ML18227A992
| ML18227A992 | |
| Person / Time | |
|---|---|
| Site: | Saint Lucie, Turkey Point  |
| Issue date: | 11/19/1975 |
| From: | Florida Power & Light Co |
| To: | Office of Nuclear Reactor Regulation |
| References | |
| Download: ML18227A992 (28) | |
Text
THE ATTACHED FILES ARE OFFICIAL RECORDS OF THE OFFICE OF REGULATION. THEY HAVE BEEN CHARGED TO YOU FOR A LIMITEDTIME PERIOD ANS MUST BE RFTURNED TO THE CENTRAL RECORDS STATION 008. ANYPAGE(S)
REMOVED FOR REPRODUCTION MUST BE RETURNED TO ITS/THEIR ORIGINALORDER.
DEADLINERETURN DATE R
a%kf MARY JINKS, CHIEF CENTRAL RECORDS STATION
Principal Offices 9250 Flagler Street, Miami Mail:P.O. Box 013100, Miami, Florida, 33101 Telephone: 305/552-3552
This booklet has been prepared primarily for the information of security analysts and institutional investors and is available to other interested persons. It is not intended for use in connection with any sale, or offer for sale, or solicitation of an offer to buy any securities.
AIIfinancial statements shown should be considered in conjunction with notes in the Company's annual reports.
~
J ff'egufatojjj Docijet Fi
'abte of Contents g
18 20 21 22 History and Service Territory........
~dt I
Customers and Sales..............+~5~j f J.,g~
Plants Under Construction or Pl oned 8 o~+
Revenue and Rates.......... ~~..
9 gag Consolidated Balance Sheet....,...
1q qQL Consolidated Statement of lnco t~t
~ ".;~
q Consolidated Statement of Chan eA tR got s
in Financial Position..........
A~
12 Retained Earnings, Income Tax, and
~"dr 're)
Financial Statistics...............
r7 fart 't Long-Term Debt...........
14 Shareholders'quity, Capitalization Percentages and Common Stock Statistics 15 Financial Statistics.................
16 Utility Plant Statistics...............
17 Customers, Sales, and Revenue Statistics Generating Statistics...............
Fuel and Other Statistics............
Notes Directors 24 Principal Officers 24 System Map 25 "Common Stock" Chart.....
Back Cover Highlights 1974 l973 Percent Change Customers year end KWH sales (000)
Operating revenue (000)
Net income (000)
Use per residential customer KWH..
Revenue per KWH Earnings per share Dividends Book value per common share........
Net warm weather capability KW...
Peak load KW (60 minute net)....,
Gross construction expenditures (000)..
Financing (000) 1,721,841 32,711,136
$951,055
$105,474 11,215 2.88f'2.76
$1.325
$25.60 9,015,000 7,235,000
$604,803
$425,000 1,634,503 32,467,100
$714,012
$108,558 12,040 2.194
$3.09
$1.160
$24.19 8,309,000 6,894,000
$352,453
$241,000 5
1 33 (3)
(7) 32 (11) 14 6
9 5
72 76
History and Service Territory
~
~
s o
FPL was incorporated in 1925 to manufacture, distribute and sell electricity. Service is provided to approximately 570 communities alonglmost of the east and lower west coasts of Florida, the area around southern and eastern Lake Okeechobee, and portions of north and north-central Florida. The territory covers 27,650 square miles.
FPL operates 10 power plants with total warm weather net capability of 9,015 mw, of which 1,332 mw is nuclear, 2,004 mw is gas turbines, and 5,679 mw is oil or gas fueled. Utilityplant investment was
$3.2 billion at year end.
Two wholly-owned subsidiaries were organized in 1974. Fuel Supply Service, Inc. was established to explore and develop local supplies of gas and oil.
Land Resources Investment Company was organized to buy, hold, mortgage, sell, convey, lease, or otherwise dispose of real property.
1974 classification of Sales Florida power &Light Company and United States 51%
)
~ ~ ~ ~ Residential
~ ~ ~ ~ $
Commercial 34%
40%
g"" Induslrl 8%
al ~ ~ ~ ~.
Public Authority
~
""'andother ""
Floride Power Total
&Light Industry sowcss fpL snd Edrson rroctrio snsassra Price per Kilowatt Hour Paid by Residential Customers Florida Power &LightCompany and United States 3.0 2.3 27 23 It 23 2.1 FPL cs es 3$
es 87 es ee 70 71 72 73 74 sosros; rpL snd adison arocrrro rnssrsss Earnings per Sharee and Dividends per Share 3 Pcr snare 350 3.00
~ Earntnos tl Dnttdsnds Pafd 220 ss 3$
es 37 es es 70 71 72 73 74 tn 11th aaowsnco ror rondo rrsod dwlne~ sras csrsssrrrsd
KWHSales per Restdent tat Customer Flortda Powers Ltght Company and United Statee 12l000 II@00
, ~
~
Customer and Sales During 1974, customers increased by 5% or 87,338, as FPL continued to add more customers than any other utility.The total customers served at year end was 1,721,841.
