PUCO Staff Report Re Duke Case Number 12-1682-EL-AIR

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A report by the Staff of the Public Utilities Commission of Ohio Duke Energy Ohio, Inc. Case Number 12-1682-EL-AIR et al.
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Public Utilities Commission
STAFF'S REPORT OF INVESTIGATION
In the Matter of the Application of Duke Energy Ohio, Inc., for an Increase in its Electric Distribution Rates. In the Matter of the Application of Duke Energy Ohio, Inc., for Tariff Approval. In the Matter of the Application of Duke Energy Ohio, Inc., for Approval to Change Accounting Methods.
Case No. 12-1682-EL-AIR
Case No. 12-1683-EL-ATA
Case No. 12-1684-EL-AAM
Submitted to The Public Utilities Commission of Ohio
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BEFORE THE PUBLIC UTILITIES COMMISSION OF OHIO
In the Matter of the Application of Duke Energy Ohio, Inc., for an Increase in its Electric Distribution Rates. In the Matter of the Application of Duke Energy Ohio, Inc., for Tariff Approval. In the Matter of the Application of Duke Energy Ohio, Inc., for Approval to Change Accounting Methods.
Case No. 12-1682-EL-AIR
Case No. 12-1683-EL-ATA
Case No. 12-1684-EL-AAM
Todd A. Snitchler, Chairman Lynn Slaby, Commissioner Steven D. Lesser, Commissioner Andre T. Porter, Commissioner Cheryl L. Roberto, Commissioner To The Honorable Commission: In accordance with the provisions of the Ohio Revised Code Section 4909.19, the Commission's Staff has conducted its investigation in the above matter and hereby submits its findings in the within Staff Report. The Staff Report has been jointly prepared by the Commission's Utilities Department and Service Monitoring and Enforcement Department. Copies of the Staff Report have been filed with the Docketing Division of the Commission and served by certified mail upon the mayors of all affected municipalities and other public officials deemed representative of the service area affected by the application. A copy of said report has also been served upon the utility or its authorized representative. Interested parties are advised that written objections to any portion of the Staff Report must be filed within thirty (30) days of the date of the filing of said report after which time the Commission will promptly set this matter for public hearing. Written notice of the time, place, and date of such hearing will be served upon all parties to the proceeding. The Staff Report is intended to present for the Commission's consideration the results of the Staffs investigation. It does not purport to reflect the views of the Commission nor
should any party to said proceeding consider the Commission as bound in any manner by the representations or recommendations set forth therein. The Staff Report, however, is legally cognizable evidence upon which the Commission may rely in reaching its decision in this matter. (See Lindsey v. Pub. Util. Comm., 111 Ohio St. 6 (1924)).
Respectfully submitted.
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Utilities Department Jodi Bair Director
Service Monitoring and Enforcement Department
John Williams Director
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STAFF ACKNOWLEDGEMENTS The Staff Report components reflect the results of investigations conducted by the Staff of the Applicant's rate application. The Staff person responsible for each component is shown below: Utilities Department Operating Income and Rate Base Rate of Return Rates and Tariffs Management and Operations Review Service Monitoring and Enforcement Department Reliability and Service Analysis Division Investigations and Audits Division Facilities and Operations Division Peter Baker Mary Vance Lowell Miller Ross Willis Joseph Buckley Marchia Rutherford David Hupp
IV
TABLE OF CONTENTS
Page BACKGROUND.... OPERATING INCOME AND RATE BASE Scope of Investigation Revenue Requirements Rate Base Allocations Operating Income RATE OF RETURN RATES AND TARIFFS Tariff Analysis Rate and Revenue Analysis Rate Schedules RELIABILITY AND SERVICE QUALITY REVIEW MANAGEMENT AND OPERATIONS REVIEW SCHEDULES A-1 A-2 B-1 B-2 B-2.1 B-2.2 B-2.5a B-2.5b B-2.5c B-2.5d Overall Financial Summary Computation of Gross Revenue Conversion Factor Jurisdictional Rate Base Summary Plant in Service Summary by Major Property Groupings Plant in Service by Accounts and Subaccounts Adjustments to Plant in Service Property Excluded from Rate Base Property Excluded from Rate Base-Smart Grid Property Excluded from Rate Base-Other Property excluded from Rate Base-Other 66 67 68 69 70 75 76 82 85 86 1 3 3 3 4 8 9 16 19 19 24 28 45 59
TABLE OF CONTENTS
(Continued) Page B-2.5e B-3 B-3.1 B-3.2 B-4 B-5 B-6 B-7 C-1 C-2 C-3 C-3.1 C-3.2 C-3.3 C-3.4 C-3.5 C-3.6 C-3.7 C-3.8 C-3.9 C-3.10 C-3.11 C-3.12 C-3.13 C-3.14 C-3.15 C-3.16 C-3.17 C-3.18 C-3.19 C-3.20 C-3.21 C-3.22 C-3.23 C-3.24 C-3.25 C-3.26 C-3.27 Property Excluded from Rate Base (For Reasons Other than Rate Area Allocation) Accumulated Depreciation and Amortization Adjustments to Accumulated Depreciation & Amortization Proposed Depreciation Accrual Rates & Accumulated Balances by Accounts. Construction Work in Progress Allowance for Working Capital Allowance Other Rate Base Items Summary Jurisdictional Allocation Factors Rate Base and Operating Income Jurisdictional Proforma Income Statement Adjusted Test Year Operating Income Summary of Jurisdictional Adjustments to Operating Income Annualized Revenue Eliminated DSM/EE Revenue and Expense Rate Case Expense Annualized Test Year Wage Adjustment Annualized Depreciation Expense Interest on Customer Service Deposits Eliminate Hurricane Ike Revenue and Expenses Property Tax Adjustment Smart Grid Savings Interest Expense Deductible EEI Expense Adjustment Ohio Excise Tax Rider Budget Expenses Eliminate Non-Jurisdictional Expenses Annualize PUCO and OCC Assessments Adjust Uncollectible Expense Annualize Pension and Benefits Expense Annualize Payroll Taxes Annualize Commercial Activities Tax Intentionally Left Blank Intentionally Left Blank Intentionally Left Blank Eliminate Merger Costs Intentionally Left Blank Intentionally Left Blank Eliminate Smart Grid Revenue and Expense Increased Medical Costs 87 88 93 94 98 99 100 102 103 104 105 110 111 112 113 114 115 116 117 118 119 121 122 123 124 125 126 127 128 129 130 131 132 133 134 135 136 137
TABLE OF CONTENTS
(Continued) Page C-3.28 C-3.29 C-4 D-1 D-1.1 D-1.3 D-1.4 D-1.5 D-1.6 D-1.7 D-1.8 D-1.9 D-1.10 E-5 Intentionally Left Blank Intentionally Left Blank Adjusted Jurisdictional Federal and State Income Taxes Rate of Return Summary Equity Issuance Cost Adjustment CAPM Cost of Equity Estimate DCF Cost of Equity Estimate D Non-Constant DCF Calculation DUK Non-Constant DCF Calculation ED Non-Constant DCF Calculation NU Non-Constant DCF Calculation XEL Non-Constant DCF Calculation Growth in U.S. Gross National Product, 1929-2011 Typical Bill Comparison 138 139 140 141 142 143 150 157 158 159 160 161 162 164
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.
BACKGROUND
The Applicant, Duke Energy Ohio, Inc. (Duke, Applicant or the Company) was incorporated in Ohio on April 3, 1837, as Cincinnati Gas, Light and Coke Company, and became the Cincinnati Gas & Electric Company in 1901. Growth, acquisitions and mergers throughout the years have resulted in the present operation in which the Applicant renders electric or gas service, or both, in nine counties in southwestern Ohio. The Applicant is a public utility engaged in the business of production, transmission, distribution, and sale of electricity to approximately 690,000 consumers. On October 24, 1994, the Applicant, then known as the Cincinnati Gas & Electric Company, merged with PSI Resources, Inc. to form Cinergy Corporation. Cinergy was the parent company to both PSI Energy, Inc. (PSI Resources' utility subsidiary) and Cincinnati Gas & Electric Company, and provided various services to both companies through its Cinergy Services, Inc. subsidiary. On April 3, 2006, the Applicant's parent, Cinergy Corporation became a wholly owned subsidiary of Duke Energy Corporation. On June 7, 2012, the Applicant filed a notice of intent to file an application for an increase in its distribution rates to be charged for electric service in its entire service area subject to the jurisdiction of the Commission. The Applicant also noticed its intent to file an application for tariff approval for its electric distribution service (12-1683-ELATA), as well as noticing its intent to file an application for approval of a change in accounting methods (12-1684-EL-AAM). On July 2, 2012, Duke Energy Corporation merged with Progress Energy Inc. and gained approval from both companies' shareholders and all necessary regulatory bodies. In accordance with the terms of the merger agreement. Progress Energy Inc. became a wholly owned direct subsidiary of Duke Energy Corporation As part of Duke's application in this case, the Company requests approval of a new tariff to establish a Facilities Relocation and Transportation Tariff (Rider FRT). Rider FRT is a proposed means for the Company to recover the cost of relocations associated with mass transportation projects initiated by governmental subdivisions. The application for approval of a change in accounting methods involves the approval of accounting treatment to establish a deferral mechanism to track storm costs against a base amount to be established in these proceedings. At the time of the Company's next rate case, the Applicant proposes to amortize the balance of the regulatory asset, positive or negative, over a period of time.
With respect to the increase in electric distribution rates application, the Applicant requested that its test period begin January 1, 2012, and end December 31, 2012, and that the date certain be March 31, 2012. By its Entry of July 2, 2012, the Commission approved the requested date certain and test period. On July 9, 2012, the Applicant filed its application to increase rates. By entry dated August 29, 2012, the Commission ordered that the application be accepted as of July 9, 2012. The rates proposed by the Applicant for increase, when applied to test year sales volumes, would generate approximately $86,581,974 of additional retail base rate revenues. The total revenue increase, over test year operating revenues is approximately 24.02%.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. OPERATING INCOME AND RATE BASE SCOPE OF INVESTIGATION The scope of the investigation was designed to determine if the Applicant's filed exhibits concerning operating income, rate base and other data are reasonable for ratemaking purposes, and if the financial and statistical records supporting the data can be relied upon. The Staff interviewed Applicant's key management personnel and reviewed both internal and published financial reports to assure understanding of the Applicant's operation and organization. The Staffs investigation of test year operating income and date certain rate base included a review of the Applicant's budget and forecasting techniques, verification of the operating revenue computation, and an examination of the Applicant's continuing property records. In addition, the existence and the used and useful nature of the assets were verified through physical inspections. Other independent analyses were performed as the Staff considered necessary under the circumstances. The Staff reviewed and analyzed the Applicant's proposed adjustments to operating income and rate base and traced them to supporting workpapers and to source data. As a result of its review and analysis, the Staff accepted some of the proposed adjustments as appropriate, changed some proposed adjustments using alternative approaches, and/or proposed new adjustments as required to make the test year operating income and date certain rate base consistent with sound regulatory accounting practices, more representative of normal operations and appropriate for ratemaking purposes. The purpose of the Staffs investigation was to develop financial data for ratemaking purposes; it was not intended to provide a basis for expressing an opinion on the financial statements of the Company as a whole. The following sections of this report summarize the results of the Staff investigation which it believes are relevant to the determination of test year operating income and rate base. REVENUE REQUIREMENTS Schedule A-1 presents the Staffs determination of the Applicant's revenue requirements. The Staff recommended revenue increase is shown on Staffs Schedule A-1. This determination is based on the examination of the accounts and records of the Applicant for the twelve months ended December 31, 2012, the test year in this proceeding. The results of its examination are summarized in this report, and the schedules that incorporate the Staffs recommended rate of return, rate base, and adjusted test year operating income.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. RATE BASE The rate base represents the Applicant's net investment in plant and other assets as of the date certain, March 31, 2012, which were used and useful in providing electric utility service to its customers and upon which its investors are entitled to the opportunity to receive a fair and reasonable rate of return. The Staffs analysis of the rate base is divided into Plant In Service, Depreciation, Construction Work in Progress, Working Capital, and Other Rate Base Items. A comparison of rate base submitted by the Applicant and that which is recommended by the Staff is shown on Schedule B-1. Schedules B-2 through B-7, provide additional support for the StafTs findings. Plant In Service As a result of the StafTs investigation and review of the application, the Staff recommends that an adjustment be made to the Applicant's date certain plant investment for ratemaking purposes. This adjustment is identified below, summarized on Schedule B-2.2, and reflected in the calculation of jurisdictional plant in service figures on Schedule B-2.1. Plant Exclusions The Applicant determined that three Plant accounts, 371.2, 373.0 and 373.4 be excluded from plant in service because the accounts have been fully reimbursed from customers. The Staff reflects this adjustment on Schedule B-2.2. Hartwell Recreation Facility Exclusion Both the Applicant and the Staff proposed an adjustment to exclude the entire date certain investment in the Hartwell recreation facility. This facility is used primarily for recreational purposes and contracted for use by outside parties. The Staffs jurisdictional adjustment incorporates the use of the composite, common plant allocation factor. The Staffs Adjustment is shown on Schedule B-2.5a and summarized on Schedule B-2.2.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Smart Grid Electric Exclusions Both the Applicant and the Staff proposed an adjustment to exclude the entire date certain investment in the grid modernization projects pursuant to the Stipulation and Recommendation filed in Case No. 10-2326-GERDR, which was approved by the Commission on June 13, 2012. Also, both the Applicant and Staff excluded the allocation of Common Plant / Smart Grid to electric determined by Smart Grid filings. The StafTs jurisdictional adjustment incorporates the use of the composite, common plant allocation factor. The Staffs Adjustment is shown on Schedule B-2.5b and summarized on Schedule B-2.2. Hartwell Golf Course Exclusion The Staff proposed an adjustment to exclude costs associated with a golf course used other than for specific company purposes. The StafTs Adjustment is shown on Schedule B-2.5c and summarized on Schedule B2.2. Envision Center Exclusion The Staff excluded the entire date certain investment of the Envision Center, a leasehold improvement located in Kentucky. Benefits claimed by the Applicant come in the form of customer education. It is a shared facility, and the Applicant could not demonstrate how many customers were Ohio ratepayers. The StafTs Adjustment is shown on Schedule B-2.5c and summarized on Schedule B-2.2. Leasehold Improvements During the StafTs plant inspection. Staff determined a portion of the Holiday Park building, which contain the vestibule and customer service section, and the Atrium II building are no longer being occupied or leased by the Company. Staff also excluded areas or items of the Fourth & Walnut (Clopay) building that were either not being occupied or unidentifiable by the Company. The Staffs adjustment is shown on Schedule B-2.5c and summarized on Schedule B-2.2. Retirement Work in Process (ARO) Exclusion Both the Applicant and Staff excluded RWIP-ARO plant and depreciation reserve from the rate base. The Staffs Adjustment is shown on Schedule B-2.5d and summarized on Schedule B-2.2.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Depreciation Depreciation is the process which distributes the original cost of depreciable assets, adjusted for net salvage, over the normal life of the property in a systematic and rational manner. The StafTs investigation of depreciation is segregated into two areas: Depreciation Reserve and Depreciation Accrual rates and the corresponding Depreciation Expense. Each of these is discussed in detail in the following sections. Depreciation Reserve The Applicant maintains depreciation reserve, by account, on a total company basis. The Staff adjusted the Applicant's reserve to exclude reserve associated with the adjustments discussed in the Plant in Service section. The Staff also made an adjustment to exclude the Retirement Work in Progress Asset Retirement Obligation because cost of removal is already included in the prescribed accrual rates therefore eliminating the double accounting. These adjustments are summarized on Schedule B-3.1. In order to determine if the Applicant's booked reserve for depreciation is proper and adequate, the Staff compared the Applicant's book reserve with a calculated theoretical reserve, as a guide to whether past accrual rate calculations have been appropriate. The Staff compared the Applicant's booked reserve level with a calculated theoretical reserve, based on the Staffs proposed accrual rates and March 31, 2012 plant balances. The Staff determined that the overall booked reserve is in close agreement with the theoretical reserve calculation. Therefore it is the Staffs opinion that the actual jurisdictional reserve for depreciation, as adjusted by the Staff on Schedule B-3, is proper and adequate and should be used for purposes of this proceeding. Depreciation Accrual Rates and Depreciation Expense The Applicant's current depreciation accrual rates were prescribed by this Commission in Case No. 08-709-EL-AIR for the electric distribution plant and Case No. 07-589-GA-AIR for the common plant The Applicant filed a depreciation study for its electric plant performed by its consultant, Gannett Fleming Valuation and Rate Consultants, Inc. The Applicant's accrual rates, for most electric accounts, were developed using the straight line whole life method. For certain General Plant account, the annual depreciation was based on amortization accounting. For Structures and Improvements-Major Structures and Improvements-Leaseholds, a lifespan
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. analysis was used. The lifespan analysis was also used for meters with an emphasis on the ApplicanTs plans to retire all embedded meters by the year end 2014 on the basis of the Smart Grid deployment of smart meters. The depreciation study included an additional three year amortization for Account 3700 Meters and 3701 Leased Meters to catch up the depreciation and insure full recovery. The Staff conducted an independent analysis of the depreciation study provided by the Applicant. The Staff is in general agreement with the service life, projected retirement dispersion and net salvage parameters with the exception of meters. The Applicant was authorized by this Commission in its Opinion and Order issued July 2009 in Case No. 08-709EL-AIR to amortize the net book value of Meters and Leased Meters over a 10 year period, the Staff recommends continuing this amortization on the net book value, as of date certain of March 31, 2012, over the remainder 7.25 years. The Staffs recommended accrual rates and amortizations are shown on Schedule B-3.2. The Staff has long maintained that accrual rates should be thoroughly reviewed every three to five years. The Staff, therefore, recommends that in five years the Applicant submit a depreciation study for all electric distribution accounts. The Staff recommends that the Applicant be ordered to use the accrual rates shown on Schedule B-3.2a for book depreciation purposes, effective concurrently with customer rates from this proceeding. The Staffs calculation of depreciation expense based on the adjusted jurisdictional plant in service balances at date certain and the accrual rates discussed above, is shown on Schedule B-3.2. Construction Work In Progress (CWIP) The Applicant did not request an allowance for CWIP in its filing and the Staff, as shown on Schedule B-4, did not recommend an allowance. Working Capital Working capital has been generally defined as the average amount of capital provided by investors in the company, over and above the investments in plant and other specifically
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. identified rate base items, to bridge the gap between the time that expenditures are required to provide service and the time collections are received for the service. The Applicant requested a $46,947,409 working capital allowance based on a thirteenmonth average balance for materials and supplies, minus a thirteen-month balance of customers' deposits. The Applicant did not prepare a lead lag study for this case; therefore, the Staff cannot recommend a working capital allowance. Other Rate Base Items The rate base has been reduced for the date certain balances of recovered but unfunded post retirement benefits, investment tax credits, and deferred taxes. The rate base has also been reduced by a thirteen-month average balance of customer deposits. The Staffs summary of other rate base items is presented on Schedule B-6. ALLOCATIONS On July 31, 2008 Duke filed an application for approval of their corporate separation plans, in accordance with Rule 4901:l-37-05(A), Ohio Admin. Code (Corporate Separation Case). The Commission selected Silverpoint Consulting LLC and Vantage Consulting, Inc. (Silverpoint) to assist the Commission with the evaluation of Duke's corporate separation plans. Silverpoint completed its audit and submitted its report of investigation on March 29, 2010. On April 11, 2011, the Commission issued its Opinion and Order in the Corporate Separation Case. Based on the auditor's evaluation and the Commission's directives, which Duke had committed to satisfy, the Commission concluded that Duke had, in all material respects, implemented their corporate separation plan and is in compliance with Section 4928.17, Revised Code, and Chapter 4901:1-37, Ohio Administrative Code and the orders of the Commission. Part of this audit relied on Silverpoint to assess of Duke's allocation methodology and its sample transactions. This audit found no material weakness in the methodology. Therefore, Staff is of the opinion that the allocation factors proposed by the Applicant are appropriate and reasonable for the purposes of this proceeding.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Plant in Service Allocations Common Plant (Gas and Electric) Allocation Applicant used an 83.5% allocation factor to allocate common plant to electric operations in this rate proceeding. This factor was then multiplied by 44.82% to remove the common plant related to generation functions. Therefore the amount allocated of common plant related to electric distribution functions is 37.42%. Staff agrees with this allocation. Depreciation Reserve Allocations The Applicant allocated its reserve for accumulated depreciation on the same basis as it allocated distribution, administrative and general, and common plant in service. This method has been accepted in prior cases and is recommended by the Staff for purposes of this proceeding. Operating Income Allocations The Staff used the Applicant's allocation ratios for the determination of jurisdictional operating revenues and expenses. Staffs discussion of its review of the Applicant's operating income allocation methods and accounting system is presented in the Management and Operations Review section of this report. OPERATING INCOME The Applicant's test year operating income combined three months of actual data for the period January 1, 2012, through March 31, 2012, with nine months of forecast data for the period April 1, 2012, through December 31, 2012. The Staff adjusted the Applicant's test year operating income as required to render it appropriate as a basis for setting rates. The Staffs proforma operating income is the Staffs adjusted test year operating income modified to reflect the Applicant's proposed increase in revenues and the associated increases in uncollectible accounts expense, city franchise taxes, commercial activities taxes, state and municipal taxes, and federal income taxes. The Staffs proforma operating income also includes a Staff proposed increase in other revenues related to bad check and reconnection charges. These later items were included by the Applicant as part of its Schedule C-3 adjustments.
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Schedules C-1 and C-2 present the Staffs determination of operating income. The calculations, methodologies, and rationale used to develop the Staffs adjusted proforma operating income are detailed on Schedules A-1.1, C-1.1, C-3.1 through C-3.19, C-3.23, C-3.26, C-3.27 and C-4. Schedules intentionally left blank are C-3.20 through C-3.22, C3.24, C-3.25, C-3.28, and C-3.29. General Plant (Electric) Allocation Applicant used a 92.25% factor to allocate general plant to electric operations in this proceeding. This is an increase from the previous rate proceeding which allocated 86.55% of general plant to electric operations. This increase was due to an increase in actual distribution O&M labor in relation to total distribution and transmission O&M labor. Staff recommends this allocation of general plant. Proforma Adjustments Schedule C-1.1 sets forth the Applicant's proposed increase in operating revenues and affected expenses. The increase in revenues is the combined result of the increase in base revenues created by the Applicant's proposed tariffs, and an increase for bad check and reconnection charges. Further discussion of the Applicant's proposed revenue increases can be found in various other sections of this report. Associated increases in uncollectible accounts expense, city franchise taxes, commercial activities taxes, state and municipal taxes, and federal income taxes are also summarized on this schedule. Current Adjustments Base Revenue Both the Staff and the Applicant adjusted base revenues to eliminate unbilled revenue and all rider revenue. The Staff and the Applicant also adjusted test year base revenues to the amounts calculated on Schedule E-4. In addition, the Staff adjusted test year revenue according to an average consumption per customer methodology. Staff adjusted all tariffs where revenue was driven by KWh usage. This methodology takes into account a customer's proclivity to conserve, while accurately measuring their consumption. The Staffs adjustment is present on Schedule C-3.1.
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DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. DSM / EE Revenue ^ Both the Staff and the Applicant adjusted base revenues and the corresponding expenses for the DSM/Energy Efficiency Rider. The Staffs adjustment is shown on Schedule C-3.2. Rate Case Expense The Staff adjusted test year expense to reflect only the cost of the current case proceeding. The Staff excluded $75,676 which is associated with the Applicant's previous rate case. Case No. 08-709-EL-AIR. The Staff believes that an estimate of $387,000 is reasonable and recommends a three-year amortization period. The Staffs adjustment is presented on Schedule C-3.3. The Staff recommends that the Commission review the Applicant's revised estimate of rate case expense which should be submitted as a late filed exhibit before making a final determination of the appropriate level of rate case expense for use in this proceeding. Wage Annualization The Applicant adjusted operating income to reflect the annualized O&M labor expense as of April 2012, and to reflect raises. The Staff annualized direct labor based on average hourly rates as of the first pay period of August 2012, using actual employee levels for both exempt and union employees. All union and non-union raises were in effect at this date. The Staff used a three year average for both overtime pay and the operation and maintenance labor to total labor percentages. Staff also used actual incentive pay percentages applicable to operational goals for each employee. For Duke Energy Business Services, the Staff included actual O&M labor expense as of December 31, 2011, in its total annualized O&M labor expense. The Staffs adjustment is reflected on Schedule C-3.4. Depreciation Expense Depreciation expense was adjusted to reflect the Staffs recommended depreciable plant in service as of the date certain. This adjustment is presented on Schedule C-3.5 with the supporting calculations shown on Schedule B-3.2.
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Further discussion on depreciafion can be found in the Rate Base Section of this report. Reclassification of Interest on Customers' Deposits Consistent with the treatment of customers' deposits as an offset to the Applicant's rate base, the Staff reclassified the associated interest expense to operating expenses. The Staffs adjustment is on Schedule C-3.6 Storm Recovery Revenue & Expense Both the Staff and the Applicant adjusted test year operafing income to eliminate base revenues and the corresponding expenses related to Rider DR-IKE. The Staffs adjustment is shown on Schedule C-3.7. Property Taxes The Staff adjusted property tax expense to reflect the latest rates and valuation percentages and applied those to plant in service as of March 31, 2012. The StafTs adjustment is presented on Schedule C-3.8. Smart Grid Savings Both the Applicant and Staff adjusted test year operating expense to add back Smart Grid savings which have already been flowed-through to customers in Smart Grid rider cases. These savings result from reduced meter reading and meter order expense. The StafTs adjustment is shown on C-3.9. Interest Expense The Applicant and the Staff adjusted operafing income to reflect the interest expense deducfible for federal income tax purposes. The adjustment reflects the federal income tax at 35% on the interest cost included in the cost of capital. The deducfion is based on the embedded weighted cost of long-term debt of 2.48%. The adjustment also eliminates interest-related tax Schedule M items and deferred taxes. The StafTs Adjustment is reflected on Schedule C-3.10.
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DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Edison Electric Institute Expense (EEI) The Applicant and Staff excluded a portion of the Applicant's EEI expenses. The Staffs recommendation of allowable EEI dues was based on a review of Applicant's supporting document WPC-3.11a & WPC-3.11b. The StafTs adjustment is shown on Schedule C-3.11. Ohio Excise Tax Rider Both the Staff and the Applicant adjusted test year operating income to eliminate base revenues and the corresponding expenses for the Ohio Excise Tax Rider. The StafTs adjustment is shown on Schedule C-3.12. Test Year Budgeted Expenses The Staff adjusted the budgeted portion of specific expense accounts included in the Applicant's test year. The StafTs investigafion determined the adjustment was necessary due to the significant variance with the account actuals in both the test year and in prior years. The Staff adjusted the accounts to actuals for the first three quarters of the test year and used a thirteen month average for each month of the remaining quarter. The Staffs adjustment is shown on Schedule C-3.13. Non-Jurisdictional Expenses Both the Staff and the Applicant eliminated non-jurisdictional operating expenses from test year operating expenses. Included in the unadjusted test year are industry association dues, advertising expenses, and other expenses not recoverable in electric distribufion rates. The Staffs adjustment is presented on Schedule C-3.14. PUCO and OCC Assessments The Staff adjusted operating expenses to refiect PUCO and OCC assessments to the latest known level. The StafTs adjustment is shown on Schedule C-3.15. Uncollectible Expense The Staff adjusted test year uncollecfible accounts expense to reflect the Staffs adjustments to operating revenues utilizing a three-year average rafio of the uncollectible provision to total revenue. The Staffs adjustment is shown on Schedule C-3.16.
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Pension and Benefits Expense The Applicant and the Staff annualized O&M pension and benefits expense to reflect annualized O&M labor expense. The annualized O&M pension and benefits expense was derived by applying loading rates to the Staffs annualized O&M labor expense. The loading rates were based on actual Duke Energy Business Services and Duke Energy Ohio expenses year to date March 2012. The Applicant's jurisdicfional test year O&M pension and benefits expense was derived from Schedule C-2.1, A/C 926. The difference between the two expense amounts results in a reduction to annualized O&M pension and benefits expense. The Staffs Adjustment is reflected on Schedule C-3.17. Payroll Taxes The Staff adjusted test year operafing income to annualize payroll taxes based on annualized salaries and wages as determined on Schedule C3.4. The Staffs adjustment is presented on Schedule C-3.18. Commercial Activity Tax (CAT) Both the Staff and the Applicant adjusted Commercial Activity Tax (CAT) to reflect the yearly amount booked during the test year. The StafTs adjustment is shown on Schedule C-3.19. Schedule C-3.20 Thru C-3.22 is Intentionally Left Blank. Merger Costs Both the Applicant and Staff adjusted test year operafing income to eliminate merger expenses related to Progress Energy included in the test year. The Staffs adjustment is presented on Schedule C-3.23. Schedules C-3.24 and C-3.25 are intentionally Left Blank. Smart Grid Revenue and Expense Both the Applicant and Staff adjusted test year operafing income to eliminate Smart Grid Rider DR-IM revenue and expense from the test year. The Staffs adjustment is presented on Schedule C-3.26. Medical Costs Both the Applicant and Staff adjusted test year medical expense to recognize the increase in medical costs. The Staffs adjustment is shown on Schedule C-3.27.
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Schedules C-3.28 and C-3.29 are Intentionally Left Blank. Income Taxes The Staff computed test year federal, state, and municipal income taxes to refiect the recommended adjustments to operating income and rate base. The Staffs federal income tax computation reflects inter-period interest allocation and normalization of tax accelerated depreciation and other taxto-book timing differences. Staff's federal income tax calculation is presented on Schedule C-4. The Staffs state and municipal income tax calculafion reflects federal taxable income adjusted for unallowable bonus depreciation. The StafTs federal, state, and municipal income tax adjustment are also presented on Schedule C-4.
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RATE OF RETURN
The Staff recommends a rate of return in the range of 7.19% to 7.73%. The recommended rate of return was developed using a cost of capital approach which reflects a market-derived cost of equity and the Applicant's embedded cost of long-term debt Capital Structure The Applicant is a wholly-owned subsidiary of Duke Energy Corporafion, which is a publicly traded public ufility holding company. The Staff used the Capital Structure of the Applicant which is 46.70 % debt and 53.30% equity. Staff believes that in this case using the Applicant's capital structure is appropriate based on the financial environment. Cost of Long Term Debt The Staff employed the embedded cost of long term debt of Applicant after pollution control notes were removed, as of March 31, 2012 from Applicant's Schedule D-3A. The pollution control notes were removed because they are primarily generation related and therefore not part of the distribufion function. The embedded cost of long term debt is 5.32%. Cost of Common Equity The Staff considered a group of utilities that are representative of the Applicant for purpose of cost of equity esfimafion. This group consists of companies publicly traded on the New York Stock Exchange, and are categorized as electric utility companies by Value Line but also have gas operations, and have a Value Line financial strength rafing of between B++ and A+. In addifion, they all have positive growth projecfions and a market capitalization of at least $10 billion. Company Name Dominion Resources Duke Energy Consolidated Edison Northeast Ufilities Xcel Energy D DUK ED NU XEL
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The Staff employed a cost of equity estimate for the comparable group companies that used the capital asset pricing model (CAPM) and the discounted cash fiow (DCF) derived estimates. In calculating its CAPM cost of common equity esfimate, the Staff employed the average of the Value Line betas, being .64 and the Ibbotson' derived spread of arithmefic mean total returns between large company stocks (11.8%) and long term government bonds (i.e., "risk free return"; 6.1%). These were used in the CAPM formulafion with the weighted average of 10 year and 30 year daily closing Treasury Yields for the period from 9/30/11 through 9/28/12. The averaged 10 year yield is 1.76%. The averaged 30 year yield is 2.75%. This averaged to 2.255%. This was added to the average product of the beta .64 and the 5.7% spread, and resulted in a CAPM cost of equity esfimate of 5.9%." In calculafing its DCF cost of common equity esfimate, for each comparable company, the Staff employed the annual average stock price, the sum of the last four quarteriy dividends, estimates of the expected rate of growth of earnings. The stock price employed is the average daily closing price for the period from 9/30/11 through 9/28/12. The DCF model assumes that earnings growth and dividends growth are the same. The Staff averaged earnings per share estimates from Yahoo, MSN, Reuters and Value Line to get DCF growth estimates for each company."'^ The Value Line average incorporates both the explicit long-range earnings estimate shown in the "box" and the implicit continuous growth rate calculated from the estimates of earnings per share.'" For the Staffs determinafion of DCF cost of equity, a non-constant DCF growth rate was assumed. Dividends were assumed to grow at a rate derived from financial analysts' growth estimates for the first five years (i.e., long term growth rate). The StafTs DCF growth esfimates were used for the first five years, as they are averages of esfimates from various investor news services. From the twenty-fifth year on, the growth rate was assumed to equal the long-term growth rate in GNP. For the sixth through twenty-fourth years, dividends vary between the two rates in a linear fashion. The long-term growth rate in GNP was the average annual change in GNP from the U.S. Department of Commerce for 1929 through 2011}"
Ibbotson Associates 2012 Yearbook: Stocks, Bonds. Bills and Inflation: Valuation Edition See Staff Schedules D-1.3 " See Staff Schedules D-1.4 See Staff Schedule D-1.10
17
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Based on long-term GNP growth, the respecfive Company DCF growth esfimate and dividend, a stream of annual dividends was calculated. The internal rate of return derived from the dividend stream and the stock price was used for Staff's non-constant growth DCF cost of equity estimate. The comparable group non-constant DCF cost of equity esfimates average 10.24%. Due to the historically lower Treasury Yields the Staff multiplied the 5.9% CAPM estimate by 25%, and the DCF cost of equity esfimate by 75% resulfing in a return of 9.16%. Using a one hundred basis point range of uncertainty, the cost of equity esfimate becomes 8.66% to 9.66%.'^ To provide for this return, allowance must be made for issuance and other costs, as shown on Schedule D-1.3. This factor was the number Staff recommend in the Company's last rate filing (Case No. 08-709-EL-AIR). This number was used due to the fact that Duke Energy currently has negative retained earnings which would result in a negative issuance cost, which is not possible. Therefore an adjustment factor of 1.019 was applied resulfing in a baseline cost of common equity recommendation of 8.82% to 9.84%.
18
RATES AND TARIFFS

