Quarterly review : selected financial and operational data

              "Quarterly Review"
Selected Financial and Operational Data:
Re:
Electric Companies
● Carolina Power & Light Company,
d/b/a Progress Energy Carolinas, Inc.
● Duke Energy Carolinas, LLC
● Virginia Electric and Power Company,
d/b/a Dominion North Carolina Power
Natural Gas Local Distribution Companies
● Piedmont Natural Gas Company, Inc.
● Public Service Company of North Carolina, Inc.,
d/b/a PSNC Energy
■ Quarter Ending March 31, 2012 ■
Prepared by:
North Carolina Utilities Commission
Operations Division
430 N. Salisbury Street Mailing Address:
Raleigh, NC 27603 4325 Mail Service Center
(919) 733-3979 www.ncuc.net Raleigh, NC 27699-4325
iii
Table of Contents
Part Page
I Introduction 1
II Review of Key Financial Ratios: 9
◘ Summary Statement of Key Financial Ratios For Five Selected
Companies For The Twelve Months Ended March 31, 2012 ─
Returns on Common Equity, Overall Rates of Return, Common
Equity Capitalization Ratios, and Debt Ratios ─ And Certain Rate
Case Data 10
◘ Statement of Authorized Returns on Common Equity and Overall
Rates of Return Granted By Various Public Utility Regulatory
Agencies As Reported By Public Utilities Reports, Volume
Nos. 291-300, from September 2011 Through November 2012 12
III Overviews of Selected Financial and Operational Data By Utility: 14
◘ Electric Companies:
▪ Carolina Power & Light Company, d/b/a
Progress Energy Carolinas, Inc. 15
▪ Duke Energy Carolinas, LLC 16
▪ Virginia Electric and Power Company, d/b/a
Dominion North Carolina Power 17
◘ Natural Gas Local Distribution Companies:
▪ Piedmont Natural Gas Company, Inc. 18
▪ Public Service Company of North Carolina, Inc., d/b/a 19
PSNC Energy
IV Telecommunications Companies – Annual Report Filings 20
V Appendix A – Electronic Distribution List
Part I
Introduction
◘ The purpose, structure, focus, and an abbreviated synopsis of the nature
of the contents of this report is presented here.
2
The Quarterly Review has been designed and is structured so as to provide, in a clear
and concise format, relevant and useful financial and operational information pertaining to
five major investor-owned public utilities regulated by the North Carolina Utilities
Commission (Commission): three electric companies and two natural gas local distribution
companies. The primary focus of this report is one of a jurisdictional financial nature.
However, albeit limited, certain jurisdictional operational information is also included.
To a vast extent the information presented herein is organized into individual company
overviews and covers a period of five years. From a general viewpoint, the individual company
overviews provide information that users of this report will find helpful from the standpoint of
gaining insight into each company's jurisdictional financial standing and in acquiring a sense
of the magnitude of each company's overall jurisdictional economic dimension.
Significant changes have taken place with regard to the annual reporting requirements
for the price plan regulated telephone companies which have impacted the conformity and
comparability of the financial and operational information provided by such companies for
the 12-month reporting period ending December 31, 2011 and beyond. Specifically, on
June 30, 2011, in Docket No. P-100, Sub 72b, the Commission issued an Order ruling on a
petition filed by the North Carolina Telecommunications Industry Association, Inc. on
March 16, 2011, requesting modification or elimination of certain reporting requirements
relating to incumbent local exchange companies (ILECs) and/or competing local providers.
The June 30, 2011 Order, among other things, revised Commission Rule R1-32 by adding a
new Subsection (e1). Such revision allows ILECs, that are price plan regulated under
G.S. 62-133.5(a), and any carrier electing regulation under G.S. 62-133.5(h) or (m) to satisfy all
of their annual reporting obligations by one of the two following ways: (1) by providing a link
to their annual filings with the Securities and Exchange Commission (SEC), if they are
publicly traded entities, or (2) by filing copies of their audited financial statements with the
Commission, if they are not publicly traded entities. The foregoing would be in lieu of filing
annual reports regarding the North Carolina Operations on forms furnished or approved by
the Commission. Price plan regulated telephone companies are to either provide their annual
reports to the Commission or otherwise satisfy their annual reporting obligations under
Commission Rule R1-32, Subsection (e1) as soon as possible after the close of the calendar
year, but in no event later than the 30th day of April of each year for the preceding calendar
year.
Seven of the eight ILECs for which the Commission last reported financial information
for the 12-month period ending December 31, 2010, have since chosen to meet their annual
reporting obligation by providing links to their annual filings with the SEC. As a result of
such significant changes in the annual reporting requirements, financial information related to
the telecommunications companies is no longer being provided in this report. However, for the
following ILECs: (1) BellSouth Telecommunications, LLC, d/b/a AT&T North Carolina
(AT&T North Carolina); (2) Carolina Telephone and Telegraph Company LLC, d/b/a
3
CenturyLink (Carolina Telephone); (3) Central Telephone Company, d/b/a CenturyLink
(Central); (4) Mebtel, Inc., d/b/a CenturyLink (Mebtel); (5) Frontier Communications of the
Carolinas Inc. (Frontier); (6) Verizon South Inc. (Verizon South); (7) Windstream Concord
Telephone, Inc. (Concord); (8) Windstream Lexcom Communications, Inc. (Lexcom); and
(9) Windstream North Carolina, LLC (Windstream NC) the url addresses/links to their 2011
annual filings with the SEC are provided in the report in Part IV.
With respect to other recent changes related to matters concerning the price plan
regulated telephone companies, on June 30, 2009, House Bill 1180 (HB1180) became law as set
forth in Session Law 2009-238. Said law, entitled “An Act Establishing the Consumer Choice
and Investment Act of 2009,” created a new category of price plan operation whereby any local
exchange carrier or competing local provider may choose to adopt by simply “filing notice of
its intent to do so with the Commission,” with such election being effective immediately upon
filing. Subsection (h) price plans1 provide for extensive deregulation of an eligible
telecommunications company’s “terms, conditions, rates, or availability” relating to its retail
services. A local exchange company electing Subsection (h) is required to continue to offer
stand-alone basic residential lines to all customers who subscribe to that service at rates that
can be increased annually by no more than the percentage increase over the prior year in the
Gross Domestic Product Price Index (GDP-PI). While such deregulation is very extensive by
historical standards, it is not a complete deregulation of the telecommunications industry.2
Currently, there are nine incumbent local exchange carriers operating under
Subsection (h) price plans as a result of their notices of election filed pursuant to
G.S. 62-133.5(h): (1) Verizon South3 (notice filed on July 21, 2010 to become effective
immediately, in Docket No. P-19, Sub 277M); (2) Frontier (notice filed January 30, 2012 to
become effective immediately, in Docket No. P-1488, Sub 1A); (3) Carolina Telephone (notice
filed March 8, 2012 to become effective April 1, 2012, in Docket No. P-7, Sub 825M);
(4) Central (notice filed March 8, 2012 to become effective April 1, 2012, in Docket No. P-10,
Sub 479N); (5) Mebtel (notice filed March 8, 2012 to become effective April 1, 2012, in Docket
No. P-35, Sub 96I); (6) Concord (notice filed July 26, 2012 to become effective immediately, in
Docket No. P-16, Sub 181L); (7) Lexcom (notice filed July 26, 2012 to become effective
immediately, in Docket No. P-31, Sub 145C); (8) Windstream NC (notice filed July 26, 2012 to
become effective immediately, in Docket No. P-118, Sub 86L) and (9) North State Telephone
Company, d/b/a North State Communications (North State) (notice filed November 30, 2012 to
become effective immediately, in Docket No. P-42, Sub 137F). As a result of such elections,
these nine telecommunications companies are no longer required to provide an annual report
1 In general, the Commission refers to the new price plan category which resulted from the passage of HB1180 as
“Subsection (h) price plans”.
