2017 Attachment O True-Up Stakeholder Meeting Ameren Illinois Company

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Presentation transcript:

2017 Attachment O True-Up Stakeholder Meeting Ameren Illinois Company August 8, 2018

Purpose is to review AIC 2017 Transmission Rate True-Up Calculations Agenda Purpose is to review AIC 2017 Transmission Rate True-Up Calculations Protocol Timeline Attachment O Template Changes ROE Complaint Cases and Impact on True-up calculations 2017 True-Up Calculation Total Revenue Requirement Comparison – Projected vs Actual Attachment O/Schedule 9 True-up Attachment GG/Schedule 26 True-up Attachment MM/Schedule 26-A True-up 2017 Significant Projects Placed In Service An additional meeting will held to review the 2019 Projected Transmission Rate calculations. Tentatively set for September 27, 2018.

(Forward-Looking Protocols) Protocol timeline Date Schedule (Forward-Looking Protocols) June 1 Posting of annual true-up for prior year September 1 Deadline for annual true-up meeting Posting of net projected revenue requirement for following year October 15 Deadline for annual projected rate meeting November 1 Deadline for joint meeting on regional cost-shared projects March 15 Transmission Owners submit informational filing to the Commission

Ameren Illinois Attachment O Changes Docket ER17-2323 FERC Order on May 31, 2018 Effective January 1, 2018 for Ameren Illinois Approved additional lines in the Income Tax Section (Page 3, Lines 24a/24b and 26a/26b) Modification to return to (or recover from) customers excess (or deficient) accumulated deferred income taxes (ADIT) resulting from tax law or rate changes An adjustment to recognize the effects of permanent differences between tax accounting and financial reporting, such as those associated with the equity component of Allowance for Funds Used During Construction (AFUDC) Equity Revised 2017 Annual True-Up including these changes was posted on Ameren’s Oasis These tariff changes resulted in decreases of $210,328, $16,613 and $15,770 to the Net Attachment O revenue requirement, Attachment GG revenue requirement and Attachment MM revenue requirement, respectively

ROE complaints MISO ROE Complaints RTO Adder (ER15-358) 1st Complaint (EL14-12) Covers November 12, 2013 through February 11, 2015 FERC order received September 28, 2016; set the Base ROE at 10.32% Applicable going forward until 2nd complaint order 2nd Complaint (EL15-45) Covers February 12, 2015 through May 11, 2016 Initial decision issued June 30, 2016; recommended Base ROE at 9.70% Additional refunds may be required upon receipt of Final Order RTO Adder (ER15-358) FERC approved a 50 basis point adder for participation in an RTO Effective January 6, 2015, applicable to complaint case refunds after that date and going forward (i.e., total ROE is now 10.82%)

MISO ROE for the 2017 True-Up is 10.82% ROE complaints MISO ROE for the 2017 True-Up is 10.82% Refunds already provided for EL14-12 Two phase process Phase 1 related to ROE impact on projected rates for forward looking TOs and annual updates for historical TOs. These were settled in February 2017. 2013, 2014 & 2015 projected rates from 11/12/13 to 2/11/15 Phase 2 related to the ROE impact on true-ups calculations for forward looking TOs. These were settled in June 2017. 2013, 2014 & 2015 True-ups included in 2015, 2016 and 2017 projected rates Refunds for Schedules 7, 8, 26, 37, 38, 26A were completed by MISO Refunds for Schedule 9 were completed by Ameren Schedule 9 Refund amounts and supporting documents are posted on Ameren’s OASIS

AIC Revenue Requirement Comparison Projected 2017 vs Actual 2017

Aic 2017 rate base 2017 Projection 2017 Actual Change Percent 2.6 Page.Line 2017 Projection 2017 Actual Change Percent 2.6 Total Gross Plant 2,296,555,948 2,255,649,628 -40,906,319 -2% 2.12 Total Accum Depreciation 525,122,593 505,542,832 -19,579,761 -4% 2.18 TOTAL NET PLANT 1,771,433,355 1,750,106,796 -21,326,559 -1% 2.18a 100% CWIP RECOVERY 8,709,958 3,003,443 -5,706,515 -66% ADJUSTMENTS TO RATE BASE N/A 2.20 Account No. 282 -484,788,908 -459,835,685 24,953,224 -5% 2.21 Account No. 283 -10,255,343 -9,578,047 677,296 -7% 2.22 Account No. 190 49,214,591 37,402,434 -11,812,156 -24% 2.23 Account No. 255 2.25 Land Held for Future Use 2,484,054 2,442,435 -41,619 2.26 CWC 6,210,229 6,331,316 121,087 2% 2.27 Materials & Supplies 13,677,702 13,973,223 295,521 2.28 Prepayments 1,638,369 1,936,099 297,730 18% TOTAL ADJUSTMENTS -421,819,306 -407,328,224 14,491,082 -3% 2.30 TOTAL RATE BASE 1,358,324,006 1,345,782,015 -12,541,991

