Diane Roy Director, Regulatory Affairs - Gas 16705 Fraser Highway … · 2019-01-15 · Page 1 1....

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September 24, 2012 Industrial Customers Group c/o Robert Hobbs 301-2298 McBain Avenue Vancouver, BC V6L 3B1 Attention: Mr. Robert Hobbs Dear Mr. Hobbs: Re: Generic Cost of Capital Proceeding FortisBC Utilities (the “FBCU”) 1 Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1 on the Evidence of Mr. Aaron Engen On August 3, 2012, the FortisBC Utilities filed its Written Evidence in the Generic Cost of Capital proceeding as referenced above. In accordance with the British Columbia Utilities Commission Order No. G-84-12 setting out the Amended Preliminary Regulatory Timetable, the FBCU respectfully submit the attached response to ICG IR No. 1 on the Evidence of Mr. Aaron Engen. If there are any questions regarding the attached, please contact the undersigned. Yours very truly, on behalf of the FORTISBC UTILITIES Original signed: Diane Roy Attachment cc (e-mail only): Commission Secretary Registered Parties 1 comprised of FortisBC Inc., FortisBC Energy Inc., FortisBC Energy (Vancouver Island) Inc., and FortisBC Energy (Whistler) Inc. Diane Roy Director, Regulatory Affairs - Gas FortisBC Energy Inc. 16705 Fraser Highway Surrey, B.C. V4N 0E8 Tel: (604) 576-7349 Cell: (604) 908-2790 Fax: (604) 576-7074 Email: [email protected] www.fortisbc.com Regulatory Affairs Correspondence Email: [email protected]

Transcript of Diane Roy Director, Regulatory Affairs - Gas 16705 Fraser Highway … · 2019-01-15 · Page 1 1....

  • September 24, 2012 Industrial Customers Group c/o Robert Hobbs 301-2298 McBain Avenue Vancouver, BC V6L 3B1 Attention: Mr. Robert Hobbs Dear Mr. Hobbs: Re: Generic Cost of Capital Proceeding

    FortisBC Utilities (the “FBCU”)1

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1 on the Evidence of Mr. Aaron Engen

    On August 3, 2012, the FortisBC Utilities filed its Written Evidence in the Generic Cost of Capital proceeding as referenced above. In accordance with the British Columbia Utilities Commission Order No. G-84-12 setting out the Amended Preliminary Regulatory Timetable, the FBCU respectfully submit the attached response to ICG IR No. 1 on the Evidence of Mr. Aaron Engen.

    If there are any questions regarding the attached, please contact the undersigned.

    Yours very truly, on behalf of the FORTISBC UTILITIES Original signed:

    Diane Roy Attachment

    cc (e-mail only): Commission Secretary Registered Parties

    1 comprised of FortisBC Inc., FortisBC Energy Inc., FortisBC Energy (Vancouver Island) Inc., and FortisBC Energy (Whistler) Inc.

    Diane Roy Director, Regulatory Affairs - Gas FortisBC Energy Inc.

    16705 Fraser Highway Surrey, B.C. V4N 0E8 Tel: (604) 576-7349 Cell: (604) 908-2790 Fax: (604) 576-7074 Email: [email protected] www.fortisbc.com Regulatory Affairs Correspondence Email: [email protected]

    mailto:[email protected]://www.fortisbc.com/mailto:[email protected]

  • British Columbia Utilities Commission (“BCUC” or the “Commission”)

    Generic Cost of Capital Proceeding

    Submission Date:

    September 24, 2012

    FortisBC Utilities ("FBCU" or the “Companies”)

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1

    on Evidence of Aaron Engen

    Page 1

    1. Reference: Evidence of Aaron Engen, pp. 8:20 – 9:4

    “Although spreads have seen a strong recovery from their 2008-2009

    financial crisis highs, they remain high relative to historic levels. Despite

    good current market conditions, the average Canadian utilities group1 30-

    year spreads are wider (177 bps) than they were at the time of the 2009

    Proceedings (163 bps). Investor appetite for risk in the debt capital

    market has generally diminished leading to an overall upward re-pricing of

    risk. Benchmark Government of Canada bond rates are expected to rise

    over the coming years with little room for the increase to be offset by

    corporate spread tightening.”

    Rationale: Engen discusses the changes in the utilities spreads, but doesn’t

    explain how this might relate to the current issue of cost of capital

    and future changes in such.

    Request:

    Can Mr. Engen please explain how the conditions in the market stated above contribute to

    his opinion that FEI‟s requested return on equity of 10.5% on a deemed equity component of

    40% is fair and reasonable? Does Mr. Engen expect this to still be true in the future as the

    market changes? If so, why? If not, how does Mr. Engen propose responses to such

    changes be built into the ROE adjustment formula?

    Response:

    Current debt capital market conditions, including wider generic “A” and utility 30-year spreads,

    are indicative of lower investor appetite for risk which has led to an increase in compensation for

    risk (re-pricing of risk). In a more risk adverse market, one would expect the cost of capital to

    increase. Mr. Engen considers this evidence along with all other market evidence he discusses

    to reach his conclusions.

    Mr. Engen cannot speculate as to whether FEI‟s requested ROE would be consistent with future

    market conditions. There is no current or proposed ROE adjustment formula and Mr. Engen

    has not considered how or if such market condition changes would be captured by a formula.

    1 Comprised of FEI, Gaz Métro, TransCanada, Enbridge, Emera, and CU.

  • British Columbia Utilities Commission (“BCUC” or the “Commission”)

    Generic Cost of Capital Proceeding

    Submission Date:

    September 24, 2012

    FortisBC Utilities ("FBCU" or the “Companies”)

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1

    on Evidence of Aaron Engen

    Page 2

    2. Reference: Evidence of Aaron Engen, p. 9:8-10

    “Some of the factors pushing Government of Canada bond yields to

    currently very low levels are the very same factors which would tend to

    put upward pressure on the cost of equity."

    Evidence of Aaron Engen, p. 26:10-12

    “The falling trend in the S&P/TSX‟s P/E ratio over the past two years

    taken together with growth in corporate earnings during the same period

    as demonstrated in Figure 9, is compelling evidence that the cost of

    equity in Canada has been rising.

