ML13311A237
| ML13311A237 | |
| Person / Time | |
|---|---|
| Site: | San Onofre  |
| Issue date: | 05/22/1980 |
| From: | SAN DIEGO GAS & ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML13308B705 | List: |
| References | |
| NUDOCS 8005280653 | |
| Download: ML13311A237 (42) | |
Text
Statistical Supplement to the 1979 Annual Report San Diego Gas & Electric Docket # 6o-Zoo REGULATORY DOCKET FILE COPY Date t
- ".0. f cument:
SREGULATORY DOCKET FILE
TABLE OF CONTENTS Incom e Statem ents.............................................................
Page 1 Statements of Changes in Financial Position......................................
2 B alance S heets.................................................................
3 Financial D ata and R atios.......................................................
4 Electric Department Operations and Statistics.....................................
5 - 6 Gas Department Operations and Statistics........................................
7 - 8 Steam Department Operations and Statistics......................................
8 FOREWORD The purpose of this report is to compile historical, financial and statistical information relating to the company for the use of security analysts.and investors. It is not intended to be used in connection with the sale or purchase of securities of the company.
The information within this report covers company operations for 1969 and the period 1974 1979. The financial information does not constitute complete financial statements. Certain prior year numbers have been restated for comparability.
The Notes to Financial Statements in the Annual Report to Shareholders are applicable to the financial statements on pages 1-3 in this report for the years 1978 and 1979.
Additional information relating to the contents of this report or operations of the company is available upon request.
San Diego Gas & Electric P. 0. Box 1831 San Diego, California 92112 Direct inquiries to:
Richard Korpan Paul A. Williams Treasurer Manager, Financial Planning (714) 232-4252 (714) 232-4252 Ext. 1345 Ext. 1583
Statements of Income (In millions except per share amounts)
For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 OPERATING REVENUES:
Electric............................
$ 592.5
$ 468.4
$ 422.1
$ 358.1
$ 284.7
$ 222.4 97.7 Gas................................
151.7 144.2 117.8 93.8 88.9 66.8 42.4 Steam..............................
1.0 1.0 0.9 0.8 0.7 0.5 0.3 Total Operating Revenues........
745.2 613.6 540.8 452.7 374.3 289.7 1404 OPERATING EXPENSES:
Fuel and Purchased Energy:
Electric...........................
331.5 262.0 241.6 187.0 160.2 93.2 21.3 Gas..............................
98.8 78.6 60.4 49.3 47.1 33.1 15.3 Other Operating....................
110.5 87.5 75.8 65.6 56.9 49.0 26.6 Maintenance........................
31.2 23.8 20.2 17.7 16.6 14.4 8.5 Depreciation and Amortization.......
47.6 38.0 33.7 30.3 28.9 25.2 15.5 Taxes:
Property.........................
.13.2 16.6 19.5 18.0 15.0 13.7 12.4 Income...........................
12.2 13.3 4.3 11.6 0.6 3.1 11.9 Other............................
3.0 2.4 2.2 2.0 1.7 1.6 0.6 Total Operating Expenses.......
648.0 522.2 457.7 381.5 327.0 233.3 112.1 OPERATING INCOME.................
97.2 91.4 83.1 71.2 47.3 56.4 28.3 OTHER INCOME CREDITS:
Allowance for Funds Used During Construction All Funds.......................
13.7 8.2 4.2 0.7 Equity Funds...................
18.1 13.9 14.8 Gain on Sales of Surplus Fuel Oil, Before Income Taxes 9.4 Other-Net..........................
11.1 10.6 5.9 5.8 4.3 (3.8) 0.8 Total Other Income Credits......
29.2 24.5 20.7 19.5 12.5 9.8 1.5 INCOME BEFORE INTEREST CHARGES...............
126.4 115.9 103.8 90.7 59.8 66.2 29.8 INTEREST CHARGES:
Long-Term Debt....................
54.6 47.4 42.4 33.7 29.8 22.5 9.5 Short-Term Debt and Other..........
8.8 9.6 7.0 6.5 4.3 5.9 0.5 Allowance For Borrowed Funds Used During Construction..........
(7.2)
(7.9)
(5.8)
Total Interest Charges..........
56.2 49.1 43.6 40.2 34.1 28.4 10.0 NET INCOME (before preferred dividend requirements)......................
70.2 66.8 60.2 50.5 25.7 37.8 19.8 PREFERRED DIVIDEND REQUIREMENTS...................
17.7 17.2 13.7 11.9 9.7 9.2 1.3 EARNINGS APPLICABLE TO COMMON SHARES.................
52.5
$ 49.6
$ 46.5 38.6 16.0 28.6 18.5 AVERAGE COMMON SHARES OUTSTANDING....................
29.2 24.6 20.0 18.0 16.5 13.7 10.0 EARNINGS PER COMMON SHARE....
1.80 2.02 2.32 2.14 0.97 2.09 1.85
Statements of Changes In Financial Position (In millions of dollars)
For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 FUNDS PROVIDED:
OPERATIONS:
Net Income......................
70.2 66.8 60.2 50.5 25.7
$ 37.8 19.8 Charges (Credits) to Income Not Affecting Funds:
Depreciation and Amortization 47.6 38.0 33.7 30.3 28.9 25.2 15.5 Allowance for Funds Used During Construction.................
(25.3)
(21.8)
(20.6)
(13.7)
(8.2)
(4.2)
(0.7)
Regulatory Revenue Adjustments..
(16.3)
(0.2)
(32.4) 7.9 Other-Net....................
(2.6) 2.2 (2.4) 8.2 2.0 2.5 0.1 FundsProvidedFromOperations.
73.6 85.0 38.5 83.2 48.4 61.3 34.7 LONG-TERM FINANCING:
Proceeds From:
Sale of Common Stock.........
51.9 71.8 50.5 29.6 15.4 21.5 Sale of Preference Stock........
26.4 29.8 26.2 24.9 Sale of First Mortgage Bonds....
49.4 48.8 44.4 39.3 123.5 Sale of Corporate Office Building..
19.6 Sale of Encina 5...............
131.6 Other Long-Term Debt...........
69.6 4.7 45.2 9.7 2.9 1.9 Retirement of Long-Term Debt (53.0)
(13.0) 2.0 0.9 0.8 55.8 0.8 Funds Provided From Long-Term Financing..................
68.5 270.9 172.3 109.0 76.4 116.0 08 OTHER SOURCES:
Customer Advances for Construction..
3.3 2.1 4.8 2.7 (0.1) 0.4 0.5 Decrease in Working Capital........
116.6 26.3 7.3 37.8 27.7 Advances to Subsidiaries...........
1.1 (3.1)
(3.3) 1.9 (10.1)
(6.3)
(0.7)
Other Sources (Uses)..............
2.3 0.4 1.2 9.0 3.4 1.3 1.0 Funds Provided From Other Sources..................
123.3 (0.6 29.0 20.9 24.2 4.6 28.5 Total....................
$ 265.4
$ 355.3
$ 239.8
$ 213.1
$ 149.0
$ 172.7 62.4 FUNDS APPLIED:
Additions to Utility Plant (Excluding Allowance for Funds Used During Construction)............
$ 200.1
$ 200.3
$ 205.5
$ 175.8
$ 122.3
$ 121.2 50.8 Net Increase (Decrease) In Deferred Charges and Other Assets..........
4.0 44.1 (5.6) 3.6 (3.0) 5.9 0.1 Dividends on Preferred Stock........
17.7 17.2 13.9 11.9 9.7 9.3 1.3 Dividends on Common Stock.........
43.6 35.5 26.0 21.8 20.0 16.8 10.2 Increase in Working Capital..........
58.2 19.5 Total....................
$ 265.4
$ 355.3
$ 239.8
$ 213.1
$ 149.0
$ 172.7 62.4 WORKING CAPITAL CHANGES (Other Than Current Portion of Long-Term Debt and Regulatory Revenue Adjustments):
Receivables......................
(17.2) 30.3
$ (23.5) 32.7 12.6 8.0 4.0 Plant Materials and Operating Supplies (0.3) 2.2 7.6 (1.0)
(2.1) 4.1 Fuel Inventory....................
28.0 (25.8) 33.2 (9.1) 15.0 11.6 0.5 Short-Term Debt..................
(110.5) 68.1 (11.0)
(21.6)
(50.4) 5.5 (19.5)
Accounts Payable................
(18.5)
(1.0)
(25.0)
(0.4)
(12.0) 0.1 (0.4)
Taxes, Interest Accrued and Other....
1.9 15.6 7.6 7.9 0.9 9.8 12.3 Increase (Decrease) in Working Capital..
$ (116.6) 58.2
$ (26.3)
(7.3)
$ (37.8 19.5
$ (277) 2
Balance Sheets (In millions of dollars)
Balance at December 31 1979 1978 1977 1976 1975 1974 1969 ASSETS UTILITY PLANT - At Original Cost:
Plant In Service.....................
$ 1,287.7
$1,190.8
$1,082.2
$1,008.4
$ 940.1
$ 903.2
$ 541.3 Construction in Progress.............
447.9 325.2 385.9 244.0 159.3 87.3 10.7 Plant Held for Future Use............
65.6 63.6 36.7 39.0 25.3 22.9 4.0 Total Utility Plant..................
1,801.2 1,579.6 1,504.8 1,291.4 1,124.7 1,013.4 556.0 Less Accumulated Depreciation.......
381.4 344.9 315.6 283.8 257.0 235.3 144.6 Net Utility Plant..................
1,419.8 1,234.7 1,189.2 1,007.6 867.7 778.1 411.4 NON-UTILITY PLANT-NET............
5.2 5.5 5.8 5.1 0.1 INVESTMENTS IN AND ADVANCES TO SUBSIDIARIES..................
25.8 26.0 23.8 22.1 25.3 16.5 1.2 CURRENT ASSETS:
Cash and Temporary Investments.....
15.8 4.3 1.9 1.8 2.6 5.8 2.9 Receivables-Net....................
65.3 82.5 52.2 75.7 43.0 30.4 14.9 Plant Materials and Operating Supplies At Average Cost..................
22.2 22.5 20.3 12.7 13.7 15.8 5.3 Fuel Inventory-At Average Cost......
72.6 44.6 70.4 37.2 46.3 31.3 1.8 Regulatory Balancing Accounts Undercollected....................
67.9 25.9 25.2 5.1 O ther..............................
1.2 1.0 1.2 1.1 0.7 0.7 0.2 Total Current Assets..............
245.0 180.8 171.2 133.6 106.3 84.0 25.1 DEFERRED CHARGES AND OTHER ASSETS...............
86.8 93.5 23.2 18.5 10.8 12.8 0.8 TOTAL..............................
$ 1,782.6
$1,540.5
$1,413.2
$1,186.9
$1,010.1
$ 891.4
$ 438.6 CAPITALIZATION AND LIABILITIES CAPITALIZATION:
Common Equity....................
541.2
$ 480.4
$ 393.2
$ 322.5
$ 274.8
$ 263.4
$ 146.7 Preferred Stock:
Not Subject to Mandatory Redemption 128.5 128.5 103.5 103.5 78.5 78.5 27.5 Subject to Mandatory Redemption 85.0 85.0 85.0 55.0 55.0 55.0 Long-Term Debt....................
640.1 573.1 572.6 489.6 440.5 398.6 190.2 Total Capitalization................
1,394.8 1,267.0 1,154.3 970.6 848.8 795.5 364.4 CURRENT LIABILITIES:
Bank Loans.........................
26.5 12.0 19.5 Commercial Paper..................
95.4 21.3 66.8 44.9 35.3 30.0 Bankers' Acceptances...............
60.0 23.6 46.2 30.6 33.1 Accounts Payable..................
73.8 55.3 54.3 29.3 28.9 16.9 7.5 Dividends Payable..................
16.3 14.3 11.5 8.9 7.5 7.1 3.0 Customer Deposits...............
...6.3 5.6 5.1 4.6 3.5 2.4 1.1 Taxes Accrued......................
19.5 12.3 8.2 5.6 3.8 9.5 10.7 Interest Accrued.....................
14.5 13.8 13.2 11.1 8.7 7.9 2.5 Regulatory Balancing Accounts Overcollected.....................
26.9 1.2 0.7 13.0 Current Portion of Long-Term Debt....
3.0 53.0 12.2 2.2 0.8 0.8 16.7 Other..............................
15.7 16.6 6.8 6.7 6.0 4.8 5.2 Total Current Liabilities............
331.4 217.0 225.0 183.4 139.6 79.4 66.2 CUSTOMER ADVANCES FOR CONSTRUCTION..............
24.6 21.3 19.2 14.4 11.7 11.8 3.3 RESERVES AND DEFERRED CREDITS...............
