LIC-95-0072, 1994 Annual Financial Rept

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1994 Annual Financial Rept
ML20081M869
Person / Time
Site: Fort Calhoun Omaha Public Power District icon.png
Issue date: 12/31/1994
From: Tira Patterson
OMAHA PUBLIC POWER DISTRICT
To:
NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
LIC-95-0072, LIC-95-72, NUDOCS 9504030113
Download: ML20081M869 (29)
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Omaha Public Power District 444 South 16th Street Mall Omaha Nebraska 68102-2247 402/636-2000 March 24, 1995 LIC-95-0072 U. S. Nuclear Regulatory Commission Attn: Document Control Desk Mail Station P1-137 Washington, DC 20555

Reference:

Docket No. 50-285

SUBJECT:

1994 Annual Financial Report In accordance with 10 CFR 50.71(b), enclosed please find one copy of the Omaha Public Power District's 1994 Annual Financial Report.

If you should have any questions, please contact me.

Sincerely, T. L. Patterson Division Manager Nuclear Operations TLP/dll Enclosure c: LeBoeuf, Lamb, Greene & MacRae (w/o Enclosure)

L. J. Callan, NRC Regional Administrator, Region IV (w/o Enclosure)

S. D. Bloom, NRC Project Manager (w/o Enclosure)

R. P. Mullikin, NRC Senior Resident inspector (w/o Enclosure) 9504030113 941231 PDR ADOCK 05000285 I PDR 4s-si2c Employment vmn Equal oppatunity k'8 a0027

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,f I Executive Offices Energy Plaza 444 South 16th Street Mall Omaha, Nebraska 68102-2247 Trustee The first NationalBankof Chicago Chicago, Illinois Paying Agents First Chicago Trust Company of New York

.New York, New York The First National Bank of Chicago Chicago, Illinois-Norwest Bank Nebraska, N.A.

Omaha, Nebraska Minibond Administration Omaha Public Power District Treasury Analysis Department General Counsel Fraser, Stryker. Vaughn, Meusey, Olson, Ik)yer & Bloch, P.C.

Omaha, Nebraska l

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2 Contento . .

F Highlights . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 Chairman's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 s Board of Directors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5 i\'N President's Report . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6 Vice Presidents. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7 J.

a Operations Review . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8 ^ 43 -

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Electric Statistes . . . . . . . . ....

OPPD Corlorate ffice . . . . . . . Qs k OPPD Senice Area i tap . , j;ig;j,ch.

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, Highlights 3 l

Operating Revenues Operatinh revenues for 1994 were $409,696,000, an increase of $7,336,000, or 1.8%, from 1993 operating revenues of $402,360,000.

Operation and Maintenance Expenses "

l Operation and maintenance expenses for 1994 ) "l NMI were $235,596,000, an increase of $3,666,000, or u y 1.6%, from 1993 operation and man.tenance k l expenses of $231,930,000.

Net Operating Revenues Net operating revenues, before depreciation and

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decommissioning, were $ 158,585,000, an increase of $3,259,000, or 2.1%, from 1993 net operating W revenues of $155,326,000. -

,j . yy Net Earnings Reinvested in the Business Net eamings reinvested in the business totalled Emplopes looWomap to impron customer uMce W.

$52,115,000, an increase of $6,912,000, or 15.3%,

from 1993 net earnings reinvested in the business of $45,203,000.

General Business Sales General business sales to District customers were 7,066,940,000 kilowatt-hours in 1994, an increase of 340,972,000, or 5.1%, from 1993 sales of 6,725,968,000 kilowatt hours.

Average Number of Customers The District served an average total of 263,447 customers in 1994, an increase of 3,979, or 1.5%, from the 1993 average total of 259,468 customers.

Average Residential Use Average annual use per residential customer in 1994 was 10,710 kilowatt-hours, an increase of 315, or 3.0%,

from the 1993 average of 10,395 kilowatt-hours.

Average Residential Cost The District's residential customers paid an average of 6.72e per kilowatt-hour during 1994, approximately 20kless than the nationalaverage.

1994 Net Construction Expenditures Fapansion and improvement of system facilities during 1994 required net construction expenditures of

$116,316,000.

4 Chairman'a Report . .

?

At the Omaha Public Power District, we continued to prepare for the future in j 1994 by aggressively addressing the changing emironment in which we operate -

and by taking care of our customers. Our success in both respects is reflected in some exceptional year-end dollars and cents figures. j OPPD experienced record net eamings of $52.1 million, which represents a 7.33 percent retum on equity. Total electric energy revenue was $403.5 million, an y l

i increase of 1.8 percent over 1993. Thanks to ongoing attention to cost-control, our operations and maintenance expenses for the year were $235.6 million - well below the original budget of $254 million.

l Our outstanding financial results for the year added up to good news for cus- <

tomers. The average price per kilowatt-hour for all retail customers was 5.66 cents, a A l decrease of 3.1 percent from the 1993 level. As a result, the cost of electricity for our Keith B. Edquist {

residential customers continued to be well below the national average, and new rate chainnano gthe$&wd,7NQ l packages for our commercial and industrial customers will help ensure quality service 'pI

for them at competitive prices.

Other good news included the sale of hiinibonds to Nebraska residents for the third year in a row. 0 PPD sold the Niinibonds in $200 and $500 denominations. This program has made OPPD bonds more affordable for a larger num-ber of customers while providing the utility with another source of interim financing.The popularity of this effort was apparent in the fact that the $ 10 million issue sold out in less than one week.

lower production costs overall enabled OPPD to return more than $13 million to customers last year through the Fuel and Production Cost Adjustment (FPA) on monthly senice bills. This brings the total to more than $51 milhon j i

that OPPD has returned to customers through the FPA over the last four years.

Smart purchases on the spot-coal market have played a significant role in lowering other production costs. Last year OPPD purchased 1.7 million tons of coal on the spot market at a savings of approximately $ 1.8 million compared to long-term coal supply contracts.

Additionally, nuclear fuel requirements for Fort Calhoun Station were met at a savings of $30 million from present comparable supply contracts.

From every point of view,1994 was a successful year, thanks to a strong management team, a competent work force and a professional Board of Directors. I thank Directors John K. Green, Dennis D.Jorgensen, Eugene T. Mahoney, Frederick J. Ulrich and Frank J. Wear for their dedication and senice in 1994. Past Directors MichaelJ. 0'Hara, Ph.D.,

and Gene P. Spence also should be commended for their contributions to the success of this utility. I congratulate and k>ok forward to working with our newly elected directors, MichaelJ. Cavanaugh and N. P. DodgeJr.,

in the years ahead.

As we build on our 1994 successes, we expect 1995 to be another outstanding year for this utility. Net eamings of

$43.9 million are anticipated, no long-term financing is planned, the debt ratio should drop to 52.5 percent by year-end, capital expenditures will decline, and the cost of electricity will remain stable.

In short, we'll continue as we have, attending to the requirements of our customers and to the bottom line of our financial statement. It's a balanced approach designed to help ensure reliable, affordable senice in 1995 and beyond.

Keith B. dquist Chairman of the Board

. Board of Directors 5 I,.

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! 1 ugene I. Ntahoney I rederick J. Ulrich FrankJ. Wear Vi c ( Ita:nrun Ire,wact %a rs tan Ihuntiw Il ra i tar, Ianncr. Cattic 6 aler IVoi,Icnt. \Vcar Com;\sny

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6 Presidentb Report -

! The Omaha Public Power District has ahvays had a competitive nature. Since l

1946, when OPPD was formed, this utility has been challenged by everything from tomadoes and floods to national energy crises. Our competitive nature - the q ' ,i desire to always do better than we did before- has enabled us to meet such chal- a. .

lenges successfully. . Y.

Today, another type of challenge is developing - that of increasing competition p within the utility industry. As always, we intend to succeed in this changing busi-ness climate by providing our customers with top-quality service at competitive Y '

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prices. That commitment to success was the prime mover for our efforts in 1994, and our customers are already seeing the benefits.

OPPD continued to provide low-cost electricity to our customers in 1994. At the l _

l same time, we pursued efforts to promote energy efficiency and meet the needs of Fred M. Petersen l customers through a series of significant rate actions. President,ChiefExemtive otticer Rate schedules for our largest commercial and industrial customers were revised in June, and the net result was a rate reduction of $3.2 million. later in the year, we implemented rate reductions amounting to 57.5 million for most other commercial and industrial customers. We took the opportunity with these revisions to send the important message that we are serious in our efforts to provide low-cost electricity to our cus-tomers - especially those which use energy the most efficiently.

