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4.1. ERMUSR 11-15-2016 Elk River Municipal Utilities UTILITIES COMMISSION MEETING TO: FROM: Elk River Municipal Utilities Commission Tom Sagstetter—Conservation and Key Accounts John Dietz—Chair Manager Al Nadeau—Vice Chair Daryl Thompson—Trustee MEETING DATE: AGENDA ITEM NUMBER: November 15, 2016 4.1 SUBJECT: Cost of Service and Rate Design Study BACKGROUND: ERMU staff is has been working with Dave Berg Consulting, LLC on a cost-of-service and rate design study. The work was done to evaluate possible changes to rates and services that are a result of changing conditions, including but not limited to; additional customers and energy sales from the transfer of territory from Connexus Energy to ERMU, and the transition from our current wholesale power supplier to Minnesota Municipal Power Agency in October of 2018. DISCUSSION: Mr. Berg will present the findings of the final report and answer any questions the Commission may have. ACTIONS REQUESTED: Receive the Final Electric Cost of Service and Rate Design Study prepared by Dave Berg Consulting, LLC. ATTACHMENT: • Final Report—Electric Cost of Service and Rate Design Study POWERED BY 1.1 Page 1 of NACURE Reliable Public Power Provider P w A a.E o T o SERVE Elk River Municipas ELECTRIC COST OF SERVICE AND RATE DESIGN STUDY Final Report November 15, 2016 UfIUE BERG COfSULTIfG. LLC 54 REPORT OUTLINE Cover Letter Section 1 - Introduction Section 2 — Projected Operating Results — Existing Rates Section 3 — Cost of Service Section 4 — Proposed Rates 55 DRUE BERG CDf15ULTIRC. LLC November 15, 2016 Elk River Municipal Utilities Commission 13069 Orono Parkway PO Box 430 Elk River, MN 55330 Subject: Electric Rate Study Commission Members: Dave Berg Consulting, LLC has undertaken a study of the retail rates Elk River Municipal Utilities (ERMU) charges its customers for electric service. This report summarizes the analyses undertaken and the resulting recommendations for changes to the existing rates. The recommended rate adjustments have been made based on overall revenue and cash reserve needs of the utility and the results of a cost-of-service analysis. As a result of the study undertaken an overall rate increase of 2.8% has been recommended. This adjustment has been designed to help ensure the continued financial strength of ERMU. The increases will not affect all customers equally and specific rate design recommendations are included for each retail rate class. Thank you for the opportunity to be of service to ERMU through the conduct of this study. I wish to express my appreciation for the valuable assistance I received from ERMU staff relative to the execution of this study. Sincerely, Dave Berg Consulting, LLC i David A. Berg, P Principal Dedicated to providing personal service to consumer-owned utilities Dave Berg Consulting, LLC I 15213 Danbury Ave W, Rosemount, MN 55068 1612-850-2305 www.daveberronsulting.com Section 1 Introduction The City of Elk River, MN owns a municipal utility providing service to approximately 10,826 retail electric customers. The electric utility is operated by Elk River Municipal Utilities (ERMU) and is under the direction of the Elk River Municipal Utilities Commission. This report has been prepared by Dave Berg Consulting, LLC to examine the rates and charges for electric service in Elk River. The study includes an examination of the allocated cost of service based on actual 2015 utility operations with adjustments (Test Year). It also includes projected operating results for 2016-2020 (Study Period). As a result of the analyses undertaken and reported on herein, electric rate recommendations have been developed for consideration by ERMU. 113 C OFIUE BERG COnSULTirC.LLC 57 Section 2 Projected Operating Results Existing Rates The rates charged for electric service by ERMU, combined with other operating and non- operating revenues, must be sufficient to meet the cost of providing services to ERMU's retail customers. This is necessary in order to ensure the long-term financial health of ERMU. The cost of providing electric service consists of normal operating expenses such as production and purchased power, transmission and distribution functions, customer and administrative functions, system depreciation expenses, capital improvements, payments on outstanding debt and contributions to the City of Elk River and other non- operating expenses. An analysis of the operating results for ERMU during the 2016-2020 Study Period has been performed assuming the current retail rates and charges remain in effect for the electric utility through the Study Period. This analysis has been done to determine the overall need, if any, for additional revenue through rates to meet projected revenue requirements. The analyses and assumptions utilized in these projections are explained below. Estimated Revenues — Existing Rates Retail Sales ERMU sells retail power and energy to residential, commercial and industrial customers. ERMU has recently been experiencing steady growth in total retail sales to its electric customers; since 2007 annual growth in sales has averaged 3.7% per year. ERMU is expecting an increase in sales growth for the Study Period, primarily associated with the acquisition of additional electric service territory. During the Study Period, ERMU anticipates acquiring 8 new service territory areas. The Study Period sales analysis EI DflUC UHC ConSULTIflG.LLC 58 Section 2 includes the estimated impact of the first two areas. The remaining areas are not included at this time due to uncertainty about the customer makeup in