murfreesboro electric department appraisal

MURFREESBORO ELECTRIC DEPARTMENT APPRAISAL Middle Tennessee Electric Membership Corporation

DRAFT REPORT | April 2019

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P R E P A R E D B Y :

S U S T A I N A B I L I T YS T A K E H O L D E R S E C O N O M I C S S T R A T E G Y

Economics | Strategy | Stakeholders | Sustainability www.newgenstrategies.net

112 Westwood Place Suite 165 Brentwood, TN 37207 Phone: (615) 970-7875

April 24, 2019

Mr. Chris Jones Middle Tennessee Electric Membership Corporation 555 New Salem Highway Murfreesboro, TN 37129

Re: Appraisal of the Murfreesboro Electric Department ‐ DRAFT Report

Dear Mr. Jones:

NewGen Strategies and Solutions, LLC is pleased to provide Middle Tennessee Electric Membership Corporation with a DRAFT appraisal report for the appraisal to estimate the Fair Market Value of the Murfreesboro Electric Department as of January 1, 2019.

We appreciate the opportunity to assist Middle Tennessee Electric Membership Corporation in this engagement. If you have any questions concerning this report, please contact me.

Sincerely,

NewGen Strategies and Solutions, LLC Michael Lane, ASA Director

Economics | Strategy | Stakeholders | Sustainability MTEMC ‐ MED Appraisal‐DRAFT.docx

Table of Contents

Executive Summary

Section 1 Premise of the Appraisal .................................................................................................... 1‐1 Date of Valuation ............................................................................................................................. 1‐1 Definition of Fair Market Value ....................................................................................................... 1‐1 Property Interests Appraised .......................................................................................................... 1‐1 Analysis of Highest and Best Use ..................................................................................................... 1‐1 Purpose of the Appraisal ................................................................................................................. 1‐2 Scope of Services ............................................................................................................................. 1‐2 Research Undertaken ...................................................................................................................... 1‐2 NewGen Strategies and Solutions ................................................................................................... 1‐2

Section 2 Assumptions, Considerations and Limiting Conditions ....................................................... 2‐1

Section 3 Plant Description and ConDition Assessment ..................................................................... 3‐1 Description of the System ............................................................................................................... 3‐1 Condition of the System .................................................................................................................. 3‐1

Section 4 Fair Market Analyses ......................................................................................................... 4‐1 Introduction ..................................................................................................................................... 4‐1 Premise of Value .............................................................................................................................. 4‐1 Cost Approach ................................................................................................................................. 4‐2 Income Approach ............................................................................................................................ 4‐4 Market Approach ............................................................................................................................. 4‐6

Section 5 Conclusions ........................................................................................................................ 5‐1 Fair Market Value ............................................................................................................................ 5‐1

Section 6 Appraisal Certification ....................................................................................................... 6‐1

List of Exhibits 1 Income Approach 2 Cost of Capital (Discount Rate) 3 Cost Approach 4 Market Approach

Table of Contents

ii MTEMC ‐ MED Appraisal‐DRAFT.docx

List of Tables Table 4‐1 Cost Approach – Original Cost Method ..................................................................................... 4‐3 Table 4‐2 Cost Approach – Replacement Cost Method ............................................................................. 4‐4 Table 4‐3 Income Approach ....................................................................................................................... 4‐6 Table 4‐4 Market Approach ....................................................................................................................... 4‐7 Table 5‐1 Summary of Value Indicators ..................................................................................................... 5‐1


EXECUTIVE SUMMARY

Presented herein is a summary appraisal report (Report) for the appraisal undertaken by NewGen Strategies and Solutions, LLC of the Murfreesboro Electric Department.

This appraisal has been conducted for Middle Tennessee Electric Membership Corporation. This Report has been prepared in accordance with the Uniform Standards of Professional Appraisal Practice as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

Highest and best use is defined as "the most reasonably probable and legal use of a property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."1 In our opinion, the highest and best use of the Subject Property is its current use, to provide retail electric service to customers located within the Murfreesboro Electric Department service area.

The definition of Fair Market Value, based on Fair Market Value in Continued Use, used in this appraisal report as follows:

The price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.2

Based on our analyses as discussed herein, NewGen Strategies and Solutions, LLC is of the opinion that the Fair Market Value of the Murfreesboro Electric Department as of January 1, 2019 is approximately $202,000,000.

1 American Society of Appraisers, Valuing Machinery and Equipment, page 570. 2 Pratt, Shannon P., Robert F. Reilly, and Robert P. Schweihs. Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Fourth Edition. New York: McGraw-Hill, 2000, Appendix A, International Glossary of Business Valuation Terms, page 913. See also American Society of Appraisers. Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical System, Second Edition. Washington, DC: American Society of Appraisers, 2005, Glossary of Terms, page 566.


Section 1 PREMISE OF THE APPRAISAL

Middle Tennessee Electric Membership Corporation (MTEMC) retained NewGen Strategies and Solutions, LLC (NewGen) to perform an independent appraisal to determine the Fair Market Value (FMV) of Murfreesboro Electric Department (MED).

In undertaking the study and analyses required to provide an opinion with respect to the FMV of the MED, we relied on generally accepted valuation methods and procedures. This Summary Appraisal Report was prepared in conformance with the Uniform Standards of Professional Appraisal Practice (USPAP) as promulgated by the Appraisal Standards Board of the Appraisal Foundation.

Date of Valuation The FMV of the Subject Property was estimated as of January 1, 2019.

Definition of Fair Market Value The definition of FMV used in this appraisal report is as follows:

The price, expressed in terms of cash equivalents, at which property would change hands between a hypothetical willing and able buyer and a hypothetical willing and able seller, acting at arm's length in an open and unrestricted market, when neither is under compulsion to buy or sell and when both have reasonable knowledge of the relevant facts.3

Property Interests Appraised This appraisal evaluates the property with no restrictions, indebtedness or other encumbrances. A description of MED can be found in Section 3 of this report.

Analysis of Highest and Best Use Highest and best use is defined as "the most reasonably probable and legal use of a property, which is physically possible, appropriately supported, financially feasible, and that results in the highest value."4 In our opinion, the highest and best use of MED is its current use, to provide retail electric service to customers located within the Murfreesboro Electric Department service area.

3 Pratt, Shannon P., Robert F. Reilly, and Robert P. Schweihs. Valuing a Business: The Analysis and Appraisal of Closely Held Companies, Fourth Edition. New York: McGraw-Hill, 2000, Appendix A, International Glossary of Business Valuation Terms, page 913. See also American Society of Appraisers. Valuing Machinery and Equipment: The Fundamentals of Appraising Machinery and Technical System, Second Edition. Washington, DC: American Society of Appraisers, 2005, Glossary of Terms, page 566. 4 American Society of Appraisers, Valuing Machinery and Equipment, page 570.

Section 1

1‐2 MTEMC ‐ MED Appraisal‐DRAFT.docx

Purpose of the Appraisal The purpose of the appraisal is to determine the FMV of MED in accordance with the applicable laws, statutes and the USPAP. The appraisal is intended to be used by MTEMC in its decision making processes related to the acquisition of MED.

Scope of Services At the request of MTEMC, NewGen performed an independent appraisal to determine the FMV of MED as of January 1, 2019. In undertaking the studies and analyses required to provide an opinion with respect to the FMV of MED, NewGen has relied on generally accepted valuation methods and procedures in accordance with USPAP. In performing the appraisal, NewGen considered all three generally accepted approaches to valuation (cost, income, and market) and their degree of applicability in estimating the value of MED. The results of NewGen’s analyses and indicators of value developed are described in Section 4 of this appraisal report.

The inventory used to develop the cost approach indicator of value was developed by Exponential Engineering Company (EEC), under the direction of Mr. Thomas A. Ghidossi, P.E., using geographic information system (GIS) data provided to EEC in 2019. EEC also estimated the average age of the overhead and underground electrical systems by decade using age polygons based on City historic growth areas and observations and data collected during field reviews. Based on the inventory of facilities, EEC developed the current replacement cost of the facilities. NewGen reviewed the methodology EEC used to develop the estimated age and current replacement cost of the facilities and determined that we could rely on EEC’s work to develop the indicators of value under the cost approach.

As part of the services provided, NewGen performed a field review on January 16, 2019 of MED in connection with the appraisal.

Research Undertaken NewGen’s opinions set forth, herein, are based on information provided by MTEMC, MED, other information generally available to NewGen, and studies and analyses undertaken by NewGen, all of which are basic to and in support of NewGen’s opinion regarding the FMV of MED. The studies and analyses undertaken in preparation of the opinions contained herein have been performed in accordance with USPAP as promulgated by the Appraisal Standards Board of the Appraisal Foundation. These studies and analyses included a field review of MED plant facilities and investigations and review of certain documents relating to MED.

NewGen Strategies and Solutions NewGen Strategies and Solutions, LLC is a management and economic consulting firm specializing in serving the utility industry and market. We provide financial, valuation, strategy, expert witness, stakeholder and sustainability consulting services to public water, wastewater, and power clients across the country. Our expertise includes litigation support in state and federal regulatory proceedings, valuation of utility, generation and oil and gas system, business and financial planning, and strategic planning for electric, water, wastewater, solid waste and natural gas utilities.

NewGen has provided appraisal reports for a wide range of sizes and types of properties. With a staff and sub‐consultants having significant experience in providing services related to appraisals of electric, water,

Premise of the Appraisal

MTEMC ‐ MED Appraisal‐DRAFT.docx 1‐3

natural gas, solid waste, water and wastewater systems, the NewGen team is well qualified to prepare appraisal reports.

Specifically, the appraisers and other personnel working on this assignment have the knowledge and experience to complete the assignment competently.


Section 2 ASSUMPTIONS, CONSIDERATIONS AND LIMITING CONDITIONS

In the preparation of this Report, we have made certain assumptions and used certain considerations with respect to conditions which may exist or events which may occur in the future. While we believe these considerations and assumptions to be reasonable based upon conditions known to us as of the date of this Report, they are dependent upon future events and actual conditions may differ from those assumed.

While we believe the use of such information and assumptions to be reasonable for the purposes of this Report, we offer no other assurances with respect thereto, and some assumptions may vary significantly due to unanticipated events and circumstances. To the extent actual future conditions differ from those assumed herein or from the assumptions provided by others, the actual results will vary from those estimated.

The conclusion and opinions found in this report are made expressly subject to the following conditions and stipulations:

No responsibility is assumed by NewGen for matters that are legal in nature, nor does NewGen render any opinion as to the title, land and/or land rights, which are assumed to be good and marketable. No opinion is intended to be expressed for matters that would require specialized investigation or knowledge beyond that normally used by an appraiser engaged in valuing the type of system described in this report.

NewGen made no determination as to the validity, enforceability, or interpretation of any law, contract, rule, or regulation applicable to MED and their operation. However, for the purposes of this report, NewGen assumed that all such laws, contracts, rules, and regulations will be fully enforceable in accordance with their terms as NewGen understands them and that the operators of MED will operate MED in accordance with all applicable laws, contracts, rules, and regulations. NewGen assumed that MED conforms to all applicable zoning and use regulations and restrictions.

We assume there are no hidden conditions that would make MED more or less valuable.

All existing liens and encumbrances have been disregarded and the value of MED was appraised as though free and clear and under responsible ownership.

NewGen personnel performed a field review of MED plant facilities on January 16, 2019. Based on NewGen personnel observations during the field review, MED appears to be in typical condition for plants of comparable type and age. NewGen assumes that there are no hidden or unapparent conditions that would make MED more or less valuable.

Based on NewGen’s review, NewGen believes that MED has been operated in a reasonable and prudent manner consistent with industry practice. NewGen assumes that MED will continue to be operated in a reasonable and prudent manner consistent with industry practices.

NewGen assumes that MED is in compliance with all federal, state, and local environmental laws and regulations at the date of valuation. No soil analyses or geological studies were ordered or made in conjunction with this report, nor were any investigations of water, oil, gas, coal, or other subsurface mineral and use rights or conditions.

Substances contained in building structures such as asbestos, chemicals, toxins wastes, or other potentially hazardous materials could, if present, adversely affect the value of MED. Unless otherwise

Section 2


stated in this Report the appraiser did not consider the existence of hazardous substances, which may or may not be present at MED, in the development of the conclusion regarding FMV. The stated value estimates are predicated on the assumption that there is no material at MED that would cause such a loss in value and as such are likely to represent the highest reasonable value of MED.

Certain assumptions and financial data have been provided by third parties, including, but not limited to, the values and approximate ages of plant and equipment, annual plant additions and retirements, annual depreciation rates of plant and equipment, and expenses or proceeds related to salvage and removal. NewGen reserves the right to adjust the results in this report as may be required by changes to these third party assumptions.

NewGen relied on work performed by EEC to develop the inventory quantities estimated age data (based on high level inventory data and digital maps provided by MED) used in the appraisal. EEC also developed current planning level construction cost estimates based on generally accepted engineering practices.

NewGen did not separately appraise the value of any real property rights in land, rights‐of‐way, and easements that MTEMC proposes to acquire from MED.

For the purpose of developing an opinion of the value of MED, NewGen assumed income taxes based on a Federal corporate income tax rate of 21 percent and no Tennessee corporate income tax (as shown in Exhibit 1).

Under the Income Approach, the discount rate used to calculate the net present value of the projected cash flow stream is equal to the weighted average cost of capital for a typical purchase of MED, rather than any actual financing associated with MED. For the purposes of this appraisal report, NewGen assumed the typical purchaser for MED would be a taxable entity, with a capital structure similar to that of an investor owner utility (IOU). NewGen assumed that the capital structure of a typical purchaser will remain constant throughout the study period and will be made up of 54.0 percent debt and 46.0 percent equity (as shown in Exhibit 2).

The cost of debt used to develop the discount rate is assumed to be 5.3 percent based on an analysis of recent corporate bond interest rates (as shown in Exhibit 2).

It was assumed that a typical purchaser of MED would seek a return on capital similar to that of an IOU. For the analysis included in the Report, NewGen assumed the return on equity range to be used in the calculation of the discount factors to be 12.6 to 15.2 percent for MED (as shown in Exhibit 2). The lower bound of the return on equity range was developed using Duff & Phelps (D&P) risk and size premia. The upper bound of the return on equity range was developed using Center for Research in Security Prices (CRSP) risk and size premia.

The discount rate used in the appraisal report to determine the net present values of cash flow streams was the median of the D&P and CRSP approaches to a Capital Assets Pricing Model Weighted Average Cost of Capital. This was approximately 8.7 percent for MED. NewGen assumed the median of the two WACC approaches was the most reasonable estimation of a hypothetical IOU cost of capital due to the range in equity cost between the two approaches. Both the D&P and CRSP risk and size premia are generally accepted approaches to estimating the cost of equity for investor owned companies that are not actively traded on a public exchange. NewGen did not find evidence to indicate that either of the cost of equity approaches should be rejected. The calculation of the discount rate is shown in Exhibit 2.

Assumptions, Considerations and Limiting Conditions


NewGen assumed a reasonable long‐term inflation rate for MED to be 2.2 percent per year based on the long‐range consensus forecast of the Consumer Price Index (CPI) published in the October 10, 2018 issue (Volume 43, Number 10) of the Blue Chip Economic Indicators.

NewGen assumed that the MED system would experience 3.8 percent customer growth in 2019 based on the 2014 through 2018 average annual customer count growth rate, excluding lighting. The 3.0 percent customer growth rate from 2020 until the end of the study was assumed to be equal to MTEMC’s 2014 through 2018 average annual customer count growth rate, excluding lighting.

NewGen escalated plant additions to nominal dollars at the long term inflation rate.

NewGen assumed that a reasonable base rate for 2019 Distribution and General plant additions was the 2014 annual average rate of additions to the beginning‐of‐year balance by plant class. This rate was 7.5 percent for Distribution plant and 8.5 percent for General plant.

NewGen assumed that MED’s current buildout and renewal and replacement program could reasonably be completed by the end of 2020. The 2020 plant additions as a percent of beginning‐of‐year plant balance were assumed to be 6.0 percent for Distribution plant and 7.0 percent for General plant.

NewGen assumed that long‐term additions as a percentage of beginning‐of‐year plant would be equal to the five year annual average depreciation accrual less the five year annual average net salvage component of the annual depreciation accrual. This results in additions equal to 2.7 percent for Distribution plant and 5.5 percent for General plant.

Additionally, plant additions were assumed to be a direct function of MED’s customer base. Additions were projected to grow at the annual customer growth factor for each year of the study.

Plant retirements were assumed to be equal to the five year average of retirements to beginning‐of‐year plant. This rate was approximately 1.2 percent for Distribution plant and 3.0 percent for General plant.

Plant cost of removal rates were assumed to be equal to the five year average cost of removal to plant retirements. This rate was approximately 32.0 percent for Distribution plant and 0.0 percent for General plant.

Plant salvage rates were assumed to be equal to the five year average of salvage to plant retirements. This rate was approximately 10.2 percent for Distribution plant and 7.6 percent for General plant.

NewGen assumed that 2018 operating expenses were a reasonable base and escalated base expenses to nominal dollars at the long term inflation rate.

Operating expenses were assumed to be a direct function of MED’s customer base. Operating expenses were projected to grow at the annual customer growth factor for each year of the study.

Administrative and general expenses were escalated at the long term inflation rate.

NewGen assumed that property taxes would continue to be assessed at a comparable rate and basis.

For the purposes of performing the earnings stream analysis under the Income Approach, NewGen assumed a study period of 10 years.

For the purposes of performing the valuation, NewGen assumed that a potential purchaser of MED would be able to operate MED in accordance with contractual terms and conditions of the existing contracts, and that the agreements, rights and easements would be assigned to the potential purchaser.

Section 2


Individuals affiliated with NewGen and contributing to this report are Michael Lane, ASA, Director, and Zachary Wright, Analyst. Additional guidance and engineering expertise were provided by Mr. Tom Ghidossi, P.E., of Exponential Engineering Company.

The studies and analyses undertaken in the preparation of the opinions contained herein have been performed in accordance with USPAP.


Section 3 PLANT DESCRIPTION AND CONDITION ASSESSMENT

Description of the System The MED assets are located within the city limits/service territory of the City of Murfreesboro, Tennessee. For over 77 years, Murfreesboro Electric Department has worked to bring reliable electricity and superior service to the City of Murfreesboro.

MED was a product of the founding of the Tennessee Valley Authority in the early 1930’s. The City of Murfreesboro first established its own public electric utility on August 16, 1939. Currently, more than 60,000 customers are served by MED. The distribution system is served by 14 substations, most of which have been either built, or rebuilt during the last 12 years. The distribution system equipment is illustrated in detail in Exhibit 3.

Condition of the System Per the scope of services, NewGen performed a limited field review of the MED System, which was limited to visual and external observations only. Based upon the findings of the field review, NewGen is of the opinion that MED has been maintained and kept in adequate working order and condition. It was assumed that MED will continue to be operated in a reasonable and prudent manner consistent with industry practices and that MED is in average condition for plants of comparable type and age. NewGen assumes that there are no hidden or unapparent conditions that would make MED more or less valuable.


Section 4 FAIR MARKET ANALYSES

Introduction There are three generally accepted valuation approaches that can be used to estimate the Fair Market Value of the property: The Cost Approach; the Income Approach; and the Market Approach. The Cost Approach analyzes various cost methods, such as the Original Cost Method, the Reproduction Cost Method, and the Replacement Cost Method. For the purposes of valuing distribution resources, the Replacement Cost Method, which is an estimate of the cost to build and construct a new project similar to MED with requisite technological and regulatory modifications, best represents the method of determining value under the Cost Approach.

The Income Approach values the property by determining the present worth of prospective net earnings using a discounted cash flow analysis.

The Market Approach assesses value based on recent fair market value sales of similar systems under similar circumstances.

Based on studies and analyses of MED, NewGen believes that all applicable approaches to valuation should be considered, and MED being appraised is considered a single, fully integrated system. None of the individual components are designed for, or intended for use in, commercial operation independent of the other components during normal operation of MED. In the event certain major components are independently operated, the operating efficiency, reliability, and intended purpose of each component would decline.

Premise of Value The premise of value selected for this appraisal is Fair Market Value in continued use. In order to estimate the Fair Market Value of utility property, an appraiser must consider the likely market participants’ risk tolerance and operating environment.

For a typical market participant, the total revenue requirement is generally equal to the utility’s reasonable operating expenses, depreciation expense and taxes, plus the utility’s authorized rate of return times rate base in a given year.

Rate base is the value of property on which a utility earns a return and is generally equal to the original cost less depreciation (OCLD) value of the utility’s plant in service, plus working capital, and minus customer advances and deferred taxes. The utility’s authorized rate of return is typically equal to its weighted average cost of capital (WACC).

As a result of the return on rate base revenue model, the income value of utility property is typically a small multiplier of the rate base value of its property.

The income approach estimates the value of property by capitalizing or determining the present worth of anticipated economic benefits from the property as a going concern. Under the discounted cash flow method, the income value of the property is estimated by discounting (i.e., dividing) the free cash flow associated with the property over the study period by an appropriate discount rate, shown in Equation 1 below:

Section 4


1 Value Revenues ExpensesDiscount Rate

In theory, the income value for a utility should be approximately equal to its rate base value in a no growth scenario, since this is the value of the utility’s investment on which it is allowed to earn its rate of return. In cases where growth exists, the income value will generally be approximately 1.1‐1.5 as a multiple of rate base or OCLD.

Under cost of service ratemaking procedures, utility rates are designed to produce revenues that recover the utility’s operating expenses plus a return on rate base, as shown in Equation 2 below:

2 Revenues Expenses Rate of Return Rate Base

Equation (2) can be restated as follows:

3 Rate Base

The rate of return in Equation 3 is equal to the utility’s weighted average cost of capital.

By comparing Equations 1 and 3, one can see that the income value for utility property is generally equivalent to its rate base value, assuming no growth in earnings.

Under the principle of substitution, an informed buyer would pay no more than the cost of producing a substitute property with the same utility as the Subject Property. However, an informed buyer would also pay no more than the income value of the property.

Cost Approach The Cost Approach is often considered based on the Original Cost, Reproduction Cost, or Replacement Cost as informally defined below:

Original Cost – The cost of facilities when first put into use as carried in the owner’s accounting records

Reproduction Cost – The cost to create a replica of the facilities as of the appraisal date

Replacement Cost – The cost to create facilities as of the appraisal date that yield the same utility as the facilities being appraised

NewGen relied on analyses prepared by EEC to develop the Replacement Cost New (RCN) of MED. The RCN was developed based on the inventory of facilities to be acquired by MTEMC and applying current unit construction costs. The RCN value includes direct construction costs (labor, materials, and equipment), overhead costs, and contingency. The development of the RCN value for MED is shown in Exhibit 3. The RCN value was adjusted for depreciation, which is the estimated loss in value of an asset, compared with a new asset. There are three basic types or causes of depreciation.

Physical deterioration – the loss in value resulting from the wear and tear of an asset in operation and exposure to various elements

Functional obsolescence – the loss in value within the property as a result of the development of new technology

Economic obsolescence – the loss in value resulting from factors external to the property, such as changes in demand or regulation

Fair Market Analyses


The primary strength of the Cost Approach lies in its use for asset identification (i.e., one can tie the components of value to specific assets). However, the Cost Approach has some weaknesses that weigh directly on its usefulness as a value indicator. These include:

Its inability to measure the full amount of economic obsolescence

The subjective nature of estimating depreciation

Replacement Cost New Less Depreciation (RCNLD) and Original Cost Less Depreciation (OCLD) are commonly considered when valuing regulated utility property. Further, in general, RCNLD and OCLD tend to represent the upper and lower limits, respectively, on the range of value for regulated utility property.

Original Cost Less Depreciation

OCLD is the original cost of the asset less an allowance for accumulated depreciation. For determination of original cost, the physical deterioration was estimated based on the age of the facilities and current depreciation parameters (average service life, survivor curve, and net salvage rates) based on Industry Statistics and NewGen experience relative to the depreciation rates reported in MED's 2018 TVA Annual Statement. In addition, replacement cost and construction cost indexing was utilized where actual construction costs were not available.

The depreciated asset values shown in Exhibit 1 take into consideration an allowance for depreciation based on the age and estimated average service life of MED. The average service life and depreciation calculations are illustrated in Exhibit 3. The OCLD value of MED as of January 1, 2019 is summarized below in Table 4‐1. For the complete Cost Approach Analysis see Exhibit 3.

Table 4-1 Cost Approach – Original Cost Method

Item Indicator of Value

Original Cost $355,700,000

Less: Accumulated Depreciation (196,400,000)

Equals: OCLD $159,300,000 NOTE: (1) Table values may not exactly equal exhibit values due to rounding.

Replacement Cost New Less Depreciation

The RCNLD method involves estimating the current cost to design and build a new property similar to the existing facility with equivalent functionality and appropriate and necessary technological and regulatory modifications. Although this method indicates the cost of building a comparable facility at present market prices, it generally does not consider the inherent risk of construction and ownership such as design defects, economic delays, cost overruns and natural disasters.

For the RCNLD analysis, a number of assumptions were utilized along with the available information from which replacement cost could be determined. Most notably:

Construction cost indexing was utilized to determine replacement cost based on the available original cost information and other relevant cost information such as comparable construction costs and engineering studies.

General asset age and general asset condition was provided. In addition, information from the limited inspections of MED was used as part of this valuation.

Section 4


NewGen assumed an appropriate useful life for MED, as detailed in Exhibit 3. The remaining life for MED was compared to the useful life of the replacement facility and age/life depreciation (physical deterioration) for MED to the date of valuation was developed.

NewGen tested for the presence of Economic Obsolescence by comparing the Income and Replacement Cost approaches and found that significant Economic Obsolescence does not exist. The value of the cash flows as estimated in the Income Approach was similar and only slightly less than the RCNLD indicator of value.

The RCNLD value shown in Exhibit 1 takes into consideration an allowance for depreciation based on the estimated age and estimated average service life of MED. The average service lives and depreciation calculations are illustrated in Exhibit 1.

The RCNLD for MED as of January 1, 2019 is summarized below in Table 4‐2. For the complete Cost Approach Analysis see Exhibit 3.

Table 4-2 Cost Approach – Replacement Cost Method

Item Indicator of Value

Replacement Cost New $552,100,000

Less: Accumulated Depreciation (343,300,000)

Equals: RCNLD $208,700,000

Income Approach The Income Approach considers value in relation to the present worth of future benefits derived from ownership and is usually measured through the capitalization of a specific level of income. The Earnings Stream Method under the Income Approach involves a determination of an estimated value, which, based upon an assumed level of revenues and expenses, would result in a typical purchaser receiving an acceptable return on its investment if the estimated value were equal to the purchase price.

The strengths of the Income Approach include:

It is the best measurement of total depreciation of all assets

Recognition of economic principals

It reflects the logic and rationale used in virtually all business decisions

The Income Approach has weaknesses as well, including:

Limited ability to segregate specific assets

Subjectivity of income projections and rates of return

In conducting the Earnings Stream Method analyses for MED, NewGen developed the projected free cash flows from the operation of MED and an appropriate discount factor. Under this methodology, the direct economic benefits derived from the ownership and operation of the property are expressed in terms of free cash flow, which reflects the total cash flow generated by the going concern that is available to the providers of debt and equity capital. The value of MED was then determined based on the free present value of free cash flows.



In NewGen’s earnings stream analyses for MED, NewGen estimated the free cash flows from the operation of MED under competitive market conditions, and discounted such free flows using an appropriate discount factor. A present value of the terminal value was added to the discounted free cash flow. For the terminal (or residual) value, the projected free cash flow in year 2028 was capitalized into perpetuity at the discount rate, without any future projected growth in earnings, and then discounted back to 2019. The value of MED, that could be supported by the earnings stream, were then determined from the discounted free cash flow and terminal value.

The DCF model used to estimate the value of the distribution systems is essentially an after‐tax cash flow model of annual revenues and expenses over a ten‐year period beginning in 2019 and ending in 2028. The beginning year of the DCF analysis was selected based on the effective date of the assignment.

The calculation of free cash flow is illustrated as follows:

Annual Operating Revenues Less: Annual Operating Expenses Equals: Pre‐tax Net Operating Income Less: Taxes Equals: Earnings Before Interest, Depreciation & Amortization (EBIDA) Less: Future Capital Expenditures Net Changes in Working Capital Equals: Free Cash Flow

Under the DCF method, the income indicator of value is equal to the sum of the present value of projected cash flows plus the present value of the projected terminal value.

Through an iterative process using this procedure, an estimated earnings stream value was determined, plus the present value of the terminal value, which results in an assumed required return on investment for developing the value of MED under the Income Approach. The value indicated for MED under the DCF analysis is approximately $202,000,000. The earnings stream analysis for MED is shown in Exhibit 1.

The discount rate used to calculate the net present value of the project cash flow stream is equal to the weighted average cost of capital for a typical purchaser of MED, rather than any actual financing associated with MED. For the purposes of this appraisal, NewGen assumed the typical purchaser would be a taxable entity, with a capital structure similar to an IOU. The discount rate of 8.7 percent for the typical purchaser is based on an analysis of the weighted average cost of capital for a proxy group of IOUs and reflects a capital structure of 54.0 percent debt and 46.0 percent equity. This proxy group had a cost of debt equal to 5.1 percent and a median cost of equity capital equal to 13.9 percent. The Federal income tax rate is equal to 21.0 percent (Tennessee does not have a state income tax). The cost of capital analysis is provided in Exhibit 2.

For the terminal (or residual) value, the projected cash flow in year 2028 was capitalized into perpetuity at the discount rate less a growth rate equal to 2.2 percent, the projected long term annual growth in earnings and then discounted back to 2019.

Table 4‐3 summarizes the estimated value of MED as of January 1, 2019 under the Income Approach.

Section 4


Table 4-3 Income Approach

Method Indicator of Value

DCF Value $202,000,000

Market Approach

Comparable Method

The Guideline Merged and Acquired Company Method (Comparable Method) includes the review of recent sales of similar facilities between a willing buyer and a willing seller, who are unrelated, as an indication of the general market price for such facilities.

In the case of distribution facilities, and utilities in general, comparing sales of systems is a dubious undertaking. No two utilities are exactly alike – the technologies employed differ; the customer composition, use, and growth all differ; and the regulatory environments sometimes differ. All of these potential differences make the adjustments necessary to compare two different utilities exceedingly difficult under the Comparable Method. Further, the motivation of each party to a transaction can affect the negotiation and the terms of the sale. For instance, strategic objectives are sometimes the driving motivator for transactions. These objectives are often kept confidential and, therefore, are not available to an appraiser for evaluation. Therefore, few public utility appraisers rely heavily on the Market Approach.

Nonetheless, we reviewed a list of distribution system transactions within the United States. We found four transactions to be comparable to MED in terms of location, size of utility, or timeliness of transaction, shown in table 4‐4. In our opinion, the comparability of these transactions is limited to “guidelines” to what might be anticipated on the open market and cannot be relied upon as an expectation for any sale of MED. Factors underscoring this qualification include the differences in regulatory environments, size of the utility in question, customer base served, and regional economic climate. Our analysis of this transaction focused on the average purchase price to net plant across these transactions (shown in Exhibit 4). The average price to OCLD ratio for the transactions shown in Table 4‐4 is equal to 1.28 . NewGen applied the resulting ratio to the calculated OCLD of $159,300,000 for MED, which indicated a market value of approximately $203,900,000.



Table 4-4 Market Approach

Trans No. Year Seller Purchaser Sale Price Net Plant

Price/ Net Plant

1 2010 Potomac Edison (Allegheny Energy, Inc.)

Rappahannock Electric Cooperative and

Shenandoah Valley Electric Cooperative

$499,482,972 $389,222,834 1.28

2 2010 Shenandoah Valley Electric Cooperative

Monongahela Power (Allegheny Energy, Inc.)

$14,500,000 $12,003,000 1.21

3 2010 Southwest Public Service Company (Xcel Energy)

Lubbock Power and Light (LPL)

$87,000,000 $62,369,000 1.39

4 2015 Interstate Power & Light (Alliant)

Southern $129,000,000 $105,189,000 1.23


Section 5 CONCLUSIONS

Fair Market Value The results of our analyses of the estimated Fair Market Value of MED as of January 1, 2019 are summarized in Table 5‐1.

Table 5-1 Summary of Value Indicators

Value Indicators

Cost Approach

OCLD $159,300,000

RCNLD $208,700,000

Market Approach (1)

Guideline Merged and Acquired Company $203,900,000

Income Approach

10 Year DCF with Terminal Value $202,000,000

Fair Market Value as of January 1, 2019 $202,000,000 Notes: (1) The Market Approach was not relied upon

After careful consideration of the indicators of value developed under the various approaches, given the relative strengths and weaknesses of each, and based on our studies and analyses and the assumptions used herein, including the information provided by others upon which we have relied, we are of the opinion that a purchaser would be willing to purchase MED for a price between that which is currently invested, net of all forms of depreciation, which is represented by the OCLD value, and the value of all prospective future cash flows, which is represented by the Income Approach to value. A buyer, evaluating MED on a purely financial basis, using the principle of substitution would not be willing to pay more than the value of the cash flow stream. Therefore, we are of the opinion that the indication of value under the Income Approach of $202,000,000 (rounded to the nearest $100,000) best represents the FMV of MED.


Section 6 APPRAISAL CERTIFICATION

I, the undersigned, certify that, to the best of my knowledge and belief:

The statements of fact contained in this report are true and correct.

The reported analyses, opinions, and conclusions are limited only by the reported assumptions and limiting conditions and are NewGen’s personal, impartial, and unbiased professional analyses, opinions, and conclusions.

I have no present or prospective interest in the property that is the subject of this report and no personal interest with respect to the parties involved.

I have performed no services as an appraiser or in any other capacity, regarding the property that is the subject of this report within the three‐year period immediately preceding acceptance of this assignment.

I have no bias with respect to the property that is the subject of this report or to the parties involved with this assignment.

My engagement in this assignment was not contingent upon developing or reporting predetermined results.

My compensation for completing this assignment is not contingent upon the development or reporting of a predetermined value or direction in value that favors the cause of the client, the amount of the value opinion, the attainment of a stipulated result, or the occurrence of a subsequent event directly related to the intended use of this appraisal.

My analyses, opinions, and conclusions were developed, and this report has been prepared, in conformity with the Uniform Standards of Professional Appraisal Practice.

I have made a personal inspection of the property that is the subject of this report.

Thomas Ghidossi, P.E. of Exponential Engineering Company and Zachary Wright of NewGen Strategies and Solutions, LLC provided significant personal and real property appraisal assistance to the person signing this certification.