These reductions were funded in a very straightfonvard manner - through aggressive cost containment measures in all areas of our organization. In late 1993, we initiated a detailed look at our entire operation in an effort to identify cost reduction opportunities. We've seen repeatedly how the ingenuity and ability of our employees succeeds in meet-ing tough challenges, so all employees were asked to provide input into the process. Almost all did, and in July 1994, the task force responsible for overseeing the project presented 760 recommendations for reducing costs and increasing efficiency.

Many recommendations identified improvements in planning and scheduling, particularly where multiple work groups are involved. 0thers called for more focused and effective maintenance. One particularly good example deals with the use of new technology and tracking methods to identify specific sections of underground power cable which may be caming widespread ser ice problems. Instead of replacing entire sections of cable, as we've had to do in the past, we'll be able to target the faulty cable and make faster, more economical repairs. This and hundreds of other cost-containment recommendations are being implemented now, or will soon be.

All projects are scheduled for completion by 1997 and, when finished, we estimate these efforts will reduce our i

( operating costs by nearly 570 million over the next few years. We're already seeing some very satisfying early results. )

Most notably,1994 expenditures were 542 million under the original budget, and total expenditures were the lowest since 1988. The Fort Calhoun Nuclear Power Station achieved its lowest production costs since 1988, as well, while set-ting a 12-month generation record for the period that ended December 31,1994.

There were many other success stories last year, but the bottom line is that OPPD's competitive nature again benefitted customers and the utility alike. We will work to be better than we've been, and we'll work to be better than any of the competition we may someday encounter. That desire to be the best has always worked well for OPPD customer-owners, and it will continue to do so.

uQ,,, 9Ne  %~

Fred M. Petersen President

, Vico Precidento 7

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'ty Eldon C. Pape William C. Jones Etecutin Vke hesidait- Sodor VicePresLit'nt ChiefFinaradandPluusingofficer W f s,

William D. Dermyer Kenneth S. Fielding VicePresidait VicePresident n ,

fa W. Gary Gates Vice Praident Dayton D. Wittke, Ph.D.

Vice President \

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. 8 Operatiens Roviow .

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  • OPPD employees viewed 1994 as a year of opportunity.This was OPPD's year to streamline operations and toughen up -

wherever necessary- because the increased industry competition that people had been hearing so much about in recent years became increasingly apparent. What the industry will look like in the coming years is still uncleat What is crystal clear, however, is that in 1994 OPPD continued to position itself to meet the competition headon.

i As OPPD nears its 50th year of operation in 1996, employees realize what has worked well in the past may not be the best j solution for the future. The company's traditions of providing reliable senice by listening to its customers, watching its

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costs and striving for excellence will prmide a strong base for the coming years. j l

l OPPD employees have a good handle on the situation, and they are working together to control the company's course.

l The teamwork displayed throughout 1994 proves that employees understand what increased competition could mean.

For example, when Cargill announced it would build a new 30 megawatt com-processing plant south of B! air, Neb.,

i OPPD employm teamed up to help this new customer meet its fast track schedule. Employees from nine OPPD divisions l formed "the Cargill Update Team," meeting monthly- with subgroups meeting more frequently- to pull together pieces of this project. Employees pooled their resources to help complete OPPD's portion of work ahead of schedule and under i budget.

One aspect of the Cargill project was the construction of the 161-kilovolt Fort Calhoun transmission line. This line was l l built to allow senice connection to the Cargill plant, to provide redundant senice to Fort Calhoun Nuclear Power Station l and to enhance senice to customers in the area.

{ in addition to such major efforts, OPPD also continued to L focus on quality work in its day-to day operations. Employees i

I and contractors rebuilt more than 100 miles of overhead rural O '

distribution line, installed more than 80 miles of backbone cable <

$ e a a in new underground residential developments (URD) and  !

j replaced over 20 miles of aging and poorly performing URD j 4

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[- cable. As part of an ongoing transmission and distribution main-

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( . . f tenance management program, an infrared imaging system was

-. utilized to identify almost 75 " hot spots" or potential problems

  • . on the system. An estimated 12,000 customers may have experi-

, enced outages if these problems had gone undetected. Other i -- maintenance management activities included a ground line

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g g m ,, . inspection of 500 transmission and 2,200 distribution poles, and j a visual inspection of about 1,800 miks of mral distribution line.

! Building new lines and repairing existing ones were two of l many ways OPPD maintained the reliability of its system during 1994. In addition, a team of employees analyzed the company's l ,

'i senice restoration process to find ways to eliminate redundan-l

  1. cies and speed up future efforts, particularly after large storms.

Another team was formed to update and improve OPPD's trans-  ;

i mission and distribution senice delivery system. With efforts such as these, OPPD achieved its strategic goal of 99.98 percent b '

l Cenit al Maintenance employees use a lathe to work on the u)per drive shaft for the rotating screens at North Omaha Power Station.

l l l i

9 l

l l L Power plants play their role i

Thanks to hard work and diligence, Nebraska City Power Station, one of OPPD's two coal-fired plants, l

( was among the 10 lowest cost steam / electric generat- S, I ing units in the United States for the fourth consecu-

~ MN tive year. Also, a scheduled 10-week outage at this 3

plant wascompleted two weeks early.

There also was excellent performance at OPPD's l Fort Calhoun Station, based on assessments by the F' l j Nuclear Regulatory Commission (NRC) and the j

! Institute of Nuclear Power Operations (INPO). In the  !

j NRC Systematic Assessment of Licensee Performance ,e (SALP) Report for Fort Calhoun Station, OPPD mg;w & Q received superior-level " category 1" ratings in the Emp5ees constructed a new underground vIuit to servUouth Oma l functional areas of engineering and plant support.

OPPD received good-level " category 2" ratings for plant operations and maintenance.The report was based on what the NRC saw in thousands of hours of routine and special inspections during an 18-month period ending in July 1994.The 1994 INPO evaluation of Fort Calhoun Station resulted in one of the best reports this organization has given Fort Calhoun Station. During its review of plant operations, INPO identified more strengths than ever before.

All the while, OPPD employees in the plants and elsewhere continued to follow safe work practices. In 1994, recordable l

injuries decreased by 28 percent from 1993. In addition, some work groups have earned impressive safety records.

Employees in Fort Calhoun Station's radiation protection and chemistry departments completed more than 20 years with-out a lost time injury. Central Maintenance electrical and instrument & control employees surpassed the 10-year mark with-

. out a lost. time accident during 1994.

North Omaha Power Station - 0 PPD's oldest power plant - marked its 40th birthday in July. 0 PPD celebrated by unveiling additions and improvements that will help plant operations run efficiently well into the next century. A i 56.3 million addition and renovation project provided needed relief in the office area, shops, laboratories and warehouse. A 1 fong-term lighting project in the plant got under way invohing replacement of old light fixtures with high-pressure sodium and other high<fficiency lighting. Brightness in the turbine room alone increased by 30 percent, with a 40 percent drop in

, energy use.

_. - 9 :::C~ ~ $C 4 Efforts continued

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Nebraska City Station coalyard Employees for ed the Cargill Update Team" to help this new customer meet its fast track schedule, with Union Pacific 1

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I tracks.The spurwillhelp Controlcoal-transportation

k. . 6 ( costsbyenablingOPPD toseek competitivetransportationbids.

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participatedin meetingswith g'

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regulatory agencies,the rail-

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. y . < j roads, pub!icofficialsand A landownersintheareato L ,

J , . [ advancetheproject.

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. Thereracking of the spent-Q~ J  : .

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x. ': ] ;4fuelpoolatFortCalhoun g:.7 M.t  % } Station,whichwascompleted

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.- 1? in August,also willbenefit The Omaha Airport Authority was one of several customers with whom employees worked to improve OPPD andits customersincom.

reliability and service.

ingyears.The spent-fuelpool stores used nuclear fuel. The new racks increase the pool's storage capacity, providing enough space to store all of the spent fuel that will be discharged through the year 2006.

Challenges stimulateemployees Employee ingenuity has been one of OPPD's strong suits over the years, as 1994 demonstrated. For example, engineering personnel developed a new design for the power distribution system that will improve service reliability to Eppley Airfield, a vital link for OPPD customers and other travellers passing through Omaha.

Saving time and money were the impetus of a project in OPPD storerooms, which house thousands of spare parts for maintenance of power lines, power plants and related equipment. Tighter control of inventory levels and less-frequent inventory counts are giving storeroom personnel .nore time to tend to other business. The standard stores inventory level was reduced from a high of $11 million in 1992 to $3 million in 1994, and the material availability rate for 1994 was 99.98 percent.