31.8 35.2 14.7 18.5 10.0 4.7 4.7 TOTAL..............................
$ 1,782.6
$1,540.5
$1,413.2
$1,186.9
$1,010.1
$ 891.4
$ 438.6 3
Financial Data and Ratios For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 CAPITALIZATION RATIOS*
Common Equity.......................
38.8%
37.9%
34.1%
33.2%
32.4%
33.1%
40.3%
Preferred Stock:
Not Subject to Mandatory Redemption..
9.2 10.2 9.0 10.7 9.2 9.9 7.5 Subject to Mandatory Redemption....
6.1 6.7 7.3 5.7 6.5 6.9 Long-Term Debt:
First Mortgage Bonds...............
35.2 38.7 42.5 46.5 48.0 46.2 43.6 Other Long-Term Debt..............
.10.7 6.5 7.1 3.9 3.9 3.9 8.6 Total Long-Term Debt...............
45.9 45.2 49.6 50.4 51.9 50.1 52.2 Total Capitalization....................
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
INTEREST COVERAGE (SEC REQUIREMENTS)
Before Income Taxes 1.95 2.18 2.18 2.33 1.65 2.56 4.06 After Income Taxes......................
1.89 2.11 2.19 2.21 1.73 2.38 2.90 Interest & Preferred Dividend Coverage Before Income Taxes.................
1.56 1.68 1.73 1.79 1.30 1.89 3.38 COMMON STOCK Market to Book Ratio*.................
75.6%
84.7%
89.3%
86.7%
68.0%
59.6%
155.1%
Book Value per'Share*................
17.35
$ 17.41
$ 17.36
$ 16.72
$ 16.17
$ 16.99
$ 14.67 Earnings per Share....................
1.80 2.02
$.2.32 2.14 0.97 2.09 1.85 Dividends per Share:
Paid................................
1.46 1.38 1.24 1.20 1.20 1.20 0.99 Declared...........................
1.48 1.40 1.28 1.20 1.20 1.20 1.02 Payout Ratio..........................
83.1%
71.5%
55.9%
56.5%
124.9%
58.7%.
55.1%
Dividend Yield......................
11.3%
9.5%
8.3%
8.3%
10.9%
11.9%
4.5%
Price/Earnings Ratio*..................
7.3 7.3 6.7 6.8 11.3 4.8 12.3 RATE OF RETURN Return. on Rate Base 9.54%
9.68%
9.97%
8.97%
6.32%
8.18%
7.38%
Return on Common Equity.............
.10.28%
11.35%
12.99%
12.92%
5.93%
11.60%
12.99%
(Simple Average)
PERCENT OF OPERATING REVENUE CONTRIBUTED BY:
Electric...............................
79.5%
76.3%
78.1%
79.1%
76.1%
76.7%
69.5%
Gas.................................
20.4 23.5 21.8 20.7 23.7 23.1 30.2 Steam................................
0.1 0.2 0.1 0.2 0.2 0.2 0.3 Total 100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
EMBEDDED COSTS*
Long-Term Debt.....................
8.49%
7.92%
7.67%
7.47%
7.18%
6.82%
4.65%
Preferred Stock:.......................
8.20%
8.20%
8.04%
7.82%
7.35%
7.35%
4.60%
Not Subject to Mandatory Redemption,..
8.16%
8.16%
7.85%
7.85%
7.05%
7.05%
4.60%
Subject to Mandatory Redemption....
8.27%
8.27%
8.27%
7.78%
7.78%
7.78%
CASH FLOW AFUDC Percent Balance for Common...
48.0%
43.9%
44.4%
35.5%
51.5%
14.7%
3.7%
Percent Internal Generation of Capital Requirements;...............
13.3%
16.2%
16.9%
20.7%
11.4%
18.5%
44.6%
Including Regulatory Balancing Accounts........................
6.9%
16.1%
0.7%
25.3%
11.4%
18.5%
44.6%.
Effective Tax Rate.....................
.6.3%
6.5%
(1.4%)
9.1%
(14.6%)
11.9%
38.0%
Percent Plant Additions to Total Capitalization..................
14.3%
15.8%
17.8%
18.1%
14.4%
15.2%
14.0%
ADDITIONS TO UTILITY PLANT-NET OF AFUDC..........
200.1
$ 200.3
$ 205.5
$ 175.8
$ 122.3
$ 121.2 50.8 (Dollars in Millions)
- At December 31 4
Electric Department (Dollars in Millions)
For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 OPERATING REVENUES Residential............................
212.4
$ 183.4
$ 153.0
$ 145.0
$ 117.7 93.5
$ 41.9 Commercial and Industrial.............
326.3 281.7 216.9 210.8 156.9 120.5 53.6 Agricultural...........................
8.4 7.3 6.3 5.8 4.3 3.5 1.7 Street and Highway Lighting...........
6.2 5.8 4.9 4.6 3.8 3.2 1.5 Other Sales...........................
3.3 0.7 6.3 1.9 0.6 0.4 0.2 Miscellaneous Revenues...............
8.4 1.0 1.0 (1.5) 1.4 1.3
.0.6 Rebates to Customers..................
(1.8)
Regulatory Revenue Adjustments.......
27.5 (11.5) 33.7 (8.5)
Total Operating Revenues...........
592.5 468.4 422.1 358.1 284.7 222.4 97.7 OPERATING EXPENSES Fuel..................................
304.1 237.1 233.5 175.2 148.8 87.7 19.0 Purchased Energy....................
27.4 24.9 8.1 11.8 11.4 5.5 2.3 Other Production.......................
25.7 13.9 10.1 7.6 5.8 6.1 2.3 Transmission..........................
4.5 3.5 3.5 3.1 3.7 2.9 2.0 Distribution......................
.7.3 6.4 5.1 5.0 5.0 4.7 2.9 Customer Accounts & Sales............
11.9 9.8 8.8 8.1 7.1 6.1 3.8 Franchise Payments...................
10.8 9.3 7.6 7.1 5.5 4.3 1.1 Administrative & General.............
23.3 21.1 18.7 14.6 11.6 8.9 4.5 Maintenance..........................
27.6 20.9 17.6 15.1 14.0 11.8 6.4 Depreciation and Amortization..........
40.0 30.9 27.1 24.0 22.9 19.9 11.9 Taxes:
Property............................
10.7 13.3 15.6 14.5 12.2 11.0 9.4 Incom e.............................
7.6 7.6 (2.9) 9.7 (1.1) 4.8 9.5 O ther..............................
2.3 1.7 1.5 1.3 1.2 1.2 0.3 Total Operating Expenses..........
503.2 400.4 354.3 297.1 248.1 174.9 75.4 Operating Income...................
89.3 68.0 67.8 61.0 36.6 47.5 22.3 WEIGHTED AVERAGE RATE BASE 878.7
$ 811.5
$ 704.8
$ 668.9
$ 624.0
$ 574.0
$ 302.2 STATISTICS NET SYSTEM-Mw Generating Capability*.................
2,438 2,425 2,105 2,105 2,074 2,036 1,517 Firm Contracts*........................
295 155 168 173 175 168 125 Total.............................
2,733 2,580 2,273 2,278 2,249 2,204 1,642 Peak Load............................
2,019 1,981 1,746 1,716 1,619 1,498 1,219 GENERATION BY FUEL TYPES Kilowatt-hour Output Residual Fuel Oil....................
56.6%
54.4%
69.3%
65.8%
62.9%
45.6%
17.9%
Natural Gas.........................
24.1 17.6 14.2 11.8 14.4 30.1 63.6 Distillate Fuel Oil....................
0.9 3.6 4.1 1.7 0.5 1.3 0.1 Nuclear Fuel........................
5.8 4.9 4.6 5.2 7.1 7.2 8.7 Total Generation..................
87.4 80.5 92.2 84.5 84.9 84.2 90.3 Purchased Energy..................
12.6 19.5 7.8 15.5 15.1 15.8 9.7 Total............................
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
100.0%
- At December 31 5
Electric Department For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 (STATISTICS-CONTINUED)
Annual System Load Factor............
59.6%
57.9%
61.0%
60.5%
62.0%
63.8%
56.2%
Average Fuel Cost per Kwhr............
3.OC 2.7C 2.5C 2.2C 1.9C 1.2C 0.4C Average Heat Rate (BTU per Kwhr-Net)....
10,632 10,662 10,524 10,506 10,649 10,945 10,428 SALES-KWHR (Millions)
Residential............................
4,004 3,728 3,437 3,295 3,102 2,913 1,933 Commercial and Industrial.............
5,629 5,341 5,023 4,940 4,842 4,545 3,347 Agricultural..........................
144 133 145 135 124 125 94 Street and Highway Lighting...........
75 76 71 70 67 64 40 Other Sales...........................
182 185 255 206 183 118 40 Total Sales.........................
10,034 9,463 8,931 8,646 8,318 7,765 5,454 CUSTOMERS*
(Thousands)
Residential............................
675.5 645.1 613.9 580.0 553.1 532.8 399.7 Commercial and Industrial.............
71.3 67.8 65.0 61.5 61.0 58.9 47.0 Agricultural...........................
3.3 3.1 3.2 3.2 3.1 3.1 3.2 Street and Highway Lighting...........
0.8 0.9 0.8 0.7 0.7 0.7 0.4 Total Customers....................
750.9 716.9 682.9 645.4 617.9 595.5 450.3 AVERAGE USE PER CUSTOMER (KWHR)
Residential-Single Family.............
5,748 5,594 5,428 5,566 5,721 5,592 4,936 Commercial and Industrial.............
80,882 80,489 79,592 81,075 80,916 78,624 72,846 Agricultural...........................
45,229 42,049 45,221 42,927 39,443 40,151 29,310 Street and Highway Lighting...........
88,255 91,971 89,519 94,811 97,034 101,187 99,474 AVERAGE RATE PER KWHR Residential-Single Family.............
5.36C 4.96C 4.48C 4.41C 3.79C 3.20C 2.16C Commercial and Industrial.............
5.80C 5.27C 4.32C 4.27C 3.24C 2.65C 1.60C Agricultural.... :. *...........
5.811 5.51C 4.35C 4.33C 3.43C 2.82C 1.85C Street and Highway Lighting...........
8.30C 7.66C 6.85C 6.58C 5.65C 4.92C 3.88C UTILITY PLANT INVESTMENT Total (Dollars in Millions)*...............
$ 1,565.0
$ 1,359.2
$1,296.5
$1,094.2
$ 935.9
$ 830.5
$ 430.7 Per Customer *.........................
2,084 $ 1,896
$ 1,898
$ 1,695
$ 1,515
$ 1,395 956 Per Thousand Kwhr Sold..............
156 144 145 127 113 107 79 Per Dollar of Revenue.................
2.64 2.90 3.07 3.05 3.29 3.73 4.41
- At December 31 6
Gas Department (Dollars in Millions)
For the Years Ended December 31 1979 1978
.1977 1976 1975 1974 1969 OPERATING REVENUES Residential-Single Family.............
73.2 56.5 51.9 52.2 55.8
$ 43.5 30.2 Commercial and Industrial.............
61.6 52.4 48.8 37.8 32.6 23.0 12.0 Interdepartmental Sales Net of Cost....
28.9 24.3 18.4 2.3 Miscellaneous Revenues...............
1.1 0.7 0.5 0.4 0.5 0.3 0.2 Regulatory Revenue Adjustments.......
(13.1) 10.3 (1.8) 1.1 Total Operating Revenues...........
151.7 144.2 117.8 93.8 88.9 66.8 42.4 OPERATING EXPENSES Purchased Gas........................
98.8 78.6 60.4 49.3 47.1 33.1 15.3 Storage & Other Supply...............
1.3 0.7 0.6 0.5 0.4 0.5 0.1 Transmission..........................
1.0 0.7 0.6 0.5 0.6 0.7 0.4 Distribution...........................
6.4 5.8 5.5 5.6 5.0 4.6 3.3 Customer Accounts & Sales............
6.8 5.8 5.3 5.0 4.3 3.8 2.5 Franchise Payments.................
3.2 2.6 2.5 2.0 2.1 1.6 0.8 Administrative & General..............
7.5 7.1 6.7 5.7 5.0 4.4 2.6 Maintenance..........................
3.5 2.9 2.5 2.6 2.6 2.5 2.1 Depreciation and Amortization..........
7.5 7.0 6.6 6.2 6.0 5.2
3.6 Taxes
Property............................
2.4 3.3 3.9 3.5 2.8 2.6 3.0 Incom e.............................
4.6 5.7 7.3 2.0 1.8 (1.6) 2.4 Other..............................
0.8 0.6 0.6 0.7 0.5 0.5 0.2 Total Operating Expenses...........
143.8 120.8 102.5 83.6 78.2 57.9 36.3 Operating Income...................
