appendix a::valuation methodology -...

Electric Utility Ownership Feasibility Study APPENDIX A: VALUATION METHODOLOGY A-1

APPENDIX A: :VALUATION METHODOLOGY

There are three commonly accepted methods for valuing utility electrical properties based on recognized and objective industry standards. The ultimate goal of these methodologies is to determine the fair market value for the subject property and equipment, in a hypothetical open and free market transaction, with a willing buyer and a willing seller. The three valuation methods are: 1. The Cost Approach, 2. the Market Approach, and 3. The Income Approach. Within the Cost Approach, there are two variations: the Replacement Cost Approach and the Original Cost Approach.

Cost Approach As noted above, there are two approaches used within the Cost Approach. Each relies on a measure of cost to estimate the value of the assets being examined. Each of these approaches is explained in greater detail below.

Replacement Cost Approach

The Replacement Cost Approach uses an estimate of the cost of replacing or reproducing the existing facilities as a measure of value. This amount is then reduced to reflect the amount of depreciation that has accrued to the improvements being valued. The valuation under such a method is generally referred to as the Replacement Cost New Less Depreciation (RCNLD) value. Straight-line depreciation is typically used for the calculation of depreciation in the RCNLD value.

Original Cost Approach

The Original Cost Approach uses the original cost (or an estimate of the original cost) of the existing facilities as a measure of value. As with the RCNLD calculation, the original cost of the facilities being examined are reduced by the depreciation that has accrued since these facilities were placed into service. This results in what is commonly referred to as the Original Cost Less Depreciation (OCLD) value, sometimes also referred to as the “Net Book Value” or “Net Plant.” This value usually sets the floor for utility valuations, assuming no contingent liabilities. Preferably, this valuation methodology would be based on the utility’s records of the original cost of plant and subsequent depreciation that has occurred over time. If such records are not available, original cost can be estimated by adjusting current replacement cost by appropriate economic indices. Straight-line depreciation is then used to calculate the depreciated cost.

The OCLD value in the context of non-utility property has limited relevance to determining the value of property because of its limited relationship to market value. However, OCLD is relevant in valuing electric utility property because many utilities are typically regulated based on the OCLD of their property.

Market Approach The Market Approach uses sales of comparable properties to determine the value of property to be acquired. The standard used in this type of valuation is the fair market value (FMV). Fair market value is the amount that would be paid for the electrical facilities in its highest and best use as determined in a competitively structured market. Fair market value is the most probable sale price of property in an open market. A competitively structured market is a market with a large number of


buyers and sellers where no buyer or seller is sufficiently large relative to the size of the market to be able to affect the market price, and new buyers and sellers are free to enter the market.

This approach for appraising the value of an electrical utility may be challenging because there is typically not an active market for the sale of utility systems. However, there have been mergers of utilities, and there have been recent sales of partial electric systems similar to the system that BUC maintains. FMV in the utility industry is typically quoted in terms of a premium over OCLD.

Income Approach The third valuation approach applicable to utilities is the Income Approach. This approach determines the FMV of property on the basis of the future net income that it can be expected to earn. Usually its application is limited to rental income of real property rather than profits from a business conducted on the real property, for the reason that business profits are too speculative a basis for the income approach. However, the income approach can be useful in valuing a utility, as rates are generally set to meet costs plus a return.

If the Income Approach is used, the result automatically will include the “going concern” value of BUC’s business in the jurisdiction. If the Cost Approach is used, there may have to be a separate calculation of the loss of business goodwill (if any) that results from the change of ownership of a utility’s system. However, because the theory of utility regulation is based on returning the utility’s original investment over time plus a return on that investment, going concern value has little (if any) application for the valuation of electric utility property.

Value of Bethel Utility

Original Cost Less Depreciation

OCLD usually sets the floor of utility valuations assuming appropriate regulatory treatment by the utility regulators. Original costs were based on BUC’s net book value as reported in BUC’s recent rate filing dated April 2, 2010, schedule 5, page 3. Table A-1 provides the original cost, accumulated depreciation and net book value of the BUC system as of Year ending 12/31/2009. The resulting OCLD is approximately $2.4 million. In addition to the asset value, BUC includes working capital, materials and supplies in its rate base. Because of the high cost of fuel, working capital is significantly higher than the OCNLD asset value. Based on a review of the components of working capital, it is reasonable to include the value of these items into the valuation of the utility. This increases the OCNLD value to $6.2 million based on 2010 data.

In addition to the property plant, the cost of fuel held by the company at the time of the sale will have to be added. According to the most recent COPA filing, the estimated price for fuel paid by BUC for October, November and December 2010 was $4.6492 per gallon. At this price, if BUC’s two 20,000 gallon fuel tanks are completely full at the time of sale, the value of the fuel would be approximately $185,000. If BUC were to sell the electric utility, the actual quantity of fuel at closing would be measured, valued and added to the FMV estimates contained in this report.


Table A-1 BUC Schedule 5, Summary of Plant and Depreciation Pursuant to 3 AAC 48.275(a)(1) Year Ending 12/31/09 101 Utility Plant in Service

Useful Life (Years)

Method

Plant at Cost

Depreciation Expense

Accumulated Depreciation

Net Book Value

Production Plant

340 Land N/A N/A $ 344,984 N/A N/A $ 344,984

341 Structures 40 S/L 1,419,591 $ 42,811 $1,162,730 256,861

342 Fuel Holders 25 S/L 214,250 8,009 188,109 26,141

344 Generators 40 S/L 2,009,054 13,998 1,812,724 196,330

345 Access Elec. Equip. 40 S/L 627,061 15,999 531,068 95,993

346 Misc. Equip. 30 S/L 1,938,986 22,828 1,744,077 194,909

Distribution Plant

360 Land N/A N/A 10,400 N/A N/A 10,400

361 Structures and Improvements

40 S/L 33,008 1,143 26,151 6,857

364 Poles 40 S/L 1,094,616 20,542 627,054 467,562

365 Overhead Devices 40 S/L 179,345 2,490 135,838 43,507

368 Transformers 40 S/L 564,422 11,486 283,1224 281,298

369 Services 40 S/L 136,801 1,880 102,930 33,871

370 Meters 40 S/L 163,54 2,446 111,341 52,193

General Plant

389 Land N/A N/A 0 N/A N/A 0

390 Structures 40 S/L 438,126 21,634 286,688 151,438

391 Furniture and Equipment

10 S/L 270,935 25,978 59,623 211,312

392 Vehicles 6 S/L 315,165 50,653 226,328 88,837

393 Stores Equipment 10 S/L 27,529 488 24,018 3,511

394 Tools 10 S/L 115,266 1,808 105,597 9,669

395 Laboratory Equipment

10 S/L 21,189 -- 457,375 22,752

396 Heavy Equipment 10 S/L 480,127 10,306 457,375 22,752

397 Communications Equipment

10 S/L 26,965 1,508 18,778 8,187

398 Miscellaneous 10 S/L 141,210 12,168 130,498 10,712

Total Utility Plant in Service $10,572,564 $268,175 $8,055,240 $2,517,324


Replacement Cost New Less Depreciation (RCNLD)

This approach involves the valuation of the cost of replacing or reproducing the existing utility facilities, less the amount of depreciation that has accrued to the facilities being valued. The replacement cost new less depreciation method requires a detailed inventory and a listing of all the real property to be acquired, including easements, along with legal descriptions of the real property. In addition, a thorough field investigation should be performed. This investigation should include a visual inspection of generation equipment from within the plant, and touring and examination of the distribution system. Once a detailed list of facilities and their condition has been generated, engineers would price each component assuming the system would be built today. Finally, the total replacement cost would be depreciated for the wear and tear of the current system. Because data is available for the OCNLD methodology, and due to the time consuming process of developing the RCNLD, this methodology was not used.

Comparable Sales

Sales and purchase of electric utility properties are most often reported and described at prices that are a certain level over the selling party’s OCLD. Premiums paid on properties vary based on several factors, including regulatory treatment of the premium, the age of the properties and the characteristics of the service territory. The comparable sale approach provides a measure to determine how individual transactions measure up to previously completed transactions in the industry.

Some recent examples of sales using valuation at premium over book value are the sale of the electric facilities on Kauai and sales of facilities by Bonneville Power Administration (BPA).

The first sale example is the sale of the electric transmission and distribution properties on the island of Kauai, Hawaii by Citizen’s Communications Corp. to the Kauai Island Utility Co-op for approximately 121.5 percent of its OCLD. The second example is the sale by the Bonneville Power Authority of over 200 substations over a ten-year period. BPA used the same valuation methods as described in this section and selected the one that resulted in the highest value to start negotiations with potential buyers. Often, negotiations resulted in a lower selling price due to extenuating circumstances. In a review of 27 sales made by BPA, its proceeds averaged 82 percent of the assets’ OCLD.

In June 2002, Arctic Utilities, Inc. was sold to TDX North Slope Generating, Inc. for $1 million according to the associated purchase and sales agreement. DHRS Engineering Solutions previously determined that the fair market value for the total Arctic system was $3.12 million. According to the RCA, OCLD at the end of 2000 for the Arctic system was $1,527,000. This demonstrates that even though the assets were valued at approximately twice the OCLD, the actual sales price was 34 percent less than the OCLD.

Another example of a fair market evaluation was done for TDX Sand Point Generating, Inc. also by DHRS Engineering Solutions. At the end of 2001, Sand Point Generating’s OCLD was $1.8 million according to the RCA. DHRS’ evaluation, dated February 2001, estimated the fair market value at $3.3 million. Again this evaluation was almost twice the OCLD.

Table A-2 shows a more extensive list of transactions, not all of which were successful.


Table A.2 Estimated Premiums Over OCLD for the Sale of Various Electric Utility Equipment and Properties

1 D = Distribution Plant, T = Transmission Plant 2 Estimate – Confidential Sale Price

Date of

Transaction

Locale of

Equipment

Selling Entity

Purchasing

Entity

Nature of

Equipment1

Premium Over OCLD

Purchase Price Per

Cust

Status of Transaction

1990 Sandpoint, Idaho PacifiCorp Avista D 35.0% - Completed

1998 Kalispell, Montana PacifiCorp Flathead

Electric T/D 25-35%2 $3,333 Completed

1999 St. Helens, Oregon PGE West Oregon

Coop D N/A $1,361 Unsuccessful

1999 Northern California PacifiCorp Nor-Cal T/D 14.0% - Unsuccessful

2002 Kauai

County, Hawaii

Citizens Power

Kauai Island Utility Coop T/D 21.5% $6,935 Completed

2002 Montana Montana Power Northwestern G/T/D/NG 31% $3,785 Completed

2000 Alberta TransAlta UtiliCorp D 33% - Completed

2001 Portland, OR Enron Northwest Natural G/T/D 48% $3,973 Unsuccessful

1999 Portland, OR Enron Sierra Pacific G/T/D 66% $4,429 Unsuccessful

1996 Portland, OR PGE Enron G/T/D 80% $4,699 Completed

2001 Oregon PacifiCorp Town of Hermiston D 200% $2,000 Completed

2001 Alaska Artic Utility TDX North Slope Gen. G/T/D (34%) N/A Completed

2001 Alaska Tligit-Haida RAD

Alaska Power CO D 2.2% N/A Completed

2002 Alaska Far North Central Electric D > 200% N/A Completed

2002 Alaska Thorne Bay AP&T G/T/D 60% N/A Completed

Prior to 9-30-03

Pacific Northwest 27

locations BPA Various

Utilities Substations (17%) - Completed


There are many different reasons for setting the premium over OCLD when determining the value of a utility. The PacifiCorp/Avista transaction, for example, included a relatively high premium. This transaction was unique in that the rate differential between the purchasing and selling utility was such that the purchaser was able to recover the premium paid on the properties in the first five years of operation, and still implement immediate and subsequent rate decreases.

From a buyer’s perspective, there are basically four reasons for purchasing utility facilities:

• Local Control, • Synergy with Existing Facilities, • Increasing Service Area, • Investment (Return on Capital).

Obtaining local control has become increasingly important in recent years given the energy crisis in the lower western states. Many cities, in order to protect their residents and businesses, have attempted to purchase or take over the existing utility. In cases like this, the premium offered the existing utility is fairly high in order to encourage the sale.

Another reason for purchasing utility systems is the synergies the new system can bring to an existing system. A good example of this is the sale PacifiCorp facilities in Montana to Flathead Electric (FEC). PacifiCorp provided retail service to roughly 35,000 accounts in western Montana. These customers are located primarily in and around the Kalispell, Whitefish and Columbia Falls area. Operationally, FEC and PacifiCorp had contiguous service territories throughout the Flathead Valley. Each entity’s distribution lines were in close proximity to one another and in some cases duplicated each other. Operational supervision and dispatch could be undertaken from an existing central location within the consolidated service territories utilizing existing employees. In addition, the increased load diversity associated with consolidation reduced power costs to all retail customers.

Many existing utilities also buy neighboring utilities to expand their service area, thereby taking advantage of the savings that operating a large system brings. One example of this is the consolidation of Puget Sound Energy, an electric utility, and Washington Natural Gas, a gas utility. Both served the same area, and by combining the two companies, savings in administration, overhead and customer service could be obtained.

The final reason for purchasing a utility is as an investment. Because electric utilities are regulated and allowed to set rates based on costs, investments in utilities are fairly safe, but rely on regulators to allow returns that are competitive with other types of investments. One example is Scottish Power, a British utility, which purchased PacifiCorp in 2000 to obtain access to the US market and to redirect PacifiCorp into the power marketing area, an area where Scottish Power had expertise.

BUC is regulated by the RCA. This commission oversees the rates, regulations, practices and services of a public utility operating in the State of Alaska. Rates are set based on actual costs and an allowed return on rate base. The allowed return is usually the weighted cost of capital (rate of return) times the net capital investment (rate base).

However, a potential buyer examines not only the allowed rate of return, but also the amount of the sales price allowed in rate base by the RCA. The RCA has authority under various statutes (AS 42.05.281 and AS 42.05.241) to approve a change in ownership/control of a utility and to determine the ratemaking effects of a change in ownership/control. While the RCA does not have to approve a contract or price for the purchase or sale of a system, the RCA has the authority to determine if the purchaser will be granted full recovery of its investment through rate base.


The value of utility property acquired by a new owner is restricted by AS 42.05.441(b). This section states that when establishing the rate base value of the acquired property, the RCA shall be guided by the lower of the price paid by the new owner or the cost of the property when first devoted to utility service. The RCA has previously interpreted this statute to allow recovery of a premium above book value, if the utility demonstrates that the acquisition will provide clear, tangible benefits to rate payers in the amount at least equal to the premium.1 For example, when Alaska Power and Telephone purchased the service area of Thorne Bay Municipal Electric Utility, the full sales price of $600,000 was allowed to be recovered in rate base, even though Commission staff calculated the OCLD approximately $376,000 below the sales price. In this case, the significant decrease in rates resulting from the sale was enough justification for the Commission to allow the full recovery in rate base.

In order to gain regulatory approval for the purchase of BUC’s electric utility, the RCA will most likely need to be assured that the customers will not be harmed by this sale (i.e., rates will not increase significantly). Whether a new owner will be allowed to include any premium over book value in rates will ultimately be determined by the level of retail rates after any transfer.

In general, the survey of recent utility property sales indicates that a reasonable range of valuation of assets under the Market Approach would be a FMV equal to OCLD up to a FMV 35 percent above OCLD. Therefore, the comparable sales methodology results in a value ranging from approximately $2.5 million to $8.4 million for the assets, plus the value for fuel to be included in the sale.

Income Approach

The Income Approach estimates the present value of property on the basis of the future expected net revenues, sometimes referred to as the Capitalized Earnings or Discounted Cash Flow Approach. However, it should be noted that this valuation approach is limited by the reliability of the data and information used in determining future earnings. Since future profits are highly speculative, the application of this approach is usually limited to rental income of real property, rather than profits from business conducted on the real property. However, this approach can be of some use when applied to utilities, as rates are generally set to meet costs plus yield a return. Financial institutions often use this methodology for valuation. The basic calculation of net revenues takes the expected revenue stream from the facilities and subtracts the cost to own and operate the facilities. The present value of the future stream of net revenue is then calculated to arrive at a value of the facilities.

Financial institutions often use a shorthand method for determining the value under this approach by multiplying annual earnings before interest, taxes, depreciation and amortization (EBITDA) by a factor of between six and eight to determine the overall value of property. The resulting value of the BUC’s electric utility is estimated to be between approximately $5.3 to $7.1 million, plus the value of fuel.

Liabilities

In addition to the different value estimates described above, the buyer will also have to account for any additional liabilities that may occur due to the sale. In addition to the property plant, the cost of fuel held by the company at the time of the sale will have to be included in the offer price. 1 See RCA Order U-01-98(1) (2002)


Depending on the amount of fuel in the tanks when the sale closes, the value of the fuel could be upwards of $150,000-$200,000.

In addition to the fuel costs mentioned above, additional liabilities could include severance damages to BUC due to the sale, possible environmental cleanup costs, employer or community lawsuits and right of way issues.

In addition, an adjustment will be required to net out the current assets and liabilities of the utility. Depending on the timing of the transfer of ownership, there will be varying levels of accounts payable and receivable. It is customary to make a pre-sale estimate of the net amounts of payables and receivables, with an after-the-fact true-up.

Lastly, all of the valuation results above only consider the price likely to be offered in an open market. It is assumed within these results that the current owner would bear the cost associated with extinguishing any debts related to the assets and/or businesses being sold. It is EES Consulting’s understanding that there is one loan totaling approximately $1.77 million outstanding as of December 31, 2009.2

Estimated Value of the Bethel Utility The above methodologies result in different values for the system. The range of results is between approximately $6.2 and $8.4 million for the assets including materials and supplies, plus the value of fuel and any additional costs (or credits) that may occur due to the sale.

Table A-3 Summary of Valuation Results (2011 Dollars) Approach

Appropriate Value

With Working Capital

Original Cost Approach $2.4 million $6.2 million

Market Approach $2.4 -3.3 million $6.2 -8.4 million

Income Approach – EBITDA $5.3 -7.1 million $5.3 -7.1 million

High Value $14 million $14 million

Based upon the aforementioned analysis, it is the opinion of EES Consulting that the BUC’s electric utility has a current fair market value of roughly $6.2 million plus all closing adjustments (i.e., fuel, current accounts receivable/payables, etc.). This value could decrease if any contingent liabilities are found during due diligence by a potential buyer.

2 April 2, 2010 Rate filing Schedule 6, page 1.


Other Considerations Associated with a Sale of the BUC’s Electric Utility If BUC decides ultimately that the electric utility should be sold, there are several important considerations that must be addressed. These considerations are summarized below:

RCA Certificate of Public Convenience and Necessity (CPCN)

BUC currently holds a Certificate of Public Convenience and Necessity (CPCN). This CPCN requires BUC, by law, to provide electric service to the City of Bethel’s inhabitants. BUC cannot cease providing electric service without RCA approving a transfer of the CPCN to a qualified purchaser. In reviewing the basis for a transfer, the RCA is required to evaluate whether any transfer of utility property is in the public interest.

Loan Covenants

BUC has one outstanding loan related to the electric utility. This loan has covenants that will direct and impact any possible transfer of electric utility property away from BUC. These loan covenants should be carefully reviewed by BUC’s legal staff and accountants to ascertain all covenant-related constraints to selling electric utility property.

Electric Utility Ownership Feasibility Study APPENDIX B: PCE CALCULATION B-1

APPENDIX B: :STEP-BY-STEP PCE CALCULATION

Step 1: Determine Total Eligible PCE Costs

Fuel costs $ 72,500 25,000 gallons x $2.90

+ Non-fuel costs + $ 70,000 Salaries, insurance, taxes; not rate of return

Eligible PCE Costs $ 142,500

Step 2: Determine Maximum Rate to Apply PCE

Eligible PCE Costs ÷ Total kWh sold = Maximum Rate to Apply PCE

$142,500 ÷ 300,000 kWh = $0.4750 / kWh

Step 3: Calculate the PCE Level (amount paid by the State)

Maximum PCE Rate - Average Class Rate x 95% = PCE Rate

($0.4750 - $0.1439) x 95% = $0.3145 per kWh

Step 4: Apply PCE Level to Eligible Residential Customers

(PCE Level) x (First 500 kWh used per month) = Monthly PCE Subsidy

($0.3145 per kWh) x (500 kWh) = $157.25 per month per residential customer

Step 5: Apply PCE Level to Eligible Community Facilities

($0.3145 per kWh) x (70 kWh * 5,000 people) = $110,075 per month for all eligible community facilities

Step 6: Reduce Customer Bills According to the PCE Level

Step 7: Submit Invoice to the State (AEA) for Payment

Electric Utility Ownership Feasibility Study APPENDIX C: IMPLAN MODEL DESCRIPTION C-1

APPENDIX C: : IMPLAN MODEL DESCRIPTION

Our estimates of the economic impacts are based on the IMPLAN input-output economic modeling system developed by the Minnesota IMPLAN Group. The IMPLAN software system helps analysts address two common questions about economic study and analysis:

• How does my local economy function? • What would the economic consequences of this project or action be?

By constructing Social Accounts that describe the structure and function of a specific economy, IMPLAN can create a localized model to investigate the consequences of projected economic transactions in your geographic region. Used by more than 2,000 public and private institutions, IMPLAN is the most widely employed and accepted regional economic analysis software for predicting economic impacts. Some scenarios that can be examined with IMPLAN include:

• What effects would a new industry/technology in my study area generate? • What would be the effect of a military base closure? • How many jobs will this project create? • What is the significance of this company/organization to the local study area economy?

IMPLAN’s data is compiled from a wide variety of sources, and each Social Accounting Matrix is derived from unique local and census information, not estimated from national averages. IMPLAN’s data can be modified to accommodate new technologies or specifications of local industries, and is reported in a sectoring scheme roughly corresponding to NAICS. IMPLAN data files are created annually. The most recent information available is for 2009. Several IMPLAN features are described below.

Social Accounting IMPLAN’s Social Accounting Matrices (SAMs) capture the actual dollar amounts of all business transactions taking place in a regional economy as reported each year by businesses and governmental agencies. SAM accounts are a better measure of economic flow than traditional input-output accounts because they include “non-market” transactions. Examples of these transactions would be taxes and unemployment benefits.

Multipliers

Social Accounting Matrices can be constructed to show the effects of a given change on the economy of interest. These are called Multiplier Models. Multiplier Models study the impacts of a user-specified change in the chosen economy for 440 different industries. Because the Multiplier Models are built directly from the region specific Social Accounting Matrices, they will reflect the region’s unique structure and trade situation.

Multiplier Models are the framework for building impact analysis questions. Derived mathematically, these models estimate the magnitude and distribution of economic impacts, and measure three types of effects, which are displayed in the final report. These are the direct, indirect, and induced changes within the economy. Direct effects are determined by the Event as defined by the user (i.e., a $10 million dollar order is a $10 million dollar direct effect). The indirect effects are determined by the amount of the direct effect spent within the study region on supplies, services, labor and taxes. The induced effect measures the money that is re-spent in the study area as a result of spending from the

Electric Utility Ownership Feasibility Study APPENDIX C: IMPLAN MODEL DESCRIPTION C-2

indirect effect. Each of these steps recognizes an important leakage from the economic study region spent on purchases outside of the defined area. Eventually these leakages will stop the cycle.

Trade Flows Method

Unique to IMPLAN data (2008 and forward) is a method of tracking regional purchases by estimating trade flows. An updated and improved method for calculating and tracking the movement of commodities among industries within a region, this method tracks over 500 commodities in each study area and allows more accurate capturing of indirect and induced effects. This new method of capturing regional purchase coefficients also makes it possible for our Version 3 software to perform Multiregional Analysis, so users can see how a change in their local region causes additional affects in the surrounding region.

Electric Utility Ownership Feasibility Study APPENDIX D: SOURCES D-1

APPENDIX D::SOURCES Publications Alaska Energy Authority. (July 2010). Alaska Energy Pathway, Toward Energy Independence: A Guide for

Alaskan Communities to Utilize Local Energy Resources. Alaska Energy Authority (2011). Alaska Renewable Energy Fund: Round 4 Award Notice App#604 Bethel

Renewable Energy Project. Alaska Village Electric Corporation (2010). Residential Rates: December 16, 2010. Alaska Village Electric Corporation (2010). Small Commercial Rates: December 16, 2010. Anchorage Chamber of Commerce: Matanuska Electric Association, Municipal Light and Power,

Chugach Electric Association (October 25, 2010). Powering Southcentral Alaska in 2011 [presentation].

Bethel Utilities Corporation (2006). Electric Power Utility Characteristics for Community of Bethel, Alaska. Bradner, Tim. “State lawmakers seem favorable forward Susitna dam project.” Alaska Journal of

Commerce. Web posted Friday, March 11, 2011. Retrieved from the World Wide Web Friday April 1, 2011: http://www.alaskajournal.com/stories/031111/loc_slsfts.shtml

Bristol Bay Native Corporation (March 31, 2007). Final Project Report Bristol Bay Native Corporation Wind and Hydroelectric Feasibility Study. Grant Number DE-FG36-03G013023, A000. Submitted to: U.S. Department of Energy, Golden Field Office Tribal Energy Program.

City of Bethel (2003-2011). Adopted Annual Budget FY 2003-2011. City of Bethel (2009). White Paper Request for Federal Funding: Port of Bethel Seawall, Dock and Dredging. Colt, S., Goldsmith, S., and Wiita, A. (2003). Sustainable utilities in rural Alaska: Final Report. Prepared

for USDA Rural Development and Alaska Science and Technology Foundation. Available at http://www.iser.uaa.alaska.edu/Publications/sustainA.pdf

Crowley Maritime Corporation (2006). Crowley Maritime Amended Annual Report. Available at http://sec.edgar-online.com/crowley-maritime-corp/10-ka-amended-annual-report/2006/04/14/Section2.aspx

Devine, Mia (2006). Alaska Energy Authority Wind Resource Assessment for Bethel Alaska. Electric Power Systems, Inc. (April 17, 2008). City of Bethel Progressive Wind Power System Phase I -

Preliminary Engineering Progress Reports (10%; 30%; 60%). Fay, Ginny, Saylor, B. (July 2010). Alaska Fuel Price Projections 2010-2030. Institute of Social and

Economic Research, University of Alaska. Available at http://www.iser.uaa.alaska.edu/ Publications/fuel_price_projectionrevision_final073010.pdf\

Institute of Social and Economic Research University of Alaska (November, 2003). Alaska Electric Power Statistics (with Alaska Energy Balance) 1960-2001. Prepared for the Alaska Energy Authority, the Regulatory Commission of Alaska, and the Denali Commission.

