Dominion-2023-Rate-Review-Witness-Rebuttal-Testimony

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January 17, 2024

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dc-24362511

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EFTA Disclosure

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I STATE CORPORATION C(WSICN Case No. PUR-2023-00101 Sponsor: (“DOMINION”) Exhibit No. 56 RECEIVED NOV 28 Witness: PAUL M. MCLEOD Bailiff: JABARIT. ROBINSON UtI I I Witness Rebuttal Testimony Summary I Witness: Paul M. McLeod I Title: Director-Regulatory Accounting Summary: I I I I I I I I I I I I I I I Mr. McLeod also addresses certain adjustments proposed by Staff and Consumer Counsel that are inappropriate and should not be accepted by the Commission. Specifically, he addresses the appropriate capital structure to use for ratemaking purposes, the arrears forgiveness regulatory accounting adjustment. Staff’s proposed depreciation rates, stock-based compensation expense, and appropriate ratemaking treatmentfor regulatory assets pursuant to A 8. All other adjustments are addressed by Company Witnesses Christopher Lee, Jacqueline R. Vitiello, and David F. Walker. Next, Mr. McLeod presents the Company’s revised going-forward ratemaking analysis for the 2024 Rate Year and 2025 Rate Year, and accompanying schedules, reflecting certain corrections and additions raised by Staff witnesses that the Company concurs should be included in such analyses. This analysis continues to demonstrate revenue deficiencies in each rate year. However, as discussed in Mr. McLeod’s direct testimony, such increases are not permitted pursuant to legislation enacted as Chapter 775 ofthe 2023 Acts ofAssembly, which provides that the combination ofriders into base rates cannot serve as the basis for an increase in this 2023 Biennial Review. Additionally, this analysis presentsthe Company’s revised revenue neutral revenue adjustment in the 2025 Rate Year to increase base distribution revenue by $90 million with an equal, offsetting decrease to base generation revenue. Finally, Mr. McLeod responds to StaffWitness Myers’ recommendations relating to the accounting for “below-the-line” or non-operating expenses. Specifically, Mr. McLeod explains that following the Company’s 2021 Triennial Review proceeding, Case No. PUR-2021-00058, the Company has implemented several new procedures and controls to improve the accuracy for accounting for such expenses. & Company Witness Paul M. McLeod responds to testimony offered by Carol B. Myers, Daniel M. Long, Philip M. Gereaux, and Sean M. Welsh on behalfofthe Commission Staff(“Staff”) and Ralph C. Smith on behalfofthe Office ofthe Attorney General’s Division of Consumer Counsel (“Consumer Counsel”). First, Mr. McLeod presentsthe Company’s revised earnings test results for the 12-month periods ending December 31, 2021 and December 31, 2022, considered as a whole, and accompanying schedules, reflecting certain adjustments proposed by Staffthat the Company concurs should be included. Mr. McLeod explains that the results demonstrate an actual earned return on equity (“ROE”) of 9.04%, which is within the lower end ofthe Company’s authorized earnings band. This is the same combined earned ROE reported in the Company’s application—the changes accepted by the Company in rebuttal did not result in a change to the overall earned ROE. c I I I I I Q. Please state your name, position of employment and business address; 1 I 2 A. My name is Paul M. McLeod, and I am. a Director -Regulatory Accounting arid am. 3 responsible primarily for overseeing the analysis arid development ofrevenue I 4 requirement calculations for Virginia Electric and Power Company (“Dominion Energy I 5 Virginia” or the “Company”). My business address is 120 Tredegar Street, Richmond, 6 Virginia 23219. I 7 Q. Have you previously submitted testimony in this proceeding? I 8 A. Yes, my pre-filed direct testimoriy was filed with the State Corporation Commission of I 9 Virginia (the “Commission*’) on July 3,2023. What is the purpose ofyour rebuttal testimony in this proceeding? I 10 Q. 11 A. I am testifying in $upport ofthe Company’s 2023 application for a biennial review ofits I 12 rates, terms and conditions as required by § 56-585.1 A ofthe Gode of Virginia (“Va. 13 Code” or “Code”) (the Company’s “2023 Biennial Review” or “Application”). I 14 Specifically, I will respond to the testimonies ofCarol B. Myers, Daniel M. Long, Philip I 15 M. Gereaux, and Sean M. Welsh on behalfofthe Cofnmission Staff(“Staff’) and Ralph 16 C. Smith on behalf ofthe Office ofthe Attorney General’s Division ofConsumer I 17 Counsel (“Consumer Counsel”). Only the Staff proposed any adjustments to the I 18 Company’s earnings test results for the combined 2021-2022 biennial period. Both Staff I I fed PA a REBUTTAL TESTIMONY OF PAUL M. MCLEOD ON BEHALF OF VIRGINIA ELECTRIC AND POWER COMPANY BEFORE THE STATE CORPORATION COMMISSION OFVIRGINIA CASE NO. PUR-2023-00101 I I 1 and Consumer Counsel proposed several adjustments in developing their portrayal ofthe I 2 Company’s cost ofservice for the rate years ending December 31, 2024 (“2024 Rate 3 Year”) and December 31, 2025 (“2025 Rate Year) (collectively, “Rate Years”), that the I 4 Company believes are inappropriate and should not be accepted by the Commission. I 5 Additionally, I present the Company’s revised eamings test results for the combined 6 2021-2022 test periods, the updated severe weather regulatory asset pursuant to Va. Code I 7 § 56-585.1 A 8 (“A 8”), revised going-forward ratemaking analyses for the Rate Years, I 8 and an updated revenue neutral rate change analysis for the 2025 Rate Year. I 9 Q. How is your rebuttal testimony organized? 10 A. My rebuttal testimony is organized as follows: I 11 I. Company’s Revised Earnings Test Analysis I 12 n. Company’s Revised Going-forward Ratemaking Analysts 13 ni. Proposed Adjustments Not Accepted by the Company I 14 Specifically, in Section I ofmy testimony, I present the Company’s revised eamings test I 15 results for the 12-month periods ending December 31,2021 and December 31, 2022, I 16 considered as a whole, and accompanying schedules; reflecting certain adjustments 17 proposed by Staffthat the Company concurs should be included. The results demonstrate I 18 an actual earned return on equity (“ROE”) of 9.04%, which is within the lower end ofthe I 19 Company’s authorized eamings band. This is the same combined earned ROE reported 20 in the Company’s application—the changes accepted by the Company in rebuttal I 21 changed the ROE by less than half a basis point and did not impact the results as reported in my testimony. I 22 I 2 I 1^3 Vi ®l & I I ] In Section II, I present the Company’s revised going-forward ratemaking analysis for the I 2 2024 Rate Year and 2025 Rate Year., and accompanying schedules, reflecting certain 3 corrections and additions raised by Staffwitnesses that the Company concurs should be; I 4 included in such analyses. This analysis continues to demonstrate revenue deficiencies in I 5 each rate year. However, as discussed in my direct testimony, such increases are not 6 permitted pursuant to legislation enacted as Chapter 775 ofthe 2023 Acts ofAssembly I 7 (the “Act”), which provides that the combination ofriders into base rates cannot serve as I 8 the basis for an increase in this 2023 Biennial Review. Additionally, this analysis 9 presents the Company’s revised revenue neutral revenue adjustment in the 2025 Rate I 10 Year to increase base distribution revenue by $90 million with an equal, offsetting I 11 decrease to base generation revenue. I 12 In Section HI, I address certain adjustments proposed by Staff and Consumer Counsel 13 that are inappropriate and should not be accepted by the Commission. Specifically, I I 14 address the appropriate capital structure to use for ratemaking purposes, the arrears I 15 forgiveness regulatory accounting adjustment, Staff’s proposed depreciation rates, stock16 based compensation expense, and appropriate ratemakihg treatment for regulatory assets I 17 pursuant to A 8. All other adjustments are addressed by Company Witnesses Edward H. I 18 Baine, Christopher J. Lee, Jacqueline R. Vitiello, Paul B. Haynes, and David F. Walker. 19 Finally, in Section HI, I respond to StaffWitness Myers’ recommendations relating to the I 20 accounting for “below-the-line” expenses. I 21 Q. Will you introduce an exhibit as part ofyour rebuttal testimony? 