agenda date: 4/11/12 - new jersey · agenda date: 4/11/12 agenda item: 2e ... 2011, pivotal utility...
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Agenda Date: 4/11/12Agenda Item: 2E
STATE OF NEW JERSEYBoard of Public Utilities
44 South Clinton Avenue, 9th FloorPost Office Box 350
Trenton, NJ 08625-0350www.ni.Qov/bpu
DIVISION OF ENERGY &OFFICE OF CLEAN ENERGY
DECISION AND ORDERADOPTING STIPULATION
IN THE MATTER OF THE PETITION OF PIVOTALUTILITY HOLDINGS, INC. D/B/A ELIZABETHTOWNGAS COMPANY FOR AUTHORITY TO EXTEND THETERM OF ENERGY EFFICIENCY PROGRAMS WITHCERTAIN MODIFICATIONS AND APPROVAL OFASSOCIATED COST RECOVERY
))))) BPU DOCKET NO. GO11 070399
Parties of Record
Deborah Franco, Esq., Cullen and Dykman LLP, on behalf of Elizabethtown Gas CompanyStefanie A. Brand, Esq., Director, New Jersey Division of Rate Counsel
BY THE BOARD:
On July 1, 2011, Pivotal Utility Holdings, Inc. d/b/a Elizabethtown Gas Company ("ETG" or"Company") filed a petition with the New Jersey Board of Public Utilities ("Board" or "BPU")requesting that the Board issue an order granting an extension of the term of the Company'scurrently effective six Energy Efficiency Programs ("EE Programs") for a three-year periodcommencing on January 1, 2012 and ending on December 31,2014, under terms andconditions substantially similar to those approved in the August 3, 2009 Order and the January19, 2011 Order ("July 1 Petition") described below. By this Decision and Order, the Boardconsiders a stipulation ("Stipulation") entered into by ETG, the New Jersey Division of RateCounsel ("Rate Counsel") and Board Staff ("Staff') (collectively, the "Parties") requesting thatthe Board approve an extension for a one year term in a manner consistent with themodifications to the EE Programs agreed to by the Parties as described in Schedule A attached
to the Stipulation.
BACKGROUND
By Order dated August 3, 2009 in Docket Nos. EO09010056 and GO09010060 ("August 3Order"), the Board approved a stipulation authorizing ETG to administer six energy efficiencyprograms for a 17-month period ending on December 31, 2010. The total EE Programexpenditures, including operating and maintenance ("O&M") expenses were $14,673,100.
\
By Order dated January 19. 2011 in Docket Nos. GO10070446 and GO10100735 ("January 19Order"). the Board approved a stipulation authorizing ETG to extend its EE Programs for a one-year period ending on December 31, 2011.
As approved by that Order, the current EE Programs include the following:
1 Whole House Energy Efficiency Program
2 Residential Expanded Gas Heating Ventilation and Air Conditioning ("HV AC") and GasHot Water Heater Incentive Program
3. Small Commercial Customer Energy Efficiency Program
4. Large Commercial Customer Energy Efficiency Program
5.
Combined Heat and Power Program
6, Gas Cooling Program,
On July 1, 2011, the Board received ETG's petition in Docket No. GO11 070399 requesting thatthe Board extend the term of the Company's currently effective six EE Programs for a three-year period commencing on January 1, 2012 and ending on December 31, 2014 under termsand conditions substantially similar to those approved in the August 3 Order and the January 19Order. The July 1 Petition requested authority to continue to recover the costs of the EEPrograms through the Company's existing EE program surcharge, subject to a change in thename of that surcharge from the Regional Greenhouse Gas Initiative ("RGGI") Rider to theEnergy Efficiency Program ("EEP") Rider. The July 1 Petition further requested authority toimplement an EEP Rider rate of $0.0011 per therm, inclusive of applicable taxes. The July 1Petition proposed an annual EE Program budget of approximately $5.6 million for each year ora total of $16.8 million throughout the requested three-year implementation period. TheCompany's existing EE Programs, which were scheduled to expire on December 31, 2011,were approved by the Board with total program expenditures of $14.67 million in the August 3and January 19 Orders.
On June 30, 2011, the Company also filed a petition ("2011 EEP True-Up Petition") in BPUDocket No. GR11070398 to reconcile EE Program costs and cost recoveries for the periodcommencing July 1, 2010 through June 30, 2011, and to recover the forecasted EE Programrelated revenue requirements for the period of July 1, 2011 through December 30, 2011. The2011 EEP True-Up Petition requested authority to implement a decrease in the RGGI rider ratefrom $0.0000 to a credit of $0.0015 per therm, inclusive of applicable taxes. The 2011 True-UpPetition also requested authority to implement a name change from the RGGI Rider to the EEPRider. The $0.0011 per therm EEP Rider rate sought by the Company in the July 1 Petition wasfiled as an alternative to the $0.0015 per therm credit requested in the 2011 EEP True-UpPetition, assuming approval by the Board of an extension of the Company's EE Programs asrequested in the July 1 Petition.
On July 25, 2011, Board Staff issued a letter informing the Company that its July 1 Petition wasadministratively complete, and indicating that the Board's 180-day review period wouldcommence as of July 1, 2011. Consequently, the 180-day review period for the requested EEProgram extension would expire on December 28, 2011 ("RGGI Date").
2 BPU Docket No. GO11 070399
Since the July 1 Petition was requesting an authority to implement an increase in EEP Riderrate from $0.0000 to $0.0011 per therm, inclusive of applicable taxes, public hearings were heldon August 22, 2011 in Flemington, New Jersey and on August 23, 2011 in Rahway, NewJersey. No members of the public appeared at the public hearings.
On September 21, 2011, the Board issued an Order in this proceeding designatingCommissioner Nicholas Asselta as the presiding officer ("Presiding Officer"), who is authorizedto rule on all motions that arise during the pendency of this proceeding and modify any schedulethat may be set as necessary to secure a just and expeditious determination of the issues.
By Order dated November 30, 2011, the Board extended the RGGI Date of December 28, 2011to April 29, 2012, adopted an agreed upon schedule for this proceeding, and authorized theCompany to continue to operate its EE Programs pending resolution of this proceeding.
The Parties have engaged in discovery and participated in certain discussions relating to theprocedural schedule and issues concerning the July 1 Petition.