7.9 23.4 15.3 10.2 10.7 8.9 6.1 WEIGHTED AVERAGE RATE BASE
$ 139.8
$ 132.8
$ 128.3
$ 125.1
$ 123.4
$ 115.9 81.4 STATISTICS NATURAL GAS SUPPLY-THERMS (Thousands)
Capacity per Day*....................
4,393 4,423 4,410 4,406 4,423 4,452 3,856 Maximum Daily Firm Sendout...........
3,293 3,615 2,620 3,121 3,379 2,924 2,418 Total Gas Purchased...................
854,474 734,356 645,217 650,556 749,642 846,546 879,361 Average Cost of Gas Purchased.........
$ 183.47
$150.31
$130.52
$ 98.89
$ 83.47
$ 62.19
$ 34.90 Gas Sold to Electric Department........
315,196 220,734 164,932 127,485 155,505 307,032 403,071 SALES-THERMS (Millions)
Residential-Single Family.............
286.0 255.6 248.3 270.6 319.0 283.7 260.0 Commercial and Industrial...............
244.8 230.3 231.6 240.9 261.9 235.3 186.8 Total Sales.......................
530.8 485.9 479.9 511.5 580.9 519.0 446.8 CUSTOMERS*
(Thousands)
Residential-Single Family.............
453.7 439.7 425.0 408.8 397.4 387.1 326.7 Commercial and Industrial.............
38.9 37.7 37.0 36.3 35.6 34.8 28.7 Total Customers...................
492.6 477.4 462.0 445.1 433.0 421.9 355.4
- At December 31 7
Gas Department For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 (STATISTICS-CONTINUED)
AVERAGE USE PER CUSTOMER THERMS Residential-Single Family...............
641 591 596 672 814 744 810 Commercial and Industrial.............
6,387 6,182 6,294 6,710 7,431 6,833 6,644 AVERAGE RATE PER THERM Residential-Single Family.............
25.60C 22.09C 20.89C 19.30C 17.49C 15.35C 11.61C Commercial and Industrial..............
25.15C 22.78C 21.07C 15.69C 12.47C 9.77C 6.43C UTILITY PLANT INVESTMENT Total (Dollars in Millions)*...............
$ 234.7
$ 218.9
$ 206.7
$ 195.6
$ 187.2
$ 181.3
$ 124.6 Per Customer*........................
476 458 448 439 432 430 351 Per Thousand Therms Sold............
442 450 431 382 322 349 279 Per Dollar of Revenue.................
1.55 1.52 1.76 2.09 2.11 2.71 2.94
- At December 31 Steam Department (Dollars in Millions)
For the Years Ended December 31 1979 1978 1977 1976 1975 1974 1969 OPERATING REVENUES............
1.0 1.0 0.9 0.8 0.7 0.5 0.3 OPERATING EXPENSES 1.0 1.0 0.9 0.8 0.7 0.5 0.4 Operating Income.................
(0.1)
WEIGHTED AVERAGE RATE BASE 0.3 0.4 0.4 0.4 0.3 0.3 0.3 STATISTICS SALES-POUNDS (Millions)
Commercial...........................
172.6 203.4 202.5 241.4 272.5 255.5 349.0 CUSTOMERS*
Commercial...........................
64 64 63 66 67 67 69
- At December 31 8
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Annual Report 1974 Contents Letter to Shareholders......................................
2 Financial Review................
4 Review of Operations......................................
7 Financial Statements.
12 Capital Stock - Price and Dividend Information.
23 Summary of Operations and Comparative Statistics of Progress.
24 Management's Discussion and Analysis of Summary of Operations....
26 1974 1973 increase Highlights Earnings Per Share.
$4.10
$2.70 51.9 Common Dividends Paid Per Share.
$1.65
$1.56 5.8 Gross Utility Plant (000).
$4,766,175
$4,458,631 6.9 Operating Revenues (000)
$1,483,432
$1,079,348 37.4 Operating Expenses (000).
$1,172,768
$ 845,308 38.7 Fuel (000) (a).
$ 505,209
$ 321,080 57.3 Taxes (000) (a).
$ 222,056
$ 135,128 64.3 Net Income (000)
$ 218,298
$ 147,731 47.8 Earnings Available for Common and Original Preferred Stock (000)
$ 182,610
$ 118,889 53.6 Payrolls (000)
$ 208,892
$ 198,181 5.4 Number of Customers.
2,691,691 2,626,492 2.5 Kilowatt-Hour Sales (000) 51,089,981 54,092,934 (5.6)
Main System Peak (kw).
9,997,000 10,253,000 (2.5)
Operating Capacity (kw) (b).
13,494,849 13,447,095 0.4 (a) Included in Operating Expenses.
(b) Includes 996,554 kw available from others in 1974 and 904,650 kw in 1973.
To Our More Than 170,000 Shareholders Our nation now faces critical economic and energy problems which directly affect our industry and Company. These problems are receiving increased recognition and attention, and we are encouraged that government leaders have recognized that a viable electric utility industry is essential for energy self-sufficiency and our nation's economic well-being.
Management's efforts during the year were concentrated on coping with inflationary pressures and escalating environmental, fuel and capital costs, while working to effect operating economies and to maintain reliable electric service to our customers.
The following paragraphs highlight the principal activities and results for the year:
1974 Earnings Total revenues of $1.5 billion, net income of $218 million and earnings per share of $4.10 were all at record levels and all represent substantial increases over 1973.
These results, however, should be viewed in perspective. The increase in earnings is attributable almost entirely to unusually favorable weather conditions - record rainfall-which made available more lower-cost hydroelectric power, and the availability of more natural gas fuel than had been anticipated. Such extraordinary conditions cannot be counted on to recur in 1975 and, consequently, earnings for 1975 are expected to be substantially less.
Dividends In March 1974, Edison's Board of Directors voted to increase the common stock quarterly dividend from 39 cents to 42 cents per share, equivalent to $1.68 per share on an annual basis. The Company has paid dividends on its common stock each year since its incorporation in 1909.
KWH Sales For many years, the Company experienced an annual compound growth rate of kilowatt-hour sales of 8-io%. However, the response by our customers to the call for energy conservation, economic conditions and the escalating cost of electricity contributed to a decline in kwh sales in 1974 from the preceding year. Therefore, planning for the 1975-79 period, subject to frequent review, is based on a markedly reduced rate of growth as compared with the high levels of electric energy growth recorded in the 1960s.
Plant Construction The lower growth rate projected for the near-term future, coupled with adequate reserve margins of generation, made it possible in 1974 for the Company to defer construction schedules for some generating plants and related facilities and to reduce projected five-year construction expenditures by nearly $I billion.
Despite this reduction, however, our construction budget through 1979, also sub ject to periodic review, remains high - about $3.4 billion - and there will be a continuing requirement for relatively large amounts of external financing.
Rate Relief Recognizing a future need to attain a more adequate level of earnings, Edison filed an application in June with the California Public Utilities Commission requesting a general rate increase designed to produce a -15% return on common equity and additional annual revenues of approximately $339 million based upon the then anticipated 1976 level of sales. We are hopeful that public hearings can be completed and a decision issued by the latter part of 1975.
Cost Controls Edison continues to operate under rigid cost controls in order to hold the line on controllable expenses. Substantial reductions in our operating and construction budgets have been made and a freeze on hiring, in effect since December 1973, has been extended into 1975. At the end of 1974, we were operating with 459 fewer employees than at year-end 1973.
Organizational After many years of valued service, for reasons of health, Mr. Vaile G. Young Changes resigned from the Board of Directors on November 21. On that date, also, Mr. H.
Russell Smith, President and Director of Avery Products Corporation, was elected to the Board, and Mr. Joe T. Head, Jr., Manager of the Power Supply Department, was elected Vice President.
1975 Outlook The outlook for 1975 appears particularly uncertain. Such unpredictable factors as governmental actions in response to President Ford's economic-energy pro posals, regulatory decisions, economic conditions, weather and the degree of energy conservation by our customers could have a substantial impact on our operations. Further, rising electric rates inevitably generate both consumer and governmental concern and lead to misunderstanding and dissatisfaction among customers who are trying to conserve.
Our fuel oil requirements for 1975 are substantially covered and, barring unforeseen circumstances, we shall have adequate generating capacity to meet expected peak electric demands of our customers through 1976.
In our judgment, the problems confronting electric utilities, though formi dable, are manageable. We are planning for the challenges that lie ahead and counting on the continued dedicated support of our employees.
T. M. McDaniel, Jr.
Jack K. Horton President Chairman of the Board February 20, 1975 3
Financial Review Earnings per Share U retained earnings Earnings and Earnings for the year increased to a dividends Revenues Increase
$4.10 per share as compared with In 1974
$2.70 on a lower average number of shares in 1973. The primary factors 4
benefiting 1974 earnings were the exceptionally high availability and use of lower-cost hydroelectric power and increased availability of lower-cost natural gas over what had been anticipated. Lesser factors in cluded a general rate increase which became effective in October 1973, and stringent internal cost controls.
Total operating revenues for the year ended 1974 were $1.5 billion, up 37.4% over the $1.1 billion re ported for 1973. Fuel cost adjust ments and the general rate increase contributed substantially to higher revenues.
Net income for 1974 was $218 million, up 47.8% from the previous year's figure of $148 million.
1970 1971 1972 1973 1974 Kilowatt-hour sales of electric energy for the year totaled 51 billion Company Seeks Edison filed an application with the kwh, down 5.6% from 1973 sales Rate Relief California Public Utilities Commis of 54 billion kwh, primarily reflect-sion (cruc) on June 7, 1974, request ing continuing customer conserva-ing a general rate increase designed tion efforts and reaction to higher to produce additional annual reve electric rates. Among the major cus-nues Of $339 million. The request is tomer categories, residential sales predicated upon a return on rate base decreased 3.5%, while commercial of 9.6% and a return on common and industrial sales were down equity of 15% based upon the then 8.1% and 5.3%, respectively.
estimated level of kwh sales in 1976.
The net increase in the number of The request was deemed necessary customers served at year's end was because of substantial increases in 65,199, up 8.4% over the gain of the cost of labor and materials, rec 60,151 recorded for 1973.
ord high interest rates, higher costs related to environmental considera Edison Increases The Company's Board of Directors tions, and general inflationary pres Common Dividend voted on March 21 to raise the com-sures. Public hearings on the rate mon stock quarterly dividend from increase application commenced in 39 cents tc 42 cents per share. The November and a decision by the increased dividend is equivalent to cpuc is hoped for in the latter part
$1.68 per share on an annual basis, Of 1975.
compared with $1.56 previously.
During the year, the Federal Edison last raised the dividend on Power Commission (FPC) concluded common stock in December 1971, public hearings on two Edison filings when the quarterly rate was raised to increase rates for resale custom from 3 71/2 cents to 39 cents.
ers. On September 7, 1973, and August 4, 1974, pursuant to orders of the Fpc, the Company increased 4
its wholesale base rates, designed to authorized by the cpuc in 1972 which produce about $16 million and $11.8 permits the Company, subject to million, respectively, on an annual cpuc approval, to adjust billings to basis, and on May 2, 1974, made a reflect increases or decreases in fuel clause effective, all subject to fossil fuel costs.
refund. Certain resale customers On January 3,1975, Edison applied have intervened to oppose these for an increased fuel cost adjust filings which are pending final ment billing factor to become effec decisions by the FPc.
tive February 1, 1975. Public hear ings commenced in January and are Kilowatt-hour 6oscheduled to continue into March Sales and involve not only the requested billion kwh fuel cost offset, but the historical and projected operation of the fuel 50 cost adjustment procedure.
On August 6, the cpuc: authorized the Company to implement a special fuel cost adjustment for a 12-month 40 period to offset certain fuel oil transportation charges. The special adjustment is expected to increase revenues by $9.7 million during the 30 one year it will be in effect.
During the past three years, Edison substantially increased its fuel oil storage capacity and its fuel 20 oil inventory to help prevent fuel shortages resulting from possible interruptions in the supply of im ported low-sulfur fuel oil. In an effort I
10 to offset a major part of the carrying costs incurred as a result of this action and the greatly increased price of fuel oil in inventory, Edison, in 1970 1971 1972 1973 1974 September, filed with the cpuc an application for an adjustment in rates Fuel Costs Continue Edison's fuel expenses for 1974 were which, if authorized, would result to Increase
$505 million, a 57.3% increase over in additional revenues estimated at the $321 million recorded in 1973.
approximately $17 million on an For 1975, fuel costs are estimated to annual basis. Public hearings have total approximately $1 billion.
been held and a decision is pending.