Aic 2017 expenses Page.Line 2017 Projection 2017 Actual Change Percent O&M 3.1 Transmission 59,336,832 55,185,538 -4,151,294 -7% 3.1a Less LSE Expenses 1,703,652 1,654,502 -49,150 -3% 3.2 Less Account 565 23,725,630 18,889,547 -4,836,083 -20% 3.3 A&G 15,413,506 16,055,403 641,897 4% 3.4 Less FERC Annual Fees N/A 3.5 Less EPRI, ect. 243,164 266,259 23,094 9% 3.5a Plus Trans. Reg. Comm. Exp 603,944 219,897 -384,047 -64% 3.8 TOTAL O&M 49,681,835 50,650,530 968,695 2% 3.12 TOTAL DEPRECIATION 42,958,714 42,161,654 -797,060 -2% TAXES 3.13 Payroll 893,601 779,468 -114,133 -13% 3.16 Property 1,364,211 1,436,554 72,343 5% 3.18 Other 481,037 498,416 17,379 3.27 Income Taxes * 50,884,298 51,762,595 878,297 TOTAL TAXES 53,623,147 54,477,033 853,886 TOTAL EXPENSES 146,263,697 147,289,217 1,025,521 1% * The 2017 actual income taxes include the adjustments related to Docket ER17-2323 (discussed on slide 4).

Aic 2017 Capital structure 2017 Projection $ % Cost Weighted 4.27 Page.Line $ % Cost Weighted 4.27 Long Term Debt 2,665,883,538 47% 0.0550 0.0260 4.28 Preferred Stock 61,721,350 1% 0.0490 0.0005 4.29 Common Stock 2,908,148,803 52% 0.1082 0.0558 4.30 Total 5,635,753,692 100% 0.0824 2017 Actual 2,628,383,538 0.0542 0.0254 61,632,375 0.0491 2,908,901,913 0.0562 5,598,917,827 0.0822 Change in Return -0.0215%

Aic 2017 total revenue requirement Page.Line 2017 Projection 2017 Actual Change Percent 2.30 TOTAL RATE BASE 1,358,324,006 1,345,782,015 -12,541,991 -1% 4.30 Rate of Return 8.24% 8.22% -0.02% 0% 3.28 Return 111,915,393 110,592,532 -1,322,861 Total Expenses 146,263,697 147,289,217 1,025,521 1% 3.29 TOTAL GROSS REV. REQ. 258,179,090 257,881,749 -297,340 3.30 Less ATT. GG Adjustment 16,346,548 16,515,543 168,995 3.30a Less ATT. MM Adjustment 14,052,764 13,795,822 -256,942 -2% 3.31 GROSS REV. REQ. UNDER ATT. O 227,779,777 227,570,384 -209,393

Aic 2017 Net revenue requirement for Schedule 9 Page.Line 2017 Projection 2017 Actual Change Percent 1.1 Gross Revenue Requirement 227,779,777 227,570,384 -209,393 0% 1.6 Total Revenue Credits 13,682,453 12,248,816 -1,433,637 -10% 1.6a Historic Year Actual ATRR 163,559,846 163,550,117 (9,729) 1.6b Projected ATRR from Prior Year 158,036,243 1.6c Prior Year ATRR True-Up 5,523,603 5,513,874 1.6d Prior Year Divisor True-Up 3,916,998 3,851,673 (65,325) -2% 1.6e Interest on Prior Year True-Up 61,855 125,785 63,930 103% 1.7a NET REVENUE REQUIREMENT 223,599,780 224,812,900 1,213,120 1% 1.7b Prairie Power N/A 1.7 AIC Adjusted Revenue Requirement .