On March 29, 2012, the Parties entered into the attached Stipulation
STIPULATION
The Parties have agreed to the following salient terms: 1
1 ETG is authorized to extend the term of the following EE Programs, as modified, fora one year period commencing on the Effective Date, the date on which the BoardOrder in this proceeding has been properly served on the parties of record, and tooperate the following EE Programs in a manner consistent with the programdescriptions contained in Schedule A at a total projected annual budget ofapproximately $1.395 million as set forth in the itemized projected budget reflected inSchedule B, and within the budget of $14.67 million as originally approved in theAugust 3 Order:
a) Residential Expanded Gas Heating Ventilation and Air Conditioning ("HVAC")and Gas Hot Water Heater Incentive Program;
b) Small Commercial Customer Energy Efficiency Program; and
c) Large Commercial Customer Energy Efficiency Program.
In addition to the range of rebates and related offers, the EE Programs will alsoinclude various customer education and outreach initiatives, including thecontinuation of the online customer Dashboard and provision of the Whole HouseCost Cutter Kit as described in Schedule A.
2.
As of the Effective Date, ETG will cease offering the following EE Programs
a) Whole House Energy Efficiency program2;
1 Although described at some length in this Order, should there be any conflict between this summary and
the Stipulation, the terms of the Stipulation control, subject to the findings and conclusion of this Order.2 The Company will continue to provide thermostats until the current inventory is exhausted.
3 BPU Docket No. GO11 070399
b) Combined Heat and Power Program; and
c) Gas Cooling Program.
3. The Company's current RGGI Rider rate of $0.0000 per therm shall remain in effect,subject to refund with interest on net over and under-recoveries. The name of theRGGI Rider will be changed to "Energy Efficiency Program" ("EEP") Rider.
4 The revenue requirement recovered through the EEP Rider will be calculated toinclude the following components:
a) Return on the unamortized portion of the EE Program investments utilizingthe after tax weighted average cost of capital ("WACC") of 6.42% grossed upfor the revenue expansion factor of 1.72431. The unamortized portion of theEE Program investments are net of accumulated amortization andaccumulated deferred income taxes associated with the EE Programinvestments;
b) Amortization expense calculated using a four-year amortization period;
c) Prudent and reasonable Operation and Maintenance expense (O&M),including customer education and outreach costs, and costs associated withcustomer dashboard and internal labor costs; the labor allocation will notinclude incentive compensation costs;
d) The interest rate used in calculating the monthly interest on net-of-tax overand under recoveries shall be based upon the Company's interest rateobtained on its commercial paper and/or bank credit lines. If both commercialpaper and bank credit lines have been utilized, the weighted average of bothsources of capital shall be used. The interest rate shall not exceed theCompany's WACC. Interest shall be calculated based on the net-of-taxaverage monthly balance. The Company shall accrue simple interest with anannual roll-in at the end of each 12-month period.
5. Upon request of Staff or Rate Counsel, ETG will provide cost benefit informationconcerning the Company's EE Programs to the extent such information is readilyavailable to the Company. To the extent any request seeks information that theCompany deems confidential, the parties will enter into an appropriate confidentialityagreement. Copies of any information provided to a requesting party will also beprovided to the non-requesting parties. The parties reserve their rights to review thedetailed calculations in the cost benefits analysis.
6. The Company will file a petition conforming to the requirements of the Board's May12, 2008 Order in Docket No. EO08030164 ("May 12, 2008 Order") for any futurepetition for extension of the EE Programs or of any increase to the EE Program
budget.
BPU Docket No. GO11 0703994
DISCUSSION AND FINDING
The Board has carefully reviewed the record to date in these matters. The Board is satisfied andHEREBY FINDS that the Stipulation represents a fair and reasonable final resolution of theissues and is in public interest. Accordingly, the Board HEREBY ADOPTS the attachedStipulation as its own, incorporating by reference its terms and conditions as if fully set forthherein. The Board notes that continuation of the EE Programs as modified by the Stipulationwill have no impact on the annual bill of a typical residential heating customer using 1,000therms. The Board HEREBY DIRECTS that any request for further extension of the EEPrograms shall conform to the requirements of the Board's May 12, 2008 Order unlessotherwise ordered by the Board. The Board HEREBY FURTHER DIRECTS that the Companyto file revised tariff sheets renaming the RGGI Rider as the EEP Rider within ten (10) days ofthe service of this Order.
BOARD OF PUBLIC UTILITIESBY:
~~~~:"~f~-PRESIDENT
i
.JOSEPH L. FFORDALISOtOM MISSIONER
~--
COMMISSIONER
5 BPU Docket No. GO11 070399
IN THE MATTER OF THE PETITION OF PIVOTAL UTILITY HOLDINGS, INC. D/B/AELIZABETHTOWN GAS FOR AUTHORITY TO EXTEND THE TERM OF ENERGY
EFFICIENCY PROGRAMS WITH CERTAIN MODIFICATIONS AND APPROVAL OFASSOCIATED COST RECOVERY
BPU Docket No. GO11 070399
SERVICE LIST
BPU Rate Counsel
Kristi Izzo, SecretaryOffice of the SecretaryBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Stefanie A. Brand, DirectorDivision of Rate Counsel31 Clinton Street, 11th FloorP.O. Box 46005Newark, NJ 07101
Jerome May, DirectorDivision of EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Felicia Thomas-FrielDivision of Rate Counsel31 Clinton Street, 11 th Floor
P.O. Box 46005Newark, NJ 07101
Alice Bator, Bureau ChiefDivision of EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Kurt LewandowskiDivision of Rate Counsel31 Clinton Street, 11th FloorP.O. Box 46005Newark, NJ 07101