2 See Docket No. P-100, Sub 165 for additional information regarding the implications of the enactment of
HB1180 and the implementation of Subsection (h) price plans.
3 Such election relates only to Verizon South’s Knotts Island exchange.
4
to the Commission as directed by Commission Rule R1-32, commencing with the calendar year
in which such election becomes effective (2010: Verizon South; 2012: Frontier, Carolina
Telephone, Central, Mebtel, Concord, Lexcom, Windstream NC, and North State).
Alternatively, as required by the Commission’s March 30, 2010 Order in Docket No. P-100,
Sub 165, these telecommunications companies will provide the Commission, on an annual
basis, a link to their financial filings with the SEC.
Furthermore, on April 26, 2011, Senate Bill 343 (SB 343) became law as set forth in
Session Law 2011-52. Said law, entitled “An Act Establishing the Communications Reform
and Investment Act of 2011,” created a new category of price plan operation outlined in
G.S. 62-133.5(m)4 whereby any local exchange company that forgoes receipt of any funding
from a state universal service fund or alternative funding mechanism and whose territory is
open to competition from competing local providers may choose to adopt a Subsection (m)
price plan5 by simply “filing notice of its intent to do so with the Commission,” with such
election being effective immediately upon filing. Subsection (m) price plans provide, among
other things, that “the Commission shall not impose any requirements related to the terms,
conditions, rates, or availability of any of the local exchange company’s retail services.”6
Currently, AT&T North Carolina7 is the only incumbent local exchange carrier
operating under a Subsection (m) price plan. On October 14, 2011, in Docket No. P-55,
Sub 1013M, AT&T North Carolina filed its notice of election of a Subsection (m) price plan.
Prior to such election, AT&T North Carolina was operating under a Subsection (h) price
plan.8 As set forth by the Commission’s November 22, 2011 Order in Docket No. P-100,
Sub 165A, AT&T North Carolina will continue to provide the Commission, on an annual basis,
a link to its financial filings with the SEC.
This report has been prepared solely for the use of the Commission. The responsibility
for developing and preparing the report is that of the Commission's Operations Division. The
4 The enabling legislation was initially specified in G.S. 62-133.5(l); however such reference has been renumbered
and codified in the General Statutes of North Carolina as G.S. 62-133.5(m). Consequently, on April 27, 2012, the
Commission issued an Errata Order to correct the reference of Subsection (l) in prior Commission orders to
Subsection (m) for consistency with the codification in the General Statutes.
5 In general, the Commission refers to the new price plan category which resulted from the passage of SB 343 as
“Subsection (m) price plans”.
6 Such retail services include stand-alone basic residential lines. See Docket No. P-100, Sub 165A for additional
information regarding the implications of the enactment of SB 343 and the implementation of Subsection (m)
price plans.
7 Effective July 1, 2011, BellSouthTelecommunications, Inc., d/b/a AT&T North Carolina changed its legal
classification from a corporation to an LLC and began transacting business as BellSouth Telecommunications,
LLC d/b/a AT&T North Carolina.
8 On October 5, 2009, in Docket No. P-55, Sub 1013M, AT&T North Carolina filed its notice of election of a
Subsection (h) price plan.
5
preponderance of the information and data included in and/or on which the report is based
has been provided by the companies. Such data has not been audited or otherwise verified.
Therefore, the Operations Division, although it believes the aforesaid data to be true and
correct in each and every respect, cannot and does not offer any attestation in that regard.
A Specific Objective
A specific objective of this reporting process is to present to the Commission, on an
ongoing basis, meaningful information regarding the financial viability of the subject
companies, including the reasonableness of the overall levels of rates and charges currently
being charged by jurisdictional utilities, whose rates are cost based, for their sales of services.
Cost based regulation is synonymous with rate base, rate of return regulation.
Under rate base, rate of return regulation, the cost of service of a public utility is
defined as the sum total of reasonable operating expenses, depreciation, taxes, and a
reasonable return on the net valuation of property used and useful in providing public utility
services. Therefore, the reasonableness of a public utility's rates is a function of the
reasonableness of the level of each individual component of its cost of service.
The reasonable return component of the cost of service equation refers to the overall
rate of return related to investment funded by all investors, including debt investors as well as
preferred and common equity investors. The costs of debt capital and preferred stock, which
are essentially fixed by contract, must be deducted from revenue, like all other components of
the cost of service, in determining income available for distribution to common stockholders.
Therefore, generally speaking, a very meaningful measure of the profitability of any utility,
and consequently the reasonableness of its overall rates and charges, is the return earned on
its common shareholders' investment, i.e., its return on common equity, over some specified
period of time. Typically, such returns are measured over a period of one year. Thus, annual
returns on common equity and certain other key financial ratios, which among other things
give significant perspective to the common equity returns, are the focal points of this report.
The Key Financial Ratios
Specifically, the key financial ratios presented herein for use in reviewing the
companies' financial viabilities, including their profitability and consequently the
reasonableness of their rates and charges are (1) the return on common equity, (2) the common
equity capitalization ratio, (3) the pretax interest coverage ratio, and (4) the overall rate of
return.
The Return on Common Equity
As indicated, the return on common equity is a key financial indicator which measures
the profitability of an enterprise from the standpoint of its common stockholders over some
specified period of time. That return or earnings rate reflects the ratio of earnings available
6
for common equity to the common-equity investors' capital investment. As previously stated,
the ratio is significant because it traditionally represents profitability after all revenues and
costs, other than the cost of common equity capital, have been considered. From the
standpoint of measuring profitability, return on common equity is indeed "the bottom line".