In 1969, the Company's fuel ex-On December 17, the cpuc ap penses accounted for approximately proved a modification to the fuel 20 cents out of each dollar of reve-adjustment clause to permit Edison nue. In 1974, these expenses ac-to recover its costs associated with counted for 34 cents of each dollar certain fuel exploration and develop received, but are expected to jump to ment programs carried on by one of about 5o cents in 1975.
its subsidiaries, Mono Power Coi Fuel cost increases have been off-pany. The Commission found rea set largely through the application sonable an initial increment which, of a fuel cost adjustment procedure when implemented, would provide about $2.7 million in additional annual revenues.
5
Source of 344 Residential California Pollution Control Financ Revenue Dollar:
25 0 Commercial ing Authority at a cost to the 1974 240 Industrial Company Of 7.17%. In turn, the 9 Public authorities Authority sold to the public a like 50 Resale amount of its pollution control reve 20 Agricultural nue bonds, pledging the Edison 1(4 Other bonds to secure the payments of the 0principal and interest.
Edison maintained its double "A" go bond rating during 1974, a year in 34 which many utilities' securities were 4
Mderated.
Current plans for t1975 include the sale of up to $150 million of 2 5-year 24 First and Refunding Mortgage Bonds scheduled for competitive bidding on March 6. Additional Sexternal financing will be required aaotduring the balance Of 1975. The timing and amount will depend to a SCE Raises Over Five issues of securities were com-large degree on future capital re
$325 Million in pleted during 1974 which raised in quirements and market conditions.
New Financings excess Of $32 million in new capital to help finance the Company's con-Use of 36(4 Fuel and purchased power tinuing construction program.
Revenue Dollar:
n15e Taxes A $ioo million offering Of 25-year 1974 13( Other operating expenses First and Refunding Mortgage (principally labor)
Bonds, Series CC, was sold on Febru-84 Depreciation ary 21 at a cost to the Company of 80 Interest 8.23%.
7( Dividends Edison netted approximately $49 7 Retained earnings reinvested million when two million shares of in the business
$25 Cumulative Preferred Stock, 6(4 Maintenance 8.85a% Series, were sold on April 30 at a cost to the Company Of 9.03%.
An offering of four million shares of common stock was sold Novem-c l
ber bo at $17.75 per share, with net th proceeds totaling approximately $67 million. This marked the first issue of common stock by the Company since April d1971.
9 lion offering Of 7-year First and Re funding Mortgage Bonds, Series EE, was sold at a cost to the Company Of 9.25%.
In addition, on July 30, Edison sold
$15 million of First and Refunding Mortgage Bonds, Series DDP, to the 6
Review of Generating Capacity 14 million kw Operations N reserve capacity ower Supply Energy conservation measures im plemented by SCE'S customers, eco nomic conditions, the higher price of electricity and the absence of any 10 extended summer heat wave contrib uted to a lower peak demand (9,997 megawatts) in 1974 than in 1973 8
when a record 10,253 mw was recorded.
In light of some uncertainty re garding the continuing impact of 6
conservation, economic conditions and rising electric rates upon future load growth, Edison's plans for 4
new system capacity additions are subject to continuing evaluation and rescheduling. For the 1975-79 time period, it is currently anticipated that system peak demand for electricity will grow at an average annual compound rate of about 5%.
1970 1971 1972 1973 1974 As a result of the lower estimated As reultof he owe esIe SCE Constructs and The major portion of the Company's growth rate, the Company deferred Plans Future
$483 million 1975 capital budget is construction schedules for three pro-Power Projects devoted to construction of new posed power generation projects -a 1,356-mw combined-cycle facility at Lucerne Valley, a 1,416-mw com bined-cycle facility at Huntington nniti s
prepaationwork for tw Beachand a 1,54o-mw HighTempera-ne
%Eison-owed 1,100 ture Gas-cooled Reactor (HTGR) nu-Nuclear nisa ting San bn clear plant near Vidal Junction.
fre nular GeneraingrSta be Edison, however, intends to continue ganin March after a
ea dl its efforts to secure necessary regula-durguwhichyEdisoas egad tory approvals for these facilities solawsuits, some aspects that construction timetables can be of which are still pending. Actual moved forward in the event power construction work commenced in demand increases more sharply than November and if construction pro anticipated in the near future.
antiipatd i thenea futre.ceeds as scheduled, the units will be During 1974, one new generating placed in operation in 1981 and 1982 facility was completed. The 54-mw combustion turbine generator at the Te at on te pro Ellwood Energy Support Facility viedatSan
, w e
n l near Santa Barbara became opera-oeainl ileal dsnt nearSant Bararabecae opra-utilize nuclear fuel instead of an esti tioneratingACapacity nmated 20 to 25 million barrels of expensive imported low-sulfur fuel oil which otherwise would have to be used to produce the same amount of electric energy.
7
Long Beach Also, after an extended delay, all of On December 30, Mono Power Modernization the major regulatory approvals were Company, a wholly-owned subsidi obtained, and construction of the ary of Edison, and subsidiaries of combined-cycle facility at the exist-two other participating electric utili ing Long Beach Generating Station ties, signed a memorandum of inten was started in May. The addition of wt seven gas turbine units to the exist-to develop jointly a 12-million-ton ing steam turbines will increase the per-year underground coal mining station's electrical output from facility which could provide fuel for 148 mw to 572 mw. Operation of the the Kaiparowits Generating Station.
units is scheduled for late 1976.
Development of the electric gen erating station and mining facilities Coolwater Expansion Regulatory delays in connection with is contingent on government approv the proposed 472-mw combined-cycle als and on availability of financing project at the existing Coolwater for the power and mining facilities.
Generating Station have delayed the start of construction. Subject to the San Joaquin The Company is participating with obtaining of required regulatory Nuclear Project other utilities in a feasibility study approvals on a timely basis, the two of a proposed 5,080-mw nuclear new units comprising the project generating station in Kern County, are scheduled for operation in 1977 California. Edison's share of this pro and 1978.
posed project, if it proceeds, would be approximately 22%.
Big Creek SCE applied to the FPc to add a 3 -mw generating unit at Big Creek #3 Construction 500 Powerhouse. If approved, the addi-Expenditures tional low-cost hydro energy will in millions of dollars mean a savings of approximately U estimated 72,000 barrels of low-sulfur fuel oil annually. Completion is scheduled 400 for 19g80.
Yuma-Axis Station The Company plans to construct a 2E-mw combustion turbine generator 300 at the Yuma-Axis Generating Station near Yuma, Arizona, to supply the eastern California desert area with needed electric power. The facility is scheduled for operation in 1978.
200 Kaiparowits During the year, Edison, on behalf of participating electric utilities, en tered into a preliminary letter of intent to purchase four steam-tur-C00 bine generators for the proposed Kaiparowits Generating Station which is to be located in southern Utah. Public hearings and a decision by the Bureau of Land Management 1970 1971 1972 1973 1974 1975 of the U.oS. Department of the Inte rior on the 3,000-mw coal-fired facil ity are expected in 1975. Edison, currently with a 40g interest in the project, has been designated Project Director and Operating Agent.a 8
Fuel Supply Fossil fuels - low-sulfur oil, natural pany's service territory because of gas and coal - were utilized by Edi-the necessity to tie new geothermal son to generate 70% of the electri-energy sources to new generating city transmitted to its customers in plants and related transmission fa 1974. Oil accounted for 38% of the cilities. During the year, Mono and electricity required, while natural gas its joint venture partner submitted accounted for 170% and coal, 15%.
bids on two parcels of land and filed The remaining 30% was met by for leases on a number of other par nuclear and hydroelectric plants and cels. To date, however, no leases have purchased power.
been obtained.
In 1974, the Company's low-sul fur fuel oil usage totaled 35 million Electric 38% Oil barrels, down from the 42 million Generation by 17% Natural gas barrels consumed in 1973. The re-Source: 1974 15% Coal duction was attributable principally 15% Purchased and interchanged to factors referred to earlier such as power extremely favorable weather condi-10% Hydroelectric tions and energy conservation meas-5% Nuclear ures which enabled scE to save the 5%
equivalent of approximately 20 mil lion barrels of fuel oil.
If average weather conditions are experienced in 1975, Edison expects to burn about 53 million barrels of oil. This higher-cost low-sulfur fuel oil is estimated to be required to meet 58% of SCE's projected gener ating requirements in 1975 as com pared with 15% in 1970. Lower-cost natural gas, the availability of which 7%
is diminishing in southern Califor nia, is projected to be available for R & D Directed Edison expended a total of $15 mil only 8% of electric generation, as Toward Fuels and lion on research and development compared with 57% in 1970.
Advanced Generation activities in 1974.
Fuel oil requirements for 1975 are Because of rising costs for fuel and substantially covered and are ex-increased concerns for the environ pected to be met by oil under contract ment, a large portion of Edison's R&D and, in part, by utilizing a portion of program is being concentrated on the 19.7 million barrels of fuel oil in alternate fuels, advanced generation Company storage facilities at the end concepts and environmental research.
of 1974.
The program includes efforts in de veloping liquid fuel from coal, oil SCE Explores for In an effort to reduce dependency on from shale, oil desulfurization, geo New Energy the limited foreign sources for low-thermal and solar energy, fuel cells Resources sulfur fuel oil required to meet air and the fast breeder reactor.
quality regulations, Edison is con tinuing its exploration and develop ment of coal, oil, gas, uranium and geothermal energy resources through its subsidiary, Mono Power Com pany.
Efforts to explore and develop geothermal energy have been con fined to areas in and near the Coe enrgy ourcs tonew enertin
Environmental Over the years, SCE has initiated and SCE Engaged in Beginning in the middle 1950s, Edi Preservation advanced numerous programs de-Air Quality Activities son initiated a program to reduce the signed to make meaningful improve-oxides of nitrogen (NOK) emissions ments to environmental quality from its electric generating facilities.
which could be justified by favor-These activities led to the develp-j able cost-benefit ratios. Such a cost-ment and application of various teca effective approach is of critical im-niques which have permitted NO portance to the Company's efforts to reductions up to 90%. These operat reconcile shortages of new capital, ing modes since have been adopted America s need to achieve an accept-as an industry standard for the con able degree of energy self-suffi-trol of NOx.
ciency, growing customer concern Edison, as Project Manager, along over rising electric rates, and the with other utilities, is constructing preservation of the environment, and testing two experimental sulfur During 1974, an estimated $75 dioxide (SO 2) and particulate re million, or about 20% of the Con-moval scrubber modules at the exist pany's $380 million capital expendi-ing coal-fired Mohave Generating ture program, was spent for environ-Station. Upon completion of the test mental purposes. For -c7, similar ing of these modules in early 1975, expenditures are forecast at $ioo one type is scheduled to be selected million, or about 21% Of SCE'S capital for a production scrubber full-scale budget.
installation to comply with the Clark Air and water quality, protection County, Nevada, air pollution con of marine life, and esthetics of facili-trol requirements.
ties are the major areas, although the full range of environmental problems Water Quality In 1974, scE marine biologists, to receives attention including pro-Programs Receive gether with biological and oceano grams designed to monitor and Continued Attention graphic consultants, continued to evaluate the effects of coastal and carry out extensive studies of marine inland power plants on the life in the near-shore water at Edi environment, son's coastal generating stations.
Results of these studies provide in Environmental 100 creased understanding of the effects Plant Expenditures of power plant cooling water on the in millions of dollars marine environment which aids the
- estimated Company's effort to provide con tinued marine life protection.
80 Edison is providing environmental information on the Company's marine water discharges to the U. S.
Environmental Protection Agency 6o (EPA), to cooperate with that agency's development of national water qual ity regulations. Edison, along with other major electric utilities, is urging the EPA to balance environmental 40 protection controls with reasonable cost-benefit ratios.
20 1970 1971 1972 1973 1974 1975 10
More Cable The Company installed 7.5 circuit Employment of The results of SCE'S Affirmative Ac Installed miles of underground higher-voltage Minorities and tion program, shown in the accom Underground 66 kv subtransmission cable in1974.
Females Increase panying chart which covers the A total of nearly 20 circuit miles now period from year-end 1970 through has been installed under the pro-year-end 1974, were achieved despite gram initiated in 1970 to evaluate the the Company-wide, self-imposed performance and economics of this hiring freeze which began in late higher-voltage cable under actual 1973. Despite the manpower reduc operating conditions. The trial instal-tion, which could be expected to lation program is expected to be impact adversely entry level jobs, completed in 1975.
minorities as a percentage of the In addition, more than 75% of the workforce increased from 14.9% to new customers served by Edison in 16.1% and females from l4.7% to 1974 were connected to underground 15.4% during 1974.
lower-voltage distribution systems.
