ML051870362

2004 Annual Report for Dairyland Power Cooperative

ML051870362
Person / Time
Site:	La Crosse File:Dairyland Power Cooperative icon.png
Issue date:	12/31/2004
From:	Berg W, Engel D Dairyland Power Cooperative
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML051870362 (31)

Text

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~*rare moving forward with many initiatives to ensure the members of Dairyland Power Cooperative have a secure and reliable long-term energy supply. Dairyland has assessed the pros and cons of several potential energy sources, including power purchase agreements and the option of building our own coal-fired facility.

In late 2004, Dairyland signed a contract for 30 percent ownership of Wisconsin Public Service Corporation's (WPSC) new Weston 4 power plant near VvWusau, Wis. Under the agreement, Dairyland will own 30 percent, or over-150 megawatts (MWO of the more than 500 MW supercritical coal-fired facility.

This is a sizable investment for Dairyland-approximately $267 million. Weston 4 is currently under construction with a edin-service date ofJune 2008.

-la cooperative, Dairyland's ecisions are based on what is best for our members. Partnering with a strong, corr urnity-minded utility like WPSC, while inv'esting in our region's energy 77]'

infrastructure, will help ensure our members have a reliable energy supply.

The partnership also reduces the.

financial and operating risk of owning a large facility alone.

Nearly all of Dairyland's Class A members signed 20-year extensions of their "all-requirements" wholesale power contracts over this past year. Some of the projects currently being planned, including Weston 4, will have useful lives past the prior contract expiration date of 2035. The extension allows Dairyland greater flexibility to arrange the lowest-cost financing for the future power plants and transmission lines needed to serve our members.

Preserving our Environment As part of our ongoing Resource Plan, Dairyland has been actively pursuing cost-effective renewable energy resources.

In January 2005, Dairyland received the U.S. Environmental Protection Agency's (EPA) Landfill Methane Outreach Program's 2004 Energy Partner of the Year award for the ONYX Seven Mile Creek Landfill Gas-to-Energy plant in Eau Claire, Wis. Dairyland was selected for our success in launching the innovative plant and the environmental benefits of the renewable energy facility.

Dairyland's renewable energy plan includes additional partnerships for similar projects in 2005.

In early 2004, we expanded our participation in the McNeilus Wind Farm near Adams, Minn., and now have purchase agreements for about 18 MW of wind energy.

In addition, five animal waste-to-energy projects are at various stages of development within the Dairyland system.

The first manure digester projects are expected to go online in late spring 2005.

Each is expected to generate 750 kilowatts of renewable energy.

As we work to expand our renewable energy portfolio, we are also planning to invest in additional emission controls at our coal-fired facilities: $125 million has been included in the 2004-07 construction work plan.

are -X With headquarters in La Crosse, Wis, Dairyland Power Cooperative is a generation and transmission cooperative (G&T) thatprovides thewhlesale eectrica requiremen s a other services for 25 elericdistribut oo n

.. -.20 municiputilitiesin th'Upper Mildest.In turn these cooperatives and municipals deliverthe eectricityto I i' I, -

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-.Xcosum meeng needs f moe than half on people Dairyland was formed in December-1941 Today, the cooperative s generating stations (coalhydro; natural gas,

-^andfill 'gas) have mbre than A 1100 megawatt capacity Dairyland delivers electricitynvia more than 3 100 miles of

.:.ransmission lines and -nearly 300 substations located throughout the system s 44,500 square mile service area Dairyland's service area encompasses 62 counties in four states (Wisconsin Minnesota, Iowa and Ili'nois)

' Dairylard has provided low--cost, reliable'electrical energy and rel ate se rvices f orve 63 years.

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2SfEsays Additional energy requirements are certainly on the horizon. As we move forward, we will continue to work with our members to maintain a balanced, progressive energy strategy, in full compliance with all regulations and incorporating the best fuel choices for consumers.

Resolving Challenges Bumps in the road are to be expected as we advance our plans. During the past year, we faced several serious challenges and our employees met them head-on by implementing positive and forward-thinking solutions.

In April 2004, an electrical fire caused extensive damage to controls at Genoa Station #3 (G-3). Due to the timing of the fire, it made economic sense to move up a maintenance outage originally scheduled and budgeted for the facility in 2005.

Employees worked around-the-clock to retum the facility to service and ensure Dairyland's other facilities operated efficiently during this unexpected outage.

Fbrtunately, Mother Nature also cooperated, and cooler than average temperatures for spring and early summer kept replacement energy costs down during the 10-week outage.

Dairyland also invested $35 million in the John P Madgett Station GJPM) during a scheduled seven-week outage in fall 2004.

The installation of equipment and maintenance performed enhanced efficiency by more than 6 percent and increased plant capacity by about 24 MW without a significant increase in emissions.

In addition, coal transportation issues forced Dairyland to absorb the increased cost of replacement coal due to reduced rail and barge deliveries.

Despite these challenges, Dairyland's financial results for the year were relatively strong, with $5.1 million in margins, not far off the budget target of

$7.4 million. Larger than that difference was the cost of the advanced maintenance at G-3, money that was originally budgeted in 2005.

We know there will be additional challenges to face in the coming years.

However, we know that by working cooperatively with our members, we can achieve our goals.

It is our responsibility to not only look forward...but to moveforward...to ensure that our members will continue to enjoy the benefits of a reliable energy supply.

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Since 1941, Dairyland Power Cooperative has been moving forward. With determination and courage, pioneers of our cooperative organization built power lines over bluffs and rolling hills to bring power to the countryside. Today, we continue to move forward to provide our members with affordable, reliable energy while preserving the environment for future generations.

Planning for Growth Dairyland Power plans comprehensively for the future, responding to member energy needs by diligently researching the best power supply options.

Many factors are weighed as we prepare to meet the energy needs of our growing system including new technologies, the age and condition of our existing generating stations, environmental regulations, transmission reliability and fuel supply.

The implementation of energy conservation programs, load management; andtheaddition of new renewable energy resources are partially addressing projected energy needs. However, Dairyland planhers predict that energy use in the ooperative system will grow at 2 to (23 percent a year. That amounts to over f -'i300 megawtt (MW) of load growth over the next 20 years, with energy usage increasing by more than 75,000 megawatt-hours annually. During that same time period, some of Dairyland's aging coal-fired units may need to be retired, increasing the need for additional power sources.

During the past year, Dairyland continued assessing several energy options including proposals from power producers, potential partnerships and purchase agreements with other utilities, and the possible construction of a new coal-fired power plant.

Ultimately, after careful consideration, Dairyland pursued negotiations with Wisconsin Public Service Corporation (WPSC) and formally signed a contract in November 2004 for.30 percent ownership of WPSC's new coal-fired Weston 4 power plant, currently under construction near klusau, Wis.

The agreement will give Dairyland an ownership share in excess of 150 MWs of the plant, which is scheduled to come online in 2008. (Dairyland's acquisition is subject to regulatory approvals and financing.)

In addition to part ownership of the Weston 4 plant, Dairyland's plans include several renewable energy projects.

