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Page1RebuttalTestimonyofSamuelC.HadawayQ.Pleasestateyournameandaffiliation.1A.MynameisSamuelC.Hadaway.IpreviouslyfiledDirectTestimonyinthis2proceedingonbehalfofRockyMountainPower(hereinafterRMPorthe3Company).4PurposeofTestimony5Q.Whatisthepurposeofyourrebuttaltestimony?6A.Thepurposeofmytestimonyistorebutthereturnonequity(ROE)7recommendationsofDivisionofPublicUtilities(Division)witnessCharlesE.8PetersonandCommitteeofConsumerServices(CCS)witnessDanielJ.Lawton.9Inmyanalysis,Iwillrespondtotheirrateofreturnrecommendationsand10demonstratethattheirrecommendationsarenotconsistentwiththemuchwider11interestratespreadsthatcurrentmarketturmoilhascreatedorthemuchhigher12relativecapitalcoststhatcorporateborrowerslikeRMParecurrentlyrequiredto13pay.Iwillalsorespondtothesewitnesses’commentsonthemethodologyIused14inmydirecttestimonytoestimateRMP’scostofequityandIwillupdatemy15ROEanalysisforcurrentmarketcostsandconditions.16Q.Whataretheparties’ROErecommendations?17A.Mr.PetersonrecommendsanROEof10.1percent.Mr.Lawtonrecommendsan18ROEofonly9.85percent.AsIdemonstratedinmyDirectTestimonyand19reconfirmhere,RMP’scostofequityis10.75percent.20Q.Whatisyourgeneralassessmentoftheotherparties’rateofreturnpositions?21A.Theotherparties’recommendationsarebelowRMP’scostofequitycapital.Their22lowROEsappeartobebasedonamistakenbeliefthatutilitycapitalcostshave23Page2RebuttalTestimonyofSamuelC.Hadawaydeclinedoverthepastseveralmonths.Thiscontentionissimplywrong.While24ratesforbanksandratesonU.S.Treasurysecuritieshavebeendrivendownby25recentgovernmentalpolicyandmarketturbulencethathasresultedinaflightto26safetyinthebondmarket,corporatecapi
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