimony: 16

Schedule MAL-1 Revenue Requirement related to Forecasted and Actual 17 Growth Capital Investment for the period July 1, 2017 18 through August 31, 2019 19

20




______________________________________________________________________________________

II. Gas Growth Revenue Requirement 1

Q. Please summarize the Company’s Rate Year 1 revenue requirement on 2

cumulative growth capital investment.3

A. As shown on Page 1, Column C of Schedule MAL-1, the Company’s Rate Year 1 4

revenue requirement on actual cumulative growth investment made since the end of 5

the test year in the Company’s 2017 Rate Case and through the Rate Year ended 6

August 31, 2019 and associated with the RDM customer classes is $3,306,570. The 7

Rate Year 1 revenue requirement on actual growth capital investment associated 8

with all customer classes is $3,744,302, as shown on Page 3 at Line 19, Column F, 9

and consists of a return on investment (i.e. average rate base at the weighted 10

average cost of capital) plus taxes and depreciation expense. The actual cumulative 11

growth capital investment on which average rate base was calculated amounted to 12

$48,484,348, as shown on Page 10, Line 2 at Column (c). On Page 3, the Company 13

applied the approved revenue allocation from the Amended Settlement Agreement 14

to the Rate Year 1 revenue requirement on actual cumulative growth capital of 15

$3,744,302 to determine the amount of the actual cumulative growth capital 16

revenue requirement attributable to RDM customers and non-RDM customers to 17

arrive at the Rate Year 1 RDM-related revenue requirement on actual cumulative 18

growth capital of $3,306,570, as shown on Page 3, Line 22, Column G. This 19

allocation is shown on Page 3, in Column G, and the actual growth capital revenue 20




______________________________________________________________________________________

requirement allocated to RDM customer classes carries forward to Page 1 in 1

Column C. This same methodology was applied to the Rate Year 2 and Rate Year 3 2

revenue requirements on actual cumulative growth capital investment as shown on 3

Page 3 in Columns H through K and carried forward to Page 1 in Column C. 4

5

Q. Please explain how Schedule MAL-1 is structured. 6

A. Attachment 25 of the Amended Settlement Agreement included an illustrative 7

example of the revenue requirement and rate base calculations and the ultimate 8

allocation of growth capital revenue requirement to the RDM rate classes. The 9

Company has performed this calculation with actual growth capital investment to 10

arrive at the RDM-related Rate Years 1, 2 and 3 revenue requirements on actual 11

cumulative growth capital invested through the period ending August 31, 2019 and 12

is presenting those calculations in Schedule MAL-1. 13

14

Page 1 titled “Computation of Class RDM Revenue” provides a summary of the 15

forecasted and actual revenue requirements on cumulative growth capital 16

investment by RDM-related rate class. Column A presents the settled base-rate 17

revenue by RDM rate class from the 2017 Rate Case totaling $189,768,2621 in Rate 18

Year 1, $196,494,909 in Rate Year 2 and $199,943,286 in Rate Year 3. Column B 19

1 The settled rate-designed revenue requirement by rate class as presented at Page 1 in Column A excludes discounts given to low-income customers.




______________________________________________________________________________________

reflects the revenue requirement of projected growth capital investment by RDM 1

rate class included in Column A. Column C provides the revenue requirement of 2

actual growth capital investment by RDM rate class. The final total revenue by 3

RDM rate class is calculated in Column D by removing from Column A the 4

projected amounts in Column B and replacing them with the actual amounts from 5

Column C. The actual revenue by RDM rate class in Column D totals 6

$189,854,154 in Rate Year 1, $196,856,762 in Rate Year 2 and $200,299,316 in 7

Rate Year 3. The actual rate-year revenue target in Column D is utilized in the 8

Company’s RDM reconciliation for the period April 1, 2019 through March 31, 9

2020. 10

11

Page 2 presents the Rate Years 1, 2 and 3 revenue requirements on forecasted 12

growth capital investment embedded in distribution base rates totaling $3,647,039, 13

$4,711,586, and $4,574,554, respectively and shows the allocation of these revenue 14

requirements to RDM and non-RDM customer classes based on the rate design 15

allocation per the Amended Settlement Agreement. This allocation supports the 16

settled growth capital revenue requirements allocated to RDM customer classes of 17

$3,220,677, $4,160,772 and $4,039,759 reflected on Page 1 in Column B. The 18

detailed revenue requirement and rate base calculations supporting the total settled 19

growth capital revenue requirements are found on Pages 4 through 9. 20




______________________________________________________________________________________

Page 3 presents the allocation of the Rate Years 1, 2 and 3 revenue requirements on 1

actual growth capital investment of $3,744,302, $5,121,343 and $4,977,716, 2

respectively, to RDM and non-RDM rate classes based on the base-rate design 3

allocator. Then the allocation of the RDM-related portion of the actual growth 4

capital revenue requirement of $3,306,570, $4,522,625, and $4,395,789, 5

respectively, among the Residential, Small Commercial & Industrial (“C&I”), and 6

Medium C&I customer classes is carried forward to Page 1 in Column C. The 7

detailed revenue requirement and rate base calculations supporting the actual 8

growth capital revenue requirements are found on Pages 10 through 15. 9

10

Pages 4 through 9 present the cumulative rate base and resulting Rate Years 1, 2 11

and 3 revenue requirement calculations on a cumulative $43,641,532 of forecasted 12

growth capital investment included in distribution base rates effective September 1, 13