Respectfully submitted,

NewGen Strategies & Solutions, LLC

Michael Lane, ASA, Director

Date


Exhibit 1 INCOME APPROACH

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$202

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1 Year Capitalized Income

Base CaseScenario:

NewGen Strategies and Solutions, LLC Page 1 of 11

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TABLE 2

Murfreesboro Electric Department

Income Approach ‐ Discounted Cash Flow Analysis

Billing DeterminantsColumn Column Column Column Column Column Column Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G I J K L M N O P Q R S T

Row

No. Description 2014 2015 2016 2017 2018

Escalation

Factor [1] 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2014 ‐ 2018

Avg. Annual

Growth

2019 ‐ 2028

Avg. Annual

Growth

1 Number of Customers

2 MED Retail [2]

3 Residential 48,798 50,720 52,119 54,798 56,918 Residential 59,151 61,471 63,883 66,389 68,994 71,700 74,513 77,436 80,474 83,631 3.9% 3.9%

4 General Power 50 kW & Under 5,661 5,819 5,972 6,145 6,285 General Power 50 kW & Under 6,451 6,622 6,798 6,978 7,163 7,352 7,547 7,747 7,952 8,163 2.6% 2.6%

5 General Power over 50 kW 948 959 989 994 1,042 General Power over 50 kW 1,067 1,092 1,119 1,145 1,173 1,201 1,229 1,259 1,289 1,320 2.4% 2.4%

6 Street Lighting 47 52 53 62 70 Street Lighting 77 85 94 104 115 127 141 155 172 189 10.5% 10.5%

7 Outdoor Lighting 59 60 60 66 72 Outdoor Lighting 76 80 84 88 92 97 102 107 113 118 5.1% 5.1%

8 Total (Excluding Lighting) 55,513 57,610 59,193 62,065 64,387 66,669 69,186 71,799 74,512 77,329 80,253 83,290 86,442 89,715 93,114 3.8% 3.8%

9 MTEMC Retail Customers [3] 200,511 206,428 212,919 219,286 225,588 MTEMC Customer Growth 232,333 239,279 246,433 253,801 261,390 269,205 277,254 285,543 294,080 302,873 3.0% 3.0%

10 Energy Sales (MWh)11 MED Retail [2]12 Residential 735,596 731,328 695,897 729,319 787,261 818,146 850,242 883,597 918,261 954,285 991,722 1,030,628 1,071,060 1,113,079 1,156,745 1.7% 3.9%13 General Power 50 kW & Under 131,943 130,785 130,922 134,656 134,524 138,087 141,744 145,499 149,352 153,308 157,369 161,537 165,815 170,207 174,715 0.5% 2.6%14 General Power over 50 kW 813,225 824,783 850,668 860,461 848,688 868,986 889,770 911,051 932,841 955,152 977,996 1,001,387 1,025,337 1,049,861 1,074,970 1.1% 2.4%15 Street Lighting 17,119 16,345 16,073 15,873 16,017 17,694 19,547 21,594 23,855 26,353 29,113 32,161 35,529 39,249 43,359 ‐1.6% 10.5%16 Outdoor Lighting 2,457 2,139 2,178 2,229 2,309 2,427 2,551 2,681 2,818 2,962 3,113 3,272 3,439 3,614 3,799 ‐1.5% 5.1%

17 Total ‐ MWh 1,700,340 1,705,380 1,695,738 1,742,538 1,788,799 1,845,340 1,903,854 1,964,422 2,027,127 2,092,060 2,159,313 2,228,985 2,301,180 2,376,010 2,453,589 1.3% 3.2%

18 MTEMC Retail Load [3] 5,675,719 5,757,506 5,689,908 5,851,775 6,135,222 6,318,657 6,507,575 6,702,142 6,902,527 7,108,902 7,321,448 7,540,349 7,765,794 7,997,980 8,237,109 2.0% 3.0%

19 MED Retail Load ‐ % of MTEMC Load 30.0% 29.6% 29.8% 29.8% 29.2% 29.2% 29.3% 29.3% 29.4% 29.4% 29.5% 29.6% 29.6% 29.7% 29.8% ‐0.7% 0.2%

20 Indicated Monthly Energy Uage (kWh / Customer)21 MED Retail22 Residential 1,256 1,202 1,113 1,109 1,153 Status Quo 1,153 1,153 1,153 1,153 1,153 1,153 1,153 1,153 1,153 1,153 ‐2.1% 0.0%23 General Power 50 kW & Under 1,942 1,873 1,827 1,826 1,784 Status Quo 1,784 1,784 1,784 1,784 1,784 1,784 1,784 1,784 1,784 1,784 ‐2.1% 0.0%24 General Power over 50 kW 71,486 71,670 71,677 72,138 67,873 Status Quo 67,873 67,873 67,873 67,873 67,873 67,873 67,873 67,873 67,873 67,873 ‐1.3% 0.0%25 Street Lighting 30,353 26,194 25,272 21,335 19,068 Status Quo 19,068 19,068 19,068 19,068 19,068 19,068 19,068 19,068 19,068 19,068 ‐11.0% 0.0%26 Outdoor Lighting 3,470 2,971 3,025 2,814 2,672 Status Quo 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 2,672 ‐6.3% 0.0%27 Total System ‐ kWh / Customer 2,552 2,467 2,387 2,340 2,315 ‐2.4% n/a

28 MTEMC Average Monthly kWh Usage per Customer 2,359 2,324 2,227 2,224 2,266 Status Quo 2,266 2,266 2,266 2,266 2,266 2,266 2,266 2,266 2,266 2,266 ‐1.0% 0.0%

Footnotes:

29 [1] Long‐term annual growth based on MED 2014 ‐ 2018 Growth Rate

30 [2] Source: TVA Annual Reports ‐ 2014 through 2018

31 [3] Source: TVA Annual Reports ‐ 2014 through 2018

NewGen Strategies & Solutions, LLCMED DCF (For Draft Report).xlsm

Preliminary For Discussions Purposes OnlyPrepared in Preparation for Litigation and Decision by City Council

Page 3 of 11Date Printed: 4/18/2019

TABLE 1



Assumptions and General Parameters

Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L

Row DescriptionNo. Annual Escalators 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Notes:

1 General Inflation 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% 2.2% Blue Chip Economic Indicators ‐ Long Term Inflation Forecast ‐ Vol. 43, No. 10, October 10, 20182 Customer Growth Factor 3.8% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% Long term growth rate is assumed to be MTEMC growth rate3 MED System Energy Sales Growth Factor 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3% 1.3%4 Residential 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9% 3.9%5 General Power 50 kW & Under 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6% 2.6%6 General Power over 50 kW 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4% 2.4%7 Street Lighting 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5% 10.5%8 Outdoor Lighting 5.1% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1% 5.1%9 MTEMC Customer Growth 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%10 Status Quo 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%11 Other 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5% 4.5%12 WACC 8.7%13 Energy Usage / Customer Growth (all classes) ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4% ‐2.4%14 Residential Usage Growth ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1%15 General Power 50 kW & Under Usage Growth ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1% ‐2.1%16 General Power over 50 kW Usage Growth ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3% ‐1.3%17 Street Lighting Usage Growth ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0% ‐11.0%18 Outdoor Lighting Usage Growth ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3% ‐6.3%19 MTEMC Usage/Customer Growth ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0% ‐1.0%

Plant and DepreciationAnnual Additions (% of BOY Plant Balance) Plant Additions/Capital ExpendituresEscalate Additions By:

20 Customer Growth Factor Annual additions escalated at customer growth factor (Row 14 above) for corresponding year ‐ escalation applied on

"Plant" page21 Distribution Plant 7.5% 6.0% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2019 value assumed to be Five year average Distribution plant additions as a percent of BOY Distribution Plant ‐

scaled back in 2020 ‐ assumed equal to depreciation rate in 2021 forward as system renewal and replacement

program completed22 General Plant 8.5% 7.0% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 2019 value assumed to be Five year average General plant additions as a percent of BOY General Plant ‐ scaled back

in 2020 ‐ assumed equal to depreciation rate in 2021 forward as system renewal and replacement program

completed

Annual Retirements (% BOY Net Plant)23 Distribution Plant 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2% 1.2%24 General Plant 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0% 3.0%

Cost of Removal (% of Retirements)25 Distribution Plant 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0% 32.0%26 General Plant 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%

Salvage (% of Retirements)27 Distribution Plant 10.2% 10% 10% 10% 10% 10% 10% 10% 10% 10%28 General Plant 7.6% 8% 8% 8% 8% 8% 8% 8% 8% 8%29 Total Plant 12.9% 12.9% 12.9% 12.9% 12.9% 12.9% 12.9% 12.9% 12.9% 12.9%

Depreciation and Amortization30 Distribution Plant 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 2.7% 5 Year average of depreciation rate reduced by percent net salvage rate as a percent of annual accrual31 General Plant 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5.5% 5 Year average of depreciation rate reduced by percent net salvage rate as a percent of annual accrual32 CWIP ‐ Net Change 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% CWIP Balances assumed to be static

Manual Adjustments to Rate Base33 Plant Page 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%




TABLE 1



Assumptions and General Parameters

34 Other Assumptions 0.01235 Materials & Supplies ‐ % of Plant in Service 1.2% Working Capital Requirement (Days of O&M Expenses) 6036 MED System ‐ % of MTEMC Customers 22.20% Working Capital Requirement (Percent of O&M Expenses) 16.00%37 WACC 8.7%38 Federal Income Tax Rate 21.0%39 Tennessee State Corporate Income Tax Rate 0.0% No state corporate income tax in Tennessee40 Effective State and Federal Tax Rate (12) 21.00%41 Net‐to‐gross multiplier 1.265842 Rounded ‐ Original Cost Less Depreciation 159,300,000 43 Rounding ‐1

Footnotes:




TABLE 3



Utility Plant and DepreciationColumn Column Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L M Notes

Row

No. Description 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2019 ‐ 2028

Avg. Annual

Growth Notes

UTILITY PLANT IN SERVICE

Distribution Plant

1 Beginning of Year Balance 187,232,960$ 202,611,200$ 216,319,180$ 227,450,070$ 231,137,100$ 234,883,900$ 238,691,440$ 242,560,700$ 246,492,680$ 250,488,400$ 254,548,900$ 2.6% 12 Additions 19,965,220 16,079,280 13,662,630 6,349,040 6,451,960 6,556,550 6,662,830 6,770,840 6,880,600 6,992,140 7,105,480 ‐8.7% 23 Retirements (4,586,980) (2,371,300) (2,531,740) (2,662,010) (2,705,160) (2,749,010) (2,793,570) (2,838,860) (2,884,880) (2,931,640) (2,979,160) 2.6% 3

4 End of Year Balance 202,611,200$ 216,319,180$ 227,450,070$ 231,137,100$ 234,883,900$ 238,691,440$ 242,560,700$ 246,492,680$ 250,488,400$ 254,548,900$ 258,675,220$ 2.0%

General Plant5 Beginning of Year Balance 8,658,590$ 9,311,790$ 9,867,700$ 10,294,340$ 10,582,510$ 10,878,750$ 11,183,280$ 11,496,340$ 11,818,160$ 12,148,980$ 12,489,070$ 3.3% 1

6 Additions 1,267,450 838,350 725,940 600,420 617,230 634,500 652,270 670,520 689,290 708,590 728,430 ‐1.5% 2

7 Retirements (614,250) (282,440) (299,300) (312,250) (320,990) (329,970) (339,210) (348,700) (358,470) (368,500) (378,820) 3.3% 3


9 Total Beginning of Year Plant Balance 195,891,550$ 211,922,990$ 226,186,880$ 237,744,410$ 241,719,610$ 245,762,650$ 249,874,720$ 254,057,040$ 258,310,840$ 262,637,380$ 267,037,970$ 2.6%10 Total End of Year Plant Balance 211,922,990$ 226,186,880$ 237,744,410$ 241,719,610$ 245,762,650$ 249,874,720$ 254,057,040$ 258,310,840$ 262,637,380$ 267,037,970$ 271,513,900$ 2.1%

UTILITY PLANT UNDER CONSTRUCTION11 Beginning of Year Balance 7,844,066$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 5,606,564$ 0.0%

12 Net Change During Year (2,237,502) ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a


Land

14 Beginning of Year Balance 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 1,867,015$ 0.0%

15 Additions ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a

16 Retirements ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a


TOTAL UTILITY PLANT18 Beginning of Year Balance 205,602,631 219,396,569 233,660,459 245,217,989 249,193,189 253,236,229 257,348,299 261,530,619 265,784,419 270,110,959 274,511,549 2.5%19 Net Change During Year 13,793,938 14,263,890 11,557,530 3,975,200 4,043,040 4,112,070 4,182,320 4,253,800 4,326,540 4,400,590 4,475,930 ‐12.1%20 End of Year Balance 219,396,569 233,660,459 245,217,989 249,193,189 253,236,229 257,348,299 261,530,619 265,784,419 270,110,959 274,511,549 278,987,479 2.0%

AVERAGE UTILITY PLANT21 In Service 203,907,270$ 219,054,935$ 231,965,645$ 239,732,010$ 243,741,130$ 247,818,685$ 251,965,880$ 256,183,940$ 260,474,110$ 264,837,675$ 269,275,935$ 2.3%22 Under Construction 6,725,315 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 5,606,564 0.0%23 Land 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 1,867,015 0.0%24 Total 212,499,600$ 226,528,514$ 239,439,224$ 247,205,589$ 251,214,709$ 255,292,264$ 259,439,459$ 263,657,519$ 267,947,689$ 272,311,254$ 276,749,514$ 2.2%




TABLE 3



Utility Plant and DepreciationColumn Column Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L M Notes

Row

No. Description 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2019 ‐ 2028

Avg. Annual

Growth Notes

DEPRECIATION AND AMORTIZATION RESERVE

Total System

25 Beginning of Year Balance 65,147,182$ 67,014,490$ 69,769,440$ 72,851,710$ 75,979,610$ 79,161,630$ 82,398,750$ 85,691,960$ 89,042,270$ 92,450,680$ 95,918,280$ 4.1%

Annual Accrual

26 Distribution Plant 7,056,202 5,372,760 5,883,850 6,080,310 6,178,880 6,279,040 6,380,820 6,484,260 6,589,370 6,696,190 6,804,730 2.7%

27 General Plant 406,827 531,340 558,560 578,360 594,550 611,200 628,310 645,900 663,980 682,560 701,670 3.1%

Retirements

28 Distribution Plant (4,586,981) (2,371,300) (2,531,740) (2,662,010) (2,705,160) (2,749,010) (2,793,570) (2,838,860) (2,884,880) (2,931,640) (2,979,160) 2.6%

29 General Plant (614,245) (282,440) (299,300) (312,250) (320,990) (329,970) (339,210) (348,700) (358,470) (368,500) (378,820) 3.3%

Removal Cost

30 Distribution Plant (579,202) (758,190) (809,490) (851,140) (864,940) (878,960) (893,200) (907,680) (922,400) (937,350) (952,540) 2.6%

31 General Plant ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a

Salvage

32 Distribution Plant 114,078 241,350 257,680 270,940 275,330 279,790 284,330 288,940 293,620 298,380 303,220 2.6%

33 General Plant 70,630 21,430 22,710 23,690 24,350 25,030 25,730 26,450 27,190 27,960 28,740 3.3%


35 Avg Deprec Reserve Balance 66,080,840$ 68,391,960$ 71,310,570$ 74,415,660$ 77,570,620$ 80,780,190$ 84,045,350$ 87,367,110$ 90,746,470$ 94,184,480$ 97,682,200$ 4.0%

36 Deprec and Amort Accrual 7,463,028$ 5,904,100$ 6,442,410$ 6,658,670$ 6,773,430$ 6,890,240$ 7,009,130$ 7,130,160$ 7,253,350$ 7,378,750$ 7,506,400$ 2.7%

37 Average Net Plant 146,418,760$ 158,136,554$ 168,128,654$ 172,789,929$ 173,644,089$ 174,512,074$ 175,394,109$ 176,290,409$ 177,201,219$ 178,126,774$ 179,067,314$ 1.4%

38 Avg Net Plant to Gross Plant 68.90% 69.81% 70.22% 69.90% 69.12% 68.36% 67.61% 66.86% 66.13% 65.41% 64.70% ‐0.8%

Footnotes:

39 [1] BOY plant balance less Land

40 [2] BOY Plant multiplied by annual additions as a percentage of BOY plant made nominal by long term inflation and escalated at customer growth rate factor (see notes on Assumptions page)

41 [3] BOY plant multiplied by annual retirements as a percentage of BOY plant as defined on Assumptions page




TABLE 4



Projected Operating ExpensesColumn Column Column Column Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L M N O P

Row

No. Description 2018

Escalation Factor to

Nominal $ Growth Factor 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2019 ‐ 2028

Avg. Annual

Growth Notes

1 Transmission ‐$ General Inflation Status Quo ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$

2 Distribution 2,635,555 General Inflation Customer Growth Factor 2,795,271 2,942,470 3,097,420 3,260,531 3,432,230 3,612,971 3,803,231 4,003,509 4,214,333 4,436,260 5.3%

Customer

3 Customer Accounts 2,090,536$ General Inflation Customer Growth Factor 2,217,223$ 2,333,982$ 2,456,890$ 2,586,270$ 2,722,463$ 2,865,828$ 3,016,742$ 3,175,604$ 3,342,831$ 3,518,864$ 5.3%

4 Customer Service & Information 131,628 General Inflation Customer Growth Factor 139,605 146,957 154,695 162,842 171,417 180,444 189,946 199,948 210,478 221,561 5.3%

5 Sales Expense 265,630 General Inflation Customer Growth Factor 281,727 296,563 312,180 328,620 345,925 364,141 383,317 403,502 424,751 447,118 5.3%

6 Administrative and General 4,206,706$ General Inflation Status Quo 4,299,254$ 4,393,838$ 4,490,502$ 4,589,293$ 4,690,257$ 4,793,443$ 4,898,899$ 5,006,675$ 5,116,821$ 5,229,392$ 2.2%

Maintenance Expense

7 Transmission ‐$ General Inflation Customer Growth Factor ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ n/a

8 Distribution 2,072,495 General Inflation Customer Growth Factor 2,198,089 2,313,840 2,435,687 2,563,951 2,698,968 2,841,096 2,990,708 3,148,199 3,313,983 3,488,497 5.3%

9 Administrative & General 314,064 General Inflation Customer Growth Factor 333,097 350,637 369,102 388,539 408,999 430,537 453,209 477,075 502,198 528,644 5.3%

10 Total Operating Expenses 11,716,616$ 12,264,267$ 12,778,288$ 13,316,477$ 13,880,044$ 14,470,260$ 15,088,460$ 15,736,051$ 16,414,512$ 17,125,395$ 17,870,337$ 4.3%

11 Depreciation & Amortization $7,463,028 5,904,100$ 6,442,410$ 6,658,670$ 6,773,430$ 6,890,240$ 7,009,130$ 7,130,160$ 7,253,350$ 7,378,750$ 7,506,400$ 2.7%

Taxes Not on Income

12 Property Taxes $4,064,131 Status Quo Status Quo 4,388,494$ 4,709,073$ 4,876,096$ 4,948,221$ 5,001,300$ 5,052,958$ 5,105,921$ 5,160,529$ 5,216,893$ 5,276,361$ 2.1%

13 Payroll and Other Taxes 415,550 General Inflation Status Quo 424,692 434,035 443,584 453,342 463,316 473,509 483,926 494,573 505,453 516,573 2.2%14 Local Taxes 0 ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a

15 Total Taxes Not on Income $4,479,681 4,813,186$ 5,143,108$ 5,319,680$ 5,401,564$ 5,464,616$ 5,526,467$ 5,589,847$ 5,655,102$ 5,722,346$ 5,792,934$ 2.1%

16 Total Expense excluding Income Tax 23,659,325$ 22,981,552$ 24,363,805$ 25,294,827$ 26,055,038$ 26,825,115$ 27,624,057$ 28,456,059$ 29,322,964$ 30,226,491$ 31,169,671$ 3.4%

17 Footnotes:




TABLE 5



Revenue Requirement: IOU OwnershipColumn Column Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L M N

Row

No. Description 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

2019 ‐ 2028

Avg. Annual

Growth Notes

1 Total Utility Plant 219,396,569$ 233,660,459$ 245,217,989$ 249,193,189$ 253,236,229$ 257,348,299$ 261,530,619$ 265,784,419$ 270,110,959$ 274,511,549$ 278,987,479$ 2.0%

2 Total Accumulated Depreciation 67,014,490 69,769,440 72,851,710 75,979,610 79,161,630 82,398,750 85,691,960 89,042,270 92,450,680 95,918,280 99,446,120 4.0%

3 Net Utility Plant 152,382,079 163,891,019 172,366,279 173,213,579 174,074,599 174,949,549 175,838,659 176,742,149 177,660,279 178,593,269 179,541,359 1.0%

4 Adjustments to Rate Base ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a

5 Subtotal 152,382,079$ 163,891,019$ 172,366,279$ 173,213,579$ 174,074,599$ 174,949,549$ 175,838,659$ 176,742,149$ 177,660,279$ 178,593,269$ 179,541,359$ 1.0%

6 Add: Materials and Supplies 2,632,759 2,690,680 2,749,870 2,810,370 2,872,200 2,935,390 2,999,970 3,065,970 3,133,420 3,202,360 3,272,810 2.2%

7 Add: Working Capital [1] 1,186,778 1,259,269 1,326,046 1,396,349 1,470,366 1,548,291 1,630,330 1,716,700 1,807,630 1,903,361 2,859,254 9.5%

8 Rate Base 156,201,616$ 167,840,968$ 176,442,195$ 177,420,298$ 178,417,165$ 179,433,230$ 180,468,959$ 181,524,819$ 182,601,329$ 183,698,990$ 185,673,423$ 1.1%

9 Rate of Return after Income Taxes 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70% 8.70%

10 Allowed Return (after tax) 13,589,540 14,602,160 15,350,470 15,435,570 15,522,290 15,610,690 15,700,800 15,792,660 15,886,320 15,981,810 16,153,590 1.1%

11 Return (tax adjusted) 17,201,950 18,483,750 19,430,970 19,538,700 19,648,470 19,760,370 19,874,430 19,990,710 20,109,270 20,230,140 20,447,580 1.1%

12 O&M Expenses (incl A&G) 11,716,616 12,264,267 12,778,288 13,316,477 13,880,044 14,470,260 15,088,460 15,736,051 16,414,512 17,125,395 17,870,337 4.3%

13 Taxes not on income 4,479,681 4,813,186 5,143,108 5,319,680 5,401,564 5,464,616 5,526,467 5,589,847 5,655,102 5,722,346 5,792,934 2.1%

14 Depreciation 7,463,028 5,904,100 6,442,410 6,658,670 6,773,430 6,890,240 7,009,130 7,130,160 7,253,350 7,378,750 7,506,400 2.7%

15 Total Operating Expenses 23,659,325$ 22,981,552$ 24,363,805$ 25,294,827$ 26,055,038$ 26,825,115$ 27,624,057$ 28,456,059$ 29,322,964$ 30,226,491$ 31,169,671$ 3.4%

16 Revenue Requirement 40,861,275$ 41,465,302$ 43,794,775$ 44,833,527$ 45,703,508$ 46,585,485$ 47,498,487$ 48,446,769$ 49,432,234$ 50,456,631$ 51,617,251$ 2.5%

17 Less: Other Revenues ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a

18 Rate Revenue Requirement 40,861,275$ 41,465,302$ 43,794,775$ 44,833,527$ 45,703,508$ 46,585,485$ 47,498,487$ 48,446,769$ 49,432,234$ 50,456,631$ 51,617,251$ 2.5%

19 Footnotes:[1] Working capital equals O&M less A&G times working capital requirement days




Column Column Column Column Column Column Column Column Column Column Column Column

A B C D E F G H I J K L

Row Discount Period 0.5 1.5 2.5 3.5 4.5 5.5 6.5 7.5 8.5 9.5 2019 ‐ 2028

No. Year 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Annual GrowthProjected Annual Revenue

1 Electric Service Revenues (1) 41,465,302$ 43,794,775$ 44,833,527$ 45,703,508$ 46,585,485$ 47,498,487$ 48,446,769$ 49,432,234$ 50,456,631$ 51,617,251$ 2.5%2 Other Revenue 0 0 0 0 0 0 0 0 0 0 n/a3 Total Revenue 41,465,302$ 43,794,775$ 44,833,527$ 45,703,508$ 46,585,485$ 47,498,487$ 48,446,769$ 49,432,234$ 50,456,631$ 51,617,251$ 2.5%

Projected Annual Expenses 4 Transmission ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ ‐$ n/a5 Distribution 2,795,271 2,942,470 3,097,420 3,260,531 3,432,230 3,612,971 3,803,231 4,003,509 4,214,333 4,436,260 5.3%6 Customer 2,638,556 2,777,502 2,923,765 3,077,731 3,239,804 3,410,412 3,590,005 3,779,054 3,978,059 4,187,544 5.3%7 Administrative and General 4,299,254 4,393,838 4,490,502 4,589,293 4,690,257 4,793,443 4,898,899 5,006,675 5,116,821 5,229,392 2.2%8 Maintenance 2,531,186 2,664,478 2,804,789 2,952,490 3,107,968 3,271,633 3,443,917 3,625,274 3,816,181 4,017,1419 Total Operating Expenses 12,264,267$ 12,778,288$ 13,316,477$ 13,880,044$ 14,470,260$ 15,088,460$ 15,736,051$ 16,414,512$ 17,125,395$ 17,870,337$ 4.3%

10 Depreciation 5,904,100$ 6,442,410$ 6,658,670$ 6,773,430$ 6,890,240$ 7,009,130$ 7,130,160$ 7,253,350$ 7,378,750$ 7,506,400$ 2.7%

11 Property Taxes 4,388,494 4,709,073 4,876,096 4,948,221 5,001,300 5,052,958 5,105,921 5,160,529 5,216,893 5,276,361 2.1%12 Payroll Taxes 424,692 434,035 443,584 453,342 463,316 473,509 483,926 494,573 505,453 516,573 2.2%13 Local Taxes ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ ‐ n/a14 Total Taxes Not on Income 4,813,186$ 5,143,108$ 5,319,680$ 5,401,564$ 5,464,616$ 5,526,467$ 5,589,847$ 5,655,102$ 5,722,346$ 5,792,934$ 2.1%

15 Total Expenses Before Interest and Income Taxes 22,981,552$ 24,363,805$ 25,294,827$ 26,055,038$ 26,825,115$ 27,624,057$ 28,456,059$ 29,322,964$ 30,226,491$ 31,169,671$ 3.4%

Earnings and Cash Flow16 Operating Income 18,483,750$ 19,430,970$ 19,538,700$ 19,648,470$ 19,760,370$ 19,874,430$ 19,990,710$ 20,109,270$ 20,230,140$ 20,447,580$ 1.1%17 Income Taxes 3,881,590 4,080,500 4,103,130 4,126,180 4,149,680 4,173,630 4,198,050 4,222,950 4,248,330 4,293,990 1.1%18 Net Income 14,602,160$ 15,350,470$ 15,435,570$ 15,522,290$ 15,610,690$ 15,700,800$ 15,792,660$ 15,886,320$ 15,981,810$ 16,153,590$ 1.1%19 Plus Depreciation Expense 5,904,100 6,442,410 6,658,670 6,773,430 6,890,240 7,009,130 7,130,160 7,253,350 7,378,750 7,506,400 2.7%20 Earnings Before Interest, Depreciation & Amort. 20,506,260$ 21,792,880$ 22,094,240$ 22,295,720$ 22,500,930$ 22,709,930$ 22,922,820$ 23,139,670$ 23,360,560$ 23,659,990$ 1.6%

21 Less Capital Expenditures 16,917,630$ 14,388,570$ 6,949,460$ 7,069,190$ 7,191,050$ 7,315,100$ 7,441,360$ 7,569,890$ 7,700,730$ 7,833,910$ ‐8.2%22 Less Changes in Working Capital 87,620 82,240 86,110 90,170 94,430 98,910 103,610 108,550 113,740 119,190 3.5%23 Free Cash Flow 3,501,010$ 7,322,070$ 15,058,670$ 15,136,360$ 15,215,450$ 15,295,920$ 15,377,850$ 15,461,230$ 15,546,090$ 15,706,890$ 18.1%24 Discounted Cash Flow 3,357,984$ 6,460,849$ 12,223,984$ 11,303,633$ 10,453,262$ 9,667,476$ 8,941,360$ 8,270,323$ 7,650,152$ 7,110,654$ 8.7%

Discounted Cash Flow

25 Discount Rate 8.7%

26 Growth Rate 2.2%

27 Capitalization Rate for Terminal Value 6.5%28 Net Present Value of Cash Flow 85,439,676$ 29 Terminal Value 246,960,640 30 Net Present Value of Terminal Value 116,563,303

31 Enterprise Value as of FY 2019 202,002,978

32 Rounded ‐ Net Present Asset Value 202,000,000$

33 Indicated Enterprise Value to OCLD 1.27

34 Rounded ‐ 1 Year Capitalization 53,900,000$

35 Footnotes:

36 [1] Does not include transmission revenues

TABLE 8



Discounted Cash Flow: IOU Ownership




Item 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028Revenue

1 Base Case $41,465,302 $43,794,775 $44,833,527 $45,703,508 $46,585,485 $47,498,487 $48,446,769 $49,432,234 $50,456,631 $51,617,2511 Open Slot $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Revenue / Exp1 Base Case 94.71% 102.25% 123.35% 122.69% 122.06% 121.44% 120.83% 120.23% 119.63% 119.22%1 Open Slot 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Free Cash Flow1 Base Case $3,501,010 $7,322,070 $15,058,670 $15,136,360 $15,215,450 $15,295,920 $15,377,850 $15,461,230 $15,546,090 $15,706,8901 Open Slot $0 $0 $0 $0 $0 $0 $0 $0 $0 $0

Enterprise Value1 Base Case $202,000,0001 Open Slot $0

1 Year Capitalized Income1 Base Case $53,900,0001 Open Slot $0


Exhibit 2 COST OF CAPITAL (DISCOUNT RATE)

Middle Tennessee Electric Membership Corporation

Valuation of Murfreesboro Electric Department

Estimation of Weighted Average Cost of Capital as of January 1, 2019

TABLE 1: UNLEVERING ELECTRIC UTILITY PROXY GROUP BETAS

Column Column Column Column Column Column Column

A B C D E F G

% Debt % Equity Levered

Row Ticker in Capital Tax in Capital (Published) Unlevered

No Company Symbol Structure [1] Rate [2] Structure Beta [3] Beta [4]

1 ALLETE, Inc. ALE 39.5% 21.0% 60.5% 0.8 0.52 American Electric Power Company, Inc. AEP 52.0% 15.5% 48.0% 0.7 0.4

3 Duke Energy Corporation DUK 55.5% 16.0% 44.5% 0.7 0.3

4 Edison International EIX 48.0% 10.0% 52.0% 0.8 0.5

5 El Paso Electric Company EE 53.0% 23.5% 47.0% 0.9 0.5

6 Entergy Corporation ETR 60.5% 0.0% 39.5% 0.8 0.3

7 FirstEnergy Corp. FE 72.0% 29.0% 28.0% 0.9 0.3

8 NextEra Energy Inc. NEE 45.5% 22.5% 54.5% 0.7 0.4

9 Southern Company SO 60.0% 20.0% 40.0% 0.6 0.3

10 Average 54.0% 17.5% 46.0% 0.8 0.4

11 Footnotes:12 [1] Capital structure as forecast by Value line report prior to effective date of appraisal.

13

14

15

16

17 where BU = Beta unlevered

18 BL = Beta levered

19 t = tax rate for company20 Wd = Percent debt in the capital structure

21 We = Percent equity in the capital structure

BU = BL / (1+(1‐t)(Wd/We))

[4] See Valuing a Business , Fourth Edition, by Pratt, Reilly and Schweihs, page 169. Published betas for publicly traded stocks

reflect the actual financial leverage of the company's capital structure. An unlevered beta is the beta the company would have

if it had no debt. Unlevering the betas removes the the effect of each company's financial leverage on the guideline betas.

[2] Income tax rates as forecast by Value Line report prior to effective date of appraisal. Tax Rate assumed to be 21% if forecast

unavailable.

[3] Most recent three year average historical Beta per S&P Market Intelligence database.

Page 1 of 7




TABLE 2: RELEVERING GUIDELINE COMPANY BETA

Column Column Column Column Column

A B C D E

Row Unlevered Beta

No. Debt [1] Tax Rate Equity Beta Levered [2]

1 54.0% 17.5% 46.0% 0.4 0.8

2 Footnotes:

3

4

5

6 where BU = Beta unlevered

7 BL = Beta levered

8 t = tax rate for company

9 Wd = Percent debt in the capital structure


[1] Average debt, tax rate and beta for electric utlity proxy group shown in Table 1.

[2] Unlevered beta calculated based on formula provided in Valuing a Business , Fourth Edition,

by Pratt, Reilly and Schweihs, page 169.

BL = BU [1+(1‐t)(Wd/We)]

Page 2 of 7




TABLE 3: CAPITAL ASSET PRICING MODEL (USING CRSP SIZE PREMIA)

Column Column Column Column Column Column

A B C D E F

Row

No. Methodology Amount Notes1 Step One: Risk Free Investment Rate 2.9% Risk Free Rate (RFR) was selected, representing the

20‐Year Treasury Constant Maturity Rate available

on 12/31/2018 at the Federal Reserve Bank.

2 Step Two: Plus Equity Risk Premium [1] 6.2%3 Times Beta 0.8 Table 2: Levered Beta4 4.7% Valuation Date Average Market Return

5 Step Three: Plus Size Premium [2] 7.6% CRSP Size Premium (Return in Excess of CAPM),

Decile 10

6 Step Four: Equals 15.2% Cost of Equity

7

8

[1] Equity Risk Premium (ERP) was selected, representing the Historical ERP calculated using the S&P 500 average annual return

of 11.48% derived from CRSP data for the 1928 ‐ 2018 period and a 5.69% 20‐year T‐Bond average annual return

(Reconstructed) for the same timeframe.

[2] CRSP decile 10 which included 750 firms with an equity market capitalization size ranging from $2,531,000 to $299,290,000

in Q4 2017. The CRSP decile 10 mean annual return reached 19.47% between "1926‐01‐01" and 2017. The mean annual return

for the S&P 500 for the same period was 11.92%.

Page 3 of 7




TABLE 4: WEIGHTED AVERAGE COST OF CAPITAL

Column Column Column Column Column

A B C D E

Row

No. Description Amount

1 Percent Debt in Capital Structure [1] 54.0%

2 Cost of Debt [2] 5.3%

3 Tax Rate [3] 21.0%

4 Percent Equity in Capital Structure 46.0%

5 Cost of Equity [4] 15.2%

6 Weighted Average Cost of Capital [5] 9.2%

7 [1]

8 [2] Corporate Bond Rates, Baa (%) ‐ 2019 Forecast Annual Average ‐ Blue Chip Economic Indica

9

[3]

10[4]

11 [5] WACC = Wd(kd)(1‐t)+We(ke)

12 where


14 kd = Cost of debt

15 t = tax rate


17 ke = Cost of equity

Average capital structure based on utility proxy group. See Table 1.

21% federal income tax rate

Average of cost of equity using the Capital Asset Pricing Model in Table 2

Page 4 of 7




TABLE 5: CRSP Capital Asset Pricing Model Assumptions

The 01/01/2019 cost of capital analysis for MED System was completed on 02/22/2019 using the Q4 2018 Cost of Capital Professional study. Returns were selected and calculated for the time period ranging from 1928 to 2018 using an arithmetic mean.The Capital Asset Pricing Model was selected based on professional judgment for the calculation of the cost of equity capital. The various components selected are as follow:CoE = RFR + (Beta*ERP) + SP15.25% = 2.87% + [ 0.80 * 5.80% ] + 7.74%A 2.87% Risk Free Rate (RFR) was selected, representing the 20‐Year Treasury Constant Maturity Rate available on 12/31/2018 at the Federal Reserve Bank.A beta of 0.80 was selected based on professional judgment. Relevered beta from proxy group ‐ See WACC.A 5.80% Equity Risk Premium (ERP) was selected, representing the Historical ERP calculated using the S&P 500 average annual return of 11.48% derived from CRSP data for the 1928 ‐ 2018 period and a 5.69% 20‐year T‐Bond average annual return (Reconstructed) for the same timeframe.A 7.74% Size Premium (SP) was selected. The Size Premium was based on CRSP decile 10 which included 735 firms with an equity market capitalization size ranging from $2,455,000 to $321,578,000 in Q4 2018. The mean annual return for the S&P 500 for the same period was 11.48%.S&P 500 Based.Cost of Capital Professional returned a 15.25% cost of equity capital for MED System as of 01/01/2019 based on the Capital Asset Pricing Model.

Disclaimer: Items included in the analysis based on professional judgement were not provided by Cost of Capital Professional. Additionally, the cost of equity model (Build‐Up or CAPM) is chosen by the professional based on professional judgment using skill, knowledge, experience, education, and training.

Page 5 of 7




TABLE 6: CAPITAL ASSET PRICING MODEL (USING DUFF & PHELPS RISK PREMIA)

Column Column Column Column Column Column

A B C D E F

Row

No. Methodology Amount Notes1 Step One: Risk Free Investment Rate 3.5% Duff & Phelps Normalized Risk

Free Rate

2 Step Two: Plus Equity Risk Premium 5.5% Duff‐Phelps Recommended U.S.

Equity Risk Premium3 Times Beta 0.8 Table 2: Levered Beta4 4.2% Valuation Date Average Market

Return

5 Step Three: Plus Size Premium [1] 4.9% Duff & Phelps Size Premium

(Portfolio 25)

6 Step Four: Equals 12.6% Cost of Equity

7 Footnotes:8 [1] Source: Duff & Phelps Cost of Capital Navigator

Page 6 of 7




TABLE 7: WEIGHTED AVERAGE COST OF CAPITAL

Column Column Column

B C D

Row

No. Description Amount1 Percent Debt in Capital Structure [1] 54.0%2 Cost of Debt [2] 5.3%3 Tax Rate [3] 21.0%4 Percent Equity in Capital Structure 46.0%5 Cost of Equity [4] 12.6%

6 Weighted Average Cost of Capital [5] 8.1%

7 Average Weighted Cost of Capital 8.7%

Footnotes:8 [1]

9 [2] Corporate Bond Rates, Baa (%) ‐ 2019 Forecast Annual Average ‐ Blue Chip Economic Indicators ‐ Volume 34, No. 4 (quarterl

10 [3] 21% federal income tax rate

11 [4]

12 [5] WACC = Wd(kd)(1‐t)+We(ke)

13 where


15 kd = Cost of debt

16 t = tax rate


18 ke = Cost of equity

Average of cost of equity using the Capital Asset Pricing Model in Table 4.

Average capital structure based on utility proxy group. See Table 1.

