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Agenda Date: 12/18/13Agenda Item: 2HSTATE OF NEW JERSEYBoard of Public Utilities44 South Clinton Avenue, 9'" FloorPost Office Box 350Trenton, New Jersey 08625-0350www.nj.gov/bpu/ENERGYIN THE MATTER OF THE PETITION OF PUBLICSERVICE ELECTRIC AND GAS COMPANY FORAPPROVAL OF CHANGES IN ITS ELECTRIC SOLARPILOT RECOVERY CHARGE FOR ITS SOLAR LOAN 1PROGRAM)))))ORDER APPROVINGSTIPULATIONDOCKET NO. ER13070605Parties of Record:Alexander C. Stern, Esq., Public Service Electric and Gas CompanyStefanie A. Brand, Esq., Director, New Jersey Division of Rate CounselBY THE BOARD:On July 1, 2013, Public Service Electric and Gas Company ("PSE&G" or "Company") filed apetition with the New Jersey Board of Public Utilities ("Board") requesting approval for changesin its electric Solar Pilot Recovery Charge ("SPRC").By this Decision and Order, the Boardconsiders a stipulation of settlement ("Stipulation") entered into by PSE&G, the New JerseyDivision of Rate Counsel ("Rate Counsel"), and Board Staff ("Staff') (collectively, the "Parties"),requesting that the Board approve no change in the electric SPRC.BACKGROUND AND PROCEDURAL HISTORYOn Apri116, 2008, the Board issued an Order approving a settlement that authorized PSE&G toimplement a 30 MW solar-photovoltaic ("PV") loan pilot program ("Program") for a period of twoyears within its service territory including participation across all customer classes ("SPRCSettlement"). 1 The Program consists of three segments: The Municipal/Non-Profit; ResidentialBy Order datedand Multi-Family/Affordable Housing; and Commercial and Industrial.November 10, 2009, 7.83 MW of Program capacity was transferred to Solar Loan II, leaving theProgram capacity at 22.17 MW. 2 PSE&G states that it has implemented the Program pursuant
to the terms of the April 2008 Order and, according to the Company, received a robustresponse, especially in the commercial and industrial sector. Under the terms of the SPRCSettlement as approved, PSE&G is entitled to recover the net monthly revenue requirementsassociated with the Program through the SPRC, provided that the Board finds the expenseswere reasonable and prudent. SPRC rates were not implemented at the time the Program wasapproved as all costs were deferred for future recovery. By Order dated July 18, 2012, theBoard approved an SPRC rate of 0.000062 per kWh, including Sales and Use Tax ("SUT"). 3Subsequently, by Order dated May 29, 2013, the Board approved the current SPRC rate of 0.000486 per kWh, including SUT 4COMPANY FILINGOn July 1, 2013, PSE&G filed the instant petition and accompanying exhibits, including the prefiled direct testimony of Terrance J. Moran and Stephen Swetz. According to the filing, the ratesproposed for PSE&G's electric SPRC lor the period October 1, 2013 through September 30,2014 were designed to recover approximately 19.5 million in revenue. The resultant netannual revenue impact on the Company's electric customers, if approved, is a 0.2 millionincrease. The Company proposed that a new SPRC rate of 0.000490 per kWh, including SUTbe implemented on October 1, 2013, and be left in place through September 30, 2014, or untilthe Board approves new SPRC rates.After notice in newspapers in general circulation within the service territory, public hearingswere held on August 19, 20, and 22, 2013 in Hackensack, New Brunswick, and Mt. Holly,respectively. Two members of the public appeared at the New Brunswick public hearing andcommented generally about the high cost of utility