Kotzebue Electric Association (2011). Do Your Electric Bills Rise During the Winter? Retrieved from the World Wide Web March 10, 2011: http://www.kea.coop/articles/do-your-electric-bills-rise-during-the-winter/


Kotzebue Electric Association (2011). KEA’s Wind Farm to Grow. Retrieved from the World Wide Web March 10, 2011: http://www.kea.coop/articles/keas-wind-farm-to-grow/

Kotzebue Electric Association (2011). Your Bill Explained. Retrieved from the World Wide Web March 10, 2011: http://www.kea.coop/consumer-support/your-bill-explained/

Martin, S., Killorin, M., Colt., S. (2008). Fuel Costs, Migration, and Community Viability. Prepared for Denali Commission by the Institute of Social and Economic Research, University of Alaska.

Nuvista Light and Electric Cooperative (2001). Calista Region Alternative Energy Update [presentation]. Retrieved from the World Wide Web Friday April 1, 2011: www.legis.state.ak.us/basis/get_documents.asp?session=27&docid=2087

PDC Harris Group (October 2008). Remote Community Alternative Energy Project Concept [presentation].

Regulatory Commission of Alaska (no date). Understanding Your Electric Bills: RCA Consumer Facts. Retrieved on April 5, 2011 from www.rca.alaska.gov

Rural Energy Action Council (REAC) (April 15, 2005). Findings and Action Recommendations for Governor Frank Murkowski. Alaska Industrial Development and Export Authority /Alaska Energy Authority.

Saylor, Ben, Haley, S. (March 2007). Effects of Rising Utility Costs on Household Budgets, 2000-2006. Institute of Social and Economic Research, University of Alaska. Available at http://www.iser.uaa.alaska.edu/Publications/risingutilitycosts_final.pdf

State Of Alaska (2002, 2003, 2004, 2005, 2007), Alaska Energy Authority. Statistical Report of the Power Cost Equalization Program.

State of Alaska (2003, 2008). State Electricity Profiles. Energy Information Administration.

State of Alaska (2007). Alaska Energy Authority Power Cost Equalization Program Guide. State of Alaska (2009). Alaska Energy Authority Fiscal Year 2009 Power Cost Equalization Program by

Utility/Community. Wilson, M., Ginny F., Saylor, B., Szymoniak, N. , and Colt, S. (2008). Components of Delivered Fuel

Prices in Alaska. Institute of Social and Economic Research, University of Alaska. Available at: http://www.iser.uaa.alaska.edu/Publications/Finalfuelpricedelivered.pdf

Zulkosky, Tiffany (February 28, 2009). Alaska State House Energy Committee Testimony, Mayor of the City of Bethel.

Legal References

3 AAC 48.010 – 3 AAC 48.820. Regulatory Commission of Alaska: Practice and Procedure.

3 AAC 52.400 – 3 AAC 52.500. Regulatory Commission of Alaska: Electric Utilities.

3 AAC 48.500 – 3 AAC 48.560. Regulatory Commission of Alaska: Cost-of-Service Study and Rate Design Information for Electric Utilities.

3 AAC 52.600 – 3 AAC 52.690. Regulatory Commission of Alaska: Regarding Criteria for Determination of Power Cost Equalization.

42 A.S. § 42.05. Alaska Public Utilities Regulatory Act. Public Utilities and Carriers and Energy Programs (2010).


Bethel Municipal Code Ord. 10-32. Port of Bethel: Terminal Tariff Naming Rates, Rules and Regulations for Terminal Services at the Port of Bethel, Alaska Terminal Tariff #004.

Exhibit ELT-B of pre-filed testimony of Edward Tilbury, Docket U-04-104.

RCA Order U-01-98(1) (2002).

Testimony of Charles Y. Walls, Docket U-94-95(5) /U-96-32(1).

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff, Electric: COPA PCE. (Matter # TA223-43). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff, Electric: rate-increase request. (Matter # TA217-43). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff suspension, Electric: TA 200-43 electric rate increase. (Matter # U-07-112). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff suspension, Electric: BUC vs. City of Bethel. (Matter # U-05-040). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff suspension, Electric: Tariff suspension (rates) – Bethel Utilities Corporation (Electric). (Matter # U-10-024). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Investigation – Other, Electric: BUCI, Investigation Waste Heat Operations & Fuels. (Matter # U-04-104). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Tariff suspension, Electric: Bethel Utilities Corp. rev reqmt/COSS. (Matter # U-03-011). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Investigation – Management practices: Investigation into management practices/reasonable rates charged by BUCI. (Matter # U-96-032). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Matters – Rates – Other Ruel Changes: Bethel Utilities Corp. (TA89-43) Tariff rev f/interim & permanent rate increase. (Matter # U-91-058). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Documents – Reports & studies (finance) – annual operations report AS 42.05.451(b) & 52.660(b). 2010 annual report CPCN 43 for Bethel Utilities Corporation. (Tracking # TR1101631). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx


Regulatory Commission of Alaska. (2011). Bethel Utilities Corporation Documents – Reports & studies (finance) – annual operations report AS 42.05.451(b) & 52.660(b). 2009 annual report CPCN 43 for Bethel Utilities Corporation. (Tracking # TR1001666). Anchorage, Alaska: Author. Retrieved from http://rca.alaska.gov/RCAWeb/RCALibrary/RCAReports.aspx

Record of Interviews General Information 1. Cox, Bob. Crowley. Phone Interview. April 20, 2011.

2. Posey, Jim. Municipal Light and Power. Personal Interview. May 5, 2011.

3. Smith, Mark. Vitus Marine, Fuel Procurement. Phone Interview. April 21, 2011.

4. Szymoniak, Nick. Enstar and Former ISER employee, Personal Interview. February 15, 2011. Regulatory Agencies (RCA, RAPA, and AEA)

5. Clark, Tyler. Regulatory Commission of Alaska. Personal Interview. April 4, 2011.

6. Knudsen-Latta, Claire. Regulatory Commission of Alaska. Personal Interview. April 4, 2011.

7. Keen, James. Regulatory Commission of Alaska. Personal Interview. April 4, 2011.

8. Mellow, Chris. Alaska Energy Authority. Phone Interview. March 31, 2011.

9. Nation, Parker. Regulatory Commission of Alaska. Phone Interview. March 22, 2011.

10. O’Tierney, Daniel. Regulatory Affairs and Public Advocacy, Alaska Office of the Attorney General. Phone Interview. May 5, 2011.

11. Strandberg, James. Alaska Energy Authority. Personal Interview. March 15, 2011.

12. White, John D. Regulatory Commission of Alaska. Personal Interview. April 4, 2011.

13. Williams, Jeff. Alaska Energy Authority. Email and Phone, March and April 2011. Bethel

14. Hoffman, Ron. AVCP Regional Housing Authority. Phone Interview. March 21, 2011.

15. McIntyre, Greg. Yukon Kuskokwim Health Corporation (YKHC). Phone Interview. March 14, 2011.

16. Shea, Dan. City of Bethel, Planning Director. Phone Interview. April 28, 2011.

17. Sutton, Bobby. City of Bethel, Finance Director. Phone Interview. April 28, 2011.

18. Thompson, Dean. Kemppel, Huffman and Ellis, P.C. Phone Interview. May 5, 2011.

19. Welch, Lenny. Bethel Utilities Corporation (BUC). Personal Interview. February 14, 2011 (during site tour).

20. Williams, Peter. Port of Bethel. Phone Interview. March 15, 2011.


Case Studies

21. Akiak Utility. April 28, 2011.

22. Atmautluak Utility. April 28, 2011.

23. Denslinger, Jim. Nushugak Electric Cooperative, Phone Interview. March 31, 2011.

24. Handaland, John. Nome Joint Utility System, Phone Interview. April 4, 2011.

25. Kohler, Meera. Alaska Village Electric Corporation (AVEC), Phone interview. March 30, 2011.

26. Novak, Scott. Alaska Electric Light and Power Company. Phone Interview (speaking as an individual). March 31, 2011.

27. McLeod, Tim. Alaska Electric Light and Power Company, Phone Interview. April 4, 2011.

28. Reeve, Brad. Kotzebue Electric Association. Phone Interview. April 5, 2011. Small Businesses (attempt to compare electricity costs amongst small businesses)

29. KRK Management (Long House Hotel in Bethel), Phone Interview. Week of April 25, 2011.

30. Bayside Restaurant (Kotzebue), Phone Interview. Week of April 25, 2011.

31. Bering Straits Development Corp (the Aurora Inn and Suites in Nome). Phone Interview. Week of April 25, 2011.

32. Nine additional businesses were contacted but did not return calls, were unwilling to participate, or indicated they would call back with information but never did.

Electric Utility Ownership Feasibility Study APPENDIX E: DETAILED TABLES E-1

APPENDIX E: :DETAILED TABLES

Detailed Tables 1. Assumptions .............................................................................................................................. E-2

2. Base Case .................................................................................................................................. E-22

3. High Value ............................................................................................................................... E-32

4. Storage ...................................................................................................................................... E-42

5. Storage and Pipeline ............................................................................................................... E-52

6. Wind City Owned ................................................................................................................... E-62

7. Wind Utility Owned ................................................................................................................ E-72

8. Wind Utility Owned No Grant ............................................................................................. E-82

9. Wind Utility Owned Integration ........................................................................................... E-92

10. Storage, Pipeline and Wind .................................................................................................. E-102

Prepared by EES Consulting, Inc.

Start Date

Line Losses 7.49%

Annual Depreciation Rate (2009 Rate Case) 2.54% of Gross Plant

Discount Rate 4.50%

Inflation (10 year average AK CPI) 2.60%

City Sales Tax Rate 6.00%

Unit ConversionkWh per gallon 13.8 kWh/gallon

PetroPort-Fuel Thru-Put ($/gallon) $0.046 per gallon($/kWh) $0.00334 per kWh

Revenue AssumptionsResidential Share of Revenue (2010) 26.7%City Share of Revenue (2010) 6.8%All Others Share of Revenue (2010) 66.5%

100.0%O&M Assumptions

Wagest & SalariesAccount 920 Wages per 2009 Rate Case 488,595$ Adjusted 920 Wages (eliminate Achorage employees, double Bethel employees) 97,619$

Utility Valuation Cooperative 2009 TIER Calculations2009 $ 2010 $ Interest Cash for TIER TIER Cash Needed Net Req't

Other 14,000,000$ $630,000 $268,175 1.43 $315,000 $46,825High - EBITDA 3,846,016$ 7,097,624$ $319,393 $268,175 1.84 $0 $0Medium - Rate Base 6,597,634$ 6,255,016$ $281,476 $268,175 1.95 $0 $0Low - OCLD 2,522,619$ 2,427,583$ $109,241 $268,175 3.45 $0 $0

Ownership Assumptions

Investor-Owned Utility AssumptionsEquity Ratio 55.19%Rate of Return on Equity (per RCA) 14.00%Debt Ratio 44.81%Borrowing Rate 5.50%Weighted Cost of Capital 10.19%Weighted Cost of Equity Capital 7.73%Income Tax Rate

Federal 34.00%State 9.40%

Municipality AssumptionsBorrowing Rate 4.50%Borrowing Term 30Income Tax Rate 0.00%Transfer (in-lieu tax) Fees 0.00%

Cooperative AssumptionsTIER Target 1.50 Source: U-95-96(1), AVECBorrowing Rate 4.50%Borrowing Term 30Income Tax Rate 0.00%

Federal 0.00%State 0.00%Other - Gross Receipts In-Lieu of Property Tax 0.0005 $/kWh

January 1, 2009

Assumptions for Financial Projections

Last Printed: 5/17/2011Electric Utility Ownership Feasibility Study APPENDIX E: DETAILED TABLES E-2



Diesel Fuel Price Forecast (Nominal Dollars)

Diesel Price Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636

IOU High Price Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636Ocean Barge 0.585 0.600 0.616 0.632 0.648 0.665 0.682 0.700 0.718 0.737 0.756 0.776 0.796 0.817 0.838 0.860 0.882 0.905 0.929 0.953River Barge 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000Lightered into Bethel 0.244 0.250 0.257 0.263 0.270 0.277 0.284 0.292 0.299 0.307 0.315 0.323 0.332 0.340 0.349 0.358 0.368 0.377 0.387 0.397Storage 1.091 1.119 1.148 1.178 1.209 1.241 1.273 1.306 1.340 1.375 1.411 1.447 1.485 1.524 1.564 1.604 1.646 1.689 1.733 1.778PetroPort Fuel Thru-Put Fees 0.045 0.046 0.047 0.048 0.050 0.051 0.052 0.054 0.055 0.057 0.058 0.059 0.061 0.063 0.064 0.066 0.068 0.069 0.071 0.073Trucking/Delivery 0.049 0.050 0.051 0.053 0.054 0.055 0.057 0.058 0.060 0.061 0.063 0.065 0.066 0.068 0.070 0.072 0.074 0.075 0.077 0.079Taxes 0.243 0.249 0.256 0.262 0.269 0.276 0.283 0.291 0.298 0.306 0.314 0.322 0.331 0.339 0.348 0.357 0.367 0.376 0.386 0.396

TOTAL ($/gallon) 3.958 4.522 4.675 4.833 4.998 5.168 5.344 5.527 5.717 5.913 6.116 6.327 6.545 6.771 7.006 7.249 7.501 7.762 8.032 8.313

Cost of power (fuel) per COPA filing October 2010 ($/kWh) 0.2876$ 0.3285$ 0.3396$ 0.3512$ 0.3631$ 0.3755$ 0.3883$ 0.4016$ 0.4153$ 0.4296$ 0.4444$ 0.4597$ 0.4755$ 0.4920$ 0.5090$ 0.5267$ 0.5450$ 0.5639$ 0.5836$ 0.6040$

IOU Base Price Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636Ocean Barge 0.439 0.450 0.462 0.474 0.486 0.499 0.512 0.525 0.539 0.553 0.567 0.582 0.597 0.613 0.629 0.645 0.662 0.679 0.697 0.715River Barge 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000Lightered into Bethel 0.244 0.250 0.257 0.263 0.270 0.277 0.284 0.292 0.299 0.307 0.315 0.323 0.332 0.340 0.349 0.358 0.368 0.377 0.387 0.397Storage 0.866 0.888 0.912 0.935 0.960 0.985 1.010 1.037 1.064 1.091 1.120 1.149 1.179 1.210 1.241 1.273 1.307 1.341 1.375 1.411PetroPort Fuel Thru-Put Fees 0.045 0.046 0.047 0.048 0.050 0.051 0.052 0.054 0.055 0.057 0.058 0.059 0.061 0.063 0.064 0.066 0.068 0.069 0.071 0.073Trucking/Delivery 0.049 0.050 0.051 0.053 0.054 0.055 0.057 0.058 0.060 0.061 0.063 0.065 0.066 0.068 0.070 0.072 0.074 0.075 0.077 0.079Taxes 0.243 0.249 0.256 0.262 0.269 0.276 0.283 0.291 0.298 0.306 0.314 0.322 0.331 0.339 0.348 0.357 0.367 0.376 0.386 0.396

TOTAL ($/gallon) 3.587 4.141 4.284 4.432 4.586 4.746 4.911 5.083 5.261 5.445 5.636 5.834 6.040 6.253 6.474 6.703 6.940 7.187 7.443 7.708

Cost of power (fuel) per COPA filing October 2010 ($/kWh) 0.2606$ 0.3008$ 0.3113$ 0.3220$ 0.3332$ 0.3448$ 0.3568$ 0.3693$ 0.3822$ 0.3956$ 0.4095$ 0.4239$ 0.4388$ 0.4543$ 0.4703$ 0.4870$ 0.5043$ 0.5222$ 0.5408$ 0.5600$

Base Case Price Forecast (Crowley) 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636Ocean Barge 0.487 0.500 0.513 0.526 0.540 0.554 0.569 0.583 0.599 0.614 0.630 0.647 0.663 0.681 0.698 0.717 0.735 0.754 0.774 0.794River Barge 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000Lightered into Bethel 0.244 0.250 0.257 0.263 0.270 0.277 0.284 0.292 0.299 0.307 0.315 0.323 0.332 0.340 0.349 0.358 0.368 0.377 0.387 0.397Storage 1.073 1.101 1.130 1.159 1.190 1.221 1.252 1.285 1.319 1.353 1.388 1.424 1.461 1.499 1.538 1.579 1.620 1.662 1.705 1.750PetroPort Fuel Thru-Put Fees 0.045 0.046 0.047 0.048 0.050 0.051 0.052 0.054 0.055 0.057 0.058 0.059 0.061 0.063 0.064 0.066 0.068 0.069 0.071 0.073Trucking/Delivery 0.049 0.050 0.051 0.053 0.054 0.055 0.057 0.058 0.060 0.061 0.063 0.065 0.066 0.068 0.070 0.072 0.074 0.075 0.077 0.079Taxes 0.243 0.249 0.256 0.262 0.269 0.276 0.283 0.291 0.298 0.306 0.314 0.322 0.331 0.339 0.348 0.357 0.367 0.376 0.386 0.396

TOTAL ($/gallon) 3.843 4.404 4.554 4.709 4.870 5.037 5.210 5.390 5.575 5.768 5.967 6.174 6.388 6.611 6.841 7.080 7.327 7.584 7.850 8.126

Cost of Fuel ($/kWh) 0.2792$ 0.3199$ 0.3309$ 0.3422$ 0.3539$ 0.3660$ 0.3786$ 0.3916$ 0.4051$ 0.4191$ 0.4336$ 0.4486$ 0.4642$ 0.4803$ 0.4970$ 0.5144$ 0.5324$ 0.5510$ 0.5703$ 0.5904$

Muni/Coop Base Price Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636Ocean Barge 0.390 0.400 0.410 0.421 0.432 0.443 0.455 0.467 0.479 0.491 0.504 0.517 0.531 0.545 0.559 0.573 0.588 0.604 0.619 0.635River Barge 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000Lightered into Bethel 0.244 0.250 0.257 0.263 0.270 0.277 0.284 0.292 0.299 0.307 0.315 0.323 0.332 0.340 0.349 0.358 0.368 0.377 0.387 0.397Storage 0.682 0.700 0.718 0.737 0.756 0.775 0.796 0.816 0.838 0.859 0.882 0.905 0.928 0.953 0.977 1.003 1.029 1.056 1.083 1.111PetroPort Fuel Thru-Put Fees 0.045 0.046 0.047 0.048 0.050 0.051 0.052 0.054 0.055 0.057 0.058 0.059 0.061 0.063 0.064 0.066 0.068 0.069 0.071 0.073Trucking/Delivery 0.049 0.050 0.051 0.053 0.054 0.055 0.057 0.058 0.060 0.061 0.063 0.065 0.066 0.068 0.070 0.072 0.074 0.075 0.077 0.079Taxes 0.243 0.249 0.256 0.262 0.269 0.276 0.283 0.291 0.298 0.306 0.314 0.322 0.331 0.339 0.348 0.357 0.367 0.376 0.386 0.396

TOTAL ($/gallon) 3.354 3.902 4.039 4.181 4.328 4.481 4.640 4.804 4.975 5.152 5.335 5.525 5.723 5.928 6.140 6.361 6.589 6.827 7.073 7.329

Cost of Fuel ($/kWh) 0.2437$ 0.2835$ 0.2935$ 0.3038$ 0.3145$ 0.3256$ 0.3371$ 0.3491$ 0.3614$ 0.3743$ 0.3876$ 0.4014$ 0.4158$ 0.4307$ 0.4461$ 0.4621$ 0.4788$ 0.4960$ 0.5139$ 0.5325$

Muni/Coop Low Price Forecast 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028OPIS L.A. Low-Sulfur CARB Diesel No. 2 1.702 2.207 2.300 2.397 2.498 2.603 2.712 2.827 2.946 3.070 3.199 3.333 3.474 3.620 3.772 3.931 4.097 4.269 4.449 4.636Ocean Barge 0.390 0.400 0.410 0.421 0.432 0.443 0.455 0.467 0.479 0.491 0.504 0.517 0.531 0.545 0.559 0.573 0.588 0.604 0.619 0.635River Barge 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000Lightered into Bethel 0.244 0.250 0.257 0.263 0.270 0.277 0.284 0.292 0.299 0.307 0.315 0.323 0.332 0.340 0.349 0.358 0.368 0.377 0.387 0.397Storage 0.439 0.450 0.462 0.474 0.486 0.499 0.512 0.525 0.539 0.553 0.567 0.582 0.597 0.613 0.629 0.645 0.662 0.679 0.697 0.715PetroPort Fuel Thru-Put Fees 0.045 0.046 0.047 0.048 0.050 0.051 0.052 0.054 0.055 0.057 0.058 0.059 0.061 0.063 0.064 0.066 0.068 0.069 0.071 0.073Trucking/Delivery 0.049 0.050 0.051 0.053 0.054 0.055 0.057 0.058 0.060 0.061 0.063 0.065 0.066 0.068 0.070 0.072 0.074 0.075 0.077 0.079Taxes 0.243 0.249 0.256 0.262 0.269 0.276 0.283 0.291 0.298 0.306 0.314 0.322 0.331 0.339 0.348 0.357 0.367 0.376 0.386 0.396

TOTAL ($/gallon) 3.111 3.652 3.783 3.918 4.059 4.205 4.356 4.513 4.676 4.845 5.020 5.202 5.392 5.588 5.791 6.003 6.222 6.450 6.687 6.932

Cost of Fuel ($/kWh) 0.2260$ 0.2654$ 0.2748$ 0.2847$ 0.2949$ 0.3055$ 0.3165$ 0.3279$ 0.3397$ 0.3520$ 0.3648$ 0.3780$ 0.3917$ 0.4060$ 0.4208$ 0.4361$ 0.4521$ 0.4686$ 0.4858$ 0.5037$




Escalation Rates

Loads - kWh 1997 1998 1999 2000 2001 2002 2003 2004 2009 - Residential 11,011,051 11,437,849 10,993,123 9,620,973 9,705,134 9,813,192 10,105,444 10,227,718 0 - City Facilities 0 - Commercial 22,552,318 25,479,058 25,479,058 29,422,644 28,598,366 29,097,110 29,986,187 30,319,818 0 - Resale 0 0 0 0 0 0 0 0 0 - Heat 0 0 0 0 0 0 0 0 0 - Total 33,563,369 36,916,907 36,472,181 39,043,617 38,303,500 38,910,302 40,091,631 40,547,536 38,744,771

Loads - Growth Rates 1997 1998 1999 2000 2001 2002 2003 2004 2009 3 Year Avg7 Year Avg - Residential 3.9% -3.9% -12.5% 0.9% 1.1% 3.0% 1.2% 0.0% 1.8% -1.0% - City Facilities 0.0% 2.0% 4.3% - Commercial 13.0% 0.0% 15.5% -2.8% 1.7% 3.1% 1.1% 0.0% 2.0% 4.3% - Resale 13.0% 0.0% 15.5% -2.8% 1.7% 3.1% 1.1% 0.0% 2.0% 4.3% - Heat 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% - Total 10.0% -1.2% 7.1% -1.9% 1.6% 3.0% 1.1% -0.9% 1.9% 2.7%

Retail Rates Changes 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 - Residential Rates 0.0% 5.23% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% - City Facilities 0.0% 5.23% 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% - Commercial Rates 0.0% 5.23% 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% - Resale 0.0% 5.23% 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% - Heat 0.0% 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%



CITY OF BETHELCUSTOMER STATISTICS 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Year 1 2 3 4 5 6 7 8 9 10

City of Bethel PopulationPopulation 0.00% 5,730 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760

Total - - 5,730 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760

Customers 440 Electricity - Residential 0.00% 1,635 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632

City Facilities 0.00% 47 47 47 47 47 47 47 47 47 47 442 Electricity - Commercial 0.00% 1,016 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001

443 Electricity - Resale 0.00% 2 2 2 2 2 2 2 2 2 2 Total - - 2,700 2,682 2,682 2,682 2,682 2,682 2,682 2,682 2,682 2,682

Total Sales (kWh) 440 Electricity - Residential 1.76% 9,959,097 10,144,403 10,323,308 10,505,369 10,690,640 10,879,179 11,071,042 11,266,290 11,464,980 11,667,175

City Facilities 1.97% 2,737,817 2,737,817 2,791,684 2,846,610 2,902,617 2,959,726 3,017,959 3,077,338 3,137,884 3,199,622 442 Electricity - Commercial 1.97% 25,401,167 25,771,200 26,278,249 26,795,275 27,322,473 27,860,044 28,408,192 28,967,124 29,537,054 30,118,196

443 Electricity - Resale 1.97% 646,690 717,720 731,841 746,240 760,922 775,894 791,159 806,726 822,598 838,783 Total - - 1.92% 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777 Line Losses - - 0.00% 3,588,029 3,185,660 3,246,664 3,308,839 3,372,207 3,436,792 3,502,616 3,569,703 3,638,078 3,707,766 Total + Line Losses - - 42,332,800 42,556,800 43,371,747 44,202,333 45,048,860 45,911,635 46,790,968 47,687,180 48,600,595 49,531,543 Alternative Generation (wind) - - - - - - - - - - Total Diesel Generated kWh 42,332,800 42,556,800 43,371,747 44,202,333 45,048,860 45,911,635 46,790,968 47,687,180 48,600,595 49,531,543

Unit Cost of Fuel ($/gallon) 5.014 4.399 4.284 4.432 4.586 4.746 4.911 5.083 5.261 5.445

