LIC-94-0070, Omaha Public Power Distict 1993 Annual Rept
| ML20064N150 | |
| Person / Time | |
|---|---|
| Site: | Fort Calhoun  |
| Issue date: | 12/31/1993 |
| From: | Gates W OMAHA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| LIC-94-0070, LIC-94-70, NUDOCS 9403290188 | |
| Download: ML20064N150 (17) | |
Text
{{#Wiki_filter:. o . ~- Omaha Public Power District 444 South 16th Street Mall Omaha, Nebraska 68102-2247 402/636 2000 March 23, 1994 LIC-94-0070 U. S. Nuclear Regula.ory Commission Attn: Document Contiol Desk Mail Station Pl-137 Washington, DC 20555
REFERENCE:
Docket No. 50-285 Gentlemen:
SUBJECT:
1993 Annual Financial Report in accordance with 10 CFR 50.71(b), enclosed is one copy of Omaha Public Power District's 1993 Annual Financial Report. If you should have any questions, please contact me. Sincerely, N. $$. nae, W. G. Gates Vice President WGG/mah Enclosure c: LeBoeuf, Lamb, Greene & MacRae (w/o Enclosure) L. J. Callan, NRC Regional Administrator, Region IV (w/o Enclosure) S. R. D. Bloom, NRC P. Mullikin, NRCProject Manager Inspector Senior Resident (w/o Enclosure)/o (w Enclosure) i i l 94032903ss 933233 PDR ADOCK 050002s3 ()0k I ppg I
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('<" M EXECUTIVE 0fflCES Energy Plaza 444 South 16th StreetMall Omaha, Nebraska 68102-2247 i TRUSTEE The First National Bank of Chicago ^ Chicago, Illinois PAYING ABENTS Mrst Chicano Tnist Company of New York New York, Sew York L The First National Bank of Chicago
- Chicago, Illinois Norwest Bank Nebraska, N.A.
g Omaha, Nebraska p " MIN 180ND ADMINISTRATION Omaha Public Power District Treasury Analysis Department GENERALCOUNSEL Fraser,Stryker,Vaughn, Meusey, Olson, Boyer & Bloch, P.C. Omaha,hebraska
$)ff . 47f ~ Ilighlights , 3 LChairman's lleport .4 Iloard of Directors . .. .. . . . . 5 i l President's Report .- 0 Vice Presidents . . .7 -l Operations lleview -_ 0 Financing . .14 Independent Auditors'ileport .l5 llalance Sheels .. 10 Statements of Net Earnings and Accumulated Earnings lleinvested in the Ilusiness 10 Statements of Cash flows =10 Notes to financial Statements . 20 Net Receipts and I)eht Service Coverage - .25 1993-1992 Comparisons . 20 Electric Statistics 27 Electric System llevenue llonds Ontstanding _ 20< OPPD Corporate Ollicers 30 OPPI) Service Area Map 31 OPPI) Mission Sta'ement and Strategie Goals . . ... .. . 32 -
[:~ DPERATING REVENUES AVERACE NUMBER 0F CUSTOMERS & , L operating revenues for 1993 were The oistrict -d an as mge total of 259,168 customers in n
$402,300,W)0, an increase of $29,217,000, .
of . O, bun !9 ohY' [ =. t a .-
.e e 3 ; <,, , ,_ '- s , P ating resenues of f Y h Y ' '
$m,u s,Wn au f'[j A
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9 DPERATION AND ? y 4 - MAINTENANCE EXPENSES operation and main-k.. . hf .
,enenec e,cuse mr unn uere $n un0m0, g .
dll Offeose k e . r . a ~ p I j. or 2mn, from 1992 opera- ) ... tion and maintenance g expenses of $226.063,0GL
.i jgg 1993, an increase of 3,508, or 1.4%, from NET DPERATING REVENUES the 1992 merage olal of 255,960 cus-Net operating rn enues, before depreci"-
tomers. tion and decommissioning, were
$ l 35,326,000, an increase of $22,200,000, gy[ggg[8[$l DENT]AL USE or 16.7% from 1992 net operating rev- S erage annual use per residential cus-enues of $ 133,126,000.
tomer in 1993 uas 10,395 kilmvatt-hours, an increase of 819, or 8.9% front the 1992 NET EARNINGS REINVESTED merage of 9,516 kilowati-hours. IN THE BUSINESS Net earnings reimested in the busi""*' AVERAGE RESIDENTIAL COST toianed $45.2(n,000, an increase of The nistriers residential customers paid
$14,918,000, or 19.4% from 1992 net earn-an merage of 6.80c per kilowatt-hour dur-ings reimested in the business of ing 1993 compared to 3.390 per kilowatt-
$30,255,0(n hour in 1916, OppD's initial year of G[NERAL BUSINESS SALES cencral business sales to District ens-1993 NET CONSTRUCTION EXPENDITURES tomers were 6,725,96s,000 kilowati-hours a ansion and huprovement orsystem in 1993, an increase of 273,453,WO, or facilities during 1993 required nel con-4.2% from 1992 sales of 6,452,511000 kilo-non enditures of $95,213SR watt-hom s.
$g . Maintaining our focus on new and rapidly approaching competitive forces ) and doing what must be done to position oursches strategically in a dynamic industry - these were the key challenges facing the Omaha Public Power District in 1993. They will continue to challenge this utility in 1994 and the years ahead. l
- As the events of 1993 unfurled, the importance of hemg a M V.. ' customer-oriented business and applying eEcetive cost-management practices to reniain successful becaine more 3 '
% apparent than ever belbre.
j M t Ihr example, during 1993, OPPD undertook a number of M9
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rate modilications to encourage our large customers to remain - MF ~
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and grmy in Nebraska.These customers are an important part l of OPPirs customer base and major sources of revenue Ihr the utility. These changes were accomplished without increasing rates for our other customers. In fact, we successfully held the cost of electricity to residential customers well below the national average during the year. For the second straight 3 ear, the lloard of Directors and Ej/ (g o g$ @. V 4
.O "M fmanagernent M displayed prudent cost management by refinanc-y$ yw gxWcQ ing outstanding debt. In 1991 the utility took advantage of an MWwfA Meli ;
anradise municipal bond market to refinance $289.0 million of earlier debt at a present-value savings of $10.3 million. In 1993, as interest rates became increasingly more attractise, OPPD returned to the market on five separate occasions, refinancing
$812.7 million in Electric System Revenue llonds h>r a present-value savings of $38.9 million.
Also for the second straight year, $10 million in OPPD Minibonds were issued. Sales were lim-ited to Nebraska residents, and once again the program was very successful. Proceeds are being used to imprm e and extend OPPD's electrical system. Most of 0PPirs cost-management goals were met in 1991 The three-year average return on equity was 18 percent, which was greater than the objective despite two 3 cars oflower-than-projected sales. A declining real cost per kilowatt hour of 4.38 cents nas accomplished. Energy sales were almost 0.9 billion kilowatt-hours in 1993, which was about 2.8 percent below threcast.The reduction was mostly due to unusually moderate weather, llevenues of $402.4 mil-lion were about 5 percent belon projections, again primarily as a result of the nmderate weather. To oEset these reductions, we reduced costs across the board. Operation and Maintenance costs were $Ml.9 million, or $28 million less than anticipated. Capital expenditures were $912 million, about $25 million below budget At year end, OPPD remained in a solid financial position. Net earnings reim ested in the busi-ness totalled $412 million, an all-time record Ibr this utility.The return on equity was 0.79 per-cent. Iloth w ere higher than ihrecast The lloard of Directors, under the leadership of my predecessor, Frank J. Wear, worked closely with OPPD management and all emplo3ees to achiese this 1993 success story. Mr. Wear and Directors John K. Green, Dennis D. Jorgensen. Eugene T. Mahoney, Michael J. 0'llara, Gene P. Spence and Frederick J. Ul,ich contributed much to this utility in 1993, and I look thrward to working with them in 1991.
'Ibgether with our management and emplo3ees, w e again renew our commitment to excellence in the operation of this utility. We'll work hard to ensure that reliable and affbrdable electric ser-vice contim.es to be available to the customers we senc.