)
10.000 8.000 II 8.000 8
t2 e.000 PL S.A During the period 1963 through 1973, KWH sales grew at a compound annual growth rate of 12.8%.
In 1974, KWH sales increased less than 1% over 1973, as use per customer declined due to conservation and consumer reaction to higher prices. However, even with the decline in usage, FPL residential customers continue to use approximately 40% more than the national average.
63 64 63 68 87 68 63 70 7'I 72 73 74 source c rpi. nnd Ed'ecn occeic Incdnnn UtilityPlant Investment 3 MeiiknW 3500 64 65 68 87 68 68 70 71 72 73
'74 Capttatizatlon Ratios Percent 70 10 63 68 87 68 68 70 7'I 72 73 74
The Economy
~
~
~
The Census Bureau estimated Florida's population of 8,090,000 at'mid-1974, an increase of 345,000 people in the preceding 12 months. The increase was the largest recorded by any state, both numerically and in percent. Florida's population has increased by 1,301,000 since the 1970 Census, 36%
more than any other state. Recent Census Bureau studies anticipate that Florida willcontinue to be the nation's fastest growing state, with a population of almost 11 millio'n in 1990, about 36% higher than 1974.
Because of Florida's unique population mix, electric customers increase at an even faster pace than numbers of people. About 15% of all Floridians are in the retirement age category, and usually represent not more than two persons per household.
In addition, there is a rapidly growing number of second homes occupied by people who do not appear in the population count, although their presence is felt in local purchases of goods and services, and in payment of taxes.
Despite a still growing population, Florida's huge housing industry suffered during the past year as credit restraints and soaring interest rates made mortgage money both scarce and expensive.
Many retirees and others planning a move to Florida found it necessary to defer their move pending more favorable conditions. As a surplus of new housing began to accumulate, contracts let for new housing units decreased, and the 1974 total was nearly 50% below the 1973 record levels. Even so, contracts numbered 132,585 new units, a greater number than was recorded in any other state.
Ten Year Population Growth Percent Increase, 1954-1974 51'/o j
FPL SSNfce Territory 94'/o Florida Excfuding FPL Terrttory sowcet tLs, sweev ol the ceneve unlrereitr ol rtortte Number ol Residential Electric Customers Per Thousand of Population Florida and U.S.A.
U.s 66 66 67 66 SS 70 71 72 76 74 sovroet tl, s. svreev ol the cereve ErntOn Efeotrlc Inehtote Construction Contracts Let Number of Dwelling Unlls per Tttousand of Population TEN LARGEST STATES 1974 f64 7.6 4.7 6.6 6.2 0~0!II I;!
Sovrcei rrrcorew letfrF.W. Oerttre Otrteton
Index 180 110 Manufacturing Employment Florida and United States lndSX: 1964 eee 100 Fla.
U.S.
Decreasing employment in contract construction and satellite industries was sharply felt, because construction workers made up 10% of the State' non-agricultural employment, compared to about 5%
nationally.
Florida's unemployment
- rate, traditionally lower than the nation's, moved up to slightly exceed the national rate. Even so, there were 227,600 workers still engaged in construction at year end, or 8.2% of total employment. One stimulus to such employment is the continuing high volume of non-residential building, exceeding even 1973's $1.6 billion volume.
Florida's increasingly important manufacturing industries experienced approximately level activity during the year, largely because the slowdown in building-oriented industry offset increases in other sectors.
SC SS 88 87 SS SS 70 71 72 78 74 soorce: v.s. end riorece oeoerrmcnce or commerce 173) 10.1 21.8 Number of Tourists Visiting Florida Millions An estimated 24.5 million tourists visited Florida in 1974, down about a million from the previous year. The decline was especially sharp in the early months, when gasoline was in short supply. Tourist expenditures increased, however, and were estimated at more than $6 billion, up nearly 11%
over 1973. Tourist volume experienced a sharp resurgence during the holiday season late in 1974, and reservations are reported near capacity in some areas through Easter of 1975. Characteristics of the winter and summer visitor differ somewhat, and it is too early to assess effects of economic recession on the year as a whole.
Florida's agriculture has a promising outlook in the face of other uncertainties. Good weather, large crops and high prices indicate that final results of 1974 farm marketings willbe well above $2 billion.
SS 88 87 SS 80 70 71 72 78 74 sorrrce; etorlde oecenmenl or oomnmrce Cash Receipts from Farm Marketings Rorlda 3 Million I
I cr 66 66 67 66 69 70 71 72 73 74 screen; IA8 eeceee
~ rt or Asncorrore
Fuel FPL's fossil fuel steam plants, except an oil-burning plant at Ft. Myers and two oil-burning units at Sanford, burn both residual oil and natural gas. The gas turbines burn distillate oil and natural gas. Two nuclear units are in operation at the Turkey Point plant.