service resulting from inclusion in utility billsof clean energy programs under the societal benefits charge.STIPULATIONFollowing discovery and the public hearing, the Parties reached a settlement of all issues andon December 3, 2013 executed a Stipulation. The Stipulation provides the following 5 :and Associated Cost Recovery Mechanism, BPU Docket No. E009030249, Order dated November 10,2009.Although described in thisshould there be any conflict between this summary and the Stipulation,the terms of the Stipulation contrail., subject to the findings and conclusions contained in this Order.2BPU DOCKET NO. ER13070605
5. Although the Company requested a revenue increase as shown in AttachmentA to the Stipulation of approximately 0.2 million, the Parties agree thatPSE&G shall maintain the existing SPRC rate of 0.000454 per kWh withoutsales and use tax (SUT), or 0.000486 per kWh including SUT that waspreviously approved by the Board in Docket No. ER12070599, dated May 29,2013 and reflected in Second Revised Sheet No. 64 of the Company's Tarifffor Electric Service, a copy of which is attached as Attachment B to theStipulation.6. The Parties agree that the actual SPRC costs incurred prior to October 1,2013 as shown in Attachment C to the Stipulation have been reviewed anddeemed prudent and reasonable by the Parties. Actual costs incurred afterthat date are subject to review for reasonableness and prudence in futureSPRC adjustment proceedings.7. PSE&G agrees that it shall make its next SPRC filing with actual data fromOctober 1, 2013 to March 31, 2014 and forecasted data through September30,2015 as soon as such data is available, but no later than July 1, 2014.8. As a result of this Stipulation, PSE&G's class average residential electriccustomers will see no change in their annual bill. The Parties hereby agreethat the existing rates are just and reasonable and that PSE&G should beauthorized to maintain the existing rates as set forth herein in accordance witha written Board Order of approval.DISCUSSION AND FINDINGThe Board has carefully reviewed the record to date in this proceeding, including the filing andthe Stipulation. The Board is persuaded that the costs through September 30, 2013 as shownon Attachment C have been reviewed and deemed to be reasonable and prudent, andtherefore, FINDS that the Stipulation is reasonable, in the public interest, and in accordancewith the law. Accordingly, the Board HEREBY ADOPTS the Stipulation as its own, as if fully setforth herein.As a result of the Stipulation, customers will not see any change in their annual bills. This BoardOrder shall be effective as of January 1, 2014. The Board HEREBY ORDERS PSE&G to filerevised tariff sheets conforming to the terms of the Stipulation by January 1, 2014.3BPU DOCKET NO. ER13070605
The Company's costs will remain subject to audit by the Board. This Decision and Order shallnot preclude nor prohibit the Board from taking any actions determined to be appropriate as aresult of any such audit.BOARD OF PUBLIC UTILITIESBY:DATED:R' t.:zf --PRESIDENT(:JEANNE M. FOXCOMMISSIONERSEPH l. FIORDALISOCOMMISSIONER M rlk RY- NNA HOLDENOMMISSIONERCOMMISSIONERATTEST: - rKRISTIIZZOSECRETARY4BPU DOCKET NO. ER13070605