Acith II. E juist Chairman of the lloard
Bagg, r 3 avu 4, a e benod ;&:1: l l > , [_
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% g * ,' nfyd tionalThe future of 0maha Public Power District is built on a lbundation of tradi-erM ' ' business practices. Yet, ne are sery much aware of the fact that we can't gh ~ % , j do business year alter year in the same old way. That simply isn't good enough to meet the growing demands of our customers. To fulfill our . 'f # , $y ~ mission of supplying a reliable and allbrdable p<mer supply, %dg ~s we must hae the best employees using the most modern tools s .
and business techniques. Our employees combine the tech-M@ 'M nology of today with the values of our past and produce note-84gg% % - northy results every year, and 1993 was no exception. W7Y'Nw { ' An important step lbr future p(mer supply was achieved in
.l 1993 w hen Fort Callumn Station received a lisegear extension l ofits operating license from the Nuclear Regulatory Conunission, thus recovering license time spent during the plant construction period. The additional fise years of opera-tion will sase nearly $100 million Ihr our customers.
Fort Calhoun Station also played a key role in ensuring ade-G*y*Ag Eg h f.p gg quate poner supplies nhen widespread flooding disrupted b@he g coal shipments and poner generation at our coal-fired p QM 4*J Ly&5muW, N ForteCalhoun Station operated at full capacity during this dil
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cult period. For the year, the nuclear plant produced 3.1 bil-tion kilowatt-hours of electricity or about 35 percent of OPPirs electricity. In the process,it received good performance ratings from both the Nuclear Regulatory Commission and the Institute of Nuclear Pow er Operations. Despite llood-related problems, OPPlfs coal fired generating units continued their excellent performance in 1993. Nebraska Cit) Station, OPPITs largest single unit, generated more than 3.2 billion kilowatt-hours of electricity, the most of any of our generating plants and 37 percent of total generation in 1993. Our oldest generating facility, North Omaha Power Station, also pla3ed a major role in meeting customer requirements. Ilaving one of the best 3 ears in its long history, North Omaha accounted for 28 percent of our generation last year, or nearly 2.5 billion kilowatt-hours of power, its highest 1 output since 1980. While taking care of business today, OPPD continues to plan for future needs. Construction j began in September for a 1015-megawatt combustion turbine generating unit. This unit will be
- needed by 1995 to prm ide additional peaking power during the hottest days of the summer.
Ellbris to help meet future energy needs by promoting energy elliciency today also continued. Customers took advantage of one such ellbrt, our Residential Energy Conservation Program, to
; install high-elliciency heat pumps and central air conditioners in more than 1,700 homes throughout the service area. This saves customers money and also helps the utility delay con-
[ struction of costly new generating equipment. All in all.1993 was a challenging year Ibr OPPD on a number of fronts, but the men and women of this utilit) are accusionled to meeting such challenges. They will continue to do so in 1991 and beyond, assuring customers that ne will be prepared to meet the competitis e threes on the 1 horizon A lot has changed since this utilitf began serving our parents and grandpareills nearly lise decades ago, but the OPPD conunitment to its customers is as strong as eser. We don't want to be as good as we ahvay s hm e been - we want to be better, and uc're making sure our improvement continues for the benefit of our children and grandchildren. h g ?st #m Fred M. Petersen President
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-.. of the customers u ho lost their p(mer had their service restored within a couple of days.
,. While responding well to the uncontrol-lable in. pact of nature, the company also acted aggressisely in areas it could control for the benellt of customer-owners. For rs The example, the utilit) benefitted lin.mcially
- uinds from prudent purchases of coal on the spot ofchange market during the year, which saved the were blow ~ conipany $2.3 million. In addition, a rene-ing at OPPI)in gotiated long-term coal supply contract, 1991 The utility con- which went into cEcet in August 1993, i
g tinued to position itself to meet the gr""' w 11 save an estimated $2.f million . n ing challenge of 1ulsitic competition so \ over the next three years. it could retain existing customers and The fossil plants using that coal attract new ones. As a dedicated also made improvements in work three sought better ways to 1991 North Omaha Power exert in operations, the shin to a Station successfully completed new competitite environment scheduled maintenance outages began unfolding. and boiler refurbishments on seseral units. The modifications will enable pf:.[;J L J:. : ; i; the units to more elh. ,elently burn the While change is inevitable at OPPD. . low-sulfur Pon der llis er liasin coal one thing remains the same - the com- and increase generating capability. pany's conunitment to prm iding reli- The North Omaha Power Station able electric service and quality cus. also received its highest rating ihr - tomer sen ice. For example, u hen . net generating capacity from the Alid-Continent Area Poner Pool heas y flooding during the stunmer during the 3 ear. and a sescre July windstorm created
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poner outages and numerous other Station again produced some of dillienities for the transnu. .ssmn and
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for the riceds of toniorrow. Oe g ; ? ' j. That involves both power supply and delisery 9 'g systems, s r m - On the delivery side, w eniployces worked hard to tiil li i s 1 ir t I the least-expensive power in the nation, condition. In 1993, Operations' employees-According to a national survey released in . rebuilt more than 100 niiles of merlicad late 1993, t?.e station ranked as the ninth rural distribution line least-costl3 steam-electric poner producing . installed 50 miles of backbone cable in plant in the ('nited States in 1992.This was new underground residentialdevelop-the thini consecutive top-ten finish for the ments plant. Other artis ily at the Nebraska City Power Station centered around a rail sinir project that is needed to connect the station with . Union Pacific liailroad tracks to provide . competitise access between Wyoming coal % j mines and the station. A corridorIhr the ~,; spur u ns selected last October. forl Calhoull Slaljon, OPPlTs nuclear
%w( T4 h g f power plant, also fared wellin 1993.The , , . -
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plant set a reconi for accomplishing the u@, shortest refueling ontage in its history. The W% 62-day outage nas the shortest of the m J.
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NMg i i schedoird outages since the plant came /, (!h nn line in 1973. Moreover, the outage came 9 - in about $2 million under budget. ,
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easidinydependahiceieciricityrorioday bl' is 1101 ellough. OPPD also plans and builds ;
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. replaced 20 ndles of underground on the system. In addition, helicopter cable in residential areas inspection of the transmission system iden-
. installed mom than 2,800 indivi- tilied 14 critical maintenance requirements dual services to customers that could have resulted in outages had they
. installed more than 700 new street- not been corrected, lights All of OPPITs operations and main-
. replaced 4,000 streetlight lamps tenance work was performed carefully,
. comerted nearly 1,500 mercury giving the utility one ofits safest and most vapor streellights to high-pressure injefree 3 ears. Allwork and operations a i
sodium. were in compliance with environmental I l lhil OPPITs construction and main- and regulatory requirements as well, and tenance work did not stop there. the company was able to meet its goal in An infrared imaging system was used 1993 of zero cis il penalties, a significant throughon; the service territory to inspect accomplislunent in today's strict regulatcry roadside distribution lines. During environment. 1993, this process helped identify ahnost 140 " hot spots" or potential problem areas , i pryymry~n W w" m 1 <t
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g RElllEjy . increase in program participants over the prior year. (Prmiding quality customer service OPPITs customers benefitted from sev-eral other programs throughout the year, means more than just providing reliable as well, such as the Tree Promotion
- electricitv. The utility continually seeks