Employees also teduced costs and improved operations by tapping into the Electric Power Research Institute (EPRI) tech-nological database. For instance, employees used an EPRI computer program to help analyze supply. side options in the inte-grated resource planning process. By using this program, they significantly reduced costs for work related to construction of

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the Sarpy County Station peaking unit. Completion of this 10i6-megawatt combustion turbine generating unit, which will l l

provide additional peaking power during the hottest days of summer, is expected in spring 1991

Community involvement remains a priority OPPD demonstrated its commitment to emironmental considerations in several ways last year.

Continuous Emissions Monitoring (CEM) systems were installed at Nebraska City and North Omaha stations.These CEM units, which the Gean Air Act of 1990 required to be installed byJan.1,1995, monitor and analyze regulated airbome emissions from the stations.

The utility also stepped up its companywide recycling efforts during 1994. In addition to recycling paper, programs 1

11 l have been put in place to recycle scrap metals, transformer oil and other

items. 0ther things, such as excess chemicals or inventory parts, are being j retumed tovendors when practical.

The Residential Energy Conservation Program (RECP), which promotes energy efficiency by encouraging homeowners to use high<fficiency heat-ing and cooling equipment, saw continued success. More than 8600 PPD 2

customers installed high efficiency electric heat pumps during 1994, a l M percent increase over the same period in 1993. This will help 0 PPD make better use of existing generating facilities in 1995 and beyond.

]

j OPPD's Tree Promotion Program received recognition from two national f

l emironmental organizations. The program encourages the planting of %3 trees for improved energy efficiency, and it educates the public about the M 4

l proper selection, placement and care of trees - especially near power lines.

l In 1994, OPPD sponsored 39 tree planting projects, which involved a total $

  • l of 13,311 trees and shrubs. Also, two tree seedling giveaways and nine tree [

l replacement projects took place. E

] Numerous OPPD employees continued their involvement with commu- ;

nity and civic organizations. Such involvement by a group of OPPD

! employees enabled several youngsters to explore career opportunities by I visiting OPPD. In all, 23 employees - black, hispanic, native American

] and white - served te mentors for young boys who do not have male role F,M'3  : +VN ,

j models at home. The mentors met weekly with the youngsters - a cultur-N 8' hnical ni" ' ' " '" "

{ ally diverse group of students from 16 schools - to discuss school, career (rahng Cen s which,,9.d ots courses to area opportunities and businesses in 1994.

l q

g.gi.) self-esteem. In Blair, Neb., two emp e i opened a youth recreation

-k e center to providea fun, safe place ds tocongregate.More than

, '@ 30 employees participated in the Brush Up Nebraska Paint A Thon.

They spent a Saturday in August painting and making repairs to the home of a low income, elderly couple in North Omaha. Numerous

[ employees served on boards and committees for several other organi-

- ~

g zations throughout the OPPD senice area. And, employees donated more than $ 190,000 during the annual United Way/ CHAD campaign 7 last year.

l ^. The strides that OPPD made throughout the year are evident at

,' its power plants, its senice centers, its offices, and throughout the wn community. Employees worked hard in 1994 to ensure that OPPD met the needs of the day for its customers and prepared for the needs i of tomorrow.

4 Ma%

A number of employees served as mentors to area youngsters, i some of whom toured OPPD facilities.

)

12 Financing . .

In December 1946, the Omaha Public Power District funded the purchase of Tne Nebraska Power Company with a bank loan for $42,000,000. Revenue bonds were issued in February 1947 to pay off this loan. Since then, $2,735,990,000 of additional bonds have been sold.

The District retired $23,550,000 of revenue bonds in 1994. These retirements bring the total of bonds redeemed and refunded through 1994 to $1,803,480,000, leaving outstanding bonds of $974,510,000 at December 31,1994. During 1994, $50,194,000 of interest expense was charged to operations on outstanding gy -. myy,mmy g '^

bonds, representing an average annual rate of 5.1%. .

Outstanding commercial paper at December 31, ,

1994, was $50,000,000. During 1994, $1,427,000 of p, 4 s interest expense was charged to operations on out- L standing commercial paper, representing an average 1 m M.

annual rate of 2.9%. The outstanding subordinated I kj obligation at December 31,1994, totalled _ ']' 4

$4,398,000. During 1994, $398,000 of interest k ["

expense was charged to operations on the outstand- h' j ing subordinated obligation, representing an aver.

age annual rate of 9.0%. In October 1994, the (( '

- [ #.

District sold $10,000,000 of subordinated debt h e [. ,

Minibonds bringing the outstanding Minibonds at

$6 1 December 31,1994, to $29,939,000. During 1994, Y l

$1,302,000 of interest expense was charged to oper-ations on the outstanding Minibonds, representing hj l

, anaverageannualrateof 5.8%. 9 l Gross E!ectric Plant amounted to $2,105,468,000 (

and Nuclear Fuel (at amortized cost) amounted to j l $82,638,000 at December 31,1994. Accumulated
-(*' ' (.

eamings reinvested in the business increased l

$52,115,000 to a total of $763,268,000 during 1994 .

while total assets increased $81,712,000 to a total of

! $2,087,672,000 l

\

, For the third straight year, OPPD Minibonds sold out quickly. Employees i

served as the Minibond administrators.

i 1 -_ ________ _ - __ _-. - - _ _

l

. Independent Auditors' Report 13 Omaha Public Power District:

We have audited the accompanying balance sheets of the Omaha Public Power District as of December 31,1994 and 1993, and the related statements of net eamings and accumulated earnings reinvested in the business and of cash flows for each of the three years in the period ended December 31,1994. These financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial state-ments based on our audits.

We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclo-sures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of the Omaha Public Power District as of December 31,1994 and 1993, and the results of its operations and its cash flows for each of the three years in the period ended December 31,1994, in conformity with generally accepted account-ing principles.  !

As discussed in Note 2 to the financial statements, the District's 1993 financial 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 Depreciation Study, the five-year extension of the operating license of the Fort Calhoun  !

St* ion, and the refinement of cost allocations. I i

I h bLf DEL 0rlTE & TOUCHE LU' Omaha, Nebraska February 22,1995 l

l l

wi, 14 Omaha Public Power District f Balance Sheets, December 31,1994 and 1993 -

-- . .- =. - - ~ . - .~. -

ASSE1S NOTES 1994 1993 (thousands)

LTritflYPIAVf Atcost: . . . - ... 3,11 Electric plant (includes construction work in progress of SI10,846,000 and 595,498,000, respectively)-- 52,105,468 52,003,310 Lessaccumulateddepreciation_ ... .._ 738,080 695,752 Electricplant net _ 1,367,388 1,307,558 Nuclea uel atamortizedcost 82,638 110,252 Utilityplant net-- .. .... 1,450,026 1,417,810

. SPECIAL PURPOSE FUNDS . (primarily at amortized cost): 5,6 Construction fund - 133,331 119,133 Electricsystem revenuebond fund (net of current portion).. .. 50,105 50,176 Segregated fund z 9,925 9,623 Segregatedfund collateralizedsecurities- 13,326 13,500 Decommissioning funds -

81,513 68,066 Deferred compensation ftmd - 60,233 54,570 Totalspecialpurpose funds = 348,433 315,068 CURRE.VT ASSETS:

Cash and cash equivalents - 6 35,335 26,013 Revenue fund U.S. Govemment securities (at amortized cost). ... 6 7,136 3,011 fjectric system revenue bond fund current portion - 45,759 41,172 Accounts receivable... 28,661 28,852 Unbilled revenues 15,514 15,793 Fossilfuels ataveragecost 9,462 6,857 Materials and supplies - at average cost 37,190 36,438 Other......- - 6,218 5,202 Totalcurrent assets - 185,275 163,338 DEFERRED CllARGES 7 103,938 109,744 TOTAL -- -

$2,087.672 52.005,960 St twta tofirkutialstatarwntL

a t,

lb

4-

, ...vn.~-., ..n . , . . ~ . . ~ -. ~~ . - - ~ +. n.,

LIABILITIES j' NOTES 1994 1993-(thousands)

LONG-TERM DElff: .. 3 Flectric system revenue bonds net of current portion: l l

. Serialbonds,3.25% to 6.05% due L annuallyfrom 1995 to2010.

