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Previous: CSW CREDIT INC, 35-CERT, EX-99.3, 2000-11-14 |
Next: CSW CREDIT INC, 35-CERT, EX-99.5, 2000-11-14 |
EXHIBIT 4
Page 1 of 8
CENTRAL POWER AND LIGHT COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail Wholesale
------------ ------------
Weighted Cost of Capital (Annualized) 0.071856 0.072332
Average Days Outstanding 31.14 24.20
------------ ------------
Weighted Cost of Capital (Average
Days Outstanding) 0.006137 0.004796
Collection Experience Factor 0.002309 0.000000
Agency Fee Rate 0.020000 0.020000
------------ ------------
Total Discount Factor 0.028445 0.024794
============ ============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 10.9000%
WHOLESALE ROCE 11.4900%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
EXHIBIT 4
Page 2 of 8
PUBLIC SERVICE COMPANY OF OKLAHOMA
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail Wholesale
------------ ------------
Weighted Cost of Capital (Annualized) 0.071937 0.072332
Average Days Outstanding 30.92 27.61
------------ ------------
Weighted Cost of Capital (Average
Days Outstanding) 0.006096 0.005471
Collection Experience Factor 0.001589 0.000000
Agency Fee Rate 0.020000 0.020000
------------ ------------
Total Discount Factor 0.027685 0.025474
============ ============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 11.0000%
WHOLESALE ROCE 11.4900%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
EXHIBIT 4
Page 3 of 8
SOUTHWESTERN ELECTRIC POWER COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Arkansas Louisiana Texas Wholesale
------------- -------------- ------------ --------------
Weighted Cost of Capital (Annualized) 0.071735 0.072017 0.075727 0.072332
Average Days Outstanding 39.40 35.60 33.48 44.62
------------- -------------- ------------ --------------
Weighted Cost of Capital (Average
Days Outstanding) 0.007738 0.007022 0.006940 0.008841
Collection Experience Factor 0.001865 0.001919 0.001764 0.000000
Agency Fee Rate 0.020000 0.020000 0.020000 0.020000
------------- -------------- ------------ --------------
Total Discount Factor 0.029601 0.028940 0.028703 0.028840
============= ============== ============ ==============
ASSUMPTIONS
INTEREST RATE 6.6385% 6.6385% 6.6385%
ROCE 10.7500% 11.1000% 15.7000% 11.4900%
TAX RATE 38.0000% 38.0000% 38.0000%
DEBT RATIO 95.0000% 95.0000% 95.0000%
EQUITY RATIO 5.0000% 5.0000% 5.0000%
EXHIBIT 4
Page 4 of 8
WEST TEXAS UTILITIES COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail Wholesale
------------- --------------
Weighted Cost of Capital (Annualized) 0.072239 0.072332
Average Days Outstanding 35.24 28.36
------------- --------------
Weighted Cost of Capital (Average
Days Outstanding) 0.006979 0.005620
Collection Experience Factor 0.001829 0.000000
Agency Fee Rate 0.020000 0.020000
------------- --------------
Total Discount Factor 0.028807 0.025620
============= ==============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 11.3750%
WHOLESALE ROCE 11.4900%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
EXHIBIT 4
Page 5 of 8
COLUMBUS SOUTHERN POWER COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail
-------------
Weighted Cost of Capital (Annualized) 0.073114
Average Days Outstanding 42.45
-------------
Weighted Cost of Capital (Average
Days Outstanding) 0.008501
Collection Experience Factor 0.004387
Agency Fee Rate 0.020000
-------------
Total Discount Factor 0.032887
=============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 12.4600%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
EXHIBIT 4
Page 6 of 8
INDIANA MICHIGAN POWER COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Indiana Michigan
------------ -------------
Weighted Cost of Capital (Annualized) 0.072743 0.073550
Average Days Outstanding 28.71 31.64
------------ -------------
Weighted Cost of Capital (Average
Days Outstanding) 0.005721 0.006370
Collection Experience Factor 0.002993 0.003017
Agency Fee Rate 0.020000 0.020000
------------ -------------
Total Discount Factor 0.028712 0.029385
============ =============
ASSUMPTIONS
INTEREST RATE 6.6385% 6.6385%
ROCE 12.0000% 13.0000%
TAX RATE 38.0000% 38.0000%
DEBT RATIO 95.0000% 95.0000%
EQUITY RATIO 5.0000% 5.0000%
EXHIBIT 4
Page 7 of 8
KENTUCKY POWER COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail
-------------
Weighted Cost of Capital (Annualized) 0.072340
Average Days Outstanding 31.21
-------------
Weighted Cost of Capital (Average
Days Outstanding) 0.006185
Collection Experience Factor 0.003183
Agency Fee Rate 0.020000
-------------
Total Discount Factor 0.029366
=============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 11.5000%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
EXHIBIT 4
Page 8 of 8
OHIO POWER COMPANY
DISCOUNT CALCULATION
THREE MONTHS ENDED SEPTEMBER 30, 2000
Retail
-------------
Weighted Cost of Capital (Annualized) 0.073397
Average Days Outstanding 36.42
-------------
Weighted Cost of Capital (Average
Days Outstanding) 0.007327
Collection Experience Factor 0.003333
Agency Fee Rate 0.020000
-------------
Total Discount Factor 0.030659
=============
ASSUMPTIONS
INTEREST RATE 6.6385%
RETAIL ROCE 12.8100%
TAX RATE 38.0000%
DEBT RATIO 95.0000%
EQUITY RATIO 5.0000%
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