Growing Evergreen-Program Since 1998, Dairyland's member cooperatives have offered consumers the opportunity to participate in the Evergreen renewable energy program. Initially, the Evergreen program consisted of a one-third interest in a 2 MW wind farm near Chandler, Minn., and operation of our 22 MW Flambeau Hydroelectric Station in Ladysmith, Wis.

For more than a decade, Dairyland has been working to ensure our hydroelectric resources will continue to be available to our members. The Flambeau Hydroelectric Station, which began operation in 1951, achieved a major milestone in 2004 when it was awarded a new facility license by the Federal Energy Regulatory Commission that will not expire until 2037.

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Grudwsbolkenrin November 20'04 'for the Weston 4 power plant currenl ben-uitsuh ~ofwb Wasa Wis a

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w also feature state-of-the-art emission c ro ntrols to minimize e~nvi-ronimental an d socialmat The plant is expected to be opiationa in June 20O8.-Thfo er won

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i. --`,opayear constnbe ruction p y0d ompy eb s: w'ilbe nee e to operate th plant.

Sujc oapoas;Dirln ilown 3 0 'percent (over 1A50 MW) of Weston 4 with Wiconsin Pubi Service Corporatio

-_Subiect 6"happrovr Is)air and will f0M fp owigthe remaining 70percent of the plcint, w'hich is. des'ig o rdeinxcsof500 MW ofpoeWPCwl

-design, construct and operate'the new'facilit. (Pictur d from left J'ff Schaaf, Babck '& Wilcox il Be arnd Presi dent and CEO, Ron' Woods; Black &Vetch; Wis. Gov. Jim Doy an Larry rs, WPSC Chairmn President an EO)

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i The operating mode for the water-powered facility has been modified to result in the least interruption to normal river flows. This will stabilize the downstream flows and offer increased shoreland benefits.

During the past two years, Dairyland has also expanded the Evergreen program with several new initiatives.

In January 2004, the Dairyland Board of Directors approved an expansion to Dairyland's power purchase agreement in the G. McNeilus Wind Farm (Adams, Minn.). Eleven turbines produce a total of 17.4 MW of wind energy-enough to power 4,800 residential homes in the Dairyland system.

Dairyland's landfill gas-to-energy renewable facility, the ONYX Seven Mile Creek Generating Station, was dedicated in June 2004 in Eau Claire, Wis.

The 3 MW facility was operational in April 2004 and can power 2,600 homes.

Dairyland was honored to receive the U.S. Environmental Protection Agency's (EPA) Landfill Methane Outreach Program's 2004 Energy Partner of the Year award for the new facility.

Dairyland contracted with ONYX Waste Services, Inc. (a member of Eau Claire Energy Cooperative) to purchase methane gas collected at the Seven Mile Creek Landfill, a regional collector of residential waste. The gas, a natural byproduct of the landfill, is used by Dairyland to generate renewable energy for members of our cooperative system.

The environmental benefits are significant. Prior to the facility's operation, the methane gas created by the landfill was wasted, simply burned off into the atmosphere. EPA reports that 2004 reductions in methane from landfill gas-to-energy projects such as the Seven Mile Creek-plant have the same annual climate benefit as planting 17 million acres of forest.

Dairyland is also working with Microgy, a subsidiary of Environmental Power, Inc.,

to produce renewable energy utilizing manure digesters. Five farms have been approved to participate in the animal "waste-to-energy" program, with the first two expected to be online by mid-2005.

Each facility is anticipated to generate 750 kilowatts of renewable energy.

Cow manure will be the resource and methane, its byproduct through anaerobic digestion, will be the fuel used to generate electricity. Together, the five farms will produce enough renewable power 3,000 residential homes. In additon,

to producing renewable energy, these projects also provide solutions for farmers deA~hg with animal waste disposal and odoir issu es.

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Increasing Efficiency In April 2004, a destructive control room fire at the 380 MW Genoa Station #3 (G-3) in Genoa, Wis., required replacement of virtually all the control processors and connecting wiring. Due to the timing of that event, it made economic sense for Dairyland to move up a seven-week maintenance outage originally scheduled for the spring of 2005.

G-3 staff capitalized on the forced outage to perform planned boiler and turbine maintenance in advance, saving Dairyland time and money in the future.

Dairyland had already planned for substantial work to be done during 2004 at the coal-fired John P Madgett Station GPM). Last fall, approximately

$35 million was invested in capital and O&M (operations and maintenance) during a scheduled seven-week maintenance overhaul and equipment upgrade that resulted in a capacity increase of 24 MW and improved turbine efficiency GPM is now rated at approximately 400 MW without a significant increase in emissions).

During the outage, the plant control system was replaced. This routine repair and replacement will help ensure reliability of overall plant operations, and also improve efficiency.

The generator was also overhauled to ensure reliable operation. This overhaul is routinely done approximately every 10 years.

Dairyland's other generating facilities include the 206 MW coal-fired Alma Station, adjacent toJPM in Alma, Wis.,

and a peaking plant, the 95 MW Elk Mound (Wis.) Generating Station-

-consisring of two combustion turbines (natural gawith fuel oil backup).

DeliveringF Power Reliably Dairylan remains committed to meeting tl~s rsion requirements of our member cooperatives and continues to focus on improving the reliability of our transmission system. There were nearly 43 miles of transmission line rebuilt/upgraded in 2004 to improve service and reliability.

These line construction projects included design upgrades which increased operating voltage and/or conductor size, resulting in reduced energy loss and increased cost savings.

Dairyland and a neighboring utility, Xcel Energy, also continue to pursue regulatory approval for the 161 kilovolt Chisago-Apple River transmission line project in Minnesota and northwestern Wisconsin. This joint project would enhance system reliability in the east central Minnesota and northwestern Wisconsin areas.

Managing the transmission portion of Dairyland's operations requires planning with other utilities, normally as part of a regional transmission organization (also known as an RTO in the industry). As these organizations are developed, Dairyland continues to work with other utilities to ensure cooperative perspectives are included in decisions being made regarding management of the vast electricity grid.

Dairyland continues to assess RTO options, and we are taking a cautious approach to RTO membership.

Focusing on our Environment Responsible development and environmental stewardship help ensure our local communities thrive and continue to be attractive places to live and work. In keeping with our values, we embrace both leadership and supportive roles in these efforts.

Dairyland is committed to protecting and enhancing the natural environment of the region, and this last year we continued to focus on programs that have proven successful, both in our operations and in partnership with local communities.

As Dairyland operates our facilities, management and staff strive to preserve the environment for themselves, their members and neighbors. Dairyland has reduced sulfur dioxide emissions by 80 percent since the early 1970s and developed a market to recycle byproducts from the coal used to generate electricity.

In 2004, 90 percent of Dairyland's flyash was recycled for beneficial re-use, an increase of over 60 percent in the past decade. In addition, Dairyland has taken steps to reduce mercury in equipment and product use at power plants and other cooperative facilities, including efforts to reduce use of mercury-containing batteries and switches and recycling fluorescent light bulbs.

