-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, R4AlVs26NMjQA4E4UzxuikKr5UgLsIGvS6BIL4okUcU1PNjfTeiNJwtYIzQSi4Vu 1vQCxMK0yZ7/m4OjSZTLbw== 0001104659-07-003514.txt : 20070119 0001104659-07-003514.hdr.sgml : 20070119 20070119170031 ACCESSION NUMBER: 0001104659-07-003514 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20070112 ITEM INFORMATION: Other Events FILED AS OF DATE: 20070119 DATE AS OF CHANGE: 20070119 FILER: COMPANY DATA: COMPANY CONFORMED NAME: SOUTHWESTERN PUBLIC SERVICE CO CENTRAL INDEX KEY: 0000092521 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 750575400 STATE OF INCORPORATION: NM FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-03789 FILM NUMBER: 07541415 BUSINESS ADDRESS: STREET 1: SPS TOWER STREET 2: TYLER AT SIXTH ST CITY: AMARILLO STATE: TX ZIP: 79101 BUSINESS PHONE: 3035717511 MAIL ADDRESS: STREET 1: PO BOX 1261 CITY: AMARILLO STATE: TX ZIP: 79170 8-K 1 a07-2258_18k.htm 8-K

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of
the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported) January 12, 2007

Southwestern Public Service Company

(Exact name of registrant as specified in its charter)

New Mexico

(State or other jurisdiction of incorporation)

001-03789

 

75-0575400

(Commission File Number)

 

(IRS Employer Identification No.)

 

 

 

Tyler at Sixth, Amarillo, Texas

 

79101

(Address of principal executive offices)

 

(Zip Code)

 

Registrant’s telephone number, including area code 303-571-7511

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 



Item 8.01. Other Events

On May 31, 2006, Southwestern Public Service Company (SPS) filed a Texas retail electric rate case with the Public Utility Commission of Texas (PUCT) requesting an increase in annual revenues of approximately $48 million, or 6.0 percent. The rate filing is based on a historical test year, an electric rate base of $943 million, a requested return on equity of 11.6 percent and a common equity ratio of 51.1 percent. On Sept. 25, 2006, SPS filed corrections to its rate case revenue requirements calculations increasing the revenue requirements an additional $15 million in annual revenues, to approximately $63 million. The principal revision involves SPS’ jurisdictional allocator and the overstatement of wholesale transmission revenue credits. The potential increase in rates is capped at $48 million based upon Texas procedures for rate case filings.

The fuel reconciliation portion requests approval of approximately $957 million of Texas jurisdictional fuel and purchased power costs for the 2004 through 2005 period. The fuel reconciliation case was transferred to the State Office of Administrative Hearings with the base rate case and has the same procedural schedule. As a part of the fuel reconciliation case, fuel and purchased energy costs, which are recovered in Texas through a fixed-fuel and purchased energy recovery factor as a part of SPS’ retail electric rates, will be reviewed.

On Jan. 12, 2007, SPS received testimony of the staff of the PUCT.  The staff recommends a base rate reduction of about $1 million, based on a 9.9 percent return on equity.  The main adjustments to SPS’ request recommended by the staff were reductions to depreciation expense, consolidated income taxes and return on equity.

On the fuel reconciliation matters, the staff recommended a fuel disallowance of approximately $8 million due to coal mitigation.  Regarding system average costs, the staff recommended that the PUCT adjust its policy to assign incremental cost to firm wholesale market-based rate tariff agreements but did not recommend any specific monetary adjustments, or indicate those contracts for which the recommendation is applicable.

SPS’ rebuttal testimony is due on Jan. 25, 2007.  Hearings will be held in February 2007.  Final rates are expected to be effective in the second quarter of 2007.  No interim rate increase has been implemented.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

Southwestern Public Service Company

 

 

(a New Mexico Corporation)

 

 

 

 

 

 

 

 

/s/ BENJAMIN G.S. FOWKE III

 

 

 

Benjamin G.S. Fowke III

 

 

Vice President and Chief Financial Officer

 

 

 

January 19, 2007

 

 

 

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