Eloisa FloresDivision of EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Paul FlanaganDivision of Rate Counsel31 Clinton Street, 11 th Floor
P.O. Box 46005Newark, NJ 07101
Andrea ReidDivision of EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Jim GlassenDivision of Rate Counsel31 Clinton Street, 11 th Floor
P.O. Box 46005Newark, NJ 07101
Stacy PetersonDivision of EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Shelly MasseyDivision of Rate Counsel31 Clinton Street, 11 th Floor
P.O. Box 46005Newark, NJ 07101
6 BPU Docket No. GO11 070399
~ Rate Counsel
Michael Winka, DirectorOffice of Clean EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Bridget EllisDivision of Rate Counsel31 Clinton Street, 11 th Floor
P.O. Box 46005Newark, NJ 07101
DAG
Mona Mosser, Bureau ChiefOffice of Clean EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Babette Tenzer, Esq.Dept. of Law & Public SafetyDivision of Law124 Halsey Street, 5th FloorP.O. Box 45029Newark, NJ 07101
Elizabeth T engOffice of Clean EnergyBoard of Public Utilities44 S. Clinton Ave., 9th Fl.PO Box 350Trenton, NJ 08625
Alex Moreau, Esq.Dept. of Law & Public SafetyDivision of Law124 Halsey Street, 5th FloorP.O. Box 45029Newark, NJ 07101
Elizabethtown Gas Company Caroline Vachier, Esq.Dept. of Law & Public SafetyDivision of Law124 Halsey Street, 5th FloorP.O. Box 45029Newark, NJ 07101
Deborah Franco, Esq.Cullen and Dykman LLPGarden City Center100 Quentin Roosevelt Blvd.Garden City, NY 11530-4850
Marisa Slaten, Esq.Dept. of Law & Public SafetyDivision of Law124 Halsey Street, 5th FloorP.O. Box 45029Newark, NJ 07101
Mary Patricia Keefe, Esq.Elizabethtown Gas Company300 Connell DriveSuite 3000Berkeley Heights, NJ 07922
Elizabethtown Gas ComcanvThomas KaufmannElizabethtown Gas Company300 Connell DriveSuite 3000Berkeley Heights, NJ 07922
Kenneth MaloneyCullen and Dykman LLPGarden City Center100 Quentin Roosevelt Blvd.Garden City, NY 11530-4850
7 BPU Docket No. GO11 070399
Anthony PuglieseAGL ResourcesTen Peachtree PlaceAtlanta, GA 30309
Diane RollingCullen and Dykman LLPGarden City Center100 Quentin Roosevelt Blvd.Garden City, NY 11530-4850
8 BPU Docket No. GO11 070399
Garden City Center100 Quentin Roosevelt BoulevardGarden City, New York 11530-4850NAME: DEBORAH M. FRANCO, ESQ.
TITLE: PARTNER
DIRECT DIAL: 516-357-3878
DIRECT FAX: 516-357-3792
DFRAN [email protected]
March 29,2012
Kristi Izzo, SecretaryBoard of Public Utilities44 South Clinton Avenue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Re: In the Matter of the Petition ofPivotal Utility Holdings, Inc. d/b/a Elizabethtown GasFor Authority to Extend the Term of Energy Efficiency ProgramsWith Certain Modifications and Approval of Associated Cost RecoveryMechanismBPU Docket No. GOII070399
Dear Secretary Izzo:
Enclosed for filing in the above docket are an original and ten copies of Stipulationexecuted by representatives of Pivotal Utility Holdings Inc. d/b/a Elizabethtown Gas("Elizabethtown"), the Staff of the Board of Public Utilities and the Division of Rate Counsel.
Please contact the undersigned if you have questions or require further infonnation.Thank you.
Yours truly,
~~~ Q!f( @"1'a1zco.Deborah M. Franco
Counsel ForPivotal Utility Holdings, Incd/b/a Elizabethtown Gas
cc Attached Service ListRobert M. Hanna, PresidentNicholas V. Asselta, CommissionerJoseph L. Fiordaliso, CommissionerJeanne M. Fox, CommissionerMary-Anna Holden, Commissioner
IN THE MATTER OF THE PETITION OF PIVOTAL UTILITY HOLDINGS, INC. d/b/aELIZABETHTOWN GAS FOR AUTHORITY TO EXTEND THE TERM OF
ENERGY EFFICIENCY PROGRAMS WITH CERTAIN MODIFICATIONS ANDAPPROVAL OF ASSOCIATED COST RECOVERY
BPU DOCKET NO. GOII070399
SERVICE LIST
Donald CarterElizabethtown Gas300 Connell Drive, Suite 3000Berkeley Heights, NJ 07922
Thomas KaufmannElizabethtown Gas300 Connell Drive, Suite 3000Berkeley Heights, NJ 07922
Mary Patricia Keefe, Esq.Elizabethtown Gas300 Connell Drive, Suite 3000Berkeley Heights, NJ 07922
Anthony PuglieseElizabethtown Gas148 Edison RoadStewartsville, NJ 08886
Scott CarterAGL ResourcesTen Peachtree PlaceAtlanta, GA 30309
Jodi GidleyAGL Resources544 S. Independence Blvd.Virginia Beach, V A 23452
Elizabeth WadeAGL ResourcesTen Peachtree PlaceAtlanta, GA 30309
Mark BeyerBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Alice BatorBoard of Public Utilities44 South Clinton Avenue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Sheila DeLuciaBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Eloisa FloresBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Julie Ford-WilliamsBoard of Public Utilities44 South Clinton A venue, 9th FloorP,O. Box 350Trenton, NJ 08625-0350
Eleana LihanBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Kristi Izzo, SecretaryBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Jerome MayBoard of Public Utilities44 South Clinton Avenue, 9th FloorP,O. Box 350Trenton, NJ 08625-0350
Andrea ReidBoard of Public Utilities44 South Clinton Avenue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Mona MosserBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
John TeagueBoard of Public Utilities44 South Clinton A venue, 9th FloorP.o. Box 350Trenton, NJ 08625-0350
Elizabeth TengBoard of Public Utilities44 South Clinton Avenue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Nnajindu UgojiBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Michael Wink aBoard of Public Utilities44 South Clinton A venue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Paul Flanagan, Litigation ManagerDivision of Rate Counsel31 Clinton Street, 11 th FloorP.O. Box 46005Newark, NJ 07101
Stefanie A. BrandDivision of Rate Counsel3 I Clinton Street, 1 I th FloorP.O. Box 46005Newark, NJ 07 I 0 I
James GlassenDivision of Rate Counsel31 Clinton Street, 11 th FloorP.O. Box 46005Newark, NJ 07101
Revised 1/6/] 2
IN THE MATTER OF THE PETITION OF PIVOTAL UTILITY HOLDINGS, INC. d/b/aELIZABETHTOWN GAS FOR AUTHORITY TO EXTEND THE TERM OF
ENERGY EFFICIENCY PROGRAMS WITH CERTAIN MODIFICATIONS ANDAPPROVAL OF ASSOCIATED COST RECOVERY
BPU DOCKET NO. GOIIO70399
SERVICE LIS!