The Common Equity Capitalization Ratio
The common equity capitalization ratio is the ratio of common equity capital to total
investor-supplied capital of the firm. That ratio is significant because it is a major indicator of
the financial riskiness of the firm, particularly from the standpoint of the common
stockholders. The issuance of debt capital, assuming no offsetting decrease in preferred stock,
decreases the common equity capitalization ratio, and its existence creates what has come to be
known as financial leverage. The risk borne by shareholders that accompanies that leverage is
known as financial risk. As the proportion of debt in the capital structure increases, so does
the degree of financial leverage and thus shareholders' risk and consequently the shareholders'
requirements regarding expected return, i.e., the expected return on common equity or, in
regulatory jargon, the cost of common equity capital.
Alternatively, the financial riskiness of the firm, some might argue, is more
appropriately revealed when expressed in terms of debt leverage, particularly when preferred
stock is present in the capital structure. Such leverage is the ratio of long-term debt capital to
total investor-supplied capital. Both approaches are clearly insightful and useful. In
evaluating the superiority of one approach in comparison to the other, one should consider the
context within which the information is to be used. Since a major objective of this report is to
review the reasonableness of the levels of earnings of the companies' common stockholders,
and in consideration of the other key financial benchmarks which are also presented herein,
the common equity capitalization ratio appears to be the most appropriate and meaningful
measure of the financial riskiness of the companies for use in this regard.
The Pretax Interest Coverage Ratio
The pretax interest coverage ratio is the number of times earnings, determined before
consideration of income taxes and interest charges, cover annual interest charges. That
financial indicator is particularly important to debt investors because holders of the company's
outstanding debt, including long-term bonds, receive interest payments from the company
before any earnings are determined to be available for distribution to preferred or common
equity investors. Pretax interest coverage is measured before income taxes because interest
expense is deductible in arriving at taxable income. Therefore, generally speaking, debt
holders can expect to be paid before the company incurs any liability for the payment of
income taxes. From the debt holder's perspective, all other things remaining equal, the higher
the pretax interest coverage the better.
7
The Overall Rate of Return
The overall rate of return measures the profitability of a firm from the standpoint of
earnings on total investment, including investment funded by both debt and equity investors.
Specifically, in the public utility regulatory environment, it is the ratio of operating income to
total investment.
The Propriety of the Methodology
The foregoing financial benchmarks, as presented in this report, have been determined
on the basis of the companies' actual operating experience. Under rate base, rate of return
regulation, North Carolina statutes require that the companies' rates be determined on a
normalized, pro forma, end-of-period basis based upon an historical test period. Stated
alternatively, the Commission, in setting prospective rates, essentially, must take into account
the company's current level of operations adjusted for known and material changes in the
levels of revenues and costs that the company can reasonably be expected to experience over a
reasonable period of time into the future. Thus, rates, which are established for use
prospectively, are set, to a certain extent and within certain constraints, on the basis of revenue
and cost expectations, including investor expectations regarding their return requirements, as
opposed to simply setting prospective rates solely on the basis of actual operating experience.
The process of setting prospective rates is inherently and exceedingly time consuming,
difficult, and otherwise costly to both companies and regulators. It involves the assimilation,
investigation, and evaluation of enormous amounts of complex information and data which
invariably leads to multifarious issues; many, if not most, of which must be resolved through
adjudication.
It is far less difficult and costly to perform an intellectual, financial analysis of the need
to undertake the aforesaid process. Such preliminary analysis avoids the unnecessary
incursion of the immense costs of setting prospective rates. Those are precisely the reasons
why this report is focused on a review of the returns on common equity and other key financial
ratios which the companies are currently earning or achieving under their existing rates and
charges. Those ratios, when considered in conjunction with statutory ratemaking
requirements, prevailing economic conditions, and certain other financial indicators, including
returns on common equity and overall rates of return currently being authorized by other
public utility regulatory agencies, are meaningful indicators of the need, if any, for further,
more extensive regulatory review.
From the standpoint of giving an added measure of meaning to the aforesaid ratios of
the individual companies and in the interest of providing a sense of current financial market
conditions, certain financial information has been included herein as notes to the first
statement included in Part II of this report. Such notes are an integral part of this report.
8
Additionally, also from the standpoint of providing perspective, returns on common
equity and overall rates of return currently being authorized by a number of other public
utility regulatory agencies are provided in the second statement presented in Part II.
A Final Note
It is emphasized that the information contained in this report is not intended and
should not be construed to be all inclusive from the standpoint of the criteria to be used in
assessing the reasonableness of the companies existing rates. But rather, it is submitted that
such information is clearly relevant to such a determination and as such should be considered
in conjunction with all other pertinent information and data.
The Operations Division will be pleased to receive and respond to any questions or
comments.
Part II
A Review of Key Financial Ratios
◘ Summary Statement of Key Financial Ratios For Five
Selected Companies For The Twelve Months Ended
March 31, 2012 ─ Returns on Common Equity, Overall
Rates of Return, Common Equity Capitalization Ratios,
and Debt Ratios ─ And Certain Rate Case Data
◘ Statement of Authorized Returns on Common Equity
and Overall Rates of Return Granted By Various
Public Utility Regulatory Agencies As Reported By
Public Utilities Reports, Volume Nos. 291-300 from
September 2011 Through November 2012
Authorized - Last Rate Case
Return Overall Return Overall Date of
Line On Rate of Equity Debt On Rate of Equity Last
No. Item Equity Return Ratio Ratio Equity Return Ratio Order
. (a) (b) (c) (d) (e) (f) (g) (h) (i)
Electric Companies
1. Carolina Power & Light Company, 10.58% 8.25% 57.51% 41.86% 12.75% 10.45% 44.00% 08/05/1988
d/b/a Progress Energy Carolinas, Inc.