those areas. It is estimated that sales will increase 8% in 2016, 3 % in 2017 and 2% per year thereafter. Exhibit 2-A is a summarized listing of ERMU's historical and projected electric operating results at existing rates. The historical and projected revenues from retail sales of power and energy to different groups of customers are included at the beginning of the exhibit under Operating Revenues. Other Operating Revenues ERMU also receives revenue from other normal operating procedures. These revenues are shown in Exhibit 2-A below the charges for services. These include security system sales, landfill gas generation sales, reduced revenues due to retail customer generation credits, connection charges and customer penalties. ERMU has recently sold its security system business, revenues from this endeavor are removed after 2016. The generation credits are related to a program from Great River Energy. ERMU, as will be discussed below, is changing power supply providers in the fall of 2018. It is assumed that the generation credit program will be discontinued following this change. Utility Revenues combined with Other Operating Revenues results in ERMU's Total Operating Revenues. Revenue Requirements Generation and Purchased Power ERMU currently meets its wholesale power requirements through purchases from Connexus Energy/Great River Energy (Connexus/GRE). ERMU will be switching power supply providers in October 2018 when it will begin a new contract with the Minnesota Municipal Power Agency (MMPA). Projections of wholesale power expenses are based on anticipated Connexus/GRE rates through September 2018 and MMPA rates thereafter. - 2 - 52 Projected Operating Results — Existing Rates ERMU's actual retail sales and wholesale requirements for the 2015 Test Year are shown in Table 2-1. Table 2-1 Retail Sales And Wholesale Requirements Item 2015 Metered Retail Sales 282,265,268 kWh Distribution Losses 4.1 °Yo Wholesale Energy 294,441,957 kWh Wholesale Peak 54,188 kW Other Operating Expenses ERMU incurs other operating expenses associated with local electric system operations. Transmission and distribution operating and maintenance expenses are related to the substations, overhead and underground lines and customer facilities located in ERMU. Operating expenses also include production related expenses for the landfill gas generation project and the local peaking power plant. ERMU also has customer account expenses related to serving retail electric customers. Administrative and general expenses are required for utility management, employee benefits, training and other administrative costs. Projected operating costs have been adjusted to reflect the sale of the security business and the reduction in free utility services to the City. This is represented by the reduction in distribution operating expenses from 2016 to 2017. Non- wholesale power related expenses are based on 2015 values, the 2016 and 2017 budgets and are generally estimated to increase by 3% per year after 2017. - 3 - 6n Section 2 Depreciation ERMU has annual depreciation costs based on its system investments. Depreciation during the Study Period is based on budgeted ERMU amounts and future capital improvements. Depreciation is a funded non-cash expense that generates monies available for annual capital improvements and reserves. Non-operating Revenue (Expenses) ERMU's non-operating revenue is primarily associated with investment income and miscellaneous revenues. Non-operating expenses are related to interest expense for existing debt and the planned 2018 bonding. There is also a one-time non-operating revenue in 2016 related to the sale of the security system. City Transfer ERMU makes an annual operational transfer to the City's general fund. The transfer is assumed to be 4% of electric retail sales revenue, not including revenue from sales in other cities and the acquisition areas that are part of the 2015 Territory Transfer Agreement with Connexus Energy. Capital Improvements ERMU makes annual normal capital investments in its electric system. Annual electric capital improvements for the Study Period, as budgeted by ERMU, are shown in Table 2- 2 below. Table 2-2 Capital Improvements (1) Capital Item 2016 2017 2018 2019 2020 Capital Fee Projects $13,756,468 $2,531,100 $11,901,122 $3,961,144 $3,731,167 (1) Includes territory transfer costs associated with Areas 1 and 2. - 4 - Al Projected Operating Results — Existing Rates Debt Service ERMU has current debt service on outstanding debt including the recent 2016 bond issue. ERMU is also planning a new$10,000,000 bond issue in 2018 to support budgeted capital improvements. ERMU also makes annual payments on a note associated with the landfill gas project. Projected Operating Results — Existing Rates Based on the assumptions outlined above, the resulting projected operating results assuming continued application of the existing retail rates are summarized in Table 2-3 for the electric utility. A summary presentation of the operating results is shown in Exhibit 2-A. The results below are provided as an indication of revenue needs in the future, they do not represent ERMU policy or historical practice regarding allowable negative results. Table 2-3 Projected Operating Results Existing Rates Year 2016 2017 2018 2019 2020 Operating Revenues $34,709,120 $36,368,407 $37,805,232 $39,196,921 $40,012,175 Less Operating (33,898,794) (35,363,866) (37,481,037) (39,992,043) (41,865,483) Expenses Plus Non Operating 427,832 (185,885) (156,113) (532,743) (501,787) Revenues (Expenses) Less City Transfers (1,168,366) (1,213,507) (1,259,039) (1,288,239) (1,317,507) Change