By its application in Case 12-1682-EL-AIR, the Applicant requests authority to modify its electric distribufion rates and charges. The Commission Staff has investigated the rate and tariff matters proposed by the Applicant. The results of the investigafion by the Staff are herein reported. It is the intent of the Staff to provide analysis with regard to the acceptability and reasonableness of the changes in revenue recovery mechanisms contained in the proposed tariffs. Typical bills are presented at the end of the Report (Schedule E-5). The proposals made by the Staff may require adjustments based on the revenue authorized by the Commission. TARIFF ANALYSIS The Applicant is proposing several changes, additions and delefions to its tariffs. The Staff divided the proposals into three categories: a. Changes to Electric Service Regulafions; b. Tariff addifions, deletions and combinafions; c. Changes specific to individual rate schedules. The Applicant is proposing various textual changes to its tariffs. Unless noted. Staff recommends approval of these changes as proposed by the Applicant. Changes to Electric Service Regulations Staff is making recommendations to change certain rule references to the Ohio Administrative Code contained in Duke's tariff. Sheet No. 20.2, Section I - Service Agreements Company's Right to Refuse or to Disconnect Service, paragraph (f): This section includes an incorrect reference to the applicable rule. Staff recommends that this secfion be revised to refer to Rule 4901:1-18-03 (E), of the Ohio Administrative Code (O.A.C.).
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DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Sheet No. 25.6, Section VI - Billing and Payments Availability of Budget Billing: This secfion includes an incorrect reference to a provision of the applicable rule. Staff recommends that this secfion be revised to refer to Rule 4901:1-18-05 (D), O.A.C. Sheet No. 26.4, Section VII - Credit and Disconnection Provisions Disconnection Nonpayment: Nonresidenfial Customers. The last sentence of this section includes an incorrect reference to the applicable rule. Staff recommends that this section be revised to refer to Rule 4901:1-18-08, O.A.C. Deposit Provisions The secfion includes reference to Rule 4901:1-17 of the Ohio Administrative Code, which no longer applies to electric utilities. Staff recommends that Duke remove reference to Rule 4901:1-17, O.A.C Tariff page 32 of 231 "Supplement A" of Duke's tariff contains a copy of Rule 4901:1-17 of the Ohio Administrafive Code. Staff recommends this Supplement be removed since this rule no longer applies to electric utilifies. Tariff page 39 of 231 "Supplement B" of Duke's tariff contains a copy of Rule 4901:1-18 of the Ohio Administrative Code. Staff recommends that Duke replace Supplement B with the most current version of Rule 4901:1-18, O.A.C. Tariff additions, deletions and combinations Rider GP: Rider GP pertains to the Company's GoGreen Program initiated in 2007 through Case No. 06-1398-EL-UNC. The voluntary GoGreen Program allows participants the opportunity to support certain alternative energy sources through a bill adder that is a funcfion of the participant's level of subscripfion under the program.
20
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. In this proceeding, the Company has proposed to modify its exisfing Rider GP. The proposed modificafions (Sheet No. 79.5), which the Company describes as intended to simplify the GoGreen Program, are twofold: (1) establishes a single per-unit rate for all participants, and (2) removes carbon credits from the program. The Company also proposes to remove language from the rider that identifies a specific program expiration date. The Staff does not oppose these proposed modifications. However, Staff does note that the Commission currenfiy has an open docket pertaining to a rulemaking for Green Pricing Programs as required by Am. Sub. S.B.315. This docket, Case No. 12-2157-EL-ORD, is currently in the comment period. Staff believes that the Company's GoGreen Program should comply with any final rules, as applicable, from Case 12-2157-EL-ORD. Facilities Relocation - Mass Transportation Rider (Rider FRT) As part of this distribufion rate case, Duke Energy Ohio is requesfing a new tariff for relocafing its facilities, Facilities Relocation - Mass Transportation Rider (Rider FRT), which focuses on recovery of the costs of relocations due to mass transportafion projects initiated by governmental subdivisions. The Company proposes the design of Rider FRT as such to give the governmental subdivision the opfion of paying the Company directly for the cost of relocafion or, alternatively, to charge only those customers residing within its governmental boundaries for the cost of the project. The charge under either opfion would be sufficient to pay for the cost of relocafing the facilifies, plus a carrying charge at the weighted-average cost of capital established in these proceedings. The Staff does not support the Company's proposal to create Rider FRT. It is StafTs posifion that Rider FRT as designed is not well defined and too open-ended. Staff does not support Rider FRT for the following reasons: Public mass transportation includes various transport services available to the general public including vanpools, buses, trolleybuses, trains and trams, rapid transit, ferries, and their variafions. Staff believes that the Company's proposal fails to identify what type of public mass transportation project would be eligible under Rider FRT. The Company's proposal does not distinguish between projects that should be funded solely by the governmental subdivision and projects funded
21
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. solely by the utility in accordance with home rule charter of the Ohio Constitution. The Company's proposal does not address the fact that many transportation projects provide various economic, social, and environmental benefits that are realized directly and indirecfiy. Addifionally many mass transportafion projects are built in phases and eventually over fime connect one geographic area or city to another city or cities. It is unclear if the design of Rider FRT would ensure that the appropriate customers are being charged for the project in accordance with the principles of cost causation and recovery. The Company's proposal to have two opfions for funding mass transportation projects presents confusion. It is not clear as to what point in fime, in conjunction with the governmental subdivision's planning and construction stages, the utility will seek Commission approval to utilize the tariff. Additionally, it is not clear how potenfial cost overruns would be reviewed and/or approved by the Commission. It is not clear if granfing mass transportation projects to be funded through the opfion 2 of Company's proposal, or in other words, through a charge on customer's bills, would result in unintended liability and/or legal issues. For instance, under the Company's proposal it is not clear who bears the assessment of future remediafion liability.
Changes specific to individual rate schedules Rate TD - Optional Time-of-Day Rate for Residential Service This opfional tariff offering has been available to residential customers for over 20 years. Historically there has been very little customer subscripfion under this rate. As of September, 2012 only 21 customers are taking service under this rate. The tariff sheet still prescribes that customers must accept company demand meters with programmable time-of-day registers to be installed on their premises to receive this service. There will be limited occasions where the demand meters with programmable fime-of-day registers will be needed in the next 2 years due to the Company's system wide smart grid rollout. The Staff recommends that this tariff be available to any residenfial customer who has a certified advanced meter that has been deployed as a part of the smart grid rollout. In addifion, there is a provision in the Terms and Conditions section that requires customers to take service under this tariff for a minimum of 3 years. The Staff sees no justificafion that customers must take service under this tariff for 3 years with the severe penalfies to be imposed for exiting early. Generally, the reason why time-of-day rates require at least 1 year of subscripfion is to prevent customers from gaming. The Staff 22
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. recommends that customers be able to take service under this rate for a minimum of one year instead of the 3 years proposed. The Staff recommends the same monthly charge penalties if the customer cancels service in less than one year. By reducing the required amount of fime to be on this tariff, it may encourage more customers to take this service under this rate. The Company's increases in the customer and energy charges are being imposed to refiect their increase in distribution costs. Rider LM - Load Management Rider This opfional service has been offered to distribufion and transmission service customers that were taking service under Rate DS, Rate DP or Rate TS. Prior to retail access, customers under 500 kw were not required to have an interval meter before retail access and therefore they had to pay for a demand meter with a programmable Time-of-Use register to receive this service. Since retail access. Tier 1 (< 500 kw demand) customers were required to have an interval meter. However, since the Company's implementation of the smart meter, there is no longer a need for qualified customers to pay for an interval meter with a programmable Time-of-Use register to receive this service. The $7.50 incremental monthly charge is to pay for the incremental programming costs for billing under this service. The Staff does not believe there needs to be a distinction between Tier 1 and Tier 2 incremental monthly customer charges due to the smart meter rollout. The Staff recommends that the Tier 2 incremental monthly charge be reduced to $7.50 as it is for Tier 1. The Staff recommends that the alternative calculation for determining the demand charges for Tier 2 customers remain since it is more likely that some of these customers could escape paying their reasonable share of demand charges by shifting producfion to the defined off-peak periods. Rider PLM - Peak Load Management Program The Staff recommends that the tariff language be modified on Sheet No. 87, page 1 of 5, under the section Service Options, para. 3, second sentence to reflect parallel construction. Staff recommends it read as follows: "The targeted hours for the PLM Program will generally be between 11:00 A.M. and 8:00 P.M., Monday through Friday, during the summer months; and between 7:00 A.M. and 1:00 P.M., Monday through Friday, during the winter months." Other than that, the Staff does not recommend any other changes to this tariff.
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Rate TD-2012 (Optional Time-of-Day Rate for Residential Service with Advanced Metering) This rate is part of a series of experimental pilot rates the Company has offered to residenfial customers as a part of the Company's smart grid rollout. The experimental fime-of-use rates have been offered to help determine which residential customers would be willing to take addifional risks to reduce their consumption during high cost periods. By shifting consumption from higher cost periods to lower cost periods customers can save money on their monthly bill. This rate structure has been thoroughly discussed and vetted in the Company's smart grid collaborative with stakeholder approval. As more informafion becomes available about customer response to this rate, it may be modified or deleted in the future. Otherwise, the Staff recommends that this tariff be approved as filed. Rate RTP - Real Time Pricing Program This particular rate is offered to only those customers who are on distribufion secondary, distribufion primary or transmission voltage level service. Rate RTP is voluntary and comes with the most risk and volafility of any of the Company's offerings. The generation commodity charge varies by the hour and customers who are inquiring about the rate should be notified by the Company of its risks. Currently, the tariff provides that customers who request this service shall pay for any incremental special metering costs. However, in the instance where any of these customers already have a certified advanced meter installed, there should be no additional special metering costs applied to the customer. The tariff should be modified to reflect this change. Staff is in agreement with the Company's RTP billing formula and recommends that it be approved. Customers who elect this tariff rate must take generafion service from the Company.
RATE AND REVENUE ANALYSIS