2. Duke Energy Carolinas, LLC 9.74% 7.71% 53.30% 46.70% 10.50% 8.11% 53.00% 01/27/2012
3. Virginia Electric and Power Company, 3.02% 4.09% 55.00% 43.42% 10.20% 7.80% 51.00% 12/21/2012
d/b/a Dominion North Carolina Power
Natural Gas Local Distribution Companies
4. Piedmont Natural Gas Company, Inc. 10.55% 7.69% 50.92% 49.08% 10.60% 8.55% 51.00% 10/24/2008
5. Public Service Company of North Carolina, Inc., 11.49% 8.99% 55.86% 44.14% 10.60% 8.54% 54.00% 10/24/2008
d/b/a PSNC Energy
10
Estimated for 12 Months Ended 03/31/2012
Common Equity Capitalization Ratios, and Debt Ratios are for Twelve Months Ended March 31, 2012"
"Rate Case Data are from Orders with Various Issue Dates as Indicated in Column (i)"
Summary Statement
Of Key Financial Ratios Achieved By
And Authorized For Selected Companies
"Estimated Returns on Common Equity, Overall Rates of Return,
Summary Statement
Of Key Financial Ratios Achieved by
And Authorized for Selected Companies
“Estimated Returns on Common Equity, Overall Rates of Return,
Common Equity Capitalization Ratios, and Debt Ratios are for Twelve Months Ended March 31, 2012”
NOTES: [1] Selected financial market indicators from “Moody’s Credit Trends” updated on January 31, 2013 follow:
Part I
________U.S. Treasury Securities________ Dealer-
Placed
Moody’s
Long-Term
3-Month
Bill
10-Year
Note
30-Year
Bond
3-Month
CP
Corporate
Bond Yield
Line No. Date % % % % %
(a) (b) (c) (d) (e) (f)
1. January 30, 2013 0.07 2.03 3.19 n/a 4.31
2. January 29, 2013 0.07 2.03 3.18 n/a 4.28
3. January 28, 2013 0.07 2.00 3.15 n/a 4.27
4. January 25, 2013 0.08 1.98 3.14 n/a 4.25
5. January 24, 2013 0.08 1.88 3.04 0.16 4.15
6. Month of December 2012 0.07 1.72 2.88 0.43 4.05
7. Month of November 2012 0.09 1.65 2.80 0.44 3.92
Part II
Moody’s public utility long-term bond yield averages (%):
_Past 12 Months_ Monthly Average
Line No. Rating 1/31/2013 High Low Jan. 2013 Dec. 2012
(a) (b) (c) (d) (e) (f)
1. Aa 3.98 4.16 3.58 3.90 3.75
2. A 4.20 4.48 3.84 4.15 4.00
3. Baa 4.75 5.13 4.42 4.66 4.56
[2] Most recent data available when this edition of the Quarterly Review was prepared. According to “Moody’s Credit
Trends”, updated on February 1, 2013, such long-term bond yield averages are derived from pricing data on a
regularly-replenished population of nearly 90 seasoned corporate bonds in the United States market, each with
current outstandings over $100 million. Further, the bonds have maturities as close as possible to 30 years; bonds
are dropped from the list if their remaining life falls below 20 years or if their ratings change.
11
Authorized Returns Volume No.
Line Common Date Of Public Utilities
No. Company (Jurisdiction) Equity Overall Order Reports
(a) (b) (c) (d) (e)
.
Electric Companies
1. Rocky Mountain Power (UT) 10.00% 7.94% 09/13/2011 Volume 292
2. The Detroit Edison Company (MI) 10.50% 6.59% 10/20/2011 Volume 292
3. Avista Corporation, d/b/a Avista Utilities (WA) N/A N/A 12/16/2011 Volume 294
4. Idaho Power Company (ID) N/A 7.86% 12/30/2011 Volume 294
5. Duke Energy Carolinas, LLC (NC) 10.50% 8.11% 01/27/2012 Volume 295
6. Duke Energy Carolinas, LLC (SC) 10.50% 8.10% 02/03/2012 Volume 295
7. Hawaii Electric Light Company, Inc. (HI) 10.00% 8.31% 02/08/2012 Volume 296
8. Gulf Power Company (FL) 10.25% 6.39% 04/03/2012 Volume 296
9. PacifiCorp, d/b/a Pacific Power & Light Company (WA) N/A N/A 03/30/2012 Volume 296
10. Puget Sound Energy, Inc. (WA) 9.80% 7.80% 05/22/2012 Volume 297
11. Consumers Energy Company (MI) 10.30% 6.70% 06/07/2012 Volume 297
12. Northern States Power Company, d/b/a 10.37% N/A 05/14/2012 Volume 298
Xcel Energy (MN)
13. Delmarva Power & Light Company (MD) 9.81% 7.56% 07/20/2012 Volume 298
14. Black Diamond Power Company (WV) 9.75% 8.78% 08/10/2012 Volume 299
15. Potomac Electric Power Company (DC) 9.50% 8.03% 09/27/2012 Volume 300
16. Entergy Texas, Inc. (TX) 9.80% 8.27% 09/14/2012 Volume 300
17. Rocky Mountain Power (UT) 9.80% 7.86% 09/19/2012 Volume 300
Natural Gas Local Distribution
Companies
18. Yankee Gas Services Company (CT) 8.83% 7.48% 06/29/2011 Volume 291
19. St. Croix Valley Natural Gas Company (WI) 11.75% 10.17% 09/16/2011 Volume 292
20. Washington Gas Light Company (MD) 9.60% 8.09% 11/14/2011 Volume 292
21. Energy West Montana (MT) 10.50% 8.70% 11/17/2011 Volume 292
22. Northern Utilities, Inc., d/b/a Unitil (ME) 9.90% 7.41% 11/29/2011 Volume 294
23. Avista Corporation, d/b/a Avista Utilities (WA) N/A N/A 12/16/2011 Volume 294
24. Ameren Illinois Company, d/b/a Ameren Illinois (IL) 9.06% 8.33% 01/10/2012 Volume 294
12
Statement of Authorized Returns
On Common Equity and Overall Rates of Return
Granted By Various Public Utility Regulatory Agencies As Reported In
Public Utilities Reports, Volume Nos. 291-300, from September 2011 through November 2012
(Statement Is All Inclusive With Respect To Returns Published)
Volume No.
Line Common Date Of Public Utilities
No. Company (Jurisdiction) Equity Overall Order Reports
(a) (b) (c) (d) (e)
Natural Gas Local Distribution
Companies (continued)
25. Bluefield Gas Company (WV) 9.75% N/A 01/17/2012 Volume 295
26. Puget Sound Energy, Inc. (WA) 9.80% 7.80% 05/22/2012 Volume 297
27. SourceGas Distribution LLC (NE) 9.60% N/A 05/22/2012 Volume 297
28. Atmos Energy (KS) N/A N/A 08/22/2012 Volume 299
29. Vermont Gas Systems, Inc. (VT) 9.75% N/A 08/21/2012 Volume 300
Water Companies
30. Iowa-American Water Company (IA) 10.30% N/A 02/23/2012 Volume 295
31. Tennessee American Water Company (TN) 10.00% 7.83% 04/27/2012 Volume 298
32. California Water Service Company (CA) 9.99% [2] 8.24% 07/12/2012 Volume 298
33. San Jose Water Company (CA) 9.99% [2] 8.38% 07/12/2012 Volume 298
34. California-American Water Company (CA) 9.99% [2] 8.41% 07/12/2012 Volume 298
35. Golden State Water Company (CA) 9.99% [2] 8.64% 07/12/2012 Volume 298
36. Lakes Region Water Company (NH) 9.75% 8.43% 07/13/2012 Volume 299
Notes:
[1] The California Public Utilities Commission approved a settlement agreement that established, for the period 2011 through 2014,
the costs of debt and equity, capital structures, and rates of return for the four Class A water utilities doing business in California.
An identical cost of common equity of 9.99% was established for each of the four utilities, but the settlement agreement provided for
a different cost of debt and capital structure for each of the utilities, yielding a different overall rate of return for each of the utilities.
[2] N/A denotes that information is not available.