in Net Position $69,791 $(394,850) $(1,090,957) $(2,616,103) $(3,672,601) Net Position as 0.2% -1.1% -2.9% -6.7% -9.2% Percent of Revenues - 5 - R9 Section 2 Cash Reserves A summary of the impact of the projected operating results on ERMU's cash reserves for the Study Period is shown at the end of Exhibit 2-A and in Table 2-4 below. As shown below, under existing retail rates and estimated revenue requirements over the Study Period, the cash reserves for the electric utility are projected to decrease from approximately $12.7 million at the end of 2015 to approximately negative $5.1 million by the end of 2020. Also shown in Table 2-4 is the reserve balance goal based on ERMU policy. The end of year reserve balance is projected to decrease from 167% of reserve goal to negative 64% of reserve goal. Table 2-4 Projected Cash Reserves Existing Rates Year 2016 2017 2018 2019 2020 Beginning Balance $12,685,126 $10,810,388 $8,985,031 $7,033,784 $1,383,933 Plus Change in Net Position 69,791 (394,850) (1,090,957) (2,616,103) (3,672,601) Plus Depreciation 2,325,000 2,375,000 2,425,000 2,497,750 2,572,683 Plus Bond Proceeds 10,000,000 10,000,000 Less Capital Improvements (13,756,468) (2,531,100) (11,901,122) (3,961,144) (3,731,167) Less Loss of Revenue Pmts (31,754) (373,191) (465,916) (476,136) (486,356) Less Debt Principal P (481,307) (901,216) (918,252) (1,094,217) (1,138,385) Ending Balance $10,810,388 $8,985,031 $7,033,784 $1,383,933 $(5,071,894) Reserve Goal $6,460,731 $6,568,436 $7,410,265 $7,673,218 $7,927,883 Reserves as %of Goal 167% 137% 95% 18% -64% - 6 - Q NN CO N 00 o N N al a en M O en M CO 0 0 r0 .-1 et N N N N * M .-1 en N 0 en a M e\°\° N a N o n m N N ut 00 In N m o 0 0 n 0 N 0o 01 o O N M O 00 10 In CO 0l CO a (......1 NN 0 ' N ' M 0 .-I 01 CO Cel 1.0 10 a N a M 0 0 t0 N ' 01 N o In t0 Ot 01 .0 t0 N M M 03 CO 00 ++ t0' ,.6.. 0 T O N l0 a VI M N u1 10 Vt M O O O N N 0 ut n N M N N N 10 00 N N N 00 N en N 0 O N M N 0 t0 t0 en 0 0 N N V 0 en N n 00 N n M CO M1 N N a N N N 0 a N a Vl l0 Lel CO CO N N to V M M tD M t0 N N a N 0 O L M N a Ni N N tel a N 1 M N M N M V V1 N X W In N N in 0. eh eh in in in in in iA . 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C X ell o E u ` OU o ^ E m y V v li > C - c > co ,o c > y . E a Z O 0) o)) o to. m L.._ O y a° 10 ar w E u m W w 3 O '° x c u Y c P a i P o= p c co 7 Y1 ;; E v m to a o c c -moo m ¢ ° 'o a c o O o v z o a > °• ' — z 8 N t c c a c Z -0 c .N ° 2, ° c c _ a1 x co ^ `m O 05 a 5 m a E s cea j v o O w . a 4.3 o v, • io `w f0 ' Z m li ''n In o p u L W w w o .a v — i• m m UiH ! : WE z0Z F. a a 1`- D u l7 a m 1n l7 m v `w Lt Q z .0 Y1 '^ '^ 'o . Li ga fre¢ Z r E z m a a a li 3 w z a 0 QN O O 0 Z = I- LI U Section 3 Cost-of-Service A cost-of-service analysis was performed to determine the allocated cost to serve each of ERMU's customer classes within the electric utility. Customer classes exist, in part, because the cost to serve various kinds of customers varies. The cost-of-service analysis has been performed on a 2015 'Test Year' based on actual 2015 financials (with certain adjustments), operations and sales. The results of the cost-of-service study give an indication of the degree of revenue recovery warranted for each class of customers. A comparison of the allocated cost to serve a class of customers and the actual revenues received from that class is taken into consideration during rate design. Test Year Adjustments The following adjustments were made to the 2015 Test Year financials to modify the test year and make the Test Year more indicative of ERMU's future operating profile. These adjustments are shown in Exhibit 3-A. • Power supply expenses have been adjusted to represent the transition from Connexus/GRE wholesale power to MMPA. • Revenues and expenses associated with the security business have been eliminated to reflect the sale of that entity by ERM U. • Utilities and labor donated have been reduced to reflect the full retail sale of electricity to City accounts. • The dispersed generation credit program tied to GRE has been eliminated. • The transfer to the City has been increased to reflect the revised policy. • The margin has been adjusted to reflect the combined adjustments listed above. 13 110 OflUE BERG COt15ULTU1C.LLC 65 Section 3 Classification of Costs ERMU's Test Year electric revenue requirements have been divided into six distinct cost classifications. These cost classifications are described below. Demand Related — demand related costs are fixed costs that do not vary with hourly consumption. Demand related costs are required to meet the overall demand of the system as expressed in kW. For ERMU, demand related costs include the demand portion of wholesale power and production expenses, certain transmission and distribution system expenses and a portion of administrative and general expenses. Energy Related —energy related costs vary based on hourly consumption in kWh. ERMU's primary energy related costs are the energy portion of wholesale power and production expenses, and a share of administrative and general expenses. Customer Facilities — these costs are fixed costs associated with the service facilities utilized to deliver electric power and energy directly to customers. Customer Service — these costs vary by the number and type of customers and include items such as meter reading, billing, collections and dealing with customers by customer service representatives. Direct — these costs are certain system related costs directly attributable to ERMU's street light services provided to the City of Elk River. Revenue Related — revenue related costs vary by the amount of revenue received by the utility or are associated with other and non-operating revenues. For ERMU, this includes transfers to the City and other operating and non-operating income. - 2 - FF Cost-of-Service Table 3-1 below summarizes the classified electric costs for the 2015 Test Year. The detailed cost classifications are shown in Exhibit 3-A and Exhibit 3-B shows the classification of the plant-in-service. Table 3-1 Classified Electric Costs 2015 Test Year Revenue Component Requirement Demand $9,022,019 Energy 18,874,892 Customer Facility 1,833,527 Customer Service 1,173,513 Direct 213,437 Revenue 511,743 Total $31,629,131 Allocation of Costs Based on an analysis of customer class service characteristics, the classified costs summarized above were allocated to the major ERMU customer classes. Allocation of costs was performed on a fully-distributed, embedded cost allocation basis. Specific allocation factors were utilized in each of the cost classification categories as described below. Exhibit 3-C contains a summary of the development of the various allocation factors. Demand Allocations Customer class demands on a system can be reflected in various ways. Three primary demand allocation types were utilized in this analysis. Coincident peaks (`CP') represent a class' share of the overall system peak. A 12 CP method, reflecting each class' estimated contribution to each month's system peak, was - 3 - R7 Section 3 employed for allocating the power supply demand portion of the wholesale purchased power and production expenses. A 1 CP method was utilized for transmission expenses. Non-coincident peaks reflect a class maximum demand regardless of when it occurs. The non-coincident peak is an indication of the amount of fixed local system required to serve individual groups of customers. A 1 NCP method, an estimate of each class' maximum annual demand on the system, was utilized for allocating local system demand related costs. Energy Allocations Each class' share of energy requirements was used to allocate energy related costs. The predominant energy related costs are the energy portions of the purchased power expenses. These costs were allocated based on each classes' estimated share of wholesale energy purchases. Other local energy related costs were allocated based on retail energy sales. Customer Allocations Two separate customer allocators were utilized. The customer facilities allocator was used to allocate costs associated with the physical facilities required to serve individual customers such as service transformers, service drops and meters. The customer service allocator is for allocation of costs associated with customer service — meter reading, billing, collections and customer inquiries. For both the customer facilities and customer service allocators, a weighted customer allocation factor is developed. Weighting factors are developed to represent the difference in service configurations between customer classifications. For instance, a larger customer facility is required for a single large power customer than for a single residential customer, or a single large power customer requires more customer service than a single residential customer. - 4 - Cost-of-Service Direct Allocations Direct costs for ERMU are associated with certain expenses directly attributable to street lights. These direct costs were then allocated across customer classes based on a customer allocator. Revenue Allocations Revenue related costs were allocated based on each class' share of total demand, energy, customer facility, customer service and direct costs. Cost of Service Results Based on the classifications and allocations described above, the estimated cost to serve each major class of customers for the 2015 Adjusted Test Year was determined. Exhibit 3-D presents this analysis in detail. Table 3-2 below summarizes the total allocated electric costs for each class compared to the total electric revenues received from the class during 2015. - 5 - Section 3 Table 3-2 Electric Cost of Service Results Comparison of Cost and Revenues 2015 Test Year Customer Allocated Revenues Classification Cost to Serve Residential $10,644,237 $11,249,153 Commercial Non-demand 3,166,586 3,350,843 Demand 10,271,205 9,957,797 Large Demand 7,547,103 7,071,338 Total $31,629,131 $31,629,131 The revenue requirements and revenues as allocated to each class and summarized above are shown on a total dollars basis. Table 3-3 below makes the comparison based on percentages of total cost to serve and total revenues. The charts following Table 3-3 show a graphical comparison between allocated cost to serve and revenues as a percentage of the totals. The percentage increase/(decrease) in each class' revenue shown in Table 3-3 is the adjustment necessary to produce revenues from each class in accordance with the allocated cost to serve. The percentage adjustments do not represent the recommended change in each class' rates. The cost-of-service results are one item for consideration in rate design. It is important to note also that the adjustments shown in the table below would not change the total revenue received by the utility and are not indicative of overall revenue needs of the utility going forward. Recommendations regarding rate design are included in Section 4 of this report. - 6 - 7n Cost-of-Service Table 3-3 Electric Cost of Service Results Comparison of % Cost and Revenues 2015 Test Year Customer Allocated Increase/ Classification Cost to Serve Revenues (Decrease) Residential 33.7% 35.6% -5.4% Commercial Non-demand 10.0% 10.6% -5.5% Demand 