Kurt S. Lewandowski, Esq.Division of Rate Counsel31 Clinton Street, 11 th FloorP.O. Box 46005Newark, NJ 07101
Lisa GurkasDivision of Rate Counsel3 I Clinton Street, 11 th FloorP.O. Box 46005Newark, NJ 07101
Ami MoritaDivision of Rate Counsel3] Clinton Street, 11 th F]oorP.O. Box 46005Newark, NJ 07]01
Alex Moreau, DAGDepartment of Law & Public SafetyDivision of Law124 Halsey StreetP.O. Box 45029Newark, NJ 07101
Marisa Slaten, DAGDepartment of Law & Public SafetyDivision of Law124 Halsey StreetP.O. Box 45029Newark, NJ 07101
Felicia Thomas-FrielDivision of Rate Counsel31 Clinton Street, 11th FloorP.O. Box 46005Newark, NJ 07101
Babette TenzerDepartment of Law & Public SafetyDivision of Law]24 Halsey StreetP.O. Box 45029Newark, NJ 07]01
Caroline VachierDepartment of Law & Public SafetyDivision of Law124 Halsey StreetP.O. Box 45029Newark,NJ 07101
Robert J. HenkesHenkes Consulting7 Sunset RoadOld Greenwich, CT 06870
Andrea C. CraneThe Columbia Group199 Ethan Allen Highway, 2nd FloorRidgefield, CT 06877
Kenneth T. Maloney, Esq.Cullen and Dykman110114thStreetNW,Sulte550Washington, DC 20005
Deborah Franco, Esq.Cullen and DykmanGarden City Center100 Quentin Roosevelt Blvd.Garden City, NY 11530
Kenneth Sheehan, Chief CounselBoard of Public Utilities44 South Clinton Avenue, 9th FloorP.O. Box 350Trenton, NJ 08625-0350
Robert FaganSynapse Energy Economics, Inc.485 Massachusetts Avenue, Suite 2Cambridge, MA 02139-4095
Revised 1/6/12
STATE OF NEW ~RSEYBOARD OF PUBLIC UTILITIES
xIn the Matter of the Petition of PivotalUtility Holdings, Inc. d/b/a ElizabethtownGas for Authority to Extend the Term ofEnergy Efficiency Programs with CertainModifications and Approval of AssociatedCost Recovery Mechanism
STIPULATION
BPU Docket No. GOII070399x
APPEARANCES:
Kenneth T. Maloney and Deborah M. Franco (Cullen and Dykman LLP), Attorneys for thePetitioner, Pivotal Utility Holdings, Inc. d/b/a Elizabethtown GasMary Patricia Keefe, Vice President for Pivotal Utility Holdings, Inc. d/b/a Elizabethtown Gas
Felicia Thomas-Friel, Esq., Deputy Rate Counsel and Managing Attorney -Gas, Division ofRate Counsel, Kurt S. Lewandowski, Esq., and James Glassen, Esq., Assistant Deputy RateCounsels, Division of Rate Counsel (Stefanie A. Brand, Director, Division of Rate Counsel)
Alex Moreau and Marisa Slaten, Deputy Attorneys General, for the Staff of the New JerseyBoard of Public Utilities (Jeffrey S. Chiesa, Attorney General of New Jersey)
BACKGROUND
On July 1,2011, Pivotal Utility Holdings, Inc. d/b/a Elizabethtown Gas ("Elizabethtown"
or the "Company") filed a petition ("July 1 Petition") in BPU Docket No. 0011070399
requesting that the New Jersey Board of Public Utilities ("Board") eXtend the term of the
Company's currently effective six Energy Efficiency Programs ("EE Programs") for a three-year
period commencing on January 1, 2012 and ending on December 31, 2014 under terms and
conditions substantially similar to those approved in the Board's August 3, 2009 Order C" August
3 Order") in Docket Nos. EO09010056 and GO09010060 and the Board's January 19, 201
("January 19 Order") in Docket Nos. GO10100735 and GO10070446, with certain limited
The Company's existing Energy Efficiency Programs scheduled to expiremodifications.
December 31, 2011, were approved by the Board with total program expenditures of $14.67
million.
1. The Company's existing EE Programs comprise the following:
Whole House Energy Efficiency Program;
a.
b. Residential Expanded Gas Heating Ventilation and Air Conditioning ("HV AC")
and Gas Hot Water Heater Incentive Program;
c. Small Commercial Customer Energy Efficiency Program;
d. Large Commercial Customer Energy Efficiency Program;
Combined Heat and Power Program; ande.
f. Gas Cooling Program.
In addition to a range of rebates and related offers, the EE Programs contain various
customer education and outreach initiatives, including an on-line customer Dashboard, designed
to encourage customers to conserve energy and provide information to them on how to lower
their gas bills.
2. The July 1 Petition also requested authority to recover the costs of the EE
Programs through the Company's existing EE Program surcharge subject to a change in the
name of that charge from the Regional Greenhouse Gas Initiative ("RGGI") Rider to the "Energy
Efficiency Program" ("EEP") Rider. The July 1 Petition further requested authority to increase
this Rider rate from $0.000 per therm to $0.0011 per therm, inclusive of applicable taxes
effective October 1, 2011 The July 1 Petition proposed an annual EE Program budget of
approximately $5.6 million for each year or a total of $16.8 million throughout the requested
three-year implementation period.
2
3 By letter dated July 25, 2011, in conformance with the Board's May 12, 2008
Order in Docket No. EOO8030 164 implementing the requirements of the Regional Greenhouse
Gas Initiative Act ("RGGI Act"), Board Staff advised the Company that the July 1 Petition was
deemed "administratively complete" and that the I80-day review period prescribed by the ROOI
Act, for a final Board determination regarding the July 1 Petition ("180 Day RGGI Period")
would commence as of July 1, 201 Consequently, the 180 Day RGGI Period was scheduled to
expire on December 28,2011 (the "RGGI Date"),
4, Public hearings were held on August 22, 201 in Flemington, New Jersey and on
August 23, 2011 in Rahway, New Jersey No members of the public appeared at the public
hearings
5 On September 21, 2011, the Board issued an Order in this proceeding designating
Commissioner Nicholas Asselta as the presiding officer ("Presiding Officer"), who is authorized
to rule on all motions that arise during the pendency of this proceeding and modify any schedule
that may be set as necessary to secure a just and expeditious determination of the issues
6 By Order dated November 30, 2011 ("November 30 Order"), the Board adopted a
stipulation ("November Stipulation") entered into by the Signatory Parties and extended the
ROOI Date of December 28, 2011 to April 29, 2012 and authorized the Company to continue to
operate its EE Programs pending resolution of this proceeding. The November 30 Order also
adopted the procedural schedule set forth in Schedule A of the November Stipulation.
