LIC-96-0039, OPPD Annual Rept for 1995

OPPD Annual Rept for 1995

ML20101E883
Person / Time
Site:	Fort Calhoun
Issue date:	12/31/1995
From:	Jr Noble Green, Tira Patterson, Petersen F OMAHA PUBLIC POWER DISTRICT
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
LIC-96-0039, LIC-96-39, NUDOCS 9603250256
Download: ML20101E883 (33)

Text

,

enoua Omaha Public PowerDistrict 444 South 16th Street Mall Omaha NE 68102-2247 March 19, 1996 LIC-96-0039 U. S. Nuclear Regulatory Commission Attn:

Document Control Desk Mail Station P1-137 Washington, DC 20555

Reference:

Docket No. 50-285 l

SUBJECT:

1995 Annual Financial Report In accordance with 10 CFR 50.71(b), enclosed please find one copy of the Omaha Public Power District's 1995 Annual Financial Report.

i If you should have any questions, please contact me.

Sincerely, fl f' T. L. Patterson Division Manager Nuclear Operations TLP/dll j

Enclosure c:

Winston & Strawn (w/o Enclosure) l L. J. Callan, NRC Regional Administrator, Region IV (w/o Enclosure) t L. R. Wharton, NRC Project Manager (w/o Enclosure) l W. C. Walker, NRC Senior Resident Inspector (w/o Enclosure)

I 9603250256 951231 PDR ADOCK 05000285 l

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l Cover photos Photo 1 Photo 3 Transtmssion and Customer Account Servces Distnbution Dispatching per personriel orovide a tuli sonnel help risintain reliable range of serv:ces itom he!p-electric sevce by coordinat-ing new customers set up ing system trantenance elecinc service to answenng Questions about inthvidual accounts Photo 4 Employees perform maintenarxp work insice the txwer at one of OPPD s two coahtired p! ants Photo 2 Cnemists at OPPD power plants monitor boiler water pufify

@B Executive Offices Energy Plaza 444 South 16th Street Mall Omaha, Nebraska 68102-2247 Trustee The First NationalBank of Chicago Chicago, Illinois Paying Agents First Chicago Trust Company of New York New York, New York The First NationalBank of Chicago Chicago, Illinois Norwest Bank Nebraska, N.A.

Omaha, Nebraska Minibond Administration Omaha Public Power District Treasury Analysis Department General Counsel Fraser, Stryker, Vaugha, Meusey, Olson, Boyer & Bloch, P.C.

Omaha, Nebraska o

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Contents e,

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Highlights...................................... 3

-ci

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Chairman's Report............................... 4 Board of Directors................................ 5 President's Report................................ 6 Vice Presidents.................................. 7 Operations Review............................... 8

Financing.................................... 12 Independent Auditors' Report..................... 13 Balance Sheets.................................. 14 Statements of Net Eamings and Accumulated Eamings Reinvested in the Business............... 16 Statements of Cash Flows..........................17.

J Notes to Financial Statements..................... 18 LNet Receipts and Debt Service Coverage........... 23 i ' ',, Electric System Revenue Bohds' Outstanding........ 24

.f.'

;N N 3199. 51.994 Compar.isons '................... i..... ; 26 T,'

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, y f 'M* Electric Statistics t... E d... 4. m........... 27-r u

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(OperatingRevenues:,

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U Operatingrevenuesfor 1995 were?

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$,412,3s4,000, an increase of $2,658,000,1 h.~. g 7.

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or 0.6%, frorn 1994' operating revenues ofi -

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il r$409,696,000.;

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• 30perationandr (MaintenanceExpensesh

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fy-L 10perati6n and maintenance expenses fort

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31995'were $244,578,000, an increase of ;, ;

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($8,982,000, or 35%, from 1994 operatiori?

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['4 fand niaintenance expensesof;:

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i $235,596,000?

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p iNet Operating Revenues;

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L-g'.'. N h./4 g 1 Net 6perating revenues, before depreciac

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, {tionanddecominissioning,werej

.... Employees keep the generating units in good condition by performing routine maintenance

, M5152,513,000,adecreaseof $6,072,000,org ~ 7 "

13.8%, from 1994 net operating revendes of $158,585,000. :

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W LNet Earnin'gs Reinvested in the Business i

1 Net eamings reinvedted in the business totalled $48,031,000, a decrease of $4,084,000, or 7.8%

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lfroni 1994 Et camings reinvested in the bu' sin $ss of $52,115,000.~

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t General'. Business SalesL 1

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LGeneral business sales to District customers were 7,456,745,000 kilowatt-ho'urs in 1995, an increase of -

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..s Lt (389.,805,000, or 5.5%., from 1994 sales of 7,066,940,000 kilowatt-hours.

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1AverageNumberofCustomers

The District served an average total of 267,664 customers in 1995, an increase of 4,217, or 1.6%, from the 1

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(1994 average total of 263,447 castomers.

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m Average ResidentialUse..

6 Average annual use per residential customer in 1995 was 10,997 kilowatt-hours, an increase of 287, or 2.7%,

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from the 1994 average of 10,710 kilowatt-hours.

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E

.f 1 Average ResidentialCost.

The District's residential customers paid an average of 6.76e per kilowatt-hour during 1995, approximately L

120%,less than the national average. -

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,i 1995 Net Construction Expenditures

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Expansion and improvement of system facilities during 1995 required net construction expenditures of L

L $99,322,000.)

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m j'lhh Omaha Public Power District has taken significant steps in recent years in -

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? anticipation of the competitive environment that is quickly unfolding in the util-

'I jity in' usyryl5t the sameiinfe, we realize that to succeed in the future, we must d

g Itake care of the present, and we again did that in 1995; 3

jThere was no rate increase list year the third consecutive year of rate stabill _'@

_ g f ty, in fact, the average retail price per kilowatt-hour of electricity was 548 cents in : Q q Tq =

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, l 1995, more than 3 percent below the 1994 cost. This Was due, in part, to ongoing".

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y iefforts to keep cost's down for our customers and ensure that all benefit from this.

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(Last March, the Board authorized the retum of $10 million of prioryears' eam-j

ings to customers'through the fuel and production cost adjustment. In'additio'n,1 h

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' llarger commerdai and industrial customers realized cost savings from rate actions i John K. Green :,.

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Fthat iewarded them for shiftin;, their electric loads to off-peak hours and for -

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,'g increasing the energy efficiency of their operations. Energy effidency was an m g limportant consideration in all rate actions taken in recent years, and it will remain so in future rate design. More rate

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Emodifisations are in the works for this year to help keep the cost of electridty competitive. ;

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_ j Thanks lo a strong management' team, dedicated employees and a committed Board, the utility is succee

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i face of competition; and there were some impressive numbers in 1995 to confirm that. -

H j Revenues for 1995 were nearly $4'12.4 million, sligl$tlyLbelow the budgeted amount due, in p

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'0 1

m -prior years' e' amirigs. Retail energy' sales were more than seven billion kilowatt-hours, a 5[5 percent increase from 1994. -

~ MCapital exp"enditures for 1995 were $99 million, and operation and maintenance expenses were $244.6'million "g]

? Overall, utility;expedditures were $15.8 knillion less than originally budgeted in 1995. The bottom line showed net :

eamings of $48 million reinvested in the business and a three-year average retum on, equity of 6.80 percent.

p,

These numbers are significant because they were achieved while fulfilling our commitment to customer service. A castomer' opinion survey conducted last year shows we're not only on solid financial ground, we're on firm ground ?

y d /1 jwith our customers, as well, and that's important to everyone at the utility.

