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RATE DETERMINATION
FOR
ELECTRIC PUBLIC UTILITIES.

A Theeie submitted to the
Faculty of the

Michigan State College,
Eas t Lansing, Mi chigan.

by

Claud Robert Euripkeon

Candidate for the Degree of
Electrical Engineer

June, 1933 .

THESIS

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General Principles Affecting Pate Determination

The determination of rates to be charged
{or furnishing electric energy and service is a very complex
problem. The general theory in the mathematical calculations
is that each customer should pay for all costs which are cre-
ated by him. The exact application of this theoretical
principle is seldom attained. The mathematical determination
should be used as a primary basis for the rate schedule, ad-
justments being made because of economic factors. Psychology
of the rate payer and competition with other forms of service
have a very definite effect necessitating, at timeg modifi-
cation of parts of the mathematical result of a rate deter-
mination.

The utility rendering a service is
entitled to compensation to cover all costs plus a reasonable
profit for its efforts. This statement applies to the complete
property and operations of the utility. Each class of service
need not contribute its proportional amount over and above
costs to make up the profit necessary to attract capital into
the business. The industrial customers will use from 60 to 65
percent of the plant output. The rates charged these custo~
mere must be low enough so there will be no economic justifi—
cation for them to install separate plants. After this its:
is fixed the other groups of customers must make up the differ—
ence between the total cost of service and that portion con-

tributed by the industrial customers.

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There are many customers in all electric
utilities who are served at less than actual costs. The
reason for this condition is that it has been found imprac-
ticable to devise and apply any system of cost computation
which could carry out the theoretical principle literally.
The application of any system of cost accounting which consid-
ers all the factors entering into costs would result in such
elaborate and.complicated rate schedules that the rate payers
could not understand them and few could apply them.

It has been said of Economics that it is
yet a long way from a true scientific status and when one
contemplates the vast range of facts whicn must be subjected
to scientific description and inductive treatment, the doubt
arises if we will ever have an economic science comparable
to physics and chemistry. The same situation exists for any
mathematical determination of rates and particularly for
electric utilities.

The operation of an electric utility is
essentially a monopoly. If it were not, duplicate system
of distribution lines would be necessary, duplicate stations,
offices and similar items, were another company entered into
competition with the existing utility. Investment costs
per customer would necessarily be increased, operation costs
per unit would be higher, and higher rates would be necessary
to yield the same return on the investment. Electric util-
ities render a quasi—public service and the detrimental

effects of competition does not balance the evils of monopoly;

- 2 _

assuming however that the utility is regulated by a State
Regulatory Commission.

The rule used in drafting freight rates
for railroads, of charging what the traffic will bear,applies
to a certain degree in drafting rates for electric service,
Where power is one of the principal items entering into the
manufacture of a product, the industrial customer must obtain
the power at a low price. If he does not, than competition
may force 12th out of busrness or to make other arrangements
for power; either will affect the revenue of the electric
utility. As a general rule, a price differential in favor
of the industrial user, is a direct benefit to the other cus-
tomers. Having the large industries using the bulk of the
output, decreases not only the investment costs per unit but
also the operating costs per unit.

The principal subjects on which var-
ious rate experts and engineers disagree in any rate deter-
mination for any one utility are:

l. The value of the property under consideration
including used and useful equipment plus the
intangible items.

2. The amount of depreciation of the properties.

This item includes both the accrued,and the
amount necessary for future depreciation.

3. The reasonableness and the propriety of the
inclusion of certain charges set up in the

costs of operation.

- 3 -

4. The amount and the treatment of losses sustained

in the early period of operation of the utility.
This item,if it exists,is sometimes called "Cost
of Establishing the Business". "Going Value” is
another similar term which not only includes the
cost of establishing the business but also the
efforts to bring the business to the present
state of success.

The controversial phases of the above items will be treated

later.

Any rate determination should be made
so the rates fixed can stay in effect for from three to five
years, excepting, however, revisions downward. The primary
necessity for this stability is for a reasonable permanent
business relationship between the customers and the utility.
The principal items which should be considered when a rate
schedule is determined are:

l. The growth in population in the territory served
which can reasonably be expected.
a. The increase or decrease in the amount of energy
which will be demanded per customer or per capita.
3. The increase in plant production facilities,
transmission and distribution systems which will
be required to properly serve the demand expected.
4. The operating costs averaged over the period for

which the rates are to apply.

The rates will, in a large measure, be
dependent upon the kind of service rendered by the utility.

A utility which maintains closcvoltage regulation, spare
capacity, few interruptions and good service for trouble calls
should be entitled to a higher rate of return than a utility
which supplies a less satisfactory service.

One fundamental principle of rate making
is that the rates shall apply to all customers having similar
requirements for service. Rates should be published and
strictly adherred to. This will eliminate all special and
discriminatory contracts. These contracts have frequently
caused trouble for utilities. Regulatory commissions have re-
peatedly ordered their elimination where they are at variance
with filed tariffs. The question of special contracts usually
arises when the utility makes some use of equipment on the cue-
tcmers property. This situation can best be dealt with by
billing the customer at the regular rate for the service ren-

ered and the utility paying to the consumer a fair and reason«
able compensation for the equipment and facilities used.

Many states have statutes that make it
mandatory for a utility to charge the same rate throughout
conti,guous territory. The object of this legislation is to
eliminate discrimination. Special cases arise, however, where,
due to competition with municipal plants private utilities
have been allowed to make exceptions in order to hold business
and commissions have ruled and been supported by the United

tates Supreme Court that this does not create an unjust or

 

 

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unlawful discrimination as against other localities served

by it and accordingly does not offend the statutes against

localit'r discrimination. These rulings have permitted the

utilities to reduce the rates in special cases only to the

extent of meeting the rates in force and have not permitted
schedules that would result in lower rates than charged by

the competing utility.

For an equitable rate determination some
position should be assumed. Neither a socialistic nor a capi-
talistic attitude must be followed. Conscionable conduct
toward both the utility and the consumers must be continually
kept in mind. If this last principle is used, then the re-
sult will be of a judicial character and fair to both the

utility and the consumers.

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Rate Base

The first step in making a rate deter-
mination is to fix the rate base. The rate base is the
amount of capital upon which a utility is permitted to earn
the return. The rate of return will be discussed in detail
in the caption "Rate of Return". This rate of return usually
varies from six to eight percent. Rate of return should not
be confused with dividends on stocks. The dividend; earned
or paid by a utility is in no way a measure of the reason-
ableness of rates and does not enter, even remotely, hdb a
rate determination.

The electric consumers should pay for
the capital that is necessary to render the service that
they require or demand. It should make no difference to the
consumer whether this capital is money that the stockholders
have put into the business or is money that has been borrowed
by issuing mortgage bonds against the property, debentures or
preferred stock.

There has been and still is considerable
contention as to the proper method of determining the rate
base. The two principle methods are generally known as:

1. Historical cost base.
2. Reproduction cost base.

The “historical cost base" is the total

amount of capital which has been prudently put into the bus«

iness less accrued depreciation. The advantage of this base

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lies in its stability. Fluctuating commodity prices have no
effect on this base. The disadvantage of this base is that
the utility does not realize on the appreciation of the prop-
erty due to advancing commodity prices.

The "reproduction cost base" is tne
total amount of capital which would be squired to replace all
of the property in like condition at the time the rate base is
determined. This is determined principally from appraisal and
applying land, material and equipment prices as of the ap-
praisal date. Theoretically this base would be the historical
cost multiplied by the weighted average of the ratios of the
present commodity costs to the commodity costs at the time any
particular item was added to the properties. The advantage of
this method is that the present value of the property is used
as a basis for the rate of return. Court decisions have gen-
erally favored the "reproduction cost" method. The term
"present value” is eynonomous with "reproduction cost”. The
greatest inherent practical difficulty with this basis for a\

rate determination is that it is a shifting base; theoretically

the base fluctuates from day to day, as commodity prices which
enter into the construction of the properties go up or down;
practically, a substantial variation occurs periodically, as
the cycle of prosperity and depression takes its course. The
use of this method requires considerable judgment for pro-
phecy and a careful study of the past before any degree of
stability can be assured. Reproduction cost or present value

cannot be determined by accurate measurement or calculation.

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t must he obtained or deducted from kno-n facts which enter
into the value as items of varying weights or have evidential
value of varying weight which i.dicates that is the present
fair value of the prOperties.

Regulatory commissions and experts re—
tained by consumers advocate the adoption of the method of
fixing a rate base that will result in the lowest rates to
consumers. This procedure may result in rates which in effect
ccnfiscates the utilities' property. Cn the other hand, public
utilities usually advocate the adoption of the method of fix-
ing a rate base that will result in the highest rate that the
traffic will bear. This procedure usually would result in l
rates that bring excessive returns.

The first influential advocate of re~

 

production cost was William Jennings Bryan representing the

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consumers. This was in the period of 1833 to 1893. At that
time this method resulted in the lowest rates. The utilities
at that time advocated the historical cost. This method was
referred to as stock and bond base or prudent investment.
The latter term is sometimes used now instead of historical
cost, but the stock and bond base was dropped some time ago,
and is seldom even mentioned. At that time, historical cost
would have resulted in the highest rates. Now the position
of the parties is completely reversed.

The first case in regard to the proper

determination of the rate base to reach the United States

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Supreme Court was Smyth versus Amos, 169 U.S. 466. This case
dealt with railroad rates but the principles laid down by the
Supreme Court were general and apply to all utilities, includ-
ing electric, telephone, gas and water in addition to the rail-
roads. The principles originally announced in this decision
have been termed the "fair value" rule. They require that

consideration be given to:

1. Original cost of construction.

to

. Amount expended in permanent improvements.
3. Amount and market value of bonds and stocks.

#. Present cost of construction.

5. Probable earning capacity under rates prescribed.

6. Operating expenses.
The decision also stated that the above factors are not inten-
dad to be all-inclusive or to exclude other relevant evidence
as to fair value. Since this decision in 1S98, later decisions
as to fair value have brought other factors into prominence.
These are:

7. Accured depreciation, 1?09. (Knoxville v Knoxville
Water Co. 212 U.S. l .

8. Market value of land, 1913. (Minnesota Rate Cases,
230 U.S. 352).

9. Working capital.

lC.Future costs of construction, 1922. (Galveston Electric
Company v Galveston, 258 U.S. 388).

ll.Going concern value, 1926. (McCardle v Indianapolis
Water Company, 272 U.S. MOO).

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The United States Supreme Court has consistently adhered
to the principles laid down in the Smyth v Amos case. The
court has not, however, stated any definite ruling as to
how much weight each of the items should be given in arriv-
ing at the fair value. The only stipulation is that all

tems must be given such weight as may be “just and right“
in each case. This requires that all competent evidence
must be received and considered in the determination of
fair value.

Although court decisions definitely
prescribe the elements of value which must be considered and
given effect in the determination of the rate base, the rate
of return on the rate base has not been so definitely stipul-
ated. The only limitation prescribed by the courts is that it
shall not be so low as to be confiscatory. As'a general rule,
a rate of return below six percent would be considered confis-
catory unless there are extenuating circumstances. Effect
can be given to the different elements of value stipulated
by the United States Supreme Court by using a rate of return
between 8 and 85 percent on the historical cost. Should 10
to 15 percent be added to the historical rate base, the re—
sulting amount will approximate the reproduction cost base
and will be the fair value including going value as stipulat-
ed by court rulings. Should,also,10 to 15 percent be deducted
from the rate of return of 8 or 8% percent on a historical

cost rate base and the resulting percentage of 7 to 7& percent

be applied upon the reproduction cost,or fair value base, the

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actual return to the electric utility would be the same.

Electric utilities prefer the method of
determining the rate base which results in the higher valua-
tion, even if the rate of return is reduced and the resulting
amount of return is identical for either method. The main
reason for making a persistent effort to have the higher
valuation accepted as the rate base is the relative cost of
issuing bonds for financing large extensions. The lower the
ratio of outstanding bonds to the valuation, the lower will
be the interest rate necessary on the bonds and the less
will be the cost of selling the bonds. For the same amount
of outstanding bonds, the higher the valuation of the proper-
ties of the electric utility, the lower will be the ratio of
outstanding bonds to the valuation. The payment of interest
on bonds cannot be charged to the customers as an operating
expense like coal, maintenance and labor, but must be paid
for out of the money obtained from the rate of return. The
lower the interest rate, the more will be the remainder avail-
able for dividends on the common stock.

The laws resulting from precedence in
reference to the determination of the rate base requires that
consideration and weight must be given to the reproduction
cost as an element. It is impracticable to state any definite
. rule as to the weight that should be given to this element or
any of the other elements. The rate history of the particular
electric utility for which a rate determination is being made

must be studied for the fifteen to tweny years immediately

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preceding. If the reproduction cost had seen given the con—
trolling weight in the rate base and thextility had the bene-
fit of increased earnings during a period of rising prices,

then the utility should not complain,if,during falling prices,
the same weight was given reproduction cost; conversely, if
historical cost was given controlling weight during the period
of rising prices, and the customers benefited by lower rates,
then the customers should not complain if,during falling prices,
the same base was given the same weight.

The purchase price paid by an electric
utility for a completed enterprise should not be given any
weight in the determination of the rate base. Purchase price
is usually based on the dividend earning capacity of a property
and does not reflect the "fair value" upon which customers
snould be charged a rate of return.

The amount of money collected from cus-
tomers of an electric utility for the construction of trans—
mission or distribution lines Should be deducted from the total
value of the property involved in ascertaining the base for
rate making purposes.

Should an electric utility acquire dup-
licate equipment from a former competitor which is unnecessary
after the consolidation, it should not be permitted to earn
a return upon its investment. This duplicate property should
not be included in the rate base because it is not used nor
useful. Nor should the utility be permitted to amortize the

loss in such abandoned property over a period of years against

- 13 _

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operating expenses. Unused property may in some cases be
included in a valuation for security issues but not for rate-
making. Property that is unused and superseded and no longer
required for future use can be amortized against operating
expenses over a period of years after deducting salvage and
the balance in the retirement reserve.applicable to the aban-
doned property.

The cost of maintaining and operating
an overbuilt system which was caused by the demands of a par-
ticular group of customers should not be charged against the
customensgenerally, but should to a greater degree be assessed
against the group of customers for whose benefit the additiond.
capital expenditures were originally incurred. This is the
equitable disposition of such expense but managerial policies
may be otherwise.

Property in excess of that used and use-
ful is usually very difficult to ascertain. Some amount of
spare capacity must be provided in order that facilities may
be available when needed. As a general rule it is uneconom-
ical to construct a property to meet only the immediate
present requirements or even one having spare capacity for
only a very limited period. That spare capacity must be pro-
vided does not eliminate the question as to whether or not
at any given time more than a reasonable amount of property
is provided. Additions not prudently made should be ex-

cluded from the rate base.

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Land purchased by a utility for future
use if not actually used on the date of a rate determination
snould be excluded from the rate base.

Bond discount can not be included in the
capital structure or the rate base. Bond discount is deferred
interest which is payable from the rate of return and is not
capital. Should such capitalization be made, the effect would
be the capitalization of future earnings.

The policy used by most electric utilities
in regard to retirement reserve is to invest this fund in

additions and betterments. The primary purpose of this reserve
is to provide for retirements and renewals. This account must i i
be thoroughly studied to determine its relation to the capital
structure. Unless the money can be definitely traced and is I
on hand as a fund, the assumption must be made that this *
money has been used for additions and betterments. The amount'
of the retirement reserve that has been added to fixed capital
accounts must be deducted from these accounts if the book
accounts are correct as to historical costs. When an apprai-
sal is made by inventory, the amount of depreciation is deter-
mined by inspection and the amount of the retirement reserve
which has been added as new capital is also deducted. The
reason for this procedure is that retirement reserve money is
being contributed by the customers as a fund for accrued de-
preciation to replace equipment when necessary.
The rate base upon which the electric

utility is allowed to earn a return should include,in

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addition to the fixed capital, an amount representing the working
cash capital necessary to conduct the business. The necessary
working cash capital is determined by calculation from the
operating expense accounts. Revenue from service usually lags
actual expenditures by 60 days. This necessitates cash to the
extent of one-sixth of the annual Operating costs less the

annual retirement reserve. Retirement reserve does not require
cash outlay but is only an accounting transfer. One-sixth of

the taxes and bond interest may also be added but this proceedure
is controversial. The value of the material carried for repairs
and.suppiies should be included in the working cash capital.
Prepayments for insurance and other similar items should also

be included. Coal in storage should be sufficient for a three
months supply. The amount to be included in the working cash
capital for this item should be twenty-five percent of the
annual fuel cost based on a three months supply..

Going value or going concern value as it is
sometimes called is another controversial item which enters into
nearly all rats determinations. Expert opinion has not been
crystallized on this point. Going value should, as a matter of
law, be included as a property right in the rate base of the
property upon which an electric utility is entitled to earn
a return. Whether or not this item should be set up as a
specific item in the rate base must be determined from an
analysis of the past policy of the electric utility in regard
to the charges for building up the business. Where new business

costs had been allowed as operating expenses and where the

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allowance for increased land values, fair value of overbuilt
property, costs of surveys and investigations of abandoned
projects were included in the fixed capital costs, then no
separate allowance should be made for going value in a rate
base. The character of the service rendered by an electric
utility has considerable bearing upon the going value. Where
the service is not as satisfactory and efficient as it should
be, this fact would impair the going value of the electric
utility as an element in the rate base.

The United States Supreme Court has
approved an allowance of going value in several decisions as

indicated in the following cases:

Cost of Going Percent
Parties Reproduction Value

Knoxville v Knoxville Water Co. $538,000 $60,000 11.1
1909, 212 U.S. 1.

Omaha v Omaha Water Co. 85,700,583 562,712 9.9
1910, 218 U.S. 180

Denver v Denver Union Co. 10,617,732 800,000 7.5
1918, 246 U.S. 178

Georgia Power Co. v Ga. Comm. 5,250,000 441,629 8.4
1923, 262 U.s. 625

Bluefield Imp. Co. v West 324,428 32,442 10.0
Virginia Public Service Comm.
192}, 262 U.S. 679

McCardle v Indianapolis Water 14,904,000 1,366,000 9.17

Co. 1926, 272 U.S. 400
The use of a percentage of the entire
property to calculate the going value is not particularly
scientific or illuminating but has been sanctioned by engin-
eering usage and court decisions. Where practical the per-

centage method should not be resorted to, but a complete

- 17 -

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tig'. Ln

detailed analysis should be made of this item.

An actual typical example of a rate base
determination is found in the case of the Black River Tele-
phone Company wnich was recently heard before the New York
Public Service Commission. The reproduction cost claimed
by the company is compared with the historical cost and also
the reproduction cost as determined by the Commission upon
which the rate of return was allowed.

Reproduction .Book Cost Reproduction
Cost Claimed less Depre- Cost as Deter—

by Company ciation. mined by Comm-
lesion.

Plant and Equipment $1,455,962 $950,212 $1,324,187
Retirement Reserve 322,388 322,388 368,683
Plant and Equipment

less Retirement 1,133,574 627,824 955,504
Preliminary Organ—

ization 77,508 5,008 5,008
Working Capital 40,803 30,000 30,000
Going Value 30,270 0 0
Rate Base $1,232,155 $662,532 $990,512

-15..

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15:31 the money

"13:15.81 33 the

Rial Operati:

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«110 utilito,

Rate of Return.