7 Pursuant to the procedural schedule adopted by the Board, Rate Counsel filed the
direct testimony of its witnesses, Robert Fagan and Robert Henkes, on December 16,2011
8. Representatives from the Company, Board Staff and the Division of Rate Counsel
,(collectively, the "Parties") have engaged in discovery and participated in certain discussions to
3
discuss the procedural schedule and related issues. As a result of these efforts, the Parties have
reached this Stipulation.
STIPULATION
Based upon and subject to the terms and conditions set forth herein, Board Staff, Rate
Counsel, and Elizabethtown (hereinafter, collectively, the "Stipulating Parties") stipulate and
agree as follows:
A. Effective Date,. The Effective Date of this Stipulation will coincide with the date
on which a Board Order in these proceedings has been properly served on the parties of record or
upon such date after the service thereof as the Board may specify, in accordance with N.J.S.A.
48:2-40.
B. Extension of EE Programs. Elizabethtown is authorized to extend the term of
the following EE Programs for a one year period commencing on the Effective Date of this
Stipulation ("Extension Period") and to operate these EE Programs in a manner consistent with
the program descriptions contained in Schedule A with a total projected budget of
approximately $1.395 million, 1 as set forth in the itemized projected budget reflected in
Schedule B, which is within the original budget of $14.67 million as approved in the August 3
Order:2
(i) Residential Expanded Gas Heating Ventilation and Air Conditioning
("HV AC") and Gas Hot Water Heater Incentive Program as modified by
1 The individual program costs are reflected in Schedule A attached to this Stipulation, exclusive of
Dashboard costs in the amount of $161,392 reflected on Schedule B. The Dashboard costs reflected on Schedule Bare an overall Energy Efficiency Program cost and thus have not been allocated on a per program basis.2 Of the $14.67 million budget approved by the August 3 Order, the Company has incurred approximately
$6.7 million ofEE Program spending as of February, 2012.
4.
this Stipulation; Small Commercial Customer Energy Efficiency Program
as modified by this Stipulation; and
Large Commercial Customer Energy Efficiency Program as modified by
this Stipulation.
In addition to the range of rebates and related offers, the EE Programs will also include various
customer education and outreach initiatives as set forth in Schedule A, including the continuation
of the oIiline customer Dashboard and continuation of providing the Whole House Cost Cutter
Kit.
c. Termination ofEE Pro2:rams. As of the Effective Date, Elizabethtown will
cease offering the following EE Programs:
Whole House Energy Efficiency Program;3(i)
(ii) Combined Heat and Power Program; and
Gas Cooling Program.
D. EEP Rider Rate. The Company's existing RGGI Rider rate of $0.0000 per
therm shall remain in effect, subject to refund with interest on net over and under-recoveries as
set forth herein. The name of the RGGI Rider will be changed to the "Energy Efficiency
Program" ("EEP") Rider. Within 1 0 days of approval of this Stipulation, the Company will
propose and file with the Board revised tariff sheets to reflect the tenns and conditions agreed to
in this Stipulation
E.
Cost Recoverv Mechanism. The revenue requirement recovered through the
EEP Rider rate will be calculated to include a return on program inves1ments and a return of the
Company's investments through amortization of the program costs, as well as associated carrying
3 The Company will, however, provide thermostats until their current inventory has been exhausted.
Elizabethtown will not purchase more thermostats.
5
include the following components:
.
Return on the unamortized portion of the EE Program investments utilizing the
EE Program investments are net of accumulated amortization and
investments;
.
.customer education and outreach costs and costs associated with customer
dashboard and intemallabor costs; the labor allocation will not include incentive
compensation costs; and
.
Carrying costs on over and under-recovery balances calculated in the manner
set forth below.
A sample calculation of the EEP rider rate and the revenue requirement is set forth in
Appendix C that will be included in the Company's Annual Filings as defined below.
F. Carrvinl! Costs. ill calculating the monthly interest on net over and under
recoveries, the interest rate shall be based upon the Company's interest rate obtained on its
commercial paper and/or bank credit lines. If both commercial paper and bank credit lines
have been utilized, the weighted average of both sources of capital shall be used. The
Company shall accrue simple interest with an annual roll-in at the end of each 12-month
6
period. The interest rate shall not exceed the Company's WACC as defined above. Interest
shall be calculated based on the net-or-tax average monthly balance. The true-up calculation
for over and under recoveries will be included in the Company's Annual Filing as defined
below.
G. Rate Desie:n. Rate recovery through the EEP Rider rate will be effectuated
through the assessment of a non-bypassable volumetric surcharge on all customer service
classes, except customers served tmder special contractS previously filed with and approved by
the Board and those excluded by the Long-Tenn Capacity Agreement Pilot Program law
any EE Program will be subject to the EEP Rider rate.
H.
Annual FiIin!!. As is cUlTently the case, the Company will file an annual petition
("Annual Filing") to adjust its EEP Rider rate on a calendar year basis, with copies provided to
Board Staff and Rate Counsel in June with a proposed implementation of the revised EEP
Rider rate in October of each year. Each Annual Filing will contain a reconciliation of the
projected EEP Rider rate costs and recoveries and actual revenue requirements, as well as the
minimum filing requirements required by the August 3 Order. All costs incurred during the
Extension Period will be reflected in the Company's next annual EEP Rider rate reconciliation
filing in June.
I. Rate Impact. There is no impact to the annual bill of a typical residential heating
customer using 1,000 therms as a result of the stipulated EEP Rider rate compared to the
Company's currently effective rate.
'7
J.
the extent any such request seeks information that the Company deems confidential, the parties
requesting party will also be provided to the non-requesting parties. The parties reserve their
rights to review the detailed calculations in the cost benefit analysis.
K.
the provisions of the Board's RGGI Order dated May 12, 2008 (BPU Dkt. No. £008030164),
including but not limited to the submittal of all MFRs, no later than 180 days prior to the
expiration date of the Extension Period.