32.5% 31.5% 3.1% Large Demand 23.9% 22.4% 6.7% Total 100.0% 100.0% 0.0% - 7 - 71 Section 3 Allocated Cost to Serve Large Demand,_, 23.9% `� r Residential, A /J 33.7% Demand,32.5% , III Commercial Non- demand, 10.0% Test Year Revenues Large Demand,_ 22.4% Residential, / 35.6% Demand,31.5% ,._Commercial Non- demand, 10.6% - 8 - 72 Cost-of-Service As indicated above, ERMU's existing class revenues do not exactly match the allocated cost to serve each class. Cost based rates are one of several goals in establishing rates. The relationship between allocated costs and revenues for each class should be considered, in addition to other rate related goals, in developing recommended rates. Per Unit Costs Based on the cost-of-service results shown above, the costs have been summarized on a per unit basis by customer class and class billing data. These per unit costs resemble rates and represent another piece of information for use in rate design. The resulting per unit costs by rate class are shown in Table 3-4. Table 3-4 Per Unit Electric Costs 2015 Test Year Total Customer Classification Dmd Energy Cust ($/kW) ($/kWh) ($/mo) Residential 7.83 0.0700 17.07 Commercial Non-demand 8.13 0.0698 28.12 Demand 11.95 0.0683 372.90 Large Demand 13.47 0.0678 13,512.20 - 9 - 73 m O QN (Y m bo YC E W N W W N W 0 X Io yam.. w w 42 wC) w w42 m a, E w E E E E 0 al E E "' m 0) CI "'• E E u = _ - = 0 0 0 0 0 0 = .2 w -..c.- - = o 422 - Ln > w > > u u u u w La 42 C t. 4. 4. v ` ` a`• v ` ` v vvv w v -o v w w a v v v a v a v v v a v v 'n o C 0>0 C>0 IC a A C La IC C>0 N N N N C O C y �' O C N m N m C C N N m y a+ a+ O O C C y 0 0 `w E `w `m E E E E E E `w E E E E E E O v E E E E E v E d d v E E E vm0vvwvavv a v 01 v v ci a ci 'v u 'u 'o v v a v v v v v v v 'v 'u 'u 'a v u u 'u 'c n * * 0 * o*° ee * * * * e o e ea * * * * * * * m o do 3° Ln Fnn m m m e0 ul . / ° 3� .. .L .4 . .. m 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 " ",",o 0 0 0 o 0 0 o O o `w 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 'n 0 0 0 0 In v1 vt to in 0 0 0 0 0 0 0 0 0 In a .-I .-I .-I .-I * .i . . .i - .-I ti .-1 .1 to .ti - CO (0 (0 (0 e .i .ti ti ti .-I .ti .ti CO w 0 w O c/> N N81 , nN tn0 a n m Iii CO. 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Exhibit 3-C Elk River Municipal Utilities 2015 Test Year Allocation Factors Commercial Large Total Residential Non-demand Demand Demand Demand Allocation Factors 12 Coincident Peak(kW) 517,841 161,710 55,223 187,316 113,592 12 CP 100.0% 31.2% 10.7% 36.2% 21.9% 1 Coincident Peak(kW) 54,209 21,692 6,309 16,377 9,830 1 CP 100.0% 40.0% 11.6% 30.2% 18.1% 1 Non-coincident Peak(kW) 64,586 24,103 7,192 22,846 10,446 1 NCP 100.0% 37.3% 11.1% 35.4% 16.2% Energy Allocation Factors Retail Energy Req.(kWh) 281,858,667 80,773,471 26,329,449 93,412,847 81,342,900 RE 100.0% 28.7% 9.3% 33.1% 28.9% Wholesale Energy Req.(kWh) 294,441,957 85,745,296 27,950,582 96,800,878 83,945,201 WE 100.0% 29.1% 9.5% 32.9% 28.5% Customers Number of Customers 10,374 9,205 1,018 149 2 C 100.0% 88.7% 9.8% 1.4% 0.0% Customer Facilities Allocation Factor Weighted Number of Cust 22,691 9,205 2,036 7,450 4,000 CF 100.0% 40.6% 9.0% 32.8% 17.6% Customer Service Allocation Factor Weighted Number of Cust 11,338 9,205 1,527 596 10 CS 100.0% 81.2% 13.5% 5.3% 0.1% Revenue Allocator Sum Other Rev Reqs $ 31,117,388 $ 10,472,018 $ 3,115,352 $ 10,105,022 $ 7,424,995 R 100.0% 33.7% 10.0% 32.5% 23.9% 7A Exhibit 3-D Elk River Municipal Utilities 2015 Test Year Allocation of Revenue Requirements Commercial Large Allocation Total Residential Non-demand Demand Demand Factor Demand Component Purchased Power 4,466,929 1,394,922 476,358 1,615,799 979,850 12 CP Production 726,794 226,961 77,506 262,899 159,427 12 CP Transmission 5,189 2,076 604 1,568 941 1 CP Distribution 659,043 245,947 73,384 233,124 106,589 1 NCP General&Administrative 1,415,066 528,085 157,566 500,552 228,863 1 NCP Depreciation 1,325,317 494,592 147,572 468,806 214,348 1 NCP Other Operating Income (838,711) (261,911) (89,441) (303,383) (183,977) 12 CP Non-Operating Income (6,324) (2,360) (704) (2,237) (1,023) 1 NCP Margin 1,268,716 473,469 141,270 448,784 205,193 1 NCP Total Demand $ 9,022,019 $ 3,101,781 $ 984,114 $ 3,225,912 $ 1,710,212 Energy Component Purchased Power 16,020,115 4,665,264 1,520,746 5,266,781 4,567,324 WE Production 202,129 58,863 19,188 66,452 57,627 WE General&Administrative 210,452 60,310 19,659 69,747 60,735 RE Depreciation 24,437 7,003 2,283 8,099 7,052 RE Other Operating Income (236,437) (67,757) (22,086) (78,359) (68,234) RE Non-Operating Income (74) (21) (7) (24) (21) RE Margin 2,654,269 760,646 247,945 879,671 766,008 RE Total Energy $ 18,874,892 $ 5,484,308 $ 1,787,728 $ 6,212,366 $ 5,390,491 Customer Facility Component Distribution 462,220 187,507 41,474 151,758 81,481 CF General&Administrative 643,198 260,924 57,712 211,177 113,384 CF Depreciation 472,427 191,648 42,390 155,109 83,280 CF Non-Operating Income (2,156) (875) (193) (708) (380) CF Margin 257,839 104,597 23,135 84,655 45,452 CF Total Customer Facility $ 1,833,527 $ 743,802 $ 164,517 $ 601,991 $ 323,217 Customer Service Component Distribution 6,064 4,923 817 319 5 CS Customer Accounts 567,076 460,393 76,374 29,809 500 CS General&Administrative 366,266 297,361 49,329 19,253 323 CS Depreciation 69,291 56,255 9,332 3,642 61 CS Non-Operating Income (209) (169) (28) (11) (0) CS Margin 165,024 133,979 22,225 8,675 146 CS Total Customer Service $ 1,173,513 $ 952,742 $ 158,049 $ 61,688 $ 1,035 Direct Lighting Component Distribution $ 65,211 57,863 6,399 937 13 C General&Administrative 87,461 77,606 8,583 1,256 17 C Depreciation 