(C) An SSO
application that contains a proposal for an ESP will include the criteria set forth in this paragraph.
(1) A complete description of the ESP and
testimony explaining and supporting each aspect of the ESP.
(2) Pro forma financial projections of the
effect of the ESP's implementation upon the electric utility for the duration
of the ESP, together with testimony and work papers sufficient to provide an
understanding of the assumptions made and methodologies used in deriving the
pro forma projections.
(3)
Projected rate impacts by customer class/rate schedules for the duration of the
ESP, including post-ESP impacts of deferrals, if any.
(4) The electric utility
provides a description of its
corporate separation plan, adopted pursuant to section
4928.17 of the Revised Code,
including, but not limited to, the current status of the corporate separation
plan, a detailed list of all waivers previously issued by the commission to the
electric utility regarding its corporate separation plan, and a timeline of any
anticipated revisions or amendments to its current corporate separation plan on
file with the commission pursuant to Chapter 4901:1-37 of the Administrative
Code.
(5) Each electric utility
provides a statement as to whether
its operational support plan has been implemented and whether there are any
outstanding problems with the implementation.
(6) A description of how the electric utility
proposes to address governmental aggregation programs and implementation of
divisions (I), (J), and (K) of section
4928.20 of the Revised
Code.
(7) A description of the
effect on large-scale governmental aggregation of any unavoidable charge
proposed to be established in the ESP.
(8) The ESP application
includes a detailed account of how
the ESP is consistent with and advances the policy of this state as delineated
in section 4928.02 of the Revised
Code.
(9) Specific information
Division (B)(2) of section
4928.143 of the Revised Code
authorizes the provision or inclusion in an ESP of a number of features or
mechanisms. To the extent that an electric utility includes any of these
features in its ESP, it files the
corresponding information in its application.
(a) Division (B)(2)(a) of section
4928.143 of the Revised Code
authorizes an electric utility to include provisions for the automatic recovery
of fuel, purchased power, and certain other specified costs. An application
including such provisions includes,
at a minimum, the information described as follows:
(i) The type of cost the electric utility is
seeking recovery for under division (B)(2) of section
4928.143 of the Revised Code
including a summary and detailed description of such cost. The description
includes the plant(s) that the cost
pertains to as well as a narrative pertaining to the electric utility's
procurement policies and procedures regarding such cost.
(ii) The electric utility
includes in the application any
benefits available to the electric utility as a result of or in connection with
such costs including but not limited to profits from emission allowance sales
and profits from resold coal contracts.
(iii) The specific means by which these costs
will be recovered by the electric utility. In this specification, the electric
utility must clearly distinguish whether these costs are to be recovered from
all distribution customers or only from the customers taking service under the
ESP.
(iv) A complete set of work
papers supporting the cost must be filed with the application. Work papers
include, but are not limited to, all
pertinent documents prepared by the electric utility for the application and a
narrative and other support of assumptions made in completing the work
papers.
(b) Divisions
(B)(2)(b) and (B)(2)(c) of section
4928.143 of the Revised Code,
authorize an electric utility to include unavoidable surcharges for
construction, generation, or environmental expenditures for electric generation
facilities owned or operated by the electric utility. Any plan which seeks to
impose surcharge under these provisions shall include the following paragraphs,
as appropriate:
(i)
A description of the projected costs of the proposed
facility and confirmation thatthe need for the proposed facility
was reviewed and determined by the commission through an integrated
resource planning process filed pursuant to rule
4901:5-5-05 of the
Administrative Code.
(ii)
A proposed process, subject to modification and
approval by the commission, for the competitive bidding of the construction of
the facility unless the commission has previously approved a process for
competitive bidding, which would be applicable to that specific
facility.
(iii) An application
which provides for the recovery of a reasonable allowance for construction work
in progress,
should include a
detailed description of the actual costs as of a date certain for which the
applicant seeks recovery, a detailed description of the impact upon rates of
the proposed surcharge, and a demonstration that such a construction work in
progress allowance is consistent with the applicable limitations of division
(A) of section 4909.15 of the Revised Code.