2018. Page 4 calculates the revenue requirements on forecasted growth capital rate 14

base, the calculation of which is shown on Pages 5 through 7 for each of the 15

investment periods beginning with the 12-months ended June 30, 2018, the two-16

months ended August 31, 2018, and the 12-months ended August 31, 2019. Page 8 17

calculates tax depreciation expense on the forecasted growth investment, and Page 18

9 calculates the proration adjustment on deferred income taxes generated by the 19

forecasted growth investment. 20

21




______________________________________________________________________________________

Page 10 presents the cumulative rate base and resulting Rate Years 1, 2 and 3 1

revenue requirement computations on cumulative actual growth capital spending of 2

$48,484,348 incurred during the period July 1, 2017 through August 31, 2019, 3

totaling $3,744,302, $5,121,343, and $4,977,716 respectively and which carry 4

forward to Page 3, Columns F, H and J at Line 19. Pages 11, 12, and 13 present the 5

rate base calculations related to the actual level of growth capital investment made 6

in each of the investment periods beginning with the 12-months ended June 30, 7

2018, the two-months ended August 31, 2018, and the 12-months ended August 31, 8

2019, respectively. Page 14 calculates tax depreciation expense on the actual 9

growth capital investment. Page 15 shows the monthly Modified Accelerated Cost 10

Recovery System (MACRS) tax depreciation rates used in the calculation of 11

forecasted and actual tax depreciation expense on Pages 8 and 14. 12

13

Q. Please explain the revenue requirement and rate base calculations, shown at 14

Pages 10 through 15, in more detail. 15

A. Page 10 contains the revenue requirement calculation on actual cumulative growth 16

capital investment totaling $48,484,348 and consisting of $16,666,415 in growth 17

capital in the 12-months ended June 30, 2018, $6,778,857 in the two months ended 18

August 31, 2018, and $25,039,075 in Rate Year 1. The tax depreciation and book 19

depreciation amounts shown on Page 10 are a summation of book and tax 20

depreciation amounts calculated in each of the vintage investment periods as shown 21




PAGE 10 of 11 ______________________________________________________________________________________

on Pages 11 through 13 and described in more detail below. Deferred taxes are 1

then calculated as the difference between book depreciation and tax depreciation 2

times the effective federal tax rate of 21%. Due to the decrease in the federal 3

income tax rate effective January 1, 2018, investments made during the period July 4

1, 2017 through December 21, 2017 derive an excess deferred tax reserve 5

calculated at the difference between the current tax rate of 21% and the previous tax 6

rate of 35%. 7

8

To calculate rate base at the end of each period, the amount of cumulative capital 9

investment is reduced by the accumulated depreciation expense and accumulated 10

deferred tax liability. Average rate base at August 31, 2019 is calculated as the 11

average of the two period-ending rate base amounts at August 31, 2018 and August 12

31, 2019. Return and taxes are then calculated on the average rate base at August 13

31, 2019 by applying the pre-tax weighted average rate of return approved in the 14

2017 Rate Case of 8.41 percent. Return and taxes on an average rate base of 15

$32,503,254 at August 31, 2019 totals $2,733,524, which when added to Rate Year 16

1 book depreciation expense of $1,010,779 results in a total revenue requirement on 17

actual cumulative growth capital investment of $3,744,302 in Rate Year 1. Similar 18

revenue requirement calculations are performed on Rate Year 2 and 3 average rate 19

base to arrive at a $5,121,343 revenue requirement on actual cumulative growth 20




PAGE 11 of 11 ______________________________________________________________________________________

capital investment in Rate Year 2, and a $4,977,716 revenue requirement in Rate 1

Year 3 on actual cumulative growth capital investment. 2

3

Pages 11 through 15 present the rate base calculations related to actual growth 4

capital investment made during each of the three investment periods and follow the 5

same methodology as outlined above for Page 10. The calculation of tax 6

depreciation is shown on Page 14. The actual growth capital invested during each 7

period was eligible for some level of bonus depreciation deduction, as shown on 8

Line 35 of Page 14. The remaining growth capital investment was depreciated for 9

tax purposes following IRS-issued MACRS depreciation rates on 20-year property 10

under a half-year convention as detailed on Page 15. The composite book 11

depreciation rates of 3.38% and 3.05% are equal to the composite depreciation rates 12

granted in distribution base rates under Docket Nos. 4323 and 4770 respectively. 13

14

Q. Does this conclude your testimony? 15

A. Yes, it does. 16

THE NARRAGANSETT ELECTRIC COMPANY

d/b/a NATIONAL GRID

RIPUC DOCKET NO._______

GAS REVENUE DECOUPLING MECHANISM RECONCILIATION

WITNESS: MELISSA A. LITTLE

JULY 1, 2020

______________________________________________________________________________________

Schedules of Melissa A. Little

Schedule MAL-1 Revenue Requirements related to Forecasted and Actual Growth

Capital Investment for the period July 1, 2017 through August 31,

2019

THE NARRAGANSETT ELECTRIC COMPANY

d/b/a NATIONAL GRID

RIPUC DOCKET NO._______

GAS REVENUE DECOUPLING MECHANISM RECONCILIATION

WITNESS: MELISSA A. LITTLE

JULY 1, 2020

______________________________________________________________________________________

Schedule MAL-1

Revenue Requirements related to Forecasted and Actual Growth Capital Investment for the

period July 1, 2017 through August 31, 2019

The Narragansett Electric Companyd/b/a National Grid

RIPUC Docket No. ____Schedule MAL-1

Page 1 of 15

Col A Col B Col C Col D = A - B + C

Settled Rate Settled ActualDesigned Class Growth Capital Growth Capital Actual Rate Year