13
On Common Equity and Overall Rates of Return
Granted By Various Public Utility Regulatory Agencies As Reported In
Public Utilities Reports, Volume Nos. 291-300, from September 2011 through November 2012
(Statement Is All Inclusive With Respect To Returns Published)
Authorized Returns
Statement of Authorized Returns
Part III
Overviews of Selected
Financial and Operational Data by Utility:
◘ Electric Companies
▪ Carolina Power & Light Company,
d/b/a Progress Energy Carolinas, Inc.
▪ Duke Energy Carolinas, LLC
▪ Virginia Electric and Power Company,
d/b/a Dominion North Carolina Power
◘ Natural Gas Local Distribution Companies
▪ Piedmont Natural Gas Company, Inc.
▪ Public Service Company of North Carolina, Inc.,
d/b/a PSNC Energy
12 Months Ended
Line March March March March March Four Current
No. Item 2012 2011 2010 2009 2008 Year Year
(a) (b) (c) (d) (e) (f) (g) (h)
1. Operating Revenue $3,297,200 $3,514,953 $3,452,062 $3,244,804 $3,172,126 0.97% -6.20%
2. Operating Expenses:
3. Fuel 916,683 1,086,447 1,198,078 937,997 938,726 -0.59% -15.63%
4. Purchased Power 210,272 212,996 147,345 238,646 195,769 1.80% -1.28%
5. Maintenance 304,137 268,179 236,278 223,953 226,423 7.66% 13.41%
6. Other Operating Expenses 667,783 627,626 610,461 563,535 545,684 5.18% 6.40%
7. Total Operating Expenses 2,098,875 2,195,248 2,192,162 1,964,131 1,906,602 2.43% -4.39%
8. Depreciation & Amortization 351,061 326,925 336,942 378,540 409,513 -3.78% 7.38%
9. Total Expenses & Depreciation 2,449,936 2,522,173 2,529,104 2,342,671 2,316,115 1.41% -2.86%
10. Total Operating Taxes 354,374 439,044 437,622 411,201 385,319 -2.07% -19.29%
11. Total Expenses, Depr. & Taxes 2,804,310 2,961,217 2,966,726 2,753,872 2,701,434 0.94% -5.30%
12. Operating Income $492,890 $553,736 $485,336 $490,932 $470,692 1.16% -10.99%
13. Net Plant Investment $6,032,001 $5,414,468 $5,236,782 $5,067,603 $4,763,758 6.08% 11.41%
14. Oper. Exp. as a % of Total Revenue 63.66% 62.45% 63.50% 60.53% 60.10% 1.45% 1.94%
15. Net Plt. Investment per $ of Revenue $1.83 $1.54 $1.52 $1.56 $1.50 5.10% 18.83%
16. Number of Customers Served (000s included):
17. Residential 1,112,761 1,106,556 1,099,978 1,089,501 1,073,792 0.90% 0.56%
18. Commercial 193,561 192,149 191,219 189,403 189,156 0.58% 0.73%
19. Industrial 3,922 3,960 3,982 4,059 3,417 3.51% -0.96%
20. Other 1,558 1,705 1,787 1,845 1,895 -4.78% -8.62%
21. Total Number of Customers 1,311,802 1,304,370 1,296,966 1,284,808 1,268,260 0.85% 0.57%
22. Annual Sales Volume: (Millions kWh)
23. Residential 15,001 16,297 15,578 15,252 14,951 0.08% -7.95%
24. Commercial 11,968 12,276 11,978 12,195 12,253 -0.59% -2.51%
25. Industrial 8,373 8,404 8,160 8,607 9,152 -2.20% -0.37%
26. Other 1,684 1,681 2,205 1,652 2,501 -9.41% 0.18%
27. Total Sales 37,026 38,658 37,921 37,706 38,857 -1.20% -4.22%
28. Estimated Overall Rate of Return 8.25% 10.15% 8.88% 9.09% 8.07% 0.55% -18.72%
29. Estimated Return on Common Equity 10.58% 13.63% 11.74% 11.77% 10.14% 1.07% -22.38%
30. Common Equity Ratio 57.51% 58.65% 56.28% 54.82% 50.36% 3.37% -1.94%
31. Debt Ratio 41.86% 40.70% 43.03% 44.45% 48.83% -3.78% 2.85%
32. Estimated Pretax Interest Coverage
Ratio (Times) 5.23 6.96 6.03 5.19 4.06 6.54% -24.86%
33. LAST RATE CASE Authorized Returns: Common Equity 12.75%, Overall 10.45%; Equity Ratio: 44.00%; Date of Order: 8-5-88
(Docket No. E-2, Sub 537)
Notes: [1] North Carolina retail jurisdictional revenue equates to 74% of total company electric utility revenue.
[2] Net Plant Investment reflects net plant in service.
[3] Source of Data: NCUC ES-1 Reports.
[4] Column (c) has been revised from that previously reported in the Commission's Quarterly Review , for the quarter ending March 31, 2011,
issued on March 21, 2012, to reflect the reclassification of 2011 merger-related transaction costs from operating expenses to other
deductions, as provided by PEC on April 24, 2012.
15
(Amounts In Thousands)
Growth Rate
Annual
CAROLINA POWER & LIGHT COMPANY, d/b/a
PROGRESS ENERGY CAROLINAS, INC.