Monthly Sales per Customer (kWh) 440 Electricity - Residential - - 508 518 527 536 546 556 565 575 585 596

City Facilities 4,854 4,854 4,950 5,047 5,146 5,248 5,351 5,456 5,564 5,673 442 Electricity - Commercial - - 2,083 2,145 2,188 2,231 2,275 2,319 2,365 2,412 2,459 2,507

443 Electricity - Resale - - 26,945 29,905 30,493 31,093 31,705 32,329 32,965 33,614 34,275 34,949 Total - - 1,196 1,223 1,247 1,271 1,295 1,320 1,345 1,371 1,397 1,424

Total Revenues 440 Electricity - Residential - - 4,995,215 4,526,748 4,606,581 4,687,822 4,770,496 4,854,628 4,940,243 5,027,369 5,116,031 5,206,256

City Facilities 1,155,000 1,155,000 1,177,725 1,200,896 1,224,524 1,248,617 1,273,183 1,298,233 1,323,776 1,349,821 442 Electricity - Commercial - - 12,373,305 10,989,890 11,206,117 11,426,597 11,651,416 11,880,658 12,114,411 12,352,762 12,595,803 12,843,626

443 Electricity - Resale - - 299,046 295,200 301,008 306,930 312,969 319,127 325,406 331,808 338,337 344,993 443 Electricity - Resale - - 18,822,566 16,966,838 17,291,430 17,622,246 17,959,406 18,303,030 18,653,243 19,010,172 19,373,947 19,744,697

Total Revenues per kWh 440 Electricity - Residential - - 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462

City Facilities 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 442 Electricity - Commercial - - 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264

443 Electricity - Resale - - 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 442 Electricity - Commercial - - - 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058

Actual CY Data



CITY OF BETHELCUSTOMER STATISTICS 2007 2008 Escalation Rate

Year

City of Bethel PopulationPopulation 0.00%

Total - -

Customers 440 Electricity - Residential 0.00%

City Facilities 0.00% 442 Electricity - Commercial 0.00%

443 Electricity - Resale 0.00% Total - -

Total Sales (kWh) 440 Electricity - Residential 1.76%

City Facilities 1.97% 442 Electricity - Commercial 1.97%

443 Electricity - Resale 1.97% Total - - 1.92% Line Losses - - 0.00% Total + Line Losses - - Alternative Generation (wind)

Total Diesel Generated kWh

Unit Cost of Fuel ($/gallon)

Monthly Sales per Customer (kWh) 440 Electricity - Residential - -

City Facilities 442 Electricity - Commercial - -

443 Electricity - Resale - - Total - -

Total Revenues 440 Electricity - Residential - -


443 Electricity - Resale - - 443 Electricity - Resale - -

Total Revenues per kWh 440 Electricity - Residential - -


443 Electricity - Resale - - 442 Electricity - Commercial - -

Actual CY Data

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

11 12 13 14 15 16 17 18 19 20

5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760 5,760

1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 1,632 47 47 47 47 47 47 47 47 47 47

1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 1,001 2 2 2 2 2 2 2 2 2 2

2,682 2,682 2,682 2,682 2,682 2,682 2,682 2,682 2,682 2,682

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

30,710,773 31,315,009 31,931,133 32,559,380 33,199,987 33,853,198 34,519,261 35,198,429 35,890,960 36,597,116 855,286 872,113 889,272 906,769 924,609 942,801 961,351 980,265 999,552 1,019,218

46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246 3,778,791 3,851,180 3,924,959 4,000,154 4,076,793 4,154,903 4,234,513 4,315,651 4,398,348 4,482,632

50,480,361 51,447,394 52,432,993 53,437,513 54,461,319 55,504,782 56,568,280 57,652,199 58,756,932 59,882,879 - - - - - - - - - -

50,480,361 51,447,394 52,432,993 53,437,513 54,461,319 55,504,782 56,568,280 57,652,199 58,756,932 59,882,879

5.636 5.834 6.040 6.253 6.474 6.703 6.940 7.187 7.443 7.708

606 617 628 639 650 662 673 685 697 710 5,785 5,899 6,015 6,133 6,254 6,377 6,502 6,630 6,760 6,893 2,557 2,607 2,658 2,711 2,764 2,818 2,874 2,930 2,988 3,047

35,637 36,338 37,053 37,782 38,525 39,283 40,056 40,844 41,648 42,467 1,451 1,479 1,507 1,536 1,566 1,596 1,626 1,657 1,689 1,721

5,298,073 5,391,509 5,486,593 5,583,354 5,681,821 5,782,025 5,883,996 5,987,765 6,093,365 6,200,826 1,376,379 1,403,459 1,431,073 1,459,229 1,487,939 1,517,215 1,547,066 1,577,505 1,608,542 1,640,190

13,096,325 13,353,996 13,616,737 13,884,646 14,157,827 14,436,383 14,720,420 15,010,045 15,305,368 15,606,502 351,781 358,702 365,760 372,956 380,294 387,776 395,406 403,186 411,118 419,207

20,122,559 20,507,667 20,900,162 21,300,186 21,707,882 22,123,399 22,546,888 22,978,500 23,418,393 23,866,725

0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4462 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4219 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4264 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 0.4113 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058 1.7058



BETHEL UTILITIES CORPORATIONBALANCE SHEET 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

c d e f g hNet Utility Plant

Electric Plant In Service - Total Electric Plant in Service 10,653,080$ CWIP 10,572,564$ 10,635,848$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ - Plant Held for Future Use - - - - - - - - - - - - CWIP 72,171$ 5,295 79,737 - - - - - - - -

Total Electric Plant 10,725,251$ 10,577,859$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$

Total Electric Accum. Depreciation 7,929,608$ 8,055,240 8,288,002 8,559,669 8,831,335 9,103,002 9,374,669 9,646,335 9,918,002 10,189,669 10,461,336

Net Utility Plant 2,795,643$ 2,522,619$ 2,427,583$ 2,155,916$ 1,884,250$ 1,612,583$ 1,340,916$ 1,069,250$ 797,583$ 525,916$ 254,249$

Working CapitalOperating Expenses 19,764,213$ 19,863,472$ 17,655,522$ 18,484,109$ 19,344,783$ 20,249,834$ 21,202,849$ 22,206,467$ 23,263,469$ 24,376,794$ 25,549,549$ Less: Depreciation Expense (315,618) (268,175) (262,977) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) Less: Amortization Expense (136,158) (180,601) (169,965) - - - - - - - -

Cash Operating Expenses 19,312,437$ 19,414,696$ 17,222,580$ 18,212,443$ 19,073,117$ 19,978,168$ 20,931,183$ 21,934,800$ 22,991,802$ 24,105,127$ 25,277,882$

45 Day Allowance 2,380,985$ 2,393,593$ 2,123,332$ 2,245,370$ 2,351,480$ 2,463,062$ 2,580,557$ 2,704,290$ 2,834,606$ 2,971,865$ 3,116,451$ + Materials & Supplies 2.6% 756,405 776,106 796,320 817,060 838,341 860,176 882,580 905,567 929,153 953,353 + Prepayments 0.0% 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 + Deferred Debits 0.0% 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251 + Customer Deposits 0.0% (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) + Deferred Credits 0.0% (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368)

Total Working Capital 2,380,985$ 3,365,667$ 3,115,107$ 3,257,359$ 3,384,210$ 3,517,072$ 3,656,402$ 3,802,539$ 3,955,842$ 4,116,687$ 4,285,473$

Total Rate Base 5,176,628$ 5,888,286$ 5,542,690$ 5,413,275$ 5,268,459$ 5,129,655$ 4,997,318$ 4,871,789$ 4,753,425$ 4,642,603$ 4,539,723$

Inventory Assets

151 Fuel 144,742 158,975

152 Lube Oil 41,049 19,543

154 Distribution System Material 218,713 533,808

155 Consumable Parts and Supplies 304,844

156 Other -

Total Inventory Assets 709,348$ 712,326$

Total Asset Valuation 6,597,634$ 6,255,016$

Actual Year Data



BETHEL UTILITIES CORPORATIONBALANCE SHEET 2007 2008 Escalation Rate

Net Utility Plant

Electric Plant In Service - Total Electric Plant in Service 10,653,080$ CWIP - Plant Held for Future Use - - CWIP 72,171$

Total Electric Plant 10,725,251$

Total Electric Accum. Depreciation 7,929,608$

Net Utility Plant 2,795,643$

Working CapitalOperating Expenses 19,764,213$ Less: Depreciation Expense (315,618) Less: Amortization Expense (136,158)

Cash Operating Expenses 19,312,437$

45 Day Allowance 2,380,985$ + Materials & Supplies 2.6%+ Prepayments 0.0%+ Deferred Debits 0.0%+ Customer Deposits 0.0%+ Deferred Credits 0.0%

Total Working Capital 2,380,985$

Total Rate Base 5,176,628$

Inventory Assets

151 Fuel152 Lube Oil154 Distribution System Material155 Consumable Parts and Supplies156 Other

Total Inventory Assets

Total Asset Valuation

Actual Year Data

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ - - - - - - - - - - - - - - - - - - - -

10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$ 10,715,585$

10,733,002 11,004,669 11,276,336 11,548,002 11,819,669 12,091,336 12,363,002 12,634,669 12,906,336 13,178,003

(17,417)$ (289,084)$ (560,751)$ (832,417)$ (1,104,084)$ (1,375,751)$ (1,647,417)$ (1,919,084)$ (2,190,751)$ (2,462,418)$

26,785,016$ 28,086,668$ 29,458,173$ 30,903,409$ 32,426,478$ 34,031,716$ 35,723,708$ 37,507,301$ 39,387,623$ 41,370,096$ (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667) (271,667)

- - - - - - - - - -

26,513,350$ 27,815,001$ 29,186,506$ 30,631,743$ 32,154,812$ 33,760,050$ 35,452,041$ 37,235,634$ 39,115,956$ 41,098,429$

3,268,769$ 3,429,247$ 3,598,336$ 3,776,516$ 3,964,292$ 4,162,198$ 4,370,800$ 4,590,695$ 4,822,515$ 5,066,930$ 978,184 1,003,661 1,029,802 1,056,623 1,084,143 1,112,380 1,141,353 1,171,080 1,201,581 1,232,877 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 155,181 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251 592,251

(530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (530,395) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368) (1,368)

4,462,622$ 4,648,577$ 4,843,807$ 5,048,808$ 5,264,104$ 5,490,247$ 5,727,821$ 5,977,444$ 6,239,765$ 6,515,476$

4,445,204$ 4,359,493$ 4,283,056$ 4,216,391$ 4,160,020$ 4,114,497$ 4,080,404$ 4,058,359$ 4,049,014$ 4,053,058$


HEAT SALES

Year Revenues Expenses Customers Fire Station City Hall Court House

Total City of Bethel

Purchases

City of Bethel Fuel Oil Costs

City of Bethel

SavingsFuel Oil in

AK Difference2005 $478,204 $54,120 52006 $661,526 $34,048 5 $1,643 $9,113 $24,296 $35,052 $58,420 $23,368 2.3952007 $800,343 $22,882 5 $36,852 $61,420 $24,568 2.518 5.1%2008 $866,218 $26,009 4^ $51,005 $85,008 $34,003 3.485 38.4%2009* $862,970 N/A 4 $36,633 $61,054 $24,422 2.503 -28.2%2010 $782,057 $24,648 4 $43,189 $71,982 $28,793 2.951 17.9%

5-Year Average $101,446 $40,578 4.159

* 2009 Normalized Test Year Revenue = $699,776^ As of May 2007 City no longer purchased heat

City Heat Bills CY2010 $197,401 $78,961

Sample BUC Waste Heat Calculation

Oil fired boiler effieciency 100,000 btu/gallonHeat oil $/gallon 2.65

Heat customer needs 100,000,000 btuCost $2,650Heat Cost as % of Oil 60%Heat cost $1,590


U.S. Energy Information AdministrationMarch 2011 Monthly Energy Review

Note: Information about data precision and revisions.

Release Date: March 29, 2011Next Update: Last week of April 2011

Table 9.8c. No. 2 Distillate Prices to Residences: Selected Western States and U.S. Average

No. 2. Distillate Price to Residences, Alaska No. 2. Distillate Price to Residences, U.S.

Average

(Dollars per Gallon Excluding Taxes) (Dollars per Gallon Excluding Taxes)

2005 Average 2.061 2.0522006 Average 2.395 2.3652007 Average 2.518 2.5922008 Average 3.485 3.2192009 Average 2.503 2.3862010 Average 2.951 2.795

Year


Start readers on

this row

1st Half (Jan-Jun)

Anchorage

1st Half (Jan-Jun)

Anchorage

1st Half (Jan-Jun)

U S

1st Half (Jan-Jun)

U S

2nd Half (Jul-Dec)

Anchorage

2nd Half (Jul-Dec)

Anchorage

2nd Half (Jul-Dec)

U S

2nd Half (Jul-Dec)

U S

Annual Anchorage

Annual Anchorage

Annual U.S.

Annual U.S.

Year Average

Percent Change

From Same Half

Previous

Average

Percent Change

From Same Half

Previous

Average

Percent Change

From Same Half

Previous

Average

Percent Change

From Same Half

Previous

Average

Percent Change

From Same Half

Previous

Average

Percent Change

From Same Half

Previous 2010 194.834 2.5 217.535 2.1 195.455 1 218.576 1.2 195.144 1.8 218.056 1.6

2009 190.032 1.3 213.139 -0.6 193.456 1.1 215.935 -0.1 191.744 1.2 214.537 -0.4

2008 187.659 4.6 214.429 4.2 191.335 4.5 216.177 3.4 189.497 4.6 215.303 3.8

2007 179.394 1.5 205.709 2.5 183.08 2.9 208.976 3.1 181.237 2.2 207.342 2.8

2006 176.7 4.2 200.6 3.8 177.9 2.2 202.6 2.6 177.3 3.2 201.6 3.2

2005 169.6 2.4 193.2 3 174.1 3.8 197.4 3.8 171.8 3.1 195.3 3.4

2004 165.6 2.8 187.6 2.3 167.8 2.4 190.2 3 166.7 2.6 188.9 2.7

2003 161.1 2.3 183.3 2.5 163.9 3.1 184.6 2 162.5 2.7 184 2.3

2002 157.5 2 178.9 1.3 159 1.9 180.9 1.9 158.2 1.9 179.9 1.6

2001 154.4 2.9 176.6 3.4 156 2.7 177.5 2.2 155.2 2.8 177.1 2.8

2000 150 0.9 170.8 3.3 151.9 2.4 173.6 3.5 150.9 1.7 172.2 3.4

AK US2005-2010 Average 2.58% 2.23%2000-2010 Average 2.60% 2.39%

1st Half (Jan-Jun) 2nd Half (Jul-Dec) Annual

Anchorage U.S. Anchorage U.S. Anchorage U.S.


WIND ASSUMPTIONS

Borrowing Terms

Nominal Discount Rate, City 4.50%Nominal Discount Rate, IOU 4.50%

Nominal Discount Rate, Coop 4.50%

Inflation 2.60%Real Discount Rate 1.90%Analysis Period, Years 20

O&M Costs, $/MWh BaseBase $158.38LowHigh

Integration Costs, $/MWh BaseBase $0.00Low $0.00

High $0.00

TurbinesNumber 4Capacity, kW 100

Cost, $/kW $8,407Capacity Factor 29.7%

Avoided Cost ‐ City of BethelAvoided Fuel Cost, $/MWh $36.47

$0.1763Avoided Cost ‐ UtilityAvoided Diesel Gallons/MWh 72.43kWh/gallon 13.81

AEA Grant $2,998,097

Residential kWh Growth 1.76%Total kWh Growth 1.92%


City‐Owned

Output,

MWh Capital Cost O&M Total Cost

Unit Cost

$/MWh

City Avoided

Cost1 2 3 4 5 6 7 8

2009 1,040 $28,051 $164,719 $192,770 $185.36 $289,4552010 1,040 $28,051 $169,009 $197,060 $189.48 $331,6932011 1,040 $28,051 $173,411 $201,462 $193.71 $343,0012012 1,040 $28,051 $177,928 $205,979 $198.06 $354,7152013 1,040 $28,051 $182,562 $210,613 $202.51 $366,8522014 1,040 $28,051 $187,317 $215,368 $207.08 $379,4282015 1,040 $28,051 $192,196 $220,247 $211.78 $392,4572016 1,040 $28,051 $197,201 $225,253 $216.59 $405,9592017 1,040 $28,051 $202,338 $230,389 $221.53 $419,9512018 1,040 $28,051 $207,608 $235,659 $226.59 $434,4502019 1,040 $28,051 $213,015 $241,066 $231.79 $449,4782020 1,040 $28,051 $218,563 $246,614 $237.13 $465,0532021 1,040 $28,051 $224,255 $252,307 $242.60 $481,1962022 1,040 $28,051 $230,096 $258,147 $248.22 $497,9302023 1,040 $28,051 $236,089 $264,140 $253.98 $515,2772024 1,040 $28,051 $242,238 $270,289 $259.89 $533,2592025 1,040 $28,051 $248,547 $276,599 $265.96 $551,9022026 1,040 $28,051 $255,021 $283,072 $272.18 $571,2312027 1,040 $28,051 $261,663 $289,714 $278.57 $591,2712028 1,040 $28,051 $268,478 $296,529 $285.12 $612,0512029 1,040 $28,051 $275,471 $303,522 $291.85 $612,0512030 1,040 $28,051 $282,646 $310,697 $298.75 $612,0512009 NPV $364,889 $2,664,108 $3,028,997 $2,912 $5,551,9912009LC $22,091 $161,289 $183,380 $176.33 $336,126

$152,746Annual Green Tag Revenue

Low $2,080High $31,200


IOU Utility Owned

Output,

MWh

Capital

Cost O&M

Integratio

n Total Cost

Unit Cost

$/MWh

Utility

Avoided

Cost9 10 11 12 13 14 15 161,040 $46,436 $164,719 $0 $211,155 $203.03 $289,4551,040 $46,436 $169,009 $0 $215,445 $207.16 $331,6931,040 $46,436 $173,411 $0 $219,847 $211.39 $343,0011,040 $46,436 $177,928 $0 $224,364 $215.73 $354,7151,040 $46,436 $182,562 $0 $228,998 $220.19 $366,8521,040 $46,436 $187,317 $0 $233,753 $224.76 $379,4281,040 $46,436 $192,196 $0 $238,632 $229.45 $392,4571,040 $46,436 $197,201 $0 $243,637 $234.27 $405,9591,040 $46,436 $202,338 $0 $248,774 $239.21 $419,9511,040 $46,436 $207,608 $0 $254,044 $244.27 $434,4501,040 $46,436 $213,015 $0 $259,451 $249.47 $449,4781,040 $46,436 $218,563 $0 $264,999 $254.81 $465,0531,040 $46,436 $224,255 $0 $270,691 $260.28 $481,1961,040 $46,436 $230,096 $0 $276,532 $265.90 $497,9301,040 $46,436 $236,089 $0 $282,525 $271.66 $515,2771,040 $46,436 $242,238 $0 $288,674 $277.57 $533,2591,040 $46,436 $248,547 $0 $294,984 $283.64 $551,9021,040 $46,436 $255,021 $0 $301,457 $289.86 $571,2311,040 $46,436 $261,663 $0 $308,099 $296.25 $591,2711,040 $46,436 $268,478 $0 $314,914 $302.80 $612,0511,040 $46,436 $275,471 $0 $321,907 $309.53 $612,0511,040 $46,436 $282,646 $0 $329,082 $316.42 $612,051

$604,038 $2,664,108 $0 $3,268,146 $3,142 $5,551,991$36,569 $161,289 $0 $197,858 $190 $336,126


Cooperative Utility Owned

Output,

MWh

Capital

Cost O&M

Integratio

n Total Cost

Unit Cost

$/MWh

Utility

Avoided

Cost17 18 19 20 21 22 23

1,040 $25,671 $164,719 $0 $190,390 $183.07 $289,4551,040 $25,147 $169,009 $0 $194,157 $186.69 $331,6931,040 $24,600 $173,411 $0 $198,012 $190.40 $343,0011,040 $24,029 $177,928 $0 $201,957 $194.19 $354,7151,040 $23,432 $182,562 $0 $205,993 $198.07 $366,8521,040 $22,807 $187,317 $0 $210,124 $202.04 $379,4281,040 $22,155 $192,196 $0 $214,351 $206.11 $392,4571,040 $21,474 $197,201 $0 $218,675 $210.26 $405,9591,040 $20,761 $202,338 $0 $223,099 $214.52 $419,9511,040 $20,017 $207,608 $0 $227,624 $218.87 $434,4501,040 $19,239 $213,015 $0 $232,254 $223.32 $449,4781,040 $18,426 $218,563 $0 $236,989 $227.87 $465,0531,040 $17,577 $224,255 $0 $241,832 $232.53 $481,1961,040 $16,689 $230,096 $0 $246,785 $237.29 $497,9301,040 $15,762 $236,089 $0 $251,851 $242.16 $515,2771,040 $14,792 $242,238 $0 $257,031 $247.14 $533,2591,040 $13,779 $248,547 $0 $262,327 $252.24 $551,9021,040 $12,721 $255,021 $0 $267,742 $257.44 $571,2311,040 $11,615 $261,663 $0 $273,278 $262.77 $591,2711,040 $10,459 $268,478 $0 $278,937 $268.21 $612,0511,040 #NUM! $275,471 $0 #NUM! #NUM! $612,0511,040 #NUM! $282,646 $0 #NUM! #NUM! $612,051

$262,616 $2,664,108 $0 $2,926,724 $2,814 $5,551,991$15,899 $161,289 $0 $177,188 $170 $336,126


O&M Unit

Costs

Integration

Costs

$/MWh

Utility Retail

Rate $/MWh

$158.38 $0.00 $0.00 0$162.51 $0.00 $0.00 1 #DIV/0!$166.74 $0.00 $36.47 2 #DIV/0!$171.08 $0.00 $37.42 3 -0.4%$175.54 $0.00 $38.39 4 0.8%$180.11 $0.00 $39.39 5 0.9%$184.80 $0.00 $40.42 6 0.6%$189.62 $0.00 $41.47 7 0.8%$194.56 $0.00 $42.55 8 1.1%$199.62 $0.00 $43.66 9 1.0%$204.82 $0.00 $44.80 10 0.8%$210.16 $0.00 $45.97 11 0.8%$215.63 $0.00 $47.16 12 0.6%$221.25 $0.00 $48.39 13 0.5%$227.01 $0.00 $49.65 14 0.4%$232.92 $0.00 $50.94 15 0.4%$238.99 $0.00 $52.27 16 0.3%$245.21 $0.00 $53.63 17 0.2%$251.60 $0.00 $55.03 18 0.2%$258.15 $0.00 $56.46 19 0.0%$264.88 $0.00 $57.93 20 0.4%$271.77 $0.00 $59.44 21 0.4%


Quantity delivered Amount

Delivery Charge Bethel tax Total

Avg Quantity Delivered Avg Amt

Avg Delivery Charge

Avg Bethel Tax Avg Total

Jan-10 297900 $1,152,871 $14,895 $70,066 $1,237,832 $4.16 9609.66 $37,189.39 $480.48 $2,260.19 $39,930.07Feb-10 257204 $995,378 $12,860 $60,494 $1,068,732 $4.16 9185.84 $35,549.20 $459.29 $2,160.51 $38,169.00Mar-10 289845 $1,121,698 $14,492 $68,171 $1,204,362 $4.16 9349.82 $36,183.81 $467.49 $2,199.08 $38,850.38Apr-10 252304 $976,421 $12,615 $59,343 $1,048,374 $4.16 8410.14 $32,547.36 $420.51 $1,978.08 $34,945.80

May-10 237957 $920,893 $11,898 $55,967 $988,759 $4.16 8205.41 $31,754.94 $410.27 $1,929.91 $34,095.12Jun-10 222463 $923,932 $11,123 $56,106 $991,161 $4.46 7945.11 $32,997.56 $397.26 $2,003.80 $35,398.61Jul-10 230965 $979,520 $11,548 $59,464 $1,050,533 $4.55 8554.24 $36,278.53 $427.71 $2,202.38 $38,908.62

Aug-10 239576 $1,016,042 $11,979 $61,681 $1,089,702 $4.55 7728.26 $32,775.54 $386.41 $1,989.72 $35,151.67Sep-10 230261 $998,412 $11,513 $59,874 $1,057,765 $4.59 7675.37 $33,280.39 $383.77 $1,995.78 $35,258.84Oct-10 254802 $1,104,823 $12,740 $67,054 $1,184,617 $4.65 9800.09 $42,493.20 $490.00 $2,578.99 $45,562.20

Nov-10 275538 $1,194,777 $13,777 $72,513 $1,281,067 $4.65 10205.11 $44,250.99 $510.26 $2,685.67 $47,446.92Dec-10 303174 $1,317,897 $15,159 $79,983 $1,413,039 $4.66 11228.67 $48,811.01 $561.43 $2,962.35 $52,334.79

Monthly Avg 257,666 $1,058,555 $12,883 $64,226 $1,134,662 $4.40 8991.48 $37,009.33 $449.57 $2,245.54 $39,671.00Yr Total 3,091,988 $12,702,664 $154,599 $770,717 $13,615,943 $4.40

$/gallon $4.108 $0.050 $0.249Tax Rate 6.0%

BUC fuel invoices from Crowley (2010) DAILY AVERAGES


FUEL PROCUREMENT

Crowley (2010)Base-Crowley IOU Base High IOU Low Coop/Muni Coop/Muni Base

COSTS:Commodity Price ($/gal)OPIS L.A. Low‐Sulfur CARB Diesel No. 2 ‐ Yearly Avg $2.21

Transportation $0.50 $0.45 $0.60 $0.40 $0.40$0.00 $0.00 $0.00 $0.00 $0.00

Lightered into Bethel $0.25 $0.25 $0.25 $0.25 $0.25Storage $1.10 $0.89 $1.12 $0.45 $0.70Port fee $0.046 $0.046 $0.046 $0.046 $0.046