Residual oil is supplied under total requirements contracts expiring in 1977, with the oil coming primarily from Venezuela. The gas is supplied under firm contracts, the earliest of which expires in 1979. A reduction of about 7~/2% in gas deliveries was experienced in 1974 and an additional 3%
reduction is expected in 1975 due to a decline in the output from the wells. Distillate oil is supplied under shorter term contracts and open market purchases.
Fuel for the Turkey Point nuclear units is provided under a 10-year energy supply agreement until 1982 and 1983. The first and second nuclear fuel cores for St. Lucie No. 1 are being purchased under a single contract covering the entire fuel cycle. A similar contract is being negotiated for St. Lucie No. 2.
During 1974, there were six increases in the price of residual oil. Oil delivered to Port Everglades was
$12.38 per barrel in December 1974 as compared to $6.98 for December 1973. In January 1975, another 300 per barrel increase became effective.
In March 1975, the price per barrel was decreased 15'.
The impact that government proposals for price equalization, energy or tax proposals, or future legislation relating to the energy crisis willhave on FPL can not presently be determined.
Fuel Supply Service, Inc. entered into a joint oil and gas exploration venture in Florida with Amoco Production. The first three wells proved dry; drilling is continuing.
During 1974, 22/o of FPL generation was from nuclear fuel at an average cost of 1.74 mills per KWH. The cost of residual oil was 18.06 mills per KWH and residual oil accounted for 50/o of generation.
Expenditures for New Construction 1975-1979 Est tmated
$ Mlltlons 519 363 91 88 176 110 133 149 656 250
,90 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79 Low Sulphur Fuel Oil Cost per Barrel-Port Everglades Fuel Cost per Net KWH Generated Mills 18 14 12
'lg 1970 1971 1972 1973 1974 1975 6
aaaagggHl Percent Generation by Fuel Type
~ Oil
~ Natural Gas
~ Nuclear
~ Gas Turbine 31 24 24 46 42 25 76 75 76 54 58 61
, 1964 1965 1966 1967 1968 1969 1970 1971 1972 1973 1974
Plants Under Construction or Planned Plant Fuel Type Scheduled Completion Date Net KW Warm Weather Capability Palatka Plant Combined Cycle St. Lucie Plant Unit No. 1 Unit No. 2 Manatee Plant Unit No. 1 Unit No. 2 Martin Plant Unit No. 1 Unit No. 2 Fort Myers Gas Turbine Residual Oil Nuclear Nuclear Residual Oil Residual Oil Residual Oil Residual Oil Residual Oil 1976 1975 1980 1976 1977 1979 1981 1978 484,000 802,000 802,000 775,000 775,000 775,000 775,000 85,000 Megawatts 13,000 12,000 11,000 Net Capability and Peak Load Megawatts tCII Ch CI CuO CCI I
CII 1
Martin No. 1 Ft. Myers Manatee No. 2 10,000 9,000
~ 60 Minute Net Peak Load 1975-1979 Estimated IA crI CI ICI crr Manatee No. 1 Palatka St. Lucis No. 1 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1I000 0
CO CCI N
v ICI C9 IA C) ccrc Peak Loads-MW 60 Minute Net 1964 2,372 1965 2,529 1966-2,914 1967-3,160 1968 3I789 1969-4,329 1970 5,001 1971 5,378 1972 6,011 1973 6,894 1974 7,235 1975-7,600 1976 8,080 1977 8,710 1978 9I390 1979 10,120 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 79
Revenue and Rates FPL rates except for wholesale sales, are regulated by the Florida Public Service Commission (FPSC). Rates for wholesale sales are regulated by the Federal Power Commission.
In 1973, rate increases totaling $60.8 million became effective, in three steps.
On August 2, 1974, the Company filed a petition with the Florida Public Service Commission for a rate increase of
$143 million based on an estimated 1974 test year and 1974 year-end rate base, seeking to establish a rate of return of 9.12/o to 9.28 h. Approximately $50 millionof the requested rate increase would reflect proposed accounting and regulatory changes designed to improve cash flow without increasing earnings. The principal proposed changes are (a) the inclusion of $200 million of additional construction work in progress in the rate base, with concomitant reduction in the Allowance for Funds Used During Construction, and (b) full normalization of book-tax timing differences. Direct testimony of FPL witnesses was held in November 1974. If the Commission has not rendered a decision by April 2, 1975, the proposed rates based on the $143 million will be put into effect under bond subject to refund. At the cross-examination hearings in March, 1975, FPL presented testimony based on actual data for the 1974 test year which increased the request for rate relief to $164.8 million to produce a rate of return of 9.32k.
In November 1974, FPL filed a motion with the Florida Public Service Commission seeking partial interim rate relief in the amount of approximately $69 million on an annual basis. The request was based on the 8.57/o minimum rate of return approved by the Commission in 1973 and was part of the $143 million request filed in August 1974.