? Plans for the future look as good as the results of the past. *lhe 1996 Corporate Operating Plan indades total exp 6 ditures of $447.6 million,'with operation and maintenance expenses totalling $250.9 million - most of which will be'

incurred to produce electridty. We're planning to finance capital expenditures intemally, without the need for new ideb't and, in fact, we will reduce net indebtedness for the third straight year in 1996.

I commend my predecessor, Keith B. Edquist, for the fine job he did as chaimun of the board the last two years; All j the Board msmbers, induding Michael J. Cavanaugh, N.P. DodgeJr., Dennis D. Jorgensen, Eugene T. Mahoney, s

I FredI. Ulrich and FrankJ. Wear, deserve recognition for their wise approach to business this past year.'We are indee L headed for new challenges, and based ' n past successes, our course is well charted.

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(John K. Green?

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EEugene T.Mahoney.

, N. P. DodgeJr.

FrankJ. Wear !

R YweChainnan Treasurer Secretary..

Eu'cutiw Dirxtor, President, N.P.DodgeCornpany "

President, WearCornpany:

Cmaha Zoo Foundation.

President, WearConstnution J

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MichaelJ.Cavanaugh Keith B. Edquist -

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1%IiceSergeant.

President, Husker-Hawkey Distributirg,hc.

Ownerpperator, North ornaha Airport 4 pq y

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Dennis D.Jorgensen FrederickJ.Ulrich BoardMernkr BoardMenks ChiefOperatingoffcer, Fanner,CattleFeeder American Marketing Asniation

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OPPD when it comes 16 dealing with competitfoilin the ut!!ity industry.For thel *n y' '.

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i, p,astieveral years, the fokus of our.. nstrategk planning his beenion establishtng tiiis N f...']'i o util,ity as a leader in an, increasingly ~com, petitive environment /and our efforts in *A N.

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A 3 customer service!!n 1995lw$contidded to p$lty service came roudebotht'oourcstome'rs$ M -

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Lour electricity. Personnel + worked tirelessly to meet, customer needs, purchasin~gg~,,

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bution systems functioningfAs a result of these and other company-wslieffo

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. customerswere servedsellioutages were restored quick ~ly, an,d reliabillty was maintainedy, ~M,

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r As always, efficiency remained a primary consideration in 1995/.and there were sever l success stories. in this arean a

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.n iThe cost effectiveness of Fort Calhoun Nuclear P,ower $tation was boosted by the sho~rtest refueling and

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outage in the history lof the plantM+.ust 53 days from' start to finish. In addition, a staff reorganization initiated late in i (theiyearwillstreamlinsthenucidaroperatioilandissuith1Idng-termskv@,. x[,,a &py~/. 'W -

-m We continued development of a rail spur desig6ed to allow competitive bidding for coal transportatios to our% :

1 Nebraska city SthtionMe, expect' thdall comp,dease the gen h

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completed preliminary stages of a p~roject to in.. _- _

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This upgrade will increase cost-effectiveness while helping to. meet future power supply requirements lAll of this' will[ >

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n-Lenhance the already excellent economic per,formance at Nebra~ska City + Station which, acc,ording c.

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. m-late last year, ranked fourth-best in tiknatiorifor five-yeariav.erage production ~coss between 1990 and 1994J m mm,

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e As always, we looked beyond hardware in an effort to provide econo,my and reliability. ; We beca%meoneofthefirs

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purchase and sales markets. As a result, OPPD realized ad,ditional revenues for electricity sales and wheelin0 i

would not have otherwise received.'

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It's worth noting that OPPD was formed in December 1946 with the commitment to provide reliable', affordable -

' power and service to its cust,omers.Together, the employees of OPPD continue the spirited traditionfthat has benefit-

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.c ted the customer owners in eastem Nebraska for half a century. The tools we use have changed over the years l but our commitment to our customers remains as stro'ng as ever.That approach served custoriiers well 50 years sgo, l't[ served j

them well in 1995, and we believe it will serve them well for many years to come.

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I 20 PPD's solid foundation was never more appajent than in 1995 aiemployees continued to impiove operati0ns and hel 1'

{pssition ths utilit{fdr inciAsed competition. At the h5ft 6f the improvements were goals of enhancdd senicej 4

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{a emndmy.; Management sought employee inputland emp,loyees responded enthusiastically bpltaking f A

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. {Imployeeshicust6meradcountanices,forexample,steppedupth'eir'servicebymakingaunique"hdusecalf tor f 4 hentsofaNoithOSah{higkrikthatwasnolonrjerincludingutilitfchargesinitirent.hPPDsentrepressntativestherej

g E ' Asr thi conveniencs of the residents, many of whom were" elderly and disabled. Employees sighed them f

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jp [ [ 'improvementinvoEvedhetailedreviewNthecurrentprocess,methodsusedbfotherutilitiesandafore

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needscustomersmayhaveinthefuture.4,.

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Nttdhns mnMbns kmMdd athe forefront of these improvement efforts. More than $78 million hss been j'@

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( kken out ofindgets'as a result of company-widi strsamlining effdtts.f jd 1 ^-

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, pith an emphasis on senice, feliability and econ 6my,pFPD exceeded its goal of achieving an Average System ?

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l Availabili{h{dex of 99.98 percent despite a recor6 setting heat wavithst gripped the Midwest in C

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wherever possible. Their response was h_

. tremendous-combined,theycur-tailedabout56megawattsfrom their wm loadsduringtheheatwave.

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demand also affected equipment.That kept line crews, splicing crews, substa-

' System operators and system planning personnel had to find surplus capacity to purchase during the heatwave.

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$ % jj 0 Mh[d$so3066Gliomsha$odddrlh hM M

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L BecMc heat mats were lastelled in a service garage addition at OPPD's Oraaha Service Center, estimated at $520,000peryeat -

l creann0,a more productive west environment.

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=---- - --- - - - --- - - -

<10i Operations Review-L EPRP5 Lightning Protection Design Worksiation was used to' develop and analyze unshielded distribution line constmction 3 i fdr rAal service. Tlie new desijn will allow OPPD to use less expensive construction with shorter jioles,

~

j iservice perfonnance goals for rural sustomers. 0verall, the estimited dollas benefit froni EPid membership in 1995 was 4 m

.417 million.'s ' ;

4

,[

" 'Inhiay,dPPDandseven6thErutilitieswithnUdearplahtsforrhedthsUtilitiesServiceAllianceillSA).Thegroup' S a

, ;poseistoLshdepersonneI,liformationandotherresourcest6dduce'individdalpladtcostiSesiralixkiangesofnirredini l

Ithe last half ofihe year, promoting grealeNfficiency and economffofalliance mimt$s?

CE

? Teclsnical eihanges evEn crosed intsmationai bdundsries last year with'a team of nuclear employees going t(t 4

R KhselnitskyNudearPowerPlanthiNeteshin, Ukraine:PersbanelfrointheUkrainianplanthidviiijedOPPDin19911 f m.

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.7 L xcelleiitperformancea.t OPPD facilities also attracted intemational attention. For example, pollution controls at ?

1 1 Nebraska City Station, a coal-fired plant, drew the interest of visitors from around the wodd. A total of 29

Botswr. Cyprus, Egypt, Ghana, Indonesia, Jamaica, Macedonia, Mexico, the Philippines snd Tamania toured the plant, a L

~

zercxL rge fadlity for rainwater management. The visitors were participants in a course sponsored by th00 forIntemationalDevelopment.

