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© 2003 Dominion May 2011 VEPGA Regional Meetings Kurt Swanson, Manager – Regulatory and Pricing Bonnie Horton, Regulatory Advisor Cost Allocation and Pricing Johnny Harris, Customer Contracts Administrator III Customer Solutions System - Customer Contracts May 3, 2011 - Norfolk May 10, 2011 - Richmond May 18, 2011 - Herndon
© 2003 Dominion 2 Topics Changes to 2011 VEPGA … Contract Terms and Conditions Cost Recovery Rate Schedules Impact of May 2, 2011 Filings on VEPGA
© 2003 Dominion 3 2011 VEPGA CONTRACT CHANGES
© 2003 Dominion 4 VEPGA Contract Overview Term 3.5 years January 1, 2011 to June 30, 2014 Early Termination Provision VEPGA members bound to contract Exclusive provider of electric service LED Joint Task Force Cost recovery and rate changes (discussed in a later section)
© 2003 Dominion 5 2011 TERMS AND CONDITIONS CHANGES
© 2003 Dominion 6 VEPGA Terms & Conditions Minor Changes Section I Electric Service definition revised to include electric generator interconnects Delivery Point term and definition moved to list of definitions Section III Excess Revenue term and definition added Excludes addition of 1.247 cents per kWh (former base VEPGA base fuel) Grammatical updates as required
© 2003 Dominion 7 TERF Applicability Language Clarified Previous language in 2007 agreement Paragraph III.H.2.c., TERF does not apply to … Relocation projects necessitated by the addition of sidewalks or storm drainage New language in 2011 Agreement Paragraph III.H.2.c., TERF does not apply to … c.projects that are for the benefit of the public good where all of the following are true:
© 2003 Dominion 8 TERF Applicability Language Clarified 1)The project is required by the Customer and the Customer provides a letter to the Company indicating the Customer’s sponsorship or the project is being paid for by the Customer; and 2)The project benefits the public at large (i.e., no single customer or developer receives any disproportionately large benefit from the project); and 3)The project is not being done to provide new service, change in service voltage, or service capacity increase requested by Customer.
© 2003 Dominion 9 Section III.N.– Funding by Third Parties As of July 1, 2011: Company no longer accepts payment directly from non-VEPGA customer (i.e., developer for streetlights) VEPGA Customer responsible for delivering payment to Company with project number and/or account number Easements sent to third party and handled directly by Company Unresolved easement or construction issues handled by Customer and third party
© 2003 Dominion 10 Repeated Vandalism of Streetlights Section IX.B. When Company’s facilities damaged by repeated and continued acts of vandalism: The Company will offer innovative solutions; Company may remove the streetlight if Company provides written notice to Customer that … –Innovative solutions not acceptable to Customer –Customer declines to pay Company’s material costs for replacing the streetlight; and –Customer does not agree within 90 days of notice receipt to pay such material costs
© 2003 Dominion 11 2011 VEPGA COST RECOVERY AND RATE SCHEDULE CHANGES
© 2003 Dominion 12 Review of 2007 Cost Recovery Base rates included distribution, generation, and transmission Generation Distribution Fuel T
© 2003 Dominion 13 2011 Cost Recovery Base rate increase Rate Adjustment Clauses (“RACs”) Bear Garden Generating Station –580 MW natural gas-fired combined-cycle facility –Buckingham County Virginia City Hybrid Energy Center (“VCHEC”) –585 MW clean-coal and biomass facility –Southwest Virginia New/existing transmission facilities plus PJM costs Future A5 and A6 RACs (details later)
© 2003 Dominion 14 Why Are There RACs? 2007 General Assembly passed Va. Code §§ 56.585.1 A4 – 56.585.1 A6 providing for the recovery of certain costs in separate RACs or riders after December 31, 2008 Allowable cost recovery by paragraph A4 – new and existing transmission facilities, including PJM costs A5 – demand-side management programs, renewable energy portfolio standard, environmental compliance A6 – new generation facilities
© 2003 Dominion 15 Why is VEPGA Just Receiving RACs? Homes and business started receiving the first RAC on January 1, 2009 VEPGA’s 2007 contract was signed before legislation took effect 2011 VEPGA contract first opportunity to apply RACs to VEPGA Other than selected A5 RACs, future RACs approved by SCC for Virginia will apply to VEPGA
© 2003 Dominion 16 VEPGA Cost Recovery 2011 annualized $25 M revenue increase effective January 1, 2011 and comprised of … $ 4.6 M – base revenue increase $ 4.8 M - Rider R-CM, Bear Garden (A6) $11.0 M - Rider S-CM, VCHEC (A6) $ 4.5 M - Rider T-CM, transmission (A4) Note: VEPGA decided not to participate in A5 peak-shaving, energy efficiency, and renewable portfolio standard programs ($7.4 M) – Financial Transmission Rights credit, provided through a rider Agreement in Principle
© 2003 Dominion 17 January 1 to March 31, 2011 Billing 2007 VEPGA contract rate schedules July 1, 2010 VEPGA fuel rate Increases associated with …. Rider BR-CM (base revenues)* Rider R-CM (Bear Garden) Rider S-CM (VCHEC) Rider T-CM (transmission) Credit Rider FTR-CM totally offset above rate increases* *Expired on March 31, 2011
