有哪些信誉好的足球投注网站- 1、本文档共59页，可阅读全部内容。
- 2、有哪些信誉好的足球投注网站（book118）网站文档一经付费（服务费），不意味着购买了该文档的版权，仅供个人/单位学习、研究之用，不得用于商业用途，未经授权，严禁复制、发行、汇编、翻译或者网络传播等，侵权必究。
- 3、本站所有内容均由合作方或网友上传，本站不对文档的完整性、权威性及其观点立场正确性做任何保证或承诺！文档内容仅供研究参考，付费前请自行鉴别。如您付费，意味着您自己接受本站规则且自行承担风险，本站不退款、不进行额外附加服务；查看《如何避免下载的几个坑》。如果您已付费下载过本站文档，您可以点击 这里二次下载。
- 4、如文档侵犯商业秘密、侵犯著作权、侵犯人身权等，请点击“版权申诉”（推荐），也可以打举报电话：400-050-0827(电话支持时间：9:00-18:30)。
查看更多
ANALYSISOFRATEOFRETURN：回报率分析.doc
BEFORE THE
PUBLIC SERVICE COMMISSION OF MARYLAND
IN THE MATTER OF THE APPLICATION OF THE BALTIMORE GAS AND ELECTRIC COMPANY FOR REVISIONS IN ITS GAS BASE RATES
)
)
)
)
CASE NO. 9036
REBUTTAL TESTIMONY
OF
WILLIAM E. AVERA
ON BEHALF OF
BALTIMORE GAS AND ELECTRIC COMPANY
FINCAP, Inc.
Financial Concepts and Applications, Inc.
3907 Red River
Austin, Texas 78751
512-458-4644
September 7, 2005
TABLE OF CONTENTS
I. INTRODUCTION 1
II. PHILLIP E. VANDERHEYDEN 4
III. CHARLES W. KING 25
IV. MICHAEL GORMAN 44
V. OTHER WITNESSES 54
Schedule WEA-10 – LDC Industry Group Capital Structure at June 30, 2005
Schedule WEA-11 – LDC Industry Group 1984 Market-to-book Ratio
INTRODUCTION SUMMARY
Q. Please state your name and business address.
A. William E. Avera, 3907 Red River, Austin, Texas 78751.
Q. Are you the same William E. Avera that previously submitted direct testimony in this case?
A. Yes, I am.
Q. What is the purpose of your rebuttal testimony?
A. My testimony addresses the testimony of Phillip E. VanderHeyden, submitted on behalf of the Staff of the Public Service Commission of Maryland (MPSC), Charles W. King, on behalf of the Maryland Office of People’s Counsel, Michael Gorman, on behalf of ISG Sparrows Point LLC, and Thomas J. Prisco, on behalf of the Department of Defense and other Federal agencies, concerning a fair overall rate of return (ROR) to apply to the rate base of Baltimore Gas and Electric Company (BGE or the Company). In addition, I also address the testimony of Staff witness Kenneth J. Lee concerning the implications of short-term debt.
Q. Please summarize the principal conclusions of your rebuttal testimony.
A. With respect to Mr. VanderHeyden’s 10.36% rate of return on common equity, I concluded that his recommendation was biased downward because:
Mr. VanderHeyden properly rejected the results of his IRR method, based on his conclusion that the underlying dividend growth rates were skewed and understated. Nevertheless, he continued to include
文档评论（0）