The Maine Public Utilities Commission approved an alternative rate plan for Bangor Gas Company over the objections of the Office of the Public Advocate and Bucksport Mill. The Commission calculated Bangor Gas's initial rate base using the original cost of the utility's assets rather than the impaired acquisition cost. It also included 50% of Bangor Gas's regulatory proceeding expenses amortized over five years in the revenue requirement. The Maine Supreme Judicial Court affirmed the Commission's order, finding that the Commission properly exercised its discretion in valuing the utility's assets and setting just and reasonable rates.
Ohio-Louisiana Access Project - Reverse Natural Gas Pipeline from NE to GulfMarcellus Drilling News
The application filed by Texas Gas Transmission to reverse the flow on 690 miles of pipeline from Louisiana to southwestern Ohio. Reversing the flow (making it bi-directional) would allow Texas Gas to flow Marcellus and Utica Shale gas to the Gulf Coast area. The project does not include laying any new pipe--only the modification of four existing compressor stations and building one new compressor station.
The order approves Texas Gas Transmission's proposal to construct a new compressor station and modify existing facilities to enable bi-directional gas flows on its pipeline system. Specifically, it will construct the Bosco Compressor Station in Louisiana and modify four existing compressor stations and a pipeline interconnection. This will allow Texas Gas to transport up to 758,000 MMBtu per day of natural gas north to south. The order finds that the project will not adversely impact existing customers or other pipelines, and that Texas Gas has taken steps to minimize effects on landowners and communities. It authorizes the project subject to certain conditions.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Federal Energy Regulatory approval and certificate that allows the Eastern Shore Natural Gas Company to build their White Oak Mainline Expansion Project--with new pipeline and compressor station upgrades in Chester County, PA and New Castle County, DE. It is a short, 7-mile pipeline to help de-bottleneck natural gas flows coming from the PA Marcellus Shale into ESNG's Delmarva Peninsula pipeline network.
EPA's Clean Power Plan: Basics and Implications of the Proposed CO2 Emissions...The Brattle Group
This presentation outlines:
- Key Aspects of the Proposed Rule
- EPA’s Projected Changes in Emissions and Fuel Use
- Wholesale Electricity Price Impacts
- Implications for Asset Values
Federal Energy Regulatory approval and certificate that allows the Eastern Shore Natural Gas Company to build their System Reliability Project--to construct and operate facilities in New Castle, Kent and Sussex counties in DE.
Spectra Energy reported third quarter 2007 results with ongoing net income of $240 million, up 32% from the prior year. Key highlights included strong performance from US Transmission and Distribution businesses, as well as progress on their $3 billion 2007-2009 capital investment program with $625-650 million expected to be completed by the end of 2007. Management remains confident in meeting 2007 financial goals and delivering steady growth and attractive dividends.
The approval certificate issued by the Federal Energy Regulatory Commission (FERC) on April 7, 2016 for a project to beef up a connection between two pipelines not yet built--PennEast Pipeline and Southern Reliability Project pipeline. Both new pipelines will be located, at least partially, in NJ.
Ohio-Louisiana Access Project - Reverse Natural Gas Pipeline from NE to GulfMarcellus Drilling News
The application filed by Texas Gas Transmission to reverse the flow on 690 miles of pipeline from Louisiana to southwestern Ohio. Reversing the flow (making it bi-directional) would allow Texas Gas to flow Marcellus and Utica Shale gas to the Gulf Coast area. The project does not include laying any new pipe--only the modification of four existing compressor stations and building one new compressor station.
The order approves Texas Gas Transmission's proposal to construct a new compressor station and modify existing facilities to enable bi-directional gas flows on its pipeline system. Specifically, it will construct the Bosco Compressor Station in Louisiana and modify four existing compressor stations and a pipeline interconnection. This will allow Texas Gas to transport up to 758,000 MMBtu per day of natural gas north to south. The order finds that the project will not adversely impact existing customers or other pipelines, and that Texas Gas has taken steps to minimize effects on landowners and communities. It authorizes the project subject to certain conditions.
Progress Energy reported first quarter 2004 ongoing earnings of $0.64 per share compared to $0.84 per share in the first quarter of 2003. GAAP earnings were $0.45 per share compared to $0.94 per share in the prior year. The decrease in ongoing and GAAP earnings was primarily due to lower wholesale sales, higher O&M costs, and common stock dilution. However, most business lines delivered results consistent with plans. Progress Energy reaffirmed its 2004 earnings guidance of $3.50 to $3.65 per share. Significant events in the quarter included renewing the Robinson Nuclear Plant license for 20 additional years and completing a power uprate at Brunswick Nuclear Unit 1.
Federal Energy Regulatory approval and certificate that allows the Eastern Shore Natural Gas Company to build their White Oak Mainline Expansion Project--with new pipeline and compressor station upgrades in Chester County, PA and New Castle County, DE. It is a short, 7-mile pipeline to help de-bottleneck natural gas flows coming from the PA Marcellus Shale into ESNG's Delmarva Peninsula pipeline network.
EPA's Clean Power Plan: Basics and Implications of the Proposed CO2 Emissions...The Brattle Group
This presentation outlines:
- Key Aspects of the Proposed Rule
- EPA’s Projected Changes in Emissions and Fuel Use
- Wholesale Electricity Price Impacts
- Implications for Asset Values
Federal Energy Regulatory approval and certificate that allows the Eastern Shore Natural Gas Company to build their System Reliability Project--to construct and operate facilities in New Castle, Kent and Sussex counties in DE.