22 A. Yes. I am sponsoring Company Exhibit No. , PMM, consisting ofRebuttal Schedules I 23 1 and through 8, which were prepared under my supervision and direction, and are I 3 I ^3 Vil (g & I I 1 accurate and complete to the best ofmy knowledge and belief. These schedules that I am I 2 sponsoring herein are presented below and are the same as their respective Filing 3 Schedules in Rule 20 VAC 5-204-90 ofthe Rate Case Rules: I I I I 10 • Rebuttal Schedule 4 -Revised Schedule 48(c) I I I I 19 The form and format ofmy revised schedules are the same as the original schedules I 20 included in my pre-filed direct testimony. I 21 Q. Before discussing the revised results, are you aware of any factors that will put I 22 additional pressure on the Company’s cost ofservice in the near term? 23 A. The cost ofservice for the proforma rate years presented in the Company’s direct case I 24 submission reflected, among other things, expected increases in capital costs and I 25 operations & maintenance (“O&M”) expenses for both the generation and distribution 26 functions. With respect to O&M, this includes expected increases in capacity expenses, I I 4 I 8 9 11 12 13 14 17 18 6 7 • Rebuttal Schedule 1 -Revised Schedule 11C for 2021-2022 Combined Earnings Test • Rebuttal Schedule 5 - Summary ofCorrections and Additions to goingforward ratemaking analysis for the 2024 Rate Year • Rebuttal Schedule 7 - Summary ofCorrections and Additions to goingforward ratemaking analysis for the 2025 Rate Year 15 16 4 5 P Vil • Rebuttal Schedule 3 -Revised Schedules 9-14 and 17 forthe 2022 Earnings Test • Rebuttal Schedule 6 -Revised Schedules 19-24 and 27 for the 2024 Rate Year • Rebuttal Schedule 2 -Revised Schedules 9-14 and 17 for the 2021 Earnings Test • Rebuttal Schedule 8 -Revised Schedules 19-24 and 27 for the 2025 Rate Year I I 1 employee salaries & wages, and outside contractors. Impacting this are macroeconomic I 2 forces outside ofthe Company’s control, such as inflation. I 3 Since the Company submitted its application on July 3rd, I have become aware of cost 4 increases beyond those reflected,in the direct case, some ofwhich are reflected in the I 5 updated Rate Year revenue requirements presented in the Company’s rebuttal filing. I 6 Notably, the Company has updated the capital forecast for distribution, which has 7 increased significantly from the Company’s direct case filing. As discussed in more I 8 detail by Company Witness Baine, this includes updates for actual capital additions in I 9 2023 plus increases in forecasted capital expenditures for the remainder of2023 and 10 during the 2024 and 2025 Rate Years. Company Witness Baine attributes the increases I 11 in distribution capital to continued load growth and an overall increase in the cost to I 12 connect new customers, among other things. I 13 Furthermore, there are other known increases in cost that have not been incorporated in 14 the Company’s updated Rate Year revenue requirement that will put additional pressure I 15 on the Company’s cost ofservice: I 16 • Cost of debt - The cost of borrowing has increased, with interest rates rising on both short- and long-term debt. I estimate that, using interest rates as of I 17 18 September 2023, the Company could experience increases in Virginia I 19 jurisdictional debt financing costs of approximately $16 million annually during 20 the Rate Years. I 21 • Employee pension and other postretirement benefits (“OPEB”) -In October I 22 2023, the Company received its annual update from its actuary with forecasted I 5 I p £ I I 1 employee pension and OPEB costs. The costs are expected to increase Virginia I 2 jurisdictional O&M expense by approximately $6 million and $31 million during 3 the 2024 and 2025 Rate Year, respectively. I 4 • PJM capacity expenses - Company Witness Vitiello notes in her testimony that I 5 capacity expenses may rise in 2025 due to proposed market reforms at PJM. I 6 All ofthese cost increases are in addition to the $3 50 million in rate adjustment clause I 7 revenue requirements that were rolled into base rates on July 1, 2023 for the benefit of 8 customers. In general, as Company Witness Baine addresses, economic challenges have I 9 continued to grow since the Company filed its application, putting additional pressure on I 10 the Company’s cost ofservice during the Rate Years. Indeed, Staff’s analysis shows an 11 increase of approximately $30 million in costs from the 2024 to 2025 Rate Years (after I 12 adjusting for recovery ofthe non-reeurring severe weather regulatory asset recovery in I 13 2024). (Long at 3). I 14 Q. Do you have any general comments in response to the Earnings Test and going15 forward ratemaking methodologies presented by the Staff and Consumer Counsel? I 16 A. With respect to the Earnings Test, the Company is pleased that the Company and Staff are in agreement on the Earnings Test results. There remain only two minor adjustment I 17 18 differences between the Company and Staff. The parties agree that the Company earned I 19 within the lower end ofthe allowed ROE band for the combined 2021-2022 test periods 20 based on the ROE established by the Commission in Company’s 2021 triennial review. I 21 This signals that the Company’s rates were neither deficient or excessive and no refunds I I 6 I ynl © © & I I 1 are due to customers. The parties also agree that the Company is entitled to defer $45-46 I 2 million ofsevere weather expenses pursuant to A 8 for recovery during a future period. I 3 On the other hand, with respect to the going-forward ratemaking analysis, it is clear based 4 on the pre-filed testimony that Staff and.Consumer Counsel are recommending certain I 5 ratemaking adjustments, many ofwhich are unreasonable, to achieve a result showing a I 6 revenue sufficiency in each the Rate Years. Staffis proposing to reduce base rates by 7 $72 million and $63 million in the 2024 Rate Year and 2025 Rate Year, respectively I 8 (Long at 5). Consumer Counsel is proposing to reduce base rates by over $100 million in I 9 both Rate Years (Smith at 10). As Company Witness Baine previewed, a number of 10 these proposals are out oftouch with the economic environment the Company is facing. I 11 inconsistent with public policy, and will result in setting rates that do not allow for the I 12 opportunity to recover the Company’s cost ofservice. I Revenue RequirementRecondUation Rate Year Revenue Increase /(Decrease) -Company Rebuttal (1) I I I I I Lee I I 7 I 27 27 S (45) $ 136) 1221 (3) <81 (2) <71 («) (161 (45) (19) (3) (26) fc3. VtI © ftttangSilidtpntiadan (2) Staffadjusted 6 (31) (2) (6) S (72) S 6 (28) W (6) (63) (11) (8) (9) (7) (17) (9) (9) (7) (37) (U) US) (19) 20 (26) (4«) (461 (36) 2 -JI (26) 2 (8). S (106) S (136) (22) 20 P) CT o (6) (37) (41) Rebuttal Witness (1) RfuresbxfudeStaffecQustfsena acceptedby the Company,but do not indude tncreasealhdebt cotta or employee benefitr dbcuxsed by Company Witness McLeod. (2) Adds back depredation expense forintangible plant thatwas inappropriately excluded from Staffs analyst This does not incorporate othernecessaryrevisionsto Staffs revenue requirementsdiscussed by CompanyWitness Lee. Haynes/Walker Lee VitieDo/lae McLeod McLeod VltleDc^Ue Lee Lee Lee McLeod VrtieHo/Lee McLeod Lm Lee Various Staff/GAG Proposed AdjustmentsRejected by the Company as Presented In Testimony: RevenueAdjustments(bdud>3BemowlofO24/H £> VO Sites RcdBabm) RateYearDepredation atCompanydeprrates NooNUSCapacity Expense Capital Structure A 8 RegutaxcryAset(Severe Weather) AncDaryServices Marins FossDand HydroStationPlannedOutage Costs OtfterPower DeSveryO&M PayrorjBeeefits Sok* Based Compensation PJM Admin Fees S&ffDepredation Raxes (2045 Retirement Assumption) Net UtutyPlant Grid Transformation Plan Benefits Other Staff/OAG RateYear Revenue Increase/(Decrease) PAG 2024 2025 $ 61 $ 105 Staff 2024 2025 $ 61 $ 105 I I 1 Q. What specific Staff and Consumer Counsel recommendations are you referencing? I 2 A. There are several—many ofthem are listed below: I 3 • Ratemaking capital structure -Both the Staff and Consumer Counsel 4 recommend using the actual 2022 end-of-period equity ratio of 50.33% for I 5 ratemaking purposes, ignoring a requirement in the Act that the Company achieve 6 a 52.1% equity ratio through December 31, 2024. This understates the Rate Year I 7 cost ofservice by approximately $20 million annually. I 8 • A 8 regulatory asset recovery period -Both Staff and Consumer Counsel I 9 recommend amortizing the A 8 regulatory asset over a two-year period beginning 10 January 1, 2023 prior to the implementation of new base rates that would allow I 11 for inclusion ofsuch costs in setting rates. They also recommend that the I 12 regulatory asset be excluded from rate base requiring shareholdersto absorb the 13 cost offinancing deferred storm restoration costs incurred in 2021-2022 but not I 14 recovered for an extended period. I 15 • Generation operating expenses/margins - Staff and Consumer Counsel both I 16 propose adjustments to either reduce the Company’s forecasted generation-related 17 expenses and margins. Consumer Counsel proposes to completely ignore I 18 increases in several generation-related ratemaking adjustments that are reasonably I 19 predicted to occur, claiming the Company did not provide adequate support 20 (ancillary services margins, capacity expense, andPJM admin fees). These three I 21 adjustments alone proposed by Consumer Counsel artificially reduce the 2024 I 22 Rate Year and 2025 Rate Year revenue requirements by $58 million and $77 23 million, respectively. I 8 I & p I I 1 • 2024-2025 capital forecast -The Staffrecommends a 25% reduction in the I 2 Company’s forecasted capital plan for