Table 12.  Bonneville Power Administration Return on Assets Compared 
with Hypothetical Equivalent Investor-Owned Utility Returns, 1990 and 1998

IOU Comparison Net Plant and Equipment (Million 1999 Dollars) Actual Revenue (Million 1999 Dollars) Operating Income (Million 1990 Dollars) Average Return
 (Percent)		 Adjusted Revenue (Million 1999 Dollars) Implied IOU Rate of Return (Percent) Federal Government Support (Million 1999 Dollars)
1990
No Deferred Assets 12,135.1 2,534.4 764.4 6.3 3,015.0 10.26 480.6
Deferred Assets Before Taxes 12,135.1 2,534.4 764.4 6.3 3,015.0 10.26 480.6
Deferred Assets After Taxes 18,142.8 2,534.4 764.4 4.2 3,205.0 7.91 670.7
1998
No Deferred Assets 11,607.6 2,080.8 883.6 7.6 2,547.0 11.63 466.3
Deferred Assets Before Taxes 11,607.6 2,080.8 883.6 7.6 2,294.0 9.45 213.3
Deferred Assets After Taxes 15,810.1 2,080.8 883.6 5.6 2,270.6 6.79 190.0
Notes: EIA's Financial Statistics of Major U.S. Investor-Owned Utilities did not report any deferred regulatory assets in 1990. Most of the dollar values appearing in this report have been converted to 1999 dollars using the Gross Domestic Product (GDP) deflator. The GDP deflator was applied to companies' prior year loan and interest data. Although the values on the companies' balance sheets and income statements do not change from year to year, the purpose of the calculation was to estimate Federal Government support in a consistent framework. The framework chosen was the value of Federal Government support in terms of its 1999 purchasing power. The 1999 GDP deflator was 22 percent higher than the 1990 value and 1 percent higher than the 1998 value.
 Sources: Bonneville Power Administration, Annual Report 1990 (1991) and Annual Report 1998 (1999); Energy Information Administration, Financial Statistics of Major U.S. Investor-Owned Electric Utilities 1992, Volume 1, DOE/EIA-0347(92/1) (Washington, DC, December 1993), Tables 6 and 8; Financial Statistics of Major U.S. Investor-Owned Electric Utilities 1996, Volume 1, DOE/EIA-0347(96/1) (Washington, DC, December 1997), Tables 6 and 8; and FERC Form 1.

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File last modified: July 10, 2000

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