IN THE MATTER OF THE PETITION OF PUBLIC SERVICE ELECTRIC AND GAS COMPANYFOR APPROVAL OF CHANGES IN ITS ELECTRIC SOLAR PILOT RECOVERY CHARGEFOR ITS SOLAR LOAN 1 PROGRAMBPU DOCKET NO. ER13070605NOTIFICATION LISTAlexander Stem, Esq.Assistant General Regulatory CounselPSE&G80 Park Plaza, T5Newark, NJ 07101Jerome May, DirectorDivision of EnergyBoard of Public Utilities44 South Clinton Avenue, gth FloorPost Office Box 350Trenton, NJ 08625-0350Matthew Weismann, Esq.General Regulatory Counsel- Rates80 Park Plaza, T5Newark, NJ 07101Alice Bator, ChiefDivision of EnergyBoard of Public Utilities44 South Clinton Avenue, 9111 FloorPost Office Box 350Trenton, NJ 08625-0350Stefanie A. Brand, Esq., DirectorDivision of Rate Counsel140 East Front Street, 41h FloorPost Office Box 003Trenton, NJ 08625-0003Stacy PetersonDivision of EnergyBoard of Public Utilities44 South Clinton Avenue, 9111 FloorPost Office Box 350Trenton, NJ 08625-0350Felicia Thomas-Friel, Esq.Division of Rate Counsel140 East Front Street, 4th FloorPost Office Box 003Trenton, NJ 08625-0003Andrea ReidDivision of EnergyBoard of Public Utilities44 South Clinton Avenue, gth FloorPost Office Box 350Trenton, NJ 08625-0350Sarah H. Steindel, Esq.Division of Rate Counsel140 East Front Street, 4 FloorPost Office Box 003Trenton, NJ 08625-0003Bethany Rocque Roma·lneLegal SpecialistCounsel's OfficeBoard of Public Utilities44 South Clinton Avenue, gth FloorPost Office Box 350Trenton, NJ 08625-0350Kurt Lewandowski, Esq.Division of Rate Counsel140 East Front Street, 4" FloorPost Office Box 003Trenton, NJ 08625-0003Babette Tenzer, DAGDeputy Attorney GeneralDivision of Law124 Halsey StreetPost Office Box 45029Newark, NJ 07101-45029Caroline Vachier, DAGDeputy Attorney GeneralDivision of Law124 Halsey StreetPost Office Box 45029Newark, NJ 07101-450295BPU DOCKET NO. ER13070605
David Wand, Esq.Deputy Attorney GeneralDivision of Law124 Halsey StreetPost Office Box 45029Newark, NJ 07101-45029Alex Moreau, DAGDeputy Attomey GeneralDivision of Law124 Halsey StreetPost Office Box 45029Newark, NJ 07101-450296BPU DOCKET NO. ER13070605
Alexander C. SternLaw DepartmentAssociate General Regulatory Counsel80 Park Plaza, T5G, Newark, NJ 07102-4194tel: 973.430.5754 fax: 973.430.5983email: [email protected] 3, 2013In the Matter of the Petition of Public Service ElectricAnd Gas Company for Approval of Changes in itsElectric Solar Pilot Recovery Charge (SPRCP)For its Solar Loan I ProgramBPU Docket No. ER13070605VIA ELECTRONIC & REGULAR MAILKristi Izzo, SecretaryNJ Board of Public Utmities44 South Clinton Ave.PO Box 350Trenton, NJ 08625-0350Dear Secretary Izzo:Attached please fmd a fully executed Stipulation of Settlement in the above-referencedmatter.Thank you for your attention to this matter.ACS/jbcc: Attached Service List (Email only)
September 25, 2013mlElizabeth Ackerman, DirectorBoard of Public UtilitiesDiv ofEcon Develop & Energy Policy44 South Clinton Avenue, lh FloorP.O. Box 350Trenton, NJ 08625·0350PHONE: L j " FA.X: L j " [email protected]. usWilliam Agee, Esq.Board of Public Utilities44 South Clinton Avenue, 9th FirP.O. Box 350Trenton, N) 086:?5-0350PHONE: (609)292-16!6FAX: {609)[email protected] nj.usAlice Bator, Bureau Ch1efBoard of Public UtilitiesDivision of Energy44 South Clinton Avenue, 9lh FloorP.O. Box 350Trenton, NJ 08625-0350PHONE: {609) 943-5805FAX:{ ) " [email protected] Beyer, Chief EconomistBoard of Public Utilities44 South Clinton Avenue, 9th Fir.P.O. Box 350Trenton, NJ 08625-0350PHONE: (609) 292-2637FAX:{ )-" [email protected]. usScott HuntorBoard of Public Utilities44 South Clinton Avenue, 9th Fir.P.O. Box 350Trenton, Nj 08625-0350PI-lONE: (609)292-1956FAX:{ ) " [email protected] usKristi Izzo, SecretaryBoard of Public Utilities44 South Clinton Avenue, 9th Fir.P.O. Box 350Trenton, NJ 08625-0350PHONE: (609)292-!599FAX:{ ) , [email protected]. usEleana LihanBoard of Public UtilitiesDivision of Energy44 South Clinton Avenllll, 9th FirP.O. Box350Trerifon, NJ 08625-0350PHONE: (609) 777-3253FAX:{ )[email protected].!