the generation function while ignoring a I 3 significant increase in actual and forecasted capital growth in the capital plan for 4 the distribution function. The distribution capital update increases the 2024 Rate I 5 Year and 2025 Rate Year revenue requirements by $39 million and $53 million, 6 respectively. I I 7 • Demand side management and energy efficiency programs (“DSM/EE”) and I 8 voltage optimization sales reductions - The Staff and Consumer Counsel both I 9 propose to exclude forecasted reductionsin sales as a result ofCommission 10 approved DSM/EE and voltage optimization while, at the same time, I 11 incorporating significant forecasted reductions in O&M expenses associated with I 12 Commission approved Grid Transformation Plan programs. These adjustments 13 understate the 2024 Rate Year and 2025 Rate Year revenue requirements by I 14 approximately $40 million and $50 million, respectively. I 15 As discussed further in the Company’s rebuttal testimony, these recommendations are I 16 unreasonable and are inconsistent with the Va. Code. The table below and in Company 17 Witness Baine’s testimony provides a reconciliation ofthe respective revenue I 18 requirements in this proceeding. I I I 9 I p es & I I Revenue Requirement Reconciliation I Rate Year Revenue Increase /(Decrease)- Company Rebuttal (1) $ I I I I I lee I ;d bytheCompany, but do not include increasesin debt costs or employee benefits I I 1 I. COMPANY’S REVISED EARNINGS TEST ANALYSIS 2 Q. Do you have revisions to your pre-filed direct testimony and exhibits supporting the I 3 2021-2022 Earnings Test submitted on July 3, 2023? I 4 A. Yes. The Company has evaluated each Earnings Test adjustment proposed by Staffand 5 has accepted certain adjustments. The following chart summarizes the Earnings Test I 6 results found in Rebuttal Schedule 2 — Revised Schedule 11C: I I I I 10 I P7) {«) 27 27 S (45) $ (36) <4B) (46) (22) 01 (8) (2) (7) 07) (12) (25) (19) 20 (26) 6 (28) (4) (6) (63) Staff 2025 105 © C© & HD (?) 0) (7) (17) O) O) (7) tntanglbtedepredation (2) Staffadjusted 6 01) (2) (6) S (72) S (26) 2 _______m 5 (106) S (136) (48) (16) (45) (IS) O) (26) 06) 2 0) (22) 20 (7) (7) 0 (6) PAG 2025 105 Rebuttal 2024 Witness 61 $ 2024 $ 61 $ (1J Figures include Staff adjustmentsaco discussed by Company Witness McLeod. (2) Adds back depredationexpense forintangible plant thatwas inappropriatelyexduded from Staff’s analysis. This does not incorporate othernecessary revisionsto Staff’s revenue requirementsdiscussed by CompanyWitness lee. Haynes/WaHter Lee Vttielio/lee McLeod McLeod VitleUo/Lee Lee lee Lee McLeod Vrtiello/leo McLeod Lee Lee Various Staff/OAG Proposed AdjustmentsRejected by the Company as Presented in Testimony: Revenue Adjustments (L-idvdn: ScmonHafOSdffL&VO Sales Eedwtions) RataYear Depredation at Companydeprrates Non-NUG Capacity Expense Capital Structure A 8 RegulatoryAsset(Severe Weather) Andiary Services Margins Fossil and Hydro Station Planned Outage Costs OtherPower DeliveryO&M Payron/Benefrts Stock Based Compensation P1M Admin Fees Staff Depreciation Rates (2045 RetirementAssumption) Net UtilityPlant GridTransformation Plan Benefits Other Staff/OAG RateYear Revenue increase/(Decrease) I I I Table 1 ($ in millions) 2021 2022 I Income Available for Common Equity $ 614 + $ 381 = $ 995 Average Common Equity Capital $ 5,187 + $ 5,814 = $ 11,001 I ROE 9.04% I 1 As shown in Table 1, the Company’s revised results demonstrate an actual earned ROE I 2 during the combined 2021-2022 test periods of 9.04%. This is the same combined earned I 3 ROE presented in the Company’s application—the changes accepted by the Company in 4 rebuttal changed the ROE by less than half a basis point and did not impact the results as I 5 reported in my testimony. While there are minor differences in the respective I 6 calculations, this is also the same earned return presented by the Staff. This 9.04% 7 Earnings Test result is within the lower end ofthe Company’s authorized earnings band. I 8 Each individual revision is discussed in more detail by Company Witness Lee. I 9 Q. Do the revisions to the Earnings Test result in a change to the A 8 regulatory asset I 10 described in your direct testimony? 11 A. Yes, the Company’s earned ROE of 9.04% is within the allowed band but below the I 12 authorized ROE of 9.35%; therefore, severe weather costs are eligible for deferral up to I 13 the authorized ROE. The Company proposes to defer $45 million ofsevere weather 14 expenses, which brings the Company’s earnedROE up to the authorized ROE of 9.35%. I 15 The calculations supporting the A 8 severe weather regulatory asset are reflected in my I 16 Rebuttal Schedule 4 -Revised Schedule 48(c). I 11 I & Combined 2021-2022 I I 1 n. COMPANY’S REVISED GOING FORWARD RATEMAKING ANALYSIS I 2 Q. Do you have any updates or revisions to your pre-filed direct testimony and exhibits I 3 supporting the going-forward ratemaking analysis submitted on July 3, 2023? 4 A. Yes. As with the Earnings Test analysis, the Company identified certain adjustments that I 5 need to he reflected in its cost ofservice for the Rate Years. These changes resulted in a 6 net increase of $35 million to the incremental revenue requirement for the 2024 Rate I 7 Year and a net increase of $53 million to the incremental revenue requirement for the I 8 2025 Rate Year. The primary driver for the increases is due to updating the distribution 9 capital plan that has increased significantly from the direct case filing. My Rebuttal I 10 Schedule 5 provides a summary ofthe revisions for the 2024 Rate Year and my Rebuttal I 11 Schedule 7 provides a summary ofthe revisions for the 2024 Rate Year. Each individual 12 update and revision is discussed in more detail by Company Witness Lee. I 13 The Company’s going-forward analysis now demonstrates a revenue deficiency of $61 I 14 million and $105 million for the 2024 Rate Year and 2025 Rate Year, respectively. I 15 However, while the going forward analysis demonstrates a revenue deficiency in each 16 rate year, such increases are not permitted under the Act, which provides that the I 17 combination of $350 million ofriderrevenue requirements into base rates cannot serve as I 18 the basis for a rate increase in this review proceeding, Therefore, the Company is 19 proposing no incremental increase in base rates in this proceeding. My Rebuttal I 20 Schedule 6 includes Revised Filing Schedules 21 and 24 for the 2024 Rate Year and my I 21 Rebuttal Schedule 8 includes Revised Filing Schedules 21 and 24 for the 2025 Rate Year. I I .12 I & I I 1 Q. Do the revisions to the 2025 Rate Year result in any changes to the revenue neutral I 2 rate change described in your direct testimony? 3 Yes, this analysis also presents a revised revenue neutral rate change to decrease base I A. 4 generation revenue, with a corresponding equal increase in base distribution revenue to I 5 address the imbalance between the functional rates ofreturn. As presented in rny 6 Rebuttal Schedule 8 - Filing Schedules 21C, a revenue neutral change of $90 million is I 7 necessary to equalize the functional rates ofreturn to the combined rate ofreturn for the I 8 two fonctions. I 9 in. PROPOSED ADJUSTMENTS NOT ACCEPTED BY THE COMPANY I 10 Q. Mr. McLeod, beyond any accepted adjustments, are there;any adjustments 11 proposed by Staff and Consumer Counsel that the Company believes are I 12 inappropriate and should not be accepted by the Commission? I 13 A. Yes. On the Earnings Test, there remain only two minor adjustment differences between 14 the Company and Staffrelating to 1) the arrears forgiveness regulatory accounting I 15 adjustment, and 2) Staff’s proposed depreciation rates1. With respect to the going-forward I 16 ratemaking analysis, there remain a number of differences between the Company and 17 Staffand Consumer Counsel. I address the appropriate capital structure to use for I 18 ratemaking purposes, the arrears forgiveness regulatory accounting adjustment, Staff’s I 19 proposed depreciation rates, stock-based compensation expense^ and the appropriate 20 ratemaking treatment for regulatory assets pursuant to A 8. All other adjustments are I 21 addressed by Company Witnesses Lee, Vitiello, Walker, and Haynes. Finally, in Section I 22 DI, I respond to StaffWitness Myers recommendationsrelating to the accounting for 23 “below-the-line” expenses. I 13 I p eg) I I 1 Q. Please now discuss the disputed accounting adjustments. I 2 A. They are as follows: I 3 Ratemaking Capital Structure 4 Q. Staff and Consumer Counsel both propose to use the December 31,2022 capital I 5 structure with a common equity ratio of 50.33% for ratemaking purposes as I 6 opposed to the 52.1% equity ratio proposed by the Company. Please explain their 7 rationale. I 8 A. StaffWitness Gereaux and Consumer Counsel Witness Smith both reference language in I 9 Va. Code § 56-585.1 A 11 which requires the Commission to utilize the actual end-of10 period capital structure for ratemaking puiposes (Gereaux at 4;- Smith at 9). Further, Staff I 11 Witness Gereaux states that “the use of a 52.10% equity ratio is premature” and “may not I 12 match their projections based on financing needs ofthe Company.” (Gereaux at 5). 