The rate of return is the ratio of the
difference between the total operating revenue and the total
operating expense to the fair value of the used and useful
property of an electric utility. The rate of return is
expressed as a percentage. The average rate of return of
electric utilities usually lies between 7 and 8 percent. It
is from the money that the rate of return yields that the
interest on bonds and preferred stock is paid. The surplus
after this interest is paid is then available for dividends
on the common stock. The amount of the rate of return can also
be defined as the amount that all consumers pay over and above
the total operating costs.

The Smyth versus Ames case previously
referred to sets forth a doctrine which has become axiomatic
in public utility law: that "what the company is entitled
to ask is a fair return upon the value of that which it
employs for the public convenience" or ” a fair return upon
the fair value of the property".

From this and other rulings of the United
States Supreme Court certain principles in regard to the rate
of return can be set up:

1. A fair return is a flexible concept, not a static,
unchangeable rule.
2. What return is ”fair" calls for the exercise of

judgment in the light of the particular circumstances

of each case.

- 19 -

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3. Present-day conditions are controlling.
4. General conditions affecting all business should be
given consideration in the application of each of the
measures of "fairness".
5. To be fair, the return should equal the returns
earned at the time of the rate determination by other
business enterprises with comparable risks, in the same
part of the country.
6. The utility's need for new capital should be considered,
since the return should be such as, under present day
conditions, will enable it to raise whatever capital it
requires.
7. The return should be such as will maintain the credit
of the utility, in the light of present existing business
conditions and opportunities for capital in other enter-
prises.

Other factors which must be given considera.

tion when determining the rate of return are:
. The cost of service.
. The history of the present rates.

. Comparison with rate structures of other utilities.

1
2
3
4. The equities as between classes and groups of consumers.
5. The effect of rate levels and spreads on future earnings.
6 The ability of consumers to pay.
7. The availibility and cost of power from other sources.
Electric rates should be calculated to yield

under normal or average conditions a reasonable return on the

-20-

 

 

 

 

 

 

..‘

 

 

 

rate base, rather than on the basis of years reflecting ab-
normal operating conditions, whether gpod or had from the
electric untility's standpoint.

The relative price at which a given utility
can sell its service in comparison with other utilities doing
a similar business should be given considerable weight in
determining the rate of return. The utility that is able to
extend to its customers the lowest price is entitled to a
higher rate of return.

The utility's right to earn a fair return
is subordinate to the right of the customers to be charged
no more than the value of the service rendered to him. This
principle has been affirmed repeatedly by the United States
Supreme Court. It is stated in 10 Corpus Juris 418, as
follows: "The public is entitled to demand that no more shall
be exacted from it than the services rendered are reasonable
worth and this right takes precendence even over the right
of the carrier (utility) to a fair return on its investment
when the two rights cannot stand together. In consequence,
the value of the service to the public is an important factor
in determining the reasonableness of the rates charged there-
for“. Sometimes the factors that enter into the reasondieness
of the rates are very complex and it is difficult to measure
such ”value of the service” to the consumer.

Some consideration should be given, when
determining the rate of return, to the general economic con-

ditions obtaining throughout the country when such conditions

- 21 -

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seriously affect the districts served by a utility.

The weight to be given the present economic
depression when considering the rate of return has divergent
opinions of regulatory commissions. The attitude of the
Wisconsin Commission in the Wisconsin Telephone Company case
can best be stated by a quotation from the order in which the
telephone rates were temporarly reduced 12% percent. "A
business enterprise such as a telephone campany enjoying a
complete monopoly and rendering service which has become an
absolute necessity has no statutory or constitutional right
to a return in a time of general business depression such as
it enjoys when the business community from which it derives
its revenues is operating successfully.

' "The increase in the purchasing power of
money supports our findings relating to the value of service
and to fair return, but is considered of such importance that
it is discussed as a separate topic.

"Since 1929 the dollar has increased markedly
in purchasing power. A dollar today, according to the facts
produced by Dr. F.C.Mille in this record, will buy 49.9 per-
cent more in wholesale markets than it would in 1929, 53.1
gmrcent more in retail food markets, 33.5 percent more when
tested by a very large number of commodities gathered by the
statistician of the Federal Reserve Bank of New York.

"In other words, when a subscriber pays £5

a month to the Wisconsin Telephone Company in April 1932 he is

paying very substantially more than he paid for the same service

-22-

 

in 1928, let us say, when the rate may have been fixed by the
Commission as a reasonable one. In wholesale markets of today
that 95 is now worth $7.50.

"In 1929 the Wisconsin Telephone Company
paid to its parent, the American Telephone and Telegraph Company,
the sum of $2,052,000 in dividends on common stock, at the rate
of $8 a share. Dividends at the same rate are being accrued in
1932. The dividends payable in 1932 will buy much more than
the dividends of 1929. In wholesale markets, expressed in terms

of purchasing power the rate of 8 percent of 1929 becomes 12

percent in 1932, and $2,052,000 in 1929 becomes $3,078,000 in 1933.

"The Supreme Court of the United States has
held that such a change in purchasing power shall under appro-
priate circumstances be taken into consideration in rate pro-
oeedings. In Banton v Belt Line Railroad Corporation (1925)
268 U.S. 413, a rate fixed.in 1912 was challenged in 1920 on
the ground that is was confiscatory. The court stated"It is
well known and the court will take judicialnotice of the fact,
that the purchasing power of money has been less since 1917
than it was in 1912, when the order was made, and that the cost
of labor, materials, and supplies necessary for the prOper
operation and maintenance of street railways had greatly in-
creased.’ ”.

While on the other hand the contention of
the North Carolina Corporation Commission is that "The public

should remember that when individuals and corporations were

- 23 -

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making fabulous profits during the period of the war and as
late as 1929, the public utilities were limited to their same
fair return on the invested capital; we were not permitted by
law to give them rates that would produce any more. The
growth in public utility revenue in this state (North Carolina)
after the World War resulted from growth in business by expan-
sion into new territory and building by industry and not from
increase in rates“. The same thought is expressed by the
Alabama Public Service Commission, "Declining commodity prices
are not of themselves a sufficient basis for a reduction in
public utility rates, in view of the fact that utility business
is controlled by a Commission and restrained during prosperous
times from realizing higher profits which they might earn if
their businesses were not so regulated”.

These two outstanding and divergent
Opinions (the Wisconsin and the Alabama) were written in 1932
and have not been before the United States Supreme Court.
Equity may dictate that the latter opinion should prevail.

Courts have repeatedly held that it is
impossible to fix a definite percentage for return on the rate
base as "reasonable". Investigation of all the cases published
in Public Utility Reports since 1915 (which are all the cases
in which regulatory commissions determined a rate of return)

shows the following schedule of allowances.

-24..

 

 

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above
Electric
Utilities 3 16 u} 31 86 12
Gas Utilities 5 14 R5 #3 57 13
Telephone
Utilities 6 24 73 3e 66 16

A computation from these figures yields an average rate of
return of 7.53 per cent for electric utilities, 7.M1 per cent
for gas utilities and 7.22 per cent for telephone utilities;
a composite rate of 7.38 per cent for all three utilities.
There are two recognized methods of
providing the protection against the early losses which in-
vestors in electric utilities require to induce them to
enter this industry rather than some other field. One method
involves the amortization of these early losses during a
limited period of years. The other method considers these

losses as a permanent item of cost to be included in the rate

base and subject to the same continuing rate of return as in-

vestment in physical property. The treatment of early losses
was the subject of an opinion by the Supreme Court of Oklahoma
29 Okla. 429 which stated: "During the time of development,
there is a loss of money actually expended, and of dividends
upon the property invested. How shall this be taken care of?
Must it be borne by the owner of the plant? Or shall it be
treated as part of the investment or value of the plant, con-
stituting the basis upon which charges shall be made to all

customers who r ceive the benefits from the increased service

-25...

 

 

 

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rendering power of the plant by reason of these expenditures?
It seems that the last solution is the logical, just and
correct one. If rates were to be charged from the beginning,
so as to cover these expenditures and earn a dividend from
the time a plant is first operated, the rate to the first cus-
tomers would be in many instances, if not in all, so exor-
bitant as to be prohibitive, and would be so at the time when
the plant could be of least service to them. On the other hand,
the public can not expect as a business proposition, or demand
as a legal right, that this loss shall be borne by him who fur-
nishes the service, for investors in public service property
make such investments for the return they will yield; and, if
the law required that a portion of the investments shall never
yield any return, but shall be a total loss to the investor,
capital would unwillingly be placed into such class of invest-
ments; but the law, in our Opinion, does not so require.
Private property can no more be taken in this method for public
use without compensation than by any other method- When the
use of the prOperty and the expenditures made during the non-
eXpense—paying and nondividend-paying period of the plant are
treated as an element of the value of the preperty upon which
fair returns shall be allowed, then the burden is distributed
among those who receive the benefits of the expenditures and
the use of the property in its en hanced value. The above is
controlling where equity is considered."

The importance of the rate of return to

both the electric utility and the consumer can best be

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illustrated by a numerical example. The following assumptions
epresent a typical electric utility:

Rate Base 310,000,000

as

Common Stock M,000,000
Bonds and Preferred Stock 3 6,000,000

Average Interest on Bonds
and Preferred Stock 6%

Total Operating Expenses it 1,800,000
If the rate of return was determined as 6% on the rate base,
the total revenue paid by all consumers would be $1,830,000
plus $600,000 which is equal to m2,uoo,ooo. Out of the '

$600,000 return must be paid the interest on the bonds and

 

preferred stock which amounts to $360,000. This leaves a
balance of $240,000 available for dividends. This amount is
equal to a dividend rate of 6% on the $4,000,000 of common
stock.

If instead of 6% a rate of return of
7.6% was determined as fair, the total revenue paid by all
consumers would be 31,800,000 plus $760,000 which is equal
u:£2,560,000. Out of the $760,000 return must be paid the
interest on the bonds and preferred stock which amounts to
336OJXX). This leaves a balance of £h00,000 available for
L chwidends. This amount is equal to a dividend rate of 10%
on the $4,000,000 of common stock.

The return necessary to an electric

._.___-———VV .
'F. . ——-—_—

Inulity amounts to 25 to 30 per cent of the total revenue

Wfid by the consumers and represents a large item of the

20211

cost of service. It will also be noted that an increase in
the total revenue of 6.7% increased the dividends by 66.7%
which is indicative of the importance of the rate of return'

to the electric utility.

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Depreciation

Depreciation is the lessening in value
of any preperty or equipment due to usage (wear or tear) and
age. The measure of depreciation is the ratio of the ex-
pired life of the property to its total life as determined
by physical inspection. The term ”depreciation" has a very
definite meaning and should not be confused with or used in
accounting practice. This term should be used only in valuations
or appraisals to represent the subnormal condition of physical
property. Land has no depreciation. Courts have consistently
held that, depreciation, if it exists, must be found and de—
ducted from the total value for rate-making purposes. When
the term ”depreciation” is used in accounting practice the
general usage refers to the amount which should be added to
the operating costs each fiscal period to cover the loss of
service life in that period so as to provide for the retire—
ment of equipment units when they come to the end of their
service lives. A better term to use for this procedure is
"retirement accounting". The purpose of this form of account-
ing is to spread the cost of long-term equipment units over
the revenue they assist in producing.

There are two principal methods of main-
taining a retirement account. One is the "straight line"
theory which sets aside sufficient funds annually which, with—
out interest accruals, will replace the depreciable property

at the end of its useful life. The amount of the funds is

- 29 -

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determined by dividing the depreciable amount (original cost
plus estimated cost of removal less estimated salvage value)

by the estimated number of years that the equipment will be
used and useful. The other method can be termed ”retirement
reserve" for which no specific amount is set aside for depre-
ciation, but funds are assigned annually to the ”retirement
reserve” based on judgment and requirements. The cost of
current replacements or retirals are then taken care of as they
occur.

The advantage of the "straight line" method
is that it tends to maintain a uniform ratio of expenses to
earnings. The disadvantage is that each year must carry the
same amount of depreciation. Depreciation is not so rapid in
lean years as in prosperous years. The Fstraight line" method
takes no cognizance of this fact. Reserves set up by this
method instead of being beneficial may constitute a burden in
lean years, tending to destroy credit instead of preserving
property. The advantage of the "retirement reserve" method
is that it will permit the electric utility to lay aside in
prosperous years sufficient reserves to permit full and ade-
quate maintenance of the reserve by lower appropriations in
lean years when depreciation is not so rapid and revenues are
lower. The disadvantage of this method lies in the possibility
of manipulation to the detriment of either the consumers or
stockholders.

The retirement reserve may amount to 5

to 20 per cent of the total investment.

_ 3Q _

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Another controversial item in regard to
cmprectation is the basis upon which it should be determined;
Mmmher the basis should be the original cost or the replace-
nwnt cost. The following quotation from a pamphlet prepared
by the Department of Manufacture of the Chamber of Commerce
(fl the United States fully discusses this point.

"When the cost of an asset, less any
salvage value, has been recovered, the process of depreciation
stops - the consumer has paid for that particular item of
service. There are those who maintain that the obligation of
the consumer is one rather of replacement, e building for
bUilding, machine for machine. According to this view, de-
Preciation should be based on replacement cost rather than
aOtual cost. The replacement theory substitutes for something
certain and definite, the actual cost, a cost of reproduction
WhiCh is highly speculative and conjectural and requiring fre-
quSnt revision. It, moreover, seeks to establish for one ex-
Pense a basis of computation fundamentally different from that
used for the other expenses of doing business. Insurance is
charged on a basis of actual premiums paid, not on the bade
0f probable premiums three years hence; rent on the amount
a'Otually paid, not on the problematical rate of the next lease;
Salaries, light, heat, power, supplies are all charged at
a0hml, not upon a future contingent cost."

The rate of depreciation for a typical

Wfll operated and maintained electric utility will usually

- 31 -

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a. 592‘ £3.

lie between 2 and h per cent of the book cost of the depre—
ciable property, excluding intangible elements and working
capital. Depreciation is a substantial itan in the total

cost of service. A depreciation rate of 4 per cent amounts

to 15 per cent of the revenue received from all customers.

- 32 _

Rate Structures

All types of rates can be classified
under one or more of six different forms. These forms are
known as:

1. Straight line rate
2. Step rate
3. Block rats
n. Wright demand rate
5. Hopkinson demand rate
6. Three charge demand rate.

The straight line rate is the simplest

of all rates. The price per kilowatt—hour is constant; does

not vary because of increased or decreased use. Figure 1
illustrates the variation of the total bill with variation
of kilowatt-hour consumption. The general form of the rate
in a schedule would be:

5.0 cents per kilowatt-hour used per month

Less 10 per cent discount for prompt payment
The method of figuring the monthly statement would be:

Assume a monthly consumption of 160 kwahr.

160 kw-hr. x .05 = £8.00 gross, less 10% =

$7.20 net statement.

The straight line rate was the first

rate form used. As the electric business deve10ped, the
inequity of this form was soon apparent. The larger users

should be given a lower price due to the fact that the costs

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are less. The step rate was the next development. In this

form the price per unit is charged for the entire consumption,
depending on the particular step within which the total con-
sumption falls. Figure 2 illustrates the variation of the

total bill and the unit prices with variations of kilowatt-

hour consumption. The term "step" is associated with this form
because of the resemblance of the plotted unit price to a flight
of steps. The general form of the rate in a schedule would be:

8.0 cents per kwshr. for from 1 to 25 kw-hr. used per month

6.4 n n n n n 26 to 53 n n n n
5.0 n n n a n 51 to 100 n n n n
4.0 " " " " 101 to 200 " " " ”
3.0 ” " " " 201 to 500 " ” fl "
2.4 " '" _ " " 501 or more kwshr. used per month.

Less 10 per cent discount for prompt payment.
The method of figuring the monthly statement would be:

Assume a monthly consumption of 100 kw-hr. This falls

within the step 131 to 200 kwahr. charged for at 4 cents.

160 kwshr. x .04 = 96.40 gross, less 10% =

35.76 net statement.

It will be noted that whenea step occurs

there is a point where a smaller number of units result in a
rugher statement than a larger number of units. Thus a cue-
ummr using 100 kw—hr. would receive a statement for 34.50
whereas the customer using lOl kw-nr. would receive a state-

amnt for $3.60. This inconsistency was soon found to be

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Objectionable not only to customers but also regulatory
commissions. This inconsistency led to the development and
the introduction of the "block" form. In this rate form a
definite price per unit charged for all or any part of a

block of such units and reduced prices per unit for all or any
part of succeeding blocks, each reduced price per unit apply-
ing only to a particular block or portion thereof. Figure 3
illustrates the variation of average prices per kilowatt hour
for various consumptions per month. The general form of the
rate in a schedule would be:

830 cents per kw-hr. for the first 25 kwahr. used per month

'4'? n n n n it next 25 n n w n
3.0 I! I! H I! H neXt 150 N I! N n
1.8 " ” " " " excess over 2J0 kw-hr. used

per month.
Less 10% discount for prompt payment.
'Hw method of figuring the monthly statement would be:

Assume a monthly consumption of 160 kw-hr.

25 kw—nr. @ .030 = 32.00
110 " e .030 : 3.30
150 kWrflr. 36.43 gross less 107 =

$5.53 net statement.
The above three rats forms consider;
(”fld'the measured quantity of kilowatt hours used by the
cushmer. In 1396 Arthur Wright in England was the first

13c’propose that the demand or load factor be taken into

-35-

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Consideration when billing a customer. The "Wright demand"
rate is illustrated in Figure 4. The general form of the rate
in a schedule would be:

8.0 cents per kv-hr. for the first 30 hours use per month
of the maximum demand.

6.0 cents per kwehr. for the next 30 hours use per month of
the maximum demand.

1.5 cents per kw—hr. for all over 60 hours use per month of‘
the maximum demand.

Less 10 per cent discount for prompt payment.
The method of figuring the monthly statemer t would be:
Assume a monthly consumption of 160 kw-hr. 0.6 kw, dem.

30 x 0.6 = 18 kw-hr. in first block @ .03 = £1.44
30 x .06 lg kw-hr. in next block @ .06 1.08
160 — 36 . 12L: Lav-hr. in last block iii-.018 2.2

Total 94.75
34.75 gross leaslo per cent 2 94.23 net statement.
The deuand is usually estimated for small customers, such as
residences and small stores and meas ired for larger users.
Wmmithe estimated demand is used, it is based on the con-
rmcted load and a percentage applied on the load as inven-
toriad. A variation of this rate is that of using the number
cm'active rooms in a residence or floor area to determine the
size of the blocks. The weakness of this particular form lies
in.the possibility that the customer may not make use of the

facilities provided and.re served by the electric utility.

 

Another rate form, first suggested by
D13-J'ohn Hopkinson of England 1592, does not have the above

ODJection. In the "Hopkinson demand" rate the total charge

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to a customer is the sum of a demand charge plus an energy
charge. This rate form is illustrated in Figure 5. The gen-
eral form of the rate in a schedule would be:

Demand charge

$2.00 per month per kilowatt for the first 25 kw. of the
maximum demand per month.

$1.50 per month per kilowatt for the excess of the max-
imum demand over 25 kw.

Plus energy charge of
4 cents per kw-hr. for the first 50 kw-hr. used per month

3 '1 I1 I! II II n 8 X1; 1 50 II I! H

l " " " " “ excess over 200 kw-hr. used
per month.