\i. usPUBLIC SERVICE ELECTRIC AND GAS COMPANYSPRC 2013 (SOLAR LOAN I)BPU DOCKET NO. ER130706G5Christine LinBoard ofPuhlic Utilities44 South Clinton Avenue, 9th F1r.P.O. Box350Trenton, NJ 08625-0350PHONE: (609) 292-2956FAX: L j ' [email protected] usJerome May, DirectorBoard of Public UtilitiesDivision of Energy44 South Clinton Aver\Ue, 9th Fir.P.O. Box 350Trenton, NJ 08625-0350PHONE: (609)292-3960FAX:{ ) "[email protected] O'GradyBoard of Public Utilities44 South Clinton Avenue, 9th Fir.P.O. Box 350Trenton, NJ 08625-0350PHONE: (609) 292-2947FAX: L j -" [email protected] PetersonBoard ofPuhlic UtilitiesDivision of Energy44 South Clinton Avenue, 9th Fir.P.O. Box350Trenton, NJ 08625-0350PHONE: (609)292-45!7FAX: ( ) " [email protected] UgojiBoatd of Public UtiHUesDivision of Energy44 South Clinton Avenue, 9th Fir.P.O. Box 350Trenton, NJ 08625-0350PHONE: (609)777-1694FA.X: { ) "[email protected] Jones, ParalegalNJ Department of Law and SafetyDivision of Law124 Halsey StreetPO Box45029Ncwad . NJ 07 J02PHONE: L ) " FAX:{ ) ".jeni que.jones@-dol Jps .statcnj usAlex Moreau, DAGNJ Dept. of Law & Public SafetyDtvision of Law124 Halsey Sfreet, 5th FirP. 0. Box 45029Newark, NJ 07101PHONE: (973) 648-3762FAX: (973) 648-3555Alex [email protected]. usPage 1oftBabette Tenzer, DAGNJ Dept of Law & Public SafetyDivision of Law124 Halsey Street, 5th Fir.PO Box45029Newark, NJ 07101PHONE: (973)648-7811FAX: (973)648-3555babette tenzer@dol. lps.state.nj.usFelicia Thomas Friel, ManagingAttorney- GasDivision of Rate Counsel140 East Front Street,. 4th Fir.P.O. Box 003Trenton, NJ 08625PHONE: (609) 984-1460FAX: L ) " [email protected] Vachier, DAG, Section Chief,Deputy Attorney GeneralNJ Dept. of Law & Puhlic SafetyDivision of Law124 Halsey Street, 5th Fir.P.O. Box 45029Newark, NJ 07101PHONE: {973) 648-3709FAX: (973)648-3555caroline [email protected]. usRATE COUNSEL CONSULT,;Andrea CraneThe Columbia Group, Inc90 Grove Street, Suite 211Ridgefield, CT 06877PHONE: (203) 438-2999FAX: L ) - [email protected]. Dav!d Wand, DAGNJ Dept. of Law & Public SafetyDivision of Law124 Halsey Street, 5th Fir.P.O. Box45029Newark, NJ 07101PHONE: (973) 648-3441FAX: L ) " [email protected] COUNSELStefanie A. Brand, DirectorDivision of Rate Counsel140 East Front Street, 4th Fir.P.O. Box003Trenton, NJ 08625PHONE: (609) 984-1460FAX:{ ) " [email protected] Lewandowski, EsqAssistant Deputy Puhlic AdvocateDivision of Rate Counsel140 East Front Street, 4th Fir.P.O. Box003Trenton, NJ 08625PHONE: (609) 984-1460FAX:L j " [email protected] Massey, ParalegalDivision of Rate Counsel140 East Front Street, 4th Fir.P Q Box003Trenton, NJ 08625PHONE: (609) 984-1460FAX: L ) - [email protected]. usSarah StcindelDivision of Rate Counsel140 East Front Street, 4th Flr.p Q Box003Trenton, NJ 08625PHONE: (609)984-1460FAX: L ) " [email protected] DismukesAcadian Consulting Group5800 One Perkins DriveBuilding 5, Suite FBaton Rouge, LA 708()8PHONE: (225) 578-4343FAX:{ ) " [email protected]&QCOJUJie E. LemboPSEG Services Corporation8G Plll"k Plaza, T-05Newark, NJ 07102PHONE: (973) 430-6273FAX: (973)430-5983constance. [email protected] Stem, Esq.Asst. General Regulatory CounsePublic Service Electric & Gas Co80 Park Plaza, T5New rk. NJ 07102PHONE: (973) 430-5754FAX: (973) [email protected]\.-fatthew M. Weissman, Esq.Public Service Electric & Gas Co80 Park Plaza, T-5Newark, NJ 07101PHONE: (973) 430-7052FAX: (973)430-5983m [email protected]