Column

A

Page 7 of 7


Exhibit 3 COST APPROACH

RCN Plus Adjustment RCN lessFERC Replacement Utility Owners Average Survivor Average Age % of % Physical For Physical Physical

Account Description Quantity Cost New 1 Costs Install Year 2 Age 2 Curve 3 Service Life 3 ASL Deterioration 4 Deterioration Deterioration(a) (b) (c) (d) (e) (f) (g) (h) (i) (k) (l)

DISTRIBUTION PLANTSubstations

362.0 Jones Substation Location No. 3 $4,363,800 $5,236,560 $2,048,047 $3,188,513362.0 46-13kV 18/24/30/33.6 MVA Transformer 1 650,000 780,000 2010 9.5 R1.5 25 38 29.7% 231,504 548,496 362.0 46-13kV 18/24/30/33.6 MVA Transformer 1 650,000 780,000 2011 8.5 R1.5 25 34 26.7% 208,416 571,584 362.0 46kV Breaker 2 80,000 96,000 2005 14.5 R1.5 25 58 43.7% 41,990 54,010 362.0 46kV Disconnect switch 3 2,400 2,880 2005 14.5 R1.5 25 58 43.7% 1,260 1,620 362.0 46kV Motor operated switch 2 30,000 36,000 2005 14.5 R1.5 25 58 43.7% 15,746 20,254 362.0 13kV Loadbreak switch 2 1,400 1,680 2005 14.5 R1.5 25 58 43.7% 735 945 362.0 13kV Tie Breaker 1 25,000 30,000 2005 14.5 R1.5 25 58 43.7% 13,122 16,878 362.0 13kV Switchgear with three breaker 2 600,000 720,000 2005 14.5 R1.5 25 58 43.7% 314,928 405,072 362.0 Station service 2 5,000 6,000 2005 14.5 R1.5 25 58 43.7% 2,624 3,376 362.0 Construction 1 2,000,000 2,400,000 2005 14.5 R1.5 25 58 43.7% 1,049,760 1,350,240 362.0 Engineering 1 120,000 144,000 2005 14.5 R1.5 25 58 43.7% 62,986 81,014 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024 362.0 Pitts Substation Location No. 4 $3,796,900 $4,556,280 $3,926,016 $630,264362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1995 24.5 R1.5 25 98 66.9% 505,840 250,160 362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1978 41.5 R1.5 25 166 90.0% 680,324 75,676 362.0 46kV Disconnect switch 5 40,000 48,000 1975 44.5 R1.5 25 178 90.0% 43,200 4,800 362.0 46kV Breaker 1 25,000 30,000 1975 44.5 R1.5 25 178 90.0% 27,000 3,000 362.0 13kV Station service 1 2,500 3,000 1975 44.5 R1.5 25 178 90.0% 2,700 300 362.0 13kV Loadbreak switch 2 1,400 1,680 1975 44.5 R1.5 25 178 90.0% 1,512 168 362.0 13 kV Breaker 4 100,000 120,000 1975 44.5 R1.5 25 178 90.0% 108,000 12,000 362.0 13kV Switch 12 48,000 57,600 1975 44.5 R1.5 25 178 90.0% 51,840 5,760 362.0 Construction 1 2,000,000 2,400,000 1975 44.5 R1.5 25 178 90.0% 2,160,000 240,000 362.0 Engineering 1 120,000 144,000 1975 44.5 R1.5 25 178 90.0% 129,600 14,400 362.0 Contingency 1 200,000 240,000 1975 44.5 R1.5 25 178 90.0% 216,000 24,000 362.0 South Church Substation Location No. 5 $3,796,900 $4,556,280 $3,680,845 $875,435362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1979 40.5 R1.5 25 162 89.0% 672,916 83,084 362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 2008 11.5 R1.5 25 46 35.5% 268,078 487,922 362.0 46kV Disconnect switch 5 40,000 48,000 1975 44.5 R1.5 25 178 90.0% 43,200 4,800 362.0 46kV Breaker 1 25,000 30,000 1975 44.5 R1.5 25 178 90.0% 27,000 3,000 362.0 13kV Station service 1 2,500 3,000 1975 44.5 R1.5 25 178 90.0% 2,700 300 362.0 13kV Loadbreak switch 2 1,400 1,680 1975 44.5 R1.5 25 178 90.0% 1,512 168 362.0 13 kV Breaker 4 100,000 120,000 1975 44.5 R1.5 25 178 90.0% 108,000 12,000 362.0 13kV Switch 12 48,000 57,600 1975 44.5 R1.5 25 178 90.0% 51,840 5,760 362.0 Construction 1 2,000,000 2,400,000 1975 44.5 R1.5 25 178 90.0% 2,160,000 240,000 362.0 Engineering 1 120,000 144,000 1975 44.5 R1.5 25 178 90.0% 129,600 14,400 362.0 Contingency 1 200,000 240,000 1975 44.5 R1.5 25 178 90.0% 216,000 24,000 362.0 East Substation Location No. 6 $10,194,800 $12,233,760 $7,602,217 $4,631,543362.0 161-13kV 30/40/50/56 MVA Transformer 1 1,200,000 1,440,000 2005 14.5 R1.5 25 58 43.7% 629,856 810,144 362.0 161-13kV 30/40/50/56 MVA Transformer 1 1,200,000 1,440,000 2005 14.5 R1.5 25 58 43.7% 629,856 810,144 362.0 161-46kV 60/80/100 MVA Transformer 1 1,900,000 2,280,000 1993 26.5 R1.5 25 106 70.6% 1,609,452 670,548 362.0 161kV Breaker 2 250,000 300,000 1995 24.5 R1.5 25 98 66.9% 200,730 99,270 362.0 161kV switch 7 84,000 100,800 1995 24.5 R1.5 25 98 66.9% 67,445 33,355 362.0 161kV motor operated switch 4 60,000 72,000 1995 24.5 R1.5 25 98 66.9% 48,175 23,825 362.0 161 Circuit Switcher 2 130,000 156,000 1995 24.5 R1.5 25 98 66.9% 104,380 51,620 362.0 46kV Breaker 2 80,000 96,000 1995 24.5 R1.5 25 98 66.9% 64,234 31,766 362.0 46kV Switch 11 88,000 105,600 1995 24.5 R1.5 25 98 66.9% 70,657 34,943 362.0 13kV Loadbreak switch 4 2,800 3,360 1995 24.5 R1.5 25 98 66.9% 2,248 1,112 362.0 13kV switchgear with four breaker 2 1,000,000 1,200,000 1995 24.5 R1.5 25 98 66.9% 802,920 397,080 362.0 Construction 1 3,800,000 4,560,000 1995 24.5 R1.5 25 98 66.9% 3,051,096 1,508,904 362.0 Engineering 1 150,000 180,000 1995 24.5 R1.5 25 98 66.9% 120,438 59,562 362.0 Contingency 1 250,000 300,000 1995 24.5 R1.5 25 98 66.9% 200,730 99,270

Murfreesboro Electric Department - Cost Approach Analysis

Replacement Cost New Less Adjustment for Physical DeteriorationTable 1

NewGen Strategies and Solutions, LLCPage 1 of 26





362.0 Primary Substation Location No. 7 $11,592,600 $13,911,120 $8,392,390 $5,518,730362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 1999 20.5 R1.5 25 82 58.6% 773,124 546,876 362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 1999 20.5 R1.5 25 82 58.6% 773,124 546,876 362.0 161-46kV 60/80/100/112 MVA Transformer 1 2,800,000 3,360,000 1999 20.5 R1.5 25 82 58.6% 1,967,952 1,392,048 362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2008 11.5 R1.5 25 46 35.5% 468,072 851,928 362.0 161kV Breaker 1 125,000 150,000 1995 24.5 R1.5 25 98 66.9% 100,365 49,635 362.0 161kV Disconnect switch 10 120,000 144,000 1995 24.5 R1.5 25 98 66.9% 96,350 47,650 362.0 161kV Motor operated switch 1 30,000 36,000 1995 24.5 R1.5 25 98 66.9% 24,088 11,912 362.0 46kV Disconnect switch 5 40,000 48,000 1995 24.5 R1.5 25 98 66.9% 32,117 15,883 362.0 161kV Circuit switcher 3 195,000 234,000 1995 24.5 R1.5 25 98 66.9% 156,569 77,431 362.0 13kV Disconnect switch 3 1,200 1,440 1995 24.5 R1.5 25 98 66.9% 964 476 362.0 13kV Loadbreak switch 2 1,400 1,680 1995 24.5 R1.5 25 98 66.9% 1,124 556 362.0 13kV Switchgear with three feeder breaker 3 600,000 720,000 1995 24.5 R1.5 25 98 66.9% 481,752 238,248 362.0 Construction 1 4,000,000 4,800,000 1995 24.5 R1.5 25 98 66.9% 3,211,680 1,588,320 362.0 Engineering 1 130,000 156,000 1995 24.5 R1.5 25 98 66.9% 104,380 51,620 362.0 Contingency 1 250,000 300,000 1995 24.5 R1.5 25 98 66.9% 200,730 99,270 362.0 Industrial Substation Location No. 9 $7,514,000 $9,016,800 $6,033,141 $2,983,659362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1 950,000 1,140,000 1995 24.5 R1.5 25 98 66.9% 762,774 377,226 362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1 950,000 1,140,000 1995 24.5 R1.5 25 98 66.9% 762,774 377,226 362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 950,000 1,140,000 1995 24.5 R1.5 25 98 66.9% 762,774 377,226 362.0 161kV Disconnect switch 5 60,000 72,000 1995 24.5 R1.5 25 98 66.9% 48,175 23,825 362.0 161kV Circuit Switcher 5 325,000 390,000 1995 24.5 R1.5 25 98 66.9% 260,949 129,051 362.0 13kV Loadbreak switch 4 2,800 3,360 1995 24.5 R1.5 25 98 66.9% 2,248 1,112 362.0 13kV Switchgear with three feeder breaker 3 900,000 1,080,000 1995 24.5 R1.5 25 98 66.9% 722,628 357,372 362.0 13kV switchgear with four feeder breaker 1 500,000 600,000 1995 24.5 R1.5 25 98 66.9% 401,460 198,540 362.0 Station service 1 1,200 1,440 1995 24.5 R1.5 25 98 66.9% 964 476 362.0 Construction 1 2,500,000 3,000,000 1995 24.5 R1.5 25 98 66.9% 2,007,300 992,700 362.0 Engineering 1 125,000 150,000 1995 24.5 R1.5 25 98 66.9% 100,365 49,635 362.0 Contingency 1 250,000 300,000 1995 24.5 R1.5 25 98 66.9% 200,730 99,270 362.0 Kirk Substation Location No. 10 $4,129,900 $4,955,880 $3,285,664 $1,670,216362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1997 22.5 R1.5 25 90 62.9% 475,524 280,476 362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1995 24.5 R1.5 25 98 66.9% 505,840 250,160 362.0 46kV Disconnect switch 2 16,000 19,200 1995 24.5 R1.5 25 98 66.9% 12,847 6,353 362.0 46kV Breakers 2 80,000 96,000 1995 24.5 R1.5 25 98 66.9% 64,234 31,766 362.0 13kV Loadbreak switch 1 700 840 1995 24.5 R1.5 25 98 66.9% 562 278 362.0 13kV Switch 2 800 960 1995 24.5 R1.5 25 98 66.9% 642 318 362.0 13kV Station service 2 2,400 2,880 1995 24.5 R1.5 25 98 66.9% 1,927 953 362.0 13kV Switchgear with two feeder breaker 2 450,000 540,000 1995 24.5 R1.5 25 98 66.9% 361,314 178,686 362.0 Construction 1 2,000,000 2,400,000 1995 24.5 R1.5 25 98 66.9% 1,605,840 794,160 362.0 Engineering 1 120,000 144,000 1995 24.5 R1.5 25 98 66.9% 96,350 47,650 362.0 Contingency 1 200,000 240,000 1995 24.5 R1.5 25 98 66.9% 160,584 79,416 362.0 Blackman Substation Location No. 11 $5,346,300 $6,415,560 $3,074,654 $3,340,906362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2001 18.5 R1.5 25 74 53.9% 711,612 608,388 362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2001 18.5 R1.5 25 74 53.9% 711,612 608,388 362.0 161kV Disconnect switch 5 60,000 72,000 2005 14.5 R1.5 25 58 43.7% 31,493 40,507 362.0 161kV Grounding switch 2 28,000 33,600 2005 14.5 R1.5 25 58 43.7% 14,697 18,903 362.0 161kV Circuit Switcher 2 130,000 156,000 2005 14.5 R1.5 25 58 43.7% 68,234 87,766 362.0 13kV Loadbreak switch 3 2,100 2,520 2005 14.5 R1.5 25 58 43.7% 1,102 1,418 362.0 13kV Switchgear with three feeder breaker 2 600,000 720,000 2005 14.5 R1.5 25 58 43.7% 314,928 405,072 362.0 Station service 2 1,200 1,440 2005 14.5 R1.5 25 58 43.7% 630 810 362.0 Construction 1 2,000,000 2,400,000 2005 14.5 R1.5 25 58 43.7% 1,049,760 1,350,240 362.0 Engineering 1 125,000 150,000 2005 14.5 R1.5 25 58 43.7% 65,610 84,390 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024






362.0 Lynch Substation Location No. 12 $6,069,900 $7,283,880 $4,794,858 $2,489,022362.0 161-46kV 60/80/100 MVA Transformer 1 2,400,000 2,880,000 1993 26.5 R1.5 25 106 70.6% 2,032,992 847,008 362.0 161-13kV 12/18/20/22 MVA Transformer 1 750,000 900,000 2004 15.5 R1.5 25 62 46.4% 417,420 482,580 362.0 161kV Disconnect switch 7 84,000 100,800 1995 24.5 R1.5 25 98 66.9% 67,445 33,355 362.0 161kV Grounding switch 2 28,000 33,600 1995 24.5 R1.5 25 98 66.9% 22,482 11,118 362.0 161kV Circuit Switcher 2 130,000 156,000 1995 24.5 R1.5 25 98 66.9% 104,380 51,620 362.0 46kV Disconnect switch 7 56,000 67,200 1995 24.5 R1.5 25 98 66.9% 44,964 22,236 362.0 46kV Breaker 2 50,000 60,000 1995 24.5 R1.5 25 98 66.9% 40,146 19,854 362.0 13kV Loadbeak switch 1 700 840 1995 24.5 R1.5 25 98 66.9% 562 278 362.0 13kV Switchgear wit two feeder breaker 1 250,000 300,000 1995 24.5 R1.5 25 98 66.9% 200,730 99,270 362.0 Station service 1 1,200 1,440 1995 24.5 R1.5 25 98 66.9% 964 476 362.0 Construction 1 2,000,000 2,400,000 1995 24.5 R1.5 25 98 66.9% 1,605,840 794,160 362.0 Engineering 1 120,000 144,000 1995 24.5 R1.5 25 98 66.9% 96,350 47,650 362.0 Contingency 1 200,000 240,000 1995 24.5 R1.5 25 98 66.9% 160,584 79,416 362.0 Cason Substation Location No. 13 $5,236,500 $6,283,800 $2,677,254 $3,606,546362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2006 13.5 R1.5 25 54 41.0% 541,728 778,272 362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2006 13.5 R1.5 25 54 41.0% 541,728 778,272 362.0 161kV Loadbreak switch 1 14,000 16,800 2005 14.5 R1.5 25 58 43.7% 7,348 9,452 362.0 161kV Disconnect switch 5 70,000 84,000 2005 14.5 R1.5 25 58 43.7% 36,742 47,258 362.0 161kV Grounding switch 2 28,000 33,600 2005 14.5 R1.5 25 58 43.7% 14,697 18,903 362.0 13kV Loadbreak disconnect switch 3 2,100 2,520 2005 14.5 R1.5 25 58 43.7% 1,102 1,418 362.0 13kV Switchgear with three feeder breaker 2 600,000 720,000 2005 14.5 R1.5 25 58 43.7% 314,928 405,072 362.0 Station service 2 2,400 2,880 2005 14.5 R1.5 25 58 43.7% 1,260 1,620 362.0 Construction 1 2,000,000 2,400,000 2005 14.5 R1.5 25 58 43.7% 1,049,760 1,350,240 362.0 Engineering 1 120,000 144,000 2005 14.5 R1.5 25 58 43.7% 62,986 81,014 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024 362.0 Jean Roger Substation Location No. 14 $5,252,500 $6,303,000 $2,148,148 $4,154,852362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2013 6.5 R1.5 25 26 20.7% 272,976 1,047,024 362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2013 6.5 R1.5 25 26 20.7% 272,976 1,047,024 362.0 161kV Disconnect switch 5 70,000 84,000 2005 14.5 R1.5 25 58 43.7% 36,742 47,258 362.0 161kV Circuit switcher 4 260,000 312,000 2005 14.5 R1.5 25 58 43.7% 136,469 175,531 362.0 13kV Tie breaker 1 700 840 2005 14.5 R1.5 25 58 43.7% 367 473 362.0 13kV Loadbreak switch 2 1,400 1,680 2005 14.5 R1.5 25 58 43.7% 735 945 362.0 13kV disconnect switch 1 400 480 2005 14.5 R1.5 25 58 43.7% 210 270 362.0 13kV Switchgear with three feeder breaker 2 600,000 720,000 2005 14.5 R1.5 25 58 43.7% 314,928 405,072 362.0 Construction 1 1,800,000 2,160,000 2005 14.5 R1.5 25 58 43.7% 944,784 1,215,216 362.0 Engineering 1 120,000 144,000 2005 14.5 R1.5 25 58 43.7% 62,986 81,014 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024 362.0 MTSU Substation Location No. 15 $3,312,800 $3,975,360 $680,400 $3,294,960362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1968 51.5 R1.5 25 206 0.0% - 756,000 362.0 46-13kV 12/16/20/22.4 MVA Transformer 1 630,000 756,000 1971 48.5 R1.5 25 194 90.0% 680,400 75,600 362.0 46kV Breaker 2 80,000 96,000 1965 54.5 R1.5 25 218 0.0% - 96,000 362.0 46kV Disconnect switch 3 24,000 28,800 1965 54.5 R1.5 25 218 0.0% - 28,800 362.0 13kV Tie breaker 1 25,000 30,000 1965 54.5 R1.5 25 218 0.0% - 30,000 362.0 13kV Loadbreak switch 2 1,400 1,680 1965 54.5 R1.5 25 218 0.0% - 1,680 362.0 13kV Switchgear with three feeder breaker 2 600,000 720,000 1965 54.5 R1.5 25 218 0.0% - 720,000 362.0 Station service 2 2,400 2,880 1965 54.5 R1.5 25 218 0.0% - 2,880 362.0 Construction 1 1,000,000 1,200,000 1965 54.5 R1.5 25 218 0.0% - 1,200,000 362.0 Engineering 1 120,000 144,000 1965 54.5 R1.5 25 218 0.0% - 144,000 362.0 Contingency 1 200,000 240,000 1965 54.5 R1.5 25 218 0.0% - 240,000






362.0 Veterans Substation Location No. 16 $5,394,000 $6,472,800 $1,975,579 $4,497,221362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2016 3.5 R1.5 25 14 11.3% 149,556 1,170,444 362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 1,100,000 1,320,000 2016 3.5 R1.5 25 14 11.3% 149,556 1,170,444 362.0 161kV Disconnect switch 3 36,000 43,200 2005 14.5 R1.5 25 58 43.7% 18,896 24,304 362.0 161kV Circuit switcher 4 260,000 312,000 2005 14.5 R1.5 25 58 43.7% 136,469 175,531 362.0 13kV Tie breaker 1 25,000 30,000 2005 14.5 R1.5 25 58 43.7% 13,122 16,878 362.0 13kV Loadbreaker switch 2 1,400 1,680 2005 14.5 R1.5 25 58 43.7% 735 945 362.0 13kV Disconnect switch 1 400 480 2005 14.5 R1.5 25 58 43.7% 210 270 362.0 13kV Switchgear with two feeder breaker 1 250,000 300,000 2005 14.5 R1.5 25 58 43.7% 131,220 168,780 362.0 13kV Switchgear with three feeder breaker 1 300,000 360,000 2005 14.5 R1.5 25 58 43.7% 157,464 202,536 362.0 Station service 1 1,200 1,440 2005 14.5 R1.5 25 58 43.7% 630 810 362.0 Construction 1 2,000,000 2,400,000 2005 14.5 R1.5 25 58 43.7% 1,049,760 1,350,240 362.0 Engineering 1 120,000 144,000 2005 14.5 R1.5 25 58 43.7% 62,986 81,014 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024 362.0 Gateway Substation Location No. 17 $5,197,800 $6,237,360 $1,916,541 $4,320,819362.0 161-13kV 18/24/30/33.6 MVA Transformer 1 950,000 1,140,000 2017 2.5 R1.5 25 10 8.1% 92,796 1,047,204 362.0 161-13kV 18/24/30/33.6 MVA Transformer 1 950,000 1,140,000 2017 2.5 R1.5 25 10 8.1% 92,796 1,047,204 362.0 161kV Disconnect switch 7 84,000 100,800 2005 14.5 R1.5 25 58 43.7% 44,090 56,710 362.0 161 Circuit Switcher 4 260,000 312,000 2005 14.5 R1.5 25 58 43.7% 136,469 175,531 362.0 13kV Tie breaker 1 25,000 30,000 2005 14.5 R1.5 25 58 43.7% 13,122 16,878 362.0 13kV Loadbreak switch 2 1,400 1,680 2005 14.5 R1.5 25 58 43.7% 735 945 362.0 Station service 2 2,400 2,880 2005 14.5 R1.5 25 58 43.7% 1,260 1,620 362.0 13kV switchgear with two feeder breaker 2 600,000 720,000 2005 14.5 R1.5 25 58 43.7% 314,928 405,072 362.0 Construction 1 2,000,000 2,400,000 2005 14.5 R1.5 25 58 43.7% 1,049,760 1,350,240 362.0 Engineering 1 125,000 150,000 2005 14.5 R1.5 25 58 43.7% 65,610 84,390 362.0 Contingency 1 200,000 240,000 2005 14.5 R1.5 25 58 43.7% 104,976 135,024

Substation Subtotal $81,198,700 $97,438,440 $52,235,755 $45,202,685

Poles, Towers, Fixtures 5,6364.0 Three Phase Overhead Lines 27,057,256 32,468,707 20,083,211 12,385,495364.0 Three Phase Overhead Lines - 1945 0.7% 192,075 230,490 1945 74.5 R1 25 298 90.0% 207,441 23,049 364.0 Three Phase Overhead Lines - 1955 0.1% 34,518 41,422 1955 64.5 R1 25 258 90.0% 37,280 4,142 364.0 Three Phase Overhead Lines - 1965 7.0% 1,886,521 2,263,825 1965 54.5 R1 25 218 90.0% 2,037,443 226,383 364.0 Three Phase Overhead Lines - 1975 4.3% 1,169,442 1,403,330 1975 44.5 R1 25 178 90.0% 1,262,997 140,333 364.0 Three Phase Overhead Lines - 1985 26.3% 7,105,048 8,526,058 1985 34.5 R1 25 138 79.5% 6,776,511 1,749,547 364.0 Three Phase Overhead Lines - 1995 27.2% 7,357,057 8,828,468 1995 24.5 R1 25 98 62.3% 5,500,136 3,328,333 364.0 Three Phase Overhead Lines - 2005 32.2% 8,723,126 10,467,751 2005 14.5 R1 25 58 39.8% 4,169,305 6,298,446 364.0 Three Phase Overhead Lines - 2015 2.2% 589,468 707,362 2015 4.5 R1 25 18 13.0% 92,099 615,263 364.0 Two Phase Overhead Lines $738,931 886,717 548,470 338,247364.0 Two Phase Overhead Lines - 1945 0.7% 5,246 6,295 1945 74.5 R1 25 298 90.0% 5,665 629 364.0 Two Phase Overhead Lines - 1955 0.1% 943 1,131 1955 64.5 R1 25 258 90.0% 1,018 113 364.0 Two Phase Overhead Lines - 1965 7.0% 51,521 61,825 1965 54.5 R1 25 218 90.0% 55,642 6,182 364.0 Two Phase Overhead Lines - 1975 4.3% 31,937 38,325 1975 44.5 R1 25 178 90.0% 34,492 3,832 364.0 Two Phase Overhead Lines - 1985 26.3% 194,038 232,846 1985 34.5 R1 25 138 79.5% 185,066 47,780 364.0 Two Phase Overhead Lines - 1995 27.2% 200,920 241,105 1995 24.5 R1 25 98 62.3% 150,208 90,896 364.0 Two Phase Overhead Lines - 2005 32.2% 238,228 285,873 2005 14.5 R1 25 58 39.8% 113,863 172,010 364.0 Two Phase Overhead Lines - 2015 2.2% 16,098 19,318 2015 4.5 R1 25 18 13.0% 2,515 16,803 364.0 Single Phase Overhead Lines 9,322,739 11,187,287 6,919,790 4,267,496364.0 Single Phase Overhead Lines - 1945 0.7% 66,181 79,417 1945 74.5 R1 25 298 90.0% 71,475 7,942 364.0 Single Phase Overhead Lines - 1955 0.1% 11,893 14,272 1955 64.5 R1 25 258 90.0% 12,845 1,427 364.0 Single Phase Overhead Lines - 1965 7.0% 650,012 780,014 1965 54.5 R1 25 218 90.0% 702,013 78,001 364.0 Single Phase Overhead Lines - 1975 4.3% 402,938 483,526 1975 44.5 R1 25 178 90.0% 435,173 48,353 364.0 Single Phase Overhead Lines - 1985 26.3% 2,448,087 2,937,704 1985 34.5 R1 25 138 79.5% 2,334,887 602,817 364.0 Single Phase Overhead Lines - 1995 27.2% 2,534,918 3,041,901 1995 24.5 R1 25 98 62.3% 1,895,105 1,146,797 364.0 Single Phase Overhead Lines - 2005 32.2% 3,005,605 3,606,726 2005 14.5 R1 25 58 39.8% 1,436,559 2,170,167 364.0 Single Phase Overhead Lines - 2015 2.2% 203,105 243,726 2015 4.5 R1 25 18 13.0% 31,733 211,993






Poles, Towers, Fixtures Subtotal $37,118,925 $44,542,710 $27,551,472 $16,991,238






Overhead Conductors & Devices365.0 Overhead Lines365.0 Three Phase Overhead Lines - all Conductors $21,131,381 $25,357,657 $12,092,007 $13,265,650365.0 1940's 0.7% 150,008 180,010 1945 74.5 R1 36 207 90.0% 162,009 18,001 365.0 1950's 0.1% 26,958 32,350 1955 64.5 R1 36 179 90.0% 29,115 3,235 365.0 1960's 7.0% 1,473,349 1,768,019 1965 54.5 R1 36 151 84.1% 1,486,904 281,115 365.0 1970's 4.3% 913,320 1,095,984 1975 44.5 R1 36 124 74.0% 811,137 284,846 365.0 1980's 26.3% 5,548,955 6,658,746 1985 34.5 R1 36 96 61.3% 4,081,811 2,576,935 365.0 1990's 27.2% 5,745,770 6,894,924 1995 24.5 R1 36 68 46.0% 3,168,218 3,726,707 365.0 2000's 32.2% 6,812,653 8,175,183 2005 14.5 R1 36 40 28.1% 2,300,497 5,874,687 365.0 2010's 2.2% 460,367 552,441 2015 4.5 R1 36 13 9.5% 52,316 500,125 365.0 Two Phase Overhead Lines - all Conductors 154,196 185,035 100,954 84,081365.0 1940's 4.0% 6,172 7,407 1945 74.5 R1 36 207 90.0% 6,666 741 365.0 1950's 0.0% 0 0 1955 64.5 R1 36 179 90.0% - - 365.0 1960's 16.9% 26,000 31,200 1965 54.5 R1 36 151 84.1% 26,239 4,961 365.0 1970's 12.1% 18,602 22,322 1975 44.5 R1 36 124 74.0% 16,521 5,802 365.0 1980's 22.3% 34,389 41,266 1985 34.5 R1 36 96 61.3% 25,296 15,970 365.0 1990's 11.3% 17,427 20,913 1995 24.5 R1 36 68 46.0% 9,609 11,303 365.0 2000's 31.1% 48,019 57,622 2005 14.5 R1 36 40 28.1% 16,215 41,407 365.0 2010's 2.3% 3,588 4,306 2015 4.5 R1 36 13 9.5% 408 3,898 365.0 Single Phase Overhead Lines - all Conductors 1,459,504 1,751,405 1,249,081 502,324365.0 1940's 0.5% 7,598 9,118 1945 74.5 R1 36 207 90.0% 8,206 912 365.0 1950's 49.7% 725,673 870,808 1955 64.5 R1 36 179 90.0% 783,727 87,081 365.0 1960's 6.5% 95,313 114,375 1965 54.5 R1 36 151 84.1% 96,189 18,186 365.0 1970's 3.9% 57,341 68,810 1975 44.5 R1 36 124 74.0% 50,926 17,884 365.0 1980's 13.5% 196,946 236,335 1985 34.5 R1 36 96 61.3% 144,873 91,462 365.0 1990's 13.1% 191,864 230,237 1995 24.5 R1 36 68 46.0% 105,794 124,443 365.0 2000's 11.7% 171,257 205,508 2005 14.5 R1 36 40 28.1% 57,830 147,678 365.0 2010's 0.9% 13,512 16,215 2015 4.5 R1 36 13 9.5% 1,536 14,679 365.0 Overhead Equipment (not including transformers)365.0 Overhead Switches 829,224 995,069 528,552 466,517365.0 1940's 2.1% 17,368 20,841 1945 74.5 R1 36 207 90.0% 18,757 2,084 365.0 1950's 0.1% 599 719 1955 64.5 R1 36 179 90.0% 647 72 365.0 1960's 10.0% 83,006 99,607 1965 54.5 R1 36 151 84.1% 83,770 15,838 365.0 1970's 7.0% 58,452 70,142 1975 44.5 R1 36 124 74.0% 51,912 18,230 365.0 1980's 31.8% 263,392 316,071 1985 34.5 R1 36 96 61.3% 193,751 122,319 365.0 1990's 25.4% 210,690 252,828 1995 24.5 R1 36 68 46.0% 116,174 136,653 365.0 2000's 22.2% 184,339 221,206 2005 14.5 R1 36 40 28.1% 62,247 158,959 365.0 2010's 1.4% 11,379 13,655 2015 4.5 R1 36 13 9.5% 1,293 12,362 365.0 Capacitor Banks 1,039,687 1,247,624 662,703 584,922365.0 1940's 2.1% 21,776 26,131 1945 74.5 R1 36 207 90.0% 23,518 2,613 365.0 1950's 0.1% 751 901 1955 64.5 R1 36 179 90.0% 811 90 365.0 1960's 10.0% 104,074 124,889 1965 54.5 R1 36 151 84.1% 105,031 19,857 365.0 1970's 7.0% 73,287 87,945 1975 44.5 R1 36 124 74.0% 65,088 22,857 365.0 1980's 31.8% 330,243 396,292 1985 34.5 R1 36 96 61.3% 242,927 153,365 365.0 1990's 25.4% 264,164 316,997 1995 24.5 R1 36 68 46.0% 145,660 171,337 365.0 2000's 22.2% 231,125 277,350 2005 14.5 R1 36 40 28.1% 78,046 199,304 365.0 2010's 1.4% 14,267 17,120 2015 4.5 R1 36 13 9.5% 1,621 15,499 365.0 Reclosers 162,624 195,149 103,657 91,491365.0 1940's 2.1% 3,406 4,087 1945 74.5 R1 36 207 90.0% 3,679 409 365.0 1950's 0.1% 117 141 1955 64.5 R1 36 179 90.0% 127 14 365.0 1960's 10.0% 16,279 19,535 1965 54.5 R1 36 151 84.1% 16,429 3,106 365.0 1970's 7.0% 11,463 13,756 1975 44.5 R1 36 124 74.0% 10,181 3,575 365.0 1980's 31.8% 51,655 61,986 1985 34.5 R1 36 96 61.3% 37,998 23,989 365.0 1990's 25.4% 41,320 49,584 1995 24.5 R1 36 68 46.0% 22,784 26,800






365.0 2000's 22.2% 36,152 43,382 2005 14.5 R1 36 40 28.1% 12,208 31,174 365.0 2010's 1.4% 2,232 2,678 2015 4.5 R1 36 13 9.5% 254 2,424

Overhead Conductors & Devices Subtotal $24,776,616 $29,731,939 $14,736,954 $14,994,985

Underground Conduit366.0 Total Underground Duct Bank, Concrete Encased 68,506,317 82,207,581 61,694,095 20,513,486366.0 1940's 1.8% 1,221,963 1,466,356 1945 74.5 R3 25 298 90.00% 1,319,720 146,636 366.0 1950's 0.0% 0 0 1955 64.5 R3 25 258 90.00% - - 366.0 1960's 3.6% 2,443,927 2,932,712 1965 54.5 R3 25 218 90.00% 2,639,441 293,271 366.0 1970's 14.3% 9,775,706 11,730,848 1975 44.5 R3 25 178 90.00% 10,557,763 1,173,085 366.0 1980's 22.4% 15,350,914 18,421,097 1985 34.5 R3 25 138 90.00% 16,578,987 1,842,110 366.0 1990's 27.8% 19,016,804 22,820,164 1995 24.5 R3 25 98 78.87% 17,998,264 4,821,901 366.0 2000's 28.5% 19,551,413 23,461,695 2005 14.5 R3 25 58 52.68% 12,359,621 11,102,074 366.0 2010's 1.7% 1,145,591 1,374,709 2015 4.5 R3 25 18 17.48% 240,299 1,134,410 366.0 Manholes and Vaults 21,718,584 26,062,301 19,558,903 6,503,398366.0 1940's 1.8% 387,399 464,879 1945 74.5 R3 25 298 90.00% 418,391 46,488 366.0 1950's 0.0% 0 0 1955 64.5 R3 25 258 90.00% - - 366.0 1960's 3.6% 774,799 929,759 1965 54.5 R3 25 218 90.00% 836,783 92,976 366.0 1970's 14.3% 3,099,196 3,719,035 1975 44.5 R3 25 178 90.00% 3,347,132 371,904 366.0 1980's 22.4% 4,866,706 5,840,047 1985 34.5 R3 25 138 90.00% 5,256,043 584,005 366.0 1990's 27.8% 6,028,905 7,234,686 1995 24.5 R3 25 98 78.87% 5,705,996 1,528,689 366.0 2000's 28.5% 6,198,392 7,438,070 2005 14.5 R3 25 58 52.68% 3,918,375 3,519,695 366.0 2010's 1.7% 363,187 435,824 2015 4.5 R3 25 18 17.48% 76,182 359,642

Underground Conduit Subtotal $90,224,901 $108,269,881 $81,252,997 $27,016,884

Underground Conductors & Devices367.0 Underground Primary - in Conduit367.0 Three Phase Underground Lines - all Conductors $33,106,887 $39,728,264 $27,716,332 $12,011,932367.0 1940's 0.6% 206,597 247,917 1945 74.5 R3 25 298 90.00% 223,125 24,792 367.0 1950's 0.0% 5,781 6,938 1955 64.5 R3 25 258 90.00% 6,244 694 367.0 1960's 1.8% 582,921 699,505 1965 54.5 R3 25 218 90.00% 629,555 69,951 367.0 1970's 15.2% 5,033,674 6,040,409 1975 44.5 R3 25 178 90.00% 5,436,368 604,041 367.0 1980's 18.2% 6,032,091 7,238,509 1985 34.5 R3 25 138 90.00% 6,514,658 723,851 367.0 1990's 17.3% 5,715,469 6,858,563 1995 24.5 R3 25 98 78.87% 5,409,349 1,449,214 367.0 2000's 44.6% 14,771,275 17,725,530 2005 14.5 R3 25 58 52.68% 9,337,809 8,387,721 367.0 2010's 2.3% 759,077 910,893 2015 4.5 R3 25 18 17.48% 159,224 751,669 367.0 Underground Primary - Direct Buried367.0 Three Phase Underground Lines - all Conductors 7,510,755 9,012,906 6,287,833 2,725,073367.0 1940's 0.6% 46,869 56,243 1945 74.5 R3 25 298 90.00% 50,619 5,624 367.0 1950's 0.0% 1,312 1,574 1955 64.5 R3 25 258 90.00% 1,417 157 367.0 1960's 1.8% 132,244 158,692 1965 54.5 R3 25 218 90.00% 142,823 15,869 367.0 1970's 15.2% 1,141,959 1,370,350 1975 44.5 R3 25 178 90.00% 1,233,315 137,035 367.0 1980's 18.2% 1,368,463 1,642,156 1985 34.5 R3 25 138 90.00% 1,477,940 164,216 367.0 1990's 17.3% 1,296,633 1,555,960 1995 24.5 R3 25 98 78.87% 1,227,186 328,774 367.0 2000's 44.6% 3,351,068 4,021,282 2005 14.5 R3 25 58 52.68% 2,118,411 1,902,870 367.0 2010's 2.3% 172,207 206,649 2015 4.5 R3 25 18 17.48% 36,122 170,526 367.0 Two Phase Underground Lines - all Conductors 220,944 265,133 168,081 97,052367.0 1940's 0.1% 254 304 1945 74.5 R3 25 298 90.00% 274 30 367.0 1950's 0.0% 0 0 1955 64.5 R3 25 258 90.00% - - 367.0 1960's 3.7% 8,214 9,857 1965 54.5 R3 25 218 90.00% 8,872 986 367.0 1970's 3.9% 8,655 10,386 1975 44.5 R3 25 178 90.00% 9,347 1,039 367.0 1980's 16.4% 36,250 43,500 1985 34.5 R3 25 138 90.00% 39,150 4,350 367.0 1990's 11.2% 24,841 29,809 1995 24.5 R3 25 98 78.87% 23,510 6,299 367.0 2000's 61.1% 134,918 161,902 2005 14.5 R3 25 58 52.68% 85,290 76,612 367.0 2010's 3.5% 7,813 9,375 2015 4.5 R3 25 18 17.48% 1,639 7,737






367.0 Single Phase Underground Lines - all Conductors 4,022,862 4,827,435 3,305,839 1,521,596367.0 1940's 0.2% 6,924 8,308 1945 74.5 R3 25 298 90.00% 7,478 831 367.0 1950's 0.0% 0 0 1955 64.5 R3 25 258 90.00% - - 367.0 1960's 4.8% 193,485 232,182 1965 54.5 R3 25 218 90.00% 208,963 23,218 367.0 1970's 5.7% 227,604 273,125 1975 44.5 R3 25 178 90.00% 245,813 27,313 367.0 1980's 23.5% 945,689 1,134,827 1985 34.5 R3 25 138 90.00% 1,021,344 113,483 367.0 1990's 14.5% 584,243 701,091 1995 24.5 R3 25 98 78.87% 552,951 148,141 367.0 2000's 49.2% 1,979,531 2,375,437 2005 14.5 R3 25 58 52.68% 1,251,380 1,124,057 367.0 2010's 2.1% 85,388 102,465 2015 4.5 R3 25 18 17.48% 17,911 84,554 367.0 Pad-mount Switches 7,787,395 9,344,874 7,013,022 2,331,852367.0 1940's 1.8% 138,906 166,687 1945 74.5 R3 25 298 90.00% 150,018 16,669 367.0 1950's 0.0% 0 0 1955 64.5 R3 25 258 90.00% - - 367.0 1960's 3.6% 277,811 333,373 1965 54.5 R3 25 218 90.00% 300,036 33,337 367.0 1970's 14.3% 1,111,245 1,333,494 1975 44.5 R3 25 178 90.00% 1,200,144 133,349 367.0 1980's 22.4% 1,745,002 2,094,002 1985 34.5 R3 25 138 90.00% 1,884,602 209,400 367.0 1990's 27.8% 2,161,718 2,594,062 1995 24.5 R3 25 98 78.87% 2,045,937 548,125 367.0 2000's 28.5% 2,222,490 2,666,987 2005 14.5 R3 25 58 52.68% 1,404,969 1,262,018 367.0 2010's 1.7% 130,224 156,269 2015 4.5 R3 25 18 17.48% 27,316 128,953