L.
Entirety Of Stioulation. This Stipulation is intended to be accepted and
approved in its entirety. In the event any particular aspect of this Stipulation is not accepted and
approved in its entirety by the Board, then any Party aggrieved thereby shall not be bound to
proceed with this Stipulation and shall have the right to litigate all issues addressed herein to a
remedies with respect to all issues addressed in this Stipulation, as though this Stipulation had
not been signed.
M. Bindin2 Effect. It is the intent of the Stipulating Parties that the provisions
hereof be approved by the Board. The Stipulating Parties further agree that they consider this
Stipulation to be binding on them for all purposes herein.
8
N.
General Reservation.-- It is specifically understood and agreed that this
hcrein. is intended to be binding oruy in this proceeding and only as to the matters specifically
addressed herein.
WHEREFORE, the Stipulating Parties hereto do respectfully submit this Stipulation to
the Board and request the Board to issue a Decision and Order approving this Stipulation in its
entirety in accordance with the tern1s hereof.
PIVOTAL UTILITY HOLDINGS, INC.DIB! A ELIZABETHTOWN GAS
STEFAN IE A. BRAND,DIRECTOR, DIVISION OFRATE COUNSEL
-J.~(\
-..
By:Thomas-~J, Esq.
ueputy Rate Counsel
'"
'-r'I'-. .Pr.(.;.~~. 1<-Mary Patricia Keefe, Esq.Vice President, RegulatoryAffairs and Assistant CorporateSecretary
By:
JEFFREY S. CHIESAATTORNEY GENERAL OF NEW JERSEYAttorney for the Staff of the New Jersey Board of Pu blic Utilities
~'""-;;1;-7/1 C7~ _.9'..-::'"r .--0,'-':7'"...<--- .--""' ",...
.' """~ ( / c
Alex Mo eauDeputy Attorney General
Dated: March 29, 2012
9
Schedule A
Elizabethtown Residential Gas HV AC andGas Hot Water Heater Incentive Program
This program is designed to enhance the existing New Jersey Clean Energy Program ("NJCEP")gas HV AC and hot water heater incentive program by supplementing the incentives offeredthrough NJCEP. Projects and lor measures must conform to NJCEP requirements in order toreceive incentives under this program.
This program be available to all residential customers as follows:
All participants who receive a monetary incentive will also receive an Energy Cost Cutter Kit.
Participation in this program does not require an energy audit
Elizabethtown will supplement the NJCEP incentive in an amount up to $300 for the installationof a complete energy efficient gas heating boiler or furnace.
Elizabethtown will supplement the NJCEP incentive in an amount up to $200 for the installationof an energy efficient gas tankless hot water heater.
Elizabethtown will supplement the NJCEP incentive in an amount up to $200 for the installationof an energy efficient sealed combustion gas hot water heater.
Only those customers who are in good standing and subject to the EEP surcharge are eligible toparticipate in and receive the incentives associated with this program.
Elizabethtown will offer this program for a one year period.
HV AC installation and/or quality control work will be perfomled by trained heating, homeimprovement and energy service providers, including contractors providing such services for theNJCEP
--
1790 participants (HV AC)410 participants (Tankless Hot Water Heater / Sealed Combustion Hot Water Heater)1790 participants (~~s~ Cutter Kits)
-$941,317 (program Cost=$645,900; O&M=$295,417). This amount is exclusive of Dashboardcosts for the Company's overall Energy Efficiency Programs reflected on Schedule B whichamount to $161.392. The Dashboard costs have not been allocated o~ a per program basis.
EllZabethtown's existing sales staff will promote this program and utilize direct mail offers andtraditional channels such as the utility website, customer newsletter or bill insert and radio.Elizabethtown will continue to offer the customer Dashboard, an on-line tool that provides in-deDthj!!fQ~ation about custome~_naturall2:as ~n a recurring basis to helD them better
1
Schedule A
Elizabethtown Residential Gas HV AC andGas Hot Water Heater Incentive Program
2
Schedule A
3
Schedule A
Elizabethtown Large Commercial Customer Energy Efficiency Program
This program is designed to supplement the incentives offered by the New Jersey Clean EnergyProgram ("NJCEP"). Projects and lor measures must conform to NJCEP requirements in orderto receive incentives under this program.
Under this program, Elizabethtown will provide a 100% match of the NJCEP incentive for theinstallation of high efficiency gas equipment such as gas-fIred boilers, gas-fired furnaces, gas-fireq water heaters, gas-fired booster water heaters and gas hot water heaters in an amount up to$25,000 (HV AC) for commercial customers with a peak demand greater than 200 KW.
Only those customers (or their assignees) who are in good standing and subject to the EEPsurcharge are eligible to participate in and receive the incentives as$ociated with this program.Projects qualify for the equipment incentives noted above to the eXtent they otherwise qualifyfor NJCEP incentives.
Elizabethtown will offer this program for a one year period.
Installation and/or quality control work will be perfomled by trained HV AC contractors and
Estimated AnnualParticioantsRebate
12
$133,031 (program Cost=$120,000; O&M=$13,031). This amount is exclusive of Dashboardcosts for the Company's overall Energy Efficiency Programs reflected on Schedule B which
, ' .