General guidelines or objecfives are followed in Staffs review of rate schedules and design. The applicable schedules should provide the ufility the opportunity of recovering an authorized revenue. The various schedules should represent a reasonable distribution of revenue between and among various customer groups. The particular schedules should be equitable and reasonable, should provide for customer understanding and confinuity of rates, and should cause minimal customer impact. Rate design criteria are to be viewed as a package, in that they are interrelated. Although each item can be separately identified and applied to rate schedule determinations, no single standard is overriding in determining proper rate design. The rate schedules which comprise a particular ufility's tariff should provide for recovery of
24
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. expenses found proper in the course of a regulatory proceeding. If the rate schedule is designed on the basis of cost causafion, it will provide for expense recovery in the long term, given changes in customer consumpfion characteristics. Normally, and to the extent sufficient information is available, cost of service studies and related expense analyses are necessary to determine the appropriate level of revenue to be generated and the appropriate recovery of such revenue. The rate schedules should be designed to be equitable and reasonable to the customers served pursuant to their applicability. This criterion involves several considerafions. The rate schedules should, to the extent practicable, be predicated upon the cost associated with a particular service rendered. Customers receiving like services should be facing the same charges and provisions. Also, differences in applicable charges should be representafive of differences in costs. From a practicable rate design standpoint, absolute equality between costs and revenues may be difficult to achieve in the short term. While it may be viewed as equitable to set rates at costs, if there is a substantial divergence in the current rates, the resulfing impact on individual customers may be viewed as unreasonable. While desiring cost supported charges, Staff considers such items as resulfing typical customer billings and resulfing revenue increases which would necessarily occur. While it is the Staffs position that rate schedules reflect costs, it is also important to consider the continuity associated with current and proposed pricing structures. This may result in movement more closely aligning revenue with costs rather than an absolute match at a particular fime period. When employing these standards to develop and design rates, the results should be understandable to all the customers billed under the tariff. Cost of Service Analysis Cost of service studies approximate the costs incurred by a utility in providing service and identifies the cause of the costs. These are determined by assigning the costs to the customer class relative to what each class imposes on the system. There are several steps involved, as listed below: Funcfionalizafion: The separafion of costs according to producfion, transmission or distribufion funcfion. Classificafion: The separafion of costs as being customer, demand or energy related. Customer costs are independent of customer usage characteristics and are costs which are associated with customer service
25
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. connections to the system and vary with the number of customers served. Demand and capacity costs are those expenses which vary with the rate in which the service is used, such as the cost of meefing peak demand. Energy costs are the costs which vary according to the volume of energy consumed, or the customer's kilowatt-hour consumpfion. Allocation: The last step is the allocafion of costs to each customer class. This is determined by a combination of the number of customers, class demands, and energy usage.
The Cost of Service Study (COSS) filed by the Applicant is an embedded fully allocated cost of service study by rate class for the test period ended December 31, 2012. The COSS allocates distribution-related items such as plant investment, operating expenses and taxes to the various customer classes. These costs are then classified as customerrelated or demand-related. Finally the cost of service study calculates the revenue responsibility of each class required to generate the applicant's recommended rate of return. The Applicant based its allocations on the cost causafion guidelines established in the NARUC "Electric Ufility Cost Allocafion Manual." The Applicant used the non-coincident peak and average class group peak methodologies for the COSS for determining the major allocafion factors. The allocation factors were developed based on customer, energy and demand statistics from the Applicant's 2011 load research studies and customer usage data. The Applicant used 2008 data from its prior rate case filing Case No, 08-709-EL-AIR in determining weighted cost factor for allocafing meter costs. In data request responses 061-002 and 101-001, the Applicant stated that at the fime of the merger of Duke Energy and Cinergy Corp, different levels of informafion for meters were kept in each company's property catalogs. When records were consolidated into one catalog, the data was converted to a higher less detailed level consistent with the informafion contained in the Duke Energy Carolina catalog. Staff accepted the analysis only on the basis that no other information was made available, but recommends that the company maintain a more detailed record keeping system. The Applicant submitted a corrected COSS in data request response 107-001 and 107 002 changing the lighfing kWh on WPE - 3.2, p. 2 of 6 from 4,200,135 to 127,970,020, along with an adjustment to the Uncollecfible Expense allocation factor for transmission service in WPE - 3.2d, p. 9 of 10 from $1,000,000 to $122,600. Staff modified the COSS even further adjusfing the allocation factor assigning miscellaneous revenues to customer classes. Staff does not agree with the Applicant's use of allocation factor D249 (weighted net distribufion plant) allocafing $3,283,825 in miscellaneous revenue. $1,556,768 of the miscellaneous revenue consists of reconnecfion charges, check
26
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. charges and field collection charges. Staff applied allocation K403 (total customers) allocating revenues associated with these activities to better reflect customer activity. Staff ufilized the adjusted COSS as a starting point in assigning customer class responsibility. COSS results are presented on Tables 1 and 2. Table 1 provides the Current, Applicant-proposed and Staff-proposed distribufion related Rates of Return and Indexes for the customer classes. Table 2 provides the Current, Applicant-proposed and Staff-proposed distribution of total distribufion related revenue based on the current total distribufion revenue and Applicant's proposed increase in total distribution revenue.
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Table 1 COST OF SERVICE RESULTS RATES OF RETURN Current

%
Index 0.6674 1.8431 (0.0968) 3.0195
Aptslicant Pro posed Index % 7.245 10.373 1.593 13.994 0.8911 1.2759 0.1959 1.7213
Staff Proposed
%
Index 0.8964 1.2720 0.3320 1.6896
Residential Secondary Distribufion Secondary Distribufion Secondary Distribufion Secondary Distribufion GSFL
2.089 Large Large EH Small DM Small 5.371 (1.000) 34.054 0.965 3.130 5.769 (0.303) 9.451
7.288 10.341 2.699 13.736
1.7160 (0.3195) 10.8799 0.3083 1.0000
10.034 4.620 34.415 4.649 8.1300
1.2342 0.5683 4.2331 0.5718 1.0000
9.912 4.570 36.033 4.550 8.130
1.2191 0.5621 4.4322 0.5597 1.00
Primary Distribufion Transmission Lighfing Total Distribution
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Table 2 COST OF SERVICE RESULTS REVENUE DISTRIBUTION PERCENTAGE
''-
Current Revenue
%
Applicant Proposed Revenue

%
Staff Proposed Revenue

%
Residenfial Secondary Distribufion Large Secondary Distribution Large EH Secondary Distribufion Small DM Secondary Distribufion Small GSFL Primary Distribufion Transmission Lighfing Total Distribution
56.50 29.14 0.34 5.42 0.16 6.18 0.03 2.21 100.00
56.02 28.94 0.32 5.08 0.16 6.77 0.03 2.69 100.00
55.98 29.00 0.34 5.03 0.16 6.76 0.03 2.68 100.00
29
Distribution of Proposed Revenue Increase The Applicant is proposing a total increase in distribution base revenues of approximately $86.5 million. The proposed increase is based on a two step process to distribute the proposed revenue increase. The first step eliminates 15 percent of the subsidy/excess revenues between customer classes based on present revenues. The second step allocates the rate increase to customer classes based on the electric distribution original cost depreciated rate base. The Staff has analyzed the COSS utilized by the Applicant and finds that the revised COSS including corrections as submitted in data request response 107 coupled with the Staff recommended modification to the allocation of miscellaneous revenue is a reasonable indicator of costs and cost responsibility. Although the adjustments did not produce earth shattering differences, it is imperative for Staff to illustrate the differences and similarities in the Applicant's and Staffs proposal. Staff recommends that the customer classes be moved sixty-seven percent (2/3) of the way towards equal rates of return in this case. With the exception of the Rate EH class in Table 1, StafTs proposal is not significantly different from the Applicant. Staff analyzed various rate of return movements toward a levelized rate of return and have determined that the 2/3 movement is the most appropriate in this case. Table 2 shows the revenue distribufion percentages for the COSS results. Tables 3 and 4 provide Applicant's and Staffs proposed distribution of revenue and revenue increase for each class of customer as well as each class's percentage of total revenues to be received. Tables 5 and 6 provide the Applicant's and Staffs proposed distribufion revenue increase based on total company revenues. StafTs total increase amounts in Tables 4 & 6 reflect the Applicant proposed increase and not the Staff proposed increase discussed elsewhere in this report. Table 7 should be ufilized to allocate the final Commission authorized increase.
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Table 3 REVENUE DISTRIBUTION & INCREASE APPLICANT PROPOSED
Current
$
%of Total 56.50 29.14 0.34 5.42 0.16 6.18 0.03 2.21
Applicant Proposed %of Total $ 245,319,480 126,735,145 1,383,281 22,241,651 713,343 29,647,723 123,544 11,770,312
Increase
$ %
Residenfial Secondary Distribution Large Secondary Distribution Large EH Secondary Distribufion Small DM Secondary Distribufion Small GSFL Primary Distribufion Transmission Lighfing Total Distribution
198,522,719 102,395,120 1,202,853 19,058,213 575,543 21,703,289 122,600 7,772,168 351,352,505
56.02 46,796,761 28.94 0.32 5.08 0.16 6.77 0.03 2.69 24,340,025 180,428 3,183,438 137,800 7,944,434 944 3,998,144
23.57 23.77 15.00 16.70 23.94 36.60 0.77 51.44 24.64
100.00 437,934,479
100.00 86,581,974
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DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Table 4 REVENUE DISTRIBUTION & INCREASE STAFF PROPOSED
Current %of Total
Staff Prop>osed % of Total $
Increase
$ %
Residential 198,522,719 Secondary Distribution Large 102,395,120 Secondary Distribufion Large EH 1,202,853 Secondary Distribufion Small DM 19,058,213 Secondary Distribution Small GSFL 575,543 Primary Distribufion Transmission Lighfing Total Distribution 21,703,289 122,600 7,772,168 351,352,505
56.50 245,173,970 29.14 127,014,932 0.34 5.42 0.16 6.18 0.03 2.21 1,496,935 22,041,096 714,146 29,612,093 123,499 11,757,807
55.98 46,651,251 23.50 29.00 24,619,812 24.04 0.34 5.03 0.16 6.76 0.03 2.68 294,082 24.45 2,982,883 15.65 138,603 24.08 7,908,804 36.44 899 0.73
3,985,639 51.28
100.00 437,934,479
100.00 86,581,974 24.64
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Table 5
REVENUE DISTRIBUTION & INCREASE APPLICANT PROPOSED
Current
$
%of Total 41.98 31.58 0.34 3.34 0.16 10.53 11.06 1.01
Applicant Proposed %of Total $ 756,232,050 557,966,671 5,880,504 59,670,961 2,762,938 185,930,906 186,821,908 21,106,721
Increase
$ %
Residenfial Secondary Distribufion Secondary Distribufion Secondary Distribufion Secondary Distribufion GSFL
709,435,289 Large Large EH Small DM Small 2,625,138 177,986,472 186,820,964 17,108,577 533,626,646 5,700,076 56,487,523
42.57 46,796,761 31.41 24,340,025 0.33 3.36 0.16 10.47 10.52 1.19 180,428 3,183,438 137,800 7,944,434 944 3,998,144
6.60 4.56 3.17 5.64 5.25 4.46 0.00 23.37 5.12

Includes riders.
1,689,790,685 100.00 1,776,372,659
100.00 86,581,974
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Table 6 REVENUE DISTRIBUTION & INCREASE STAFF PROPOSED
Current
$
%of Total 41.98 31.58 0.34 3.34 0.16 10.53 11.06 1.01
Staff Proposed | %of Total $ 756,086,539 558,246,459 5,994,158 59,470,406 2,763,741 185,895,276 186,821,863 21,094,216
Increase
$ %
Residential Secondary Distribution Large Secondary Distribufion Large EH Secondary Distribufion Small DM Secondary Distribufion Small GSFL Primary Distribufion Transmission Lighfing
709,435,289 533,626,646 5,700,076 56,487,523 2,625,138 177,986,472 186,820,964 17,108,577
42.56 46,651,250 31.43 24,619,813 0.34 3.35 0.16 10.46 10.52 1.19 294,082 2,982,883 138,603 7,908,804 899 3,985,639
6.58 4.61 5.16 5.28 5.28 4.44 0.00 23.30 5.12
Total Distribution 1,689,790,685
100.00 1,776,372,659 100.00 86,581,974
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DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Table 7 DISTRIBUTION OF PROPOSED REVENUE INCREASE APPLICANT PROPOSED Applicant proposed %of Total $ Residenfial Secondary Secondary EH Secondary DM Secondary GSFL Distribufion Large Distribufion Large Distribution Small 3,183,438 Distribution Small 137,800 7,944,434 944 3,998,144 86,581,974 0.16 9.18 0.00 4.62 100.00 138,603 7,908,804 899 3,985,639 86,581,974 0.16 9.13 0.00 4.60 100.00 3.68 2,982,883 3.45 46,796,761 24,340,025 180,428 54.05 28.11 0.21 '
$
Staff proposed % of Total 53.88 28.44 0.34
46,651,251 24,619,812 294,082
Residential Customer Charge Determination Staff has ufilized a method for determining customer charges that is considered minimally compensatory and includes only those costs such as meters and service drops that are necessary for each customer to be served. In this case, the Applicant has proposed to include a portion of transformer costs in its proposed customer charge. The transformer cost portion which has been classified as customer related was determined based on minimum-size transformers as outlined in the Applicant's testimony. Staff does not find it unreasonable to include costs related to minimum size transformers in a customer charge, recognizing that a minimum size distribution system is required to serve any one customer.
35
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. The Applicant's calculation generates a $12.81 customer charge, but the Applicant is proposing a $6.79 customer charge for standard residential customers. Staff has included the minimum size transformer cost in its standard calculation methodology, but all other accounts will remain the same. Ufilizing Staffs methodology for calculafing customer charges and including the costs of minimum size transformers. Staff calculates a customer charge of $6.69 (See Table 8 below). As a result. Staff recommends a customer charge of $6.70 for standard residential customers. Table 8 Residential Customer Charge Acct. No. Account Title Plant Accounts Transformers (Minimum Size) Services Meters Total Customer Related Distribution Plant Expense Accounts Meter Expense/Maintenance Customer Installafion Expense Oust. Accts. Supervision/meter read/records Customer Assistance Informafion Customer Information and Instrucfion Total Customer Related Expenses Customer Related Distribution Plant Carrying Cost (91,965,952 * 17.27%) Total Carrying Cost and Expenses Number of Customer Bills/Year Customer Cost/Bill (Unweighted) Staff Recommended Monthly Customer Charge Account Balance
$
368 369 370
43,320,426 25,385,314 23,260.212 91,965,952
586/597 587 901-903 908 909
1,255,888 2,579,323 30,551,388 31,376 75.628 34,493,603
15,886,199 50,379,801 7,535,400 6.69 6.70
36
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate Design Rate RS - Residential Service This service is available for private residences, single occupancy apartments and separately metered common use areas of multi-occupancy buildings. The Applicant is maintaining the same block structure. The Applicant is proposing to increase the Customer Charge from $5.50 to $6.79. As discussed eariier, Staff recommends increasing the customer charge to $6.70. To achieve Staffs proposed revenue recovery for residential service. Staff is proposing a slightly higher energy charge offsetting the lower customer charge proposed by Staff. 1 Current
$
Applicant Proposed Increase

$ %
Staff Proposed Increase

$ %
Customer Charge Energy Charge: All kWh
5.50 0.022126
6.79 027331
23.45 23.52
6.70 .027410
21.82 23.88
Distribution rates for Rate-TD-2012 (pilot) for residential customers are currently set at the same rates for the standard residential customers. The proposed customer charges for single phase service and energy rates for Rate-TD-2012 confinue to equal standard residential rates as provided above. The Applicant is proposing to maintain the three phase $8.00 customer charge for this service. Staff recommends a $9.20 customer charge equal to StafTs proposed customer charge for the three phase customer for Rate RS3P Rate RS3P - Residential Three-Phase Service This rate is available for private residences and single occupancy apartments and separately metered common use areas of mulfi-occupancy buildings where three-phase service is required. The distribution rates are similar to Rates RS except a higher customer charge is necessary to reflect the required three-phase meter. The Applicant is proposing to increase the customer charge by 16.13% from $8.00 to $9.29 and recommends the same energy rates as proposed for Rate RS. The Staff recommends a customer charge of $9.20 increasing the current customer charge by 15.00% and recommends the same energy charges as Staff proposed for Rate RS.
37
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate ORH - Optional Residential Service with Electric Space Heating This service is available to customers in private residences and single occupancy apartments where electric heafing is used as the primary source of heafing. The Applicant is proposing to increase the customer charge from $5.50 to 6.79 and increase the energy charges, similar to rate RS. The Staff recommends a $6.70 customer charge with an increase to the energy block rates as provided below: Current
$