    Rationale: Mr. Engen suggests that cost of equity will change, but does not

    discuss how this might be addressed.

    Request:

    If the cost of equity increases as trends seem to suggest they will, would Mr. Engen still feel

    that FEI‟s requested return on equity is fair and reasonable? How does Mr. Engen propose

    adjustments to the formula (or formulae) be made in the face of such changes, if at all?

    Response:

    Mr. Engen cannot speculate as to whether future cost of equity trends as illustrated by the

    various factors discussed in his evidence would support FEI‟s requested ROE. There is no

    current or proposed ROE adjustment formula and Mr. Engen has not considered how or if such

    market condition changes would be captured by a formula.

    3. Reference: Evidence of Aaron Engen, pp. 51:17-52:3

    “When considering ROEs stemming from an acquisition of regulated

    assets buyers generally include some or all of the following strategic

    factors in supporting acquisition prices including: geographic

    diversification; establishing a strategic foothold in a new market; and

    protecting the buyer‟s regulated asset franchise”

    Evidence of Aaron Engen, pp. 52:29-53:13 – Mr. Engen discusses further

    buyer considerations.

  • British Columbia Utilities Commission (“BCUC” or the “Commission”)

    Generic Cost of Capital Proceeding

    Submission Date:

    September 24, 2012

    FortisBC Utilities ("FBCU" or the “Companies”)

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1

    on Evidence of Aaron Engen

    Page 3

    Rationale: Mr. Engen lists these considerations, but does not discuss how they

    might be addressed within the proposed cost of capital

    methodology.

    Request:

    How does MR. Engen propose accounting for these factors in the ROE adjustment

    formulae?

    Response:

    In Mr. Engen‟s view, nothing can be learned about the appropriateness of allowed returns on

    equity from Canadian merger and acquisition activity involving regulated assets.

    There is no current or proposed ROE adjustment formula and Mr. Engen has not considered

    how or if such market condition changes would be captured by a formula.

    4. Reference: Evidence of Aaron Engen, pp. 67:16-68:2

    “In light of Canadian current and prospective capital market conditions,

    market required returns on capital for energy infrastructure assets, and

    opportunities for investments of comparable risk at attractive rates of

    return in Canada, the U.S. and elsewhere, I believe FEI‟s requested

    return on equity of 10.5% on a deemed equity component of 40% is

    consistent with current capital market conditions, which would be viewed

    by the financial market as more representative of FEI‟s true cost capital,

    and would be fair and reasonable in the context of such conditions.”

    Rationale: Mr. Engen described various market conditions, investment returns,

    etc., but has not discussed how any of this directly relates to FEI’s

    requested ROE and deemed equity component.

    Request:

    How do the capital market conditions, returns on capital, and opportunities for investment

    support FEI‟s requested ROE of 10.5%, in particular? Would a different ROE or equity

    component also be considered fair and reasonable given the conditions? If conditions in the

    market, returns on capital, opportunities for investment change as forecasted, would the

    ROE requested by FEI remain fair and reasonable? How would Mr. Engen propose to

    adjust the ROE should conditions change?

  • British Columbia Utilities Commission (“BCUC” or the “Commission”)

    Generic Cost of Capital Proceeding

    Submission Date:

    September 24, 2012

    FortisBC Utilities ("FBCU" or the “Companies”)

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1

    on Evidence of Aaron Engen

    Page 4

    Response:

    Overall, FEI current debt capital market conditions, including wider generic “A” and utility 30-

    year spreads, are indicative of lower investor appetite for risk which has led to an increase in

    compensation for risk (re-pricing of risk). In a more risk adverse market, one would expect the

    cost of capital to increase. Mr. Engen considers this evidence along with all other market

    evidence he discusses to reach his conclusions.

    Mr. Engen did not propose a specific ROE and capital structure for FEI; the FBCU engaged Ms.

    McShane and Dr. Vander Weide to do so. Mr. Engen‟s view is based on his analysis and

    conclusion that the cost of capital for FEI is higher than the current allowed return based on his

    assessment of current market conditions.

    There is no current or proposed ROE adjustment formula and Mr. Engen‟s evidence has not

    considered how or if such market condition changes would be captured by a formula.

    5. Reference: Evidence of Aaron Engen,

    p. 14, Figure 1, S&P/TSX Composite Index 10-Year Performance,

    January 1, 2002 to July 4, 2012

    p. 17, Figure 2, Investor Confidence, January 2002 to June 2012.

    p. 19, Figure 3, VIXC Index Performance, October 1, 2009 to July 4, 2012

    p. 20, Figure 4, VIX Index Performance, January 1, 2002 to July 4, 2012

    p. 21, Figure 5, S&P/TSX Volatility, January 1, 1977 to July 4, 2012

    p. 23, Figure 6, Canadian Equity Market Trading Volumes, January 1,

    2002 to July 4, 2012

    p. 24, Figure 7, Quarterly Mutual Fund Flows, January 2007 to May 2012

    p. 26, Figure 8, S&P/TSX Composite Index Historical P/E Ratio,

    January 2002 to April 2012

    p. 27, Figure 9, Aggregate Cdn Quarterly Corporate B-Tax Earnings,

    January 2002 to March 2012

  • British Columbia Utilities Commission (“BCUC” or the “Commission”)

    Generic Cost of Capital Proceeding

    Submission Date:

    September 24, 2012

    FortisBC Utilities ("FBCU" or the “Companies”)

    Response to Industrial Customers Group (“ICG”) Information Request (“IR”) No. 1

    on Evidence of Aaron Engen

    Page 5

    p. 28, Figure 10, Earnings Yield – Gov‟t Canada Bond Yield Spread, 1960

    to June 2012

    p. 32, Figure 11, Canadian Generic „A‟ Spreads, January 2, 2002 to July

    6, 2012

    p. 33, Figure 12, Cdn Utilities Group 30-Year Spreads, January 2, 2002 to

    July 6, 2012

    p. 34, Figure 13, Average Cdn Utilities Group 30-Year Spreads, January

    2, 2002 to July 6, 2012

    p. 35, Figure 14, 10-Year Generic BBB Spreads Less A Spreads, January

    4, 2002 to July 6, 2012

    p. 36, Figure 15, Aggregate Cdn Corporate Bond Issuance, 2002 to 2011

    p. 42, Figure 17, Gov‟t Canada Bond Yields, January 1, 2002 to July 4,

    2012

    Rationale: ICG would like to examine the data.