Spectra Energy reported third quarter 2007 results with ongoing net income of $240 million, up 32% from the prior year. Key highlights included strong performance from US Transmission and Distribution businesses, as well as progress on their $3 billion 2007-2009 capital investment program with $625-650 million expected to be completed by the end of 2007. Management remains confident in meeting 2007 financial goals and delivering steady growth and attractive dividends.
The approval certificate issued by the Federal Energy Regulatory Commission (FERC) on April 7, 2016 for a project to beef up a connection between two pipelines not yet built--PennEast Pipeline and Southern Reliability Project pipeline. Both new pipelines will be located, at least partially, in NJ.
Importancia acerca del uso correcto de la computadoracamilo leyton
El documento describe la importancia de cuidar y mantener correctamente los equipos de computo. Algunos puntos clave son preservar el hardware de factores dañinos como el polvo, las vibraciones, la humedad y las altas temperaturas. También es importante dejar espacio alrededor del equipo para ventilación, tratarlo con cuidado, y protegerlo de cambios en la energía eléctrica. El mantenimiento adecuado ayuda a prevenir daños y a que el equipo funcione de manera segura.
This document contains a resume for Md Shahbaz. It includes his personal details, objective, experience working as a software engineer for HCL Technologies for 1.11 years developing web applications in banking domains using technologies like ASP.Net, C#, and SQL Server. It also outlines two specific projects for Lloyds Banking Group developing applications for credit risk management and collateral management. His technical skills, education qualifications from Asansol Engineering College, and strengths like responsibility, learning ability, teamwork, and communication are highlighted.
El documento describe el Sistema Solar. Se compone del Sol y varios cuerpos como 8 planetas principales, satélites, planetas menores, asteroides y cometas que están ligados por gravedad. El Sistema Solar pertenece a la galaxia de la Vía Láctea que contiene miles de millones de estrellas.
El documento habla sobre los peligros de las redes sociales como el acoso en línea, el ciberbullying y el sexting. Recomienda que la edad mínima para usar las redes sociales sea de 14 años con control parental si son menores. Da consejos a los menores sobre pedir datos personales, quedar con desconocidos y respetar a los demás. Explica que en caso de ciberbullying los padres deben mantener la calma, avisar a los padres del acosador si es menor o denunciar a la policía si es mayor, guardando
El documento propone formas de preservar el medio ambiente. Explica que el medio ambiente está formado por elementos naturales y artificiales que interactúan y son modificados por la acción humana. También describe el equilibrio ecológico como el resultado de la interacción de factores ambientales que mantienen estable el ecosistema, y cómo la contaminación produce efectos nocivos que amenazan la vida. Finalmente, sugiere algunas soluciones para combatir la contaminación ambiental.
El documento describe los cargos y funciones de la junta de socios, gerente, revisor fiscal, secretaria, vendedores, contador y auxiliar contable de la empresa Compumabe Ocaña Ltda. La junta de socios establece las normas de la empresa, toma decisiones y aprueba cuentas. El gerente dirige las operaciones diarias, representa la empresa y supervisa al personal. El revisor fiscal inspecciona las actividades económicas. La secretaria gestiona documentos y comunicaciones. Los vendedores atienden clientes. El contador asesora en
Este documento resume los conceptos clave de la demanda, incluyendo que la demanda se refiere a la cantidad de un bien que los compradores desean a diferentes precios y está determinada por factores como el precio del bien, precios de bienes relacionados, ingreso disponible y preferencias. También describe las dimensiones de la demanda, factores que la determinan, y cómo se puede representar gráficamente la curva de demanda y su elasticidad.
El documento describe las distintas fases del proceso de desarrollo tecnológico: 1) planteamiento del problema, 2) búsqueda de información, 3) diseño, 4) planificación, 5) construcción, 6) verificación, y 7) presentación. Cada fase tiene un propósito específico como identificar el problema, investigar soluciones potenciales, diseñar una solución, organizar el proyecto, construir el producto, probarlo y presentarlo.
Brianna Beckwith is seeking patient care experience to pursue a career as a medical practitioner. She graduated from the University of South Florida with a BS in Health Sciences and a minor in Spanish. She is certified as a nurse assistant and has experience working with children at an orphanage in Honduras and studying abroad in Spain to improve her Spanish skills. She also has customer service experience working at Dollywood and McDonald's.
This document outlines 5 strategies for success: 1) Developing independence and self-sufficiency like a strong woman. 2) Asking small reflective questions to improve work. 3) Taking breaks every 2 months to refocus. 4) Avoiding distractions and maintaining faith in yourself. 5) Setting smart, timed career and financial goals like graduating on time and becoming financially stable by 30. It also provides tips for supervision like encouraging time off, independence, team building to support goals.
Meeting the Needs of Disadvantaged Students by Ikhlas AhmadIkhlas Ahmad
- The document discusses meeting the needs of disadvantaged students and building relationships with them. It notes that students from low-income families have lower graduation rates and face distractions from poverty.
- It describes an experience where a teacher built rapport with a struggling student by greeting him excitedly each day. This positive relationship helped the student improve in English.
- The document advocates for high expectations, family involvement, exposing students to the arts, and recognizing signs of disadvantage in order to engage students and help them succeed.
El documento describe los componentes principales de una computadora y sus funciones. Estos incluyen la placa base, el procesador, la memoria RAM, buses de datos como IDE y SATA, el disco duro, y unidades ópticas. También habla sobre realizar mantenimiento preventivo mediante la limpieza de los componentes, pruebas de hardware y software, y herramientas como desarmadores y sopladora.