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Program, which helps educate the public jvays fbr its customer-owners to benefit
, about proper care and placement of. trees from their energy use, and shrubs. More than 30 community For example,520 residential customers tree-planting projects, involving a total of installed electric heat pumps in their 11,515 trees and shrubs, were funded last homes through a program desigu d to year. 3 encourage customers to use energy elli- As was demonstrated in 1993, OPPD -
ciently. Under the program, i ustomers does much more than just provide elec-u ho installed a high-cIliciency heat pump tricity. Consequently, the utility is n ell pre-or air conditioner earned an energy credit refund and became eligible Ihr a lower pared to maintain its strong customer ser-
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vice program and competitis e rates in rate schedule.There was a 27 percent 199i and smvive the winds ofchange. l l ll l
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Jigggig; s .. In December 1910, the Omaha Public 1977 Series C Ilonds. In October 1993, the Power District funded the purchase of The 1993 Series E ilonds totalling $105,100,000 Nebraska Poner Company with a bank were sold. Proceeds were used primarily loan for $12,000,000, llevenue bonds were for calling the outstanding $103,990,000 issued in February 1917 to pay off this loan. 1972 Ilonds. In October 1993, the District Since then, $2,733,990,000 of additional sold $10,000,000 of subordinated debt bonds have been sohl. Minibonds. Proceeds were used Ihr In April 1993, the 1993 Series A flonds improvements and extensions to the elec-totalling $181,700,000 were sold. Proceeds tric delivery system. _ were used primarily for calling the out- In May 1993, the District defcased to standing $182,330,0001977 Series A Ilonds. maturity the remaining $12,820,000 ~ In May 1993, the 1993 Series Il lionds 1973 llonds using funds on hand.The E totalling $101,200,000 were sold. liond pro- - District also had scheduled retirements of eeeds and internally generated funds were $18,910,000 of bonds in 1993. At Decem-used primarily lbr advance refunding the her 31,1993, oulslanding debt included = ouIstanding $145,200.0001992 Series A $998,000,000 of Elcetric System Ilevenue = llonds and Ihr capitalimprmements in llonds, a $4,477,000 subordinated obliga-I July 1993, the 1993 Series C llonds totalling lion, Minibonds of $19,990,000 and TECP S171,300,000 were sold. Proceeds uere of $30,000,000. F used primarily for calling the $170,000,000 Gross Electric Plant amounted to
$2,003,310,000 M
g - and Nuclear s 3 Fuel (at amor-
- h. - i M V4I _- tized cost) k p
# amounted to O
i a 9 1
' JTi ,
$110,252,000
! , y at Decem- [ i n her 31,1993. i d I Accumulated pc o-
,1AD g4
~~
mo + .aj earnings rein -
-m 4.*
*MP M vested in the business
(: - j%7 t' g g , increased yt;
~
y f4m ,q_ a gyx
# $ $45,203,0(X) to a total of 1977 Series B llonds. In October 1993, the $711,153,0(X) during 1993 while total assets 1993 Series D llonds totalling $202,400,000 increased $38,131,000 to a total of W
were sold. Proceeds were used primarily $2,003,960,000. Ihr calling the outstanding $198,380,000
- _ _ _ _ _ . - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - ' - ~ ^ - - - "- - - - - - ~
LINDEPENDENT AUDrf0llS' REPORT , i
~
' Omaha Public Power District:
We have audited the accompanying balance sheets of the Omaha Public Power District
. as of December 31,1993 and 1992 and the related statements of net earnings and -
accumulated earnings reinsested in the business and of cash flows (br each of the three years in the period ended December 31,1993.These financial statements are the responsibility of the District's management Our responsibility is to express an opinion on these financial statements based on our audits. c We conducted our audits in accordance with generally accepted auditing standards. a
, Those strmdards require that we plan and perform the audit to obtain reasonable assunmee about whether the financial statements are free of material misstatement. An ,
audit includes examining, on a test basis, evidence supporting the amounts and - 1 disclosures in the financial ~ statements. An audit also includes assessing the accounting
- l. principles used and significant estimates made by management, as well as evaluating the f overall financial statement presentatiod. We believe that our audits provide a reasonable i' hasis ihr our opinion, b In our opinion, such financial statements present fai.rly,in all material reipects, the -
- financial positioriof the Omaha Public Power District as of December 31,1993 and 1992, and the results ofits operations and its cash flows for each of the three years in the period ended December 31,1993 in conformity with generally accepted accounting principles.
As discussed in Note 2 to the financial statements, the Ulstrict's 1993 financial -
- e statements reflect the effects of changes in estimates in depreciation, decommissioning expense, and allocation of certain costs to utility plant as a result of the District's 1993 j Depreciation Study, the rive-year extension of the operating license of the Fort Calhoun - I Station, and the refinement of cost allocations. The effect of these changes m accounting .
L. estimates was to increase the District's 1993 net earnings by $9,550,000. f f . L DELorlTE & TOUCHE k Omaha, Nebraska -. February 23,1994 l l 51
4 OMAllA PUBIJC POWEllDISTRICT BALANGE SIIEETS, DECEMBER S1,1933 AND 1992 ASSETS NOTES 1993 1992 (thousands) m. UTILITYPLANT Alcost-- 3,11 Electric plant (includes ccostruction work in prtgress
~
of $95,498,000 and $92,376,000, respectiveh) $2,003,310 $1,929,502 - Less accumulated depreciation.. _ 695,752 656,420 Ebetncplant net 1,307,558 1,273,082 g , -- Nuclearfuel atamorteedcost._ 110,252 120.834 Utilityplant net 1,417.810 , 1,393,916 4
. SPECIAL PURPOSE FUNDS - (pnmariY at amortized cost): . 4,5
~
l Constructionfund' 119,133 119,546 Electricsystemrevenuebond fund (netof currentportion) _... 50,176 58,459 Segregatedfund 9,623 19.249 Segregatedfund collateralcedsecunties...> 13,500 11,722 Decommissioningfunds.- , 68,066 53,684
. Deferred compensationfund.- 54,5?0 41,984
- Totalspecalpurposefunds- 315,068 304,644 4
CURRENTASSETS: Cash and cash equiva'ents... . 5s 26,013 16,161 Revenue fund U S. Govemment securities (at amorteed cost)_.. 5 3,011 - Dectric system revenue bond fund cunent portion..... ... 41,172 40,065 L Accountsrecebable .- - 28,852 27,274 + Unbilledrevenues 15,793 16,075 Fossilfuels ataveragecost.- .- 'li,857 9,410 Materialsandsupplies ataveragecost 36,438 36.272 ; Other. - 5,202 4,179 Totaltunentassets -. 163,338 149,436 DEFERRID CHARGES... _ - . . _ . 6 109,?44 99,830 l l OTE _ I ,005,960' $1,947,826 Seenotestofraxialsbiements L 1 18 i '--- -
~
TV ,
- LIABilmES NOTES 1993 1992 (thousands) .
~
- LONG-TERM DEST:-
- 3 Elech systers tevenue bonds - net of current portion-
' Serialbmds,325%to635% due annua!!yfrom1994 to2010-- -
$ 564,525 $ 230,535
, .Termhands,5.25%to6.5%due ,
409,985 749,505 atvariousdatesfrom1995to20ll Total e!actric system revenue bands . 974,510 980,040 Dectricrevenuenotes commertialpapersees.. 7 50,000 . 50,000 , 19,990 ' 10,000 Electricrevenuenotes-minibocds Subordinatedobligation . 4,398 4.477 --
.a.. 1,048,898 1,N4,517
' Total. ...
12,243 8.492
~ less unamortized discounts.._...
Long termdebt-net - 1,036,655 1.036.025 COMMfiMENTS AND CONTINGENT LIABILITIES - 11,12 j 1 15,407 LIABilmES PAYABLE [ ROM SEGREGATED FUND .. 4 5,632
~
CURRENTLIABILmES: 3 23,550 18,910 Current portion of electric system revenue bonds . Current portron of subordinated obligation._ 79 , 72 26,933 . 33,387
; Accountspayable .- .
14,159 12,988 Accruedpaymentsinlieuoftaxes ...._...-
- 21,553 24,375 AccruedinteresL 4,417 295 Accruedproductencosts .,
17,054 18.271 Other __ 107,755 108,298 Totalcurrenthbilmes... ,
' OTRBLIABilmES:
67,568 53,684 - Decommissioningcosts 9 54,570 41,984 Deferredcompensation... Other._,..._ . 10 22,607 26,478 144,765 122.146 iTotalotherhtilities 711,153 665,050 ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS s2.005.960 $1,947,826
. < TOTAL: ,
f g -
,4
C -
~
STXfEMENTS OF NET EAllNINGS AND ACCUMUIJfED EAllNINGS IIEINVESTED IN TIIE ' llUSINESS F0ll TIIE TilllEE YEAllS ENDED DECEMllEll 31,1995 1 NOTES 1993 1992 1991 (thousands) 1
$402,360 $373,113 '
$381,959 OPERATING REVENUES.
l 5 OMATINGEXPENSES: ,
. . . 2 Operatiort -
fue! , 74.019 65,006 75,017 ' Otherpreduchon< 69,871 56,546 54,872 Transmission.. 2,510 - 2,334 2,356 i Distribution... . . . 15,715 14,028 14,600 Customeraccounts.. 10,723 10.647 ' 10,488 Customerserviceandinformahon.- - 3,717 4,676 4,189 Administratueandgeneral- 14,133 29,822 29.806 Maintenance.- ..- 41,242 43.004 45.902 Totaloperation and maintenance... 231,930 226.063 - 237.230 : Ocpreciation . 54,552' 52,465 50.237 -
.......~..