$ %
Proposed
$
Staff Increase
%
Customer Charge Energy Charge: Summer First 1000 kWh Additional kWh Excess of 150 fimes Demand Winter First 1000 kWh Additional kWh Excess of 150 fimes Demand
5.50
6.79
23.45
6.70
21.82
0.025983 0.030778 0.030778
0.032111 0.038038 0.038037
23.58 23.59 23.58
0.032133 0.038063 0.038063
23.67 23.67 23.67
0.025983 0.014351 0.009675
0.032111 0.017736 0.011956
23.58 23.59 23.59
0.032133 0.017748 0.011964
23.67 23.67 23.66
Rate TD - Optional Time-Of-Day Rate for Residential Service This service is available to customers in private residences and single occupancy apartments that have programmable time-of-day meters. The Applicant is proposing to increase the customer charge from $16.00 to $17.29 per month and increase On-Peak and Off-Peak energy charges. The Staff recommends the customer charge be increased to $17.20 per month and the energy charges be increased as provided in the following table:
38

,, ,_ .
..^ ...
_.
Current
$

$ %

$ %
Customer Charge Energy Charge: Summer On Peak kWh Off Peak kWh Winter On Peak kWh Off Peak kWh
16.00
17.29
8.06
17.20
7.5
0.041195 0.007186 0.032735 0.007181
0.055613 0.009701 0.044192 0.009694
35.00 35.00 35.00 35.00
0.055720 0.009722 0.044289 0.009713
35.33 35.29 35.30 35.26
Rate CUR - Common Use Residential Service This rate schedule is applicable to electric service other than three phase service for separately metered common use areas of multi-occupancy buildings. The distribution rates are currenfiy identical to Rate RS rates. Applicant is proposing the same increases to the customer charge and energy blocks as it proposed for Rate RS. Staff is recommending the same customer charge and energy rates as it proposed for Rate RS. Rate RSLI - Residential Service - Low Income This rate schedule is applicable to customers who are at or below 200% of the Federal poverty level and who do not participate in the Percentage of Income Payment Plan ("PIPP"). The service is applicable to electric service other than three phase service, for ail domestic purposes in private residences and single occupancy apartments and separately metered common use areas of mulfi-occupancy buildings. The Applicant is proposing to increase the customer charge from $1.50 to $2.79 and recommends the same energy rates as proposed for Rate RS. The Staff recommends a customer charge of $2.70 and recommends the same energy charges as Staff proposed for Rate RS.
Current
$

$ %
Staff ' Proposed Increase

$ %
Customer Charge Energy Charge
1.50 0.022126
2.79 027331
86.00 23.52
2.70 .027410
80.00 23.88
39
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate DS-Service at Secondary Distribution Voltage This rate schedule is applicable to customers who have load requirements at the secondary system voltage level and the average monthly demand is greater than 15 kW. The Applicant is proposing to increase the customer from $20.00 to $24.75 for single phase service and from $40.00 to $49.51 for single and/or three phase service. The Staff recommends approval of the Applicant's proposed customer charges. Applicant is also recommending an increase to the distribution demand charge. Both Staff and Applicant's proposed demand charges are provided below: Current
$

$ %

$ %
Customer Charge: Single Phase Single/Three Phase Demand Charge: All kilowatts
20.00 40.00 4.6848/kW
24.75 49.51 5.7984/kW
23.75 23.78
24.75 49.51
23.75 23.78 24.07
23.77 5.81240/kW
Rate GS-FL - Optional Unmetered General Service Rate for Small Fixed Loads This rate schedule is available to customers where secondary distribution lines exist for any fixed load that can be served by standard service drop from the Company's exisfing distribution system. Although this schedule does not have a customer charge, it does have a minimum charge of $5.00 per month per fixed load locafion. The Applicant is proposing to increase this charge from $5.00 to $6.20. Staff recommends approval of the Applicant's proposed fixed charge. The Applicant and Staff proposed increases for the energy charges are provided in the following table:
40
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Current
$

$ %

$ %
Fixed Charge Distribufion Charqes (a) For loads based on a Range of 540 to 720 hours Use per month of the rated Capacity of the connected equipment (b) For loads of less than 540 Hours use per month of the Rated capacity of the Connected equipment
5.00
6.20
24.00
6.20
24.00
0.018362
0.022758
23.94
0.022785
24.09
0.021067
0.026108
23.93
0.026139
24.08
Rate EH- Optional Rate for Electric Space Heating The Opfional Electric Space Heafing schedule is available to any public school, parochial school, private school, or church whose primary source of heafing is electric energy and such energy can be furnished at one point of delivery and can be metered separately. The Applicant has proposed to increase the customer charge for single phase service from $20.00 to $23.00, three phase service from $40.00 to $46.00 and maintain primary service at $200.00. The Staff recommends approval of the Applicant's proposed customer charges. The Applicant also proposes an increase to the energy charge. The Applicant and Staff-proposed increases for the energy charges are provided below:
Current ' $/kWh Customer Charge: Single Phase Three Phase Primary Energy Charge: All kilowatt-hours 20.00 40.00 200.00 0.014329
Applicant Proposed Increase $/kWh % 23.00 46.00 200.00 0.016478 15.00 15.00 00.00 15.00
Staff : Proposed Increase $/kWh % 23.00 46.00 200.00 0.018115 15.00 15.00 00.00 26.42
41
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate DM - Secondary Distribution- Small This service is available to customers who have loads of 15 kW or less and is also available for recreation facilities which are promoted, operated and maintained by nonprofit organizafions where such service is separately metered. The Applicant has proposed to increase the customer charge for single phase service from $7.50 to $8.75, three phase service from $15.00 to $17.51. The Staff proposes to increase the customer charge to $8.65 for single service and $17.30 for three phase service. The Applicant and Staff-proposed increases for the energy charges are provided below:
Current
$

$ %
Staff i Proposed
$
Increase
%
Customer Charge: Single Phase Three Phase Energy Charge: Summer First 2,800 kWh Next 3.200 kWh Additional kWh Winter First 2,800 kWh Next 3.200 kWh Additional kWh
7.50 15.00
8.75 17.51
16.67 16.73
8.65 17.30
15.33 15.33
0.039017 0.003246 0.001377
.045534 .003788 .001607
16.70 16.70 16.70
.045162 .003757 .001596
15.75 15.74 15.90
0.028008 0.003246 0.001377
.032686 .003788 .001607
16.70 16.70 16.70
.032419 .003757 001595
15.75 15.74 15.83
42
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate DP - Service at Primary Distribution Voltage This service is available to customers who have load requirements at nominal primary distribufion system voltages of 12,500 volts or 34,500 volts. The Applicant is proposing to increase the customer charge from $200.00 to $273.21 as well as increasing the demand charge. The Staff supports the customer charge increase to $273.21, however proposes to increase the distribufion demand charge slightly lower than Applicant's proposal. See below: Current
$

$ %

$ %
Customer Charge: Primary Voltage Service Demand Charge: All kilowatts
200.00
273.21
36.60
273.21
36.60
3.7700/kW
5.1500/kW
36.60 5.143540/kW
36.43
Rate TS - Service at Transmission Voltage This service is available to customers with load requirements at a nominal transmission system voltage of 69,000 volts or higher. The Applicant is proposing to increase the customer charge from $200.00 to $201.54 to better reflect the fixed costs of serving transmission customers. Staff is recommending a slighfiy higher customer charge to recover the recommended revenue for this rate class. Staff is proposing a customer charge of $201.58. The Applicant proposes to maintain the exisfing rate design proposing no demand charge, since transmission voltage customers do not ufilize the distribution system below 69,000 volts. Staff agrees. Current
$
Applicant Proposed
$
Staff Increase : Proposed

% $
Increase
%
Customer Charge: Demand Charge: All kilowatts
200.00
201.54
.77
201.58
.79
0.000/kVa
0.000/kVa
(00.0) 0.000/kVa
(00.0)
43
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Rate RTP - Real Time Pricing Program (Distribution) The hourly Energy Delivery Charge is a charge for using the distribufion system to deliver energy to the customer. The Applicant and Staff proposals are as follows: Charge (Credit) For Each kW Per Hour From the CBL(Customer Base Load):
Current
$

$ %

$ %
Rate DS per kW per hour Rate DP per kW per hour Rate TS per kW per hour
.016616
.021612
30.07
.021670
30.42
.019689
.027208
38.19
.027175
38.02
.000000
.000000
00.00
.000000
00.00
The Applicant is proposing maintaining the current $325.00 customer. Staff agrees. Street Lighting, Traffic Lighting, Outdoor Lighting Services The Applicant proposes an increase of 51.4% for all lighting schedules to refiect the cost of service results of all lighting classes combined. The Staff recommends an across the board increase of 51.3%, which is a result of Staffs recommendafion of moving the customer classes only 67% of the way towards achieving equal rates of return. Although the Applicant's methodology in determining proposed revenue for rate classes differs. Staff ended reasonably close using the 2/3 method. It is difficult not to assign the proposed increase to this class without moving other classes further away from the levelized rate of return. StafTs proposed increase will result in the lighting class earning a 4.55% rate of return, in comparison to the Applicant proposed 8.13 overall rate of return. Typical Customer Bill Tables See Schedule E-5 for typical bills of various customer classes and customer usages. The tables provide current typical bills; Applicant proposed and Staff proposed typical bills on a total customer bill basis which includes Riders in effect as of May 1, 2012.
44
RELIABILITY AND SERVICE QUALITY REVIEW

ELECTRIC PLANT MAINTENANCE PROGRAM REVIEW Staff routinely conducts investigations, (corporate office audits and field staff site inspecfions), of the ApplicanTs distribufion system, administrative operafions, and specific physical facilities. The primary purpose of the audits is to assess the compliance of the Applicant's programs to maintain system safety and service reliability in accordance with Rule 4901:1-10-27 Ohio Administrative Code, "Inspecfion, Maintenance, Repair, and Replacement of Transmission and Distribution Facilities, (Circuits and Equipment)". The following review also reflects the Staffs activity and findings relative to the Applicant's compliance with Rule 4901:1-10-27 from November 2008 through September 2012, as well as, with Rules 4901:1-10-04, 05, 06, and 11 (Voltage, Metering, National Electric Safety Code, and Distribufion Circuit Performance). Scheduled Inspections Circuits & Equipment Rule 4901:1-10-27 (D)(1) lists inspecfion requirements for distribufion facilities (circuits and equipment) to maintain safe and reliable service on the following scheduled basis: At least one-fiftti of all distribution circuits and equipment shall be inspected annually. All distribution circuits and equipment shall be inspected at least once every five years. Staff conducted office audits in 2010 and 2012 to determine how the Applicant implemented Rule 27(D)(1). Specifically, Staff audited the ApplicanTs overhead distribufion circuits and equipment inspecfion programs to review various components of the distribution system. The audits and field inspections verified the Applicant's compliance with its inspection programs and with the rule's requirement to inspect all distribufion circuits and equipment at least once every five years. The Applicant failed to inspect at least one-fifth of all distribution circuits in 2011. Additionally, the Applicant self reported the loss of inspecfion records for 27 circuits inspected in 2010. The Applicant committed to and completed re-inspecfions on the 27 circuits missed in 2010 and inspected an additional 23 circuits to meet the one-fifth requirement for the 2011
45
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. inspecfion cycle. Records indicate all addifional inspections and reinspections were completed by June 15, 2012. No recommendations are being made at this time with respect to circuit inspections. Substations Rule 4901:1-10-27 (D)(3) specifies the inspection frequency requirement for substafions and equipment to maintain safe and reliable service: All transmission and distribution substation and equipment shall be inspected twelve times annually, with no inspection interval exceeding forty calendar days between inspections. Staff conducted office audits in 2009 and 2011 of the Applicant's substafion monthly inspection programs. Staff has conducted 10 field verificafion audits for monthly substations inspecfions from November 2008 through September 2012. The audits and field inspecfions confirmed the Applicant's compliance with the rule's requirement to conduct monthly transmission and distribufion substation and equipment inspecfions, however Staff audits also found the Applicant failed to comply with the requirement that inspecfion intervals not exceed 40 calendar days on 210 occasions between January 2010 and June 2011. Staff issued the Applicant a Letter of Probable Non-Compliance on May 26, 2011 for the missed inspection intervals. The Applicant indicated that they mistakenly confinued to operate under the old rule language which required substafion inspections at least once each calendar month. The current rule, which went into effect in January 2010, requires substafion inspecfions to occur within forty days of the previous inspection. The Applicant initiated training and a reporting procedure to ensure all substations are inspected at least twelve fimes annually with no inspecfion interval exceeding forty days. Staffs review of the Applicant's records verified that substation inspection now met the rule requirements. No recommendations are requested at this fime with respect to substations.
Distribution Programs
Inspection.
Maintenance.
Repair,
and
Replacement
Rule 4901:1-10-27 (E) (1), requires each electric ufility and transmission owner to:
46
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Establish, maintain and comply with written programs, policies, procedures and schedules for the inspection, maintenance, repair, and replacement of its transmission and distribution circuits and equipment. These programs shall establish preventative requirements for the electric utility to maintain safe and reliable service. Programs shall include, but are not limited to, the following facilities: (a) Poles and towers ~ Staff conducted audits of the Applicant's program for distribufion wood pole inspection & maintenance in 2010 and 2011 and five field verification inspections of poles and towers from November 2008 through September 2012. The audits and field inspecfions verified the ApplicanTs compliance with its distribution poles and towers ground line inspecfion program. No recommendafions are being made at this time with respect to poles and towers. (b) Circuit and Line Inspections Staff conducted audits in 2010 and 2012 to determine how the Applicant implements the requirements of Rule 4901:1-10-27 (E) (1) (b) for conductors. The audits showed that the Applicant has exisfing programs and procedures in accordance with the rule. Staff conducted eight field verification inspections for this requirement from November 2008 through September 2012. The audits and field inspecfions verified the Applicant's compliance with its inspection program and the rule's requirement to annually inspect at least one fifth of all distribufion circuits and equipment. Examples of equipment visually inspected during conductor inspecfions include: cross arms, lightning arresters, insulators, conductors, poles, guys, pad-mount transformers, pedestals, grounds, risers, bushings, gang operated air brakes, vegetafion encroachment, pole tags and conductor sag. No recommendations are being made at this time with respect to conductor inspections. (c) Primary Enclosures (e.g., pad-mounted transformers) Staff conducted audits in 2010 and 2012 to determine how the Applicant implements the requirements of Rule 4901:1-10-27 (E)(1)(c) for primary and secondary enclosures. Staff confirmed that the ApplicanTs primary and secondary enclosure circuit inspections included the following: unit identificafion, locking mechanism, bolt type, cabinet condition (rust), door hinges (condition), pad foundafion, tank leakage, accessibility, and physical damage. Staff conducted eight verification field inspections for this requirement from November 2008
47
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. through September 2012. As determined by field inspecfions and office audits, the Applicant conducts and documents primary and secondary enclosure inspecfions in conjuncfion with circuit inspections. No recommendafions are being made at this fime with respect to padmounted transformer. (d) Line reclosers; and (e) Line capacitors Staff audited a statistically valid sample of the ApplicanTs line recloser and line capacitor inspecfion programs. The Applicant annually does a visual inspecfion of line reclosers along with the counter reading on each device recorded. Prior to the Applicant filing an applicafion' to revise the inspecfion process for line capacitors, line capacitors were annually inspected and then divided into two primary parts; a visual inspection (for both fixed and switched banks) and an operational test (for switched banks only). Through SmartGrid deployment of distribufion automation, the Applicant now has the capability to remotely and electronically operate and monitor the performance of its capacitor banks, and accordingly proposed changing its inspection methodology from annual visual inspecfions to once every five years. The application was auto-approved on July 13, 2012. Staff performed office verification audits of the ApplicanTs line reclosers and line capacitors in 2010 and 2012 and one field inspecfion from November 2008 through September 2012. As determined by field and office audits, the Applicant conducts and documents line recloser and line capacitor inspections in accordance with its program. No recommendafions are being made at this time with respect to line reclosers and line capacitors.
In Case No. 12-1679-EL-ESS >App//cot/oA) of Duke Energy Ohio, Inc., to Revise and Amendlts Circuit Inspection Program.
48
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. (f) Right-of-way vegetation control Staff conducted office audits in 2009 and 2011 to determine the ApplicanTs Right-of-Way Vegetation Control program practices. The purpose of the audits was to check documentafion of circuit work and that the chosen circuits had indeed been trimmed pursuant to the ApplicanTs stated (4-year cycle) program. Staff conducted nine field verificafion inspections from November 2008 through September 2012. As determined by field and office audits, the Applicant conducts and documents right-of-way vegetation control in accordance with its program. No recommendations are being made at this fime with respect to Right-of-Way Vegetation Control. (g) Substations Staff conducted audits in 2009 and 2011 of the ApplicanTs substafion monthly inspecfion acfivities. Staff has conducted 10 field verification audits for monthly substafion inspecfions from November 2008 through September 2012. The ApplicanTs "Substation Maintenance Work Pracfices" manual contains procedures for performing monthly substation inspecfions and maintenance. Staff conducted a random sample survey of the ApplicanTs substation monthly inspections and verified the inspections by reviewing database program and work papers. Staff also audited maintenance records and documents for circuit breakers, including frequency, types, methodology, and personnel. Staff initially discovered three circuit breakers that were more than one year past due for preventative maintenance. Upon further inquiry, an addifional 46 circuit breakers were identified as being more than one year past due for preventative maintenance. On September 15, 2009, Staff issued a Letter of Probable Non-Compliance related to the past due preventafive maintenance procedures. The Applicant initiated new procedures to ensure substation equipment preventative maintenance would be performed in compliance within the required timeframe. Since implementation of the new procedures, records and documents indicate compliance with required timeframes. No recommendations are being made at this time with respect to substations.
49
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Equipment for Voltage Measurements Rule 4901:1-10-04 (A) requires that: Portable indicating instruments (e.g., electro-mechanical indicating, electronic indicating, and electronic indicating and recording) used to test or record service voltage at the customer's premises in response to a customer inquiry or complaint shall be checked for accuracy against a recognized standard. For transmission facilities within the Commission's jurisdiction, the voltage measuring equipment accuracy and testing requirements shall comply with the requirements of the transmission system operator Accuracy checks shall be conducted as recommended by the manufacturer or annually if no period is specified. The most recent accuracy test record shall be kept with each such instrument, or at a central location for the electric utility and/or transmission owner Staff performed an office review at the ApplicanTs Queensgate testing facility in 2008, 2009, 2010, 2011, and 2012. Staff verified that the Applicant has a methodology, (calibrafion program), and keeps test records for assuring that the equipment used for voltage measurement has been checked for accuracy against a recognized standard, as recommended by the manufacturer or annually if no period is specified. Applicant on an annual basis returns laboratory standard instrument/calibrators used in measuring voltage to the equipment manufacturer on a scheduled basis to ensure compliance with the National Institute of Standards and Technology. No discrepancies were noted. No recommendations are being made in this area at this fime. Metering Rule 4901:1-10-05(B) requires that: A customer's electric usage shall be metered by commercially acceptable measuring devices that comply with "American National Standards Institute" (ANSI) standards. Meter accuracy shall comply with the 2001 ANSI C12.1 standards. No metering device shall be placed in service or knowingly allowed to remain in service if it violates these standards.
50
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Staff performed office and field metering tesfing reviews at the Applicant's Queensgate tesfing facility in 2008, 2009, 2010, 2011, and 2012. Staff found that the meters and other equipment examined had been calibrated with laboratory standard instruments/calibrators in compliance with the National Institute of Standards and Technology. The laboratory not only performs the calibrafion process for meters used to report customer electric usage, but supplies the calibrafion process for the Applicant as well. No discrepancies were noted. No recommendations are being made in this area at this fime. National Electrical Safety Code Rule 4901:1-10-06 requires that: Each electric utility and transmission owner shall comply with the 2007 edition of the "American National Standard Institute's," "National Electrical Safety Code" approved by the "American National Standards Institute" and adopted by the "Institute of Electric and Electronics Engineers." Staff conducted a number of field inspecfions of the ApplicanTs facilifies from November 2008 to October 2012 for compliance with the Nafional Electrical Safety Code (NESC) requirements. A total of 578 field inspecfions evaluated compliance with Rule 4901:1-10-06 requirements for: substations, pad-mounted transformers, switch gear, and overhead/other (pole or vegetation). The following is a list of field inspections Staff conducted by topic and the number of exceptions to the NESC that were found. Units Inspected Exceptions Inspections Substations 204 204 20 Primary/Secondary Enclosures 6,433 342 175 Overhead 168 412.5 hrs.* 175 Switch Gear 1 2 0 Total 537 548 6,639 units/412.5 hrs.* * Overhead inspections, (include: poles, cross-arms/braces, lightning arresters, transformers, capacitors, reclosers, fused cut-outs, guys, grounds, pins, insulators and conductors), are counted by the number of hours of Staff examinafion. Topic
51
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. The above Staff-identified exceptions were timely corrected and no further action is recommended. Distribution Circuit Performance Rule 4901:1-10-11(C)(1) requires that each electric ufility: Shall submit, no later than ninety (90) calendar days after the end of its reporting period, a report to the director of the service monitoring and enforcement department that identifies the worst performing eight (8%) percent of the electric utility's distribution circuits during the previous twelve (12) month period. Staff reviewed the ApplicanTs annual reports which identify the lowest performing eight percent (8%) of distribution circuits for the previous twelve-month reporting period. Circuits were selected and inspected by field Staff in order to verify that the Applicant had met its corrective and/or preventative actions commitments. Staff conducted 18 inspecfions to verify corrective actions during the period November 2008 to October 2012. No discrepancies were noted during these inspecfions. No recommendafions relafing to carrying out designated remedial acfivity are necessary at this time. Two-Pole Conditions StafTs inspections of electric and telephone poles revealed an increase in the number of two-pole condifions'. Staff surveyed the regulated electric and telephone companies, (and cable companies on a voluntary basis), in an attempt to determine what was causing or contribufing to the problem. The survey revealed variations between the ways utilities communicated with each other, as well as their joint service agreements to remove and replace poles. Staff then sought to: identify the reason(s) for protracted pole transfer activity and old pole removal, develop measurements for such acfivity, facilitate solution(s) for the root cause(s), eliminate old (pre 2006) two-pole condifions by 2010, and resolve all future two-pole condifions
A two-pole condition is one where electric service has been removed from an old or damaged pole and placed on a new pole and the original pole is left in place for an extended period after the transfer of the electric service.
52
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. within 12 months of their creation. Commencing January 1, 2011, Staff began documenfing and reporting two-pole condifions to the Applicant The applicant has relatively few two-pole condifions compared to other regulated electric utilities. Since 1996, the Applicant, Cincinnafi Bell Telephone (CBT), Time Warner and the local municipalifies, ufilize an electronic notification process to track and manage two-pole conditions. In situafions where the applicant and CBT are jointly on the same pole, regardless of pole ownership, the applicant erects the new pole and CBT removes the old pole unless the pole in quesfion is set in a hard surface such as concrete or asphalt. Any pole not removed by CBT is reported to the applicant through a joint use request for expedited removal. The owner of the pole is responsible for maintaining the pole. Since January 1, 2011, Staff identified and reported to Applicant for remediation 128 two-pole condifions. ApplicanTs average number of days to eliminate these redundant pole condifions is 105 days, which exceeds StafTs 365 day expectation. No recommendafions are being made in this area at this fime. ELECTRIC RELIABILITY PERFORMANCE As part of its investigation in this case. Staff trended the ApplicanTs historical reliability performance and compared Duke's more-recent performance against its reliability standards, which were established for years beginning 2010.' These analyses are discussed in the paragraphs below. Rule 4901:1-10-10 (C) of the Ohio Administrative Code requires each electric ufility to file an annual report of performance against its reliability standards. Chart A trends Duke's CAIDI performance for the five-year period 2007 through 2011. CAIDI, or the Customer Average Interrupfion Duration Index, measures the average service restorafion time for customers that experience one or more sustained interruptions (lasfing over five minutes).
Duke's SAIFI standards were established in Case No. 08-920-EL-SSO and its CAIDI standards in Case No. 09-757-EL-ESS.
53
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Chart A Duke Energy O h i o - A v e r a g e D u r a t i o n o f I n t e r r u p t i o n s (CAIDI)
120 100 80
<u
60 40 20
2007
2008
2009
2010
2011
Chart A indicates a general upward trend in CAIDI performance. Staff attributes this increase to Duke's implementation of distribufion automafion and other improvements that reduce the number of customer interruptions without causing an adverse impact on outage duration for the customers that are interrupted. This phenomenon is recognized in Duke's reliability standards as arrayed Table 1 below.
CAIDI SAIFI
Table 1 Duke Energy Ohio - Reliability Standards 2012 2010 2011 2013 2014 108.79 111.90 115.02 118.14 121.25 1.31 1.44 1.24 1.17 1.38
2015 124.37 1.10
As Table 1 indicates, in each successive year Duke's CAIDI standard becomes higher while its SAIFI standard becomes lower. The lower SAIFI reflects the reduction in interruptions expected to result from Duke's implementafion of its distribution automation program.
54
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Chart B trends Duke's SAIFI performance over the five years 2007 through 2011. SAIFI, or the System Average Interruption Frequency Index, measures the average number of service interruptions across all customers served.
Chart B Duke Energy Ohio - Average I n t e r r u p t i o n s per Customer Served (SAIFI)