Less 10 per cent discount for prompt payment.
The method of figuring the monthly statement would be:

Assume a monthly consumption of 160 kw-hr. 0.6 kw. dem.

Demand charge 0.6 kw. @ $2.00 : $1.20
Plus energy charge 50 XI. T .Oh : 2.00
110 kw. @ .03 = 5.50

Total , $6. 50

$6.50 gross, less 10 per cent ; $5.85 net statement.
The particular advantage of this form is that all the fixed
flmSts of operating an electric utility can be collected as
demand charges, (readiness to serve) and the variable costs
=Unmrating costs) can be collected in the energy charges.

In 1900 Mr. Henry L. Doherty proposed

the“three charge demand" rate. The only difference between
‘Hfls form and the ”Hopkinson demand" rates is that a customer

(marge was introduced, the theory being that each customer

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should pay his particular costs of meter reading, service calls,
billing and collections. The "three charge demand" rate con-
sists of a charge per customer or per meter, plus a demand
charge, plus an energy charge. This rate form is illustrated'
in Figure 6. The general form of the rate in a schedule would
be:

Customer charge
50 cents per month per meter (no discount)

Demand charge

$2.00 per kilowatt for the first 25 kw. of maximum demand
in the month.

$1.50 per kilowatt for the excess of the maximum demand
over 25 kw.

Energy charge
3 cents per kw-hr. for the first 200 kw—hr. used per month.

1 ” ' ' " " excess over 200 kw-hr. used
per month.

Less 10 per cent discount for prompt payment.
Nuamethod of figuring the monthly statement would be:
Assume a monthly consumption of 160 kw-hr. 0.6 kw. den.

Demand charge 0.6 kw. @ $2.00 : $1.20
Energy charge 160 kw-hr @ .03 3 4.80
$6.00
Less 10 per cent ,60
$50 “0
Plus customer charge .50

Total $5.90 net charge.

This last rate form causes considerable
cHesstisfaction among the smaller customers, the residential

cflass particularly. The fact that a customer charge must be

-35 -.

 

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paid each month and causes the customer complaining to feel
that he has received no benefit for this part of the statement;
this psychological fact, which is real and should not be dis-
missed because the basis of the mathematical rate determination
is right, can best be dealt with by substituting a minimum
charge which nearly accomplishes the same purpose. The mini-
mum charge is determined in the same way as the customer charge.
In its application the customer is not confronted with this
charge unless the calculated amount of his statement falls
below the minimum in which case the statement is presented for
the minimum charge. Complaints received on this procedure are
very few and it is relatively simple to explain to the com-
xnaining customer what items of cost are represented by the
nunimum charge. Some rates have a service charge which is
identical with a customer charge, the only difference being in
1me terminology. The same objections obtain for this desig—
Imtion as do for the customer charge.
- The item of power factor is given con-
tnderation in nearly all of the modern rate schedules for
industrial customers. The standard rating on generating
eWipment is 80 per cent power factor. This point is usually
1mien as the base from which power factor penalties, bonuses,
<n?both are determined. Low power factor increases the cost
<Jf'energy, transmission and distribution investment and de-
cI‘eases the generating capacity. High power factor has the

Opposite effect.

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The tendency of modern industrial rate
schedules is to also include a fuel clause. For small users
the fuel cost may be only 10 per cent of the total charge
while for industrial users the fuel cost may be 50 per cent.
The industrial rate has a very small differential between costs
and price, depending on quantity for the profit. A moderate
change in fuel cost may change a profitable business into a
loss. The form that a coal clause usually takes is that for a
Ber 10 cent increase or decrease in the price of coal the
energy rate is increased or decreased a specified amount.

To insure prompt payment of statements
rendered customers, most rate schedules contain a discount for
prompt payment. Thisdiscount is usually 10 per cent. The
tendency is to lower this to 5 per cent because 10 per cent is
more than it costs to collect the statement after the due date,

and also that 10 per cent is too much a penalty for non-pay-

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ment within the ten days usually specified. Some electric
utilities prefer to use a 5 per cent penalty for delinquent pay-
ment. The particular advantage of this method is that the
electric utility has the benefits, if any, of a lower published
rate schedule. The discounts on industrial users is rarely

over 5 per cent, usually less.

Due to its simplicity the block form of

 

rate is usually chosen for residential and suburban customers
While the Hopkinson demand rate is most pOpular for use in

billing commercial and industrial customers.

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Classification of Customers

There are three fundamental objectives
thatumst be kept in mind in a rate determination, viz: ;

l. The rates should provide the electric utility
with adequate revenue..

2. The burden of providing this adequate revenue
Should be spread over all classes of customers
without discrimination.

3. The rates should be such that they will encourage 9
the maximum economic consumption of energy. '

To insure successful operation and the best possible public
relations, all of the three above objectives must be met. 3

Due to the public service rendered by .
an electric utility they must accept all customers that comply
witn.theirlru.les and IBéJlatiOES, regardless of the kind of

lOEui they impose on the utility. Each customer uses the

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Safarice to meet his individual requirements. The cost of
rendering this service varies with the type of load,hours of

uSEB, demand and quantity required.

The tendency is toward the minimum number
of rates posSible for any electric utility and still satisfy
tt“3 requirement that each class of service should bear its

Just share of the costs.

The customan/classification of customers

 

1. Residential 4. Suburban

2. Commercial . Municipal Street Lighting

5
3. Industrial 6. Electric Railways

 

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The service required by any particular

customer in any of the above classifications usually is

typical of the group. Sometimes the residential and the sub-

Laban are combined to make for better public relations, al—

though the cost of serving the suburban customer is slightly
nib-her than the urban residential. Occasionally, special
rates, which are termed promotional, are put into effect for
some particular type of customer such as ice making, off-

peak service and grist mills.

-42-

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Uniform Classification of Accounts

The first states to prescribe a uniform
system of accountiné for the electric utilities under their
regulation were New York and Wisconsin. This first attempt
for the classification of accounts was made in 1907. Variap
tion in the method of bookkeeping of the different electric
utilities made comparison between them difficult if not im-
possible in most cases. There is no Federal authority over
electric utilities, each state prescribing in; own system
for comparison. Electric utilities operating in two or more
states found it mandatory to keep separate methods of account-
ing. To obtain accurate comparisons these utilities found it
necessary to reclassify their accounts. To eliminate this

difficulty the National Association of Railway and Utilities

Commissioners adopted a "Uniform Classification of Accounts
for Electric Utilities" in 1922. Practically all regulatory
commissions have adopted this system.

The uniform classification of accounts

for electric utilities specifies the following standard
forms:
Standard Form of Balance Sheet
Assets and other debits
Liabilities and other credits.
Fixed Capital Accounts

Standard Form of Income Account

Standard Form of Profit and Loss Account

Operating Revenue Accounts
Operating Expense Accounts

-243-

 

 

 

 

 

 

 

 

 

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Each of the several forms contains detailed
accounts which pertain to the general caption. Pages #7 and 48
show the standard form of Balance Sheet. All accounts under
"Assets and Other Debits“ have been assigned a number between
100 and 199. Each of these accounts is defined in detail in
the uniform classification, for example, account number 101
"Fixed Capital” is defined as follows: "This account shall in-
clude the cost of property having an expectation of life in
service of more than one year which is devoted to the operations
conducted by the accounting company, less deductions for proper-
ty abandoned, sold or otherwise retired. Separate subdivisions
shall be used for each distinct class of operations conducted
by the accounting company, as, for example, “Fixed Capital--
electric," "Fixed Capital--gas." If, however, the accounting
company conducts two or more separate and distinct classes of
Operations, as in the case of a company having both an electric
and gas department, expenditures chargeable to such fixed capi—
tal accounts as "Land," "Organization," "General Structures,"
”Engineering and Superintendence,” etc., which are not assign-
able to a particular department or kind of operations, may be
shown in a subdivision having the title "Fixed Capital--general"
The foregoing shall not be construed to prohibit the apportion—
ment of such expenditures between departments on a more or less

arbitrary basis provided this basis is clearly stated in the

accounting company‘s public reports.
All accounts under “Liabilities and Other

Credits” have been assigned a number between 200 and 299.

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Pages “9, 50 and 51 show the detailed

subdivision of ”Fixed Capital Accounts". These have numbers
between 300 and 399.
Pages 52 and 53 show the make—up of the
"Income Account". The purpose of these accounts is to show
the sources and disposition of income during any given period.
These accounts are numbered between 400 and #99.
Page 54 shows the standard form of the
"Profit and Loss Account”. The purpose of this account is to
form the connecting link between the income account and the
balance sheet. These account numbers are between 500 and 599.
Page 55 shows the items that make up
the operating revenue accounts. These accounts record the
amounts that are received for services rendered, for products
or merchandise sold, as a return on property used in the
utility's own Operations and as interest on current funds,
such as daily bank balances. These accounts have been assign-
ed the 600 series.
Pages 56 to 61 show the detail items
of the operating expense account. The accounts are in the
700 series. They can be grouped in subheads of:
1. Production
Operation
Maintenance
Miscellaneous Production
Transmission Expenses

Distribution Expenses

Utilization

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Commercial Expenses

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6. New Business Expenses

7. General Miscellaneous Expenses
Expenses under the classification of Operation includer
those that are necessary to the maintenance of the corporate
organization, the rendering of service required or author-
ized by law, the sale of merchandise, the produce (including
herein the cost of capital consumed) and disposition of
commodities produced, and the collection of revenues therefor.
This group of accounts are divided into four classes as follows:

Utilities having average annual Operating

Class AA-
revenues exceeding $250,000.

Class B - Utilities having average annual operating
revenues exceeding $50,000 but not over
£250,000.

Class C — Utilities having average annual operating

revenues exceeding $10,000 but not over
350,000.

Class D - Utilities having average annual operating
revenues of $10,000 or less.

In the standard form the letter “D"
preceding the title denotes that at least the accounts so indi-
cated must be kept by utilities in Class D so far as they are
applicable to its business. The letter ”0" indicates the
accounts that must be kept by Class C utilities, and so on.

The utility may keep a more extended number of accounts than those

indicated for its class.

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101.

111.
112.
11 .
11 .
11 .
11 .
117.
118.
119.

121.
122.
12 .
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12 .
12 .

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Form Number 1

STANDARD FOR! 0! BALANCE SHEET
Assets and Other Debits

Fixed Capital

CURRENT ASSETS:

Cash

Notes receivable

Accounts receivable

Interest and dividends receivable
Iarketsble securities

Materials and supplies

Prepayments
Subscribers to capital stock
liecellsneous current assets

IIBCELLANEOUS ASSETS:

Investments in affiliated companies
Iiecellaneous investments

Sinking funds

Replacement fund

Iiscellanecus special funds
Special deposi ts

SUSPENBE:

Unamortised debt discount and expense
Property abandoned

Jobbing accounts
Clearing or apportionment accounts

lork in progress
liscellsneous suspense

ADJUSTKENT ACCOUNTS:

Discount on capital stock
Reacquired securities
Treasury securities

Profit and loss - deficit

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201.
202.
203.

211.
212.

221.
222.
22 .
22 .
22 .
22 .
227.

231.
232 .
233.

211-1 .

STANDARD FORM OF BALANCE SHEET
Liabilities and Other Credits

Capital stock
Premium and capital stock
Capital stock subscribed

Long term debt.
Receiver's certificates

CURRENT LIABILITIES:

Notes payable

Accounts payable

Consumers' deposits

natured interest unpaid
Dividends declared

latured long term debt unpaid
Iiscellaneous current liabilities

ACCRUED LIABILITIES:

Taxes accrued
Interest accrued
Miscellaneous accrued liabilities

Advances from affiliated companies

RESERVES:

Retirement reserve

Casualty and insurance reserve
Unamortized premium.on debt
Sinking fund reserves
Contributions for extensions
Contingency reserve
Miscellaneous reserves

Iiscellanecus unadjusted credits

Profit and loss - surplus

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Form Number 2

FIXED CAPITAL ACCOUNTS

INTANGIBLE FIXED CAPITAL:

Organisation
franchises
Miscellaneous intangible capital

301 O
302.

303.

TANGIBLE FIXED CAPITAL:
SPECIFIC ACCOUNTS:

311.

312.

313.
31

312:
317.

Land

NHOD-OO”

Steam power plant land
Hydro-electric power plant land
Gas power plant land
Transmission system land
Distribution system land
General office land
Miscellaneous land devoted to electric operations
g-l Stores department land
g-2 General shops land
g-a Transportation department land
Communication system land
Miscellaneous land

Structures

(”HOD-00"

Steam power plant structures
Hydro-electric power plant structures
Gas power plant structures
Transmission system structures
Distribution system structures
General office structures
Miscellaneous structures devoted to electric
o erations
g—l Stores department structures
General shop structures
g-a Transportation department structures
Communication system structures
g-5 Miscellaneous structures

Generating Plant - Steam

Boiler plant equipment

Prime movers and auxiliaries - steam
Turbo-generator units - steam

Electric plant - steam

Miscellaneous power plant equipment ~ steam

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318 .

319.
320.

323.

345.

FI XED CAPITAL ACCOUNTS

Generating Plant - Hydro-Electric

Reservoirs, dams and waterways
a Reservoirs, dams and intakes
b Navigation facilities
0 laterways
d) rcrebays, penstocks and tailraces

Roads, trails, and bridges

later turbines and eater-wheels
Turbo-generator units - hydro

Electric plant - hydro

Miscellaneous power plant equipment - hydro

Generating Plant - Gas

Fuel holders, producers and accessories
Internal combustion engines

Electric plant - gas

Miscellaneous power plant equipment - gas

Transmission and Distribut ion

Sub-station equipment
Storage battery equipment
Underground conduits

Poles, towers, and fixtures
Overhead conductors
Underground conductors
Transmission roads andtrails
Services

Line transformers and devices
Line transformer installation
Consumers' meters

Meter installation

Consumers' Installations

Installations on consumers' premises
Commercial lamps

Street lighting equipment

Electric appliances

GENERAL EQUI PMENT:

General equipment

Office equipment

Stores equipment

Shop equipment

Transportation equipment

Telephone, telegraph and wireless system
Laboratory equipnent

Miscellaneous equipment

Miscellaneous tangible capital

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FIXED CAPITAL ACCOURTS

OVERHEAD COSTS AND OTHER UNDISTRIBUTED ITEHS:

Engineering and superintendence

Law expenditures during construction

Injuries and damages during construction

Taxes during construction

Interest during construction

Miscellaneous construction expenditures

tixed capital not classified by prescribed accounts
Cost of plant and equipment purchased

Unfinished construction

- 51 _

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Item

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127

Form Number 3

STANDARD FORM OF INCOME ACCOUNT

INCOME FROM OPERATING PROPERTIES

Operating revenues . ....................

Operating expenses ..... ..........
Uncollectible bills . ............... ...

Taxes

Total revenue deductions .. ..... .....

Operating income applicable to corporate

and leased properties ....

Rent for lease of other electric plant..
Amortization of limited term land rights

Total (items 7 and 8) ............... .
Rent accrued from lease of electric

plant-CI. eeesss eeeeeeeeeeeeeee seeeee

Net rent deduction (credit balance
in red).........

Balance of income applicable to corp-
orate pr0perty .. ....... .....

INCOME FROM NON-OPERATING PROPERTIES

Miscellaneous rent revenues
Interest on long term debt owned ......

Miscellaneous interest revenues ......

Dividend revenues .......
Income from special funds

Miscellaneous non-operating revenues ...

Total (items 13 to 18 inclusive) ..... I

Non-Operating revenue deductions ......

Total miscellaneous income ........

Gross corporate income (items 12 and 21) ***

- 52 -

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DEDUCTION

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STANDARD FORM OF INCOME ACCOUNT ; ;
1 1 .
a = :1
a.
Item Ac ff (
count :
DEDUCTIONS recs GROSS CORPORATE INCOME ; i
21 n31 Interest on long term debt . ....... . ..... . $ "* § ;;
2 #32 Miscellaneous interest deductions ........ *** I :3 I
22 433 Amortization of debt discount and expense ‘** 5 5 3
2 h Amortization of premium on debt - Cr. .... ¢*' 5 1 ;
u 5 Miscellaneous amortisation chargeable 3 i
to income ............... ... ............ **‘ g 5
28 #36 Miscellaneous deductions from gross corpor— , 1:
ate income O.......OOCOOOOOCOOOCOOOO..... ... E" i
29 Total deductions from gross corporate (A 3
income eesseseesseeeeeeess eeeeeeeeeee s ... i )1
30 Net income (loss in red) ........... ...... *‘f I §» 1 1
.1 4
1 i v.
DISPOSITION or NET INCOME ; +3
§ 1 .1
31 Uhl Sinking fund appropriations .............. 8 “* i, J a
32 nus Dividend appropriations of income ........ *“ g i7
33 Rh} Miscellaneous apprOpriations of net income see i; f !
3h- Total appropriations of net income .... ‘*‘ 3
35 Balance transferred to surplus . . . ....... . "W 5 1 5 ‘
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Form Number 4

STANDARD FORM OF PROFIT AND LOSS ACCOUNT

Dr.

Balance at the beginning of the fiscal period
Balance transferred from income account
Dividend appropriations of surplus

Appropriations to reserves
Miscellaneous credits to Profit and Loss *"
Miscellaneous debits to Profit and Loss
Balance at the end of the fiscal period

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OPERATING REVENUE ACCOUNTS .
u

SALES OF CURRENT:

i
601. Metered sales to general consumers f
602. Flat-rate sales to general consumers f

60 . Railroad corporations
6O . Other electrical corporations

6O . Municipal street lighting
60 . Miscellaneous municipal sales E i
1:“, 3
I 1
1 J 3
MISCELLANEOUS REVENUE: i. 1
s' '1

611. Commission on others' electric energy .
612. Rent from electric appliances V
61 . Rent from prOperty used in operation '3
61 . Merchandise and jabbing f» 5
615. Miscellaneous operating revenues. f '

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MAINTENANCE:

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A 703.22
A 703.23
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OPERAT ION :

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A 706. A

Form Number 6

OPERATING EXPENSE ACCOUNTS

Production EXpensee
Steam Power Generation

Superintendence and labor
Superintendence
Boiler labor
Engine labor
Electrical labor
Miscellaneous labor

Power plant supplies and expenses
Fuel
later
Miscellaneous supplies and expenses
Lubricants
Production supplies
Station expense

Maintenance of power plant
Maintenance of station buildings
Maintenance of steam equipment
Maintenance of furnaces and boilers
Maintenance of boiler apparatus
Maintenance of steam accessories
Maintenance of steam engines
Maintenance of turbo-generator units
Maintenance of electrical equipment
Maintenance of main generators
Maintenance of exciting apparatus
Maintenance of control and protective equipment
Maintenance of transformers and converting
apparatus.
Maintenance of miscellaneous power plant
equipment

Steam generated - Apportionment account
Steam from other sources .