-To promote these offers, Elizabethtown' s existing sales staff will market this program and willwork with the NJCEP commercial program administrator, contractors serving commercialbusinesses and local and regional business organizations and Chambers of Commerce topromote this and the NJCEP program. Elizabethtown will also send a direct mail piece to allcommercial customers. Elizabethtown will also continue to maintain and promote it's customerDashboard, an on-line tool that provides in-depth information about customers' natural gas bills
.on a recurring basis to help them better understand their usage patterns
4
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Schedule CTK-I
PIVOTAL UTILITY HOLDINGS, INC. d/b/a ELiZABETHTOWN GAS
ENERGY EFFICIENCY PROGRAM ("EEP";
CALCULATION OF THE EEP RATEOctober 1, 2012 through September 30, 2013
RECOVERY YEAR -2013
1 Prior Year Balance -(Sch. TK-2) ($2,604,432)
Actual! Projected Amounts ThrouQh:2 Current Year 0& M Costs (Sch. TK-2)
June 30, 2012
$1,403,461
3 Current Year Revenue Requirements (Sch. TK-2) $982,806
4 Current Year Recoveries (Sch. TK-2) ($3,192)
5 Current Year Carrying Costs (Sch. TK-2) ($2,622)
6 Proforma Current Year TK-2 Ending Balance (Sum L 1-L5) ($223,979)
June 30, 20137 Projected Recoverables :
-Revenue Requirements (Sch. TK-3)-O&M Costs (Sch. TK-4)
$1,268,060$41~.677 $1,682,737
8 Total Proposed Recoveries (L6+L7) $1,458,758
212,443,000133,675,800
81,070,67028,800
o
9 12 Month Proiected Normalized Sales and Services:-Residential-Commercial-Industrial-Street /Yard Lights
-Cogeneration 427,218,270 therms
$0.0034 /therm1.0018
10 EEP Rate, before taxes and assessment (L8/L9)11 BPU & RC Assessment Factors
$0.0034$0.0002
12 EEP Rate, before taxes (L 1 O*L 11)13 Sales & Use Tax @ 7.00%
$0.0036 /therm14 EEP Rate (L 12+L 13) *
* The Company propose to maintain the rate at zero through September 30,2012 and seek approval
to implement a rate on October 1, 2012 filed for under the timeframe for filing stated in it's tariff.
032912 Schedule C to StipTK-l
Schedule CTK-2
PIVOTAL UTILITY HOLDINGS, INC. d/b/a ELiZABETHTOWN GASENERGY EFFICIENCY PROGRAM ("EEP")
Carrying Costs
RevenueRequirement
~.!!
Beginning~
Q
O&M~
Q
RecoveriesI!S:§~
EndingBalance
f=b+c+d-e
AverageBalancea=(b+f\2
Interest Rate CarryingIK:Q QQ§l
h i=a*h/12~
Beainnina BalanceAug-09 $0Sep-09 {$52,424}Oct-09 {$126,864}Nov-09 {$203,225}Dec-09 {$369,963}Jan-10 {$632,324}Feb-10 {$1,017,855}Mar-10 {$1,460,405}Apr-10 {$1,802,388}May-10 {$2,132,111}Jun-10 {$2,227,551}
$153,488 $522,139 $2,991,884
($52,424)($126,864)($203,225)($369,963)($632,324)
($1,017,855)($1,460,405)($1,802,388)($2,132,111)($2,227,551)($2,316,257)
0.49%0.47%0.41%0.33%0.31%0.31%0.34%0.38%0.67%0.66%0.35%
($11 )($35)($56)($79)
($129)($213)($351)($517)
($1,098)($1,199)
($663)
($4,351)2010 Recovery Year* Projected
($2,320,608)($2,368,411 ){$2,331 ,274)($2,339,464)($2,359,395)($2,445,312)($2,673,795)($3,180,891)($3,358,734)($3,246,408)($3,036,640)($2,829,093)
($2,368,411)($2,331,274)($2,339,464)($2,359,395)($2,445,312)($2,673,795)($3,180,891)($3,358,734)($3,246,408)($3,036,640)($2,829,093)($2,596,855)
Jul-10Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11
Apr-11May-11Jun-11
0.35%0.32%0.30%0.30%0.30%0.30%0.29%0.29%0.54%0.00%0.19%0.18%
($684)($627)($584)($587)($601)($640)($707)
($790)($1,486)
$0
($464)($407)
($7,577)
$22,043 $56,880 $126,726$23,028 $130,408 $116,299$25,439 $80,078 $113,707$28,326 $88,429 $136,686$32,287 $122,538 $240,742$35,433 $175,175 $439,091$43,067 $27,045 $577,208
$45,383 $78,660 $301,886$48,794 $68,419 $4,887
$51,888 $162,484 $4,604
$56,262 $150,777 ($508)$58,722 $173,929 $413
$470,672 $1,314,822 $2,061,7412011 Recovery Year* Projected
($2,351,721)($2,183,536)($2,045,038)($1,783,512)($1,540,054)($1,232,341)($1,050,908)
{$776,91 0){$643 ,092)($507,652)($379,676){$221 ,357)
0.20%0.20%0.00%0.00%0.28%0.34%0.33%0.30%0.30%0.30%0.30%0.30%
($2,604,432)($2,351,721)($2,183,536)($2,045,038)($1,783,512)($1,540,054)($1,232,341)($1,050,908)
($776,910)($643,092)($507,652)
($379,676)
$982,806 $1,403,461 $3,192 ($2,622)
Jul-11
Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun-12
2012 Recovery Year* Projected
032912 Schedule C to StipTK-2
$10$1,396
$13,475$15,083$15,137$15,718$16,254$17,824$18,521$19,580$20,490
($26,212)($89,644)
($165,045)($286,594)($501,144)($825,090)
($1,239,130)($1,631,397)($1,967,250)($2,179,831)($2,271,904)
($2,344,510)($2,349,843)($2,335,369)($2,349,430)($2,402,354)($2,559,554)($2,927,343)($3,269,813)($3,302,571)($3,141,524)($2.932,867)($2.712,974)
($2,478,077)($2,267,629)($2,114,287)($1,914,275)($1,661,783)($1,386,198)($1,141,625)
($913,909)($710,001)($575,372)($443,664)($300,517)
$62,283 $191,315 $887
$67,730 $100,753 $298$73,158 $65,763 $423$78,694 $183,180 $348$73,047 $171,034 $623
$76,728 $231,018 $33
$83,502 $98,310 $379
$89,922 $184,277 $201
$92,150 $41,668 $0$93,772 $41,668 $0$95,163 $32,813 $0$96,657 $61,662 $0
($413)($378)
$0$0
($388)
($393)($314)($228)($178)($144)($111)($75)