Este documento ofrece consejos para planificar un viaje de manera efectiva en 4 pasos: 1) Escoge un destino y fecha, e investiga sobre el clima, atracciones y transporte. 2) Calcula los costos y haz un presupuesto. 3) Haz reservaciones de vuelos y alojamiento con anticipación. 4) Compra artículos necesarios, asegúrate de tener los documentos de viaje en orden y avisa a otros sobre tus planes. El objetivo es planificar detalles logísticos como costos, itinerario y reservaciones para que el viaje se desar
This document provides a professional summary and experience for Prathima Chenna. Some key points:
- Over 9 years of experience in SAP ABAP and mobility technologies like SMP, UI5, and Fiori. Experience designing and developing mobile apps for various industries.
- Expertise in designing mobile solutions, requirement gathering, testing, deployment and production support. Experience with full life cycle of mobile app development.
- Recent experience as a SAP Mobility Architect at CSL Behring developing FIORI apps and prototyping mobile solutions from ECC to devices using SMP 3.0 and UI5.
- Additional experience includes roles at Pacific Gas & Electric, Sealed Air
This document is a summary of the Supreme Court case Pharmaceutical Research and Manufacturers of America v. Walsh, which addressed whether Maine's Rx Program was preempted by the federal Medicaid Act. The summary outlines the key aspects of Maine's Rx Program and the various opinions of the justices on whether the program was preempted or in violation of the Commerce Clause. In the end, the Court affirmed the First Circuit's ruling that petitioner did not demonstrate the program was likely preempted or unconstitutional.
Debbie Silvey is seeking a career position in procurement services, administrative support, or project management with over 17 years of experience in biopharmaceutical and oil and gas industries. She has experience managing capital projects and providing procurement support. Her skills include contract management, bid solicitation and evaluation, purchase order processing, vendor relationship management, and project coordination. She holds an Associate's degree and has ongoing training in purchasing management.
Este documento resume a 66a Reunião Ordinária do Presbitério de Santos realizada em 13 de fevereiro de 2016. Contém relatórios de igrejas, comissões e secretarias presbiteriais, aprovação de contas, designação de pastores, transferência de ministros e outras deliberações.
1) The document describes a toy model to help explain Markov chains used in forecasting. It involves the metabolic carbon flow in extinct arborescent lycopsids.
2) The toy model uses a transition matrix and state vector to represent the flow of carbon through different states over a diurnal cycle.
3) The toy model demonstrates how Markov chains can be used to model complex real-world processes and help explain sources of change and variability in large Markov chain forecasts.
Progress Energy announced its fourth quarter and full year 2008 financial results. For the fourth quarter, it reported GAAP earnings of $0.41 per share compared to $0.40 per share the previous year. Full year 2008 GAAP earnings were $3.19 per share compared to $1.97 per share in 2007. The company affirmed its 2009 ongoing earnings guidance range of $2.95 to $3.15 per share. Progress Energy's chairman stated that 2009 will be challenging but that the company is controlling costs to minimize the impact of rising fuel and energy policy costs on customers.
IECA Letter to FERC Requesting a Review of Rates Charged by Interstate Natura...Marcellus Drilling News
A letter from the Industrial Energy Consumers of America to the chairman of the Federal Energy Regulatory Commission, asking FERC to restart rigorous reviews of the rates being charged by interstate pipelines. The IECA maintains their members are being overcharged for the delivery of natural gas.
Importancia acerca del uso correcto de la computadoracamilo leyton
El documento describe la importancia de cuidar y mantener correctamente los equipos de computo. Algunos puntos clave son preservar el hardware de factores dañinos como el polvo, las vibraciones, la humedad y las altas temperaturas. También es importante dejar espacio alrededor del equipo para ventilación, tratarlo con cuidado, y protegerlo de cambios en la energía eléctrica. El mantenimiento adecuado ayuda a prevenir daños y a que el equipo funcione de manera segura.
This document contains a resume for Md Shahbaz. It includes his personal details, objective, experience working as a software engineer for HCL Technologies for 1.11 years developing web applications in banking domains using technologies like ASP.Net, C#, and SQL Server. It also outlines two specific projects for Lloyds Banking Group developing applications for credit risk management and collateral management. His technical skills, education qualifications from Asansol Engineering College, and strengths like responsibility, learning ability, teamwork, and communication are highlighted.
El documento describe el Sistema Solar. Se compone del Sol y varios cuerpos como 8 planetas principales, satélites, planetas menores, asteroides y cometas que están ligados por gravedad. El Sistema Solar pertenece a la galaxia de la Vía Láctea que contiene miles de millones de estrellas.
El documento habla sobre los peligros de las redes sociales como el acoso en línea, el ciberbullying y el sexting. Recomienda que la edad mínima para usar las redes sociales sea de 14 años con control parental si son menores. Da consejos a los menores sobre pedir datos personales, quedar con desconocidos y respetar a los demás. Explica que en caso de ciberbullying los padres deben mantener la calma, avisar a los padres del acosador si es menor o denunciar a la policía si es mayor, guardando
El documento propone formas de preservar el medio ambiente. Explica que el medio ambiente está formado por elementos naturales y artificiales que interactúan y son modificados por la acción humana. También describe el equilibrio ecológico como el resultado de la interacción de factores ambientales que mantienen estable el ecosistema, y cómo la contaminación produce efectos nocivos que amenazan la vida. Finalmente, sugiere algunas soluciones para combatir la contaminación ambiental.