Trucking/Delivery $0.050 $0.050 $0.050 $0.050 $0.050Taxes $0.249 $0.249 $0.249 $0.249 $0.249

Quantity delivered to BUC (gallons) 3,091,988

Average Price paid by BUC to Crowley 2010 $4.404

($/gal) ($/gal)($/gal)($/gal)($/gal)


U.S. March 2011 CPI: 2.213

http://www.eia.doe.gov/dnav/pet/pet_pri_spt_s1_d.htm

Yearnominal ($/gal)

nominal ($/barrel)

real ($/barrel)

real ($/gal)

Alaska CPI

2000 1.5092001 0.817 $34.314 $35.740 $0.851 1.5522002 0.751 $31.542 $32.941 $0.784 1.5822003 0.913 $38.346 $39.708 $0.945 1.6252004 1.319 $55.398 $56.726 $1.351 1.6672005 1.796 $75.432 $76.720 $1.827 1.7182006 2.085 $87.570 $88.818 $2.115 1.7732007 2.249 $94.458 $95.679 $2.278 1.8122008 2.911 $122.262 $123.430 $2.939 1.8952009 1.702 $71.484 $72.638 $1.729 1.9172010 2.207 $92.694 $93.828 $2.234 1.951

Avg Annual Growth Rate (2005- 4.2%Est. using 4.21% avg annual growth rate of OPIS LA for 2005-2010 2011 $2.30 $96.596 $97.702 $2.326 2.002

2012 $2.40 $100.663 $101.741 $2.422 2.0542013 $2.50 $104.901 $105.951 $2.523 2.107

2014 $2.60 $109.317 $110.341 $2.627 2.1622015 $2.71 $113.920 $114.917 $2.736 2.218

2016 $2.83 $118.716 $119.688 $2.850 2.2762017 $2.95 $123.714 $124.661 $2.968 2.3352018 $3.07 $128.922 $129.846 $3.092 2.396

2019 $3.20 $134.350 $135.250 $3.220 2.4582020 $3.33 $140.006 $140.883 $3.354 2.522

2021 $3.47 $145.900 $146.755 $3.494 2.5872022 $3.62 $152.042 $152.876 $3.640 2.655

2023 $3.77 $158.443 $159.256 $3.792 2.7242024 $3.93 $165.114 $165.906 $3.950 2.7952025 $4.10 $172.065 $172.837 $4.115 2.867

2026 $4.27 $179.309 $180.061 $4.287 2.9422027 $4.45 $186.858 $187.591 $4.466 3.0182028 $4.64 $194.725 $195.439 $4.653 3.0972029 $4.83 $202.922 $203.619 $4.848 3.1772030 $5.03 $211.466 $212.144 $5.051 3.260

2031 $5.25 $220.368 $221.030 $5.263 3.345

OPIS L.A. Low‐Sulfur CARB

Diesel No. 2


FUEL PROCUREMENT

Utility-Owned Tank Farm Fuel Storage

Assumptions Units Muni Units IOU Units High IOU UnitsCatpial Cost - Denali Report $2.50 $ 2003/gallonBUC Allen Engineers Estimate $7,306,475 1996 $ $7,306,475 1996 $ $10,959,713 1996 $

Storage Facility Size 3,000,000 gallons 3,000,000 gallons 3,000,000 gallons 3,000,000 gallons

Capital Cost $8,978,989 2010 $ $10,472,256 2010 $ $10,472,256 2010 $ $15,708,384 2010 $Grant Funding $0 $0 $0 $0Debt Financed 100% 100% 100% 100%Insurance (% of declared value) 0.5% 0.5% 0.5% 0.5%Fuel Inventorying $0.006 $/gallon $0.006 $/gallon $0.006 $/gallon $0.006 $/gallonFuel Purchasing $0.015 $/gallon $0.015 $/gallon $0.015 $/gallon $0.015 $/gallonFuel Pipeline and Header $0.008 $/gallon $0.008 $/gallon $0.008 $/gallon $0.008 $/gallonFuel Spill Cleanup $0.022 $/gallon $0.022 $/gallon $0.022 $/gallon $0.022 $/gallonFuel Tank Farm O&M $0.063 $/gallon $0.063 $/gallon $0.063 $/gallon $0.063 $/gallon

Loaded Cost of Fuel StorageFuel Inventorying $19,298 $19,298 $19,298 $19,298Fuel Purchasing $44,731 $44,731 $44,731 $44,731Fuel Pipeline and Header $24,455 $24,455 $24,455 $24,455Fuel Spill Cleanup $66,468 $66,468 $66,468 $66,468Fuel Tank Farm O&M $187,867 $187,867 $187,867 $187,867Fuel Tank Farm Capital

Annual Debt Service $551,234 $642,908 $0 $0Cash Financed $0 $0 $0 $0CIP/Depreciation $227,640 $265,498 $265,498 $398,247Return $0 $0 $1,067,211 $1,600,817

Working Capital $148,973 $337,368 $337,368Insurance on Tanks $44,895 $52,361 $52,361 $78,542

Loaded Fuel Storage Cost $1,166,587 $1,452,558 $2,065,257 $2,757,792Unit Cost $0.39 $/gallon $0.48 $/gallon $0.69 $/gallon $0.92 $/gallon

Administrative Adder 0.1000 $/gallon 0.1000 $/gallon 0.2000 $/gallon 0.2000 $/gallonFully Loaded Storage Cost $0.49 $/gallon $0.58 $/gallon $0.89 $/gallon $1.12 $/gallon


PIPELINE TO ELIMINATE NEED FOR TRUCKING

City-Owned Pipeline (Municipality)

Assumptions Muni Units Coop Units IOU UnitsCatpial Cost - Denali Report $1,000,000 2010 $/mile $1,000,000 2010 $/mile $1,000,000 2010 $/mile

1 miles 1 miles 1 miles$1,000,000 2010 $ $1,000,000 2010 $ $1,000,000 2010 $

Grant Funding $0 $0 $0Debt Financed 100% 100% 100%Insurance (% of declared value) 0.5% 0.5% 0.5%Pipeline O&M / A&G $25,000 $25,000 $25,000CIP/Depreciation $25,352 $25,352 $25,352Income Tax (Fed/State) 43.4% of return on investment

Loaded Cost of Fuel StoragePipeline O&M / A&G $25,000 $25,000 $25,000Pipeline Capital

Annual Debt Service $61,392 $61,392Interest Expense $101,908Cash Financed $0 $0

CIP/Depreciation $25,352 $25,352 $25,352Income Tax $0 $0 $78,142Insurance on Tanks $5,000 $5,000 $5,000

Loaded Fuel Storage Cost $116,744 $116,744 $235,403($/2010 gallon) $0.038 $0.038 $0.076

Current Fuel Delivery (trucking) $154,599 $154,599 $154,599


Date: May 17, 2011Version: Final

Period: CY 2010 Through CY 2019

Valuation Methodology: Rate Base + InventoryFuel Storage: Status Quo

Pipeline to Replace Trucking: Status QuoWind Generation/Ownership: No Wind

Include Wind Grant: N/AInclude Heat Purchases for City: Yes

Include City MUSA: No

570 Kirkland Way, Suite 200

Kirkland, Washington 98033

Phone: 425 889-2700

Facsimile: 425 889-2725

A registered professional engineering corporation with offices in the Seattle, Bellingham, and Portland areas

City of Bethel

10-Year Financial Plan

Scenario Assumptions

Consulting, Inc. EES


Current ScenarioWithout WindIncludes Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA

Net Impact of Investor-Owned Utility Ownership Change on City Revenues

NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(141,632) (7,586) (18,923) (18,664) (18,459) (18,309) (18,219) (18,190) (18,225) (18,328) (18,500) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

88,592 571 12,874 12,523 12,231 12,003 11,841 11,749 11,729 11,784 11,919 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 282,493 33,563 34,530 34,437 34,351 34,272 34,200 34,137 34,081 34,035 33,997

Net Impact of Municipality Ownership Change on City Revenues

NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(400,240) (41,145) (51,404) (50,742) (50,085) (49,504) (49,001) (48,581) (48,247) (48,004) (47,856) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

382,000 38,646 49,727 48,918 48,114 47,395 46,765 46,229 45,790 45,454 45,225 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 317,293 38,079 38,901 38,754 38,607 38,470 38,343 38,226 38,121 38,028 37,947

Net Impact of Cooperative Utility Ownership Change on City Revenues

NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(453,090) (46,297) (56,821) (56,436) (56,070) (55,792) (55,608) (55,522) (55,537) (55,660) (55,895) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

439,228 44,604 55,881 55,280 54,699 54,218 53,841 53,574 53,422 53,389 53,483 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 321,671 38,885 39,638 39,422 39,207 39,003 38,811 38,631 38,462 38,307 38,166



BETHEL UTILITIES CORPORATIONREVENUE REQUIREMENT 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price Forecast 15,421,452$ 13,601,707$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind O&M - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 2,037,806 1,930,461 1,980,741 2,032,330 2,085,263 2,139,575 2,195,301 2,252,478 2,311,145 2,371,340 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 136,859 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 262,977 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) - - - - - - - - - - Rate of Return (debt + equity) Calculated 600,066 564,847 551,658 536,901 522,755 509,269 496,476 484,414 473,121 462,636 Less: Other Income

Resale (252,905) (327,399) Rate Inc + Load Growth (299,046) (295,200) (301,008) (306,930) (312,969) (319,127) (325,406) (331,808) (338,337) (344,993) Heat Sales (800,343) (866,218) Rate Inc + Load Growth (699,776) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) Other Income (288,589) (115,463) 2.60% (17,133) (204,847) (210,182) (215,657) (221,273) (227,037) (232,950) (239,017) (245,243) (251,630)

TOTAL REVENUE REQUIREMENT 14,437,015$ 18,318,975$ 19,266,982$ 16,768,300$ 17,742,520$ 18,577,040$ 19,456,290$ 20,383,898$ 21,362,531$ 22,395,001$ 23,484,278$ 24,633,504$

Average Residential Rate ($/kWh) 0.5162$ 0.4410$ 0.4585$ 0.4718$ 0.4856$ 0.4999$ 0.5148$ 0.5303$ 0.5465$ 0.5633$ Average City Facility Rate ($/kWh) 0.4791$ 0.4169$ 0.4326$ 0.4443$ 0.4563$ 0.4688$ 0.4819$ 0.4954$ 0.5095$ 0.5241$ Average Non-City, Non-Residential Rate ($/kWh) 0.4920$ 0.4210$ 0.4369$ 0.4486$ 0.4608$ 0.4735$ 0.4866$ 0.5003$ 0.5145$ 0.5293$ Average Total Customer Rate ($/kWh) 0.4973$ 0.4259$ 0.4422$ 0.4543$ 0.4668$ 0.4799$ 0.4935$ 0.5076$ 0.5223$ 0.5376$

Residential Annual Energy (kWh) 9,959,097 10,144,403 10,323,308 10,505,369 10,690,640 10,879,179 11,071,042 11,266,290 11,464,980 11,667,175 City Facility Annual Energy (kWh) 2,737,817 2,737,817 2,791,684 2,846,610 2,902,617 2,959,726 3,017,959 3,077,338 3,137,884 3,199,622 Non-City, Non-Residential Annual Energy (kWh) 26,047,857 26,488,920 27,010,091 27,541,515 28,083,396 28,635,938 29,199,351 29,773,850 30,359,651 30,956,979 Total Customer Annual Energy (kWh) 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777

PCE CalculationNon-Fuel Power Costs ($) 2,935,332 2,464,887 2,553,176 2,634,885 2,718,761 2,804,859 2,893,239 2,983,961 3,077,087 3,172,680 Total kWh Sales (kWh) 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777 Non-Fuel Power Costs ($/kWh) 0.0758 0.0626 0.0636 0.0644 0.0652 0.0660 0.0668 0.0676 0.0684 0.0692 Regulatory Cost Charge ($/kWh) 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 Total Non-Fuel Power Costs ($/kWh) 0.0763 0.0632 0.0642 0.0650 0.0658 0.0666 0.0674 0.0682 0.0690 0.0698

Fuel Power Costs ($/kWh) 0.3980 0.3455 0.3576 0.3698 0.3825 0.3956 0.4092 0.4233 0.4379 0.4530 Total Power Costs ($/kWh) 0.4743 0.4086 0.4218 0.4348 0.4483 0.4622 0.4766 0.4915 0.5068 0.5228 Total Power Costs less $0.1439 ($/kWh) 0.3304 0.2647 0.2779 0.2909 0.3044 0.3183 0.3327 0.3476 0.3629 0.3789 95% 0.3139 0.2515 0.2640 0.2764 0.2892 0.3024 0.3160 0.3302 0.3448 0.3599 Statutory Maximum Eligibility Power Cost Equalization 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 Lesser of E or F 0.3139 0.2515 0.2640 0.2764 0.2892 0.3024 0.3160 0.3302 0.3448 0.3599

Residential Qualifying kWh 7,619,730 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105Community/City Facility kWh 887,675 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

Residential PCE $ 2,391,966 1,945,850 2,042,694 2,138,371 2,237,278 2,339,538 2,445,280 2,554,635 2,667,741 2,784,741 Community/City PCE $ 278,657 227,579 238,905 250,095 261,663 273,623 285,990 298,780 312,008 325,692

Residential PCE $/kWh 0.2402 0.1918 0.1979 0.2036 0.2093 0.2150 0.2209 0.2268 0.2327 0.2387 Community/City Facility PCE $/kWh 0.1018 0.0831 0.0856 0.0879 0.0901 0.0924 0.0948 0.0971 0.0994 0.1018 Total Custsomer PCE $/kWh 0.0689 0.0552 0.0569 0.0584 0.0600 0.0615 0.0631 0.0647 0.0663 0.0679

Average Residential Rate with PCE ($/kWh) 0.2760 0.2492 0.2607 0.2682 0.2763 0.2848 0.2939 0.3036 0.3138 0.3246 Average City Facility Rate with PCE ($/kWh) 0.3773 0.3338 0.3471 0.3564 0.3662 0.3764 0.3871 0.3983 0.4100 0.4223 Average Total Customer Rate with PCE ($/kWh) 0.4284 0.3707 0.3853 0.3959 0.4069 0.4184 0.4304 0.4429 0.4560 0.4697

Revenues to the City of Bethel:Revenue From Taxes

Sales Tax - kWh Revenue 1,156,019 1,006,098 1,064,551 1,114,622 1,167,377 1,223,034 1,281,752 1,343,700 1,409,057 1,478,010 Sales Tax - Fuel Revenue 747,199 770,717 805,934 842,761 881,271 921,542 963,654 1,007,691 1,053,741 1,101,896

PetroPort Fuel Thru-Put Fee 137,897 142,237 148,736 155,533 162,640 170,072 177,844 185,971 194,469 203,356 Potential MUSA TaxElectricity Savings to City - - - - - - - - - - Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings - - - - - - - - - -

TOTAL CITY OF BETHEL REVENUES 2,041,115$ 1,919,052$ 2,019,222$ 2,112,916$ 2,211,289$ 2,314,648$ 2,423,249$ 2,537,361$ 2,657,267$ 2,783,263$ Percent Electricity Savings to City (based on rev req)

Actual CY Data



BETHEL UTILITIES CORPORATIONREVENUE REQUIREMENT 2007 2008 Escalation Rate

Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind O&MDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return)Rate of Return (debt + equity) CalculatedLess: Other Income

Resale (252,905) (327,399) Rate Inc + Load GrowthHeat Sales (800,343) (866,218) Rate Inc + Load GrowthOther Income (288,589) (115,463) 2.60%

TOTAL REVENUE REQUIREMENT 14,437,015$ 18,318,975$

Average Residential Rate ($/kWh)Average City Facility Rate ($/kWh)Average Non-City, Non-Residential Rate ($/kWh)Average Total Customer Rate ($/kWh)

Residential Annual Energy (kWh)City Facility Annual Energy (kWh)Non-City, Non-Residential Annual Energy (kWh)Total Customer Annual Energy (kWh)

PCE CalculationNon-Fuel Power Costs ($)Total kWh Sales (kWh)Non-Fuel Power Costs ($/kWh)Regulatory Cost Charge ($/kWh)Total Non-Fuel Power Costs ($/kWh)

Fuel Power Costs ($/kWh)Total Power Costs ($/kWh)Total Power Costs less $0.1439 ($/kWh)95%Statutory Maximum Eligibility Power Cost EqualizationLesser of E or F

Residential Qualifying kWhCommunity/City Facility kWh

Residential PCE $Community/City PCE $

Residential PCE $/kWhCommunity/City Facility PCE $/kWhTotal Custsomer PCE $/kWh

Average Residential Rate with PCE ($/kWh)Average City Facility Rate with PCE ($/kWh)Average Total Customer Rate with PCE ($/kWh)


Sales Tax - kWh RevenueSales Tax - Fuel Revenue

PetroPort Fuel Thru-Put FeePotential MUSA TaxElectricity Savings to CityWind Farm RevenuesHeat Purchase Savings

TOTAL CITY OF BETHEL REVENUESPercent Electricity Savings to City (based on rev req)

Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$



INVESTOR-OWNED UTILITYREVENUE REQUIREMENT 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated - - - - - - - - - - Rate of Return (debt + equity) Calculated 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 Less: Other Income












Sales Tax - kWh Revenue 1,134,803 998,512 1,045,629 1,095,958 1,148,919 1,204,724 1,263,533 1,325,510 1,390,831 1,459,682 Sales Tax - Fuel Revenue 747,199 770,717 805,934 842,761 881,271 921,542 963,654 1,007,691 1,053,741 1,101,896

PetroPort Fuel Thru-Put Fee 137,897 142,237 148,736 155,533 162,640 170,072 177,844 185,971 194,469 203,356 Potential MUSA TaxElectricity Savings to City 15,561 571 12,874 12,523 12,231 12,003 11,841 11,749 11,729 11,784 Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578

TOTAL CITY OF BETHEL REVENUES 2,076,038$ 1,952,615$ 2,053,752$ 2,147,353$ 2,245,639$ 2,348,920$ 2,457,450$ 2,571,498$ 2,691,348$ 2,817,298$ Impact of Ownership Change 34,924$ 33,563$ 34,530$ 34,437$ 34,351$ 34,272$ 34,200$ 34,137$ 34,081$ 34,035$

Actual CY Data



INVESTOR-OWNED UTILITYREVENUE REQUIREMENT 2007 2008 Escalation Rate

Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind ExpenseDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return) CalculatedRate of Return (debt + equity) CalculatedLess: Other Income














TOTAL CITY OF BETHEL REVENUESImpact of Ownership Change

Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,537,658$ 26,812,829$ 28,157,208$ 29,574,657$ 31,069,260$ 32,645,338$ 34,307,458$ 36,060,449$ 37,909,422$ 39,859,781$

0.5739$ 0.5921$ 0.6110$ 0.6306$ 0.6510$ 0.6722$ 0.6942$ 0.7170$ 0.7407$ 0.7653$ 0.5328$ 0.5487$ 0.5650$ 0.5820$ 0.5997$ 0.6179$ 0.6369$ 0.6565$ 0.6768$ 0.6979$ 0.5381$ 0.5541$ 0.5706$ 0.5878$ 0.6056$ 0.6240$ 0.6431$ 0.6630$ 0.6835$ 0.7048$ 0.5468$ 0.5633$ 0.5805$ 0.5982$ 0.6166$ 0.6357$ 0.6556$ 0.6761$ 0.6974$ 0.7195$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5287 0.5456 0.5632 0.5814 0.6002 0.6197 0.6398 0.6607 0.6823 0.7047 0.3848 0.4017 0.4193 0.4375 0.4563 0.4758 0.4959 0.5168 0.5384 0.5608 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,828,227 2,952,944 3,082,014 3,215,606 3,353,892 3,497,052 3,645,274 3,798,751 3,957,687 4,122,290 330,778 345,364 360,460 376,084 392,257 409,001 426,336 444,286 462,875 482,126

0.2382 0.2444 0.2507 0.2570 0.2634 0.2699 0.2765 0.2831 0.2898 0.2967 0.1014 0.1038 0.1063 0.1087 0.1112 0.1137 0.1163 0.1188 0.1214 0.1240 0.0676 0.0693 0.0710 0.0727 0.0744 0.0761 0.0778 0.0796 0.0813 0.0831

0.3357 0.3477 0.3603 0.3736 0.3876 0.4023 0.4177 0.4339 0.4509 0.4686 0.4315 0.4448 0.4588 0.4733 0.4884 0.5042 0.5206 0.5377 0.5554 0.5739 0.4792 0.4940 0.5095 0.5256 0.5423 0.5597 0.5778 0.5965 0.6161 0.6364

1,532,259 1,608,770 1,689,432 1,774,479 1,864,156 1,958,720 2,058,447 2,163,627 2,274,565 2,391,587 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

11,919 12,137 12,442 12,837 13,327 13,916 14,610 15,413 16,330 17,366 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,949,660$ 3,088,765$ 3,234,962$ 3,388,616$ 3,550,112$ 3,719,858$ 3,898,281$ 4,085,832$ 4,282,985$ 4,490,242$

33,997$ 33,969$ 33,951$ 33,943$ 33,946$ 33,960$ 33,987$ 34,025$ 34,078$ 34,144$



MUNICIPALITYREVENUE REQUIREMENT 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Transfer (in-lieu tax) Expenses - - 0 % Retail Revenue - - - - - - - - - - Capital Expenditures (use Depreciation Expense) 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Debt Service) Calculated - - - - - - - - - - Debt Service (P&I) Calculated $384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 Less: Other Income (1,341,837) (1,309,080)

Resale Rate Inc + Load Growth (299,046) (295,200) (301,008) (306,930) (312,969) (319,127) (325,406) (331,808) (338,337) (344,993) Heat Sales Rate Inc + Load Growth (699,776) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) Other Income 2.60% (17,133) (204,847) (210,182) (215,657) (221,273) (227,037) (232,950) (239,017) (245,243) (251,630)




PCE Calculation Used CIP instead of interest (depreciation)Non-Fuel Power Costs ($) 2,544,356 2,082,601 2,152,017 2,223,278 2,296,433 2,371,532 2,448,625 2,527,767 2,609,011 2,692,413 Total kWh Sales (kWh) 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777 Non-Fuel Power Costs ($/kWh) 0.0657 0.0529 0.0536 0.0544 0.0551 0.0558 0.0566 0.0573 0.0580 0.0588 Regulatory Cost Charge ($/kWh) 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 Total Non-Fuel Power Costs ($/kWh) 0.0662 0.0534 0.0542 0.0549 0.0557 0.0564 0.0571 0.0578 0.0586 0.0593


Residential Qualifying kWh 7,619,730 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105Community Facility kWh 887,675 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

Residential PCE $ 2,318,919 1,877,138 1,969,209 2,064,388 2,162,795 2,264,551 2,369,786 2,478,630 2,591,222 2,707,705 Community PCE $ 270,147 219,542 230,311 241,442 252,952 264,853 277,160 289,890 303,059 316,682





PetroPort Fuel Thru-Put Fee 137,897 142,237 148,736 155,533 162,640 170,072 177,844 185,971 194,469 203,356 Potential MUSA Tax - - - - - - - - - - Electricity Savings to City 53,926 38,646 49,727 48,918 48,114 47,395 46,765 46,229 45,790 45,454 Wind Farm RevenuesHeat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data



MUNICIPALITYREVENUE REQUIREMENT 2007 2008 Escalation Rate

Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price ForecastGeneration - Non-Fuel 2.60%Generation - Wind Expense CalculatedDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Transfer (in-lieu tax) Expenses - - 0 % Retail RevenueCapital Expenditures (use Depreciation Expense) 292,652 315,618 2.54%Wind Capital Financing (Debt Service) CalculatedDebt Service (P&I) CalculatedLess: Other Income (1,341,837) (1,309,080)

Resale Rate Inc + Load GrowthHeat Sales Rate Inc + Load GrowthOther Income 2.60%






Residential Qualifying kWhCommunity Facility kWh

Residential PCE $Community PCE $







Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,048,400$ 26,328,482$ 27,677,313$ 29,098,732$ 30,596,799$ 32,175,805$ 33,840,289$ 35,595,052$ 37,445,170$ 39,396,014$

0.5629$ 0.5814$ 0.6006$ 0.6205$ 0.6411$ 0.6625$ 0.6847$ 0.7077$ 0.7316$ 0.7564$ 0.5226$ 0.5387$ 0.5554$ 0.5727$ 0.5905$ 0.6090$ 0.6282$ 0.6480$ 0.6685$ 0.6898$ 0.5278$ 0.5441$ 0.5609$ 0.5783$ 0.5964$ 0.6150$ 0.6344$ 0.6544$ 0.6751$ 0.6966$ 0.5364$ 0.5532$ 0.5706$ 0.5886$ 0.6073$ 0.6266$ 0.6466$ 0.6674$ 0.6889$ 0.7111$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5287 0.5456 0.5632 0.5814 0.6002 0.6197 0.6398 0.6607 0.6823 0.7047 0.3848 0.4017 0.4193 0.4375 0.4563 0.4758 0.4959 0.5168 0.5384 0.5608 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,828,227 2,952,944 3,082,014 3,215,606 3,353,892 3,497,052 3,645,274 3,798,751 3,957,687 4,122,290 330,778 345,364 360,460 376,084 392,257 409,001 426,336 444,286 462,875 482,126

0.2382 0.2444 0.2507 0.2570 0.2634 0.2699 0.2765 0.2831 0.2898 0.2967 0.1014 0.1038 0.1063 0.1087 0.1112 0.1137 0.1163 0.1188 0.1214 0.1240 0.0676 0.0693 0.0710 0.0727 0.0744 0.0761 0.0778 0.0796 0.0813 0.0831

