1. 2013 Annual True-Up Meeting
Great River Energy
2013 Annual True-Up Meeting
August 7, 2014

2. Agenda Introduction Disclosure Meeting purpose
Discuss the Regulatory Timeline
Review the 2013 Annual True-Up results
actual to forecast comparison
discuss drivers
Discuss next steps
Question / Answer

3. Disclosure
All figures in this document are preliminary and subject to change. Per the revised Formula Rate Protocols, figures will be finalized after the Information Exchange, Challenge Procedures, and MISO’s review are complete1.
1 Awaiting FERC’s final decision on Docket ER on FERC’s investigation into MISO Formula Rate Protocols

4. Meeting Purpose
The revised Formula Rate Protocols require GRE to hold an Annual True-Up Meeting among Interested Parties between the Publication Date (June 1) and September 1
Compare actual 2013 values against projections on which the 2013 rates were based
Review the Annual True-Up Adjustment calculation

5. Formula Rate Protocol Timeline
June 1
Deadline for Annual True-Up
Info Exchange Period and Review Period begin
June 1 – September 1
Deadline For Annual True-Up Meeting
September 1 – October 1
Deadline to Post Projected Net Revenue Requirement
Deadline for meeting on Projected Net Revenue Requirement
November 1
Deadline for joint meeting on regional cost-shared projects
December 1
Deadline for Interested Parties to submit information requests
January 10
Deadline for Transmission Owner to respond to information requests
January 31
Deadline for Interested Parties to submit Informal Challenges
February 28
Deadline for transmission owner to respond to Informal Challenges
March 15
Deadline to submit Informational Filing to the Commission
March 31
Deadline for Interested Parties to file Formal Challenge at the Commission

6. 2013 True-Up Adjustment Overview
Actual Projected Difference
Net Revenue Requirement $99,203,840 $96,975,134 $2,228,705 (a)
Divisor True-Up
Divisor 2,012,415 2,023,751 11,336
Projected Rate ($/kW/Yr) $47.919
True-Up (Divisor Difference x Projected Rate) $543,204 (b)
Interest $79,442 (c)
Total 2013 True-Up Adjustment (Under Recovery) $2,851,352 (a+b+c)

7. 2013 ATTR Summary
Actual ATRR
Projected ATRR

8. Revenue Requirement Overview
Projected 2013 Net Revenue Requirement $96,975,134
Actual to Projected Differences:
Return $963,753
O&M Expense $(963,019)
Attachment GG Adjustment $(165,196)
Attachment MM Adjustment $935,421
Revenue Credits $1,457,747
Actual 2013 Net Revenue Requirement $99,203,840
Overall Difference $2,228,705

9. Return Overview Projected 2013 Rate Base $671,736,732
Actual to Projected Differences:
Net Plant $(13,839,565)
Construction Work In Progress $2,306,365
Adjustments to Rate Base * $333,388
Land Held for Future Use $0
Working Capital $389,971
Actual 2013 Rate Base $660,260,116
Overall Difference $(11,476,617)
*offset to Rate Base

10. Return Overview Actual Return % Projected Return % D/E Ratio Weighted
LTD 85.05% 4.77% (a)
Equity 14.95% 1.85% (b)
Return 6.63% (a+b)
Projected Return %
D/E Ratio Weighted
LTD 86.06% 4.70% (a)
Equity 13.94% 1.73% (b)
Return 6.42% (a+b)
Overall Difference = %

11. Return Overview Rate Base Actual to Projected Difference $(11,476,617)
Actual Return Rate 6.63%
$(760,342) (a)
Return Rate
Projected Rate Base $671,736,732
Actual to Projected Difference in Return % %
$1,351,390 (b)
Overall Difference in Return $591,048 (a+b)

12. Operating Expense Overview
Projected 2013 Operating Expense $78,815,432
Actual to Projected Differences:
O&M (includes A&G) $(755,842)
Depreciation Expense $(332,354)
Taxes Other Than Income Taxes $125,177
Income Taxes $0
Actual 2013 Operating Expense $77,852,413
Overall Difference $(963,019)

13. Attachment GG & MM Overview
Projected ATRR $17,872,720
Actual to Projected Differences:
Annual Expense Charge $64,038
Annual Return Charge $199,605
Depreciation Expense $(98,447)
Actual ATRR $18,037,916
Overall Difference $165,196
Attachment MM
Projected ATRR $5,998,423
Actual to Projected Differences:
Annual Expense Charge $(4,983)
Annual Return Charge $(429,469)
Depreciation Expense $(500,970)
Actual ATRR $5,063,002
Overall Difference $(935,421)

14. Revenue Credits Overview
Projected 2013 Revenue Credits $4,338,375
Actual to Projected Differences:
Account 454 (Rent From Electric Property) $(629,236)
Account 456 (Other Electric Revenues) $(828,511)
Actual 2013 Revenue Credits $2,880,628
Overall Difference $(1,457,747)

15. Next Steps Information Exchange Procedures*
Interested Parties have until December 1, 2014** to submit information requests
GRE shall make a good faith effort to respond within 15 business days of receipt of such request
Any information request should be submitted in writing to:
Todd Butkowski and
Seth Nelson
All questions and answers will be distributed by to the Interested Party who asked the question(s) and will be posted on the MISO website and OASIS
* Awaiting FERC’s final decision on Docket ER on FERC’s investigation into MISO Formula Rate Protocols
** If December 1 falls on a weekend or a holiday recognized by FERC, the deadline for submitting the request will be extended to the next business day

16. Questions?