Underground Conductors & Devices Subtotal $52,648,844 $63,178,612 $44,491,108 $18,687,505

Transformers368.1 Single Phase Overhead $12,093,635 $14,512,362 $8,789,533 $5,722,830368.1 1940's 2.1% $253,297 303,957 1945 74.5 R2 36 207 90.00% 273,561 30,396 368.1 1950's 0.1% $8,734 10,481 1955 64.5 R2 36 179 90.00% 9,433 1,048 368.1 1960's 10.0% $1,210,586 1,452,704 1965 54.5 R2 36 151 90.00% 1,307,433 145,270 368.1 1970's 7.0% $852,476 1,022,972 1975 44.5 R2 36 124 82.12% 840,064 182,907 368.1 1980's 31.8% $3,841,384 4,609,661 1985 34.5 R2 36 96 70.39% 3,244,741 1,364,921 368.1 1990's 25.4% $3,072,758 3,687,310 1995 24.5 R2 36 68 54.14% 1,996,310 1,691,000 368.1 2000's 22.2% $2,688,445 3,226,134 2005 14.5 R2 36 40 33.94% 1,094,950 2,131,184 368.1 2010's 1.4% $165,953 199,144 2015 4.5 R2 36 13 11.57% 23,041 176,103 368.2 Single Phase Pad-mount 31,256,198 37,507,438 18,279,125 19,228,313368.2 1940's 0.2% 50,271 60,326 1945 74.5 R2 36 207 90.00% 54,293 6,033 368.2 1950's 0.0% 4,189 5,027 1955 64.5 R2 36 179 90.00% 4,524 503 368.2 1960's 3.7% 1,143,673 1,372,407 1965 54.5 R2 36 151 90.00% 1,235,167 137,241 368.2 1970's 6.9% 2,157,478 2,588,973 1975 44.5 R2 36 124 82.12% 2,126,065 462,908 368.2 1980's 19.6% 6,128,913 7,354,695 1985 34.5 R2 36 96 70.39% 5,176,970 2,177,725 368.2 1990's 13.7% 4,289,820 5,147,784 1995 24.5 R2 36 68 54.14% 2,787,010 2,360,774 368.2 2000's 53.3% 16,643,999 19,972,798 2005 14.5 R2 36 40 33.94% 6,778,768 13,194,031 368.2 2010's 2.7% 837,855 1,005,427 2015 4.5 R2 36 13 11.57% 116,328 889,099 368.2 Three Phase Pad-mount 20,203,505 24,244,206 13,871,578 10,372,628368.2 1940's 1.8% 360,375 432,450 1945 74.5 R2 36 207 90.00% 389,205 43,245 368.2 1950's 0.0% 0 0 1955 64.5 R2 36 179 90.00% - - 368.2 1960's 3.6% 720,749 864,899 1965 54.5 R2 36 151 90.00% 778,409 86,490 368.2 1970's 14.3% 2,882,997 3,459,597 1975 44.5 R2 36 124 82.12% 2,841,021 618,576 368.2 1980's 22.4% 4,527,207 5,432,648 1985 34.5 R2 36 96 70.39% 3,824,041 1,608,607 368.2 1990's 27.8% 5,608,331 6,729,997 1995 24.5 R2 36 68 54.14% 3,643,620 3,086,377 368.2 2000's 28.5% 5,765,995 6,919,194 2005 14.5 R2 36 40 33.94% 2,348,374 4,570,819 368.2 2010's 1.7% 337,851 405,421 2015 4.5 R2 36 13 11.57% 46,907 358,514

Transformers Subtotal $63,553,338 $76,264,006 $40,940,235 $35,323,770






Services369.1 Overhead Services $7,373,123 $8,847,748 $6,061,027 $2,786,721369.1 1940's 2.1% $154,428 185,313 1945 74.5 R2 29 257 90.00% 166,782 18,531 369.1 1950's 0.1% $5,325 6,390 1955 64.5 R2 29 222 90.00% 5,751 639 369.1 1960's 10.0% $738,058 885,669 1965 54.5 R2 29 188 90.00% 797,102 88,567 369.1 1970's 7.0% $519,729 623,675 1975 44.5 R2 29 153 90.00% 561,307 62,367 369.1 1980's 31.8% $2,341,976 2,810,371 1985 34.5 R2 29 119 80.33% 2,257,571 552,800 369.1 1990's 25.4% $1,873,368 2,248,041 1995 24.5 R2 29 84 63.97% 1,438,072 809,969 369.1 2000's 22.2% $1,639,064 1,966,876 2005 14.5 R2 29 50 41.55% 817,237 1,149,639 369.1 2010's 1.4% $101,177 121,412 2015 4.5 R2 29 16 14.17% 17,204 104,208 369.2 Underground Services 30,737,057 36,884,468 20,913,074 15,971,394369.2 1940's 0.2% 49,436 59,324 1945 74.5 R2 29 257 90.00% 53,391 5,932 369.2 1950's 0.0% 4,120 4,944 1955 64.5 R2 29 222 90.00% 4,449 494 369.2 1960's 3.7% 1,124,677 1,349,613 1965 54.5 R2 29 188 90.00% 1,214,651 134,961 369.2 1970's 6.9% 2,121,644 2,545,973 1975 44.5 R2 29 153 90.00% 2,291,375 254,597 369.2 1980's 19.6% 6,027,116 7,232,539 1985 34.5 R2 29 119 80.33% 5,809,899 1,422,641 369.2 1990's 13.7% 4,218,569 5,062,283 1995 24.5 R2 29 84 63.97% 3,238,343 1,823,941 369.2 2000's 53.3% 16,367,555 19,641,066 2005 14.5 R2 29 50 41.55% 8,160,863 11,480,203 369.2 2010's 2.7% 823,939 988,727 2015 4.5 R2 29 16 14.17% 140,103 848,625

Services Subtotal $38,110,180 $45,732,216 $26,974,101 $18,758,115

Meters370.0 All Meters 16,815,670 20,178,804 14,524,323 5,654,481370.0 1940's 2.1% 352,199 422,639 1945 74.5 R0.5 20 373 90.00% 380,375 42,264 370.0 1950's 0.1% 12,145 14,574 1955 64.5 R0.5 20 323 90.00% 13,116 1,457 370.0 1960's 10.0% 1,683,267 2,019,921 1965 54.5 R0.5 20 273 90.00% 1,817,929 201,992 370.0 1970's 7.0% 1,185,331 1,422,397 1975 44.5 R0.5 20 223 90.00% 1,280,158 142,240 370.0 1980's 31.8% 5,341,277 6,409,532 1985 34.5 R0.5 20 173 87.59% 5,614,109 795,423 370.0 1990's 25.4% 4,272,536 5,127,043 1995 24.5 R0.5 20 123 67.27% 3,448,962 1,678,081 370.0 2000's 22.2% 3,738,165 4,485,798 2005 14.5 R0.5 20 73 43.04% 1,930,687 2,555,111 370.0 2010's 1.4% 230,751 276,901 2015 4.5 R0.5 20 23 14.08% 38,988 237,913

Meters Subtotal $16,815,670 $20,178,804 $14,524,323 $5,654,481






373.0 Street Lighting & Signal Systems Subtotal373.0 Streetlights Distribution Pole 7 $5,496,968 6,596,361 3,823,776 2,772,585 373.0 1980's 29.9% $1,642,764 1,971,317 1985 34.5 R1 25 138 79.48% 1,566,803 404,514 373.0 1990's 30.9% $1,701,031 2,041,237 1995 24.5 R1 25 98 62.30% 1,271,691 769,546 373.0 2000's 36.7% $2,016,881 2,420,257 2005 14.5 R1 25 58 39.83% 963,988 1,456,269 373.0 2010's 2.5% $136,291 163,550 2015 4.5 R1 25 18 13.02% 21,294 142,256 373.0 Streetlights Streetlight Pole 8 $48,333,842 58,000,611 35,980,448 22,020,163 373.0 1980's 39.3% $19,006,817 22,808,180 1985 34.5 R1 25 138 79.48% 18,127,942 4,680,239 373.0 1990's 31.5% $15,203,725 18,244,470 1995 24.5 R1 25 98 62.30% 11,366,305 6,878,165 373.0 2000's 27.5% $13,302,179 15,962,614 2005 14.5 R1 25 58 39.83% 6,357,909 9,604,705.13 373.0 2010's 1.7% $821,122 985,347 2015 4.5 R1 25 18 13.02% 128,292 857,054

Street Lighting & Signal Systems Subtotal $53,830,810 $64,596,972 39,804,224 24,792,748

384.0 FIBER384.0 All Fiber $1,726,989 $2,072,387 777,145 $1,295,242384.0 1990's 0.0% $0 0 1995 24.5 SQ 25 98 90.00% - - 384.0 2000's 50.0% $863,495 1,036,193 2005 14.5 SQ 25 58 57.50% 595,811 440,382 384.0 2010's 50.0% $863,495 1,036,193 2015 4.5 SQ 25 18 17.50% 181,334 854,860

FIBER Subtotal $1,726,989 $2,072,387 $777,145 $1,295,242

Total Distribution Plant $460,004,973 $552,005,968 $343,288,314 $208,717,654

Rounded $460,005,000 $552,006,000 $343,288,000 $208,718,000

Footnotes:1 Installed costs include engineering, materials, labor, construction management and contingency, plus utility owner's costs. 2 Average installation year of facilities based on Exponential Engineering Existing System Estimate. Some component's vintage years unknown and are assumed to be comparable to known data. Mid-decade installation assumed for these items. Midyear installation a3 Depreciation parameters for facilities based on industry statistics and NewGen experience.4 Based on applicable survivor curve, with the assumption that adjustment for physical deterioration does not exceed 90 percent of value for older facilities still in service.5 Categories after substations all include engineering, materials, labor, construction management, and contingency. These are included in the per unit costs and not directly broken out as is the case with substations6 FERC category 364 ageing is assumed to be equal to the Three Phase Primary Overhead ageing per email from Exponential Engineering and NewGen experience.7 Streetlight on Distribution Pole ageing assumed to be equal to Three Phase Overhead Conductors per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.8 Streetlights on Street Light Pole ageing assumed to be equal to Single Phase Overhead Transformers per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.


RCN PlusFERC Utility Owners Average Handy Whitman Cost Index 3 Original Net Future Net Survivor Average Age % of Probable Life Remaining Inflation Adjusted

Account Description Costs 1 Install Year 2 Age Line No. Install Yr 12/31/2018 Factor Cost Salvage % 4 Salvage $ Curve 4 Service Life 4 ASL at Age 5 Life 6 Net Salvage 7

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k) (l) (m) (n) (o) (p) (q) (r)


362.0 Jones Substation Location No. 3 $5,236,560 $4,570,313 $0 $0362.0 46-13kV 18/24/30/33.6 MVA Transformer 780,000 2010 8.5 43 283 484 0.5840 $455,504 0% 0 R1.5 25 34 26.8 18.3 0362.0 46-13kV 18/24/30/33.6 MVA Transformer 780,000 2011 7.5 43 577 484 1.1928 $930,357 0% 0 R1.5 25 30 26.6 19.1 0362.0 46kV Breaker 96,000 2005 13.5 43 419 484 0.8661 $83,150 0% 0 R1.5 25 54 28.2 14.7 0362.0 46kV Disconnect switch 2,880 2005 13.5 43 419 484 0.8661 $2,495 0% 0 R1.5 25 54 28.2 14.7 0362.0 46kV Motor operated switch 36,000 2005 13.5 43 419 484 0.8661 $31,181 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreak switch 1,680 2005 13.5 43 419 484 0.8661 $1,455 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Tie Breaker 30,000 2005 13.5 43 419 484 0.8661 $25,984 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with three breaker 720,000 2005 13.5 43 419 484 0.8661 $623,628 0% 0 R1.5 25 54 28.2 14.7 0362.0 Station service 6,000 2005 13.5 43 419 484 0.8661 $5,197 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,400,000 2005 13.5 43 419 484 0.8661 $2,078,760 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 144,000 2005 13.5 43 419 484 0.8661 $124,726 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0362.0 Pitts Substation Location No. 4 $4,556,280 $1,668,720 $0 $0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1995 23.5 43 329 484 0.6801 $514,158 0% 0 R1.5 25 94 32.3 8.8 0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1978 40.5 43 171 484 0.3535 $267,237 0% 0 R1.5 25 162 43.2 2.7 0362.0 46kV Disconnect switch 48,000 1975 43.5 43 141 484 0.2915 $13,991 0% 0 R1.5 25 174 45.5 2.0 0362.0 46kV Breaker 30,000 1975 43.5 43 141 484 0.2915 $8,744 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Station service 3,000 1975 43.5 43 141 484 0.2915 $874 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Loadbreak switch 1,680 1975 43.5 43 141 484 0.2915 $490 0% 0 R1.5 25 174 45.5 2.0 0362.0 13 kV Breaker 120,000 1975 43.5 43 141 484 0.2915 $34,977 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Switch 57,600 1975 43.5 43 141 484 0.2915 $16,789 0% 0 R1.5 25 174 45.5 2.0 0362.0 Construction 2,400,000 1975 43.5 43 141 484 0.2915 $699,535 0% 0 R1.5 25 174 45.5 2.0 0362.0 Engineering 144,000 1975 43.5 43 141 484 0.2915 $41,972 0% 0 R1.5 25 174 45.5 2.0 0362.0 Contingency 240,000 1975 43.5 43 141 484 0.2915 $69,953 0% 0 R1.5 25 174 45.5 2.0 0362.0 South Church Substation Location No. 5 $4,556,280 $1,988,311 $0 $0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1979 39.5 43 182 484 0.3762 $284,428 0% 0 R1.5 25 158 42.5 3.0 0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 2008 10.5 43 523 484 1.0801 $816,558 0% 0 R1.5 25 42 27.4 16.9 0362.0 46kV Disconnect switch 48,000 1975 43.5 43 141 484 0.2915 $13,991 0% 0 R1.5 25 174 45.5 2.0 0362.0 46kV Breaker 30,000 1975 43.5 43 141 484 0.2915 $8,744 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Station service 3,000 1975 43.5 43 141 484 0.2915 $874 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Loadbreak switch 1,680 1975 43.5 43 141 484 0.2915 $490 0% 0 R1.5 25 174 45.5 2.0 0362.0 13 kV Breaker 120,000 1975 43.5 43 141 484 0.2915 $34,977 0% 0 R1.5 25 174 45.5 2.0 0362.0 13kV Switch 57,600 1975 43.5 43 141 484 0.2915 $16,789 0% 0 R1.5 25 174 45.5 2.0 0362.0 Construction 2,400,000 1975 43.5 43 141 484 0.2915 $699,535 0% 0 R1.5 25 174 45.5 2.0 0362.0 Engineering 144,000 1975 43.5 43 141 484 0.2915 $41,972 0% 0 R1.5 25 174 45.5 2.0 0362.0 Contingency 240,000 1975 43.5 43 141 484 0.2915 $69,953 0% 0 R1.5 25 174 45.5 2.0 0362.0 East Substation Location No. 6 $12,233,760 $8,744,097 $0 $0362.0 161-13kV 30/40/50/56 MVA Transformer 1,440,000 2005 13.5 43 419 484 0.8661 $1,247,256 0% 0 R1.5 25 54 28.2 14.7 0362.0 161-13kV 30/40/50/56 MVA Transformer 1,440,000 2005 13.5 43 419 484 0.8661 $1,247,256 0% 0 R1.5 25 54 28.2 14.7 0362.0 161-46kV 60/80/100 MVA Transformer 2,280,000 1993 25.5 43 305 484 0.6310 $1,438,698 0% 0 R1.5 25 102 33.3 7.8 0362.0 161kV Breaker 300,000 1995 23.5 43 329 484 0.6801 $204,031 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV switch 100,800 1995 23.5 43 329 484 0.6801 $68,554 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV motor operated switch 72,000 1995 23.5 43 329 484 0.6801 $48,967 0% 0 R1.5 25 94 32.3 8.8 0362.0 161 Circuit Switcher 156,000 1995 23.5 43 329 484 0.6801 $106,096 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Breaker 96,000 1995 23.5 43 329 484 0.6801 $65,290 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Switch 105,600 1995 23.5 43 329 484 0.6801 $71,819 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Loadbreak switch 3,360 1995 23.5 43 329 484 0.6801 $2,285 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV switchgear with four breaker 1,200,000 1995 23.5 43 329 484 0.6801 $816,124 0% 0 R1.5 25 94 32.3 8.8 0362.0 Construction 4,560,000 1995 23.5 43 329 484 0.6801 $3,101,271 0% 0 R1.5 25 94 32.3 8.8 0362.0 Engineering 180,000 1995 23.5 43 329 484 0.6801 $122,419 0% 0 R1.5 25 94 32.3 8.8 0362.0 Contingency 300,000 1995 23.5 43 329 484 0.6801 $204,031 0% 0 R1.5 25 94 32.3 8.8 0362.0 Primary Substation Location No. 7 $13,911,120 $10,181,247 $0 $0362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 1999 19.5 43 345 484 0.7121 $940,031 0% 0 R1.5 25 78 30.4 10.9 0362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 1999 19.5 43 345 484 0.7121 $940,031 0% 0 R1.5 25 78 30.4 10.9 0362.0 161-46kV 60/80/100/112 MVA Transformer 3,360,000 1999 19.5 43 345 484 0.7121 $2,392,806 0% 0 R1.5 25 78 30.4 10.9 0362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2008 10.5 43 523 484 1.0801 $1,425,736 0% 0 R1.5 25 42 27.4 16.9 0362.0 161kV Breaker 150,000 1995 23.5 43 329 484 0.6801 $102,016 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Disconnect switch 144,000 1995 23.5 43 329 484 0.6801 $97,935 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Motor operated switch 36,000 1995 23.5 43 329 484 0.6801 $24,484 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Disconnect switch 48,000 1995 23.5 43 329 484 0.6801 $32,645 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Circuit switcher 234,000 1995 23.5 43 329 484 0.6801 $159,144 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Disconnect switch 1,440 1995 23.5 43 329 484 0.6801 $979 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Loadbreak switch 1,680 1995 23.5 43 329 484 0.6801 $1,143 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Switchgear with three feeder breaker 720,000 1995 23.5 43 329 484 0.6801 $489,674 0% 0 R1.5 25 94 32.3 8.8 0362.0 Construction 4,800,000 1995 23.5 43 329 484 0.6801 $3,264,496 0% 0 R1.5 25 94 32.3 8.8 0362.0 Engineering 156,000 1995 23.5 43 329 484 0.6801 $106,096 0% 0 R1.5 25 94 32.3 8.8 0362.0 Contingency 300,000 1995 23.5 43 329 484 0.6801 $204,031 0% 0 R1.5 25 94 32.3 8.8 0362.0 Industrial Substation Location No. 9 $9,016,800 $6,132,356 $0 $0362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1,140,000 1995 23.5 43 329 484 0.6801 $775,318 0% 0 R1.5 25 94 32.3 8.8 0362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1,140,000 1995 23.5 43 329 484 0.6801 $775,318 0% 0 R1.5 25 94 32.3 8.8 0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,140,000 1995 23.5 43 329 484 0.6801 $775,318 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Disconnect switch 72,000 1995 23.5 43 329 484 0.6801 $48,967 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Circuit Switcher 390,000 1995 23.5 43 329 484 0.6801 $265,240 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Loadbreak switch 3,360 1995 23.5 43 329 484 0.6801 $2,285 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Switchgear with three feeder breaker 1,080,000 1995 23.5 43 329 484 0.6801 $734,512 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV switchgear with four feeder breaker 600,000 1995 23.5 43 329 484 0.6801 $408,062 0% 0 R1.5 25 94 32.3 8.8 0362.0 Station service 1,440 1995 23.5 43 329 484 0.6801 $979 0% 0 R1.5 25 94 32.3 8.8 0362.0 Construction 3,000,000 1995 23.5 43 329 484 0.6801 $2,040,310 0% 0 R1.5 25 94 32.3 8.8 0

Net Salvage Adjustment


Table 2







Table 2

362.0 Engineering 150,000 1995 23.5 43 329 484 0.6801 $102,016 0% 0 R1.5 25 94 32.3 8.8 0362.0 Contingency 300,000 1995 23.5 43 329 484 0.6801 $204,031 0% 0 R1.5 25 94 32.3 8.8 0362.0 Kirk Substation Location No. 10 $4,955,880 $3,370,902 $0 $0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1997 21.5 43 329 484 0.6806 $514,549 0% 0 R1.5 25 86 31.3 9.8 0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1995 23.5 43 329 484 0.6801 $514,158 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Disconnect switch 19,200 1995 23.5 43 329 484 0.6801 $13,058 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Breakers 96,000 1995 23.5 43 329 484 0.6801 $65,290 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Loadbreak switch 840 1995 23.5 43 329 484 0.6801 $571 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Switch 960 1995 23.5 43 329 484 0.6801 $653 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Station service 2,880 1995 23.5 43 329 484 0.6801 $1,959 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Switchgear with two feeder breaker 540,000 1995 23.5 43 329 484 0.6801 $367,256 0% 0 R1.5 25 94 32.3 8.8 0362.0 Construction 2,400,000 1995 23.5 43 329 484 0.6801 $1,632,248 0% 0 R1.5 25 94 32.3 8.8 0362.0 Engineering 144,000 1995 23.5 43 329 484 0.6801 $97,935 0% 0 R1.5 25 94 32.3 8.8 0362.0 Contingency 240,000 1995 23.5 43 329 484 0.6801 $163,225 0% 0 R1.5 25 94 32.3 8.8 0362.0 Blackman Substation Location No. 11 $6,415,560 $5,192,557 $0 $0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2001 17.5 43 352 484 0.7282 $961,178 0% 0 R1.5 25 70 29.6 12.1 0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2001 17.5 43 352 484 0.7282 $961,178 0% 0 R1.5 25 70 29.6 12.1 0362.0 161kV Disconnect switch 72,000 2005 13.5 43 419 484 0.8661 $62,363 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Grounding switch 33,600 2005 13.5 43 419 484 0.8661 $29,103 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Circuit Switcher 156,000 2005 13.5 43 419 484 0.8661 $135,119 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreak switch 2,520 2005 13.5 43 419 484 0.8661 $2,183 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with three feeder breaker 720,000 2005 13.5 43 419 484 0.8661 $623,628 0% 0 R1.5 25 54 28.2 14.7 0362.0 Station service 1,440 2005 13.5 43 419 484 0.8661 $1,247 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,400,000 2005 13.5 43 419 484 0.8661 $2,078,760 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 150,000 2005 13.5 43 419 484 0.8661 $129,922 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0362.0 Lynch Substation Location No. 12 $7,283,880 $4,921,231 $0 $0362.0 161-46kV 60/80/100 MVA Transformer 2,880,000 1993 25.5 43 305 484 0.6310 $1,817,302 0% 0 R1.5 25 102 33.3 7.8 0362.0 161-13kV 12/18/20/22 MVA Transformer 900,000 2004 14.5 43 388 484 0.8010 $720,930 0% 0 R1.5 25 58 28.6 14.1 0362.0 161kV Disconnect switch 100,800 1995 23.5 43 329 484 0.6801 $68,554 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Grounding switch 33,600 1995 23.5 43 329 484 0.6801 $22,851 0% 0 R1.5 25 94 32.3 8.8 0362.0 161kV Circuit Switcher 156,000 1995 23.5 43 329 484 0.6801 $106,096 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Disconnect switch 67,200 1995 23.5 43 329 484 0.6801 $45,703 0% 0 R1.5 25 94 32.3 8.8 0362.0 46kV Breaker 60,000 1995 23.5 43 329 484 0.6801 $40,806 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Loadbeak switch 840 1995 23.5 43 329 484 0.6801 $571 0% 0 R1.5 25 94 32.3 8.8 0362.0 13kV Switchgear wit two feeder breaker 300,000 1995 23.5 43 329 484 0.6801 $204,031 0% 0 R1.5 25 94 32.3 8.8 0362.0 Station service 1,440 1995 23.5 43 329 484 0.6801 $979 0% 0 R1.5 25 94 32.3 8.8 0362.0 Construction 2,400,000 1995 23.5 43 329 484 0.6801 $1,632,248 0% 0 R1.5 25 94 32.3 8.8 0362.0 Engineering 144,000 1995 23.5 43 329 484 0.6801 $97,935 0% 0 R1.5 25 94 32.3 8.8 0362.0 Contingency 240,000 1995 23.5 43 329 484 0.6801 $163,225 0% 0 R1.5 25 94 32.3 8.8 0362.0 Cason Substation Location No. 13 $6,283,800 $5,621,443 $0 $0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2006 12.5 43 452 484 0.9339 $1,232,682 0% 0 R1.5 25 50 27.9 15.4 0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2006 12.5 43 452 484 0.9339 $1,232,682 0% 0 R1.5 25 50 27.9 15.4 0362.0 161kV Loadbreak switch 16,800 2005 13.5 43 419 484 0.8661 $14,551 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Disconnect switch 84,000 2005 13.5 43 419 484 0.8661 $72,757 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Grounding switch 33,600 2005 13.5 43 419 484 0.8661 $29,103 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreak disconnect switch 2,520 2005 13.5 43 419 484 0.8661 $2,183 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with three feeder breaker 720,000 2005 13.5 43 419 484 0.8661 $623,628 0% 0 R1.5 25 54 28.2 14.7 0362.0 Station service 2,880 2005 13.5 43 419 484 0.8661 $2,495 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,400,000 2005 13.5 43 419 484 0.8661 $2,078,760 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 144,000 2005 13.5 43 419 484 0.8661 $124,726 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0362.0 Jean Roger Substation Location No. 14 $6,303,000 $6,407,561 $0 $0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2013 5.5 43 593 484 1.2253 $1,617,426 0% 0 R1.5 25 22 26.1 20.6 0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2013 5.5 43 593 484 1.2253 $1,617,426 0% 0 R1.5 25 22 26.1 20.6 0362.0 161kV Disconnect switch 84,000 2005 13.5 43 419 484 0.8661 $72,757 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Circuit switcher 312,000 2005 13.5 43 419 484 0.8661 $270,239 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Tie breaker 840 2005 13.5 43 419 484 0.8661 $728 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreak switch 1,680 2005 13.5 43 419 484 0.8661 $1,455 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV disconnect switch 480 2005 13.5 43 419 484 0.8661 $416 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with three feeder breaker 720,000 2005 13.5 43 419 484 0.8661 $623,628 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,160,000 2005 13.5 43 419 484 0.8661 $1,870,884 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 144,000 2005 13.5 43 419 484 0.8661 $124,726 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0362.0 MTSU Substation Location No. 15 $3,975,360 $630,752 $0 $0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1968 50.5 43 79 484 0.1633 $123,460 0% 0 R1.5 25 202 0.0 -50.5 0362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1971 47.5 43 90 484 0.1860 $140,651 0% 0 R1.5 25 190 48.4 0.9 0362.0 46kV Breaker 96,000 1965 53.5 43 72 484 0.1488 $14,288 0% 0 R1.5 25 214 0.0 -53.5 0362.0 46kV Disconnect switch 28,800 1965 53.5 43 72 484 0.1488 $4,287 0% 0 R1.5 25 214 0.0 -53.5 0362.0 13kV Tie breaker 30,000 1965 53.5 43 72 484 0.1488 $4,465 0% 0 R1.5 25 214 0.0 -53.5 0362.0 13kV Loadbreak switch 1,680 1965 53.5 43 72 484 0.1488 $250 0% 0 R1.5 25 214 0.0 -53.5 0362.0 13kV Switchgear with three feeder breaker 720,000 1965 53.5 43 72 484 0.1488 $107,163 0% 0 R1.5 25 214 0.0 -53.5 0362.0 Station service 2,880 1965 53.5 43 72 484 0.1488 $429 0% 0 R1.5 25 214 0.0 -53.5 0362.0 Construction 1,200,000 1965 53.5 43 72 484 0.1488 $178,605 0% 0 R1.5 25 214 0.0 -53.5 0362.0 Engineering 144,000 1965 53.5 43 72 484 0.1488 $21,433 0% 0 R1.5 25 214 0.0 -53.5 0362.0 Contingency 240,000 1965 53.5 43 72 484 0.1488 $35,721 0% 0 R1.5 25 214 0.0 -53.5 0







Table 2

362.0 Veterans Substation Location No. 16 $6,472,800 $6,611,936 $0 $0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2016 2.5 43 603 484 1.2470 $1,646,078 0% 0 R1.5 25 10 25.5 23.0 0362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2016 2.5 43 603 484 1.2470 $1,646,078 0% 0 R1.5 25 10 25.5 23.0 0362.0 161kV Disconnect switch 43,200 2005 13.5 43 419 484 0.8661 $37,418 0% 0 R1.5 25 54 28.2 14.7 0362.0 161kV Circuit switcher 312,000 2005 13.5 43 419 484 0.8661 $270,239 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Tie breaker 30,000 2005 13.5 43 419 484 0.8661 $25,984 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreaker switch 1,680 2005 13.5 43 419 484 0.8661 $1,455 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Disconnect switch 480 2005 13.5 43 419 484 0.8661 $416 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with two feeder breaker 300,000 2005 13.5 43 419 484 0.8661 $259,845 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Switchgear with three feeder breaker 360,000 2005 13.5 43 419 484 0.8661 $311,814 0% 0 R1.5 25 54 28.2 14.7 0362.0 Station service 1,440 2005 13.5 43 419 484 0.8661 $1,247 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,400,000 2005 13.5 43 419 484 0.8661 $2,078,760 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 144,000 2005 13.5 43 419 484 0.8661 $124,726 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0362.0 Gateway Substation Location No. 17 $6,237,360 $6,365,155 $0 $0362.0 161-13kV 18/24/30/33.6 MVA Transformer 1,140,000 2017 1.5 43 623 484 1.2884 $1,468,744 0% 0 R1.5 25 6 25.3 23.8 0362.0 161-13kV 18/24/30/33.6 MVA Transformer 1,140,000 2017 1.5 43 623 484 1.2884 $1,468,744 0% 0 R1.5 25 6 25.3 23.8 0362.0 161kV Disconnect switch 100,800 2005 13.5 43 419 484 0.8661 $87,308 0% 0 R1.5 25 54 28.2 14.7 0362.0 161 Circuit Switcher 312,000 2005 13.5 43 419 484 0.8661 $270,239 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Tie breaker 30,000 2005 13.5 43 419 484 0.8661 $25,984 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV Loadbreak switch 1,680 2005 13.5 43 419 484 0.8661 $1,455 0% 0 R1.5 25 54 28.2 14.7 0362.0 Station service 2,880 2005 13.5 43 419 484 0.8661 $2,495 0% 0 R1.5 25 54 28.2 14.7 0362.0 13kV switchgear with two feeder breaker 720,000 2005 13.5 43 419 484 0.8661 $623,628 0% 0 R1.5 25 54 28.2 14.7 0362.0 Construction 2,400,000 2005 13.5 43 419 484 0.8661 $2,078,760 0% 0 R1.5 25 54 28.2 14.7 0362.0 Engineering 150,000 2005 13.5 43 419 484 0.8661 $129,922 0% 0 R1.5 25 54 28.2 14.7 0362.0 Contingency 240,000 2005 13.5 43 419 484 0.8661 $207,876 0% 0 R1.5 25 54 28.2 14.7 0

Substation Subtotal $97,438,440 $72,406,581 $0 $0

Poles, Towers, Fixtures 5,6364.0 Three Phase Overhead Lines 32,468,707 $25,212,248 $0 $0364.0 Three Phase Overhead Lines - 1945 230,490 1945 73.5 44 23 390 0.0591 $13,610 0% 0 R1 25 294 0.0 -73.5 0364.0 Three Phase Overhead Lines - 1955 41,422 1955 63.5 44 43 390 0.1104 $4,573 0% 0 R1 25 254 0.0 -63.5 0364.0 Three Phase Overhead Lines - 1965 2,263,825 1965 53.5 44 59 390 0.1515 $342,916 0% 0 R1 25 214 0.0 -53.5 0364.0 Three Phase Overhead Lines - 1975 1,403,330 1975 43.5 44 147 390 0.3774 $529,627 0% 0 R1 25 174 45.7 2.2 0364.0 Three Phase Overhead Lines - 1985 8,526,058 1985 33.5 44 245 390 0.6290 $5,362,989 0% 0 R1 25 134 39.0 5.5 0364.0 Three Phase Overhead Lines - 1995 8,828,468 1995 23.5 44 323 390 0.8293 $7,321,169 0% 0 R1 25 94 33.4 9.9 0364.0 Three Phase Overhead Lines - 2005 10,467,751 2005 13.5 44 399 390 1.0250 $10,729,780 0% 0 R1 25 54 29.2 15.7 0364.0 Three Phase Overhead Lines - 2015 707,362 2015 3.5 44 500 390 1.2831 $907,584 0% 0 R1 25 14 26.0 22.5 0364.0 Two Phase Overhead Lines 886,717 $688,544 $0 $0364.0 Two Phase Overhead Lines - 1945 6,295 1945 73.5 44 23 390 0.0591 $372 0% 0 R1 25 294 0.0 -73.5 0364.0 Two Phase Overhead Lines - 1955 1,131 1955 63.5 44 43 390 0.1104 $125 0% 0 R1 25 254 0.0 -63.5 0364.0 Two Phase Overhead Lines - 1965 61,825 1965 53.5 44 59 390 0.1515 $9,365 0% 0 R1 25 214 0.0 -53.5 0364.0 Two Phase Overhead Lines - 1975 38,325 1975 43.5 44 147 390 0.3774 $14,464 0% 0 R1 25 174 45.7 2.2 0364.0 Two Phase Overhead Lines - 1985 232,846 1985 33.5 44 245 390 0.6290 $146,463 0% 0 R1 25 134 39.0 5.5 0364.0 Two Phase Overhead Lines - 1995 241,105 1995 23.5 44 323 390 0.8293 $199,940 0% 0 R1 25 94 33.4 9.9 0364.0 Two Phase Overhead Lines - 2005 285,873 2005 13.5 44 399 390 1.0250 $293,029 0% 0 R1 25 54 29.2 15.7 0364.0 Two Phase Overhead Lines - 2015 19,318 2015 3.5 44 500 390 1.2831 $24,786 0% 0 R1 25 14 26.0 22.5 0364.0 Single Phase Overhead Lines 11,187,287 $8,687,032 $0 $0364.0 Single Phase Overhead Lines - 1945 79,417 1945 73.5 44 23 390 0.0591 $4,690 0% 0 R1 25 294 0.0 -73.5 0364.0 Single Phase Overhead Lines - 1955 14,272 1955 63.5 44 43 390 0.1104 $1,576 0% 0 R1 25 254 0.0 -63.5 0364.0 Single Phase Overhead Lines - 1965 780,014 1965 53.5 44 59 390 0.1515 $118,154 0% 0 R1 25 214 0.0 -53.5 0364.0 Single Phase Overhead Lines - 1975 483,526 1975 43.5 44 147 390 0.3774 $182,486 0% 0 R1 25 174 45.7 2.2 0364.0 Single Phase Overhead Lines - 1985 2,937,704 1985 33.5 44 245 390 0.6290 $1,847,850 0% 0 R1 25 134 39.0 5.5 0364.0 Single Phase Overhead Lines - 1995 3,041,901 1995 23.5 44 323 390 0.8293 $2,522,552 0% 0 R1 25 94 33.4 9.9 0364.0 Single Phase Overhead Lines - 2005 3,606,726 2005 13.5 44 399 390 1.0250 $3,697,010 0% 0 R1 25 54 29.2 15.7 0364.0 Single Phase Overhead Lines - 2015 243,726 2015 3.5 44 500 390 1.2831 $312,714 0% 0 R1 25 14 26.0 22.5 0

Poles, Towers, Fixtures Subtotal $44,542,710 34,587,824 0 0

Overhead Conductors & Devices365.0 Overhead Lines365.0 Three Phase Overhead Lines - all Conductors $25,357,657 $14,149,066 $0 $0365.0 1940's 180,010 1945 73.5 45 22 590 0.0373 $6,709 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 32,350 1955 63.5 45 47 590 0.0796 $2,576 0% 0 R1 36 176 66.3 2.8 0365.0 1960's 1,768,019 1965 53.5 45 60 590 0.1017 $179,722 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 1,095,984 1975 43.5 45 144 590 0.2440 $267,381 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 6,658,746 1985 33.5 45 250 590 0.4235 $2,820,307 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 6,894,924 1995 23.5 45 331 590 0.5608 $3,866,531 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 8,175,183 2005 13.5 45 457 590 0.7742 $6,329,621 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 552,441 2015 3.5 45 723 590 1.2241 $676,219 0% 0 R1 36 10 37.0 33.5 0365.0 Two Phase Overhead Lines - all Conductors 185,035 $87,983 $0 $0365.0 1940's 7,407 1945 73.5 45 22 590 0.0373 $276 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 0 1955 63.5 45 47 590 0.0796 $0 0% 0 R1 36 176 66.3 2.8 0365.0 1960's 31,200 1965 53.5 45 60 590 0.1017 $3,172 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 22,322 1975 43.5 45 144 590 0.2440 $5,446 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 41,266 1985 33.5 45 250 590 0.4235 $17,478 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 20,913 1995 23.5 45 331 590 0.5608 $11,727 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 57,622 2005 13.5 45 457 590 0.7742 $44,614 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 4,306 2015 3.5 45 723 590 1.2241 $5,270 0% 0 R1 36 10 37.0 33.5 0365.0 Single Phase Overhead Lines - all Conductors 1,751,405 $506,267 $0 $0365.0 1940's 9,118 1945 73.5 45 22 590 0.0373 $340 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 870,808 1955 63.5 45 47 590 0.0796 $69,340 0% 0 R1 36 176 66.3 2.8 0







