Brubaker & Associates, Inc. Testimony Filed Since 1999 by Michael Gorman on Cost of Capital Issues

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1 7/24/ PACIFICORP, dba PACIFIC POWER Reply OR UE-210 Return on Common Equity Rate of Return The Industrial and The Citizens' Utility Board of Oregon 7/17/ INTERSTATE POWER AND LIGHT Direct IA RPU Return on Common Equity Revenue Requirement Iowa Consumers Coalition 7/14/ GAZ METRO Direct QC R Capital Structure Return on Equity The Canadian Industrial Gas Users Association (IGUA) 5/8/ NORTHERN INDIANA PUBLIC SERVICE Direct IN Rate of Return Revenue Requirement The NIPSCO 4/9/ AQUILA, INC. Surrebutal MO ER Capital Structure Return on Equity The Office of Public Counsel 4/7/ KANSAS CITY POWER & LIGHT Surrebuttal MO ER Return on Equity Cost of Capital The Office of Public Counsel 3/13/ AQUILA, INC. Rebuttal MO ER Return on Equity The Office of Public Counsel 3/11/ KANSAS CITY POWER & LIGHT Rebuttal MO ER Return on Equity Regulatory Plan The Office of Public Counsel 2/13/ AQUILA, INC. Direct MO ER Return on Common Equity Rate of Return The Office of Public Counsel 2/11/ KANSAS CITY POWER & LIGHT Direct MO ER Return on Common Equity Rate of Return The Office of Public Counsel 1/30/ ROCKY MOUNTAIN POWER Direct WY ER-08 Return on Common Equity Rate of Return Wyoming Industrial Energy Consumers 11/5/ UNION ELECTRIC d/b/a AMERENUE Surrebuttal MO ER Cost of Service Return on Equity Missouri Industrial Energy Consumers 10/20/ INTERSTATE POWER AND LIGHT Supplemental IA RPU-08-1 Regulatory Plan Return on Equity Iowa Consumers Coalition 10/14/ UNION ELECTRIC d/b/a AMERENUE Rebuttal MO Return on Equity Risk Assessment Missouri Industrial Energy Consumers ER /13/ SOUTHWESTERN PUBLIC SERVICE Direct TX Return on Common Equity Rate of Return Texas Industrial Energy Consumers 9/29/ ARTESIAN WATER, INC. Direct DE Aug-96 Rate of Return Return on Equity General Motors Corporation and Christiana Care Health Services 9/2/ INDIANA MICHIGAN POWER Direct IN Rate of Return Return on Common Equity Indiana Michigan 8/28/ UNION ELECTRIC d/b/a AMERENUE Direct MO Return on Common Equity Rate of Return Missouri Industrial Energy Consumers ER /18/ INTERSTATE POWER AND LIGHT Surrebuttal IA RPU-08-1 Regulatory Policy Return on Equity Iowa Consumers Coalition 7/25/ DUKE ENERGY INDIANA, INC. Direct IN GCC-1 Rate of Return Revenue Requirement Indiana 7/23/ WISCONSIN ELECTRIC POWER Direct MI U Revenue Requirement Rate of Return Tilden Mining Company, L.C. and Empire Iron Mining Partnership 7/21/ TENNESSEE-AMERICAN WATER Direct TN Revenue Requirement Rate of Return Chattanooga Manufacturers Association /8/ INTERSTATE POWER AND LIGHT Direct IA RPU-08-1 Return on Common Equity Iowa Consumers Coalition 6/11/ ENTERGY GULF STATES, INC. Supplemental TX Rate of Return Return on Equity Texas Industrial Energy Consumers 5/30/ PUGET SOUND ENERGY, INC. Direct WA UE /UG Rate of Return The Industrial 5/14/ CENTRAL ILLINOIS d/b/a AMERENCILCO, CENTRAL ILLINOIS PUBLIC SERVICE d/b/a AMERENCIPS AND ILLINOIS POWER d/b/a AMERENIP Rebuttal IL , , , , , Return on Equity Illinois Industrial Energy Consumers 4/25/ THE EMPIRE DISTRICT ELECTRIC Surrebuttal MO ER Return on Equity Enbridge Energy, LP, Explorer Pipeline 4/11/ ENTERGY GULF STATES, INC. Direct TX Rate of Return Return on Equity Texas Industrial Energy Consumers Page 1