1 To improve efficiency, OPPD eliminated redundant functions, excess inventoIy and unned ary expenditures.

- Company-wide, employees examined inventorylevels in storerooms and warehouses. Responsible departments reviewed

~all spare parts and miscellaneoue inventory to determine how much, if any, should be kept in stock. As a result, more than "

~

. $2 miDionivorth of excess materials was remosed from inventory. :

^

OPPD developed its Comorate Environmental Protection Policyin 1995.1he policy reaffinns the utilit/s commitment to protect the environment and comply with regulatory requirements, and it defines roles and responsibilities for 1 employees involved hi environmental activities. '

L in addition, OPPD and 12 other public utilities signed participation accords for the US Department of Energy Climate i Challenge Program in mid-January as part of a joint, voluntary effort of the DOE and the electric utility industry. The -

iparticipationaccordsoutlinethe

. actions each utilityintends to take to reducecarbondioxideemissionsby..

3~ '

[. e theyear2000.Initsaccord,OPPDlist e

C i

w

( reddce, avoid or sequester carbon diox.

8

[ q >[ide emissionsin order to meet or -

f ;, exceedfederalstandardsbythetumof -

/

9 j

'(:

. thecentury.Amongthecommitments

./

are improvements in efficiency at fossil units, a fly ash utilization program, a l

• v.

..4 residential energy conserva+ ion pro.

Mgg

4.

hy j gram and tree-planting sponsonhips.

Pollution controls at Nebrasira City Station drew visitors from around the world.

J

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ioffcred in 1995(the utility spons'ored the platiting of 1 '

! 3,157, trees and shmbs for 30 [irojects across its service 3 n.

. ~.

territory through ils Trei Promotiori Program'. The )

jp. --

Energy Adsisor, a fred telephone senice, provided ener[

gy-related information to m6te thad,700 cust6mers in i D,

.p 4,

g,,J1995.The Energy Assistance Pr@am provided finandal[

h

~

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7 wassisthce to those hhving difficuhy paying thsir energyM

~.41 Q$.

'4 I

- [ bills.1he Commercial Heat Punh P$ gram 'gavi rebates 5

' C i. 3; g

$Q

( j' 9 itobuildingownerswhoinstalledheatpumps. And'the '

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thecommunity -

d Jandthecustomer An employee replaces a circulating water pump in a parating unit inalt Idoes not stop at thel. structure at North Omaha Station.

M2 lend af the workday. Many employees donated their time, talent and resources to a va M[3 ofcivicandvohmteerorgahizations.IAstNovemb Q

A c

4 his town. Miles away, three employees and a retiree served on their local school board.

0 u A number of employees served as mentors for school children of all races in a program.

idesigned to build self<steem in children who r,eed positive role models. And a record 7

+

W 1 amount was donated to the United Way/ CHAD campaign during the year. :i J OPPD proved it could meet the challenges that come with changing times.That 1was evident at its power plants, its service centers, in its offices and in the community; As a f result,1995 was an outstanding operational year, and the framework has been set for a

]

. brightfuture;

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&. Acrewpreparesto j^ g' g

" ' install an under-groundline atan t

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M lidmDecember 1946lthe_Omahd Public Power District fdn,ded the~ purchase of The Nebraska PowerT h,,.,

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s.

. sg o Q M(Conipg@h,siil$2,735,990,000of additionalbondsliaveb6inso

~ J "" ~ T 'jff tiild % C h{lMk1hkfM000,dOO. Reynuktiolid@rkhs0[ edin Febiuarh47 tdhy o$g e$

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c W,t. _ #i RN December 31D995. Duiing 199+5/ 549,294,00 m.

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. ms, representing an ayerage annual r_ ate of 5.2%/j. g,. y Q,- @ mb y m

Ma ' 3dOutstandhigsomrnercialpaperatDecember31,1995lsas$50,000,000;During1995,$

j M,hhJnterptypeM%gkhd$$sonossta$dirig(comrnskialIsphrepreiestihange h@{

4 k

X (<n@ tannualrateof 3.9%Theoutstandingsubbidinatedoblig$op, ation^at December 31; 1995l totalled $4,314000.bp, W During'199'5,3390,0003fIntsrsst'expen$e was~ch'drjed t J. J Wlo+n,Lrepresentinganav.erage annual rate of 9.0%;Outst$ ding Minibonds at De_cem.

31,%1995;were ?

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...... ~-,.

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$67,223,000 at December 31l1995..

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• ;.sf businessincreami 54appmpd, M

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{s$2,141,390,000.LS,53,718,000 to albtalof1

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Independent Auditors' Report 13 Omaha Public Power District:

We have audited the accompanying balance sheets of the Omaha Public Power District as of December 31,1995 and 1994, and the related statements of net earnings and accumulated earnings reinvested in the business and of cash flows for each of the three years in the period ended December 31,1995. These financial statements are the responsibility of the District's management. Our responsibility is to express an epinion on these financial state-ments based on ouraudits.

We conducted our audits in accordance with generally accepted auditing standards and Gonmmait Auditing Standards issued by the Comptroller General of the United States. Those standards require that we plan and perfonn 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 disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by man-agement, as well as evaluating the overall financial statement presentation. We believe that our audits provide a rea-sonable basis for ouropinion.

In our opinion, such financial statements present fairly, in all material respects, the financial position of the Omaha Public Power District as of December 31,1995 and 1994, and the results ofits operations and its cash flows for each of the three years in the period ended December 31,1995, in conformity with generally accepted account-ing principles.

In accordance with Gonmmait Auditing Standants, we have also issued a report dated February 21,1996, on our,

consideration of the District's intemal control structure and a report dated February 21,1996, on its compliance with laws and regulations.

l

/Lf DELOITfE & TOUCHE 11P Omaha, Nebraska February 21,1996 l

_________-_--_a

14 Omaha Public Power Di trict Balance Sheets, December 31,1995 and 1994 ASSETS NOTES 1995 1994 (thousands)

UrlLITY PLANT-At cost:

2,9 Electric plant (includes construction work in progress of $109,036,000and $110,846,000, respectively) 52,168,408

$2,105,468 less accumulaten deprwiation 774,687 738,080 Electricplant-net 1,393,721 1,367,388 Nuclear fuel-at amortized cost 67,223 82,638 Utility plant-net 1,460,944 1,450,026 SPECIAL PURPOSE FUNDS - (primarily at amortized cost):

3,4 Construction fund..

140,898 133,331 Electric system revenue bond fund (net of current portion).

49,286 50,105 Segregated fund 10,215 9,925 Segregated fund - collateralized s&urities.

13,499 13,326 Decommissioning funds-96,871 81,513 Deferred compensation fund.

81,171 60,233 Totalspecialpurpose funds-391,940 348,433 CURRENTASSE15:

Cash and cash equivalents.

4 24,709 35,335 Revenue fund - U.S. Government securities (at amortized cost)...

4 17,190 7,136 Electric system revenue bond fund - current portion 47,191 45,759 Accounts receivable-27,280 28,661 Unbilled revenues -

16,512 15,514 Fossilfuels-at average cost 9,664 9,462 Materials and supplies at average cost 36,734 37,190 Other 10,846 6,218 Totalcurrent assets 190,126 185,275 DEFERRED CilARGES 5

98,380 103,938 TOTAL 52,141,390 52,087,672 SY notes to fishiruillstsitemails.