HYDRO-ELECTRIC GENERATION

Superintendence and labor
Superintendence
Hydro-electric labor
Station'labor
Miscellaneous labor

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Hydro-Electric Generation (cont'd)

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Power plant supplies and expenses
later for power
Miscellaneous supplies and expenses
Lubricants
Production supplies
Station expense ‘

Maintenance of power plant
Maintenance of station buildings

Maintenance of reservoirs, dams and waterways

Maintenance of reservoirs, dams and intakes

Maintenance
Maintenance
Maintenance
Maintenance
Maintenance
Maintenance

Maintenance
Maintenance
Maintenance
Maintenance
Maintenance

of navigation facilities

of waterways

of forebays, penstocks and tailraces
of way and cars

of telephone systas

of production roads and trails

Maintenance of hydro-electric equipment
Maintenance'

of water turbines and water wheels
of turbo-generator units

of main generators

of exciting apparatus

of control and protective equipment
of transformers and converting

apparatus

Maintenance of miscellaneous power plant

equipment

GAS GENERATION

Superintendence and labor
Superintendence
Fuel labor
Engine labor
Electrical labor
Miscellaneous labor
Power plant supplies and expenses
Engine fuel
Miscellaneous supplies and expenses
Eater
Lubricants
Production supplies
Station expense

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3 711.2

A 711.21
A 711.22

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OPERATING EXPENSE ACCOUNTS

Maintenance of power plant
Maintenance of station buildings
Maintenance of gas equipment
Maintenance of fuel holders, producers and
accessories
Maintenance of engines and turbines
Maintenance of electric equipment
Maintenance of main generators
Maintenance of exciting apparatus
Maintenance
Maintenance
apparatus
Maintenance of miscellaneous power plant equip-
ment

Power gas from other sources

of transformers and converting

IISCELLANEOUS PRODUCTION ACCOUNTS

Electric energy from other sources
Duplicate production charges - Cr.
Production expenses transferred.- Cr.

TRANSMISSION'EXPENSES
Transmission Operation and maintenance
Superintendence '
Substation labor
Substation supplies and expenses
Operating of transmission lines
Labor and expense - underground.conduits
Labor and expense - poles, towers and fixtures
Labor and expense - overhead conductors
Labor and expense - underground conductors
Miscellaneous supplies and expenses
Maintenance of structures
Maintenance of substation equipment
Maintenance of underground conduits
Maintenance of transmission lines
Maintenance of poles, towers and fixtures
Maintenance of oerhead conductors
Maintenance of underground conductors
Maintenance Of roads and trails

DISTRIBUTION EXPENSES

Distribution operation and maintenance
Superintendence
Substation expenses
Substation labor
Substation supplies and expenses

.595.

of control and protective apparatus

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OPERATING EXPENSE ACCOUNTS

DISTRIBUTION EXPENSES (cont'd)

Storage battery expenses
Storage battery labor
Storage battery supplies and expenses
Operation of distribution lines
Labor and expense - underground.ccnduits
Labor and expense - poles, towers and fixtures
Labor and expense - overhead conductors
Labor and expense - underground conductors
Miscellaneous supplies and expenses
Meter and transformer operation
Salaries and expenses - meter department
Testing meters
Miscellaneous expenses - meter department
Removing and resetting meters
Removing and resetting transformers
Maintenance of structures
Maintenance of substation equipment
Maintenance of storage battery equipment
Maintenance of underground conduits
Maintenance of distribution lines
Maintenance of poles, towers and fixtures
Maintenance of overhead conductors
Maintenance of underground.ccnductors
Maintenance of services
Maintenance of transformers and.meters
Maintenance of line transformers
Maintenance of consumers' meters

UTILIZATION

Utilisation operation and maintenance

Commercial lamps - operation
Commercial arc lamps
Incandescent lampst- installation
Incandescent lamps - renewals

Consumers' installation and inspection work
Inspection - consumers' premises
Consumers' installations

Municipal street lamps - operation
Municipal street arc lamps
Municipal street incandescent installation
Municipal street incandescent renewals

Maintenance of commercial lamps

Maintenance of municipal street light equipment
Maintenance of municipal street arc lamps
Maintenance of municipal street incandescent

lamps

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OPERATING EXPENSE ACCOUNTS

COMMERCIAL EXPENSES

Commercial administration
Commercial general labor
Commercial books and contracts
Commercial bookkeeping
Commercial contracts
Commercial meter reading and collecting
Commercial collecting
Meter reading
Commercial supplies and expenses
Agents' commissions

NEW BUSINESS EXPENSES

New business expenses

New business salaries
New business management salaries
New business advertising salaries

New business supplies and expenses
Demonstrations
tiring and appliances
Advertising supplies and expenses
Canvassing and soliciting
Miscellaneous new business supplies and
expenses

GENERAL NISCELLANEOUS EXPENSES

Undistributed general expenses
General office salaries
Administrative salaries
Other-general office salaries
Miscellaneous general expenses
General office supplies and expenses
~ General stationery and printing
Maintenance of general structures
Operation of communication system
Maintenance of communication system
Law expenses
Insurance
Store expenses
Transportation expenses
Undistributed adjustments
Rentals
Other miscellaneous general expenses
Retirement expense

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OPERATING EXPENSE ACCOUNTS

GENERAL MISCELLANEOUS EXPENSES (cont'd)

D C B 783 In uries and damages
A 783.1 laim department expenses
A 783.2 Medical expenses
A 783.3 Injuries to employees
A 783. Other personal injuries and prOperty damage 4
A 73.5 Miscellaneous accident expenses 1
D C B A 7 Regulatory commission expenses '
D C B 785 Relief and welfare work ;
A 785.]. Employees' welfare department :
A 782.2 Pensions ;
D C B A 78 Franchise requirements
D C B A 787 Amortization of franchises
D C B A 788 Electric expenses transferred - Cr.
D C B A 789 Joint Operating expenses - Cr.
D C B A 790 Duplicate miscellaneous charges - Cr.

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-51..

 

 

 

Rate Determination
The process Of rendering electric ser-
vice to customers can be divided into four groups:
1. Generation Of electric energy.

2. Transmission on high voltage lines from generating
station to substation.

3. Distribution on low voltage lines from substation
secondary to customer's meter.

4. Administration of the utilities affairs.
For any rate determination the costs Of

rendering service may be divided into two main divisions:

1. Fixed (or capacity) costs which include all the
necessary and unavoidable interest, insurance,
depreciation (or retirement reserve) and taxes.
These costs are practically constant Whether cus-
tomers consume energy or not.

2. Operating (or variable) costs which include all the
necessary costs for production, transmission, dis-
tribution, maintenance, meter reading, billing,
collection and supervision.

The application of the mathematical de-
teInnination of a rate schedule can best be illustrated and
diES<3ussed by the use of a hypothetical electric utility. All

fignlree for the hypothetical utility as to common and pre-

felfired stock, bonds, fixed capital, Operating costs and ser-

V . . .
1C18 conditions have been assumed so they W111 represent

a"efizrreige or typical operation in the electric utility field.
All- financial statements are presented in conformity with the
uniform classification of accounts and the whole rate deter-
lnirhation is based on the proper analysis and grouping of

these accounts as they enter into the cost Of service.

- 62..

 

 

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For simplicity the fixed capital is

amnmwd at 310,000,000. All other items can then be compared

relative to this figure as a percentage. The customers on a

system with this amount of fixed capital will in normal times
require a generation of 100,000,000 kilowatt-hours per year,
Population of territory served will be 100,000.

The hypothetical electric utility will
have the following physical characteristics:

Installed generating capacity consists
0f three 10,000 kw. and one 7,500 kw. steam turbo generators.
Small hydro e ectric plant has two 1,000 kw. generators.
Generation at a voltage of 13,200, 60 cycles and three phase.
Generating stations located ten miles from substation wnich
18 ziear the center of load. Transmission voltage 66,000.
Ther<distrioution system consists of lighting and.power cir-
Gui ts, #400 volts, phase to phase. The thirty lighting cir—
CUJUts have single phase voltage regulators on each of the
thlhae phases. Each three phase lighting circuit goes near
thi’ center of load for the various districts and then covers
tnaJ: particular district as single phase with a ground, 2400
Volsts phase to ground wire. The secondary voltage would be

leCL—240. The twenty power circuits are not regulated. Pri-

wary metering for industrial customers at LWOO volts. Small
DOWSr customers metered at “9'40 volts, three phase. The pop-

ulzition of the area served is 100,000.

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......

 

¥

Page 65 shows the balance sheet for the
seamed electric utility.

Pages 66 and 67 show the detail of the
fixed capital account. The items that make up the total of
the fixed capital can be classified either as specific or
joint. A specific item is one which is wholly allocated to
some particular part of the process of rendering service while
a joint item is one which is necessary for one or more parts
0f the process and requires an allocation to those particular
parts. These joint items have'various bases for allocation
depending on the joint use made of them. After each item in
tfie fixed capital account, a notation is made showing the
prOper allocation of that particular item. The summary of
these allocations is made after the presentation of the other
financial and operating factors. All transmission items are
allocated under he caption "Substation".

The income account is shown in page 68.

The profit and loss account is shown on page 69..

The operating revenue is Shown on page 70
Artel? each item of operating expense, notations are made
showilhg the allocatiai and the basis of the allocation of
that part i cular it em .

The data presented so far (pages 65“ to
73) 1&3 that obtained by the uniform classification of accounts

an ' a. . . . . .
d 1£3 a complete Iinan01al history of the utility for an

an ' . . . .1 o o
nudJ— period. This data is compiled by the accounting divi-

81
on 0f the electric utility.

- 6h -

 

 

- 99 —

Exhibit A

BALANCE EHEET

HYFOTQETICAL POWER CORPORATION

Assets and other Debits
Fixed Capital

Current assets
Cash
Notes Receivaole
Accounts Receivaole
Interest & Dividends Receivaole
Marketable Securities
hateriale and Supplies
Prepayments
Misc, Current Assets

Miscellaneous Assets
Investment in Affiliated Coapani.
Misc, Investments
Sinking Funds
Replacement Fund
Misco Special Funds
Special Deposits

D

b

k

Suspense
Unamcrtized Debt Discount & Expense
Property Abandoned
Jobbing Accounts
Clearing or Apportionment Accounts
Work in Progress
Misc-o Suspense

Adjustment Accounts
Discount on Capital Stock
Reacquired Securities
Increased Securities

Profit and Loss - deficit

Liabilities and other Credits

 

Capital Stock

Premium on Capital Stock
Preferred Stock

Long Term Debt

Current Liabilities

- Notes Payable
Accounts Payable
Consumers Deposits
Dividends Declared
Misc. Current Liabilities

Accrued Liabilities
Taxes accrued
Interest accrued
Misc. accrued liabilities
“Advance from Affiliated Companies

Reserves ' -
Retirement Reserv
Casualty & Insurance Reserve
Unamortized Premium on debt
Sinking Fund Reserve
Contributions for extensions
Contingency Reserve
Misc. Reserves

Misc. Unadjusted Credits

Profit and Loss - surplus

l0,000
0,000
30,000
E e‘i"'
0,000

15,000
35,000
05,000

0

5,000
120,000
7,000
225,000
8,000

150,000
100,000
25,000
55,000

850,000
400,000

u0,000
300,000
400,000
250,000
250,000

a “s r-

, ”“1 I"). 5":
h | 1 .
a 9,! 2 s2: “so‘ V

“a?
‘ 0
\J z

5:,
C?
C.“
C)

C}
(:0

ie&,o.

105,000

'03,500,000

1,
3,

25,000
000,000
500,000

365,000

330,000

2,490,000

127,000
550,000

#11,es7,000

$11,887,000

 

 

 

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7“,“ 5. :_ rm, 4. 117‘; 71 ‘31 g 'r" *‘ _ 2
Aviawve 1" WV; 11'4““ .u . m ,_ ... — -.ii.
Generating Plant 9 Hyaro~electric
._Reservoirs, dams and waterways
’ 4 I ‘ I: r’» .A ‘3
_ Roads, trails ani Drluésb
‘ ‘ ‘ 4‘ ‘ .1 1
,Water turbine ani tater n.1eeis
‘
.Turbo-gene rater u.nits - hyaro
Electric plant ~.hydro _ >~
Misc. power plant equipment-- hydro
Transmission and Distribution

~.jSumetation equip ment
‘ Storage battery equipment
‘Underground conduits

' Pelee,

towers and fixtures

5i0vernead conduCtors
«Underground conduc tors

'Jv.

.Transmission roads and trails

"*Services

L ine transformers and devices

"_Line transformer installation

Consumers' meters

25"Meter installation'

COn

sumers' Installation‘
Installation on conSumere'
Commercial lamps _ '
Street lighting equipment
Electric appliances

premises

‘ General Equipment

Office-equipment

Stores equipment

Shop equipment
Transportation equi pm ent
Telephone sYstem
Laboratory equipment.
Misc. equipment .

Misc. tangible capital

7.; .-. . -- .. -.~‘
./ 3’
4‘

v1 «'5 (“x

.2 ,/V
5M?) ‘~‘-' 5 9‘ J
5.” ., 'L
I; j. k «‘W‘
~7
( 3

b

V

me
HMOOMG
mooomg
.000000
000000

.VV

500,000
5, 000

122, 000
'§5sc, 000
..850, 000
4'375:000

6, 000

750: 000-
1400, 000

125:000
350.000
75,000

50, 000

15, 000i
200, 000

53000

40,000
5, 000
9 000

'_50, 000

5,000

n is
n i . _
4
‘ \ -« A.
“f
o ‘y:
_ c. _
3 v c
.1:
1.57 W,“ 7 "344p

'/”v’),ssuv

£3,736,000

0 270,000

10,000.

9.15,000

35,000

Overhead Costs & Other Undi stributed Items

*Engine

ering and superintendence
Law expend-itures  during constuction
'Inguries & damag es "

‘.Taxes during construCtion

'IntereSt during construction

Misc. construction expenditures

Fixe'dczapi tal not classified by
prescribed accounts

Cost of plant & equipment purchased“

VUnfiniShed construction

300, 000
' 6, 000‘

2 :000

+0 ,OOOj
150:QOQ

30,000

-r 172,000

‘0: 695,000
fric,000,000

,Distribution.(Mun. Street Li;

'Generation,

 

w,
-.i.
i V .i - i
90
0,7
o?
90

Generation

Y?

.Substaticn

10%-substscw p._& 9

OfinDistributio:
Ditt -

'Ditto

Ditto

Substation.
Distribution

lO%~ Substation & 90p-

Distributic;
Ditto v »

YDistricutiOn

"

Distribution
_"

rm
1:3“
“’

Distribution

25%—Genere.tion & Substatio'n on
basi.s of fixed capital and:'
75% to Distribution

Ditto ,

n
n-

Substation on baSis
of_fixed capital

Ditto
H

N
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SUMELARY OF FIXED CAPITAL ACCOUNTS

Intangible Fixed Capital 3 85,000
Land. 230,000
Stxnictures 1,145,000
Generating Plant - Steam 3,503,000
Generating Plant - Hydro 166,000
Transmission 8: Distribution 3,736,000
Consumers' Installation 270,000
General Equipment 172,000

Overhead Costs and Other Undistributed

Items 693,000 -
$10,000,000

 

EXhibit C

INC ME ACCOUNT

Income from Operating properties
Operating revenues

Operating expense ”1,330,000
Uncollectiole bills ‘ 12,000
Taxes 290,000

Operating income applicable
to corporate properties

Income from non-operatin: properties

(2

Gross corporate income

Deductions from.gross corporate income
Interest on long term debt
Interest on preferred stock
Miscellaneous deductions

Net income

IDisoposition of net income
Sinking fund appropriation
Dividend appropriation of inc0me
Miscellaneous appropriation of
net income

Baliunce transferred to surplus

305,000

375,000

350,000
925,000

Exhibit D

PROFIT AVE LOQS ACCOUNT

Debit
Balance at the beginning of the
fiscal year

Balance transferred from income account
Dividend appropriation of surplus 983,000
Appropriations to reserves 25,000
Misc. credits to Profit & Loss

Misc. debits to Profit & Loss 4,000

Balance at tne end of tne fiscal year

- 69 -

 

Credit

$629,000
25,000

5,000

$550,000

 

Exhibit E

\ ODTRATIWG RFVPWUE ACCOUNT

Metered sales to general consumers

Residential 3 611,500
Commercial 460, 00
Industrial 1,002, 00
Subirban 73,300
Municipal street lignting 102,500

Sub-total #2,250,000

Miscellaneous Revenue'

Rent from electric appliances 3 2,000
Merchandise and jobbing 4,000
Miscellaneous operating revenues 1,000

Total $2,257,000

- 7o -

 

 

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- ' -- '7" ’ . 1?
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(-7 I" {\ "
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fl
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- 93 H
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roads and trail
0 41,50’

DISTRIBUTION

steamers

Superintendence
Substation labor

010,500
8,000

Distriout i.on
Substation

Total Diet: ioution
f l xed Chip]. tEdl

Substation supp alies and
Storage battery labor
Storage battery supplies and expenses

'Distribution labor & expense ~

expenses 1,500, ‘ . "

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-.

. underground conduits 3,000_ Distribution "

Ditto _ poles, towers and fixtures -3,500 ' _ " ' "
~Ditto-- overhead conductors 3,500 " "

Ditto « underground conductors 1,500 ” "
;Miscellane0us supplies & expenses 2,000 " " _
'Salaries & expenses — meter dept. 5,000. " No. of customers

Testing meters - 3,500- " "

Misc. expenses - meter dept 3,50 " '"

Removinc and resetting meters 6,530 n n

Removing and resetting transforms 3,500 " "

' alntoninoe of structures '1,500 " Total strneinre;
: . " substation equip _ g.5000 Substation fixed capital
storage battery equip. 1,000 " s "
x : undergroundo conduits 6,000 - _ Distribution Basis of fixes
poles, towers & fixt. 10,500v " V nagital
" " overhead conductors 8,000 " ‘ "
" " ;underground " 4,000 . " - "
x 2 3::V106sln‘fl .,, 8,000 v a" No. of servioes
" " lexfirenfisrwefe $,293 , " Fined capital
customers meters 6,500 " No. of onetomers
£118,500
rUTILIZATION
Commercial arc lamps . - . 1,000 Distribution Commercial ,
Incandescent lam,s - installation 2 ,000 " N0. of customers

~ renewals
Inspection - consumers' premises
-Consumers' installations

5 500 _ " ..
10, 000 n :r
8,500 n n

Municipal street are lamps 2 500 " St 9Q 1~e~nl
MUHiCipal street incandenscent ’ ' ‘ r““ reéutb
installation, 5 00' I n n
Municipal street incandescent ’
renewals 5 000 u- n
Maintenance of commercial lamps 1:500 "' "

. , -Maintenance of municipal street

- ~ _ arc lamps

I 7‘ ,1 Maintenance of municipal street
incandesce ent lamps

5;OOO " '~ I "

30,000 , ' . " H

 

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General Misci Expenses

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With tne financial data complete, the
next step in tne rate determination is tnat of determining
the proper rate base. Tne following is the detailed calcu—
lation of the rate base. All figures used originate either

in the balance sheet or the operating expense accounts.

- 73 -

 

 

 

 

 

 

 

 

 

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Before any further progress can be made
in the rate determination, Operating data as to kilowatt hours
utilized by each group of customers, kilowatt demands, gener-
ation, load factor, number of customers, losses and similar
data must be obtained. This information can usually be ob-
tained from either a statistical or engineering department.