- $ 537,405 5 564,525 Term bonds,5.25% to 62% due at various dates from 2009 to2017.. . 409,985 409,985

' Total. electric system revenue bonds. - _ . . 947,390 974,510 Electric revenue notes commercial paper series - 4 50,000 ~ 50,000 -

Electricrevenuenotes minibonds . 29,939 _ 19,990 l

Subordinated obligation ... .., _. 4,312 4.398 L Total ..... ._ _ - --

1,031,641 1,048,898

. Irss unamortized discounts 11,314 12,243 Long. term debtinet - . . . - - . 1,020,327 1,036,655

. COMMffMENTS AND COVi1NGENT 1. LABILITIES- 11,12 LIABil.fflES PAYABLE FROM SEGREGATED FUND 5 5,985 5,632 CURRENT LIABILIflES:

Current portion of electric system revenue bonds....... 3 27,120 23,550 Current portion of subordinated obligation 86 79

. Accountspayable... . . -

31,331 26,933 ..

Accmedpaymentsinlieuof taxes.. .. 14,579 14,169

' Accruedinterest.. . .. - 23,366 21,553 Accrued productioncosts . 7,905 4,417 :

Other..- - -_

26,145 17,054 -

Totalcurrentliabilities . .. 133,532 107,755 0DIER LLGILIIlES:

- Decom6sioning costs... ... ... . .. - ... 81,513 '67,588~

9 60,233 54,570 -

Defenedtom[esation. ... .. - .. . . . . . . .

0ther ........ .. . - . ... - -

10 22,814 - 22,607 Totalotherliabilities . . . . .. -161,560 144,765 ACCUMULATED FARNINGS REINYFSIED INTilE BUSINESS 763,268 711,153 tTOTAL . .. .- . 52,087,672 52,005,960

16 LStatements of Net Eamings and Accumulated Earnings Reinvetsted )

' in the Business for the Three Years Ended December 31,1994-NOTES 1994 1993 1992 (thousands)

OPERATING REVENUES-. ... -

5409,6 % $402.360 5373,113 I OPERATING EXPENSIS:- 2 Operation:

Fuel .. . ... .. . . . 77,139 74,019 65,006 Other production - . . . . . . 71,045 69,871 56,546 Transmission..-- - 2,698 2,510 2,334 Distribution. .- 15,929 15,715 14,028 Customeraccounts -

10,754 10,723 10,647 Customer senice andinformation- -

3,860 3,717 4,676 Administrativeandgeneral 14,618 14,133 29,822 Maintenance 39,523 41,242 43,004 Total operation and maintenance.. .. ... ... . ... 235,596 231,930 226,063 Depreciation - --

56,824 54,552 52,465 Decommissioning... . ....

7,980 8,316 3,906 Paymentsinlieuof taxes . 15,515 15,104 , 13,924 Totaloperatingexpenses 315,915 309,902 296.358 OPERATING INCOME.. . . . . . . - . . . 93,781 92.458 76,755 OTilERINCOMECREDITS(CilARGES):

Interestincome- 15,118 13,475 16,348 Allowance for funds used during construction -- 3,660 3,822 3,383 Allowance for funds used for nuclear fuel - 1,142 1,811 1,762 Other net . (3,728) (2,519) (3,535)

Totalotherincome credits-net 16,192 15,589 17,958 EARN 3NGS BEFORE IN'lIREST EXPENSE.- 109,973 109,047 94,713 INTEREST EXPENSE - 57,858 63,844 64,458 -

NET EARNINGS- - - - - -. 2 54115 45,203 30,255 ACCBfULATED EARNINGS REINVESTED IN Tile BUSINESS, BEGINNING 0FTilE YEAR-. 711,153 665,950 635,695 ACCUMULATED EARNINGS REINTESTED IN Tile BUSINESS, END OFTilE YEAR- 5763,268 $711,153 $665,950 Sivnotes tofinaricialstatemasts.

Statements of Cash Flowa 17 .

for the Thme Years Ended December 31,1994 1994 1993 1992 (thousands)

CASH FLOWS FROM OPERAllNG ACll\ tiles:

. Operatingincome . . . -

. . . . 5 93,781 3 92,458 $ 76,755

' Adjustments to reconcile operating income to net l

' cash provided by operating activities:

Depreciation . . . - . 56,824 ' <2 52,465 Amortization of nuclearfueL 32,433 ,a M 19,597 increase (decrease) in other liabilities 207 u,725) 18,025 Other - -

3,214 5,140 (23,345) 1 Changes in current assets and liabilities:

Revenuefund U.S.Governmentsecurities . (4,125) (3,011) -

  • L Accounts recekable.. 191 (1,578) (21)

Unbilledrevenues.. 279 282 (1,158) l 4,318 1 Materials and supplies- -

(752) (166)

Fossil fue!s .. .... (2,605) 2,553 1,021 Accounts payable .. 7,398 (6,454) (4,742)

Accruedpaymentsinlieuof taxes . 410 1,181 (443) j 13,708 (17,603)

Other -- 895 )

Net cash provided from operating activities 200,963 166,711 124,869

]

l CASil ROWS FROM CAPIIAL AND RELATED FINANCING ACllVITIES:

Proceeds from long-tenn borrowings.- 9,789 827,941 373,484 j i

Principal reduction of long-term debt......-- .. (23,680) (840,479) (314,571)

Interest paid on long term debt-- (52,234) (63,331) (61,611)

- Acquisition and comtruction of capital assets - - (112,994) (85,207) (83,199) )

Acquisition of nuclear fuel... .. --

(3,677) (12,190) (1,469)

Net cash used for capital and related financing activities - (182,796) (173,266) (87,366) l l

CASil R0WS FROM INYF511NG ACTIVFilES: l Purchase of special purpose funds - investment securities (614,960) (744,879) (872,160)

Maturities and sales of special purpose funds -

investment securities 601,536 L1,169 820,136 Net change in electric system revenue bond fund current (4,587) (1,107) (4,142)

Interest onImtstments - 9,166 .I1,224 16,081 Net ash provided from (used for) investing activities (8,845) 16,407 (40,085)

INCREASE (DECREASE) IN CASil AND CASil EQUIVAEENTS. 9,322 9,852 (2,582)

CASil AND CAS11 EQUIVALLVI5, BEGINNING OFTilE YEAR .. 26,013 16,161 18,743 CASil AND CAS11 EQUIVAEEN% END OF Tile YEAR 5 35,335 5 26,013 5 16,161 Seer:otes tofnandalstatanatts.

18 Notes to Financial Statement 3 .

l for the Three Years Ended December 31,1994 -

l

1.

SUMMARY

OFSIGNIFICANT Deferred Charges Certain costs and charges are deferred and ACCOUKflNG POUCIES amortized over the period that ratepayers are expected to benefit. ,

The most significantitemsare: l Organization and Business The Omaha Public Power District, a political subdivision of the State of Nebraska, is a public utility Deferred Financing Costs Debt discount and expense and engaged solely in the generation, transmission, and distribution amortizable charges relating to refunded debt are amortized rat-of electric power and energy and other related activities. The ably over the lives of the related issues to which they pertain.

~ Board of Directors is authorized to establish rates. The District is Safety Enhancement Program (SEP) . Fort Calhoun Station -

not liable for Federal and state income or ad valorem taxes on Certain costs arising from the District's SEP at the Fort Calhoun 3roperty; however, payments in heu of taxes are made to various Station have been deferred and are being amortized over ten ocalgovemments.

years through 1998.

Basis of Accounting-The accounting records of the District are Federal Enrichment Facility Decommissioning and maintamed generally m accordance with the Uniform System of Decontamination Costs Costs arising from the Energy Policy Accounts prescribed by the Federal Energy Regulatory Act of 1992's funding mandate for the decommissionin'g and Comnunion.

decontamination of Federal enrichment facilities have been Accounting for Revenues - Meters are read and bills are rendered deferred and are being amortized over fifteen years through on a cycle basis. Revenues camed after meters are read are esti. 2006.

mated and accrued as unbilled revenues at the end of each I.ow Level Radioactive Waste Site Development This accountmg penod. Includes costs for the District's share of the cost to locate, Cash and Cash Equivalents - For purposes of the Statements of license and develop a disposal site for low-level radioactive Cash Flows, the District considers highly liquid investments of waste. The District will commence amortization of these costs

- the Revenue Fund purchased with a maturity of three months or when the Development's status is finalized.

less to be cash equivalents.

Nuclear Fuel Disposal Costs Permanent disposal of spent Utility Plant -The costs of property additions, replacements of nuclear fuelis the responsibility of the Federal Govemment units of property, and bettennents are charged to electric plant. under an agreement entered into with the United States Maintenance and replacements of minor items are charged to Department of Energy (DOE). Under the agreement, the District operating expenses. Costs of depreciable units of electric plant is subject to a fee of one mill per net kilowatt-hour generated and retired are eliminated from electric plant accounts by charges, less sold on all nuclear energy generation, which is paid quarterly to salvage plus removal expenses, to the accumulated deprechtion the DOE. The spent nuclear fuel disposal costs are included in account. the District's nuclear fuel amortization and are collected from cus-tomers as part of fuelcosts.