15 LIABILillES NOTES 1995 1994 (thousands)

LONG-TERM DEBT:

2 Electric system revenue bonds - net of current portion:

Serialbonds,3.5% to 6.05%due annuallyfrom 1996to2010 5 508,305 5 537,405 Term bonds,5.25% to 6.2% due at variousdates from 2009 to 2017 409,985 409,985 I

Totalelectricsystem revenuebonds-918,290 947,390 Electricrevenuenotes commercialpaperseries 50,000 50,000 FJectricrevenuenotes minibonds. -

29,749 29,939 Sulmrdinated obligation-4,219 4,312 Total -

1,002,258 1,031,641 Irss unamortized discounts 10,409 11,314 long-termdebt net-991,849 1,020,327 COMMrryrXiS AND CONTINGENT LIABILITIES 9,10 LIABILITIES PAYABLE IROM SEGREGATED TUND 3

6,171 5,985

- +-

CURRENT LIABILITIES:

Current portion of electric system revenue bonds -

2 29,100 27,120 Current portion of subordinated obligation 93 86 Accounts payable-30,229 34,331 Accruedpaymentsinlieuof taxes 14,328 14,579 Accruedinterest 23,540 23,366 Accruedproduction costs 10,735 7,905 Other-24,026 26,145 Totalcurrentliabilities 132,051 133,532 -

OTiiER LIABILITIES:

Ihommissioningcosts 90,871 81,513 Deferred compensation -

7 81,171 60,233 Other 8

21,972 22,814 Totalotherliabilities 200,014 164,560 ACCUMULATED EARNINGS REINVESTED IN Tile BUSINESS 811,299 763,268 TOTAL

$2,141,390 52,087,672

16 Ctatement3 of Net Eaming3 and A'33umulated Earning 3 Reinvested in the Business for the Three Years Ended December 31,1995 1995 1994 1993 (thousands)

OPERAllNG REVENUES-

$412,354

$409,696

$402,360 OPERAllNG EXPENSIS:-

Operaton:

Fuel 77,717 77,139 74,019 Other production 75,328 71,045 69,871 Transmission-3,362 2,698 2,510 Distribution-15,632 15,929 15,715 Customer accounts..

11,081 10,754 10,723 Customer seniceandinformation.

4,086 3,860 3,717 Administrativeand general -

15,742 14,648 14,133 Maintenance 41,630 39,523 41,242 Totaloperation and maintenance-244,578 235,596 231,930 Depreciation 59,062 56,824 54,552 Decommissioning-7,987 7,980 8,316 Paymentsinlieu of taxes -

15,263 15,515 15,104 Totaloperating expenses -

326,890 315,915 309,902 OPERATINGINCOME 85,461 93,781 92,458

...... e es..

OTHERINCOMECREDfl3(CilARGES):

Interestincome-20,902 15,118 13,475 Allowance for funds used during construction -

4,055 3,660 3,822 Allowance for funds used for nuclear fuel.

328 1,142 1,811 Other - net-(4,878)

(3,728)

(2,519)

Totalotherincomecredits net 20,407 16,192 16,589 EARNINGS BEFORE INTEREST EXPENSE..

105,871 109,973 109,047 INTERFST EXPENSE 57,840 57,858 63,844 NET FARNINGS--

48,031 52,115 45,203 ACCUMUIATED EARNINGS REINVESTED IN lilE BUSINFSS, BEGINNING OflilE YEAR 763,268 711,153 665,950 ACCUMUIATED EARNINGS REINVI5 FED IN Tile BUSINFSS, END OFlilE YEAR.-

$811,299

$763,268

$711,153 See notes to finantial stati,ntvits.

Etatement3 of Cash Ftwa 17 for the Three Years Ended December 31,1995 1995 1994 1993 (thousands)

CASil FLOWS FROM OPERATING ACI1VITIES:

Operatingincome

$ 85,464

$ 93,781

$ 92,458 Adjustments to reconcile operating income to net cash prmided by operating actisities:

Depreciation.-

59,062 56,824 54,552 Amoctization of nuclear fuel 27,725 32,433 24,584 Increase (decrease) in other liabilities (840) 207 (3,725)

Other =

2,975 3,214 5,140 Changes in current assets and liabilities:

Revenue fund - U.S. Government securities.-

(10,054)

(4,125)

(3,011)

Accounts receivable; 1,381 191 (1,578)

Unbilled revenues--

(998) 279 282 Materials and supplies 456 (752)

(166)

Fossilfuels-(202)

(2,605) 2,553 Accounts payable (4,102) 7,398 (6,454)

Accruedpaymentsinlieuof taxes.

(251) 410 1,181 Other-(1,893) 13,708 895 Net cash provided from operating activities.-

158,723 200,963 166,711 CASil FLOWS FROM CAPffAL AND RELATED 11NANCING ACflSTilES:

Proceeds from long-term borrowings.

9,789 827,941 Principal reduction of long-term debt..

(27,395)

(23,680)

(840,479)

Interest paid on long-term debt.-

(53,875)

(52,234)

(63,331)

Acquisition and construction of capital assets -

(81,340)

(112,994)

(85,207)

Acquisitionof nuclear fuel (11,982)

(3,677)

(12,100)

Net cash used for capital and related financing activities-.

(174,592)

(182,796)

(173,266)

CASil FLOWS FROM INVESTING ACflVfl1ES:

Purchase of special purpose funds investment securities (825,567)

(614,960)

(744,879)

Maturities and sales of special purpose funds -

investment securities 818,547 601,536 751,169 Net change in electric system revenue bond fund current :

(1,432)

(4,587)

(1,107)

Interest on investments-.

13,695 9,166 11,224 Net cash provided from (used for) investing activities 5,243 (8,845) 16,407 INCRFASE (DECREASE) IN CASil AND CASil EQUIVALEN15...

(10,626) 9,322 9,852 CASil AND CASil EQUIVALLVI5, BEGINNING OF TIIE YEAR..

35,335 26,013 16,161 CASil AND CASli EQUIVALEVI5, END OF Tile YEAR -

$ 24,709

$ 35,335 5 26,013 See notes to financial stattintitts.

18 Not:0 to Financial Ctatement3 for the Three Years Ended December 31,1995

1.

SUMMARY

OF SIGNIFICANT During 1995, the District approved a $10,000,000 refund to its ACCOUNTING POLICIES customers which is being applied through the Fuel and Organization and Business The Omaha Public Power District, a Production Cost Adjustment. This refund had the net effect of political subdivision of the State of Nebraska, is a public utility increasing accrued production costs by $3,800,000 at December engaged solely in the generation, transmission, and distribution of 31,1995, and reducing operating revenues and net earnings by electric power and energy and other related activities. The Board

$6,200,000 for 1995.

of Directors is authorized to establish rates. The District is not Deferred Charges - Certain costs and charges are deferred and liable for Federal and state income or ad valorem taxes on p:, :r-amortized over the period that ratepayers are expected to benefit.

ty; however, payments in lieu of taxes are made to various local The most significant items are:

governments.

Deferred Fmancing Costs - Debt discount and expense and Basis of Accounting - The accounting records of the District amortizable charges relating to refunded debt are amortized rat-are maintained generally in accordance with the Uniform System ably over the lives of the related issues to which they pertain.

of Accounts prescribed by the Federal Energy Regulatory Commission.

Safety Enhancement Program (SEP) Fort Calhoun Station -

Certain costs arising from the District's SEP at the Fort Calhoun Accounting for Revenues - Meters are read and bills are rendered Station have been deferred and are being amortized over ten on a cycle basis. Revenues camed after meters are read are esti-years through 1998.

mated and accrued as unbilled revenues at the end of each accounting period.

Federal Enrichment Facility Decommissioning and Decontamination Costs - Costs arising from the Energy Policy Cash and Cash Equivalents For purposes of the Statements of Act of 1992's funding mandate for the decommissioning and Cash Flows, the District considers highly liquid investments of the decontamination of Federal enrichment facilities have been Revenue Fund purchased with a maturity of three months or less deferred and are being amortized over fifteen years through to be cash equivalents.

2006.