On January 10, 1975, the Commission issued an order granting the full amount of the interim rate relief, subject to refund and under bond pending final determination of FPL's full rate request. The increase went into effect with meter readings on and after January 28, 1975. The Public Counsel of Florida has appealed the order.
All FPL rate schedules contain a fossil fuel adjustment clause which gives effect to changes in efficiency and the cost of fossil fuel as well as the generation mix of fossil and nuclear, and includes the fuel portion of purchased power.
In November 1974, the Commission issued an order in the general investigation of the fossil fuel adjustment clause. The order, among other things, required public notice and monthly hearings for changes in the level of fuel adjustment charges, and adopted a new clause, substantially similar to the previous one, covering fossil fuel and purchased power.
Financial and Statistical Tables Florida Public Service Commission WilliamT. Mayo, Chairman (Term expires January 1979)
William H. Bevis (Term expires January 1979)
Paula F. Hawkins (Term expires January 1977)
COnSOjjdated BajanCe Sheet (Year End)
ASSETS:
Electric UtilityPlant (at original cost):
In service Held for future use Less accumulated depreciation..........
Net Construction work in progress...........
Nuclear fuel Electric utility plant less accumulated depreciation.....
Other Property And Investments:
Storm damage reserve fund.............
Construction funds held by Trustee......
Non-utility property, etc.................
Total other property ft investments Current Assets:
Cash and cash items Accounts receivable:
Customers, less reserve...............
Employees and miscellaneous.........
Fossil fuel stock-at average cost.......
Materials and supplies at average costnet Other current assets...................
Total current assets..............
Deferred Debits Total 1974 1973 1972 1971 1970 (Thousands of Dollars) 1969 2,026,594 715,740 23,651 1,809,524 1,551,697 407,001 379,843 23,708 23,104 1,252,466 394,484 11,138 1,123,841 1,015,274 242,221 148,256 2,766,185 2,240,233 1,954,644 1,658,088 1,366,062 1,163,530 13,838 18,921 2,651 13,233 8,802 1,128 12,202 500 12,699 3,346 11,712 434 11,268 475 1'f,743 12,146 12,702 16,045 35,410 23,163 1,578 2,972 2,865 9,155 10,685 26,767 63,127 3,826 37,921 49,531 6,168 15I336 37)933 4,494 7,721 30,266 3,398 4,670 23,028 3,211 3,390 21,655 2,612 3,352 60,852 13,268 51.146 7,374 38.781 6,533 37,814 4,392 34,334 4,960 29,914 3,875 132,420 89,695 97,040 88,175 79,608 181,966 8,869 508 578 4,378 235 625
$2,992,430
$2,400,194
$2,068,237
$1,761,063
$1,458,051
$1,264,073
$2,461,325
$2,2031795
$1,896,925
$1,574,260
$ 1,402,214
$1,268,966 51,481 29,441 26,063 10,691 18,852 12,701 486,212
423,712 371,291 332,485 297,225 266,393 1964
$770,133 2,825 150,734 622,224 69,016 691,240 8,720 492 9,212 10,543 13,813 1,275 2,258 15,812 2,297 45,998 865
$747,315 LIABILITIES:
Shareholders'quity:
Preferred stock Common stock Capital stock premium and expense......
Retained earnings......................
Total common equity.............
Total shareholders'quity.........
Long-Term Debt Total capitalization...............
Current Liabilities:
Notes payable Long-term notescurrent portion........
Accounts payable trade...............
Customers'eposits...................
Income taxes accrued..................
Other taxes accrued...................
Interest accrued Other current liabilities.................
Total current liabilities...........
Deferred Credits:
Unamortized investment credit..........
Contract retentions Accumulated deferred income taxes.....
Other deferred credits..................
Total deferred credits............
Reserves:
Storm damage Injuries and damages and other..........
Total reserves Contributions In Aid Of Construction.......
Total...,.................,.....