Dairyland is planning for pending new environmental regulations in the areas of mercury, nitrogen oxides and sulfur dioxide. Dairyland is proceeding with design and engineering for equipment that is expected to remove 70 to 80 percent of the mercury from combustion flue gas at our two largest generating plants, G-3 and JPM. In the near-term, Dairyland has included

$125 million in our 2004-07 construction work plan for emission

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n inairtn Fm ihas helped tparficipaochange ivs the oh s o the world. The net inco'me Adams Wind Farm6o wn'er Garwin McNeilus garn ers fromn the-sale of electricity to Dairyland on, one of the'turbines as-used to'b1uildban orphanage for blind children'-i Bobilli, India. Within the'orp hanage'is a school taking childrenfromkindergarten hrough juniorcollege.

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-' The eilus orph'ndgbe'was built b Bobilli residents-men, women and children. All'the construction was do

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,In April 2004,-a fire broke out mnrthecomputer room of Dairyland Genoa #3 GeneratingsStationaThankfully no iniuries were-sustaineddut.the'quick Dairylad tffd fth' shutdown.with'u functionring control system, therefwas nodamageto plantequipnent due'to the effortsof the skilled

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G-3 'staff capitalized onthe forced autage to perform boiler-and turbine maintenance that had been planned to occur during a sct eduledoutage in spring 2005. Instead,-th6 workwas done in advanc-e, saving Dairyland time ahd money in thefu ure. it wsas along jpfnwgrforemany,

- wore around the clock for more tan two ront hs toe urn G-3,to servic re the eatof the ummer.

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controls for our existing facilities, and is developing plans for further capital investment in environmental controls.

In early 2005, another milestone was reached in Dairyland's Peregrine Falcon Restoration Program when a pair of Peregrine falcons moved from our manmade nest box at the Alma Site to a cliff dwelling in the Mississippi River valley. A total of 51 falcon chicks have now hatched at Dairyland's Genoa and Alma nesting sites since 1997. Bird Cams are installed to allow students and other bird enthusiasts a close-up view of these raptors via the Internet.

Other examples of environmental stewardship include the prairie restoration-on the Genoa solid waste site, establishing platforms for osprey nesting, bluebird and wood duck nesting, purple loosestrife control, as well as Dairyland's emphasis on renewable energy sources.

Dairyland also works closely with our member cooperatives to protect the environment by encouraging energy conservation programs and ensuring that the load management program continues to help balance the energy needs of the system.

Dairyland estimates that our load -

management program saves the system 60 MW of power in the summer and about 150 MW in the winter-the equivalent of a small power plant. This helps preserve our environment and reduces energy costs for all members, with total savings of $4.8 million last year.

The load management program enhances reliability for all members during extraordinary times, such as last spring when G-3 was out of service.

Seeking Solutions for Spent Fuel Dairyland owns a shut-down nuclear power facility, the La Crosse Boiling Water Reactor (LACBWV). Although IACBWR has been inactive since 1987, maintaining the facility until the spent fuel can be moved to a long-term storage facility currently costs Dairyland and our members more than $5.5 million annually. Dairyland has set aside over

$73 million in a trust to pay for the ultimate decommissioning of IACBWR and has not had to additionally fund this trust for the past three years.

To protect our members' interest, in early 2004, Dairyland filed suit against the federal government in the United States Court of Federal Claims, seeking damages for the U.S. Department of Energy's (DOE) breach of contract under the Nuclear Waste Policy Act. Under the Act and related contracts with nuclear utilities, the DOE had contracted to begin removing spent nuclear fuel from civilian nuclear power reactors beginning in January 1998, for permanent disposal in a federal nuclear waste repository.

Consumers in the Dairyland system have already paid the DOE nearly

$4.6 million under the High Level Waste Act to support development of a permanent spent nuclear fuel repository. Congress has supported the recommendation of President Bush to proceed with licensing of Yucca Mountain, Nev., for this purpose, however legal and budget problems have caused further delays. The reality.

remains that storage of fuel at Yucca is still many years in the future.

To facilitate a better situation for the near-term, Genoa FuelTech (a subsidiary of Dairyland) and seven other utilities have formed Private Fuel Storage, LLC (PFS).

PFS is working to secure an interim central storage site for spent nuclear fuel in Utah.

In February 2005, the Atomic Safety &

Licensing Board of the Nuclear Regulatory Commission (NRC) recommended that an operating license be granted to PFS.

NRC Commissioners are reviewing the recommendation.

Partnerships for Marketing GEN-SYS Energy is a Minnesota cooperative founded by Dairyland that markets bulk power to other utilities in the region. Authorized by the Federal Energy Regulatory Commission (FERC),

GEN-SYS engages in wholesale electric power transactions at market-based rates and operates as Dairyland's wholesale power marketing agent. GEN-SYS' members include Dairyland, Coin Belt Power Cooperative of Humboldt, Iowa, and Distribu-Gen of La Crosse. (Distribu-Gen was formed to provide electric cooperatives support in the acquisition of distributed generation products and services.)

- Dairyland is a founding member of Touchstone Energy' Cooperatives, an

-alliance of over 600 cooperatives nationwide that collectively deliver power to more than 17 million customers every day in 44 states.

Research has shown that people appreciate the cooperative values of honesty and integrity now more than ever before in history. As the regional Touchstone Energy representative, Dairyland is working with members o educate consumers ab le fltt.

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'a commitment to community, reliable service and customer-orine

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-l' coerative spirit shines mosibrightly through our comm unityinvolvemen One of w

e contributed their time and resources toour community in 2004 was through a new event to bene fit youth por s

-the La Crosse Area F mily;YMCA

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Tridthlon last iurne.The event featured long and short courses of swimming, biking-and running in the scenic blufflands of Western Wisconsin. Several employees truly were "mayng frward". during the event a nd compet ed inddually or in relay te

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performance of local cooperatives. This includes sponsoring community events, supporting educational programs and working together to "get the word out"'

about the strengths of their local Touchstone Energy Cooperatives.

Demonstrating our Commitment Dairyland's "commitment to community" begins at home with our employees. We provide a safesecure work environment and opportunities for employees to excel in their fields of expertise.

A high job satisfaction level is the reason for Dairyland's very low turnover rate of only 2 to 3 percent. Career growth is encouraged through our tuition reimbursement program and internal advancement opportunities.

Dairyland is an Equal Opportunity.

Employer that demonstrates commitment to employees through strong programs that both attract and retain excellent employees.

Dairyland also reaches out through our employees to our communities.

Together, weenhance the quality of life in the ein throgh participation in, numerous community events such as the drand Excursikn celebration in Genoa in June 2004J/

We coordinae Can annual employee team for the American Cancer Society Run-Walk and hold a Community Gift Program for neighboring nursing home residents. In addition to supporting and volunteering for many charitable organizations, Dairyland and our employees also supported victims of the natural disaster on the other side of the world through a community-wide Tsunami Relief Fund.

As a Pacesetter company for the 2004 United Way campaign, Dairyland employees did an admirable job of setting the pace for generous community giving with an increase of staff contributions of 14.8 percent.

Part of Dairyland's mission is to "work with our members to improve the quality of life of their customers and the economic and social well-being of the region." One way Dairyland seeks to accomplish this goal is through our Economic Development Loan Program.