Rev Requirement Rev Requirement Rev Requirement Rev TargetLineNo. RDM Classes1 Res Non Ht(incl Low Income) $4,934,287 $83,743 $85,976 $4,936,5202 Res HT (incl Low Income) $142,079,428 $2,411,320 $2,475,627 $142,143,7363 C&I Small $17,481,450 $296,689 $304,601 $17,489,3624 C&I Medium $25,273,097 $428,926 $440,365 $25,284,53656 Total RDM $189,768,262 $3,220,677 $3,306,570 $189,854,154

- - -




- - -




- - -

Column NotesColumn A - Per Settlement Rate DesignColumn B - RDM Class related Growth Capital revenue requirement per Settlement at Page 2.Column C - Actual RDM Class related Growth Capital revenue requirement for the Rate Years ending 8/31/2019,

8/31/2020, and 8/31/2021 at Page 3

Rate Year Ending August 31, 2021

Narragansett Gasd/b/a National Grid

Computation of Class RDM Revenue Rate Year Ending August 31, 2019


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RIPUC Docket No. ____ Schedule MAL-1

Page 2 of 15

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RIPUC Docket No. ____ Schedule MAL-1

Page 3 of 15



Page 4 of 15

Line No

Twelve Months Ended June 30,

2018

Two Months Ended August

31, 2018

Rate Year Ending August

31, 2019


31, 2020


31, 2021(a) (b) (c) (d) (e)

1 Forecasted Annual Growth Capital Investment $20,364,199 $3,325,333 $19,952,000 $0 $02 Cumulative Growth Capital $20,364,199 $23,689,532 $43,641,532 $43,641,532 $43,641,53234 Deferred Tax Calculation:5 Tax Depreciation $3,103,639 $374,237 $2,164,516 $2,849,955 $2,636,1776 Cumulative Tax Depreciation $3,103,639 $3,477,876 $5,642,393 $8,492,348 $11,128,52578 Book Depreciation $344,155 $124,085 $984,539 $1,331,067 $1,331,0679 Cumulative Book Depreciation $344,155 $468,240 $1,452,779 $2,783,846 $4,114,912

1011 Cumulative Book / Tax Timer $2,759,484 $3,009,637 $4,189,614 $5,708,502 $7,013,61212 Effective Tax Rate 21.00% 21.00% 21.00% 21.00% 21.00%13 Deferred Tax Reserve $579,492 $632,024 $879,819 $1,198,785 $1,472,85914 Excess Deferred Tax Reserve $300,378 $300,378 $300,378 $300,378 $300,37815 Total Deferred Tax Reserve $879,870 $932,402 $1,180,197 $1,499,164 $1,773,2371617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $20,364,199 $23,689,532 $43,641,532 $43,641,532 $43,641,53219 Accumulated Depreciation ($344,155) ($468,240) ($1,452,779) ($2,783,846) ($4,114,912)20 Deferred Tax Reserve ($879,870) ($932,402) ($1,180,197) ($1,499,164) ($1,773,237)21 Year End Rate Base $19,140,174 $22,288,891 $41,008,556 $39,358,523 $37,753,383

2223 Revenue Requirement Calculation:24 Average Rate Base before Proration Adj $31,648,723 $40,183,539 $38,555,95325 Proration adjustment $10,014 $12,890 $11,07626 Average Rate Base including Proration Adj $31,658,737 $40,196,429 $38,567,02827 Pre-Tax ROR 8.41% 8.41% 8.41%28 Return and Taxes $2,662,500 $3,380,520 $3,243,48729 Book Depreciation $984,539 $1,331,067 $1,331,06730

31 Annual Revenue Requirement $3,647,039 $4,711,586 $4,574,554

1/ Weighted Average Cost of Capital per Settlement RIPUC Docket No. 4770 Ratio Rate Rate Taxes Return

Long Term Debt 48.35% 4.98% 2.41% 2.41%Short Term Debt 0.60% 1.76% 0.01% 0.01%Preferred Stock 0.10% 4.50% 0.00% 0.00%Common Equity 50.95% 9.275% 4.73% 1.26% 5.99%

100.00% 7.15% 1.26% 8.41%

Forecasted Growth Capital Investment for the period July 1, 2017 through August 31, 2019Computation of Revenue Requirement as Filed




Page 5 of 15

Line No

Six Months Ended December

31, 2017

Six Months Ended June 30,

2018


2018


31, 2018


31, 2019


31, 2020


31, 2021(a) (b) (c)=(a)+(b) (d) (e) (f) (g)

1 Forecasted Annual Growth Capital Investment $10,250,799 $10,113,399 $20,364,199 $0 $0 $0 $02 Cumulative Growth Capital $10,250,799 $20,364,199 $20,364,199 $20,364,199 $20,364,199 $20,364,199 $20,364,19934 Deferred Tax Calculation:

5 Composite Book Depreciation Rate 3.38% 3.38% 3.38% 3.38% 3.05% 3.05% 3.05%67 Tax Depreciation $2,318,797 $784,842 $3,103,639 $215,764 $1,278,387 $1,182,445 $1,093,8568 Cumulative Tax Depreciation $2,318,797 $3,103,639 $3,103,639 $3,319,403 $4,597,791 $5,780,236 $6,874,092910 Book Depreciation $173,239 $170,916 $344,155 $114,718 $621,108 $621,108 $621,10811 Cumulative Book Depreciation $173,239 $344,155 $344,155 $458,873 $1,079,981 $1,701,089 $2,322,1971213 Cumulative Book / Tax Timer $2,145,558 $2,759,484 $2,759,484 $2,860,530 $3,517,809 $4,079,147 $4,551,89514 Effective Tax Rate 35.00% 21.00% 21.00% 21.00% 21.00% 21.00% 21.00%15 Deferred Tax Reserve $750,945 $579,492 $579,492 $600,711 $738,740 $856,621 $955,89816 Excess Deferred Tax Reserve $300,378 $300,378 $300,378 $300,378 $300,378 $300,37817 Total Deferred Tax Reserve $750,945 $879,870 $879,870 $901,090 $1,039,118 $1,156,999 $1,256,276

18 Rate Base Calculation:19 Cumulative Incremental Capital Included in Rate Base $10,250,799 $20,364,199 $20,364,199 $20,364,199 $20,364,199 $20,364,199 $20,364,19920 Accumulated Depreciation ($173,239) ($344,155) ($344,155) ($458,873) ($1,079,981) ($1,701,089) ($2,322,197)21 Deferred Tax Reserve ($750,945) ($879,870) ($879,870) ($901,090) ($1,039,118) ($1,156,999) ($1,256,276)22 Year End Rate Base $9,326,615 $19,140,174 $19,140,174 $19,004,236 $18,245,099 $17,506,110 $16,785,725

Line 7 - Per Page 8 of 15


Computation of Growth Capital Rate Base as Filed12 Months Ended June 30, 2018



Page 6 of 15

Line No

Two Months Ended August 31,

2018Rate Year Ending August 31, 2019



(a) (b) (c) (d)

1 Forecasted Annual Growth Capital Investment $3,325,333 $0 $0 $02 Cumulative Growth Capital $3,325,333 $3,325,333 $3,325,333 $3,325,33334 Deferred Tax Calculation:5 Composite Book Depreciation Rate 3.38% 3.05% 3.05% 3.05%67 Tax Depreciation $158,473 $137,929 $227,175 $210,1258 Cumulative Tax Depreciation $158,473 $296,402 $523,577 $733,7029

10 Book Depreciation $9,366 $59,163 $101,423 $101,42311 Cumulative Book Depreciation $9,366 $68,530 $169,952 $271,3751213 Cumulative Book / Tax Timer $149,107 $227,872 $353,625 $462,32714 Effective Tax Rate 21.00% 21.00% 21.000% 21.000%15 Deferred Tax Reserve $31,312 $47,853 $74,261 $97,089

1617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $3,325,333 3,325,333 3,325,333 3,325,333 19 Accumulated Depreciation ($9,366) ($68,530) ($169,952) ($271,375)20 Deferred Tax Reserve ($31,312) ($47,853) ($74,261) ($97,089)21 Year End Rate Base $3,284,655 $3,208,951 $3,081,120 $2,956,870



Computation of Growth Capital Rate Base as FiledTwo Months Ended August 31, 2018



Page 7 of 15

Line No


31, 2019Rate Year Ending August 31, 2020


(a) (b) (c)

1 Forecasted Annual Growth Capital Investment $19,952,000 $0 $02 Cumulative Growth Capital $19,952,000 $19,952,000 $19,952,00034 Deferred Tax Calculation:5 Composite Book Depreciation Rate 3.05% 3.05% 3.05%67 Tax Depreciation $748,200 $1,440,335 $1,332,1958 Cumulative Tax Depreciation $748,200 $2,188,535 $3,520,7309

10 Book Depreciation $304,268 $608,536 $608,53611 Cumulative Book Depreciation $304,268 $912,804 $1,521,3401213 Cumulative Book / Tax Timer $443,932 $1,275,731 $1,999,39014 Effective Tax Rate 21.00% 21.00% 21.00%15 Deferred Tax Reserve $93,226 $267,903 $419,872

1617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $19,952,000 $19,952,000 $19,952,00019 Accumulated Depreciation ($304,268) ($912,804) ($1,521,340)20 Deferred Tax Reserve ($93,226) ($267,903) ($419,872)21 Year End Rate Base $19,554,506 $18,771,293 $18,010,788



Computation of Growth Capital Rate Base as FiledRate Year Ending August 31, 2019



Page 8 of 15

6 months 6 months 2 months Rate YearLine Dec 31, 2017 June 30 2018 Jul-Aug 2018 Aug-2019No. (a) (b) (c) (d)

Bonus Depreciation

1 Plant Additions Line 1 $10,250,799 $10,113,399 $3,325,333 $19,952,0002 Percent of Plant Eligible for Bonus Depreciation Per Tax Department 100.00% 100.00% 100.00% 100.00%3 Plant Eligible for Bonus Depreciation Line 1 x Line 2 $10,250,799 $10,113,399 $3,325,333 $19,952,0004 Bonus Depreciation Rate Line 35 19.61% 4.17% 4.17% 0.00%5 Bonus Depreciation Line 3 x Line 4 $2,009,758 $421,392 $138,556 $067 Remaining Tax Depreciation8 Plant Additions Line 1 $10,250,799 $10,113,399 $3,325,333 $19,952,0009 Less Bonus Depreciation Line 5 $2,009,758 $421,392 $138,556 $010 Remaining Plant Additions Subject to 20 YR MACRS Tax