The kilowatt hours utilized per year by

the different groups of customers and the number of customers

are :

Table I
Group Kw-hr No. of Kw—hr. Avg. revenue
Utilized Customers per per kw-hr.
(sold) Cusomer Utilized
Residential 13,500,000 ‘ 20,000 675 4.53 cents
Commercial 16,500,000 2,100 7,550 2.79 "
Industrial 56,000,000 100 550,000 1.79 "
Suburban 1,500,000 2,500 600 4.89 “
Municipal
Street Light. 2,500,000 1 2,500,000 4.10 "
Total 90,000,000 2h,701 3,6M0 2.50 cents

Fixed costs that are jointly used by all
customers is the most difficult item of expense to allocate
between the different groups of customers; the principal ex-
pense being that due to the investment in the generating sta—
tion. The allocation should be on the basis of the demands
of the various customers because it is this factor that deter-
mines the installed capacity of the generating station. There
is a diversity in the demands of the groups of customers as there
is between customers in the group. The following data shows the
size of the group demands, time of oocurence and a history show-

ing the growth of the demand.

-175...

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Table II

Group demands at maximum demand on generation station

Time of occurrence January 15, 1932 9:00 a.m.

Kilcwatt Demand Per cent of Peak

Residential 3,000 10.0%
Commercial 3,600 12.0
Industrial 23,100 77.0
Suburban 300 1.0
Municipal Street
Lighting 0 0
30,000 100.0%

Table III
Time of occurrence of maximum demand of each group.

Kilouatt Per cent Time of Occurrence

Demand of sum
Residential 6,000 15.9 7:30 p.m. bed. at, 1932
Commercial 5,50 1h.5 7:00 p.m. Dec. 23, 1930
Industrial 25,000 66.0 9:00 a.m. Apr. 15, 1929
Suburban 650 1.7 7:30 p.m. Dec. 2t, 1932
Municipal Street
Lighting 700 1.0 7:30 p.m. Dec. 21, 1931
37,850 100.0

There are several theories in regard to the

proper method of allocating these joint costs. One method would

be to make the allocation on the basis of the use that customers

made of the generating station; ratio of kilowatt-hours consumed
by each group of customers to total consumption. Generating

stati-le are designed on the basis of demands imposed on them

0
n

which is not a function of the use except for customers having

the same load factor.

Another old theory can be termed the

 

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'VPeak Responsibility" method. This means that the fixed
charge was allocated on tne basis of the maximum instantaneous
«demand of all customers. The percent of peak calculations in
'Tabde II would be the percentage applied to the total fixed
<cost to determine the allocation. Tnis method is theoretically
<3orrect from the station desién.viewpoint, but results in in-
equitable rates. The municipal street lighting would carry no
snare of the burden of fixed costs. This method is practically
obsolete.

Greene's theory of joint costs allocation
is described in tne Electrical World of November 7, 1925,
page 947. He ConSllerS both the individual maximum demands
(Table III) and the kilowatt-hour consumption (Table I).
He develops two equations:

KX — DY C

e760x-r 0+?

in which
X - cost per kilowatt-hour of that portion of the

capacity costs that functions with the kilowatt-
hours supplied the customer.

Y - demand cost per kilowatt of that portion of the
capacity costs that function with consumer's max-
imum demand.

= sum of consumer's maximum demand.

maximum coincident demand of all consumers

= kilowatt—hours used by all consumers in year.

= total annual fixed charges.

ON'UU
II

876

0
ll

number of hours in one year.
This theory assumes that the use the
customers make of the installed plant should be given con-

sideration. The fixed costs are not necessarily a function

- 77 -

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of the use. The capacity must be installed to meet the
demands required by the customers and the short hour user
esnould pay his share the same as the long hour user.
Another theory has been advanced by
Ei.E. Eisenme.5er in his book "Central-Qtation Rates in Theory
and.Practice". This theory is similar to the Greene theory
but taxes into account another factor, that of the length of
time that the capacity is used. This theory then considers
three elements; individual maximum demand, amount of consump-
tion and the length of time the capacity is used. In practice
this theory is difficult to apply for estixates must be made;
the results therefrom are as accurate as the aetimates.
Another recent theory has been proposed

by H. W. Hills and is described in the Electrical World,
January 29, 1927, page 249. This theory proposes to assume a
"phantom custOmer" who would make up the difference between
the actual load factor and 100 per cent. This phantom cus-
tomer would then have a demand equal to the highest demand

on the station less the actual load. The costs that would be
Charged this phantom customer are then allocated to the diff—
erent groups. To apply this theory, it is necessary to start
With some actual load curve or build up an average. This
calculation of a load curve or the analysis of several load
Curves will result in approximations and averages. The
difficulty lies in the determination of the proper load curve

and being able to allocate the emand every hour during the

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day. Practically this is very difficult if not impossible.
Another method of allocating these costs

is that of taking the maximum demand of each group regardless

of time of occurrence and calculating What percentage each is

of the sum of all. This is the method that will be used in

.I-

the allocation of the joint fixed costs for the hypothetical
electric utility. The disadvantage of this method is that the
demand of off peak load is weighted the same as that on the
peak. Off peak load is a very small percentage of the total
and separate allowance can be made if a detailed study is de—
sired for this shall quantity. Practically, this method is
easy to apply; all factors can be determined with reasonable
accuracy. Table III shows the time of occurrence of the
demands and the method of determining the percentage to be
allocated to each group of customers. The justification of
this method of allocation is that each group of customers
snare in proper proportion of the total joint fixed costs.
Should the load consist entirely of residential customers,

the installed capacity of the generating station would be the
6000 kilowatts actual demand plus 20 per cent for reserve.
Also should a station be designed for the industrial customers
exclusively, the size would be 25,030 kilowatts plus 20 per-
cent reserve. If each group in the classification of custo—
mers had an individual generating station the total installed
capacity of all five stations would be 37,350 kilowatts plus

20 per cent for reserve or £5,420 kilowatts. Due to the

_ 79 -

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diversity of the demands of the various groups the generating

station for the o‘mbined load need only be 30,000 kilowatts

(peak demand) plus 20 per cent for reserve or 36,000 kilowatts.

The saving in generating station investment would be more than

20 per cent for the combined plant because the larger plant

can be installed for a Smaller unit cost per kilowatt than

the lower capacity plant. When consideration is given to the
individual requirements of each group and each group receives

the benefits of the saving due_to the combined station, the
esults obtained therefrom must be equitable.

Figures 7, S, 9 and 10 show the operating
load conditions imposed on the generating station. These
curves do not enter into the calculations but are presented
only to show the load characteristics.

The next step in the cost analysis is
to determine and allocate the losses of electric energy be-
tween the generating station and the customer's meter. The
overall loss in a well designed and operated transmission
and distribution system is on the order of 10 per cent. If
the cost analysis is made on the basis of kilowatt hours
utilized by each group of customers the losses would be in-
cluded in the unit cost determined but they would also then
be allocated in the proportion that the group utilization is
to the total utilization. This would be unfair to the in-
dustrial customers particularly, most of whom own their

transformer installations and pay for the energy as measured

 

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on the primary side of the transformers. As a general rule

the transformer losses are more than the line losses.

The loss due to the transmission of
energy from the generating station to the substation is de-
termined by taking the difference between the watt-meter
readings a? the total energy leaving the generating station

and the total eneroy entering the substation.

Table IV
Net generation at ‘eneriting station 100,000,000 kw-hr/yr.
Energy received at substation 97,500,000 " "
Loss due to transmission 2,500,000 " "

This loss must be snared by all customers in proportion to
their utilization.
Table V

Installed Transformer Capacity on
Distribution Systems.

Residential customers - 12,000 kva. installed transf. capacity

Commercial " - 13,300 n n n n
Industrial " - 9,030 " v n n
Suburban " - 1,500 n n u n

Municipal street lighting is metered at
substation before regulation.

The total loss in the distribution system
is made up principally by the transformers core loss, trans—
former copper loss and the 12R loss in the conductors. There
are other minor losses but they have negligible effect on the
total and saould be neglected because the additional compli-

cation does not warrant their consideration.

-81...

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The various sizes of transformers that
make up the total of 12,000 kva. installed for the residential
customers must be itemized and the core loss calculated for
each size. The total of these losses are those occasioned by
core loss. The weiahted average core loss per kva. is 9 watts
per hour. This loss is constant and does not vary with the
transformer loading. The same calculations are made for the
other groups of customers. Due to the larger average size of
installed transformers for the commercial customers, the
weighted average loss will be 3 watts per kva installed; the
industrial installation will average 6 watts per kva; and the
suburban 10 watts.

The copper losses vary with the load
factor on each transformer and must be calculated for the
various sizes. This loss will be 2.7 watts per kva per hour
for residential; 2.5 watts for the commercial; 2.1 watts for
the industrial and 2.9 watts for the suburban. Table VI

shows these losses in tabular form.

Table VI

Transformer Losses

Installed Core Loss Copper Loss
Capacity per kva. per kva.
per hour per hour
Residential 12,000 kva 9 watts 2.7 watts
Commercial 13,000 " 8 " 2.5 "
Industrial 9,000 " 6 " 2.1 "
Suburban 1,800 " 10 " 2.9 "

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It is very difficult to obtain the 12R
loss in the various distribution systems by any direct method
due to the customary net work installations. The most prac-
tical method is to test typical circuits. We can assume that
such tests will show a loss of 3 per cent from the substation
to the distribution transformer and 1.5 per cent in the ser-
vices for residential, commercial and industrial customers,
and a total of 5.0 per cent for the suburban customers.
These percentages are based on substation output and must be
a~C31,3"u.1s.t-ed if applied to the utilization quantity.

The following table shows the calcu-

lation of the losses:

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To determine the number of kilowatt

 

hours that must be sent out from the generating station for 7%

't

. . . .. , I

seen group of cust hers per year, the losses whiCh have bee ,

4

allocated to each group must be added to the utilization of a
that group. Table VIII shows the detailed calculations to %;

i

i

arrive at the net generation for each group.

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Residential

fl

Commercial
industrial

Suburban

Municipal Street Lighting

Total

Residential
Commercial
industrial

SuburbsII

Municipal Street Lighting

Total

 

 

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Table VIII

 

NET GENERATION REQUIRED FOR EACH GROUP OF CUSTOMERS

f) (L) (I) {3 ‘73
(I) C.) (:9 (L? C}

5,)
<2“)

Net Generation

hw.~hr. Loss
Substation to
Customer

‘9

1
”5 r
01444»
M

{-9

1:.

C.) C.
“\J

‘9

885,000
992,000
340,000
283,000

000
500,000

LOAD FACTOR

for each group

of customers

- 1
K W‘mflr 0

15,780,000
18,967,000
60,660,000
8,000
* 000

(-

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m w

\

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100,000,000

K ‘35.? 6

6,000
5,500
25,000
650
700
30,000

Highest Demand

Total Send-out

from
Substation
k?!“ hr 0

15,385,000
18,492,000
59,340,000
1,783,000
2,500,000
97,500,000

Table 1X

FOR EACH GROUP OF CUSTOMERS

2,630
3,440
2,430
2,810
3,670

3.330

Hours per year
use of
demand

Factor

.300
-393
4277
.321
_.419

.380

Allocation of Net Generation

Present Loss % of Total ‘Transmission Loss for each group
of Substation on basis of % send- of
Send-out Send—out out from Substation customers
‘ kw—hr. kw—hr.
1203 .1508. ’-"‘ ,3953000 15,780,000
10.8 V19.0 475,000 18,967,000
5.6 60.8 1,520,000 60,860,000
15.8 1.8 105,000 1,828,000
0 2.6 65,000 2,565,000
7.7 100.0 2,500,000 100,000,000
Annual Load Avg. Daily

Generation for
each group of
customers

kw—hr.

43,200
51.900
166,900

5,000
7,000

274,000

—86-—.

¢ of Percent
Generation Loss between
Gen.

'15.78
18.97

60.86
1.83
2.56

100.00

14.45
13.00
7.99
18.00
2.56
10.00

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Table X
Unit Investment Cost of Services

No. of Investment
Services per Service

Residential 19,000 g 25.00

Commercial 2,000 75.00

Industrial 100 500.00

Suburban 2,500 40.00
Table XI

Unit Investment Cost of Meters

No. of Investment
Meters per Meter
Resiiential 20,000 ¢ 13.25
Commercial 2,100 40.00
Industrial 100 363.00
Suburban 2,500 16.00

Sufficient data has not been compiled
so the proper allocation of tne fixed capital can be made.
The first allocation is maie uoon the basis of the use of
the capital, whetner it is for generation, substation or
diStribution. The first allocation is a summary of the
I10tation miie opposite each item in Exhibit B. Exhibit H
thows tne first allocation.

The next logical step is the alloca-
tiOnof the iistribution fixed capital. Exhibit I shows
this allocation. Notations are made following tne total
amOunt to indicate the baSis of allocation. This alloca-
tion is made to the different groups of customers, residen-

tial, commercial, iniustrial, suburban and municipal street

1' 2‘" ° -

 

 

 

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Lend

Structures

Undergrouni coniuits

Poles, towers sni Fixtures
Overhead confiuctore
Uniergrouni coniuctors
Services

Line transformers 2nd iev1ces
Line transformer instellstion

Consumers‘ meters sni installation

Cuetomers‘ installation
General office and misc. lend

General office and misc. structures

General equipment

Subtotal
Percent of subtotal

Overhead and other uniistributed items

Total
Percent of total

Underground conduits

Poles, towers and fixtures

Overhead coniuctors

Underground coniuotors
Total

Percent of totsl

Line transformers snfidevices
fl

" installation

Total
Percent of total

Exhibit 1

 

ALLOCATION OF DISTRIBUTION FiXED CAPITAL

7.3543
to s:

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\fl
(3
C)

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s 109,800
342,000
765,000
337.500

01.554,300
100.0
360,000
112,500
2472,500
100.0

Residential

Aonreisal 1,500

" 500

” 20,000

” 172,000

" 450,000

” 60,000

Unit cost of service 450,000

Appraisal 120,000

” 40,000

Unit cost of meters 265,000

Apnraisal 60,000

£317,000

on no. of customer 5

256,800

$12895)SOO

50.0

137.000

82,032,800

50.0

Appraisal
"

fl
1!

Exhibit J

20,000
172,000
450,000

60,000

$702,000
45.2

120,000
40,000

$160,000
33l9

 

Commercial

1,500
500
60,000
90,000
180,000
200,000
150,000
140,000
45,000
84,000
8,000

26,800
$985,800

26.0‘

71.300

1,057,100_

' 26.0

60,000
90,000
180,000
200,000
$530,000

34.1

140,000
45,000

$185,000
39.2

industrial

1,000
1,500
24,000
70,000
115,000
75,000
50,000
82,000
22,000
36,000
2,000

'1,300

8479.800

12.6
34,500
514,300
12.6

24,000
70,000
115,000
75.000

$284,000

18.2

82,000
22,000

$104,000

22.0

Suburban

1,000
500
2,800
10,000
20,000
1,500
100,000
18,000

5.500
40,000

32,000,
$231,300

6.1
16,700
248,000
6.1

Subtotels of items in Exhibit 1 necessary for allocation of some items of expense

2,800
10,000
20,000

1,500

$34,300
2.2
18,000
5.500

$23,500
4.9

Municipal
St. Lighting

3,000

1,000

200,000

100

$204,100
5.3
14,500

218,600 .
5-3

3,000

1,000
$4,000
0.3

 

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Exnibit K shows the distribution of
the payroll of the hypothetical utility.
Exhibit L shows the allocation of the

o the generating station, substation and

6*

operating expense
distribution. This exhibit is a summary of the notations

made on Exhibit F. Exhibit M is the allocation of the dis-
tribution operating expenses as to groups of customers.

A summary of the total operating and
fixed costs is shown in Exhibit N, the allocation being to
the various groups of customers. Generation station costs
have been prorated on the basis of generation required for
eacn group. The substation costs have been prorated on the
basis of send out energy required for each group. Distri-
bution expenses have been brought forward from Exhibit M.

The allocation of all the fixed capital
to the groups of customers is shown in Exhibit P. The cap-
ital in generating and substations has een prorated on the
basis of highest kilowatt demand. The capital for th dis-
‘tribution was brought forward from Exhibit I.

The next step Should be the allocation
01? too Rate base Which was determined for the entire property
ill Exhibit G. The calculation in Exhibit 0 for each group
‘Df customers is similar to the calculationfor the whole
Esroup. The fixed capital, which is the starting point for
51 rate base calculation, is obtained from Exhibit P. Other

iteus are self explanatory.

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Exhibit R is the determination of the
rate of return from the property as a Whole and also from
the differen‘ groups of customers which are served by the
electric utility. It is this calculation that determines
the reasonableness of the rates in effect. Regulatory
commissions are concerned principally with the rate of return
of the entire property and unless there is a gross diaperity
of the rate of return between groups they will consider the
proportioning of the amount necessary for the rate of return
as a managerial function. The rates of return as determined
from the above Cost analysis cannot be considered as unfair
to any group. Exhibit B is the first place in the revenue
considered. Previous exhibits have considered the cost of

rendering service.

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ALLO0ATISN 0? BlSTRIBUTION OPERATLNG EXPENSE AS TO GROUPS OF CUSTOMERS

Tonal basis of Residential Commercial industrial Suburban Municipal
Allocation ' St. ngntlng
Distribution — Snnerintenienoe 10,500 03313 of iletrlnrted
fixed capital 5,200 2,700 1,300 600 600
Distrlnutlon - Leber & Expenee 13,500 " 6,800 3,500 1,700 800 800
Malntenence of structures 1,500 " 200 200 800 300
Maintenance of iletrieutlen eyeten 23,500 " 12,900 9,700 5,200 ,600 600
Maintenance of gervigeg 0,000 of serv1ees 6,300 600' 200 900
Maintenance of line treneformere 5,500 of transformers 2,900 3,300 1,900 400
Meter Department exnenee 22,000 of meters
Maintenance of customer“e netece 5,500 23,100 2,400 200 2,300
Utllization 76,000 21,000 3,200 200 2,600 49,000
Commer01al 27,500 22,100 2,300 200 2,800 100
New business expense 12,500 10,300 1,100 100 1,300
Administration & General folee Selerlee ue,uoo 3
General Offloe expene 159909 1
Law and store expense 32500 1
Transportation & other mleec gene exp, 12,100 1 "66,330
Claims, medical, Injuries & aceldent 3,500 3
Employees' welfare anfl pensions 4,200 1
Franchise requirement end reortlzetlon 1,’00 1 71,400 7,500 500 3,800 100
Subtotal $303,500 $182,200 $36,500 $12,300 $21,900 $50,700
Retlrement expense 122,000 61,000 31,700 15,400 7,500 6,400
Total Distribution Operating . '
Expense $42F,eoo $243,200 $68,200 $27,700 $29,400 $57,100

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At this place in the rate determination‘
adjustments can be made between groups of similar customers.
If the residential customers were being burdened with too
large a share of the amount of the return and the industrial
customers were contributing an insufficient amount, a more

equitable division could be made by adding a smaller quantity

to the residential costs and a larger quantity to the indus-
trial costs. If the rate of return was excessive, the analysis
would indicate which group would be first entitled to a rate
reduction.

The total amount of revenue which should
be collected from each group of customers has not been
ascertained; the rate determination from this point on deals
with the proper rats to charge the different customers in the‘
same group. Customers in the same group have different re-
quirements as to quantity of energy and demand on the gen-
erating station.

Exhibits for this phase of the rate de-
termination will be designated with lower case letters.

Exhibit 313 the allocation of the dmount

to be collected above costs. The amounts for each group of
customers have been brought forward for Exhibit R and have
been allocated to generating station, substation and dis-
tribution in proportion to the investment as determined
in Exhibits I and P.