Table 2

365.0 1960's 114,375 1965 53.5 45 60 590 0.1017 $11,626 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 68,810 1975 43.5 45 144 590 0.2440 $16,787 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 236,335 1985 33.5 45 250 590 0.4235 $100,100 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 230,237 1995 23.5 45 331 590 0.5608 $129,112 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 205,508 2005 13.5 45 457 590 0.7742 $159,114 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 16,215 2015 3.5 45 723 590 1.2241 $19,848 0% 0 R1 36 10 37.0 33.5 0365.0 Overhead Equipment (not including transformers) 0 0 0365.0 Overhead Switches 995,069 $491,706 $0 $0365.0 1940's 20,841 1945 73.5 45 22 590 0.0373 $777 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 719 1955 63.5 45 47 590 0.0796 $57 0% 0 R1 36 176 66.3 2.8 0365.0 1960's 99,607 1965 53.5 45 60 590 0.1017 $10,125 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 70,142 1975 43.5 45 144 590 0.2440 $17,112 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 316,071 1985 33.5 45 250 590 0.4235 $133,871 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 252,828 1995 23.5 45 331 590 0.5608 $141,781 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 221,206 2005 13.5 45 457 590 0.7742 $171,269 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 13,655 2015 3.5 45 723 590 1.2241 $16,714 0% 0 R1 36 10 37.0 33.5 0365.0 Capacitor Banks 1,247,624 $616,504 $0 $0365.0 1940's 26,131 1945 73.5 45 22 590 0.0373 $974 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 901 1955 63.5 45 47 590 0.0796 $72 0% 0 R1 36 176 66.3 2.8 0365.0 1960's 124,889 1965 53.5 45 60 590 0.1017 $12,695 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 87,945 1975 43.5 45 144 590 0.2440 $21,455 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 396,292 1985 33.5 45 250 590 0.4235 $167,849 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 316,997 1995 23.5 45 331 590 0.5608 $177,765 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 277,350 2005 13.5 45 457 590 0.7742 $214,738 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 17,120 2015 3.5 45 723 590 1.2241 $20,956 0% 0 R1 36 10 37.0 33.5 0365.0 Reclosers 195,149 $96,430 $0 $0365.0 1940's 4,087 1945 73.5 45 22 590 0.0373 $152 0% 0 R1 36 204 0.0 -73.5 0365.0 1950's 141 1955 63.5 45 47 590 0.0796 $11 0% 0 R1 36 176 66.3 2.8 0365.0 1960's 19,535 1965 53.5 45 60 590 0.1017 $1,986 0% 0 R1 36 149 59.6 6.1 0365.0 1970's 13,756 1975 43.5 45 144 590 0.2440 $3,356 0% 0 R1 36 121 53.4 9.9 0365.0 1980's 61,986 1985 33.5 45 250 590 0.4235 $26,254 0% 0 R1 36 93 48.0 14.5 0365.0 1990's 49,584 1995 23.5 45 331 590 0.5608 $27,805 0% 0 R1 36 65 43.5 20.0 0365.0 2000's 43,382 2005 13.5 45 457 590 0.7742 $33,588 0% 0 R1 36 38 40.0 26.5 0365.0 2010's 2,678 2015 3.5 45 723 590 1.2241 $3,278 0% 0 R1 36 10 37.0 33.5 0

Overhead Conductors & Devices Subtotal $29,731,939 15,947,956 0 0

Underground Conduit366.0 Total Underground Duct Bank, Concrete Encased 82,207,581 $55,489,684 $0 $0366.0 1940's 1,466,356 1945 73.5 46 23 366 0.0629 $92,211 0% 0 R3 25 294 0.0 -73.5 0366.0 1950's 0 1955 63.5 46 45 366 0.1230 $0 0% 0 R3 25 254 0.0 -63.5 0366.0 1960's 2,932,712 1965 53.5 46 62 366 0.1695 $497,138 0% 0 R3 25 214 0.0 -53.5 0366.0 1970's 11,730,848 1975 43.5 46 124 366 0.3390 $3,977,102 0% 0 R3 25 174 43.5 0.0 0366.0 1980's 18,421,097 1985 33.5 46 224 366 0.6124 $11,281,820 0% 0 R3 25 134 35.7 2.2 0366.0 1990's 22,820,164 1995 23.5 46 254 366 0.6945 $15,847,770 0% 0 R3 25 94 29.3 5.8 0366.0 2000's 23,461,695 2005 13.5 46 344 366 0.9412 $22,082,539 0% 0 R3 25 54 26.1 12.6 0366.0 2010's 1,374,709 2015 3.5 46 455 366 1.2447 $1,711,104 0% 0 R3 25 14 25.1 21.6 0366.0 Manholes and Vaults 26,062,301 $17,591,917 0% $0 $0366.0 1940's 464,879 1945 73.5 46 23 366 0.0629 $29,234 0% 0 R3 25 294 0.0 -73.5 0366.0 1950's 0 1955 63.5 46 45 366 0.1230 $0 0% 0 R3 25 254 0.0 -63.5 0366.0 1960's 929,759 1965 53.5 46 62 366 0.1695 $157,608 0% 0 R3 25 214 0.0 -53.5 0366.0 1970's 3,719,035 1975 43.5 46 124 366 0.3390 $1,260,862 0% 0 R3 25 174 43.5 0.0 0366.0 1980's 5,840,047 1985 33.5 46 224 366 0.6124 $3,576,680 0% 0 R3 25 134 35.7 2.2 0366.0 1990's 7,234,686 1995 23.5 46 254 366 0.6945 $5,024,225 0% 0 R3 25 94 29.3 5.8 0366.0 2000's 7,438,070 2005 13.5 46 344 366 0.9412 $7,000,836 0% 0 R3 25 54 26.1 12.6 0366.0 2010's 435,824 2015 3.5 46 455 366 1.2447 $542,472 0% 0 R3 25 14 25.1 21.6 0

Underground Conduit Subtotal $108,269,881 $73,081,601 $0 $0

Underground Conductors & Devices367.0 Underground Primary - in Conduit367.0 Three Phase Underground Lines - all Conductors $39,728,264 $22,027,029 $0 $0367.0 1940's 247,917 1945 73.5 47 28 517 0.0542 $13,437 0% 0 R3 25 294 0.0 -73.5 0367.0 1950's 6,938 1955 63.5 47 73 517 0.1413 $980 0% 0 R3 25 254 0.0 -63.5 0367.0 1960's 699,505 1965 53.5 47 76 517 0.1471 $102,903 0% 0 R3 25 214 0.0 -53.5 0367.0 1970's 6,040,409 1975 43.5 47 130 517 0.2516 $1,519,967 0% 0 R3 25 174 43.5 0.0 0367.0 1980's 7,238,509 1985 33.5 47 221 517 0.4278 $3,096,464 0% 0 R3 25 134 35.7 2.2 0367.0 1990's 6,858,563 1995 23.5 47 279 517 0.5400 $3,703,923 0% 0 R3 25 94 29.3 5.8 0367.0 2000's 17,725,530 2005 13.5 47 361 517 0.6988 $12,385,998 0% 0 R3 25 54 26.1 12.6 0367.0 2010's 910,893 2015 3.5 47 683 517 1.3211 $1,203,357 0% 0 R3 25 14 25.1 21.6 0367.0 Underground Primary - Direct Buried367.0 Three Phase Underground Lines - all Conductors 9,012,906 $4,997,136 $0 $0367.0 1940's 56,243 1945 73.5 47 28 517 0.0542 $3,048 0% 0 R3 25 294 0.0 -73.5 0367.0 1950's 1,574 1955 63.5 47 73 517 0.1413 $222 0% 0 R3 25 254 0.0 -63.5 0367.0 1960's 158,692 1965 53.5 47 76 517 0.1471 $23,345 0% 0 R3 25 214 0.0 -53.5 0367.0 1970's 1,370,350 1975 43.5 47 130 517 0.2516 $344,826 0% 0 R3 25 174 43.5 0.0 0367.0 1980's 1,642,156 1985 33.5 47 221 517 0.4278 $702,476 0% 0 R3 25 134 35.7 2.2 0367.0 1990's 1,555,960 1995 23.5 47 279 517 0.5400 $840,286 0% 0 R3 25 94 29.3 5.8 0367.0 2000's 4,021,282 2005 13.5 47 361 517 0.6988 $2,809,935 0% 0 R3 25 54 26.1 12.6 0367.0 2010's 206,649 2015 3.5 47 683 517 1.3211 $272,998 0% 0 R3 25 14 25.1 21.6 0367.0 Two Phase Underground Lines - all Conductors 265,133 $164,302 $0 $0367.0 1940's 304 1945 73.5 47 28 517 0.0542 $16 0% 0 R3 25 294 0.0 -73.5 0367.0 1950's 0 1955 63.5 47 73 517 0.1413 $0 0% 0 R3 25 254 0.0 -63.5 0







Table 2

367.0 1960's 9,857 1965 53.5 47 76 517 0.1471 $1,450 0% 0 R3 25 214 0.0 -53.5 0367.0 1970's 10,386 1975 43.5 47 130 517 0.2516 $2,613 0% 0 R3 25 174 43.5 0.0 0367.0 1980's 43,500 1985 33.5 47 221 517 0.4278 $18,608 0% 0 R3 25 134 35.7 2.2 0367.0 1990's 29,809 1995 23.5 47 279 517 0.5400 $16,098 0% 0 R3 25 94 29.3 5.8 0367.0 2000's 161,902 2005 13.5 47 361 517 0.6988 $113,131 0% 0 R3 25 54 26.1 12.6 0367.0 2010's 9,375 2015 3.5 47 683 517 1.3211 $12,386 0% 0 R3 25 14 25.1 21.6 0367.0 Single Phase Underground Lines - all Conductors 4,827,435 $2,762,644 $0 $0367.0 1940's 8,308 1945 73.5 47 28 517 0.0542 $450 0% 0 R3 25 294 0.0 -73.5 0367.0 1950's 0 1955 63.5 47 73 517 0.1413 $0 0% 0 R3 25 254 0.0 -63.5 0367.0 1960's 232,182 1965 53.5 47 76 517 0.1471 $34,156 0% 0 R3 25 214 0.0 -53.5 0367.0 1970's 273,125 1975 43.5 47 130 517 0.2516 $68,727 0% 0 R3 25 174 43.5 0.0 0367.0 1980's 1,134,827 1985 33.5 47 221 517 0.4278 $485,452 0% 0 R3 25 134 35.7 2.2 0367.0 1990's 701,091 1995 23.5 47 279 517 0.5400 $378,620 0% 0 R3 25 94 29.3 5.8 0367.0 2000's 2,375,437 2005 13.5 47 361 517 0.6988 $1,659,875 0% 0 R3 25 54 26.1 12.6 0367.0 2010's 102,465 2015 3.5 47 683 517 1.3211 $135,364 0% 0 R3 25 14 25.1 21.6 0367.0 Pad-mount Switches 9,344,874 $4,760,341 $0 $0367.0 1940's 166,687 1945 73.5 47 28 517 0.0542 $9,034 0% 0 R3 25 294 0.0 -73.5 0367.0 1950's 0 1955 63.5 47 73 517 0.1413 $0 0% 0 R3 25 254 0.0 -63.5 0367.0 1960's 333,373 1965 53.5 47 76 517 0.1471 $49,042 0% 0 R3 25 214 0.0 -53.5 0367.0 1970's 1,333,494 1975 43.5 47 130 517 0.2516 $335,551 0% 0 R3 25 174 43.5 0.0 0367.0 1980's 2,094,002 1985 33.5 47 221 517 0.4278 $895,765 0% 0 R3 25 134 35.7 2.2 0367.0 1990's 2,594,062 1995 23.5 47 279 517 0.5400 $1,400,906 0% 0 R3 25 94 29.3 5.8 0367.0 2000's 2,666,987 2005 13.5 47 361 517 0.6988 $1,863,600 0% 0 R3 25 54 26.1 12.6 0367.0 2010's 156,269 2015 3.5 47 683 517 1.3211 $206,443 0% 0 R3 25 14 25.1 21.6 0

Underground Conductors & Devices Subtotal $63,178,612 $34,711,452 $0 $0

Transformers368.1 Single Phase Overhead $14,512,362 $4,541,352 $0 $0368.1 1940's 303,957 1945 73.5 48 59 701 0.0842 $25,583 0% 0 R2 36 204 0.0 -73.5 0368.1 1950's 10,481 1955 63.5 48 112 701 0.1598 $1,675 0% 0 R2 36 176 64.3 0.8 0368.1 1960's 1,452,704 1965 53.5 48 96 701 0.1369 $198,944 0% 0 R2 36 149 57.3 3.8 0368.1 1970's 1,022,972 1975 43.5 48 130 701 0.1854 $189,709 0% 0 R2 36 121 50.4 6.9 0368.1 1980's 4,609,661 1985 33.5 48 215 701 0.3067 $1,413,805 0% 0 R2 36 93 44.7 11.2 0368.1 1990's 3,687,310 1995 23.5 48 230 701 0.3281 $1,209,816 0% 0 R2 36 65 40.6 17.1 0368.1 2000's 3,226,134 2005 13.5 48 276 701 0.3941 $1,271,355 0% 0 R2 36 38 38.0 24.5 0368.1 2010's 199,144 2015 3.5 48 811 701 1.1573 $230,465 0% 0 R2 36 10 36.4 32.9 0368.2 Single Phase Pad-mount 37,507,438 $13,653,105 $0 $0368.2 1940's 60,326 1945 73.5 49 59 701 0.0842 $5,077 0% 0 R2 36 204 0.0 -73.5 0368.2 1950's 5,027 1955 63.5 49 112 701 0.1598 $803 0% 0 R2 36 176 64.3 0.8 0368.2 1960's 1,372,407 1965 53.5 49 96 701 0.1369 $187,947 0% 0 R2 36 149 57.3 3.8 0368.2 1970's 2,588,973 1975 43.5 49 130 701 0.1854 $480,123 0% 0 R2 36 121 50.4 6.9 0368.2 1980's 7,354,695 1985 33.5 49 215 701 0.3067 $2,255,720 0% 0 R2 36 93 44.7 11.2 0368.2 1990's 5,147,784 1995 23.5 49 230 701 0.3281 $1,689,002 0% 0 R2 36 65 40.6 17.1 0368.2 2000's 19,972,798 2005 13.5 49 276 701 0.3941 $7,870,878 0% 0 R2 36 38 38.0 24.5 0368.2 2010's 1,005,427 2015 3.5 49 811 701 1.1573 $1,163,555 0% 0 R2 36 10 36.4 32.9 0







Table 2

368.2 Three Phase Pad-mount 24,244,206 $7,866,671 $0 $0368.2 1940's 432,450 1945 73.5 49 59 701 0.0842 $36,397 0% 0 R2 36 204 0.0 -73.5 0368.2 1950's 0 1955 63.5 49 112 701 0.1598 $0 0% 0 R2 36 176 64.3 0.8 0368.2 1960's 864,899 1965 53.5 49 96 701 0.1369 $118,446 0% 0 R2 36 149 57.3 3.8 0368.2 1970's 3,459,597 1975 43.5 49 130 701 0.1854 $641,580 0% 0 R2 36 121 50.4 6.9 0368.2 1980's 5,432,648 1985 33.5 49 215 701 0.3067 $1,666,219 0% 0 R2 36 93 44.7 11.2 0368.2 1990's 6,729,997 1995 23.5 49 230 701 0.3281 $2,208,130 0% 0 R2 36 65 40.6 17.1 0368.2 2000's 6,919,194 2005 13.5 49 276 701 0.3941 $2,726,715 0% 0 R2 36 38 38.0 24.5 0368.2 2010's 405,421 2015 3.5 49 811 701 1.1573 $469,184 0% 0 R2 36 10 36.4 32.9 0

Transformers Subtotal $76,264,006 $26,061,128 $0 $0

Services369.1 Overhead Services $8,847,748 $5,873,107 $0 $0369.1 1940's 185,313 1945 73.5 50 21 359 0.0586 $10,855 0% 0 R2 29 253 0.0 -73.5 0369.1 1950's 6,390 1955 63.5 50 44 359 0.1227 $784 0% 0 R2 29 219 0.0 -63.5 0369.1 1960's 885,669 1965 53.5 50 55 359 0.1534 $135,877 0% 0 R2 29 184 53.5 0.0 0369.1 1970's 623,675 1975 43.5 50 121 359 0.3375 $210,501 0% 0 R2 29 150 46.4 2.9 0369.1 1980's 2,810,371 1985 33.5 50 225 359 0.6276 $1,763,831 0% 0 R2 29 116 39.7 6.2 0369.1 1990's 2,248,041 1995 23.5 50 275 359 0.7671 $1,724,439 0% 0 R2 29 81 34.4 10.9 0369.1 2000's 1,966,876 2005 13.5 50 340 359 0.9477 $1,864,006 0% 0 R2 29 47 31.2 17.7 0369.1 2010's 121,412 2015 3.5 50 481 359 1.3410 $162,814 0% 0 R2 29 12 29.4 25.9 0369.2 Underground Services 36,884,468 $29,432,599 $0 $0369.2 1940's 59,324 1945 73.5 51 21 359 0.0586 $3,475 0% 0 R2 29 253 0.0 -73.5 0369.2 1950's 4,944 1955 63.5 51 44 359 0.1227 $607 0% 0 R2 29 219 0.0 -63.5 0369.2 1960's 1,349,613 1965 53.5 51 55 359 0.1534 $207,054 0% 0 R2 29 184 53.5 0.0 0369.2 1970's 2,545,973 1975 43.5 51 121 359 0.3375 $859,310 0% 0 R2 29 150 46.4 2.9 0369.2 1980's 7,232,539 1985 33.5 51 225 359 0.6276 $4,539,251 0% 0 R2 29 116 39.7 6.2 0369.2 1990's 5,062,283 1995 23.5 51 275 359 0.7671 $3,883,202 0% 0 R2 29 81 34.4 10.9 0369.2 2000's 19,641,066 2005 13.5 51 340 359 0.9477 $18,613,813 0% 0 R2 29 47 31.2 17.7 0369.2 2010's 988,727 2015 3.5 51 481 359 1.3410 $1,325,887 0% 0 R2 29 12 29.4 25.9 0

Services Subtotal $45,732,216 $35,305,706 $0 $0

Meters370.0 All Meters 20,178,804 $18,090,757 $0 $0370.0 1940's 422,639 1945 73.5 52 48 251 0.1916 $80,985 0% 0 R0.5 20 368 0.0 -73.5 0370.0 1950's 14,574 1955 63.5 52 72 251 0.2874 $4,189 0% 0 R0.5 20 318 0.0 -63.5 0370.0 1960's 2,019,921 1965 53.5 52 82 251 0.3273 $661,212 0% 0 R0.5 20 268 0.0 -53.5 0370.0 1970's 1,422,397 1975 43.5 52 124 251 0.4950 $704,101 0% 0 R0.5 20 218 0.0 -43.5 0370.0 1980's 6,409,532 1985 33.5 52 207 251 0.8263 $5,296,500 0% 0 R0.5 20 168 36.5 3.0 0370.0 1990's 5,127,043 1995 23.5 52 285 251 1.1377 $5,833,162 0% 0 R0.5 20 118 30.6 7.1 0370.0 2000's 4,485,798 2005 13.5 52 287 251 1.1467 $5,143,894 0% 0 R0.5 20 68 25.5 12.0 0370.0 2010's 276,901 2015 3.5 52 332 251 1.3244 $366,714 0% 0 R0.5 20 18 21.4 17.9 0

Meters Subtotal $20,178,804 $18,090,757 $0 0

373.0 Street Lighting & Signal Systems Subtotal373.0 Streetlights Distribution Pole 7 6,596,361 $4,687,373 $0 $0373.0 1980's 1,971,317 1985 33.5 53 284 535 0.5308 $1,046,456 0% 0 R1 25 134 39.0 5.5 0373.0 1990's 2,041,237 1995 23.5 53 340 535 0.6355 $1,297,235 0% 0 R1 25 94 33.4 9.9 0373.0 2000's 2,420,257 2005 13.5 53 471 535 0.8794 $2,128,469 0% 0 R1 25 54 29.2 15.7 0373.0 2010's 163,550 2015 3.5 53 704 535 1.3159 $215,213 0% 0 R1 25 14 26.0 22.5 0373.0 Streetlights Streetlight Pole 8 58,000,611 $39,036,892373.0 1980's 22,808,180 1985 33.5 53 284 535 0.5308 $12,107,520 0% 0 R1 25 134 39.0 5.5 0373.0 1990's 18,244,470 1995 23.5 53 340 535 0.6355 $11,594,616 0% 0 R1 25 94 33.4 9.9 0373.0 2000's 15,962,614 2005 13.5 53 471 535 0.8794 $14,038,150 0% 0 R1 25 54 29.2 15.7 0373.0 2010's 985,347 2015 3.5 53 704 535 1.3159 $1,296,606 0% 0 R1 25 14 26.0 22.5 0

Street Lighting & Signal Systems Subtotal 64,596,972 $43,724,265

384.0 FIBER384.0 All Fiber 2,072,387 $1,784,735 0 0384.0 1990's 0 1995 23.5 CPI 153 252 0.6051 $0 0% 0 SQ 25 94 1.6 -21.9 0384.0 2000's 1,036,193 2005 13.5 CPI 195 252 0.7754 $803,442 0% 0 SQ 25 54 11.6 -1.9 0384.0 2010's 1,036,193 2015 3.5 CPI 239 252 0.9470 $981,293 0% 0 SQ 25 14 21.6 18.1 0

FIBER Subtotal 2,072,387 $1,784,735 $0 $0

Total Distribution Plant 552,005,968 $355,702,005 $0 $0

Rounded 552,006,000 $355,702,000 $0 $0

552,006,000 355,702,000 - -







Table 2

Footnotes:1 Installed costs include engineering, materials, labor, construction management and contingency, plus utility owner's costs. 2 Average installation year of facilities based on Exponential Engineering Existing System Estimate. Some component's vintage years unknown and are assumed to be comparable to known data. Mid-decade installation assumed for these items. Midyear installation assumed for all items.3 Depreciation parameters for facilities based on industry statistics and NewGen experience.4 Based on applicable survivor curve, with the assumption that adjustment for physical deterioration does not exceed 90 percent of value for older facilities still in service.5 Categories after substations all include engineering, materials, labor, construction management, and contingency. These are included in the per unit costs and not directly broken out as is the case with substations6 FERC category 364 ageing is assumed to be equal to the Three Phase Primary Overhead ageing per email from Exponential Engineering and discussion.7 Streetlight on Distribution Pole ageing assumed to be equal to Three Phase Overhead Conductors per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.8 Streetlights on Street Light Pole ageing assumed to be equal to Single Phase Overhead Transformers per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.


FERC Reproduction Average Original Survivor Average Age % % Physical Net % Accum. Accumulated Rate Base Account Description Cost New 1 Install Year 2 Line No. Install Yr 12/31/2018 Factor Cost Curve 4 Service Life 4 Age of ASL Deterioration 5 Salvage % 4 Depreciation 6 Depreciation 7 (OCLD)



362.0 Jones Substation Location No. 3 $5,236,560 $4,570,313 $1,649,290 $2,921,023362.0 46-13kV 18/24/30/33.6 MVA Transformer 780,000 2010 43 283 484 0.5840 455,504 R1.5 25 8.5 34 26.72% 0% 26.72% 121,711 333,793362.0 46-13kV 18/24/30/33.6 MVA Transformer 780,000 2011 43 577 484 1.1928 930,357 R1.5 25 7.5 30 23.72% 0% 23.72% 220,681 709,676362.0 46kV Breaker 96,000 2005 43 419 484 0.8661 83,150 R1.5 25 13.5 54 41.04% 0% 41.04% 34,125 49,025362.0 46kV Disconnect switch 2,880 2005 43 419 484 0.8661 2,495 R1.5 25 13.5 54 41.04% 0% 41.04% 1,024 1,471362.0 46kV Motor operated switch 36,000 2005 43 419 484 0.8661 31,181 R1.5 25 13.5 54 41.04% 0% 41.04% 12,797 18,384362.0 13kV Loadbreak switch 1,680 2005 43 419 484 0.8661 1,455 R1.5 25 13.5 54 41.04% 0% 41.04% 597 858362.0 13kV Tie Breaker 30,000 2005 43 419 484 0.8661 25,984 R1.5 25 13.5 54 41.04% 0% 41.04% 10,664 15,320362.0 13kV Switchgear with three breaker 720,000 2005 43 419 484 0.8661 623,628 R1.5 25 13.5 54 41.04% 0% 41.04% 255,937 367,691362.0 Station service 6,000 2005 43 419 484 0.8661 5,197 R1.5 25 13.5 54 41.04% 0% 41.04% 2,133 3,064362.0 Construction 2,400,000 2005 43 419 484 0.8661 2,078,760 R1.5 25 13.5 54 41.04% 0% 41.04% 853,123 1,225,637362.0 Engineering 144,000 2005 43 419 484 0.8661 124,726 R1.5 25 13.5 54 41.04% 0% 41.04% 51,188 73,538362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564362.0 Pitts Substation Location No. 4 $4,556,280 $1,668,720 $1,370,406 $298,314362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1995 43 329 484 0.6801 514,158 R1.5 25 23.5 94 64.95% 0% 64.95% 333,946 180,212362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1978 43 171 484 0.3535 267,237 R1.5 25 40.5 162 89.01% 0% 89.01% 237,868 29,369362.0 46kV Disconnect switch 48,000 1975 43 141 484 0.2915 13,991 R1.5 25 43.5 174 91.81% 0% 90.00% 12,592 1,399362.0 46kV Breaker 30,000 1975 43 141 484 0.2915 8,744 R1.5 25 43.5 174 91.81% 0% 90.00% 7,870 874362.0 13kV Station service 3,000 1975 43 141 484 0.2915 874 R1.5 25 43.5 174 91.81% 0% 90.00% 787 87362.0 13kV Loadbreak switch 1,680 1975 43 141 484 0.2915 490 R1.5 25 43.5 174 91.81% 0% 90.00% 441 49362.0 13 kV Breaker 120,000 1975 43 141 484 0.2915 34,977 R1.5 25 43.5 174 91.81% 0% 90.00% 31,479 3,498362.0 13kV Switch 57,600 1975 43 141 484 0.2915 16,789 R1.5 25 43.5 174 91.81% 0% 90.00% 15,110 1,679362.0 Construction 2,400,000 1975 43 141 484 0.2915 699,535 R1.5 25 43.5 174 91.81% 0% 90.00% 629,582 69,954362.0 Engineering 144,000 1975 43 141 484 0.2915 41,972 R1.5 25 43.5 174 91.81% 0% 90.00% 37,775 4,197362.0 Contingency 240,000 1975 43 141 484 0.2915 69,953 R1.5 25 43.5 174 91.81% 0% 90.00% 62,958 6,995362.0 South Church Substation Location No. 5 $4,556,280 1,988,311 1,314,977 673,334362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1979 43 182 484 0.3762 284,428 R1.5 25 39.5 158 87.99% 0% 87.99% 250,268 34,160362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 2008 43 523 484 1.0801 816,558 R1.5 25 10.5 42 32.59% 0% 32.59% 266,116 550,442362.0 46kV Disconnect switch 48,000 1975 43 141 484 0.2915 13,991 R1.5 25 43.5 174 91.81% 0% 90.00% 12,592 1,399362.0 46kV Breaker 30,000 1975 43 141 484 0.2915 8,744 R1.5 25 43.5 174 91.81% 0% 90.00% 7,870 874362.0 13kV Station service 3,000 1975 43 141 484 0.2915 874 R1.5 25 43.5 174 91.81% 0% 90.00% 787 87362.0 13kV Loadbreak switch 1,680 1975 43 141 484 0.2915 490 R1.5 25 43.5 174 91.81% 0% 90.00% 441 49362.0 13 kV Breaker 120,000 1975 43 141 484 0.2915 34,977 R1.5 25 43.5 174 91.81% 0% 90.00% 31,479 3,498362.0 13kV Switch 57,600 1975 43 141 484 0.2915 16,789 R1.5 25 43.5 174 91.81% 0% 90.00% 15,110 1,679362.0 Construction 2,400,000 1975 43 141 484 0.2915 699,535 R1.5 25 43.5 174 91.81% 0% 90.00% 629,582 69,954362.0 Engineering 144,000 1975 43 141 484 0.2915 41,972 R1.5 25 43.5 174 91.81% 0% 90.00% 37,775 4,197362.0 Contingency 240,000 1975 43 141 484 0.2915 69,953 R1.5 25 43.5 174 91.81% 0% 90.00% 62,958 6,995362.0 East Substation Location No. 6 $12,233,760 $8,744,097 $5,138,099 $3,605,998362.0 161-13kV 30/40/50/56 MVA Transformer 1,440,000 2005 43 419 484 0.8661 1,247,256 R1.5 25 13.5 54 41.04% 0% 41.04% 511,874 735,382362.0 161-13kV 30/40/50/56 MVA Transformer 1,440,000 2005 43 419 484 0.8661 1,247,256 R1.5 25 13.5 54 41.04% 0% 41.04% 511,874 735,382362.0 161-46kV 60/80/100 MVA Transformer 2,280,000 1993 43 305 484 0.6310 1,438,698 R1.5 25 25.5 102 68.79% 0% 68.79% 989,680 449,018362.0 161kV Breaker 300,000 1995 43 329 484 0.6801 204,031 R1.5 25 23.5 94 64.95% 0% 64.95% 132,518 71,513362.0 161kV switch 100,800 1995 43 329 484 0.6801 68,554 R1.5 25 23.5 94 64.95% 0% 64.95% 44,526 24,028362.0 161kV motor operated switch 72,000 1995 43 329 484 0.6801 48,967 R1.5 25 23.5 94 64.95% 0% 64.95% 31,804 17,163362.0 161 Circuit Switcher 156,000 1995 43 329 484 0.6801 106,096 R1.5 25 23.5 94 64.95% 0% 64.95% 68,909 37,187362.0 46kV Breaker 96,000 1995 43 329 484 0.6801 65,290 R1.5 25 23.5 94 64.95% 0% 64.95% 42,406 22,884362.0 46kV Switch 105,600 1995 43 329 484 0.6801 71,819 R1.5 25 23.5 94 64.95% 0% 64.95% 46,646 25,173362.0 13kV Loadbreak switch 3,360 1995 43 329 484 0.6801 2,285 R1.5 25 23.5 94 64.95% 0% 64.95% 1,484 801362.0 13kV switchgear with four breaker 1,200,000 1995 43 329 484 0.6801 816,124 R1.5 25 23.5 94 64.95% 0% 64.95% 530,073 286,051362.0 Construction 4,560,000 1995 43 329 484 0.6801 3,101,271 R1.5 25 23.5 94 64.95% 0% 64.95% 2,014,276 1,086,995362.0 Engineering 180,000 1995 43 329 484 0.6801 122,419 R1.5 25 23.5 94 64.95% 0% 64.95% 79,511 42,908362.0 Contingency 300,000 1995 43 329 484 0.6801 204,031 R1.5 25 23.5 94 64.95% 0% 64.95% 132,518 71,513

Handy Whitman Cost Index 3


Rate Base Value of FacilitiesTable 3







362.0 Primary Substation Location No. 7 $13,911,120 10,181,247 5,780,894 4,400,353362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 1999 43 345 484 0.7121 940,031 R1.5 25 19.5 78 56.28% 0% 56.28% 529,049 410,982362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 1999 43 345 484 0.7121 940,031 R1.5 25 19.5 78 56.28% 0% 56.28% 529,049 410,982362.0 161-46kV 60/80/100/112 MVA Transformer 3,360,000 1999 43 345 484 0.7121 2,392,806 R1.5 25 19.5 78 56.28% 0% 56.28% 1,346,671 1,046,135362.0 161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2008 43 523 484 1.0801 1,425,736 R1.5 25 10.5 42 32.59% 0% 32.59% 464,647 961,089362.0 161kV Breaker 150,000 1995 43 329 484 0.6801 102,016 R1.5 25 23.5 94 64.95% 0% 64.95% 66,259 35,757362.0 161kV Disconnect switch 144,000 1995 43 329 484 0.6801 97,935 R1.5 25 23.5 94 64.95% 0% 64.95% 63,609 34,326362.0 161kV Motor operated switch 36,000 1995 43 329 484 0.6801 24,484 R1.5 25 23.5 94 64.95% 0% 64.95% 15,902 8,582362.0 46kV Disconnect switch 48,000 1995 43 329 484 0.6801 32,645 R1.5 25 23.5 94 64.95% 0% 64.95% 21,203 11,442362.0 161kV Circuit switcher 234,000 1995 43 329 484 0.6801 159,144 R1.5 25 23.5 94 64.95% 0% 64.95% 103,364 55,780362.0 13kV Disconnect switch 1,440 1995 43 329 484 0.6801 979 R1.5 25 23.5 94 64.95% 0% 64.95% 636 343362.0 13kV Loadbreak switch 1,680 1995 43 329 484 0.6801 1,143 R1.5 25 23.5 94 64.95% 0% 64.95% 742 401362.0 13kV Switchgear with three feeder breaker 720,000 1995 43 329 484 0.6801 489,674 R1.5 25 23.5 94 64.95% 0% 64.95% 318,043 171,631362.0 Construction 4,800,000 1995 43 329 484 0.6801 3,264,496 R1.5 25 23.5 94 64.95% 0% 64.95% 2,120,290 1,144,206362.0 Engineering 156,000 1995 43 329 484 0.6801 106,096 R1.5 25 23.5 94 64.95% 0% 64.95% 68,909 37,187362.0 Contingency 300,000 1995 43 329 484 0.6801 204,031 R1.5 25 23.5 94 64.95% 0% 64.95% 132,518 71,513362.0 Industrial Substation Location No. 9 $9,016,800 6,132,356 3,982,965 2,149,391362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1,140,000 1995 43 329 484 0.6801 775,318 R1.5 25 23.5 94 64.95% 0% 64.95% 503,569 271,749362.0 161-13kV 20/26.7/33/37.3 MVA Transformer 1,140,000 1995 43 329 484 0.6801 775,318 R1.5 25 23.5 94 64.95% 0% 64.95% 503,569 271,749362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,140,000 1995 43 329 484 0.6801 775,318 R1.5 25 23.5 94 64.95% 0% 64.95% 503,569 271,749362.0 161kV Disconnect switch 72,000 1995 43 329 484 0.6801 48,967 R1.5 25 23.5 94 64.95% 0% 64.95% 31,804 17,163362.0 161kV Circuit Switcher 390,000 1995 43 329 484 0.6801 265,240 R1.5 25 23.5 94 64.95% 0% 64.95% 172,273 92,967362.0 13kV Loadbreak switch 3,360 1995 43 329 484 0.6801 2,285 R1.5 25 23.5 94 64.95% 0% 64.95% 1,484 801362.0 13kV Switchgear with three feeder breaker 1,080,000 1995 43 329 484 0.6801 734,512 R1.5 25 23.5 94 64.95% 0% 64.95% 477,066 257,446362.0 13kV switchgear with four feeder breaker 600,000 1995 43 329 484 0.6801 408,062 R1.5 25 23.5 94 64.95% 0% 64.95% 265,036 143,026362.0 Station service 1,440 1995 43 329 484 0.6801 979 R1.5 25 23.5 94 64.95% 0% 64.95% 636 343362.0 Construction 3,000,000 1995 43 329 484 0.6801 2,040,310 R1.5 25 23.5 94 64.95% 0% 64.95% 1,325,181 715,129362.0 Engineering 150,000 1995 43 329 484 0.6801 102,016 R1.5 25 23.5 94 64.95% 0% 64.95% 66,259 35,757362.0 Contingency 300,000 1995 43 329 484 0.6801 204,031 R1.5 25 23.5 94 64.95% 0% 64.95% 132,518 71,513362.0 Kirk Substation Location No. 10 $4,955,880 3,370,902 2,167,944 1,202,958362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1997 43 329 484 0.6806 514,549 R1.5 25 21.5 86 60.78% 0% 60.78% 312,743 201,806