2 4/8/ COMMONWEALTH EDISON Rebuttal IL Return on Equity Illinois Industrial Energy Consumers 4/4/ THE EMPIRE DISTRICT ELECTRIC Rebuttal MO ER Return on Equity Enbridge Energy, LP, Explorer Pipeline 3/14/ CENTRAL ILLINOIS d/b/a AMERENCILCO, CENTRAL ILLINOIS PUBLIC SERVICE d/b/a AMERENCIPS AND ILLINOIS POWER d/b/a AMERENIP Direct IL , , , , , Return on Common Equity Rate of Return Illinois Industrial Energy Consumers 3/6/ SOUTHWESTERN PUBLIC SERVICE Direct NM UT Return on Common Equity Pension Expense Occidental Permian Ltd. 3/4/ ILLINOIS-AMERICAN WATER Rebuttal IL Return on Equity Rate Design Illinois Industrial Water Consumers, Fosterburg Water District, Jersey County Rural Water Co., Inc., and Bond-Madison Water Company 2/22/ THE EMPIRE DISTRICT ELECTRIC Direct MO ER Return on Common Equity Rate of Return Enbridge Energy, LP, Explorer Pipeline 2/11/ COMMONWEALTH EDISON Direct IL Return on Common Equity Rate Base Illinois Industrial Energy Consumers 1/14/ ILLINOIS-AMERICAN WATER Direct IL Return on Equity Illinois Industrial Water Consumers 1/7/ ROCKY MOUNTAIN POWER Direct WY ER-07 Return on Equity Rate of Return Wyoming Industrial Energy Consumers 12/10/ APPALACHIAN POWER Direct VA PUE Return on Common Equity Rate of Return Old Dominion Committee for Fair Utility Rates 11/6/ KANSAS CITY POWER & LIGHT True-Up Rebuttal MO ER Capital Structure Regulatory Plan Office of Public Counsel 11/6/ NORTHERN STATES POWER Surrebuttal WI 4220-UR-115 Revenue Requirement Rate of Return Wisconsin Industrial Energy Group, Inc. 11/2/ VIRGINIA ELECTRIC AND POWER Direct VA PUE Return on Common Equity Rate of Return Virginia Committee for Fair Utility Rates 10/29/ NORTHERN STATES POWER Rebuttal WI 4220-UR-115 Revenue Requirement Cost of Capital Wisconsin Industrial Energy Group, Inc. 10/25/ MONTANA-DAKOTA UTILITIES CO. Direct MT D Rate of Return Capital Structure Encore Acquisition Company 10/17/ AVISTA CORPORATION Response WA UE /UG Return on Common Equity Rate of Return Industrial 9/20/ KANSAS CITY POWER & LIGHT Surrebuttal MO ER Rate of Return Office of Public Counsel 9/14/ ENTERGY LOUISIANA, LLC Direct LA U Capital Structure Return on Equity Louisiana Energy Users Group 8/30/ KANSAS CITY POWER & LIGHT Rebuttal MO ER Return on Equity Capital Structure Office of Public Counsel 8/28/ INDIANA-AMERICAN WATER Supplemental Settlement IN Return on Equity Rate of Return Indiana-American Water Company, Inc. 8/27/ INDIANA-AMERICAN WATER Settlement IN Return on Equity Rate of Return Indiana-American Water Company, Inc. 7/31/ MISSOURI-AMERICAN WATER Surrebuttal MO WR Return on Equity Rate of Return Missouri Industrial Energy Consumers 7/24/ KANSAS CITY POWER & LIGHT Direct MO ER Rate of Return Office of Public Counsel 7/13/ MISSOURI-AMERICAN WATER Rebuttal MO WR Return on Equity Rate of Return Missouri Industrial Energy Consumers 5/24/ INDIANA-AMERICAN WATER Direct IN Return on Equity Rate of Return Indiana-American Water Company, Inc. 5/15/ DUKE ENERGY INDIANA, INC. Direct IN 43114/43114-S1 Revenue Requirements Return on Equity Indiana 5/4/ LACLEDE GAS Direct MO GR Return on Equity Rate of Return Missouri Industrial Energy Consumers Page 2