Utility Plant - The costs of property additions, replacements of Low. Level Radioactive Waste Site Development This units of property, and bettennents are charged to electric plant.

includes costs for the District's share of the cost to locate, Maintenance and replacements of minor items are charged to license and develop a disposal site for low-level radioactive operating expenses. Costs of depreciable units of electric plant waste. The District will commence amortization of these costs retired are eliminated from electric plant accounts by charges, less when the Development's status is finalized.

sal ge plus removal expenses, to the accumulated depreciation DWN-hd@M p nuclear fuel is the responsibility of the Federal Govemment under An allowance for funds used, approximating the District's current an agreement entered into with the United States Department of cost of financing electric plant construction and the purchase of Energy (DOE). Under the agreement, the District is subject to a nuclear fuel, is capitalized as a component of the cost of the utility fee of one mill per net kilowatt-hour generated and sold on all plant. This allowance was computed at 4.5%,4.4% and 4.6% for nuclear energy generation, which is paid quarterly to the DOE.

both construction work in progress and nuclear fuel for the years The spent nuclear fuel disposal costs are included in the District's ended December 31,1995,1994 and 1993, respectively.

nuclear fuel amortization and are collected from customers as part Depreciation and Amortization - Depreciation is computed on of fuel costs.

the straight-line basis at rates based on the estimated useful lives Nuclear Decommissioning - The District's Board of Directors has of the various classes of property. Depreciation expense has aver-approved the collection of nuclear decommissioning costs based aged approximately 3.3% of depreciable prope ty for each of the on an independent engineeling study of the costs to decommis-years ended December 31,1995,1994 and 1993.

sion the Fort Calhoun Station - Unit No. l. The decommissioning Amortization of nuclear fuel is based upon the rost thereof, which estimates accepted by the District's Board of Directors (which is pro-rated by fuel assembly in accordance with the thermal ener.

exceed the Nuclear Regulatory Commission's minimum funding gv that each assembly produces.

requirements) for 1995 total $373,000,000 in 1995 dollars and for 1994, $355,000,000 in 1994 dollars (see Note 3).

Accrued Production Costs - Accrued production costs account for advance collections subject to refund under the fuel and Produc-tion Cost Adjustment clause of the District's rate schedules.

19 Use of Estimates The preparation of financial statements in Electric Revenue Notes Commercial Paper Series The District conformity with generally accepted accounting principles requires has authorized the issuance of tax-exempt commercial paper of management to make estimates and assumptions that affect the up to $50,000,000 at December 31,1995 and 1994, which is sup.

reported amounts of assets and liabilities and disclosure of contin-ported by a credit agreement which expires in July 1998. At gent assets and liabilities at the date of the financial statements December 31,1995 and 1994, the District had $50,000,000 of and the reported amounts of revenues and expenses during the commercial paper issued and outstanding. The average borrowing reporting period. Actual results could differ from those estimates.

rates at December 31,1995 and 1994, were 3.7% and 3.9%,

respectively.

2. LONG-TERM DEBT Electric Revenue Notes - Minibonds The Minibonds at The District utilizes proceeds of debt issues primarily in financing December 31,1995 and 1994, consist of current interest-bearing its construction program.

and capital appreciation Minibonds, which are payable on a pari-ty with the District's Electric Revenue Notes - Commercial Paper Electric System Revenue Bonds Maturities of Electric System Series, both of which are subordinated to the outstanding bonds.

Revenue Bonds outstanding at December 31,1995, due 1996 The outstanding balances at December 31 are:

through 2000, are as follows (in thousands):

1995 1994 1996 529,100 M

1997-530,870 1992 Minibonds,due 2007(6M) 5 9,888 5 9,969 1998 532,370 1993 Minibonds,due2008(5.35%)

9,897 9,970 1999 534,130 1994 Minibonds,due 2009(5.95%)

9.964 10.000 2000 535,950 529.749 529.939 The District's bond indenture provides for certain restrictions, the SubordinatedObligation Thesubordinatedobligationis most significant of which are:

payable in annual installments of $481,815, includi ig interest, Additional bonds may not be issued unless estimated net through 2014.

receipts (as detih'ed) tor'e'ich'fut'ure year"will equal or exceed Fair Value Disclosure The estimated fair value amounts were 1.4 times the debt sersice on all bonds outstanding including determined using rates that are currently available for issuance of the additional bonds being issued or to be issued in the case of a debt with similar credit ratings and maturities. As market interest power plant (as defined) being financed in increments.

rates decline in relation to the issuer's outstanding debt, the fair in any three-year period, at least 71/2% of general business value of outstanding debt financial instruments with fixed inter-income (as defined) must be spent for replacements, renewals, est rates and maturities will tend to rise. Conversely, as market or additions to the electric system. Any deficiency is to be spent interest rates increase, the fair value of outstanding debt financial within two years thereafter for such purposes or, if not so spent, instruments will tend to decline. Fair value will normally approx-is to be used for bond retirements in advance of maturity, imate carrying s alue as the debt financial instrument nears its maturity date. The use of different market assumptions may have At December 31,1995 and 1994, the following Electric System an effect on the estimated fair value amount. Accordingly, the Revenue Bonds are considered to be defeased:

estimates presented herein are not necessarily indicative of the 1995 1994 amount that bondholders could realize in a current market M

exchange.

1973 5 10,770 511,820 1985 Series A 55,005 The aggregate carrying amount and fair value of the District's 1986SeriesA 59,330 60,925 long-term debt, including current portion, were as follows at 1989SeriesA 94,200 95,450 December 31,1995 and 1994:

1992SeriesA 133,700 140,200 1993 1994 Total 5298,000

$363,400 Carrying Fair Carrying Fair A"' ""'

Such bonds are funded by Govemment secu' deposited by ithouunds; the District in irrevocable escrow accounts, i meet the 51,031,451 51,066,774 51,058,847 5 989,167 requirements for iti-substante defeasance. Acudk.Jy, the bonds and the related Government securities escrow accounts have been removed from the District s balance sheets. During 1995, the 1985 Series A Electric System Revenue Bonds were called by the Trustee using funds from the escrow account.

20 Nstos to Financial Statem nts for the Three Years Ended December 31,1995 3.SPECIAL PURPOSE FUNDS

4. DEPOSITS ANDINVESTMENTS Special purpose funds of the District are as follows:

Bank Deposits - The District's bank deposits at December 31, The Construction Fund is to be used for capital improvements, 1995 and 1994, were entirely insured or collateralized with securi-additions and betterments to and extensions of the District's ties held by the District or by its agent in the District's name, electric system, or for payment of principal and interest on Investments - The District's cash equivalents and investments EkrtricSystem Revenue Bonds, included in the Construction Fund, Electric System Revenue Bond The Electric System Revenue Bond Fund is to be used for the Fund, Segregated Funds, Decommissioning Funds and the retirement of term and serial bonds and the payment of the Revenue Fund are held by the District's agents in the District's related interest.

name in accordance with the District's bond covenants and State statutes. The District does not mvest in securities such as The Segregated Fund represents assets held for payment of mortgage-backed investments and reverse repurchase agreements.

customer deposits, refundable advances, certain other liabilities or At December 31,1995, all of the District's investments in the refunds and funds set aside as part of the District's self insured aforementioned ftmds are classified as " held-to-maturity" and are health insurance plans (see Note 8). The balances of the funds at accounted for at their amortized cost basis. The investments con-December 31 were as follows:

sist of U.S. Govemment and Agency securities and Repurchase 1995 L994 Agreements collateralized by U.S. Govemment Securities. At nhousands)

December 31,1995, gross unrealized holding gains amounted to Segregated Funds-customers 5 6,177

$ 5,985

$11,091,000 and gross unrealized holding losses amounted to SegregatedFunds self-insurance 4.038 3.940

$63,000. All of the District's " held-to-maturity" investments at TotalSegregated funds

$10,215 5 9,925 December 31,1995, are scheduled to mature within five years.