SELECTED FINANCIAL AND OPERATIONAL DATA
North Carolina Retail Jurisdiction
Annual
12 Months Ended
Line March March March March March Four Current
No. Item 2012 2011 2010 2009 2008 Year Year
(a) (b) (c) (d) (e) (f) (g) (h)
1. Operating Revenue $4,446,691 $4,448,397 $3,984,043 $4,088,819 $4,075,878 2.20% -0.04%
2. Operating Expenses:
3. Fuel 1,053,809 1,161,104 1,016,889 1,108,323 1,000,273 1.31% -9.24%
4. Purchased Power 208,224 187,640 135,404 182,556 136,857 11.06% 10.97%
5. Maintenance 427,885 406,093 399,204 397,636 362,997 4.20% 5.37%
6. Other Operating Expenses 823,982 900,827 766,411 745,332 672,924 5.19% -8.53%
7. Total Operating Expenses 2,513,900 2,655,664 2,317,908 2,433,847 2,173,051 3.71% -5.34%
8. Depreciation & Amortization 569,516 514,798 474,324 501,416 681,080 -4.37% 10.63%
9. Total Expenses & Depreciation 3,083,416 3,170,462 2,792,232 2,935,263 2,854,131 1.95% -2.75%
10. Total Operating Taxes 607,819 569,306 534,673 503,206 505,992 4.69% 6.76%
11. Total Expenses, Depr. & Taxes 3,691,235 3,739,768 3,326,905 3,438,469 3,360,123 2.38% -1.30%
12. Operating Income $755,456 $708,629 $657,138 $650,350 $715,755 1.36% 6.61%
13. Net Plant Investment $12,321,908 $11,455,711 $11,291,113 $9,667,557 $9,044,715 8.04% 7.56%
14. Oper. Exp. as a % of Total Revenue 56.53% 59.70% 58.18% 59.52% 53.31% 1.48% -5.31%
15. Net Plt. Investment per $ of Revenue $2.77 $2.58 $2.83 $2.36 $2.22 5.69% 7.36%
16. Number of Customers Served (000s included):
17. Residential 1,594,367 1,585,159 1,580,950 1,571,004 1,559,571 0.55% 0.58%
18. Commercial 251,638 249,840 248,925 247,268 247,533 0.41% 0.72%
19. Industrial 5,107 5,299 5,473 5,552 5,425 -1.50% -3.62%
20. Other 10,963 10,843 10,846 10,584 10,337 1.48% 1.11%
21. Total Number of Customers 1,862,075 1,851,141 1,846,194 1,834,408 1,822,866 0.53% 0.59%
22. Annual Sales Volume: (Millions kWh)
23. Residential 20,741 22,363 21,567 21,111 21,086 -0.41% -7.25%
24. Commercial 21,813 22,058 21,391 21,543 21,689 0.14% -1.11%
25. Industrial 12,214 12,261 11,558 12,824 14,193 -3.68% -0.38%
26. Other 551 870 967 2,220 2,292 -29.98% -36.67%
27. Total Sales 55,319 57,552 55,483 57,698 59,260 -1.71% -3.88%
28. Estimated Overall Rate of Return 7.71% 7.78% 7.49% 7.78% 8.56% -2.58% -0.90%
29. Estimated Return on Common Equity 9.74% 9.75% 9.26% 9.79% 10.87% -2.71% -0.10%
30. Common Equity Ratio 53.30% 53.29% 52.65% 51.66% 54.81% -0.70% 0.02%
31. Debt Ratio 46.70% 46.71% 47.35% 48.34% 45.19% 0.83% -0.02%
32. Estimated Pretax Interest Coverage
Ratio (Times) 4.43 4.30 4.08 3.99 4.51 -0.45% 3.02%
33. LAST RATE CASE Authorized Returns: Common Equity 10.50%, Overall 8.11%; Equity Ratio: 53.00%; Date of Order: 1-27-12
(Docket No. E-7, Sub 989)
Notes: [1] North Carolina retail jurisdictional revenue equates to 69% of total company electric utility revenue.
[2] Net Plant Investment reflects net plant in service.
[3] Source of Data: NCUC ES-1 Reports.
[4] The estimated ROE impacts of the Bulk Power Marketing (BPM) net revenues under the sharing arrangement approved in Docket No. E-7,
Sub 751 are as follows for the 12-month periods ending March 31st: 2012 - N/A; 2011 - N/A; 2010 - N/A; 2009 - N/A; and 2008 - 0.15%.
Such impacts are not included in the estimated ROEs presented on Line 29 above. Pursuant to the Commission's final Order in Docket
No. E-7, Sub 828, effective January 1, 2008, 90% of the BPM Net Revenues earned after December 31, 2007, are now included in the
North Carolina retail cost of service for ratemaking and reporting purposes.
16
DUKE ENERGY CAROLINAS, LLC
Growth Rate
North Carolina Retail Jurisdiction
(Amounts In Thousands)
SELECTED FINANCIAL AND OPERATIONAL DATA
Annual
Line March March March March March Four Current
No. Item 2012 2011 2010 2009 2008 Year Year
(a) (b) (c) (d) (e) (f) (g) (h)
1. Operating Revenue $317,122 $336,998 $335,066 $315,163 $316,749 0.03% -5.90%
2. Operating Expenses:
3. Fuel 51,707 78,075 105,452 52,781 79,303 -10.14% -33.77%
4. Purchased Power 75,540 83,415 58,762 101,328 87,479 -3.60% -9.44%
5. Maintenance 0 0 0 0 0 N/A N/A
6. Other Operating Expenses 76,747 72,270 81,295 70,322 68,088 3.04% 6.19%
7. Total Operating Expenses 203,994 233,760 245,509 224,431 234,870 -3.46% -12.73%
8. Depreciation & Amortization 48,319 37,129 34,175 33,419 28,682 13.93% 30.14%
9. Total Expenses & Depreciation 252,313 270,889 279,684 257,850 263,552 -1.08% -6.86%
10. Total Operating Taxes 34,813 32,465 22,934 29,550 27,555 6.02% 7.23%
11. Total Expenses, Depr. & Taxes 287,126 303,354 302,618 287,400 291,107 -0.34% -5.35%
12. Operating Income $29,996 $33,644 $32,448 $27,763 $25,642 4.00% -10.84%
13. Net Plant Investment $800,004 $723,972 $637,044 $614,559 $583,437 8.21% 10.50%
14. Oper. Exp. as a % of Total Revenue 64.33% 69.37% 73.27% 71.21% 74.15% -3.49% -7.27%
15. Net Plt. Investment per $ of Revenue $2.52 $2.15 $1.90 $1.95 $1.84 8.18% 17.21%
16. Number of Customers Served (000s included):
17. Residential 100,949 101,135 100,933 100,859 100,330 0.15% -0.18%
18. Commercial 15,461 15,436 15,432 15,466 15,465 -0.01% 0.16%
19. Industrial 50 54 58 59 60 -4.46% -7.41%
20. Other 2,242 2,255 2,252 2,272 2,262 -0.22% -0.58%
21. Total Number of Customers 118,702 118,880 118,675 118,656 118,117 0.12% -0.15%
22. Annual Sales Volume: (Millions kWh)
23. Residential 1,521 1,697 1,630 1,605 1,547 -0.42% -10.37%
24. Commercial 797 823 810 812 807 -0.31% -3.16%
25. Industrial 1,705 1,547 1,548 1,608 1,755 -0.72% 10.21%
26. Other 135 148 144 148 148 -2.27% -8.78%
27. Total Sales 4,158 4,215 4,132 4,173 4,257 -0.59% -1.35%
28. Estimated Overall Rate of Return 4.09% 5.85% 6.32% 5.77% 5.35% -6.49% -30.09%
29. Estimated Return on Common Equity 3.02% 6.09% 6.90% 6.05% 5.03% -11.97% -50.41%
30. Common Equity Ratio 55.00% 54.10% 51.38% 50.12% 52.28% 1.28% 1.66%
31. Debt Ratio 43.42% 44.21% 46.76% 47.36% 41.78% 0.97% -1.79%
32. Estimated Pretax Interest Coverage
Ratio (Times) 2.56 3.20 2.55 3.12 3.13 -4.90% -20.00%
33. LAST RATE CASE Authorized Returns: Common Equity - 10.20%, Overall - 7.80%; Equity Ratio: 51%; Date of Order: 12-21-12
(Docket No. E-22, Sub 479)
Notes: [1] North Carolina retail jurisdictional revenue equates to 4% of total company electric utility revenue.
[2] Net Plant Investment reflects net plant in service.