3 3/20/ AQUILA Surrebuttal MO ER Rate of Return Depreciation Rates Federal Executive Agencies, Sedalia Industrial 3/16/ CONSOLIDATED EDISON OF NEW Direct NY 06-G-1332 Return on Equity Depreciation Rates The City of New York YORK, INC 3/13/ AEP TEXAS CENTRAL Direct TX Return on Equity Rate of Return Texas Industrial Energy Consumers 3/13/ AEP TEXAS NORTH Direct TX Return on Equity Rate of Return Texas Industrial Energy Consumers 2/27/ SOUTHERN INDIANA GAS AND ELECTRIC D/B/A VECTREN SOUTH-ELECTRIC Direct IN Return on Common Equity Rate of Return SIGECO 2/27/ AMERENUE Surrebuttal MO ER Return on Equity Missouri Industrial Energy Consumers 2/20/ KEYSPAN CORPORATION Supplemental Direct NY 06-M-0878 Return on Equity Rate of Return The City of New York 2/20/ AQUILA Rebuttal MO ER Rate of Return Depreciation Rates Federal Executive Agencies, Sedalia Industrial 2/16/ PACIFICORP Direct WA UE /UE Return on Equity Income Tax Adjustment Industrial 1/29/ KEYSPAN CORPORATION Direct NY 06-M-0878 Return on Equity Rate of Return The City of New York 1/19/ AQUILA Direct MO ER Rate of Return Depreciation Rates Federal Executive Agencies, Sedalia Industrial 12/20/ NOVA SCOTIA POWER INCORPORATED Direct NS P-886 Return on Equity Bowater Mersey Paper Company Limited and Stora Enso Port Hawkesbury Limited 12/15/ SOUTHWESTERN PUBLIC SERVICE Direct TX Return on Equity Rate of Return Texas Industrial Energy Consumers 12/15/ AMERENUE Direct MO ER Return on Equity Rate of Return Missouri Industrial Energy Consumers 10/16/ COMMONWEALTH EDISON Direct on Rehearing IL Capital Structure Return on Equity Illinois Industrial Energy Consumers (IIEC) 10/11/ WISCONSIN POWER AND LIGHT Surrebuttal WI 6680-UR-115 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 10/6/ PORTLAND GENERAL ELECTRIC Surrebuttal OR UE 180, UE 181, UE 184 Capital Structure Rate of Return Industrial and Citizens' Utility Board of Oregon 9/18/ ARTESIAN WATER, INC. Direct DE Cost of Service Return on Common Equity General Motors Corporation and Christiana Care Health Services 9/12/ WISCONSIN POWER AND LIGHT Direct WI 6680-UR-115 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 8/18/ PUBLIC SERVICE OF COLORADO Answer CO 06S-234EG Return on Common Equity Incentive Plan Colorado Energy Consumers 8/18/ WISCONSIN PUBLIC SERVICE CORPORATION Direct WI 6690-UR-118 Return on Common Equity Capital Structure Rate of Return Wisconsin Industrial Energy Group, Inc. 8/17/ PORTLAND GENERAL ELECTRIC Direct OR UE 180, UE 181, UE 184 Return on Common Equity Rate of Return Industrial and Citizens' Utility Board of Oregon 8/4/ GREEN MOUNTAIN POWER CORPORATION Direct VT 7175/7176 Rate of Return Return on Common Equity IBM Corporation 7/19/ PUGET SOUND ENERGY, INC. Direct WA UE , UG Return on Common Equity Rate of Return Industrial 7/12/ PACIFIC POWER & LIGHT d/b/a PACIFICORP Direct OR