Decommissioning.. 8,316 3.906 3,853 Paymentsinlieuoftaxes.- , 15,104 13,924 - 14.359 Totafopeatingexpenses.. 309,902 4 296,358 305.679 CPERATINGINCOME- - 92,458 76,755 76280 0THERINCOMECREDITS(CHARGES): , tnterestincome.. -~. _ ... 13,475 16.348 16,631 Allowance for funds used during constructen - 3,822 3.383 3,993 Allowance for funds used for nuclear fuel 1,811 1,762 3,071 Other net. _....... (2,519) (3,535)' (3,319) Totalotherincomecredt; net.. 16,587 ' 17.958 20.376 EARNINGS BEFOREINTERESTEXPENSE .-.: 109,047 : 94.713 96,656 INTERESTEXPENSE.- 63,844 64.453 - 61,447
~
NET EARNINGS..- 2 45,203 30,255 35,209 = i- ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS,BEGINNING Of THEYEAR 665,950 , 635.695 , 600.486 - ACCUMULATED EARNINGS REINVESTED IN THE . BUS! NESS,END Of THE YEAB . ..._ $711,153 * $665,950 $635,695 - ~ ~ seensesuayemea . A8 18
9 STNTEMENTS OF CASil FLOWS O
'F0ll TlIE TilllEE YEAllS ENDED DECEMBEll 51,1995 1993 1992 1991 (thousands)-
CASHFLOWSFROM OPERATING ACINmES: .
- Operatingincome- $ 92,458, $76155 $76,280
-- Adjustments to reconcile operatmg income to net cash provided by operating activities: 4 Depreciation._
54,552 52,465 50,237 Amortizationofnuclearfuel.- 24,584 19,597 23,881
- (3,725) 18,025 (1,865) lacrease (decrease) in other habildies -
Otheri - 5,140 (23,345) (7,743) Changes in current assets anpabildies: , Revenue fund - U.S. Govemment securities (3,011) - 22,182 kcounts receivable.. (1,578) (21) (3,385) , 282 1,654 -
- Unbi!!ed revenue < - . . _ . . . . . (1,158) yateria! sand supplies. (166) 4,318 ' (4,722) fossu fuels... 2,553 1.021 (2,472) kcounts payable.. . (6,4 51) (4J42) (581) ' l Accrued paymentsinleu of taxes... 1,181 (17)
(443) 895 16,973 Other... (17.603) Net cash provided from operating activities... 166,711 124l869 170,422 l CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACINmES: -l Proceedsfamiong termbarmwings - 827,941 373,484 - 1 Principal reduction of long-term debt (MO,479) (314.571) (19.601)
~
Interestpadonlong-termdebt. (63,331) (61,611) (59J72) Acquisdion and construction of capital assets . (B5,207) (B3,199) (91,552) . . kquisdionofnuclearfuel _ . . . . . _ (12,190) (1,469) ~ (14.266), Net cash used for capdal and related financing actanties (173,266) (87,366) (185,191) - ;
')
CASH FLOWS FROM MESTING ACINmES: , . Purchase of specialpurpose funds imestment securities.. - (744,879) (872,160) , (590,413)
- Sale and maturities of special purpose funds investment securities 751,169 + 820,136 599.910 1 Net change in electric system revenue bond fund - current.- (1,107) ~ - (4,142) - (1,449) 11,224 16.081 17,548-L Interestoninvestments - ...
l Net cash prwided from (used for) investing activities 16,407, (40.085) , 25.596 9,852 _ (2,582) 10.827 INCREASE (DECREASE)lN CASH AND CASH EQUNALENTS. - . . CASH AND CASH EQUNALENTS, BEGINNING OF THE YEAR 16.161 18143 7.91 6 i CASH ANDCASHEQU$ALENTS,ENDOFTHEYEAR. _..._ .. ... $26,013 $16.161 $18143
- Seenotestohurialstatements jg
-_ - =
2 NOTESTO FJNANCIAL STATblENTS 1 F0ll TIIE TilllEE YEAllS ENDED DECEMBEll 31,1995 - l SUMMAIW OF SIGNIFICANI' Accrued Pmduction Costs - Accrued production costs " ACCOUNTING POLICIES account for advance collections subject to refund under the. Fuel and Production Cost Adjustment clause of the Organization and Business -The Omaha Public Rmer District's rate schedules' District, a political subdivision of the StqW of Nebraska, is *
. a public utility engaged soleiv in the g'eneration, trans. Deferred Charges - Certain (psts and charges are
. missioh, and distribution ofilectric power and energy and deferred and amortized over the period that ratepavers are other related activities. The Board of Directors is autiw expected to benefit. The most significantitems are:
rized to establish rates. The District is not liable for Deferred Financing Costs - Debt discount and expense Federal and state income or ad valorem taxes on property; _and amortizable charges relating to refunded debt are however, payments in lieu of taxes are made to various ' amortized ratably over the lives of the related issues to
. local governments, whibh they pertain.
Basis of Accounting- The accounting records of the Safety Enhancement Program (SEP)- Fort Calhoun District are maintained generally in accordance with die Station - Certain costs arising from the District's SEP at Uniform System of Accounts prescribed by the Federal the Fort Calhoun Station have been deferred and are Energy Regulatory Commission, being amortized over ten years through 1999. Accounting for Res enues - Meters are read and bills are Federal Enriclunent Facility Decommissioning and' rendered on a cycle basis. Revenues earned aller meters Decontamination Costs - Costs arising from die are read are estimated and acenied as unbilled revenues Energy Policy Act of1992's funding mandate for die at the end of each accounting period. decommissionin; and decontamination of Federal enrichment facilities have been deferred and are being Cash and Cash Equivalents - For purposes of die amoitzed mer lilleen years through 2007. Statements of Cash Flows, the District considers highly liquid investments of the Besenue Fund purchased with a Nuclear Fuel Disposal Costs - Permanent disposal of - maturity of three months or less to be cash equivalents, spent nuclear fuel is the responsibility of the Federal nment undn an agmment entered into with the Utility Plant - The costs of propera additions, replace-
~ . -
ments of units of property, and betterments are charged to United States Department ofIjnergy (DOE). Under the agreement, the District is subject to a fee of one mdl per electric plant. Maintenance mkl replacements of minor net kilowatt-hour generated and sold on all nuclear items are charged to operating expenses. Costs of , enngy generatmn, which is paid quarterly to the D0h,. 4 depreciable units of electric plant retired are eliminated The spent nuclear fuel disposal costs are meluded in the from electric plant accounts by charges,less salvage plus , D ds nu&adni amodzatm, n and are collected from removal expenses, to the accuinulated depreciailo'n custmnus as part of fuel costs. 4 account. Nuclear Deconunissioning - For 1992 and prior years, An allowance for fund.s used, approximat.mg the District,s the District's Board of Directors approved Ole collection of current cost of financing electric plant construction and , nuclear decommissioning costs based upon the Nuclear
, the purchase of nuclear fuel,is capitah, zed as a component Regulatory Commission's (N RC's) external minimum of the cost of the utility plant. 'I his allowance was com . Nnding requirements. The N RC's requirements are puted at 4.0%,4.4% and 5J% for both constructmn u ork m based on a generic estimate of the cost to decommission progress and nuclear fuel fhr the years ended m 1993, the radioactive portions of a nuclear unit based on the size 1992, and 1991, respectively. '
and type of reactor Beginning in 1993, the District Depreclation and Amortization - Depreciation is commenced funding on the basis of new decommission-computed on the straight-line basis at rates based on the ing estimales which resulted from a 1992 independent estimated usefullises of the various classes of property. engineering study and which exceed N BC external Depreciation expense has averaged appnnimately 3.3%, minimum funding requirements. The decommissioning . 3.0% and 3.0% of depreciable property for the years ended estimates accepted by the District's Board of Directors for
; December 31,1993,1992 and 1991, respectively (see 1993 total $348.000,000 in 1993 dollars. Accordingly, the -
Note 5 District's 1993 decommissioning costs increased app ximately $6,000,000 (see Note 2). Amartization of nuchar fuel is based upon the cost thereof, u hich is pro-raad by fuel assembly in acconlance IkelasslHeations - Certain reclassincations have been with the thermal energy Dat each assembly pmduces. made to prior years' financial statements to confornrwith the 1993 presentation. s a ,, e .. ,e, , - .- ,
t. 4
-2. CIIANGES IN ACCOUNTING ESTIMNI'ES In May 1992, the District issued $1.50,000,000 of 1992 Series A Electric System Revenue Bonds.. A portion of the During 1993, the NRC granted a five-year extension of the proceeds nas used to reduce the balance of the District's Fort Calhoun Station's operating licen'sc. ' Die license, Electne Revenue Notes - Commercial Paper Senes by
, which was scheduled to expire in 2008,is now scheduled
$100,000,000. Another poru,on of the proceeds amount,mg ,
to expire in 2013. As a result of Otis change in the operat. to $28,280,000 was used to redeem the prmeipal and pay ing life of the p5nt, amounts charged to deconunissioning the call premium on the District's outstandmg Ongmal costs, exclush e of the increase refen;ed to in Note T, were Bonds issued pursuant to Resolutm, n No.19. reduced by'$1,580,000 for 1993. In October 1992, the District issued $167,300,000 of 1992 ' Also during 1993, die District completed a depreciation Senes B Electric System Revenue Bonds. Approxunately. study ofits entire utility plant. As a result, the estimated
$102,708,000 of the proceeds were placed in an irrevoc ' . useful lives of various classes of property were adjusted. '
able escrow account to be used solely for satislymg sched-This change reduced die District's 1993' depreciation uled payments'of pnneipal and interest on the outstand-expense fbr utility plant by $4,650,000. ~ ing 1989 Series A Electric System Revenue Bonds. The Elective January 1,1993, the District refined its method advance refunding reduced total debt service payments of allocating certain costs to utility plant and functional relating to the 1989 Series A Bonds by $367,000 over the operation and maintenance accounts diat previously were- next twentv-five 3 ears and created an ceonomic gain charged to administrathe and general operating (diH'erence between the present value of the debt service expenses. This refinement had the net effect of reducing of the refunded and refunding bonds) of $' 2,243,000. costs charged against operation and maintenance . . in November 1992, the District placed securities with a expenses by $3,320,000. , canying amount of $63,424,000 in an irrevocable escrow ' As a result of the above described changes in accounting account to be used solely thr satisfying scheduled pay-estimates, net earnings for 1993 increased by $9,550,000. ments of principal and interest on the outstanding 1986, .