(iv)
An application which provides for recovery of a surcharge for an electric
generation facility should include: a detailed
description of the actual costs as of a date certain, for which the applicant
seeks recovery, detailed description of the impaction upon rates of the
proposed surcharge,
the
proposed terms for the capacity, energy, and associated rates for the life of
the facility.
(c)
Division (B)(2)(d) of section
4928.143 of the Revised Code
authorizes an electric utility to include terms, conditions, or charges related
to retail shopping by customers. Any application which includes such terms,
conditions or charges, shall include, at a minimum, the following information:
(i) A listing of all components of the ESP
which would have the effect of preventing, limiting, inhibiting, or promoting
customer shopping for retail electric generation service. Such components would
include, but are not limited to, terms and conditions relating to shopping or
to returning to the standard service offer and any unavoidable charges. For
each such component, an explanation of the component and a descriptive
rationale and, to the extent possible, a quantitative justification shall be
provided.
(ii) A description and
quantification or estimation of any charges, other than those associated with
generation expansion or environmental investment under divisions (B)(2)(b) and
(B)(2)(c) of section 4928.143 of the Revised Code,
which will be deferred for future recovery, together with the carrying costs,
amortization periods, and avoidability of such charges.
(iii) A listing, description, and
quantitative justification of any unavoidable charges for standby, back-up, or
supplemental power.
(d)
Division (B)(2)(e) of section
4928.143 of the Revised Code
authorizes an electric utility to include provisions for automatic increases or
decreases in any component of the standard service offer price. Pursuant to
this authority, if the ESP proposes automatic increases or decreases to be
implemented during the life of the plan for any component of the standard
service offer, other than those covered by division (B)(2)(a) of section
4928.143 of the Revised Code,
the electric utility must provide in its application a description of the
component, whether the component is bypassable or nonbypassable, the proposed
means for changing the component, and the proposed means for verifying the
reasonableness of the change.
(e)
Division (B)(2)(f) of section
4928.143 of the Revised Code
authorizes an electric utility to include provisions for the securitization of
authorized phase-in recovery of the standard service offer price. If a phase-in
deferred asset is proposed to be securitized, the electric utility shall
provide, at the time of an application for securitization, a description of the
securitization instrument and an accounting of that securitization, including
the deferred cash flow due to the phase-in, carrying charges, and the
incremental cost of the securitization. The electric utility will also describe
any efforts to minimize the incremental cost of the securitization. The
electric utility provides all
documentation associated with securitization, including but not limited to, a
summary sheet of terms and conditionsand a
comparison of costs associated with securitization to demonstrate that securitization is the least cost
strategy.
(f) Division (B)(2)(g) of
section 4928.143 of the Revised Code
authorizes an electric utility to include provisions relating to transmission
and other specified related services. Moreover, division (A)(2) of section
4928.05 of the Revised Code
states that, notwithstanding Chapters 4905. and 4909. of the Revised Code,
commission authority under this chapter includes the authority to provide for the
recovery, through a reconcilable rider on an electric distribution utility's
distribution rates, of all transmission and transmission-related costs (net of
transmission related revenues), including ancillary and net congestion costs,
imposed on or charged to the utility by the federal energy regulatory
commission or a regional transmission organization, independent system
operator, or similar organization approved by the federal energy regulatory
commission.
Any utility which seeks to create or modify its transmission
cost recovery rider in its ESP shall file the rider in accordance with the
requirements delineated in Chapter 4901:1-36 of the Administrative
Code.
