Investor Presentation December 2021
Spire Missouri rate order - Impacts
Capital structure
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MOPSC abandoned long-standing precedent of excluding short-term debt through a
balanced examination of short-term assets and liabilities during the test year, and
Penalized Spire Missouri for its excess gas costs incurred during Winter Storm Uri
Net pre-tax impact vs. actual capital structure and avg. market ROE is $22M for FY22
Overheads
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- Spire has used long-standing allocation methods allowed by MoPSC and under GAAP
Prudently incurred overheads, incl. operational and general expenses, being questioned
Treatment going forward is less clear; we're seeking clarification as to MoPSC's intent
Potential pre-tax impact for non-capitalized overheads is $14M-$22M for FY22
Spire | Investor presentation December 2021
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