    Request:

    Please provide in electronic format the data used to generate each of the above-listed

    figures. How do the data and trends reflected in each of these figures demonstrate, in Mr.

    Engen‟s opinion, that FEI‟s requested ROE is fair and reasonable?

    Response:

    The requested data is provided in Attachment 5.

    The referenced materials, taken together, reflect current financial market conditions and, along

    with evidence of market required returns on capital for energy infrastructure assets, and

    opportunities for investments of comparable risk at attractive rates of return in Canada, the U.S.

    and elsewhere, form the basis for Mr. Engen‟s conclusions. He does not rely on individual data

    and trends and, other than as discussed in his written evidence, cannot draw the requested

    direct links between such individual data and trends and the fairness of FEI”s requested ROE.

  • Attachment 5

    REFER TO LIVE SPREADSHEET Provided in electronic format only

    (accessible by opening the Attachments Tab in Adobe)

    GCOC - FBCU ICG IR1 AEngen Response Cover LetterGCOC - FBCU ICG IR1 AEngen ResponseGCOC ICG Engen Attachment 5 - Live Spreadsheet (view Attachments Panel for Live Spreadsheet)

    Figure 1

    FortisBC - Testimony

    41091.0

    Figure 1 - S&P TSX ~10 Year

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    40542.013,434

    40543.013,443

    40547.013,402

    40548.013,396

    40549.013,312

    40550.013,272

    40553.013,245

    40554.013,401

    40555.013,460

    40556.013,401

    40557.013,464

    40560.013,440

    40561.013,559

    40562.013,439

    40563.013,331

    40564.013,259

    40567.013,348

    40568.013,260

    40569.013,466

    40570.013,410

    40571.013,438

    40574.013,552

    40575.013,713

    40576.013,680

    40577.013,841

    40578.013,792

    40581.013,812

    40582.013,893

    40583.013,784

    40584.013,841

    40585.013,767

    40588.013,911

    40589.013,929

    40590.014,059

    40591.014,136

    40592.014,123

    40596.013,964

    40597.013,956

    40598.013,867

    40599.014,052

    40602.014,137

    40603.014,123

    40604.014,144

    40605.014,215

    40606.014,253

    40609.014,092

    40610.014,013

    40611.013,885

    40612.013,639

    40613.013,674

    40616.013,619

    40617.013,547

    40618.013,525

    40619.013,746

    40620.013,790

    40623.014,014

    40624.014,000

    40625.014,087

    40626.014,029

    40627.014,039

    40630.013,893

    40631.013,930

    40632.014,084

    40633.014,116

    40634.014,130

    40637.014,218

    40638.014,271

    40639.014,203

    40640.014,108

    40641.014,208

    40644.013,997

    40645.013,801

    40646.013,834

    40647.013,822

    40648.013,799

    40651.013,702

    40652.013,737

    40653.013,897

    40654.013,972

    40658.013,907

    40659.013,909

    40660.013,893

    40661.013,894

    40662.013,945

    40665.013,935

    40666.013,692

    40667.013,611

    40668.013,455

    40669.013,567

    40672.013,677

    40673.013,642

    40674.013,420

    40675.013,389

    40676.013,377

    40679.013,391

    40680.013,441

    40681.013,607

    40682.013,625

    40683.013,652

    40687.013,595

    40688.013,751

    40689.013,776

    40690.013,798

    40693.013,830

    40694.013,803

    40695.013,528

    40696.013,520

    40697.013,518

    40700.013,319

    40701.013,283

    40702.013,184

    40703.013,256

    40704.013,084

    40707.012,940

    40708.013,098

    40709.012,972

    40710.012,853

    40711.012,790

    40714.012,858

    40715.013,063

    40716.013,061

    40717.012,980

    40718.012,909

    40721.012,966

    40722.013,105

    40723.013,189

    40724.013,301

    40728.013,386

    40729.013,425

    40730.013,403

    40731.013,406

    40732.013,372

    40735.013,180

    40736.013,234

    40737.013,325

    40738.013,253

    40739.013,300

    40742.013,254

    40743.013,333

    40744.013,341

    40745.013,434

    40746.013,495

    40749.013,436

    40750.013,301

    40751.013,033

    40752.013,048

    40753.012,946

    40757.012,752

    40758.012,816

    40759.012,380

    40760.012,162

    40763.011,671

    40764.012,109

    40765.012,199

    40766.012,540

    40767.012,542

    40770.012,684

    40771.012,531

    40772.012,580

    40773.012,187

    40774.012,007

    40777.012,068

    40778.012,338

    40779.012,344

    40780.012,284

    40781.012,328

    40784.012,505

    40785.012,635

    40786.012,769

    40787.012,701

    40788.012,602

    40792.012,519

    40793.012,721

    40794.012,684

    40795.012,388

    40798.012,149

    40799.012,205

    40800.012,293

    40801.012,425

    40802.012,264

    40805.012,172

    40806.012,210

    40807.011,955

    40808.011,563

    40809.011,463

    40812.011,707