362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1995 43 329 484 0.6801 514,158 R1.5 25 23.5 94 64.95% 0% 64.95% 333,946 180,212362.0 46kV Disconnect switch 19,200 1995 43 329 484 0.6801 13,058 R1.5 25 23.5 94 64.95% 0% 64.95% 8,481 4,577362.0 46kV Breakers 96,000 1995 43 329 484 0.6801 65,290 R1.5 25 23.5 94 64.95% 0% 64.95% 42,406 22,884362.0 13kV Loadbreak switch 840 1995 43 329 484 0.6801 571 R1.5 25 23.5 94 64.95% 0% 64.95% 371 200362.0 13kV Switch 960 1995 43 329 484 0.6801 653 R1.5 25 23.5 94 64.95% 0% 64.95% 424 229362.0 13kV Station service 2,880 1995 43 329 484 0.6801 1,959 R1.5 25 23.5 94 64.95% 0% 64.95% 1,272 687362.0 13kV Switchgear with two feeder breaker 540,000 1995 43 329 484 0.6801 367,256 R1.5 25 23.5 94 64.95% 0% 64.95% 238,533 128,723362.0 Construction 2,400,000 1995 43 329 484 0.6801 1,632,248 R1.5 25 23.5 94 64.95% 0% 64.95% 1,060,145 572,103362.0 Engineering 144,000 1995 43 329 484 0.6801 97,935 R1.5 25 23.5 94 64.95% 0% 64.95% 63,609 34,326362.0 Contingency 240,000 1995 43 329 484 0.6801 163,225 R1.5 25 23.5 94 64.95% 0% 64.95% 106,015 57,210362.0 Blackman Substation Location No. 11 $6,415,560 5,192,557 2,331,527 2,861,030362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2001 43 352 484 0.7282 961,178 R1.5 25 17.5 70 51.47% 0% 51.47% 494,718 466,460362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2001 43 352 484 0.7282 961,178 R1.5 25 17.5 70 51.47% 0% 51.47% 494,718 466,460362.0 161kV Disconnect switch 72,000 2005 43 419 484 0.8661 62,363 R1.5 25 13.5 54 41.04% 0% 41.04% 25,594 36,769362.0 161kV Grounding switch 33,600 2005 43 419 484 0.8661 29,103 R1.5 25 13.5 54 41.04% 0% 41.04% 11,944 17,159362.0 161kV Circuit Switcher 156,000 2005 43 419 484 0.8661 135,119 R1.5 25 13.5 54 41.04% 0% 41.04% 55,453 79,666362.0 13kV Loadbreak switch 2,520 2005 43 419 484 0.8661 2,183 R1.5 25 13.5 54 41.04% 0% 41.04% 896 1,287362.0 13kV Switchgear with three feeder breaker 720,000 2005 43 419 484 0.8661 623,628 R1.5 25 13.5 54 41.04% 0% 41.04% 255,937 367,691362.0 Station service 1,440 2005 43 419 484 0.8661 1,247 R1.5 25 13.5 54 41.04% 0% 41.04% 512 735362.0 Construction 2,400,000 2005 43 419 484 0.8661 2,078,760 R1.5 25 13.5 54 41.04% 0% 41.04% 853,123 1,225,637362.0 Engineering 150,000 2005 43 419 484 0.8661 129,922 R1.5 25 13.5 54 41.04% 0% 41.04% 53,320 76,602362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564362.0 Lynch Substation Location No. 12 $7,283,880 4,921,231 3,113,215 1,808,016362.0 161-46kV 60/80/100 MVA Transformer 2,880,000 1993 43 305 484 0.6310 1,817,302 R1.5 25 25.5 102 68.79% 0% 68.79% 1,250,122 567,180362.0 161-13kV 12/18/20/22 MVA Transformer 900,000 2004 43 388 484 0.8010 720,930 R1.5 25 14.5 58 43.74% 0% 43.74% 315,335 405,595362.0 161kV Disconnect switch 100,800 1995 43 329 484 0.6801 68,554 R1.5 25 23.5 94 64.95% 0% 64.95% 44,526 24,028362.0 161kV Grounding switch 33,600 1995 43 329 484 0.6801 22,851 R1.5 25 23.5 94 64.95% 0% 64.95% 14,842 8,009362.0 161kV Circuit Switcher 156,000 1995 43 329 484 0.6801 106,096 R1.5 25 23.5 94 64.95% 0% 64.95% 68,909 37,187362.0 46kV Disconnect switch 67,200 1995 43 329 484 0.6801 45,703 R1.5 25 23.5 94 64.95% 0% 64.95% 29,684 16,019362.0 46kV Breaker 60,000 1995 43 329 484 0.6801 40,806 R1.5 25 23.5 94 64.95% 0% 64.95% 26,503 14,303362.0 13kV Loadbeak switch 840 1995 43 329 484 0.6801 571 R1.5 25 23.5 94 64.95% 0% 64.95% 371 200362.0 13kV Switchgear wit two feeder breaker 300,000 1995 43 329 484 0.6801 204,031 R1.5 25 23.5 94 64.95% 0% 64.95% 132,518 71,513362.0 Station service 1,440 1995 43 329 484 0.6801 979 R1.5 25 23.5 94 64.95% 0% 64.95% 636 343362.0 Construction 2,400,000 1995 43 329 484 0.6801 1,632,248 R1.5 25 23.5 94 64.95% 0% 64.95% 1,060,145 572,103362.0 Engineering 144,000 1995 43 329 484 0.6801 97,935 R1.5 25 23.5 94 64.95% 0% 64.95% 63,609 34,326362.0 Contingency 240,000 1995 43 329 484 0.6801 163,225 R1.5 25 23.5 94 64.95% 0% 64.95% 106,015 57,210







362.0 Cason Substation Location No. 13 $6,283,800 5,621,443 2,238,750 3,382,693362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2006 43 452 484 0.9339 1,232,682 R1.5 25 12.5 50 38.27% 0% 38.27% 471,747 760,935362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2006 43 452 484 0.9339 1,232,682 R1.5 25 12.5 50 38.27% 0% 38.27% 471,747 760,935362.0 161kV Loadbreak switch 16,800 2005 43 419 484 0.8661 14,551 R1.5 25 13.5 54 41.04% 0% 41.04% 5,972 8,579362.0 161kV Disconnect switch 84,000 2005 43 419 484 0.8661 72,757 R1.5 25 13.5 54 41.04% 0% 41.04% 29,859 42,898362.0 161kV Grounding switch 33,600 2005 43 419 484 0.8661 29,103 R1.5 25 13.5 54 41.04% 0% 41.04% 11,944 17,159362.0 13kV Loadbreak disconnect switch 2,520 2005 43 419 484 0.8661 2,183 R1.5 25 13.5 54 41.04% 0% 41.04% 896 1,287362.0 13kV Switchgear with three feeder breaker 720,000 2005 43 419 484 0.8661 623,628 R1.5 25 13.5 54 41.04% 0% 41.04% 255,937 367,691362.0 Station service 2,880 2005 43 419 484 0.8661 2,495 R1.5 25 13.5 54 41.04% 0% 41.04% 1,024 1,471362.0 Construction 2,400,000 2005 43 419 484 0.8661 2,078,760 R1.5 25 13.5 54 41.04% 0% 41.04% 853,123 1,225,637362.0 Engineering 144,000 2005 43 419 484 0.8661 124,726 R1.5 25 13.5 54 41.04% 0% 41.04% 51,188 73,538362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564362.0 Jean Roger Substation Location No. 14 $6,303,000 6,407,561 1,871,414 4,536,147362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2013 43 593 484 1.2253 1,617,426 R1.5 25 5.5 22 17.60% 0% 17.60% 284,667 1,332,759362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2013 43 593 484 1.2253 1,617,426 R1.5 25 5.5 22 17.60% 0% 17.60% 284,667 1,332,759362.0 161kV Disconnect switch 84,000 2005 43 419 484 0.8661 72,757 R1.5 25 13.5 54 41.04% 0% 41.04% 29,859 42,898362.0 161kV Circuit switcher 312,000 2005 43 419 484 0.8661 270,239 R1.5 25 13.5 54 41.04% 0% 41.04% 110,906 159,333362.0 13kV Tie breaker 840 2005 43 419 484 0.8661 728 R1.5 25 13.5 54 41.04% 0% 41.04% 299 429362.0 13kV Loadbreak switch 1,680 2005 43 419 484 0.8661 1,455 R1.5 25 13.5 54 41.04% 0% 41.04% 597 858362.0 13kV disconnect switch 480 2005 43 419 484 0.8661 416 R1.5 25 13.5 54 41.04% 0% 41.04% 171 245362.0 13kV Switchgear with three feeder breaker 720,000 2005 43 419 484 0.8661 623,628 R1.5 25 13.5 54 41.04% 0% 41.04% 255,937 367,691362.0 Construction 2,160,000 2005 43 419 484 0.8661 1,870,884 R1.5 25 13.5 54 41.04% 0% 41.04% 767,811 1,103,073362.0 Engineering 144,000 2005 43 419 484 0.8661 124,726 R1.5 25 13.5 54 41.04% 0% 41.04% 51,188 73,538362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564362.0 MTSU Substation Location No. 15 $3,975,360 630,752 126,586 504,166362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1968 43 79 484 0.1633 123,460 R1.5 25 50.5 202 0.00% 0% 0.00% 0 123,460362.0 46-13kV 12/16/20/22.4 MVA Transformer 756,000 1971 43 90 484 0.1860 140,651 R1.5 25 47.5 190 96.35% 0% 90.00% 126,586 14,065362.0 46kV Breaker 96,000 1965 43 72 484 0.1488 14,288 R1.5 25 53.5 214 0.00% 0% 0.00% 0 14,288362.0 46kV Disconnect switch 28,800 1965 43 72 484 0.1488 4,287 R1.5 25 53.5 214 0.00% 0% 0.00% 0 4,287362.0 13kV Tie breaker 30,000 1965 43 72 484 0.1488 4,465 R1.5 25 53.5 214 0.00% 0% 0.00% 0 4,465362.0 13kV Loadbreak switch 1,680 1965 43 72 484 0.1488 250 R1.5 25 53.5 214 0.00% 0% 0.00% 0 250362.0 13kV Switchgear with three feeder breaker 720,000 1965 43 72 484 0.1488 107,163 R1.5 25 53.5 214 0.00% 0% 0.00% 0 107,163362.0 Station service 2,880 1965 43 72 484 0.1488 429 R1.5 25 53.5 214 0.00% 0% 0.00% 0 429362.0 Construction 1,200,000 1965 43 72 484 0.1488 178,605 R1.5 25 53.5 214 0.00% 0% 0.00% 0 178,605362.0 Engineering 144,000 1965 43 72 484 0.1488 21,433 R1.5 25 53.5 214 0.00% 0% 0.00% 0 21,433362.0 Contingency 240,000 1965 43 72 484 0.1488 35,721 R1.5 25 53.5 214 0.00% 0% 0.00% 0 35,721362.0 Veterans Substation Location No. 16 $6,472,800 6,611,936 1,630,419 4,981,517362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2016 43 603 484 1.2470 1,646,078 R1.5 25 2.5 10 8.14% 0% 8.14% 133,991 1,512,087362.0 161-13kV 25/33.33/41.7/46.7 MVA Transformer 1,320,000 2016 43 603 484 1.2470 1,646,078 R1.5 25 2.5 10 8.14% 0% 8.14% 133,991 1,512,087362.0 161kV Disconnect switch 43,200 2005 43 419 484 0.8661 37,418 R1.5 25 13.5 54 41.04% 0% 41.04% 15,356 22,062362.0 161kV Circuit switcher 312,000 2005 43 419 484 0.8661 270,239 R1.5 25 13.5 54 41.04% 0% 41.04% 110,906 159,333362.0 13kV Tie breaker 30,000 2005 43 419 484 0.8661 25,984 R1.5 25 13.5 54 41.04% 0% 41.04% 10,664 15,320362.0 13kV Loadbreaker switch 1,680 2005 43 419 484 0.8661 1,455 R1.5 25 13.5 54 41.04% 0% 41.04% 597 858362.0 13kV Disconnect switch 480 2005 43 419 484 0.8661 416 R1.5 25 13.5 54 41.04% 0% 41.04% 171 245362.0 13kV Switchgear with two feeder breaker 300,000 2005 43 419 484 0.8661 259,845 R1.5 25 13.5 54 41.04% 0% 41.04% 106,640 153,205362.0 13kV Switchgear with three feeder breaker 360,000 2005 43 419 484 0.8661 311,814 R1.5 25 13.5 54 41.04% 0% 41.04% 127,968 183,846362.0 Station service 1,440 2005 43 419 484 0.8661 1,247 R1.5 25 13.5 54 41.04% 0% 41.04% 512 735362.0 Construction 2,400,000 2005 43 419 484 0.8661 2,078,760 R1.5 25 13.5 54 41.04% 0% 41.04% 853,123 1,225,637362.0 Engineering 144,000 2005 43 419 484 0.8661 124,726 R1.5 25 13.5 54 41.04% 0% 41.04% 51,188 73,538362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564362.0 Gateway Substation Location No. 17 $6,237,360 6,365,155 1,551,239 4,813,916362.0 161-13kV 18/24/30/33.6 MVA Transformer 1,140,000 2017 43 623 484 1.2884 1,468,744 R1.5 25 1.5 6 4.92% 0% 4.92% 72,262 1,396,482362.0 161-13kV 18/24/30/33.6 MVA Transformer 1,140,000 2017 43 623 484 1.2884 1,468,744 R1.5 25 1.5 6 4.92% 0% 4.92% 72,262 1,396,482362.0 161kV Disconnect switch 100,800 2005 43 419 484 0.8661 87,308 R1.5 25 13.5 54 41.04% 0% 41.04% 35,831 51,477362.0 161 Circuit Switcher 312,000 2005 43 419 484 0.8661 270,239 R1.5 25 13.5 54 41.04% 0% 41.04% 110,906 159,333362.0 13kV Tie breaker 30,000 2005 43 419 484 0.8661 25,984 R1.5 25 13.5 54 41.04% 0% 41.04% 10,664 15,320362.0 13kV Loadbreak switch 1,680 2005 43 419 484 0.8661 1,455 R1.5 25 13.5 54 41.04% 0% 41.04% 597 858362.0 Station service 2,880 2005 43 419 484 0.8661 2,495 R1.5 25 13.5 54 41.04% 0% 41.04% 1,024 1,471362.0 13kV switchgear with two feeder breaker 720,000 2005 43 419 484 0.8661 623,628 R1.5 25 13.5 54 41.04% 0% 41.04% 255,937 367,691362.0 Construction 2,400,000 2005 43 419 484 0.8661 2,078,760 R1.5 25 13.5 54 41.04% 0% 41.04% 853,123 1,225,637362.0 Engineering 150,000 2005 43 419 484 0.8661 129,922 R1.5 25 13.5 54 41.04% 0% 41.04% 53,320 76,602362.0 Contingency 240,000 2005 43 419 484 0.8661 207,876 R1.5 25 13.5 54 41.04% 0% 41.04% 85,312 122,564

Substation Subtotal $97,438,440 72,406,581 34,267,725 38,138,856







Poles, Towers, Fixtures 5,6364.0 Three Phase Overhead Lines 32,468,707 25,212,248 13,492,532 11,719,716364.0 Three Phase Overhead Lines - 1945 230,490 1945 44 23 390 0.0591 13,610 R1 25 73.5 294 100.00% 0% 90.00% 12,249 1,361364.0 Three Phase Overhead Lines - 1955 41,422 1955 44 43 390 0.1104 4,573 R1 25 63.5 254 100.00% 0% 90.00% 4,116 457364.0 Three Phase Overhead Lines - 1965 2,263,825 1965 44 59 390 0.1515 342,916 R1 25 53.5 214 100.00% 0% 90.00% 308,624 34,292364.0 Three Phase Overhead Lines - 1975 1,403,330 1975 44 147 390 0.3774 529,627 R1 25 43.5 174 91.34% 0% 90.00% 476,664 52,963364.0 Three Phase Overhead Lines - 1985 8,526,058 1985 44 245 390 0.6290 5,362,989 R1 25 33.5 134 77.97% 0% 77.97% 4,181,523 1,181,466364.0 Three Phase Overhead Lines - 1995 8,828,468 1995 44 323 390 0.8293 7,321,169 R1 25 23.5 94 60.30% 0% 60.30% 4,414,665 2,906,504364.0 Three Phase Overhead Lines - 2005 10,467,751 2005 44 399 390 1.0250 10,729,780 R1 25 13.5 54 37.30% 0% 37.30% 4,002,208 6,727,572364.0 Three Phase Overhead Lines - 2015 707,362 2015 44 500 390 1.2831 907,584 R1 25 3.5 14 10.19% 0% 10.19% 92,483 815,101364.0 Two Phase Overhead Lines 886,717 688,544 368,480 320,064364.0 Two Phase Overhead Lines - 1945 6,295 1945 44 23 390 0.0591 372 R1 25 73.5 294 100.00% 0% 90.00% 335 37364.0 Two Phase Overhead Lines - 1955 1,131 1955 44 43 390 0.1104 125 R1 25 63.5 254 100.00% 0% 90.00% 113 13364.0 Two Phase Overhead Lines - 1965 61,825 1965 44 59 390 0.1515 9,365 R1 25 53.5 214 100.00% 0% 90.00% 8,429 937364.0 Two Phase Overhead Lines - 1975 38,325 1975 44 147 390 0.3774 14,464 R1 25 43.5 174 91.34% 0% 90.00% 13,018 1,446364.0 Two Phase Overhead Lines - 1985 232,846 1985 44 245 390 0.6290 146,463 R1 25 33.5 134 77.97% 0% 77.97% 114,197 32,266364.0 Two Phase Overhead Lines - 1995 241,105 1995 44 323 390 0.8293 199,940 R1 25 23.5 94 60.30% 0% 60.30% 120,564 79,376364.0 Two Phase Overhead Lines - 2005 285,873 2005 44 399 390 1.0250 293,029 R1 25 13.5 54 37.30% 0% 37.30% 109,300 183,729364.0 Two Phase Overhead Lines - 2015 19,318 2015 44 500 390 1.2831 24,786 R1 25 3.5 14 10.19% 0% 10.19% 2,526 22,260364.0 Single Phase Overhead Lines 11,187,287 8,687,032 4,648,933 4,038,099364.0 Single Phase Overhead Lines - 1945 79,417 1945 44 23 390 0.0591 4,690 R1 25 73.5 294 100.00% 0% 90.00% 4,221 469364.0 Single Phase Overhead Lines - 1955 14,272 1955 44 43 390 0.1104 1,576 R1 25 63.5 254 100.00% 0% 90.00% 1,418 158364.0 Single Phase Overhead Lines - 1965 780,014 1965 44 59 390 0.1515 118,154 R1 25 53.5 214 100.00% 0% 90.00% 106,339 11,815364.0 Single Phase Overhead Lines - 1975 483,526 1975 44 147 390 0.3774 182,486 R1 25 43.5 174 91.34% 0% 90.00% 164,237 18,249364.0 Single Phase Overhead Lines - 1985 2,937,704 1985 44 245 390 0.6290 1,847,850 R1 25 33.5 134 77.97% 0% 77.97% 1,440,769 407,081364.0 Single Phase Overhead Lines - 1995 3,041,901 1995 44 323 390 0.8293 2,522,552 R1 25 23.5 94 60.30% 0% 60.30% 1,521,099 1,001,453364.0 Single Phase Overhead Lines - 2005 3,606,726 2005 44 399 390 1.0250 3,697,010 R1 25 13.5 54 37.30% 0% 37.30% 1,378,985 2,318,025364.0 Single Phase Overhead Lines - 2015 243,726 2015 44 500 390 1.2831 312,714 R1 25 3.5 14 10.19% 0% 10.19% 31,866 280,848

Poles, Towers, Fixtures Subtotal $44,542,710 34,587,824 18,509,945 16,077,879

Overhead Conductors & Devices365.0 Overhead Lines365.0 Three Phase Overhead Lines - all Conductors $25,357,657 14,149,066 5,491,982 8,657,084365.0 1940's 180,010 1945 45 22 590 0.0373 6,709 R1 36 73.5 204 100.00% 0% 90.00% 6,038 671365.0 1950's 32,350 1955 45 47 590 0.0796 2,576 R1 36 63.5 176 91.93% 0% 90.00% 2,318 258365.0 1960's 1,768,019 1965 45 60 590 0.1017 179,722 R1 36 53.5 149 83.41% 0% 83.41% 149,906 29,816365.0 1970's 1,095,984 1975 45 144 590 0.2440 267,381 R1 36 43.5 121 72.76% 0% 72.76% 194,546 72,835365.0 1980's 6,658,746 1985 45 250 590 0.4235 2,820,307 R1 36 33.5 93 59.79% 0% 59.79% 1,686,262 1,134,045365.0 1990's 6,894,924 1995 45 331 590 0.5608 3,866,531 R1 36 23.5 65 44.15% 0% 44.15% 1,707,073 2,159,458365.0 2000's 8,175,183 2005 45 457 590 0.7742 6,329,621 R1 36 13.5 38 26.80% 0% 26.80% 1,696,338 4,633,283365.0 2010's 552,441 2015 45 723 590 1.2241 676,219 R1 36 3.5 10 7.32% 0% 7.32% 49,499 626,720365.0 Two Phase Overhead Lines - all Conductors 185,035 87,983 34,827 53,156365.0 1940's 7,407 1945 45 22 590 0.0373 276 R1 36 73.5 204 100.00% 0% 90.00% 248 28365.0 1950's 0 1955 45 47 590 0.0796 0 R1 36 63.5 176 91.93% 0% 90.00% 0 0365.0 1960's 31,200 1965 45 60 590 0.1017 3,172 R1 36 53.5 149 83.41% 0% 83.41% 2,646 526365.0 1970's 22,322 1975 45 144 590 0.2440 5,446 R1 36 43.5 121 72.76% 0% 72.76% 3,963 1,483365.0 1980's 41,266 1985 45 250 590 0.4235 17,478 R1 36 33.5 93 59.79% 0% 59.79% 10,450 7,028365.0 1990's 20,913 1995 45 331 590 0.5608 11,727 R1 36 23.5 65 44.15% 0% 44.15% 5,177 6,550365.0 2000's 57,622 2005 45 457 590 0.7742 44,614 R1 36 13.5 38 26.80% 0% 26.80% 11,957 32,657365.0 2010's 4,306 2015 45 723 590 1.2241 5,270 R1 36 3.5 10 7.32% 0% 7.32% 386 4,884365.0 Single Phase Overhead Lines - all Conductors 1,751,405 506,267 245,572 260,695365.0 1940's 9,118 1945 45 22 590 0.0373 340 R1 36 73.5 204 100.00% 0% 90.00% 306 34365.0 1950's 870,808 1955 45 47 590 0.0796 69,340 R1 36 63.5 176 91.93% 0% 90.00% 62,406 6,934365.0 1960's 114,375 1965 45 60 590 0.1017 11,626 R1 36 53.5 149 83.41% 0% 83.41% 9,697 1,929365.0 1970's 68,810 1975 45 144 590 0.2440 16,787 R1 36 43.5 121 72.76% 0% 72.76% 12,214 4,573365.0 1980's 236,335 1985 45 250 590 0.4235 100,100 R1 36 33.5 93 59.79% 0% 59.79% 59,850 40,250365.0 1990's 230,237 1995 45 331 590 0.5608 129,112 R1 36 23.5 65 44.15% 0% 44.15% 57,003 72,109365.0 2000's 205,508 2005 45 457 590 0.7742 159,114 R1 36 13.5 38 26.80% 0% 26.80% 42,643 116,471365.0 2010's 16,215 2015 45 723 590 1.2241 19,848 R1 36 3.5 10 7.32% 0% 7.32% 1,453 18,395365.0 Overhead Equipment (not including transformers)365.0 Overhead Switches 995,069 491,706 211,408 280,298365.0 1940's 20,841 1945 45 22 590 0.0373 777 R1 36 73.5 204 100.00% 0% 90.00% 699 78365.0 1950's 719 1955 45 47 590 0.0796 57 R1 36 63.5 176 91.93% 0% 90.00% 51 6365.0 1960's 99,607 1965 45 60 590 0.1017 10,125 R1 36 53.5 149 83.41% 0% 83.41% 8,445 1,680365.0 1970's 70,142 1975 45 144 590 0.2440 17,112 R1 36 43.5 121 72.76% 0% 72.76% 12,451 4,661365.0 1980's 316,071 1985 45 250 590 0.4235 133,871 R1 36 33.5 93 59.79% 0% 59.79% 80,041 53,830365.0 1990's 252,828 1995 45 331 590 0.5608 141,781 R1 36 23.5 65 44.15% 0% 44.15% 62,596 79,185365.0 2000's 221,206 2005 45 457 590 0.7742 171,269 R1 36 13.5 38 26.80% 0% 26.80% 45,900 125,369365.0 2010's 13,655 2015 45 723 590 1.2241 16,714 R1 36 3.5 10 7.32% 0% 7.32% 1,223 15,491







365.0 Capacitor Banks 1,247,624 616,504 265,065 351,439365.0 1940's 26,131 1945 45 22 590 0.0373 974 R1 36 73.5 204 100.00% 0% 90.00% 877 97365.0 1950's 901 1955 45 47 590 0.0796 72 R1 36 63.5 176 91.93% 0% 90.00% 65 7365.0 1960's 124,889 1965 45 60 590 0.1017 12,695 R1 36 53.5 149 83.41% 0% 83.41% 10,589 2,106365.0 1970's 87,945 1975 45 144 590 0.2440 21,455 R1 36 43.5 121 72.76% 0% 72.76% 15,611 5,844365.0 1980's 396,292 1985 45 250 590 0.4235 167,849 R1 36 33.5 93 59.79% 0% 59.79% 100,357 67,492365.0 1990's 316,997 1995 45 331 590 0.5608 177,765 R1 36 23.5 65 44.15% 0% 44.15% 78,483 99,282365.0 2000's 277,350 2005 45 457 590 0.7742 214,738 R1 36 13.5 38 26.80% 0% 26.80% 57,550 157,188365.0 2010's 17,120 2015 45 723 590 1.2241 20,956 R1 36 3.5 10 7.32% 0% 7.32% 1,534 19,422365.0 Reclosers 195,149 96,430 41,460 54,970365.0 1940's 4,087 1945 45 22 590 0.0373 152 R1 36 73.5 204 100.00% 0% 90.00% 137 15365.0 1950's 141 1955 45 47 590 0.0796 11 R1 36 63.5 176 91.93% 0% 90.00% 10 1365.0 1960's 19,535 1965 45 60 590 0.1017 1,986 R1 36 53.5 149 83.41% 0% 83.41% 1,657 329365.0 1970's 13,756 1975 45 144 590 0.2440 3,356 R1 36 43.5 121 72.76% 0% 72.76% 2,442 914365.0 1980's 61,986 1985 45 250 590 0.4235 26,254 R1 36 33.5 93 59.79% 0% 59.79% 15,697 10,557365.0 1990's 49,584 1995 45 331 590 0.5608 27,805 R1 36 23.5 65 44.15% 0% 44.15% 12,276 15,529365.0 2000's 43,382 2005 45 457 590 0.7742 33,588 R1 36 13.5 38 26.80% 0% 26.80% 9,002 24,586365.0 2010's 2,678 2015 45 723 590 1.2241 3,278 R1 36 3.5 10 7.32% 0% 7.32% 240 3,038

Overhead Conductors & Devices Subtotal $29,731,939 15,947,956 6,290,312 9,657,644

Underground Conduit366.0 Total Underground Duct Bank, Concrete Encased 82,207,581 55,489,684 37,603,085 17,886,599366.0 1940's 1,466,356 1945 46 23 366 0.0629 92,211 R3 25 73.5 294 100.00% 0% 90.00% 82,990 9,221366.0 1950's 0 1955 46 45 366 0.1230 0 R3 25 63.5 254 100.00% 0% 90.00% 0 0366.0 1960's 2,932,712 1965 46 62 366 0.1695 497,138 R3 25 53.5 214 100.00% 0% 90.00% 447,424 49,714366.0 1970's 11,730,848 1975 46 124 366 0.3390 3,977,102 R3 25 43.5 174 100.00% 0% 90.00% 3,579,392 397,710366.0 1980's 18,421,097 1985 46 224 366 0.6124 11,281,820 R3 25 33.5 134 91.30% 0% 90.00% 10,153,638 1,128,182366.0 1990's 22,820,164 1995 46 254 366 0.6945 15,847,770 R3 25 23.5 94 76.84% 0% 76.84% 12,177,426 3,670,344366.0 2000's 23,461,695 2005 46 344 366 0.9412 22,082,539 R3 25 13.5 54 49.49% 0% 49.49% 10,928,649 11,153,890366.0 2010's 1,374,709 2015 46 455 366 1.2447 1,711,104 R3 25 3.5 14 13.65% 0% 13.65% 233,566 1,477,538366.0 Manholes and Vaults 26,062,301 17,591,917 11,921,321 5,670,596366.0 1940's 464,879 1945 46 23 366 0.0629 29,234 R3 25 73.5 294 100.00% 0% 90.00% 26,311 2,923366.0 1950's 0 1955 46 45 366 0.1230 0 R3 25 63.5 254 100.00% 0% 90.00% 0 0366.0 1960's 929,759 1965 46 62 366 0.1695 157,608 R3 25 53.5 214 100.00% 0% 90.00% 141,847 15,761366.0 1970's 3,719,035 1975 46 124 366 0.3390 1,260,862 R3 25 43.5 174 100.00% 0% 90.00% 1,134,776 126,086366.0 1980's 5,840,047 1985 46 224 366 0.6124 3,576,680 R3 25 33.5 134 91.30% 0% 90.00% 3,219,012 357,668366.0 1990's 7,234,686 1995 46 254 366 0.6945 5,024,225 R3 25 23.5 94 76.84% 0% 76.84% 3,860,614 1,163,611366.0 2000's 7,438,070 2005 46 344 366 0.9412 7,000,836 R3 25 13.5 54 49.49% 0% 49.49% 3,464,714 3,536,122366.0 2010's 435,824 2015 46 455 366 1.2447 542,472 R3 25 3.5 14 13.65% 0% 13.65% 74,047 468,425

Underground Conduit Subtotal $108,269,881 73,081,601 49,524,406 23,557,195

Underground Conductors & Devices367.0 Underground Primary - in Conduit367.0 Three Phase Underground Lines - all Conductors $39,728,264 22,027,029 13,400,559 8,626,470367.0 1940's 247,917 1945 47 28 517 0.0542 13,437 R3 25 73.5 294 100.00% 0% 90.00% 12,093 1,344367.0 1950's 6,938 1955 47 73 517 0.1413 980 R3 25 63.5 254 100.00% 0% 90.00% 882 98367.0 1960's 699,505 1965 47 76 517 0.1471 102,903 R3 25 53.5 214 100.00% 0% 90.00% 92,613 10,290367.0 1970's 6,040,409 1975 47 130 517 0.2516 1,519,967 R3 25 43.5 174 100.00% 0% 90.00% 1,367,970 151,997367.0 1980's 7,238,509 1985 47 221 517 0.4278 3,096,464 R3 25 33.5 134 91.30% 0% 90.00% 2,786,818 309,646367.0 1990's 6,858,563 1995 47 279 517 0.5400 3,703,923 R3 25 23.5 94 76.84% 0% 76.84% 2,846,094 857,829367.0 2000's 17,725,530 2005 47 361 517 0.6988 12,385,998 R3 25 13.5 54 49.49% 0% 49.49% 6,129,830 6,256,168367.0 2010's 910,893 2015 47 683 517 1.3211 1,203,357 R3 25 3.5 14 13.65% 0% 13.65% 164,258 1,039,099367.0 Underground Primary - Direct Buried367.0 Three Phase Underground Lines - all Conductors 9,012,906 4,997,136 3,040,102 1,957,034367.0 1940's 56,243 1945 47 28 517 0.0542 3,048 R3 25 73.5 294 100.00% 0% 90.00% 2,743 305367.0 1950's 1,574 1955 47 73 517 0.1413 222 R3 25 63.5 254 100.00% 0% 90.00% 200 22367.0 1960's 158,692 1965 47 76 517 0.1471 23,345 R3 25 53.5 214 100.00% 0% 90.00% 21,011 2,335367.0 1970's 1,370,350 1975 47 130 517 0.2516 344,826 R3 25 43.5 174 100.00% 0% 90.00% 310,343 34,483367.0 1980's 1,642,156 1985 47 221 517 0.4278 702,476 R3 25 33.5 134 91.30% 0% 90.00% 632,228 70,248367.0 1990's 1,555,960 1995 47 279 517 0.5400 840,286 R3 25 23.5 94 76.84% 0% 76.84% 645,676 194,610367.0 2000's 4,021,282 2005 47 361 517 0.6988 2,809,935 R3 25 13.5 54 49.49% 0% 49.49% 1,390,637 1,419,298367.0 2010's 206,649 2015 47 683 517 1.3211 272,998 R3 25 3.5 14 13.65% 0% 13.65% 37,264 235,734367.0 Two Phase Underground Lines - all Conductors 265,133 164,302 90,467 73,835367.0 1940's 304 1945 47 28 517 0.0542 16 R3 25 73.5 294 100.00% 0% 90.00% 14 2367.0 1950's 0 1955 47 73 517 0.1413 0 R3 25 63.5 254 100.00% 0% 90.00% 0 0367.0 1960's 9,857 1965 47 76 517 0.1471 1,450 R3 25 53.5 214 100.00% 0% 90.00% 1,305 145367.0 1970's 10,386 1975 47 130 517 0.2516 2,613 R3 25 43.5 174 100.00% 0% 90.00% 2,352 261367.0 1980's 43,500 1985 47 221 517 0.4278 18,608 R3 25 33.5 134 91.30% 0% 90.00% 16,747 1,861367.0 1990's 29,809 1995 47 279 517 0.5400 16,098 R3 25 23.5 94 76.84% 0% 76.84% 12,370 3,728367.0 2000's 161,902 2005 47 361 517 0.6988 113,131 R3 25 13.5 54 49.49% 0% 49.49% 55,989 57,142367.0 2010's 9,375 2015 47 683 517 1.3211 12,386 R3 25 3.5 14 13.65% 0% 13.65% 1,691 10,695







367.0 Single Phase Underground Lines - all Conductors 4,827,435 2,762,644 1,660,787 1,101,857367.0 1940's 8,308 1945 47 28 517 0.0542 450 R3 25 73.5 294 100.00% 0% 90.00% 405 45367.0 1950's 0 1955 47 73 517 0.1413 0 R3 25 63.5 254 100.00% 0% 90.00% 0 0367.0 1960's 232,182 1965 47 76 517 0.1471 34,156 R3 25 53.5 214 100.00% 0% 90.00% 30,740 3,416367.0 1970's 273,125 1975 47 130 517 0.2516 68,727 R3 25 43.5 174 100.00% 0% 90.00% 61,854 6,873367.0 1980's 1,134,827 1985 47 221 517 0.4278 485,452 R3 25 33.5 134 91.30% 0% 90.00% 436,907 48,545367.0 1990's 701,091 1995 47 279 517 0.5400 378,620 R3 25 23.5 94 76.84% 0% 76.84% 290,932 87,688367.0 2000's 2,375,437 2005 47 361 517 0.6988 1,659,875 R3 25 13.5 54 49.49% 0% 49.49% 821,472 838,403367.0 2010's 102,465 2015 47 683 517 1.3211 135,364 R3 25 3.5 14 13.65% 0% 13.65% 18,477 116,887367.0 Pad-mount Switches 9,344,874 4,760,341 3,187,384 1,572,957367.0 1940's 166,687 1945 47 28 517 0.0542 9,034 R3 25 73.5 294 100.00% 0% 90.00% 8,131 903367.0 1950's 0 1955 47 73 517 0.1413 0 R3 25 63.5 254 100.00% 0% 90.00% 0 0367.0 1960's 333,373 1965 47 76 517 0.1471 49,042 R3 25 53.5 214 100.00% 0% 90.00% 44,138 4,904367.0 1970's 1,333,494 1975 47 130 517 0.2516 335,551 R3 25 43.5 174 100.00% 0% 90.00% 301,996 33,555367.0 1980's 2,094,002 1985 47 221 517 0.4278 895,765 R3 25 33.5 134 91.30% 0% 90.00% 806,189 89,577367.0 1990's 2,594,062 1995 47 279 517 0.5400 1,400,906 R3 25 23.5 94 76.84% 0% 76.84% 1,076,456 324,450367.0 2000's 2,666,987 2005 47 361 517 0.6988 1,863,600 R3 25 13.5 54 49.49% 0% 49.49% 922,296 941,304367.0 2010's 156,269 2015 47 683 517 1.3211 206,443 R3 25 3.5 14 13.65% 0% 13.65% 28,179 178,264

Underground Conductors & Devices Subtotal $63,178,612 34,711,452 21,379,300 13,332,152