Exhibit 2_is a summary of the total costs

including return. These costs are classified into three

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groups; fixed charges, energy charges and customer charges.
All amounts in this exhibit have been determined in previous
exhibits.

Exhibit]; shows the determination of unit
costs of service divided into the cost of fixed charges per
kw. demand, energy charges per kw-hr. at the generating station
(costs included transmission losses and costs) and customer
costs.

The unit costs of service have now been
determined in detail and now a rate schedule will be determined
for each group of customers. The residential rate schedule
will be first determined. Before the unit costs of service
can be applied.to the different customers in the same group,
it is necessary to determine the number of statements per year
for different amounts of consumption; i.e., the number of
statements per year between 0 and 10 kwahr, the number between

10 and 20 szhr., etc. This data is shown on Figure ll.

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ooa.oma mm.w a oo.mmH « am.aH a mm.m a ma.mH a

H oom.m 00H 00H.m ooo.om Hoa.am
oo~.oma oo:.mmm oom.mH H oom.mm a oom.mea oom.w0mm
mwmoo.« mmmoo. a mwmoo. H mwmoot a ommoo. a mmmoo. a
ooo.mmm.m ooo.wmm.H ooo.omw.om ooo.~mm.wH ooo.om~.mH 000.000.0H
oom.aHa oom.mH« ooH.sta OOH.0mHa 00H.w0HH ooa.mwma
HH.NN a mm.mm a :H.Hm a Hw.wm a wH.mm « noHpa
ooa 0mm ooo.mm oom.m 000.0 .

oom.mHH oo~.aHa oom.wmm« ooa.mmHa 00H.mMHH oom.~swa
.mug .sm

adaHoHan: cannonsm HmanmsvnH Hmaouoesoo HmecouHaom Hence

zmsemm.ozum:qozH moubmmm ho amen BN2:

0 panaaxa

unseemSO
nod omnmno Hosopmdo
momnmno noanmso Hence

mpmoo no>o undead qup

cmooaam use pcosoaHpmm
ueSopmso nod HepOpQSm
whosopmdo mo .02
denoundm

.mownmmo unsoumso

coaenmcow
.nnuex nod owndno >mnocm
quumnoaow .nntxm
Hence
oomnmno mmuosm

um waupeuoqom pm undead
.:x Hod momnmzo doxHh
unseen . 3M
Haves
mowudno noxHa

m

The relative cost of the distribution
system is lower than the average for small users and higher for
the large users. The relative investment is determined by es-
timating the capital necessary for the small user as well as
the large user. Losses also vary with use and may be deter-
mined from tests or calculations based on the average user.
Figure 12 shows the variation of these two items with variation
in annual utilization. The load factor (demand) varies with
the consumption and is determined by measuring typical customers.
This data is shown in Figure 13.

Exhibit d shows the details in calculating

the average cost of serving residential customers of different

annual'utilizations.

Exhibit e shows the size of residential
customer statements, average kw—hr. per statement and number
and the total number of kw—hr. for each block.

The next and last step is the actual de-
termination of the residential rate schedule. No calculation
can be made to determine the size of the blocks in the schedule
nor can the form of the schedule be determined by mathemat-
ical procedure. Judgment and experience only can be used.
The average customer will use on the order of 600 kwbhr. per
year for lighting and small appliances; an electric refriger-
ator will add 540 kw—hr. per year; an electric range another
1500 kw—hr. and an electric water heater another 3600 kw-hr.

The present tendency is to encourage electric refrigeration,

- 105 -

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....uuflamlg- i M‘

cooling and water heating. Statements are usually rendered
monthly and the utilization per month for these services would
be:

Lighting and small appliances 50 kw-hr. per month

Refrigeration :45 I n a
Range 125 w w I!
later heater 300 n n n

A rate schedule can be designed to encourage the use of energy
over and above that required for lighting which is the prime
use of the energy. The block form of rate is easiest under-
stood by the residential consumer and is equitable except in
extreme cases which are few in both number and quantity of use.
The lighting requirement can be taken in the first two blocks,
say 25 kilowatts each; each block can be taken as 150 kilowatt-
hours which is to represent the use of refrigerators and ranges
and the balance can be considered as a promotional rate for

water heating.

~106-

 

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mazes

memo.a mmmm0.a mHmao.a

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mapoo.

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sm.om m:.wH mw.aH
mm.HH om.m an.w
mm.m mm.m mm.m
mm.mH H:.m am.m
mm.mH me.o $3.:
newness deduce Hepoe
.mmH .OOH .Hm
mmm. oom. How.
am. 0». am.
Odom mwa was
m.HH m:.sH o.mH
oowH mam co:

mmamo.
Howoo.
mwmoo.
.unnex sea newness cha

mmmmo.a_ mmwwo.s

mmaao.
anoo.
mHHHo.

puwsoamg u acaudufiflfius Hesqa<

 

 

AeouHHHps
.nnjau non endaaouv newness Hence

oommo. mowuego Megapmso
mmwoo. newness hmuenm
:mmao. momnmco veme
da.mmw mewumno deduce Hence
oo.~a newness nesopmso Hence
mm.~ newness sepuam
nodeanpmHv nH umoo Ho>o

assess dopdooHHe vsm.psmsoanom

mm.m Amomseno Seaman soHpannp

umHu no space Hebe pesose vepmooHae
use useSoaneu maHunoouov smudge uoSopmdo

wo.m A.:om .unusx s mmmoo.» ownmno hwnesm
wo.m AucmSov .33 yea wa.mm V omueno UmxHh
m.mw A v sopmhm .HpmHu no mpmoo opreaom
wma. coapepe depenosom we unseen .:M
mm. . uoaomm use;
mom aoHpeuo as demanden sOHpmnesou
m.~a HOSOpmzo use

qupepo manenoqem sookpon meoq
emu

flpommm A<HHZHQHMEN hO.BmOO
d vdfldnlfl

- 107 -

 

 

 

 

 

. .H— L 1
000.00m.MH 000.0sm
000Hm00 mm: 000.0:m 0am.m nope use 00
000.00m mam 0manamm 0mm.H 00: - 0m
000.000 mmm 00m 0mm 0mw.H 0mm . 00m
000.00» mam 0m .:mm 0am.m 00m - omm
000 com mmm 0H0.mmm 0am.m. 0mm u 00m
000.0mm mmH 0am.mmm owm.H 00m - 0mH
000.mam me 000.0mm 0ws.H 00H - 0wH
000.00m maH 0wm.mmm 0H~.H 0wH - 0~H
000.0mm mmH 0aw.amm 0mm.H 05H . 00H
000.0:m mmH 0:0.mmm 0wH.m 00H u 0mH
000H00m m H 005.0mm 0a:.m 0mH u 0aH
000 0mm m H ommHmHm 0Hw.m 0sH - 0MH
000.00: mmH 00:.mHm 00m.» 0mH . 0mH
000H0ma mHH 0wm.mHm 0:5.m. 0mH - 0HH .
000 0m: moH 0am mom 0mm.: 0HH - 00H .8
nu
000.00m mm omHusom 00m.m 00H . om 1.
000H0mm aw 000.me 0mm.0 om . 00 .
000 0H0 a» 0mm.mmH 0mm.w 00 - 0a
000.0w0 :0 00H.st 000.0H 0a - 00
000.0ma am 00m maH 000.mH 00 . 0m
000.0mw 3m oomummH 00m.mH 0m - 0
000.0mm m 00m.0sH oomuam 0 - 0
000.000.H m 00: mHH 00: ms 0 - 0m
000.0Hm mH 000H0~ 000.:m 0m - 0H
000.0wH m 000 on 000.0m 0H . 0
paosopeam upsesopepm ..Hnutx
«30.3 no.“ Hen .3qu Had no maceSepepm anesepmpm
.u0.ga Hence omauoe< aoHpasszm m0 .02 H0a quaqszmqoo

mazmzmmHsomm acmezm mesoamso HaHszmmHmmm a0 9200=<

o #HDHQNH

I: ‘11: .

 

Exhibit f
RESIDENTIAL RATE DETERMINATION

No. of kw-hr. sold in each block

first 25 kw-hr. 1L,91+0,000

No. of kw—hr. sold
next 25 kw-hr. 2,627,800

No. of kw-hr. sold
next 150 kw—hr. ’4,700,200
Over 200 kw-hr. 1,232,000
Total kw—hr. 13,500,000

N0. of kw—hr. sold at minimum rats
180,000 from 36,000 statements at .'+5 net = 316,200

4,940,000 kw—hr. first block
180 000 " on minimum bills
I£760,000 kw-hr. collected for at first block

 

 

“1016111; to be collected $6l%,500.00 ;

O lected at minimum rate 1 200.00 ;;

u 7.. *flgzw . *‘

» ,000 kw—hr @ 7.2¢ 2 20.0 3’
$252,580.

2.627.800 kw-hr @ u.23¢ #1119333“ . .

“((00,200 kw—hr @ 2.70;; 126199530 3
3 iu,5is.66 ;

1,232,000 kw-hr @ 1.62¢ 1 8.140

Excess $ 5, 39.7 i
1

611 00.00
Total amount $515,939. 75»

 

 

 

...-FM” -" ‘

-109-

 

.. 17!... 3‘1

Exhibit 3

RESIDENTIAL RATE SCHEDULE

THE HYPOTHETICAL POWER CORPORATION

B, STATE
Rate No. 1 Residence Service
who may take service Any residence within corporate limits

of City of B.

Apartment house may elect this rate pro-
vided that the number of kilowatt hours
in each step of the rate for a single
residence shall be multiplied by the
number of apartments in the building.

No credit will be given for unoccupied
apartments.

Nature of service Twenty-four (24) hour, alternating current
single phase, 60 cycle, l20-2h0 volt.

This rate applies to all uses of elec—
tricity in the home including electric
ranges and other large electric appliances.
No special rate is offered for electric
ranges as this rate is very favorable to
the use of such equipment. The ordinary
uses of electricity in the home come in
the first two steps of the rate, so that
practically all electricity used for
electric ranges and other large electric
appliances is paid for at the third and
lowest step in the schedule.

Rate 8 cents per kilowatt hour for the first
25 kw-hr. used per month.

#.7 cents per kilowatt hour for the next
25 kwshr. used per month.

3 cents per kilowatt hour for the next
150 kw—hr. used per month.

1.8 cents per kilowatt hour for all over
200 kw-hr. used per month.

Minimum Charge 50 cents per meter per month.

Discount A discount of 10% of the above rates will
be allowed on all bills paid on or before
the last discount day shown on bill

Approved ' December 3: 1932 Effective-January l, 1933
A. Public Utility Commission - 110 -

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”A.

lith this assumption the rate to be
charged for each block can be calculated. The average customer
charge is $1.50 per month. Theoretically the minimum charge

would be even a higher figure (about 82.50) but when consid-

eration is given to good public relations, the managerial
policy should be to arbitrarily set the minimum charge at 50
cents which is nearly as much as the traffic will bear. If the
discount for prompt payment is 10 percent the actual minimum
charge will be n5 cents. From the customer analysis and the
unit cost determination the rate is calculated as shown in
Exhibit f. The calculation indicates a yield which is $5,039.?“
in excess of the requirements. This is less than one percent
of the total requirement. The block rates should not contain
more than one digit to the right of the decimal and if possible
should be in even cents or half cents. .Exhibit g shows the
detail of the published rate schedule as determined by these
calculations and filed with the regulatory commission.

Exhibit h shows the details in calculating
the average cost of serving commercial customers of different
annual utilizations.

Exhibit i shows the size of commercial
customer statements, average kw-hr. per statement and number and
the total number of kw-hr. for each block. This data is illus-
trated in graphic form in Figure 16. Figures 17, 18 and 19 are
used in the calculations on Exhibit E, which calculations are
similar to those which have been described in detail for the

residential customers.

- 111 -

 

 

....

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J ..- In -l-u :

 

 

——-v~ Pr. . ....

 

As for the residential customer, the form
of rate must be chosen from experience. The Hopkinson demand
rate is better suited for the commercial type of customer than
other forms. The requirements of these customers vary consid-
erably particularly in the quantity of energy consumed. The
energy and customer costs are added and the energy rate deter-
mined on this amount. The demand rate is calculated to cover
the fixed costs. Exhibit 5_shows the details in the determin-
ation of the rate for each block of energy and demand. The
calculations indicates a yield which is 1433 in excess of the
requirements. The calculated rate should show a slight excess
because in the actual application the yield cannot be controlled.

Exhibit 1 shows the detail of the published rate schedule.

- 112 -

 

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- 113 -

. 5"«1'1' .4.‘~‘

Exhibit 1
v

AMOUNT OF COMMERCIAL CUSTOMER ENERGY REQUIREMENTS

Consumption No. of Summation Avg. kw—hr. Total kw-hr.
per Statements of 3.11 per fer block. n
S ta. t ement Statements Stet ement
krun—hr. }
o -— 100 0000 11,000 50 200,000 '
100 - 200 6000 10,000 150 900,000
200 -— 00 3300 13, 300 250 525,000 ,
300 - 00 2000 15, 300 50 700,000
00 — 500 1350 16 6,50 50 607, 500 7
500 .— 600 1200 17,550 550 660,000
600 — 700 1000 15, ,052 650 650,000
700 — 500 590 19, 7 o 750 667, 500 .
500 — 900 750 20 ,090 550 637,500 '
900 — 1000 500 20,990 950 1475,000
1000 - 1500 1000 21,990 1250 1,250,000
1500 - 2000 550 22, 5110 1750 1 ’057, 500
2000 _. 2500 650 23, ’u90 2250 1, I162’ ,500
2500 — 3000 £160 23,950 2750 1 ’265, 000 a
3000 - 3500 350 214,300 3250 1’ ,,137 500 i
1
3500 - uooo 300 20,600 750 1,025,000
0'61' 4000 600 25,200 250 2,550,000 '
25,200 16,500,000
- 114 - }
i?

 

 

 

 

 

 

De mand per

Statement
lkw.
C> «— 5
ES - 10
i1C) ~— 20
22C) .- O
ISCD '- O
1&(D - 5O
Esc) .. 60
(ac) .. 7o
’7<) ‘- 80
25C) - 90
59C) - 100

Exhibit 3

AMOUNT OF COMMERCIAL CUSTOMER DEMANDS

No. of Summation Avg. Demand
Statement of all per
Statements Statement
kw.
15,500 15,500 2.5
6.930 22.”30 7.5
1.500 23.930 15
700 2h,630 25
120 21,750 35
100 2h,8 0 MS
90 25.9 0 55
80 25,020 65
70 25.090 75
60 25,150 85
50 25,200 95
25,200

Total billed kw. 164,675
Group demand kw. 5,500

Diversity 16u,625 , 2 5
12 x 5,500 '

- 115 -

Total Demand
for block

kw.

38.750
51.975
22,500
17.500

0,200

4,500
”.950
5,200
5.250

,1007

.750

164.675

-J_

-‘g—. '

 

 

 

 

Exhibit K

COMMERCIAL RATE DETERMINATTON

Total energy coarge $150,100
Total customer charge 124,500,

 

Total amount to be 5‘ _ 1
collected 0y energy rate £304,600

92‘"

13%

n“:
4..

Total cnarge to be collee 11 5
5155,700

ed by demand rate

 

 

 

 

 

 

 

i .
3 Number of kw-nr. sold in firet 01011 of ‘5W .nnnr. 1,900,000
a n n w w w next " W 750 W 22513»???
n n n n W over 5 n 1009 n .€?lij;:§&i
Total energy utilized 15,500,033 KW°th
Amount to be collected by energy rate 4 7'
0,900,000 mam. e 2..¢ {13¢ r05} 2: ,1
‘49: -
5,532,500 W e 1.55 <2¢ groee) 55.5%;
. it {(2337}
6,067,500 " @ 1.26m (1.M¢groee) FW76,420
» a 7:;
‘ /}f ’.
Excess 50% 6Q0
Total amount 5503,335
Number of kw. "emand billed in first block of 5 kn. “7,250 by
n n n n n n next n 5 ED m 57,725 M
n n n n 5 over 25 n g zggmww
Total 01115.1 demand-e 160,675 kw.
Amount to be collected by demand rate $155,700
87,250 kw. @ $1.08 ($1.20 gross) ASMLQBO
3 61,470
57,725 kw. @ 10.51 (.90 gross) 46,757
5 14,713
19,700 kw. @ 50.63 (.70 gross) 12,011
Deficiency 0 2,302
Total amount 1153,398
Total collected by energy rate $308,335
" " " demand " 12§,§98
5114\1’733
Total amount required 460L300
Excess n 1,433
Demand
Gross Net
$1.20 per kw. for first 5 kw. $1.08
.90 " " " next 20 " .81
.70 " " " all over 25 kw. .63
Energy rate
‘Gross Net
3 cents for first 250 kw—hr. 2.7 cents
2 ” " next 750 " , ' 1.6 "
1.4 " " all over 1000 kw—hr. 1.26."

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Rate No. 2

Exhibit 1
COMMERCIAL RATE SCHEDULE

THE HYPOTHETICAL POWER CORPORATION

3, STATE

Commercial Lighting and Miscellaneous Power
Service.

lho may take service All commercial lighting and miscellaneous

Nature of service.

Rate
Demand Charge

Energy Charge

linimum charge

Discount

Demand

power customers, who are not specifically
provided for in other rate schedules.

Twenty-four (2%) hour, alternating current,
60 cycle, 120-2h0 volt, single phase, and
#40 volt, three phase.

$1.20 per kilowatt per month for the first
5 kw. of maximum demand.

$0.90 per kilowatt per month for the next 20
kw. of maximum demand.

$0.70 per kilowatt per month for all over 25
kw. of maximum demand.

Plus the following:
3 cents per kilowatt hour for the first 250
kw—hr. used per month.

2 cents per kilowatt hour for the next 750
kw—hr. used per month.

1.“ cents per kilowatt hour for all over 1000
kw-hr. used per month.

81.00 per meter per month.

A discount of 10% of the above rate will be
allowed on all bills that are paid on or
before the last discount day shown on bill.

The maximum demand will be obtained by the
use of a demand meter or demand indicator
attached to the meter, which registers the
maximum demand for a period of 15 minutes or
at the option of the Corporation, the maximum
demand will be considered as 75% of the
connected load in kilowatts.

- 117 -

 

 

 

 

Remarks Where customers have both lighting and
power service supplied through separate
meters, the demand and consumption as
registered by the different meters will not
be combined, but the bill for each meter will
be computed separately. Ranges, refrigerators,
water heaters and battery chargers may be
excluded in determining demand.

 

Approved - December 3, 1932
A. Public Utility Commission Effective - Jan. 1, 1933

 

‘-

 

 

Exhibit m shows the details in calcula-
ting the average cost of serving industrial customers of
different annual utilizations.