STATE OF NEW JERSEYBOARD OF PUBLIC UTILITIESIN THE MATIER OF TI-lE PETIT! ON OFPUBLIC SERVICE ELECTRIC AND GASCOMPANY FOR APPROVAL OF CHANGESIN ITS ELECTRIC SOLAR PILOT RECOVERYCHARGE (SPRC) FOR ITS SOLAR LOAN IPROGRAM))))))STIPULATIONBPU DKT NO. ER!3070605APPEARANCES:Matthew M. Weissman, Esq., General Regulatory Counsel - Rates, and Alexander C.Stern, Esq., Associate General Regulatory Counsel, for the Petitioner Public ServiceElectric and Gas CompanyFelicia Thomas-Friel, Esq.,Deputy Rate Counsel, Sarah H. Steindel, Esq., AssistantDeputy Rate Counsel, and Kurt S. Lewandowski, Esq., Assistant Deputy RateCounsel, for the Division of Rate Counsel (Stefanic A. Brand, Esq., Director)Alex Moreau and T. David Wand, Deputy Attorneys General, for the Staff of the NewJersey Board of Public Utilities (John J. Hoffman, Acting Attorney General of NewJersey)TO: THE NEW JERSEY BOARD OF PUBLIC UTILITIESBACKGROUND1.As authorized by the New Jersey Board of Public Utilities ("Board") in an Orderdated April !6, 2008 in BPU Docket No. E007040278, Public Service Electric and GasCompany ("PSE&G" or "Company'') implemented the Solar Loan I ("SL !") Program andassociated cost recovery mechanism ("SPRC Order"). On July I, 2013, PSE&G made a filing inBPU Docket No. ER13070605 requesting an increase in the cost recovery charge for the SL IProgram, which is referred to as the Solar Pilot Recovery Charge, or "SPRC." As part of the July1, 2013 filing, PSE&G included an annual update on the status of the Program. As proposed inthe Company's filing, the resultant revenue increase on the Company's electric customers was
-2- 0.2 million on an annual basis. This increase reflected an estimated revenue requirement of 7,191,580 for the period October 1, 2013 through September 30, 2014, a projected underrecovery of 12,268,403 through September 2013 and interest of 23,367 for a total rate revenueto be recovered of 19,483,350.2.Adequate public notice was provided in newspapers of broad circulation. Publichearings were conducted in Hackensack, New Brunswick and Mt. Holly on August 19, 20 and22, 2013, at 4:30pm and 5:30pm, respectively. No members of the public commented on theSPRC at the three public hearings and no written comments from the public were submitted.Two members of the public appeared in New Brunswick and commented generally about thehigh cost of utility service resulting from inclusion in utility bills of clean energy programs underthe societal benefits charge.DISCOVERY AND SETTLEMENT DISCUSSIONS3.Discovery questions have been propounded and the Company has responded thereto.4.Following review of discovery and the public hearings listed above, representativesof the Company, Board Staff and Rate Counsel (collectively, "the Parties") have discussed theissues and reached a comprehensive settlement of all issues. Specifically, the Parties herebySTIPULATE AND AGREE to the following:STIPULATED MATTERS5.Although the Company requested a revenue increase as shown in Attachment A ofapproximately 0.2 million, the Parties hereby agree that PSE&G shall maintain the existing