36,250 36,250 36,250 136,250 96,250 186,250 299,242 (2,039) 172,800 299,242 (2,105) 200,774 502,335 (2,193) 95,936 569,095 (2,199) 148,058 613,907 (3,090) 260,892 613,907 (2,433) 212,107 470,003 497,911 596,078 823,581 714,954 871,709 506,253 534,161 632,328 811,204 959,831 1,057,959 600,926 670,519 860,021 965,639 1,454,591 11120,645 2,512,550 1,492,349 1,204,680 1,107,179 2,080,476 1,776,843 132,469 11,597 35,222 50,833 6,236 30,666 31,086 37,796 58,800 19,946 38,297 13,621
'l4,'f26 14,458 29,776 37,000 25,830 46,723 15,269 23,890 21,960 37,918 36 10,008 32,233 13,344 10,781 5,746 18,914 71,624 15,181 35,037 14,497 11,959 8,854 26,168 80,504 18>616 42,209 6,871 16,813 16,429 26,115 335,905 208,590 207,557 189,024 183,320 91,062 47,248 6,651 73,009 1,203 39I781 7,183 44,312 4,656 30,516 10,740 24,033 4,666 19,278 9,453 15,681 5,165 17,160 8,742 12,354 5,332 16,864 8,505 12,296 4,602 43,588 49,577 69,955 128,111 95,932 42,267 13,838 2,026 13,233 1,963 11,268 2,184 12,699 1 ~183 12,202 1,295 11,712 1,810 15,864
'I3,522 15,196 13,497 13,882 13,452 12,941 16,616 10,113
$2,992,430
$2,400,194
$2,068.237
$1,761,063
$1,458,051
$1,264,073
$ 36,250 234,202 (2,007) 58,537 290,732 326,982 263,961 590,943 17,000 6,173 22,859 26,643 7,257 3,950 31,360 115,242 4,213 17,100 2,144 23,457 10,123 2,404 12,527 5,'l46
$747,315 10
Consolidated Statement of Income OPERATING REVENUES:
Revenue from electric energy sales Other revenues Total operating revenues..........
OPERATING EXPENSES:
Fuel Oil Fuel Gas..............................
Fuel Nuclear..
Total fuel Other production operation..............
Interchange power net..................
Transmission operation..................
Distribution operation...................
Customer accounting, sales and administrative
& general operation...................
Maintenance Total operation and maintenance....
Depreciation and amortization..............
Taxes other than income taxes..............
Federal income taxes State income taxes........................
Income taxes deferred Charge equivalent to the investment credit...
Amortization of investment credit............
Total operating expenses..........
OPERATING INCOME OTHER INCOME (DEDUCTIONS):
Net allowance for funds used during construction Taxes on other income....................
Other Other income net...............
INCOME BEFORE INTEREST CHARGES.......
INTEREST CHARGES:
Interest on mortgage bonds.................
Interest on other long-term debt.............
Other Interest Total interest charges.............
NET INCOME Preferred dividend requirements............
NET INCOME APPLICABLE TO COMMON STOCK 1974
$943,297 7,758 951,055 338,695 47,748 13,672 400,115 20,725 (4,215) 3,981 30,844 86,186 57,472 595,108 74,775 71,241 12,736 2,405 28,698 9,254 (1,786) 792,431 158,624 39,907 11,637 (1,695) 49,849 208,473 78,723 9,892 14,384 102,999 105,474 11,654
$ 93,820 EARNINGS PER SHARE OF COMMON STOCK..
2.76 1973
$709,853 4,159 714,012 153,639 43,192 7,775 204,606 17,337 (5,500) 3,406 29,125 76,042 51,290 376,306 64,815 59,746 28,713 4,560 20,279 10,624 (1,360) 563,683 150,329 25,961 6,729 662 33,352 183,681 61,913 7,214 5,996 75,123 108,558 6,533
$102,025 3.09 122,250 41,964 183 164,397 11,256 3,136 2,765 25,546 60,054 41,830 308,984 52,898 47,071 23,500 3,939 8,353 12,621 (920) 456,446 114,397 76,993 45,108 122,101 9,444 700 2,411 22,818 51,892 36,948 246,314 47,195 40,677 37,582 3,326 2,921 (803) 377,212 107,618 44,508 42,249 86,757 7,635 (1,694) 2,173 21,368 50,762 31,438 198,439 42,327 35,266 42,203 59 1,056 (761) 318,589 97,463 30,444 8,507 (87) 38,864 153,261 18,052 5,536 (148) 23,440 131,058 (175) 314 139 97,602 53,666 3,004 6,774 63,444 89,817 2,076
$ 87,741 2.69 46,077 562 5,418 52,057 79,001 1,615
$ 77,386 2.56 34,730 248 3,397 38,375 59,227 1,615
$ 57,612 1.97 1972 1971 1970 (Thousands of Dollars)
$567,334
$482,752
$414,295 3,509 2,078 1,757 570,843 484,830 416,052 1989
$367,794 1,716 369,510 35,111 37,797 72,908 6,280 (1,051) 2,042 17,851 42,208 23,476 163,714 38,247 31,365 49,386 (923) 3,024 (640) 284,173 85,337 (551) 1,164 613 85,950 30,359 248 1,916 32,523 53,427 1,615
$ 51,812 1.86 1964
$234,761 961 235,722 26,727 13,794 40,521 3,787 75 1,018 9,112 25,741 12,902 93,156 27,888 18,386 42,727 (869) 1,999 (93) 183,194 52,528 (303) 134 (169) 52,359 9,912 275 2,077 12,264 40,095 1,615
$ 38,480 S
1.41
Consolidated Statement of Changes in Financial Position SOURCE OF FUNDS:
Current operations:
Net income Depreciation Charge equivalent to the investment credit and deferred income taxes, less amortization Net allowance for funds used during construction Total Sale of First Mortgage Bonds...............