Exhibit n shows the size of industrial
customers statements, average kw-hr. per statement and number
and the total number of kwshr. for each block, also the nature
of the demands. This data is illustrated graphically in
Figure 20. Figures 21, 22 and 23 are used in the calculations
in Exhibit m, which calculations are similar to those of the
residential and commercial customers. The Hopkinson demand
rate is the most popular form for industrial customers. The
energy and customer costs are added and the energy rate is
determined to cover this amount. The demand rate is calculated
to cover the fixed costs. Exhibit g,shows the details in the
determination of the rate for each block of demand. The energy
costs are less than half the total for industrial customers;
there is no particular advantage of blocks for energy. Indus-
trial customers usually determine the capacity of the gener-
ating station so a rate which places more emphasis on the
customer controlling demand and encourages the use of energy
is the most practical and satisfactory to both the utility
and the customer. The calculation for power factor penalty
and bonus is shown on Exhibit 5 and the factors are illus-
trated in Figure 25. The calculation indicate a yield of
only $335 in excess of the requirements. Exhibit 3 shows
the detail of the published industrial rate schedule.

- 119 _

Q: 4". ‘N_‘, '

AA.

 

 

 

 

Exhibit:r shows the detail of the published power factor
penalty and bonus.

The rate determination for the suburban
customers is identical in method with the residential calcu-
lation except different values are used. These values are
shown in Figures 25, 26, 27 and 28 and on Exhibits 3 and t.
Exhibit 1 show the detail of the published suburban rate
schedule.

’ The rate calculation for municipal street
lighting is determined by totaling all the costs allocated to
this type of service. Then being only one customer the unit
price is the total costs divided by the total energy require-
’ments. This can be billed at a straight line rate; the demand
is fixed and also the quantity to a large extent. This service

would be billed at1+.l cents per kw—hr. The high customer
charge is due to replacement and maintenance of lamps and
equipment on the streets. Exhibit w shows thecietaile of the
rate determination for municipal street lighting.

Exhibit x is a summary of the total and
unit charges for service. This tabulation shows the prin-
cipal items that are involved in rendering service to the

Customers of an electric utility.

- 120 —

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deoo. 9 mowudno Hoaopmdo
owwoo. a mowumno mmnocm
mmoao. w momumno voxah
ow.mmm.mw momudno addcqm advoa
mo.de a omnmco noSopmdo Hdpoa
mo.wmm a ummnmno Soummm godpdnflnpmac
. no 0000 voodooadm 0cm pcoamnfipmm
oo.mma .« Amomumno aopmhm noflpsndnpmwu
no pmoo nope pqsoam condooaaw 0nd
ncosouaaon mnwpamoxov mwumno umSOpmao
mm.omw « A.aow .nzjsx nag mwmoo. owumno hwuocm
~m.wwo.40 4000500 .30 ~00 :H.Hma momndno 00x40

m.mw A&V80pm>m noapsnanpmau no mumoo opapmaom

N.Hm nodaMum mnaumnoqom pd dadsou .:M
0mm. nopomm udoq
00m.maa aofipmam pd nonasdou acapwnmnoo
o.HH noEOpmdo

0:0 coapwpm mdapmuoaow noospon 0004

000.004

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a flflflfifla

121 -

Exhibit n

f AMOUNT OF INDUSTRIAL CUSTOMERS ENERGY REQUIREMENTS

Consumption Summation Average

per Statements of Kw-hr. for Block
Statement Statements per

kw—hr. Statement
0 - 20,000 18 318 10,000 3,180,000
20.000 - 40,000 50 766 30,000 13, 00,000
110.000 -. 60,000 229 997 50,000 11, 50,000
60.000 .. 80,000 86 1085 70,000 6,170,000
. 50.000 .100,000 50 1135 90,000 £1,500,000
100.000 -150,000 30 1165 125,000 3,750,000
~ 150.000 -200,000 20 1165 175,000 3, 00,000
' 200,000 -500,000 7 1192 350,000 2, 50,000
500.000 -1,ooo,ooo 5 1197 750,000 3,750,000
, 0m 1. 000,000 3 1200 1,250,000 3,750,000
1200 56,000,000

AMOUNT OF INDUSTRIAL CUSTOMERS DEMANDS

Demand No. of Summation Average Total Demand
Per Statements of all Demand for Block
Statement Statements per kw.
kw. Statement
100 - 200 1106 L106 150 60,900
900 - 300 500 906 250 125,000
300 - 500 170 1076 1:00 68,000
1500 - 1000 100 1176 750 75.000
300 - 3000 20 1196 2000 110,000
3 00 - 7000 n 1200 5000 20,000
1200 388,900
Total billed kw. 388,900
Group demand 25,000
Diversity $8,300 -.- 1.295

12 x 25,000

- 122-

Exhibit 0

INDUSTRIAL RATE DETERMINATION

Total energy charge $418,100
Total customer cnarge 552100
Total amount to be

collected by energy rate $473,800

 

Total charge to be collected
by demand rate $528,600

A11 ener y will be billed at same rate
52,000,000 kw-hr. 6; .855¢ net = £M78,800

Number of kw. demand billed in first block of 100 kw. 120,000
" " " " " " next " " 100 kw. 99,700

a w w - w n n ,. " 200 kw. 83,800
a a n . " over LL00 kw. 85,1400
Amount to be collected by demand rate $528,600

120,003kw. 0 $1.71 net (£1.80 gross) 205,200
$ 1+ (s ) 333’00
, 00 1:11.61) 1. 25 " 1.50 gross '1 2 O
99 7 8181;32:1—7 .

83,500 kw. @ 81.1% " (£1.20 gross) 95 522
’ 5,795
85300 kw. @ 950-95 "' (31.00 gross) 811150

 

Deficiency $ ”.265
‘ 528, 00
Total amount 523,935
Total collected by energy rate $478,800
" I " demand " 522.9%
. 1,002,735
Total amount required , 4.002.400
Excess fi 335
Demand rate
Gross Net
31.80 per kw. first 100 kw. $1.71
1.50 " " next 100 " 1,1125
1.20 " " " 200 " 1.114

1.00 " " all over 400

95
Energy rate
.9 cents per kilowatt hour

5% discount for prompt payment
- 123 -'

 

:..-0

 

Exhibit p

eowre FACTOR bONUS AND PENALTY FOR iNDUSTRlAL CUSTOMERS

 

 

Total Per cent Total Allocated to
investment Effected Investment industrial
mffected by Customers
Power Factor
éflrbo eereretor unzts. steer $9503990 0eneretors 30% 285,000 188’000
Electr1c plant 050,003 Effected 30% 195,000 129,000
Three generator unlt, 20620 3b9309 " 30% 9,000 5:900
gubstetion equipment 300,000 " 25% 75,000 . lig’ggg
verneed conductors - , 0
Underground coniuotors (5:000
industrial services 50’000
Line transformer enfi devices 82,000
Total 1nvestment for 1njustriel customers effected by power factor $694,400
15% fived charges $104,160.
43‘ fl. t’l . . - -
5;:%%:;ggo a .18550 per Kw~hr¢ ut111zed 2t 80% power factor.
‘ _1. , -, ..' , '.__1“__ v
increase or AVg. cost Per cent Mult1p1y1ng
Decrease in per kw-hr.v correction Constant
Cost per kw—hr. at 80% P.F. . '
100% power Factor i€§§ ; ,,35 slegg. ; .1485 .0370¢ ‘1.785 -6.60 .9340
90% " " ”39, : 7,125 rléggr. : .1650 .0205¢ 1.785 -3.56 .9044
or“, .i. o ....
W ,2 _- -
80% " £9 2 1, Ll§ii. = .1355 .0000¢ 1.785 .00 1.0000
n it P I
70% %% z ,875 rlgggr : .2120 .0265¢ 1.785 4.72 1.0472
n g, 'r' _ .
60% " "'g‘gb =5 .750 ;%%%‘3“ "’ 02470 00615¢ 10785 1104.10114
50% " “ gg : .625 .18;5 - .2960 .1105¢ ' 1.735 20.5_ '1.205

- 121,-

     

 

 

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Exhibit q

INDUSTRIAL RATE SCQEDULE

THE HYPOTHETICAL POWER CORPORATION

Rate No. 3

lho may take service

Nature of Service

Rate
Demand Charge

Energy Charge

Discount

B, STATE

Regular Primary Power Rate

. Any power users in the City of B, or in the

vicinity thereof with a demand load of 50
kilowatts or over.

Twenty-four (2%) hour, alternating current,
60 cycle, three phase, #000 volts.

A - Transformer-installation owned by the
customer.
$1.80 per kilowatt per month for the
first 100 kilowatts of maximum demand.
$1.50 per kilowatt per month for the
next 100 kilowatts of maximum demand.

$1.20 per kilowatt per month for the
next 200 kilowatts of maximum demand.

$1.00 per kilowatt per month for all
over 400 kilowatts of maximum demand.

B - Transformer installation owned by the
Corporation. .
$2.00 per kilowatt per month for the
first 100 kilowatts of maximum demand.

$1.70 per kilowatt per month for the
next 100 kilowatts of maximum demand.

$1.30 per kilowatt per monthfor the
next 200 kilowatts of maximum demand

$1.10 per kilowatt per month for all
over #00 kilowatts of maximum demand.

PLUS THE FOLLOWING:

0.9 cents per kilowatt hour for all the
kilowatt hours used per month

A discount of 5% will be allowed on above
rates if bills are paid on or before the
15th of the month immediately succeeding
that in which service is rendered.

Secondary Metering

Monthly Maximum Demand

Power Factor Correc-

tion

Minimum Charge

Approved - December 3,

If secondary metering is used, h per-
cent will be added to demand and energy
as meters for transformer losses and the
corrected amounts used for billing.

Maximum demand shall be determined

monthly by measuring the highest average
kilowatt demand maintained by the customer
over a period of fifteen minutes.

The power factor multiplier constant in
schedule approved December 3, 1932 shall
apply to above rates.

The minimum charge shall be the demand
charge as given above and shall not be less
than the demand charge on the reservation
as requested by the customer.

1932

A. Public Utility Commission Effective - January 1, 193}

 

- 126 - !

 

Illt‘i: .b? L

 

.-

Exhibit r

THE HYPOTHETICAL POWER CORPORATION

POWER

Definition and
How Obtained

Method of Application

To Whom Applied

B, STATE

FACTOR CORRECTION SCHEDULE

Power Factor shall mean the average

power factor maintained by the customer
during the month or period of time for
which the demand is measured and shall be
determined by the reactive component

meter method and shall equal kilowatt hours
(KWH) divided by the square root of the sum
of the squares of kilowatt hours (KWH) and
reactive kilovolt ampere hours (RKVAH).

The multiplier constant given below corres-
ponding to the power factor as found by the
above method shall be applied to the actual
measured monthly demand and the actual
measured monthly consumption of electric
energy. The result in each case which will
be known as billed demand and billed KWH
shall be the basis for rendering customers
bill.

The Corporation reserves the right to
apply the above correction to the electric
energy consumed by any power customer
whose demand is 50 KW or over.

- 127 -

 

Exhibit I (continued)

TABLE OF CONSTANTS

Percent Percent Percent

Power Mult. Power Mult. Power Mult.

Factor Constant Factor Constant Factor Constant
100 .9340 82 .9928 6k 1.097%
99 .9 7o 31 .9964 63 1u1041
98 .9 01 80 1.0000 62 1.1108
97 .9u31 79 1.00%7 61 1.112h
96 .9n62 78 1.00 4 60 1.11uo
92 .9492 72 1.01 1 59 1.1231
9 .9523 7 1.0188 58 1.1 22
93 ~9553 75 1-0236 57 1.1 13
92 .958 74 1.g&83 56 1.150“
91 .961 73 1. 30 33 1.1605
90 .964M 72 1.0h77 1.1696
89 .9679 71 1.052% 53 1.1787
88 9715 70 1.0M72 52 1.1878
8 9750 69 1.0539 51 1.1969
8 9786 68 1.0606 50 1.2050
55 .9821 67 1.0773
84 9857 66 1.0890
s} .9892 65 1.0907

Approved.- December 3, 1932 Effective - January 1, 1933

A. Public Utility Commission

- 128 -

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- 129 -

Exhibit t

AMOUNT OF SUBURBAN CUSTOMER ENERGY REQUIREMENTS

Consumption Summation Avg. Kw—hr. Total szhr.
per No. of of all per for
Statement Statements Statements Statement Block
kwahr.

o - 10 660 5,660 5 28,300
10 - 20 900 10,560 15 73,500
20 - 30 6150 16,710 25 153,750

0 - no 3000 19,710 35 105,000

0 - 50 2000 21,710 #5 103,500
50 - 60 1200 22,910 55 66,000
60 - 70 1000 23,910 65 65,000
70 - 80 800 29,710 75 60,000
80 - 90 700 25,910 85 59,500
90 — 100 550 25,960 95 52,250

100 - 110 00 26,h60 105 52,500
110 - 120 50 26,910 115 51,750
120 - 1&0 400 27,310 125 0,000
1E0 - 1 0 350 27,660 1 5 7,250
1 0 - 150 300 27,960 1 5 93,500
150 - 160 260 28,220 155 uO,300
160 - 170 250 28,470 165 u1,250
170 - 180 210 28,680 175 36,750
180 - 190 170 28,850 185 31,450
190 - 200 160 29,010 195 31,200
200 - 250 270 29,280 225 60,750
250 - 300 250 29,530 275 65.750
300 - 50 170 29,700 325 . 55,250
350 - 00 100 29,800 75 37,500
Over #00 200 30,000 25 85,000

30,000 1,500,000

- 13o -

 

Exhibit u

SUBURBAN RATE DETVRMINATION

No. of kw—hr. sold in each block

First block of 25 kahr. 587,800
Next ' " 25 ' 290,750
Next ' ' 150 " 512,200
Over 200 kwshr. 199,250
Total 1,500,000

No. of kw-hr. sold at minimum rate 28,300 kw-hr. from 5660 statements.
587,800 kw-hr. first block

- 00 " on minimum bills
559,500 kwahr. collected for in first block at block rate

Amount to be collected $73,300
Collection at minimum rate
5660 customers 0 90¢ 3 O on
559,500 kw-hr. 0 7.2¢ v.0 28’4
$57, 952
290,750 kw—hr. 0 n.23¢
512 200 k h e 2 7¢ $152,233}
, w- r. .
8 1.79
109,250 kw—hr. @ 1.8¢ 1,966
Excess 8 172
Z§,§OO
Total amount 873,472
Gross Net
8.0 ¢ first 25 kw. per month 7. 2
4. 7¢ next 25 ' ' 4. 23
3 o¢ I 150 n a I 2.7
1.8¢ over 200 " " " 1.62

Minimum bill $1.00
Less 10% for prompt payment

- 131 -

 

Exhibit v

SUBURBAN RATE SCHEDULE

THE HYPOTHETICAL POWER CORPORATION

Rate No. A

Who may take service

Nature of service

Rate

Minimum charge

Discount

B, STATE

Residence Service - suburban

Any residence outside of corporate limits
of the City of B

Twenty-four (2h) hour, alternating current,
single phase, 60 cycle, 120—240 volts.

This rate applies to all uses of electricity
in the home including electric ranges and
other large appliances. No special rate

is offered for electric ranges as this

rate is very favorable to the use of such
equipment. The ordinary uses of electricity
in the home come in the first two steps of
the rate, so that practically all elec-
tricity used for electric ranges and other
large electric appliances is paid for at

the third and lowest step in the schedule.

8 cents per kilowatt hour for the first 25
kilowatt hours used per month.

4.7 cents per kilowatt hour for the next 25
kilowatt hours used per month.

3 cents per kilowatt hour for the next 150
kilowatt hours used per month.

1.8 cents per kilowatt hour for all over
200 kilowatt hours used per month.

91.00 per meter per month.
A discount of 10% of the above rate will

be allowed on all bills paid on or before
last discount day shown on bill.

Approved - December 3, 1932 .
A. Public Utility Commission Effective - January 1, 1933

_ 132 -

 

 

Exhibit w
COST OF MUNICIPAL STREET LIGHTING

Annual Utilization
kilowatt-hours

2,500,000
Loss between generating station and meters 2.56
Generation required at station 2,565,000
Load factor .h19
Kw. demand at generating station 700

Total Annual Charges

Fixed charges (?22.1h per kw. demand) $15,500
Energy charges .00686 per kw-hr. utilized) 17,500
Customer charge 69.500

Total annual charge $102,500

Unit Charge per Kw—hr. Utilized

Fixed.charges 8.00620

Energy charges .00700
Customer charges .02780
Total annual charge (dollars per

kw—hr. utilized) $.0u100

- 13} -

 

 

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General Investment and Operating Ratios

A comparison of the financial reports
of successful electric utilities show:a consistent relation
between similar items. These relations, which can'be re-
duced to either ratios or percentages, fall within rather
narrow limits.

The investment in fixed capital will
usually be u to 5 dollars per dollar of annual revenue for
steam generating plant. The spread for hydro electric is
greater due to the greater variety of conditions. The ratio
for hydro electric plants is h to 8 dollars invested per . ”
dollar of annual revenue. Stated in other words, the turn L..—a
over of capital only occurs once every M or 5 years. This
indicates that considerable judgment must be used in making
additions to the fixed capital. This can be contrasted with

C
automobile factories which have in normal times only 60 cents

 

invested per dollar of revenue. Retail stores usually turn
over their inves ment 4 to 5 times each year and in some cases ‘
as high as 80 to 90 times a year.
Another ratio which is used as an index
to indicate the Operating efficiency of an electric utility
is the operating ratio. This is the ratio of operating ex—
penses (excluding retirement provisions but including taxes)
to the revenue. This ratio should be between #5 and 60 per
cent. The lower figure represents better operation.
A general rule used by utility manaaers

to c eck the operation of the properties which considers both

- 135 -

 

the relation of investment to revenue and the relation of
operating costs to revenue is, "The operating ratio, ex—
pressed as a per cent, should not be greater than 100 minus
10 times the ratio of investment to revenue". The hypoe
thetical electric utility which has been analyzed has the
following ratios:

Investment to revenue

gio,ooeLeJo
E 2,257,ooo

H.4u

Operating ratio

siL332,ooo :
¥§,257,ooo

 

57.8 per cent

The highest desirable operating ratio as determined by rule:

13,000,000 _ ..

 

The higher the ratio of investment to revenue the lower must
be the operating ratio. If a utility has 36 invested per
dollar of revenue, then the operating ratio should be on the
order of:

100 - 13 x b = 40 per cent
Hydroelectric properties usually have a low operating ratio;
between 25 and 50 per cent.

A general rule used for checking the
safety of bond interest and principal is "The net income
plus retirement provisions should not be less than 20 per
cent of the revenue". This check applied to the hypothetical
utility shows:

Net income $375,000
Retirement _}Q0,000

 

Total $675,000 which is 30 per cent of
the annual revenue.

- 136 _

‘,..lt

 

 

 

The -esirable ratio of bond issues
(long term debt) should not be more than six times the net
income plus retirement.

The cost of the entire electric property
per kilowatt of generating capacity (not including reserve)
is between 3330 and #400. The higher unit cost prevails in
cities where extensive distribution systems are necessary due
to density of population and traffic.

The following table shows the unit cost
of the several items that make up the electric utility proper-
erty, per kilowatt of generating capacity (not including
reserve capacity).

Table XII

Unit Cost of Property

Item Per cent Normal Cost per
of Range Kw. of
Total Capacity
Intangible fixed capital .8 .5 to l E 3
Land 2.} l to 4 8
Structures 11.5 9 to 13 38
Generating station 36.7 30 to AD 120
Transmission & distribution 37.4 30 to 40 12%
Customer installation 2.7 2 to M 9
General Equipment 1.7 l to 3 5
Overhead costs __§:3. '5 to 10 2§
103.0 #330

The generating capacity (including 20 i
to 25 per cent for reserve) reqdired per 1000 population

will usually be from 203 to 430 kilowatts.