Depreciation Line 8 less Line 9 $8,241,041 $9,692,007 $3,186,777 $19,952,00011 20 YR MACRS Tax Depreciation Rates Page 15 of 15 3.75% 3.75% 0.63% 3.75%12 Remaining Tax Depreciation Line 10 x Line 11 $309,039 $363,450 $19,917 $748,2001314 Total Tax Depreciation and Repairs Deduction Line 5 + Line 12 $2,318,797 $784,842 $158,473 $748,2001516 MACRS Depreciation for the periods:17 2 months ended August 31, 201818 20 YR MACRS Tax Depreciation Rates Page 15 of 15 1.20% 1.20%19 MACRS Tax Depreciation Line 10 x Line 18 $99,153 $116,61120 Rate Year ended August 31, 201921 20 YR MACRS Tax Depreciation Rates Page 15 of 15 7.13% 7.13% 4.33%22 MACRS Tax Depreciation Line 10 x Line 21 $587,476 $690,911 $137,92923 Rate Year ended August 31, 2020

24 20 YR MACRS Tax Depreciation Rates Page 15 of 15 6.59% 6.59% 7.13% 7.22%25 MACRS Tax Depreciation Line 10 x Line 24 $543,387 $639,059 $227,175 $1,440,33526 Rate Year ended August 31, 202127 20 YR MACRS Tax Depreciation Rates Page 15 of 15 6.10% 6.10% 6.59% 6.68%28 MACRS Tax Depreciation Line 10 x Line 27 $502,676 $591,180 $210,125 $1,332,1952930

316 mos July 2017 -

Dec 20174 mos Sept 2017

- Dec 201712 mos Aug 31

20182 mos Aug 31,

2017

32 Weighted Bonus Depreciation Rates: (A)=(B)+(D) (B)=(C)*1/3 (C) (D)

33 Bonus Depreciation $4,873,923 $686,894 $2,060,682 $4,187,02934 Plant Eligible for Bonus depreciation $24,859,512 $16,485,455 $49,456,364 $8,374,05735 Bonus Tax Depreciation Rate 19.61% 4.17% 4.17% 50.00%

Columns (C) and (D) - per RIPUC Docket No. 4770 Aug 16, 2018 Compliance Filing Book 1, Compliance Attachment 2, Schedule 11-GAS, Pages 16 - 19


Computation of Growth Capital Rate Base as FiledCalculation of Tax Depreciation

Forecasted Growth Capital Investment for the period July 1, 2017 through August 31, 2019



Page 9 of 15

Line (a) (b) (c) (d) (e)

No. Deferred Tax Subject to Proration


2018


31, 2018


31, 2019


31, 2020


31, 20211 Book Depreciation 344,155$ 124,085$ 984,539$ 1,331,067$ 1,331,067$ 2 Bonus Depreciation (2,431,150)$ (138,556)$ -$ -$ -$

3 Remaining MACRS Tax Depreciation (672,489)$ ($235,681) ($2,164,516) ($2,849,955) ($2,636,177)4 Tax (gain)/loss on retirements -$ $0 $0 $0 $05 Cumulative Book / Tax Timer (2,759,484)$ ($250,153) ($1,179,977) ($1,518,888) ($1,305,110)6 Effective Tax Rate 21.00% 21.00% 21.00% 21.00% 21.00%7 Deferred Tax Reserve (579,492)$ ($52,532) ($247,795) ($318,967) ($274,073)

Deferred Tax Not Subject to Proration8 Capital Repairs Deduction -$ 9 Cost of Removal -$ 10 Book/Tax Depreciation Timing Difference at 3/31/2017 -$ 11 Cumulative Book / Tax Timer -$ 12 Effective Tax Rate 21.00%13 Deferred Tax Reserve -

14 Total Deferred Tax Reserve (579,492)$ ($52,532) ($247,795) ($318,967) ($274,073)15 Net Operating Loss -$ $0 $0 $0 $016 Net Deferred Tax Reserve (579,492)$ ($52,532) ($247,795) ($318,967) ($274,073)

17 Cumulative Book/Tax Timer Subject to Proration (2,759,484)$ (250,153)$ (1,179,977)$ (1,518,888)$ (1,305,110)$ 18 Cumulative Book/Tax Timer Not Subject to Proration -$ -$ -$ -$ -$ 19 Total Cumulative Book/Tax Timer (2,759,484)$ (250,153)$ (1,179,977)$ (1,518,888)$ (1,305,110)$

20 Total FY 2018 Federal NOL -$ -$ -$ -$ -$ 21 Allocated FY 2018 Federal NOL Not Subject to Proration -$ -$ -$ -$ -$ 22 Allocated FY 2018 Federal NOL Subject to Proration -$ -$ -$ -$ -$ 23 Effective Tax Rate 21.00% 21.00% 21.00% 21.00% 21.00%24 Deferred Tax Benefit subject to proration -$ -$ -$ -$ -$

25 Net Deferred Tax Reserve subject to proration -$ -$ ($247,795) ($318,967) ($274,073)

(h) (i) (j) (k) (l) (m) (m)

Proration CalculationNumber of Days

in MonthProration

Percentage


2018


31, 2018


31, 2019


31, 2020


31, 202131 September 30 91.78% -$ $0 ($18,952) ($24,396) ($20,962)32 October 31 83.29% -$ $0 ($17,199) ($22,138) ($19,022)33 November 30 75.07% -$ $0 ($15,501) ($19,954) ($17,145)34 December 31 66.58% -$ $0 ($13,748) ($17,696) ($15,205)35 January 31 58.08% -$ $0 ($11,994) ($15,439) ($13,266)36 February 28 50.41% -$ $0 ($10,410) ($13,400) ($11,514)37 March 31 41.92% -$ $0 ($8,656) ($11,142) ($9,574)26 April 30 33.70% -$ $0 ($6,959) ($8,957) ($7,697)27 May 31 25.21% -$ $0 ($5,205) ($6,700) ($5,757)28 June 30 16.99% -$ $0 ($3,508) ($4,515) ($3,880)29 July 31 8.49% -$ $0 ($1,754) ($2,258) ($1,940)30 August 31 0.00% -$ $0 $0 $0 $038 Total 365 -$ $0 ($113,884) ($146,594) ($125,961)