The Company is involved in con ciliation and litigation proceedings Affirmative Over a period of years, Equal Em-relative to alleged discriminatory Action ployment Opportunity, a Company employment practices which are dis policy of long standing, has evolved cussed more fully in Note 3 of Notes into the concept of Affirmative Ac-to Financial Statements.
tion. The ultimate objective of Edi son's program is to employ qualified minorities and females throughout the workforce in numbers similar to their availability in the Company's labor market area.
Edison has been operating under various Affirmative Action Programs for a number of years. In 1972, the Company developed a revised pro gram for minorities and females which was accepted by the California Fair Employment Practice Commis sion.
Percentage of Male, Spanish Female and Minority American Surnamed Total Employees at Male Female Black Oriental Indian American Minorities Year End Year End Year End Year End Year End Year End Year End Year End 1970 and 1974(1) 1970 1974 1970 1974 1970 1974 1970 1974 1970 1974 1970 1974 1970 1974 Management( 2) 96.7 94.1 3.3 5.9 0.7 1.8 1.2 3.5 0.2 0.4 2.2 3.9 4.3 9.6 Non-Management( 3 )
84.2 80.5 15.8 19.5 4.0 6.4 0.6 1.3 0.2 0.6 4.5 10.5 9.3 18.8 Total Company 87.5 84.6 12.5 15.4(4) 3.1 5.0 0.8 2.0 0.2 0.6 3.9 8.5 8.0 16.1(4)
(1) Data as of December 27, 1974.
(2) Management employees include the "Officials and Managers," and "Professionals" Affirmative Action Categories.
(3) Non-Management employees include the "Technicians," "Office and Clerical," "Craftsmen," "Operatives,"
"Laborers" and "Service Workers" Affirmative Action Categories.
(4) Comparable figures in 1973 were 14.7% for females and 14.9% for minorities.
Southern California Edison Company Statements of Income Year ended December 31, 1974 1973 Thousands of Dollars Operating Revenues:
Sales (Notes 1 and 3)...........
$1,471,952
$1,070,180 Other......................11,480 9,168 Total operating revenues........
1,483,432 1,079,348 Operating Expenses:
Fuel (Notes 3 and 9).........
505,209 321,080 Other operation expense (Notes 3 and 4).
237,409 194,038 Maintenance (Note 1).
91,905 85,184 Provision for depreciation (Notes I and 6).
116,189 109,878 Taxes on income (Note 6)........
135,137 48,274 Property and other taxes........
86,919 86,854 Total operating expenses.........
1,172,768 845,308 Operating Income 310,664 234,040 Other Income and Income Deductions:
Allowance for funds used during construction (Note 1) 16,163 10,190 Other - net (Notes 2 and 6).......
4,430 1,229 Total other income and income deductions 20,593 11,419 Total Income before Interest Charges 331,257 245,459 Interest Charges:
Interest on long-term debt.......
104,145 95,473 Other interest and amortization (Note 1).
8,814 2,255 Total interest charges.
112,959 97,728 Net Income 218,298 147,731 Dividends on Cumulative Preferred and Preference Stock 35,688 28,842 Earnings Available for Common and Original Preferred Stock
$ 182,610
$ 118,889 Weighted Average Shares of Common and Original Preferred Stock Outstanding (000) 44,580 43,965 Earnings Per Share (Note 8):
Primary.............
$4.10
$2.70 Fully diluted.
$3.89
$2.60 12 The accompanying notes are an integral part of these statements.
Southern California Edison Company Statements of Changes in Financial Position Year ended December 31, 1974 1973 Thousands of Dollars unds Provided By:
Operations -
Net income....
$ 218,298
$ 147,731 Non-fund items Depreciation 116,189 109,878 Equity in earnings in unconsolidated subsidiary companies (Notes 1 and 2)
.(1,040)
(995)
Allowance for funds used during construction (Note 1).
(16,163)
(10,190)
Other (net).
5,822 1,749 Total from operations............
323,106 248,173 Long-term financing
-Preferred stock......
50,000 75,000 Long-term debt..............222,486 4,558 Common stock.........
67,200 Total from long-term financing..........
339,686 79,558 Other sources
-TConstruction advances and other h169 7,540 Decrease in working capital items 2
148,784 Total from other sources..
.3 0
.169 156,324 Total funds providederre c
662,961
$ 484,055 Funds Applied To:.
Construction additions - net...
335,784
$ 325,681 Less - allowance for funds used during construction (Note 1).
..16,163 10,190 Funds used for capital expenditures 319,621 315,491 Advances to unconsolidated subsidiaries 13,870 Dividends..
111,584 97,886 Repayment of long-term debt 70,678 Other.............
4,210 Increase in working capital items.........
213,676 Total funds applied
$ 662,961
$ 484,055 Working Capital Changes:
Temporary investments and notes payable (net)
$ 159,173
$(202,420)
Fuel stocko N.. e 135,966 86,223 Othernd.
(81,463)
(32,587)
Increase (Decrease) in working capital
$ 213,676
$(148,784)
The accompanying notes are an integral part of these statements.
1
Southern California Edison Company Balance Sheets December 31, 1974 1973 ASSETS Thousands of Dollars Utility Plant:
Plant in service, at original cost less contributions (Notes 1, 2 and 3)
$4,320,577
$4,089,100 Less - Accumulated provision for depreciation (Notes I and 2)..........
1,051,024 958,210 Net utility plant in service.......3,269,553 3,130,890 Construction work in progress (Note 4).
422,834 352,352 Nuclear fuel, at amortized cost......22,764 1.7,179 Total utility plant 3,715,151 3,500,421 Other Property and Investments:
Real estate and other, at cost - less accumulated provisions for depreciation 15,605 11,949 Subsidiary companies, at equity including
$15,813,000 in 1974 and $76,000 in 1973 of accounts receivable (Notes 1 and 2).
72,961 58,051 Total other property and investments.
88,566 70,000 Current Assets:
Cash (Note 3)...........8,003 8,787 Temporary cash investments 66,673 Receivables, less reserves for uncollectible accounts (Notes I and 7).......122,487 90,808 Materials and supplies, at average cost 26,547 22,562 Fuel stock, at cost (first-in, first-out) (Note 9) 276,268 140,302 Prepayments and other (taxes, insurance, etc.)
(Note 3)............82,848 41,918 Total current assets..................582,826 304,3.77 Deferred Debits:
Unamortized debt expense (Note 1)
.3,427 2,605 Other deferred charges.............13,974 12,358 Total deferred debits.................17,401 14,963
$4,403,944
$3,889,761 14 The accompanying notes are an integral part of these balance sheets.
December 31, 1974 1973 APITALIZATION AND LIABILITIES Thousands of Dollars Shareholders' Equity:
Original preferred stock........
4,000 4,000 Cumulative preferred stock.......
483,755 433,755 Preference stock..........
74,998 74,998 Common stock, including additional stated capital...........
395,709 362,376 Total capital stock - stated value 958,462 875,129 Additional paid-in capital.......
350,503 316,636 Capital stock expense (Note 2).
(1,538)
Retained earnings (Note 2).......
677,839 573,261 Total shareholders' equity 1,986,804 1,763,488 Long-Term Debt (Notes I and 7) 1,944,272 1,722,710 Total capitalization..........
3,931,076 3,486,198 Current Liabilities:
Accounts payable
.114,748 100,620 Notes payable to banks (Note 3) 92,500 Taxes accrued (Note 6) 160,639 64,552 Interest accrued.
31,134 26,515 Customer deposits.
10,958 8,643 Dividends declared.
24,820 20,729 Other (Note 3) 45,345 9,312 Total current liabilities 387,644 322,871 Commitments and Contingencies (Note 3)
Reserves and Deferred Credits:
Customer advances for construction 19,095 18,926 Other deferred credits...
6,506 4,957 Accumulated deferred income taxes (Note 6).
29,678 31,807 Pension reserves (Note 5).
18,143 19,818 Insurance, casualty and other reserves (Note 2) 11,802 5,184 Total reserves and deferred credits 85,224 80,692
$4,403,944
$3,889,761 The accompanying notes are an integral part of these balance sheets.
1
Southern California Edison Company Statements of Retained Earnings and Additional Paid-in Capital Year ended December 31, 1974 1973 Thousands of Dollars RETAINED EARNINGS:
Balance at January 1
$573,261
$513,866 Add:
Net income for the year.
218,298 147,731 Adjustments-net (Note 2).
(2,136) 9,550 789,423 671,147 Deduct:
Dividends declared on capital stock Original preferred-$1.65 per share for 1974 and $1.56 per share for 1973 792 749 Cumulative preferred 32,157 25,401 Preference.
3,900 3,900 36,849 30,050 Common-$1.68 per share for 1974 and
$1.56 per share for 1973 74,735 67,836 111,584 97,886 Balance at December 31
$677,839
$573,261 ADDITIONAL PAID-IN CAPITAL:
Balance at January 1
$316,636
$316,636 Premium received on sale of common stock 33,867 Balance at December 31
$350,503
$316,636 16 The accompanying notes are an integral part of these statements.
Southern California Edison Company Statem ents of Capital Stock December 31, 1974 Redemption December 31, Shares Price 1974 1973 Outstanding Per Share Thousands of Dollars Original Preferred - 5%, prior, cumulative, participating, not redeemable, authorized 480,000 shares, par value $8/3 per share 480,000 4,000 4,000 Cumulative Preferred - authorized 12,000,000 shares, par value $25 per share (a) (b) 4.08% Series.
1,000,000
$ 25.50 25,000 25,000 4.24% Series.
1,200,000 25.80 30,000 30,000 4.32% Series.
1,653,429 28.75 41,336 41,336 4.78% Series.
1,296,769 25.80 32,419 32,419 5.80% Series.
2,200,000 27.00 55,000 55,000 8.85% Series.
2,000,000 27.20 50,000
$100 Cumulative Preferred - authorized 6,000,000 shares, par value $100 per share (a) (b) 7.325% Series 750,000 115.00 75,000 75,000 7.58% Series.
750,000 108.00 75,000 75,000 8.70% Series.
500,000 111.00 50,000 50,000 8.96% Series.
500,000 111.00 50,000 50,000 483,755 433,755 reference - authorized 10,000,000 shares, par value $25 per share (a) (c) 5.20% Convertible Series 2,999,900 25.00 74,998 74,998 Common - authorized 60,000,000 shares, par value $81/3 per share, including additional stated capital (b) (c) 47,484,883 395,709 362,376 Total capital stock - stated value (d)
$958,462
$875,129 (a) All series of Cumulative Preferred and Preference Stock are redeemable at the option of the Company. The various series of $ioo Cumulative Preferred Stock are subject to certain restrictions on redemption for refunding purposes. The $1oo Cumulative Preferred Stock, 7.325% Series, has a cumulative sinking fund provision requiring the redemption of 30,000 shares annually at $ioo per share, plus accumulated unpaid dividends, commencing July 31,1983, and continuing until all shares are redeemed.
(b) The transactions in the capital stock accounts for 1974 were the sale and issuance of 2,000,000 shares of Cumulative Preferred Stock, 8.85%
Series and 4,000,000 shares of Common Stock. In 1973, 750,000 shares of $-00 Cumulative Preferred Stock, 7.325% Series were issued.
(c) At December 31, 1974 there were 2,026,960 shares of Common Stock reserved for conversion of Preference Stock, 5.20% Convertible Series, at the adjusted conversion price of $37.00 per share. Also, at that date, there were 1,804,868 shares of Common Stock reserved for conversion of the 3%8% Convertible Debentures, Due 1980, at the adjusted rate of one share of Common Stock for each $41.50 principal amount of such debentures.
(d) The Company's Articles of Incorporation authorize the issue of 2,000,000 shares of $ioo Preference Stock, $100 par value, none of which was outstanding at December 31, 1974 or 1973.
The accompanying notes are an integral part of these statements.
17
Southern California Edison Company Statements of Long-term Debt December 31, 1974 1973 Thousands of Dollars First and Refunding Mortgage Bonds (a): Series C, Due 1976 (278 %).
35,000 35,000 Series D, Due 1976 (31/8%)
30,000 30,000 Series E, Due 1978 (3% %).
30,000 30,000 Series F, Due 1979 (3%).
30,000 30,000 Series G, Due 1981 (351s %)
40,000 40,000 Series H, Due 1982 (4/ %).
37,500 37,500 Series I, Due 1982 (43 %).
40,000 40,000 Series J, Due 1982 (47/ %).
40,000 40,000 Series K, Due 1983 (4/8 %)
50,000 50,000 Series L, Due 1985 (5%)
30,000 30,000 Series M, Due 1985 (43/8 %).
60,000 60,000 Series N, Due 1986 (41/2%)
30,000 30,000 Series 0, Due 1987 (41/4 %)
40,000 40,000 Series P, Due 1987 (41/4%)
50,000 50,000 Series Q, Due 1988 (43/%)
60,000 60,000 Series R, Due 1989 (43/8%)
60,000 60,000 Series S, Due 1990 (41/2%)
60,000 60,000 Series T, Due 1991 (5 %).