The program is focused on stimulating tangible economic benefits to local business and community development efforts. Dairyland has also been very successful in accessing funding for -

economic development through the USDA Rural Economic Development Loan and Grant Program.

Since 1990, the Dairyland board has approved 204 economic development loans totaling nearly $16 million. In 2004, they approved four loans totaling

$92,500. These programs have been extremely beneficial in helping communities create long-term jobs and enhancing the quality of life in rural areas. They also help Dairyland's members increase energy sales and secure long-term contracts with large power users. That helps stabilize rates for everyone.

Positioning for the Future Despite many obstacles, including the JPM outage and fire at G-3, Dairyland's financial results for 2004 still ended relatively strong. Margins were at

$5.1 million, not far below the budget target of $7.4 million. (Larger than that difference was the G-3 outage cost-

money that was originally budgeted in 2005, not 2004.)

During 2004, Dairyland also experienced reduced rail and barge deliveries of some of our coal and was forced to pay a higher cost for replacement coal.

Some of the ongoing financial challenges Dairyland continues to face are the need for greater capital for future power plant additions, significant environmental equipment, transmission improvements and the expenses associated with removal of spent fuel from LACBWR Dairyland works together with our member cooperatives to provide consumers in the Dairyland system both competitive rates and a reliable energy supply. Dairyland continues to work hard to contain costs, and our average wholesale rate remains lower.

than 1986 levels.

Dairyland is well-positioned for the future with excellent financial credentials as reaffirmed with A ratings from both Standard & Poor's and Moody's Investors Service.

Dairyland's total operating revenues increased to $229 million, compared to

$217 million in 2003. The cool summer resulted in a decrease in total electric sales to 5.63 billion kilowatt-hours (kWh), down from 2003 sales of 5.67 billion kWh. Fuel to operate our generating facilities, primarily coal, accounts for Dairyland's largest annual expense-the plants used over 2.7 million tons of coal in 2004, down slightly from 2003 due to the extended outages at G-3 and JPM.

Historically, Dairyland's total-margins have been returned to members in the form of patronage Capital Credits. Since last year, Dairyland's Strategic Financial Management Policy allows Dairyland to retain non-operating margins to build equity in the cooperative and enhance Dairyland's ability to finance future power supply projects.

In addition, the policy provides that the annual retirement of allocated Capital Credits will not exceed 2 percent of the accumulated Capital Credit balance assigned to our members.

Nearly all of Dairyland's Class A members recently signed extensions of their 'all-requirements" wholesale power contracts. The extensions will allow Dairyland greater flexibility to arrange the lowest-cost financing for the future power plants and transmission lines needed to serve our members.

-Together...with our members...

we are moving forward.

F7* T The accompanying pages i 2004 audited financial.ten Dairyland Power Coop4atived

enior Staff Left to rght:

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-rvices to' O.r cstomoers.

Director, Information Tec no ogy'-i.-:

Mary)L Lund Vice'President,'Human Resources

-.,:is, as a cooperative organizahoK to provide competitively priced energy.and t.;r,

evo ur custor ers~' n a m iuetou Bria D.Rud tour cusornes ad mximm vluet~ ur owners, consistent with h Deo Etn Relations wise use o resources Weill work with our membes to improve the quait of Director, External Relations,,^:.-i--.

life of theircustomers and od t6social welllbeing of the region.

Charles V. Sans Crainte V ice President, Ge eration Our Values' Dale L. Pohimran O-Our membersare theresonfor our xistence; We wil strive to provide services

'Vice President,`Strategic Planning t at exceed-their-e x peationsremphasizing hones q

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Vice President, Finance & Adrministration :"Our e'mlo'ees and the peoplee eserve areyvital toour' success.'-pomote William L.',Berg e

Pre.ieexcendence, we wil support and encourage employee dvelopmentfr th

-i Presideof matnidngE qualified,"I' p.e E'u'rpos pofmathigquo iie eopie tthe rightjbs'hle eingsensitveto u&ck S. Callies' the

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td Vice President, Power Deliv ry' to-waywcommun icati'n' orki a t will resctech other and b lnce mpowermen with accontability 2

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otst onsoldated Fiania Saements -YiceaseddDcm r31204& 03(Alolr amunt -in tosands) n' riiia cerDecommissioning Funds h oprtv a salse T*E Natre of Business and Organization :: T-N-:.S ulro simud:eophb'h'

Business

Dairyland Power Cooperative and Subsidaries ("Dadrlnd;'or

'decommisionig fund to accumuate thesiraed amount nece to l-he "Cooper rve") i an electrc generaton and transmission cooperative -

. decomm ion anucea po plant at the Copera'ive formerly

. oganized underthelawsofthestatesofWisconsin ndMinnesoa.The opeated.The set ofoneoftheefinds attttof$73471at Cooperative hose principaloicesarelocatedtinWisconsin, vides..December3;2004,and$70,378atDecember31;200, area avlble holesae electrcservice toC Clss Ameb ersengagedin-thereta saeof solelytosatisyt futurecostsfofdecommisi onn g.-The' asets of the

.:-:.-:'-electricity'to member consumers located in Wisconsin, Miinnesot;oa, l

-s'econd fund, a suppiemnenta reserv ~eof $7,134 'a December 31 2004, and:'

.l' and Minoiso andTMichigan, andpprovideselecticandotherservice toClass-Ci$6,991'atD. cember3i 2003, ar desigated tobe'usedforsuch'

• ^-0--D, E, and Fmembers.-

r

-t;-.

,^.,

decommissioningefr tbtucdeintoisujctochgeyte

.: t. "

Cooperative's Boardof Directors.~

t'0:

^

The accounting records of the Cooperative are tained inoa rers ent wit..-nth the Uniform System of Accounts prescribed by the Federal Energy:

Deferred Charges: Deferred charges rpentfuture revenue to the -- :":

"-'^

--' :-Regula'tory~ Commission as adopted b-y the Rural UtliuiesService'C"RUSO,'

Cooperative associated vnth coStS that w i be rec vered fnim customers I

.^

i'-- -teoopestsndv aer w..:^~ -ihrosge prcia ce a' of

,teCoeaiespicplrgltryaelc Vicos

, prvie throug theeatemakngbpoces.3sofDecmbe 31, 2003,teC prais

,fdefered ca rges are being reected inrs caed to customers. If all or a TheI CoeativeisDamemer o GE-SYSr-E E S a

s b

n the.7 Coo'erative's rt no longe'abecfmepsubjectcto supply and marketing coop e,theprm pupose ofwhich i-to theprovi ionsofSofFAc outn gSt r

(SFAS")

I :'

'scheduleandydispatchgenestion'resources prtovi

'ot erp N

o 7

1'

'Ati es ateoffof

' -- -' related support services to'its members, which also include Corn Belt

-.t-'deferred charges would be'required, unless some forrn of transition recovery'-

--0. -Power Cooperative and Dismnbu-Gen Cooperative'.2GEN-SYS is' owned

• -..(refund) co'ntinues throgh atses esrablisbecland'dcollected for the <':.-^-

eq l bi.i t in fical years 2004 and 2003, substan y all Coopertve's remainiun ted omat ionindo he C ojru ve.-

.of the GEN SS activitie that produced marin

iclud enery wsn thould be re rd t determi ne paynpent to the ca'rng cStS of '

• '-'-:'purchasesan dsales were denived from'Dairlad.Dairand hs

'0'~^^

Pdru te nandi

'noyassets.-Deferredcharges at December 31,-f'-

-consolidated the a'ccounts of GEN-SYS in the consolidated balance --. e.-2004, pnriariy represnt a ^premim on debt reflrancing which is beig..

sheets,'theIconso ldatedstatementsof revenues and expe ses in hon-ty 'amortize dover approximately 20yeas (te atr ifeof ated'ornal 0 '-5^operation's,- and the consolidate'd statements of cash flowvs for fiscal ye'ars ¢ '.>debt) and costs associated with preliia~

project suvy' 'and 'nvestigation '

s:a 2004and d2003...