0.3247 0.3370 0.3499 0.3635 0.3777 0.3926 0.4083 0.4246 0.4418 0.4597 0.4213 0.4349 0.4492 0.4639 0.4793 0.4953 0.5119 0.5292 0.5471 0.5658 0.4687 0.4839 0.4996 0.5159 0.5329 0.5505 0.5688 0.5878 0.6075 0.6280

1,502,904 1,579,709 1,660,639 1,745,924 1,835,808 1,930,548 2,030,417 2,135,703 2,246,710 2,363,761 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940 - - - - - - - - - -

45,225 45,108 45,110 45,235 45,489 45,879 46,412 47,094 47,933 48,937

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,953,610$ 3,092,676$ 3,238,837$ 3,392,458$ 3,553,927$ 3,723,649$ 3,902,053$ 4,089,589$ 4,286,734$ 4,493,986$

37,947$ 37,879$ 37,825$ 37,785$ 37,760$ 37,751$ 37,758$ 37,783$ 37,826$ 37,888$



COOPERATIVEREVENUE REQUIREMENT 2007 2008 Escalation Rate 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018

Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated - - - - - - - - - - Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income




Residential Annual Energy (kWh) 9,959,097 10,144,403 10,323,308 10,505,369 10,690,640 10,879,179 11,071,042 11,266,290 11,464,980 11,667,175 City Facility Annual Energy (kWh) 2,737,817 2,737,817 2,791,684 2,846,610 2,902,617 2,959,726 3,017,959 3,077,338 3,137,884 3,199,622 Non-City, Non-Residential Annual Energy (kWh) 26,047,857 26,488,920 27,010,091 27,541,515 28,083,396 28,635,938 29,199,351 29,773,850 30,359,651 30,956,979 Total Customer Annual Energy (kWh) 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777 TIER 1.95 1.98 2.00 2.02 2.04 2.06 2.08 2.11 2.14 2.17 PCE CalculationNon-Fuel Power Costs ($) 2,557,657 2,087,796 2,152,391 2,218,613 2,286,503 2,356,100 2,427,444 2,500,577 2,575,542 2,652,383 Total kWh Sales (kWh) 38,744,771 39,371,140 40,125,083 40,893,494 41,676,653 42,474,843 43,288,353 44,117,477 44,962,516 45,823,777 Non-Fuel Power Costs ($/kWh) 0.0660 0.0530 0.0536 0.0543 0.0549 0.0555 0.0561 0.0567 0.0573 0.0579 Regulatory Cost Charge ($/kWh) 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 Total Non-Fuel Power Costs ($/kWh) 0.0666 0.0536 0.0542 0.0548 0.0554 0.0560 0.0566 0.0572 0.0578 0.0584








PetroPort Fuel Thru-Put Fee 137,897 142,237 148,736 155,533 162,640 170,072 177,844 185,971 194,469 203,356 Potential MUSA TaxElectricity Savings to City 59,754 44,604 55,881 55,280 54,699 54,218 53,841 53,574 53,422 53,389 Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data



COOPERATIVEREVENUE REQUIREMENT 2007 2008 Escalation Rate

Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price ForecastGeneration - Non-Fuel 2.60%Generation - Wind Expense CalculatedDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 Calculated Interest Expense 155,425 231,855 CalculatedWind Capital Financing (Interest & Cash for TIER) CalculatedCash for TIER Requirements 292,652 315,618 2.54%Less: Other Income




Residential Annual Energy (kWh)City Facility Annual Energy (kWh)Non-City, Non-Residential Annual Energy (kWh)Total Customer Annual Energy (kWh)TIERPCE CalculationNon-Fuel Power Costs ($)Total kWh Sales (kWh)Non-Fuel Power Costs ($/kWh)Regulatory Cost Charge ($/kWh)Total Non-Fuel Power Costs ($/kWh)










Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,914,416$ 26,187,815$ 27,529,652$ 28,943,749$ 30,434,151$ 32,005,134$ 33,661,221$ 35,407,195$ 37,248,115$ 39,189,332$

0.5599$ 0.5783$ 0.5974$ 0.6172$ 0.6377$ 0.6590$ 0.6811$ 0.7040$ 0.7278$ 0.7524$ 0.5198$ 0.5359$ 0.5525$ 0.5696$ 0.5874$ 0.6058$ 0.6249$ 0.6446$ 0.6650$ 0.6862$ 0.5250$ 0.5412$ 0.5579$ 0.5752$ 0.5932$ 0.6118$ 0.6310$ 0.6509$ 0.6716$ 0.6929$ 0.5335$ 0.5502$ 0.5675$ 0.5855$ 0.6040$ 0.6233$ 0.6432$ 0.6638$ 0.6852$ 0.7074$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,731,142 2,811,867 2,894,601 2,979,394 3,066,293 3,155,347 3,246,606 3,340,122 3,435,945 3,534,131 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0585 0.0591 0.0597 0.0603 0.0609 0.0614 0.0620 0.0626 0.0632 0.0638 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0590 0.0596 0.0602 0.0608 0.0614 0.0620 0.0626 0.0632 0.0638 0.0643

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5277 0.5445 0.5619 0.5800 0.5987 0.6180 0.6380 0.6588 0.6802 0.7025 0.3838 0.4006 0.4180 0.4361 0.4548 0.4741 0.4941 0.5149 0.5363 0.5586 0.3646 0.3806 0.3971 0.4143 0.4320 0.4504 0.4694 0.4891 0.5095 0.5307 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3646 0.3806 0.3971 0.4143 0.4320 0.4504 0.4694 0.4891 0.5095 0.5307

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,820,848 2,944,596 3,072,689 3,205,293 3,342,580 3,484,730 3,631,929 3,784,372 3,942,259 4,105,801 329,915 344,388 359,369 374,878 390,934 407,560 424,775 442,605 461,070 480,198

0.2376 0.2437 0.2499 0.2562 0.2625 0.2689 0.2754 0.2820 0.2887 0.2955 0.1011 0.1035 0.1059 0.1084 0.1108 0.1133 0.1158 0.1184 0.1209 0.1235 0.0675 0.0691 0.0708 0.0724 0.0741 0.0758 0.0775 0.0793 0.0810 0.0828

0.3223 0.3346 0.3475 0.3610 0.3752 0.3901 0.4056 0.4220 0.4391 0.4570 0.4187 0.4323 0.4465 0.4612 0.4766 0.4925 0.5090 0.5262 0.5441 0.5627 0.4660 0.4811 0.4968 0.5130 0.5299 0.5475 0.5657 0.5846 0.6042 0.6246

1,494,865 1,571,269 1,651,779 1,736,625 1,826,049 1,920,308 2,019,673 2,124,432 2,234,887 2,351,360 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

53,483 53,708 54,071 54,579 55,238 56,056 57,041 58,201 59,543 61,078 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,953,829$ 3,092,835$ 3,238,938$ 3,392,503$ 3,553,917$ 3,723,586$ 3,901,938$ 4,089,424$ 4,286,520$ 4,493,726$

38,166$ 38,039$ 37,927$ 37,830$ 37,751$ 37,688$ 37,643$ 37,618$ 37,613$ 37,628$




Valuation Methodology: AVEC Previous OfferFuel Storage: Status Quo






Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioWithout WindIncludes Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: OtherNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

249,951 39,770 28,434 28,693 28,898 29,047 29,138 29,167 29,131 29,029 28,856 - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

(355,685) (53,158) (40,855) (41,206) (41,498) (41,726) (41,888) (41,981) (42,001) (41,945) (41,810) - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 229,799 27,190 28,157 28,064 27,978 27,899 27,828 27,764 27,709 27,662 27,624


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(164,343) (12,616) (22,876) (22,214) (21,557) (20,975) (20,472) (20,052) (19,718) (19,475) (19,327) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

114,359 6,278 17,359 16,550 15,746 15,027 14,398 13,861 13,422 13,086 12,857 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 285,549 34,240 35,062 34,915 34,768 34,631 34,504 34,387 34,282 34,189 34,108


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(273,561) (22,919) (33,801) (33,791) (33,816) (33,947) (34,190) (34,549) (35,032) (35,642) (36,386) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

288,385 25,565 36,979 36,537 36,135 35,854 35,699 35,678 35,795 36,058 36,472 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 350,357 43,225 43,757 43,324 42,897 42,485 42,088 41,707 41,342 40,994 40,664



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated - - - - - - - - - - Rate of Return (debt + equity) Calculated 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 Less: Other Income













PetroPort Fuel Thru-Put Fee 137,897 142,237 148,736 155,533 162,640 170,072 177,844 185,971 194,469 203,356 Potential MUSA TaxElectricity Savings to City (38,168) (53,158) (40,855) (41,206) (41,498) (41,726) (41,888) (41,981) (42,001) (41,945) Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718 1,426,718

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

26,326,937$ 27,602,108$ 28,946,487$ 30,363,936$ 31,858,540$ 33,434,618$ 35,096,737$ 36,849,729$ 38,698,702$ 40,649,060$

0.5916$ 0.6095$ 0.6281$ 0.6475$ 0.6675$ 0.6884$ 0.7101$ 0.7327$ 0.7561$ 0.7805$ 0.5493$ 0.5648$ 0.5809$ 0.5976$ 0.6149$ 0.6329$ 0.6515$ 0.6708$ 0.6909$ 0.7117$ 0.5547$ 0.5704$ 0.5866$ 0.6035$ 0.6210$ 0.6391$ 0.6579$ 0.6775$ 0.6977$ 0.7188$ 0.5637$ 0.5799$ 0.5967$ 0.6142$ 0.6323$ 0.6511$ 0.6706$ 0.6909$ 0.7119$ 0.7337$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5287 0.5456 0.5632 0.5814 0.6002 0.6197 0.6398 0.6607 0.6823 0.7047 0.3848 0.4017 0.4193 0.4375 0.4563 0.4758 0.4959 0.5168 0.5384 0.5608 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,828,227 2,952,944 3,082,014 3,215,606 3,353,892 3,497,052 3,645,274 3,798,751 3,957,687 4,122,290 330,778 345,364 360,460 376,084 392,257 409,001 426,336 444,286 462,875 482,126

0.2382 0.2444 0.2507 0.2570 0.2634 0.2699 0.2765 0.2831 0.2898 0.2967 0.1014 0.1038 0.1063 0.1087 0.1112 0.1137 0.1163 0.1188 0.1214 0.1240 0.0676 0.0693 0.0710 0.0727 0.0744 0.0761 0.0778 0.0796 0.0813 0.0831

0.3534 0.3651 0.3774 0.3905 0.4041 0.4185 0.4337 0.4496 0.4663 0.4838 0.4479 0.4610 0.4746 0.4888 0.5037 0.5191 0.5352 0.5520 0.5695 0.5877 0.4961 0.5106 0.5258 0.5415 0.5580 0.5750 0.5928 0.6113 0.6306 0.6506

1,579,616 1,656,127 1,736,789 1,821,836 1,911,512 2,006,077 2,105,804 2,210,984 2,321,922 2,438,944 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

(41,810) (41,592) (41,288) (40,893) (40,403) (39,813) (39,119) (38,317) (37,400) (36,363) - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,943,287$ 3,082,393$ 3,228,589$ 3,382,243$ 3,543,740$ 3,713,485$ 3,891,908$ 4,079,459$ 4,276,613$ 4,483,869$

27,624$ 27,596$ 27,578$ 27,570$ 27,573$ 27,587$ 27,614$ 27,653$ 27,705$ 27,771$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Transfer (in-lieu tax) Expenses - - 0 % Retail Revenue - - - - - - - - - - Capital Expenditures (use Depreciation Expense) 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Debt Service) Calculated - - - - - - - - - - Debt Service (P&I) Calculated $859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482 Less: Other Income (1,341,837) (1,309,080)















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482 859,482

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,523,877$ 26,803,958$ 28,152,789$ 29,574,209$ 31,072,276$ 32,651,282$ 34,315,766$ 36,070,529$ 37,920,647$ 39,871,491$

0.5736$ 0.5919$ 0.6109$ 0.6306$ 0.6511$ 0.6723$ 0.6943$ 0.7172$ 0.7409$ 0.7655$ 0.5326$ 0.5485$ 0.5650$ 0.5820$ 0.5997$ 0.6180$ 0.6370$ 0.6567$ 0.6770$ 0.6981$ 0.5378$ 0.5539$ 0.5705$ 0.5878$ 0.6056$ 0.6241$ 0.6433$ 0.6631$ 0.6837$ 0.7050$ 0.5465$ 0.5632$ 0.5804$ 0.5982$ 0.6167$ 0.6359$ 0.6557$ 0.6763$ 0.6976$ 0.7197$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5287 0.5456 0.5632 0.5814 0.6002 0.6197 0.6398 0.6607 0.6823 0.7047 0.3848 0.4017 0.4193 0.4375 0.4563 0.4758 0.4959 0.5168 0.5384 0.5608 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3655 0.3817 0.3983 0.4156 0.4335 0.4520 0.4711 0.4910 0.5115 0.5328

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,828,227 2,952,944 3,082,014 3,215,606 3,353,892 3,497,052 3,645,274 3,798,751 3,957,687 4,122,290 330,778 345,364 360,460 376,084 392,257 409,001 426,336 444,286 462,875 482,126

0.2382 0.2444 0.2507 0.2570 0.2634 0.2699 0.2765 0.2831 0.2898 0.2967 0.1014 0.1038 0.1063 0.1087 0.1112 0.1137 0.1163 0.1188 0.1214 0.1240 0.0676 0.0693 0.0710 0.0727 0.0744 0.0761 0.0778 0.0796 0.0813 0.0831

0.3353 0.3475 0.3602 0.3736 0.3877 0.4024 0.4179 0.4341 0.4511 0.4689 0.4312 0.4447 0.4587 0.4733 0.4885 0.5043 0.5207 0.5378 0.5556 0.5741 0.4789 0.4939 0.5094 0.5256 0.5424 0.5598 0.5779 0.5967 0.6163 0.6366

1,531,433 1,608,237 1,689,167 1,774,453 1,864,337 1,959,077 2,058,946 2,164,232 2,275,239 2,392,289 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940 - - - - - - - - - -

12,857 12,741 12,742 12,867 13,122 13,512 14,045 14,727 15,566 16,569

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,949,771$ 3,088,837$ 3,234,998$ 3,388,619$ 3,550,088$ 3,719,810$ 3,898,214$ 4,085,750$ 4,282,895$ 4,490,147$

34,108$ 34,040$ 33,986$ 33,946$ 33,921$ 33,912$ 33,919$ 33,944$ 33,987$ 34,049$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,615,943$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $630,000 619,673 608,881.96 597,605 585,821 573,505.77 560,637 547,189 533,136 518,450 Wind Capital Financing (Interest & Cash for TIER) Calculated - - - - - - - - - - Cash for TIER Requirements 292,652 315,618 2.54% 315,000 318,492 318,492 318,492 318,492 318,492 318,492 318,492 318,492 318,492 Less: Other Income














Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 503,104 487,067 470,308 452,795 434,494 415,370 395,385 374,501 352,676 329,870

- - - - - - - - - - 318,492 318,492 318,492 318,492 318,492 318,492 318,492 318,492 318,492 318,492

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,239,564$ 26,504,092$ 27,836,657$ 29,241,066$ 30,721,344$ 32,281,747$ 33,926,778$ 35,661,199$ 37,490,045$ 39,418,646$

0.5672$ 0.5853$ 0.6040$ 0.6235$ 0.6437$ 0.6647$ 0.6865$ 0.7090$ 0.7325$ 0.7568$ 0.5266$ 0.5423$ 0.5586$ 0.5755$ 0.5929$ 0.6110$ 0.6298$ 0.6492$ 0.6693$ 0.6902$ 0.5318$ 0.5477$ 0.5641$ 0.5812$ 0.5988$ 0.6171$ 0.6360$ 0.6556$ 0.6759$ 0.6970$ 0.5404$ 0.5569$ 0.5739$ 0.5915$ 0.6097$ 0.6287$ 0.6483$ 0.6686$ 0.6897$ 0.7115$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

1.63 1.65 1.68 1.70 1.73 1.77 1.81 1.85 1.90 1.97

3,009,466 3,081,318 3,154,782 3,229,887 3,306,661 3,385,135 3,465,338 3,547,300 3,631,051 3,716,619 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0644 0.0647 0.0650 0.0653 0.0656 0.0659 0.0662 0.0665 0.0668 0.0671 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0650 0.0653 0.0656 0.0659 0.0662 0.0665 0.0668 0.0671 0.0674 0.0676

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5336 0.5502 0.5673 0.5850 0.6034 0.6225 0.6422 0.6626 0.6838 0.7058 0.3897 0.4063 0.4234 0.4411 0.4595 0.4786 0.4983 0.5187 0.5399 0.5619 0.3702 0.3860 0.4022 0.4191 0.4366 0.4546 0.4734 0.4928 0.5129 0.5338 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3702 0.3860 0.4022 0.4191 0.4366 0.4546 0.4734 0.4928 0.5129 0.5338

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,864,653 2,986,208 3,112,114 3,242,536 3,377,646 3,517,622 3,662,650 3,812,923 3,968,641 4,130,012 335,038 349,255 363,980 379,234 395,036 411,407 428,368 445,944 464,156 483,029

0.2413 0.2472 0.2531 0.2591 0.2653 0.2715 0.2778 0.2842 0.2906 0.2972 0.1027 0.1050 0.1073 0.1096 0.1120 0.1144 0.1168 0.1193 0.1217 0.1242 0.0685 0.0701 0.0717 0.0733 0.0749 0.0765 0.0782 0.0798 0.0815 0.0833

0.3259 0.3381 0.3509 0.3644 0.3785 0.3932 0.4087 0.4249 0.4419 0.4596 0.4239 0.4374 0.4513 0.4658 0.4809 0.4966 0.5130 0.5300 0.5476 0.5659 0.4719 0.4868 0.5022 0.5182 0.5349 0.5521 0.5701 0.5888 0.6081 0.6283

1,514,374 1,590,246 1,670,199 1,754,464 1,843,281 1,936,905 2,035,607 2,139,672 2,249,403 2,365,119 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

36,472 37,044 37,783 38,695 39,789 41,073 42,557 44,249 46,160 48,299 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,956,327$ 3,095,149$ 3,241,070$ 3,394,459$ 3,555,699$ 3,725,199$ 3,903,387$ 4,090,713$ 4,287,652$ 4,494,707$

40,664$ 40,352$ 40,059$ 39,786$ 39,533$ 39,301$ 39,092$ 38,906$ 38,745$ 38,608$




Valuation Methodology: Rate Base + InventoryFuel Storage: Utility-Owned Storage






Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioWithout WindIncludes Wind GrantFuel Storage: Utility-OwnedPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(630,898) (56,367) (69,932) (72,004) (74,236) (76,636) (79,211) (81,969) (84,919) (88,069) (91,429) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

479,990 38,164 52,534 54,352 56,339 58,503 60,853 63,397 66,144 69,104 72,287 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 184,625 22,375 23,180 22,926 22,682 22,446 22,221 22,007 21,804 21,614 21,437


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1,333,784) (134,220) (148,732) (152,518) (156,511) (160,793) (165,376) (170,273) (175,501) (181,073) (187,007) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1,128,808 110,374 125,399 128,730 132,274 136,120 140,282 144,776 149,618 154,824 160,411 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 130,557 16,732 17,245 16,791 16,341 15,905 15,485 15,081 14,695 14,328 13,982


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1,386,634) (139,372) (154,149) (158,212) (162,496) (167,082) (171,983) (177,214) (182,791) (188,730) (195,046) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1,186,036 116,333 131,552 135,092 138,859 142,943 147,358 152,122 157,249 162,759 168,668 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 134,935 17,539 17,982 17,459 16,942 16,439 15,953 15,485 15,036 14,608 14,201




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price Forecast 15,421,452$ 13,601,707$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind O&M - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 2,037,806 1,930,461 1,980,741 2,032,330 2,085,263 2,139,575 2,195,301 2,252,478 2,311,145 2,371,340 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 136,859 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 262,977 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) - - - - - - - - - - Rate of Return (debt + equity) Calculated 600,066 564,847 551,658 536,901 522,755 509,269 496,476 484,414 473,121 462,636 Less: Other Income















Actual CY Data




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind O&MDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return)Rate of Return (debt + equity) CalculatedLess: Other Income















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price Forecast 15,421,452 12,802,941$ 13,499,611$ 14,235,054$ 15,011,474$ 15,831,199$ 16,696,697$ 17,610,575$ 18,575,593$ 19,594,670$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated - - - - - - - - - - Rate of Return (debt + equity) Calculated 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 Less: Other Income












Sales Tax - kWh Revenue 1,134,803 949,731 994,619 1,042,618 1,093,141 1,146,398 1,202,541 1,261,731 1,324,138 1,389,941 Sales Tax - Fuel Revenue 747,199 770,717 805,934 842,761 881,271 921,542 963,654 1,007,691 1,053,741 1,101,896



Actual CY Data




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind ExpenseDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return) CalculatedRate of Return (debt + equity) CalculatedLess: Other Income















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

20,670,896$ 21,807,540$ 23,008,061$ 24,276,119$ 25,615,590$ 27,030,572$ 28,525,406$ 30,104,684$ 31,773,268$ 33,536,305$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,322,187$ 25,541,810$ 26,828,101$ 28,184,807$ 29,615,890$ 31,125,542$ 32,718,199$ 34,398,553$ 36,171,566$ 38,042,492$

0.5466$ 0.5640$ 0.5821$ 0.6010$ 0.6206$ 0.6409$ 0.6620$ 0.6839$ 0.7067$ 0.7304$ 0.5075$ 0.5226$ 0.5384$ 0.5547$ 0.5716$ 0.5892$ 0.6074$ 0.6262$ 0.6458$ 0.6661$ 0.5125$ 0.5278$ 0.5437$ 0.5602$ 0.5772$ 0.5950$ 0.6133$ 0.6324$ 0.6522$ 0.6727$ 0.5208$ 0.5366$ 0.5531$ 0.5701$ 0.5878$ 0.6061$ 0.6252$ 0.6449$ 0.6654$ 0.6867$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4426 0.4582 0.4743 0.4910 0.5084 0.5264 0.5451 0.5644 0.5845 0.6053 0.5027 0.5189 0.5358 0.5533 0.5714 0.5901 0.6095 0.6296 0.6504 0.6719 0.3588 0.3750 0.3919 0.4094 0.4275 0.4462 0.4656 0.4857 0.5065 0.5280 0.3408 0.3563 0.3723 0.3889 0.4061 0.4239 0.4423 0.4614 0.4811 0.5016 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3408 0.3563 0.3723 0.3889 0.4061 0.4239 0.4423 0.4614 0.4811 0.5016

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,636,927 2,756,661 2,880,619 3,008,966 3,141,870 3,279,508 3,422,063 3,569,727 3,722,698 3,881,181 308,404 322,408 336,905 351,916 367,460 383,558 400,230 417,501 435,391 453,927

0.2221 0.2282 0.2343 0.2405 0.2468 0.2531 0.2595 0.2660 0.2726 0.2793 0.0945 0.0969 0.0993 0.1017 0.1042 0.1067 0.1091 0.1117 0.1142 0.1168 0.0631 0.0647 0.0663 0.0680 0.0697 0.0713 0.0730 0.0748 0.0765 0.0783

0.3245 0.3359 0.3479 0.3605 0.3738 0.3878 0.4025 0.4179 0.4341 0.4511 0.4130 0.4257 0.4391 0.4529 0.4674 0.4825 0.4982 0.5146 0.5316 0.5493 0.4577 0.4719 0.4867 0.5021 0.5181 0.5348 0.5521 0.5702 0.5889 0.6084

1,459,331 1,532,509 1,609,686 1,691,088 1,776,953 1,867,533 1,963,092 2,063,913 2,170,294 2,282,550 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

72,287 75,704 79,365 83,282 87,466 91,932 96,691 101,759 107,149 112,877 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,937,100$ 3,076,071$ 3,222,139$ 3,375,669$ 3,537,049$ 3,706,686$ 3,885,007$ 4,072,464$ 4,269,533$ 4,476,715$

21,437$ 21,275$ 21,127$ 20,996$ 20,883$ 20,788$ 20,712$ 20,658$ 20,626$ 20,617$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price Forecast 15,421,452 12,064,694$ 12,727,631$ 13,427,798$ 14,167,330$ 14,948,482$ 15,773,642$ 16,645,338$ 17,566,246$ 18,539,197$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Transfer (in-lieu tax) Expenses - - 0 % Retail Revenue - - - - - - - - - - Capital Expenditures (use Depreciation Expense) 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Debt Service) Calculated - - - - - - - - - - Debt Service (P&I) Calculated $384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 Less: Other Income (1,341,837) (1,309,080)












Sales Tax - kWh Revenue 1,100,989 871,878 915,819 962,105 1,010,866 1,062,241 1,116,376 1,173,427 1,233,556 1,296,937 Sales Tax - Fuel Revenue 747,199 770,717 805,934 842,761 881,271 921,542 963,654 1,007,691 1,053,741 1,101,896



Actual CY Data




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price ForecastGeneration - Non-Fuel 2.60%Generation - Wind Expense CalculatedDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Transfer (in-lieu tax) Expenses - - 0 % Retail RevenueCapital Expenditures (use Depreciation Expense) 292,652 315,618 2.54%Wind Capital Financing (Debt Service) CalculatedDebt Service (P&I) CalculatedLess: Other Income (1,341,837) (1,309,080)















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

19,567,187$ 20,653,390$ 21,801,164$ 23,014,064$ 24,295,855$ 25,650,520$ 27,082,278$ 28,595,597$ 30,195,206$ 31,886,114$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

22,729,221$ 23,903,313$ 25,141,310$ 26,446,828$ 27,823,693$ 29,275,957$ 30,807,904$ 32,424,069$ 34,129,252$ 35,928,534$