13 According to Consumer Counsel Witness Smith’s testimony, the December 31, 2022 I 14 capital structure is reasonable as it is the most recent known capital structure (Smith I 15 direct at 9). Mr. Smith acknowledges that the Commission granted authority for the 16 Company to issue up to $3.25 billion of common stock to its parent company, Dominion I 17 Energy, Inc. (“DEI”), but notes that, as ofthe filing date of his testimony (October 10, I 18 2023), the Company had not yet issued any common equity (Smith direct at 8). I 19 Q. Do you agree that the 2022 year end equity ratio of 50.33% is the appropriate 20 capital structure to use for ratemaking purposes in this proceeding? I 21 A. No, I do not. Typically, the Commission will use the most recent year end capital 22 structure for prospective ratemaking purposes. However, as discussed in my direct I 23 testimony, the Act imposed a mandate that the Company “shall, through December 31, I 14 I I I 1 2024, undertake reasonable efforts to maintain ... its common equity capitalization to I 2 total capitalization ratio at a level equal to 52.10 percent.” Unlike in the Company’s prior 3 biennial and triennial review proceedings, the Company is required by law to achieve a I 4 specific equity ratio and is taking measured actions to ensure compliance with this I 5 mandate. Furthermore, Va. Code § 56-585.1 A 11 directs use ofthe actual end-of-period 6 capital structure “unless the Commission finds that the debt to equity ratio ofsuch capital I 7 structure is unreasonable for such utility[.]” Forthese reasons, the Company continues to I 8 support using the 52.1% equity ratio for ratemaking purposes. I 9 Q. Has the Commission ever approved the use of a hypothetical capital structure for 10 the Company in a rate case pursuant to Va. Code § 56-585.1? I 11 A. Yes, in the Company’s 2013 biennial review proceeding (Case No. PUE-2013-0Q020), I 12 the Commission found the Company’s end-of-period capital structure was “unreasonably 13 high, resulting in an unreasonable weighted cost of equity and,, therefore, an unreasonable I „1 14 cost of capital. In that case, the Commission adopted a capital structure for ratemaking I 15 purposes. This was based on a recommendation from Staffwhich believed the 16 Company’s equity ratio was too high and proposed that the Commission use a lower, I 17 hypothetical equity ratio for ratemaking purposes. I I I I I 15 I & 1 Application ofVirginia Electric andPower Company, For a 2013 biennialreview ofthe rates, terms, and conditionsfor the provision ofgeneration, distribution, and transmission servicespursuant to § 56-585.1A ofthe Code ofVirginia, Case No. PUE-2013-00020, Final Order (Nov. 26, 2013). I I 1 Q. Please describe the steps the Company is taking to maintain the 52.1% ratemaking I 2 equity ratio pursuant to the Act. 3 A. The major effort underway to achieve the legislatively mandated equity ratio is the equity I 4 infusion from the Company’s parent, Dominion Energy, Inc. (“DEI”), authorized by the I 5 Commission in Case No. PUR-2023-00114. As noted, Consumer Counsel Witness Smith 6 states in his testimony that he was not aware of any equity issuances from Dominion I 7 Energy Virginia to DEI pursuant to the Commission’s Order Granting Authority in Case I 8 No. PUR-2023-00114. On October 10, 2023, the Company responded to a discovery 9 request from Consumer Counsel asking ifthe Company had issued any equity pursuant to I 10 the authority granted by the Commission in Case No. PUR-2023-00114. The Company I 11 responded as follows: I I I I I 24 This response is attached to my testimony in Appendix A. I I I 4 See the Company’s Response to OAG Set 11-122(a). I 16 I 12 13 14 15 16 17 18 19 20 21 22 23 & The majority ofthe $3.25 billion common stock is targeted to be issued in October and November 2023. 2023 HE 1770 requires that the Company “shall, through December 31, 2024, undertake reasonable efforts to maintain...its common equity capitalization to total capitalization ratio at a level equal to 52.1%.” The Company’s primary use of the equity funds will be to paydown short term debt obligations. Since short term debt is calculated on a 12-month daily average for the regulatory capital structure, the Company must carefully manage the timing of any issuances and related short term debt paydown in order to achieve a 52.1% common equity ratio as required by law.2 I I 1 Q. Please provide an update on any equity issuances from the Company to DEI I 2 pursuant to the Order Granting Authority. 3 A. On October 18, 2023, the Company issued $2,036 billion of common stock to DEL On I 4 October 23,2023, the Company submitted a report on action, to the Commission after the I 5 issuance ofthe common stock in accordance with the Order Granting Authority. 6 Subsequently, on November 2,2023, the Company issued an additional $539 million of I 7 common stock to DEI, and submitted a report of action to the Commission on November I 8 3, 2023. These reports are attached in Appendix A ofmy testimony. The Company used 9 the proceeds from the sale ofshares to reduce the aggregate amount outstanding under its I 10 intercompany credit facility with DEI, which is reported as short-term debt in the I 11 regulatory capital structure. These transactions will have the impact ofincreasing the 12 common equity ratio and reducing the short-term debt ratio, all else equal. After issuing I 13 $2,575 billion in October and November 2023, the Company has Commission I 14 authorization to issue an additional $675 million, which it intends to do as needed to 15 achieve the legislatively mandated 52.1% equity ratio by December 31, 2023. I 16 Q- Is the actual end-of-period 2022 equity ratio a reasonable equity ratio to use for I 17 ratemaking purposes in this proceeding? I 18 A. No. Given that the Company is expected to, and is legally required, to take efforts to 19 achieve an equity ratio of 52.1% through December 31, 2024, it is unreasonable to use a I 20 50.33% equity ratio for ratemaking purposes. Since receiving authorization from the I 21 Commission, the Company has taken significant, measured steps to achieve the 52.1% 22 equity ratio, issuing a total of $2,575 billion of equity to DEI and using the proceeds to I 23 relieve intercompany short-term debt. I 17 I 1X3 & I I 1 Q. What would be the result ifthe Commission were to adopt Staff’s and Consumer I 2 Counsel’s recommendation? 3 A. This will result in setting rates that do not allow for the opportunity to fully-recover the I 4 Company’s cost ofcapital. This is unreasonable and the Commission should reject I 5 Staff’s and Consumer Counsel’s proposed capital structure. I 6 Arrears Forgiveness Regulatory Accounting Adjustment 7 Q. Please describe the Company’s regulatory accounting adjustment to eliminate I 8 customer arrears forgiveness costs. I 9 A. During its 2020 special session, the General Assembly passed House Bill (“HB”) 5005, 10 which, among other things, required the Company to forgive all jurisdictional customer I 11 balances more than 30 days in arrears as of September 30, 2020. Subsequently, in I 12 February 2021, the General Assembly passed HB 1800. This bill included a similar 13 requirement to forgive all jurisdictional customer balances more than 30 days in artears I 14 as ofDecember 31, 2020. As discussed in Company Witness Lee’s direct testimony, this I 15 legislation required that the cost of arrears forgiveness be excluded from the combined 16 2017-2020 earnings test results but was allowed to be deducted in the calculation to I 17 determine whether customer refunds were due. The Company reflected an estimated I 18 $206 million of arrears forgiveness in Filing Schedule 48C (Schedule ofTemporary Bill 19 Credits and Customer Reinvestment Offsets) in the 2021 triennial review.3 I I I I 18 I 3 The Company’s workpaper for the 2021 Regulatory Accounting Adjustment ET-13 (Eliminate Customer Arrears. Forgiveness) includes documentation from the Company’s 2021 triennial review filing supporting the amount of arrears forgiveness reflected as an offset the calculation of customer credits. See Filing Schedule 29(b), 2021 Eamings Test, page 36. t=» lyra I I I The financial impactsfor customer arrears forgiveness were recognized for financial I 2 reporting purposes in calendar years 2020 and 2021. The Company complied with the 3 mandate to exclude such costs from the earnings test by removing them through I 4 regulatory accounting adjustments in the 2020 earnings test presented in the 2021 I 5 triennial review and the 2021 Earnings Test presented in the instant proceeding. The 6 total amount eliminated by the Company in the 2020-2021 earnings tests corresponded I 7 with the total amount reflected in the customer credit calculation in the 2021 triennial I 8 review of $206 million. I 9 Q. Do you agree with StaffWitness Long’s proposal to update the amount in the 10 regulatory accounting adjustment presented in this case for the 2021 Earnings Test I 11 (Long at 27)? I 12 A. No, I do not. The Company purposely used the $206 million amount from the 2021 13 triennial review in its adjustment, recognizing that any differences between the estimate I 14 and actual expenses would appropriately flow through the 2021 Earnings Test. Staff I 15 Witness Long is correct that the final amount of arrears forgiveness was approximately 16 $1 million greater than the estimate reflected in the 2021 triennial review, however, the I 17 effect of updating the adjustment is that the Company is unable to recover the $1 million I 18 true-up through its base rates, which I do not believe was the intention ofthe legislation. 