An allowance for funds used, approximating the District's current cost of financing electric plant construction and the purchase of Nuclear Decommissioning For 1992 and prior years, the nuclear fuel, is capitalized as a component of the cost of the utili- District's Board of Directors approved the collection of nuclear ty plant. This allowance was computed at 4.4%,4.6% and 4.4% decommissioning costs based upon the Nuclear Regulatory for both construction work in progress and nuclear fuel for the Commission's (NRC's) extemal minimum funding requirements.

years ended December 31,1994,1993 and 1992, respectively. The NRC's requirements are based on a generic estimate of the c st to decommission the radioactive portior3s of a nuclear unit Depreciation and Amortization Depreciation is computed on based on the size and type of reactor. Begmnmg m 1993, the the straight line basis at rates based on the estimated useful lives District commenced funding on the basis of new decommission-of thevariousclassesof roperty.

P DePreciationexPCnsehasaver-ing estimates which resulted from a 1992 independent engineer-aged approximately 3.3%,3.3,% and 3.6% of depreciable property ng study and which exceed NRC extemal minimum funding for the years ended December 31,1994,1993 and 1992, respec-requirements. The decommissioning estimates accepted by the tively(see Note 2). District's Board of Directors for 1994 total $355,000,000 in 1994 Amortization of nuclear fuel is based upon the cost thereof, which dollars and for 1993, $348,000,000 in 1993 dollars (see Note 5).

is pro rated by fuel assembly in accordance with the thermal ener-Investments in Debt Securities - Effective January 1,1994, the gy that each assembly produces.

D strict adopted the provisions of Statement of Financial Accrued Productien Costs - Accmed production costs account Accounting Standard No.115, Accounting for Certain Imtstments in for advance collections subject to refund under the Fuel and Debt and Equity Securities. The effect of the initial application of Production Cost Adjustment clause of the District's rate schedules. the Statement on accumulated eamings reinvested in the busi-ness was not material (see Note 6).

a 19

- - ~ ~._ ~ - - ~ ~ ~ ~ - - - + -_.- - .- - - - - - - - __ < -_

2.' GIANGES IN ACCOUhTING ESTIMATES -

During 1993, the District issued the following Dectric System

    • ""'" "' " *N
During 1993, the NRC granted a five. year extension of the Fort Calhoun Station's operating license. The license, which was E ^""'

scheduled to expire in 2008, is now scheduled to expire in 2013.

1"3^ ---- -- ~ 5 I84'"

As a result of this change in the operating life of the plant, 19938 - ----- m4,200

- ~ amounts charged to decommissioning costs were reduced by 1993c _ $174.360

$1,580,000 for 1993. 1993D - - -- $202,400 IW3E _ _.___ MS, W Also during 1993, the District completed a depreciation study of lts entire utility plant. As a result, the estimated useful lives of Proceeds of the above-referenced bonds were used in part to call

'various classes of property were adjusted.This change reduced the outstanding Series 1972,1977A,1977B and 1977C Electric.

the District's 1993 depreciation expense for utility plant by System Revenue Bonds. Additionally, certain proceeds of the

$4,650,000. 1993 Series B Electric System Revenue Bonds along with District '

per Ung un em p e n an MaaNeesaowaccounMo

' EffectiveJanua'Y 1,1993, the District refined its method of dio.

be used solely for satisfymg scheduled payments of principal and cat.mg certa.m costs to utility plant and functional operation and interest on the outstanding 1992 Series A Electric System Revenue maintenance accounts that previously were charged to admmis-Bonds. Total debt service payments relating to the 1992 Series A trative and general operating expenses. This refinement had the Bonds were reduced by $6,408,000 over the next twenty four '

net effest of reducing costs charged against operation and mam-years creating an economic gain of $5,118,000.

tenance expenses by $3,320,000.

Additionally, in 1993, the District placed securities with a carry-As a result of the above desaibed chan8es in accountin8 esti- ing amount of 513,112,000 in an irrevocable escrow account to mates, net eamings for 1993 inceased by $9,550,000.

be used solely for satisfying scheduled payments of principal and interest on the outstanding 1973 Electric System Revenue Bonds.

3. LONG TERM DEBT At December 31,1994 and 1993, the following Electric System

. The District utilizes proceeds of debt issues primarily in financing Revenue Bonds are considered to be defeasal:

its construction program. 1994 1993 Electric System Revenue Bonds hfaturities of Electric System (thousands) 1973 5 11,820 5 12,820 Revenue Bonds outstanding at December 31,1994, due 1995 through 1999, are as follows (in thousands): 1985 Series A 55,005 55,815 1995 $27,120 1986 Series A 60,925 62,420 1996J .. $29,100 1989 Series A 95,450 96,650 '

1997 .

$30,870 1992 Series A 140,200 145,200 1998 ...._.. .. .132,370 Total 5363,400 5372,905 1999- _. . _. ... 534,130 n Wmmen ePosMy The District's bond indenture provides for certain restrictions, the most significant of which are.

the Distric%3fe t m irrevocable esaow funaccounts, which meet the requirementsforin-substancedefeasance. Accordingly,the Additional bonds may not be issued unless estimated net bonds and the related Govemment securities escrow accounts receipts (as defined) for each future year will equal or exceed have been removed from the District's balance sheets.

1.4 times the debt senice on all bonds outstanding including

. the additional bonds being issued or to be issued in the case of a power plant (as defined) being financed in inaements.

In any three-year period, at least 71/2% of general business income (as defined) must be spent for replacements, renewals, or additions to the electric system. Any deficiency is to be

. spent within two years thereafter for such purposes or,if not so sp:nt, is to be used for bond retirements in advance of maturity.

.. .~.y u. - . . . _ _

20 Notes to Financial Etatement3 .

for the Three Years Ended December 31,1994 -

ElectricRevenueNotes Minibonds TheMinibondsat 5. SPECIAL PURPOSE FUNDS December 31,1994 and 1993, consist of current interest-bearing  !

Special purpose funds of the District are as follows:

and capital appreciation Minibonds, which are payable on a par .

ty with the District's Electric Revenue Notes Commercial Paper The Construction Fund is to be used for capital improvements, Series, both of which are subordinated to the outstanding bonds. additions and betterments to and extensions of the District's elec-  !

The outstanding balances at December 31 are: tric system, or for payment of principal and interest on Electric E E System Revenue Bonds.

  • j (thousands) 1992 Minitx>nds, due 2007 (6.0%) 5 9,969 5 9,990 The Electric System Revenue Bond fund is held by a trustee for 1993 Minibonds,due 2008 (5.35%) 9,970 10,000 the retirement of term and serial bonds and the payment of the 1994 Minibonds, due 2009 (5.95%) 10,000 . relatedinterest.

529.939 $19.990 The Segregated Fund represents assets held for payment of cus-tomer deposits, refundable advances, certain other liabilities or Subordinated Obligation The subordinated obligation is refunds and funds set aside as part of the District's self-insured payable in annual installments of 5481,815, including intere.,t, health insurance plans (see Note 10). The balances of the funds at through 2014. December 31 wereas follows:

Fair Value Disclosure - The estimated fair value amounts were E E determined using rates that are currently available for issuance of Se8regatedFunds customers 5 5,985 5 5,632

- debt with similar credit ratings and maturities. As market interest Se8te8ated Funds-self insurance 3,940 3.991 rates decline in relation to the issuer's outstanding debt, the fair value of outstanding debt financial instruments with fixed inter. TotalSegregated Funds 5 9.925 5 9.623 est rates and maturities will tend to rise. Conversely, as market Interest rates increase, the fair value of outstanding debt financial The Segregated Fund - Collateralized Secun.t.ies representsinvest-ments m short-term securities (generally, repurchase agreements instruments will tend to decline. Fair value will normally approx-imate carrying value as the debt financial instrument nears its c llateralized by Govemment secunties) as permitted by State statute.

maturity date. The use of different market assumptions may have an effect on the estimated fair value amount. Accordingly, the The Decommissioning Funds are utilized to account for the estimates presented herein are not necessarily indicative of the investments held to fund the estimated cost of decommissioning amount that bondholders could realize in a current market Fort Calhoun Station Unit No. I when its operating license is exchange. scheduled to expire. The Decommissioning Funds are held by The aggregate carrying amount and fair value of the District's utside trustees in compliance with the decommissioning fund-long-term debt, including current portion, were as follows at mg plans appmved by the District's Board of Directors (see December 31,1994 and 1993: Note 1). The balances of the funds at December 31 were as fol-lows:

1994 1993 Carrying Fair Carrying Fair E E Amount Value Amount Value (thousands)

(thousands) DecommissioningTrust.1990 Plan $69,940 558,717 51,058.847 5989.167 51.073,000 51,115.000 IkcommissioningTrust-1992 Plan 11,573 9,349

~

TotalDecommissioning Funds 581.513 - 568,066

4. ELECTRIC REVENUE NOTES -

The Deferred Compensation Fund is valued at market value and C0hihiERCIAL PAPER SERIES is used to account for employee and District contributions and The District has authorized the issuance of tax-exempt commer- related eamings pursuant to the District's Supplemental cial paper of up to 550,000,000 at December 31,1994 and 1993, Retirement Savings Plan (see Note 9).

which is supported by a credit agreement which expires in July 1996. At December 31,1994 and 1993, the District had 550,000,000 of commercial paper issued and outstanding. The average borrowing rates at December 31,1994 and 1993, were 3.9% and 2.5%, respectively.