39 Deferred Tax Without Proration -$ $0 ($247,795) ($318,967) ($274,073)40 Average Deferred Tax without Proration -$ $0 ($123,898) ($159,483) ($137,037)41 Proration Adjustment $0 $0 $10,014 $12,890 $11,076

Column Notes:(i) Sum of remaining days in the year (Col (h)) ÷ 365

(j) through (m) Current Year Line 25 ÷ 12 × Current Month Col (i)

Line 7 + Line 24

Line 25Line 25 * 50%

Line 38 - Line 40

Line 11Line 17 + Line 18

Page 2 of 19, Line 17(Line 18 / Line 19 ) * Line 20(Line 17 / Line 19 ) * Line 20

Line 22 * Line 23

Line 5

Col (a)=Page 3 of 19, Line 19(a); Col (b) & forward= Page 3 of 19, Col (d)

Page 3 of 19, Line 20Sum of Lines 1 through 4

Line 5 * Line 6

Page 3 of 19, Line 3Page 3 of 19, Line 21

Line 8 + Line 9 + Line 10

Line 11 * Line 12

Line 7 + Line 13

Line 14 + Line 15

Computation of Growth Capital Rate Base as Filed


Page 3 of 19, Line 13

Calculation of Net Deferred Tax Reserve Proration on Forcasted Incremental Growth Capital Investment

Page 2 of 19, Line 12

For the period July 1, 2017 through August 31, 2019 as Filed

Revenue Requirement Years



Page 10 of 15

Line No


2018


31, 2018


31, 2019


31, 2020


31, 2021(a) (b) (c) (d) (e)

1 Actual Annual Growth Capital Investment $16,666,415 $6,778,857 $25,039,075 $0 $02 Cumulative Growth Capital $16,666,415 $23,445,272 $48,484,348 $48,484,348 $48,484,34834 Deferred Tax Calculation:5 Tax Depreciation $7,607,238 $1,111,865 $4,291,085 $2,660,609 $2,460,9636 Cumulative Tax Depreciation $7,607,238 $8,719,103 $13,010,188 $15,670,797 $18,131,75978 Book Depreciation $281,662 $112,981 $1,010,779 $1,478,773 $1,478,7739 Cumulative Book Depreciation $281,662 $394,644 $1,405,422 $2,884,195 $4,362,9681011 Cumulative Book / Tax Timer $7,325,576 $8,324,459 $11,604,765 $12,786,602 $13,768,79212 Effective Tax Rate 21.00% 21.00% 21.00% 21.00% 21.00%13 Deferred Tax Reserve $1,538,371 $1,748,136 $2,437,001 $2,685,186 $2,891,44614 Excess Deferred Tax $478,968 $478,968 $478,968 $478,968 $478,96815 Total Deferred Tax Reserve $2,017,339 $2,227,105 $2,915,969 $3,164,154 $3,370,4141617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $16,666,415 $23,445,272 $48,484,348 $48,484,348 $48,484,34819 Accumulated Depreciation ($281,662) ($394,644) ($1,405,422) ($2,884,195) ($4,362,968)20 Deferred Tax Reserve ($2,017,339) ($2,227,105) ($2,915,969) ($3,164,154) ($3,370,414)21 Year End Rate Base $14,367,414 $20,823,524 $44,162,956 $42,435,998 $40,750,966

2223 Revenue Requirement Calculation:24 Average Rate Base $32,493,240 $43,299,477 $41,593,48225 Proration adjustment $10,014 $12,890 $11,07626 Average Rate Base including Proration Adj $32,503,254 $43,312,367 $41,604,55727 Pre-Tax ROR 8.41% 8.41% 8.41%28 Return and Taxes $2,733,524 $3,642,570 $3,498,94329 Book Depreciation $1,010,779 $1,478,773 $1,478,77330

31 Annual Revenue Requirement $3,744,302 $5,121,343 $4,977,716

1/ Weighted Average Cost of Capital per Settlement RIPUC Docket No. 4770 Ratio Rate Rate Taxes Return

Long Term Debt 48.35% 4.98% 2.41% 2.41%Short Term Debt 0.60% 1.76% 0.01% 0.01%Preferred Stock 0.10% 4.50% 0.00% 0.00%Common Equity 50.95% 9.275% 4.73% 1.26% 5.99%

100.00% 7.15% 1.26% 8.41%


Computation of Revenue RequirementActual Growth Capital Investment for the period July 1, 2017 through August 31, 2019



Page 11 of 15

Line No

Six Months Ended December

31, 2017

Six Months Ended June 30,

2018


2018


31, 2018


31, 2019


31, 2020


31, 2021(a) (b) (c) = (a) + (b) (d) (e) (f) (g)