Reimbursement by Trustee from Pollution Control Revenue Bonds for construction expenditures Issuance of other long-term debt...,........
Sale of common stock Sale of preferred stock....................
Other sources net Decrease in working capital................
Total APPLICATION OF FUNDS:
Construction expenditures..........
Construction funds held by Trustee Nuclear fuel.
Retirement and current maturity of long-term debt Dividends paid Other applications Increase in working capital........
Total CHANGE IN WORKING CAPITAL EFFECTED BY:
Increase (Decrease) in current assets:
Cash Temporary investments..................
Accounts receivable Materials and supplies...................
Fossil fuel stock Other changes net Decrease (Increase) in current liabilities:
Notes payable Accounts payable Customers'eposits Income taxes accrued...................
Other taxes accrued Contract retentions Tax collections payable..................
Interest accrued Other changes net INCREASE (DECREASE) IN WORKING CAPITAL 1974
$105,474 74,775 36,165 (39,907) 176,507 225,151 21,713 129,531 50,000 5,343 77,769
$686,014
$564,823 6,832 143 50,252 56,688 7,276
$686,014 107 11,254 9,707 22,584 5,894 (106,656)
(9,802)
(4,110) 9,033 (6,776)
(2,474)
(3,704)
(9,126) 6,300
$ (77,769) 1973 Total 1972 1971 1970 1970-1974 (Thousands of Dollars)
$108,558 64,815
$ 89,817 52,898
$ 79,001 47,195
$ 59,227 442,077 42,327 282,010 29,543 20,054 5,444 (25,961)
(30,444)
(18,052) 176,955 120,363 132,325 50,391 113,588 180,791 354 91,560 (114,364) 701,283 646,767 101,908 70,071 27,198 44 44,812 40,013 7,938 63,608 66,760 60,079 2,179 11,187 10,000 53,092 7,269 9,402 100,826 48,911 203,183 164,664 150,092 32,131 189,782
$417,323
$386,529
$364,740
$282,207
$2,136,813
$332,820 604 750 44,509 4,293 34,347
$327,302 11,966 7,625 37,695 1,g41
$312,913
~ 11,138 33,839 2,467 4,383
$250,108
$1,787,966 6,832 23,851 58,627 31,253 203,984 846 16,823 38,730
$417,323
$386,529
$364,740
$282,207
$2,136,813 (3,948)
(19,847) 42,685 30,938 34,569 9,394 1,287 13,272 12,364 7,616 841
$ (7,576) 8,762 967 3,052 2,141 1,015 (17,097) 1,971 4,420 38 1,086 1,219 (2,750) 7,426 3,480 1,279 (568)
(143,633)
(25,623)
(18,600) 7,108 (19,884)
(3,245)
(6,442)
(25,340)
(9,184)
(71,588)
(5,173)
(2,804)
(1,153)
(1,178)
(813)
(889)
(3,108)
(5,553)
(21,704)
,1,330 (3,912) 6,750 (2,686) 3,092 (107)
(1,971) 675 43,504 (7,214)
(4,514)
(8,398)
(7,077)
(2,439)
(1l405)
(5,531)
(7,959) 12,811 (4,764)
(3,260) 876 (2,167)
(611)
(337)
(5,604)
(2,647)
$ 34,347
$ (11,187) 4,383
$ (100,826) $ (151,052)
Total 1965-1974 679,230 445,683 99,596, (114,364) 1,110,145 989,948 48,911 2031183 229,704 150,092 57,656 205,357
$2,994,996
$2,436,047 6,832 23,851 58,627 327,230 21,748 120,661
$2,994,996 (4,058)
(3,500) 51,866 45,039 35,663 10I971 (126,633)
(30,739)
(27,974) 20,407 (23,408)
(4,505)
(8,806)
(27,136) 8,117 (84,696)
Retained Earnings, lncorne Tax Statistics and Financial Statistics CONSOLIDATED STATEMENT OF RETAINED EARNINGS (000)
Balance at beginning of year Net income Total 1974
$212,107 105,474 317,581 1973 1972 1971 1970 1969
$148,058
$ 95,936
$200,774
$172,800
$147,537 108,558 89,817 79,001 59,227 53,427 256,616 185,753 279,775 232,027 200,964 1964
$ 38,670 40,095 78,765 Deduct cash dividends Preferred stock:
4.50% (all series) 4.32%
series D
4.35% series E
7.28%
series F
7.40%
series G
9.25%
series H
1,181 216 218 4,368 3,264 2,326 1,181 216 218 4,465 1,181 216 218 1,181 216 218 1,181 216 218 1,181 216 218 1,181 216 218 Common stock Total after dividends Transfer to common stock Other net Balance at end of year 45,116 260,892
$260,892 38,429 212,107 36,080 148,058 32,224 29,638 26,549 245,936 200,774 172,800 (150,000)
$212,107
$ 148,058
$ 95,936
$200,774
$172,800 18,632 58,518 19
$ 58,537 INCOME TAX (as a percent of pretax income)
Computed at statutory rate............