- 3-SPRC rate of 0.000454 per kWh without sales and use tax (SUT), or 0.000486 per kWhincluding SUT that was previously approved by the Board in Docket No. ER12070599, datedMay 29, 2013 and reflected in Second Revised Sheet No. 64 of the Company's Tariff for ElectricService, a copy of which is attached as Attachment B.6.The Parties agree that the.actual SPRC costs incurred prior to October 1, 2013 asshown in Attachment C have been reviewed and deemed prudent and reasonable by the Parties.Actual costs incurred after that date are subject to review for reasonableness and prudence infuture SPRC adjustment proceedings.7.PSE&G hereby agrees that it shall make its next SPRC filing with actual data fromOctober I, 2013 to March 31, 2014 and forecasted data through September 30,2015 as soon assuch data is available, but no later than July I, 2014.8.As a result of this Stipulation, PSE&G's class average residential electriccustomers will see no change in their annual bill. The Parties hereby agree that the existing ratesare just and reasonable and that PSE&G should be authorized to maintain the existing rates as setforth herein in accordance with a written BPU Order of approval.9.This Stipulation represents a mutual balancing of interests, contains interdependentprovisions and, therefore, is intended to be accepted and approved in its entirety. In the eventany particular aspect of this Stipulation is not accepted and approved in its entirety by the Board,or is modified by the Board, each party that is adversely affected by the modification can eitheraccept the modification or declare this Settlement to be null and void, and the Parties shall beplaced in the same position that they were in immediately prior to its execution.Moreparticularly, in the event this Stipulation is not adopted in its entirety by the Board then any Party
-4-hereto is free to pursue its then available legal remedies with respect to all issues addressed inthis Stipulation as though this Stipulation had not been signed.10.It is the intent of the Parties that the provisions hereof be approved by the Board asbeing in the public interest. The Parties further agree that they consider the Stipulation to bebinding on them for all purposes herein.11.The Parties further acknowledge that a Board Order approving this Stipulation willbecome effective upon the service of said Board Order, or upon such date after the servicethereof as the Board may specify, in accordance with N.J.S.A. 48:2-40.12.It is specifically understood and agreed that this Stipulation represents a negotiatedagreement and has been made exclusively for the purpose of these proceedings.Except asexpressly provided herein, PSE&G, Board Staff, and Rate Counsel shall not be deemed to haveapproved, agreed to, or consented to any principle or methodology underlying or supposed tounderlie any agreement provided herein, in total or by specific item. The Parties further agreethat this Stipulation is in no way binding upon them in any other proceeding, except to enforcethe terms of this Stipulation.
-sWHEREFORE, the Parties hereto do respectful1y submit this Stipulation and.request that the Board issue a Decision and Order approving it in its entirety, in accordance withthe terms hereof, as soon as reasonably possible.PUBLIC SERVICE ELECTRJC AND GASCOMPANY;A)x c.NEW JERSEY DMSION OF RATECOUNSELSTEFANIE A. BRAND, DlRECTOR II '-- -- Alexander C. Stom, Esq.Associate General Regulatory CounselDATED:November25,2013JOHN J. HOFFMANACTING ATTORNEY GENERAL OFNEW JERSEYAttorney for the Staff oftheBoard of Public UtilitiesBY:J) g 0}-- )T. David WandDeputy Attorney GeneralDATED: December 2, 2013Assistant Deputy Rate Counsel ·.II