. Series A Electaic System Revenue Bonds. .
1 I.ONG-TElut DEllT During 1993, the District issued the following Electric-The District utilizes pmeceds of debt issues primarily in System Revenue Bonds (in thousands): financing its construction program. Series , Amount Electric System Ret enue lionds - \laturities of Electric 1993A... . x - $184,700
, System Resenne Bonds outstanding at December 31,1993, 1993B .. $ 164,200
. due 1994 thmugh 1998, are as fbliows (in thousands): 1993C . ; $174,360 ,
' 1995D" = .. . $202,400 .
19h . . . -. . . . . . . . . . . . $23,350 1993E... . $105,100 199,) . - . . . . . .. . $27,120 , , 1996 ... . .. ..
.. $29,100 Proceeds of the cbove-referenced bonds were used in part to caH the outstanding Series 1972,1977A,1977B and ,
1997-.. n = $30,870
. .. .._.. $52,370 1977C Electric System Revenue Bonds. Additionally, .
1998. .. ... . certain proceeds of the 1993 Series B Electric System The District's hond indenture provides for certain Revenue Bonds along with District operating funds were - restrictions, the most significaet of which are: placed in an irres ocable escrow a.ccount to be used' solely Additional bonds may nd be issued unless estimated for satisfying scheduled payments of principal and nel receipts (as delined) lbr each future year will equal interest on the outstanding 1992 Series A Electric System or exceed 1,4 times the debt service on all bonds Hevenue Bonds. Total debt service payments relating to
~ outstanding including the additional bonds being the 1992 Series A Bonds were reduced by $6,408,000 over .
issued or to be issued in the case of a power plant (as the next twenty-four years creating an economic gain of defined) being financed in increments. $5,118,000. in any three-3 ear period, at least 7-1/2% of general Additionally, in 1993, the District placed securities wi0i a business income (as defined) must be spent for carrying amount of $13,112,000 in an irrevocable escrow icplacements, reneu als, or additions to the electric account to be used solely for satisfying scheduled pay-ssstem. ' Any deliciency is to be spent within two years ments of principal and interest on the outstanding 1973 ' litereaner f0r such purposes or,if not so spent,is to be Electric System Revenue Bonds. used for bond retirements in advance of maturity. '
. [
l NOTESTO FINANCIALSTXfEMENTS- , F0ll Tile TilllEE EAllS ENDED DECEM Bell 31,1993 (Continued) -
.At Dec'e mber 31,1993 and 19b2, the follmving F;lectric as follows at December 31,1993 and 1992:
System Revenue Bonds are considered to be defeased: 1993 1992 E E
- Carrying Fair Carrying Fair (thousand9 Amount Vahle Amount Value '
1973 $ 12,820 $ - (thousands) 1985 Series A 55,815 50,500
$1,073,000 $1,115,000 $1,003,000 $1,080,000 1980 Series A 02,420 63,820 .
1989 Series A . 90,050 97,800 . 1992 Series A . 145,200 -
- 4. SPECIAL PUllPOSE FUNDS
'Ibyd $372,005 $218,180 Special purpose funds of the District are as follows:. I Such bonds are funded by Government securities deposit- The Construction Fund is to be used for capital improve-ed by the District in irrevocable escron accounts, which ments, additions and betterments to and extensions of the meet the requirements for in-substance defeasance. District's electric system, or ihr payment of principal and - )
Accontingly, the bonds and the related Gmentment interest on Electric System Revenue Bonds. q securities esenny accounts have been removed from the The Electric System Revenue Bond Fund is held by - i
-District's balance sheets.
I trustee for the retirement of term and serial bonds ed the
. Electric Ilevenue Notes - Alinibont is - The Minibonds at
- payment of the related interest.
' December 31,1993 and 1992 consist of current interest' The Segregated Fund represents assets held for payment
- bearing and capital appreciation Alinibonds, which are of customer deposits, refundable advances, certain other payable on a parity with the District's Electric Revenue liabilities or refunds and funds set aside as part of the Notes - Commercial Paper Series, both of which are District's self-insured health insurance plans. The y subonlinated to the outstanding bonds. The outstimding balanees of the funds at December 31 were as follows:
balances at December 31 are: , E E^ ' M, 1992 # (thousands) 1992 \linibonds,due 2007 (0.0%) $ 9,990 $10,000 Segregated Funds- customers $ 5,032 _$15,407
.1993 Minibonds, due 2008 (5.35%) 10,000 ~
3,842 Segregated Funds -self insurance 3,991
$19,990 $10,000 $ 9,023
, Total Segregated funds , $19,249 Subordinated Obligallim - The subordinated obligation .
x! ' is payable in annual instalknents of $481,815, including The Segregated Fund - Collateralized Securities repre-
- interest,11uuugh 2014. sents im estments in short-tenn securities (generally, n purchase agreements collateralized by Govenunent Fair Value Disclosure - The estimated fair value amounts secunties) as pernutted by State statute.
were detennined using rates that are currently available for issuance of debt with similar credit ratings and Deconfmissioning Funds are utilized to account for the f- - maturities. As market interest rates decline in relation to investments held to fund the estimated cost of decommis- ! . . the issuer's outstanding debt, the fair value of outstanding sioning Fort Calhoun Station - Unit No.1 when its - debt financial instruments with thed interest rates and operating license is scheduled to expire. The Decom- , maturities will tend to rise. Conversely, as market missioning Funds are held by outside trustees in compli-interest rates increase, the fair value of outstanding dpbt ance with the deco'mmissioning funding plans approved ' financialinstruments will tend to decline, Fair value will by the District's Board of Directors (see Note 1). _The normally, approximate canying value as the debt financial balances of the fimds at December 31 were as follows: instrument nears its maturity date. The use of difTerent g g~ market assumptions may hase an elrect on the estimated ghousado fair value amount. Accordingly, the egtimates presented Decommissioning Wust i199D Pian $58,717 $48,053 herein are not necessarily-indicatise of the amount that Decommissioning Trust- Other 9,319 5,031-bondholders could reahze m a current market exchange. l I- . Total Decommissioning Funds $08,000 - $53,084
, Die aggregate carryhig amount anJ fair value of the District's long-term debt, inchiding current portion, were .