 

_ 137 -

Residential customers will use from
530 to 700 kilowatt hours per year. Commercial and industrial

ustoaer requirements have Wide variations.

0

The losses due to transmission and dis-
tribution of electric energy are dependent upon the design of
the system. If transformers are well loaded and the system
of good design, this loss will be about 13 per cent. A poor
system may have losses of 20 per cent of the net generation.

The revenue per capita should be from
£15 to 330 depending upon the industrial development of the
territory.

The following table shows the division
of the operating eXpenses using the revenue as 100 per cent.
Table XIII

Division of Operating Expenses
Per Cent of Revenue
Average Normal
Variation

Production expense 2% 20 to

30
Transmission expense 2 l to u
Distribution expense 5 3 to 8
Utilization expe.se 3 2 to 5
Commercial expense 2 l to 4
New Business expense 1 O to 2
General and Misc. expense 8 5 to 12
Retirement expense __l§__ 10 to 20

Total 55

- 13g -

The following figures taken from the

Statistical Bulletin of the National Electric Light Association

June 1931 are indicative of the size of the electric utility

industry:

Value of property
Capacity of generating stations, kw.
Power generated, szhr. per yr.
Operating revenue, per yr.
Residential customers
Commercial customers
Industrial customers
Total customers
Population served

Percent of total population

- 139 -

312,250,000,ooo
32,600,000
88,500,000,000
a 2,125,000,000
20,330,000
3,650,000
5u0,000
2n,550,000
85,000,000

70

Bibliography

General

Cost versus Values of Service in Rae Making. John Bauer,
Electrical World. August 31, Sept. 7, 1918, page 388.

Establishing Simple Basis for Rates. R.H. Walford, Electrical
World, August 21, 1920.

Forecasting Utility Growth. L.W. Marrow, Electrical World,
June n, 1927, page 1185.

Fundamentals of Public Utility Power Rates. E. Douglas,
National Engineer, April 1921;, page 151.

Increasing Revenue per Dollar Invested, John F. Gilchrist
Electrical World, July 11, 1925, page 61.

Outlines of Public Utility Economics. U.S. Glasser,
The MacMillan Company, 1927.

Rate Making for Public Utilities. Lamar Lyndon, McGraw-Hill
Book Company, 1923. Chap I, page 1-13.

~The Elements of Rats Baking. W.G. Vincent,Jr. Electrical
lorld, Feb. 28, 1920, page 502.

The Evolution of Rate Making. Alex Dow, Electrical World,
Sept. 20, 192%, page 629.

United States Census of Central Electric Light and Power
Station. 1902, 1907, 1912, 1917, 1922, 1927.

Accounting

Accounting Procedure for Public Utilities. W.G. Bailey &
D.E. Knowles. McGraw—Hill Book Company, 1926.

Economies of Public Utilities. L.R. Nash, McGraw—Hill Book
Company, 1931. Chain. page 72.

Principles of Public Utilities. Jones & Bigham. MacMillan
1931. Chap.IX, page 443.

Depreciation

Depreciation of Public Utility. H.E. Riggs, McGraw—Hill
Book Company, 1922

Economics of Public Utilities. L.R. Nash, McGraw-Hill Book
Company, 1931. Chap. VIII, page 201.

- 140 -

 

Depreciation (cont'd)

 

Evolution of Depreciation Accounting. National Electric
Light Association, October 1933 Bulletin.

Rate Making for Public Utilities. Lamar Lyndon. McGrawzHill
Book Company, 1923. Chap II, page 14.

Rate Base
Economics of Public Utilities. L.R. Nash, MoGraw—Hill Book
Company, 1931. Chap VII, page 140.

Fair Value of Public Utilities. E.C. Goddard. Michigan Law
Review. Vol. 22, page 652-72. May 1924.

Historical Cost Fair Base. Page Golsan. Electrical World,
August 1, 1931, page 213.

Original Cost versus Replacement Cost as a Basis for Rate
Regulation. Quarterly Journal of Economics. Vol. 27,
page 616-29. August 1931.

Rate Function of the Federal Court. Electrical World.
March 8, 1930, page 497.

Supreme Court Insists on Evidence on Rates. Electrical World.
March 22, 1930, page 573.

Rae Making for Public Utilities. Lamar Lyndon. McGraw-Hill
Book Company, 1923. Chap. 111. Page 57 and Chap. IV,
page 85.

Theory and.Practice of Public Utility Valuation. W.H. Maltbie
McGrawbHill Book Company, 1924.

Valuation, Depreciation and the Rate Base. C.E. Grunsky.
John Wiley & Sons, 1917.

Rate of Return

California Commissioner Calls Rates Confiscatory. Electrical
World, December 13, 1930, page 1028.

Capital Supply Must Not Be Jeopardized. L.F. Carlisle.
Electrical World, December 13, 1930, page 1079

Connecticut Orders Schedule Bringing Return of 5%. Electrical
World, page 311.

Economics of Public Utilities, L.R. Nash, McGraw-Hill Book
Company, 1931. Chap. IX, page 223.

_- 141 -

.. III. liliil

 

Rate of Return (cont'd)

Effect of Rate Changes on Revenues. P.R. Herrman. Electrical
World“ July 17, 1926, page 112.

Eight Percent Return.Not Obligatory. Electrical World,
April 4, 1932, page 622.

Energy Branch of Service Must Pay Its Way. Electric
Railway Journal. November 20, 1926, page 943.

Guiding Principles of Public Service Regulation, H.C. Spurr,
Public Utility Reports, 1926, Vol. 3.

Indiana Commission Say 5% Enough. Electrical World, page 632.

Massachusetts Business Conditions Influence Rates. Electrical
World, page 225 .

Principles of Public Utilities. Jones & Bigham. MacMillan 1931.
Chap. VI, page 252.

Rate Making for Public Utilities. Lamar Lyndon. McGrawaHill
Book Company, 1923. Chap.VII, page 119.

The Public and Its Utilities. W.G. Raymond. John Wiley &
Sons. 1925. Chap. XXIV.

U.S. Court Find 7.25% Confiscatory. Electrical World.
October 11, 1930, page 676. '

Rate Forms

Advantage in.Basing Rates on Broad Economic Areas. Electrical
World, April 9, 1932, page 645.

Central Station Rates in Theory and Practice.
H.E. Eisenmenger. J.F. Drake Co. 1921.

Customer Sets His Rate. M.J. Insull. Electrical World,
June 7, 1930, page 1125.

Economics of Public Utilities. L.R. Nash. McGraw-Hill
Book Company, 1931. Chap.V. page 259.

Electric Rates. G.P. Watkins. D.Van Nostrand Co. 1921.

Electric Rate Structures. H.C. Wolf. Electrical World,
April 23, 1927, page 861.

Forms Can Be Simplified. Electrical World. Sept. 1931.
page 450.

- 142 -

 

Rae Forms (cont'd)

Indiana Utility Asks Regional Rates. Electrical World,
September 5, , 1931, page 400

Justice of Simple Residence Rates Questioned. E.C. Hopson
Electrical World, November 20, 1926, page 1068.

More Equitable Rate Forms An Industry Obligation.
T. 0. Kennedy. Electrical World, May 30, page 1008

One-quarter N.Y. Edison's Bills are under 31. Electrical
World. August 23, 1930, page 332.

Principles of Public Utilities. Johns & Bigham. MacMillsn
1931. Chap. VII, page 288.

Proposed Dividend Type of Domestic Service Rate. W.W. Briggs
Electrical World, October 28, 1916, page 850.

Public Utility Rates. H. Barker. McGraw-Hill Book Company,
1917.

Rates for Electric Energy and Service. A.I.E.E. Journal,
October 1921, page 803.

Rate Forms Should Be Minimized. Alex Dow. Electrical
World, October 14, 1922, page 815.

Straight Lines as Rate Curves. H.E. Eisenmenger. Electrical
World. June 2, 1923, page 1263.

The Active Room System of Rates. A.C. Babson, Electrical
World, April 1, 1916, page 774.5.

Uniform Structure for Electric Rates. P.C. Jones, Elec-
trical World. November 14, 1925, page 1008.

Uniform Rates in Quebec Replace Intricate Tariffs. Elec-
trical World, April 26, 1930, page 825.

Uniform Rate Theory to be Tested in Indiana. Electrical
World, April 5, 1930, page 676.

Uniform and Sim 1e Rates, Electrical World, October 11,
1930. page 79-

Unifisd Service Areas Suggest Unified Rate Schedules.
Electrical World, September 5, 1931, page 407.

- 143 -

Rate Determination

Allocating Service Costs in Rates. H. B. Dwight, Elec-
trical World, Feb. 24, 1923, page 462.

Allocating Rural Service Costs. L. C. White. Electrical
World, September 11,1926, page 524.

Allocating Capacity Costs. W.J. Greene. Electrical World.
May 29, 1926, page 1190. Discussion Vol. 88, page 224,
521, 705, 1018 and 1171.

Allocation of Capacity Costs in Practice. A. H. Ford,
Electrical World, November 5, 1927, page 521 and 943.

Apportioning Power Costs Among Various Classes of Consumers,
G. E. Quinan, Electrical World, June 25, 1921, page 1495.
Discussion'Vol. 78, page 321.

Analysis of Consumption by Small Lighting Customers. Elec-
trical World, June 22, 1918, page 1326

Average Use Misleading in Analyzing Promotional Rates.
Electrical World, May 5, 1928, page 921.

Average Rate, Electrical World, November 7, 1931, page 842.

Basing Raps on Cost Allocations. Adolph Kanneberg.
Electrical World, April 17, 1931, page 672.

Central Station Growth and Rate Reductions - Milwaukee &

St. Louis Methods, Electrical World, January 1917, page 173.

Connecticut Commission Makes Comparative Tabulation, Elec-
trical World, October 24, 1931, page 736

Cheapest Supply Source Is Criterion For Rates, Electrical
World, December 13, 1930, page 1071.

Clinch the Bases for Cost Allocations, Electrical World,
July 12. 1930. page 59-

.Cost Analysis for Electric Utilities. 0. F. Lacombe,
Electrical World, August 28, September 18, October 2,1926
pages 427, 575 and 701.

Cost of Service the Chief Factor in Rate Regulation.
W.G. Raymond, Engineering News Record. September 5, 1918,
page 451.

Cost Study Must be Made in Giving Rural Service. Electrical
World, August 12, 1922, page 332.

- 144 a

Rate Determination (cont'd)

Data on Cost per Customer Served, Electrical World,
July 31, 1920, page 247.

 

Development of Rates for Electric Service. E. W. Lloyd,
Electrical World, September 9, 1922, page 558.

Determining Customer Costs. Electrical World, February 4,
1928, page 261.

Determining Demand Charge. W.J. Greene, Electrical World,
November 7, 1925, page 947. Discussion Vol. 87,
pages 508 and 560.

Demand Costs and Their Allocations. H.W. Hills, Electrical
World, January 22 and 29, 1927, pages 198 and 249.
Discussion page 964 and Vol. 90 page 165 and 402.

Electric Rates; the Load Factor and the Density Factor.
G.P. Watkins, Quarterly Journal of Economics. May 1916
page 519.

Electric Rate Analysis. L. R. Nash, Electrical World,
June 28, 1930, page 1336.

Energy Consumption by Various Types of Consumers.
A. C. Hall, Electrical World, June 3, 1922, page 1116.

Energy Costs to Large Consumers of Power. E.C. Thuerk.
Electrical World, February 21, 1920, page 443.

Excess Peak Responsibility versus Demand in Cost Studies.
W. J. Greene, Electrical World, July 23, 1927, p. 165.

Investment Charge as Applied to Electric Power.
R. E. Richardson, Electrical World, July 22, 1922,
page 171.

Low Rates to Large Users. Maurice R. Schoff. Steve and
Webster Journal, June 1916, page 481.

Lower Rates, More Business. B. J. Sickler, Electrical
World, May 3, 1930, page 888.

Making Equitable Rates for Electric Service. W. J. Greene
and A. E. Halloway, Municipal Engineer, February 1924,
page 97.

Power Factor Rate Clauses, R.R. Herrmann. Electrical
World. December 7, 1924, page 1357.

Power Factor Correction. R.W.W. Morrow, A.I.E.E. Journal
February 1925, page 150.

- 145 -

Rate Determination (cont'd)

 

Peak Responsibility as a Basis for Allocating Fixed Costs.
A.S. Knight, Electrical World, March 6, 1926, page 495.
Discussion page 663 and 874.

Rate Making for Public Utilities. S.G. Koon. Sibley,
Journal of Engineering, November 1917, page 21.

Reduction Spur Sales, Electrical World, August 23, 1930,
page 339.

Residential Customers Demand. Electrical World.
October 25, 1924, page 892.

Rate Determinations Require Complete Analysis. 0.0. Brown.
Power Plant Engineering, June 1, 1927, page 617.

Service Charge versus Minimum Monthly Rate. Electrical
World. November 28, 1931, page 940.

Sharing Benefits of Diversity in Loads.y H. A. Snow.
Electrical World. February-20, 1926, page 403.

The Future of Cost Allocations. Electrical World.
May 29, 1926, page 1179.

The Cost of Electric Service. ‘W.J. Greene. C.F. Schoonmaker
and C.E. Gorton. Electrical World. October 21, 28 and
December 31, 1922. pages 878, 928, 1431.

The Multiple Plant Method for the Equitable Apportionment
of Fixed Charges. A.I.E.E. Journal, April 1923, page 408.

- 146 -

Form 1.
Form 2.
Form 3.
Form.4.
Form 5.

Form 6.

List of Standard Forms

Balance sheet

Fixed capital accounts
Income account

Profit and loss account
Operating revenue accounts

Operating expense accounts

-147-~

Page
47 and 48

49 to 51
52 and 53
52+

55
56 to 61

\-—'

Table

Table

Table

Table

Table

Table
Table
Table

Table
Table
Table
Table
Table

II.

III.

IV.

VI.
VII.
VIII.

IX.
X.
XI.
XII.
XIII.

List of Tables

Kilowatt hours utilized per year by the
different groups of customers and the
number of customers

Group demands at maximum demand on gener-
ating station

Time of occurrence of maximum demand of
each group

Loss due to transmission from generating
to substation

Installed transformer capacity on distri-
bution system

Transformer losses on distribution system
Distribution losses

Net generation required for each group
of customers

Load factor of each group of customers
Unit investment cost of services

Unit investment cost of meters

Unit cost of property

Division of operating expenses

- 148 -

Page

75
76
76
81

81
82
84

86
86
88
88
88

“—0 ~v.‘

28.
29

List of Figures

Straight line meter rate
Step meter rate

Block meter rate

Wright demand rate

Block Hopkinson demand rate

Three charge rate

Seasonal variation of generation
Composite load curve

Average load curve

Average load curve

Number of statements for residential customers.
Relative cost of percent less in residential
Load factor of residential customers
Residential cost of service

Residential costs compare with rate schedule

Number of statements for commercial customers.

Relative cost of percent less in commercial
distribution system.

Load factor of commercial customers.

Commercial cost of service.

Number of statements for industrial customers.

Relative cost and percent loss in industrial
distribution system.

Load factor of industrial customers.

Industrial cost of service .

Multiplying factors for power factor bonus and
penalties. '

Number of statements for suburban customers.

Relative cost of and percent less in suburban
distribution system.

Load factor of suburban customers.

Suburban cost of service.

Unit cost of service.

.. 1A9-

Exhibit

I
W
I!

l
Exhibit
I
W
0
Exhibit

Exhibit
ll

Exhibit

Exhibit
I!

Exhibit
I

OZKIT'FS tot-4:120?! HUOUJSD

p.

r.
8.
t.

List of Exhibits

Balance sheet

Fixed capital accounts
Income accounts

Profit and loss account
Operating revenue account

Operating expense

Rate Base calculation

Allocation of fixed capital

Allocation of distributed fixed capital
Subtotals of some items in Exhibit I.

Payroll

Allocation of operating expense

Allocation of distribution operating expense

Summary of total operating and fixed costs

Allocation of operating costs as to groups
of customers

Allocation of fixed capital
Allocation of rate base
Determination of rate of return

Allocation of the amount to be collected
above costs

Summary of total costs including return

Unit cost of service including return

Cost of residential service

Amount of residential customers energy
requirements

Residential rate determination

Residential rate form

Cost of commercial service

Amount of commercial customers energy
requirements

Amount of commercial customers demands

Commercial rate determination

Commercial rate schedule

Cost of industrial service

Amount of industrial customers energy and
demand requirements .

Industrial rate determination

Power factor bonus and penalty for
industrial customers

Industrial rate schedule

Power factor correction schedule

Cost of suburban service

Amount of suburban customers energy
requiremelts

- 15o -

102
10

107
108

109
110
113

114
115

116
117
121

122
123

124
125
127
129

130

 

List of Exhibits (cont'd)

Page
Exhibit u. Suburban rate determination 131
' v. Suburban rate schedule 132
' w. Cost of mumicipal street lighting service 133

" x. Summary of total and unit charges for
service 134

- 151 -

INDEX

Accounts, uniform classification of
Allocation of costs

Amortization of early losses
Appraisals, basis of

Balance Sheet, standard form
Bibliography

Block rates

Bonds, proportion of capital

Capital working
Capitalization of early losses
Classification of customers
Classes of accounts
Competition,reason for elimination
Confiscation

Continguous territory

Cost, historical

Cost of reproduction

Court decisions

Customer advances

Customer charge

Demand,determination of
Demand rates

Depreciation

Discount for prompt payment
Discrimination
Distribution costs
Distribution losses
Dividends

Doherty rate

Duplicate equipment

Efficiency, reward for
Electric rate schedules
Energy losses, allocation
Excess capacity

Expense, accounting

Page

if

25

..7
140

35
137

16
26
41
46

11, 26

10
13
39

Factors entering into costs
Fair rate of return

Fair value

Fixed capital accounts
Fixed costs

Fuel clauses

General theory of rate determination
Going concern value

Historical cost
History rates
Hopkinson demand rate

Income Account, standard form

Income, relation to interest charges
Investment, prudent

Investment, relation to operating ratio
Items in dispute

Items in fixed capital account

Joint costs

Losses, amortization of early
Losses in distribution

Market value
Mathematical determination
Minimum charge

Operating costs

Operating expense accounts
Operating ratios

Operating revenue accounts
Original cost of construction

52
136

7
136
49

76

25
85

1o
62
39

Penalty for delinquent accounts

Physical characteristics of hypothetical utility
Power factor

Present value

Profit and loss accounts

Prompt payment discount

Psychology of rate payer

Rate base

Rate base, typical example

Rate of return

Rate structures

Rate schedules

Ratios, bond issue to net earnings
Ratios, investment to earnings
Ratios, net income to gross earnings
Ratios, operating

Reasonable rates

Replacement cost

Reproduction cost

Retirement, accounting

Service, kind of

Smyth vs Ames case

Spare capacity

Special rates

Step meter rate

Straight line meter rate

Tests of operating ratios
Theory of rate determination
Three part rates
Transmission losses
Turn-over of capital

Two part rates

Uniform accounts
United State Supreme Court, decision of

15, 29

135
1, 41

138
135
38

43
10

Valuation, basis of
Value of service

Working capital

Yield on investment

Page

13
21

16

25

 

  

.~.

 

A

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