'actvities. Theprelimi ects yan div sti on osts either be capialied s popety nd pantif he rojctsmov fowro e exene Priniples of Consolidation: The consolidated fi anc al statements inclde 2f the projectsare abandoned.

§

- the accounts of Dairyland, GENbSYS, and Dairyland's wholly owned

-- subsidy Genoa FuelTech Inc. All significant itercompany balances and.A-sset

$80ires-Te Cooperative has an asset retirement

• *-.---'transactions

'have been elimin ated in consolidation: '2':- -. 0-'.'.-*z' obliation of $8.

iirrecorded for nuclear decommissioning-

n addition,'theCooperativehasevaluated its otherelectic pantasets and i.

.- :-'Electric Plant: The cost of renewals and betterments of units of property '-

determined that an additiorn~ as~et retirement obigationliabiliy could no be

' (as distnuished fro 'minor items of property) includes contrat work estimated due to the ntcpted ind efinite lives' of the relate'd assets in ue.-.5--~-

..idirect labor and materials, alloc'ble overheads, arid auwance for funds --.-

-.;:;--used during constuuction, anid is chairged to electric plant accounts. The ':-. Investments: Investments in marketable debt and equitysecurities classified as - -:-:-

-.'-- --cost of units of property reeud, -sold,- or otherwse disposed of~ plus'.

- '-.ailble-for-saierae reported at fair value with the interest,- dividend income,f--

-.:removal costs,'less salvage, is cha~rged to accumulated depreciaionSNo:

and reaiegin repore inonpeangmrn.Th ieazdgis an

--.-- profit or loss isrecognized in connection with ordinary retirements of.-

losses increase or decrease the nuiclear decommissioriing liability (see Note 3).... -. : - : '

-' :property units. Mvaintenance anid repair costs' and replacement and renewal -'The Cooperatve 'continually mo'nitors'the dife-rence betxveen cat' an d--

i ofminoritems'ofDpropertydareacharged to opertiois:

-j -

j estimtedfairueofits i stmnents. fa ofte'Co ate's stments

-Rut r

- ;- -r-e exper e a d e in ii 'e beleveue tiso' t bDep ei ation:D c

o hich'isbased on the st eright-lne method c--

te pory te eCooperati reaS i

a los. -'

at rates that ire designe 'to amoruze the oinginal cost of properties oe an dcomisinig heprpre.

hedereiaiors their estimated useful lives, includes a'provision for the cost of removing Reaulatory Assets: The Cooperativesaccounting polies and the'-

Amefec eicapiabe c

fi opratie reserve were categonzed as cost of remova n either 2004 or 2003;The accepted un the United States ofs

..provision furdepreciation avrer bed 27i%

of depreciableplantblancesin in accord nce withtheprovsions of SF No: i: --

boh 2004 ad 2003. ;'

^

-z

\\

s-- Y,

o<perative

-- -; -h-CashEquivalents Cashequivalenrsincludeallhighlyliquidinvstments

(:-.

Allowance for'Funs sUsed During Costruction:'Allowance for'funds used--w'ithorigina maturiie of three months or less:Cash equivalents consist ^ii-t

(

cliS'ring'consucnon repxeenis the cost of extemal and internal funds'used 'pnmarly of comnmercal paper, stared at cost, which approximate m arket"

-for consrctio tpurposesand is capitalized as a 'component of electric The Coopetive ch'sifies certin cash equiv ents as 'nvestments when they

-splant by appl ng a rate (4.5% in 2004and 3.9%'in 2003) to cet in =

- relate to tust funds held for long-ter purses (see Note 3).

-- electricpantaddition under constuctiofrme mountofsuch llo nce- ;'

-.ws

$1,519in2004and$461in2003andws ncludeda areduction'of e iterespno serthes o tedstement ofrevenue n e an tPovdotepoe No71 -A~tn

-h ~~,~nTj~ fR l49a d~

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-long-h-d aset mus be peoc~

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's une a *. ',

i l

_-s'

't :

,z o~ nni3o D tvIt mn n-n'.............................

':olcvegann eemen ha pi eaur 3 2008,.,,

• ¢ ?;

os,

§

~

.5 t

0

~,

,.:tvtesracutdo-tes'nacot;hoev' n

-it i-A 11

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---, > ?-

` t'. Y, i

it e

e A

- : -, ~ '.- -;.,"- e,. _-, cotat that qua_, ~if s draie otne t ea cutdfra ar'

'- ; Ksen~t Isu iconn Prnunee s i -I j~ * ~~~,-,

> < --j

,,ue under SFA. No.-

~

~

13 adN.i9 nesoecr t

ette t-

"I 00; eFnn c

utn ddBor F

)*

• -~~~'-.

.~.'4--Unr purhas/no alae ec nroie SF o'

3 ndeltr.

etat "I

(UF_

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oiatnofMri?

n st':;

=--,.; :-'-.. _-

-No: i49 and 'are. therefor exempte out of fai vaueacouun The.~

-'!,- t _o Entities (rvs' Dece ber 003

-~ a.~~I-

- ~ -'-. 't.-,- Copre'osnth Inyie e'rgycon ac 'th t_ are~ req ed~,

t o

be,",

st da for~

cos idn

of, th' na

'c st t

e r

ents of ende tha :~.-

~,

,I

"',,.1

~

~

. *~ _R t, +i, *. !' 0 e ep 1 0 ;-

-. k-. -. n De, I!"

str m t at j-

^A e~

S B

St-, te-e t7 No.-

I,.

