Investor Presentation December 2021
Spire Missouri rate order
We're concerned about the impact of the
order and the rate-setting process used, given
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Our strong operations and service to customers
We've consistently applied long-standing rate-
setting approaches according to precedents
Order significantly deviates from precedents on
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ROE - below industry avg. (9.62% per Moody's)
Capital structure - including ST debt and selective
use of averages and point-in-time measures
Overheads capitalization and recovery
Customer impact
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$1.72 a month or 2.8% average residential increase
Change in overhead capitalization could lead to much
larger increases in future periods
Amended order issued
Nov. 12, 2021:
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Revenues: $72M increase
(incl. $47M of current ISRS)
Rate base: $2.9B
• ROE: 9.37%
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Equity layer: 49.9%
Key provisions:
Enables expansion of energy
assistance programs for limited
income and medical needs
customers
Progress to single Spire MO tariff
One ISRS cap statewide
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Spire | Investor presentation December 2021
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