21

_ _ . - , ~

6. ' DEPOSITS ANDINVESBfENTS 8. PENSION PU1N Bank Deposits The District's bank deposits at December 31, Substantially all employees of the District are covered by a 1994 and 1993, were entirely insured or collateralized with securi- defined benefit plan (the " Plan") which provides retirement and ties held by the District or by its agent in the District's name, death benefits. Employees are eligible for coverage at the time of emPl oyment with a vesting period of five years. Generally, the Investments The District's cash equivalents and investments Plan provides for normal retirement at age 65.The Plan provides included in the Construction Fund, Electric System Revenue Bond fund, Segregated Funds, Decommissioning Funds and the unt u a yte men ne satagd2Muchno fits for retirements prior to age 62. Total payroll for all employees Revenue Fund are held by the District's agents in the District's and covered payroll for the year ended December 31,1994, were name in accordance with the District's bond covenants and State

$112,775,000 and $103,455,000, respectively. Employees con-statutes. The District does not invest in securities such as tribute 4.0% of their covered payto the Plan. 'Ihe District is mortgage backed investments and reverse repurchase a8ree-obligated to contribute the balance of the funds needed on an ments. EffectiveJanuary 1,1994, the District adopted the provi-actuarially determined basis. The Plan's funded status and sions of Statement of Financial Accounting Standard No. Ila, amounts recognized in the District's balance sheets at Accounting for Certain Imtstments in Debt and Equity Smmties. At 9e,emye7 3;, ;994 ggg 3993, ye7e ,, ga;;og,;

December 31,1994, all of the District's investments in the afore-mentioned funds are classified as " held-to-maturity" and are E E accounted for at their amortized cost basis. The investments con-Plan assets at fair value 3329,342 343,012 sist of U.S. Govcmment and Agency Secunties and Repurchase Projected benefitobligation:

Agreements collateralized by U.S. Govemment Secunties. At Actuarialpresent value December 31,1994, gross unrealized holding gains amounted to ofaccumulated:

$4,278,000 and gross unrealized holding losses amounted to Vested benefits (199,161) (220,336)

$2,038,000. All of the District's " held to maturity" investments at Nonvested benefits (4,277) (4,832)

December 31,1994, are scheduled to mature within five years. Effect of pro lccted salary increases (75,490) (72.320)

The composition of investments at December 31,1994 and 1993, Excess of plan assets over i was as follows: projected benefitobligation 50,414 45,524 1994 1993 Unrecognized transitionalasset (6,574) (7,513) i Carrying Fair Carrying Fair Unrecognized netgain (66,298) (58,617)

Amount Value Amount Value l'

Unrecognized prior servicecost 22.822 21,838 (thousnds)

U1Govemment and Prepaid pension cost 1 364 $ 1.232 Agency 5ccurities $362,017 5364.257 $316,227 $322,596 Rymrchase Agreements The projected benefit obligation was determined using an (mtlateralized by vi assumed discount rate of 8.0% and 7.0% for 1994 and 1993, Govemment Securities) 14,413 14.413 14,467 14,467 respectively. Plan assets are primarily listed stocks, corporate Total $376.430 5378.670 $330.694 5337.063 bonds, and U.S. Govemment securities. There are no District securities included in the Plan assets. The expected long-term ra e mn n anebwas m and E. An amage I

7. DEFERRED CHARGES annual rate of compensation increase of 5.5% was also assumed

- The composition of deferred charges at December 31,1994 and for 1994 and 1993. The unrecognized transitional asset is being 1993,was as follows: amortized on a straight line basis over fifteen years by annual

! E E credits to net periodic pension cost.

l (thousands)

) ' Deferred financingcosts 5 47,753 5 50,452 Net periodic pension cost for 1994,1993 and 1992 included the l Safety Enhancement Program. Fort followingcomponents:

! Calhoun Station 12,820 16.025 M E E Federalenrichment facility (thousands)

Servicec st 5 7,371 $ 5,587 5 4,890 t on ts 14,654 15,514 Interest cost 20,792 19,767 19,123 Lowlevelradioactivewaste site

, development 7,Y22 6.630 Actualretum on assets 2,309 (37,107) (22,805) l l Other 20,789 21,123 Net amortization and deferral (29,604) 9,949 (3,156) 1 Total 1103.938 $109.74; Net pensionexpeme(income) $ 868 5(1,804) 1(1,948)

?22 Notes to Financial Statement 3 .

for the Three Years Ended December 31,1994 -

The pension benefit obligation, which is the actuarial present 9. SUPPLEMENTAL RETIREMENT SAVINGS PLAN i value of credited projected benefits, is a standardized disclosure ,

The District has established a Deferred Compensation Fund for all l

-measure of the present value of pension benefits, adjusted to eligible employees that allows contributions by employees that I

- include the effect of projected salarv increases estimated to be payable in the future as a result of e'mployee service to date. are partially matched by the District. By agreement, contribu-tions and related eamings under the Plan remain the property of Based upon the mmt recent actuarial valuation on January 1, the District until an employee leaves the District.' The District's 1994, the pension benefit obligations at December 31,1994 and ,

1993,were as follows: matchmg share of contributions in 1994,1993 and 1992 was

$2,699,000, $2,254,000 and $2,024,000, respectively.

g g ,

(thousands)

Retireesand beneficiaries 10. SELF-FUNDED HEALTH INSURANCE PROGRAM receivingbenefits _ $110,642 $121,279 3,7N 2,061 The District's Administrative Service Only Health Insurance

- Terminated vested employees Program is used to account for the health insurance claims of a

- Accumulated current employee conuibutions 76,788 67,235 majonty of active and retired employees. The remainder of the Dtstrict-financed vested benefits 83,018 100,492 employees participate in a health plan for which the District is 4,776 n t self-insured. With respect to the Admmistrative Sewice Only District financed nonvested benefits 6.421 Health Insurance Program, reserves sufficient to satisfy both Totalpension benefit obligation $278,928 $297,488 statutory and District-directed requirements have been estab-lished to provide risk protection. Additionally, private insurance Contribution requirements are actuariall determined, using the Attained Age (level percent of pay) Methb. The cfrozen venng claims in excess f 120% of expected levels, as actu-initial lia-ari lly determined, has been purchased. Actual net claim pay.

bility is amortized over a 30-year period. Assumption changes and ments during 1994,1993 and 1992 were 59,936,800,59,773,100 Plan amendments are amortized over a 10 year period. The actu-and $9,234,600, respectively, which did not exceed 120% of the arial assumptions used to compute the actuarially determined "P' I*5 I'#

, contribution requirements were tne same as those used to com-pute the projected benefit obligation. Plan contributions by District employees for the years ended December 31,1994 and 11. COMMITMENTS 1993, were $4,138,000 and $4,013,000, respectively. The District The District's Construction Budget provides for expenditures of has not contributed to the Plan during the last three years.

approximately $110,516,000 during 1995 and $36,483,000 dur.

Three-year historical trend Information as of December 31 is as ing later years, of which approximately 523,500,000 was under follows: contract at December 31,1994.

A% row cou Ed Annua tota The District has coal supply contracts which extend through i

M 1 g *N Y Myn,nas, Ap8 NY

  • 1998 with minimum future payments of $29,600,000. The l 1992

$315,472 5258,681 122 M s56,791 $ 96,635 58.8%

District also has a coal transportation contract with minimum future payments of $59,000,000. These contracts are subject to l

-1993 $343.012 $297,488 115.3 % $45,524 $100,327 45.4 %

p alahn a@menh 1994 $329,342 $278,928 118.1 % $50,414 $103.455 48.7% Contracts with estimated future payments of $15,124,000 are in )

. . effect for nuclear fuel. In addition, at December 31,1994, the Ten year historical trend information, as available, is disclosed in District was under contract in the amount of $56,681,000 for the i the District s comprehenswe annual financial report. I cost of fumishing uranium enrichment services.