The composition of investments at December 31,1995 and 1994, The Segregated Fund - Collateralized Securities represents was as follows:

investments in short-term securities (generally, repurchase 1995 1994 agreements collateralized by Govemment securities) as perglittel,,,.,,..

..&c ad Fair Amortized Fair i

by State statute.

Cost Value Cost Value The Decommissioning Funds are utilized to account for th?.

U.S.Govemment and investments held to fund the estimated cost of decommissiomng Fort Calhoun Station Unit No. I w hen its operating license is Agencysecurities

$385,517 5396,545 5362,017 5364.257 ha mn scheduled to expire. The Decommissioning Funds are held by

"[o[te outside trustees in compliance with the decommissionmg GovemmentSecurities) 14.342 14.342 14.413 14.413 funding plans approved by the District's Board of Directors Total 5399,859 5410,887 5376,430 5378,670 (see Note 1). The balances of the funds at December 31 were as follows:

5. DEFERRED CHARGES The composition of deferred charges at December 31,1995 and

, was as foHon DecommissioningTrust 1990 Plan

$82.287 569,940 DecommissioningTrust 1992 Plan 14.584 11.573 TotalDecommissioning Funds 596.871 581.513 Deferred financing costs 5 45,053 5 47,753 The Deferred Componsation Fund is valued at market value and is Safety Enhancement Program-Fort Calhoun Station 9,615 12,820 used to account for employee and District contributions and relat-ed earnings pursuant to the District's Supplemental Retirement Federalenrichment facility Savings Plan (see Note 7).

iIioncs d

t 13,722 14,654 lowlevelradioactive waste site development 9,193 7,922 Other 20.797 20.789 Total 5 98.380 1103.938

21

6. PENSION PLAN Net periodic pension cost for 1995,1994 and 1993 included the Substantially all employees of the District are covered by a foll wingcomponents:

defined benefit plan (the " Plan") which provides retirement and L995 1994 1993 death benefits. Employees are eligible for coverage at the time of Senicecost

$ 6,133 5 7,371 5 5,587 employment with a vesting period of five years. Generally, the Interest cost 24,460 20,792 19,767 Pir.n provides for normal retirement at age 65. The Plan provides Actualretumon assets (75,657) 2,309 (37,107) unreduced early retirement benefits for employees who have Netamortizationanddeferral 47.577 (29,604) 9,949 attained a combination of age and years of service totalling 90 or more, or who are age 62 with reduced benefits for retirements Net pensionexpense(income) 2,513 868 (1,804)

Eff&t of window benefits 2.893 prior to age 62. Total expense for the Plan in 1995 includes the Cost of a retirement window, which offered enhanced early and Totalexpense(income) 55.406 5 868 5(1,804) normal retirement benefits to employees who chose to retire by The pension benefit obligation, which is the actuarial present January 1,1995. Total payroll for all employees and covered pay-value of credited projected benefits, is a standardized disclosure roll for the year ended December 31,1995, were $113,086,000 measure of the present value of pension benefits, adjusted to and $101,888,000, respectively. Employees contribute 4.0% of include the effect of projected salary increases estimated to be their covered pay to the Plan. The District is obligated to con-payable in the future as a result of employee service to date.

tribute the balance of the funds needed on an actuanally deter-Based upon the most recent actuarial valuation on January 1, mined basis. The Plan's funded status and amounts recognized.in 1995, the pension benefit obligations at December 31,1995 and the District's balance sheets at December 31,1995 and 1994, were 1994 wereas follows:

as follows:

g

-3994 19%,

1994

1. "O Retireesandbeneficiaries Plan assetsat fairvalue

$390,642 5329,342 receivingbenefits

$152,597 5110,642 Projected benefit obligation:

Terminatedvestedemployees 4,600 3,7M Actuarialpresentvalue Accumulated current empioye'e' ' " ~ ' ' ' "

~

~

ofaamulad contributions 73,163 76,788 Vested benefits (259,783)

(199,161)

D strict-financed vested benefits 100,823 83 018 Nonvested benefits (32,024)

(4,277)

District-financed nonvested benefits 32.024 4!776 Effect of projected salary increases (71,400)

(75,490)

Totalpensionbenefitobligation

$363.207 5278.928 Excessofplanassetsover projectedbenefitobligation 27,435 50,414 Unrecognizedtnnsitionalasset (5,635)

(6,574)

Contribution requirements are actuarially determined, using the Unrecognized netgain (54,900)

(66,298)

Attained Age (level percent of pay) Method. The frozen initial lia-Unrecognizedpriorsenicecost 28.058 22.822 bility is amortized over a 30-year period. Assumption changes Prepaid (unfunded accrued) pension cost 515.0421 5 364 and Plan amendments are amortized over a 10-year period. The actuarial assumptions used to compute the actuarially determined The projected benefit obligation was determined using an contribution requirements were the same as those used to com-assumed discount rate of 7.25% and 8DE for 1995 and 1994, pute the projected benefit obligation. Plan contributions by respectively. Plan assets are primarily domestic stocks, corporate District employees for the years ended December 31,1995 and bonds, U.S. Government securities, and a non-domestic 1994, were $4,075,500 and $4,138,000, respectively. The District commingled fund. There are no District securities included in the has not contributed to the Plan during the last three years.

Plan assets. The expected long-term rate of return on assets was 9#4 and 8.0% for 1995 and 1994, respectively. An average annual rate of compensation increase of 5.0% and 5.5% was also assumed for 1995 and 1994, respectively. The unrecognized 1

transitional asset is being amortized on a straight-line basis over fifteen years by annual credits to net periodic pension cost.

22 N;tm to Financial Ctatementa for the Three Years Ended December 31,1995 Three-year historical trend information as of December 31, is as

9. C0hihilThfENTS f0llmVS:

The District's Construction Budget prosides for expenditures of A

Pension ColI s\\"f approximately $97,304,000 during 1996 and $88,563,000 during Annual Col 4 EOs o$"to Cy $$"n UnT Mf later years, of which approximately $15,800,000 was under con-toto tofli to u toni e

m tract at December 31,1995.

uhousands) nhousands) 1993 5343,012 5297,488 115.3 % 545,524 5100,327 45.4 %

The District has coal supply contracts which extend through 1998 1994 5329,342 5278,928 118.1 % 550,414 5103,455 48.7%

with minimum future payments of $21,600,000. The District also 1995 5390,642 5363,207 107.6 % $27,435 5101,888 26.9%

has a coal transportation contract with minimum future pay-ments of $44,015,000. These contracts are subject to price escala-Ten-year historical trend information, as available, is disclosed in tion adjustments.

the District's comprehensive annual financial report.

Contracts with estimated future payments of $27,402,000 are in In November 1994, the Governmental Accounting Standards effect for nuclear fuel. In addition, at December 31,1995, the Board issued Statement No. 27, Accounting $r Pensions by State and District was under contract in the amount of $44,437,000 for the Local Gorcnunental Employers. The Statement establishes standards cost of furnishing t vanium enrichment services.

for the measurement, recognition and display of pension expendi-tures/ expense and related liabilities, assets, note disclosures and

10. CONTINGENT LIABILITIES required supplementary information. The provisions of the Effective August 20,1993, the Price-Anderson Act was amended.

Statement are effective for periods beginning afterJune 15,1997.