22 - -
- W-
9
, The Deferred Compensation Fund is valued at market 7. ELECTlHC IlEVENUE NOTES -
value and is used to account for employee and District COAL AIFllCIAL1%PER SEIUES contributions and related earnings pursuant to the Dist- The District has authorized the issuance of tax-exempt rict's Supplemental lletirement Savings Plan (see Note 9). commercial paper of up to $50,000,000 at December 31, 1993 and 1992 which is supported by a credit agreement
- 5. DEPOSITS AND 1NVESTAIENTS which expires in October 1994. At December 31,1993 and 1992, the District had $50,000,000 of commercial llank Depos,its - The District's bank deposits at Decem~ paper issued and outstanding. The average borrowing ber 31,1993 and 1992 were entirely msured or collateral- rates at Ddeember 31,1993 and 1992 were 2.5% and 2.7%,
Ized with securities held by the District or by its agent in respectively. - the District's name. Investments - The District's cash equivalents and invest- 8. PENSION PIAN . ments included in the Construction Ftmd, Electric System ~ Ilevenue Bond Fund Segregated Funds, Decommission- Substantially all employees of the District arg covered by a delmed benefit plan (the " Plan") which provides retire-ing Funds and the ISvenue Fund are held by the District's ment and death benefits. Employees are eligible for agents in the District's name in accordance with the mrage at the time of employment with a vestmg pen,od 4
- District's bond covenants and State statutes. The compo, sition ofinvestments at December 31,1993 and 1992 was of Hm years. Generally, the Plan provides for nonnal retirement at age 63. The Plan provides unreduced early as Ibliows:
retirement benefits at age 62 with reduced benefits for 1993 ,1992 retirements prior to age 02. Total payroll for all employ-Carrying Fair Carrying Fair ces and covered payroll for the year ended December 31, Amount- Value Amount Value 1993 were $112,116,000 and $100,327,000, respectively. (thousands) Employees contribute 4.0% of their base pay to the Pian. . U.S. Government and The District is obligated to contritmte the balance of the Agency Securities $316,227 $322c396 $333,111 $313.512 funds needed on an actuarially determined basis. The Plan's funded status and amounts recognized in the llepurchase agreements District's balance sheets at December 31,1993 and 1992 (collateralized by Gmernment Securities) 11,467 14,167 13,775 13,775 were as lbliows:
, E 1991 Total $330,694 $337,063 $318.886 $327,117 (thousands {
Plan assets at fair 5alue $313,012 $315,472 Projected benent obligation: =
- 6. DEFEllllED CllAllGES "
Actuarialpresent value The composition of deferred charges at December 31, ofaccumulated: 1993 and 1992 was as follows: Vested b,enefits 220,336- 182,012 JJ93 jp]M Nontested benefits 4,832 10,084 Erect of projected ' salary increases 72,320 66,585 (thousands)
. Deferred financing costs $ 50,452 $ 36,806 Excess of plan assets over Safety Enhancement projected benefit obligation . 43,524 56,791 Prognun- Fort Calhoun Unrecognized transitionalasset (7,513) (8,452)
. Station I6,025 19,230
, t:nrecognized net gain (58,617) (60,655)
Federal enrichment facility Unrecognized prior service cost 21,838- 20,724 decommissioning and 15,514 16.050 Prepaid (unfunded accrued) pension mst $ 1,232 $ (572) decontamination costs
. Other 27,753 27,144 The projected benefit obligation was determined using an
'Ibtal $109,774 $99,830 assumed discount rate of 7.0% and 8.0% for 1993 and 1992, respectively. Plan assets are primarily listed stocks, corporate bonds, and U. S. Government securities. There are no District securities included in the Plan assets. The 4
23
NOTESTO FINANCIALSTATDIENTS - F011 Tile TilllEE Yl', Alls ENDED DECEMllEll 31,1993 (Coritimied) 4
- expected long-term rate of return ort assels was 8.0% lbr Three-year historical trend inlbrmation as of Decem-
.1993 and 1992. An average annual rate of compensation her 31 is as follmvs:
' lucreasc of 5/i% and 0.0% was also assumed fbr 1993 and g p, og gig g 1992, respectively. The unrecognized transitional asset is una wimm mw em &n. omw .w being amortized on a straight-line basis over tilleen years hy annual credits 10 net periodic pension cost
$$7 "E" $
Wmusands)
"M'" $"Fjj dM
, (thousands) -
Net periodic pension cost for 1993,1992 and 1991 m m ,127 $2w,12t 12m 92,n m,m a included the fblioning components: W92 $315472 $2 W 81 122 % $56,M $ 96,M5 m t991 $165.012 $297A38 115.h $45,526 $100,327 . 65.M ^ IM JJ1N HM (thousands) Ten-) ear historical trend information, as availableg is Seruce cost . $ 5.587 $ 4,890 $ 3,357 disclosed in the District's comprehensive anmial financial 3 Interest cost .19,767 *19.123 17,195 report Actual return on assets (37,t07) (22,805) (62,151) Net mnortizadon and deferral 9,919 (3,150) 41.486
- 9. SUPPLEMENTAL 11ETI11EMENT '
Net pension expense (income) $ (1,806) $ (1,948) $ 181 SAVINGS PLAN
. The District has established a. Deferred Compensation '
,The pension benefit obligation, which is the actuarial Fund for all eligible employees that allows contributions present value of credited projected benents, is a by employees that are panially matched by the District.
standardized disclosure measure of the present value of . liy agreement, contributions and related cIirnings under
. pensmn benefits, adjusted to include the clicet of the Plan remain the property of the District until an projected salmy increases estimated to be payabic in the employee leaves the District. The District's matchin"a
. future as a result of on!plo3ce service to date. Based upon share ofcontributions in 1993,1992 and 1991 was the most recenI acluanal valualion on january 1,1993, $2,251,0i)0, $2,024,000 and $1,522,000, respectively.
the pension beliellt obligations at December 31,1993 and 1992 uere as follows'- %.
- 10. SELF-FUNDED IIEAl!!'ll lE DM INSUllANCE PIlOGilAM Ohousando itetirees and benenciaries The Distriers Administrative Service Only Dealth receiving benefits $121,279 $ 97,122 Insurance Program commenced January 1,1992. The' Terminated te.sted employees 2,0$1 1,814 s nsun hea% insummm plans are used to account or the health insurance clau, ns of both active and retired
' - Accumulated current employee n F mes su n o sa y both statutory
' contributions 67,235 59,100 and District 4hrected requirements have been established
- District h,nanced tested benefits In0,492 92,702 to provide risk protection. Additionally, private insurance -
District finance I nomested benefits 6,421 7,907 covering claims hi execss of 120% of expected levels, as . Total pension benefit obligation $297,188 $258.681 actuarially determined, has been purchased. Actual net claim payments during 1993 and 1992 were $9,775,100 Contribution requirements are actuarially deten'nined, and $9,234,000, respectively, which did not exceed 120% - using the Attained Age (level percent of pIiy) .\tethod, of the expected claims level The frozen initial liability is amortized over a 30-year period. Assumption changes and Plan amendments are i1. COMMITMENTS amortized over a .10 3 ear period. The actuarial assump-tions used to comp'ute the actuadally determined contris Bu rict's Construction Hudget provides fbr ' bution requirements were the same as those used to apenditures of apprminmtely $130,137,000 during 1991 cmnpute the projected benent obligation. Plan contribu- and $5 f,923,000 during later years, of which tions by District employees for the years ended December appmximately $19,100,000 was under contract at 31,1993 and 1992 were $1,013,000 and $3,805,000, December 31,1993. respectively. The Distr;ict has not contributed to the Plan The District has coal supply contracts which extend
- during thelast tlwee years. thmugh 1998 with minimmn future paynients of f , .
[ . f . . -. , . s. .
. . h _ _ . _ _ _ _ _ . _ _
, . 1 ~ $35,670,000. The District also has a coal transportation and all odier licensed nuclear power plant operators contract with minimum future payments of $75,400,000. . could each be assessed Ibr claims in the event of a nuclear These contracts are subject to price escalation incident in amounts not to exceed a total of $79,275,000-adjustments, per reactor per incident with a maximum of $10,000,000 P"f incidant in any one calendar year. These amounts are Contracts with estimated [hture payments of $7,973,000 are in effect for nuclear fuel. In addition, at December 3 f, subj.ect to adjustment every five years in accordance with the Consumer PnceIndex.
1993, the District was under contract in the amount of $
$33,200J)00 for the cost of furnishing uranium The District is engaged in routinclitigation incidental to .
enrichment services. die conduct ofits business and, in die opinion ofits General Counsel, die aggregate amounts recoverable
- 12. CONTINGENT LIAll!LITIES fnun or to the District, taking into account estimated amounts provided in the financial statements and :
Effective August 20,1993, the Price-Anderson Act was insurance coverage, are not material, am0nded. Under the provisions of the Act, the District N'
=
- NET llECEllrl'8 AND DEllT SEllVICE COVEllAGE F0ll Tile FIVE YEAllS ENDED DECDillEll 51,1995 (UNAUDITED) *
'~ '
. 1993 1992 1991 1990 1989- .