UE 179 Capital Structure Return on Common Equity Industrial 6/29/ AMERENCILCO, AMERENCIPS and AMERENIP Rebuttal IL , , Return on Common Equity Capital Structure Illinois Industrial Energy Consumers (IIEC) 4/26/ AMERENCILCO, AMERENCIPS and AMERENIP Direct IL , , Return on Common Equity Capital Structure Illinois Industrial Energy Consumers (IIEC) 2/27/ COMMONWEALTH EDISON Rebuttal IL Return on Common Equity Rate of Return Illinois Industrial Energy Consumers (IIEC) 1/27/ PACIFICORP Supplemental WA UE /UE Cost of Capital Industrial 12/23/ COMMONWEALTH EDISON Direct IL Return on Common Equity Rate of Return Illinois Industrial Energy Consumers (IIEC) 12/13/ AQUILA, INC. Surrebuttal MO HR Rate of Return Ag Processing, Inc. 12/13/ AQUILA, INC. Surrebuttal MO ER Rate of Return Federal Executive Agencies, Sedalia Industrial 12/9/ DELMARVA POWER & LIGHT Direct DE Return on Common Equity Rate of Return Delaware Energy Users' Group Page 3

4 11/29/ APPALACHIAN POWER Direct VA PUE Return on Common Equity Rate of Return Old Dominion Committee for Fair Utility Rates 11/3/ PACIFICORP Direct WA UE /UE Return on Common Equity Rate of Return Industrial 10/31/ NORTHERN STATES POWER Surrebuttal WI 4220-UR-114 Rate of Return Industrial Customer Group 10/17/ PACIFICORP Supplemental OR UE 173 Return on Common Equity Rate of Return The Citizens' Utility Board & The Industrial 10/14/ AQUILA, INC. Direct MO HR Rate of Return Ag Processing, Inc. 10/14/ AQUILA, INC. Direct MO ER Rate of Return Federal Executive Agencies, Sedalia Industrial 10/12/ NORTHERN STATES POWER Direct WI 4220-UR-114 Rate of Return Industrial Customer Group 10/6/ WISCONSIN PUBLIC SERVICE CORPORATION Surrebuttal WI 6690-UR-117 Rate of Return Wisconsin Industrial Energy Group, Inc. 9/1/ WISCONSIN PUBLIC SERVICE CORPORATION Direct WI 6690-UR-117 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 8/26/ AVISTA CORPORATION Direct WA UE /UG Rate of Return Return on Common Equity Industrial 8/26/ AVISTA CORPORATION Rebuttal WA UE /UG Rate of Return Return on Common Equity Industrial 8/15/ BALTIMORE GAS AND ELECTRIC Direct MD 9036 Rate of Return Return on Common Equity ISG Sparrows Point LLC 8/8/ PACIFIC GAS AND ELECTRIC Direct CA Rate of Return Return on Common Equity The Federal Executive Agencies 8/8/ SAN DIEGO GAS & ELECTRIC Direct CA Rate of Return Return on Common Equity The Federal Executive Agencies 8/8/ SOUTHERN CALIFORNIA EDISON Direct CA Rate of Return Return on Common Equity The Federal Executive Agencies 7/13/ PROGRESS ENERGY FLORIDA, INC. Direct - Vol. 1 FL EI Rate of Return Financial Integrity White Springs Agricultural Chemicals, Inc. d/b/a PCS Phosphate - White Springs 6/27/ PACIFICORP Surrebuttal OR UE 170 Return on Common Equity Rate of Return The Citizens' Utility Board & The Industrial 5/9/ PACIFICORP Direct OR UE 170 Return on Common Equity Rate of Return The Citizens' Utility Board & The Industrial 4/12/ WISCONSIN POWER AND LIGHT Rebuttal WI 6680-UR-114 Rate of Return Wisconsin Industrial Energy Group, Inc. 4/4/ WISCONSIN POWER AND LIGHT Direct WI 6680-UR-114 Rate of Return Wisconsin Industrial Energy Group, Inc. 