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Electric Cost-Of-Service and Rate Design Study Report on the ELECTRIC COST-OF-SERVICE AND RATE DESIGN STUDY Pasadena Water & Power City of Pasadena, California Project No. 67757 June 2013 Electric Cost-of-Service And Rate Design Study prepared for Pasadena Water & Power Pasadena, California June 2013 Project No. 67757 prepared by Burns & McDonnell Engineering Company, Inc. Kansas City, Missouri COPYRIGHT © 2013 BURNS & McDONNELL ENGINEERING COMPANY, INC. Electric Cost-of-Service and Rate Design Table of Contents TABLE OF CONTENTS Page No. 1.0 EXECUTIVE SUMMARY ............................................................................................... 1-1 1.1 Purpose ................................................................................................................................ 1-1 1.2 Electric Rate Classifications ................................................................................................ 1-2 1.3 Approach ............................................................................................................................. 1-2 1.4 Study Recommendations ..................................................................................................... 1-4 1.4.1 Revenue Adjustments ................................................................................................... 1-4 1.4.2 Residential Billing ........................................................................................................ 1-4 1.4.3 Billing Demand Ratchet ................................................................................................ 1-5 1.4.4 Power Cost Adjustment ................................................................................................ 1-5 1.4.5 Transmission Services Charge ...................................................................................... 1-6 1.4.6 Current and Proposed Electric Rates ............................................................................ 1-6 1.4.7 TOU Pricing Periods ..................................................................................................... 1-9 1.4.8 Power Factor Adjustment ........................................................................................... 1-10 1.4.9 Net Metering ............................................................................................................... 1-10 1.4.10 Distributed Generation ................................................................................................ 1-11 1.4.11 Demand Response ....................................................................................................... 1-12 1.4.12 Feed-in Tariff .............................................................................................................. 1-12 1.4.13 Green Power Service .................................................................................................. 1-13 1.4.14 Real-time Pricing ........................................................................................................ 1-13 1.4.15 Economic Development Rider .................................................................................... 1-13 1.4.16 Advanced Metering ..................................................................................................... 1-14 1.4.17 Conclusion .................................................................................................................. 1-14 2.0 INTRODUCTION ............................................................................................................. 2-1 2.1 Purpose ................................................................................................................................ 2-1 2.2 Relevant Terms and Concepts ............................................................................................. 2-2 2.3 Approach ............................................................................................................................. 2-5 2.3.1 Load Forecast ................................................................................................................ 2-6 2.3.2 Revenue Requirements Analysis .................................................................................. 2-6 2.3.3 Cost-of-Service Analysis .............................................................................................. 2-7 2.3.4 Rate Design Analysis .................................................................................................... 2-7 2.3.5 Additional Rate Design Considerations ........................................................................ 2-8 2.3.6 Summary and Recommendations ................................................................................. 2-9 3.0 LOAD FORECAST ........................................................................................................... 3-1 3.1 Overview ............................................................................................................................. 3-1 3.2 Forecasting Approach .......................................................................................................... 3-1 3.3 Seasonal Periods .................................................................................................................. 3-2 3.4 Customer Classes ................................................................................................................ 3-3 3.4.1 Projected Customers ..................................................................................................... 3-3 3.4.2 EV Pilot Customers ...................................................................................................... 3-3 3.5 System Load ........................................................................................................................ 3-4 3.5.1 Energy Sales ................................................................................................................. 3-4 3.5.2 Peak Demand ................................................................................................................ 3-5 3.5.3 System Load Summary ................................................................................................. 3-5 Pasadena Water & Power Burns & McDonnell City of Pasadena, California TOC-1 Kansas City, Missouri Electric Cost-of-Service and Rate Design Table of Contents 4.0 REVENUE REQUIREMENTS ANALYSIS .................................................................. 4-1 4.1 Overview ............................................................................................................................. 4-1 4.2 Financial Forecast ................................................................................................................ 4-1 4.3 Operating Revenues ............................................................................................................ 4-1 4.3.1 Customer Rate Revenues .............................................................................................. 4-1 4.3.2 Other Operating Revenues ............................................................................................ 4-2 4.4 Operating Expenses ............................................................................................................. 4-3 4.4.1 Power Supply Expense ................................................................................................. 4-3 4.4.2 Operation and Maintenance Expense ............................................................................ 4-3 4.5 Capital Improvements ......................................................................................................... 4-5 4.5.1 Capital Expenditures ..................................................................................................... 4-5 4.5.2 Plant in Service and Depreciation Expense .................................................................. 4-5 4.6 Debt Service ........................................................................................................................ 4-5 4.6.1 Outstanding Debt .......................................................................................................... 4-5 4.6.2 Proposed Debt ............................................................................................................... 4-6 4.7 Projected Net Income .......................................................................................................... 4-6 4.7.1 Operating Revenues ...................................................................................................... 4-7 4.7.1.1 Customer Rate Revenues ........................................................................................ 4-7 4.7.1.2 Other Operating Revenues ..................................................................................... 4-8 4.7.2 Operating Expenses ...................................................................................................... 4-8 4.7.2.1 Operating Expense ................................................................................................. 4-8 4.7.3 Non-Operating Income and Expenses .......................................................................... 4-8 4.7.3.1 City Transfer .......................................................................................................... 4-8 4.7.4 Net Income .................................................................................................................... 4-9 4.7.5 Debt Service Coverage ..............................................................................................
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