(thousands) Operating tevenues . . . $402,360 $373,113 - $381,959 $386,640 : '$375,643
- Operation and maintenance expenses .. 231,930 226.063' 237,230 . 241,409 246,204
- Taymentsinlieuof taxes. . . ~ 15,104 13.924 14,359 14.370- -13,817 , ,
Net operating revenues. 155,326 133,126 130,370 130,869! " 115,622. 3,019 4.356 4,874 5.286- 5,166 Investmentincome(1) . .
- Net receipts .. . . . . . .
$158,345 $137.482 $135,244 $136.155 $120,788
$ 78,435 $ 74,268 $ 73,676 $ 73,638 $ 69,320 Totaldebt service (2) . . ,
Debt service coverage ., . . 2.01 - 1.85 ' 1.83 1.84 .1.74 (1) Income denved from the investment of more/s in the Debt SeMce Fund and the Reserve Account of the Electnc System Revenue Bond Fund under the Distrtfs bond indentures (Resolution No.19 and ResoMico No,1788). ' (2) Total Debl service for both Resolution Na 19 and Resoluten No 1788 Bonds is accrued on a talendar year basis sirnilar tothe computation of Net Receipts. , Interest funded from bond proceeds is nouncluded in Total Debt,sevice. , 25i 4
L19951992 5 COMPAlllSONS Y a OPERATING REVENUES 402A , millionsofdollats 382.0 - @*"' "* 375.6 . percent . 4-
- Percent of - l 322. .
Year of Year increase 303.0 cusseanon 1993 Tota! 1992 (Decrease)
< 272.8 Resdential... - $160.489 39.9 . $141,992 13.0 GeneralService Small.. - . . - . 144,312 35 9
- 135262- 6.7 .
GeneralService Large. . _,.... 77.760 19.3 75.992 13 Govemment and Munopal.- 10 505 2.6 10,186 3.1 Other Electnc Ut,htes... 3.673 0.9 3,046 20.6 . Accrued Unbilled Revenues..- (283) (0.1) 1.158 0 24.4) .; 78. TotalEkctnc Revenues _ _ $396.456 98 5 $367.636 I ^ 1983 85 1987 1989 ' 1991 1993 Miscellaneous Revenues...,.. ... 5 904 15 5477 7.8 ! Total 0peratmg Revenues. $402.360 100 0 7.8 '
, $373.113
*1
)
6,879 mhansofkilon%ours . 6,859 KILOWATT HOUR SALES 6,628 y puunds) l
' Classification ..
5,997. 6,110 ' Re GenedService Small... 136ms 2,434.023 d 35 4 va9m 2.3S1409 O-3.3
.J GeneralService trge.. 1.B53.975 27.0
- 1.858.243 -1 (0.2)
Govemment and Manopai... .,._.. 81.081 1.2 80 731 0.4 Other Ejectnc utates... 153 396 22 138 802 10.5 i Acenmo unad awamn_ (4 676) (o n m8.832 0248) 1983 1955 1987 1989 1991 1993 fjl13JL TotalinergySates .._ 6.879 364 100 0 44 -
, o 1 meonsetdaars - 246.2 237.2 OPERATION AND
' 231 9 MAINTENANCE EXPENSES 193.2
. (13cos3nes) 157.0 -
O Clas3*atoa - Generating Expense.. $176524 76 2 $164,551 75 Purchased andIderchanged Power... (6.128) 36) 0 4.321) 572 Transmisson and D'stitution.. ., 31.567 13 6 29.534 6.7 Customer Accountt . . 10,723 4.6 10.647 0.7 1986 19 1987 1989 1991 1993 Cust mexeanont nnaton- 3,717 1s 4.676 - (20 5) Admnstrative and Gened . 15 227 66 30 926 . (50.8) , TotalOperatonand
. Mamtenance Expenses. $231930 100 0 $226 063, 26 thousamisofMtomets 262,4
=1 245.2 -
AVERAGE NUMBER I 238.5- -0F CUSTOMERS'
- t. l
- - 220 l
., Cbs*Mn
{ - Residental Gered Serge- Small...
. . . _ . . 227.181 31.685 876 12 2 224.107 31,259:
14 14 Genera Serge trge..._ 94, , 92 2.2 OtA-. - 508 0.2 502 12
^ "
1983 1985 1987- 1989 1991 1993 wrne 70ts taewnets ffwoecems t 28 . -
= - __-__ _ . _ _ _____ ~
~
' ELECTilIC STXfISTICS t
1993 IW2 1991 1990 1989 1988 1987 1986 1985 1984 TotalUtility Plant,induding Nuttet fue1(atyweM) - 2,113.562 2 MJM 1.S86.679 1 824 757 1J35.654 1.646 134 1.561,960 1 995.254 1,425.461 (in mousands ordotts).- ._,. - ,1.897.546 Bondsdindebtedness (atywend)- 998.060. 998.950 891J25 911265 928.835 845.595 861.605 076.945 880.055 831 350 , (c MousaWs oldo#aus)_...._ - .- O
, ' perating Rrtenues *
^ th UnsaMs of dollars) 141 992 154 215 ' tS2,464 146.458 137.105 125 095 121,541 111,975 116368 Residentui... .... - ..- -- .
160.489 144,312 135262 135174 134.821 117J11 108.543 105.445 97J21 98,300 ' GeneralSerre SmaL . . . 135.059 72,416 57.561 57176 55360 55,444 GeneralSerxe Large-,_. 77J60 75.992 76222 78 375 61.637 , Government and Murgal . _ . . . 10,505 10 186 9 651 9 685 8.417 7.961 7126 7.574 7388 7,099 ' W Othe@ctre Utmes.- __ _ 3.673 3.046 3 095 3.824 5825 ' 20.592 18 623 17J95 , . 21,451 25.129
- kcrued Untalled Revenues.. -... (283) 1158 (1654) 1,015 2J53 874. 211 (2.482) 5.500 - (600) -
IMceitaneout. _ . _ . - . . - 5.90 0 5.4R 5.371 5.511 4 953 4.957 . 4354 4.249 4.041 4259 - 303,036 Total _.. _ . . . _ _ . . - . . - 402,360 373.113 381,959 386.649 375.643 . 350.837 322.113 311.498 305.999 : 1 Operation &Idaintsnance hpsnsesChwged to Operations 231,930 226.063 237230 241.409 246 2 41 193.173 18&.099 172,438 177,001
. (s mousands of dcilars).. . ,214.703
< Paymentsinlieu of Taxas 15,104 14359 14370 13,817 12358 11347 10,968 10,107 10,292
'pnMousaMsofdo#ars!.. . .
13.924 Net Operating Revenues before Depreciation and ' Decommi$ stoning (in t%tsaWs oldollars),. - . 155 326 1 0,126 130 370 130369 115.622 123 776 117.593 112.431 120.491 118106 i
. Net hmin0s Reinvested in Ce Business (Mt/wisaWsofdo#arst , 45103 30155 35209 40 337 29 584 36.929 31.020 28.016 40256 40.007 10!owatt ftow3 ales (m thousaMs) 2.361,565 2.139 300 2.292.975 2.246.4 % 2311.242 2.153 681 2.109.493' 1,966,119 2,041395 Resrientd ._. ....... .._. .._._ 2.431 265 GeneralSemce Small.. _ _ . . . - 2,434.023 235E409 2372.148 2275647 2 304 856 2,246 353 2.130.425 2.073 447 1,926,936 - 1,940J67 GeneralSerxe large . ... 1.853F5 1.858 243 1.849,141 1,831.635 1J13362 1.655.600 1.562.100 1.535.8f9 ' ' 1,497.052 1.471372 Govemmetund MantipaL . ' 81.081 80 731 79.087 78.514 77.215 76.133 75 622 75356 75.279 74 696 Other Drtnc titilit&._ - 153,3 % 138 862 153.669 137,166 44,935 961 298 719.807 405.512 529159 691J92 ,
kcrued Untalkd . 6.695 . 29.914 17,010 (13.682) (56.104) 114J20 K2wa11 Hours ~ (4.676) 18.832 (26.123) 6.591,377 6,622.632 ' 416178 7.267.636 6.627.961 6,143.523 6.109 865 6.220,022 Total . > 61879.364 6.859 187 HumberofCustomers (urytw % Residential. . _.. .- 277,1M 224,107 221,214 218373 ~ 215.194 212324 209,900 . 205.538 201.662 197150 . > GeneralSerge Small. __ . . _ . . - 31.685 11259 30 326 30117 29.439 28.731 28 109 27,623 26.966 26,271 GeneralSerxe large - . . 94 92 91 90 75 75 76 76 75 73
. Govemment and Mamcmal _ 503 497 491 4 75 457 433
- 417 - 405 391 400 5 5 5 4 5 6~ 7 6 7 Othe@ctric Ut%es - 5 259,468 255.960 252,427 245,169 241,568 238.508 233,649 229,100 224,501 -
Total . - _ . . . 249460 ' ~ _ Resident!alstatistics (wrne) . hmCustomer ,. . . . _ . - 10.395 . 9.546 10.991 10.500 10.439 10.885 10.261 10263 9J50 10323 DrAar Revenue / Customer.._ _ _ _.;. 706 43 633 59 697.13 69818 680.59 64513 595 97 591 33 555 26 588 46 I c CentGN _._.. 6 80 6 64 6 34 6 65 6 52 5.93 - 5 81 516. 5 70 - 510 '
.. 7. . .