Under the provisions of the Act, the District and all other licensed The effect of implementing this Statement has not been deter-nuclear power plant operators could each be assessed for claims in mined by the District as of December 31,1995.

the event of a nuclear incident in amounts not to exceed a total

7. SUPPLEhiENTAL RETIREhiENT SAVINGS PLAN of $79,275,000 per reactor per incident with a maximum of

$ 10,000,000 per incident in any one calendar year. These The District has established a Supplemental Retirement Savings amounts are subject to adjustment every five years in accordance Plan foi all eligible employees that allows contributions by with the Consumer PriceIndex.

employees that are partially matched by the District. By agree-ment, contributions and related eamings under the Plan remain The District is engaged in routine litigation incidental to the con-the property of the District until an employee leaves the District.

duct of its business and, in the opinion of its General Counsel, The District's matching share of contributions m 1995,1994 and the aggregate amounts recoverable from or to the District, taking 1993, was $2,951,000, $2,699,000 and $2,254,000, respectis ely.

nto account estimated amounts provided in the financial state-ments and insurance coverage,arr - 9terial.

8. SELF-FUNDED HEALTH INSURANCE PROGRAh!

The District's Administrative Senice Only Health Insurance Program is used to account for the health insurance claims of a majority of active and retired employees. The remainder of the employees participate in a health plan for which the District is not self insured. With respect to the Administrative Senice Only Health Insurance Program, reserves sufficient to satisfy both statu-tory and District-directed requirements have been established to provide risk protection. Additionally, private insurance covering claims in excess of 120% of expected levels, as actuarially deter-mined, has been purchased. Actual net claim payments during 1995,1994 and 1993 were $10,102,800, $9,936,800 and

$9,773,100, respectively, which did not exceed 120% of the expected claims level.

1

N t Reccipta cnd Debt Servira Coverag3 23 for the Fiva Years Ended December 31,1995 (Unaudited) 1995 1994 1993 1992 1991 (thousands)

Operating revenues -

$412,354

$409,696

$402,360

$373,113

$381,959 Operation and maintenance expenses..

244,578 235,596 231,930 226,063 237,230 Paymentsinlieu of taxes 15,263 15,515 15,104 13,924 14,359 Net operating revenues 152,513 158,585 155,326 133,126 130,370 investment income (1) -

2,915 2.380 3,019 4,356 4,874 Net receipts..

$155,428

$5150,965

$158,345

$137,482

$135,244 Totaldebt service (2).

$ 78,229

$ 77,017

$ 78,435 5 74,268

$ 73,676 Debt service coverage 1.98 2.08 2.01 1.85 1.83 (1) Income derived from the investment of moneys in the Debt Senice Fund and the Reserve Account of the Electric system Revenue llond Fund under the District's bond indentures (Resolution No.19 and Resolution No.1788L (2) Total Debt Senice for both Resolution No.19 and Resolution No.1788 Bonds is accrued on a calendar year basis similar to the computation of Net Receipts.

Interest funded from bond proceeds is not included in Total Debt Senice.

4...

24 Electria Cyatem R3v:nue Cond3 Cutstrnding (In Thousands) as ofDecanber 31,1995 1992 ISSUE 1993 ISSUE 1993 ISSUE ~

SERIES B SERIES A

- - SERIES B Maturity Date Int.

Int.

Int.

February 1 Rate Amt.

Rate Amt.

Rate Amt.

i 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 4.55-4,980-2000 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 2 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 5.30.

_ 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 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 160,880 174,180 150,130

~

Redeemed to 12/31/95 6,420 10,520 14,070.

Original Issue 167,300 184,700 164,200

" Term Bonds The 1973 Issue was defeased to maturity with final maturity on February 1,2003. The 1986 Series A Issue was defeased to maturity with final maturity on February 1,2015.

The 1989 Series A issue was advance wfunded and will be called on February 1,2W1 The 1992 Series A Issue was advance refunded and will be called on February 1,2002.

25 1993 ISSUE 1993 ISSUE 1993 ISSUE SERIES C i

SERIES D SERIES E Total

^

Principal Annualized:

gt.

- Int.

Int.

Maturities -

- Debt Ste Amt.

F Rate

~ Amt.

Rate Amt.

February 1

. Service 7._,._.__-._.-_____

~__;.....

i' 3.65.

L4,250 3.50 6,400

. 29,100 78,928 ~

F 3.90 '

L4,580 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 ~

J 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:

4.30 8,820 39,940.

l 80,805~

80,544. -.

4.70-6,080 ~

4.40 9,300 l

42,020-4.75 ~

6,960 4.50 9,820 44,360; 80,470 4.80 7,110 :

4.50 10,360 46,200 80,695 L _. _._ _

. ~.. _

___.___.2 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:

69,124

.40 14,020 5.25*

11,430 44,280-67,694.

.50 14,860

' 5.25*

11,970 t

-*** * ' 75,410 ** 65,71P' *

.50*

15,750 5.25*

12,590 45,910 65,489

.50*

16,700 i-5.25*

13,270 '

48,410 64,935'

.50*

17,700 5.25'

.13,990 =

50,515.

_63,901

.50*

18,770 F

5.30* ~

14,730 52,280

'62,866.

.50*

19,890

[

- 5.30*(

15,520

'54,190 62,987

.50*

21,080 5.30*

17,120 57,460 44,420

.50*

22,360 t.

. 40,410 3,561 -

174,360 I

194,550-93,290 947,390 1,515,395)

_n.._._.._...

_~

7,850 11,810 50,670 174,360 202,400 105,100 998,060

{

_... _ m

I 26 1995 - 1994 Compariccn3 412.4 OPERATING REVENUES 00I'A "

"h"""d')

millions ofdollars 382.0 percent 375.6 percent of f

a Year of Year increase l

322.1 t

Ciassificatim i995 imi 1994 marease) 303.0 Residential 5171.687 4i.6 5165,813 3.5 General 5enice Small 145,@ 6 35.2 147,669 (1.7) 3 GeneralSenice targe 73,395 17.8 75,483 12.8)

Government and hfunicipal 8,577 2.1 10,626 (19.3)

)

Other Elntric Utihties 6.177 1.5 4,211 46.7 Accrued Unbilled Revenues 998 0.2 1279) 457.7 i

j Total Electric llevenues

$405,930 98.4 5403.523 0.6 1985l -1987

! 1989 I 19ti 1993 i1995 hiiscellanews Revenues 6.424 1.6 6.173 4.1 Total 0perating Revenues 5412.354 100 0 5409.696 0.6 l

I millions opilowatt-hours 7,625

\\

KILOWAIT HOUR SALES s

f (thous'nds) l 6'628 6,85g 6,879 i Classification

'~

6,417 6,110 Residential.

2.571,881 317 2.467,405 4.2 i>

GeneralSenice Small-2,657,948 34.9 2,580,258 10 i

General Senice-targe 2,124,023 27.9 1.930,664 10.0 Government and hiunicipal 79,732 1.0 80,906 (1.5)

Other Elatric Utilities 168,469 2.2 177,489 (5.1)

'1

^"'""d'"b"'""~"""~__

2mi a3 no7 2ms 1985 1987 i 1989 - '1991 4 1993 ' it1995 Total Energy Sales 7.62i214 100 0 7.244 4.N 5.3 46' Inilliotis ofdollits Ebb'b 237.2 OPERATION AND 231'9 t

MAINTENANCE EXPENSES

[

')

(thousands) 193.2 Classification j]2,4 c

6 Generating Expense 1182,762 74.7 5176,057 3.8 i

Purchased and Interchanged Power..

(3,880)

(1.6)

(3,799)

(2.1)

Transmission and Distribution 33,469 117 32,878 1.8 Customer Accounts.--

11,081 4.5 10,754 30 1985 19871.1989 1991 1993?

1995,

Customer Senice and information...

4.086 1.7 3,859 5.9 Administrative and General IMO 7.0 15.847 7.7 Total Operation and hiaintenance Expenses.