3 I

t:

Wi

~~~,,

^

-, ~, a _efo ~ r ing~

u o.wsen inlse'a0-,'

s'w

'as ET;.- - ': ';'§'h Cooperat i e-adopted th'ro ision o f S F :, S N ~,. k150, unt ng f or i - -,, -;, "

. - -. 99-1

,,otn, eeu Grs saPinpltru

,Nta an g t,; a-d~

,I tain: in d;- i, ln,, tr ne-t ith r

~

st s f bo L

a ili and, -ui.;

i

~~-

s _,,

s,

, I, ei-

- ",- a~ cr S

.1.

I' -. : - on-Soperchng Mari andal No-hl Emgs h noni-opersating at the^.3-

,'The:

Meaningto Ote-hnTmorayIparmetadIsAationst..

are......gene.......a.....y....exe December31 and

'S6001iei; I invento, e ar Inotme'- Taes priaretThe~

d cloeat

• 4 '

^<_

-I

, ~

• -, " - - -... I -, -,.. _...-

I,, :.

I-

..9 ---

<~

I I" 200 2003 I> ',

cuv I I0 0

3

- se No Io t s _ -

.I~

.;~~,_

~

Invsmnicm

$~, 667

$,05 n40 he ' S-a dF. B~t f

osItion~.FSP

)Non~,

-~

- : re deomslnmhbhe

(,38 (3 23

,r; -.+

-, I.I ff.: S-s

,,1.................;

~~~~~~~~~~~~~~~~-.

g -

o-iierng1,97 3,131 5;'3

.~_',;

-,._ ~,

.,28 6,3 1

4

-I:

.7)>reesIh

+

- ;,S

- sL~"

x

, _'t.A '. -

'SS+.'.'

', "{-- t~ b ',,

'; P i B4 X

~, ~ - ~ ~

=,,

43-.

- % z. A

I -- -1 This FSP is effective for Dairyland in 2005. Dairyland has not yet investments as ther decline in value does not meet the Cooperative's

'--,',..ompleted a'detailed sis o e

act of 'tisf FSP;- how' cnitena for classficaton'as a.an other-th tempo pa ent.

management does not expect that its adoption effectiveJanuary 1, 2005 Less Than 12 Months

,'ill have a material effect on Dairyland's financial position or Freussua1ize, resuts of opertions due to the limited nature of its postretirement benefits: -,'al Los iesmnsinedetadCommon stcs.................$

5,540

$ 566 l

bl fr-sI Invest nt

Marketable debt securities.

21,621 440

':estments under debt agreements and nuclear decommissioning funds mT c

st s f d

cl ied as ailabk-fore-sal and include the foogwin a December 1

2004 2003 expenses is net of investment fees of approxmately $346 and $290 for Fair Value Cost Fair Value ost the years ended De mer31i 2004, and 2003' respectively..

Cash and cash equivalents... $ 9,246

$ 9,246

$ 3,513

$ 3,513-

-U.S.

government securities...

29,598 29,574 33,502 33.107 Lines of Credit:

x;

$ r.

Corporatebonds.'15,556 15,264 14,876 14,424 ide interim cng capa ilities' te Cooperative has arnged line Common stocks.24,634 20,647 24,197 21,677 ofcreditvwth availability aggregating approximately $52,000 pncipally; Foreign obligations.........

1,589 1,582 2,365 2,280 t

through CoBank at a rate of 3.92% at December31 2004. Borrowings

$ 80,623

$ 76,313

$ 78,453

$ 75,001 outsta oindg wvere

$24 0 d 0 at Decem ber 31 2004 and 2003

.espectively.

Av c oowing ou tding were $7,300 and $2,200 Since the Cooperative intends to adjust rates in the future to reflect ;.

during the years ended December 31 2004 and 2003, respectively,'

hangesin the far value of investments held i its nuclear Compensating balance ments a fee re at g tO the ne ocrdit.

decommissioning trust, unreai d g o$4,310 and $3 42 on these

-wee notsignficant in 2004 or 2003. The line of credit srenewable' investm-ents at December 31,-2004 and 2003, respectvely,'are included anu a to terms ard conditions, ajid thep in estimated decommissioni liabilities. Investment under debt wpaid i ful ithin one business dayof expiration unle 'unilaterly' agreements represent amounts ansing from the sale o assets that are, extended by CoBak The ne re encumbered by rortgages'an restricted y e RUS for use on future generation and transmission consrucion prectr.

December312004 The Coopert a

alow membercooper ive toprepaythei power and 2003, the Eair value of investments under debt agreements bils and pays interest on these prepayments based on current short-term.-

appoxi-mad t

borrow Interest '. 'nse o m-in er cooperative a vances

,-($176during 2004 aid $178 during 2003) has be'en ded in ineest

..The contractual maturities of marketable debt securiueswhichinclude expenseithe csolidatedast ements of revenues and expenses.-

U.S. government securities, foreign o bat n' an dco'r sbonds-'wer term i.-' -'.'as folows at Decembte-r 31', 2004:,-,.;

..,T-'term

-0.',5-.. $:

i, g V

C oi o

atr D o...ecembe.r 31 consist of the following:

Fair Vale os Due within 1 year...............................

$ 5,452

$ 5,387 2004 2003 Due after 1 year through 5 years.25,762 25,653 Federal Financing Bank obligations, 3.5% to 6.8%...... $ 295,918

$293,765 [

Due after 5 years through 10 years.13,500 13,431 RUS obligations, 2%, 5%, and grant funds.24,563 27,671 after 10 yeats 2,029 1,949 X: CoBank notes, 5.8% and 7.4%.52,403 54,698

$ 46,743

$ 46,420 CiGty of La Crosse, Wisconsin, Pollution 7-.... 7_ 7-.17 j...

Control Bonds, 5.45% to 5.55%.23,605 23,605 Information'regarding the sale of available-for-sale marketable securtes Other, 4%, due in installments through 2006.318 465 1 i-s u

trusts, for the yeais ended December.

396.807 400204 0."-. si-.~:-031ao is

-Less urentmauries.

(19,787)

(18 847) -

Pced 2004 2003 f

Total long-term obligations................

$ 377,020 $381.357 Proceeds from sale of securities...................

$ 105,801

$ 83,275 Realized gains................

' 564 1 343 erly prncipa andmt r t payments on the long-term oblgaons to the Federal Financing Bank'etend thrwuge 203 1.' Lang-term oblgations A.--'

r-p--

toteSepable inequal queryppaadtet--

Fr the purposes of dete ng raized gas an loss e the cost of to th r ament p

e in eq 3' P a

rten y ont5p a

and i.4n t secunties sold is based upon specifi tification-

?

mstallmeii* thRough 201.

P o

5 an 74%

'notes ar

monthly or quarterl

. 't6ug 0

DO Te following table shows gross unrealized lossesanidthe fair value of -',~~--~~-' t.-

I 1. :-.,"invesunentsthat are in' unr zed loss pos and lengt of time th

' Approximately $7,545 of the City o La Crosse.wis i,

Pluon i7i vidtiaL secunuties ea beenmi-r acontnte uous unreai zed loss posuoniI-a--;

.duen oi September 2014, and w1,6 is>

Deme r3120 dlosshasnotbeen recogizedonth ese ft-duE'.'

n Feriir 015.

n 27 200it th B d w ant fie iB'nter dies rate of 5n45 fo S

the74o odsdei 2014 and tt-

^ t 71 t./a

~

555% fo nthe 5$1 060 ofBo~nds d 4de0in 2015:

0 (jecem er ti 31 zeoss.aositid a)

.=:iz a~t--

-z--

w/ \\Evs a: ;,>

> w ;S,n-,s

, -Substantially al of the Cooperative's assets are pledged as collatera for these=.