19 The table below illustrates this point: I I I I 19 I & I I I I I 1 StaffWitness Long’s proposed adjustment eliminates the $1 million true-up above from I 2 the 2022 Earnings Test, effectively disallowing recovery ofthis cost. The Commissioil I 3 should reject this adjustment. I 4 Staff’s Proposed DepreciatipnRates 5 Q. Please summarize Staff’s proposed adjustments related to the retirement date for I 6 certain carbon-emitting power stations. I 7 A. StaffWitness Welsh proposes a series of accounting adjustments reflecting the impact of 8 accelerating the retirement date for several power stations to 2045. Specifically, this I 9 adjustment impacts the following power stations/units: Warren County, Bear Garden, I 10 Possum Point Unit 6, Possum Point Common, Greensville County, and Brunswick 11 County (“2045 Retirement Assumption”). The Staffs stated rationale is that “(bjased on I 12 the requirements ofCode § 56-585.5 and the uncertainty around the Company’s future I 13 generating fleet requirements, Staff does not believe it is appropriate to assume a 14 retirement date beyond 2045 for any ofthe Carbon-Emitting Units.” (Welsh at 3). I 15 Q. Does the Company agree with Staff’s proposed changes to the depreciation rate for I 16 these power stations? I 17 A. No. As discussed in the rebuttal testimony ofCompany Witness Baine, from an 18 operational reliability perspective, it is premature to assume thatany ofthese power I 20 I Table 2: Company Arrears Forgiveness Recovery Summary ($ Millions) Recovery Period 2021 Triennial Review 2021 Earnings Test 2021 Triennial Review -Estimate Arrears Forgiveness True-up Total Amount $206 ______ $L $207 I I 1 stations will be retired by 2045. Therefore, at this time, it is inappropriate to change the I 2 retirement date assumption in the Company’s depreciation study. I 3 Q. Are there any other considerations the Commission should consider with respect to 4 this issue? I 5 A. Yes. In addition to the operational reliability issues raised by Company Witness Baine, I 6 Staffs recommendation would also result in immediate increases to revenue 7 requirements and, as a result, increases in customer rates. As mentioned above, Staffs I 8 2045 Retirement Assumption implicates power station costs that are recovered through I 9 both base rates and rate adjustment clauses pursuant to Va. Code § 56-585.1 A 6. The 10 table below summarizes the expected increases in revenue requirements in 2024 and 2025 I 11 ifthe Commission were to adopt Staffsrecommendation: I I I I Total 12 As shown in the table above, the Staffs 2045 Retirement Assumption is expected to I 13 increase Virginiajurisdictional revenue requirements by $24 million annually for 2024 I 14 and 2025. This will result in increases in customer rates beginning in April 2024 with 15 Rider GV. Given the uncertainty surrounding retirement dates, it is unreasonable to I I I 21 I P © & Table 3: 2045 Retirement Assumption Incremental Revenue Requirement Summary — Virginia Jurisdiction ($ Millions) 4 Amounts from StaffWitness Long’s testimony, pg. 5 “Adjustments to reflect Staff’s recommended depr rates.” 3 The difference in the revenue requirement for the 2058 and 2045 retirement scenarios for the 2024 and 2025 rate years is presented in the rebuttal testimony ofCompany Witness Jared R. Robertson in Case No. PUR-2023-00094. 6 Estimated impact based on information provided by the Company’s Accounting and TaxDepartments. _____________Station(s)____________ Warren, Bear Garden, Possum Point4 Greensville5_______________________ Brunswick6 2025 _______$6 $12 _______$6 $24 2024 _______$6 $12 _______$6 $24 Recovery Mechanism Base Rates Rider GV Rider BW I I 1 make a change in assumption at this time that will result in immediate increases in I 2 customer rates. The Commission should reject Staffs recommendation as premature and 3 not in the best interest of customers. I 4 A 8 Regulatory Asset Ratemaking Treatment I 5 Q. Please describe Staffs and Consumer Counsel’s proposed ratemaking treatment for I 6 the A 8 regulatory asset. 7 A. Both Staff Witness Myers and Consumer Counsel Witness Smith recommend amortizing I 8 the A 8 regulatory asset over a two-year period beginning January 1, 2023 as opposed to I 9 the Company’s recommendation to begin amortization in 2026 (Myers at 11, 23-27; 10 Smith at 46-47). Ms. Myers and Mr. Smith also propose to exclude the A 8 regulatory I 11 asset from rate base (Myers at 11, 26-27; Smith at 46). I 12 Q. Do you agree with these proposals? I 13 A. No, the Company does not agree with either the proposed amortization period or the 14 exclusion ofthe regulatory asset from rate base. I 15 Q. Why do you disagree with Staff’s and Consumer Counsel’s proposed amortization I 16 period? 17 A. First, as discussed in my direct testimony, the Company continues to support its position I 18 that amortization should only begin commensurate with an ability to change base rates I 19 that explicitly allows for the recovery ofthe regulatory asset. My rebuttal testimony, as 20 revised, supports revenue deficiencies in both Rate Years and the Company is unable to I 21 seek such increases under the Act. Therefore, the regulatory asset should remain I I 22 I lynl & I I 1 unamortized until at least January 1,2026, subject to Commission review in the I 2 Company’s 2025 biennial review. I 3 Q. Are there any scenarios in which the Company would support beginning the 4 amortization in an earlier period? I 5 A. Ifthe Commission were to find the Company has a revenue sufficiency in either Rate I 6 Year, then it would be appropriate (and necessary) to begin amortizing the A 8 regulatory 7 asset and incorporate such amortization for ratemaking purposes. However, the I 8 Company’s results show a revenue deficiency in both Rate Years as I previously I 9 discussed. Under the analysis presented by Staff and Consumer Counsel where rates are 10 decreasing in 2024, it is appropriate to begin amortizing the regulatory asset but not until I 11 January 1, 2024 commensurate with a rate change. I 12 Q. I 13 14 A. Both StaffWitness Myers and Consumer Counsel Witness Smith propose to exclude the I 15 A 8 regulatory asset balance from rate base citing precedent from the Company’s 2013 I 16 biennial review (CaseNo. PUE-2013-00020) and 2015 biennial review (Case No. PUE17 2015-00027) (Myers at 26-27; Smith at 46). The Commission approved an A 8 I 18 regulatory asset in the Company’s 2013 biennial review and it was amortized for I 19 regulatory accounting purposes over calendar yeat 2014 in accordance with the final 20 order in the 2013 biennial review. I 21 Staffand Consumer Counsel are incorrect about the rate base treatmentofthe A 8 I 22 regulatory asset approved in the 2013 biennial review. In fact, the opposite is true. In the I 23 I ya C© & Staff and Consumer Counsel also recommend excluding theA 8 regulatory asset from rate base. Please respond. I I 1 2014 earnings test submitted as part ofthe 2015 biennial review, the Company included a I 2 regulatory accounting adjustment (Adjustment ET-10) to reflect amortization ofthe A 8 I 3 regulatory asset. As part ofthe adjustment workpaper, the Company included the 4 unamortized A 8 regulatory asset balance rate base. This adjustment was uncontested in I 5 that proceeding. The ET-10 workpaper from the 2015 biennial review is attached in 6 Appendix A to my rebuttal testimony. I 7 Q. Why is it appropriate to include the unamortized A 8 regulatory asset in rate base? I 8 A. The unamortized A 8 regulatory balance represents costs incurred by the Company to I 9 restore service to customers due to storm damage in 2021-2022 that have not yet been 10 recovered from customers. The balance is included in rate base as it represents a use of I 11 shareholder funds until the costs have been fully amortized. The proposal to exclude the I 12 balance from rate base is misguided and should be rejected. I 13 Stock-Based Compensation Expense 14 Q. Please describe the adjustment proposed by Consumer Counsel Witness Smith I 15 related to stock-based compensation. I 16 A. Consumer Counsel Witness Smith has proposed disallowing all stock-based 17 compensation expense for the Rate Years. This includes compensation for both I 18 executives and non-executive employees for the long-term incentive plan (“LTTP”) I 19 Company and amounts billed to the Company from Dominion Energy Services, Inc. 20 (“DES”). Mr. Smith claims that these plans have “the primary purpose of benefiting the I 21 Company’s shareholders by aligning the interests ofthe participants in the stock-based I 22 incentive awards with those ofsuch shareholders.” (Smith at 36). I 24 I & I I 1 Q. Did Mr. Smith cite any Commission precedent supporting his proposal? I 2 A. No, he did not. Mr. Smith references cases from otherjurisdictions that have adopted 3 similar proposals but cites to no Virginia precedent (Smith at 36-37). I 4 Q. Please discuss the Commission precedent followed by the Company for treatment of I 5 these costs in this case. I 6 A. Incentive compensation program costs have been addressed by the Commission’s orders 7 in numerous prior Company rate cases including: Case Nos. PUE-1987-00014, PUE- I 8 1991-00047, PUE-1992-00041, PUE-2011-00027, and PUE-2013-00020. In all I 9 instances, the Commission allowed all ofthe Company’s incentive compensation 10 program costs to be included in the cost ofservice with the most recent cases (the I 11 Company’s 2011 and 2013 biennial reviews) allowing recovery ofLTIP expenses upto I 12 100% ofthe target level. I 13 In Case No. PUE-1992-00041, the Commission found that the Company’s incentive 14 compensation plan “provides an effective way ofpromoting continuous effort on a I ”7 15 corporate and individual level” and that it “appropriately links pay and performance. I 16 Likewise, in the 2011 biennial review, the Commission rejected recommendationsto 17 disallow 50% ofthe Company’s annual incentive plan (“AIP”) and LTIP and found that I 8 18 incentive compensation costs up to 100% oftarget were reasonable. I I I I 25 I 7 Application ofVirginia Electric andPower Company, For ageneral increase inrates. Case No. PUE-1992-00041, Final Order (Feb. 3,1994). 8 Application ofVirginia Electric andPower Company, For a 2011 biennial review ofthe rates, terms, and conditionsforthe provision ofgeneration, distribution, and transmission servicespursuant to § 56-585.1 A ofthe Code ofVirginia, Case No. PUE-2011-00027, Final Order (Nov. 30,2011). Vi £ I I 1 Q. Is the Company’s treatment ofLTIP in the instant proceeding consistent with I 2 Commission precedent from the 2011 biennial review? 3 A. Yes, the Company has included expenses associated with LTIP capped at 100% ofthe I 4 target level, I 5 Q. What is your recommendation in this case? I 6 A. I recommend that the Commission adhere’ to its policy of allowing cost recovery ofLTIP 7 excluding amounts above 100% oftarget. These compensation programs are structured I 8 in a similar manner today and are as important as they were in 2011. Consumer Counsel I 9 Witness Smith has presented no new or compelling reasons for the Commission to 10 change its decades-long policy in this case. I 11 Q. In addition to LTIP, Consumer Counsel Witness Smith recommends disallowing I 12 costs associated with the Leadership incentive Plan and Key Contributor Plan. I 13 Please respond. 14 A. The Leadership Incentive Plan and Key Contributor Plan are programs for certain high I 15 performing, non-executive employees in’critical positions. The stock awards,for these I 16 programs vest over several years. Like the restricted stock aspect ofLTIP, this is a time 17 driven award with the primary goal oflong-term retention ofthese employees, which is I 18 in the best interest of both customers and the Company. As such, the Commission should I 19 allow for recovery ofthese costs as well. I I I 26 I I I 1 NOn-Operating Expense (“Below-the-line”) Accounting Recommendations I 2 Q. Did the Staff propose any adjustments in this case to remove certain donation 3 lobbying, and other non-operating expenses from the cost ofservice that were I 4 improperly recorded to operating expense (“above-the-line”) accounts? I 5 A. Yes, StaffWitness Myers proposes to remove $306,000 of expenses from the cost of 6 service (Myers at 38). As discussed by Company Witness Lee, the Company has I 7 accepted these adjustments and they are incorporated in the revised results presented in I 8 rebuttal testimony. I 9 Q. Ms. Myers made several recommendations relating to the accounting for “below10 the-line” expenses. Please respond. I 11 A. StaffWitness Myers made several recommendations in her testimony centered around I 12 improving internal controls for expense charging to “below-the-line” expenses. The 13 Company understands Staff’s concern and shares the same goal to ensure all “below-theI 14 line” expenses are recorded to the proper FERC accounts. In fact, after the Company’s I 15 2021 triennial review, the Company implemented new procedures and controls to 16 improve the accuracy for accounting for these items. In my view, these new procedures I 17 and controls were very effective as evidenced by the significant reduction in amounts I 18 discovered during the Staff’s audit in this case ($306,000) as compared the amounts from 19 the 2021 triennial review ($4.3 million). The amount discovered is this case represents I 20 only 1% ofthe total costs recorded to FERC accounts 426.1 and 426.4 during the 2021- I 21 2022 test periods. I I 27 I ynl & I I 1 Q. Please describe the new procedures and controls established since the Company’s I 2 2021 triennial review. The Company already has in place annual time and expense charging training for all I 3 A. 4 employees (existing and new hires). After the 2021 triennial review, the Company I 5 implemented enhanced training for groups that process a greater volume ofinvoices that 6 include “below-the-line” expenses. This training is conducted annually and highlights I 7 the importance of accurately reporting these items both for the Company and its I 8 customers. On the back end, the Company has a process Whereby charges for a list of 9 vendors are manually reviewed by'the Company’s Corporate Finance team and any I 10 ' amounts identified are reclassed to the appropriate FERC account. The vendor list is I 11 continuously updated. This process provides an additional layer of control over the 12 coding ofinvoices from vendors that typically invoice “below-the-lirie” expenses. The I 13 Staff’s additional recommendations are not necessary given the improvements made I 14 since the last case and the Company’s commitment to improving the controls over 15 “below-the-line” accounts. I 16 Q. Does this conclude your rebuttal testimony? I 17 A. Yes, it does. I I I I I 28 I I I I I APPENDIX I TABLE OF CONTENTS I PageNo. I PUR-2023-00114 Report ofAction filed October 23, 2023 2 I PUR-2023-00114 Report ofAction filed November 3, 2023 .5 I 8 I I I I I I I I I I PUR-2015-00027 -Company Regulatory Accounting AdjustmentET-10 Deferred Recovery of 2013 Biennial Review Costs Pursuant to § 56-585.1 A 8 & CompanyExhibit No. Witness: PMM Appendix A Page 1 of 9 REBUTTAL TESTIMONY OF PAUL M. MCLEOD ON BEHALF OF VIRGINIA ELECTRIC AND POWER COMPANY Case Number (if already assigned) PUR-2023-00114 Case Name (if known) Document Type REAC Document Description Summary Total Number of Pages 2 Submission ID 28983 eFiling Date Stamp 10/23/2023 4:43:06PM Virginia Electric and Power Company's Preliminary Report ofAction Application of Virginia Electric and Power Company and Dominion Energy, Inc. For Approval of Authority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 of Title 56 of the Code of Virginia Virginia State Corporation Commission eFiling CASE Document Cover Sheet Company Exhibit No. Witness: PMM Appendix A Page 2 of9 “b & f VIA ELECTRONIC FILING October 23,2023 Dear Mr. Logan: Should you have any questions, please do not hesitate to contact me. Sincerely, /s/Teirra M. Everette Enclosure cc: Philip M. Gereaux Enclosed is Virginia Electric and Power Company’s Preliminary Report ofAction.fOr filing in the above-referenced case. This report is being filed pursuant Appendix Item No. 2 ofthe Commission’s August 17,2023 Order Granting Authority in Case No. PUR-2023-00114. Teirra M. Everette Senior Counsel Bernard J. Logan, Clerk c/o Document Control Center State Corporation Commission 1300 East Main Street TylerBuilding -First Floor Richmond, Virginia 23219 y & f=»> w Teirra M. Everette Senior Counsel Direct: (804) 819-2698; Facsimile: (804) 819-2183 teirTa.m.everettc@dominionencrgy;Com Dominion Energy Services, tnc. LawDepartment 120 Tredegar Street, Richmond, VA 23219 DominionEnergy.com Application of Virginia Electric and Power Company and Doipinion Energy, Inc. For Approval ofAuthority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 ofTitle 56 ofthe Code ofVirginia Case No. PUR-2023-00I14 <g ce Company Exhibit No. Witness: PMM Appendix A Page 3 of 9 Dominion Energy" APPLICATION of VIRGINIA ELECTRIC AND POWER COMPANY and DOMINION ENERGY, INC. PRELIMINARY REPORT OF ACTION The aggregate amount remaining under the referenced authorizationis $1,213,774,177.74. Dated: October 23,2023 avis, Jr. II For Approval ofAuthority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 ofTitle 56 ofthe Code ofVirginia Company Exhibit No. Witness: PMM Appendix A Page 4 of9 Richard M. Davis, Jr. General Manager-Corporate Finance Dominion Energy