$8,706$13,297$40,569$27,604$62,504
$137,056$48,017$47,276$60,333$54,401$22,376
$61,140$89,133
$130,405$209,425$340,002$538,305$506,821$407,083$408,577$169,421$131,572
Schedule CTK-2
Ending Balanceplus Cum. (O)/UCarrviuna Cost
i=f+ cum of i
($52,435)($126,910)($203,327)($370,144)($632,634)
($1,018,378)($1,461,279)($1,803,779)($2,134,600)($2,231,239)($2,320,608)
($2,369,095)($2,332,585){$2,341 ,359){$2,361 ,877)($2,448,395)($2,677,518)($3,185,321)($3,363,954)($3,253,114)($3,O43,346)($2,836,263)($2,604,432)
($2,352,134)($2,184,327)($2,O45,829)($1,784,303)($1,541,233)($1,233,913)($1,052,794)
($779,024)($645,384)($510,088)($382,223)($223,979)
032912 Schedule C to StipTK-2
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Schedule CTK-4
PIVOTAL UTILITY HOLDINGS, INC. d/b/a ElIZABETHTOWN GASENERGY EFFICIENCY PROGRAM ("EEP")
Schedule of Expenditures
O&M Recoverable In Period Ex ended Pro enditures -Amortized Over Four YearsCustomer Dashboard Total Program Program
Labor (1) Education 1I ~ Financina EXDenditures ~ ~
Jul-10 $22,688 $34,192 $0 $56,880 $0 $66,161 $66,161 $123,041Aug-10 $19,620 $95,522 $15,266 $130,408 $0 $38,308 $38,308 $168,716Sep-10 $18,822 $61,256 $0 $80,078 $0 $102,354 $102,354 $182,432Oct-10 $24,909 $63,520 $0 $88,429 $0 $115,476 $115,476 $203,905Nov-10 $55,022 $52,250 $15,266 $122,538 $0 $160,103 $160,103 $282,641Dec-10 $33,565 $141,610 $0 $175,175 $0 $121,085 $121,085 $296,260Jan-11 $15,819 $11,226 $0 $27,045 $0 $316,793 $316,793 $343,838Feb-11 $46,266 $32,394 $0 $78,660 $0 $69,466 $69,466 $148,126Mar-11 $44,760 $23,659 $0 $68,419 $0 $145,466 $145,466 $213,885Apr-11 $64,770 $82,449 $15,265 $162,484 $0 $123,752 $123,752 $286,236May-11 $57,241 $78,271 $15,265 $150,777 $0 $181,299 $181,299 $332,076Jun-11 $48,503 $125,426 $0 $173,929 $0 $94,109 $94,109 $268,038
2011 Recovery Year $451,985 $801,775 $61,062 $1,314,822 $0 $1,534,372 $1,534,372 $2,849,194
Jul-11 $63,815 $111,471 $16,029 $191,315 $0 $151,611 $151,611 $342,926Aug-11 $88,724 $12,029 $0 $100,753 $0 $225,651 $225,651 $326,404Sep-11 $55,006 $10,757 $0 $65,763 $0 $217,236 $217,236 $282,999Oct-11 $74,352 $108,828 $0 $183,180 $0 $223,848 $223,848 $407,028Nov-11 $59,455 $95,550 $16,029 $171,034 (500,000) $249,354 ($250,646) ($79,612)Dec-11 $92,113 $138,905 $0 $231,018 $0 $200,118 $200,118 $431,136Jan-12 $82,116 $16,194 $0 $98,310 $0 $279,326 $279,326 $377,636Feb-12 $112,162 $72,115 $0 $184,277 $0 $256,311 $256,311 $440,588Mar-12 .$21,735 $16,100 $3,833 $41,668 $0 $82,250 $82,250 $123,918Apr-12 .$21,735 $16,100 $3,833 $41,668 $0 $82,250 $82,250 $123,918May-12 ..$13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Jun-12 ..$13,980 $15,000 $32,682 $61,662 $0 $73,740 $73,740 $135,402
2012 Recovery Year $699,173 $628,049 $76,239 $1,403,461 $500,000 $2,115,435 $1,615,435 $3,018,896
Jul-12 ** $13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Aug-12 ** $13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Sep-12 ** $13,980 $15,000 $32,682 $61,662 $0 $73,740 $73,740 $135,402Oct-12 ** $13,980 $15,000 $3,833 $32,813 $0 $74,250 $74,250 $107,063Nov-12 ** $13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Dec-12 ** $13,980 $15,000 $32,682 $61,662 $0 $73,740 $73,740 $135,402Jan-13 ** $13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Feb-13 ** $13,980 $15,000 $3,833 $32,813 $0 $73,740 $73,740 $106,553Mar-13 ** $13,980 $15,000 $32,682 $61,662 $0 $73,740 $73,740 $135,402Apr-13 ** $13,980 $15,000 $3,833 $32,813 $0 $74,250 $74,250 $107,063May-13 ** $0 $0 $0Jun-13 ** $0 $0 $0
2013 Recovery Year $139,800 $150,000 $124,877 $414,677 $0 $738,420 $738,420 $1,153,097~ .--,--- ~--.~ -.
Total EEP $1,390,422 $1,784,812 $479,865 $3,655,099 $0 $4,693,267 $4,693,267 $8,348,366~., .Projected and ** Revised Projections
(1) Exdudes AlP and indudes external Auditor and Temporary Labor costs
032912 Schedule C to StipTK-4
..nn .". n. nnn ~~._~~- ~--- 2010 Recovery Year $99,464 $204,988 $217,687 $522,139 $500,000 $305,040 $805,040 $1,327,179
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c-°D'"Suj()'"N0-N...0
Schedule CTK-6
PIVOTAL UTILITY HOLDINGS, INC. d/b/a ELiZABETHTOWN GASENERGY EFFICIENCY PROGRAM ("EEP")
Over I Under Recovered Carrying Cost Rate
Weighted Average Cost of Borrowing
12 Months Ended
~
Aug-O9Sep-O9Oct-O9Nov-O9Dec-O9Jan-10Feb-10Mar-10Apr-10May-10Jun-10Jul-10
Aug-10Sep-10Oct-10Nov-10Dec-10Jan-11Feb-11Mar-11
Apr-11May-11Jun-11Jul-11
Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12
Apr-12May-12Jun-12
0.82%0.79%0.70%0.56%0.53%0.52%0.57%0.65%1.13%1.11%0.60%0.59%0.54%0.51%0.51%0.51%0.50%0.49%0.49%0.92%0.00%0.32%0.31%0.33%0.34%0.00%0.00%0.47%0.57%0.55%0.50%0.50%0.50%0.50%0.50%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0,00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%100.00%
0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
0.49%0.47%0.41%0.33%0.31%0.31%0.34%0.38%0.67%0.66%0.35%0.35%0.32%0.30%0.30%0.30%0.30%0.29%0.29%0.54%0.00%0.19%0.18%0.20%0.20%0.00%0.00%0.28%0.34%0.33%0.30%0.30%0.30%0.30%0.30%
032912 Schedule C to StipTK-6