1.6
1.4
01 <-
1.2 o. 5 1.0
0.8 0.6
3 0.4 0.2 0.0 2007 2008 2009 2010 2011
Chart B depicts a 15 percent SAIFI decrease from 2009 to 2010, followed by a 25 percent increase from 2010 to 2011. Duke attributes the latter SAIFI spike to an increase in lightning and storms. Staff analyzed Duke's Outage-by-Cause data, which indicate a 41 percent increase in outages caused by lightning and a 124 percent increase in outages caused by "Weather" from 2010 to 2011. These results are consistent with Duke's explanation. Duke also provided Staff its SAIFI performance for the more recent 12-month period ending September 2012. During this period. Duke's SAIFI dropped to 1.02 interruptions, which appears to indicate that Duke's 2012 SAIFI performance will not only better its reliability standard, but should be much improved compared to that for 2011. Staff concludes that the spike in 2011 does not foretell an adverse trend. Although Charts A and B trend Duke's performance from 2007 through 2011, Duke's reliability standards do not apply until years beginning 2010. Table 2 compares Duke's performance against its reliability standards during years 2010 and 2011.
55
Measure CAIDI SAIFI
Table 2 Duke's Performance Against Reliability Standards Comparison 2010 Standard 108.79 110.85 Actual Standard 1.44 Actual 1.10
2011 111.90 107.00 1.38 1.38
Table 2 indicates that Duke missed its CAIDI standard in 2010. Staff attributes this miss to the impact of Duke's distribution automation program, and discusses this impact above with respect to Chart A. Although it was expected that CAIDI would increase as SAIFI decreased, both of these trends were accelerated in 2010. Accordingly, while Duke's SAIFI performance decreased by 15 percent and beat its standard by a wide margin, its CAIDI performance increased by 12 percent causing Duke to miss its CAIDI standard. Such a miss does not constitute a rule violation, however, unless it occurs in two consecutive years. Staff also notes that Duke's customers, taken as a whole, averaged shorter interruption duration in 2010 than in 2009. Staff concludes that Duke's 2010 CAIDI miss need not be of immediate concern. Based on its review as described above. Staff has no issues with Duke's reliability performance and recommends no action at this time.
56
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. CUSTORMER SERVICE AUDIT AND CUSTOMER CONTACTS Customer Service Audit Staff performs audits of regulated utility companies in order to ensure compliance with current rules and regulations. The audit team has found to date, that the overall customer service practices and policies of the applicant, as reviewed and observed by the team, comply with the applicable rules and regulations set forth by the Commission. Customer Contacts Staff reviewed the customer contacts' to the Call Center regarding Duke" for the period January 1, 2010 through September 30, 2012. The PUCO received 10,874 contacts during this period. Contacts in 2010 numbered 4,895, with 3,454 contacts in 2011 and 2,225 contacts through September, 2012. Contacts about disconnection issues or payment arrangements prompted the largest number of contacts, with 4,340 for the period. The next highest category was billing issues with 2,118 contacts. Electric or gas choice issues led to 1,095 contacts. Before calling the company, 1,003 customers called the Call Center. Most of these customers were seeking account information and were directed back to the Company to give the Company the first opportunity to respond to their customers. New service or repair issues comprised the next category with 736 contacts. Other service-related issues included 155 contacts were outage-related. One hundred thirtyseven customers voiced their concerns about the quality of the company's customer service. Eighty-three customers contacted us over the period because they had difficulty reaching the company. Three hundred sixty-five customers had issues or questions regarding the Commission, while one hundred fifty-seven had comments on the company's policies. One hundred thirty-nine customer contacts were to protest the company's rate cases.
Consumer contacts to the Commission's Call Center may result in either an educational reference or an informal complaint investigation. Duke is a combination electric and gas utility, because consumers may contact the Commission about either or both their electric and gas service, the Call Center does not segregate complaints by industry.
57
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. One hundred fourteen contacts were complaints or concerns regarding deposits. Contacts regarding smart meters or privacy issues accounted for seventy contacts. The remaining 362 were miscellaneous contacts, including questions about non-jurisdictional issues, requests for formal complaints or issues regarding utility easements.
58
DUKE MANAGEMENT AND OPERATIONS REVIEW Section 4909.154 of the Ohio Revised Code states that the Public Utilities Commission shall consider the management policies, practices, and organization of public utilities in fixing the just, reasonable, and compensatory rates, joint rates, tolls, classification, charges of rentals to be observed and charged for service of any public ufility. Section 4901-7 of the Ohio Administrative Code requires medium and large ufilifies to include in their rate filings a concisely written summary of their management policies, pracfices and organizafion. Among other things, the summary is to include a discussion of policy and goal setting, strategic and long range planning, organizafion structure, decision making and controlling, and communications for the company's executive management process (Schedule S-4.1) as well as for functional areas common to most electric ufility companies (Schedule S-4.2). Staff roufinely reviews the S-4.1 and S-4.2 schedules, applicant performance, and various events relating to the applicant's management. As a result of these review acfivifies. Staff selects certain management topics for rate case reporting. In this Duke rate case. Staff reports on the Applicant's cost allocafion methodology and Information Technology (IT) -planning process. COST ALLOCATION METHODOLOGY Duke is required to maintain a Cost Allocafion Manual (CAM) that oufiines the methods for which costs are allocated between the electric utility and affiliates and the regulated and non-regulated operafions. On July 31, 2008, Duke filed an applicafion for approval of its corporate separafion plan, in accordance with Rule 4901:l-37-05(A), Ohio Administrative Code (Case No. 08-920-EL-SSO or Corporate Separation Case). In Case No. 09-495-EL-UNC, the Commission selected Silverpoint Consulting LLC and Vantage Consulting, Inc. (Silverpoint) to assist the Commission with the evaluation of Duke's corporate separation plan. Silverpoint completed its audit and submitted its Report of Investigation on March 29, 2010. On April 11, 2011, the Commission issued its Opinion and Order. Based on the auditor's evaluation and the Commission's directives, which Duke had committed to satisfy, the Commission concluded that Duke had, in all material respects, implemented its corporate separation plan in compliance with Section 4928.17, Revised Code, and Chapter 4901:1-37, Ohio Administrative Code.
59
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Part of Staffs audit relied on Silverpoint's assessment of Duke's allocation methodology and its sample transactions. The report submitted by Silverpoint identified six recommendafions of which one was related to cost allocation methodology (page 6).' Although Silverpoint did not uncover any major problems, Silverpoint did recommend that Duke keep Staff informed of future changes to the cost distribution methods used by Duke Energy, Inc. (Duke Corporate or Service Company). Silverpoint stated that prior audits of Duke's affiliate transacfions and cost distribution methods resulted in three recommendafions related to the methods by which the Service Company distributes its costs, namely, it should: narrow the use of the three-part formula general allocator; eliminate the effect of spreading overhead costs from the calculafion of allocafion percentages; and develop a method to fairiy assign Service Company overhead costs. According to Silverpoint, Duke has implemented changes to address these three concerns beginning in 2010. The Silverpoint audit found no material weakness in the methodology therefore. Staff, in Data Request 17, asked Duke to explain any changes to the allocafion methodology. Duke stated that no major changes had occurred and that a new Service Company overhead loader approach was implemented in 2010. The new method loads an overhead percentage on all direct labor. The intent of this is to have overhead related to Service Company employees follow where the Service Company labor is charged and in the process reduce the amount that is allocated on the three factor basis. The Duke Corporate Accounfing Group is responsible for inifially developing and annually reviewing the allocafion factors. The annual review is normally done during the budget process using data from the year ended June. Any new or revised allocation factors are implemented at the beginning of the next year. Staff compared the allocation methods reported in the Silverpoint audit to the allocation methodologies used in the current test year. In both cases Duke identified the same 20 allocafion methodologies such as Number of Employees Rafio, Miles of Distribution Lines Ratio, Number of Personal Computer Workstations Ratio, etc. The allocafion methods have remained the same.
Case no. 09-0495-EL-UNC (Silverpoint Compliance Audit Report)
60
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Duke outiined 23 Service Company funcfions that accumulate costs, many of which its Service Company separates further into sub-functions. Where identifiable, costs are directly assigned or distributed to Client Companies or other Service Company funcfions. For costs accumulated for services of a general nature that cannot be directly assigned or distributed, they are allocated based on the function and associated allocation method(s) assigned to each of the 23 functions. For example, the Service Company funcfion of Human Resources is allocated to the Client Companies based on the Number of Employees Rafio while the Rates funcfion is allocated to the Client Companies based on the Sales Rafio.
61
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. DUKE SERVICE COMPANY FUNCTIONS
Information Systems System Maintenance Power Engineering and Construction Facilities Public Affairs Finance Environmental Health & Safety Planning Meters Marketing/Customer Relations Human Resource Accounting Legal Rights of Way Fuels Executive Transportation Transmission/Distribution Engineering/Construction Materials Management Power & Gas Planning and Operations Rates Internal Auditing Investor Relations
The weighting of allocation factors is reviewed annually by the Duke Corporate Accounfing Group with the purpose of assigning costs to the business units or functions. This is done as certain variables used in the calculafion may change, for example the number of employees, customers, or meters can change from year to year. Barring any major organizafion change, changes to allocation percentages should be minimal. Staff reviewed the Service Company cost allocafion details for years 2011 and 2012. This schedule shows each of the 23 funcfions and each of the different allocafions within each sub-function and the percentage allocated to Duke. A total of 106 allocation percentages were reviewed and compared for years 2011 and 2012. FINDINGS AND RECOMMENDATIONS Staff reviewed the 2011 through June 2012 direct and indirect costs that were charged to Duke. Analysis of this data shows that 32% of the 2011 charges were allocated and that 30% of the charges for the first half of 2012 were allocated.
62
Duke Electric Allocated Direct
2011 32% 68%
2012 30% 70%
The comparison of 106 sub-function allocafion percentages between 2011 and 2012 found only one significant increase in allocation percentage between the two years. The Materials Management Inventory Ufilities sub-funcfion of the Material Management funcfion increased from 28.93% in 2011 to 40.16% in 2012. The increase is primarily due to the Smart Grid inventory for Ohio. The percent changes in the total dollars allocated to Duke between 2011 and 2012 were not significant. The trend for the first six months of 2012 indicates a 2% reducfion in allocafion costs. The number of business funcfions and allocafion methodologies remained the same as was found by Silverpoint in the 2010 corporate separafion audit. After a thorough review of the applicafion and supporting information, Staff finds Duke's cost allocafion methodology is appropriate and the allocations of indirect costs to Duke appear to be reasonable. INFORMATION TECHNOLOGY PLANNING. Duke's Service Company Informafion Technology Department (ITD) provides technology services to Duke. The Informafion Technology Department is comprised of nine divisions: Enterprise Applicafion and Vendor Management Office; Data Management and Architecture; IT Project Management Office (PMO) and Resource Management; Duke Energy Internafional Information Technology; Operations and Infrastructure; Operations Applications; Generafion IT; Performance and Project Management. The ITD ufilizes a planning process consisfing of three levels: Strategic Planning, Business Unit IT Planning, and Enterprise Technology Planning. Strategic Planning is conducted annually to refine the IT vision, strategy, and major inifiatives for a three to five year period. Business Unit IT Planning is conducted to identify focus areas, initiatives and projects to be undertaken during the next twelve months. Enterprise 63
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Technology Planning is an aggregafion of IT inifiatives needed to enable Business Unit IT Planning needs, along with enterprise wide IT needs, identified within the Strategic Planning. Each year the results of this planning process are incorporated into a document that tracks requested projects called the Annual IT Business Plan. This Annual IT Business Plan identifies areas of focus, inifiatives, and projects for the next twelve month period. One of the Departments within Duke that provides input into the Business Unit IT Planning and Enterprise Technology Planning is the Retail Customer Products and Services (RCPS). RCPS is comprised of the following seven areas: Call Center Operations Customer Systems and Processes Revenue Services Smart Grid Innovafion and Energy Systems Large Business Customers Markefing and Customer Experience Customer Strategy and Innovafion The RCPS creates an annual business plan that defines, for a three year planning period, the acfivifies to support Duke. This plan oufiines the resources needed to support basic operations (customer service, billing, etc.) and the products and services as enabled by technology. One example of RCPS strategy within the business plan is the use of customer surveys by Call Center Operations to guide development of additional services. Staff requested copies of the Ohio Retail Customer Products and Services Technology Plan for 2011 and 2012. The purpose of this request was to review Ohio impacted projects and determine the cost-related decision making process for approving and/or denying projects. The 2011/ 2012 Ohio RCPS project portfolio consists of 10 Ohio only projects and 26 Ohio impacted projects. FINDINGS Staff randomly selected two Ohio only RCPS projects and three Ohio impacted RCPS projects for a review of the following: Business case documentafion Original budget amount Actual cost to date
64
DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al. Variance justification Cost control/progress reports The review of the business case documentafion found that all but one of the requested projects were related to the Duke Smart Grid project, whose justification and cost tracking are captured under the Smart Grid project. Reviews of items related to Smart Grid are done separately within the Commission-approved Duke Smart Grid Rider and therefore no further review occurred here. The non-Smart Grid project for Duke was justified in the business base document as needing new test data to support the tesfing of Customer Service Systems. The current test data was collected in 2009 and no longer meets the need of IT or business operations. Many major funcfions or applicafions have been implemented since 2009 or have changed significantly. Project goals, objectives, and deliverables were sufficiently identified within the business case document. The intangible benefit was listed as removal of the current system used for creating test data and replacing it with an exisfing tool that extracts data from existing systems into a test database. In addition, project teams will have more readily available current data for testing, thus reducing the time and resources needed to create test data for various projects. A review of the project status report found that the project is on target with no budget overruns. Based on a review of the documentation provided, Duke appears to have a reasonable and enforced formal methodology for requesting and managing projects. Creating a fully justified business case document is the foundation for project success as it provides the what why, where, who, when, and how of a project. The object is to secure senior management buy-in and project approval. The business case information also provides an estimated fimeline and estimated budget, which can be used by the Project Management Office to create and execute a detailed project plan. Staff recommends that Duke confinue the use of its business case document for requesfing Information Technology services and tracking approved projects fimeline and budgeL
65
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DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR JURISDICTIONAL RATE BASE SUMMARY AS OF MARCH 31, 2012 SCHEDULE B-1 PAGE 1 OF 1 WORK PAPER REFERENCE NO(S).: SEE BELOW Supporting Schedule Reference Applicant Proposed Amount Staff Proposed Amount
LINE NO. RATE BASE COMPONENT 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Plant In Service Production Transmission Distribution General Common Total Plant In Service Reserve for Accumulated Depreciation Production Transmission Distribution General Common Total Reserve for Accumulated Depreciation Net Plant In Service (Line 7 + Line 14) Construction Work in Progress Cash Working Capital Allowance Material and Supplies Other Items: Contributions in Aid of Construction (a) Customer Service Deposits Postretirement Benefits Investment Tax Credits Deferred Income Taxes Other Rate Base Adjustments Rate Base (Line 15 through Line 25)
B-2 B-2 B-2 B-2 B-2
0 0 1,880,293,822 85,837,915 107,603,623 2,073,735,360
0 0 1,878,034,210 85,791,990 106,419,826 2,070,246,026
B-3 B-3 B-3 B-3 B-3
0 0 (644,412,550) (45,746,925) (54,340,141) (744,499,616) 1,329,235,744
0 0 (646,781,562) (45,701,000) (53,599,973) (746,082,535) 1,324,163,491
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(a) Contributions in aid of construction are already netted against gross plant per FPC Order No. 490.
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DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR ADJUSTMENTS TO PLANT IN SERVICE AS OF MARCH 31, 2012 SCHEDULE B-2.2 PAGE 1 OF 1 TOTAL COMPANY ADJUSTMENT (17,100,300) (2,103,326) (2,719,820) (1,162,056) (12,365,336) (40,433,742) (714,040) (180,809) (1,364,763) (78,144,191) (6,191,891) (46,746) . (49,779) (1,069,127) (40,153,266) (46,510,808) 92.257% 92.257% 92.257% 92.257% 92.257%
WORK PAPER REFERENCE N0(S).: STAFF'S SCHEDULE B-2.5a thru B-2.Sd COMPANY ACCT. NO. DISTRIBUTION PLANT 2 3 4 5 6 7 8 9 10 11 12 13 14 15 GENERAL PLANT (b) 3030 3900 3900 3911 3970 3620 3622 3635 3640 3660 3702 3712 3730, 37 3734
LINE NO.
ALLOCATION
ACCOUNT TITLE Station Equipment Major Equipment Station Equipment Elecônic Poles, Towers & Fixtures Overhead Conductors and Devices Utility of the Future Meters Company Owned Outdoor Light Street Lighting Light Choice OLE-Public Total Distribution Plant Miscellaneous Intangible Plant Structures and Improvements Structures and Improvements-Atrium II Electronic Data Processing Equipment Communication Equipment Total General Plant
%
100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000% 100.000%
JURIS0ICTK3NAL ADJUSTMENT (17,100,300) (2,103,326) (2,719,820) (1,162,056) (12,365,335) (40,433,742) (714,040) (180,809) (1,364,763) (78,144,191) (4,789,883) (43,126) (45,925) (986,346) (37,044,198) (42,909,477)
(a) (a) (a)
17 18 19 20
COMMON PLANT SnnartGrid
1911 1970
Electronic Data Proc:essing Common Communic:ation Equipment Common Total Comnion Plant - Smart Grid
(113,194) (27,261,331) (27,374,525) (13,991,120)
100.000% 100.000%
(113,194) (27,261,331) (27,374,525)
(1) C0^MON PLANT (t)) (b) (c) (d) (b)
Common Allocated to Electric - Smart Grid
100.000%
(13,991,120)
21 22 23 24 26 26 27 28 29 30 31
(e)
1900 1900 1900 1900 1900 1900 1910 1940 1970 1980 1990,1991 1990, 19
Structures & Improvements S^ctures and Inprovements-Hotiday Par1< Structures and Improvements-Fmjrth & Walnut (Clopay) Structures & Improvements-Envision Center Structures & Improvements-Hartwell Golf Course Staictures & Inrprovements-Atrium II Office Furniture & Equipment Tools, Shop & Garage Equipment Comrrujni cation Equipment Miscellaneous Equipment ARO Common General Plant-Retirement Work in Progress Total Common Plant (excluding SmartGrid)
(1,968,452) (2,509) (202,197) (1,726,080) (171,131) (961,419) (6,594) (62,910) (8,238) (6,081) (99,735) (5,207,346) (4,348,134)
44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 44.821%
(882,280) (1,125) (90,627) (773,646) (76,703) (430,918) (2,955) (23,715) (3,692) (3,622) (44,702) (2,333,985)
83.50%
Common Allocated to Electric (excluding SG)
44.821%
(1,948,877)
Total Adjustments including Allocated Common
(142.994,253)
(136,993,665)
Description and Purpose of Adjustment To eliminate from rate base the Hartwell Recreation Facilities allocated to uses other Uian for specific company purposes. (See Schedule B-2.5) To eliminate from rate base the electric portion of separately filed SmartGrid Rider. (See Schedule B-2.5b) (1) Allocation of Common Rant / SmartGrid to electric determined by SmartGrid filings
(a) See Response to Staffs Data Request 134 (fo) See Response to Staffs Data Reque^ 97 (c) See Response to Staffs Data Request 129 & 131 (d) See Response to Staffs Data Request 129 (e) See Response to Staffs Data Request 78
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DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR ADJUSTMENTS TO ACCUMULATED DEPRECIATION AND AMORTIZATION AS OF MARCH 31, 2012 WORK PAPER REFERENCE NCJ(S).: APPUCANFS SCHEDULE B-3.1 & STAFFS SCHEDULE WPB-3.1a r.E.H.C ACCI. NO Distribution Plant SmartGrid 362 362 363 364 365 370 COMPANY ACCT N'O TOTAL COMPANY AU.IUSTWENT
SCHEDULE B-3.1 PAGE 1 OF 1 ALLCX:AIIOV JURISDICTIONAL ADJUSTVINI
I INF NO.
ACCOUM TITLE
1 2 3 4 5 6 7
3620 3622 3635 3640 3660 3702
Station Equipment Major Equipment Station Equipment Electronic Poles, Towers & Fixtures Overhead Conductors and Devices Utility of the Future Meters Total Distribution Plant
452,294 86,536 178,269 13,609 367,470 2.853,005 3,951,183
100.000% 100000% 100000% 100000% 100000% 100.000%
452,294 86,536 178,269 13,609 367,470 2,853,005 3,951,183
8 9 10
General Plant SmartGrid 303 391 397
3030 3911 3970
Miscellaneous Intangible Plant Elecfronic Data Processing Equipment Communication Equipment Total General Plant
1,526,149 216,033 4,244,815 5,986,997
92.257% 92.257% 92.257%
1,407,979 199,306 3,916,139 5,523,424
Common Plant SmartGrid 12 13 14 15 Hartwell Recreation Facilities (2) 16 17 18 19 20 1900 1910 1940 1970 1980 Stnjctures & Improvements Office Furniture & Equipment Tools, Stiop & Garage Equipment Misc:ellaneous Equipment Misc:ellaneous Equipment Total 83.50% 3900 Common Plant 24 25 26 27 28 29 30 31 Distributbn Plant 371 373 373 83.50% 1990,1991 1900 1900 1900 1900 1900 Retirement Work in Progress - ARO (3) Stuctures & Improvements-Haitweli Golf Course (4) Stuc:tures & Improvements-Envision Center (5) Stuc^tures & Improvements-Atrium II (6) Stuctures & Improvements-Holiday Park (7) Structures & Improvements-Fourtti & Walnut (Clopay) (8) Total Common Allocated to Electrk: - Excl SG 117,273 60,252 681,977 961,419 2,509 154,281 1,977,711 1,651,389 44.821% 44.821% 44.821% 44.821% 44.821% 44.821% 52,563 27,006 305,669 430918 1,125 69,150 886,431 740,170 Common Allocated to Electric - Excl SG Structures and Improvements 351,037 (2,038) 33,208 1,232 5,290 388,729 324,589 3,519 44.821% 92.257% 44.821% 44.821% 44.821% 44.821% 44.821% 157,338 (913) 14,884 552 2,371 174,232 145,484 3,247 1911 1970 Electronic Data Processing Common Communication Equipment Common Total Common Plant - SmartGrid Common Allocated to Elec:tric - SmartGrid (1} 34,024 1.908,843 1,942,867 992,999 100.000% 100.000% 100.000% 34,024 1,908,843 1,942,867 992,999
32 33 34
3712 3730, 3731 3734
Company Owned Outdoor Light (9) Street Ligtiting (9) Light Choice OLE-Put)lic (9) Total
(244,226) (1,748,866) (375,920) (2,369,012)
100.000% 100000% 100.000%
(244,226) (1,748,866) (375,920) (2,369,012)
35
General Plant 390
3900
Structures & Improvements-Atrium II (6)
49,779
92.257%
45,925
36
Total elec^tric plant adjustments including alkscated common
10,591,443
9,033,420
Descriptbn and Purpose of Adjustment (1) Allocation of Common Plant / SmartGrid to electric determined by SmartGrid filings (2) To eliminate from rate base ttie Hartwell Recreation Facilities allocated to uses other tfian for specific company purposes. (See Schedule B-2.5a) (3) To eliminate Asset Retirement Obligation from rate tiase (See Data Request No. 78) (4) To eliminate from rate base the Hartwell Golf Course (See Data Request No. 133 in Case No. 12-1685-(3A-AIR) (5) To eliminate from rate base the Envision Center (See Applicant's Schedule B-3.4) (6) To eliminate from rate base the Atrium II (See Staff Schedule B-2.2) (7) To eliminate from rate base a portion of Holiday Parte (See Staff Schedule B-2.2) (8) To eliminate from rate base a portion of Ctopay (See Staff Schedule B-2.2 & Staff Woricpaper WPB-3.1a) (9) To eliminate from rate base Street Lighting (See Staff Schedule B-2.2 & Staff Data Request No. 134)
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DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR ADJUSTED JURISDICTIONAL FEDERAL AND STATE INCOME TAXES FOR THE TWELVE MONTHS ENDED DECEMBER 31, 2012 SCHEDULE C-4 PAGE 1 OF 1 A l CURRENT RATES SCHLDULE C-3 ADJUSIMCM.S 12)
WORK PAPER REFERENCE NO(S).: SCHEDULE C-4.1, WPC-4.1a
LINL NO
ULSCRIPTION
UNADJIJSILD DISTRIBUTION Ml
ADJUsiii: DISTRIBUTION |3|
AT PROPOSED RATES PROFURUA

