PCG 2015 GT&S Preliminary Decision

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Auvila_PCG_QN_2015_GT_and_S_PD_2016_05_09

Excerpt:

Market Price (5/9/2016): $59.12/share; ST-Target: $68/share; NIV: $102/share

PCG: 2015 GT&S Rate Case: Ouch!

  • On May 5, 2016, the proposed decision and the alternate proposed decision, which is substantively similar to the proposed decision, were issued in the 2015 Gas Transmission and Storage rate case by the California PUC.

Table 1. 2015 GT&S rate case proposed decision (PD) ($MM)

2015 % Ute Ask 2016 % Ute Ask Increase 2017 % Ute Ask Increase
Utility Ask $1,263 $1,346 +6.57% $1,488 +10.5%
PD $1,109 87.8% $1,183 87.9% +6.67% $1,309 88.0% +10.7%
Ex Parte Penalty ($164) $0 NA
PD B4 SB $945 74.8% $1,183 87.9% 25.2% $1,309 88.0% 10.7%
SB Related Disallowed Expenses ($158) $0 $0
SB Related Disallowed Revenue associated w/Capex $10 ($51) ($107)
SB Related Penalty Adj. related to Ex Parte Penalty $62 $0 $0
NET PD $859 68.0% $1,132 84.1% 31.8% $1,202 80.8% +6.18%

Source: Company data and Auvila Research Consulting

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