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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 (IOU) rate case proceedings
LAST UPDATED *
July 27th, 2026
RECENT UPDATES
+14 Rate Cases
5 New Columns
TOTALS
294 Rate Cases
54 Open
240 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
(65 data points)|
Field |
Description |
| Utility Name | The name of the investor-owned utility seeking a base rate adjustment. |
| Docket Number | Identifier assigned by the regulatory body. |
| State | The state in which the rate case is/was filed. |
| Halcyon Docket Profile Page | Halcyon AI generated Docket Profile Page. |
| EIA Utility ID | Utility ID used by the US EIA reporting sources. |
| BA Code | Relevant balancing authority. |
| Energy Type | Halcyon currently tracks only electric rate cases, but plans to expand to include other utility offerings in the future. |
| Service Type | Vertically integrated = cases that involve generation as well as instate transmission and distribution; Delivery = cases that involve only the instate transmission and distribution aspects of service. |
| Utility Parent Company | The parent or holding company that owns the utility filing the rate case. |
| SEC 2025 10k Filing | A link to the document page containing the SEC financial statements from the company's 10-K. If a specific 10-K is not available for that subsidiary, the parent company's 10-K was included instead, or the 40-F for foreign entities. |
| Energy Type | Halcyon currently tracks only electric rate cases, but plans to expand to include other utility offerings in the future. |
| Service Type | Vertically integrated = cases that involve generation as well as instate transmission and distribution; Delivery = cases that involve only the instate transmission and distribution aspects of service. |
| Date Opened | The filing date marking the start of the rate case proceeding (e.g., the date of notice of intent was submitted, where applicable, or the date the full rate filing package was tendered. |
| Case Status (Pending Cases Only) | The current status of a pending rate case (e.g., Open, Settlement Negotiations Pending, or Settlement Filed) |
| Test Year End Date (NEW) | The end of the period used to establish the cost of service giving rise to the approved rate change. For single-year rate cases, the test year may be historical, fully forecast or a hybrid of both. For multi year rate plans, which generally use forecast test years for each year the plan will be in effect, we show the end date for the final test year covered under the plan. |
| Multi-Year Rate Plan (T/F) (NEW) | Indicates whether the filing/order proposes/approves rate changes across multiple years that rely on multiple test periods. Note: we do not include single-test-year rate cases where the rate change is implemented in multiple steps to by a multiyear rate plan (MYP). |
| Requested Revenue Requirement Change ($M) | The absolute dollar increase or decrease in the total revenue requirement requested by the utility. |
| Requested Revenue Requirement % Change | The percentage increase or decrease in the total revenue requirement requested by the utility relative to current authorized levels, as stated by the filing. |
| Total Requested Revenue Requirement ($M) | The total annual revenue requirement proposed by the utility in the rate case. |
| Requested Rate Base ($M) | The total utility requested jurisdictional rate base for the rate case, in millions of dollars. |
| Requested Return on Equity (%) | The return on equity (ROE) requested by the utility for each rate case year. |
| Requested Return on Rate Base (%) | The cost of long-term debt as proposed by the utility. |
| 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 Other Capital Structure (T/F) (NEW) | The percentage of total capitalization attributed to long-term debt as requested by the utility. |
| General ROE Notes | Halcyon highlights whether there is something unusual or noteworthy with respect to the ROE issue. |
| 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. |
| Revenue Requirement Details | Additional notes regarding how the revenue requirement was calculated or adjusted in the rate case. |
| Requested Rate Base Details | The cited drives of the change in rate base. |
| Decision Date (Historical Cases Only) | The date the final order or decision was issued by the commission. |
| Decision Type (Historical Cases Only) | The decision type of the historical rate cases (e.g., Decision Followed Settlement, Fully Litigated, or Rate Case Withdrawn) |
| Rate Case Duration (days) (Historical Cases Only) | The numbers of days between the date opened and the decision date. |
| Rates Effective Date | The approximate date that the new rates will first be implemented. Note: While MYPs have defined terms; single-year rate changes do not, and the approved rates and underlying authorized metrics remain in place until a new case is filed. |
| Final Order/Settlement Agreement 1 (Historical Cases Only) | A link to the document page containing the approved final order and/or settlement agreement for the rate case. |
| Final Order/Settlement Agreement 2 (Historical Cases Only) | Additional document links describing the final order or settlement agreement, if needed. |
| Authorized Revenue Requirement Change ($M) (Historical Cases Only) | The absolute dollar increase or decrease in the revenue requirement approved by the regulatory authority. |
| Authorized Revenue Requirement % Change (Historical Cases Only) | The percentage change in the revenue requirement approved by the regulatory authority relative to previously authorized levels, as stated by the company. |
| Total Authorized Revenue Requirement ($M) (Historical Cases Only) | The total annual revenue requirement authorized by the regulatory authority. |
| Authorized Rate Base ($M) (Historical Cases Only) | The total commission authorized jurisdiction rate base for the rate case test years, in millions of dollars |
| Authorized Return on Equity (%) (Historical Cases Only) | The ROE authorized by the commission for each rate case year. Note: this data may note be available if a settlement is approved that does not specify this metric. |
| Authorized Return on Rate Base (%) (Historical Cases Only) | The overall cost of capital approved by the commission, reflecting the authorized weighting of equity, debt, and other capital components. Also known as the return on rate base. |
| Authorized Cost of Debt (%) (Historical Cases Only) | The cost of long-term debt approved by the commission for ratemaking purposes. |
| Authorized Equity Structure (%) (Historical Cases Only) | The percentage of total capitalization attributed to common equity as authorized by the commission. |
| Authorized Debt Structure (%) (Historical Cases Only) | The percentage of total capitalization attributed to long-term debt as authorized by the commission. |
| Authorized Other Capital Structure (T/F) (Historical Cases Only) (NEW) | The percentage of total capitalization attributed to long-term debt as authorized by the commission. |
| Authorized Rate Base Details (Historical Cases Only) | The commissioner's determinations and/or disallowances related to rate base. |
| Utility Parent Company | The parent or holding company that owns the utility filing the rate case. |
| SEC 2025 10k Filing | A link to the document page containing the SEC financial statements from the company's 10-K. If a specific 10-K is not available for that subsidiary, the parent company's 10-K was included instead, or the 40-F for foreign entities. |
| Separate Cost of Capital Proceeding? | Indicates whether the return on equity (ROE) and/or other rate of return related items are determined in a separate (T/F). |
| Cost of Capital Proceeding | A link to the separate proceeding in which the ROE is determined, where applicable. |
| Utility Large Load Tariff | The active tariff or regulatory proceeding related to large load interconnection or service, filed by the same utility as the rate case. For further detail on these tariffs, see Halcyon's Large Load Tariff Tracker. |
| Data Center and Large Load Cost Provisions | Captures how infrastructure and demand costs are distributed between large load customers, particularly data centers, and the general ratepayer base, including cost allocation mechanisms, contract protections, and commission directives aimed at preventing cost-shifting to residential customers. |
| Intervenors | The intervenors tab compiles a list of intervenors and commenters in each rate case, as well as the documents they submit. |
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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Showing three (7) of 294 Rate Cases. Updated monthly.
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UPDATED - July 17 2026
UPDATED - July 17 2026