Transformers368.1 Single Phase Overhead $14,512,362 4,541,352 2,393,708 2,147,644368.1 1940's 303,957 1945 48 59 701 0.0842 25,583 R2 36 73.5 204 100.00% 0% 90.00% 23,025 2,558368.1 1950's 10,481 1955 48 112 701 0.1598 1,675 R2 36 63.5 176 97.48% 0% 90.00% 1,508 168368.1 1960's 1,452,704 1965 48 96 701 0.1369 198,944 R2 36 53.5 149 89.87% 0% 89.87% 178,791 20,153368.1 1970's 1,022,972 1975 48 130 701 0.1854 189,709 R2 36 43.5 121 81.06% 0% 81.06% 153,778 35,931368.1 1980's 4,609,661 1985 48 215 701 0.3067 1,413,805 R2 36 33.5 93 68.86% 0% 68.86% 973,546 440,259368.1 1990's 3,687,310 1995 48 230 701 0.3281 1,209,816 R2 36 23.5 65 52.15% 0% 52.15% 630,919 578,897368.1 2000's 3,226,134 2005 48 276 701 0.3941 1,271,355 R2 36 13.5 38 32.37% 0% 32.37% 411,538 859,817368.1 2010's 199,144 2015 48 811 701 1.1573 230,465 R2 36 3.5 10 8.94% 0% 8.94% 20,604 209,861368.2 Single Phase Pad-mount 37,507,438 13,653,105 5,649,316 8,003,789368.2 1940's 60,326 1945 49 59 701 0.0842 5,077 R2 36 73.5 204 100.00% 0% 90.00% 4,569 508368.2 1950's 5,027 1955 49 112 701 0.1598 803 R2 36 63.5 176 97.48% 0% 90.00% 723 80368.2 1960's 1,372,407 1965 49 96 701 0.1369 187,947 R2 36 53.5 149 89.87% 0% 89.87% 168,908 19,039368.2 1970's 2,588,973 1975 49 130 701 0.1854 480,123 R2 36 43.5 121 81.06% 0% 81.06% 389,188 90,935368.2 1980's 7,354,695 1985 49 215 701 0.3067 2,255,720 R2 36 33.5 93 68.86% 0% 68.86% 1,553,289 702,431368.2 1990's 5,147,784 1995 49 230 701 0.3281 1,689,002 R2 36 23.5 65 52.15% 0% 52.15% 880,815 808,187368.2 2000's 19,972,798 2005 49 276 701 0.3941 7,870,878 R2 36 13.5 38 32.37% 0% 32.37% 2,547,803 5,323,075368.2 2010's 1,005,427 2015 49 811 701 1.1573 1,163,555 R2 36 3.5 10 8.94% 0% 8.94% 104,022 1,059,533368.2 Three Phase Pad-mount 24,244,206 7,866,671 3,882,750 3,983,921368.2 1940's 432,450 1945 49 59 701 0.0842 36,397 R2 36 73.5 204 100.00% 0% 90.00% 32,757 3,640368.2 1950's 0 1955 49 112 701 0.1598 0 R2 36 63.5 176 97.48% 0% 90.00% 0 0368.2 1960's 864,899 1965 49 96 701 0.1369 118,446 R2 36 53.5 149 89.87% 0% 89.87% 106,447 11,999368.2 1970's 3,459,597 1975 49 130 701 0.1854 641,580 R2 36 43.5 121 81.06% 0% 81.06% 520,065 121,515368.2 1980's 5,432,648 1985 49 215 701 0.3067 1,666,219 R2 36 33.5 93 68.86% 0% 68.86% 1,147,358 518,861368.2 1990's 6,729,997 1995 49 230 701 0.3281 2,208,130 R2 36 23.5 65 52.15% 0% 52.15% 1,151,540 1,056,590368.2 2000's 6,919,194 2005 49 276 701 0.3941 2,726,715 R2 36 13.5 38 32.37% 0% 32.37% 882,638 1,844,077368.2 2010's 405,421 2015 49 811 701 1.1573 469,184 R2 36 3.5 10 8.94% 0% 8.94% 41,945 427,239

Transformers Subtotal $76,264,006 26,061,128 11,925,774 14,135,354

Services369.1 Overhead Services $8,847,748 5,873,107 3,542,450 2,330,657369.1 1940's 185,313 1945 50 21 359 0.0586 10,855 R2 29 73.5 253 100.00% 0% 90.00% 9,770 1,086369.1 1950's 6,390 1955 50 44 359 0.1227 784 R2 29 63.5 219 100.00% 0% 90.00% 706 78369.1 1960's 885,669 1965 50 55 359 0.1534 135,877 R2 29 53.5 184 99.45% 0% 90.00% 122,289 13,588369.1 1970's 623,675 1975 50 121 359 0.3375 210,501 R2 29 43.5 150 90.16% 0% 90.00% 189,451 21,050369.1 1980's 2,810,371 1985 50 225 359 0.6276 1,763,831 R2 29 33.5 116 79.20% 0% 79.20% 1,396,954 366,877369.1 1990's 2,248,041 1995 50 275 359 0.7671 1,724,439 R2 29 23.5 81 62.23% 0% 62.23% 1,073,118 651,321369.1 2000's 1,966,876 2005 50 340 359 0.9477 1,864,006 R2 29 13.5 47 39.31% 0% 39.31% 732,741 1,131,265369.1 2010's 121,412 2015 50 481 359 1.3410 162,814 R2 29 3.5 12 10.70% 0% 10.70% 17,421 145,393369.2 Underground Services 36,884,468 29,432,599 14,433,965 14,998,634369.2 1940's 59,324 1945 51 21 359 0.0586 3,475 R2 29 73.5 253 100.00% 0% 90.00% 3,128 348369.2 1950's 4,944 1955 51 44 359 0.1227 607 R2 29 63.5 219 100.00% 0% 90.00% 546 61369.2 1960's 1,349,613 1965 51 55 359 0.1534 207,054 R2 29 53.5 184 99.45% 0% 90.00% 186,349 20,705369.2 1970's 2,545,973 1975 51 121 359 0.3375 859,310 R2 29 43.5 150 90.16% 0% 90.00% 773,379 85,931369.2 1980's 7,232,539 1985 51 225 359 0.6276 4,539,251 R2 29 33.5 116 79.20% 0% 79.20% 3,595,087 944,164369.2 1990's 5,062,283 1995 51 275 359 0.7671 3,883,202 R2 29 23.5 81 62.23% 0% 62.23% 2,416,517 1,466,685369.2 2000's 19,641,066 2005 51 340 359 0.9477 18,613,813 R2 29 13.5 47 39.31% 0% 39.31% 7,317,090 11,296,723369.2 2010's 988,727 2015 51 481 359 1.3410 1,325,887 R2 29 3.5 12 10.70% 0% 10.70% 141,870 1,184,017

Services Subtotal $45,732,216 35,305,706 17,976,414 17,329,292







Meters370.0 All Meters 20,178,804 18,090,757 11,746,949 6,343,808370.0 1940's 422,639 1945 52 48 251 0.1916 80,985 R0.5 20 73.5 368 100.00% 0% 90.00% 72,887 8,099370.0 1950's 14,574 1955 52 72 251 0.2874 4,189 R0.5 20 63.5 318 100.00% 0% 90.00% 3,770 419370.0 1960's 2,019,921 1965 52 82 251 0.3273 661,212 R0.5 20 53.5 268 100.00% 0% 90.00% 595,091 66,121370.0 1970's 1,422,397 1975 52 124 251 0.4950 704,101 R0.5 20 43.5 218 100.00% 0% 90.00% 633,691 70,410370.0 1980's 6,409,532 1985 52 207 251 0.8263 5,296,500 R0.5 20 33.5 168 85.53% 0% 85.53% 4,530,096 766,404370.0 1990's 5,127,043 1995 52 285 251 1.1377 5,833,162 R0.5 20 23.5 118 65.10% 0% 65.10% 3,797,388 2,035,774370.0 2000's 4,485,798 2005 52 287 251 1.1467 5,143,894 R0.5 20 13.5 68 40.31% 0% 40.31% 2,073,504 3,070,390370.0 2010's 276,901 2015 52 332 251 1.3244 366,714 R0.5 20 3.5 18 11.05% 0% 11.05% 40,522 326,192

Meters Subtotal $20,178,804 18,090,757 11,746,949 6,343,808

373.0 Street Lighting & Signal Systems Subtotal373.0 Streetlights Distribution Pole 7 6,596,361 4,687,373 2,414,004 2,273,369373.0 1980's 1,971,317 1985 53 284 535 0.5308 1,046,456 R1 25 33.5 134 77.97% 0% 77.97% 815,922 230,534373.0 1990's 2,041,237 1995 53 340 535 0.6355 1,297,235 R1 25 23.5 94 60.30% 0% 60.30% 782,233 515,002373.0 2000's 2,420,257 2005 53 471 535 0.8794 2,128,469 R1 25 13.5 54 37.30% 0% 37.30% 793,919 1,334,550373.0 2010's 163,550 2015 53 704 535 1.3159 215,213 R1 25 3.5 14 10.19% 0% 10.19% 21,930 193,283373.0 Streetlights Streetlight Pole 8 58,000,611 39,036,892 21,800,141 17,236,751373.0 1980's 22,808,180 1985 53 284 535 0.5308 12,107,520 R1 25 33.5 134 77.97% 0% 77.97% 9,440,233 2,667,287373.0 1990's 18,244,470 1995 53 340 535 0.6355 11,594,616 R1 25 23.5 94 60.30% 0% 60.30% 6,991,553 4,603,063373.0 2000's 15,962,614 2005 53 471 535 0.8794 14,038,150 R1 25 13.5 54 37.30% 0% 37.30% 5,236,230 8,801,920373.0 2010's 985,347 2015 53 704 535 1.3159 1,296,606 R1 25 3.5 14 10.19% 0% 10.19% 132,124 1,164,482

Street Lighting & Signal Systems Subtotal 64,596,972 43,724,265 24,214,144 19,510,121

384.0 FIBER384.0 All Fiber 2,072,387384.0 1990's 0 1995 CPI 153 252 0.6051 0 SQ 25 23.5 94 93.50% 0% 90.00% 0 0384.0 2000's 1,036,193 2005 CPI 195 252 0.7754 803,442 SQ 25 13.5 54 53.50% 0% 53.50% 429,841 373,601384.0 2010's 1,036,193 2015 CPI 239 252 0.9470 981,293 SQ 25 3.5 14 13.50% 0% 13.50% 132,475 848,818

FIBER Subtotal 2,072,387 1,784,735 562,316 1,222,419

Total Distribution Plant 552,005,968 355,702,005 196,397,285 159,304,720

Rounded 552,006,000 355,702,000 196,397,000 159,305,000







Footnotes:1 Installed costs include engineering, materials, labor, construction management and contingency, plus utility owner's costs. 2 Average installation year of facilities based on Exponential Engineering Existing System Estimate. Some component's vintage years unknown and are assumed to be comparable to known data. Mid-decade installation assumed for these items. 3 Handy Whitman Index of Public Utility Construction Costs, South Central Region (Region 4).4 Depreciation parameters for facilities based on industry statistics and NewGen experience.5 Based on applicable survivor curve, with the assumption that adjustment for physical deterioration does not exceed 90 percent of value for older facilities still in service.6 Based on the percent of physical deterioration and net salvage.7 Based on the percent of accumulated depreciation applied to the original cost.8 Categories after substations all include engineering, materials, labor, construction management, and contingency. These are included in the per unit costs and not directly broken out as is the case with substations9 FERC category 364 ageing is assumed to be equal to the Three Phase Primary Overhead ageing per email from Exponential Engineering and discussion.10 Streetlight on Distribution Pole ageing assumed to be equal to Three Phase Overhead Conductors per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.11 Streetlights on Street Light Pole ageing assumed to be equal to Single Phase Overhead Transformers per email from Exponential Engineering. Modeled as the percentage of total 1980's through 2010's dollars for each decade from 1980 on since all bulbs are HPSV.


Replacement Average Original Percent Rate Base Line No. Description Cost New 1 Install Year 2 Line No. Install Yr 1/1/2018 Factor Cost Contributed 4 (OCLD)

(a) (b) (c) (d) (e) (f) (g) (h) (i) (j) (k)

12 Land - Distribution $1,372,169 1985 CPI 108 252 0.4278 $586,969 0% $586,9693 Land - General $494,846 1985 CPI 108 252 0.4278 $211,679 0% $211,6794 Total Value $1,867,015 $798,648 $798,648

5 Rounded $1,900,000 $800,000 $800,000

Footnotes:1 From TVA FY 2018.PDF - MED Report to TVA2 Average installation year of facilities based review of average age of system3 Handy Whitman Index of Public Utility Construction Costs, South Central Region (Region 4).4 Assumed percent of real property (land, rights of way and easements) that was contributed at zero cost to the utility

Land Value



Table 4


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Revision History

Description Qty Unit Unit Cost Extended Cost 1

Jones Substation Location No. 3 1 LOT $4,363,800 4,363,800$ 2Pitts Substation Location No. 4 1 LOT $3,796,900 3,796,900$ South Church Substation Location No. 5 1 LOT $3,796,900 3,796,900$ East Substation Location No. 6 1 LOT $10,194,800 10,194,800$ Primary Substation Location No. 7 1 LOT $11,592,600 11,592,600$ Industrial Substation Location No. 9 1 LOT $7,514,000 7,514,000$ Kirk Substation Location No. 10 1 LOT $4,129,900 4,129,900$ Blackman Substation Location No. 11 1 LOT $5,346,300 5,346,300$ Lynch Substation Location No. 12 1 LOT $6,069,900 6,069,900$ Cason Substation Location No. 13 1 LOT $5,236,500 5,236,500$ Jean Roger Substation Location No. 14 1 LOT $5,252,500 5,252,500$ MTSU Substation Location No. 15 1 LOT $3,312,800 3,312,800$ Veterans Substation Location No. 16 1 LOT $5,394,000 5,394,000$ Gateway Substation Location No. 17 1 LOT $5,197,800 5,197,800$

$ 81,198,700

Description Qty Unit Unit Cost Extended CostThree Phase Overhead Lines 1313.7 1000 feet 20,596$ 27,057,256$

Two Phase Overhead Lines 36.1 1000 feet 20,469$ 738,931$ Single Phase Overhead Lines 504.3 1000 feet 18,487$ 9,322,739$

$ 37,118,925


Overhead PrimaryThree Phase Overhead Lines - all Conductors 1 Lot 21,131,381$ 21,131,381$ Two Phase Overhead Lines - all Conductors 1 Lot 154,196$ 154,196$

Single Phase Overhead Lines - all Conductors 1 Lot 1,459,504$ 1,459,504$

Overhead Equipment (not including transformers)Overhead Switches 1 Lot 829,224$ 829,224$

Capacitor Banks 1 Lot 1,039,687$ 1,039,687$ Reclosers 1 Lot 162,624$ 162,624$

$ 24,776,616

ALL DATA TAKEN FROM GIS FURNISHED IN 2019

TOTAL COST

DISTRIBUTION SYSTEM EQUIPMENT

NEWG-1901 Murfreesboro Existing System EstimateExponential Engineering Company

FERC ACCOUNT 364 - POLES, TOWERS, FIXTURES

FERC ACCOUNT 362 - SUBSTATIONS (DISTRIBUTION EQUIPMENT ONLY)

TOTAL COST

ALL COSTS ARE 2019 INSTALLED COSTS INCLUDING ENGINEERING, MATERIALS, LABOR, CONSTRUCTION MANAGEMENT - TO AACE ESTIMATE CLASS 3 TYPICALLYEASEMENTS/RIGHTS OF WAY, LAND, ADMINISTRATION AND UTILITY OVERHEAD NOT INCLUDED.

FERC ACCOUNT 362 - SUBSTATIONS (EXISTING EQUIPMENT ONLY)

FERC ACCOUNT 364 - POLES, TOWERS, FIXTURES

SUMMARY OF ASSUMPTIONS FOR EACH FERC ACCOUNT GROUP

Includes power transformers, switchgear.

FERC ACCOUNT 365 - OVERHEAD CONDUCTORS AND DEVICES

All overhead secondary/services are in a single category in the GIS and are included in Account 369.

Does not include land.

TOTAL COST

FERC ACCOUNT 365 - OVERHEAD CONDUCTORS AND DEVICES

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Summary Page 1 of 23

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Total Underground Duct Bank, Concrete Encased 1 Lot 68,506,317$ 68,506,317$

Manholes and Vaults 1 Lot 21,718,584$ 21,718,584$

$ 90,224,901


Underground Primary - in ConduitThree Phase Underground Lines - all Conductors 1 Lot 33,106,887$ 33,106,887$

Underground Primary - Direct BuriedThree Phase Underground Lines - all Conductors 1 Lot 7,510,755$ 7,510,755$ Two Phase Underground Lines - all Conductors 1 Lot 220,944$ 220,944$ Single Phase Underground Lines - all Conductors 1 Lot 4,022,862$ 4,022,862$

Pad-mount Switches 1 Lot 7,787,395$ 7,787,395$

$ 52,648,844


Single Phase Overhead Transformers 1 LOT 12,093,635$ 12,093,635$

Single Phase Pad-Mount Transformers 1 LOT 31,256,198$ 31,256,198$ Three Phase Pad-Mount Transformers 1 LOT 20,203,505$ 20,203,505$

$ 63,553,338


All Overhead Secondary/Services 1 LOT 7,373,123$ 7,373,123$ All Underground Secondary/Services 1 LOT 30,737,057$ 30,737,057$

$ 38,110,180

FERC ACCOUNT 366 - UNDERGROUND CONDUIT AND DIRECT BURIAL INSTALLATIONS

TOTAL COST

FERC ACCOUNT 367 - UNDERGROUND CONDUCTORS AND DEVICES

TOTAL COST

FERC ACCOUNT 366 - UNDERGROUND CONDUIT

FERC ACCOUNT 368 - TRANSFORMERS


FERC ACCOUNT 368 - TRANSFORMERS

Single Phase overhead transformers included banked units.

Trenching for direct buried cables is included in Account 367

All underground secondary/services are in a single category in the GIS and are included in Account 369.

TOTAL COST

FERC ACCOUNT 369 - SERVICES

TOTAL COST

Secondary and services are in one category in the GIS and therefore are included in this account.



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Revision History







All Meters 1 LOT 16,815,670$ 16,815,670$

$ 16,815,670

Description Qty Unit Unit Cost Extended CostAll Streetlights 1 LOT 53,830,810$ 53,830,810$

$ 53,830,810

Description Qty Unit Unit Cost Extended CostAll Fiber 1 LOT 1,726,989$ 1,726,989$

$ 1,726,989

460,004,973$

Distribution System Total 460,004,973$

GRAND TOTAL 460,004,973$

Meter estimate and cost based on AMR functionality.FERC ACCOUNT 370 - METERS FERC ACCOUNT 370 - METERS

TOTAL COST

Overall Distribution System Total:

FERC ACCOUNT 373 - STREETLIGHTS

TOTAL COST

ACQUISITION SUMMARY

FERC ACCOUNT 384 - FIBER

TOTAL COST


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Revision History

13.8kV Feeder Lengths from GIS DataSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Breakdown of Feeders by Conductor Sizes from GIS - these values are used for overall cost calculationsSource File: AllConductor EEC used 2018-10-30.xlsx Engineering and Project Management 4%

1000 feetUnits

Overhead (circuit feet of line)Sub-Transmission 46kV 264,000 5,627,588$

954 ACSR 264,000 264.0 21,317$ 5,627,588$ 3 Phase 1,313,737 21,131,381$

795 AAC and ACSR, 650, 556, 590 and unknown 736,435 736.4 22,542$ 16,600,718$ 336 AAC and AL 153,007 153.0 9,982$ 1,527,304$ 4/0 BCU and WPCU 7,978 8.0 8,700$ 69,405$ 3/0 AAAC, AAC, ACSR and BCU 50,799 50.8 8,779$ 445,946$ 1/0 ACSR and smaller 365,518 365.5 6,807$ 2,488,008$

2 Phase 36,100 154,196$ 1/0 AAC and ACSR and larger 3,253 3.3 4,915$ 15,989$ #2 ACSR and smaller 32,847 32.8 4,208$ 138,206$

1 Phase 504,298 1,459,504$ 1/0 ACSR and larger and unknown or null 45,394 45.4 3,760$ 170,663$ #2 ACSR and smaller 458,904 458.9 2,809$ 1,288,841$

Overhead Conductor Totals 1,854.1 28,372,669$

Underground (circuit feet of line)In Conduit - Assumed 85% of UG primary feeder length are in conduit.

3 Phase 954,022 33,106,887$ 500kCM CU and AL and larger 139,020 139.0 70,502$ 9,801,136$ 2/0 up to 500kCM 189,435 189.4 37,076$ 7,023,501$ #1 and 1/0 536,569 536.6 27,404$ 14,704,145$ #2 and smaller 88,998 89.0 17,732$ 1,578,105$

2 Phase 53,315 918,219$ #2 (includes all wire sizes) 53,315 53.3 17,222$ 918,219$

1 Phase 936,177 13,517,581$ 1/0 and larger 735,052 735.1 15,226$ 11,191,607$ #1 and smaller and unknown and null 201,125 201.1 11,565$ 2,325,974$

Underground Conductor in Conduit Totals 139 47,542,687$

Extended Cost TotalsQuantityFeeder Conductor Total Costs Totals Unit Design, Material and Installation Cost


DISTRIBUTION SYSTEM ANALYSIS

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Feeders&Secondary Page 4 of 23

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Direct Buried3 Phase 168,357 7,510,755$

500kCM CU and AL and larger 24,533 24.5 80,402$ 1,972,508$ 2/0 up to 500kCM 33,430 33.4 46,987$ 1,570,770$ #1 and 1/0 94,689 94.7 37,315$ 3,533,328$ #2 and smaller 15,705 15.7 27,643$ 434,149$

2 Phase 9,409 220,944$ #2 (includes all wire sizes) 9,409 9.4 23,483$ 220,944$

1 Phase 165,208 4,022,862$ 1/0 and larger 129,715 129.7 25,137$ 3,260,621$ #1 and smaller and unknown and null 35,493 35.5 21,476$ 762,241$

Underground Conductor Direct Buried Totals 343 11,754,562$

Source File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx Engineering and Project Management 4%1000 feet

UnitsOverhead (circuit feet of line)

All Secondary and Services 1,582,487 1582.487 4,659$ 7,373,123$

Underground (circuit feet of line)All Secondary and Services 2,877,786 2877.786 10,681$ 30,737,057$

Secondary and Services Totals 4460.27 38,110,180$

Type Quantity Unit Costplus Eng/PM Extended Cost

Secondary and Service Lengths from GIS Data

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Feeders&Secondary Page 5 of 23

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Conduit and Duct Bank from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

1000 feet

Units # Filled Length1W x 1H 1 6 328,455 328.46 33,048$ 10,854,791$ 1 328,4551W x 1H 1 5 678,882 678.88 31,930$ 21,676,710$ 1 678,8821W x 1H 1 3 936,177 936.18 30,587$ 28,634,854$ 1 936,177

Conduit and Duct Bank Total 1,943,515 1,944 61,166,355 1,943,515Engineering and Project Management: 12% 7,339,963$

Conduit and Duct Bank Grand Total 68,506,317$

Notes:1. All duct banks are concrete-slurry encased.

Manholes/Vaults from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Material LaborSingle Phase Manhole/Vault 4 x 4 403 3,600$ 8,000$ 4,674,800$ Three Phase Manhole/Vault 5 X 7 900 5,150$ 12,000$ 15,435,000$

Manhole/Vault Total 900 20,109,800$ Engineering and Project Management: 8% 1,608,784$

Manhole/Vault Grand Total 21,718,584$ Notes:1. GIS provides quantities only. Vaults split between single phase and three phase (50/50).

Quantity Unit Cost Extended Cost


Minimal Conduit - Assume 1W x 1H, 6" for large 3-phase feeders

Duct Bank Arrangement(Note 1) # of Conduits in Duct Conduit Size

(inches)Quantity

(feet)

Unit Cost(Material, Labor,

Trench)


Type Size(ft x ft)

Feet of Conduit Filled

(Note 5)Extended Cost Notes

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Duct&Conduit Page 6 of 23

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Overhead Transformer Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsxTransformer Banks

Cans Per Bank Total # Cans Cans Per Bank Total # Cans Cans Per Bank Total # Cans Cans Per Bank Total # Cans Cans per

Bank Total # Cans Cans Per Bank Total # Cans Cans Per

Bank Total # Cans Cans Per Bank Total # Cans Cans Per

Bank Total # Cans Cans Per Bank Total # Cans

15 1 3 3 0 0 0 0 0 0 0 0 030 3 0 3 9 0 0 0 0 0 0 0 035 1 0 2 2 1 1 0 0 0 0 0 0 045 63 0 0 3 189 0 0 0 0 0 0 055 2 0 0 2 4 1 2 0 0 0 0 0 075 215 0 0 0 3 645 0 0 0 0 0 0100 4 0 0 0 2 8 0 1 4 0 0 0 0110 1 0 0 0 0 3 3 0 0 0 0 0

112.5 2 0 0 0 0 3 6 0 0 0 0 0125 2 0 0 0 0 2 4 1 2 0 0 0 0

137.5 1 0 0 0 2 2 0 0 1 1 0 0 0150 185 0 0 0 0 0 3 555 0 0 0 0175 2 0 0 0 0 0 2 4 1 2 0 0 0225 47 0 0 0 0 0 0 3 141 0 0 0300 31 0 0 0 0 0 0 0 3 93 0 0500 1 0 0 0 0 0 0 0 0 3 3 01000 1 0 0 0 0 0 0 0 0 0 3 3

Totals for Three-Phase Banks 562 3 11 194 657 13 565 144 93 3 3

25 3 0 1 3 1 3 0 0 0 0 0 0 030 4 0 0 2 8 0 0 0 0 0 0 035 6 0 1 6 0 1 6 0 0 0 0 0 040 8 0 0 1 8 1 8 0 0 0 0 0 0

47.5 1 0 1 1 0 0 1 1 0 0 0 0 050 6 0 0 0 2 12 0 0 0 0 0 0

52.5 1 0 0 1 1 0 1 1 0 0 0 0 055 1 1 1 0 0 0 0 1 1 0 0 0 060 4 0 1 4 0 0 0 1 4 0 0 0 065 11 0 0 1 11 0 0 1 11 0 0 0 075 15 0 0 0 1 15 0 1 15 0 0 0 075 2 0 0 0 0 2 4 0 0 0 0 085 1 0 1 1 0 0 0 0 1 1 0 0 090 1 0 0 1 1 0 0 0 1 1 0 0 0100 8 0 0 0 1 8 0 0 1 8 0 0 0100 5 0 0 0 0 0 2 10 0 0 0 0110 1 0 1 1 0 0 0 0 0 1 1 0 0115 1 0 0 1 1 0 0 0 0 1 1 0 0125 3 0 0 0 1 3 0 0 0 1 3 0 0125 4 0 0 0 0 0 1 4 1 4 0 0 0150 2 0 0 0 0 0 1 2 0 1 2 0 0150 1 0 0 0 0 0 0 2 2 0 0 0192 1 0 0 0 1 1 0 0 0 0 1 1 0

Totals for Two-Phase Banks 90 1 16 33 53 6 47 16 7 1 0



333kVASingle Phase Cans (Note 1)

Two-Phase Banks

Three-Phase Banks

100kVA 167kVABank kVA Quantity 10kVA5kVA 15kVA 25kVA 37.5kVA 50kVA 75kVA

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: OH Xfmrs & Eq Page 7 of 23

5 59 1 59 0 0 0 0 0 0 0 0 010 231 0 1 231 0 0 0 0 0 0 0 015 1045 0 0 1 1045 0 0 0 0 0 0 025 2083 0 0 0 1 2083 0 0 0 0 0 0

37.5 122 0 0 0 0 1 122 0 0 0 0 050 1367 0 0 0 0 0 1 1367 0 0 0 075 144 0 0 0 0 0 0 1 144 0 0 0100 40 0 0 0 0 0 0 0 1 40 0 0167 3 0 0 0 0 0 0 0 0 1 3 0

Totals for Single-Phase Banks 5094 59 231 1045 2083 122 1367 144 40 3 0

Grand TotalsOH Transformers 5746 63 258 1272 2793 141 1979 304 140 7 3

Unit Cost - Materials 765$ 818$ 884$ 1,106$ 1,344$ 1,541$ 2,181$ 2,614$ 4,928$ 11,555$ Unit Cost - Labor 300$ 300$ 300$ 300$ 300$ 300$ 300$ 300$ 300$ 1,000$

Unit Cost - Equipment 45$ 45$ 45$ 45$ 45$ 45$ 75$ 75$ 75$ 1,000$ Extended Cost 69,930$ 300,054$ 1,563,288$ 4,052,643$ 238,149$ 3,732,394$ 777,024$ 418,460$ 37,121$ 40,665$

Quantity 562Unit Cost 200$

Extended Cost 112,400$

7%

12,093,635$

Notes:1. Single phase cans used to make up a three-phase or two-phase bank.2. Three-Phase bank additional cost for mounting rack.

Overhead Switch Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Materials Labor Equipment

200 214 950$ 600$ 100$ 353,100$ 600 143 1,500$ 1,200$ 200$ 414,700$

Overhead Switch Total 357 767,800$ Engineering and Project Management: 8% 61,424$

Overhead Switch Grand Total 829,224$ Notes:1. Switches are counted as individual elements (i.e., a three phase installation has three individual switches)2. GIS does not have switch rating data; switches are split between 200 (60%) and 600A (40%).

Capacitor Bank Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Material Labor Equipment600 33 3,500$ 2,100$ 500$ 201,300$ 1200 73 6,990$ 2,400$ 800$ 743,870$

Capacitor Bank Total 106 945,170$ Engineering and Project Management: 10% 94,517$

Capacitor Bank Grand Total 1,039,687$ Notes:1. Unknown capacitor banks are priced in kVAr ratings in proportion to capacitors with ratings provided in the GIS.

Three-Phase Recloser Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Material Labor EquipmentNOVA-TS 6 21,000$ 2,400$ 800$ 145,200$

Three-Phase Recloser Total 6 145,200$

Engineering and Project Management: 12% 17,424$ Three-Phase Recloser Grand Total 162,624$

Notes:1. GIS does not provide details on recloser types, so assumed NOVA-TS as typical.

Unit Cost

Unit CostType QuantityExtended Cost

kVAr Size Quantity Extended Cost

Final Total OH Transformer Estimate

Rating(Amps)

Total # Switches

(Notes 1 & 2)Extended Cost

Additional Price for Three-Phase Banks (Note 2)

Engineering and Project Management:

Unit Cost

Single-Phase Banks

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: OH Xfmrs & Eq Page 8 of 23

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Revision History

Padmount (Underground) Transformer Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Material Labor Equipment

75 153 6,750$ 1,500$ 325$ 1,311,975$ 112 1 6,950$ 1,500$ 325$ 8,775$ 150 234 7,450$ 1,500$ 325$ 2,170,350$ 225 9 8,450$ 1,500$ 325$ 92,475$ 300 248 12,250$ 1,500$ 325$ 3,490,600$ 500 129 16,400$ 1,500$ 325$ 2,351,025$ 750 79 21,050$ 2,400$ 520$ 1,893,630$ 1000 40 25,970$ 2,400$ 520$ 1,155,600$ 1500 46 32,700$ 2,400$ 520$ 1,638,520$ 2000 5 40,600$ 2,400$ 520$ 217,600$ 2500 64 64,600$ 2,400$ 520$ 4,321,280$ 3750 3 73,000$ 3,000$ 650$ 229,950$

Totals for Three-Phase Banks 1011 18,881,780$

Engineering and Project Management: 7% 1,321,725$

Three-Phase Banks Grand Total 20,203,505$


10 4 1,325$ 1,500$ 325$ 12,600$ 25 911 1,525$ 1,500$ 325$ 3,051,850$ 50 4837 1,925$ 1,500$ 325$ 18,138,750$ 75 857 2,570$ 1,500$ 325$ 3,766,515$

100 777 3,325$ 1,500$ 325$ 4,001,550$ 150 1 4,590$ 1,500$ 325$ 6,415$ 167 22 8,075$ 1,500$ 325$ 217,800$ 500 1 13,000$ 2,400$ 520$ 15,920$

Totals for Single-Phase Banks 7410 29,211,400$

Engineering and Project Management: 7% 2,044,798$ Single-Phase Banks Grand Total 31,256,198$

Padmount Switch Counts from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx

Material Labor EquipmentPMH-10 4 600 14 18,970$ 7,200$ 800$ 377,580$ PMH-11 4 600 44 19,041$ 7,200$ 800$ 1,189,804$ PMH-12 4 600 3 20,058$ 7,200$ 800$ 84,174$ PMH-9 4 600 192 19,532$ 7,200$ 800$ 5,286,144$ SM 4 600 4 27,437$ 7,200$ 800$ 141,748$

Totals for Padmount Switches 257 7,079,450$

Engineering and Project Management: 10% 707,945$ Padmount Switches Banks Grand Total 7,787,395$

Notes:1. GIS provides minimal detail on pad-mount switches. Four-way 600A systems assumed.

Bank kVA Quantity Extended CostUnit Cost

Single-Phase Banks

Extended CostType(Note 1) #Circuits Rating

(Amps) Quantity Unit Cost

Bank kVA Quantity Extended CostUnit Cost

Three-Phase Banks



File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Padmt Xfmr & Eq Page 9 of 23

2/19/2019

Revision History

StreetlightsSource File: StreetLights_022219 eec used.xlsx


0-100W Mounted on Distribution Pole 3107 200$ 413$ 161$ 2,407,117$ 150-175W mounted on Distribution Pole 644 210$ 413$ 161$ 505,373$ 250-1000W Mounted on Distribution Pole 3003 250$ 413$ 161$ 2,476,694$

0-100W on Streetlight Pole 5548 1,320$ 2,070$ 1,560$ 27,462,600$ 150-175W on Streetlight Pole 1287 1,330$ 2,070$ 1,560$ 6,383,520$

250-1000W on Streetlight Pole 2708 1,370$ 2,070$ 1,560$ 13,540,000$

Total for Streetlights 16297 52,775,304$ Engineering and Project Management: 2% 1,055,506$

Streetlights Grand Total 53,830,810$

Category Quantity Unit Cost Extended Cost



1 - Updated material, labor and equipment

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Streetlights Page 10 of 23

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Revision History

Existing Substation Substation Description Qty Year Built/ Rewound Total Cost

46-13kV 18/24/30/33.6 MVA Transformer 1 2010 $650,00046-13kV 18/24/30/33.6 MVA Transformer 1 2011 $650,00046kV Breaker 2 $80,00046kV Disconnect switch 3 $2,40046kV Motor operated switch 2 $30,00013kV Loadbreak switch 2 $1,40013kV Tie Breaker 1 $25,00013kV Switchgear with three breaker 2 $600,000Station service 2 $5,000Construction 1 $2,000,000Engineering 1 $120,000Contingency 1 $200,000

Subtotal $4,363,80046-13kV 12/16/20/22.4 MVA Transformer 1 1995 $630,00046-13kV 12/16/20/22.4 MVA Transformer 1 1978 $630,00046kV Disconnect switch 5 $40,00046kV Breaker 1 $25,00013kV Station service 1 $2,50013kV Loadbreak switch 2 $1,40013 kV Breaker 4 $100,00013kV Switch 12 $48,000Construction 1 $2,000,000Engineering 1 $120,000Contingency 1 $200,000

Subtotal $3,796,90046-13kV 12/16/20/22.4 MVA Transformer 1 1979 $630,00046-13kV 12/16/20/22.4 MVA Transformer 1 2008 $630,00046kV Disconnect switch 5 $40,00046kV Breaker 1 $25,00013kV Station service 1 $2,50013kV Loadbreak switch 2 $1,40013 kV Breaker 4 $100,00013kV Switch 12 $48,000Construction 1 $2,000,000Engineering 1 $120,000Contingency $200,000

Subtotal $3,796,900

161-13kV 30/40/50/56 MVA Transformer 1 2005 $1,200,000161-13kV 30/40/50/56 MVA Transformer 1 2005 $1,200,000161-46kV 60/80/100 MVA Transformer 1 1993 $1,900,000161kV Breaker 2 $250,000161kV switch 7 $84,000161kV motor operated switch 4 $60,000161 Circuit Switcher 2 $130,00046kV Breaker 2 $80,00046kV Switch 11 $88,00013kV Loadbreak switch 4 $2,80013kV switchgear with four breaker 2 $1,000,000Construction 1 $3,800,000Engineering 1 $150,000Contingency 1 $250,000

Subtotal $10,194,800


SUBSTATION SYSTEM ANALYSIS

JONES SUBSTATIONLocation No. 3

PITTS SUBSTATIONLocation No.4

SOUTH CHURCHSUBSTATIONLocation No. 5

EAST SUBSTATIONLocation No. 6

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Substations Page 11 of 23

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Revision History




161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1999 $1,100,000161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1999 $1,100,000161-46kV 60/80/100/112 MVA Transformer 1 1999 $2,800,000161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 2008 $1,100,000161kV Breaker 1 $125,000161kV Disconnect switch 10 $120,000161kV Motor operated switch 1 $30,00046kV Disconnect switch 5 $40,000161kV Circuit switcher 3 $195,00013kV Disconnect switch 3 $1,20013kV Loadbreak switch 2 $1,40013kV Switchgear with three feeder breaker 3 $600,000Construction 1 $4,000,000Engineering 1 $130,000Contingency $250,000

Subtotal $11,592,600

161-13kV 20/26.7/33/37.3 MVA Transformer 1 $950,000161-13kV 20/26.7/33/37.3 MVA Transformer 1 $950,000161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 $950,000161kV Disconnect switch 5 $60,000161kV Circuit Switcher 5 $325,00013kV Loadbreak switch 4 $2,80013kV Switchgear with three feeder breaker 3 $900,00013kV switchgear with four feeder breaker 1 $500,000Station service 1 $1,200Construction 1 $2,500,000Engineering 1 $125,000Contingency 1 $250,000

Subtotal $7,514,000

46-13kV 12/16/20/22.4 MVA Transformer 1 1997 $630,00046-13kV 12/16/20/22.4 MVA Transformer 1 1997 $630,00046kV Disconnect switch 2 $16,00046kV Breakers 2 $80,00013kV Loadbereak switch 1 $70013kV Switch 2 $80013kV Station service 2 $2,40013kV Switchgear with two feeder breaker 2 $450,000Construction 1 $2,000,000Engineering 1 $120,000Contingency $200,000

Subtotal $4,129,900

161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2001 $1,100,000161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2001 $1,100,000161kV Disconnect switch 5 $60,000161kV Grounding switch 2 $28,000161kV Circuit Switcher 2 $130,00013kV Loadbreak switch 3 $2,10013kV Switchgear with three feeder breaker 2 $600,000Station service 2 $1,200Construction 1 $2,000,000Engineering 1 $125,000Contingency 1 $200,000

Subtotal $5,346,300

PRIMARY SUBSTATIONLocation No. 7

INDUSTRIAL SUBSTATIONLocation No. 9

KIRK SUBSTATIONLocation No. 10

BLACKMAN SUBSTATION

Location No. 11


2/19/2019

Revision History




161-46kV 60/80/100 MVA Transformer 1 1993 $2,400,000161-13kV 12/18/20/22 MVA Transformer 1 2004 $750,000161kV Disconnect switch 7 $84,000161kV Grounding switch 2 $28,000161kV Circuit Switcher 2 $130,00046kV Disconnect switch 7 $56,00046kV Breaker 2 $50,00013kV Loadbeake switch 1 $70013kV Switchgear wit two feeder breaker 1 $250,000Station service 1 $1,200Construction 1 $2,000,000Engineering 1 $120,000Contingency 1 $200,000

Subtotal $6,069,900

161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2006 $1,100,000161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2006 $1,100,000161kV Loadbreak switch 1 $14,000161kV Disconnect switch 5 $70,000161kV Grounding switch 2 $28,00013kV Loadbreak disconnect switch 3 $2,10013kV Switchgear with three feeder breaker 2 $600,000Station service 2 $2,400Construction 1 $2,000,000Engineering 1 $120,000Contingency $200,000

Subtotal $5,236,500

161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2013 $1,100,000161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2013 $1,100,000161kV Disconnect switch 5 $70,000161kV Circuit switcher 4 $260,00013kV Tie breaker 1 $70013kV Loadbreak switch 2 $1,40013kV disconnect switch 1 $40013kV Switchgear with three feeder breaker 2 $600,000Construction 1 $1,800,000Engineering 1 $120,000Contingency $200,000

Subtotal $5,252,500

46-13kV 12/16/20/22.4 MVA Transformer 1 1968 $630,00046-13kV 12/16/20/22.4 MVA Transformer 1 1971 $630,00046kV Breaker 2 $80,00046kV Disconnect switch 3 $24,00013kV Tie breaker 1 $25,00013kV Loadbreak switch 2 $1,40013kV Switchgear with three feeder breaker 2 $600,000Station service 2 $2,400Construction 1 $1,000,000Engineering 1 $120,000

$200,000Subtotal $3,312,800

LYNCH SUBSTATIONLocation No. 12

JEAN ROGER SUBSTATION

Location No.14

CASON SUBSTATIONLocation No.13

MTSU SUBSTATIONLocation No. 15


2/19/2019

Revision History




161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2016 $1,100,000161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2016 $1,100,000161kV Disconnect switch 3 $36,000161kV Circuit switcher 4 $260,00013kV Tie breaker 1 $25,00013kV Loadbreaker switch 2 $1,40013kV Disconnect switch 1 $40013kV Switchgear with two feeder breaker 1 $250,00013kV Switchgear with three feeder breaker 1 $300,000Station service 1 $1,200Construction 1 $2,000,000Engineering 1 $120,000Contingency 1 $200,000

Subtotal $5,394,000

161-13kV 18/24/30/33.6 MVA Transformer 1 2017 $950,000161-13kV 18/24/30/33.6 MVA Transformer 1 2017 $950,000161kV Disconnect switch 7 $84,000161 Circuit Switcher 4 $260,00013kV Tie breaker 1 $25,00013kV Loadbreak switch 2 $1,400Station service 2 $2,40013kV switchgear with two feeder breaker 2 $600,000Construction 1 $2,000,000Engineering 1 $125,000Contingency 1 $200,000

Subtotal $5,197,800

TOTAL $81,198,700

GATEWAY SUBSTATION

Location No. 17

VETERANS SUBSTATION

Location No. 16


2/19/2019

Revision History

Source File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsxMeters are valued as standard AMR meters, not AMI.