1 Actual Annual Growth Capital Investment $9,619,651 $7,046,764 $16,666,415 $0 $0 $0 $02 Cumulative Growth Capital $9,619,651 $16,666,415 $16,666,415 $16,666,415 $16,666,415 $16,666,415 $16,666,41534 Deferred Tax Calculation:5 Composite Book Depreciation Rate 3.38% 3.38% 3.38% 3.05% 3.05% 3.05%67 Tax Depreciation $3,583,773 $4,023,465 $7,607,238 $113,244 $670,960 $620,605 $574,1098 Cumulative Tax Depreciation $3,583,773 $7,607,238 $7,607,238 $7,720,482 $8,391,441 $9,012,046 $9,586,154910 Book Depreciation $162,572 $119,090 $281,662 $93,887 $508,326 $508,326 $508,32611 Cumulative Book Depreciation $162,572 $281,662 $281,662 $375,550 $883,876 $1,392,201 $1,900,5271213 Cumulative Book / Tax Timer $3,421,201 $7,325,576 $7,325,576 $7,344,932 $7,507,566 $7,619,845 $7,685,62814 Effective Tax Rate 35.00% 21.00% 21.00% 21.00% 21.000% 21.000% 21.000%15 Deferred Tax Reserve $1,197,420 $1,538,371 $1,538,371 $1,542,436 $1,576,589 $1,600,167 $1,613,98216 Excess Deferred Tax $478,968 $478,968 $478,968 $478,968 $478,968 $478,96817 Total Deferred Tax Reserve $1,197,420 $2,017,339 $2,017,339 $2,021,404 $2,055,557 $2,079,135 $2,092,9501819 Rate Base Calculation:20 Cumulative Incremental Capital Included in Rate Base $9,619,651 $16,666,415 $16,666,415 $16,666,415 $16,666,415 $16,666,415 $16,666,41521 Accumulated Depreciation ($162,572) ($281,662) ($281,662) ($375,550) ($883,876) ($1,392,201) ($1,900,527)22 Deferred Tax Reserve ($1,197,420) ($2,017,339) ($2,017,339) ($2,021,404) ($2,055,557) ($2,079,135) ($2,092,950)23 Year End Rate Base $8,259,658 $14,367,414 $14,367,414 $14,269,462 $13,726,983 $13,195,078 $12,672,938



Computation of Actual Growth Capital Rate Base12 Months Ended June 30, 2018



Page 12 of 15

Line No


31, 2018


31, 2019


31, 2020


31, 2021

(a) (b) (c) (d)

1 Actual Annual Growth Capital Investment $6,778,857 $0 $0 $02 Cumulative Growth Capital $6,778,857 $6,778,857 $6,778,857 $6,778,85734 Deferred Tax Calculation:5 Composite Book Depreciation Rate 3.38% 3.05% 3.05% 3.05%67 Tax Depreciation $998,621 $251,752 $414,645 $383,5278 Cumulative Tax Depreciation $998,621 $1,250,373 $1,665,018 $2,048,5459

10 Book Depreciation $19,094 $120,607 $206,755 $206,75511 Cumulative Book Depreciation $19,094 $139,701 $346,456 $553,2111213 Cumulative Book / Tax Timer $979,527 $1,110,672 $1,318,562 $1,495,33314 Effective Tax Rate 21.00% 21.00% 21.00% 21.00%15 Deferred Tax Reserve $205,701 $233,241 $276,898 $314,020

1617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $6,778,857 $6,778,857 $6,778,857 $6,778,85719 Accumulated Depreciation ($19,094) ($139,701) ($346,456) ($553,211)20 Deferred Tax Reserve ($205,701) ($233,241) ($276,898) ($314,020)21 Year End Rate Base $6,554,062 $6,405,915 $6,155,503 $5,911,626



Computation of Actual Growth Capital Rate BaseTwo Months Ended August 31, 2018



Page 13 of 15

Line No


31, 2019Rate Year Ending August 31, 2020


(a) (b) (c)

1 Actual Annual Growth Capital Investment $25,039,075 $0 $02 Cumulative Growth Capital $25,039,075 $25,039,075 $25,039,07534 Deferred Tax Calculation:5 Composite Book Depreciation Rate 3.05% 3.05% 3.05%67 Tax Depreciation $3,368,374 $1,625,359 $1,503,3288 Cumulative Tax Depreciation $3,368,374 $4,993,733 $6,497,0609

10 Book Depreciation $381,846 $763,692 $763,69211 Cumulative Book Depreciation $381,846 $1,145,538 $1,909,2301213 Cumulative Book / Tax Timer $2,986,528 $3,848,195 $4,587,83114 Effective Tax Rate 21.00% 21.00% 21.00%15 Deferred Tax Reserve $627,171 $808,121 $963,444

1617 Rate Base Calculation:18 Cumulative Incremental Capital Included in Rate Base $25,039,075 $25,039,075 $25,039,07519 Accumulated Depreciation ($381,846) ($1,145,538) ($1,909,230)20 Deferred Tax Reserve ($627,171) ($808,121) ($963,444)21 Year End Rate Base $24,030,059 $23,085,417 $22,166,401



Computation of Actual Growth Capital Rate BaseRate Year Ending August 31, 2019



Page 14 of 15

6 months 6 months 2 months Rate YearLine Dec 31, 2017 June 30 2018 Jul-Aug 2018 Aug-2019No. (a) (b) (c) (d)

Bonus Depreciation1 Plant Additions Line 1 $7,046,764 $9,619,651 $6,778,857 $25,039,0752 Percent of Plant Eligible for Bonus Depreciation Per Tax Department 100.00% 100.00% 100.00% 100.00%3 Plant Eligible for Bonus Depreciation Line 1 x Line 2 $7,046,764 $9,619,651 $6,778,857 $25,039,0754 Bonus Depreciation Rate Line 35 55.43% 34.81% 14.20% 10.08%5 Bonus Depreciation Line 3 x Line 4 $3,905,674 $3,348,609 $962,267 $2,524,06167 Remaining Tax Depreciation8 Plant Additions Line 1 $7,046,764 $9,619,651 $6,778,857 $25,039,0759 Less Bonus Depreciation Line 5 $3,905,674 $3,348,609 $962,267 $2,524,06110 Remaining Plant Additions Subject to 20 YR