-ndii

/

obligationsTheCooperatieis ue to aitain ad hs m

ci--,

dertain finnilbaisrelte t ern2g andliqudit i~naccodnewt 3

/

QAraie the`cvenans of ts lontabrementieas f Decmber3 200 f'"

f

Scheduled maturities of the Cooperative's long-terr obligations at plus interest during construction and Dailand's owner costs for a total December31 2004, eea follows:

estim atd ,ojct cost of $267 rniionI TheCooperate'sestiated' expenditures as of Decemnbe'r 32004 wer e $108 mnillion in 2005, $91 Year Ending December31 million in 2006 $47 millionmin 2007,and $21 illionin 2008.

2005......................................

• 19,787

• :+,2006............................................

20,727 Th s

05 s

topne

-;,t2 2062077 The Cooperative's estimate 2005 con strcinpormexpenditures are 2007.21,487

.$66100 with financing expected to be provided byborrowings and

-:2008.-

temaly generated funds.

209..........................

20,672 Thereafter 259..

_8

$3687 The Board of Directors of Dairyland anid the RUS have approved credit support for GENSS of $20 million and the'RUS has authorized

~.f '-r'-

-0

'.-;-Dairyland to provide $5 mi ionofnetadditional fundngannually. s Of l e-December31 2004 and 2003 no additional fundmng has been provided.

e faeir ueoftheCooperative's financial instruments otherthan'"-

Adg wanarketable securities 'and short-term borrowings, based on Ame ranes fo 20r D

h s

g n

o e.n ted be= as fl at o

• r--n th rates for behalf of GEN SYS for $9.2 million and $6.4 milion, respectively.

similar securiies,is to be as foow at ecember 31 2004 200 The Coo'eratie is a parytoa umber of generation,

misio, d

' ' - Recorded Fair Recorded Fair

distribution agreemnt under which'costs and/orrevenu are W

'- s:

Value Value lue Malue recognizedcurrently based upon the Coope;ative's interpretations 'of the' Ass:--

ets:

.-,;provisio'ns of thic relate agreerne'nts. Differences betveen 'th'e'esiae Economic development loans sed in the consolidated financil statements a d the fina setdements are and other investments reore$9,674

$7,957

$11,698

$10,388 Id theyearof settement'-

Investments in capital term

^

certificates of NRUCFC...

9,176 5,492 9,176 5,562 The Cooperative has entered into various coal purchase contracts from

'Liabilities:

-oneto five years-The estimated commitments under these contracts as of Long-term obligations......

396,807 421,771 400,204 399,274

--.-De'cember31,2004, were $76,167 in 2005, $14,540 in 2006, $12,987

' 5

+ r-'in

ioo7,

'an~'

d $i5',215 'in 2008.;.-'3.~. 0-i' min2007, and52ir08 4

etirement of CaPital Cr eits

Ahe Cooperative's Board of Directors has adopted a policy of retiing

-,.he Cooperative has een name d

as a defendant in various lawsuits and, 49'capital credits alloated to members ona frst f St-O basis. Durng caisasing in the normal course ofbusinessAlthdu'gh the outcome of q

2003 as part of an equity development stategy the Cooperative reviese matters cannot be determined atmthe present time management and -

-sof tis polcy related 'to p'atronage capital retirements 'ar de:.

iegal counisel beliee' these actions can be'successfully defended or ass gnmentof current year non-operatingmargins.?rior to 2003, the.

resolved wit out a mater effect on

'consolidated finnc posi C

'. ' '-ooperative did not retain as p tronage capital any capital contributed or.-, '

ults ofperains, or cash flows f t Cooperative.

-deposited more tha'n 20 years pri to tOhe current year Beginning in 2003; patronage capital etired will be irmuted to no greater than 2% of pioeer Beefits the total patronage 'capita balance at December 31 of the pnor year.

l oemployer Defined Benefit Pension Plan Pension enefts for-,

Accordingly, $1,911 and $1,748, represe'nting a' portion'of 1983 capital '

ubstantially all employees are prvided tugh participation in the'

'--credits' were retired in 2004 and 2003 respectively. lmplermentation of-v National Rural ectric cooperative Assocition ( NRECA) Retirement

'his po icy

'sfsubject toProgram.

nsion efits are une accordance with the Directors and the RUS, and no cash retirements are to be made which provisions of the program and are based on salanes as defined of each--

would impair thefina cii'condition of the Coopeat or oatea participant; The Employee Retirement Income Senurity-Act of;1974, as terms of itsagreements.'Aspaartofthe policy"revision mentionedabove-. ;',

amended bythe'Muleiemploye rPenion Plan AmendmentAc f 980, and asobeginningi 2003,:the amount of non-operating margins pescrain liabiliies on employers who are contributors to

.asigned to members each year is at the discretion of the Board of multiemployer p iansn the event of a plan tertmnation or an employer's

'D---irectors.

nAryunassigned non-opertng margin will become unallocate,-id i

a. The e

i r has the reserves and partof permanent equity. Patronage capital at December3 1,-'

Cooperaeundertk en'anypl sto'wthd f

participation. Since'

-2004, includ s'2004m n

s agnable of

,83iand ocated-

'.the programisa'ultiml plan for accounting purposes, te rers of $3,283. Patonage'capita atDecember31,'2003,includes'

-accumulated benefit and plan'assets'are not determined or allocated 2003 iepargs aigiable of $8,338 and uralocat'ed reserves of $1,565.'

eparately for each'participating company'The Cooperative pabye a

-d'

-_'. -,-.p cont'ngentliabk foritsshareofthepla iG nfdedvestedliab

((- mmitnents an Contingencies -The Cooperaive cannot obtan information from the plans administators e Cooperative hassignedanagreement with' Wscons PublcService'n'-

todemne'its'shre' if an ofunfunded vested benefits.

sio cots<

.(.'rporation ("WPSC") to acquire a 30% ownership share of th Wston.4.. ^'

for this pension pian'were $44273 in 2004 and $3,880,in2003' power plantcurrendy under'constructon near MWausauWisconsn, which t

Nj' t

---

is expected to'be in serice in 2008.'The Cooperative s acquisition is,

Postrefremen Healt Insuance Obligc ionE subj :+ 'ct to re oapprovals and financig g'The'agrement would give Cooperative retinring at or'after age,55 e'elgble tt postretireme h

ta nho age 65. Eligible deptnd ents h

t

.coal-fired facility for which WPSC obtained regulatory approval and began: ' retred Cooperativre also eligible to participate in this plan construction in October 2004. s a 30% oner the C oper il be thu age 65. Retirees pay 100% of the premium amount for this repnil

'n loaheWstnmsnthcmbn md~96 sibie for app rimately $235 mion of t e Westo 4 p t costs coverage iThe premium is based upon te comhinA'mdi aim' r

experiences of all active employees and retirees ifpremiums were

'Accrue Sick e enefitCertinemployees are eligible to receive'.'-"

- -determined ba sedupon te medical claims eipenn fr t irees only the m

atthe'tmeofiretrement-related to adscontinued sick leae resulting premium for tirees dbelargerThe d ferencebeteen te

'y Eligble employees willbe paidfor a'fixed nuefsic le e Th osrtieen eat cr lan b'arerufude The accmulted aditional $40o otws eo zdw enther liablit relte tono m-premium paid by 'retrees and the potental actual premium amount is the hours at the 'wagerate in effect at retirement The liability was $1 63 bais forthe posr iement benefit'oblgation'.