0.5108$ 0.5278$ 0.5455$ 0.5639$ 0.5830$ 0.6028$ 0.6234$ 0.6447$ 0.6668$ 0.6898$ 0.4742$ 0.4891$ 0.5045$ 0.5205$ 0.5370$ 0.5541$ 0.5719$ 0.5903$ 0.6093$ 0.6291$ 0.4789$ 0.4939$ 0.5095$ 0.5256$ 0.5423$ 0.5596$ 0.5775$ 0.5961$ 0.6153$ 0.6353$ 0.4867$ 0.5022$ 0.5183$ 0.5350$ 0.5522$ 0.5701$ 0.5887$ 0.6079$ 0.6279$ 0.6485$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4190 0.4339 0.4494 0.4655 0.4822 0.4995 0.5175 0.5361 0.5555 0.5756 0.4790 0.4947 0.5109 0.5277 0.5452 0.5632 0.5819 0.6013 0.6213 0.6421 0.3351 0.3508 0.3670 0.3838 0.4013 0.4193 0.4380 0.4574 0.4774 0.4982 0.3184 0.3333 0.3487 0.3646 0.3812 0.3983 0.4161 0.4345 0.4536 0.4733 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3184 0.3333 0.3487 0.3646 0.3812 0.3983 0.4161 0.4345 0.4536 0.4733

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,463,217 2,578,427 2,697,743 2,821,326 2,949,343 3,081,966 3,219,377 3,361,762 3,509,315 3,662,241 288,088 301,562 315,517 329,971 344,943 360,454 376,525 393,178 410,435 428,321

0.2075 0.2134 0.2194 0.2255 0.2316 0.2379 0.2442 0.2505 0.2570 0.2635 0.0883 0.0906 0.0930 0.0954 0.0978 0.1002 0.1027 0.1051 0.1076 0.1102 0.0589 0.0605 0.0621 0.0637 0.0654 0.0670 0.0687 0.0704 0.0721 0.0738

0.3033 0.3144 0.3261 0.3384 0.3514 0.3650 0.3792 0.3942 0.4098 0.4263 0.3859 0.3985 0.4115 0.4251 0.4392 0.4539 0.4692 0.4851 0.5017 0.5189 0.4278 0.4417 0.4562 0.4712 0.4868 0.5031 0.5200 0.5375 0.5557 0.5747

1,363,753 1,434,199 1,508,479 1,586,810 1,669,422 1,756,557 1,848,474 1,945,444 2,047,755 2,155,712 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940 - - - - - - - - - -

160,411 166,397 172,803 179,647 186,951 194,737 203,027 211,847 221,221 231,176

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,929,645$ 3,068,455$ 3,214,369$ 3,367,756$ 3,529,002$ 3,698,516$ 3,876,725$ 4,064,083$ 4,261,067$ 4,468,177$

13,982$ 13,658$ 13,358$ 13,083$ 12,836$ 12,618$ 12,431$ 12,277$ 12,159$ 12,079$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price Forecast 15,421,452 12,064,694$ 12,727,631$ 13,427,798$ 14,167,330$ 14,948,482$ 15,773,642$ 16,645,338$ 17,566,246$ 18,539,197$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated - - - - - - - - - - Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income














Actual CY Data




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price ForecastGeneration - Non-Fuel 2.60%Generation - Wind Expense CalculatedDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 Calculated Interest Expense 155,425 231,855 CalculatedWind Capital Financing (Interest & Cash for TIER) CalculatedCash for TIER Requirements 292,652 315,618 2.54%Less: Other Income














Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

19,567,187$ 20,653,390$ 21,801,164$ 23,014,064$ 24,295,855$ 25,650,520$ 27,082,278$ 28,595,597$ 30,195,206$ 31,886,114$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

22,595,236$ 23,762,647$ 24,993,649$ 26,291,844$ 27,661,045$ 29,105,286$ 30,628,835$ 32,236,212$ 33,932,197$ 35,721,852$

0.5077$ 0.5247$ 0.5423$ 0.5606$ 0.5796$ 0.5993$ 0.6197$ 0.6410$ 0.6630$ 0.6859$ 0.4715$ 0.4862$ 0.5016$ 0.5174$ 0.5339$ 0.5509$ 0.5686$ 0.5869$ 0.6058$ 0.6255$ 0.4761$ 0.4910$ 0.5065$ 0.5225$ 0.5391$ 0.5563$ 0.5742$ 0.5926$ 0.6118$ 0.6316$ 0.4838$ 0.4993$ 0.5152$ 0.5318$ 0.5490$ 0.5668$ 0.5853$ 0.6044$ 0.6242$ 0.6448$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,731,142 2,811,867 2,894,601 2,979,394 3,066,293 3,155,347 3,246,606 3,340,122 3,435,945 3,534,131 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0585 0.0591 0.0597 0.0603 0.0609 0.0614 0.0620 0.0626 0.0632 0.0638 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0590 0.0596 0.0602 0.0608 0.0614 0.0620 0.0626 0.0632 0.0638 0.0643

0.4190 0.4339 0.4494 0.4655 0.4822 0.4995 0.5175 0.5361 0.5555 0.5756 0.4780 0.4936 0.5097 0.5263 0.5436 0.5615 0.5801 0.5993 0.6192 0.6399 0.3341 0.3497 0.3658 0.3824 0.3997 0.4176 0.4362 0.4554 0.4753 0.4960 0.3174 0.3322 0.3475 0.3633 0.3797 0.3967 0.4144 0.4326 0.4516 0.4712 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3174 0.3322 0.3475 0.3633 0.3797 0.3967 0.4144 0.4326 0.4516 0.4712

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,455,838 2,570,079 2,688,418 2,811,013 2,938,031 3,069,644 3,206,032 3,347,382 3,493,888 3,645,751 287,225 300,586 314,426 328,765 343,620 359,013 374,964 391,496 408,631 426,392

0.2068 0.2127 0.2187 0.2247 0.2307 0.2369 0.2431 0.2495 0.2559 0.2624 0.0880 0.0904 0.0927 0.0950 0.0974 0.0998 0.1022 0.1047 0.1072 0.1097 0.0587 0.0603 0.0619 0.0635 0.0651 0.0668 0.0684 0.0701 0.0718 0.0735

0.3009 0.3120 0.3237 0.3360 0.3489 0.3624 0.3766 0.3915 0.4071 0.4235 0.3834 0.3959 0.4089 0.4224 0.4365 0.4511 0.4663 0.4822 0.4986 0.5158 0.4251 0.4389 0.4533 0.4683 0.4839 0.5000 0.5168 0.5343 0.5524 0.5713

1,355,714 1,425,759 1,499,619 1,577,511 1,659,663 1,746,317 1,837,730 1,934,173 2,035,932 2,143,311 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

168,668 174,997 181,764 188,991 196,700 204,914 213,657 222,954 232,831 243,318 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,929,864$ 3,068,614$ 3,214,471$ 3,367,801$ 3,528,993$ 3,698,452$ 3,876,610$ 4,063,918$ 4,260,853$ 4,467,917$

14,201$ 13,818$ 13,460$ 13,128$ 12,826$ 12,554$ 12,316$ 12,112$ 11,946$ 11,819$





Pipeline to Replace Trucking: Utility-Owned PipelineWind Generation/Ownership: No Wind





Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioWithout WindIncludes Wind GrantFuel Storage: Utility-OwnedPipeline to Replace Trucking: Utility-OwnedInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(582,270) (51,518) (64,862) (66,703) (68,692) (70,839) (73,149) (75,630) (78,290) (81,137) (84,180) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

441,090 34,427 48,592 50,195 51,955 53,882 55,982 58,264 60,736 63,407 66,288 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 194,352 23,487 24,308 24,070 23,841 23,621 23,411 23,212 23,024 22,848 22,685


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1,356,565) (136,491) (151,107) (155,001) (159,108) (163,509) (168,215) (173,243) (178,606) (184,321) (190,402) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1,147,032 112,125 127,245 130,678 134,328 138,285 142,564 147,181 152,152 157,492 163,221 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 126,000 16,212 16,716 16,255 15,798 15,355 14,927 14,516 14,123 13,750 13,397


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1,409,416) (141,643) (156,524) (160,695) (165,093) (169,797) (174,823) (180,184) (185,897) (191,977) (198,441) - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

1,204,261 118,083 133,399 137,040 140,913 145,108 149,640 154,526 159,783 165,428 171,479 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 130,378 17,018 17,453 16,923 16,398 15,889 15,396 14,921 14,465 14,029 13,616




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price Forecast 15,421,452$ 13,601,707$ 14,349,762$ 15,124,052$ 15,941,095$ 16,803,301$ 17,713,221$ 18,673,552$ 19,687,146$ 20,757,021$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind O&M - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 2,037,806 1,930,461 1,980,741 2,032,330 2,085,263 2,139,575 2,195,301 2,252,478 2,311,145 2,371,340 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 136,859 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 262,977 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) - - - - - - - - - - Rate of Return (debt + equity) Calculated 600,066 564,847 551,658 536,901 522,755 509,269 496,476 484,414 473,121 462,636 Less: Other Income















Actual CY Data




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind O&MDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return)Rate of Return (debt + equity) CalculatedLess: Other Income















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price Forecast 15,421,452 12,883,744$ 13,584,107$ 14,323,411$ 15,103,868$ 15,927,816$ 16,797,729$ 17,716,223$ 18,686,069$ 19,710,195$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated - - - - - - - - - - Rate of Return (debt + equity) Calculated 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 Less: Other Income












Sales Tax - kWh Revenue 1,134,803 954,580 999,689 1,047,920 1,098,685 1,152,195 1,208,603 1,268,070 1,330,767 1,396,873 Sales Tax - Fuel Revenue 747,199 770,717 805,934 842,761 881,271 921,542 963,654 1,007,691 1,053,741 1,101,896



Actual CY Data




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ IOU Base Case Price ForecastGeneration - Non-Fuel 974,145 979,446 2.60%Generation - Wind ExpenseDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Tax Expenses 500,329 359,694 CalculatedDepreciation Expense 292,652 315,618 2.54%Wind Capital Financing (Depreciation & Return) CalculatedRate of Return (debt + equity) CalculatedLess: Other Income















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

20,791,700$ 21,933,865$ 23,140,159$ 24,414,255$ 25,760,039$ 27,181,623$ 28,683,361$ 30,269,858$ 31,945,992$ 33,716,923$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,442,992$ 25,668,136$ 26,960,200$ 28,322,942$ 29,760,339$ 31,276,593$ 32,876,154$ 34,563,727$ 36,344,290$ 38,223,110$

0.5493$ 0.5668$ 0.5850$ 0.6039$ 0.6236$ 0.6440$ 0.6652$ 0.6872$ 0.7101$ 0.7339$ 0.5100$ 0.5252$ 0.5410$ 0.5574$ 0.5744$ 0.5920$ 0.6103$ 0.6292$ 0.6489$ 0.6693$ 0.5150$ 0.5304$ 0.5464$ 0.5629$ 0.5801$ 0.5979$ 0.6163$ 0.6354$ 0.6553$ 0.6759$ 0.5234$ 0.5393$ 0.5558$ 0.5729$ 0.5907$ 0.6091$ 0.6282$ 0.6480$ 0.6686$ 0.6899$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4452 0.4608 0.4770 0.4938 0.5113 0.5293 0.5481 0.5675 0.5877 0.6086 0.5052 0.5216 0.5385 0.5561 0.5742 0.5930 0.6125 0.6327 0.6535 0.6752 0.3613 0.3777 0.3946 0.4122 0.4303 0.4491 0.4686 0.4888 0.5096 0.5313 0.3433 0.3588 0.3749 0.3916 0.4088 0.4267 0.4452 0.4643 0.4842 0.5047 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3433 0.3588 0.3749 0.3916 0.4088 0.4267 0.4452 0.4643 0.4842 0.5047

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,655,940 2,776,169 2,900,636 3,029,503 3,162,942 3,301,129 3,444,248 3,592,490 3,746,053 3,905,144 310,628 324,689 339,246 354,318 369,925 386,086 402,825 420,163 438,123 456,730

0.2237 0.2298 0.2359 0.2421 0.2484 0.2548 0.2612 0.2677 0.2743 0.2810 0.0952 0.0976 0.1000 0.1024 0.1049 0.1074 0.1098 0.1124 0.1149 0.1175 0.0635 0.0651 0.0668 0.0684 0.0701 0.0718 0.0735 0.0752 0.0770 0.0787

0.3256 0.3370 0.3491 0.3618 0.3752 0.3892 0.4040 0.4195 0.4358 0.4528 0.4148 0.4276 0.4410 0.4550 0.4695 0.4847 0.5004 0.5169 0.5340 0.5518 0.4599 0.4741 0.4890 0.5045 0.5205 0.5373 0.5547 0.5728 0.5916 0.6112

1,466,579 1,540,088 1,617,612 1,699,377 1,785,620 1,876,596 1,972,569 2,073,824 2,180,657 2,293,387 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

66,288 69,386 72,713 76,280 80,098 84,178 88,533 93,177 98,123 103,385 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,938,348$ 3,077,333$ 3,223,413$ 3,376,956$ 3,538,348$ 3,707,995$ 3,886,326$ 4,073,793$ 4,270,870$ 4,478,060$

22,685$ 22,536$ 22,402$ 22,283$ 22,181$ 22,097$ 22,032$ 21,986$ 21,963$ 21,962$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price Forecast 15,421,452 12,026,839$ 12,688,045$ 13,386,404$ 14,124,044$ 14,903,218$ 15,726,310$ 16,595,843$ 17,514,489$ 18,485,075$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Transfer (in-lieu tax) Expenses - - 0 % Retail Revenue - - - - - - - - - - Capital Expenditures (use Depreciation Expense) 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Debt Service) Calculated - - - - - - - - - - Debt Service (P&I) Calculated $384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 Less: Other Income (1,341,837) (1,309,080)















Actual CY Data




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price ForecastGeneration - Non-Fuel 2.60%Generation - Wind Expense CalculatedDistribution 191,667 234,244 2.60%Customer Accounts 217,442 219,633 2.60%A&G - Operation 1,676,680 1,988,911 2.60%A&G - Maintenance 128,168 105,691 2.60%Transfer (in-lieu tax) Expenses - - 0 % Retail RevenueCapital Expenditures (use Depreciation Expense) 292,652 315,618 2.54%Wind Capital Financing (Debt Service) CalculatedDebt Service (P&I) CalculatedLess: Other Income (1,341,837) (1,309,080)















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

19,510,592$ 20,594,208$ 21,739,278$ 22,949,350$ 24,228,182$ 25,579,754$ 27,008,279$ 28,518,215$ 30,114,288$ 31,801,496$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

22,672,626$ 23,844,132$ 25,079,424$ 26,382,113$ 27,756,021$ 29,205,191$ 30,733,904$ 32,346,687$ 34,048,334$ 35,843,917$

0.5095$ 0.5265$ 0.5442$ 0.5625$ 0.5816$ 0.6013$ 0.6219$ 0.6431$ 0.6652$ 0.6882$ 0.4731$ 0.4879$ 0.5033$ 0.5192$ 0.5357$ 0.5528$ 0.5705$ 0.5889$ 0.6079$ 0.6276$ 0.4777$ 0.4927$ 0.5083$ 0.5243$ 0.5410$ 0.5583$ 0.5761$ 0.5947$ 0.6139$ 0.6338$ 0.4855$ 0.5010$ 0.5170$ 0.5336$ 0.5509$ 0.5687$ 0.5873$ 0.6065$ 0.6264$ 0.6470$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,778,029 2,865,918 2,956,141 3,048,758 3,143,834 3,241,432 3,341,620 3,444,467 3,550,041 3,658,416 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0595 0.0602 0.0609 0.0617 0.0624 0.0631 0.0639 0.0646 0.0653 0.0660 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0600 0.0608 0.0615 0.0622 0.0629 0.0637 0.0644 0.0651 0.0659 0.0666

0.4178 0.4327 0.4482 0.4642 0.4809 0.4981 0.5161 0.5347 0.5540 0.5740 0.4778 0.4935 0.5097 0.5264 0.5438 0.5618 0.5805 0.5998 0.6199 0.6406 0.3339 0.3496 0.3658 0.3825 0.3999 0.4179 0.4366 0.4559 0.4760 0.4967 0.3172 0.3321 0.3475 0.3634 0.3799 0.3970 0.4148 0.4331 0.4522 0.4719 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3172 0.3321 0.3475 0.3634 0.3799 0.3970 0.4148 0.4331 0.4522 0.4719

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,454,310 2,569,287 2,688,365 2,811,704 2,939,470 3,071,837 3,208,983 3,351,098 3,498,374 3,651,014 287,046 300,493 314,420 328,845 343,788 359,269 375,310 391,931 409,155 427,008

0.2067 0.2126 0.2186 0.2247 0.2309 0.2371 0.2434 0.2497 0.2562 0.2627 0.0880 0.0903 0.0927 0.0951 0.0975 0.0999 0.1023 0.1048 0.1073 0.1098 0.0587 0.0603 0.0619 0.0635 0.0652 0.0668 0.0685 0.0702 0.0719 0.0736

0.3028 0.3139 0.3256 0.3378 0.3507 0.3643 0.3785 0.3934 0.4091 0.4255 0.3851 0.3976 0.4106 0.4241 0.4382 0.4529 0.4682 0.4841 0.5006 0.5178 0.4268 0.4407 0.4551 0.4701 0.4857 0.5019 0.5188 0.5363 0.5545 0.5734

1,360,358 1,430,648 1,504,765 1,582,927 1,665,361 1,752,311 1,844,034 1,940,801 2,042,900 2,150,635 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940 - - - - - - - - - -

163,221 169,357 175,919 182,927 190,403 198,369 206,849 215,868 225,450 235,624

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,929,060$ 3,067,864$ 3,213,772$ 3,367,153$ 3,528,394$ 3,697,902$ 3,876,107$ 4,063,461$ 4,260,440$ 4,467,547$

13,397$ 13,067$ 12,761$ 12,480$ 12,228$ 12,004$ 11,813$ 11,655$ 11,533$ 11,449$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price Forecast 15,421,452 12,026,839$ 12,688,045$ 13,386,404$ 14,124,044$ 14,903,218$ 15,726,310$ 16,595,843$ 17,514,489$ 18,485,075$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated - - - - - - - - - - Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated - - - - - - - - - - Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income














Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

19,510,592$ 20,594,208$ 21,739,278$ 22,949,350$ 24,228,182$ 25,579,754$ 27,008,279$ 28,518,215$ 30,114,288$ 31,801,496$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

22,538,641$ 23,703,465$ 24,931,762$ 26,227,129$ 27,593,373$ 29,034,521$ 30,554,836$ 32,158,830$ 33,851,278$ 35,637,235$

0.5065$ 0.5234$ 0.5410$ 0.5592$ 0.5782$ 0.5978$ 0.6182$ 0.6394$ 0.6614$ 0.6842$ 0.4703$ 0.4850$ 0.5003$ 0.5162$ 0.5326$ 0.5496$ 0.5672$ 0.5854$ 0.6044$ 0.6240$ 0.4749$ 0.4898$ 0.5053$ 0.5213$ 0.5378$ 0.5550$ 0.5728$ 0.5912$ 0.6103$ 0.6301$ 0.4826$ 0.4980$ 0.5140$ 0.5305$ 0.5477$ 0.5654$ 0.5838$ 0.6029$ 0.6227$ 0.6433$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,731,142 2,811,867 2,894,601 2,979,394 3,066,293 3,155,347 3,246,606 3,340,122 3,435,945 3,534,131 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0585 0.0591 0.0597 0.0603 0.0609 0.0614 0.0620 0.0626 0.0632 0.0638 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0590 0.0596 0.0602 0.0608 0.0614 0.0620 0.0626 0.0632 0.0638 0.0643

0.4178 0.4327 0.4482 0.4642 0.4809 0.4981 0.5161 0.5347 0.5540 0.5740 0.4768 0.4923 0.5084 0.5250 0.5423 0.5601 0.5787 0.5979 0.6178 0.6384 0.3329 0.3484 0.3645 0.3811 0.3984 0.4162 0.4348 0.4540 0.4739 0.4945 0.3163 0.3310 0.3463 0.3621 0.3785 0.3954 0.4130 0.4313 0.4502 0.4698 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3163 0.3310 0.3463 0.3621 0.3785 0.3954 0.4130 0.4313 0.4502 0.4698

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,446,930 2,560,940 2,679,040 2,801,391 2,928,158 3,059,515 3,195,639 3,336,718 3,482,946 3,634,525 286,183 299,517 313,330 327,639 342,465 357,828 373,749 390,249 407,351 425,079

0.2061 0.2120 0.2179 0.2239 0.2300 0.2361 0.2424 0.2487 0.2551 0.2616 0.0877 0.0900 0.0924 0.0947 0.0971 0.0995 0.1019 0.1044 0.1068 0.1093 0.0585 0.0601 0.0617 0.0633 0.0649 0.0666 0.0682 0.0699 0.0716 0.0733

0.3004 0.3115 0.3231 0.3354 0.3482 0.3617 0.3759 0.3907 0.4063 0.4227 0.3826 0.3950 0.4080 0.4214 0.4355 0.4501 0.4653 0.4811 0.4975 0.5146 0.4241 0.4379 0.4523 0.4672 0.4827 0.4989 0.5156 0.5331 0.5512 0.5700

1,352,318 1,422,208 1,495,906 1,573,628 1,655,602 1,742,071 1,833,290 1,929,530 2,031,077 2,138,234 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

171,479 177,957 184,880 192,271 200,152 208,547 217,479 226,974 237,060 247,765 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,929,279$ 3,068,023$ 3,213,874$ 3,367,199$ 3,528,384$ 3,697,839$ 3,875,992$ 4,063,296$ 4,260,227$ 4,467,287$

13,616$ 13,227$ 12,863$ 12,526$ 12,218$ 11,941$ 11,698$ 11,490$ 11,319$ 11,189$





Pipeline to Replace Trucking: Status QuoWind Generation/Ownership: City-Owned Wind

Include Wind Grant: YesInclude Heat Purchases for City: Yes




Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioCity-Owned WindIncludes Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(142,235) (7,650) (18,988) (18,732) (18,529) (18,382) (18,294) (18,267) (18,305) (18,411) (18,586) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

89,074 620 12,925 12,576 12,287 12,061 11,901 11,811 11,794 11,852 11,990 1,377,042 134,632 141,538 148,736 156,239 164,060 172,211 180,707 189,562 198,792 208,412

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 1,453,664 145,870 153,162 159,671 166,476 173,589 181,025 188,796 196,918 205,406 214,274


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(483,466) (49,286) (59,962) (59,734) (59,530) (59,419) (59,408) (59,500) (59,701) (60,014) (60,446) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

443,905 44,307 55,779 55,379 55,004 54,733 54,571 54,525 54,599 54,799 55,131 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 90,222 13,288 13,504 12,736 11,953 11,164 10,370 9,571 8,766 7,957 7,143


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(453,694) (46,360) (56,886) (56,504) (56,140) (55,865) (55,683) (55,599) (55,617) (55,743) (55,981) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

439,711 44,653 55,931 55,333 54,754 54,275 53,901 53,637 53,487 53,457 53,554 1,377,042 134,632 141,538 148,736 156,239 164,060 172,211 180,707 189,562 198,792 208,412

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 1,492,842 151,192 158,270 164,656 171,332 178,321 185,635 193,290 201,299 209,678 218,443



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price Forecast 15,421,452 13,283,197$ 14,005,673$ 14,768,211$ 15,573,078$ 16,422,669$ 17,319,518$ 18,266,304$ 19,265,863$ 20,321,191$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense 289,455 331,693 343,001 354,715 366,852 379,428 392,457 405,959 419,951 434,450 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated - - - - - - - - - - Rate of Return (debt + equity) Calculated 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 Less: Other Income












Sales Tax - kWh Revenue 1,152,170 998,448 1,045,563 1,095,891 1,148,849 1,204,652 1,263,458 1,325,433 1,390,751 1,459,600 Sales Tax - Fuel Revenue 728,843 751,882 786,609 822,932 860,926 900,667 942,235 985,714 1,031,192 1,078,760

PetroPort Fuel Thru-Put Fee 134,509 138,761 145,170 151,873 158,885 166,219 173,891 181,915 190,308 199,087 Potential MUSA TaxElectricity Savings to City 2,157 620 12,925 12,576 12,287 12,061 11,901 11,811 11,794 11,852 Wind Farm Revenues 96,684 134,632 141,538 148,736 156,239 164,060 172,211 180,707 189,562 198,792 Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

449,478 465,053 481,196 497,930 515,277 533,259 551,902 571,231 591,271 612,051 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,536,231$ 26,811,353$ 28,155,680$ 29,573,076$ 31,067,625$ 32,643,645$ 34,305,706$ 36,058,636$ 37,907,546$ 39,857,838$

0.5738$ 0.5920$ 0.6110$ 0.6306$ 0.6510$ 0.6721$ 0.6941$ 0.7170$ 0.7407$ 0.7653$ 0.5328$ 0.5486$ 0.5650$ 0.5820$ 0.5996$ 0.6179$ 0.6368$ 0.6564$ 0.6768$ 0.6979$ 0.5381$ 0.5540$ 0.5706$ 0.5878$ 0.6055$ 0.6240$ 0.6431$ 0.6629$ 0.6835$ 0.7048$ 0.5468$ 0.5633$ 0.5804$ 0.5982$ 0.6166$ 0.6357$ 0.6555$ 0.6761$ 0.6974$ 0.7195$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,227,507 3,330,971 3,437,337 3,546,688 3,659,110 3,774,691 3,893,522 4,015,697 4,141,312 4,270,467 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0691 0.0700 0.0709 0.0717 0.0726 0.0735 0.0744 0.0753 0.0762 0.0771 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0697 0.0705 0.0714 0.0723 0.0732 0.0741 0.0749 0.0758 0.0767 0.0776

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5286 0.5456 0.5632 0.5814 0.6002 0.6196 0.6398 0.6607 0.6823 0.7047 0.3847 0.4017 0.4193 0.4375 0.4563 0.4757 0.4959 0.5168 0.5384 0.5608 0.3655 0.3816 0.3983 0.4156 0.4335 0.4520 0.4711 0.4909 0.5115 0.5328 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3655 0.3816 0.3983 0.4156 0.4335 0.4520 0.4711 0.4909 0.5115 0.5328