    40813.011,821

    40814.011,586

    40815.011,686

    40816.011,624

    40819.011,252

    40820.011,178

    40821.011,457

    40822.011,780

    40823.011,588

    40827.011,876

    40828.012,030

    40829.011,912

    40830.012,082

    40833.011,923

    40834.012,053

    40835.011,850

    40836.011,830

    40837.011,949

    40840.012,162

    40841.012,110

    40842.012,186

    40843.012,465

    40844.012,520

    40847.012,252

    40848.012,115

    40849.012,242

    40850.012,468

    40851.012,408

    40854.012,462

    40855.012,489

    40856.012,156

    40857.012,109

    40858.012,277

    40861.012,224

    40862.012,229

    40863.012,174

    40864.011,915

    40865.011,892

    40868.011,785

    40869.011,795

    40870.011,572

    40871.011,485

    40872.011,462

    40875.011,640

    40876.011,733

    40877.012,204

    40878.012,113

    40879.012,075

    40882.012,119

    40883.012,081

    40884.012,149

    40885.011,952

    40886.012,035

    40889.011,908

    40890.011,760

    40891.011,543

    40892.011,504

    40893.011,635

    40896.011,540

    40897.011,717

    40898.011,754

    40899.011,876

    40900.011,927

    40905.011,728

    40906.011,842

    40907.011,955

    40911.012,208

    40912.012,226

    40913.012,237

    40914.012,189

    40917.012,197

    40918.012,271

    40919.012,261

    40920.012,274

    40921.012,231

    40924.012,259

    40925.012,233

    40926.012,328

    40927.012,381

    40928.012,397

    40931.012,522

    40932.012,395

    40933.012,539

    40934.012,464

    40935.012,467

    40938.012,436

    40939.012,452

    40940.012,518

    40941.012,553

    40942.012,577

    40945.012,560

    40946.012,512

    40947.012,521

    40948.012,498

    40949.012,389

    40952.012,399

    40953.012,354

    40954.012,362

    40955.012,486

    40956.012,458

    40960.012,623

    40961.012,701

    40962.012,731

    40963.012,726

    40966.012,700

    40967.012,740

    40968.012,644

    40969.012,723

    40970.012,644

    40973.012,524

    40974.012,299

    40975.012,350

    40976.012,462

    40977.012,504

    40980.012,428

    40981.012,538

    40982.012,378

    40983.012,456

    40984.012,497

    40987.012,480

    40988.012,431

    40989.012,436

    40990.012,362

    40991.012,466

    40994.012,575

    40995.012,512

    40996.012,414

    40997.012,339

    40998.012,392

    41001.012,507

    41002.012,324

    41003.012,179

    41004.012,103

    41008.012,019

    41009.011,935

    41010.012,027

    41011.012,215

    41012.012,040

    41015.012,038

    41016.012,137

    41017.012,129

    41018.012,154

    41019.012,147

    41022.011,989

    41023.011,980

    41024.012,111

    41025.012,146

    41026.012,238

    41029.012,293

    41030.012,333

    41031.012,230

    41032.012,015

    41033.011,871

    41036.011,861

    41037.011,705

    41038.011,675

    41039.011,736

    41040.011,695

    41043.011,489

    41044.011,343

    41045.011,326

    41046.011,331

    41047.011,281

    41051.011,452

    41052.011,565

    41053.011,566

    41054.011,576

    41057.011,566

    41058.011,609

    41059.011,433

    41060.011,513

    41061.011,361

    41064.011,336

    41065.011,508

    41066.011,633

    41067.011,592

    41068.011,501

    41071.011,402

    41072.011,497

    41073.011,498

    41074.011,466

    41075.011,525

    41078.011,601

    41079.011,788

    41080.011,759

    41081.011,408

    41082.011,436

    41085.011,330

    41086.011,334

    41087.011,411

    41088.011,425

    41089.011,597

    41093.011,849

    41094.011,914

    &"Arial,Bold Italic"Private && Confidential

    &F&D &T&P of &N

    Figure 2

    FortisBC - Testimony

    41091.0

    Figure 2 - Investor Confidence

    Start Date37287.0State Street Investor Confidence Index

    End Date41094.0SSICCONF IndexPX_Last

    DatePoints

    37287.0127.7

    37315.0128.4

    37346.0128.3

    37376.0121.4

    37407.0127.8

    37437.0129.9

    37468.0121.5

    37499.0117.0

    37529.0127.7

    37560.0127.8

    37590.0119.5

    37621.0118.8

    37652.0122.4

    37680.0118.7

    37711.0112.3

    37741.0115.3

    37772.0127.3

    37802.0123.7

    37833.0125.4

    37864.0125.4

    37894.0125.9

    37925.0122.8

    37955.0120.4

    37986.0120.1

    38017.0115.3

    38046.0122.2

    38077.0121.8

    38107.0124.8

    38138.0123.1

    38168.0111.3

    38199.0106.2

    38230.0107.4

    38260.0107.5

    38291.0107.7

    38321.0104.9

    38352.0112.8

    38383.0112.8

    38411.0111.4

    38442.0114.2

    38472.0111.5

    38503.0108.2

    38533.0108.0

    38564.0105.8

    38595.0108.2

    38625.0104.5

    38656.0105.8

    38686.0110.8

    38717.0106.9

    38748.0101.5

    38776.0100.3

    38807.0104.5

    38837.0108.5

    38868.0107.6

    38898.0108.6