ADJUS1MENTS (41 PKOrOKMA ll
($)
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 Operating Income before Federal and State Income Taxes Reconciling Items: Interest Charges Net Interest Charges Tax Depreciation Book Depreciation Excess of Tax over Book Depreciation Other Reconciling Items: Temporary Differences Permanent Differences Total Other Reconciling Items Total Reconciling Items Federal Taxable Income State Income Tax Adjustments: Unaikjwable Depreciation Ohio Taxable Income Adj - OH Franchise Total State Income Tax Adjustments State Taxable Income State Income Tax @ 0.4011 % Municipal Income Tax @ 0.3895% State Income Tax Provision for Deferred State Income Taxes: Deferred Income Taxes Total State & Municipal Income Tax Expense Federal Taxable Income (Line 17) State Income Tax Deductible (Line 26) Municipal Income Tax Deductible (Line 27) Federal Taxable Income Federal Income Taxes @ 35% Federal Income Taxes - Cun'ent (A) 144,163,569
($)
(74,550,415)
($)
69,613,154
($)
85,668,708
($)
155,281,862
(27,539,174) (27,539,174) (120,591,769) 61,485,726 (59,106,043)
(154.314) (154.314)
(27,693,488) (27,693,488) (120,591,769) 56,551,261 (64,040,508)
0 0 0 0 0
(27,693,488) (27,693,488) (120,591,769) 56,551,261 (64,040,508)
(4,934,465) (4,934,465)
(73,702,874) 125,923 (73,576,951) (160,222,168) (16,058,599)
(1,097,320) 0 (1,097,320) (6,186.099) (80,736,514)
(74,800,194) 125,923 (74,674,271) (166,408,267) (96,795,113)
0 0 0 0 85,668,708
(74,800,194) 125,923 (74,674,271) (166,408,267) (11,126,405)
0 0 0 (16,058,599) (64,411) (62,548) (126,959)
0 0 0 (80,736,514) (323,834) (314.468) (638.302)
0 0 0 (96,795,113) (388,245) (377,016) (765,261)
0 0 0 85,668.708 343,618 333,680 677,298
0 0 0 (11,126,405) (44,627) (43,336) (87,963)
860,071 733,112 (16,058,599) (64,411) (62,548) (15,931,640) (5,576,074) (5,576,074)
39.062 (599,240) (80,736,514) (323,834) (314.468) (80,098,212) (28,034,376) (28,034,376)
899,133 133,872 ),795,113) (388,245) (377,016) (96,029,852) (33,610,450) (33,610,450)
0 677,298 85,668,708 343,618 333,680 84,991,410 29,746,994 29,746.994
899,133 811,170 (11,126,405) (44,627) (43,336) (11,038,442) (3,863,456) (3,863,456)
Provisran Deferred Federal Income Taxes - Net Defenêd Income Tax on Depreciation Other Defen-ed Income Taxes - Net Deferred Income Tax Adjustment - ARAM Defen-ed Income Tax Adjustment - Flow-Tfirough Amortizatkjn of Investment Tax Credit Total Defen-ed Income Taxes Total Federal Income Taxes (A) Calculation may be different due to rounding
20,803,094 25,626,489 644,131 1,692,346 (572,034)
1,715,713 381,538 0 0 2,097,251 (25,937.125)
48,194,026
42,617,952
22,518,807 26,008,027 644,131 1,692,346 (572,034) 50,291,277 16,680,827
0 0 0 0 0
22,518,807 26,008,027 644,131 1,692,346 (572,034)
50,291,277
29,746,994 46,427,821
140
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR Rate of Return Summary Capital Structure as of March 31, 2012 SCHEDULE D-1
Amount
$
%of Total 46.70% 0.00% 53.30% 100.00%
Cost 5.32% 0.00% 9.84% -8.82%
Weighted Cost % 2.48% 0.00% 5.25% -4.70% 7.73% -7.19%
Long Term Debt Preferred Stock Common Equity Total Capital
$2,532,502,631 $0 $2,890,859,857 $5,423,362,488
141
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR Equity Issuance Cost Adjustment March 31, 2012 SCHEDULE D-1.1
1) Retained Earnings^ 2) Total Common Equity^ 3) Ratio of (1) to (2) 4) Generic Issuance Cost, f 5) External Equity Ratio, w [1.0 - (3)] 6) Net Adjustment Factor, (w/(1 - f)) + (1 - w) 7) Low End Equity Cost [8.78% x (6)] 8) High End Equity Cost [9.78% x (6)]
$1,186,641,118 $2,497,378,912 0.47515 3.50% 0.52485 1.01904 8.82% 9.84%
Sources:
1 Applicant's Schedule D-5A 2 Applicant's Schedule D-1
142
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR CAPM Cost of Equity Estimate
SCHEDULE D-1.3 PAGE 1 OF 7
Datfi
9/30/2011 10/3/2011 10/4/2011 10/5/2011 10/6/2011 10/7/2011 10/10/2011 10/11/2011 10/12/2011 10/13/2011 10/14/2011 10/17/2011 10/18/2011 10/19/2011 10/20/2011 10/21/2011 10/24/2011 10/25/2011 10/26/2011 10/27/2011 10/28/2011 10/31/2011 11/1/2011 11/2/2011 11/3/2011 11/4/2011 11/7/2011 11/8/2011 11/9/2011 11/10/2011 11/11/2011 11/14/2011 11/15/2011 11/16/2011 11/17/2011 11/18/2011 11/21/2011 11/22/2011
Close 10YrYld(%) 1.92 1.78 1.78 1.90 1.99 2.07 2.08 2.16 2.23 2.17 2.23 2.15 2.15 2.16 2.18 2.20 2.23 2.13 2.20 2.39 2.31 2.17 2.00 2.01 2.07 2.05 1.99 2.07 1.96 2.06 2.06 2.04 2.06 2.02 1.96 2.01 1.96 1.94
Close 30Yr YId 1%) 2.92 2.76 2.76 2.88 2.95 3.02 3.02 3.11 3.21 3.14 3.21 3.14 3.16 3.17 3.20 3.25 3.28 3.14 3.22 3.45 3.35 3.20 3.01 3.04 3.12 3.10 3.04 3.12 3.02 3.11 3.11 3.09 3.10 3.06 2.97 3.00 2.94 2.91
143
^ '
SCHEDULE D-1.3 PAGE 2 OF 7 [
Date Close 10Yr YId (%) 11/23/2011 1.88 11/25/2011 1.97 11/28/2011 1.96 2.00 11/29/2011 2.07 11/30/2011 12/1/2011 2.12 12/2/2011 2.04 12/5/2011 2.05 12/6/2011 2.09 2.02 12/7/2011 1.97 12/8/2011 12/9/2011 2.05 12/12/2011 2.01 12/13/2011 1.96 12/14/2011 1.90 12/15/2011 1.91 12/16/2011 1.85 12/19/2011 1.81 12/20/2011 1.92 1.97 12/21/2011 12/22/2011 1.95 12/23/2011 2.03 12/27/2011 2.01 12/28/2011 1.91 12/29/2011 1.90 1.87 12/30/2011 1/3/2012 1.96 1/4/2012 2.00 1/5/2012 1.99 1/6/2012 1.96 1/9/2012 1.96 1.97 1/10/2012 1/11/2012 1.90 1/12/2012 1.93 1/13/2012 1.85 1/17/2012 1.85 1/18/2012 1.90 1.97 1/19/2012 1/20/2012 2.03 2.07 1/23/2012
Close 30Yr YId (%) 2.82 2.92 2.91 2.96 3.06 3.13 3.04 3.04 3.11 3.04 3.00 3.10 3.05 3.00 2.90 2.93 2.86 2.80 2.93 3.00 2.98 3.06 3.04 2.90 2.91 2.89 2.99 3.04 3.06 3.02 3.03 3.03 2.96 2.98 2.90 2.89 2.95 3.04 3.10 3.15
144
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR CAPM Cost of Equity Estimate " '
Date Close 10Yr YId 1/24/2012 1/25/2012 1/26/2012 1/27/2012 1/30/2012 1/31/2012 2/1/2012 2/2/2012 2/3/2012 2/6/2012 2/7/2012 2/8/2012 2/9/2012 2/10/2012 2/13/2012 2/14/2012 2/15/2012 2/16/2012 2/17/2012 2/21/2012 2/22/2012 2/23/2012 2/24/2012 2/27/2012 2/28/2012 2/29/2012 3/1/2012 3/2/2012 3/5/2012 3/6/2012 3/7/2012 3/8/2012 3/9/2012 3/12/2012 3/13/2012 3/14/2012 3/15/2012 3/16/2012 3/19/2012 3/20/2012
(%) 2.06 2.01 1.93 1.90 1.84 1.80 1.85 1.83 1.95 1.90 1.97 1.98 2.05 1.97 1.99 1.92 1.93 1.99 2.01 2.05 2.01 1.98 1.98 1.92 1.93 1.98 2.04 1.99 2.01 1.94 1.97 2.01 2.04 2.03 2.11 2.27 2.28 2.30 2.38 2.37
Close 30Yr YId (%) 3.16 3.15 3.09 3.06 2.98 2.93 3.02 3.01 3.15 3.09 3.14 3.14 3.19 3.12 3.14 3.07 3.09 3.15 3.16 3.19 3.15 3.12 3.10 3.04 3.06 3.09 3.16 3.11 3.14 3.08 3.12 3.17 3.19 3.17 3.25 3.41 3.41 3.41 3.48 3.46
145
Date Close 10Yr YId 3/21/2012 3/22/2012 3/23/2012 3/26/2012 3/27/2012 3/28/2012 3/29/2012 3/30/2012 4/2/2012 4/3/2012 4/4/2012 4/5/2012 4/9/2012 4/10/2012 4/11/2012 4/12/2012 4/13/2012 4/16/2012 4/17/2012 4/18/2012 4/19/2012 4/20/2012 4/23/2012 4/24/2012 4/25/2012 4/26/2012 4/27/2012 4/30/2012 5/1/2012 5/2/2012 5/3/2012 5/4/2012 5/7/2012 5/8/2012 5/9/2012 5/10/2012 5/11/2012 5/14/2012 5/15/2012 5/16/2012
(%) 2.29 2.28 2.24 2.24 2.19 2.20 2.16 2.22 2.19 2.28 2.24 2.17 2.04 1.99 2.03 2.05 2.00 1.97 2.01 1.98 1.95 1.97 1.93 1.96 1.98 1.96 1.93 1.91 1.96 1.92 1.92 1.88 1.88 1.84 1.84 1.88 1.84 1.79 1.78 1.76
Close 30Yr YId (%) 3.38 3.36 3.31 3.33 3.30 3.30 3.27 3.35 3.34 3.41 3.38 3.32 3.18 3.14 3.18 3.21 3.15 3.11 3.15 3.13 3.11 3.13 3.08 3.11 3.15 3.13 3.12 3.11 3.16 3.11 3.11 3.07 3.07 3.02 3.04 3.05 3.02 2.95 2.93 2.91
146
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR CAPM Cost of Equity Estimate " '
SCHEDULE D-1.3 PAGE 5 OF 7 |
Close lOYr YId Date 5/17/2012 5/18/2012 5/21/2012 5/22/2012 5/23/2012 5/24/2012 5/25/2012 5/29/2012 5/30/2012 5/31/2012 6/1/2012 6/4/2012 6/5/2012 6/6/2012 6/7/2012 6/8/2012 6/11/2012 6/12/2012 6/13/2012 6/14/2012 6/15/2012 6/18/2012 6/19/2012 6/20/2012 6/21/2012 6/22/2012 6/25/2012 6/26/2012 6/27/2012 6/28/2012 6/29/2012 7/2/2012 7/3/2012 7/5/2012 7/6/2012 7/9/2012 7/10/2012 7/11/2012 7/12/2012 7/13/2012
(%) 1.70 1.70 1.74 1.79 1.72 1.76 1.75 1.73 1.62 1.58 1.47 1.53 1.56 1.65 1.65 1.64 1.60 1.66 1.60 1.61 1.59 1.58 1.62 1.64 1.62 1.67 1.61 1.63 1.62 1.58 1.66 1.58 1.63 1.60 1.54 1.51 1.50 1.50 1.48 1.50
Close 30Yr YId (%) 2.81 2.79 2.79 2.89 2.79 2.85 2.85 2.84 2.72 2.67 2.54 2.57 2.62 2.72 2.76 2.77 2.72 2.77 2.71 2.71 2.69 2.68 2.73 2.72 2.69 2.76 2.68 2.70 2.69 2.67 2.76 2.68 2.74 2.72 2.66 2.62 2.59 2.59 2.56 2.58
147
Date Close lOYr YId 7/16/2012 7/17/2012 7/18/2012 7/19/2012 7/20/2012 7/23/2012 7/24/2012 7/25/2012 7/26/2012 7/27/2012 7/30/2012 7/31/2012 8/1/2012 8/2/2012 8/3/2012 8/6/2012 8/7/2012 8/8/2012 8/9/2012 8/10/2012 8/13/2012 8/14/2012 8/15/2012 8/16/2012 8/17/2012 8/20/2012 8/21/2012 8/22/2012 8/23/2012 8/24/2012 8/27/2012 8/28/2012 8/29/2012 8/30/2012 8/31/2012 9/4/2012 9/5/2012 9/6/2012 9/7/2012 9/10/2012
(%) 1.46 1.50 1.48 1.51 1.46 1.43 1.40 1.41 1.43 1.55 1.50 1.49 1.54 1.48 1.58 1.56 1.63 1.64 1.69 1.65 1.65 1.73 1.80 1.84 1.82 1.81 1.80 1.72 1.67 1.68 1.65 1.63 1.65 1.62 1.56 1.58 1.59 1.67 1.66 1.68
Close 30Yr YId 1%) 2.55 2.60 2.58 2.61 2.55 2.52 2.47 2.47 2.49 2.64 2.58 2.58 2.61 2.55 2.66 2.65 2.72 2.74 2.75 2.74 2.74 2.83 2.91 2.96 2.93 2.93 2.91 2.83 2.78 2.79 2.76 2.74 2.77 2.74 2.68 2.69 2.70 2.80 2.83 2.84
148
Date Close 10Yr YId 9/11/2012 9/12/2012 9/13/2012 9/14/2012 9/17/2012 9/18/2012 9/19/2012 9/20/2012 9/21/2012 9/24/2012 9/25/2012 9/26/2012 9/27/2012 9/28/2012 Averages: Last 64days Last 127 days Last 190 days Last 252 days
(%) 1.70 1.76 1.76 1.87 1.84 1.81 1.78 1.78 1.76 1.72 1.68 1.62 1.64 1.64
Close 30Yr YId 1%) 2.85 2.93 2.97 3.09 3.04 3.01 2.98 2.95 2.96 2.90 2.86 2.79 2.82 2.83
1.6259 1.7191 1.8185 1.8722 1.7589 2.2535
2.7453 2.7451 2.7461 2.9652 2.7480
CAPM Cost of Equity Estimate
5.9015
CAPM = risk free return + P( large company total return - risk free return) = 2.253% +(.64)* (11.8%-6.1% ) Source: Yahoo.com
149
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR DCF Cost of Equity Estimate
SCHEDULE D-1.4 PAGE 1 OF 7 Stock Pricesi ($): 9/30/2011 10/3/2011 10/4/2011 10/5/2011 10/6/2011 10/7/2011 10/10/2011 10/11/2011 10/12/2011 10/13/2011 10/14/2011 10/17/2011 10/18/2011 10/19/2011 10/20/2011 10/21/2011 10/24/2011 10/25/2011 10/26/2011 10/27/2011 10/28/2011 10/31/2011 11/1/2011 11/2/2011 11/3/2011 11/4/2011 11/7/2011 11/8/2011 11/9/2011 11/10/2011 11/11/2011 11/14/2011 11/15/2011 11/16/2011 11/17/2011 11/18/2011 11/21/2011 11/22/2011 11/23/2011 11/25/2011 11/28/2011 11/29/2011 D 48.7800 47.8800 47.2500 47.5700 48.0400 48.3000 49.1900 48.5900 48.2000 48.0800 48.5100 48.0600 48.4900 48.9600 49.0400 50.0300 49.3800 48.7100 49.1400 49.9700 49.3500 49.5700 48.4200 49.2200 49.6700 49.5400 50.3900 50.5700 49.2700 49.3300 50.0200 49.7000 49.5400 49.0200 48.8400 49.0400 48.6700 48.0800 47.3700 47.5700 48.1400 48.8500 DUK 57.2300 56.4300 56.2300 55.8000 56.1100 56.6600 58.0000 57.0600 56.6900 56.6900 57.0300 57.5700 57.6000 57.8300 57.9500 58.8300 58.2900 57.6600 58.1200 59.0600 58.5800 58.4600 57.8300 58.4900 59.5800 59.0900 59.6900 59.6400 58.8600 59.4100 60.1200 59.6400 59.2100 58.6300 58.2500 58.4500 58.0500 57.7300 56.8900 57.3500 57.9300 58.5700 ED 54.7800 54.2600 54.2200 52.9800 53.9500 53.9100 54.9700 54.5300 54.3800 54.4300 55.2900 55.6900 55.7400 55.6400 56.1900 57.4100 56.9200 55.8900 56.5100 57.1900 55.7600 55.6000 54.8100 55.7400 56.4400 56.2600 56.7500 57.0200 55.9300 56.5700 57.3000 56.6500 57.0200 56.2600 56.0900 56.4200 55.7900 55.2200 54.7800 55.4700 55.5400 56.2600 NU 32.5100 30.9700 30.2100 30.0400 30.8600 30.9600 31.8400 31.2200 31.4500 31.8200 32.1800 31.7700 32.2000 32.2300 32.2400 32.6200 32.8300 32.2900 32.7700 33.7500 33.4100 33.4000 32.4500 33.0600 33.5900 33.4900 33.2400 33.2500 32.5700 33.1100 33.8900 33.2800 33.7100 33.1600 32.7800 33.3300 32.6500 32.4700 31.8300 32.0600 32.2700 32.5600 XEL 23.7600 23.3800 23.0300 23.2300 23.7300 23.6800 23.9900 23.7000 23.7600 23.7600 23.9400 23.8400 24.1300 24.2200 24.4700 24.7300 24.5600 24.3300 24.5200 25.2100 24.9300 24.8700 24.2600 24.8500 25.2100 25.0700 25.2000 25.3400 24.7500 25.0100 25.3100 24.9600 25.2000 24.8500 24.6300 24.9400 24.6900 24.3000 24.0000 24.2500 24.4100 24.7400
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DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR DCF Cost of Equity Estimate SCHEDULE D-1.4 PAGE 2 OF 7
Stock Pricesi ($):