El documento describe los cargos y funciones de la junta de socios, gerente, revisor fiscal, secretaria, vendedores, contador y auxiliar contable de la empresa Compumabe Ocaña Ltda. La junta de socios establece las normas de la empresa, toma decisiones y aprueba cuentas. El gerente dirige las operaciones diarias, representa la empresa y supervisa al personal. El revisor fiscal inspecciona las actividades económicas. La secretaria gestiona documentos y comunicaciones. Los vendedores atienden clientes. El contador asesora en
Este documento resume los conceptos clave de la demanda, incluyendo que la demanda se refiere a la cantidad de un bien que los compradores desean a diferentes precios y está determinada por factores como el precio del bien, precios de bienes relacionados, ingreso disponible y preferencias. También describe las dimensiones de la demanda, factores que la determinan, y cómo se puede representar gráficamente la curva de demanda y su elasticidad.
El documento describe las distintas fases del proceso de desarrollo tecnológico: 1) planteamiento del problema, 2) búsqueda de información, 3) diseño, 4) planificación, 5) construcción, 6) verificación, y 7) presentación. Cada fase tiene un propósito específico como identificar el problema, investigar soluciones potenciales, diseñar una solución, organizar el proyecto, construir el producto, probarlo y presentarlo.
Brianna Beckwith is seeking patient care experience to pursue a career as a medical practitioner. She graduated from the University of South Florida with a BS in Health Sciences and a minor in Spanish. She is certified as a nurse assistant and has experience working with children at an orphanage in Honduras and studying abroad in Spain to improve her Spanish skills. She also has customer service experience working at Dollywood and McDonald's.
This document outlines 5 strategies for success: 1) Developing independence and self-sufficiency like a strong woman. 2) Asking small reflective questions to improve work. 3) Taking breaks every 2 months to refocus. 4) Avoiding distractions and maintaining faith in yourself. 5) Setting smart, timed career and financial goals like graduating on time and becoming financially stable by 30. It also provides tips for supervision like encouraging time off, independence, team building to support goals.
Meeting the Needs of Disadvantaged Students by Ikhlas AhmadIkhlas Ahmad
- The document discusses meeting the needs of disadvantaged students and building relationships with them. It notes that students from low-income families have lower graduation rates and face distractions from poverty.
- It describes an experience where a teacher built rapport with a struggling student by greeting him excitedly each day. This positive relationship helped the student improve in English.
- The document advocates for high expectations, family involvement, exposing students to the arts, and recognizing signs of disadvantage in order to engage students and help them succeed.
El documento describe los componentes principales de una computadora y sus funciones. Estos incluyen la placa base, el procesador, la memoria RAM, buses de datos como IDE y SATA, el disco duro, y unidades ópticas. También habla sobre realizar mantenimiento preventivo mediante la limpieza de los componentes, pruebas de hardware y software, y herramientas como desarmadores y sopladora.
Este documento ofrece consejos para planificar un viaje de manera efectiva en 4 pasos: 1) Escoge un destino y fecha, e investiga sobre el clima, atracciones y transporte. 2) Calcula los costos y haz un presupuesto. 3) Haz reservaciones de vuelos y alojamiento con anticipación. 4) Compra artículos necesarios, asegúrate de tener los documentos de viaje en orden y avisa a otros sobre tus planes. El objetivo es planificar detalles logísticos como costos, itinerario y reservaciones para que el viaje se desar
This document provides a professional summary and experience for Prathima Chenna. Some key points:
- Over 9 years of experience in SAP ABAP and mobility technologies like SMP, UI5, and Fiori. Experience designing and developing mobile apps for various industries.
- Expertise in designing mobile solutions, requirement gathering, testing, deployment and production support. Experience with full life cycle of mobile app development.
- Recent experience as a SAP Mobility Architect at CSL Behring developing FIORI apps and prototyping mobile solutions from ECC to devices using SMP 3.0 and UI5.
- Additional experience includes roles at Pacific Gas & Electric, Sealed Air
This document is a summary of the Supreme Court case Pharmaceutical Research and Manufacturers of America v. Walsh, which addressed whether Maine's Rx Program was preempted by the federal Medicaid Act. The summary outlines the key aspects of Maine's Rx Program and the various opinions of the justices on whether the program was preempted or in violation of the Commerce Clause. In the end, the Court affirmed the First Circuit's ruling that petitioner did not demonstrate the program was likely preempted or unconstitutional.
Debbie Silvey is seeking a career position in procurement services, administrative support, or project management with over 17 years of experience in biopharmaceutical and oil and gas industries. She has experience managing capital projects and providing procurement support. Her skills include contract management, bid solicitation and evaluation, purchase order processing, vendor relationship management, and project coordination. She holds an Associate's degree and has ongoing training in purchasing management.
Este documento resume a 66a Reunião Ordinária do Presbitério de Santos realizada em 13 de fevereiro de 2016. Contém relatórios de igrejas, comissões e secretarias presbiteriais, aprovação de contas, designação de pastores, transferência de ministros e outras deliberações.
1) The document describes a toy model to help explain Markov chains used in forecasting. It involves the metabolic carbon flow in extinct arborescent lycopsids.
2) The toy model uses a transition matrix and state vector to represent the flow of carbon through different states over a diurnal cycle.
3) The toy model demonstrates how Markov chains can be used to model complex real-world processes and help explain sources of change and variability in large Markov chain forecasts.
Progress Energy announced its fourth quarter and full year 2008 financial results. For the fourth quarter, it reported GAAP earnings of $0.41 per share compared to $0.40 per share the previous year. Full year 2008 GAAP earnings were $3.19 per share compared to $1.97 per share in 2007. The company affirmed its 2009 ongoing earnings guidance range of $2.95 to $3.15 per share. Progress Energy's chairman stated that 2009 will be challenging but that the company is controlling costs to minimize the impact of rising fuel and energy policy costs on customers.
