INVESTORS
Gain insight into trends in authorized and requested ROEs to better assess utility earnings potential.
Rate Case Tracker
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Track key metrics from all investor owned utility (IOUs) rate case proceedings
LAST UPDATED *
March 18th, 2026
RECENT UPDATES
+1 Rate Cases
4 New Columns
TOTALS
261 Rate Cases
24 Open
237 Closed
*Updated monthly
How We Help Energy Professionals
UTILITIES
Benchmark rate case filings against peer outcomes to strengthen regulatory positioning.
Law Firms
Leverage data to prepare arguments and monitor precedent in ROE decisions for utility clients.
Consultants
Identify emerging patterns in ROE methodologies and advise clients on rate case strategy.
Data Methodology
Halcyon's Rate Case Cost of Capital Tracker compiles comprehensive information on rate cases filed by US investor-owned utilities. Drawing from state public utility commission (PUC) dockets, the Tracker consolidates key cost-of-capital figures and rate case details into a structured, research-ready dataset.
Each rate case entry captures essential attributes such as docket numbers, utility name, requested and authorized return on equity (ROE), ROE methodology (e.g., CAPM, DCF, or multi-model averages), recommended ROEs from utility testimony, timeline updates, and key developments. Where available, the dataset includes granular details such as all components of capital structure, changes in revenue requirement, and cited reasoning for rate increases..
Halcyon's approach combines data science techniques with LLMs to identify relevant excerpts and documents within dense regulatory filings—the average rate case in the Tracker contains over 1,000 documents per proceeding—extracting key information and transforming regulatory nuance into measurable, financialized insight. Each data point is validated and contextualized by subject-matter experts, resulting in a uniquely reliable resource for comparing cost-of-capital outcomes by state, ISO/RTO, utility footprint, or ROE methodology.
Halcyon will update the Tracker on a monthly basis to incorporate new rate cases as soon as they become public, add greater narrative depth, and substantiate source documents. We are continuously adding new data and new data fields based on your feedback.
Rate Case Data
(51 data points)|
Field |
Description |
| Docket | Identifier used by state Commission. |
| Halcyon Docket Profile Page | Halcyon AI generated Docket Profile Page. |
| Utility Name | The name of the investor-owned utility involved in the rate case. |
| Rate Case Years | The years covered by the rate case, indicating whether it represents a single-year or multi-year rate plan. |
| State | The state in which the rate case is filed and regulated. |
| EIA Utility ID | Utility ID used by EIA reporting sources. |
| BA Code | Relevant balancing authority. |
| Separate Cost of Capital Proceeding? | Indicates whether the return on equity (ROE) is determined in a separate cost of capital proceeding (Yes/No). |
| Cost of Capital Proceeding | A link to the separate proceeding in which the ROE is determined, if not included within the main rate case. |
| Date Opened | The filing date marking the start of the rate case proceeding. |
| Decision Date | The date the final order or decision was issued by the commission. |
| Final Order/Settlement Agreement 1 | A link to the document page containing the approved final order or settlement agreement for the rate case. |
| Final Order/Settlement Agreement 2 | Additional document links describing the final order or settlement agreement, if applicable. |
| Case Status | The current status of the rate case (e.g., Open, Order Filed, Final Order Approved, Settlement Approved). |
| Historical Test Year (HTY) | The year based on actual, recorded financial data that regulators use to evaluate a utility’s past costs and revenues as the foundation for setting future rates. |
| Requested ROE | The return on equity (ROE) requested by the utility for each rate case year. |
| Authorized ROE | The ROE authorized by the commission for each rate case year. |
| ROE Model(s) Used by Utility | The financial or econometric models used by the utility to calculate the requested ROE, as cited in testimony or filings. |
| Context for Multiple Models | Explanation of how multiple ROE models were applied or weighted in the utility’s analysis. |
| Formula Used | Any formulas cited in testimony or filings that were used in utility filings to calculate ROE. |
| Recommended ROE | The final ROE recommendation presented in the utility’s testimony. |
|
Rate Case Duration (Days) |
The numbers of days between when a rate case was filed and when the final order/settlement agreement were approved. |
| Requested Weighted Average Cost of Capital | The overall cost of capital requested by the utility, reflecting the weighted average of the cost of equity, cost of debt, and other capital components based on the proposed capital structure |
| Requested Cost of Debt | The interest rate or average cost associated with the utility’s long-term debt as requested in the rate case filing |