Generahng Capabikty (at w W . (m Mas) _ _ - _. ._ 1.924 200 - 1.833.500 1,881300 1867200 1.867,900 1,823.000 1.846.900 1.892300.. - 1,896,200 . 1,994.500 System Pcakloads 1 600 400 1,435.600 IJ31200 1,383 900 i (ethat!.. .. - . . _ 1RO.100 1.442.000 1.605 900 1.652300 1.597.000 1.532 100 Nellysicm Reqmroments )
' (Lbrat! hours h ocosancs}
Generated , _.. _, _ 8M6,354 1153496 9.129 971 7J21.410 7202.585 71 % 360 7,511179 7322 999 = 6,850,009 6112J12 +. 1 Purered and kt l Interchanged.. _ . . - . - . _ . (1.6TI,288) (St4,178) (2.038 980) (864 331) (426299) (1050147) (1.237.12m (11E7.400) (915.987), (860382) - 627469 6 m S99 5,934.082 NL._... . _ . . _ . . . _ . . . . 7,149,066 6.809 318 7.000,991 6.856.479 6J76286 6105.613 5.B52]90 () Denote's Negatu
* ,'h
. o
ELECf111C SISTl01 llEVENUE Il0NDS OdISTANDING (In Thousands) as of December 31,1993 1992 ISSUE 19931SSUE 19931SSUE~ ' 4 SERIES B SERIES A SERIES B - Maturity " Dato Int. Int. Int, february 1 Rate . Amt, Rate Amt. Rate : Amti 1994 3.50 3,210. 2.50 4,560 2.50 6,230 1995 3.90 - 3,210 3 40 5.960 3.40; -7,840 - 1996 .4.25 .3,610 3.90 6,420 ' 3.80. 8,420: 1997 4.60 3,710 - 4.20 8,390 - 4.10- -7,440-1998 4.80 '4,060 4.45 9,000 4.35 J/,510 1999 5.00 4,540 4.65 12,040 4.551 ?4,980 . ~ 2000 - 5.20 4,290 ~. 4.85 13,760 14.70 4,540 2001 5.35 4,740 5.00 14.520 4.80i '4,620 2002 5.50- 5,160 5.00 15,430 L4.90 . ;4,700-2003 5.60 . 4,160 5.10 16,140 5.00 6,340 : 2004 5.70 . 4,690 5.25 18,220 5.00 4,670 ; 2005 5.80 : 4,240 - 5.30 18,780 ., 5.10: 5,710'- 2006 5.90 4,750 5.40 20,150 5.20 5,710 2007 6.00 4,970 5.50 21,330 15.30'
- 6,230 -
2008 , 6.05 .10,765 5.40 9,340, 2009 6.15' 9,490 . 5.60* : : 9.340 2010 6.15' 9,240 ' 5.60*, 9,340 2011 6.15' . 9,270 -5.60*' 8,300 1 2012 6.15* 1 0,140 - 5.60* ' - ' 8,300 L ' 2013 , 6.20* 11,565. 5.70* ' ;7,260 2014 6.20* 11,520 . 5.70*f 7,260 2015 6.20* - 11,520 5.70' : 7,260 t 2016 6.20' -
' 12,000 5.70 * " :7,260 2017 - 6.20* - 12,450 . 5.70 ' j
; 5,600 ,
Total , Outstanding c L167,300 184,700 y ' 164,200L Bonds Redeemed 4 to 12/31/93 * -e 5' Original Issue '167;300 184,700 1164,200
- Term Bands The 1973 issue was defeased to matyrty vth fina! rnatumy on Februanj 1,2033 The 1985 Senes A issue was advance refunded and will be called on February 1,1995.
28 ThdSS3 Senes A issue was advance refunded and wed be ca!!ed on february 1,2000 The 1992 Senes A issue was advance refunded and will be called on February 1. 2002. I
" 1993 ISSUE 1993 ISSUE 1993 ISSUE SERIES C SERIES D SERIES E Total Principal . Annualized int, lat. Int. Maturities - Debt late Amt. Rate . Amti Rate Amt. Febmary1 Service 2.70 3,800 +
2.60 5,750 23,550 77,017 3.30 4,050 3.25 6,060 27,120 78,229 - 3.65 4,250 3.50 6,400 29,100 78.928 3.90 4,580 3.70 6,750 30,870 - 79,207 . 4.10 4,680 3.85 7,120 32,370 79,568 4.25_ - 5,060 4.00 7.510 34,130 79,866
~ 4.40 . [440 4.10 7,920 35,950 80,076 4.50 5,580' 4.20 8,360 37,820 '80,382-4.60 5,830 4.30 8,820 39,940 . 80,544 -
4.70 6,080 4.40 9,300 42,020 80,805 ~ 4.75 6,960 4.50 9.820 44,360 80,470 4.80 7,110 4.50 10,360 46,200- 80,695 r- 4.90 7,280 4.60 10,930 48,820 72,711-5.00 .10,080 42,610 71,451 5.40 13.230 5.10 -11,000 .44,335 69,124 5.40 14,020 5.25* 11,430 44,280 -67,694 5.50 14,860 -5.25' 11,970 . '45,410 65,715 5.50' 15,750 5.25* 12,590. 45,910 65,489
- 5.50' 16,700 5.25* 13,270 48,410. 64,935 5 50' 17.700 5.25' 13,990 50,515 , 63,901-5.50' 18,770 5.30* 14,730 52,280 62,866 5.50' 19,890 5.30*. 15,520 54,190 . 62,987-5.50' 21,080 5.30* 17,120' 57,460 44,420 -
5.50' 22.360 40,410 ~ 3,561 174,360 202,400 105,100 998,060. 1.670,641 4
~
174,360 202,400 ' 105,100 998,060
~
~
The GS6 Sees A issue os cefeaseomtsq wMnX matunty a feWun UMS.
- 0PPDC0llPOMTE0FFICEllS - , q Keith 11. Edquist Chairman of thelloan! ,
Eugene T.41ahoney Vice Chairman of thelloard
. \
Frederick J. Ulrich
- l Treasurer Frank J. Wear Serretary i
Fred M.lbtersen - President
. Chief Executive Of!icer Eldoin C. Pape
, Executive Vice President - !. Chief Financial and Planning Ollicer As%istilntTira$ttrer Ashistant Secretary l William C. Jones ' Senior Vice President .f ,_
, Williarn D. Derm)er .
Vice President . Kennedi S. Fielding Viec President W. Gary Gates Tirr Pre 3ident , Dayton D. Wittke, Ph.D. Vice President , Marun L Champion Assistant Treasurer Assistant Secretary , John W. Marcil ~ Assistant Treasturr Assistant Secretary , Carol J. Kelley Assktant secretary . llobert C. Learch Assistant secretary Michael J.Czenvinski Assistant Treasun r Charleh P. Moriarty Assistant Treasurer - ' llichard C.Shanesfelt ~ Assistant Treasurer ' . e, 4 4l 30
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.a"Q . *g, y;fgniission of OPPD is to provide reliab
.m .4 ele 6trie energy and energy services at the lowest reasonante cost.
% ;; p Stil1
'Ib be a customer-oriented business.
8881 2
'Ib apply cost-managernent practices that ensure OPPD's prices are competitive.
Bon!3
'Ib achieve excellence in operations.
80a14 To encourage employee excellence. Goal 5 To ineet customer-owners' fiiture capacity and energy requirements through the integration of supply- and demalld-side alternatives. G0 18
'Ib fulfill blisiness, environmental and conununity responsibilities.
m
- - - - . . . . . . . - . . . .}}