Services, Inc. Respectfully submittedj VIRGINIA ELECTRIC AND POWER COMPANY COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION Pursuant to the second Appendixed item ofthe Order, dated August 17,2023, in Case No. PUR2023-00114, authorizing the issuance of up to $3.25 billion in common stock as defined in the Application, Virginia Electric and Power Company (the “Company”) files this preliminary report. On October 18, 2023, the Company issued 31,199 shares ofits common stock at a price of$65,265.74pershare (which representsthe book valuepershare ofVirginia Power’s common stock based on its latest unaudited financial statements) for an aggregate purchase price of $2,036,225,822.26. ) ) ) ) ) ) ) Case No. PUR-2023-00114 ) ) ) ) ) ) By: Case Number (If already assigned) PUR-2023-00114 Case Name (if known) Document Type REAC Document Description Summary Total Number of Pages 2 Submission ID 29110 eFiling Date Stamp 11/3/2023 10:14:42AM Application ofVirginia Electric and Power Company and Dominion Energy, Inc. ForApproval ofAuthority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 of Title 56 of the Code of Virginia of 1950 Virginia Electric and Power Company’s Preliminary Report ofAction Virginia State Corporation Commission eFiling CASE Document Cover Sheet Company Exhibit No. Witness: PMM Appendix A Page 5 of 9 2®I® ~ VIA ELECTRONIC FILING November 3,2023 Dear Mr. Logan: Should you have any questions, please do not hesitate to contact me. Sincerely, /s/ Teirra M. Everette Enclosure cc: Philip M. Gereaux Enclosed is Virginia Electric and Power Company's Preliminary Report ofAction for filing in the above-referenced case. This report is being filed,pursuant Appendix Item No. 2 ofthe Commission’s August 17,2023 Order Granting Authority in Case No. PUR-2023-00114. Teirra M. Everette Senior Counsel Company Exhibit No. Witness: PMM Appendix A Page 6 of9 Bernard J. Logan, Clerk c/o DocumentControl Center State Corporation Commission 1300 East Main Street Tyler Building -First Floor Richmond, Virginia 23219 Dominion Energy Services,Inc. Law Department 120 Tredegar Street, Richmond, VA 23219 DorninionEhergy.com Teirra M. Everette Senior Counsel Direct (804) 819-2698; Facsimile: (804) 819-2183 teinB.m.everette@dominionenergy.com Application ofVirginia Electric and Power Company and Dominion Energy, Inc. For Approval ofAuthority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 ofTitle 56 ofthe Code ofVirginia of 1950 Case No. PUR-2023-00114 Dominion Energy APPLICATION of VIRGINIA ELECTRIC AND POWER COMPANY and DOMINION ENERGY, INC. PRELIMINARY REPORT OE ACTION The aggregate amount remaining under the referenced authorization is $674,940,22.8.30. Dated: November 3,2023 Richard M. Davis, By: II II I For Approval ofAuthority to Issue Up to $3.25 Billion in Common Stock to Parent Under Chapters 3 and 4 ofTitle 56 ofthe Code ofVirginia General Manager-Corporate Finance Dominion Energy Services, Inc. On November 2,2023, the Company issued 8,256 shares ofits common stock at a price of$65,265.74pershare (which representsthe book valuepershare ofVirginia Power’s common stock based on its latest unaudited financial statements) for an aggregatepurchase price of$538,833,949.44. Company Exhibit No. Witness: PMM Appendix A Page 7 of 9 Respectfully-submitted, VIRGINIA.ELECTRIC AND POWER COMPANY COMMONWEALTH OF VIRGINIA STATE CORPORATION COMMISSION Pursuant to the second Appendixed item ofthe Order, dated August 17, 2023, in Case No. PUR2023-00114, authorizing the issuance of up to $3.25 billion in common stock as defined in the Application, Virginia Electric and Power Company (the “Company”) files this preliminary report. ) ) ) ) ) ) ) Case No. PUR-2023-00114 ) I ) ) ) I I sst I I I 1 Virginia Jurisdictional Adjustment $ I 22,700 ET-10 $ ET-10-G $ ET-10-D I I I I I I I I I I ^3 50.0000% 11,350 50.0000% 11,350 4 Virginia Jurisdictional Distribution Allocation 5 Distribution Adjustment 2 Virginia Jurisdictional Generation Allocation 3 Generation Adjustment ci Company Exhibit No. Witness: PMM Appendix A Virginia Electric and Power Company Page 8 of 9 Regulatory Accounting Adjustment Deferred Recovery of 2013 Biennial Review Costs Pursuant to § 56-585.1 A 8 Forthe Test Year Ended December.31, 2013 (000's) Line No. Description___________________________________________ Deferred Recovery of Certain Costs that Drop Earnings Below 10.40% (50 Basis Points Below Fair Combined Rate ofReturn) Pursuant to § 56-585.1 A 8; Cost Recovery Over One-Year Period Beginning January 1, 2013 IIII Amortization Balance I III $ I $ IIIIIII '4 50.0000% I 2,199 yP©& an HS Wa 13-Month Average Deferred Recovery Balance of Certain Costs That Drop Earnings Below 10.40% (More Than 50 Basis Points Below Fair Combined Rate of Return) Pursuant to § 56-585.1 A 8 $11,350 38,75% $4,399 II 1 Dec-12 2 Jan-13 3 Feb-13 4 Mar-13 5 Apr-13 6 May-13 7 Jun-13 8 Jul-13 9 Aug-13 10 Sep-13 11 Oct-13 12 Nov-13 13 Dec-13 14 15 13-Month Average Balance 16 Net-of-Tax Rate 17 13-Month Average Balance net of ADIT 18 19 Virginia Jurisdictional Generation Allocation 20 Generation Adjustment 21 22 23 Virginia Jurisdictional Distribution Allocation 24 Distribution Adjustment $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 $1,892 50.0000% 2,199 Virginia Electric and Power Company Cash Working Capital Adjustment 13-Month Average Balance of Costs Deferred During 2013 Biennial Review Pursuant to § 56-585.1 A 8 For the Test Year Ended December 31,2013 (000 ’s) $22,700 $20,808 $18,917 $17,025 $15,133 • $13,242 $11,350 $9,458 $7,567 $5,675 $3,783 $1,892 ($0) Company Exhibit No.__ Witness: PMM Appendix A Page 9 of 9 Line No. Description IIIIII CO 5 S o co 8 io co o_ co co_ co 3- v-_ I <e I ca <a te o> CM co fc. co I < in o' r-'^'or I CA <A fA <a I I'-. 51 <d S O <D CO v n ■-■ T-' r-' Of I .in ea I to <e I 2 I « a IIlf IS? 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IT F S N tf)O SB.P t Soszj i£ill - sii1- hlih g dhg sas o3 ssI LDII |sZQ.d a m o iD3!?i th.° s m H sigI gi 3 3S8 ” §S § r-^ .-* M o»* fths el s •> o ° " n y « sms'oj: 04 H H_g8 _ qu ilH ££ gs Company Exliibit No. Witness: P Rebuttal Schedi L - 2022 Earnings Test Filing Schedulegl 2 Page 1 H 1 & 3 go0 pF r s.mSb II it V- CM 8" I rt 6 -g a U) ^00 CD CM & I <e «e te s 3°S° CO rI CD b-' »— co CM III 8*£M5 o 0) c fl) « -H I llii ^-'S w-p Uhl?< 0 H I r- CM CO «e IO CO r- oo ® ® £ £! « co b- oo a> o £ II o ’r-r CMr m»ar coa <oa co rg » 83 S CD ST o o S2n8 Si SSco CD 3( CD O b- £3 CM 8 Uf co 2S Oo I ! c ra 61£§ ■szI §o3o • «O'O (D 3 COs CD CO to. 5 IO QQZ<! £co I §ss <Q0Z21z2 UJQZ< "5 3 3 v- V CM •gc§ CO CO O CD Sai s £ -• — S ’5 s ■». s <I ss o_ b- ‘ 1i = 8 §°SO O “ < 2<Q2agz2 UJ 8 ||ili co o3£ co o co CO CM CM r* CO tn b- < d ’ gM CM co W‘ CO CO* to 3° inn co ’ a o "So Company Exhibit No. Witness: Rebuttal Schedule^! 2022 Earnings iSt Filing Schedulers Page 1 I co co UJ><IoIgze dll II 8£ itll UJ sI UJ -IB COp hl Ipj UJ p E — I Z U < ^ , -J.j! 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CD IO r- ° J2.C =5* < ooss Si co I3 i n so ® CO CM m XT 0. 0 *1 xr tn co m cm cd co - CM CD *1a>co CM xr Ob. |h IPhz 2 ?<oEceg C£ £ UJ<I rn0 *5 « 2 £ = T a fill? < 3& > i ° s Jilli< y-8«3 es CO O 33 f 55I ssK a-is S- §•0 2 0 Company Exhibit No. Witness: PMM Rebuttal Schedig 3 2022 Earnings Kst Filing.Schedule^B Page 1 1 <£> = .-81 hrsl a. s . ui o i s§ <n| S| 8 ' 5°° CD •1OJ co o co co" co" t-"' ° O »8s i •§ egg flij g < s 5 m (K *O co) <o r- 8 S tn ex a£§ « l = R hiinn i h.f0<o I fllll I <m !|i g <A </> 4^ I CO h- T- CM CO (O o II vi Vi Vi vi IIII s % .« II is si 8 h-" oo oo gm itm 0^ uhi & <zo O' IB i* 0) Ul < CD Ul < or ui cn<m ui i-< or co* >5 0. <oez* O' I a: o<o CM CO CM oo" CO O) O) O CM <D co" ^r oS oo' O) i MCo (02OODQ Ul a ui IB< a: I >o Ct Ul 2 Ul 2OsoQ 2 Ul £ 2OHD COEH COao2<2OH< or ui 2 Ul e Ul co< CD Ul IUl e Ul <0 CM CO Q LBL—tnQ< oo tnoz >2 co8S '*o SB 5: 1<§ >; "O O) CD .h O tn “J ring J2 CLg Z3D ■s2 u_ •=■' +- <5 = o a> O C< Om as LBQ_ Ul <5< Ct Ul X I-2O5w Ul HX sig cm cn o tn co tn o> co co co in o' o tn cm tn - m - oo E J2oQ 'B tn TJC CD <A3O£ In2 I en JO£ Ow CD CO O <n m m O) co oo co to" “ ci a> m ’Mb — o' r< t- CM co cm " Ul o2o 8^|3 cm " Company Exhibit No.______ Witness: PMM RebuttalSchcdule 3 2022 Eamings Test FilingSchedule 14 Page 1 of 1 CD CD<m02 h- 2O 2 o%£o I-3o LB O' <o co co o co o <n co s’a ro o co 00 T03 i- 3 ef CM oiH| O K M > U Ul >. 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CM °0_ co co OJ co" co ■Co ■sa2ds£co tn ’ > k3P ynj ««■ g- o UJ co<m UJ i-< Ct cooom ct m CL 01e< 01 S CO b- co CT) O r — t — ▼- r- CM 2 S <2 5 ®-N- “- 2oo <H 0. <o0zXaI Ct o o oc5>e ct 01z O1 zoz2o i CM CO CM co ’ O b-" i 67 co § cn 6> coa zo2w 111 H 0£X io o n e. CM M1 •e5< w tn<m <Dzz 23oQU<>o I-3 Z3 ts iu a. <o w II Ct s co CM CO CM — Ol OzI CO b* b- CD CO CM b- MCD CO- COCM" b*^ O> CD CM CM CM CO CO z ~ g £ 2 3 ,H * < 0- £p3 .S2 tfi ■Q CO *_ ”1 § roZ25 ZDOzaoH z HI 2 UJ t-<w UJw DS UJ< » =»^ C c c 2 ••£ g a § £ 3 o <A U> o O l < < UJ tn< CQ UJ I-' UJ 0X UJ -Jg x-«» CO CO b- CD O XT CM CD- CO CD CO b^ t “ co f? o S o s Company ExhibitNo.