Aic 2017 attachment o true-up for Schedule 9 Attachment O 2017 True-up calculation (Schedule 9)   Net Actual 2017 Rev Req (Actual Attach O, Pg 1, Line 7) $224,812,900 Net Projected 2017 Rev Req (Projected Attach O, Pg 1, Line 7) $223,599,780 Under/(Over) Collection of 2017 Net Rev Req $1,213,120 Historic Year Actual Divisor for Transmission Owner (Attach O, Pg 1, Line 15) 6,859,419 Proj'd Yr Divisor for Transmission Owner (Projected Attach O, Pg 1, Line 15) 7,315,667 Difference between Historic & Projected Yr Divisor 456,248 Prior Year Projected Annual Cost ($ per kw per yr) $30.5645 Under/(Over) Collection of 2017 Divisor True-up $13,944,992 Total Under/(Over) Recovery $15,158,112 Monthly Interest Rate (Over collection = FERC rate, Under collection = company rate) 0.1210% Interest For 24 Months $440,192 Total 2017 Attachment O True-up Under/(Over) Recovery (To be included in Projected 2019) $15,598,304

Aic 2017 attachment gg True-up by Project

Aic 2017 attachment MM true-up by Project

Aic 2017 attach GG & MM true-up for Schedule 26 & 26-A Attachment GG 2017 True-up ( Schedule 26)   Actual Attachment GG Rev Req for True-Up Year (Actual Attach GG, pg 2, col 10) 1 $16,515,543 Actual Attachment GG Revenues Received for 20171 $16,557,667 Under/(Over) Recovery of 2017 GG Rev Req ($42,124) Monthly Interest Rate (Over collection = FERC rate, Under collection = company rate) 0.3260% Interest For 24 Months ($3,296) Total 2017 Attachment GG True-up Under/(Over) Recovery ($45,420) 1 Amount excludes True-Up Adjustment, as reported in True-Up Year projected Attachment GG, page 2, column 11. Attachment MM 2017 True-up (Schedule 26-A) Actual Attachment MM Rev Req for True-Up Year (Actual Attach GG, pg 2, col 14) 1 $13,795,822 Actual Attachment MM Revenues for 20171 $13,112,805 Under/(Over) Recovery of 2017 MM Rev Req $683,017 0.1210% $19,835 Total 2017 Attachment MM True-up Under/(Over) Recovery $702,852 1 Amount excludes True-Up Adjustment, as reported in True-Up Year projected Attachment MM, page 2, column 15.

2017 Significant transmission projects added to plant Project Name Total Cost ($ Millions) CS014 - NERC CIP V5 - LOW $22.1 IT050 - E Galesburg-E Kewanee $19.0 IT031 - Cahokia-Dupo Ferry-Buck Knob $16.0 IT096 - West Frankfort - Ina $14.1 IT030 - Baldwin Ring Bus & Line Split $13.3 IT091 - Bee Hollow Rebuild $11.2 IL001 - Illinois Rivers $10.6 IT048 - Lawrenceville S-Robinson Marathon $10.5 IT045 - S Belleville-T138-1526 $10.3 IT033 - Searitt Switching Station $9.6 CS012 - Intelligrid $9.5 IT051 - Gibson City-Paxton E $9.0 IT049 - Hoopeston W-Paxton E $8.5 IT097 - Pana North - Moweaqua $7.7 IT053 - Turkey Hill-Ashley $7.6 IT036 - Hickok Breaker Station TP728 $7.1 IT035 - Monument Program $6.8 IT086 - Huff Substation Ring Bus (TP707) $5.7 IT046 - Jerseyville Northest-Meredosia East $5.4 IT047 - S Belleville-Centreville $5.1

Additional information Additional questions can be sent to Ameren at: MISOFormulaRates@ameren.com MISO Web Links Transmission Pricing - Attachments O, GG & MM Information https://www.misoenergy.org/markets-and-operations/ts-pricing Ameren OASIS http://www.oasis.oati.com/AMRN/index.html MTEP 18 https://www.misoenergy.org/planning/transmission-studies-and-reports/#nt=%2Freport-study-analysistype%3AMTEP%2Fmtepdoctype%3AMTEP%20Report%2Fmtepreportyear%3AMTEP18&t=10&p=0&s=&sd= MTEP 17 https://www.misoenergy.org/planning/transmission-studies-and-reports/#nt=%2Freport-study-analysistype%3AMTEP%2Fmtepdoctype%3AMTEP%20Report%2Fmtepreportyear%3AMTEP17&t=10&p=0&s=&sd= Schedule 26 & 26-A Indicative Charges https://www.misoenergy.org/planning/transmission-studies-and-reports/#nt=%2Freport-study-analysistype%3AMTEP%2Fmtepdoctype%3AMTEP%20Study%2Fmtepstudytype%3AIndicative%20Rate%20Reports&t=10&p=0&s=FileName&sd=desc