75,000 75,000 Series U, Due 1991 (61/8%)
80,000 80,000 Series V, Due 1992 (5/8 %)
80,000 80,000 Series W, Due 1993 (638 %)
100,000 100,000 Series X, Due 1994 (71/8 %)
75,000 75,000 Series Y, Due 1994 (81/%).
100,000 100,000 Series Z, Due 1995 (77 %)
100,000 100,000 Series AA, Due 1996 (8%).
100,000 100,000 Series BB, Due 1997 (7% %)
125,000 125,000 Series CC, Due 1999 (8
%)
100,000 Series DDP, Due 1999 (7%).
15,030 Series EE, Due 1981 (9%).
100,000 1,772,530 1,557,500 First Mortgage Bonds (Calectric) (a)
Due 1976-1991 (27s %-51s%)
87,340 87,340 Convertible Debentures (b)
Due 1980 (31/8 %)
74,902 74,902 Promissory Notes (Note 7)
Due 1979-1981 (51/2%)
14,327 6,871 Principal amounts outstanding 1,949,099 1,726,613 Unamortized premium or discount (net)
(4,827)
(3,903)
Total long-term debt (c)
$1,944,272
$1,722,710 (a) All mortgage bonds are secured by utility plant, substantially all of which is subject to a lien under the trust indentures. Additional First and Refunding Mortgage Bonds may be issued subject to the provisions of the applicable trust indenture. Each of the bond indentures requires special deposits with the trustees, which are based primarily upon the amount of bonds outstanding. These deposit requirements of $52,571,000 in 1974 were satisfied by property additions and replacements. The First and Refunding Mortgage Bonds, Series DDP, are subject to a mandatory sinking fund commencing on July 1, 1990.
(b) At December 31, 1974 and 1973 the 31/8% Convertible Debentures, Due 1980, were convertible at the adjusted rate of one share of Common Stock for each $41.50 and $43.50, respectively of the principal amount of such debentures. Any 318% Convertible Debentures, Due 1980, which are converted may not be reissued.
(c) The Company has scheduled an issue to be offered for sale during March 1975 of $150,000,000 principal amount of First and Refunding Mortgage Bonds, Series FF, Due 2000. The net proceeds will be used to reimburse the Company for monies expended for its construction program. The amount of long-term debt maturing for each of the following years will be: none in 1975; $80,840,000 in 1976; none in 1977;
$35,500,000 in 1978; and $35,763,000 in 1979.
4
-18 The accompanying notes are an integral part of these statements.
Southern California Edison Company was transferred to retained earnings since it is the Com pany's intention to charge retained earnings directly for Notes To Financial Statements capitalstock expenses incurred in future periods. In 1974 and prior years, capital stock expense was amortized to income over a five-year period from the dates incurred.
In years prior to -1974, contributions received by the Note 1-Summary of Significant Accounting Policies Company in aid of construction were presented as an The accounting records of the Company are maintained in account on the liability side of the balance sheet. In 1974, accordance with the uniform system of accounts prescribed these contributions were credited directly to utility plant; by the Federal Power Commission (Frc), and adopted by accordingly, the balance of such contributions at Decem the California Public Utilities Commission (Puc).
ber 31, 1973 has been reclassified by crediting utility plant Additions to utility plant and replacements of retirement for $86,917,00o and the accumulated reserve for depre units of property are capitalized at original cost less con-ciation for $13,179,000 (relating to retired utility plant) in tributions, which cost includes labor, material, indirect order to conform the balance sheet presentations.
charges for engineering, supervision, transportation, etc.,
These accounting changes have not had a significant and an allowance for funds used during construction.
effect on net income and are in compliance with the orders Maintenance is charged with the cost of repairs and minor and authorizations of the regulatory agencies exercising renewals; plant accounts with the replacement of property jurisdiction over the Company's accounting.
units; and the depreciation reserve with the cost, less net salvage, of property units retired.
Note 3-Commitments and Contingencies Allowance for funds used during construction (ADc) is the Construction program, Environmental generally accepted utility accounting procedure designed The Company has significant purchase commitments in to capitalize the cost of both debt and equity funds used to connection with its continuing construction program. The finance plant additions during construction periods and to construction program is currently estimated at $483,000,000 restore net income to that which would have been expe-for 1975.
rienced without the construction program through a trans-Increasingly stringent air quality standards imposed in fer of such costs from the income statement to the balance Nevada and New Mexico affecting coal-fired generating sheet as utility plant construction work in progress. Such plants have required the Company to participate with the funds are recovered from ratepayers as a cost of service other co rough provisions for depreciation in future periods. The in the installation of additional air pollution control equip DCrt atoiedb h ~cws8.%fr1974 and ment which is expected to involve added investment by the c rate authorized by the suc was 8.o% for 17 n
7.5% for 1973.
Company in excess of $117,400,000.
Depreciation of utility plant is computed on a straight line remaining life basis for financial statement purposes Fuel supply and approximated 2.9% and 2.8% of average depreciable Long-term commitments, approximating $8 billion, exist plant for the years 1974 and 1973 respectively. Income tax under fuel supply and transportation contracts, including expense has been reduced by the current tax reductions short-term commitments under a fuel supply arrangement arising from investment tax credits and the use of liberal-entered into in 1974 with a trust, whereby the Company ized methods and lives in computing depreciation for concurrently assigned its principal long-term fuel supply income tax purposes.
contract to the trust and agreed to purchase fuel oil deliv Debt premium or discount and related expenses are ered to the trust by the original fuel supplier. Payments being amortized to income over the lives of the issues to to the trust for fuel oil purchases consist of the trust's cost which they pertain.
of oil determined on a first-in, first-out basis plus related Customers are billed monthly, except for most residen-administrative and carrying costs. For financial reporting tial customers who are billed bimonthly. Revenues are purposes, purchases of the trust are assumed to have been recorded when customers are billed.
made on behalf of the Company. Accordingly, the balance Investments in unconsolidated subsidiary companies, all sheet at December 31, 1974 includes $33,453,000, recorded of which are wholly owned, are stated on an equity basis.
in current assets - prepayments and other, and current liabilities - other, reflecting the Company's commitments Note 2 - Changes in Accounting Methods to purchase the trust's fuel oil inventory during 1975.
Retained earnings were increased in 1973 by $9,550,000, which consisted of the balance of undistributed earnings Government licenses of unconsolidated subsidiary companies of $10,667,000 at Major hydroelectric plants together with certain reservoirs the date the Company adopted the equity method of ac-are located in whole or in part on lands of the United States unting, less $1,117,000 transferred from retained earn-under Government licenses and permits which expire be s to increase the required reserve for certain federally licensed hydroelectric projects. On December 31, 1974, the unamortized balance of capital stock expense, $2,w136,000, 19
Southern California Edison Company interest rate for these borrowings (total interest divided by Notes to Financial Statements (continued) average daily borrowings) was 10.83%. There was no commercial paper outstanding during -1973.
Note 3 - Commitments and Contingencies (continued)
The variation between cash reported on the Company's tween 1975 and 2009. Such licenses and permits contain balance sheet and the minimum aggregate deposits re numerous restrictions and obligations, including the right corded by the banks is considered "float," which is princi of the United States to acquire the projects, under certain pally due to timing differences in recording deposits and conditions, upon payment of specified compensation.
withdrawals by the Company and the banks.
Revenues Legal matters Pursuant to FTc authorizations, the Company has increased In connection with a charge filed with the Federal Equal rates during 1973 and b1974 for certain of its resale custom-Employment Opportunity Commission (EEoc) on January ers prior to the final determination of the rate proceedings 31, -1972 against the Company and two labor unions, the pending before the bpc.
Additional revenues of approxi-EEOC, on September 6, 1973 and on March 22, 1974, deter mately $34,100,000 collected thereunder are subject to mined that there is reasonable cause to believe that, with refund with interest to the extent that any of the increases respect to certain of the allegations, the Company and the are subsequently determined by the Fpc to be inappropriate, unions have engaged in employment practices, with regard The Company believes that, based on present facts, the to women and certain minorities, which are in violation amount of revenues, if any, which may be required to be of Title VII of the Civil Rights Act of 964. The EEOC, the refunded would not have a significant effect on net income.
Company, the two unions and the representatives of the plaintiffs mentioned below are currently meeting in concili Leases and rentals ation in an attempt to resolve the alleged discriminatory The Company rents or leases computer equipment, office practices. While denying that it has engaged in any un space and other incidental equipment and property. The lawful practices, the Company will endeavor to resolve total annual gross lease expense in 1974 is less than -i%/ of the issues raised by the determination in these proceedings.
operating revenues.
On January 15, 1974, a class action suit was filed against The present value of the minimum commitments of non-the Company and the two labor unions in the U.S. District capitalized financing leases is less than 5% of capitaliza-Court for the Central District of California. This suit alleges tion. The majority of the Company's lease commitments that the defendants have engaged and are continuing to is charged to other operation expense. The impact on net engage in unlawful employment practices, with respect to income, had these commitments been required to be capital-Blacks and Mexican-Americans, which are in violation o ized, would not have been~ significant.
certain civil rights acts and encompasses a number of the issues raised by the EOC determination mentioned above.
Compensating balances and short-term debt If the plaintiffs in such action should prevail against the In order to continue lines of credit with various banks, Company, the court, in addition to awarding monetary which amounted to approximately $57 million at Decem-damages and back pay to class members (plaintiffs' claim is ber 31, 1974 and $148 million at December 31, 1973, the in excess Of $20,000,000), could enjoin any employment Company maintains deposits aggregating approximately practices it determines are unlawful and order that the
$15 million, which are not legally restricted as to with-Company undertake further affirmative action with respect drawal. The unused lines of credit at December 31, 1974, to future hiring and promotional practices, as well as such and 1973 were approximately $157 million and $55.5 mil-other equitable relief as the court deems appropriate. Settle lion, respectively, $8 million of which may be utilized only ments, consent decrees and decisions arising out of charges through the issuance of commercial paper.
filed against other employers under such civil rights acts The average interest rate on notes payable to banks out-have resulted in the imposition of uneconomical hiring, standing at December 31, 1973 was 9.74%. The maximum promotional and other employment practices and require amount of short-term borrowing was $115.3 million during ments, as well as substantial monetary awards or settle 1974 and $92.5 million during 1973, with average daily ments. In the opinion of the Company's counsel, based borrowings outstanding of $48.1 million and $13.4 million, upon the results of the Company's investigations to date, respectively. The approximate weighted average interest although theredare no controlling judicial precedents con rate for these borrowings (total interest divided by average cerning a number of issues raised in the case, the Company daily borrowings) was 10.15% for 1974 and 9.28% for has numerous defensesto this action which should be 1973.
sustained by the court, and the plaintiffs' recovery of dam The maximum amount of commercial paper outstanding' ages, if any, should not be material in amount.
during 1974 was $88.9 million with average daily borrow ings of $28.5 million. The approximate weighted averagem 20
In addition to the above class action, class actions could Note 6 - Taxes on Income be instituted by the EEOC if the matter is not resolved in As required by the Puc, no provisions are made for income conciliation, and by others raising issues other than those tax reductions (net) which result from reporting certain included in the class action now pending. Also, other pro-transactions for income tax purposes in a period different Sedings alleging discrimination could be instituted against from that in which they are reported in the financial state e Company by other Federal agencies for the termina-ments. The most significant of these transactions is the tion of contracts for the processing of nuclear fuel, the sale deduction of additional depreciation in income tax returns or purchase of power or purchase of water, and of ease-as a result of using liberalized methods and lives. Provi ments, rights of way and permits over Federal lands on sions to account for the deferral of income taxes due to which numerous Company transmission and distribution accelerated amortization were permitted by the Puc in facilities are located or are planned to be located in the certain prior years, and the accumulated amounts deferred future.
are being amortized to income as such taxes become payable.