IECA Letter to FERC Requesting a Review of Rates Charged by Interstate Natura...Marcellus Drilling News
A letter from the Industrial Energy Consumers of America to the chairman of the Federal Energy Regulatory Commission, asking FERC to restart rigorous reviews of the rates being charged by interstate pipelines. The IECA maintains their members are being overcharged for the delivery of natural gas.
Mountaineer Gas Case No. 15-1256-G-390P Request to Expand Distribution Lines ...Marcellus Drilling News
An application by Mountaineer Gas, the state's largest natgas local distribution company, to build 56 miles of new distribution lines in the eastern panhandle counties of Berkeley, Jefferson and Morgan to deliver more gas to the region in response to demand from manufacturing plants that want to build in the area. The new lines would provide Marcellus Shale for new and existing customers.
Decision by NH PUC to Deny Request by Eversource Energy to Strike a Long-Term...Marcellus Drilling News
The New Hampshire Public Utilities Commission dismissed Eversource's petition requesting approval of a long-term gas capacity contract with Algonquin Gas Transmission and cost recovery through customer rates. The Commission determined that Eversource's proposed program is inconsistent with New Hampshire's electric utility restructuring law, which aims to introduce competition in electricity generation through functional separation of generation, transmission, and distribution services. The Commission found that the overriding purpose of the restructuring law is to shift generation investment risks away from regulated utility customers onto private investors in competitive electricity markets.
AREX 2016 Wells Fargo West Coast Energy PresentationApproachResources
The document discusses AREX's operations in the Permian Basin, including its 167 million barrels of oil equivalent proved reserves, low cost structure, extensive drilling inventory, and significant resource potential from the Wolfcamp shale play. AREX has implemented enhanced completion designs that outperform type curves and reduced its lease operating expenses through the use of a centralized water recycling facility that lowers drilling and completion costs by reusing flowback and produced water.
San Jose Water Company filed an application with the California Public Utilities Commission to adjust its cost of capital and rates for the period from 2018 to 2020. SJWC is requesting authorization to adjust its cost of capital based on its forecasted costs of equity and long-term debt and capital structure. It is also requesting to maintain its existing Water Cost of Capital Mechanism to allow for mid-cycle adjustments if bond index rates change substantially. The application includes testimony supporting SJWC's proposed cost of equity, debt, and capital structure. It proposes a schedule for the proceeding, which would allow new rates to take effect on January 1, 2018 if approved.
This supplemental decision by the Nova Scotia Utility and Review Board provides context and analysis regarding NSP Maritime Link Inc.'s compliance filing to satisfy conditions imposed in the Board's previous approval of the Maritime Link Project. Specifically, the Board assesses whether the newly executed Energy Access Agreement satisfies the key condition of providing NSPI access to Nalcor's market-priced energy. The Board also considers appropriate reporting requirements for NSPML and whether other conditions have been addressed.
1. MAINE SUPREME JUDICIAL COURT Reporter of Decisions
Decision: 2015 ME 113
Docket: PUC-14-414
Argued: June 18, 2015
Decided: August 13, 2015
Panel: SAUFLEY, C.J., and MEAD, GORMAN, JABAR, and HJELM, JJ.
OFFICE OF THE PUBLIC ADVOCATE et al.
v.
PUBLIC UTILITIES COMMISSION et al.
JABAR, J.
[¶1] The Maine Office of the Public Advocate (OPA) and Bucksport Mill,
LLC, appeal from an order of the Maine Public Utilities Commission approving an
alternative rate plan (ARP) for Bangor Gas Company, LLC. They argue that the
Commission erred by (1) calculating the ARP initial rate base by utilizing an
unimpaired, “original cost” valuation of Bangor Gas’s assets rather than the
impaired “acquisition cost” incurred by Bangor Gas’s parent company; and
(2) including in its calculation of Bangor Gas’s revenue requirement a portion of
the utility’s regulatory proceeding expenses amortized over five years. We affirm
the Commission’s order.
I. BACKGROUND
[¶2] The following facts were found by the Commission and are supported
by the record. Bangor Gas is a wholly-owned subsidiary of Penobscot Natural Gas
2. 2
Company, Inc. (Penobscot), which in turn is currently owned by Energy West, Inc.
Bangor Gas provides residential, commercial, and industrial gas service to
approximately 4,000 customers in Bangor, Brewer, Old Town, Veazie, Bucksport,
Herman, and Orono. It is also the sole natural gas service provider for Bucksport
Mill, formerly known as Verso Bucksport, LLC., and Verso Corporation.1
[¶3] Bangor Gas was first authorized to provide service to the greater
Bangor area as a start-up gas utility in 1998. At that time, Bangor Gas and its
parent company, Penobscot, were owned by Sempra Energy, LLC (Sempra).
Recognizing that the utility was a start-up with large front-end expenses and
entering a highly competitive market, the Commission approved Bangor Gas’s
original alternative rate plan (ARP) for a term of ten years. The utility’s rates were
established by reference to the cost of alternative fuels at the time and to other
utilities’ rates. The rate plan included an earnings-sharing mechanism, which
required Bangor Gas to return to ratepayers fifty percent of any earnings in excess
of fifteen percent of the utility’s cumulative return on equity. The earnings-sharing
mechanism was imposed to ensure that Bangor Gas would not realize excessive
earnings over the course of the ten-year rate plan.
1
Verso Corporation was originally a named party in this matter. By our order dated February 18,
2015, Verso Bucksport, LLC was substituted as a party in place of Verso Corporation, and Verso
Bucksport later changed its name to Bucksport Mill, LLC.
3. 3
[¶4] Much of Bangor Gas’s service infrastructure, including its gas
transmission and distribution system, was installed before 2007, when Sempra
owned the utility. Sempra made substantial capital investments in Bangor Gas’s
plant through the end of 2006. However, Bangor Gas was not profitable and, after
it lost one of its largest customers, Sempra sought to sell it.