30,887 27,407 3,031 444 6 C Non-Operating Income (136) (121) (13) (2) (0) C Margin 30,014 26,632 2,945 431 6 C Total Direct $ 213,437 $ 189,386 $ 20,945 $ 3,066 $ 41 Revenue Component Other Operating Income (401,534) (135,129) (40,200) (130,394) (95,811) R Non-Operating Income (258,344) (86,941) (25,864) (83,894) (61,644) R Transfer to City 1,099,657 370,071 110,093 357,101 262,392 R Margin 71,964 24,218 7,205 23,369 17,171 R Total Revenue $ 511,743 $ 172,218 $ 51,234 $ 166,183 $ 122,108 Total Revenue Requirements $ 31,629,131 $ 10,644,237 $ 3,166,586 $10,271,205 $ 7,547,103 Total Revenues $ 31,629,131 $ 11,249,153 $ 3,350,843 $ 9,957,797 $ 7,071,338 Percent Revenue Requirements 100.0% 33.7% 10.0% 32.5% 23.9% Percent Revenues 100.0% 35.6% 10.6% 31.5% 22.4% Percent Change 0.0% -5.4% -5.5% 3.1% 6.7% Revenue Req/kWh 0.112 0.132 0.120 0.110 0.093 Revenue/kWh 0.112 0.139 0.127 0.107 0.087 8n Section 4 Proposed Rates Changes to rates are generally based on the overall need for revenues and results of the cost-of-service analyses. The projected operating results at existing rates as presented in Section 2 of this report outlines the overall revenue needs of the electric utility. Section 3 summarizes the cost-of-service results. These factors have been considered in developing the proposed rates summarized in this section of the report. Proposed Rates Revenue Needs In Section 2, it shows that ERMU's projected annual change in net position declines from 0.2% of revenues in 2016 to negative 9.2% of revenues in 2020 assuming existing rates are maintained through the Study Period (during 2011-2015 this averaged 5.7%). It also shows that ERMU's projected cash reserves at current rates decline from $12.7 million to negative $5.1 million over the Study Period. The analysis shows ERMU's reserve levels dropping below the current policy defined level by the end of 2018. In order to strengthen ERMU's financial position, an overall rate increase of approximately 2.8% is recommended. It is recommended that this rate adjustment be effective January 1, 2017. Rate Design Adjustments The unbundled analysis summarized in Section 3 shows the per unit cost of service for each class of customers. The results of this analysis have impacted the recommendation for specific implementation of the rate adjustment. The cost-of-service analysis summarized in Section 3 was also taken into account in the development of recommended rate adjustments. The proposed rates would increase estimated revenues for the residential and commercial non-demand customers by approximately ®BG ORM OCRC COnSULTI(IG.LLC RI Section 4 1.8% and increase the demand and large demand by approximately 3.7%. Specific rate recommendations for each class to become effective in 2017 are shown in Exhibit 4-A. ERMU's current residential monthly customer charge is $12.00, no change has been proposed for this rate component. As a point of reference, the current Connexus Energy residential customer charge is $13.50 per month. The residential increases have been applied to the seasonal energy rates as shown in Exhibit 4-A. Increases to the energy rates for off-peak storage and off-peak dual fuel have been increase, however the rate for ground source heat pumps has not been increased. For commercial non-demand customers, the current customer charge is $20.00 per month is also unchanged and the increases have been applied to the energy charges. For the commercial and industrial demand billed customers, the increases have been focused on the energy charges. As ERMU prepares for a transition from Connexus/GRE wholesale power to MMPA wholesale power, the wholesale cost basis will be weighted more to energy and less to demand than the current structure. For this cost based reason, the increases for these customers has been implemented through the energy charges and the seasonal demand charges are unchanged. It is assumed that the demand credit policy currently in place for these customers will continue through 2017 at a level of $1.00/kW-month credit. It is assumed to be discontinued after 2017. The rate options explained above are shown as Rate Option 1 in Exhibit 4-A. In Rate Option 2 in Exhibit 4-A, monthly customer charges are increased in each class and the other rate component increases are decreased slightly so overall revenues match in both options. Exhibit 4-B shows the projected operating results for the electric utility with the proposed rates. In Exhibit 4-B, it is assumed that the new rates will be effective January 1, 2017. - 2 - 82 Proposed Rates Projected Operating Results — Proposed Rates Based on the assumptions outlined above, the resulting projected operating results with the proposed rates are summarized in Table 4-1. Table 4-1 Projected Operating Results Proposed Rates Year 2016 2017 (1) 2018 2019 2020 Operating Revenues $34,709,120 $37,357,426 $38,811,536 $40,220,571 $41,053,233 Less Operating (33,898,794) (35,363,866) (37,481,037) (39,992,043) (41,865,483) Expenses Plus Non Operating 427,832 (185,885) (156,113) (532,743) (501,787) Revenues (Expenses) Less City Transfers (1,168,366) (1,248,831) (1,295,008) (1,324,856) (1,354,773) Change in Net Position $69,791 $558,845 $(120,623) $(1,629,070) $(2,668,811) Net Position as 0.2/° 1.5/° -0.3% 4.1 /° 6.5% Percent of Revenues ° ° - ° (1) Rate increase assumed effective 1/1/2017. Cash Reserves - Proposed Rates A summary of the impact of the projected operating results on ERMU's cash reserves assuming the proposed rate adjustments is shown at the end of Exhibit 4-B and in Table 4-2 below. Assuming the recommended rate adjustments going forward, the