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1111111111 1111111

II I1

ssoj2upnad0

ia

Northern States Power Company

Electric Utility State of Minnesota

Net Operating Loss

ADJUSTMENT SUMMARYAmounts in thousands

Net Operating Loss Workpaper

Total Average Rate Base

Operating Revenues

Other Operating

Total Revenue

Taxes

10

11

12 Total Taxes

13

14 Total Expenses

1$

16 Total Operating Income

17

18 Calculation of Revenue Requirements

19 Rate Base

20 Required Operating Income

21 Operating Income

22 Income Deficiency

23 Revenue Deficiency

24

2$ Calculation of Income Taxes

26 Operating Revenue

28 Operating Income Before Adjs

29 Deductions from Income

30 Debt Synchonization

31 State Taxable Income

32 State Income Tax Before Credits

33 State Tax Credits

34 Federal Tax Deductions

35 Federal Taxable Income

36 Federal Income Tax Before Credits

37 Federal Tax Credits

38 Total Income Taxes

39

40 Required ROR

41 Cost of Debt

42 State Tax Rate

43 Composite Tax Rate

44 Revenue Conversion Factor 1/1

Vol 4b Sect VIII Ad A41-3 Row Col 2016 TV Annual Util Amnts

Vol 4b Sect VIII Ad A41-3 Row Col 2017 Ask Annual Util Amnts

Vol 4b Sect VIII Adj A41-3 Row Col 2018 Ask Annual Util Amnts

Vol 4b Sect VIII Adj A41-3 Row Col 2016TV Annual Util Amnts

Vol 4b Sect VIII Adj A41-3 Row Col 2017 Ask Annual Util Amnts

Vol 4b Sect VIII Adj A41-3 Row Col 2018 Ask Annual Util Amnts

Vol 4b Sect VIII Adj A41-3 Row Col 2016 TV Annual Util Amnts Vol 4a Sect Ill RB P8 State Tax Credits