[¶5] In December 2006, Energy West offered to acquire Penobscot and
Bangor Gas from Sempra by purchasing Penobscot’s stock for approximately
$500,000. The pending sale, as well as Bangor Gas’s lack of profitability,
triggered an internal “impairment analysis” of Bangor Gas’s assets.2
Pursuant to
generally accepted accounting principles, Bangor Gas considered Energy West’s
$500,000 offer to represent the fair value of Bangor Gas’s assets. This analysis
resulted in Bangor Gas “writing down” the book value of its assets to zero in
December 2006 and recording, for accounting purposes, an impairment loss3
of
approximately $38 million.
[¶6] Sempra formally accepted Energy West’s offer in January 2007. The
Commission approved the sale and reorganization by order dated November 21,
2
Pursuant to Statement of Financial Accounting Standards No. 144, an “impairment analysis” is a
method whereby an entity routinely reviews its own long-lived assets to determine the value of those
assets for the purposes of the company’s internal balance sheet. As occurred in this case, a pending sale
may also trigger “special impairment testing.”
3
When an impairment analysis indicates that the company’s asset is worth less than the value
recorded on the company’s balance sheet, the company records an impairment loss by writing down the
value of that asset on the balance sheet to the lower market value.
4. 4
2007. At the same time, the Commission extended Bangor Gas’s ARP for three
years, but increased the earnings-sharing trigger to a thirty percent cumulative rate
of return, to be calculated from the date of sale so that any losses or profits under
Sempra’s ownership would be ignored.
[¶7] At the time of Energy West’s acquisition of Bangor Gas, several
sections of the utility’s pipelines had not yet been connected to supply sources, and
thus were not in service supplying natural gas to customers. After Energy West’s
acquisition, Bangor Gas put those sections into service, added to its infrastructure,
and grew its customer base.
[¶8] On December 26, 2012, Bangor Gas filed a petition to renew its ARP
for a period of ten years.4
OPA and Bucksport Mill filed petitions to intervene,
which the Commission granted.5
Over the course of several months, the
Commission held numerous technical conferences and hearings, and the parties
filed data disclosures and direct and rebuttal testimony. Bangor Gas presented
evidence that its then-current rates were among the lowest gas utility rates in
Maine, and that with those rates and its retained earnings, the company could not
4
In its petition, Bangor Gas requested that the Commission continue its then-current rate plan pending
consideration of the petition. The Commission denied Bangor Gas’s request, finding that, pursuant to
35-A M.R.S. § 4706 (2014), it had to conduct a revenue requirement and earnings analysis before
renewing the rate plan.
5
The Commission also granted petitions to intervene filed by several towns and the University of
Maine, none of which are participating in this appeal.
5. 5
grow or attract new capital. It also presented evidence that it has “significant
growth potential if [it] continue[s] to be positioned as a start-up . . . operating
under an [ARP].”
[¶9] Bangor Gas did not initially file a revenue requirement calculation with
the Commission, nor did it request regulatory proceeding expenses in its initial
petition. It did, however, request regulatory proceeding expenses in its
February 2014 rebuttal testimony, proposing that the expenses be amortized at
$147,424 annually.
[¶10] The Commission conducted a cost-of-service and revenue
requirement analysis pursuant to a traditional rate-setting methodology in order to
evaluate the reasonableness of the ARP’s starting point rates, see 35-A M.R.S.
§ 4706(3) (2014), and, on September 8, 2014, it issued an order authorizing Bangor
Gas’s ARP for a term of seven years with no change in its then-existing rates.
[¶11] The Commission rejected OPA’s argument that the rate base should
reflect the impaired value of Bangor Gas’s assets—the $500,000 for which Energy
West acquired the company in 2007—finding that this impaired “book value”
“would not accurately reflect the current use of the utility’s assets.” Instead, the
Commission found that Bangor Gas’s rate base was properly calculated utilizing
6. 6
the asset’s original cost of approximately $38 million.6
The Commission further
found that the rate base calculation proposed by OPA and Bucksport Mill “would
open the door to wide fluctuations in the value of utility assets driven by market
changes, with corresponding fluctuations in rates.” It determined that Bangor
Gas’s rates were just and reasonable; would “continue to contribute to [Bangor
Gas’s] success in attracting new customers”; would allow it to continue investing
in its infrastructure; and would provide stable rates for natural gas customers.
[¶12] Regarding regulatory proceeding expenses, the Commission
acknowledged in its order that Bangor Gas did not comply with the filing
requirements of 9 C.M.R. 65 407 850-1 to -3 §§ 1-3 (1999), but allowed “50% of
Bangor Gas’s rate case expense to be included in the revenue requirement,
normalized over a five-year period, which results in an annual expense of
$40,000.”
[¶13] OPA and Bucksport Mill appeal from the Commission’s order. See
35-A M.R.S. § 1320 (2014); M.R. App. P. 2(b)(3).
6
The Commission calculated Bangor Gas’s rate base, utilizing the depreciated original cost value of
the utility’s assets, to be $36,243,901. It calculated Bangor Gas’s revenue requirement to be $8,702,104.
The Commission further found that its revenue requirement calculation, utilizing the depreciated cost of
Bangor Gas’s plant when first put into service, indicated a revenue shortfall that would support increasing
the utility’s rates—an outcome, the Commission noted, that no party had sought.