Increases (Reductions) in tax resulting from:
Pension costs and taxes capitalized Allowance for funds used during construction............
Depreciation State income taxes net of Federal tax benefits............
Others net Recorded income tax expense.........
48.0%
(3.3)
(13.2)
(3.5) 1.5 (2.2) 27.3%
(2.4)
(7.6)
(3.2) 1.9 (2.7) 34 0%
(3.6)
(11.3)
(4.3) 1.6 (2) 30.2%
(3.1)
(7.4)
(4.0)
(1 3) 32.2%
(.9)
(3.7)
(2.7) 41.9%
(4)
(1.6)
(1 8) 49 0%
48.0%
48.0%
48.0%
49.2%
52.8%
N.A.
TIMES INTEREST EARNED Before Taxes Interest on mortgage bonds..
Interest on long-term debt,...
Total interest charges....
After Taxes Interest on mortgage bonds..........
Interest on long-term debt.......,....
Total interest charges...............
FIXED CHARGE COVERAGE (SEC basis)..
3.2 2.8 2.4 2.6 2.4 2.0 2.4 3.9 3.5 3.2 3.0 2.7 2.4 3.1 3.6 3.4 3.0 2.9 2.7 2.4 3.0 3.7 3.6 3.2 2.8 2.8 2.5 3.2 4.0 4.0 3.7 2.8 2.8 2.5 3.6 4.5 4.5 4.2 2.8 2.8 2.6 4.2 9.7 9.5 7.9 5.3 5.1 4.3 7.2 TIMES INTEREST AND PREFERRED DIVIDENDS EARNED (After Taxes) 1.8 2.2 2.3 2.4 2.4 2.5 3.8 EMBEDDED COST OF LONG-TERM DEBT
(% )-YEAR END 7.27 6.43 6.18 6.08 5.65 5.36 3.97 13
Long-Term Debt December 31, 1974 Series First Mortgage Bonds:
8'/
3%
3V2%
3%
8V2%
3V2%
8%% (issued May 1974)....
37/20/
3V2%
3'%2/2%...................
~.....
~
~
~
~
~
~
4V2%
4V2%
5%
4V2%
4%%
4V2%
5%
6%
6V2%
7%
8%
7'%2/i%
Ys%
7V2%
8V2% (issued January 1974)
Total first mortgage bonds 10V~% Notes (issued November 1974)
Note, 1% over prime.
Bank Notes (under term loan agreement)
Installment Purchase and Security Contracts:
Dade County, 5.40%
St. Lucio County, 6% (issued February 1974)
Promissory Notes:
7V2%
4%
6% (assumed August 1974)
Total long-term debt Due July 1975 July 1977 June 1978 June 1979 August 1980 November 1981 May 1982 April 1983 November 1984 April 1986 December 1986 May 1987 April 1988 June 1989 August 1992 April 1994 March 1995 December 1995 December 1996 December 1997 June 1998 December 1998 June 1999 January 2001 September 2001 June 2002 January 2003 January 2004 November 1981 February 1982 June 1979 October 2007 January 2004 November 1976 February 1976 Various to January 1987 70,000 10,000 11,000 10,000 50,000 10,000 100,000 15,000 10,000
'l5,000 15,000 15,000 20,000 25,000 25,000 35,000 40,000 40,000 40,000 60,000 60,000 50,000 50,000 80,000 100,000 50,000 70,000 125,000 1,201,000 125>000 10,584 50,000 33,850 25,000 14 66 7'6 26 24 111 25 146 75 7
21 35 73 54 18 81 314 331 504 134 107 594 490 216 105 596 358 209 75 4,752 312 70,007 10,016 11,026 10,024 50,111 10,025 100,146 15,075 10,007 15,021 15,035 15,073 20,054 25,018 25,081 35,314 40,331 40,504 40,134 60,107 60,594 50,490 50,216 80,105 100,596 50,358 70,209 125,075 1,205,752 125,312 10,584 50,000 33,850 25,000 14 66 4,013
$1,449,527
$5,064 4,013
$1,454,591 Principal Unamortized Amount Premium Total (Thousands of Dollars)
'Interest is based on the current commercial loan interest rate up to a maximum average interest rate of 7%% over the term of the loan.
14
Shareholders'quity, Capitalization Percentages and Common Stock Statistics SCHEDULE OF PREFERRED STOCK AND COMMON STOCK EQUITY, DECEMBER 31, 1974 PREFERRED STOCK ($100 PAR VALUE, CUMULATIVE)
Series 4.50/o (including A, B, C) 4.32/o D
4.35o/o E
7.28o/o F
7.40o/o G
9.25/o H (issued May 1974)
Total preferred stock..