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,828,003 2,952,716 3,081,783 3,215,371 3,353,653 3,496,810 3,645,028 3,798,501 3,957,433 4,122,032 330,752 345,337 360,433 376,057 392,229 408,972 426,307 444,257 462,845 482,096

0.2382 0.2444 0.2506 0.2570 0.2634 0.2699 0.2764 0.2831 0.2898 0.2966 0.1014 0.1038 0.1063 0.1087 0.1112 0.1137 0.1162 0.1188 0.1214 0.1240 0.0676 0.0693 0.0710 0.0726 0.0743 0.0761 0.0778 0.0795 0.0813 0.0831

0.3356 0.3477 0.3603 0.3736 0.3876 0.4023 0.4177 0.4339 0.4508 0.4686 0.4314 0.4448 0.4588 0.4733 0.4884 0.5042 0.5206 0.5376 0.5554 0.5739 0.4792 0.4940 0.5095 0.5255 0.5423 0.5596 0.5777 0.5965 0.6160 0.6363

1,532,174 1,608,681 1,689,341 1,774,385 1,864,057 1,958,619 2,058,342 2,163,518 2,274,453 2,391,470 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

11,990 12,211 12,518 12,917 13,410 14,003 14,701 15,507 16,428 17,469 208,412 218,439 228,890 239,783 251,136 262,970 275,303 288,159 301,557 315,522

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 3,129,937$ 3,278,337$ 3,434,233$ 3,598,009$ 3,770,068$ 3,950,835$ 4,140,759$ 4,340,311$ 4,549,986$ 4,770,308$

214,274$ 223,541$ 233,222$ 243,336$ 253,901$ 264,938$ 276,465$ 288,504$ 301,078$ 314,210$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,283,197$ 14,005,673$ 14,768,211$ 15,573,078$ 16,422,669$ 17,319,518$ 18,266,304$ 19,265,863$ 20,321,191$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated 164,719 169,009 173,411 177,928 182,562 187,317 192,196 197,201 202,338 207,608 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Transfer (in-lieu tax) Expenses - - 0 % Retail Revenue - - - - - - - - - - Capital Expenditures (use Depreciation Expense) 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Debt Service) Calculated 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 Debt Service (P&I) Calculated $384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 Less: Other Income (1,341,837) (1,309,080)















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,838,562$ 26,108,567$ 27,446,896$ 28,857,369$ 30,344,027$ 31,911,143$ 33,563,234$ 35,305,080$ 37,141,736$ 39,078,549$

0.5582$ 0.5765$ 0.5956$ 0.6153$ 0.6358$ 0.6571$ 0.6791$ 0.7020$ 0.7257$ 0.7503$ 0.5183$ 0.5342$ 0.5508$ 0.5679$ 0.5857$ 0.6040$ 0.6230$ 0.6427$ 0.6631$ 0.6842$ 0.5234$ 0.5395$ 0.5562$ 0.5735$ 0.5914$ 0.6100$ 0.6292$ 0.6491$ 0.6697$ 0.6910$ 0.5319$ 0.5485$ 0.5658$ 0.5837$ 0.6022$ 0.6214$ 0.6413$ 0.6619$ 0.6833$ 0.7054$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3231 0.3353 0.3481 0.3615 0.3756 0.3904 0.4059 0.4221 0.4391 0.4569 0.4182 0.4318 0.4459 0.4606 0.4758 0.4917 0.5081 0.5253 0.5431 0.5616 0.4651 0.4801 0.4958 0.5120 0.5288 0.5463 0.5644 0.5833 0.6029 0.6232

1,490,314 1,566,514 1,646,814 1,731,442 1,820,642 1,914,669 2,013,794 2,118,305 2,228,504 2,344,713 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418 - - - - - - - - - -

55,131 55,600 56,215 56,981 57,905 58,996 60,261 61,708 63,347 65,186

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,922,806$ 3,061,121$ 3,206,513$ 3,359,347$ 3,520,010$ 3,688,908$ 3,866,467$ 4,053,140$ 4,249,399$ 4,455,746$

7,143$ 6,324$ 5,501$ 4,674$ 3,844$ 3,010$ 2,173$ 1,334$ 492$ (352)$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,283,197$ 14,005,673$ 14,768,211$ 15,573,078$ 16,422,669$ 17,319,518$ 18,266,304$ 19,265,863$ 20,321,191$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated 289,455 331,693 343,001 354,715 366,852 379,428 392,457 405,959 419,951 434,450 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated - - - - - - - - - - Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income












PetroPort Fuel Thru-Put Fee 134,509 138,761 145,170 151,873 158,885 166,219 173,891 181,915 190,308 199,087 Potential MUSA TaxElectricity Savings to City 46,350 44,653 55,931 55,333 54,754 54,275 53,901 53,637 53,487 53,457 Wind Farm Revenues 96,684 134,632 141,538 148,736 156,239 164,060 172,211 180,707 189,562 198,792 Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

449,478 465,053 481,196 497,930 515,277 533,259 551,902 571,231 591,271 612,051 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,912,989$ 26,186,339$ 27,528,124$ 28,942,168$ 30,432,515$ 32,003,442$ 33,659,469$ 35,405,382$ 37,246,238$ 39,187,389$

0.5598$ 0.5782$ 0.5973$ 0.6171$ 0.6377$ 0.6590$ 0.6811$ 0.7040$ 0.7277$ 0.7524$ 0.5198$ 0.5358$ 0.5524$ 0.5696$ 0.5874$ 0.6058$ 0.6248$ 0.6446$ 0.6650$ 0.6861$ 0.5249$ 0.5411$ 0.5579$ 0.5752$ 0.5932$ 0.6117$ 0.6310$ 0.6509$ 0.6715$ 0.6929$ 0.5335$ 0.5502$ 0.5675$ 0.5854$ 0.6040$ 0.6232$ 0.6432$ 0.6638$ 0.6852$ 0.7074$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

3,180,620 3,276,919 3,375,798 3,477,325 3,581,570 3,688,606 3,798,508 3,911,352 4,027,217 4,146,182 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0681 0.0688 0.0696 0.0703 0.0711 0.0718 0.0726 0.0733 0.0741 0.0748 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0687 0.0694 0.0701 0.0709 0.0716 0.0724 0.0731 0.0739 0.0746 0.0754

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5276 0.5445 0.5619 0.5799 0.5986 0.6180 0.6380 0.6587 0.6802 0.7025 0.3837 0.4006 0.4180 0.4360 0.4547 0.4741 0.4941 0.5148 0.5363 0.5586 0.3646 0.3806 0.3971 0.4142 0.4320 0.4504 0.4694 0.4891 0.5095 0.5306 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3646 0.3806 0.3971 0.4142 0.4320 0.4504 0.4694 0.4891 0.5095 0.5306

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,820,623 2,944,368 3,072,458 3,205,058 3,342,341 3,484,487 3,631,683 3,784,122 3,942,005 4,105,543 329,889 344,361 359,342 374,850 390,907 407,531 424,747 442,575 461,041 480,167

0.2376 0.2437 0.2499 0.2562 0.2625 0.2689 0.2754 0.2820 0.2887 0.2954 0.1011 0.1035 0.1059 0.1084 0.1108 0.1133 0.1158 0.1184 0.1209 0.1235 0.0675 0.0691 0.0707 0.0724 0.0741 0.0758 0.0775 0.0792 0.0810 0.0828

0.3223 0.3345 0.3474 0.3610 0.3752 0.3900 0.4056 0.4220 0.4390 0.4569 0.4187 0.4323 0.4465 0.4612 0.4765 0.4925 0.5090 0.5262 0.5441 0.5626 0.4660 0.4811 0.4967 0.5130 0.5299 0.5474 0.5657 0.5846 0.6042 0.6246

1,494,779 1,571,180 1,651,687 1,736,530 1,825,951 1,920,206 2,019,568 2,124,323 2,234,774 2,351,243 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

53,554 53,782 54,148 54,659 55,322 56,143 57,132 58,295 59,641 61,180 208,412 218,439 228,890 239,783 251,136 262,970 275,303 288,159 301,557 315,522

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 3,134,106$ 3,282,407$ 3,438,209$ 3,601,897$ 3,773,873$ 3,954,563$ 4,144,416$ 4,343,903$ 4,553,521$ 4,773,792$

218,443$ 227,611$ 237,198$ 247,224$ 257,706$ 268,665$ 280,122$ 292,097$ 304,613$ 317,694$





Pipeline to Replace Trucking: Status QuoWind Generation/Ownership: Utility-Owned Wind





Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioUtility-Owned WindIncludes Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(215,737) (14,624) (26,377) (26,553) (26,800) (27,122) (27,523) (28,007) (28,576) (29,235) (29,988) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

140,149 4,981 17,675 17,733 17,870 18,089 18,396 18,793 19,286 19,878 20,573 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 54,195 8,624 8,985 8,271 7,548 6,818 6,079 5,333 4,578 3,815 3,044


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(483,466) (49,286) (59,962) (59,734) (59,530) (59,419) (59,408) (59,500) (59,701) (60,014) (60,446) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

443,905 44,307 55,779 55,379 55,004 54,733 54,571 54,525 54,599 54,799 55,131 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 90,222 13,288 13,504 12,736 11,953 11,164 10,370 9,571 8,766 7,957 7,143


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(539,019) (54,612) (65,586) (65,669) (65,791) (66,023) (66,369) (66,836) (67,428) (68,152) (69,014) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

504,201 50,463 62,168 62,015 61,903 61,912 62,049 62,318 62,727 63,281 63,988 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 94,964 14,119 14,269 13,436 12,590 11,740 10,886 10,028 9,166 8,301 7,433



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$




Electric Operating Expenses:Generation - Fuel 11,797,769$ 15,424,818$ Base Case - Crowley Price Forecast 15,421,452 13,283,197$ 14,005,673$ 14,768,211$ 15,573,078$ 16,422,669$ 17,319,518$ 18,266,304$ 19,265,863$ 20,321,191$ Generation - Non-Fuel 974,145 979,446 2.60% 1,048,145 1,012,877 1,039,258$ 1,066,326$ 1,094,099$ 1,122,595$ 1,151,833$ 1,181,833$ 1,212,615$ 1,244,198$ Generation - Wind Expense 164,719 169,009 173,411 177,928 182,562 187,317 192,196 197,201 202,338 207,608 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 310,132 305,877 287,924 281,201 273,679 266,468 259,594 253,073 246,924 241,168 Depreciation Expense 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Wind Capital Financing (Depreciation & Return) Calculated 46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 Rate of Return (debt + equity) Calculated 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 Less: Other Income















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 46,436 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,346,204$ 26,611,299$ 27,945,175$ 29,351,678$ 30,834,873$ 32,399,061$ 34,048,787$ 35,788,862$ 37,624,373$ 39,560,701$

0.5696$ 0.5876$ 0.6064$ 0.6259$ 0.6461$ 0.6671$ 0.6889$ 0.7116$ 0.7351$ 0.7596$ 0.5289$ 0.5445$ 0.5608$ 0.5777$ 0.5951$ 0.6133$ 0.6321$ 0.6515$ 0.6717$ 0.6927$ 0.5341$ 0.5499$ 0.5663$ 0.5834$ 0.6010$ 0.6193$ 0.6383$ 0.6580$ 0.6784$ 0.6995$ 0.5427$ 0.5591$ 0.5761$ 0.5937$ 0.6120$ 0.6309$ 0.6506$ 0.6710$ 0.6922$ 0.7141$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3345 0.3464 0.3589 0.3721 0.3859 0.4005 0.4157 0.4318 0.4486 0.4662 0.4288 0.4421 0.4559 0.4703 0.4853 0.5009 0.5172 0.5341 0.5517 0.5700 0.4760 0.4907 0.5060 0.5220 0.5385 0.5558 0.5737 0.5924 0.6118 0.6319

1,520,772 1,596,678 1,676,711 1,761,101 1,850,092 1,943,944 2,042,927 2,147,332 2,257,462 2,373,642 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

20,573 21,377 22,295 23,331 24,491 25,781 27,207 28,775 30,492 32,365 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,918,707$ 3,057,062$ 3,202,490$ 3,355,356$ 3,516,047$ 3,684,968$ 3,862,547$ 4,049,234$ 4,245,503$ 4,451,854$

3,044$ 2,265$ 1,478$ 683$ (119)$ (929)$ (1,747)$ (2,572)$ (3,405)$ (4,245)$



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 28,051 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,838,562$ 26,108,567$ 27,446,896$ 28,857,369$ 30,344,027$ 31,911,143$ 33,563,234$ 35,305,080$ 37,141,736$ 39,078,549$

0.5582$ 0.5765$ 0.5956$ 0.6153$ 0.6358$ 0.6571$ 0.6791$ 0.7020$ 0.7257$ 0.7503$ 0.5183$ 0.5342$ 0.5508$ 0.5679$ 0.5857$ 0.6040$ 0.6230$ 0.6427$ 0.6631$ 0.6842$ 0.5234$ 0.5395$ 0.5562$ 0.5735$ 0.5914$ 0.6100$ 0.6292$ 0.6491$ 0.6697$ 0.6910$ 0.5319$ 0.5485$ 0.5658$ 0.5837$ 0.6022$ 0.6214$ 0.6413$ 0.6619$ 0.6833$ 0.7054$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3231 0.3353 0.3481 0.3615 0.3756 0.3904 0.4059 0.4221 0.4391 0.4569 0.4182 0.4318 0.4459 0.4606 0.4758 0.4917 0.5081 0.5253 0.5431 0.5616 0.4651 0.4801 0.4958 0.5120 0.5288 0.5463 0.5644 0.5833 0.6029 0.6232

1,490,314 1,566,514 1,646,814 1,731,442 1,820,642 1,914,669 2,013,794 2,118,305 2,228,504 2,344,713 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418 - - - - - - - - - -

55,131 55,600 56,215 56,981 57,905 58,996 60,261 61,708 63,347 65,186

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,922,806$ 3,061,121$ 3,206,513$ 3,359,347$ 3,520,010$ 3,688,908$ 3,866,467$ 4,053,140$ 4,249,399$ 4,455,746$

7,143$ 6,324$ 5,501$ 4,674$ 3,844$ 3,010$ 2,173$ 1,334$ 492$ (352)$




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Base Case - Crowley Price Forecast 15,421,452 13,283,197$ 14,005,673$ 14,768,211$ 15,573,078$ 16,422,669$ 17,319,518$ 18,266,304$ 19,265,863$ 20,321,191$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated 164,719 169,009 173,411 177,928 182,562 187,317 192,196 197,201 202,338 207,608 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated 25,671 25,147 24,600 24,029 23,432 22,807 22,155 21,474 20,761 20,017 Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income











Sales Tax - kWh Revenue 1,107,530 951,486 998,966 1,048,953 1,101,586 1,157,011 1,215,382 1,276,864 1,341,628 1,409,858 Sales Tax - Fuel Revenue 728,843 751,882 786,609 822,932 860,926 900,667 942,235 985,714 1,031,192 1,078,760



Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

19,239 18,426 17,577 16,689 15,762 14,792 13,779 12,721 11,615 10,459 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,695,765$ 25,958,275$ 27,288,760$ 28,691,024$ 30,169,090$ 31,727,213$ 33,369,894$ 35,101,893$ 36,928,245$ 38,854,275$

0.5549$ 0.5732$ 0.5921$ 0.6118$ 0.6321$ 0.6533$ 0.6752$ 0.6979$ 0.7215$ 0.7460$ 0.5153$ 0.5312$ 0.5476$ 0.5647$ 0.5823$ 0.6005$ 0.6194$ 0.6390$ 0.6593$ 0.6803$ 0.5204$ 0.5364$ 0.5530$ 0.5702$ 0.5880$ 0.6065$ 0.6256$ 0.6453$ 0.6658$ 0.6870$ 0.5288$ 0.5454$ 0.5626$ 0.5804$ 0.5988$ 0.6179$ 0.6376$ 0.6581$ 0.6793$ 0.7013$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,944,157 3,030,429 3,118,857 3,209,491 3,302,382 3,397,585 3,495,154 3,595,143 3,697,608 3,802,609 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0630 0.0637 0.0643 0.0649 0.0655 0.0662 0.0668 0.0674 0.0680 0.0686 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0636 0.0642 0.0648 0.0655 0.0661 0.0667 0.0673 0.0680 0.0686 0.0692

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5226 0.5393 0.5566 0.5745 0.5931 0.6123 0.6322 0.6528 0.6741 0.6963 0.3787 0.3954 0.4127 0.4306 0.4492 0.4684 0.4883 0.5089 0.5302 0.5524 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,783,407 2,906,303 3,033,525 3,165,237 3,301,613 3,442,831 3,589,077 3,740,545 3,897,436 4,059,959 325,536 339,909 354,789 370,193 386,143 402,659 419,764 437,479 455,828 474,836

0.2344 0.2405 0.2467 0.2530 0.2593 0.2657 0.2722 0.2788 0.2854 0.2922 0.0998 0.1022 0.1046 0.1070 0.1095 0.1120 0.1145 0.1170 0.1195 0.1221 0.0666 0.0682 0.0699 0.0715 0.0732 0.0749 0.0766 0.0783 0.0801 0.0819

0.3205 0.3327 0.3454 0.3588 0.3729 0.3876 0.4030 0.4192 0.4361 0.4538 0.4155 0.4290 0.4430 0.4576 0.4728 0.4886 0.5050 0.5220 0.5398 0.5582 0.4622 0.4772 0.4927 0.5088 0.5256 0.5430 0.5610 0.5798 0.5993 0.6195

1,481,746 1,557,497 1,637,326 1,721,461 1,810,145 1,903,633 2,002,194 2,106,114 2,215,695 2,331,256 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

63,988 64,855 65,889 67,098 68,491 70,075 71,861 73,858 76,076 78,525 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,923,095$ 3,061,358$ 3,206,699$ 3,359,484$ 3,520,100$ 3,688,952$ 3,866,468$ 4,053,098$ 4,249,319$ 4,455,629$

7,433$ 6,561$ 5,688$ 4,811$ 3,933$ 3,054$ 2,173$ 1,292$ 411$ (469)$





Pipeline to Replace Trucking: Status QuoWind Generation/Ownership: Utility-Owned Wind

Include Wind Grant: NoInclude Heat Purchases for City: Yes




Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioUtility-Owned WindNo Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(26,444) 8,268 (3,485) (3,660) (3,907) (4,230) (4,631) (5,114) (5,684) (6,343) (7,095) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

(74,616) (20,992) (8,298) (8,240) (8,103) (7,884) (7,577) (7,180) (6,687) (6,095) (5,400) - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 28,723 5,544 5,904 5,190 4,468 3,737 2,999 2,252 1,497 734 (36)


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(369,118) (35,457) (46,133) (45,905) (45,701) (45,591) (45,579) (45,671) (45,872) (46,185) (46,617) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

314,170 28,617 40,090 39,690 39,314 39,043 38,881 38,835 38,909 39,109 39,441 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 74,835 11,427 11,643 10,875 10,092 9,303 8,509 7,710 6,905 6,096 5,282


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(446,882) (42,215) (53,458) (53,823) (54,240) (54,779) (55,447) (56,250) (57,193) (58,284) (59,529) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

399,665 36,398 48,408 48,575 48,797 49,155 49,657 50,307 51,114 52,085 53,227 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 82,566 12,450 12,637 11,842 11,036 10,227 9,416 8,603 7,789 6,973 6,156



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$
















Sales Tax - kWh Revenue 1,170,364 1,014,366 1,061,066 1,110,962 1,163,470 1,218,804 1,277,121 1,338,586 1,403,373 1,471,668 Sales Tax - Fuel Revenue 728,843 751,882 786,609 822,932 860,926 900,667 942,235 985,714 1,031,192 1,078,760

PetroPort Fuel Thru-Put Fee 134,509 138,761 145,170 151,873 158,885 166,219 173,891 181,915 190,308 199,087 Potential MUSA TaxElectricity Savings to City (21,201) (20,992) (8,298) (8,240) (8,103) (7,884) (7,577) (7,180) (6,687) (6,095) Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578

TOTAL CITY OF BETHEL REVENUES 2,053,094$ 1,924,596$ 2,025,126$ 2,118,106$ 2,215,756$ 2,318,385$ 2,426,248$ 2,539,614$ 2,658,764$ 2,783,997$ Impact of Ownership Change 11,979$ 5,544$ 5,904$ 5,190$ 4,468$ 3,737$ 2,999$ 2,252$ 1,497$ 734$

Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 427,977 427,977 427,977 427,977 427,977 427,977 427,977 427,977 427,977 427,977 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,727,745$ 26,992,840$ 28,326,716$ 29,733,219$ 31,216,414$ 32,780,601$ 34,430,328$ 36,170,403$ 38,005,914$ 39,942,242$

0.5781$ 0.5961$ 0.6147$ 0.6340$ 0.6541$ 0.6750$ 0.6966$ 0.7192$ 0.7426$ 0.7669$ 0.5368$ 0.5523$ 0.5685$ 0.5852$ 0.6025$ 0.6205$ 0.6391$ 0.6585$ 0.6785$ 0.6994$ 0.5421$ 0.5578$ 0.5741$ 0.5909$ 0.6084$ 0.6266$ 0.6454$ 0.6650$ 0.6852$ 0.7063$ 0.5509$ 0.5671$ 0.5840$ 0.6014$ 0.6196$ 0.6384$ 0.6579$ 0.6782$ 0.6992$ 0.7210$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3431 0.3548 0.3672 0.3802 0.3939 0.4083 0.4234 0.4393 0.4560 0.4735 0.4368 0.4499 0.4635 0.4778 0.4926 0.5081 0.5242 0.5410 0.5585 0.5767 0.4841 0.4987 0.5139 0.5297 0.5461 0.5632 0.5810 0.5995 0.6188 0.6388

1,543,665 1,619,570 1,699,603 1,783,993 1,872,985 1,966,836 2,065,820 2,170,224 2,280,355 2,396,534 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

(5,400) (4,596) (3,678) (2,642) (1,482) (192) 1,234 2,802 4,519 6,392 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,915,626$ 3,053,981$ 3,199,409$ 3,352,276$ 3,512,967$ 3,681,888$ 3,859,467$ 4,046,153$ 4,242,422$ 4,448,773$

(36)$ (815)$ (1,602)$ (2,397)$ (3,200)$ (4,010)$ (4,828)$ (5,653)$ (6,486)$ (7,325)$



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 258,533 258,533 258,533 258,533 258,533 258,533 258,533 258,533 258,533 258,533 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,069,044$ 26,339,049$ 27,677,378$ 29,087,851$ 30,574,509$ 32,141,625$ 33,793,716$ 35,535,562$ 37,372,219$ 39,309,032$

0.5633$ 0.5816$ 0.6006$ 0.6202$ 0.6406$ 0.6618$ 0.6838$ 0.7066$ 0.7302$ 0.7547$ 0.5231$ 0.5390$ 0.5554$ 0.5725$ 0.5901$ 0.6084$ 0.6273$ 0.6469$ 0.6672$ 0.6883$ 0.5282$ 0.5443$ 0.5609$ 0.5781$ 0.5959$ 0.6144$ 0.6335$ 0.6533$ 0.6738$ 0.6951$ 0.5368$ 0.5534$ 0.5706$ 0.5884$ 0.6068$ 0.6259$ 0.6457$ 0.6663$ 0.6875$ 0.7095$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3283 0.3404 0.3531 0.3664 0.3805 0.3952 0.4106 0.4267 0.4436 0.4614 0.4230 0.4365 0.4505 0.4651 0.4803 0.4960 0.5124 0.5295 0.5472 0.5656 0.4700 0.4850 0.5005 0.5166 0.5334 0.5508 0.5688 0.5876 0.6071 0.6274

1,504,143 1,580,343 1,660,643 1,745,271 1,834,471 1,928,497 2,027,623 2,132,134 2,242,333 2,358,542 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418 - - - - - - - - - -

39,441 39,911 40,525 41,291 42,215 43,306 44,571 46,018 47,657 49,497

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,920,945$ 3,059,260$ 3,204,652$ 3,357,486$ 3,518,150$ 3,687,047$ 3,864,607$ 4,051,279$ 4,247,538$ 4,453,886$

5,282$ 4,463$ 3,640$ 2,814$ 1,983$ 1,149$ 312$ (527)$ (1,369)$ (2,213)$


















Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382 177,317 169,825 161,997 153,816 145,267 136,333 126,997 117,242 107,047 96,393 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,853,843$ 26,109,674$ 27,433,180$ 28,828,150$ 30,298,595$ 31,848,754$ 33,483,112$ 35,206,414$ 37,023,676$ 38,940,209$

0.5585$ 0.5765$ 0.5953$ 0.6147$ 0.6349$ 0.6558$ 0.6775$ 0.7000$ 0.7234$ 0.7476$ 0.5186$ 0.5343$ 0.5505$ 0.5674$ 0.5848$ 0.6028$ 0.6215$ 0.6409$ 0.6610$ 0.6818$ 0.5237$ 0.5395$ 0.5560$ 0.5729$ 0.5906$ 0.6088$ 0.6277$ 0.6473$ 0.6675$ 0.6885$ 0.5322$ 0.5486$ 0.5655$ 0.5831$ 0.6013$ 0.6202$ 0.6398$ 0.6601$ 0.6811$ 0.7029$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,944,157 3,030,429 3,118,857 3,209,491 3,302,382 3,397,585 3,495,154 3,595,143 3,697,608 3,802,609 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0630 0.0637 0.0643 0.0649 0.0655 0.0662 0.0668 0.0674 0.0680 0.0686 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0636 0.0642 0.0648 0.0655 0.0661 0.0667 0.0673 0.0680 0.0686 0.0692

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5226 0.5393 0.5566 0.5745 0.5931 0.6123 0.6322 0.6528 0.6741 0.6963 0.3787 0.3954 0.4127 0.4306 0.4492 0.4684 0.4883 0.5089 0.5302 0.5524 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,783,407 2,906,303 3,033,525 3,165,237 3,301,613 3,442,831 3,589,077 3,740,545 3,897,436 4,059,959 325,536 339,909 354,789 370,193 386,143 402,659 419,764 437,479 455,828 474,836