projected cash balance at the end of the Study Period increases by approximately $3.9 million as compared to the projections at existing rates as contained in Section 2 of this report. It also extends the time by one year before the reserves fall below the policy goal. - 3 - Section 4 Table 4-2 Projected Cash Reserves Proposed Rates Year 2016 2017 (1) 2018 2019 2020 Beginning Balance $12,685,126 $10,810,388 $9,663,103 $8,910,410 $4,479,671 Plus Change in Net Position 69,791 558,845 (120,623) (1,629,070) (2,668,811) Plus Depreciation 2,325,000 2,375,000 2,425,000 2,497,750 2,572,683 Plus Bond Proceeds 10,000,000 10,000,000 Less Capital Improvements (13,756,468) (2,531,100) (11,901,122) (3,961,144) (3,731,167) Less Loss of Revenue Pmts (31,754) (373,191) (465,916) (476,136) (486,356) Less Debt Principal (481,307) (901,216) (918,252) (1,094,217) (1,138,385) Ending Balance $10,810,388 $9,938,726 $8,957,813 $4,294,996 $(1,157,041) Reserve Goal $6,460,731 $6,568,436 $7,410,265 $7,673,218 $7,927,883 Reserves as %of Goal 167% 151% 121% 56% -15% (1) Rate increase assumed effective 1/1/2017. Other Rate Considerations Demand Billing Threshold ERMU's current threshold for demand billing commercial customers is 50 kW. Many utilities demand bill customers with lower demands. Billing for both demand and energy sends a pricing signal to customer encouraging them to increase their ratio of energy used per kW of demand. Customers with a high ratio of energy to demand are said to have a high low factor. The cost to serve these customers on a per kWh basis is lower because they spread fixed wholesale power and system costs over more energy units. ERMU has been considering a reduction in the demand billing threshold from 50 kW to 25 kW. The proposed level would extend demand and energy billing to more - 4 - R4 Proposed Rates commercial customers. From a rate design and cost-of-service basis it is a defendable position. It is important that as this change is made, the utility needs to be aware of the customers that will be impacted. Some of their bills will naturally increase and some will decrease. The customers with increasing bills (those with low load factors) should be apprised of steps they can take to lower their effective demands to minimize the impact on their bills. Large Industrial Rate ERMU currently bills demand and large demand customers utilizing the same rate. Some utilities have a separate large industrial rate for very large demand customers. A separate rate for customers larger than a high level (ie. 1000 kW) is generally lower than a regular demand customer rate. This is done under the theory that large customers are less expensive to serve on a per unit basis due to larger economies of scale. This may or may not be the case. Often times, large customers desire a different level of service for reliability reasons. This scenario could actually result in more per unit costs to serve large customers. A well designed demand and energy rate can be fair and equitable for customers of various sizes. If ERMU wishes to consider a large industrial rate, it may be prudent to establish a new rate class for those customers even if the rates remain the same for demand and large demand customers. That would allow ERMU to change the rates for large industrial customers as compared to demand customers without needing to also establish a separate class at that time. Net Metering Net metering is a billing mechanism where customers with distributed generation (like rooftop solar) are credited for electricity they deliver back to the distribution system. For example, if a residential customer has a solar system on the home's rooftop, it may generate more electricity than the home uses during daylight hours. If the home is net- metered, the utility pays the customer for the excess generation. The rate paid for the excess generation varies by state and utility. - 5 - 85 Section 4 The State of Minnesota has a statute governing net metering. Prior to the 2015 legislative session, municipal utilities like ERMU, were required to pay the customer the 'average retail utility energy rate'. In the statute, "Average retail utility energy rate" means, for any class of utility customer, the quotient of the total annual class revenue from sales of electricity minus the annual revenue resulting from fixed charges, divided by the annual class kilowatt-hour sales. For ERMU's residential customers, this would mean reimbursing customers at the current average annual residential rate of 12.6958 cents/kWh. The customer charge is not part of the calculation and is still paid by the customer regardless of their net metering situation. During the 2015 legislative session, the statute was revised to include the following language: 'A cooperative electric association or municipal utility may charge an additional fee to recover the fixed costs not already paid for by the customer through the customer's existing billing arrangement. Any additional charge by the utility must be reasonable and appropriate for that class of customer based on the most recent cost of service study. The cost of service study must be made available for review by a customer of the utility upon request.' It is not clear how this may ultimately be interpreted, it could mean: • A higher customer charge to reflect more distribution fixed costs • A different rate such as a retail demand charge structure • A separate charge based on solar generating capacity • Other potential interpretations The table summarizes calculations performed based on the unbundled cost-of-service results for the residential class to calculate