11/30/2011 12/1/2011 12/2/2011 12/5/2011 12/6/2011 12/7/2011 12/8/2011 12/9/2011 12/12/2011 12/13/2011 12/14/2011 12/15/2011 12/16/2011 12/19/2011 12/20/2011 12/21/2011 12/22/2011 12/23/2011 12/27/2011 12/28/2011 12/29/2011 12/30/2011 1/3/2012 1/4/2012 1/5/2012 1/6/2012 1/9/2012 1/10/2012 1/11/2012 1/12/2012 1/13/2012 1/17/2012 1/18/2012 1/19/2012 1/20/2012 1/23/2012 1/24/2012 1/25/2012 1/26/2012 1/27/2012 1/30/2012 1/31/2012 D 50.0800 49.8200 49.0500 48.9900 48.8400 48.9900 48.6400 49.2500 48.8100 48.9700 48.6800 49.2600 49.1400 48.8600 50.5600 51.2100 51.1500 51.3700 51.8400 51.5000 51.9300 51.5000 50.9300 50.5200 50.4100 49.9000 49.8300 49.7600 49.6400 49.4100 49.0900 49.2800 48.9200 48.8000 49.0600 48.9700 48.8100 49.5800 49.3300 48.0800 47.8700 48.5500 DUK 60.4200 59.9900 59.7600 59.9900 59.9300 60.0200 59.3800 60.4500 59.7300 60.4800 60.4200 60.9700 60.8900 60.7700 62.0200 62.7400 62.6800 63.4400 63.7300 63.5000 63.9300 63.7600 62.6600 62.3700 62.3400 62.3400 62.2200 62.2200 62.0200 61.6700 61.7600 61.7900 61.7900 61.5500 61.7300 61.6400 61.2600 61.9000 62.2200 61.3800 61.2400 61.7600 ED 57.6700 57.7500 56.8800 57.1600 57.2700 56.9800 56.6500 57.4900 57.0800 57.3900 57.0600 58.0100 58.0200 57.8400 59.0000 59.9200 59.8000 60.1500 60.6500 60.3500 60.7400 60.2000 58.8600 58.1300 57.9800 57.3600 57.5200 57.5900 57.4300 57.2400 57.4300 57.5900 57.5300 57.0100 57.0300 56.8900 56.6600 57.6200 58.0100 57.1500 56.9100 57.2200 NU 33.4400 33.6700 33.1800 33.2900 33.2200 33.0500 32.3900 33.1400 33.0800 33.4800 33.1300 33.5100 33.5600 33.3400 33.6300 33.9800 34.1000 34.5000 34.9000 34.9000 35.2800 35.1200 34.7600 34.1500 34.1300 34.0800 33.6000 33.5600 33.3400 33.3600 33.3300 33.3100 33.2200 32.6500 33.4500 33.5200 33.6400 33.9900 34.3400 33.8100 33.6300 33.8300 XEL 25.3000 25.2000 24.8600 25.0100 25.1000 25.0700 24.6800 25.0000 24.9300 24.9800 24.8900 25.4200 25.4100 25.3200 26.0800 26.4000 26.2300 26.4200 26.8300 26.6700 26.9200 26.8500 26.5600 26.3800 26.5000 26.4200 26.4400 26.6500 26.3100 25.9300 25.9800 25.9400 26.0500 25.8300 25.8400 25.8400 25.7600 26.3000 26.6300 26.2100 25.7900 25.8400
151
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR DCF Cost of Equity Estimate
SCHEDULE D-1.4 PAGE 3 OF 7 Stock Pricesi ($): 2/1/2012 2/2/2012 2/3/2012 2/6/2012 2/7/2012 2/8/2012 2/9/2012 2/10/2012 2/13/2012 2/14/2012 2/15/2012 2/16/2012 2/17/2012 2/21/2012 2/22/2012 2/23/2012 2/24/2012 2/27/2012 2/28/2012 2/29/2012 3/1/2012 3/2/2012 3/5/2012 3/6/2012 3/7/2012 3/8/2012 3/9/2012 3/12/2012 3/13/2012 3/14/2012 3/15/2012 3/16/2012 3/19/2012 3/20/2012 3/21/2012 3/22/2012 3/23/2012 3/26/2012 3/27/2012 3/28/2012 3/29/2012 3/30/2012 D 48.9200 49.0000 48.8800 48.7700 48.9200 48.7000 48.3700 48.4200 48.4400 48.7300 48.5900 48.9200 49.0600 48.6400 48.9600 49.4200 49.7900 49.8800 49.7200 49.4700 49.4100 49.5200 49.8200 49.5200 49.4900 49.6000 49.7600 50.3200 50.3500 49.5500 49.4800 49.3300 49.2700 49.6400 49.4600 49.4200 49.2900 49.7100 50.0000 49.6900 49.7800 50.2000 DUK 62.1900 61.9300 62.0200 61.6400 62.2500 61.9600 62.1900 62.2500 62.1300 62.3100 61.1900 61.8700 61.2800 61.1600 61.3700 61.2500 61.8700 61.7800 61.6000 61.3400 61.5500 61.6900 61.8400 61.6300 61.6600 62.0100 62.0100 62.6600 62.8400 62.0100 61.9600 61.7800 61.4000 61.2500 61.1100 61.1900 60.9600 61.4900 61.7500 61.3100 61.3100 61.6000 ED 57.2700 57.1300 57.0800 57.0600 57.3800 57.6400 57.7100 57.3800 56.7800 56.8400 56.5300 56.7700 56.7400 56.7300 56.7300 56.8300 57.6900 57.2900 56.9800 56.9700 57.1500 57.1700 57.2500 57.2100 57.0200 57.1800 57.2500 58.0600 58.2400 57.4500 56.9500 56.5000 56.3000 56.4200 56.2000 56.1400 56.0200 56.4600 56.6800 56.5300 56.8700 57.2800 NU 34.2300 34.1800 34.3700 34.3400 34.5500 34.6800 34.5300 34.2700 34.0700 33.9800 34.5800 35.2100 35.1500 35.0400 34.9900 34.8000 34.9100 34.7300 34.7200 35.2400 35.3800 35.4200 35.8400 35.2500 35.5800 36.0100 36.1700 36.4300 36.8600 36.0700 36.0400 35.7600 35.6900 35.8600 35.7100 35.7200 36.0700 36.4600 36.5000 36.2200 36.5300 36.4400 XEL 25.8400 25.6000 25.7600 25.6500 25.8000 25.8200 25.8100 25.7400 25.6800 25.6400 25.4700 25.6000 25.6100 25.6700 25.7200 25.7200 25.7200 25.7700 25.6500 25.7300 25.6300 25.5700 25.6800 25.5000 25.6000 25.7500 25.9300 26.2700 26.3500 25.8600 25.6300 25.6400 25.4800 25.8100 25.7700 25.7600 25.6800 25.8700 25.9700 25.7900 25.8800 25.9700
152
Stock Pricesi ($):

4/2/2012 4/3/2012 4/4/2012 4/5/2012 4/9/2012 4/10/2012 4/11/2012 4/12/2012 4/13/2012 4/16/2012 4/17/2012 4/18/2012 4/19/2012 4/20/2012 4/23/2012 4/24/2012 4/25/2012 4/26/2012 4/27/2012 4/30/2012 5/1/2012 5/2/2012 5/3/2012 5/4/2012 5/7/2012 5/8/2012 5/9/2012 5/10/2012 5/11/2012 5/14/2012 5/15/2012 5/16/2012 5/17/2012 5/18/2012 5/21/2012 5/22/2012 5/23/2012 5/24/2012 5/25/2012 5/29/2012 5/30/2012 5/31/2012 D 50.4800 50.5200 50.5700 50.3700 49.8900 49.2100 49.1800 49.3100 49.2900 49.7400 49.9800 49.6200 49.5400 50.0100 49.8500 49.8100 50.2300 50.8700 51.0400 51.1600 51.4000 51.0800 50.8900 50.9600 50.8500 50.9300 50.6500 51.0800 51.1900 51.2400 51.2700 51.4700 50.8700 51.2600 51.2000 51.4300 51.1800 51.4600 51.5100 51.4600 51.3500 51.5500 DUK 61.8700 61.9800 62.1300 60.8700 60.4300 59.7300 59.6700 59.7600 59.8400 60.4900 61.0500 61.6300 61.1900 61.6000 61.3700 62.1000 62.4200 62.6900 62.8400 62.8400 63.1300 62.9800 62.7500 63.2200 62.9500 63.1900 63.3300 63.8900 63.6900 63.6000 63.5700 63.4500 63.5700 63.6600 63.4500 64.2200 64.0700 64.6700 65.1400 65.2000 64.8100 65.2000 ED 57.4100 57.6000 57.5100 57.0500 56.6300 56.0300 56.2700 56.7400 56.6200 57.0900 57.0900 56.8800 56.7700 57.4700 57.1900 57.5900 57.8700 58.1300 58.1500 58.2900 58.5000 58.1500 58.0100 58.2200 57.9900 58.5400 58.3100 58.8500 58.6400 58.4600 58.1900 58.2700 58.0100 58.1100 58.2500 58.4700 58.6700 59.0300 59.0500 59.3900 59.5300 59.7900 NU 36.3700 36.6600 36.3500 36.2200 36.1200 35.2500 35.0700 35.0700 35.1500 35.5400 35.6500 35.5300 35.2600 35.7900 35.4200 35.7400 35.9000 36.0300 36.1500 36.1000 36.4100 36.3500 35.1700 35.4000 35.2300 35.5700 35.5200 35.7900 35.9000 35.5400 35.1300 34.9000 34.4600 34.3000 35.0800 35.5900 35.6100 35.6600 35.7000 36.0800 35.6300 35.6900 XEL 26.0800 26.2500 26.1300 25.9800 25.8900 25.5700 25.5100 25.6600 25.5300 25.8900 26.0100 25.8700 25.8100 26.2500 26.0000 26.2000 26.4200 26.4400 26.5600 26.5500 26.5500 26.4000 26.4000 26.4700 26.4200 26.7700 26.6700 26.9800 26.9800 26.9700 26.6600 26.9300 26.7300 26.7400 26.8000 27.2700 27.1800 27.2500 27.2700 27.3400 27.0800 27.4900
153
Stock Pricesi ($):

