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| <NonNumbericText> <table style="font-size:10pt; font-family:'Times New Roman',times,serif;"> <tr> <td> <p style="FONT-FAMILY: times"><font size="4"><b>22. Lubbock Electric Distribution Assets </b></font></p> <p style="FONT-FAMILY: times"><font size="2">In November 2009, SPS entered into an asset purchase agreement with the city of Lubbock, Texas (City of Lubbock). This agreement sets forth that SPS will sell its electric distribution system assets within the city limits to LP&L for approximately $87 million. The sale and related transactions will eliminate the inefficiencies of maintaining duplicate distribution systems, one by SPS and the other by the city-owned LP&L. SPS currently serves about 24,000 customers within Lubbock, representing about 25 percent of the total customers in the dually certified service area. As part of this transaction, SPS will continue to provide the wholesale power to meet the electric load for these customers, initially by amending the current wholesale full-requirements contract with West Texas Municipal Power Agency (WTMPA), which provides service to LP&L through 2019 and then for an additional 25 years under a new contract directly with LP&L when the WTMPA contract terminates. Both of these wholesale power agreements provide for formula rates that change annually based on the actual cost of service. The formula rate with WTMPA reflects an initial 10.5 percent ROE. All or portions of this transaction are subject to review and approval by the PUCT, the NMPRC and FERC. This transaction is expected to close late in 2010. It is anticipated that any resulting gain on the sale of assets will be shared with retail customers in Texas. </font></p> <p style="FONT-FAMILY: times"><font size="2">Additionally, SPS and the City of Lubbock entered into an amended long-term treated sewage effluent water agreement under which SPS will continue to purchase waste water from the city for cooling SPS's Jones Station southeast of Lubbock. This new waste water agreement will provide a long-term and low cost source for cooling water for SPS. This agreement is not subject to regulatory approval. </font></p></td></tr></table> </NonNumbericText> |
| <NonNumericTextHeader> 22. Lubbock Electric Distribution Assets In November 2009, SPS entered into an asset purchase agreement with the city of Lubbock, Texas </NonNumericTextHeader> |
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