Note 4 - Research and Development In addition, investment tax credits deferred in certain Plant related research and development (R&D) expenditures prior years were amortized to income in equal annual are accumulated in construction work in progress (cwir) amounts pursuant to ruc authorizations. At December 31, until a determination is made whether or not such projects 1974, the balance of these deferred investment tax credits will result in construction of electric plant. If no construc-had been completely amortized. The estimated amount of tion of electric plant ultimately results, the expenditures investment tax credit generated in 1974 and 1973 has been are charged to operating expense. The balance of R&D applied as a reduction of income tax expense.
expenditures included in cwiP at December 31, 1974 was The provision for state taxes on income is provided on
$8,399,000. R&D expenditures are expensed currently if taxable income of the current year; however, for Federal they are of a general nature. Total R&D expenditures purposes such taxes are not deductible until the following amounted to $15,402,000 in 1974 and $17,441,000 in year. the provision for 1973 state taxes on income includes 1973. The net amounts of R&D charged to cwiP amounted approximately $3,000,000 for under provisions of prior to $(542,000) in 1974 and $9,407,000 in 1973. The amounts years.
of R&D expensed were $15,944,000 in 1974 and $8,034,000 Supplementary information regarding taxes on income in 1973.
is set forth as follows:
Year Ended Wote 5 - Retirement Plans December 31, he Company's current pension program is based on a 1974 1973 trusteed non-contributory pension plan. Since January 1, Thousands of Dollars 1966, the required Company contributions have been Computed "expected" federal determined on the basis of a level premium funding income tax..........
$168,468
$ 92,398 method. Past service costs incurred prior to that date have Reduction in tax:
Excess of tax over book depreciation (27,631)
(27,495) been funded. Pension costs are funded or reserved for on Allowance for funds used during an actuarial basis and amounted to $19,789,000 for 1974 construction........(7,758)
(4,891) and $14,895,000 for 1973. The costs of pension benefit Removal costs expensed for tax purposes.............
(5,023)
(5,136) improvements made in 1973 under the plan were partially State taxes on income......(3,614)
(3,272) offset by an increase in the interest rate assumption used Other timing differences.....(5,132)
(6,451) in determining pension costs.
Investment tax credit......(7,951)
(8,460)
Provisions of the Employee Retirement Income Security Federal tax provision.......
111,359 36,693 State tax provision..
24,241 10,980 Act of 1974, which will become effective in 1976, will re-Total provision for taxes on income.
135,600 47,673 quire the Company to amend its pension plan which Amortization of previously deferred:
amendments will have the effect of increasing the annual Taxes on income........(2,129)
(2,114)
Investment tax credits.
(781)
(781) pension cost by approximately $1,250,000 commencing Taxes on income (credit) allocated in 1976.
to other income........2,447 3,496 Under the employee stock purchase plan adopted to Taxes on income included in supplement employees' income after retirement, employees operating expenses.......
$135,137
$ 48,274 may elect to contribute specified percentages of their Pretax income.........
$350,988
$192,509 compensation to a trustee for the purchase of Company Effective tax rate (Taxes on income Common Stock and the Company contributes to the plan included in operating expenses an amount equivalent to one-half of the aggregate con-Pretax income)......38.5/
25.1%
tributions of employees, less forfeitures. The Company's tribution amounted to $2,272,000 for 1974 and Asu8o,ooo for 1973.
21
Southern California Edison Company Note 9-Fuel Transportation Charges Notes to Financial Statements (continued)
Net income for the year ended December 31,1973 did not include transportation charges applicable to certain -1973 Note 7-Long-term Debt Payable in Foreign Currency fuel oil deliveries by a major fuel oil supplier, since such The Company has entered into a financing agreement, as charges were being negotiated with the supplier at the end amended, with certain English banks pursuant to which it of that year and any related amounts paid were to be sub expects to issue over a period ending not later than January jected to separate rate making procedures in 1974. These 31, 1977, promissory notes payable in pounds sterling in charges as finally agreed to and paid in 1974 amounted to the maximum aggregate principal amount of £11,833,624
$17,721,000 exclusive of related sales tax Of $979,000. In (but not to exceed $28,400,000). At December 31,1974 August 1974, the Puc authorized the Company to put into and 1973 promissory notes were outstanding in the effect revised tariff schedules reflecting a special fuel cost amounts of £5,966,800 (recorded at $14,327,ooo) and adjustment designed to offset, during the succeeding E2,816,720 (recorded at $6,871,000), respectively. These twelve months, a major portion of such fuel oil transpor notes were issued at various dates, are secured by a pledge tation charges net of certain credits totaling $8,059,000 of the Company's customer accounts receivable and are arising in 1974 from certain fuel oil purchases. Unamor recorded at historical exchange rates. At the December 31, tized transportation costs at December 31, 1974 Of 1974 exchange rate ($2.347 per E), the Company has an
$6,452,000 are included in fuel stock and will be amortized unrecognized exchange gain of approximately $322,000.
to income in equal amounts over the next seven months.
Note 8-eEarnings Per Share Primary earnings per share are based on the weighted average shares of Common and Original Preferred Stock outstanding in each year, giving effect to the participating provisions of the Original Preferred Stock, and after providing for preferred and preference dividend require ments. Fully diluted earnings per share also give effect to the dilution which would result from the conversion of the Preference Stock, 5.20% Convertible Series and the 31/8%
Convertible Debentures.
Report of Independent Accountants To the Shareholders and the Board of Directors, Southern California Edison Company:
We have examined the balance sheets and statements of capital stock and long-term debt of SOUTHERN CALIFORNIA EDION COMPANY (a California corporation) as of December 31, 1974 and 1973, and the related statements of income, retained earnings and additional paid-in capital, and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.
In our opinion, the financial statements referred to above present fairly the financial position of the Company as of December 31, 1974 and 1973, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis during the years.
ARTHUR ANDERSEN & CO.
Los Angeles, California January 31, 1975 22
Southern California Edison Company Capital Stock-Price and Dividend Information 1974 1973 1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
Year 1st Qtr.
2nd Qtr.
3rd Qtr.
4th Qtr.
Year Sriginal Preferred:
High Price
$ 20/
$ 20/4
$ 19/8
$ 18/s
$ 20/4
$ 25/8
$ 24
$ 22/s
$ 221/4
$ 25/
Low Price 18/4 181/2 161/2 16/s 161/2 231/8 23 18 18 18 Dividends Paid
.39
.42
.42
.42 1.65
.39
.39
.39
.39 1.56 Cumulative Preferred:
4.08% Series High Price 131/2 121/2 113/8 111/2 131/2 143/8 141/2 143/8 13/4 141/2 Low Price 123 111/8 101/2 10/4 10'/
137/8 14 127/8 131/8 127/8 Dividends Paid
.251/2
.251/2
.251/2
.251/2 1.02
.251/2
.251/2
.251/2
.251/2 1.02 4.24% Series High Price 1378 13%
11/4 121/4 137 151/2 1478 14/8 14 151/2 Low Price 13 11/8 10/2 10/8 101/2 14/4 14 13s/8 133/8 133/8 Dividends Paid
.261/2
.261/2
.261/2
.261/2 1.06
.261/2
.261/2
.261/2
.261/2 1.06 4.32% Series High Price 14 13/8 123/8 121/4 141/4 153/s 151/8 141/2 15 15/8 Low Price 123 111/4 101/s 101/8 101/8 14 14 13 127/8 127/8 Dividends Paid
.27
.27
.27
.27 1.08
.27
.27
.27
.27 1.08 4.78% Series High Price 16 141/2 133/8 13/4 16 17 167/8 17 167/8 17 Low Price 143/8 12/4 111/8 111/2 111/8 16 16 15 151/s 15 Dividends Paid
.297/8
.297/s
.297/8
.297/s 1.191/2
.297/8
.297/8
.297/8
.297/s 1.191/2 5.80% Series High Price 187/8 171/2 157/8 16 187/s 207/8 203/8 20 20 207/s Low Price 17 15s/s 141/4 141/8 141/8 19 19/8 18 181/8 1818 Dividends Paid
.361
.361
.36
.36 1.45
.361
.361
.361
.361 1.45 8.85% Series High Price 25s/s 241/8 241/2 25s/8 Low Price 24 21s/s 21/8 213/s Dividends Paid
.559271(a).553125 1.112
$100 Cumulative Preferred:
7.325% Series(b)
High Price Low Price Dividends Paid 1.83116 1.83/s 1.831/8 1.831/8 7.325 1.5 6 7 (b)
.2 8 5 (b) 1.852 7.58% Series High Price 971/8 88 80 84 971/s 1051/8 104 101 103 10518 Low Price 92 841/2 74 71 71 103 100 977/8 96 96 Dividends Paid 1.891/2 1.891/2 1.8912 1.891/2 7.58 1.891/2 1.891/2 1.891/2 1.891/2 7.58 8.70% Series High Price 107 101 93 971/2 107 114 1131/s 1121/2 113 1141/4 Low Price 102 94 835/8 821/2 821/2 111 110 1071/2 104 104 Dividends Paid 2.171/2 2.171/2 2.171/2 2.171/2 8.70 2.171/2 2.171/2 2.171/2 2.171/2 8.70 8.96% Series High Price 1091/2 105 961/2 98 1091/2 1151/2 1161/2 1131/2 1121/2 1161/2 Low Price 105 98 87 85 853 112s/s 113 108 108 108 Dividends Paid 2.24 2.24 2.24 2.24 8.96 2.24 2.24 2.24 2.24 8.96 Preference:
5.20% Convertible Series High Price 16%
16 141/2 16 16 22 19 183/8 18/8 221/4 Low Price 151/8 141/s 123/8 12 123/8 181/2 18 16 14 14 Dividends Paid
.321/2
.321/2
.321/2
.321/2 1.30
.321/2
.321/2
.321/2
.321/2 1.30 Common:
High Price 1978 191/2 187 18/8 197/s 281/2 25/s 2478 24/
28'/2 Low Price 181/4 171/s 14s/s 151/4 14s/s 24 231/8 201/8 171 171/4 Dividends Paid
.39
.42
.42
.42 1.65
.39
.39
.39
.39 1.56 (a) In payment of pro rata dividend No. i at $.oo6146 per share and dividend No. 2 at $.553125 per share.
(b) The initial dividend was paid at the per share rates of $1.567 and $o.285 respectively for the 375,000 shares issued on August 14, 1973, and on October 17, 1973. There are no prices as this issue was a private placement and shares are not listed on any securities exchange.
23
Southern California Edison Company Summary of Operations and Comparative Statistics of Progress 1964-1974 1974 197 Summary of Operations Operating Revenues.
$1,483,432
$1,079,3 8
in thousands Operating Expenses.
1,172,768 845,3 8
Fuel (a).................
505,209 321,08 0 Taxes on Income (a).
135,137 48,27 4 Allowance for Funds Used During Construction.
16,163 10,19 0 Interest Charges 112,959 97,72 8 Net Income.
218,298 147,73 1, Earnings Available for Common and Original Preferred Stock.
$ 182,610
$ 118,88 9 Weighted Average Shares of Common and Original Preferred Stock Outstanding.
44,580 43,96 5 Per Share Data:
Primary Earnings.............
$4.10
$2.7 0 Dividends Declared on Common Stock.I....
.1.68 1.5 6 Balance Sheet Data Gross Utility Plant.
$4,766,175
$4,458,63 1 in thousands Accumulated Provision for Depreciation 1,051,024 958,21 0 Percent of Gross Utility Plant.
22.1 21.5 Long-Term Debt (b):
Bonds.
1,854,544 1,640,349 Debentures.
75,401 75;49 0 Other.......
14,327 6,87' Preferred & Preference Stock.
562,753 512 Common Stock, Including Additional Stated Capital 395,709
- 362, Additional Paid-in Capital.
350,503; 316,63 Retained Earnings.
$ 677,839
$ 573,26 Capital Structure (percent):
Long-Term Debt:
Bonds......
47.2 47.)
Debentures.....
1.9
- 2.
Other........
0.4
- 0.
Preferred & Preference Stock.
14.3
- 14.
Common Equity 36.2 35.9 Book Value Per Common Share
$29.77
$28.511 Operating and Sales Data Operating Capacity (kw) (c) 13,494,849 13,447,093 Kilowatt-Hours Transmitted (000) 55,105,988 57,730,121 Percent Output:
Hydro-Company Plants.
10.0 4 9.0 0
Hydro-Hoover Dam.
1.5 1.3 Thermal......
75.1 84.7 Purchased Power & Other Sources 13.4 5.0 Kilowatt-Hour Sales (000)....
51,089,981 54,092,934 Number of Customers......
2,691,691 2,626,492 Average Annual Kwh Sales Per Residential Customer 5,541 5,88 Number of Employees......
..13,468 13,92 Main System Peak (kw).
9,997,000 10,253 (a) Included in Operating Expenses.
(b) The years subsequent to 1971 include unamortized premium or discount related to each category of long-term debt.
24 (c) Includes 996,554 kw available from others in 1974 and 904,650 kw for 1973.