3/18/ PSI ENERGY, INC. Direct IN Equity Return Risk Evaluation PSI 3/17/ CENTERPOINT ENERGY HOUSTON ELECTRIC, Direct TX Rate of Return Risk Evaluation Texas Industrial Energy Consumers (TIEC) LLC 10/19/ MADISON GAS AND ELECTRIC Surrebuttal WI 3270-UR-113 Rate of Return Wisconsin Industrial Energy Group, Inc. 10/8/ GEORGIA POWER Direct GA U Return on Equity Financial Integrity GIG/GTMA 10/8/ NOVA SCOTIA POWER INCORPORATED Direct NS P-881 Return on Equity Financial Integrity Bowater Mersey Paper & Stora Enso 9/29/ MADISON GAS AND ELECTRIC Direct WI 3270-UR-113 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 9/9/ INDIANA GAS Direct IN Return on Common Equity Rate of Return Indiana Gas 8/23/ WISCONSIN PUBLIC SERVICE CORPORATION Direct WI 6690-UR-116 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 8/9/ ARTESIAN WATER, INC. Direct DE Apr-42 Return on Common Equity Overall Rate of Return General Motors Corporation 3/5/ DETROIT EDISON, THE Direct MI U Rate of Return Return on Common Equity ABATE 3/4/ INDIANA-AMERICAN WATER Direct IN Rate of Return Return on Common Equity Indiana-American 2/4/ AEP TEXAS CENTRAL Direct TX Rate of Return Return on Common Equity TIEC 11/20/ PACIFICORP Direct WY ER Return on Common Equity Rate of Return Wyoming Industrial Energy Consumers 11/3/ MADISON GAS AND ELECTRIC Surrebuttal WI 3270-UR-112 Return on Common Equity Wisconsin Industrial Energy Group, Inc. 10/9/ MADISON GAS AND ELECTRIC Direct WI 3270-UR-112 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 10/3/ WISCONSIN PUBLIC SERVICE CORPORATION Surrebuttal WI 6690-UR-115 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 9/11/ WISCONSIN PUBLIC SERVICE CORPORATION Direct WI 6690-UR-115 Return on Common Equity Rate of Return Wisconsin Industrial Energy Group, Inc. 9/10/ WISCONSIN POWER AND LIGHT Direct WI 6680-UR-113 Return on Common Equity Wisconsin Industrial Energy Group, Inc. 8/19/ PSI ENERGY, INC. Direct IN Return on Common Equity PSI Page 4

5 7/14/ MADISON GAS AND ELECTRIC Surrebuttal WI 05-CE-121, 3270-AE-102 Rate of Return WIEC 11/22/ PUBLIC SERVICE OF COLORADO Answer CO 02S-315DG Rate of Return Return on Equity Colorado Energy Consumers 11/8/ SOUTH CAROLINA ELECTRIC & GAS Direct SC E Return on Common Equity South Carolina Energy Users Committee 11/1/ WISCONSIN POWER & LIGHT Supplemental Direct WI 6680-UR-112 Rate of Return Wisconsin Industrial Energy Group, Inc. 10/30/ WISCONSIN POWER & LIGHT Rebuttal WI 6680-UR-112 Rate of Return Wisconsin Industrial Energy Group, Inc. 10/28/ INTERSTATE POWER AND LIGHT Direct IA RPU-02-7 Return on Common Equity ADM and Equistar 10/16/ WISCONSIN POWER & LIGHT Direct WI 6680-UR-112 Rate of Return Return on Common Equity Wisconsin Industrial Energy Group, Inc. 9/27/ INTERSTATE POWER AND LIGHT Rebuttal IA RPU-02-3 Return on Common Equity Iowa Consumers Coalition 9/9/ OKLAHOMA GAS AND ELECTRIC Surrebuttal OK PUD Return on Common Equity OIEC 8/5/ OKLAHOMA GAS AND ELECTRIC Direct OK PUD Return on Common Equity OIEC 7/2/ INTERSTATE POWER AND LIGHT Direct IA RPU-02-3 Return on Common Equity Iowa Consumers Coalition 7/2/ RELIANT ENERGY ARKLA