7. 7
II. DISCUSSION
A. Property Valuation
[¶14] OPA and Bucksport Mill contend that the Commission exceeded its
statutory authority by valuing Bangor Gas’s assets based on Sempra’s original
investment of $38 million, rather than on Energy West’s acquisition cost of
$500,000, and that the valuation error caused it to erroneously determine that the
ARP base rate was just and reasonable. See 35-A M.R.S. §§ 303, 4706 (2014).
The Commission and Bangor Gas argue that the Commission properly determined
that the ARP rates were just and reasonable by reference to the original cost of
Bangor Gas’s assets that are used or required to be used in providing natural gas
service to the public. See 35-A M.R.S. § 303.
[¶15] We review decisions of the Commission deferentially, and will
disturb a decision “only when the Commission abuses the discretion entrusted to it,
or fails to follow the mandate of the legislature, or to be bound by the prohibitions
of the constitution.” Houlton Water Co. v. PUC, 2014 ME 38, ¶ 24, 87 A.3d 749
(quotation marks omitted); Office of the Pub. Advocate v. PUC, 2003 ME 23, ¶ 19,
816 A.2d 833 (“Although the Commission’s interpretation of a statute that it
administers is not conclusive or binding on us, such an interpretation is entitled to
deference and should be upheld unless the statute plainly compels a contrary
result.”) (quotation marks omitted); New England Tel. & Tel. Co. v. Pub. Utils.
8. 8
Comm’n, 390 A.2d 8, 15 (Me. 1978) (explaining that we defer to the
Commission’s technical expertise and do not “review the Commission’s findings
of fact and seek to determine what rates are reasonable and just,” but intervene
only on questions of law).
[¶16] Pursuant to 35-A M.R.S. § 4706(1), the Commission may authorize
an ARP for a gas utility in order “to promote efficiency in operations, create
appropriate financial incentives, promote rate stability and promote equitable cost
recovery” for the utility. When authorizing an ARP, the Commission has the
statutory obligation to ensure that the rates resulting from the ARP are “just and
reasonable.” Id. § 4706(3). Thus, “[p]rior to the adoption of a new or replacement
alternative rate plan or renewal of any existing alternative rate plan, the
commission shall, in order to ensure that rates at the starting point of the plan are
just and reasonable, conduct a revenue requirement and earnings review pursuant
to the standards of [35-A M.R.S. § 301 (2014)].” Id. In determining a just and
reasonable rate base pursuant to section 301, the Commission must “provide such
revenues to the utility as may be required to perform its public service and to
attract necessary capital on just and reasonable terms.” 35-A M.R.S. § 301(4)(A).
[¶17] In establishing a utility’s rate base, the Commission must fix a
“reasonable value” upon all of the utility’s property that “is used or required to be
9. 9
used in its service to the public,” in order to ensure a “fair return on that property.”
35-A M.R.S. § 303. Section 303 further provides:
In fixing a reasonable value, the commission shall give due
consideration to evidence of the cost of the property when first
devoted to public use and the prudent acquisition cost to the utility,
less depreciation on each, and any other material and relevant factors
or evidence, but the other factors shall not include current value.
(Emphasis added.)
[¶18] In its property value determination, the Commission was statutorily
required to give due consideration to the factors set out in section 303. However,
the statute plainly does not mandate one valuation methodology over another. See
Trask v. PUC, 1999 ME 93, ¶ 7, 731 A.2d 430 (“When we construe a statute, we
give effect to the Legislature’s intent[,] [which] is ordinarily gleaned from the plain
language of the statute itself. Such plain meaning will be applied so long as it does
not lead to an absurd, illogical, or inconsistent result.”) (quotation marks omitted)
(citation omitted). Further, the statute gives the Commission broad discretion to
consider “any other material and relevant factors or evidence,” except current
value, in setting a reasonable value for the utility’s assets for ratemaking purposes.
[¶19] In Central Me. Power Co. v. Pub. Utils. Comm’n, 150 Me. 257, 262
(1954), we explained the requirement that the Commission give “due
consideration” to the applicable statutory factors in determining the fair value of
property for ratemaking purposes as follows:
10. 10
The requirement that the Commission give “due consideration” to
evidence tending to establish any factor of fair value does not mean
that the Commission is not the judge of the weight to be given to the
proffered evidence. Nor does it mean that equal weight must be given
to each factor proven. The Commission may not proceed with a closed
mind and no disposition to be convinced by unimpeachable evidence.
“Due consideration” requires at least reasonable and fair
consideration, and once a factor is well proven, not only must the
Commission give consideration to it, but such factor must find
reflection in the finding of value . . . . [A]rbitrary and capricious
disregard by the Commission of a factor established by legislative
mandate, or of evidence tending to prove such a factor, is reversible
error.
(Quotation marks omitted) (citation omitted). We held that the Commission’s
statement that it gave “very little consideration to [acquisition cost] in the rate
base” did not mean that the Commission failed to give due consideration to that
factor as required by the statute. Id. at 267. Rather, we held that the Commission
exercised its discretion in giving the factor little weight in its value determination
because it found that the acquired property had since been “substantially retired.”
Id.
[¶20] Further, we explained that “original cost” is “the depreciated original
cost of property now existing and devoted to the public use[,] . . . taken as of the
time when the property was first devoted to the public use, whether that event
occurred when it was in the hands of this Company or a former owner.” Id. at 264
(emphasis added). “Prudent acquisition cost,” we explained, is “the difference,
most often an excess, between the original cost when first devoted to public service
11. 11
and the amount invested upon acquisition. This factor brings into focus what the
Company prudently invested in the property and takes into account that [business]
property . . . often demands a higher price than its original cost.” Id. at 266.
[¶21] Here, the Commission gave due consideration in its order both to
evidence of Energy West’s prudent acquisition costs and to evidence of the cost of
Bangor Gas’s property when Sempra first devoted the property to public use.