______ Witness: PMM Rebuttal Schedule 3 2022 Earnings Test Filingschedule 14B Page 1 of 1 (@& p S? 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T* Oil mi I ihh|§ss ’sa s ’^g| § a pai 11 j»51 j •» I n <o «4 <A I £8 I d i 3 I tlisa S: -s E n a §5 I 55 a 8388!$ R.83S SSSSSS 3 3 ?3S? 33? 5 ??3S III o §c SB "3 0 I!! i & IN g I f5 SI 20i s§ 5 lqI Sis g g H112§ ii!l IISI ms mi sss H<il ■■•■!■<.........!| I' I ’ll Up Hl >Ls <; s §sh llpj i H 0iIauis gjj fgf Company Exhfbfl No.____ £>$ Witness: PMM Rebuttal Schedule 3 I ” 1 2022 Earnings Test k . o FilingSchedule l?AU^ Pagel of _|h aiH! III e=. sic ; r»«! O O O Q S i Hill I a SUU «» •> A *> I P» 5 i!|i pl I 41 I 3o II eg° e5 8»8S g O § — « s .§ rs I q 51 .s&g El? 3. p ’=» g z'- ’ s g ? h U g’ 5'hs I w I < •I I iK F HUI I 12 r Nn-»«tos III a5I rt So 3«. g ..r jIS p S! s f 8sO. < N$ P!fJ 33 $8f? &°1 r Is IoS is? o I 2 o * ol g a§BoI ■BisI ii o e o o o gg ejCN^-r-’-e no o W Hlr p ’Mi 5oo33 sc a OIa3 ’ h SSfl ‘tit «* UJ ss ip »i1 S] B2 • &s.£ I ffl c Ihh iili idKs - J m3§ s: HI I i SSReRPRPsBBBRBfiSSfiB 3333333333333333533 OH ill Filing Schedule 17B":L Pagel of iW& ••••-■ ■!.................fe 3 = 3 S 8 8j S S) 5 ^8. P B P B. B B ? ” 3 “g°?:8^51° 3 3 3 3 33" pay ihc itM § 5 ! i f Hhi si libh « iill^ i BB.PP B0 00 ffi J , «s i fib SEES si Oil? |||i 3 § „| pss| jsi| |dth i | || «>o>e-B"3? “t»sa:5 a ssaaR aaas osas-s s a ss -sm ; sss s 3?.g» 83a q I - i, ii Lhlhs!! ?hhh|| sms-Jrl IlIIhilfiH S£81 0 Company ExMbilNo.____ Witness: PMM Rebuttal Schedule 3 3022 EarningsTest L Paaoia888|s5.00000,:,a I Slit I I I I Line No. Description Notes Amount [Note 1] I I 1,34 $ I I $ I I I I I I I I I I I 1 2 9.04% 10.05% 8 9 10 11 12 13 14 15 3 4 5 6 7 0.00% 11,001,131 Earned return on equity (ROE) for the combined test periods Authorized ROE plus 70 basis point band Earnings available for sharing (%) Common equity rate base for the combined test periods Earnings available for sharing ($) Income tax gross-qp factor Revenue available for sharing Dominion Energy Virginia 2023 Biennial Review Schedule of Temporary Bill Credits Pursuant to Va. Code § 56-585.1 A 8 (Thousands of Dollars) fe? (Sj & $ $ $ A8 Regulatory Asset (Severe Weather) Authorized ROE Earned ROE for the combined test periods ROE below the authorized return Common equity rate base for the combined test periods Net income below authorized ROE Income tax gross-up factor A8 Regulatory Asset (Severe Weather) [Note 1] [Line 9 - Line 10] [Note 3] [Line 11 x Line 12] [Note 4] [Line 13 x Line 14] [Note 1]: Filing Schedule 11C. Col. 3, Line.33. [Note 2): Line 1 - Line 2. Values are only shown if there are earnings aboveithe authorized range [Note 3]: Filing Schedule 11C, Col. 3, Line 31 [Note 4]: 1 / (1 - 2022 income tax rate) Company ExhibitNo, Witness: PMM Rebuttal Schedule 4 Filing Schedule 48C Page 1 of 1 [Note 2] [Note3] [Line 3 x Line 4] [Ndte4] [Line 5 x Line 6] 9.35% 9.04% 0.31% 11,001,131 33,860 1.34 45,418 I I I i I 1 Revenue Deficiency / (Sufficiency) Direct $ 25,560 I I I I I I I 18 Revenue Deficiency / (Sufficiency) - Rebuttal $ 60,920 I I I I I I I I Dominion Energy Virginia Company Revenue Requirement Reconciliation - 2024 Rate Year Generation & Distribution (Thousands of Dollars) 6 Annualized Revenue and Customer Growth Adjustment 7 Grid Transformation Plan Expenses, Net of Benefits 8 Employee Labor & Benefits (Including Payroll Taxes) 9 Adjust A/C Cycling Expenses 10 Allowance for Working Capital Adjustments 11 Ancillary Services Margins 12 Eliminate Charitable Contributions and Lobbying Expense 13 Other Power Delivery O&M Projects 14 Include the A8 Regulatory Asset Unamortized Balance 15 Reclass Certain Riders to Base Rates 16 Eliminate Net Operating Expenses and Inventory Balances for Retired Units 2 Rate Base Update (Including Depreciation and Property Taxes) 3 AMI Opt-out Expense 4 Eliminate Retired Unit Decommissioning and Demolition Costs 5 Adjust Deferred Fuel Balance - Net ___ (23) 35,360 Company Exhibit No.__ Witness: PMM Rebuttal Schedule 5 Page 1 of 1 41,123 1,574 214 123 (3,805) (2,380) (335) (331) (297) (250) (131) (72) (32) (14) (3) 17 Other 18 Total II ® gf id © § §m J-* <D C\F s I <dc< 8 =o? 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S§ •i S 3 8 I5t Canpcny BxhM No,____ WitiKtr PMM Rebuttal Schoduh 6 2022Pro Farm* “1&4 Rain-Year FOtag Scbcduk J7B U P«8#Jafl jyj II! life si § .g£§ 3.§ § E 3 8 § I I I I 1 Revenue Deficiency / (Sufficiency) - Direct $ 51,241 I I I I I I 17 Revenue Deficiency / (Sufficiency) - Rebuttal $ 104,605 I I I I I I I I I _ w (2,084) 55,910 1,574 214 109 Dominion Energy Virginia Company Revenue Requirement Reconciliation - 2025 Rate Year Generation & Distribution (Thousands of Dollars) 2 Rate Base Update (Including Depreciation and Property Taxes) 3 AMI Opt-out Expense 4 Eliminate Retired Unit Decommissioning and Demolition Costs 5 Other Power Delivery O8iM Projects Company Exhibit No. Witness: PMM Rebuttal Schedule 7 Page 1 of 1 6 Grid Transformation Plan Expenses, Net of Benefits 7 Annualized Revenue and Customer Growth Adjustment 8 Employee Labor & Benefits 9 Allowance for Working Capital Adjustments 10 Adjust A/C Cycling Expenses 11 Ancillary Services Margins 12 Eliminate Charitable Donations and Lobbying Expense 13 Include the A8 Regulatory Asset Unamortized Balance 14 Eliminate Net Operating Expenses and Inventory Balances for Retired Units (2,359) (506) (458) (3.67) (331) (250) (131) (32) (3) yn) It© 15 Other 16 Total I Company ExhibitNo. I u Ifif ? 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I 3" L f « f<S;s|§e 1G UJ 2 li«s 8 X g ,1i0 4111 J ’ 111 g i 2Qg LUU1LUi 8° ® Canpeny&duKtNo.____ Wtiar PMM RPmaiSeWukS 300Pm Foran -2025 fUu Yew Filina SrhofakiSlB PigoJcfl 1 1 i h H LU HI fl-l 2 ill i a= s a si§ 3 h.s g lais a 1- i- <t 1S e t i|d|? 5 S1 ,8? rm. ^11U I si. to to I* SIL i I rfi 3- f|H s?Q s' S s a s 5B i IP I Jill Ii ii I sliaF 51^'s S.to v »- v fill3 ®- t I?i 8 i O Ellas 5 ’ iSia 3 ,? S E E S I II ! 2?3 3 aa: 3°S SlLi li 1! IIIII 1!- H ! §1 § sgsi s § CO 3 I ’ t V> V) «» M 4* M a I a °§ ;• 5 o O Q 1 c I M PffSial 5 g eg&3 sftfs ’Bfs'" x n ^.5.3 dlh ! K sr*! ? J’- ?«?=■= CO a §• ■» s I 5 v> *> •> «t vtI HI I 5 I i 16 II 'M 1= 5 * # 5S v CN rt -V U> <0 a ssma a asa a as aa s | IIIII ih °a°!: g S Is S E £ ■e 31 1•8 ! 2 UJ I Iz8zog Is si !l| §I Company Exhibit No. Witness: PMp Rebuttal Schedule^ 2022 Pro Forma - 2025 Rate Y^t Filing Schedule© Page 1 of®& £■ °H S Sail f S 0 d -J SES i II E£§g hhP^ R ipii si si?- [h !H| < ‘‘ Hl H liig >< 01! f! I s Lm 1 <e ss b ||| e| issje '‘ n S FIsis H p i 1! > hi IIIII O OT S I || I «» MW I I I «• M M « M §§g§ g OOP iI M «9 *• *• 4A MW I 8 sFh I Vi I V £ Sal I s H < g § s “ • IX I --nnxLoo 8-«>0>OpSfS ’ 2S £ E £ IIIII gu I8 I § I S §&28zcg I 8£ I It £!» l V tI S§ !■ ii i III ** & ill s ssax « ska a as o a $ $ °C ST S? LUi 53 s igQS ° < I8a£ 11 I! ills il 1 hitoJ i ii IL ij Jo Pt III r-'oT V § b ge^. gCjSRS g to w _J , £*f © i ill ■S l}. 111 I! tn pml il 5§RSfS § CO tU|5 s^af2- 5^1 R £ ’li i hl I ji 11! Company Exhibit No. Witness: PMM Rebuttal Schedule 8 2022 Pro Forma - 2025 Rate Year Filing Schedule 21B Jg Pagel of 1 0 ij11 0 111 IIIII S8SSS g =l«> s 5 s I <-• M «» V> •» w w I Ml ST s ss Q 8 I v> «9 m I,?? 1 'B I <<n V» w «• w II? I see II s K <Sa8|§ I 8 I I 5 8 1 g « I It g v m « tn co a ssHsa s soa a S S £ IIIII ■8S sfH Il3 §& 8 fe & S352?22 IP11 lie liSi § 1 0ii sEs 5° Se I !I3 o§ai 5 £ 3 5 Ifk ag I I u - 1 °8 “ | i 5 tnXS 1| nn > ii IB L § ftgj 3 r“ Company ExhibitNo. Witness: PMM Rebuttal Schedule 8 2022 Pro Forma - 2025 Rate Year Filing Schedule 21C Page 1 of 1 S U. si 1 85m; 85 S3 3 ££ £ £ is « <4§Ig h Mil H-i 8 °8°S i _ !h i 4g I dip] hi r1C 1 i$ i }! I fl *1 - II IIP Is I Oi si 3 I ’st I W I §. s sSss 1£ j? !>' B I I «» «» e» v> M I IIs s o a v> w «» e» m M I « « ■* o - “pl I « v> v» «» I §t§° M J 8 -.3.K I .Ihs- ‘SI 8 I ff'S5* 53 «» «• «» I n-M >■. sSg I i I «> •» tft «» fsH H I n 8 m* <a •> « «* II s II £ -K < S| 5.^6 lO S m 0 5 3S8SS I «- cm n ■*■ m 5 I 58 M g 8 O rt o — «- ° HI I t=a ^3 US § <7> S <0 LU tosI9 l § !■ Is S8;£§ 5 § fs. £ r-*. II 5 §ins Company Exhibit-No. Witness: PMM Rebuttal Schedule 8 2022 Pro Forma - 2025 Rate Year Filing Schedule 22 @ Page 1 of 1 (g& IES I'SlSt:- §5 8 ’ Ii i SOS g'.S?8' rfS 3OEH 5° S I-? g5 §O° a'SE Isd 1H hill I I S8Sg hot- «- to 3 ’ CM1 i£ I i 3 I str BJ.P. SR iii " eg u. ou 38 8 3 “ i" I B sir sog2 a. It5o< yI GTro S 11 I £ LUs i sub Hfh I ilshi <o r-«> a> 2 ;: S P J 2 w-l ■god t§ § 3"i ” Ji ej »- «T <« s ^13 = ss 83SS as §8-8-S- §8- § - -■ s r sssE £§ rr § co g « i I M M5aJ. tt 3 ’’ II SB tj - r- ’ oi w> co ci I co I 5 v> Vi Vi » E II Vi Vi Vi Vi *» Vi Vi I §■ I Vi Vi «9 Vi Vi I s O N O> CM CM 04 O CM co *- r*- r* r-i- -r . “ .* —' —• . * I 3 ” o UJ I Vi Vi Vi Vi «e Vi *> III <0 •5 hlS! I M D m I m (D N (D O) O II i h Sa *«» ro m u» 8° XT CO SB£ 8° 0- £ s 3 O O iOJ w • »oo 01 s ! ism* s:, Si Cg O O Q CO 5 y.OQ S' 3 £i -bm 2 s Isihs XT CO CM* 8? 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Dominion-2023-Rate-Review-Witness-Rebuttal-Testimony

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