    38929.0107.5

    38960.0104.7

    38990.0103.3

    39021.0108.9

    39051.0108.1

    39082.0107.7

    39113.0109.1

    39141.0114.9

    39172.0118.9

    39202.0117.4

    39233.0112.3

    39263.0113.1

    39294.0108.5

    39325.0117.7

    39355.0108.5

    39386.0103.4

    39416.098.9

    39447.089.3

    39478.091.9

    39507.096.7

    39538.0101.4

    39568.097.6

    39599.0105.4

    39629.0105.8

    39660.0107.0

    39691.0102.6

    39721.098.1

    39752.082.1

    39782.084.3

    39813.082.8

    39844.086.9

    39872.094.7

    39903.095.2

    39933.0103.2

    39964.0108.5

    39994.0115.8

    40025.0119.4

    40056.0122.8

    40086.0118.4

    40117.0108.4

    40147.0100.8

    40178.0104.3

    40209.0104.6

    40237.0102.6

    40268.0107.4

    40298.099.4

    40329.088.4

    40359.091.2

    40390.096.0

    40421.096.5

    40451.088.1

    40482.088.2

    40512.096.4

    40543.0104.2

    40574.094.5

    40602.091.8

    40633.097.3

    40663.097.0

    40694.0104.3

    40724.098.9

    40755.0102.5

    40786.088.1

    40816.090.0

    40847.095.2

    40877.099.4

    40908.099.3

    40939.092.6

    40968.086.6

    40999.091.6

    41029.087.1

    41060.086.5

    41090.093.5

    &"Arial,Bold Italic"Private && Confidential

    &F&D &T&P of &N

    Figure 3

    FortisBC - Testimony

    41091.0

    Figure 3 - VIXC

    Start Date40088.0VIXC Volatility Index

    End Date41094.0VIXC IndexPX_LastAverage

    DatePointsPoints

    40088.022.0119.54

    40091.022.0119.54

    40092.022.1419.54

    40093.022.1119.54

    40094.021.7119.54

    40095.020.9919.54

    40099.018.3419.54

    40100.018.8119.54

    40101.018.6519.54

    40102.018.6019.54

    40105.019.5319.54

    40107.019.9619.54

    40108.019.2219.54

    40109.020.4319.54

    40112.022.5219.54

    40113.023.4219.54

    40115.023.7519.54

    40116.026.2219.54

    40119.027.6819.54

    40120.027.7819.54

    40122.026.3019.54

    40123.025.4619.54

    40126.024.5619.54

    40127.024.7219.54

    40128.024.6019.54

    40129.025.2619.54

    40130.024.5319.54

    40133.025.1519.54

    40134.023.9819.54

    40135.021.1019.54

    40136.021.5119.54

    40137.022.8619.54

    40140.020.8319.54

    40141.019.5219.54

    40142.019.7519.54

    40143.023.3319.54

    40144.018.0919.54

    40147.021.5919.54

    40148.019.9319.54

    40149.019.1319.54

    40150.020.6619.54

    40151.019.9519.54

    40154.020.3419.54

    40155.020.7619.54

    40156.020.7419.54

    40157.019.9219.54

    40158.019.5619.54

    40161.019.3219.54

    40162.019.1619.54

    40163.018.3319.54

    40164.017.9319.54

    40165.018.0019.54

    40168.016.8719.54

    40169.015.9719.54

    40170.017.0719.54

    40176.016.0519.54

    40177.016.1919.54

    40178.016.4119.54

    40182.016.1219.54

    40183.015.9119.54

    40184.015.8619.54

    40185.016.5919.54

    40186.015.7419.54

    40189.014.2119.54

    40190.014.7119.54

    40191.014.6219.54

    40192.014.9819.54

    40193.015.1519.54

    40196.015.7119.54

    40197.015.8219.54

    40198.016.2319.54

    40199.017.2219.54

    40200.018.0719.54

    40203.017.9019.54

    40204.018.4019.54

    40205.018.2519.54

    40206.018.0219.54

    40207.019.3919.54

    40210.020.4819.54

    40211.020.2719.54

    40212.020.3719.54

    40213.021.3919.54

    40218.022.3119.54

    40219.022.5919.54

    40220.021.9419.54

    40221.021.9119.54

    40225.022.1319.54

    40226.021.6419.54

    40227.021.0019.54

    40228.020.2419.54

    40231.020.2319.54

    40232.020.1919.54

    40233.019.6019.54

    40234.019.9119.54

    40235.018.4219.54

    40238.018.1419.54

    40239.017.4619.54

    40240.016.8619.54

    40241.016.5819.54

    40242.015.4019.54

    40245.016.6119.54

    40246.016.9919.54

    40247.017.0119.54

    40248.017.3419.54

    40249.016.8419.54

    40252.017.1319.54

    40253.016.0819.54

    40254.016.2519.54

    40255.016.1719.54

    40256.016.4819.54

    40259.016.2419.54

    40260.015.8819.54

    40261.015.5519.54

    40262.015.6419.54

    40263.015.8419.54

    40266.015.2219.54

    40267.015.1719.54

    40268.015.2819.54

    40269.014.9119.54

    40273.014.9419.54

    40274.015.0019.54

    40275.015.1019.54

    40276.015.1219.54

    40277.014.7119.54

    40280.014.3919.54

    40281.014.4819.54

    4/14/1013.5919.54

    4/15/1014.4219.54

    4/16/1014.6019.54

    4/19/1015.0119.54

    4/20/1014.7319.54

    4/21/1014.2219.54

    4/22/1014.7019.54

    4/23/1014.1619.54

    4/26/1014.6919.54

    4/27/1016.7819.54

    4/28/1016.9019.54

    4/29/1016.4719.54

    4/30/1017.7519.54

    5/3/1018.0819.54

    5/4/1020.0519.54

    5/5/1021.2819.54

    5/6/1022.3719.54

    5/7/1025.2319.54

    5/10/1021.7319.54

    5/11/1021.8419.54

    5/12/1020.5919.54

    5/13/1020.0219.54

    5/14/1022.6319.54