a cost-based solar access charge for application to customers installing solar generating capacity at their customer location. Based on data for the residential class, the average ERMU residential customer has an average monthly peak demand of 3.6 kW. The solar access charge calculation is based on allocated fixed local costs divided by the total residential class estimated annual billing demands. Based on the calculation, it is estimated that the cost of the local - 6 - Proposed Rates system for residential customers is $6.38/kW-month. It is proposed that the access fee be applied to the kW capacity of a customer's solar generation. This fee would apply to all capacity in excess of the average residential monthly demand of 3.6 kW. For instance, if a customer installs a 6 kW solar facility under a net metering arrangement, they would be charged $6.38/kW for 2.4 kW (the amount in excess of 3.6 kW) of the solar capacity equal to $15.31 per month. This charge would be in addition to the regular bills calculated under ERMU's regular rate in a net metering arrangement. Solar Access Charge 2015 Residential Data Item Rate Allocated Distribution Costs $2,525,903 Estimated Demand Billing Units 395,962 kW-mo Access Fee $6.38/kW-mo Economic Development Rates Historically, some utilities have implemented economic development rates as an incentive to help attract new commercial or industrial customers to locate in their service territory. Economic development rates are special rates offered to customers that meet certain criteria (jobs, electrical size, economic classification, etc). These special rates are lower than a utility's published rates and are generally offered for a limited time (3-5 yrs), after which time the customers rate will revert to the published tariff. These rates were particularly popular in the 1980s when many utilities had substantial excess generating capacity and marginal costs to serve were well below average embedded costs to serve. In today's cost environment, most utilities' offering an economic development rate are offering a subsidized rate that is supported by the utility's existing customers. New customers are happy to get an economic development rate, but the impact on the ability to attract new customers is often debated. If existing customers have to pay more to subsidize a new customer, many will think that is not a fair practice - 7 - 87 Section 4 from their perspective as loyal existing customers. ERMU has new infrastructure (substations) in its capital plans, this would tend to indicate that there is not significant excess local distribution capacity. As a wholesale purchaser under a tariff, the wholesale costs to serve new load are the same as the cost to serve existing customers. If the costs to serve new customers is similar to the costs to serve existing customers, there is not a cost-of-service justification for an economic development rate. However, some utilities opt to offer a subsidized rate in order to try stimulate customer growth in their service territories. - 8 - RR Exhibit 4-A Elk River Municipal Utilities Existing and Proposed Rates Current Rate Rate Class Rate Option 1 Option 2 Residential Customer (per month) $ 12.00 $ 12.00 $ 13.50 Summer Energy (per kWh) $ 0.1360 $ 0.1383 $ 0.1364 Non-summer Energy (per kWh) $ 0.1205 $ 0.1233 $ 0.1214 Off Peak Storage Energy (per kWH) $ 0.0450 $ 0.0458 $ 0.0458 Off Peak Dual Fuel Energy (per kWh) $ 0.0585 $ 0.0596 $ 0.0596 Ground Heat Pump Energy (per kWh) $ 0.0900 $ 0.0900 $ 0.0900 Commercial Non-Demand Customer (per month) $ 20.00 $ 20.00 $ 25.00 Summer Energy (per kWh) $ 0.1304 $ 0.1317 $ 0.1295 Non-summer Energy (per kWh) $ 0.1087 $ 0.1117 $ 0.1095 Commercial/Industrial Demand Customer (per month) $ 60.00 $ 60.00 $ 150.00 Energy (per kWh) $ 0.0649 $ 0.0681 $ 0.0672 Summer Demand (per kW) $ 16.94 $ 16.94 $ 16.94 Non-summer Demand (per kW) $ 11.99 $ 11.99 $ 11.99 Off-peak Demand (per kW) $ 6.46 $ 6.46 $ 6.46 RA m O 70 N u1 o M N Cn a ul M l0 01 M O o o M.-1 V n n en .-1 * 40 .-1 M n 10 Vl M o' a n 0 en o00 LA 03 n 03 en 0 0 N 0 - 00 en N .4 1n 01 .1 m ti 1n 00 v CO u1 a ' n ' M O N co 01 00 40 a n a N 0 0 40 N ' al n 0 n 00 L 01 0 40 m m O m •'. !-' N 00 01 O n 10 a ui M N ui O ui N O O O ui ui .i V a Co ,1 NO N n.i. 10 00 N N LA 40 N LA 01 00 0 .-1 en n 0 40 40 . 0 0 n .-1 N 0 .-1 0 t0 01 40 N M CO m en N a .-1 .-1N 0 a N a LA 40 LA 00 03 n .140 LA en en 10 N 40 01 N a N 01 L 01 .-I .ti N.ti .-i N n .-IN a N N M 4 .i N X m a en a w N VT N an N l/t an an N N N N N .mi en en en 0 .1 00 en 0 0 0 .•1 M In Co 0 0 Vl co O en N 10 O g M O 0 a b n 40 m * o N N n 0 n 40 m LA 01 01 N n a N 0 0 01 in Ln et .1 1.1-1n .'1r-- Lel 30 en 01 .1 10 N N a M O 01 Om n 0 0 LA n 0 LA O 0 a COm com n N O a o n .1 N On N LA n N O O O 01 N ui.-I N N N N W O O N a1' ui N V V N N OI N N 0 a O n a a n LA N .a-1 ' - O1 0) 00 M 0) N 0 0 0 ` en O N N LAN O1 LO N 01 01 N 40 .-1N N 01 m a .n a 01 N .1 N N mM .O 01 .0 a a1 a 0 N 40 • .- Ci a M .i en ' N n m o .`-I.N M'V v a N an In on in on an N an an an VT VT VT M 00 .-1 ul O 10 m m O 00 0 0 OI N 03 0 0 0 00 0 .mi 1n CO en s' o M O O N t0 N M 1n * CO 00 n O n O m .1 01 O ul 0 O b en a1 0 0 00 N 0 00 0 N M N N O 0 N . 0l . b . a ON O ' m m m 0 ul CO n O M O N M O a o o n M ' o .1 M O u) O n N O O en N m N N « Al 00 00 01 O .1 a 01 of .4 ui O V .1 O O O 10 ti .N-1` l0 a ui O 00 O ul O 'N a N O M N n ut 01 O .1 ul N n .I CO M 0 0 N n 01 N M N N O O l0 . ut . m N ul N CO 1n N en a ul en a M N .-I en N N v O1 a 0 01 a al 01 a n .-1 00 00 .1 .1 N n n .y .1 O1 V N O 00 N M m N m . 0- I.0. 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