NPC and SPPC follow deferred energy accounting. See Note 3, Regulatory Actions, of the Notes to Financial Statements in the 2012 Form 10-K for additional information regarding deferred energy accounting by the Utilities.

The following deferred energy amounts were included in the consolidated balance sheets as of March 31, 2013 (dollars in thousands):

		March 31, 2013
		NVE Total		NPC Electric		SPPC Electric		SPPC Gas
Deferred Energy
	Cumulative Balance as of December 31, 2012	$	(151,880)	$	(101,117)	$	(32,693)	$	(18,070)
	2013 Amortization		55,053		30,313		11,296		13,444
	2013 Deferred Energy Under Collections ⁽¹⁾		25,498		16,896		7,795		807
Deferred Energy Balance at March 31, 2013 - Subtotal		$	(71,329)	$	(53,908)	$	(13,602)	$	(3,819)
Reinstatement of deferred energy (effective 6/07, 10 years)			99,113		99,113		-		-
	Total Deferred Energy	$	27,784	$	45,205	$	(13,602)	$	(3,819)

Deferred Assets
	Deferred energy	$	84,120	$	84,120	$	-	$	-
Current Liabilities
	Deferred energy		(56,336)		(38,915)		(13,602)		(3,819)
	Total Net Deferred Energy	$	27,784	$	45,205	$	(13,602)	$	(3,819)

⁽¹⁾	These deferred energy under collections are subject to quarterly rate resets as discussed in Note 1, Summary of Significant Accounting
	Policies, Deferred Energy Accounting, of the Notes to Financial Statements in the 2012 Form 10-K.

In March 2013, NPC filed an application for the PUCN to review fuel and purchased power transactions for the 12-month period ended December 31, 2012, and to reset the REPR, TRED, EEIR and EEPR rate elements. DEAA amounts subject to prudency review for cumulative balances as of December 31, 2012 are included in the table above. The March 2013 application includes the following changes in revenue requirement (dollars in millions):


			Anticipated	Requested		Present		$ Change in
			Effective	Revenue		Revenue		Revenue
			Date	Requirement		Requirement		Requirement
Revenue Requirement Subject To Change:

	REPR⁽¹⁾		Oct. 2013	$	28.4	$	38.7	$	(10.3)
	TRED⁽¹⁾		Oct. 2013		15.7		15.9		(0.2)
	EEPR Base⁽¹⁾		Oct. 2013		45.9		32.6		13.3
	EEPR Amortization⁽¹⁾		Oct. 2013		(29.9)		9.0		(38.9)
	EEIR Base		Oct. 2013		15.1		10.6		4.5
	EEIR Amortization		Oct. 2013		(6.7)		10.7		(17.4)
		Total Revenue Requirement		$	68.5	$	117.5	$	(49.0)

⁽¹⁾	Represents programs that require the Utilities to collect funds from customers for which the related costs are equal to the
	revenues collected. As a result, such programs have no effect on Operating or Net Income.

In March 2013, SPPC filed an application for the PUCN to review fuel and purchased power transactions for the 12-month period ended December 31, 2012, and to reset the REPR, TRED, EEPR and EEIR rate elements. DEAA amounts subject to prudency review for cumulative balances as of December 31, 2012 are included in the deferred energy table above. The March 2013 application includes the following changes in revenue requirement includes the following (dollars in millions):


			Anticipated	Requested		Present		$ Change in
			Effective	Revenue		Revenue		Revenue
			Date	Requirement		Requirement		Requirement
Revenue Requirement Subject To Change:
	REPR⁽¹⁾		Oct. 2013	$	42.3	$	44.4	$	(2.1)
	TRED⁽¹⁾		Oct. 2013		7.4		6.3		1.1
	EEPR Base⁽¹⁾		Oct. 2013		6.0		5.6		0.4
	EEPR Amortization⁽¹⁾		Oct. 2013		(2.2)		1.8		(4.0)
	EEIR Base		Oct. 2013		5.6		4.7		0.9
	EEIR Amortization		Oct. 2013		1.1		1.9		(0.8)
		Total Revenue Requirement		$	60.2	$	64.7	$	(4.5)

⁽¹⁾	Represents programs that require the Utilities to collect funds from customers for which the related costs are equal to the
	revenues collected. As a result, such programs have no effect on Operating or Net Income.

In March 2013, SPPC filed an application for the PUCN to review the physical gas, transportation and financial gas transactions that were recorded during the 12-month period ended December 31, 2012 and to reset the REPR. DEAA amounts subject to prudency review for cumulative balances as of December 31, 2012 are included in the deferred energy table above. The amounts requested in this filing result in an overall decrease in revenue requirement of $0.2 million with an anticipated effective date of October 2013.

In October 2012, NPC filed an application with the FERC to reset transmission and ancillary service rates that were last set in 2003. The rate changes requested in this filing would result in an overall annual revenue increase of $11.3 million. In December 2012, FERC issued an order which suspended certain rate increases until June 1, 2013. Furthermore, as requested in the filing, the FERC accepted two proposed rate decreases effective January 1, 2013. All rates are subject to final approval by the FERC. However, at this time management is unable to determine the final revenue impact of the case.

In October 2012, SPPC filed an application with the FERC to reset transmission and ancillary service rates that were last set in 2007 and 2003, respectively. The rate changes requested in this filing would result in an overall annual revenue increase of $3.2 million. In December 2012, FERC issued an order which suspended certain rate increases until June 1, 2013. Furthermore, as requested in the filing, the FERC accepted two proposed rate decreases effective January 1, 2013. All rates are subject to final approval by the FERC. However, at this time management is unable to determine the final revenue impact of the case.