    5/17/1024.6119.54

    5/18/1025.3719.54

    5/19/1026.2619.54

    5/20/1027.5919.54

    5/21/1026.5419.54

    5/25/1023.8419.54

    5/26/1023.8919.54

    5/27/1021.7619.54

    5/28/1022.0719.54

    5/31/1021.7619.54

    6/1/1022.6319.54

    6/2/1020.9819.54

    6/3/1021.1219.54

    6/4/1021.5719.54

    6/7/1021.8319.54

    6/8/1021.0119.54

    6/9/1020.1819.54

    6/10/1019.4919.54

    6/11/1019.1419.54

    6/14/1019.2219.54

    6/15/1019.2619.54

    6/16/1018.4719.54

    6/17/1018.0619.54

    6/18/1017.7219.54

    6/21/1017.5019.54

    6/22/1017.3519.54

    6/23/1017.8919.54

    6/24/1018.1119.54

    6/25/1018.3319.54

    6/28/1018.5119.54

    6/29/1018.7219.54

    6/30/1019.8619.54

    7/2/1022.8919.54

    7/5/1023.5419.54

    7/6/1022.7319.54

    7/7/1021.2919.54

    7/8/1021.0119.54

    7/9/1019.5619.54

    7/12/1019.5519.54

    7/13/1019.7019.54

    7/14/1019.8719.54

    7/15/1019.3919.54

    7/16/1020.3219.54

    7/19/1020.0319.54

    7/20/1018.8519.54

    7/21/1019.8719.54

    7/22/1020.1919.54

    7/23/1018.8219.54

    7/26/1018.7919.54

    7/27/1019.8219.54

    7/28/1019.9719.54

    7/29/1020.0419.54

    7/30/1019.9819.54

    8/3/1020.3119.54

    8/4/1020.0019.54

    8/5/1020.4019.54

    8/6/1019.6219.54

    8/9/1019.8019.54

    8/10/1019.6819.54

    8/11/1022.2619.54

    8/12/1022.6119.54

    8/13/1022.6019.54

    8/16/1022.9319.54

    8/17/1021.0019.54

    8/18/1020.3619.54

    8/19/1021.2219.54

    8/20/1021.3119.54

    8/23/1019.6419.54

    8/24/1020.6219.54

    8/25/1019.8619.54

    8/26/1019.3519.54

    8/27/1017.4319.54

    8/30/1017.9519.54

    8/31/1017.8619.54

    9/1/1016.5119.54

    9/2/1016.1019.54

    9/3/1015.9919.54

    9/7/1017.4019.54

    9/8/1017.7719.54

    9/9/1018.0119.54

    9/10/1017.1419.54

    9/13/1016.8919.54

    9/14/1017.3919.54

    9/15/1017.7619.54

    9/16/1017.3519.54

    9/17/1017.0819.54

    9/20/1016.4519.54

    9/21/1017.1719.54

    9/22/1017.5019.54

    9/23/1017.7619.54

    9/24/1016.6219.54

    9/27/1017.0619.54

    9/28/1016.3919.54

    9/29/1015.6419.54

    9/30/1015.8619.54

    10/1/1015.7519.54

    10/4/1016.1919.54

    10/5/1014.9619.54

    10/6/1015.2319.54

    10/7/1015.7019.54

    10/8/1014.8319.54

    10/12/1013.9419.54

    10/13/1013.6519.54

    10/14/1014.6519.54

    10/15/1014.6619.54

    10/18/1014.8519.54

    10/19/1014.7819.54

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    1/4/1115.5019.54

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    3/15/1119.2119.54

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    4/5/1114.3019.54

    4/6/1114.9119.54

    4/7/1115.1819.54

    4/8/1114.4119.54

    4/11/1113.6219.54

    4/12/1114.0719.54

    4/13/1114.0319.54

    4/14/1113.9319.54

    4/15/1113.4919.54

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    4/21/1113.2119.54

    4/25/1114.6419.54

    4/26/1115.2619.54

    4/27/1115.4619.54

    4/28/1115.7919.54

    4/29/1115.8919.54

    5/2/1116.2619.54

    5/3/1117.3519.54

    5/4/1117.5419.54

    5/5/1117.4119.54

    5/6/1118.1119.54

    5/9/1117.2919.54

    5/10/1116.9919.54

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    5/12/1117.5019.54

    5/13/1117.6719.54

    5/16/1117.2419.54

    5/17/1116.9319.54

    5/18/1116.0519.54

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    5/20/1115.8719.54

    5/24/1115.2819.54

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    5/27/1114.5419.54

    5/30/1114.7319.54

    5/31/1114.3419.54

    6/1/1116.0719.54

    6/2/1115.9419.54

    6/3/1115.6519.54

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    6/7/1116.0119.54

    6/8/1115.8519.54

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    6/10/1115.4619.54

    6/13/1116.2019.54

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    7/8/1113.2219.54

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    7/25/1114.8919.54

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    7/27/1117.0919.54

    7/28/1117.4219.54

    7/29/1117.6819.54

    8/2/1116.7719.54

    8/3/1116.5819.54

    8/4/1120.1819.54

    8/5/1119.0919.54

    8/8/1119.0919.54

    8/9/1131.9219.54

    8/10/1133.7119.54

    8/11/1131.7319.54

    8/12/1129.2219.54

    8/15/1127.1119.54

    8/16/1128.0719.54

    8/17/1126.6719.54

    8/18/1132.8819.54

    8/19/1134.8419.54

    8/22/1133.2619.54

    8/23/1128.5919.54

    8/24/1128.9319.54

    8/25/1130.1419.54

    8/26/1128.8619.54

    8/29/1126.1219.54

    8/30/1125.0619.54

    8/31/1122.4419.54

    9/1/1123.9419.54

    9/2/1125.3919.54

    9/6/1128.1119.54

    9/7/1125.8819.54

    9/8/1126.1819.54

    9/9/1129.3719.54

    9/12/1131.7119.54

    9/13/1132.3119.54

    9/14/1129.2819.54

    9/15/1125.6319.54

    9/16/1126.3019.54

    9/19/1128.0119.54

    9/20/1126.3819.54

    9/21/1128.6719.54

    9/22/1131.8319.54