972 1971 1970 1969 1968 1967 1966 1965 1964
$ 931,216
$ 802,434
$ 720,661
$ 642,124
$ 588,829
$ 552,240
$ 515,859
$ 472,498
$ 449,718 711,564 612,732 535,846 482,663 440,646 411,059 388,450 355,780 335,903 20,630 164,891 126,592 111,357 111,825 98,974 98,586 83,399 82,912 46,382 38,542 38,635 36,480 37,592 45,785 45,286 46,290 46,354 7,152 15,859 17,007 17,471 10,007 6,762 5,679 3,257 2,357 91,752 82,308 77,633 68,246 58,760 50,498 43,734 37,407 35,073 137,350 127,297 127,495 107,869 99,894 99,329 90,791 84,374 82,322
$ 112,171
$ 105,752
$ 110,497 95,152 89,419 90,805 85,163 78,741 76,701 43,965 43,041 40,963 40,501 39,348 37,963 37,963 37,963 36,799
$2.55
$2.46
$2.70
$2.35
$2.28
$2.39
$2.24
$2.07
$2.08 1.56 1.5112 1.50 1.40 1.40 1.361/4 1.25 1.221/2 1.121/2
$4,233,067
$3,998,045
$3,737,837
$3,461,836
$3,188,708
$2,880,652
$2,591,120
$2,369,473
$2,171,199 851,910 779,409 707,928 649,702 592,366 559,361 508,407 468,919 426,515 20.1 19.5 18.9 18.8 18.6 19.4 19.6 19.8 19.6 1,705,139 1,584,840 1,484,840 1,384,840 1,210,000 1,110,000 1,030,000 875,000 852,884 75,579 74,902 74,987 74,987 74,987 74,987 74,987 75,000 7,991 7,991 438 37,753 362,753 362,753 262,753 262,755 187,755 176,967 132,755 132,755 62,376 362,376 337,360 337,360 324,857 312,357 312,357 312,355 213,355 316,636 316,636 243,437 243,437 202,599 162,774 162,774 162,764 162,764 513,866
$ 470,754
$ 430,477
$ 381,040
$ 342,712
$ 308,541
$ 269,407
$ 231,700
$ 199,442 50.0 49.9 50.6 51.6 50.1 51.5 50.9 48.9 51.4 2.2 2.3 2.6 2.8 3.1 3.5 3.7 4.2 0.2 0.3 12.8 11.4 12.4 9.8 10.9 8.7 8.7 7.4 8.0 34.8 36.1 34.4 35.8 35.9 36.3 36.7 39.5 40.6
$27.18
$26.60
$24.72
$23.53
$22.09
$20.72
$19.69
$18.72
$17.60 2,615,665 12,458,165 10,904,845 10,238,627 9,277,515 8,594,915 7,767,915 6,806,840 6,451,910 5,686,776 52,672,084 49,674,757 46,344,845 42,905,380 39,847,438 36,739,031 33,793,186 31,218,901 6.4 8.4 9.2 12.8 8.2 15.2 10.9 16.7 11.3 1.2 1.1 1.1 1.0 1.1 1.2 1.1 1.2 1.5 86.6 80.0 82.5 78.9 88.3 84.0 88.4 80.8 86.4 5.8 10.5 7.2 7.3 2.4 (0.4)
(0.4) 1.3 0.8 2,309,906 48,856,493 45,881,076 42,601,606 39,365,088 36,418,891 33,686,652 30,128,140 27,960,830 2,566,341 2,497,342 2,438,584 2,383,251 2,330,751 2,277,976 2,225,225 2,171,881 2,087,982 5,777 5,642 5,240 5,031 4,609 4,425 4,094 3,820 3,566 13,269 12,831 12,299 11,911 11,090 10,662 10,370 10,121 9,913 15,000 9,350,000 8,274,000 7,804,000 7,425,000 7,001,000 6,173,000 5,863,000 5,455,000 25
Southern California Edison Company clause provides for a projection of fuel costs during a,12 month period based on the average cost of fuel in inventory Magmnt' s Discussion M nagementsD su so at the beginning of the period and the cost of fuel neces sary for the remainder of the period based on prices in effect and Analysis of Summary of and nalsis f S mmar ofat the commencement period and because fuel expense is Operaionsaccounted for by the Company on a first-in, first-out Operations basis, during a period when fuel prices are falling the fuel Generaladjustment clause may be implemented to produce de Generalcreases in revenues greater than decreases in fuel costs.
The Company's rates subject to California Public Utilities In connection with the Company's current application Commission (Puc) jurisdiction (accounting for approxi-for an increased fuel cost adjustment billing factor which mately 90% of sales during 1974) are determined by the was requested to become effective on February 1, Puc on the basis of projected revenues and expenses (in-the Puc asked the Company to provide specified informa cluding projected fuel costs) for an average year, i.e., a year tion with respect to the historical and projected operation in which the amounts of power available to the Company of the fuel adjustment clause and, for the first time since from hydroelectric facilities of the Company and others are such clause was authorized, set the Company's request for those which would be available under historical average a change in the fuel cost adjustment billing factor for pub weather conditions and the amounts of natural gas avail-lic hearing. Hearings commenced on January 22,1975, and able to the Company are those which its suppliers advise are scheduled to continue into March. The Staff of the it should be available under historical average weather Puc, in the hearings, has urged the commission to reduce conditions.
the Company's existing fuel cost adjustment billing factor In May 1972, the Puc established an expedited proce-upon bases which the Company believes to be improper dure, consistent with the average year method followed in and is contesting. Intervening participants in the proceed establishing the Company's base rates, for making.upward ings have urged the PUC to reconsider both the design and downward adjustments, no more frequently than every and operation of the fuel adjustment clause. The Company three months, in billings for service to reflect changes in is unable to predict the outcome of the proceedings and fossil fuel costs. This procedure is set forth in a fuel ad-when or if any upward or downward changes in the fuel justment clause designed to adjust billings in such a man-cost adjustment billing factor may be made effective.
ner as to produce changes in revenues which track fossil fuel expenses projected on an average year basis. Changes Operating Revenues in the fuel cost adjustment billing factor must be author-The increases in total operating revenues for 1972, 1973 ized by the Puc. In the case of the Company's last four fil-and 1974 reflect principally general rate increases and ings, the ruc ordered into effect fuel cost adjustment billing upward fuel adjustments in the Company's rates to reflect factors less than those proposed by the Company.
increased fuel costs. Revenues for 1973 and 1974 Of To the extent that the amount of hydroelectric power
$4,400,000 and $29,700,000, respectively, are attributable available is more or less than that available under average-to increased rates for certain resale customers and are year conditions and the amount of natural gas available subject to refund with interest if any of the increases are is more or less than that projected, the Company may incur subsequently determined by the Federal Power Commis fuel costs in a greater or lesser amount than projected with sion (FPC) to be inappropriate. (See Note 3 of "Notes to a related unfavorable or favorable impact on net income.
Financial Statements.")
Substantially all the increase in net income from 1973 to Fuel shortages developing in late 1973 prompted state 1974 was due to unusually greater than average-year and federal governmental agencies to implement voluntary availability of low-cost hydroelectric power from the and mandatory conservation restraints on energy usage.
Company's own facilities and to an even greater extent As a result of these restraints and customer reaction to from the Pacific Northwest, a greater amount of natural sharply higher rates per kilowatt-hour, which for 1974 gas available than projected and a less than projected use averaged 45.5% higher than for 1973, the Company has of higher-cost fuel oil, in conjunction with the operation of experienced a decrease in the level of energy consumption the Company's base rates and the fuel adjustment clause.
by its customers which amounted to a 5.6/
reduction of This combination of favorable circumstances occurred pri-total kilowatt-hour sales for 1974 compared with 1973.
marily in the first three quarters of 1974 and the Company believes that such favorable circumstances are not likely Fuel to recur in 1975. In addition, because the fuel adjustment Fuel costs increased during 1972, 1973 and 1974 primarily because of decreased availability of natural'gas and in creasing prices of environmentally acceptable low-sulphur fuel oil as an alternative fuel.
26
The amount of hydroelectric and purchased and inter-Net Income changed power available in 1975 is expected to be less than The significant increase in net income for 1974, as cor in 1974. In addition, the Company has been advised that pared with 1973, significant quantities of gas will not be available to it in increase is attributable to the availability to the Company 6 and subsequent years. As a result, the Company of substantially above-average amounts of low-cost hy ects to be relying more heavily on higher cost fuel oil.
droelectric energy purchased from and interchanged with The Company expects future increases in fuel costs, others and, to a lesser extent, generated on its own facili including costs resulting from a tariff imposed by the ties, the greater than anticipated availability of low-cost Federal Government on oil imported after January 31, natural gas and a less than projected use of higher-cost fuel 1975. (For a discussion of fuel adjustment clause author-oil, in conjunction with the operation of the Company's ized by the Puc, see the discussion above under "General.")
base rates and the fuel adjustment clause as discussed above. The Company believes that the availability of low Taxes and ADC cost hydroelectric energy and natural gas cannot be ex The increases in taxes on income for the years 1972 and pected to continue at 1974 levels and, as a result, net income 1974 over the respective prior years resulted from increases in 1975 is expected to be substantially less than in 1974.
in net income before taxes with no commensurate increases in tax reductions. (See Note 6 of "Notes to Financial Statements.")
The allowance for funds used during construction (ADC) decreased in 1972 due to a slowdown in construction activity and related costs. The increase in ADc during 1973 reflected the impact of an increase in construction activi ties, and the increase of ADC in 1974 reflected, in part, an increase in the ADC rate from 7.5% to 8.0% and, in part, an increase in construction activity and related costs. (See Note 1f of "Notes to Financial Statements.")
Operating Revenues and Kilowatt-Hour Sales Class of Service Operating Revenues (000)
Kilowatt-Hour Sales (000) 1974 1973 increase 1974 1973 increase Residential.....
t
.t.h.e..
$ 506,154
$ 394,827 28.2 13,059,518 13,532,182 (3.5)
Agricultural..g.a.
.l.e.s.s.
33,788 22,132 52.7 1,049,878 974,477 7.7 Thommercial.................364,994 276,261 32.1 11,514,671 12,523,975 (8.1)
Industrial.............
354,334 229,563 54.4 15,553,144 16,423,255 (5.3)
F'ublic Authorities...............
141,376 104,494 35.3 5,575,587 6,098,515 (8.6) nterdepartmental
..a.t f.u a....28 24 13.8 927 813 14.0 Zesale.....................
71,278 42,879 66.2 4,336,256 4,539,717 (4.5) ther
.T
.C.b t.h h.e a.
f l.o...
.11,480 9,168 25.2 rotal....................$1,483,432
$1,079,348 37.4 51,089,981 54,092,934 (5.6) 27
Southern California Edison Company Board of Directors Jack K. Horton Chairman of the Board Norman Barker, Jr.
Chairman of the Board, United California Bank, Los Angeles Edward W. Carter Chairman of the Board, Carter Hawley Hale Stores, Inc., Los Angeles Warren Christopher Partner, Law Firm of Messrs. O'Melveny & Myers, Los Angeles William B. Coberly, Jr.
President, California Cotton Oil Corporation, Los Angeles Terrell C. Drinkwater Retired Airline Executive, Los Angeles William R. Gould Executive Vice President Stanton G. Hale Chairman of the Board, Pacific Mutual. Life Insurance Company, Los Angeles Daniel J. Haughton Chairman of the Board, Lockheed Aircraft Corporation, Burbank Frederick G. Larkin, Jr.
Chairman of the Board, Security Pacific National Bank, Los Angeles T. M. McDaniel, Jr.
President John V. Newman Chairman of the Board, Sunkist Growers, Inc.
(Citrus Marketing Cooperative), Van Nuys Gerald H. Phipps President, Gerald H. Phipps, Inc. (General Contractors), Denver Henry T. Segerstrom General Partner, C. 1. Segerstrom & Sons (Real Estate Development and Farming), Costa Mesa H. Russell Smith President, Avery Products Corporation (Manufacturer of Self-Adhesive Products), San Marino Richard R. Von Hagen President, Lloyd Corporation, Ltd.
(Real Estate Development and Oil Production), Beverly Hills ExecutiveOfficers Jack K. Horton Chairman of the Board and Chief Executive Officer T. M. McDaniel, Jr.
President O
William R. Gould Executive Vice President Howard P. Allen Executive Vice President Robert N. Coe Senior Vice President (Power Supply and System Development)
Sherman F. Buese Vice President (Administration and Personnel)
Smith B. Davis Vice President (Finance)
J. H. Drake Vice President (Engineering and Construction)
David J. Fogarty Vice President (Power Supply)
Joe T. Head, Jr.
Vice President (System Development)
Jack B. Moore Vice President (Advanced Engineering)
Edward A. Myers, Jr.
Vice President (Corporate Communications)
William H. Seaman Vice President (Fuel Supply)
G. E. Wilcox Vice President (Customer Service)
Rollin E. Woodbury Vice President and General Counsel A. L. Maxwell Comptroller H. Fred Christie Treasurer C. D. Lester Secretary 28
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