$1 546 atDecember31 2 4 and20ily The cost for this sik e iie eft was$175 in2004 and $30'0 i~n 2003 loa 03a j -'-'

-hePos e~irment heaktcar a'p ns are unfunded. The'acumulated '

aditio

$470-ofcost'` recog iIedw postret remntbenefit oligation and theaonts'reco'gnizedin the peods ajuse consolidated fancia statement'sas of and r t y

ended

-i -

-Dcember 31 'are as follows:

7

_ther Plans: The Cooperatie ofers ey employees deferred compensation A

-s:Th

.? &6p.ra.ti w.

,-,*p.00 2003

.ln available through NREC. The plans permit quahng employees to Cn in bn.

oio 5,047 1,219................

4-defer a portion 'of their salary until future years. The accumulated deferred compest

~

aaic sntaalble to employees until t~e~r'm'in~atin Benefit obligation-beginning of year................ $5,04

$1,219 Service cost..................

87

.. Interest cost..................................

33 315 J

j

?,

? t-

?

e Interest cost.332 315 All amounts of compensation deferred under the plans and all income Assumption changes.-

3,588 se Participant contributions.136 197 attnbutble t

a (until pai or m ailb t the

-Benefits payments(412)

(447) or other beneficary) are solely the property and rights of the Benefit obligation-end of year.$

5,287

$ 5.047 Cooeratve'(notrsuictedto't paymentofbenefit undert pan)

'subject only to the claim of general creditors. Partcipants'nghts under the Funded status:

,plans are'equal tothose of genera creditors of theCoopeatv i an Funded status at December 31..........

(5,287)

$ (5,047)

- amount equal to e fi t

e of th fer a

Unrecognized actuarial loss.......................

(3,164)

(3,369) tparticipant.- The related assetsand liabilit tot Accrued postretirement health insurance December31 2004 and 2003, respectively, are reported-at contract value obligations recorded at year-end.................

$ 2,123

$ 1,678 whichapproximtesfa alue t.

---..- Change in plan assets.

The Cooperative also provides employees with medical insurance coverage, Fair value of assets-beginning of year..............

'short term rind long-termn d isiity, and lfe insurance 'whic are funded Employer contribution 276 250 by employer and employee'contributions he Cooperatve s cotsreate Participant contributions........................

136 197

'-to these benefits was'$5,652 ana $5,20ifor 2004 and 2003, respectively Benefits paid...............................

(412)

(447)

-a--;

Fair value of assets-end of year.................. $

61r Recor

.rosse Boing Water Nuclear Reactor (LACBWR") was voluntary Components of net periodic postretirement benefit cost:

-serice the Cooperative effective Apnl 30,-1987 Theintent Service cost-benefits amibuted to ~"*'~

<was to terminate operation ote reactor, and a possessiononlylc was during the year......................

184 175

.btained from the Nuclear Regulatory Commission n August 1987 Interest cost on accrued postretirement health insurance obligation..

332 315 Under the' NuclearXWste Policy Act of 1982 the United States-Amortization of unrecognized prior service cost 205 219

-<-7DepartIetof Ene (DOE) isresponsible for t storage nddisposal Net periodic postrefirement benefit expense........

721 709 of s'pentuclear fuel em oved from nucear reactors one'a long-ter

.'-5%

dsut rate undergrobnrepositor'yisestablished and licensed.LCBWR w remain

-nF--'or prpt pos, a 6.5% iscount rte was assumed for both" in sfe stor s'tt nt the las't spent fuel element is' 2004and 2003.The 2004 an 2003 ua heath care'&st ilces' sremoved from the The DOE vs to have begun accepting spent fuel.' 9 assumed is 12.0%,'deasing gra'dually to 5.0% for 2011 and 'hereafter

^

iaY 1998, buepository The C

.=,o-'.-.-

stretirement Heath cont ues to evaluate atratves for moving the spent fuel to a temporay d.mloe 'coInsurance Obligation dry storage facility Dismantement of nonessential systems is proceeding

,.,pected employer contributions:

-on an ongoing basis The 1ACBWR Deco'mmssioning Plan calls for final 2005

.............................................. $ 247 i

2006.........................

296

. 2007.............................................

285 The imated cost of decommissioning the nuclear generating fac liy are I 2008.............................................

328 based on a decommi ssoning cost study. The Cooperate has dopted a*,-

T;-f2009 poicyofprovidngadditional fundintg of the nucleardecommissioning" trust;as necessary, through rates orjthrough' transfers from the Defined Contribufion Pin: Dairyland has a qualified tax deferred savings supplementa reserve and with futr enings, to ensure the ust wl be lpln (01(kPan-)

for eligible employees Elgiblepacipant' may e

sufficient to coverf dem ssioningexne f pretax conmbdtions-as defled with Dairylandmatching up to 2.5% of

'-1 decommissioning expense, includingSAFSTORcosts, isrecoveredfrom th' e P'a riipants anua compensation Cotimbutions'to thesel'p s 'b' the Cl

'A members 'Ea ings'on the nuc ear decommissi onig funds Dairy dwee$812and6 784far 004 and 2003respectilandth equivalent provision for e

nu'le r'de missionng costs are r;

J

ecorded as non-operating marn, si c

the plnt is no longer in seice

'praig ag-s sne n-Mc

Numbers n'1M4 at a glance Class A member Systems...

25 Total member/consumer meters.

247,000 Municipal customers..............

20 Apprommate population sereLd.57,000.

Peak demand (reported to MAP P.830.6 MW (Deceme 24 2004)

Power sales...............

5.63 billion kWh Total operating revenue....... I

$29 million Margins.......

........ $5.1. milion Total assets......

I

$640.2 mnillion O

d ge on capacity c 985.5 MW Owned generation capacity (do) 237 MW 0 (ked 8 on iygbl*..92.7 MWI Ownedgenertioncapacity (natural gas/oil)*

27M Oned generation capacity (landfilgas)*

2.5 MW Mnicips er contract de*

.s 86.8 MW (MAPP accredited)

Miles of transmission line..........

... 3,110 Substations.

28 Emplyees570

• ROpone' to M::: February 2005 2004 Revenue Dollar O1te - 3.41 %

Cla C - 11.37%

Class A E & F Sales - 7.,9%

1 Mr gins - 2.24 Class A Sales -

Power Generated400 & PUrh (oa of MWh)

U Coal U Hydir B Prhase (Induding Wind)

-C sO in 201) 3 Landfill ew in 2004) 2004 2003:

2002 2001 2000 I I - I I

. I I I I, I I "I I 0

1 'l 1-I11 -~1 I1-i I III-,II1 1IIII - -

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-,- i" k.- I -,-- ;..I

~

i

~ ~-,~~~V, S -

I -

I 

r 0

1,000 2,00 3,0

..0

5:000

,: 00 Power Sales (Thousands of MWh)

BR Membe Coet'.e U CPR U thqr 2004 2003 2002 2001 2000

~

-~~

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