In November 1994 the Govemmental Accounting Standards The District entered into a capitallease arrangement in 1994 I Board issued Statement No. 27, Accounthg for Pcimom by State and amounting to $7,241,000 relating to 120 new coal cars. At Load Gowmmental Emplants. } he Statement establishes standards December 31,1994, accumulated amortization on the assets for the measurement, recognition and display of pension expen-under capital lease amounted to $130,000. The District is obligat-ditures/ expense and related liabilities, assets, note disclosures and ed to purchase the cars at the end of the five-year lease, unless it requiced supplementary infonnation.The provisions of the exercises an option to purchase the cars at the end of the first Statement are effective for periods beginaing afterJune 15,1997.

year of the lease, with the maintenance fees continuing for the The effect of implementing this Statement has not been deter-remaining four years. De District presently intends to purchase i mmed by the District as of December 31,1994, the cars during 1995, and accordingly, the entire lease obligation

23 3

. ~- -

is classified as current and included in current other liabilities. 12. CONTINGENT LIABILITIES Interest paid for capital lease obligations in 1994 was $240,000.

Effective August 20,1993, the Price-Anderson Act was amended.

In the event that the District does not exercise its option to pur. Under the provisions of the Act, the District and all other chase the cars in 1995, minimum annual rentals relating to the licensed nuclear power plant operators could each be assessed for claims in the event of a nuclear incident in amounts not to capital lease for the years 1995 through 1999 are:

exceed a total of $79,275,000 per reactor per mcident with a maximum of $10,000,000 per incident in any one calendar year.

(thousands)

These amounts are subject to adjustment every five years in 1995 5 701 accordance with the Consumer Price Index.

1996 711 1997. 716 The District is engaged in routine litigation incidental to the con-1998- 726 duct of its business and, in the opinion of its General Counsel,  !

1999 5,811 the aggregate amounts recoverable from or to the District, taking Net minimum lease payments under capital leases 8,665 into account estimated amounts provided in the financial state- ,

(1,593) menb and inwanumage,am not madal l lxss amount representing interest Present value of minimum kase payments undercapitalleases 37,072 Net Receipts and Debt Serv ,.,e Coverage for the Five Years Ended December 31,1994 (Unaudital) 1994 1993 1992 1991 1990 (thousands)

Operating revenues $409,696 $402,360 $373,113 $381,959 $386,648 Operation and maintenance expenses.... .. 235,596 231,930 226,063 237,230 241,409 Paymentsinlieuof taxes.. 15,515 15,1N 13,924 14.359 14,370 Net operating revenues 158,585 155,326 133,126 130,370 130,869 investment income (1) ... 2,380 3,019 4,356 4,874 5,286 Net receipts.. . $160,965 $158,345 $137,482 $135,244 $136,155 Totaldebt senice(2)- .. $ 77,017 5 78,435 5 74,268 $ 73,676 $ 73,638 Debt senice coverage 2.08 2.01 1.85 1.83 1.84 (1) Incane derimi frtxn the inmtment of nunm in the Debt smice Fund and the Reserve Account of the Ekctnc system Rornue Bond Fund undtn the Distnct's bond indentures (Resdution No. l9 and Raulution No.172.

(2) letal Dett Senia for both Resolution Na 19 and Roolution No.17&%nds is accrued on a calendar. year basis similar to the computation of Net Receipts.

Internt funded Inun tund protmh is not irwiuded in Total IXtt senice.

l

.b

24 Electric Cyctem R venue Bond 3 Outctanding -

(In Thonmds)as ofIkwnler31,1994 ,

l 1992 ISSUE . 1993 ISSUE 1993 ISSUE SERIES B - SERIES A SERIES B hitturity Date - Int. Int. Int.'

February 1 Rate Amt. Rate Amt. Rate Amt.

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 7,510

{

1999 5.00 - 4,540 4.65 12,040 4.55 4,980 l 2000 5.20 4,290 4.85 13,760 4.70- 4,540 2001 5.35 4,740 5.00 14,520 4.80 4,620-2002 5.50 5,160 5.00 15,430 4.90: 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 f

l 2006 5.90 4,750 5.40 20,150 5.20 5,710 2007 6.00 4,970 5.50 21,330 5.30 6,230 2008 6.05 10,765 5.40 9,340 2009 6.15' 9,490 5.60* 9,340-l 2010 ' 6.15' 9,240 5.60* 9,340 2011 6.15' 9,270 5.60* 8,300 2012 6.15* 10,140 5.60* 8,300 2013 6.20' 11,565 5.70* 7,260 2014 6.20* 11,520 5.70* 7,260 2015 6.20' 11,520 5.70* 7,260 2016 6.20* 12,000 5.70* 7,260 2017 6.20* 12,450 5.70* 5,600 Total Outstanding 164,090 180,140 157,970' Bonds Redeemed to 12/31/94 3,210 4,560 6,2s0 Original Issue 167,300 184,700 164,200

'I'enn ihah the 1973 hsue wu defe.ned to nutunty with final nuturity on February 1,301. The 1945 Series A twue wn advance refundW and wiu be calkd m Febnury 1,1995.

The 1989 setics A luue was advance refunded and wiu be calk 4 on Febnury 1,2an The 1992 Senes A hsue was advance refunded and will be calkd on February 1. 2W2.

7 l

, . 25 !

j

o. j

~ _ . . . _ . . . _

1993 ISSUE 1993 ISSUE - 1993 ISSUE l SERIES C SERIES D ~ SERIES E I Total l Principal . Annualized i i

t. Int. Int. Maturities Debt l

[te

. Amt. Rate. - Amt. Rate Amt. February 1 Service 330 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 5,440 4.10 7,920 35,950 80,076 4.50 5,580 4.20 8,360 37,820 80,382-4.60 5,830 430 8,820 39,940 ' J 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

4.90 - 7,280 4.60 10,930 48,820 72,711 5.00 10,080 .42,610- 71,451

.40 13,230 5.10 11,000 44,335 169,124 40 14,020 5.25*- 11,430 44,280- 167,694 :

.50 14,860 5.25* -11,970 45,410 . 65,715 I

.50* 15,750 5.25* 12,590 . 45,910- 65,489 l 50* 16,700 5.25' .13,270 - 48,410 64,935 i

.50* 17,700 5.25* 13,990 50,515 63,901

.50' 18,770 7530*- 14,730 52,2805 :62,8661 )

, .m

.50*- 19,890 5.30*. 15,520 54,190 62,987. l

.50* 21,080 :530* 17,120 57,460 ~ 44,420. -  !

.50*- 22,360 40,410-- 3,561 174,360 198,600: 99,350 .974,510 1,503.624  ;

3,800 5,750 23,550~

174,360 202,400 105,100 998,060 Uw 1986 Serin A hme wn defeased to maturty with fmal maturity on Fttraary 1,2015.

26 1994 - 1993 Comparison 0 e m

OPERATING REVENUES 409.7 milliomofdollars agg g 373,3 p,,,,,

Perent of 350.8 Year of Year increaw j 311.5 -r clasmatm 1994 Tote 1993 (twmse) 3N.0 F Reidentid 1165,813 40.5 1160,489 3.3 General 5enice.wn 147,6c9 3&l 144,312 2.3 Gerwral5 ente.large 75.483 18.4 77,760 ' (2.9)

^

Coernmentand Municip4 10,626 2.6 10,505 12

.. Other FJatnc Utilities 4.211 1.0 3,673 14.7 Accne!Unbillai Rewnues (279) (0.1) (283) 1.2 Totd Ekstric Rornnes $403,5U 98.5 1396,456 1.8 Miscellanams Revenues 6173 1.5 5.9IM ' .6 Total 0 prating Revenues 5409.096 Imo 5402J60__ 1.8 milliorts ofkilowatt-hours KILOWATfIl0URSALFS 7,268 7,244 (thousands 6,623 6,591 Gassdication 6,220 6'144 Re n ntul 2,467,405 34.1 2.361,565 4.5 Gmeral5enke.5 mall 2.580,258 35 6 2,434,023 6.0 General $enke.large 1,910,664 26.7 1,853,975 4.1 Caemment and Municipal 80,906 1.1 81,061 (0.2)

Other FJettric UtJities 177,489 2.4 153,3 % 15.7 Atrued Unbilled Gmatt41ours 7,707 0.1 (4N6) 264.8 Total Energy 5 ales 7.24t429 Imo 6N9%4 53 millims yulars 241 4 235.6 OPERATION AND MAINIUANCE EXPENSES 214.7 itnouynast 188.1 177.0 aasmatin Genenting Expnse $176,057 74.7 $176.824 (0.4)

Purchasedandinterthanged rower O,799) (1.6) (6,128) 38.0 Transmtssion and Distribution 32,878 14.0 31,567 4.2 1 Customer Accounts 10.754 4.6 10,7U 03 CustomerSenteandInformation . 3,859 1.6 3,717 3.8

.Mninistrative and General 15.847 6.7 15.227 4.1 Total 0pration and ,

Mainterunce Expmes - $235.5% IMO 5231.910 1.6 l

263.4 trauards(msaves 256.0 249.1 AVERAGE NUMBER l 241.6 0F CUSTOMERS *

]

233.6 i ci,s ,,,

i Residential 230,391 873 227,181 1.4 ,

Genera!5 ente.5 null 32,438 12 3 31,685 14 I GeneralSente.Large 95 - 94 1.1 Other 523 0.2 508 3.0 Average Customen.. 263,447 Imo 259.468 15

\

l

%enry TatA Tsein %ths EnkDremlu I~ __ _ _ _ _ _

Electric Ctati;tica 27

+ .