(g) Division (B)(2)(h)
of section 4928.143 of the Revised Code
authorizes an electric utility to include provisions for alternative regulation
mechanisms or programs, including infrastructure and modernization incentives,
relating to distribution service as part of an ESP. While a number of
mechanisms may be combined within a plan, for each specific mechanism or
program, the electric utility
provides a detailed description, with supporting data and information, to allow
appropriate evaluation of each proposal, including a cost-benefit analysis, how
the proposal addresses any cost savings to the electric utility and customers,
avoids duplicative cost recovery, and aligns electric utility and consumer
interests. In general, and to the extent applicable, the electric utility
also includes, for each separate
mechanism or program, quantification of the estimated impact on rates over the
term of any proposed modernization plan. Any application for an infrastructure
modernization plan shall include the following specific
components:
(i) A
description of the infrastructure modernization plan, including but not limited
to, the electric utility's existing infrastructure, its existing asset
management system and related capabilities, the type of technology and reason
chosen, the portion of service territory affected, the percentage of customers
directly impacted (non-rate impact), and the implementation schedule by
geographic location and/or type of activity. A description of any communication
infrastructure included in the infrastructure modernization plan and any
metering, distribution automation, or other applications that may be supported
by this communication infrastructure also shall be included.
(ii) A description of the benefits of the
infrastructure modernization plan (in total and by activity or type), including
but not limited to the following as they may apply to the plan: quantitative
and qualitative impacts of all reliability improvements, the number of circuits
impacted, the number of customers impacted, the timing of impacts, whether the
impact is on the frequency or duration of outages, whether the infrastructure
modernization plan addresses primary outage causes, what problems are addressed
by the infrastructure modernization plan, the resulting dollar savings and
additional costs, the activities affected and related accounts, the timing of
savings, other customer benefits, and societal benefits. Through metrics and
milestones, the infrastructure modernization plan
will include a
description of how the performance and outcomes of the plan will be
measured.
(iii) A detailed
description of the costs of the infrastructure modernization plan, including a
breakdown of capital costs and operating and maintenance expenses net of any
related savings, the revenue requirement, including recovery of stranded
investment related to replacement of un-depreciated plant with new technology,
the impact on customer bills, service disruptions associated with plan
implementation, and description of (and dollar value of) equipment being made
obsolescent by the plan and reason for early plant retirement. The
infrastructure modernization plan
will also include a description of efforts made
to mitigate such stranded investment.
(iv) A detailed description of any proposed
cost recovery mechanism, including the components of any regulatory asset
created by the infrastructure modernization plan, the reporting structure and
schedule, and the proposed process for approval of cost recovery and increase
in rates.
(v) A detailed
explanation of how the infrastructure modernization plan aligns customer and
electric utility reliability and power quality expectations by customer
class.
(h) Division
(B)(2)(i) of section 4928.143 of the Revised Code
authorizes an electric utility to include provisions for economic development,
job retention, and energy efficiency programs. Pursuant to this paragraph, the
electric utility provides a complete
description of the proposal, together with cost-benefit analysis or other
quantitative justification, and quantification of the program's projected
impact on rates.
(10)
Additional required information
Divisions (E) and (F) of section
4928.143 of the Revised Code
provide for tests of the ESP with respect to significantly excessive earnings.
Division (E) of section
4928.143 of the Revised Code is
applicable only if an ESP has a term exceeding three years, and would require
an earnings determination to be made in the fourth year. Division (F) of
section 4928.143 of the Revised Code
applies to any ESP and examines earnings after each year. In each case, the
burden of proof for demonstrating that the return on equity is not
significantly excessive is borne by the electric utility.
(a) For the annual review pursuant to
division (F) of section
4928.143 of the
Revised Code, the electric utility provides testimony and analysis demonstrating
the return on equity that was earned during the year and the returns on equity
earned during the same period by publicly traded companies that face comparable
business and financial risks as the electric utility. In addition, the electric
utility provides capital budget
requirements for future committed investments in Ohio for each annual period
remaining in the ESP.
(b) For
demonstration under division (E) of section
4928.143 of the Revised Code,
the electric utility provides,
in addition to the requirements under division (F) of section
4928.143 of the Revised Code,
calculations of its projected return on equity for each remaining year of the
ESP. The electric utility supports
these calculations by providing projected balance sheet and income statement
information for the remainder of the ESP, together with testimony and work
papers detailing the methodologies, adjustments, and assumptions used in making
these projections.