    9/23/1132.3119.54

    9/26/1131.0919.54

    9/27/1130.2319.54

    9/28/1132.1019.54

    9/29/1130.9919.54

    9/30/1132.7719.54

    10/3/1136.7119.54

    10/4/1135.4519.54

    10/5/1132.2819.54

    10/6/1129.7119.54

    10/7/1130.5719.54

    10/11/1128.1819.54

    10/12/1126.9519.54

    10/13/1127.9519.54

    10/14/1125.4719.54

    10/17/1129.4619.54

    10/18/1128.2019.54

    10/19/1130.6719.54

    10/20/1131.5119.54

    10/21/1129.7419.54

    10/24/1127.4519.54

    10/25/1127.6419.54

    10/26/1126.8619.54

    10/27/1124.0519.54

    10/28/1123.5619.54

    10/31/1127.0819.54

    11/1/1129.8519.54

    11/2/1128.1019.54

    11/3/1126.1019.54

    11/4/1126.6519.54

    11/7/1126.9419.54

    11/8/1125.3519.54

    11/9/1130.6419.54

    11/10/1130.0919.54

    11/11/1127.1819.54

    11/14/1127.6519.54

    11/15/1128.9219.54

    11/16/1129.1019.54

    11/17/1131.8619.54

    11/18/1128.7519.54

    11/21/1129.0619.54

    11/22/1127.4719.54

    11/23/1128.8919.54

    11/24/1129.1319.54

    11/25/1129.0019.54

    11/28/1127.9619.54

    11/29/1126.6919.54

    11/30/1122.5719.54

    12/1/1123.3619.54

    12/2/1124.3819.54

    12/5/1124.2919.54

    12/6/1125.5019.54

    12/7/1124.8319.54

    12/8/1126.7819.54

    12/9/1124.8119.54

    12/12/1125.5819.54

    12/13/1126.0819.54

    12/14/1127.5519.54

    12/15/1125.7519.54

    12/16/1124.5119.54

    12/19/1123.9919.54

    12/20/1121.1819.54

    12/21/1119.7619.54

    12/22/1118.8419.54

    12/23/1118.1319.54

    12/28/1121.7319.54

    12/29/1120.8219.54

    12/30/1120.0119.54

    1/3/1220.6319.54

    1/4/1220.7719.54

    1/5/1220.4519.54

    1/6/1220.1019.54

    1/9/1220.9519.54

    1/10/1220.3219.54

    1/11/1220.6319.54

    1/12/1220.1319.54

    1/13/1220.2419.54

    1/16/1220.6319.54

    1/17/1220.4219.54

    1/18/1219.3919.54

    1/19/1219.6119.54

    1/20/1218.6619.54

    1/23/1217.5319.54

    1/24/1220.2819.54

    1/25/1217.5519.54

    1/26/1219.5819.54

    1/27/1219.5019.54

    1/30/1219.4919.54

    1/31/1220.5119.54

    2/1/1218.9419.54

    2/2/1217.7719.54

    2/3/1217.4819.54

    2/6/1218.0719.54

    2/7/1219.1919.54

    2/8/1220.1819.54

    2/9/1219.5619.54

    2/10/1218.8019.54

    2/13/1218.7719.54

    2/14/1218.8119.54

    2/15/1218.9919.54

    2/16/1217.5719.54

    2/17/1216.8919.54

    2/21/1216.7519.54

    2/22/1215.6219.54

    2/23/1215.7819.54

    2/24/1215.6319.54

    2/27/1216.3619.54

    2/28/1216.2319.54

    2/29/1216.4919.54

    3/1/1215.5719.54

    3/2/1215.9619.54

    3/5/1216.9219.54

    3/6/1219.1719.54

    3/7/1218.6019.54

    3/8/1216.8419.54

    3/9/1216.0519.54

    3/12/1216.1719.54

    3/13/1216.1819.54

    3/14/1215.8119.54

    3/15/1215.5019.54

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    3/26/1213.6919.54

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    3/29/1215.9419.54

    3/30/1215.4419.54

    4/2/1215.5219.54

    4/3/1216.5119.54

    4/4/1217.6919.54

    4/5/1217.8819.54

    4/9/1219.7819.54

    4/10/1220.0819.54

    4/11/1219.7119.54

    4/12/1217.1919.54

    4/13/1219.7219.54

    4/16/1219.4519.54

    4/17/1218.7219.54

    4/18/1218.7619.54

    4/19/1219.3119.54

    4/20/1219.0819.54

    4/23/1220.2019.54

    4/24/1219.5219.54

    4/25/1217.8119.54

    4/26/1217.6319.54

    4/27/1217.1619.54

    4/30/1218.0819.54

    5/1/1217.7219.54

    5/2/1218.8319.54

    5/3/1220.6219.54

    5/4/1221.8319.54

    5/7/1222.6919.54

    5/8/1223.2419.54

    5/9/1224.1919.54

    5/10/1222.8819.54

    5/11/1223.6319.54

    5/14/1225.7819.54

    5/15/1226.7419.54

    5/16/1225.9519.54

    5/17/1226.1319.54

    5/18/1226.9819.54

    5/22/1224.5419.54

    5/23/1224.8419.54

    5/24/1224.3919.54

    5/25/1224.2619.54

    5/28/1224.1519.54

    5/29/1223.9219.54

    5/30/1226.3019.54

    5/31/1225.3419.54

    6/1/1226.5119.54

    6/4/1226.8319.54

    6/5/1225.1819.54

    6/6/1223.7119.54

    6/7/1223.4819.54

    6/8/1224.2619.54

    6/11/1226.9319.54

    6/12/1224.9019.54

    6/13/1225.3319.54

    6/14/1224.7819.54

    6/15/1223.8319.54

    6/18/1221.9619.54

    6/19/1219.6419.54

    6/20/1218.2719.54

    6/21/1222.0919.54

    6/22/1220.2619.54

    6/25/1221.6519.54

    6/26/1221.5619.54

    6/27/1220.8619.54

    6/28/1221.0219.54

    6/29/1219.5219.54

    7/3/1218.8919.54

    7/4/1217.5219.54

    &"Arial,Bold Italic"Private && Confidential

    &F&D &T&P of &N

    Figure 4

    FortisBC - Testimony

    41091.0

    Figure 4 - VIX

    Start Date37256.0VIX Volatility Index

    End Date41094.0VIX IndexPX_LastAverage 1Average 2Average 3

    DatePointsPointsPointsPoints

    Average 137258.022.7117.64ERROR:#N/AERROR:#N/A

    Start Date36892.037259.021.3417.64ERROR:#N/AERROR:#N/A

    End Date39264.037260.020.4517.64ERROR:#N/AERROR:#N/A

    Value17.6437263.021.9417.64ERROR:#N/AERROR:#N/A