5244.578 10ft0 523is96 38

• • "# #I*'#'"*

~

259.5 252.4 i

AVERAGE NUMBER l

245.2 '

0F CUSTOMERS' 238'5 Classification Residential 231879 87.4 230,391 1.5 b

GeneralSenice Small 33.137 12.4 32.438 2.2 l

General 5enice.Large v7 95 2.1 i

Other 551 0.2 523 5.4

- 1985 1987 1989

, 1991 1993-, 1995 267.664 100.0 261447 1.6 Average Customers.

f

%erag Total Twehe klonths EruledIkcernitt i

1

Electri3 Ctatictiaa 27 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 Totall'tility Plant,includmg Nuclear fuel (atprarerall (in thusarkis ofddlars) 2,235,631 2,188,106 2,113,562 2,050,336 1,986,679 1,897,546 1,824,757 1,735,654 1,646,734 1,561,960 Bonded Indebtedness

. (atyvarerull (in thusarkls ofddlan)-

947,390 974,510 998,000 998,950 891,725 911,265 928,835 845,595 861,605 876,945 Operating Revenues (in thusaruis ofdilars)

Residential 171,687 165,813 160,489 141,992 154,215 152,464 146,458 137,105 125,095 121,541 General 5enice Small 145,096 147,669 144,312 135,262 135,059 135,774 134,821 117,711 108,543 105,445 General 5enice Large--

73,395 75,483 77,760 75,992 76,222 78,375 72,416 61,637 57,561 57,776 Govemment and Municipal 8,577 10,626 10,505 10,186 9,651 9,685 8,417 7,961 7,726 7,574 Other Electric Utilities 6,177 4,211 3,673 3,046 3,095 3,824 5,825 20,592 18,623 17,395 Accrued Unbilled Revenues 998 (279)

(283) 1,158 (1,654) 1,015 2,753 874 211 (2,482)

Miscellaneous.

6,424 6,173 5,904 5,477 5,371 5,511 4,953 4,957 4,354 4,249 Total 412,354 409,696 402,360 373,113 381.959 386,648 375,643 350,837 322,113 311,498 Operation & Maintenance Expnses Charged to Operations (in thousarkfs ofdollan).

244,578 235,596 231,930 226,063 237,230 241,409 246,204 214,703 193,173 188,099 Payments in Lieu of Taxes (in thusarkls ofddlars)..

15,263 15,515 15,104 13,924 14,359 14,370 13,817 12,358 11,347 10,968 Net 0 prating Revenues before Depreciation and ikcommissioning (in thanarkls ofddlars) 152,513 158,585 155,326 133,126 130,370 130,869 115,622 123,776 117,593 112,431 l

Net Eamings Reinvested in the Business

,*, t,in thuurkls ofdollars) 48,031-52,115 45,203 30,255 35,209 40,337 29,584 36,929 31,020 28,016 Kilowatt-Hour Sales (in thusarufs)

Residential 2,571,881 2,467,405 2,361,565 2,139,300 2,431,265 2,292,975 2,246,4 %

2,311,242 2,153,681 2,109,493 General $ervice Small 2,657,948 2,580,258 2,434.023 2,355,409 2,372.148 2,275,647 2,304,856 2,246,353 2,130,425 2,073,447 GeneralSenice large 2,124,023 1,930,664 1,853,975 1,858,243 1,849,141 1,831,635 1,713,362 1,655,600 1,562.108 1,535,819 Govemment and Municipal 79,732 80,906 81,081 80,731 79,087 78,514 77,215 76,133 75,622 75,356 Other Electric Utilities 168,469 177,489 153,396 138,862 153,669 137,166 44,935 961,298 719,807 405,512 Accrued Unbilled Kilowatt 4kiurs 23,161 7,707 (4,676) 18.832 (26,123) 6,695 29,914 17,010 (13,682)

(56,104)

Total 7,625,214 7,244,429 6,879,364 6,591,377 6,859,187 6,622 432 6,416,778 7,267,636 6,627,961 6,143,523 NumberofCustomers (awrageperyear)

Residential 233,879 230,391 227,181 224,107 221,214 218,373 215,194 212,324 209,900 205,538 General 5enice Small.

33,137 32,438 31,685 31,259 30,626 30,117 29,439 28,731 28,109 27,623 GeneralSenice-targe 97 95 94 92 91 90 75 75 76 76 Govemment and Municipal 542 516 503 497 491 475 457 433 417 405 Other Electric Utilities 9

7 5

5 5

5 4

5 6

7 Total 267,664 263,447 259,468 255,960 252,427 249,060 245,169 241,568 238,508 233,649 Residential Statistics (awrage) kWh/ Customer 10,997 i0,710 10,395 9,546 10,991 10,500 10,439 10,885 10,261 10,263 Dollar Revenue / Customer 734.08 719.70 706.43 633.59 697.13 698.18 680.59 645.73 595.97 591.33 Cents /LWh 6.76 6.72 6.80 6.64 6.34 6.65 6.52 5.93 5.81 5.76 Generating Capability (at wareski)

(ir kilowatts) 1,924,200 1,924,200 1,924,200 1,883,500 1,883,300 1,867,200 1,867,900 1,823,000 1,846,900 1,892,300 System Peak Ioads (in Allouatts) 1,827,900 1,645,900 1,603.100 1,442,000 1,605,900 1,652,300 1,597,000 1,600,400 1,532,700 1,435,600 Net System Requirements (kilonatt-hwr5 in thusarkis)

Generated 9,073,968 8,876,535 8,846,354 7,653,496 9,129,971 7,721,410 7,202,585 7,756,360 7,511 7 )

7,322,999 Purchased and Ne' Interchanged (1,206,817) (1,418,694) (1,697,288)

(844,178) (2,038,980)

(864,931)

(426,299) (1,050,747) (1,237 m) (1,187,400)

Net 7,867,151 7,457,841 7,149,066 6,809,318 7,090,991 6,856,479 6,776,286 6,705,613 6,274.059 6,135,599

() Denotes Negative

xxx

~ ~ ~ - -.

s

_,. ' '-~

~~ ~

~

'-x

'x 28 Carygrugg BC2rg johng Green

$l' '" CJones Charles P a,"."""Mofthek,,4

e heside,g As$s t '[" trr EugeneT h%Oney Ikeanin,,,,,"I'h!hird

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Ai Iu, Fielding Itcen Gn'endolyn Teepe j

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IV GaryGates Fred Af' pe 'n Vice nes;,,,,

lanice Af, hesident AssistantTrea,

Chiefsm Da}1on D. ;

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Vi'ehesidmt Aiichae)).Czeragggy Eldon C papg Assistant]erasurer.

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Afattin L Chau1P on l

nniiuffer Assistant Timsureg Richard C Shaneyfejg

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Assist,,yhelari'r' ~-

AssistaniTreasure

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1 A coal-fired plant, Nebraska City Station ranked

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fourth best in the nation for five-year average

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production costs.

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CPPD Serviso Area 29 5,000 Square Miles OPPD serves 620,000 people in all or part of 13 counties in eastern Nebraska. Electric BUR serviceis provided to the following 48 incorporated communities l

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WASHINGTON

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COLFAX D0DGE Alvo N

Nickerson Arlington North Ben'd DOUGLAS Ashland Omaha Avoca Bellevue Papillion SAUNDERS SARPY Peru Bennington Ralston Blair Burr CASS 1

Carter 12ke 0 wa)

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Cedar Bluffs OTOE Cedar Creek Ceresco Rogers Ck lem JOHNSON NEhlAHA Eagle South Bend

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Elkhorn Springfield Elmwood Valley PAWNEE RICHARDSON Fort Calhoun Washington Gretna Waterloo Herman Weeping Water Hooper Winslow Ithaca Yutan Kennard laVista OPPD also serves BoysTowT1, Irshara Elk Creek, Greenwood,SyTacuse and louisville Tecumseh at wholesale.

Manley

-Mead Memphis Morse Bluff Murdock

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