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RH-1-2008 Response to CAPP Item 1 March 28, 2008 Page 1 of 6 CAPP

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RH-1-2008 Response to CAPP Item 1 March 28, 2008 Page 1 of 6 CAPP RH-1-2008 Response to CAPP Item 1 March 28, 2008 Page 1 of 6 CAPP 1 Reference: TQM Application. Preamble: The application does not include summary cost of service tables nor detailed return, rate base or other cost of service information. Request: (a) Please provide summary tables for each year 2006, 2007, and 2008 showing the line-by-line breakdown of the cost of service. Please also provide summary tables with the cost of service for 2007 and 2008 at the current formula ROE and 30% equity. (b) Please provide tables for each year 2006, 2007 and 2008 showing the detail of the return calculations, both debt and equity. Please also provide for each of 2007 and 2008 the return at the current formula ROE and 30% equity. (c) Please provide tables for each year 2006, 2007 and 2008 showing the detail of the rate base calculations including gas plant in service, depreciation, and rate base. (d) Please provide for each year 1995 to 2007 the average rate base. Please provide the equivalent data for the TCPL Mainline. (e) Please project the TQM rate base to 2020 at the current depreciation rate both with and without expansions to accommodate the proposed LNG terminals at Gros Cacouna and Rabasca. (f) What is the current composite depreciation rate and what are the pipe and compression depreciation rates for TQM? What were the composite, pipe, and compression rates in 1994? If they have changed since 1994, what were the changes? For the depreciation rates in use from 1994 to the present time, what were or are the economic lives or life assumed for depreciation purposes and, if they have changed, please explain. Page 2 of 6 CAPP 1 Response: (a) Please refer to the table below: 11% ROE on Formula ROE on TQM Pipeline 40% Equity 30% Equity Actual Test Test Test Test Cost of Service Year Year Year Year Year ($000) 2006 2007 2008 2007 (*) 2008 Operating expenses 13,649 13,950 16,753 13,950 16,753 NEB cost recovery 604 651 670 651 670 Depreciation & 22,791 23,920 24,050 23,920 24,050 amortization Municipal & other 4,194 4,100 3,891 4,100 3,891 taxes Income taxes 6,958 11,768 11,568 7,413 7,720 Flow-through 1,030 664 2,315 664 2,315 deferred costs Return on rate base 31,457 38,137 36,644 32,041 31,027 Storage revenue (281) (290) (274) (290) (274) Transmission cost 80,402 92,900 95,617 82,449 86,152 of service ROE 8.88% 11.00% 11.00% 8.46% 8.71% Equity % 30% 40% 40% 30% 30% Note (*): Forecast as reflected in TQM’s Partial Settlement Application, Appendix 1, Page 8 of 19. Page 3 of 6 CAPP 1 (b) Please refer to the table below: 11% ROE on Formula ROE on TQM Pipeline 40% Equity 30% Equity Actual Test Test Test Test Rate of Return Year Year Year Year Year Calculation 2006 2007 2008 2007 (*) 2008 Average Rate Base 459,893 472,580 452,962 472,580 452,962 ($000) Capital Structure (%) Debt - Funded 59.80% 58.19% 60.71% 58.19% 60.71% Debt – Unfunded 10.20% 1.81% (0.71)% 11.81% 9.29% (Prefunded) Total Debt 70.00% 60.00% 60.00% 70.00% 70.00% Equity 30.00%40.00% 40.00% 30.00% 30.00% Capital Cost (%) Debt - Funded 6.14% 6.14% 6.14% 6.14% 6.14% Debt – Unfunded 4.50% 5.69% 6.14% 5.69% 5.50% (Prefunded) Equity 8.88% 11.00% 11.00% 8.46% 8.71% Return (%) Debt - Funded 3.67% 3.57% 3.73% 3.57% 3.73% Debt – Unfunded 0.46% 0.10% (0.04)% 0.67% 0.51% (Prefunded) Total Debt 4.13% 3.67% 3.69% 4.24% 4.24% Equity 2.66% 4.40% 4.40% 2.54% 2.61% Total Rate of Return 6.79% 8.07% 8.09% 6.78% 6.85% Note (*): Forecast as reflected in TQM’s Partial Settlement Application, Appendix 1, Page 8 of 19. Page 4 of 6 CAPP 1 (c) Please refer to the table below: TQM Pipeline Actual Test Test Average Rate Base ($000) Year Year Year 2006 2007 (*) 2008 Utility Investment Gas Plant in Service 833,457 868,270 872,073 Accumulated Depreciation (374,677) (398,019) (422,005) Net Plant 458,780 470,251 450,068 Working Capital Cash 1,1371,303 1,487 Materials & Supplies 1,587 1,443 1,442 Transmission Linepack 1,163 1,163 1,163 Prepayments & Deposits 1,216 1,041 1,056 Pension Asset - 1,324 1,670 Total Working Capital 5,103 6,275 6,818 Other Rate Base Items Tax Benefits on Sponsors Dev. Costs (5,553) (5,118) (4,683) Unamortized Debt