Vol 4a Sect Ill RB P8 State Tax Credits

Vol 4a Sect Ill RB P8 State Tax Credits

Vol 4b Sect VIII Ad A41-5 Row Federal Sec 199 Deduct Col Dec -2016

Vol 4b Sect VIII Ad A41-5 Row Federal Sec 199 Deduct Col Dec 2017

Vol 4b Sect VIII Ad A41-S Row Federal Sec 199 Deduct Col Dec- 2018

Vol 4b Sect VIII Ad A41-3 Row Col 2016 TY Annual Util Amnts

Vol 4b Sect VIII Ad A41-3 Row Col 2017 Ask Annual Util Amots

Vol 4b Sect VIII Ad A41-3 Row Col 2018 Ask Annual Util Amnts

Less Accumulated Deferred Income Taxes 232398 103592 128307

BC-A DE-C

2016 2017/2016 2017 2018/2017 2018

Docket No E002/GR-15-826

Workpa per M8

Page 1011

57570 71237

Deferred Income Tax and ITC

Federal and State Income Tax

232398 103.S92 128807 57570 71237

4213 1012 3201 1319 1882

4213 1012 3201 1319 1882

89409 36418 52991 9157 62149

92843 28617 64237 10071 174.308

3435 7800 11246 913 12159

3435 7800 11246 913 12159

7648 6789 14447 1403 14041

232398 103592 128807 57570 71237

17407 7604 9673 4226 5350

7648 6789 14447 406 14041

9759 14392 4774 3820 8691

4213 1.012 3201 1319 1882

4213 1012 3201 1819 1882

295746 2957465206 2.320 2911 1301 1610

296739 297055 290 18 272

29060 29111 28 27

1118 559 559 559

3426 28009 31435 2588 34024

269967 239375 30615 2.60$ 33.2191

944881 83781 10715 912 11627

31843 84834 $2991 9157 62149

92843 28617 64237 10071 74308

References

7.49% 7.34% 7.51% 7.34% 7.51%

2.24% 2.24% 2.26% 2.26% 2.26%

9.80% 9.80% 9.80% 9.80% 9.80%

41.37% 41.37% 41.37% 41.37% 41.37%

1.70561 i.70S61 1.70561 1.70561 1.70561

Row 10 Column

Row 10 Column

Row 10 Column

Row 29 Column

Row 29 Column

Row 29 Column

Row 33 Column

Row 33 Column

Row 33 Column

Row 34 Column

Row 34 Column

Row 34 Column

Row 35 Column

Row 3$ Column

Row 35 Column

Column

Column

CR8-i Sch col 13

CR8-i Sch col 27

jl3id

133

JO

3S03

ui

a2unj3

6N

Northern States Power CompanyElectric Utility State

of Minnesota

Change

in

Cost

of Capital

ADJUSTMENT SUMMARYAmounts

in thousands

Last Authorized

ShortTermDebt

Long Term Debt

Common Equity

Required Rate

of Return

2016

Cap Structure

Short Term Debt

Long Term Debt

Common Equity

Required Rate

of Return

2017

Cap Structure

Short Term Debt

LongTerm Debt

Common Equity

Required Rate

of Return

2018

Cap Structure

Short Term Debt

LongTerm Debt

Common Equity

Required Rate

of Return

Docket

No EOO2IGR-15-826

Workpaper

M9

Page

of

Ratio Cost

1.46%

46.04%

52.50%

Weighted Cost

0.02%

2.22%

5.10%

7.34%

Weighted Cost

0.02%

2.22%

5.25%

7.49%

Debt Change

7739688

0.02% FC-B

1548

7681159

10-C

.1 xl

7836115

WP Reference

CRB-1 Schedule Line

40

col

Portion

of

CR

B Schedule Line

37

col

14

CR8-i Schedule Line

40

col

11

CRB-i Schedule Line

40

col

Ratio

1.26%

46.24%

52.50%

100.00%

Cost

1.84%

4.81%

9.72%

Total 2017

TV Rate Base

Debt Rate Change

Total Impact

Total 2018

TV Rate Base

DebtRateChange

Total Impact

Last Authorized

RO

E Change

Total 2016

TV Rate Base

Ratio

1.26%

46.24%

52.50%

100.00%

Cost

1.84%

4.81%

10.00%

Cost

Change

in RB 2016

to 2017 96427 CRB-1 Schedule Line

40

col

12

Total Impact

Change

in RB 2017

to 2018

145

xl

58529

Portion

of CR8-i Schedule Line

37

col

14

CR

8 Schedule Line

40

col

13

Weighted Cost

Total Impact

99

0-A CR8-i Schedule Line

37

col

28

3.57%

4.81%

10.00%

Weighted Cost

0.05%

2.21%

5.25%

7.51%

Ratio

1.46% 3.57% 0.05%

46.04% 4.81% 2.21%

52.50% 10.00% 5.25%

100.00% 7.51%

su

au

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11

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nq

aj

x1

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Nsarjuuu3uin

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Xcel Energy

c5nnual Revenue Requirement

Mini esota Remaining Life

2016 Test Year Minnesota Electric Rate Case

%egh5ed Los of DeSt

1eghted Cost of Eqs ty Last As ho ixud ROE

Req wed Rate of Rats

Co poole fax Rat

Jcsdcto alDemad

Wccon ci Demand

Total Corn pary

Rate An41 sac2315 Bsdge 20

Docket No L002/ 5826

Exhibit AEH Schdu1e 26

Pat fi

22

10%

7.34%

41 37%

8734612

ifs 86512

ant coast

Oepm on Ii same

071%

705U no aed Defer it amm

000 99 767

3316000 099176

4278 2514

169116 509A80

560 82 381 820

824 487

600 Deprec en

Annua Deferred Tax

CE wThru

Tax Depreos on Rmov Exper cc

AFUDC Expend Lire

Avo led Tax esc

Prop ny axcs

vencce Requ at ants 948684 0365 907 13 304 915

M\1 Jurisdiction

Bi%6Oiatsi 2O15Bidja 2016 017

Part nsstrrer

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Cw

Accumua ad Lefe red wee

289639/ 8727419 5568994

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