6/1/2012 6/4/2012 6/5/2012 6/6/2012 6/7/2012 6/8/2012 6/11/2012 6/12/2012 6/13/2012 6/14/2012 6/15/2012 6/18/2012 6/19/2012 6/20/2012 6/21/2012 6/22/2012 6/25/2012 6/26/2012 6/27/2012 6/28/2012 6/29/2012 7/2/2012 7/3/2012 7/5/2012 7/6/2012 7/9/2012 7/10/2012 7/11/2012 7/12/2012 7/13/2012 7/16/2012 7/17/2012 7/18/2012 7/19/2012 7/20/2012 7/23/2012 7/24/2012 7/25/2012 7/26/2012 7/27/2012 7/30/2012 7/31/2012 D 51.1200 51.0300 50.9700 51.7400 52.2200 52.7100 52.2900 52.3100 52.5300 53.1900 53.2500 53.7600 53.8500 53.6400 53.1500 53.0900 52.8200 52.8500 53.3900 53.2400 53.4700 53.8600 53.7000 53.2500 53.3000 53.2400 53.1700 53.5100 53.1700 53.6600 53.6600 53.7000 53.8400 53.6600 53.4300 52.9800 52.4900 52.7700 53.6000 54.4300 54.3800 53.7800 DUK 66.3000 66.6800 67.0700 67.3100 67.9000 68.6700 68.1700 68.1100 67.7800 68.6400 69.0000 69.0600 68.5200 67.7200 67.4800 67.8700 68.0200 67.9300 68.2600 68.4000 68.4000 69.0600 67.9200 67.8000 65.4900 64.5800 65.4000 65.7300 65.8900 65.9900 65.9900 65.6000 65.3300 65.3800 65.4800 64.7700 64.5400 65.0800 66.5800 66.7000 67.3100 67.0200 ED 59.7200 60.1300 59.9800 60.6900 61.0900 61.6500 61.1900 61.5900 61.7600 61.9900 62.5000 62.8800 62.2000 60.9200 60.7000 60.9200 60.6600 60.6700 61.2500 61.4800 61.6000 62.1300 61.9800 61.5000 61.5500 61.7500 61.9400 62.2800 62.2700 62.8200 62.5400 62.8100 62.9000 62.7600 63.1700 62.9600 62.9800 62.8800 63.8100 64.2900 64.3200 63.8900 NU 36.0900 35.8900 35.8800 36.6700 36.7700 37.0500 36.9800 37.0600 37.2400 37.7600 38.1300 38.3600 38.2200 37.6900 37.2300 37.4200 37.2500 37.6700 37.9800 37.9900 38.4600 38.7500 38.9100 38.4100 38.3400 38.2100 38.3700 38.4800 38.7300 39.5200 39.2200 39.6700 39.9000 40.1100 39.9000 39.4200 38.9800 39.1200 39.6900 39.6000 40.2000 39.5200 XEL 27.4300 27.5900 27.7500 28.0000 27.8700 27.8900 28.0300 27.8900 27.9200 28.2100 28.3200 28.4700 28.3700 27.8800 27.5800 27.6000 27.5800 27.5100 27.7600 27.7900 28.1300 28.4500 28.4400 28.3600 28.3100 28.3700 28.3600 28.5200 28.4800 28.6100 28.6000 28.7600 28.8800 28.7500 28.9200 28.6400 28.4400 28.4000 28.8500 29.1600 29.2900 29.0200
154
Stock Pricesi ($):

8/1/2012 8/2/2012 8/3/2012 8/6/2012 8/7/2012 8/8/2012 8/9/2012 8/10/2012 8/13/2012 8/14/2012 8/15/2012 8/16/2012 8/17/2012 8/20/2012 8/21/2012 8/22/2012 8/23/2012 8/24/2012 8/27/2012 8/28/2012 8/29/2012 8/30/2012 8/31/2012 9/4/2012 9/5/2012 9/6/2012 9/7/2012 9/10/2012 9/11/2012 9/12/2012 9/13/2012 9/14/2012 9/17/2012 9/18/2012 9/19/2012 9/20/2012 9/21/2012 9/24/2012 9/25/2012 9/26/2012 9/27/2012 9/28/2012 D 53.4800 53.2800 53.8800 53.8000 53.4500 53.1400 53.1100 53.1900 52.9300 52.9800 53.2800 53.4200 53.3900 53.5900 53.2700 53.0900 52.6200 52.9700 53.5200 53.4200 52.9700 52.5200 52.4800 52.5100 52.5000 53.7700 53.1600 53.2800 52.9400 52.7600 53.5900 52.8200 52.6100 52.2500 52.3600 52.7200 52.7000 53.1100 52.6500 52.8900 52.8100 52.9400 DUK 66.7600 66.7000 67.8300 67.4400 67.2900 67.2800 67.3300 67.0900 67.4500 67.4300 66.7700 66.6900 66.4900 66.4400 66.0600 66.0000 65.2400 65.4700 65.5100 65.3700 65.3100 64.8100 64.7800 64.8100 64.4700 65.0000 64.7200 64.8300 64.4600 64.0500 64.6600 64.1900 64.1400 63.1600 63.4300 63.9300 64.0800 64.6500 64.3400 64.3300 64.0600 64.7900 ED 63.8400 63.6400 64.0500 63.9400 63.6900 63.2800 62.9900 63.2600 63.2900 63.2000 62.6800 61.8000 61.6800 61.9600 61.3900 61.6100 60.9900 61.4200 61.2400 61.2000 60.7800 60.7600 60.6200 60.8800 60.3300 61.0600 60.6300 60.4900 60.3100 60.1800 60.9900 59.8100 59.6100 59.4800 59.4600 59.4800 59.1000 59.4800 59.4600 60.0900 59.5800 59.8900 NU 38.7500 38.9000 39.2100 39.2100 39.1200 39.0900 38.8500 39.2300 38.9400 38.8000 38.6700 38.4200 38.1900 38.3300 37.8700 37.8300 37.4000 37.6300 37.6200 37.6800 37.8000 37.7100 37.6700 38.0100 37.6800 38.1600 38.2400 38.1200 37.9400 37.5900 38.3200 37.7500 37.2800 36.9400 37.0100 37.1700 37.4300 38.0800 38.0400 38.1000 37.9200 38.2300 XEL 28.9600 28.6700 29.0400 29.0000 28.6700 28.5900 28.4500 28.5800 28.4700 28.4900 28.3400 28.2900 28.2100 28.2000 28.0000 27.9100 27.3800 27.6600 27.7000 27.6800 27.6800 27.5700 27.6200 27.8100 27.7600 28.0700 27.8300 27.8400 27.7400 27.6600 28.0600 27.8700 27.5800 27.4500 27.4200 27.4300 27.3200 27.5900 27.6500 27.7500 27.4500 27.7100
155
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR

DCF Cost of Equity Estimate SCHEDULE D-1.4 PAGE 7 OF 7 Stock Pricesi ($): DUK AVERAGE ($) QUARTERLY DIV.^ {$) ED 58.6316 NU 35.5807 XEL 26.4610
50.7739 0.4925 0.5275 0.5275 0.5275 2.0750 4.09% 5.70% 5.00% 5.50% 5.40% 3.00 3.75 5.58% 5.00% 5.29%
62.7442 0.7500 0.7500 0.7500 0.7650 3.0150 4.81% 3.53% 3.70% 2.39% 3.21% 3.80 5.00 6.86% 4.50%
5.68%
0.6000 0.6050 0.6050 0.6050 2.4150 4.12% 3.22% 3.40% 3.02% 3.21% 3.75 4.25 3.13% 4.00%
3.56%
0.2750 0.2938 0.3430 0.3430 1.2548 3.53% 5.65% 7.40% 5.72% 6.26% 2.00 3.25 12.14% 8.00%
10.07%
0.2600 0.2600 0.2600 0.2700 1.0500 3.97% 4.88% 5.50% 5.08% 5.15% 1.75 2.25 6.28% 6.00%
6.14%
ANNUAL DIVIDEND ($) YIELD REUTERS^ MSN^ YAHOO^ DCF GROWTH FACTOR VALUE LINE: '10 EARNINGS {$) '14 EARNINGS ($) VALUE LINE, "BOXED" VALUE LINE
DCF GROWTH ESTIMATE DCF COST OF EQUITY ESTIMATE DCF AVERAGE
5.37% 10.39%
3.83% 10.38%
3.30% 9.61%
7.21% 10.56% 10.24% 5.90% 9.16%
5.40% 10.28%
CAPM COST OF EQUITY ESTIMATE COST OF EQUITY ESTIMATE Sources:

1 2 3 4 5 6 MSN Investor MSN Investor & Value Line Investment Guide investor.reuters.com moneycentral.msn.com finance.yahoo.com Value Line Investment Guide
156
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR D Non-Constant DCF Calculation
g = i 5.37% D = ! ^2.08 YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
non const dcf= 5.37% P = . $50.77 DIVIDEND $2.19 $2.30 $2.43 $2.56 $2.70 $2.84 $3.00 $3.16 $3.34 $3.53 $3.73 $3.95 $4.18 $4.42 $4.69 $4.97 $5.27 $5.59 $5.94 $6.31 $6.70 $7.13 $7.59 $8.08 $8.60 $9.16 $9.76 $10.40 $11.07 $11.80
SCHEDULE D-1.5 const dcf= 9.68% g(e)= 6.52%
GROWTH RATE 5.37% 5.37% 5.37% 5.37% 5.37% 5.43% 5.49% 5.54% 5.60% 5.66% 5.72% 5.77% 5.83% 5.89% 5.95% 6.00% 6.06% 6.12% 6.18% 6.23% 6.29% 6.35% 6.40% 6.46% 6.52% 6.52% 6.52% 6.52% 6.52% 6.52%
This schedule is truncated; the calculation extends to 400 years to ensure the stability of the calculation
g, D, P are from Schedule D-1.4 g(e) is from Schedule D-1.9
157
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR DUK Non-Constant DCF Calculation SCHEDULE D-1.6
non const dcf= 10.39% P = - $62.74 GROWTH RATE 3.83% 3.83% 3.83% 3.83% 3.83% 3.96% 4.09% 4.23% 4.36% 4.50%
4.63%
g= 3.83% D= $3.02 YEAR 1 2 3 4 5 6 7 8 9 10

11
const dcf= 8.81% g(e)= 6.52%
DIVIDEND $3.13 $3.25 $3.37 $3.50 $3.64 $3.78 $3.94 $4.10 $4.28 $4.47
$4.68
12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
4.77% 4.90% 5.04% 5.17% 5.31% 5.44% 5.58% 5.71% 5.85% 5.98% 6.12% 6.25% 6.38% 6.52% 6.52% 6.52% 6.52% 6.52% 6.52%
$4.91 $5.15 $5.40 $5.68 $5.99 $6.31 $6.66 $7.04 $7.46 $7.90 $8.38 $8.91 $9.48 $10.10 $10.75 $11.45 $12.20 $13.00 $13.84
This schedule is truncated; the calculation extends to400 years to ensure the stability of the calculation.
158
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR ED Non-Constant DCF Calculation SCHEDULE D-1.7 non const dcf= 9.61% P = - $58.63 DIVIDEND $2.49 $2.58 $2.66 $2.75 $2.84 $2.94 $3.05 $3.16 $3.29 $3.42 $3.57 $3.72 $3.90 $4.08 $4.28 $4.50 $4.73 $4.99 $5.27 $5.57 $5.89 $6.25 $6.64 $7.06 $7.52 $8.01 $8.53 $9.09 $9.68 $10.31 const dcf= 7.56% g(e)= 6.52%
g= 3.30% D = : $2.42 YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 GROWTH RATE 3.30% 3.30% 3.30% 3.30% 3.30% 3.46% 3.62% 3.78% 3.94% 4.11% 4.27% 4.43% 4.59% 4.75% 4.91% 5.07% 5.23% 5.39% 5.55% 5.71% 5.88% 6.04% 6.20% 6.36% 6.52% 6.52% 6.52% 6.52% 6.52% 6.52%
This schedule is truncated; the calculation extends to 400 years to ensure the stability of the calculation g, D, P are from Schedule D-1.4 g(e) is from Schedule D-1.9
159
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR NU Non-Constant DCF Calculation
SCHEDULE D-1.8
non1 const dcf= 10.56% P= -$35.58 GROWTH RATE 7.21% 7.21% 7.21% 7.21% 7.21% 7.18% 7.14% 7.11% 7.07% 7.04% 7.00% 6.97% 6.93% 6.90% 6.86% 6.83% 6.80% 6.76% 6.73% 6.69% 6.66% 6.62% 6.59% 6.55% 6.52% 6.52% 6.52% 6.52% 6.52% 6.52% DIVIDEND $1.35 $1.44 $1.55 $1.66 $1.78 $1.90 $2.04 $2.19 $2.34 $2.50 $2.68 $2.87 $3.07 $3.28 $3.50 $3.74 $4.00 $4.27 $4.55 $4.86 $5.18 $5.52 $5.89 $6.27 $6.68 $7.12 $7.58 $8.08 $8.60 $9.16 const dcf= 10.99% g(e)= 6.52%
g= 7.21% D= $1.25 YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
This schedule is truncated; the calculation extends to 400 years to ensure the stability of the calculation.
160
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR XEL Non-Constant DCF Calculation SCHEDULE D-1.9
g= 5.40% D= $1.05 YEAR 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30
non const dcf= 10.28% P= -$26.46 GROWTH RATE 5.40% 5.40% 5.40% 5.40% 5.40% 5.46% 5.51% 5.57% 5.62% 5.68% 5.74% 5.79% 5.85% 5.90% 5.96% 6.02% 6.07% 6.13% 6.18% 6.24% 6.30% 6.35% 6.41% 6.46% 6.52% 6.52% 6.52% 6.52% 6.52% 6.52% DIVIDEND $1.11 $1.17 $1.23 $1.30 $1.37 $1.44 $1.52 $1.60 $1.69 $1.79 $1.89 $2.00 $2.12 $2.25 $2.38 $2.52 $2.68 $2.84 $3.02 $3.20 $3.41 $3.62 $3.85 $4.10 $4.37 $4.65 $4.96 $5.28 $5.63 $5.99
const dcf= 9.58% g(e)= 6.52%
This schedule is truncated; the calculation extends to 400 years to ensure the stability of the calculation.
161
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR Growth in U. S. Gross National Product, 1929-2008 SCHEDULE D-1.10 PAGE 1 OF 2 Growth in U. S. Gross National Product, 1929 to 2008 Year 1929 1930 1931 1932 1933 1934 1935 1936 1937 1938 1939 1940 1941 1942 1943 1944 1945 1946 1947 1948 1949 1950 1951 1952 1953 1954 1955 1956 1957 1958 1959 1960 1961 1962 1963 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974 1975 1976 1977 GNP ($bUlion} 104.4 91.9 77 59.1 56.7 66.3 73.6 84 92.2 86.5 92.5 101.7 127.2 162.3 198.9 220.1 223.3 222.9 245.2 270.6 268.5 295.2 341.2 360.3 381.2 382.4 417.2 440.2 464.1 469.8 509.4 529.6 548.3 589.7 622.2 668.6 724.4 792.8 837.8 915.9 990.5 1,044.70 1,134.40 1,246.40 1,394.90 1,515.00 1,650.70 1,841.40 2,050.40 Change Growth%
-12.50 -14.90 -17.90 -2.40 9.60 7.30 10.40 8.20 -5.70 6.00 9.20 25.50 35.10 36.60 21.20 3.20 -0.40 22.30 25.40 -2.10 26.70 46.00 19.10 20.90 1.20 34.80 23.00 23.90 5.70 39.60 20.20 18.70 41.40 32.50 46.40 55.80 68.40 45.00 78.10 74.60 54.20 89.70 112.00 148.50 120.10 135.70 190.70 209.00
-11.97% -16.21% -23.25% -4.06% 16.93% 11.01% 14.13% 9.76% -6.18% 6.94% 9.95% 25.07% 27.59% 22.55% 10.66% 1.45% -0.18% 10.00% 10.36% -0.78% 9.94% 15.58% 5.60% 5.80% 0.31% 9.10% 5.51% 5.43% 1.23% 8.43% 3.97% 3.53% 7.55% 5.51% 7.46% 8.35% 9.44% 5.68% 9.32% 8.14% 5.47% 8.59% 9.87% 11.91% 8.61% 8.96% 11.55% 11.35%
162
DUKE ENERGY OHIO, INC. CASE NO. 12-1682-EL-AIR Growth in U. S. Gross National Product, 1929-2008 SCHEDULE D-1.10 PAGE 2 OF 2 Growth in U. S. Gross National Product, 1929 to 2008 Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Average GNP (Sbillion) 2,315.30 2.594.20 2,822.30 3,159.80 3,289.70 3,571.70 3,967.20 4,244.00 4,477.70 4,754.00 5,123.80 5,508.10 5,835.00 6,022.00 6,371.40 6,698.50 7,109.20 7,444.30 7,870.10 8,355.80 8,810.80 9,381.30 9,989.20 10,338.10 10,691.40 11,210.90 11,944.50 12,720,10 13,449.60 14,151.90 14,460.70 14,117.20 14,708.20 15,327.50 Change 264.90 278.90 228.10 337.50 129.90 282.00 395.50 276.80 233.70 276.30 369.80 384.30 326.90 187.00 349.40 327.10 410.70 335.10 425.80 485.70 455.00 570.50 607.90 348.90 353.30 519.50 733.60 775.60 729.50 702.30 308.80 -343.50 591.00 619.30 Growth'/. 12.92% 12.05% 8.79% 11.96% 4.11% 8.57% 11.07% 6.98% 5.51% 6.17% 7.78% 7.50% 5.93% 3.20% 5.80% 5.13% 6.13% 4.71% 5.72% 6.17% 5.45% 6.48% 6.48% 3.49% 3.42% 4.86% 6.54% 6.49% 5.74% 5.22% 2.18% -2.38% 4.19% 4.21% 6.52%
Sources: ( 1 ) National Income and Product Accounts (NIPA) from the U. 8. Bureau of Economic Analysis and Econostats; BEA Data; NIPA Index; Section 1. Domestic Product and Income Table 1.7.5 Relation of Gross Domestic Product, Gross National Product, Net National Product, National Income, and Personal Income. ( 2 ) U. S. Department of Commerce; Survey of Current of the United States Business and Historical Statistics
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175

PUCO Staff Report Re Duke Case Number 12-1682-EL-AIR

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Public Utilities Commission

STAFF'S REPORT OF INVESTIGATION

Case No. 12-1682-EL-AIR

Case No. 12-1683-EL-ATA

Case No. 12-1684-EL-AAM

Submitted to The Public Utilities Commission of Ohio

BEFORE THE PUBLIC UTILITIES COMMISSION OF OHIO

Case No. 12-1682-EL-AIR

Case No. 12-1683-EL-ATA

Case No. 12-1684-EL-AAM

Utilities Department Jodi Bair Director

Service Monitoring and Enforcement Department

John Williams Director

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

RATES AND TARIFFS

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

RATE AND REVENUE ANALYSIS

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

Table 1 COST OF SERVICE RESULTS RATES OF RETURN Current

Index 0.6674 1.8431 (0.0968) 3.0195

Index 0.8964 1.2720 0.3320 1.6896

7.288 10.341 2.699 13.736

1.7160 (0.3195) 10.8799 0.3083 1.0000

10.034 4.620 34.415 4.649 8.1300

1.2342 0.5683 4.2331 0.5718 1.0000

9.912 4.570 36.033 4.550 8.130

1.2191 0.5621 4.4322 0.5597 1.00

Primary Distribufion Transmission Lighfing Total Distribution

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

Table 2 COST OF SERVICE RESULTS REVENUE DISTRIBUTION PERCENTAGE

Applicant Proposed Revenue

Staff Proposed Revenue

56.50 29.14 0.34 5.42 0.16 6.18 0.03 2.21 100.00

56.02 28.94 0.32 5.08 0.16 6.77 0.03 2.69 100.00

55.98 29.00 0.34 5.03 0.16 6.76 0.03 2.68 100.00

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

Table 3 REVENUE DISTRIBUTION & INCREASE APPLICANT PROPOSED

198,522,719 102,395,120 1,202,853 19,058,213 575,543 21,703,289 122,600 7,772,168 351,352,505

23.57 23.77 15.00 16.70 23.94 36.60 0.77 51.44 24.64

Current %of Total

Staff Prop>osed % of Total $

100.00 86,581,974 24.64

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

REVENUE DISTRIBUTION & INCREASE APPLICANT PROPOSED

6.60 4.56 3.17 5.64 5.25 4.46 0.00 23.37 5.12

Primary Distribufion Transmission Lighfing Total Distribution

1,689,790,685 100.00 1,776,372,659

DUKE ENERGY OHIO, INC. Case Nos. 12-1682-EL AIR, et al.

Table 6 REVENUE DISTRIBUTION & INCREASE STAFF PROPOSED

709,435,289 533,626,646 5,700,076 56,487,523 2,625,138 177,986,472 186,820,964 17,108,577

6.58 4.61 5.16 5.28 5.28 4.44 0.00 23.30 5.12

Total Distribution 1,689,790,685

^^^^ processed .JWU-^-*"