PSE&G Solar Loan I ProgramProposed Rate Calculations( 's Unless Specified)Line1Date(s)Oct-13.to SepRevenue Requirements142Sep-.13Under I (Over} Recovered Balance3Sep-13Cumulative Interest Exp I (Credit)4Sep-14Total Target Rate Revenue5Oct-13to Sep- 14 Forecasted kWh (000)Attachment AActual results through 9/30/2013SUT Rate 7%ElectricSource/Description7,581,994SUM (Schedule SS-SL 1-3, Cot 20)13,079,797Schedule SS-SL 1-3, Line 4, Col6925.991Schedule SS-SL 1-3, Line 7, Col6920,687,782Line 1 Line 2 Li111e 341,321,2086Updated Calculated Rate w/o SUT ( /kWh)0.0005017Original Public !Notice Rate w/o SUT ( fi Wh)0.0004588Proposed Rate w/o SUT ( /kWh)9Proposed Rate wl SUT ( /kWh)0.00049010Existing Rate w/o SUT ( /kWh)0.00045411Difference in Proposed and Existing Rate0.00000412Resultant SPRC Revenue Increase0.000458165,285(Line 4/ (Line 5*1 ,000)) [Rnd 6JMIN ( Line 6, Line 7 )(Line 8 (1 SUT Rate)) [Rnd 6](Line 8- Line 10)(Line 5 "' Line 11 "' 1,000)
AttachmentBPage1 of1PUBLIC SERVICE ELECTRIC AND GAS COMPANYB.P.U.N.J. No. 15 ELECTRICSecond Revised Sheet No. 64SupersedingFirst Revised Sheet No. 64SOLAR PILOT RECOVERY CHARGECharge(per kilowatthour)SOLAR PILOT RECOVERY CHARGE:Charge . 0.000454Charge including New Jersey Sales and Use Tax {SUT) . 0.000486SOLAR PILOT RECOVERY CHARGEThis charge is designed to recover the revenue requirements associated with the Public Service SolarPilot Program per the Board Order in Docket No. E007040278 less the net proceeds from the sale ofassociated Solar Renewable Energy Certificates (SRECs) or cash received in lieu of SRECs. The netrecovery by the Company is subject to deferred accounting. Interest at the two-year constant maturitytreasury rate plus 60 basis points will be accrued monthly on any under- or oveHecevered balances.This interest rate shall change each August 1.Date of Issue: June 5, 2013Effective: June 1, 2013Issued by DANIEL J. CREGG, Vice President Finance- PSE&G80 Park Plaza, Newark, New Jersey 07102Filed pursuant to Order of Board of Public Utilities dated May 29, 2013in Docket No. ER12070599
!JtI'li
PSE&G Solar Loan I ProgramElectric Revenue Requirements Calculation "DetailAllaohmenl cPage 3 af7Annual p, Tax WACCMru!lhly Pro-Tax WACCActu""' lllmugll SAplembor 2013(15)(10)-(1B)-"""'" "'""""""PrtorC l15 Cot12-Col13-calt4(17) ' 27,513WP-ss-Slt- WP-SS-SL1·2.xl52.xls'SRECI"".' 'SREC lnv.'v.l hl\U;shtCol28Cal29 (1Ba)(19) oro.21 U215222,7a9236,681WP-ss-s t-lno:ludod InCol14"'"'· ·'Lo11n ' ·-Col36Prlor""'(21)--(22)"'-1\Qc\l!!ll.!(!lle i 1112\! of EoohPOor 120Monlhr. om t or Col 2Coi19 col 2(lOY""'amortil:ollon)PrtorCol21 Col20I )Coll9·Col21""'WP ssUlo'AmortE' -11.\100%0.92563%"'-' """'-"'(Col23- C l20) lm:ome Tax ,.(25)(26)""(:19)(30)17-CoiiS Coi1B.Il Coi20 Col27 Col2e1Ba 20 27(28) RO!I"irvmeotAowmutaJ!t9Doletfed lmlu!m!!nl PrlorCol25 Col24Col22Col25 Mon!hly ProI:W .!i!llL"""""(PrtorCol21 Col26)12Ta WACCProgramA sumpllonS ummary' R"'""' -"'mont fer 2008 only ooluda 01-M Exjl n «ol .:t!i, 9:!,gl ood oro .rew,tn II Un !oc I o- Bolonco (Soho M SS.Slt-4); too !0101'""'""' r quir PI OlllorotJoh S.ptooilier 2'l14 2Ml0,2(1.1.,ij9 IM15,29;!.9 S25,1M,911 M).,,
PSE&G SQiar Loan I ProgramUnder/JOve r) CalculationExisting 1 Proposed SL l Rate wfo SUT /kWhAttachment CPage4of70.000058(59)SLI UnderlfOver) 000058(63)0.000058(64)Nov-12Dec--12 Feb-13Mar-13Apr-13 176,317 185,875 197,693 187,606 190,087 166,406(1)Solar Loan I SJ'IRC Revenue(2)Revenue Requirements 346,930 312,008 250,201 263,635 1,291,411 687,080(3)Monthly Under/(Over) Recovery 170,612 126,133 52,509 76,029 1,101,324 520,674(4)Deferred Balance 13,856,404 13,982,537 14,035,046 14,111,075 15,212,399 15,733,073(5)Monthly Interest fter Tax Monthly Interest Expense/(Credit) 5,679 5,741 5,777 5,804 6,047 6,381 19,955 25,696 31,473 37,277 43,324 49,705 13,876,360 14,008,233 14,066,519 14,148,352 15,255,723 15,782,778(7)Cumulative Interest(8)Balance Added to Subsequent Year's RevenueRequirements(9)Net Sales - kWh (000)(10)SPRC Settlement: Application Fee Credit(11)SPRC Settlement: Prior to Filing Expenses Credit