0 l[

1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 Total Utility Plant, including Nuclear Fuel (arfarerd (hduandofMfan) 2,188,1% 2.113,562 2,050336 1,960,679 1,897,546 1,824,757 1,735,654 1,M6,734 1,561,960 1A95,254 Ikmdedindebtednen (atyearend)

(htfa u d ( MIan) 974,510 998,0th 998,950 891,725 911,265 928,&l5 845,595 861,605 876,945 880,055 4

Operating Revenues (in dawd <Mlan)

Resklentbl 165,813 160A89 141,992 154,215 152,464 146,458 137,105 125,095 121,541 111,975 General knke.5 mal! 147,669 144,312 135.262 135,059 135,774 134,821 117,711 106,543 105A45 97,321 Car:eralServke Large 75A&l 77,760 75,992 76,222 78,375 72,416 61,637 57,561 $7,776 55,360 Government and Munidpal 10,626 10,505 10,186 9,651 9,685 8A17 7,961 7,726 7,574 7J83 Other Elatrk Utilities 4,211 3,673 3,N6 3,095 3,824 5,825 20,592 18,623 17,395 2tA51 Accrued UnbiM Revenues (279) (283) 1,158 (1,654) 1,015 2,753 874 211 (2,482) 5,500 Miscellarwous 6,173 5,9N 5A77 5,371 5.511 4,953 4,957 4,354 4,249 4.N1 Total - 409,6 % 402360 373,113 381,959 386,MS 375,643 350,837 322,113 311A% 3Gl036

Operation Mhintenance

- Ltpemes Charged to Operatiorts (ut d:ausard(Mlan/ 235,5 % 231,930 226,063 237,230 241,409 246,204 214,703 193,173 188,099 172,438 Iayments in 1. leu of Tates (intimado(MIan) , 15,515 is,lM 13,924 14,359 14,370 13,817 12,358 11,347 10,968 10,107 Net Operating Revenues

before Deptedation and Decommluioning (fn ffzuwd of Mlan) 158,585 155,326 133,126 130,370 130,869 115,622 123,776 117,593 - 112A31 120A91 Net Famings Reinvested in the Businen (in thouwrds(Mlan) 52,115 45,2al 30,255 35,209 40,337 29,584 36,929 31,020 28,016 40,256 kilowatt 4tourSaks (m yd)

Reskku - .

. 2A67A05 2J61,565 2,139J00 2A31,265 2,292,975 2,246,4 % 2,311,242 2,153,681 2,109A93 1,966,119 General 5ervke 5tnall 2,580,258 2A34,023 2,355A09 2,372,148 2,2'i$,M7 2,304,856 2.246,353 2,130A25 2,073.447 1,926,936 General 5crvke large 1,930,664 1,Ril,975 1,858,243 1,849,141 1,831,635 1,713.362 1,655,600 1,562.108 1,535,819 1397.052 Govemment and Munidpal 80,906 81,081 80,731 79,067 78,514 77,215 76,133 75,622 75,356 75,279 Other Ekstrk Utihties 177,489 153,396 138,862 153,669 137,166 44,935 %I,298 719,807 405,512 529,759 AaruedUnl4M lukmtt4 tours . 7,707 (4,676) 18.832 (26,123) 6,695 29,914 17,010 (13,682) (56,108) 114,720 Total . 7,244A29 6,879,364 6,591,377 6,859,187 6,622A32 6A16,778 7,267,636 6,627,961 6,143,523 6,109,865

, Number of Customers (awrgper,n)

Residential -

230,391 227,181 224,107 221.214 218,373 215,194 212,324 209,900 205,538 201.662 Generalknke Small-- 32,438 31,6R5 31.259 30,626 30,117 29A19 28,731 28,109 27,623 26,966

- General $enke Large- 95 94 92 91 90 75 75 76 76 75

! Govemment and Munidpal . 516 503 497 491 475 '457 433 417 405 391 f Other flatrk Utilities 7 5 5 5 5 4 5 6 7 6 Total - 263A47 259368 255,960 252,427 249,060 245,169 241,568 238,508 233,649 229,100 Residential 5tathtks(astry)

. kWh!Ctstomer . 10,710 10,395 9,546 10,991 10,500 10339 10,885 10,261 10,263 9,750

' DollarRevenue/ Customer 719.70 706A3 6M.59 697.13 698.18 68d59 645.73 595.97

. 591.33 555.26 Centi /LWh 6.72 6.80 6.64 6.34 6.65 - 6.52 5.93 5.81 5.76 5.70 Generating Caphility (at)eurtrd (5 kikmutts) 1,924,200 1,924.200 1,883,50) 1,8 &l,300 1,867,200 1,867,900 1,823,000 1,846,900 1.892,300 1,896,200 System Peak Loads (inlikmutts) 1,645,900 1,6&l 100 1A42,000 1,605,900 1,652,300 1.597,000 1.600A00 1,532,700 1,435,600 1,331,200 Net System Ratuirements

' (libutthun in tlauwd)

Gerwrated 8.876,515 8.846,354 7,653,4 % 9,129,971 7,721A10 7,202,585 7,756,360 7,511,779 7,322,999 6,850,069 rurdused atxt Net interdunged - - (1,418,694) (1,697,288) (844,178) (2,038,980) (864,931) (426,299) (1,050,747) (1.237,120) (1,187A00) (915,987) . ,

_ Net ' 7A57,MI 7,149,066 ' 6.809,318 7,090,991 6.856A79 6,776,286 6,705,613 6,274,659 6,135,599 5,934,082 ~

]

()1knotes Negative o

?

f28 EPPD Corporato Officors -

l Keith B. Edquist ' William C. Jones Charles P.Moriarty QuinnanoftlieBoarJ Senior Vicenesidait AuntantTreasurer AustanthTetary Eugene T.Mahoney 17ceGuinrunofthe&nni \Wliam D'DermIer ricenesuent CarolJ.Kelley FrederickJ.Ulrich ^"htd'd h7d"Y Tmnurer Kenneth S. Fielding ricenesident Gwendolyn A.Teeple FrankJ. Wear :ssurantseactary h'#"'T '

W. Gary Gates 17cenesident Fred M. Petersen Janice M.Bednarz ga;3.,a Asshtant Tmnurer Ori<f&nutiwotlica Dayton D. Wittke, Ph.D.

riceanident MichaelJ.Czerwinski Eldon C. Pape ,tuntant Treasirer nautiw Vicenesident- Martin L Champion GticfFinancial and l'ianniry offla7 Anhtant Tmuurer Richard C.Shaneyfelt Anhtant Tnuswer Asshtanthietary AssistantTreasurer AuhtanthTelaly

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OPPD Service Area 29 O

5,000 Square Miles OPPD serves 614,000 people in all or part of 13 counties in eastern Nebraska. Electric BURT seniceisprovided to the following ,

g 48 incorporated communities l 1 at rerail: AH ON COL $AX 00DGE Ah'o Nickerson l 8jn North Bend DOUGLAS SAUNDERS (l ue apil n E*f" SARPY Bennington Ralston Blair Burr CASS },

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llemian Weeping Water Hooper Winslow Ithaca Yutan Kennard 12 Vista OPPD also serves BoysTown, leshara Elk Creek, Greenwood,Syracuseand Louisville Tecumseh at wholesale.

hfanley htead hiemphis hforse Bluff hlutdock

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