© 2003 Dominion 18 Beginning April 1, 2011 Rate schedule and RAC changes Embedded transmission rates removed from base rates and added to Rider T-CM Added $4.6 M increase to base rates (Dist & Gen) Increased Riders R-CM and S-CM to 2011 level Riders R-CM, S-CM, and T-CM per kW rates for Sch. 130 and 131 Sch. 130 and 131 Distribution Demand Charge differs for primary vs. secondary delivery voltage
© 2003 Dominion 19 2011 Cost Recovery Base rates include distribution and existing generation
© 2003 Dominion 20 Transmission Facilities Rider T-CM Base rates recover the costs associated with existing generation plant plus distribution facilities which begin at the substation 2011 Cost Recovery VEPGA Base Rates, Fuel, and New RACs New Generation Plant (e.g., Bear Garden) Riders R-CM and S-CM January 1 base rates included existing generation, distribution, and embedded transmission
© 2003 Dominion 21 VEPGA The riders that are set on January 25, 2014, will carry forward to the July 1, 2014 VEPGA contract
© 2003 Dominion 22 VEPGA Rider updates Fuel Charge Rider A updates on July 1, 2011 Rider T-CM Sept. 1 update delayed to Jan. 1, 2012 Rate updates for RACs, including fuel rider – Beginning in 2012, rates set on January 25 – Effective the following July 1 for rate stability Future A6 and A5 RACs (other than DSM and RPS) approved by the SCC – Rates set on January 25 following SCC approval – Effective the following July 1
© 2003 Dominion 23 VEPGA Revenue Requirement Updates Confidentiality of January 25 RAC updates January 25, 2014 RAC updates carry forward to the next agreement effective July 1, 2014
© 2003 Dominion 24 VEPGA Bill Presentment of Charges
© 2003 Dominion 25 VEPGA Rate Schedule Changes Rate Sch. 100, 102, 110, 120, 122, 130, 131, 132, 150, 151, 153, 154, and SMH Transmission rate component removed from the Electricity Supply Service rates “ES” used to denote kW or kWh subject to listed charges in Electricity Supply Service Charges Base rates (only Dist & Gen) increased Each kWh used is subject to all applicable riders Rate Sch. 130, 131, 132 each kWh and/or kW, as applicable subject to all applicable riders
© 2003 Dominion 26 Primary v. Secondary Distribution kW Charge Differentiated to recognize lower costs of serving primary delivery voltage customers Primary, Secondary, Transmission Service Voltage definitions added Primary Voltage Customer eligibility Distribution demand is 500 kW or more Company provides no transformation from voltage normally found in the area Customer does not receive 2% or 5% energy discount under Sch. SP
© 2003 Dominion 27 Rate Schedule SP Applicable Provisions Customer owns the transformation and the service location receives primary service voltage Customer served on Rate Sch. 100, 110, or 120 and receives 5% discount on per kWh charges Customer served on Rate Sch. 122, 130, 131, or 132 and receives 2% discount on per kWh charges
© 2003 Dominion 28 VEPGA Rate Comparisons VEPGA contract provides for production of rate comparisons once every 14 months for those accounts that show more than minimal savings Rate comparisons will be sent out before the end of July 2011
© 2003 Dominion 29 Other VEPGA Rate Schedule Changes Other rate schedule changes Sch. CSCM – Curtailable Service withdrawn Streetlight revenue-to-cost ratio based on four years of revenue – not six – and excludes 1.247 cents per kWh Failed or non-repairable MV luminaires will not bill on Sch. 151 Revisions to renewable energy program (Rider G-CM)
© 2003 Dominion 30 VEPGA Rider G-CM Revised Pricing April 1, 2011 Monthly Rates for RECs (“MRR”) reduced from 0.5 cents per kWh to 0.2 cents per kWh MRR may change with two months notice January 1, 2012, 2013, and 2014 VEPGA chooses Flexible Pricing or Fixed Pricing If requested, Fixed Pricing quote by Jan. 15 VEPGA must accept quote by Feb. 15 Flexible or Fixed Pricing effective April 1 for 12 months
© 2003 Dominion 31 Other Schedule Charges No Changes to the following: Facilities Charge Percentages TERF Rate
© 2003 Dominion 32 VIRGINIA MAY 2, 2011 FILINGS
© 2003 Dominion 33 Virginia May 2, 2011 Rider Filings Fuel Charge Rider A Rider T, Transmission, update Warren County
© 2003 Dominion 34 Outlook for VEPGA Fuel VEPGA impact 2.705 ¢ per kWh current fuel rate Provided fuel rate estimate in March 2011 of 3.391¢ per kWh Nine months actual and 3 months estimated fuel deferral, 2.705¢/kWh increases to either 3.657¢ /kWh for one-year recovery of fuel deferral 3.303¢ /kWh for two-year recovery of fuel deferral To be decided by VEPGA Board on Friday Two-year contingent on SCC approval
© 2003 Dominion 35 One-Year VEPGA Fuel Outlook Schedule 100 Middle School 10.74% Schedule 110 High School 11.06% Schedule 120 Pumping Station 11.53% Schedule 130 Correction Center 16.57% Schedule 130 Middle School 11.77% Schedule 131 Gov’t. Center Heat Plant 15.56%
© 2003 Dominion 36 Two-Year VEPGA Fuel Outlook Schedule 100 Middle School 6.75% Schedule 110 High School 6.95% Schedule 120 Pumping Station 7.24% Schedule 130 Correction Center 10.41% Schedule 130 Middle School 7.39% Schedule 131 Gov’t. Center Heat Plant 9.77%
© 2003 Dominion 37 VEPGA Rider T-CM Update Virginia Jurisdictional Rider T scheduled to update on September 1, 2011 VEPGA’s Rider T-CM delayed to January 1, 2012
© 2003 Dominion 38 Virginia May 2, 2011 Rider Filings Warren County Power Station CPCN for 1,329 MW natural gas combined- cycle generating facility in Warren County Rate adjustment clause, Rider W Effective April 1, 2012 VEPGA equivalent Rider W-CM effective in accordance with the 2011 Contract
© 2003 Dominion 39 © Dominion 2003
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