Type Size Phase Voltage Meter CT's & PT's Meter Can

Cable & Misc Labor Equipment Total Unit

CostResidential - standard 100 or 200 A service kWh SC 1 PH Sec 35$ -$ 60$ 75$ 60$ 20$ 250$ 63,623 15,905,750$ Small General - demand - 3 phase - 400 A DI TR 3 PH Sec 170$ 265$ 290$ 175$ 120$ 30$ 1,050$ 76 79,800$ Large General - Secondary - 3 phase - 600 A DI TR 3 PH Sec 170$ 265$ 325$ 200$ 120$ 30$ 1,110$ 24 26,640$ Large General - Secondary - 3 phase - 1200 A IDR TR 3 PH Sec 402$ 265$ 350$ 200$ 120$ 30$ 1,367$ 2 2,734$

63,725 16,014,924$ Engineering and Project Management: 5% 800,746$

Meter Grand Total 16,815,670$

Extended Cost


Typical Meter Description Metering cost


Meter Totals

Type of service Rate QTY

Service Quantities from GIS Data. No Meter Details available.

File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Meters Page 15 of 23

Fiber from GISSource File: MurfreesboroSystem_Final_Round1_022019 eec used.xlsx


144 Fiber 59 10,560$ 15,840$ 210$ 1,569,990$

Totals for Fiber 59 1,569,990$ Engineering and Project Management: 10% 156,999$

Toltal fiber 1,726,989$

Type(Note 1) Quantity

Unit CostExtended Cost

2/19/2019

Revision History


DESCRIPTION MATL QTY UNIT UNIT COST

MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Tangent Structure 7 each $ 700 7 $ 1,418 $ 14,826 Deadend or Angle Structure 1 each $ 1,004 1 $ 2,893 $ 3,897 Engineering and Project Management 10% $ 1,872

$ 20,596 Assumptions:1. Average span length = 150 feet2. 40' Class 4 wood poles


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Tangent Structure 8 each $ 687 8 $ 1,248 $ 15,482 Deadend or Angle Structure 1 each $ 971 1 $ 2,155 $ 3,127 Engineering and Project Management 10% $ 1,861



MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Tangent Structure 8 each $ 582 8 $ 1,191 $ 14,189 Deadend or Angle Structure 1 each $ 774 1 $ 1,844 $ 2,617 Engineering and Project Management 10% $ 1,681


TOTAL COST PER 1000 FT


2019 Opinions of Probable Costs for Replacement Construction (Materials and Labor included) - AACE Estimate Class 3

FERC ACCOUNT 364 - 3 PHASE OVERHEAD FEEDER POLES, TOWERS, FIXTURES (1000 FT)





File: NEWG-1901 Murfreesboro Existing System Estimate for Appraisal Rev 1 2019-03-06.xlsxSheet: Unit Costs Page 17 of 23


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

954 54/7 ACSR "Cardinal" (3 ph) 3075 feet $ 3.69 1000 $ 9.15 $ 20,497

$ 20,497


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

795 26/7 ACSR "Drake" (3 ph + neutral) 4100 feet $ 3.35 1000 $ 7.94 $ 21,675

$ 21,675


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

336 18/1 ACSR "Merlin" (3 ph + neutral) 4100 feet $ 0.68 1000 $ 6.81 $ 9,598

$ 9,598


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

3/0 6/1 ACSR "PIgeon" (3 ph + neutral) 4100 feet $ 0.51 1000 $ 6.35 $ 8,441

$ 8,441


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4/0 6/1 ACSR "Penguin" (3 ph + neutral) 4100 feet $ 0.55 1000 $ 6.11 $ 8,365

$ 8,365


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1/0 6/1 ACSR "Raven" (3 ph + neutral) 4100 feet $ 0.35 1000 $ 5.11 $ 6,545

$ 6,545


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 4,726


FERC ACCOUNT 365 - 3 PHASE OVERHEAD CONDUCTOR 1/0 ACSR FEEDER (1000 FT)


FERC ACCOUNT 365 - 3 PHASE OVERHEAD CONDUCTOR 795 ACSR MAIN FEEDER (1000 FT)


FERC ACCOUNT 365 - 3 PHASE OVERHEAD CONDUCTOR 336 ACSR FEEDER (1000 FT)



FERC ACCOUNT 365 - 2 PHASE OVERHEAD CONDUCTOR TYPICAL 1/0 ACSR FEEDER (1000 FT)


FERC ACCOUNT 365 - 3 PHASE OVERHEAD CONDUCTOR 954 ACSR SUB-TRANSMISSION (1000 FT)






MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#2 6/1 ACSR "Sparrow" (2 ph + neutral) 3075 feet $ 0.21 1000 $ 3.40 $ 4,046

$ 4,046


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 3,615


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4/0 6/1 ACSR "Penguin" (1 ph + neutral) 2050 feet $ 0.55 1000 $ 3.50 $ 4,628

$ 4,628


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#2 6/1 ACSR "Sparrow" (1 ph + neutral) 2050 feet $ 0.21 1000 $ 2.27 $ 2,701

$ 2,701


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#4 6/1 ACSR "Swan" (1 ph + neutral) 2050 feet $ 0.13 1000 $ 2.38 $ 2,647

$ 2,647


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1/0 AL Triplex 1000 feet $ 0.96 1000 $ 3.52 $ 4,480

$ 4,480


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Nine Conduits 1000 feet $ 110.25 1000 $ 17.02 $ 127,270 6 inch Conduit (10' sections), Joints 900 each $ 41.18 0 $ - $ 37,062 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 176,242

FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER NINE 6" CONDUITS (1000 FT)



FERC ACCOUNT 365 - 1 PHASE OVERHEAD CONDUCTOR TYPICAL #4 ACSR FEEDER (1000 FT)


FERC ACCOUNT 365 - OVERHEAD SECONDARY CONDUCTOR TYPICAL 1/0 AL TRIPLEX (1000 FT)











MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Eight Conduits 1000 feet $ 110.25 1000 $ 17.02 $ 127,270 6 inch Conduit (10' sections), Joints 800 each $ 41.18 0 $ - $ 32,944 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 172,124


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Six Conduits 1000 feet $ 110.25 1000 $ 17.02 $ 127,270 6 inch Conduit (10' sections), Joints 600 each $ 41.18 0 $ - $ 24,708 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 163,888


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4 inch PVC Sch 40 Conduit Duct, Concrete Encased - Five Conduits 1000 feet $ 110.25 1000 $ 17.02 $ 127,270 4 inch Conduit (10' sections), Joints 500 each $ 21.27 0 $ - $ 10,635 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 149,815


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Four conduits 1000 feet $ 85.00 1000 $ 17.02 $ 102,020 6 inch Conduit (10' sections), Joints 400 each $ 41.18 0 $ - $ 16,472 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 130,402


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4 inch PVC Sch 40 Conduit Duct, Concrete Encased - Four Conduits 1000 feet $ 85.00 1000 $ 17.02 $ 102,020 4 inch Conduit (10' sections), Joints 400 each $ 21.27 0 $ - $ 8,508 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 122,438


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Three conduits 1000 feet $ 85.00 1000 $ 17.02 $ 102,020 6 inch Conduit (10' sections), Joints 300 each $ 41.18 0 $ - $ 12,354 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 126,284


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4 inch PVC Sch 40 Conduit Duct, Concrete Encased - Three Conduits 1000 feet $ 85.00 1000 $ 17.02 $ 102,020 4 inch Conduit (10' sections), Joints 300 each $ 21.27 0 $ - $ 6,381 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 120,311

FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT FEEDER FIVE 4" CONDUITS (1000 FT)


FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER EIGHT 6" CONDUITS (1000 FT)


FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT FEEDER FOUR 4" CONDUITS (1000 FT)


FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER THREE 6" CONDUITS (1000 FT)


FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER FOUR 6" CONDUITS (1000 FT)


FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT FEEDER THREE 4" CONDUITS (1000 FT)



FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER SIX 6" CONDUITS (1000 FT)



MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit Duct, Concrete Encased - Two conduits 1000 feet $ 75.00 1000 $ 17.02 $ 92,020 6 inch Conduit (10' sections), Joints 200 each $ 41.18 0 $ - $ 8,236 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 112,166


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

4 inch PVC Sch 40 Conduit Duct, Concrete Encased - Two Conduits 1000 feet $ 75.00 1000 $ 17.02 $ 92,020 4 inch Conduit (10' sections), Joints 200 each $ 21.27 0 $ - $ 4,254 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 108,184


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 107,244


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 105,744


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

6 inch PVC Sch 40 Conduit, No Concrete 1000 feet $ - 1000 $ 17.02 $ 17,020 6 inch Conduit (10' sections), Joints 100 each $ 41.18 0 $ - $ 4,118 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 33,048


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 31,930


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST


$ 30,587


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1000 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install in Conduit 3100 feet $ 33.00 0 $ - $ 102,300

$ 102,300

FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT FEEDER TWO 3" CONDUITS (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 1000kCM CU MAIN FEEDER CABLE ONLY (1000 FT)



FERC ACCOUNT 366 - 3 PHASE UNDERGROUND CONDUIT FEEDER ONE 6" CONDUIT (1000 FT)






FERC ACCOUNT 366 - 3 PHASE UNDERGROUND DUCT MAIN FEEDER TWO 6" CONDUITS (1000 FT)







MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1000 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install in Conduit 0 feet $ - 1000 $ 5.79 $ 5,790

$ 5,790


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1000 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install Direct Buried 0 feet $ - 1000 $ 3.40 $ 3,400 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 15,310


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

500 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral 3100 feet $ 20.00 0 $ - $ 62,000

$ 62,000


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

500 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install in Conduit 0 feet $ - 1000 $ 5.79 $ 5,790

$ 5,790


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

500 kCM CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install Direct Buried 0 feet $ - 1000 $ 3.40 $ 3,400 Trench 1000 feet $ - 1000 $ 11.91 $ 11,910

$ 15,310


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

2/0 CU 15kV EPR Cable, Single Phase, 1/3 Neutral 3100 feet $ 10.00 0 $ - $ 31,000

$ 31,000


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Smaller than 500 CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install in Conduit 0 feet $ - 1000 $ 4.65 $ 4,650

$ 4,650


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Smaller than 500 CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install Direct Buried 0 feet $ - 1000 $ 2.27 $ 2,270 Trench 1000 feet $ - 1000 $ 11.91 $ 11,910

$ 14,180



FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 500kCM CU MAIN FEEDER CABLE ONLY (1000 FT)

FERC ACCOUNT 367 - 3 PHASE UNDERGROUND ALL CABLES SMALLER THAN 500 FEEDER INSTALLATION ONLY IN CONDUIT (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND ALL CABLES SMALLER THAN 500 FEEDER INSTALLATION ONLY DIRECT BURIED (1000 FT)



FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 500kCM CU MAIN FEEDER INSTALLATION ONLY IN CONDUIT (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 2/0 CU TO 500 FEEDER CABLE ONLY (1000 FT)

FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 1000kCM CU MAIN FEEDER INSTALLATION ONLY DIRECT BURIED (1000 FT)

FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 500kCM CU MAIN FEEDER INSTALLATION ONLY DIRECT BURIED (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND 1000kCM CU MAIN FEEDER INSTALLATION ONLY IN CONDUIT (1000 FT)




MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1/0 CU 15kV EPR Cable, Single Phase, 1/3 Neutral 3100 feet $ 7.00 0 $ - $ 21,700

$ 21,700


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#2 CU 15kV EPR Cable, Single Phase, 1/3 Neutral 3100 feet $ 4.00 0 $ - $ 12,400

$ 12,400


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#2 CU 15kV EPR Cable, Single Phase, Full Neutral 2100 feet $ 4.00 0 $ - $ 8,400

$ 8,400


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

Smaller than #2 CU 15kV EPR Cable, Single Phase, 1/3 Neutral Install Direct Buried 0 feet $ - 1000 $ 2.27 $ 2,270 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 14,180


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1/0 CU 15kV EPR Cable, Single Phase, Full Neutral 1100 feet $ 9.60 0 $ - $ 10,560

$ 10,560


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

#2 CU 15kV EPR Cable, Single Phase, Full Neutral 1100 feet $ 6.40 0 $ - $ 7,040

$ 7,040


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

All 15kV EPR Cable, Single Phase, 1/3 Neutral Install in Conduit 0 feet $ - 1000 $ 4.08 $ 4,080

$ 4,080


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

All 15kV EPR Cable, Single Phase, 1/3 Neutral Install Direct Buried 0 feet $ - 1000 $ 1.70 $ 1,700 Trench 0 feet $ - 1000 $ 11.91 $ 11,910

$ 13,610


MATLLABOR QTY

UNIT COSTLABOR

EXTENDED COST

1/0 AL Triplex 1000 feet $ 1.00 1000 $ 2.27 $ 3,270 Trench 0 feet $ - 1000 $ 7.00 $ 7,000

$ 10,270

FERC ACCOUNT 367 - 1 PHASE UNDERGROUND ALL CABLES INSTALLATION ONLY DIRECT BURIED (1000 FT)




FERC ACCOUNT 367 - 1 PHASE UNDERGROUND 1/0 CU CABLE ONLY (1000 FT)


FERC ACCOUNT 367 - 1 PHASE UNDERGROUND #2 CU AND SMALLER FEEDER CABLE ONLY (1000 FT)


FERC ACCOUNT 367 - UNDERGROUND SECONDARY CONDUCTOR TYPICAL 1/0 AL TRIPLEX (1000 FT)

FERC ACCOUNT 367 - 2 PHASE UNDERGROUND ALL CABLES SMALLER THAN #2 CU FEEDER INSTALLATION ONLY DIRECT BURIED (1000 FT)


FERC ACCOUNT 367 - 1 PHASE UNDERGROUND ALL CABLES INSTALLATION ONLY IN CONDUIT (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND #1 to 1/0 FEEDER CABLE ONLY (1000 FT)


FERC ACCOUNT 367 - 3 PHASE UNDERGROUND #2 and SMALLER FEEDER CABLE ONLY (1000 FT)


FERC ACCOUNT 367 - 2 PHASE UNDERGROUND #2 CU AND SMALLER FEEDER CABLE ONLY (1000 FT)


2/22/2019

DecadeThree

Phase OH Primary

Two Phase OH Primary

Single Phase OH Primary

Overhead Primary

Equipment(Note 1)

Duct Bank, Manholes &

Vaults(Note 2)

Three Phase

UG Primary

Two Phase

UG Primary

Single Phase UG Primary

Pad-Mount

Switches(Note 3)

Single Phase Overhead

Transformers

Single Phase Pad-Mount

Transformers

Three-Phase Pad-Mount

Transformers

Overhead Secondary &

Services(Note 4)

Underground Secondary &

Services(Note 5)

Meters

1940's 0.71% 4.00% 0.52% 2.09% 1.78% 0.62% 0.11% 0.17% 1.78% 2.09% 0.16% 1.78% 2.09% 0.16% 2.09%1950's 0.13% 0.00% 49.72% 0.07% 0.00% 0.02% 0.00% 0.00% 0.00% 0.07% 0.01% 0.00% 0.07% 0.01% 0.07%1960's 6.97% 16.86% 6.53% 10.01% 3.57% 1.76% 3.72% 4.81% 3.57% 10.01% 3.66% 3.57% 10.01% 3.66% 10.01%1970's 4.32% 12.06% 3.93% 7.05% 14.27% 15.20% 3.92% 5.66% 14.27% 7.05% 6.90% 14.27% 7.05% 6.90% 7.05%1980's 26.26% 22.30% 13.49% 31.76% 22.41% 18.22% 16.41% 23.51% 22.41% 31.76% 19.61% 22.41% 31.76% 19.61% 31.76%1990's 27.19% 11.30% 13.15% 25.41% 27.76% 17.26% 11.24% 14.52% 27.76% 25.41% 13.72% 27.76% 25.41% 13.72% 25.41%2000's 32.24% 31.14% 11.73% 22.23% 28.54% 44.62% 61.06% 49.21% 28.54% 22.23% 53.25% 28.54% 22.23% 53.25% 22.23%2010's 2.18% 2.33% 0.93% 1.37% 1.67% 2.29% 3.54% 2.12% 1.67% 1.37% 2.68% 1.67% 1.37% 2.68% 1.37%

100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

3. Pad-mount switches - age distribution matches three-phase pad-mount transformer age distribution.4. Overhead secondary/services - age distribution matches single phase overhead transformer age distribution.5. Underground secondary/services - age distribution matches three-phase pad-mount transformer age distribution.

NEWG-1901 Murfreesboro Existing System Age Data

Exponential Engineering Company

Revision History

See the Substations Tab for specific age data for each substation.Notes:1. Overhead primary equipment - age distribution matches single phase overhead transformer age distribution.2. Duct bank, manholes and vaults - age distribution matches three-phase pad-mount transformer age distribution.

2/22/2019

Overhead PrimarySource File: ByDecade 2019-02-27.xlsx

Three Phase Overhead Primary Circuit Feet from GIS Age Polygons

% of Total GIS Circuit Feet

1940's 9326 0.71%1950's 1,676 0.13%1960's 91,598 6.97%1970's 56,781 4.32%1980's 344,978 26.26%1990's 357,214 27.19%2000's 423,542 32.24%2010's 28,621 2.18%Total feet of Three Phase OH Primary from GIS Age Polygons 1,313,736 100.0%Total feet of Three Phase OH Primary in Estimate 1,313,737



Revision History

The service area has been broken up into decades based on information provided to EEC.GIS Data with Territory Age Polygons

Two Phase Overhead Primary Circuit Feet from GIS Age Polygons


1940's 1445 4.00%1950's 0 0.00%1960's 6,087 16.86%1970's 4,355 12.06%1980's 8,051 22.30%1990's 4,080 11.30%2000's 11,242 31.14%2010's 840 2.33%Total feet of Two Phase OH Primary from GIS Age Polygons 36,100 100.0%Total feet of Two Phase OH Primary in Estimate 36,100

Single Phase Overhead Primary Circuit Feet from GIS Age Polygons


1940's 5121 0.52%1950's 489,091 49.72%1960's 64,239 6.53%1970's 38,647 3.93%1980's 132,738 13.49%1990's 129,313 13.15%2000's 115,424 11.73%2010's 9,107 0.93%Total feet of Single Phase OH Primary from GIS Age Polygons 983,680 100.0%Total feet of Single Phase OH Primary in Estimate 504,298

Underground PrimarySource File: ByDecade 2019-02-27.xlsx

Three Phase Underground Primary Circuit Feet from GIS Age Polygons


1940's 7004 0.62%1950's 196 0.02%1960's 19,762 1.76%1970's 170,650 15.20%1980's 204,498 18.22%1990's 193,764 17.26%2000's 500,771 44.62%2010's 25,734 2.29%

Total feet of Three Phase UG Primary from GIS Fields and Age Polygons 1,122,379 100.0%

Total feet of Three Phase UG Primary in Estimate 1,122,379

Two Phase Underground Primary Circuit Feet from GIS Age Polygons


1940's 72 0.11%1950's 0 0.00%1960's 2,332 3.72%1970's 2,457 3.92%1980's 10,291 16.41%1990's 7,052 11.24%2000's 38,302 61.06%2010's 2,218 3.54%

Total feet of Two Phase UG Primary from GIS Fields and Age Polygons 62,724 100.0%

Total feet of Two Phase UG Primary in Estimate 62,724

Single Phase Underground Primary Circuit Feet from GIS Age Polygons


1940's 1875 0.17%1950's 0 0.00%1960's 52,398 4.81%1970's 61,638 5.66%1980's 256,104 23.51%1990's 158,220 14.52%2000's 536,081 49.21%2010's 23,124 2.12%

Total feet of Single Phase UG Primary from GIS Fields and Age Polygons 1,089,440 100.0%

Total feet of Single Phase UG Primary in Estimate 1,101,385Notes:1. Circuits assigned ages based on GIS Age Polygons.

2/22/2019

Overhead TransformersSource File: ByDecade 2019-02-27.xlsx

Three Phase Overhead Transformer Banks Quantity from GIS Age Polygons

% of Total GIS Quantity

1940's 24 4.32%1950's 0 0.00%1960's 39 7.03%1970's 33 5.95%1980's 209 37.66%1990's 113 20.36%2000's 133 23.96%2010's 4 0.72%

Total Three Phase OH Transformers from GIS Fields and Age Polygons 555 100%

Two Phase Overhead Transformer Banks Quantity from GIS Age Polygons


1940's 4 5.33%1950's 0 0.00%1960's 10 13.33%1970's 10 13.33%1980's 30 40.00%1990's 4 5.33%2000's 16 21.33%2010's 1 1.33%

Total Two Phase OH Transformers from GIS Fields and Age Polygons 75 100%

The service area has been broken up into decades based on information provided to EEC.



Revision History

GIS Data with Territory Age Polygons

Single Phase Overhead Transformer Banks Quantity from GIS Age Polygons


1940's 65 1.27%1950's 5 0.10%1960's 556 10.88%1970's 369 7.22%1980's 1,512 29.60%1990's 1,412 27.64%2000's 1,108 21.69%2010's 81 1.59%

Total Single Phase OH Transformers from GIS Fields and Age Polygons 5,108 100%

Age Distribution for all Single Phase Overhead Transformers(from tables above)

Three PhaseBanks

Two Phase Banks

Single PhaseBanks

Total Single Phase

Transformers

% of Total Quantity

1940's 24 4 65 145 2.1%1950's 0 0 5 5 0.1%1960's 39 10 556 693 10.0%1970's 33 10 369 488 7.0%1980's 209 30 1512 2,199 31.8%1990's 113 4 1412 1,759 25.4%2000's 133 16 1108 1,539 22.2%2010's 4 1 81 95 1.4%Total Single Phase OH Transformers 555 75 5,108 6,923 100%

Notes:1. Overhead transformers assigned ages based on GIS Age Polygons.

Padmount TransformersSource File: ByDecade 2019-02-27.xlsx

Three Phase Padmount Transformer Banks Quantity from GIS Age Polygons


1940's 16 1.78%1950's 0 0.00%1960's 32 3.57%1970's 128 14.27%1980's 201 22.41%1990's 249 27.76%2000's 256 28.54%2010's 15 1.67%

Total Three Phase Padmount Transformers from GIS Fields and Age Polygons 897 100%

Single Phase Padmount Transformer Banks Quantity from GIS Age Polygons


1940's 12 0.16%1950's 1 0.01%1960's 273 3.66%1970's 515 6.90%1980's 1463 19.61%1990's 1024 13.72%2000's 3973 53.25%2010's 200 2.68%Total Single Phase Padmount Transformers from GIS Fields and Age Polygons 7,461 100%

Notes:1. Padmount transformers assigned ages based on GIS Age Polygons.

2/22/2019

Substation Description Qty Date or Decade46-13kV 18/24/30/33.6 MVA Transformer 1 201046-13kV 18/24/30/33.6 MVA Transformer 1 201146kV Breaker 2 Assumed 2000's46kV Disconnect switch 3 Assumed 2000's46kV Motor operated switch 2 Assumed 2000's13kV Loadbreak switch 2 Assumed 2000's13kV Tie Breaker 1 Assumed 2000's13kV Switchgear with three breaker 2 Assumed 2000'sStation service 2 Assumed 2000's46-13kV 12/16/20/22.4 MVA Transformer 1 199546-13kV 12/16/20/22.4 MVA Transformer 1 197846kV Disconnect switch 5 Assumed 1970's46kV Breaker 1 Assumed 1970's13kV Station service 1 Assumed 1970's13kV Loadbreak switch 2 Assumed 1970's13 kV Breaker 4 Assumed 1970's13kV Switch 12 Assumed 1970's46-13kV 12/16/20/22.4 MVA Transformer 1 197946-13kV 12/16/20/22.4 MVA Transformer 1 200846kV Disconnect switch 5 Assumed 1970's46kV Breaker 1 Assumed 1970's13kV Station service 1 Assumed 1970's13kV Loadbreak switch 2 Assumed 1970's13 kV Breaker 4 Assumed 1970's13kV Switch 12 Assumed 1970's161-13kV 30/40/50/56 MVA Transformer 1 2005161-13kV 30/40/50/56 MVA Transformer 1 2005161-46kV 60/80/100 MVA Transformer 1 1993161kV Breaker 2 Assumed 1990's161kV switch 7 Assumed 1990's161kV motor operated switch 4 Assumed 1990's161 Circuit Switcher 2 Assumed 1990's46kV Breaker 2 Assumed 1990's46kV Switch 11 Assumed 1990's13kV Loadbreak switch 4 Assumed 1990's13kV switchgear with four breaker 2 Assumed 1990's161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1999161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 1999161-46kV 60/80/100/112 MVA Transformer 1 1999161-13 kV 25/33.33/41.7/46.7 MVA Transformer 1 2008161kV Breaker 1 Assumed 1990's161kV Disconnect switch 10 Assumed 1990's161kV Motor operated switch 1 Assumed 1990's46kV Disconnect switch 5 Assumed 1990's161kV Circuit switcher 3 Assumed 1990's13kV Disconnect switch 3 Assumed 1990's13kV Loadbreak switch 2 Assumed 1990's13kV Switchgear with three feeder breaker 3 Assumed 1990's161-13kV 20/26.7/33/37.3 MVA Transformer 1 Assumed 1990's161-13kV 20/26.7/33/37.3 MVA Transformer 1 Assumed 1990's161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 Assumed 1990's161kV Disconnect switch 5 Assumed 1990's161kV Circuit Switcher 5 Assumed 1990's13kV Loadbreak switch 4 Assumed 1990's13kV Switchgear with three feeder breaker 3 Assumed 1990's13kV switchgear with four feeder breaker 1 Assumed 1990'sStation service 1 Assumed 1990's

SOUTH CHURCHSUBSTATIONLocation No. 5

EAST SUBSTATIONLocation No. 6

PRIMARY SUBSTATIONLocation No. 7

INDUSTRIAL SUBSTATIONLocation No. 9

The information below corresponds to the age data in the Existing System Estimate spreadsheet for substations but is repeated here for convenience.SUBSTATIONS:

JONES SUBSTATIONLocation No. 3

PITTS SUBSTATIONLocation No.4


Revision History

GIS Data with Territory Age PolygonsThe service area has been broken up into decades based on information provided to EEC.


46-13kV 12/16/20/22.4 MVA Transformer 1 199746-13kV 12/16/20/22.4 MVA Transformer 1 199746kV Disconnect switch 2 Assumed 1990's46kV Breakers 2 Assumed 1990's13kV Loadbereak switch 1 Assumed 1990's13kV Switch 2 Assumed 1990's13kV Station service 2 Assumed 1990's13kV Switchgear with two feeder breaker 2 Assumed 1990's161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2001161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2001161kV Disconnect switch 5 Assumed 2000's161kV Grounding switch 2 Assumed 2000's161kV Circuit Switcher 2 Assumed 2000's13kV Loadbreak switch 3 Assumed 2000's13kV Switchgear with three feeder breaker 2 Assumed 2000'sStation service 2 Assumed 2000's161-46kV 60/80/100 MVA Transformer 1 1993161-13kV 12/18/20/22 MVA Transformer 1 2004161kV Disconnect switch 7 Assumed 1990's161kV Grounding switch 2 Assumed 1990's161kV Circuit Switcher 2 Assumed 1990's46kV Disconnect switch 7 Assumed 1990's46kV Breaker 2 Assumed 1990's13kV Loadbeake switch 1 Assumed 1990's13kV Switchgear wit two feeder breaker 1 Assumed 1990'sStation service 1 Assumed 1990's161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2006161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2006161kV Loadbreak switch 1 Assumed 2000's161kV Disconnect switch 5 Assumed 2000's161kV Grounding switch 2 Assumed 2000's13kV Loadbreak disconnect switch 3 Assumed 2000's13kV Switchgear with three feeder breaker 2 Assumed 2000'sStation service 2 Assumed 2000's161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2013161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2013161kV Disconnect switch 5 Assumed 2000's161kV Circuit switcher 4 Assumed 2000's13kV Tie breaker 1 Assumed 2000's13kV Loadbreak switch 2 Assumed 2000's13kV disconnect switch 1 Assumed 2000's13kV Switchgear with three feeder breaker 2 Assumed 2000's46-13kV 12/16/20/22.4 MVA Transformer 1 196846-13kV 12/16/20/22.4 MVA Transformer 1 197146kV Breaker 2 Assumed 1960's46kV Disconnect switch 3 Assumed 1960's13kV Tie breaker 1 Assumed 1960's13kV Loadbreak switch 2 Assumed 1960's13kV Switchgear with three feeder breaker 2 Assumed 1960'sStation service 2 Assumed 1960's161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2016161-13kV 25/33.33/41.7/46.7 MVA Transformer 1 2016161kV Disconnect switch 3 Assumed 2000's161kV Circuit switcher 4 Assumed 2000's13kV Tie breaker 1 Assumed 2000's13kV Loadbreaker switch 2 Assumed 2000's13kV Disconnect switch 1 Assumed 2000's13kV Switchgear with two feeder breaker 1 Assumed 2000's13kV Switchgear with three feeder breaker 1 Assumed 2000'sStation service 1 Assumed 2000's161-13kV 18/24/30/33.6 MVA Transformer 1 2017161-13kV 18/24/30/33.6 MVA Transformer 1 2017161kV Disconnect switch 7 Assumed 2000's161 Circuit Switcher 4 Assumed 2000's13kV Tie breaker 1 Assumed 2000's13kV Loadbreak switch 2 Assumed 2000'sStation service 2 Assumed 2000's13kV switchgear with two feeder breaker 2 Assumed 2000's

VETERANS SUBSTATIONLocation No. 16

GATEWAY SUBSTATIONLocation No. 17

BLACKMAN SUBSTATIONLocation No. 11

LYNCH SUBSTATIONLocation No. 12

CASON SUBSTATIONLocation No.13

JEAN ROGER SUBSTATIONLocation No.14

MTSU SUBSTATIONLocation No. 15

KIRK SUBSTATIONLocation No. 10

2/22/2019

SERVICES DESCRIPTION DECADE INSTALLED

OVERHEAD SERVICESConductors from the overhead transformer or secondary conductors to the meter at the customer's premises.

See Overhead Transformer age distribution

UNDERGROUND SERVICESConductors from the pad-mount transformer to the meter at the customer's premises.

See Pad-mount Transformer age distribution

METERS:

METERS DESCRIPTION DECADE INSTALLED

ALL OTHER METERSMeters typically installed with AMR capability and replaced in an orderly process

See Overhead Transformer age distribution

Revision History



Meters are estimated to be of similar age distribution to transformers

SERVICE CONDUCTORS TO CUSTOMERS:Service conductors are estimated to be of similar age distribution to transformers.

GIS Data with Territory Age PolygonsThe service area has been broken up into decades based on information provided to EEC.


Exhibit 4 MARKET APPROACH

Trans. No. Year State Seller Type (1) Purchaser Type (1) Asset (2) Type of Transaction Sale Price Net Plant No. of Cust. Price/ Net

Plant Price/ Cust. COMMENTS

1 2010 VAPotomac Edison

(Allegheny Energy, Inc.)

IOU

Rappahannock Electric Cooperative

and Shenandoah Valley Electric Cooperative

CP D Cash $499,482,972 $389,222,834 102,000 1.28 4,897 Sale will allow Allegheny Power to focus on serving customers in PA, WV and MD, and generation fleet.

2 2010 WVShenandoah Valley

Electric Cooperative

CPMonongahela Power (Allegheny Energy,

Inc.)IOU D Cash $14,500,000 $12,003,000 2,500 1.21 5,800

SVEC sold WV distribution assets and rights to Monongahela Power. Sale was negotiated at same time as Potomac Edison sale of VA assets to Rappahannock and Shenandoah Electric Cooperatives.

3 2010 TXSouthwest Public Service Company

(Xcel Energy)IOU

Lubbock Power and Light (LPL)

M D Cash $87,000,000 $62,369,000 21,000 1.39 4,143

Purchase agreement included 25-year Partial Requirements Power Service agreement with Xcel, Xcel purchase of treated effluent water from City as cooling water for Xcel power plant, and Xcel to donate downtown office building (NBV=$415,000) to Texas Tech University. Approved on August 2010 per PUCT Docket 37901 and SOAH Docket 473-10-2349. Includes 685 miles of distribution line and 21 distribution substations.

4 2015 IA, MNInterstate Power &

Light (Alliant)IOU

SouthernMinnesota Energy

CooperativeCP D* Cash $129,000,000 $105,189,000 43,000 1.23 3,000

Data reflects only electric system. Alliant is also selling gas system.

Summary of Sales Data No. Analysis of Price/Net Plant All SalesTotal Sales from IOU to IOU 0 High 1.39 Total Sales from IOU to Private Entity 0 Low 1.21 Total Sales from IOU to Public Utility District 0 Mean 1.28 Total Sales from IOU to Municipal 1 Median 1.25 Total Sales from IOU to Cooperative 2 Standard Dev. Above Mean 1.36 Total Sales from Municipal to IOU 0 Standard Dev. Below Mean 1.19 Total Sales from Municipal to Municipal 0Total Sales from Private Entity to IOU 0Total Sales from Public Utility District to IOU 0 Analysis of Price/Customer All SalesTotal Sales from Cooperative to IOU 1 High 5,800 Total Sales from Municipal to Cooperative 0 Low 3,000 Total Sales from PUD to PUD 0 Mean 4,460 Total Number of Sales 4 Median 4,520

Standard Dev. Above Mean 5,646 Standard Dev. Below Mean 3,274

[1] IOU - Investor-owned Utility; M - Municipal; CP - Cooperative; PUD - Public Utility District, PRV - Private Investor[2] T - Transmission; D - Distribution[3] Neg - Negotitated sale; ED - Eminment Domain* Denotes a partial system sale or sale of specific assets.

Analysis of Sales TransactionsElectric Utility Property


murfreesboro electric department appraisal

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