    37264.021.8317.64ERROR:#N/AERROR:#N/A

    Average 237265.022.1317.64ERROR:#N/AERROR:#N/A

    Start Date39264.037266.022.3617.64ERROR:#N/AERROR:#N/A

    End Date39995.037267.022.6017.64ERROR:#N/AERROR:#N/A

    Value31.4837270.023.5817.64ERROR:#N/AERROR:#N/A

    37271.022.7017.64ERROR:#N/AERROR:#N/A

    Average 337272.023.4517.64ERROR:#N/AERROR:#N/A

    Start Date39995.037273.022.2517.64ERROR:#N/AERROR:#N/A

    End Date41094.037274.022.5217.64ERROR:#N/AERROR:#N/A

    Value22.8137278.023.6117.64ERROR:#N/AERROR:#N/A

    37279.021.8817.64ERROR:#N/AERROR:#N/A

    37280.021.1517.64ERROR:#N/AERROR:#N/A

    37281.021.0117.64ERROR:#N/AERROR:#N/A

    37284.021.1417.64ERROR:#N/AERROR:#N/A

    37285.024.3517.64ERROR:#N/AERROR:#N/A

    37286.023.2217.64ERROR:#N/AERROR:#N/A

    37287.021.0917.64ERROR:#N/AERROR:#N/A

    37288.021.1217.64ERROR:#N/AERROR:#N/A

    37291.024.8717.64ERROR:#N/AERROR:#N/A

    37292.025.4517.64ERROR:#N/AERROR:#N/A

    37293.026.0917.64ERROR:#N/AERROR:#N/A

    37294.025.1117.64ERROR:#N/AERROR:#N/A

    37295.023.2617.64ERROR:#N/AERROR:#N/A

    37298.021.7817.64ERROR:#N/AERROR:#N/A

    37299.021.6217.64ERROR:#N/AERROR:#N/A

    37300.020.8517.64ERROR:#N/AERROR:#N/A

    37301.021.7717.64ERROR:#N/AERROR:#N/A

    37302.022.3717.64ERROR:#N/AERROR:#N/A

    37306.024.4317.64ERROR:#N/AERROR:#N/A

    37307.022.6617.64ERROR:#N/AERROR:#N/A

    37308.023.8017.64ERROR:#N/AERROR:#N/A

    37309.022.8617.64ERROR:#N/AERROR:#N/A

    37312.021.8417.64ERROR:#N/AERROR:#N/A

    37313.021.6817.64ERROR:#N/AERROR:#N/A

    37314.021.4917.64ERROR:#N/AERROR:#N/A

    37315.021.5917.64ERROR:#N/AERROR:#N/A

    37316.019.9617.64ERROR:#N/AERROR:#N/A

    37319.020.5017.64ERROR:#N/AERROR:#N/A

    37320.020.3017.64ERROR:#N/AERROR:#N/A

    37321.019.9417.64ERROR:#N/AERROR:#N/A

    37322.020.0417.64ERROR:#N/AERROR:#N/A

    37323.019.2717.64ERROR:#N/AERROR:#N/A

    37326.019.8417.64ERROR:#N/AERROR:#N/A

    37327.019.5917.64ERROR:#N/AERROR:#N/A

    37328.019.4617.64ERROR:#N/AERROR:#N/A

    37329.019.2017.64ERROR:#N/AERROR:#N/A

    37330.018.4217.64ERROR:#N/AERROR:#N/A

    37333.018.9317.64ERROR:#N/AERROR:#N/A

    37334.018.1617.64ERROR:#N/AERROR:#N/A

    37335.018.4617.64ERROR:#N/AERROR:#N/A

    37336.018.1517.64ERROR:#N/AERROR:#N/A

    37337.017.7717.64ERROR:#N/AERROR:#N/A

    37340.018.4817.64ERROR:#N/AERROR:#N/A

    37341.018.1317.64ERROR:#N/AERROR:#N/A

    37342.017.7017.64ERROR:#N/AERROR:#N/A

    37343.017.4017.64ERROR:#N/AERROR:#N/A

    37347.018.7317.64ERROR:#N/AERROR:#N/A

    37348.019.1617.64ERROR:#N/AERROR:#N/A

    37349.020.2017.64ERROR:#N/AERROR:#N/A

    37350.019.7817.64ERROR:#N/AERROR:#N/A

    37351.019.1317.64ERROR:#N/AERROR:#N/A

    37354.019.6117.64ERROR:#N/AERROR:#N/A

    37355.019.4717.64ERROR:#N/AERROR:#N/A

    37356.018.1917.64ERROR:#N/AERROR:#N/A

    37357.020.3017.64ERROR:#N/AERROR:#N/A

    37358.019.4217.64ERROR:#N/AERROR:#N/A

    37361.019.8217.64ERROR:#N/AERROR:#N/A

    37362.018.1117.64ERROR:#N/AERROR:#N/A

    37363.018.4317.64ERROR:#N/AERROR:#N/A

    37364.019.2917.64ERROR:#N/AERROR:#N/A

    37365.018.3017.64ERROR:#N/AERROR:#N/A

    37368.019.7717.64ERROR:#N/AERROR:#N/A

    37369.020.2817.64ERROR:#N/AERROR:#N/A

    37370.020.7717.64ERROR:#N/AERROR:#N/A

    37371.020.9517.64ERROR:#N/AERROR:#N/A

    37372.022.1417.64ERROR:#N/AERROR:#N/A

    37375.024.0517.64ERROR:#N/AERROR:#N/A

    37376.021.9117.64ERROR:#N/AERROR:#N/A

    37377.020.0617.64ERROR:#N/AERROR:#N/A

    37378.020.0717.64ERROR:#N/AERROR:#N/A

    37379.020.1917.64ERROR:#N/AERROR:#N/A

    37382.022.5617.64ERROR:#N/AERROR:#N/A

    37383.021.9417.64ERROR:#N/AERROR:#N/A

    37384.020.3917.64ERROR:#N/AERROR:#N/A

    37385.021.5617.64ERROR:#N/AERROR:#N/A

    37386.022.4117.64ERROR:#N/AERROR:#N/A

    37389.020.7217.64ERROR:#N/AERROR:#N/A

    37390.019.3517.64ERROR:#N/AERROR:#N/A

    37391.019.1917.64ERROR:#N/AERROR:#N/A

    37392.018.5017.64ERROR:#N/AERROR:#N/A

    37393.017.7017.64ERROR:#N/AERROR:#N/A

    37396.019.2417.64ERROR:#N/AERROR:#N/A

    37397.020.0517.64ERROR:#N/AERROR:#N/A


Presentation by: Davis Engen The Buckeye State Ohio State Flag.

Presentation by: Davis Engen The Buckeye State Ohio State Flag.

Engen Petroleum Limited’s Allocation Mechanism … · Engen Petroleum Limited’s Allocation Mechanism for Third Party Access to Petroleum Storage Facilities March 2012

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Industrilization spreads

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Final Spreads

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Option Spreads

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Guia Rentafija Engen

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Planbook Spreads

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Tilburg University Gender and leadership styles van Engen ...

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