0.2344 0.2405 0.2467 0.2530 0.2593 0.2657 0.2722 0.2788 0.2854 0.2922 0.0998 0.1022 0.1046 0.1070 0.1095 0.1120 0.1145 0.1170 0.1195 0.1221 0.0666 0.0682 0.0699 0.0715 0.0732 0.0749 0.0766 0.0783 0.0801 0.0819

0.3241 0.3360 0.3486 0.3617 0.3756 0.3901 0.4053 0.4212 0.4380 0.4555 0.4188 0.4321 0.4459 0.4603 0.4753 0.4909 0.5071 0.5239 0.5415 0.5597 0.4656 0.4804 0.4957 0.5116 0.5282 0.5453 0.5632 0.5817 0.6010 0.6210

1,491,231 1,566,580 1,645,991 1,729,689 1,817,916 1,910,925 2,008,987 2,112,385 2,221,421 2,336,413 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

53,227 54,549 56,058 57,763 59,675 61,802 64,154 66,743 69,579 72,675 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,921,819$ 3,060,136$ 3,205,533$ 3,358,377$ 3,519,054$ 3,687,970$ 3,865,554$ 4,052,255$ 4,248,548$ 4,454,935$

6,156$ 5,339$ 4,521$ 3,704$ 2,888$ 2,073$ 1,259$ 448$ (359)$ (1,163)$





Pipeline to Replace Trucking: Status QuoWind Generation/Ownership: Utility-Owned Wind plus Integration Costs





Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioUtility-Owned WindIncludes Wind GrantFuel Storage: Status QuoPipeline to Replace Trucking: Status QuoInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(152,599) (6,989) (18,742) (18,917) (19,164) (19,487) (19,888) (20,371) (20,940) (21,599) (22,352) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

68,515 (3,682) 9,012 9,070 9,206 9,426 9,733 10,130 10,623 11,215 11,910 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 45,699 7,597 7,957 7,243 6,521 5,790 5,052 4,305 3,550 2,787 2,017


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(445,326) (44,674) (55,349) (55,121) (54,917) (54,807) (54,796) (54,888) (55,088) (55,402) (55,834) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

400,633 39,074 50,546 50,146 49,770 49,499 49,338 49,292 49,366 49,566 49,897 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 85,090 12,668 12,883 12,115 11,332 10,543 9,749 8,950 8,145 7,336 6,522


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(508,287) (50,477) (61,540) (61,718) (61,938) (62,273) (62,726) (63,305) (64,015) (64,861) (65,850) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

469,333 45,772 57,578 57,533 57,532 57,657 57,915 58,312 58,853 59,547 60,399 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 90,829 13,562 13,724 12,905 12,072 11,235 10,396 9,553 8,707 7,858 7,007



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,886,366$ 23,078,558$ 24,337,167$ 25,665,969$ 27,068,960$ 28,550,368$ 30,114,664$ 31,766,581$ 33,511,124$ 35,353,593$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

- - - - - - - - - - 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

2,433,102 2,496,474 2,561,495 2,628,211 2,696,664 2,766,899 2,838,965 2,912,907 2,988,775 3,066,619 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

- - - - - - - - - - 453,004 444,269 436,480 429,686 423,941 419,302 415,828 413,581 412,629 413,041

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,845,998$ 27,125,270$ 28,475,028$ 29,899,195$ 31,401,918$ 32,987,581$ 34,660,821$ 36,426,542$ 38,289,928$ 40,256,464$

0.5808$ 0.5990$ 0.6179$ 0.6375$ 0.6580$ 0.6792$ 0.7013$ 0.7243$ 0.7481$ 0.7729$ 0.5393$ 0.5551$ 0.5714$ 0.5884$ 0.6061$ 0.6244$ 0.6434$ 0.6631$ 0.6836$ 0.7049$ 0.5446$ 0.5605$ 0.5771$ 0.5942$ 0.6121$ 0.6306$ 0.6498$ 0.6697$ 0.6904$ 0.7118$ 0.5534$ 0.5699$ 0.5870$ 0.6048$ 0.6232$ 0.6424$ 0.6623$ 0.6830$ 0.7044$ 0.7266$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

3,270,805 3,371,529 3,474,920 3,581,049 3,689,989 3,801,812 3,916,595 4,034,417 4,155,357 4,279,498 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0700 0.0708 0.0716 0.0724 0.0732 0.0740 0.0748 0.0756 0.0764 0.0772 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0706 0.0714 0.0722 0.0730 0.0738 0.0746 0.0754 0.0762 0.0770 0.0778

0.4686 0.4849 0.5017 0.5192 0.5372 0.5560 0.5754 0.5956 0.6165 0.6381 0.5392 0.5563 0.5739 0.5921 0.6110 0.6306 0.6508 0.6718 0.6935 0.7159 0.3953 0.4124 0.4300 0.4482 0.4671 0.4867 0.5069 0.5279 0.5496 0.5720 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3756 0.3918 0.4085 0.4258 0.4438 0.4624 0.4816 0.5015 0.5221 0.5434

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,905,784 3,031,025 3,160,623 3,294,746 3,433,567 3,577,265 3,726,029 3,880,052 4,039,536 4,204,693 339,849 354,496 369,653 385,340 401,576 418,382 435,781 453,795 472,448 491,764

0.2447 0.2509 0.2571 0.2633 0.2697 0.2761 0.2826 0.2892 0.2958 0.3026 0.1042 0.1066 0.1090 0.1114 0.1139 0.1163 0.1188 0.1214 0.1239 0.1265 0.0695 0.0711 0.0728 0.0744 0.0761 0.0778 0.0795 0.0813 0.0830 0.0848

0.3361 0.3481 0.3608 0.3742 0.3883 0.4032 0.4187 0.4351 0.4523 0.4703 0.4351 0.4485 0.4625 0.4770 0.4922 0.5081 0.5246 0.5418 0.5597 0.5784 0.4839 0.4988 0.5142 0.5304 0.5471 0.5646 0.5828 0.6017 0.6214 0.6419

1,550,760 1,627,516 1,708,502 1,793,952 1,884,115 1,979,255 2,079,649 2,185,593 2,297,396 2,415,388 1,152,253 1,204,912 1,259,979 1,317,563 1,377,780 1,440,751 1,506,600 1,575,460 1,647,469 1,722,771

212,650 222,368 232,531 243,158 254,271 265,892 278,045 290,753 304,043 317,940

- - - - - - - - - - - - - - - - - - - - - - - - - - - - - -

2,915,663$ 3,054,797$ 3,201,011$ 3,354,673$ 3,516,167$ 3,685,898$ 3,864,294$ 4,051,806$ 4,248,908$ 4,456,098$

















PetroPort Fuel Thru-Put Fee 134,509 138,761 145,170 151,873 158,885 166,219 173,891 181,915 190,308 199,087 Potential MUSA TaxElectricity Savings to City (3,891) (3,682) 9,012 9,070 9,206 9,426 9,733 10,130 10,623 11,215 Wind Farm Revenues - - - - - - - - - - Heat Purchase Savings 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578


Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604$ 1,309,853$ 1,343,969$ 1,378,973$ 1,414,889$ 1,451,741$ 1,489,552$ 1,528,348$ 1,568,154$ 1,608,998$

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250 235,823 230,913 226,461 222,490 219,027 216,099 213,734 211,963 210,818 210,333 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 173,697 173,697 173,697 173,697 173,697 173,697 173,697 173,697 173,697 173,697 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439 637,439

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

25,473,465$ 26,738,560$ 28,072,436$ 29,478,939$ 30,962,134$ 32,526,322$ 34,176,048$ 35,916,123$ 37,751,634$ 39,687,962$

0.5724$ 0.5904$ 0.6091$ 0.6286$ 0.6488$ 0.6697$ 0.6915$ 0.7141$ 0.7376$ 0.7620$ 0.5315$ 0.5471$ 0.5633$ 0.5802$ 0.5976$ 0.6157$ 0.6344$ 0.6538$ 0.6740$ 0.6949$ 0.5367$ 0.5525$ 0.5689$ 0.5859$ 0.6035$ 0.6217$ 0.6407$ 0.6603$ 0.6807$ 0.7018$ 0.5455$ 0.5618$ 0.5787$ 0.5963$ 0.6145$ 0.6334$ 0.6530$ 0.6734$ 0.6945$ 0.7164$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3374 0.3492 0.3617 0.3748 0.3886 0.4031 0.4183 0.4343 0.4511 0.4686 0.4315 0.4447 0.4584 0.4728 0.4877 0.5033 0.5195 0.5364 0.5540 0.5723 0.4787 0.4934 0.5087 0.5245 0.5411 0.5583 0.5762 0.5948 0.6141 0.6342

1,528,408 1,604,314 1,684,346 1,768,736 1,857,728 1,951,579 2,050,563 2,154,967 2,265,098 2,381,278 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

11,910 12,714 13,632 14,668 15,828 17,118 18,544 20,112 21,829 23,701 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,917,679$ 3,056,034$ 3,201,462$ 3,354,329$ 3,515,020$ 3,683,941$ 3,861,520$ 4,048,206$ 4,244,475$ 4,450,826$

2,017$ 1,238$ 451$ (344)$ (1,147)$ (1,957)$ (2,775)$ (3,600)$ (4,433)$ (5,272)$



















Actual CY Data



















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

- - - - - - - - - - 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 104,927 104,927 104,927 104,927 104,927 104,927 104,927 104,927 104,927 104,927 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005 384,005

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,915,438$ 26,185,443$ 27,523,772$ 28,934,245$ 30,420,903$ 31,988,019$ 33,640,110$ 35,381,957$ 37,218,613$ 39,155,426$

0.5599$ 0.5782$ 0.5972$ 0.6170$ 0.6374$ 0.6586$ 0.6807$ 0.7035$ 0.7272$ 0.7518$ 0.5199$ 0.5358$ 0.5523$ 0.5694$ 0.5871$ 0.6055$ 0.6245$ 0.6441$ 0.6645$ 0.6856$ 0.5250$ 0.5411$ 0.5578$ 0.5751$ 0.5929$ 0.6115$ 0.6306$ 0.6505$ 0.6710$ 0.6923$ 0.5335$ 0.5502$ 0.5674$ 0.5853$ 0.6038$ 0.6229$ 0.6428$ 0.6634$ 0.6847$ 0.7068$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2,991,044 3,084,481 3,180,396 3,278,854 3,379,923 3,483,670 3,590,168 3,699,487 3,811,704 3,926,894 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0640 0.0648 0.0656 0.0663 0.0671 0.0678 0.0686 0.0694 0.0701 0.0709 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0646 0.0654 0.0661 0.0669 0.0676 0.0684 0.0692 0.0699 0.0707 0.0714

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5236 0.5404 0.5579 0.5759 0.5946 0.6140 0.6340 0.6548 0.6762 0.6985 0.3797 0.3965 0.4140 0.4320 0.4507 0.4701 0.4901 0.5109 0.5323 0.5546 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3607 0.3767 0.3933 0.4104 0.4282 0.4466 0.4656 0.4853 0.5057 0.5269

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,790,786 2,914,650 3,042,849 3,175,550 3,312,924 3,455,153 3,602,422 3,754,925 3,912,864 4,076,449 326,399 340,886 355,879 371,399 387,466 404,100 421,324 439,161 457,632 476,765

0.2351 0.2412 0.2475 0.2538 0.2602 0.2667 0.2732 0.2798 0.2865 0.2934 0.1000 0.1025 0.1049 0.1074 0.1099 0.1124 0.1149 0.1174 0.1200 0.1226 0.0667 0.0684 0.0701 0.0717 0.0734 0.0752 0.0769 0.0786 0.0804 0.0822

0.3248 0.3370 0.3498 0.3632 0.3772 0.3920 0.4075 0.4237 0.4406 0.4584 0.4198 0.4334 0.4474 0.4621 0.4773 0.4931 0.5096 0.5267 0.5445 0.5629 0.4668 0.4818 0.4973 0.5135 0.5303 0.5478 0.5659 0.5847 0.6043 0.6246

1,494,926 1,571,127 1,651,426 1,736,055 1,825,254 1,919,281 2,018,407 2,122,917 2,233,117 2,349,326 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418 - - - - - - - - - -

49,897 50,367 50,981 51,747 52,672 53,762 55,027 56,475 58,114 59,953

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,922,185$ 3,060,500$ 3,205,892$ 3,358,727$ 3,519,390$ 3,688,287$ 3,865,847$ 4,052,519$ 4,248,779$ 4,455,126$

6,522$ 5,703$ 4,881$ 4,054$ 3,223$ 2,389$ 1,552$ 713$ (129)$ (972)$


















Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

21,435,462$ 22,612,029$ 23,854,443$ 25,166,458$ 26,552,048$ 28,015,416$ 29,561,010$ 31,193,537$ 32,917,976$ 34,739,599$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

71,965 68,925 65,747 62,427 58,957 55,332 51,543 47,583 43,446 39,122 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

24,748,491$ 26,008,774$ 27,336,931$ 28,736,762$ 30,212,285$ 31,767,752$ 33,407,657$ 35,136,755$ 36,960,075$ 38,882,938$

0.5561$ 0.5743$ 0.5932$ 0.6128$ 0.6331$ 0.6541$ 0.6760$ 0.6986$ 0.7221$ 0.7465$ 0.5164$ 0.5322$ 0.5486$ 0.5656$ 0.5831$ 0.6013$ 0.6201$ 0.6397$ 0.6599$ 0.6808$ 0.5215$ 0.5375$ 0.5540$ 0.5711$ 0.5889$ 0.6072$ 0.6263$ 0.6460$ 0.6664$ 0.6875$ 0.5299$ 0.5464$ 0.5636$ 0.5813$ 0.5996$ 0.6187$ 0.6384$ 0.6588$ 0.6799$ 0.7019$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,944,157 3,030,429 3,118,857 3,209,491 3,302,382 3,397,585 3,495,154 3,595,143 3,697,608 3,802,609 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0630 0.0637 0.0643 0.0649 0.0655 0.0662 0.0668 0.0674 0.0680 0.0686 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0636 0.0642 0.0648 0.0655 0.0661 0.0667 0.0673 0.0680 0.0686 0.0692

0.4590 0.4751 0.4918 0.5091 0.5270 0.5456 0.5649 0.5848 0.6056 0.6271 0.5226 0.5393 0.5566 0.5745 0.5931 0.6123 0.6322 0.6528 0.6741 0.6963 0.3787 0.3954 0.4127 0.4306 0.4492 0.4684 0.4883 0.5089 0.5302 0.5524 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3597 0.3756 0.3921 0.4091 0.4267 0.4450 0.4639 0.4835 0.5037 0.5247

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,783,407 2,906,303 3,033,525 3,165,237 3,301,613 3,442,831 3,589,077 3,740,545 3,897,436 4,059,959 325,536 339,909 354,789 370,193 386,143 402,659 419,764 437,479 455,828 474,836

0.2344 0.2405 0.2467 0.2530 0.2593 0.2657 0.2722 0.2788 0.2854 0.2922 0.0998 0.1022 0.1046 0.1070 0.1095 0.1120 0.1145 0.1170 0.1195 0.1221 0.0666 0.0682 0.0699 0.0715 0.0732 0.0749 0.0766 0.0783 0.0801 0.0819

0.3217 0.3338 0.3465 0.3598 0.3738 0.3884 0.4038 0.4199 0.4367 0.4544 0.4166 0.4300 0.4440 0.4585 0.4736 0.4893 0.5057 0.5227 0.5403 0.5587 0.4634 0.4782 0.4937 0.5098 0.5264 0.5438 0.5618 0.5804 0.5998 0.6200

1,484,909 1,560,526 1,640,216 1,724,206 1,812,737 1,906,065 2,004,459 2,108,205 2,217,605 2,332,976 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

60,399 61,417 62,610 63,985 65,550 67,316 69,291 71,485 73,909 76,574 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,922,670$ 3,060,950$ 3,206,310$ 3,359,115$ 3,519,751$ 3,688,624$ 3,866,163$ 4,052,817$ 4,249,062$ 4,455,397$

7,007$ 6,154$ 5,299$ 4,442$ 3,585$ 2,727$ 1,868$ 1,011$ 154$ (701)$





Pipeline to Replace Trucking: Utility-Owned PipelineWind Generation/Ownership: Utility-Owned Wind





Phone: 425 889-2700

Facsimile: 425 889-2725


City of Bethel





Current ScenarioUtility-Owned WindIncludes Wind GrantFuel Storage: Utility-OwnedPipeline to Replace Trucking: Utility-OwnedInclude Heat PurchasesValuation: MediumNo MUSA


NPV (2010-2019) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

(1,473,857) (147,628) (162,898) (167,475) (172,298) (177,445) (182,934) (188,780) (194,998) (201,607) (208,624) (173,694) (18,835) (19,325) (19,829) (20,345) (20,875) (21,419) (21,977) (22,549) (23,136) (23,739)

(32,056) (3,476) (3,567) (3,659) (3,755) (3,853) (3,953) (4,056) (4,161) (4,270) (4,381) - - - - - - - - - - -

1,252,065 122,147 137,828 141,852 146,127 150,744 155,719 161,069 166,812 172,967 179,554 - - - - - - - - - - -

335,533 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 (92,009) (7,214) (7,384) (8,533) (9,692) (10,851) (12,009) (13,165) (14,318) (15,467) (16,612)




Electric Operating Expenses:Generation - Fuel 12,771,914$ 16,404,264$ Coop/Muni Base Case Price Forecast 15,421,452 11,732,928$ 12,383,802$ 13,071,447$ 13,797,976$ 14,565,627$ 15,376,769$ 16,233,908$ 17,139,698$ 18,096,949$ Generation - Non-Fuel 2.60% 1,048,145 1,012,877 1,039,258 1,066,326 1,094,099 1,122,595 1,151,833 1,181,833 1,212,615 1,244,198 Generation - Wind Expense Calculated 164,719 169,009 173,411 177,928 182,562 187,317 192,196 197,201 202,338 207,608 Distribution 191,667 234,244 2.60% 254,536 224,071 229,907 235,895 242,039 248,343 254,811 261,448 268,257 275,244 Customer Accounts 217,442 219,633 2.60% 231,679 221,392 227,158 233,075 239,145 245,374 251,765 258,322 265,050 271,954 A&G - Operation 1,676,680 1,988,911 2.60% 1,646,830 1,539,485 1,579,582 1,620,722 1,662,935 1,706,247 1,750,687 1,796,284 1,843,069 1,891,073 A&G - Maintenance 128,168 105,691 2.60% 110,946 95,213 97,693 100,237 102,848 105,527 108,275 111,095 113,989 116,958 Tax Expenses 500,329 359,694 Calculated 21,166 21,278 21,686 22,101 22,524 22,956 23,395 23,844 24,300 24,766 Interest Expense 155,425 231,855 Calculated $281,476 276,862 272,040.44 267,002 261,737 256,234.83 250,485 244,477 238,198 231,637 Wind Capital Financing (Interest & Cash for TIER) Calculated 25,671 25,147 24,600 24,029 23,432 22,807 22,155 21,474 20,761 20,017 Cash for TIER Requirements 292,652 315,618 2.54% 268,175 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 Less: Other Income











Sales Tax - kWh Revenue 1,107,530 858,470 901,653 947,147 995,080 1,045,588 1,098,818 1,154,920 1,214,058 1,276,403 Sales Tax - Fuel Revenue 728,843 751,882 786,609 822,932 860,926 900,667 942,235 985,714 1,031,192 1,078,760


TOTAL CITY OF BETHEL REVENUES 2,061,839$ 1,911,838$ 2,011,838$ 2,104,383$ 2,201,596$ 2,303,797$ 2,411,240$ 2,524,196$ 2,642,949$ 2,767,795$ Impact of Ownership Change 20,724$ (7,214)$ (7,384)$ (8,533)$ (9,692)$ (10,851)$ (12,009)$ (13,165)$ (14,318)$ (15,467)$

Actual CY Data


















Actual CY Data2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

19,108,633$ 20,177,900$ 21,308,083$ 22,502,710$ 23,765,518$ 25,100,463$ 26,511,735$ 28,003,769$ 29,581,264$ 31,249,192$ 1,276,604 1,309,853 1,343,969 1,378,973 1,414,889 1,451,741 1,489,552 1,528,348 1,568,154 1,608,998

213,015 218,563 224,255 230,096 236,089 242,238 248,547 255,021 261,663 268,478 282,413 289,769 297,316 305,060 313,005 321,157 329,522 338,105 346,911 355,946 279,037 286,304 293,761 301,412 309,263 317,318 325,582 334,062 342,763 351,691

1,940,327 1,990,863 2,042,716 2,095,920 2,150,509 2,206,520 2,263,989 2,322,956 2,383,459 2,445,537 120,004 123,130 126,336 129,627 133,003 136,467 140,022 143,669 147,410 151,250

25,240 25,724 26,216 26,719 27,231 27,752 28,284 28,826 29,378 29,941 224,780 217,615 210,127 202,303 194,126 185,582 176,653 167,322 157,571 147,382

19,239 18,426 17,577 16,689 15,762 14,792 13,779 12,721 11,615 10,459 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667 271,667

(351,781) (358,702) (365,760) (372,956) (380,294) (387,776) (395,406) (403,186) (411,118) (419,207) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (782,057) (258,184) (264,908) (271,808) (278,887) (286,151) (293,604) (301,251) (309,097) (317,148) (325,408)

22,368,936$ 23,524,146$ 24,742,400$ 26,027,275$ 27,382,559$ 28,812,260$ 30,320,619$ 31,912,126$ 33,591,532$ 35,363,868$

0.5027$ 0.5195$ 0.5369$ 0.5550$ 0.5738$ 0.5933$ 0.6135$ 0.6345$ 0.6563$ 0.6790$ 0.4667$ 0.4814$ 0.4965$ 0.5122$ 0.5285$ 0.5454$ 0.5628$ 0.5810$ 0.5997$ 0.6192$ 0.4713$ 0.4861$ 0.5014$ 0.5173$ 0.5337$ 0.5507$ 0.5684$ 0.5867$ 0.6056$ 0.6253$ 0.4790$ 0.4942$ 0.5101$ 0.5265$ 0.5435$ 0.5611$ 0.5794$ 0.5983$ 0.6180$ 0.6383$

11,872,936 12,082,325 12,295,407 12,512,248 12,732,912 12,957,468 13,185,984 13,418,530 13,655,177 13,895,998 3,262,575 3,326,766 3,392,221 3,458,963 3,527,018 3,596,412 3,667,172 3,739,324 3,812,895 3,887,914

31,566,059 32,187,122 32,820,405 33,466,148 34,124,596 34,795,999 35,480,612 36,178,695 36,890,512 37,616,334 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

2.21 2.25 2.29 2.34 2.40 2.46 2.54 2.62 2.72 2.84

2,944,157 3,030,429 3,118,857 3,209,491 3,302,382 3,397,585 3,495,154 3,595,143 3,697,608 3,802,609 46,701,570 47,596,214 48,508,034 49,437,359 50,384,526 51,349,879 52,333,768 53,336,548 54,358,584 55,400,246

0.0630 0.0637 0.0643 0.0649 0.0655 0.0662 0.0668 0.0674 0.0680 0.0686 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552 0.000552

0.0636 0.0642 0.0648 0.0655 0.0661 0.0667 0.0673 0.0680 0.0686 0.0692

0.4092 0.4239 0.4393 0.4552 0.4717 0.4888 0.5066 0.5250 0.5442 0.5641 0.4728 0.4882 0.5041 0.5206 0.5378 0.5555 0.5739 0.5930 0.6128 0.6333 0.3289 0.3443 0.3602 0.3767 0.3939 0.4116 0.4300 0.4491 0.4689 0.4894 0.3124 0.3270 0.3422 0.3579 0.3742 0.3910 0.4085 0.4266 0.4454 0.4649 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.8159 0.3124 0.3270 0.3422 0.3579 0.3742 0.3910 0.4085 0.4266 0.4454 0.4649

7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105 7,737,105904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900 904,900

2,417,193 2,530,402 2,647,684 2,769,196 2,895,105 3,025,583 3,160,808 3,300,967 3,446,253 3,596,868 282,705 295,945 309,662 323,874 338,600 353,860 369,675 386,068 403,060 420,675

0.2036 0.2094 0.2153 0.2213 0.2274 0.2335 0.2397 0.2460 0.2524 0.2588 0.0867 0.0890 0.0913 0.0936 0.0960 0.0984 0.1008 0.1032 0.1057 0.1082 0.0578 0.0594 0.0610 0.0626 0.0642 0.0658 0.0675 0.0691 0.0708 0.0725

0.2991 0.3100 0.3215 0.3337 0.3464 0.3598 0.3738 0.3885 0.4039 0.4201 0.3801 0.3924 0.4052 0.4186 0.4325 0.4470 0.4620 0.4777 0.4940 0.5110 0.4212 0.4349 0.4491 0.4639 0.4793 0.4953 0.5119 0.5292 0.5471 0.5658

1,342,136 1,411,449 1,484,544 1,561,637 1,642,954 1,728,736 1,819,237 1,914,728 2,015,492 2,121,832 1,128,514 1,180,555 1,234,987 1,291,921 1,351,470 1,413,755 1,478,902 1,547,040 1,618,309 1,692,851

208,269 217,873 227,918 238,426 249,416 260,910 272,933 285,508 298,661 312,418

179,554 186,592 194,104 202,111 210,637 219,708 229,349 239,587 250,451 261,970 - - - - - - - - - -

40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 40,578 2,899,051$ 3,037,047$ 3,182,132$ 3,334,672$ 3,495,055$ 3,663,687$ 3,840,999$ 4,027,441$ 4,223,491$ 4,429,649$

(16,612)$ (17,749)$ (18,880)$ (20,001)$ (21,112)$ (22,210)$ (23,295)$ (24,365)$ (25,417)$ (26,449)$