Discount 1,563 1,172 759 Total Other Items (3,990) (3,946) (3,924) Average Rate Base 459,893 472,580 452,962 Note (*): Forecast as reflected in TQM’s Partial Settlement Application, Appendix 1, Page 8 of 19. Page 5 of 6 CAPP 1 (d) Please refer to the table below: Average Rate Base ($ Millions) Year TQM Mainline 1995 299 6,671 1996 307 6,918 1997 308 7,434 1998 299 8,193 1999 473 9,072 2000 544 9,405 2001 525 9,156 2002 504 8,873 2003 484 8,556 2004 463 8,186 2005 471 7,796 2006 460 7,417 2007 472 7,263 (e) Please refer to the table below: TQM Pipeline Cacouna Rabaska Average Rate Base No Expansion Expansion ($000) Expansion In-Service In-Service 2013 2015 Year 2008 452,962 452,962 452,962 2009 435,840 435,840 435,840 2010 413,688 413,688 413,688 2011 391,661 391,661 391,661 2012 369,585 369,585 369,585 2013 347,452 723,782 347,452 2014 325,252 1,067,041 325,252 2015 302,986 1,023,983 424,209 2016 280,653 980,858 519,371 2017 258,254 937,668 490,295 2018 235,788 894,411 461,152 2019 213,255 851,087 431,943 2020 190,656 807,698 402,668 Page 6 of 6 CAPP 1 (f) The 2007 composite depreciation rate is 2.76%. The pipe rate is 2.75% and the compression equipment rate is 3.02%. In 1994 the composite depreciation rate was 2.82%. The pipe rate was 2.75% and there was no compression on the system at that time. In 1998 the compressor equipment rate of 3.02% was approved by the NEB. The last depreciation study was filed in 1988 at which time the estimated remaining life was 31.50 years. There has been no subsequent depreciation study. RH-1-2008 Response to CAPP Item 2 March 28, 2008 Page 1 of 3 CAPP 2 Reference: TQM Application Preamble: TQM has only a few employees. Appendix 2 and other elements of the application are very similar to TCPL’s cost of capital applications. Appendix 3 is evidence directly by TCPL. It also appears that Gaz Métro and TCPL are sources of information in other of the appendicies. CAPP wishes to understand where TCPL and Gaz Métro witnesses are being provided and where TCPL and Gaz Métro are providing information through TQM or TQM’s expert witnesses. Request: (a) Please confirm that a TCPL witness will speak to Appendix 3. Please also identify the witness or witnesses who will speak to Appendix 3. (b) Will a TCPL witness or witnesses speak to any aspect of the application other than Appendix 3? If so, will this be a different witness(es) from that who will speak to Appendix 3? Please identify any such witnesses and, for each witness, the area or evidence that they will address. (c) Will witnesses from Gaz Métro speak to any aspect of the application? Please identify any such witnesses and, for each witness, the area or evidence that they will address. (d) Will a witness or witnesses from TQM appear as a witness? Please identify any such witness(es) and, for each witness, the area or evidence that they will address. (e) Please confirm that TCPL and Gaz Métro have provided information to the expert witnesses whose evidence is found beginning at Appendix 4. If not confirmed, please explain who was the informant on the many points of detail contained in the experts’ evidence that have the appearance on their face of coming from either TCPL or Gaz Métro. (f) In RH-2-94 TQM adopted evidence on the specifics of its business risks presented by Dr. Morin (as distinct from simply accepting Dr. Morin’s cost of capital recommendation). In other words, Dr. Morin in effect spoke for the company on the details of its business risk. In that regard see RH-2-94 TQM response to Filing Requirements #12, #13, #15 and Dr. Morin’s evidence at p.3 and p.12ff. Dr. Page 2 of 3 CAPP 2 Morin is not a witness in this case. Who of the witnesses to be presented by TQM in the present case will be prepared to discuss the company’s views on its business risks as they were said to be in 1994? Response: (a) Appendix 3 is identified as evidence of TCPL for TQM (Written Evidence of TransCanada PipeLines Limited for TransQuébec & Maritimes Pipelines Inc: TQM Throughput Study). Witnesses presented by TQM will therefore include a TCPL employee or employees who will speak to the TQM Throughput Study. While the TQM witness list has not yet been finalized, the present expectation is that the witnesses who will speak to the TQM Throughput Study will include Gregory J.
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