[3] Source of Data: NCUC ES-1 Reports.
[4] N/A denotes that the data is not available or not applicable or that information is, essentially, unmeaningful.
17
VIRGINIA ELECTRIC AND POWER COMPANY, d/b/a
Growth Rate
DOMINION NORTH CAROLINA POWER
SELECTED FINANCIAL AND OPERATIONAL DATA
North Carolina Retail Jurisdiction
(Amounts In Thousands)
12 Months Ended
Annual
Growth Rate
Line March March March March March Four Current
No. Item 2012 2011 2010 2009 2008 Year Year
(a) (b) (c) (d) (e) (f) (g) (h)
1. Operating Revenue:
2. Residential $385,250 $454,884 $542,010 $577,732 $517,709 -7.12% -15.31%
3. Commercial 222,718 269,233 323,864 352,030 297,814 -7.01% -17.28%
4. Industrial 20,182 27,452 43,097 86,325 110,598 -34.64% -26.48%
5. Public Authorities 471 689 863 265 398 4.30% -31.64%
6. Other 86,651 82,995 78,228 84,953 88,533 -0.54% 4.41%
7. Total Operating Revenue 715,272 835,253 988,062 1,101,305 1,015,052 -8.38% -14.36%
8. Cost of Gas 320,863 450,900 601,819 722,367 653,514 -16.29% -28.84%
9. Margin 394,409 384,353 386,243 378,938 361,538 2.20% 2.62%
10. O & M Expenses 165,890 158,081 154,639 146,941 151,426 2.31% 4.94%
11. Other Deductions 130,517 125,112 130,019 124,436 111,943 3.91% 4.32%
12. Operating Income $98,002 $101,160 $101,585 $107,561 $98,169 -0.04% -3.12%
13. Net Plant Investment $1,760,356 $1,696,621 $1,564,919 $1,571,515 $1,455,604 4.87% 3.76%
14. Operating Exp. as a % of Margin 42.06% 41.13% 40.04% 38.78% 41.88% 0.11% 2.26%
15. Net Plt. Investment per $ of Margin $4.46 $4.41 $4.05 $4.15 $4.03 2.57% 1.13%
16. Gas Delivered in DTs (000s omitted):
17. Residential 29,613 37,821 40,036 37,962 33,429 -2.98% -21.70%
18. Commercial 23,431 28,064 28,821 27,037 23,325 0.11% -16.51%
19. Industrial 2,846 3,543 5,151 7,396 11,115 -28.87% -19.67%
20. Public Authorities 50 68 70 18 30 13.62% -26.47%
21. Other 175,077 138,112 103,801 93,568 91,117 17.74% 26.76%
22. Total DTs 231,017 207,608 177,879 165,981 159,016 9.79% 11.28%
23. Number of Customers (000s included):
24. Residential 616,722 612,593 608,761 604,089 600,257 0.68% 0.67%
25. Commercial 65,638 65,246 65,320 65,165 64,541 0.42% 0.60%
26. Industrial 1,101 1,101 1,126 1,162 1,757 -11.03% 0.00%
27. Public Authorities 1,576 1,577 1,609 473 571 28.89% -0.06%
28. Other 577 575 561 536 545 1.44% 0.35%
29. Total Number of Customers 685,614 681,092 677,377 671,425 667,671 0.67% 0.66%
30. Estimated Overall Rate of Return 7.69% 8.27% 8.46% 8.52% 8.34% -2.01% -7.01%
31. Estimated Return on Common Equity 10.55% 10.65% 11.84% 11.95% 10.35% 0.48% -0.94%
32. Common Equity Ratio 50.92% 51.97% 47.90% 45.98% 48.16% 1.40% -2.02%
33. Debt Ratio 49.08% 48.03% 52.10% 54.02% 51.84% -1.36% 2.19%
34. Estimated Pretax Interest Coverage
Ratio (Times) 4.82 4.35 4.40 4.01 3.47 8.56% 10.80%
35. LAST RATE CASE Authorized Returns: Common Equity 10.60%, Overall 8.55%; Equity Ratio: 51.00%; Date of Order: 10-24-08
(Docket No. G-9, Sub 550)
Notes:
[1] North Carolina retail jurisdictional revenue equates to approximately 71% of total company gas utility revenue.
[2] Net Plant Investment reflects net plant in service.
[3] Source of Data: Shareholders' reports and the NCUC GS-1 Reports.
[4] The increase from March 2009 to March 2010 in the public authorities data was primarily due to the fact that Piedmont discovered
in December 2009 that certain public authorities customers acquired in the acquisition of North Carolina Natural Gas Corporation
were erroneously classified as residential customers in its books and records. Beginning with its December 31, 2009 NCUC
GS-1 Report, Piedmont began appropriately classifying such customers as public authorities.
12 Months Ended
(Amounts In Thousands)
PIEDMONT NATURAL GAS COMPANY, INC.
SELECTED FINANCIAL AND OPERATIONAL DATA
North Carolina Jurisdiction
18
Annual
Growth Rate
Line March March March March March Four Current
No. Item 2012 2011 2010 2009 2008 Year Year
(a) (b) (c) (d) (e) (f) (g) (h)
1. Operating Revenue:
2. Residential $253,520 $328,346 $335,847 $410,616 $374,338 -9.28% -22.79%
3. Commercial 100,578 128,978 130,190 176,863 161,591 -11.18% -22.02%
4. Industrial 15,173 21,364 20,791 40,480 44,265 -23.48% -28.98%
5. Public Authorities 0 0 0 0 0 N/A N/A
6. Resale 1 5 4 7 3 -24.02% -80.00%
7. Other 26,959 27,092 26,099 28,028 30,567 -3.09% -0.49%
8. Total Operating Revenue 396,231 505,785 512,931 655,994 610,764 -10.25% -21.66%
9. Cost of Gas 168,268 281,379 291,736 440,753 408,012 -19.86% -40.20%
10. Margin 227,963 224,406 221,195 215,241 202,752 2.97% 1.59%
11. O & M Expenses 84,632 85,011 84,547 84,422 84,986 -0.10% -0.45%
12. Other Deductions 78,132 74,249 74,459 69,371 62,617 5.69% 5.23%
13. Operating Income $65,199 $65,146 $62,189 $61,448 $55,149 4.27% 0.08%
14. Net Plant Investment $825,613 $784,704 $772,427 $771,109 $725,691 3.28% 5.21%
15. Operating Exp. as a % of Margin 37.13% 37.88% 38.22% 39.22% 41.92% -2.99% -1.98%
16. Net Plt. Investment per $ of Margin $3.62 $3.50 $3.49 $3.58 $3.58 0.28% 3.43%
17. Gas Delivered in DTs (000s omitted):
18. Residential 21,525 27,865 28,937 27,098 23,864 -2.55% -22.75%
19. Commercial 11,563 14,014 14,227 13,622 12,632 -2.19% -17.49%
20. Industrial 2,414 3,104 3,017 3,658 4,467 -14.26% -22.23%
21. Public Authorities 0 0 0 0 0 N/A N/A
22. Resale 0 1 0 0 0 N/A N/A
23. Other 30,313 29,555 28,170 28,902 28,959 1.15% 2.56%
24. Total DTs 65,815 74,539 74,351 73,280 69,922 -1.50% -11.70%
25. Number of Customers (000s included):
26. Residential 447,145 440,685 434,342 428,549 420,388 1.55% 1.47%
27. Commercial 41,667 40,659 40,123 39,904 39,753 1.18% 2.48%
28. Industrial 176 170 177 189 214 -4.77% 3.53%
29. Public Authorities 0 0 0 0 0 N/A N/A
30. Resale 0 2 2 2 2 N/A N/A
31. Other 464 461 463 458 437 1.51% 0.65%
32. Total Number of Customers 489,452 481,977 475,107 469,102 460,794 1.52% 1.55%
33. Estimated Overall Rate of Return 8.99% 9.29% 8.74% 8.16% 7.92% 3.22% -3.23%
34. Estimated Return on Common Equity 11.49% 11.49% 12.04% 11.06% 9.27% 5.51% 0.00%
35. Common Equity Ratio 55.86% 54.97% 53.20% 49.33% 49.15% 3.25% 1.62%
36. Debt Ratio 44.14% 45.03% 46.80% 50.67% 50.85% -3.48% -1.98%
37. Estimated Pretax Interest Coverage
Ratio (Times) 5.07 4.41 5.42 4.21 3.16 12.55% 14.97%
38. LAST RATE CASE Authorized Returns: Common Equity 10.60%, Overall 8.54%; Equity Ratio: 54.00%; Date of Order: 10-24-08
(Docket No. G-5, Sub 495)
Notes: [1] Rates are set on a total company basis.