MACRS Tax Depreciation Line 8 less Line 9 $3,141,090 $6,271,042 $5,816,590 $22,515,01411 20 YR MACRS Tax Depreciation Rates Page 15 of 15 3.75% 3.75% 0.63% 3.75%12 Remaining Tax Depreciation Line 10 x Line 11 $117,791 $235,164 $36,354 $844,3131314 Total Tax Depreciation and Repairs Deduction Line 5 + Line 12 $4,023,465 $3,583,773 $998,621 $3,368,3741516 MACRS Depreciation for the periods:17 2 months ended August 31, 201818 20 YR MACRS Tax Depreciation Rates Page 15 of 15 1.20% 1.20%19 MACRS Tax Depreciation Line 10 x Line 18 $37,793 $75,45120 Rate Year ended August 31, 201921 20 YR MACRS Tax Depreciation Rates Page 15 of 15 7.13% 7.13% 4.33%22 MACRS Tax Depreciation Line 10 x Line 21 $223,918 $447,042 $251,75223 Rate Year ended August 31, 202024 20 YR MACRS Tax Depreciation Rates Page 15 of 15 6.59% 6.59% 7.13% 7.22%25 MACRS Tax Depreciation Line 10 x Line 24 $207,113 $413,492 $414,645 $1,625,35926 Rate Year ended August 31, 202127 20 YR MACRS Tax Depreciation Rates Page 15 of 15 6.10% 6.10% 6.59% 6.68%28 MACRS Tax Depreciation Line 10 x Line 27 $191,596 $382,513 $383,527 $1,503,3282930

31 FY 2018 FY 2019 FY 20206 months 6/30/2018

Rate Year 8/1/2019

32 Weighted Bonus Depreciation Rates: (A) (B) (C)

(D)=1/2 Col (A) + 1/2 Col

(B)

(E)=7/12 Col (B) + 5/12

Col (C)33 Bonus Depreciation $374,112 ($19,228) $1,554,82734 Plant Eligible for Bonus depreciation $674,987 ($135,455) $35,991,35935 Bonus Tax Depreciation Rate 55.43% 14.20% 4.32% 34.81% 10.08%

Columns (A) through (D) - per RIPUC Docket No. 4996 FY 2021 Gas ISR Plan, Revised Section 3 Attachment 1-R. Pages 3, 6, and 9


Computation of Actual Growth Capital Rate BaseCalculation of Tax Depreciation

Actual Growth Capital Investment for the period July 1, 2017 through August 31, 2019



Page 15 of 15MACRS Tax depreciation ratesActual 12 mos ended June 30, 2018 Actual Jul/Aug 2018Annual MACRS Monthly MACRS Annual MACRS Monthly MACRS

3.750% Jul-2017 1 0.3125% 3.750% Jul-2018 1 0.3125%Aug-2017 2 0.3125% Aug-2018 2 0.3125% 0.625%

Sep-2017 3 0.3125% Sep-2018 3 0.3125%Oct-2017 4 0.3125% Oct-2018 4 0.3125%

Nov-2017 5 0.3125% Nov-2018 5 0.3125%Dec-2017 6 0.3125% Dec-2018 6 0.3125%Jan-2018 7 0.3125% Jan-2019 7 0.3125%Feb-2018 8 0.3125% Feb-2019 8 0.3125%Mar-2018 9 0.3125% Mar-2019 9 0.3125%Apr-2018 10 0.3125% Apr-2019 10 0.3125%

May-2018 11 0.3125% May-2019 11 0.3125%Jun-2018 12 0.3125% 3.75% Jun-2019 12 0.3125%

7.219% Jul-2018 13 0.6016% 7.219% Jul-2019 13 0.6016%Aug-2018 14 0.6016% 1.20% Aug-2019 14 0.6016% 4.328%

Sep-2018 15 0.6016% Sep-2019 15 0.6016%Oct-2018 16 0.6016% Oct-2019 16 0.6016%


May-2019 23 0.6016% May-2020 23 0.6016%Jun-2019 24 0.6016% Jun-2020 24 0.6016%

6.677% Jul-2019 25 0.5564% 6.677% Jul-2020 25 0.5564%Aug-2019 26 0.5564% 7.13% Aug-2020 26 0.5564% 7.129%

Sep-2019 27 0.5564% Sep-2020 27 0.5564%Oct-2019 28 0.5564% Oct-2020 28 0.5564%


May-2020 35 0.5564% May-2021 35 0.5564%Jun-2020 36 0.5564% Jun-2021 36 0.5564%

6.177% Jul-2020 37 0.5148% 6.177% Jul-2021 37 0.5148%Aug-2020 38 0.5148% 6.59% Aug-2021 38 0.5148% 6.594%

Sep-2020 39 0.5148%Oct-2020 40 0.5148%

Nov-2020 41 0.5148%Dec-2020 42 0.5148%Jan-2021 43 0.5148%Feb-2021 44 0.5148%Mar-2021 45 0.5148%Apr-2021 46 0.5148%

May-2021 47 0.5148%Jun-2021 48 0.5148%

5.713% Jul-2021 49 0.4761%Aug-2021 50 0.4761% 6.10%

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