P§g&G Solar Loan ! ProgramUnder/(Over) CalculationExisting l Proposed SL I Rate w/o SUT /kWhAttachment CPage 5 of?0.000058(65)SLI Under/(Over) 3Aug-13 Ocf-13J:iQl!.:1J. 183,201 1,677,017 2,085,065 1,844,162 1,517,420 1,514,710 1,366,832 834,067 704,576(1)Solar Loan I SPRC Revenue(2)Revenue Requirements 988,616 848& (3)Monthly Under/(Qver) Recovery 805,415( 828, 148)(4)Deferred Balance(5)Monthly Interest 92%(6)After Tax Monthly Interest Expense/(Credit) 6,655 6,662 6,324 6,715 6,290 6,020 5,770(7) 56,360 6,662 12,986 19,701 25,991 32,011 37,782(8)Cumulative InterestBalance Added to Subsequent Year's RevenueRequirements 16,594,848 15,773,361 14,915,721 13,912,342 13,105,788 12,766,551 12,045,440(9)Net Sales - kWh (000)(10)SPRC Settlement: App/icatiom Fee Credit(11)SPRC Settlement: Prior to Filing Expenses Credit 16,538,488 15,766,700 1,221,101( 863,964) 14,902,736( 1,010,095) 13,892,640( 812,843) 13,079,797 1,169,453( 345,257) 12,734,5403,307,227 639,951( 726,881) 12,007,6592,984,350
PSJ;;&G Solar Loan 1 ProgramUnderl(Over) CalculationExisting f Proposed SL I Rate wfo SUT /kWhAllachment CPage 6 of70.000458(72)SLI Underi(Qver) Calcl 4 1,463,800 1,648,225 1,447,109 1,500,484 1,379,548 1,354,149 526,240 345,962 299,578 364,379 449,374 624,089( 930,174)( 730,059)(1)Solar Loan I SPRC Revenue(2)Revenue Requirements(3)Monthly Under!(Over) Recovery(4)!Deferred Balance(5)Monthly Interest �After Tax Monthly Interest Expensei(Credit) 5,382 4,860 4,288 3,756 3,274 2,887(7) 43,164 48,023 52,311 56,067 59,341 62,228(8)Cumulative InterestIBalance Added to Subsequent Year's RevenueRequirements 11,113,261 9,815,858 8,672,615 7,540,266 6,613,366 5,886,193(9)Net Sales - kWh (000)(10):SPRC Settlement: Application Fee Credit(11):SPRC Settlement Prior to Filing Expenses Credit( 937,561) 11,070,0983,196,071( 1,302,263)( 1,147,531)( 1,136,104) 9,767,835 8,620,303 7,484,1993,598,7453,159,6273,276,165 6,554,0253,012,114 5,823,9652,956,657
PSE&'G So!ar Loan I ProgramUnder/lOver:). Calt::ulatlonExisting I Proposed SL I Rate wlo SUT /kWhAttachment CPage 7 of 70.000458(78)SLI U nd!1!:dCOverl Calt::ulat!pn0.000458(79)0.000458(80) JLlt-14Aug-14 1,690,478 2,050,283 1,914,169 699,394 839,972 812,500( 991 ,084)( 1,210,311)( 1,101,669) 3,622,571 2,520,902(1)Solar Loan I SPRC Revenue(2)Revenue Requirements(3)Monthly Under/(Over) Recovery(4)Deferred Balance(5)Monthly Interest Rate0.0792%0.0792%0.0792%(6)After Tax Monthly Interest Expense/{Credit) 2,485 1,972 1,433(7) 64,713 66,685 68,117(8)Cumulative InterestBalance Added to Subsequent Year's RevenueRequirements 4,897,595 3,689,256 2,589,019(9)Net Sales - kWh (000)0.000458(81)Sep-14 1,595,325 SL I Rate Line 9 811,101 From SS-3, Col20( 784,225) Line 2 -Line 1Prev Line 4 Line 3 Line 10 4,832,882 1,736,677 Line 110.0792% Annual Interest Rate I 12(Prev Line 4 I.Jine 4) I 2 *(10)SPRC Settlement Application Fee Credit(11)SPRC Settlement: Prior to Filing Expenses Credit3,691,0004,476,6014,179,408 993 (1 -Tax Rate) Line 5 69,110 PrevLine7 Line6 1,805,788 Line4 Line73,483,243
Dec 18, 2013 · email: [email protected] December 3, 2013 In the Matter of the Petition of Public Service Electric And Gas Company for Approval of Changes in its Electric Solar Pilot Recovery Charge (SPRCP) For its Solar Loan I Program BPU Docket No. ER13070605 VIA ELECTRONIC & REGULA