[2] Net Plant Investment reflects net plant in service.
[3] Source of Data: Shareholders' Reports and the NCUC GS-1 Reports.
[4] N/A denotes that the data is not available or not applicable or that information is, essentially, unmeaningful.
19
12 Months Ended
PUBLIC SERVICE COMPANY OF NORTH CAROLINA, INC.
SELECTED FINANCIAL AND OPERATIONAL DATA
North Carolina Jurisdiction
(Amounts In Thousands)
Part IV
Telecommunications Companies
Annual Report Filings
21
Telecommunications Companies 2011 Annual Report Filings1
A. The following companies provided the Commission with links to their 2011 Annual Report
filings, as submitted to the SEC:
● BellSouth Telecommunications, Inc., d/b/a AT&T North Carolina −
http://www.sec.gov/Archives/edgar/data/732717/000073271712000025/0000732717-12-000025-
index.htm
● Carolina Telephone and Telegraph Company LLC, d/b/a CenturyLink; Central Telephone
Company, d/b/a CenturyLink; and Mebtel, Inc., d/b/a CenturyLink −
http://sec.gov/Archives/edgar/data/18926/000104746912001666/a2207599z10-k.htm
●Frontier Communications of the Carolinas, Inc. −
http://investor.frontier.com/sec.cfm?DocType=&DocTypeExclude=&SortOrder=FilingDate%20D
escending&Year=2012&Pagenum=6&FormatFilter=&CIK=
●Verizon South Inc.2 −
http://www22.verizon.com/investor/anualreports.htm
●Windstream Concord Telephone, Inc.; Windstream Lexcom Communications, Inc.; and
Windstream North Carolina, LLC −
http://www.sec.gov/Archives/edgar/data/1282266/000128226612000010/a201110k.htm
B. The following company filed a copy of its 2011 audited financial statements with the
Commission:
● North State Telephone Company, d/b/a North State Communications
C. The following company filed its 2011 Annual Report with the Commission on forms approved
by the Commission:
● Citizens Telephone Company, d/b/a Comporium3
1 The deadline for a price plan regulated company to either provide its annual report to the Commission or to
otherwise satisfy its annual reporting obligations under Commission Rule R1-32, Subsection (e1) is as soon as
possible after the close of the calendar year, but in no event later than the 30th day of April each year for the
preceding calendar year.
2 Verizon South Inc. Knotts Island Exchange.
3
Such report has been filed as confidential and proprietary information.
Part V - Appendix A
Quarterly Review Electronic Distribution List
Commission Staff
Kimberly Duffley
Roy Ericson
Corrie Foster
Bill Gilmore
Len Green
Freda Hilburn
Lemuel Hinton
Don Hoover
Kim Jones
Bliss Kite
Gail Mount
Bridget Paschal
George Sessoms
Sam Watson
Public Staff
Robert Gruber
Jeff Davis
David Furr
John Garrison
Carl Goolsby
Robert Hinton
Jim Hoard
James McLawhorn
Antoinette Wike
Attorney General’s Office
Margaret Force
Others
David Baker
North Carolina Department of Revenue
Kendal C. Bowman
Deputy General Counsel
Duke Energy Corporation
Felisa Bullock, Manager
Executive and Regulatory Services
CenturyLink
David Carpenter
Managing Director Regulatory Affairs
Piedmont Natural Gas Company, Inc.
Rebecca Daniel
Manager – Regulatory Planning
Progress Energy Carolinas, Inc.
Matthew L. Dosch
Senior Vice President of External Affairs
Comporium Communications
Eric Einhorn
Senior Vice President
Governmental Affairs & Strategy
Windstream Communications, Inc.
Rick Feathers
Associate General Counsel
N.C. Electric Corporation
Mary Lynne Grigg
McGuire Woods LLP
Greg Locke
ElectriCities of North Carolina
William McAulay
Director – Legislative & Regulatory Relations
Public Service Company of NC, Inc.
Ralph McDonald
Bailey & Dixon, LLP
Sharon Miller
Carolina Utility Customers Association, Inc.
Kevin O’Donnell
Nova Energy Consultants
Stan Pace, Director
State Government Relations
Frontier Communications of
the Carolinas Inc.
Robert F. Page
Crisp, Page & Currin, L.L.P.
Candace A. Paton, Lead Analyst
Rates & Regulatory Affairs
Public Service Company of NC, Inc.
Pia K. Powers
Manager Regulatory Affairs
Piedmont Natural Gas Company, Inc.
Jo Anne Sanford
Sanford Law Office, PLLC
Carol Shrum, Vice President Rates
Duke Energy Corporation
Robert Smith, Director-External Affairs
BellSouth Telecommunications, Inc.,
d/b/a AT&T North Carolina
Charles A. Stadelmeier
Virginia Electric and Power
Company,d/b/a Dominion North
Carolina Power
State Library of North Carolina
Laura A. Sykora
Regulatory Affairs Manager
CenturyLink
Royster M. Tucker, Jr.
North State Telephone Company,
d/b/a North State Communications
Bob Wells, Executive Director
North Carolina Telephone Alliance