Surrebuttal AR U Return on Common Equity Arkansas Gas Consumers 6/19/ MIDWEST INDEPENDENT TRANSMISSION Affidavit US ER Return on Common Equity ABATE SYSTEM OPERATOR, INC. 6/2/ AMERENUE Surrebuttal MO EC Return on Common Equity Rate of Return MIEC 5/21/ RELIANT ENERGY ARKLA Direct AR U Rate of Return Arkansas Gas Consumers 5/2/ AMERENUE Rebuttal MO EC Rate of Return MIEC 3/18/ WISCONSIN POWER & LIGHT Direct WI 6680-UR-111 Return on Common Equity Wisconsin Industrial Energy Group, Inc. 11/26/ WISCONSIN GAS Direct WI 6650-SB-109 Rate of Return Cost of Service Citizens Utility Board 11/1/ ILLINOIS POWER Rebuttal IL Return on Equity Illinois Industrial Energy Consumers (IIEC) 10/1/ GEORGIA POWER Direct GA U Return on Equity GIG/GTMA 9/12/ ILLINOIS POWER Direct IL Return on Equity Illinois Industrial Energy Consumers (IIEC) 8/13/ AQUASOURCE UTILITY, INC. Direct TX Multiple Rate of Return Return on Equity Cities of Woodcreek, Ingram, and Houston and Village of Wimberley 8/1/ NORTHERN INDIANA PUBLIC SERVICE Rebuttal IN Rate of Return Earnings Entitlement NIPSCO 6/1/ NORTHERN INDIANA PUBLIC SERVICE Direct IN Return on Equity Rate of Return NIPSCO and Bethlehem Steel Corp 5/31/ AMERICAN TRANSMISSION LLC Answering US ER Rate of Return WIEG, Dairyland Power, and Wisconsin Transmission Customer Group 4/27/ WISCONSIN ELECTRIC POWER Rebuttal MI U Rate of Return Rate of Return International Paper Company 4/6/ WISCONSIN ELECTRIC POWER Direct MI U Rate of Return Rate of Return International Paper Company 1/9/ ENTERGY GULF STATES, INC. Direct TX Revenue Requirement Cost of Service TIEC 12/13/ RELIANT ENERGY HL&P Direct TX Revenue Requirement TIEC 11/13/ GREEN MOUNTAIN POWER CORPORATION Rebuttal VT 6107 Revenue Requirement Financial Integrity IBM 10/20/ VARIOUS UTILITIES Direct TX Rate of Return Return on Equity TIEC 10/10/ TXU ELECTRIC Direct TX Revenue Requirement TIEC 10/1/ ILLINOIS-AMERICAN WATER Rebuttal IL Return on Equity Revenue Allocation IIWC 8/24/ ILLINOIS-AMERICAN WATER Direct IL Return on Equity Revenue Allocation IIWC 7/1/ EPCOR TRANSMISSION, INC. Direct AB Performance Based Ratemaking Return on Equity Alberta Cogenerators Council 7/1/ TRANSALTA UTILITIES CORPORATION Direct AB Return on Equity Alberta Cogenerators Council 7/1/ ATCO ELECTRIC Direct AB Return on Equity Alberta Cogenerators Council 12/18/ PACIFICORP Direct WY 2000-ER Rate of Return Wyoming Industrial Energy Consumers 12/3/ CONSUMERS ENERGY Rebuttal to Surrebuttal MI U Revenue Requirement ABATE 11/15/ DETROIT EDISON, THE Rebuttal MI U Revenue Requirement ABATE 10/18/ CONSUMERS ENERGY Rebuttal MI U Revenue Requirement ABATE 7/22/ DETROIT EDISON, THE Direct MI U Revenue Requirement ABATE 7/15/ CONSUMERS ENERGY Direct MI U Revenue Requirement ABATE 5/1/ COMMONWEALTH EDISON Rebuttal IL Rate of Return Illinois Industrial Energy Consumers (IIEC) 5/1/ AMERENCIPS/UE Rebuttal IL Rate of Return Illinois Industrial Energy Consumers (IIEC) 4/1/ COMMONWEALTH EDISON Direct IL Rate of Return Illinois Industrial Energy Consumers (IIEC) 4/1/ CENTRAL ILLINOIS LIGHT Direct IL Return on Equity Illinois Industrial Energy Consumers (IIEC) Page 5