Consistent with its statutory authority, the Commission rejected the acquisition
cost factor and accepted the original cost factor as the more reasonable value on
which to base Bangor Gas’s base rates and resulting return on equity. In so
concluding, the Commission gave careful consideration to Bangor Gas’s
productivity and its ability to attract capital and realize a fair return on equity, and
to policy concerns for rate stability.
[¶22] OPA and Bucksport Mill argue that the Commission erroneously
considered the “current value” of Bangor Gas’s assets in direct contravention of
section 303, citing the order’s references to the current use and revenue producing
abilities of the utility’s assets. Contrary to the appellants’ contention, the
Commission did not discuss Bangor Gas’s facilities in order to determine their
current or fair market value; rather, consistent with the statutory mandate, it set out
to determine a reasonable value for Bangor Gas’s property that would allow the
utility to realize a fair return on equity in light of its current operations and service
12. 12
capacity. After considering all the evidence and relevant statutory factors, the
Commission determined that the original cost valuation more accurately reflected
the reasonable value of the property that Bangor Gas uses in providing its
customers natural gas, and therefore the property on which it is entitled a fair
return.7
The Commission did not abuse its discretion or exceed its statutory
authority in accepting that valuation for Bangor Gas’s property.
B. Regulatory Proceeding Expenses
[¶23] OPA also argues that the Commission abused its discretion by
including in its revenue requirement calculation fifty percent of Bangor Gas’s
regulatory proceeding expenses because there was insufficient evidence supporting
the expense calculation.8
However, because the Commission’s decision to include
the regulatory proceeding expenses in its revenue requirement analysis had no
impact on its decision to approve the ARP, we need not address the merits of that
decision.
7
Indeed, the valuation method proposed by OPA and Bucksport Mill—Energy West’s
2007 acquisition cost of $500,000—might more closely reflect a “current value” assessment than does the
original cost valuation; the purchase price paid in 2007 reflects a snapshot market value of the company’s
assets at that time.
8
OPA also contends that the Commission improperly “amortized” these expenses rather than
“normalizing” them. Contrary to OPA’s argument, the Commission’s analysis is consistent with
normalization and reflects the Commission’s effort to normalize Bangor Gas’s expenses despite an
infrequent regulatory history. See Pine Tree Tel. & Tel. Co. v. Pub. Utils. Comm’n, 634 A.2d 1302, 1304
(Me. 1993) (explaining the normalization analysis).
13. 13
[¶24] Although, as the Commission concedes, Bangor Gas did not strictly
comply with the filing requirements for regulatory proceeding expenses, the
utility’s overall revenue requirement was otherwise fully litigated and the
Commission considered “a wide array of possible rate base calculations” as
supported by each parties’ filings, rebuttal filings, and data request responses.
Significantly, because the ARP that the Commission adopted for Bangor Gas did
not change the utility’s starting point rates from then-current levels, the
Commission’s decision to normalize a portion of Bangor Gas’s regulatory
proceeding expenses in its revenue requirement analysis had no impact on the
ARP’s ultimate starting point rates. In other words, because the Commission
decided to maintain starting point rates at then-current levels, it did not set the rate
that Bangor Gas’s customers would pay based on the revenue requirement figures
presented by either Bangor Gas or OPA. Rather, it considered each parties’ filings
in determining what revenue the utility would require and thus what rate could
justly be charged to the utility’s customers pursuant to a traditional rate-making
methodology, and then compared that rate to the ARP starting point rates to
determine whether the ARP rates were just and reasonable. See 35-A M.R.S.
§§ 301(4), 4706(3).
[¶25] In its order, the Commission noted that the revenue requirement
figures proposed by Bangor Gas would indicate a revenue shortfall that would
14. 14
justify a rate increase, and the figures proposed by OPA would indicate a windfall
that would require a rate decrease—the primary reason for the difference between
the two approaches being the different property valuations in determining the rate
base. The Commission took neither route, and instead found that Bangor Gas’s
then-existing rates were reasonable starting point rates and did not need to be
changed. It is safe to say that this dispute over an expense item representing an
insignificant portion of the revenue requirements presented by each party,9
neither
of which were used to set the utility’s rates, did not affect the Commission’s
decision to adopt the ARP.
The entry is:
Judgment affirmed.
On the briefs:
Timothy R. Schneider, Esq., and William C. Black, Esq., Maine
Office of the Public Advocate, Augusta, for appellant Office of
the Public Advocate
Todd J. Griset, Esq., and Andrew Landry, Esq., Preti Flaherty
Beliveau & Pachios LLP, Augusta, and Linda M. Glover, Esq.,
Winstead PC, Houston, Texas, for appellant Bucksport Mill,
LLC
9
The additional $40,000 regulatory proceeding expense accounts for an approximate one-half-percent
increase in Bangor Gas’s approximately $8 million revenue requirement.
15. 15
Matthew Kaply, Esq., Carol MacLennan, Esq., and Mitchell
Tannenbaum, Esq., Maine Public Utilities Commission,
Augusta, for appellee Public Utilities Commission
Alan G. Stone, Esq., and Benjamin J. Smith, Esq., Skelton,
Taintor & Abbott, Auburn, for appellee Bangor Gas Company,
LLC
At oral argument:
Timothy R. Schneider, Esq., for appellant Office of the Public
Advocate
Andrew S. Hagler, Esq., for appellee Public Utilities
Commission
Alan G. Stone, Esq., for appellee Bangor Gas Company, LLC
Public Utilities Commission case number 2012-598
FOR CLERK REFERENCE ONLY