| Requested Equity Structure | The percentage of total capitalization attributed to common equity as proposed by the utility |
| Requested Debt Structure | The percentage of total capitalization attributed to long-term debt as proposed by the utility |
| Requested Short-term Debt Structure | The portion of total capitalization attributed to short-term debt as proposed by the utility, if applicable |
| Requested Preferred Equity Structure | The portion of total capitalization attributed to preferred equity as proposed by the utility, if applicable |
| Requested Customer Deposits Structure | The portion of total capitalization attributed to customer deposits or customer advances as proposed by the utility, if applicable |
| Authorized Weighted Average Cost of Capital | The overall cost of capital approved by the commission, reflecting the authorized weighting of equity, debt, and other capital components |
| Authorized Cost of Debt | The cost of long-term debt approved by the commission for ratemaking purposes |
| Authorized Equity Structure | The percentage of total capitalization attributed to common equity as authorized by the commission |
| Authorized Debt Structure | The percentage of total capitalization attributed to long-term debt as authorized by the commission |
| Authorized Short-term Debt Structure | The portion of total capitalization attributed to short-term debt as authorized by the commission, if applicable |
| Authorized Preferred Equity Structure | The portion of total capitalization attributed to preferred equity as authorized by the commission, if applicable |
| Authorized Customer Deposits Structure | The portion of total capitalization attributed to customer deposits or customer advances as authorized by the commission, if applicable |
| Intervenors | The intervenors tab compiles a list of intervenors in each rate case, as well as the documents they submit. While this list is currently not comprehensive, it will be in future releases |
| Requested Dollar Change in Revenue Requirement | The absolute dollar increase or decrease in the total revenue requirement requested by the utility |
| Requested Percent Change in Revenue Requirement | The percentage increase or decrease in the total revenue requirement requested by the utility relative to current authorized levels |
| Requested Total Revenue Requirement | The total annual revenue requirement proposed by the utility in the rate case |
| Authorized Dollar Change in Revenue Requirement | The absolute dollar increase or decrease in the revenue requirement approved by the regulatory authority |
| Authorized Percent Change in Revenue Requirement | The percentage change in the revenue requirement approved by the regulatory authority relative to prior authorized levels |
| Authorized Total Revenue Requirement | The total annual revenue requirement authorized by the regulatory authority |
| Revenue Requirement Details | Additional notes or breakdowns explaining how the revenue requirement was calculated or adjusted in the rate case |
| Requested Cost of Short Term Debt | The cost of short-term debt as proposed by the utility |
| Authorized Cost of Short Term Debt | The cost of short-term debt approved by the commission for ratemaking purposes |
| Requested Rate Base ($M) (NEW) | The total utility-requested jurisdictional rate base for the rate case test year, expressed in millions of dollars. |
| Requested Rate Base Details (NEW) | The primary drivers and cited reasonings behind the utility's requested rate base as presented in the rate case filing. |
| Authorized Rate Base ($M) (NEW) | The final commission-approved jurisdictional rate base for the rate case test year, expressed in millions of dollars. |
| Authorized Rate Base Details (NEW) | The reasonings, adjustments, and disallowances applied by the commission to the utility's requested rate base as documented in the final order |
Common ROE Models Used
|
Model |
Formula |
Key Assumptions |
| CAPM / ECAPM | ROE = Rf + β × (Rm – Rf) | Assumes markets are efficient, beta accurately captures risk, and investors are compensated only for systematic (non-diversifiable) risk. |
| ECAPM | ROE = α + β × [Rf + (Rm – Rf)] | Assumes a non-zero intercept (α) to correct CAPM bias; retains CAPM’s basic risk-return relationship. |
| DCF | ROE = (D1 / P0) + g | Assumes constant or predictable growth, stable dividend policy, and market price reflecting fair value. |
| Multi-Stage DCF | ROE = [(D1/(1+r)) + (D2/(1+r)^2) + … + (Dn(1+g)/(r–g))/(1+r)^n] / P0 | Assumes distinct growth periods can be reasonably estimated; long-term growth converges to a sustainable rate (often tied to GDP or inflation). |
| Risk Premium Model | ROE = Rb + RP | Assumes investors require a stable premium over bonds to compensate for equity risk; premium estimated from historical spreads. |
| Expected Earnings Model | ROE = (Expected Earnings / Book Value of Equity) | Assumes accounting earnings reflect economic value; expected returns align with comparable regulated utilities’ allowed ROEs. |
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