. Amount (Thousands of Dollars) 26,250 5,000 5,000 60,000 40,000 50,000 186,250 COMMON STOCK EQUITY Common stock Capital stock premium and expense Premium on preferred stock Preferred stock expense (deduction)
Common stock expense (deduction)
Total stock premium and expense Retained earnings Total common stock equity TOTAL SHAREHOLDERS'QUITY.
TOTAL CAPITALIZATION 613,907 210 (1,245)
(2,055)
(3,090) 260,892 871,709
$1,057,959
$2,512,550 CAPITALIZATIONPERCENTAGES YEAR END Long-term debt Preferred stock Common stock equity COMMONSTOCK'974 57.9 7.4 34.7 1973 1972 1971 1970 53.9 54.3 57.6 55.7 6.5 5.4 2.4 3.0 39.6 40.3 40.0 41.3 1969 54.3 3.3 42.4 1964 44.7 6.1 49.2 Shares year end (000)..................
Shares weighted average (000)...........
Earnings per share weighted average.'....
Allowance for funds used during construction per share (included In earnings per share)
Dividends paid per share.............,....
Dividend payout,
/o Dividend rate at year end..................
Market value (NYSE)
High Low.
Close Price earnings ratio (close)................
Book value end of year..................
Earnings on average equity,
/o.............
Number of shareholders...................
'Allyears adjusted for 2 for 1 stock split May 1972.
34,050 34,050
$2.76
$1.17
$1.325 48.1
$1.36 29V4 13Vs 15'.6
$25.60 11.1 30,297 34,050 33,057
$3.09
$0.79
$1.160 37.5
$1.22 40Vs 23V4 24Vs 8.0
$24.19 13.3 28,973 32,800 32,576
$2.69 30,800 30,276
$2.56 29,200 29,200
$ 1.97 44Vs 28 39%
14.6
$21.80 13.4 28,941 38Vs 28Vs 36Vs 14.2
$19.35 14.2 26,719 37'7 Vs 36Vs 18.3
$17.05 11.9 26,946
$0.93
$0.60
$1.100
$1.060
$1.015 40.9 41.6 51.4
$1.10
$1.06
$1.06 29,200 27,876
$1.86
$0.955 51.2
$1.00 38Vs 32Vs 34 18.3
$16.10 11.9 27,096 27,200 27,200
$1.41
$0.685 48.4
$0.70 42Vs 35ys 37r/s 26.9
$10.69 13.7 30,032 15
Financial Statistics DISTRIBUTION OF INCOME BEFORE INTEREST PERCENT Interest charges Preferred dividend requirements........
Net income applicable to common stock..
1974 49.4 5.6 45.0 1973 40.9 3.6 55.5 1972 41.4 1.4 57.2 1971 39.7 1.2 59.1 1970 39.3 1.7 59.0 1969 37.8 1.9 60.3 1964 23.4 3.1 73.5 PERCENT OF OPERATING REVENUE Operating Expenses Fuel - oil Fuel - gas Fuel - nuclear Total fuel.
Other generation expenses
& interchange Transmission-operation.................
Distribution-operation Customer accounting, sales and administrative and general operation..
Maintenance Depreciation and amortization.....,.....
Taxes other than income................
Income taxes Total operating expenses.........
Operating income Other income net Income before interest Interest charges Net income Preferred dividend requirements...........
Net income applicable to common stock....
35.6 5.0 1.5 42.1 1.7
.4 3.2 9.1 6.0 7.9 7.5 5.4 83.3 16.7 5.2 21.9 10,8 11.1
'.2 9.9'1.5 6.0 1.1 28.6 1.6
.5 4.1 10.6 7.2 9.1 8.4 8.8 78.9 21.1 4.6 25.7 10.5 15.2'9 14.3'1.4 7.4 Nil 28.8 2.5
.5 4.5 10.5 7.3 9.3 8.3 8.3 80.0 20.0 6.8 26.8 11.1 15.7
.4 15.3 15.9 9.3 25.2 2.1
.5 4.7 10.7 7.6 9.7 8.4 8.9 77.8 222 4.8 27.0 10.7 16.3'3 16.0'0.7 10.2 20.9 1.4
.5 5.1 12.2 7.6 10.2 8.5 10.2 76.6 23.4 23.4 9.2 14.2
.4 13.8 9.5 10.2 19.7 1.4
.6 4.8 11.5 6.3 10.3 8.5 13.8 76.9 23.1
.2 23.3 8.8 14.5
.4 14.1 11.3 5.9 17.2 1.6
.4 3.9 10.9 5.5 11.8 7.8 18.6 77.7 223
(,1) 22.2 5.2 17.0
.7 16.3 OPERATING REVENUE, EXPENSES AND INCOMEMILLS PER KWH SOLD Revenue Revenue from energy sales...............
Other revenue Total operating revenue............
Operating expenses Fuel - oil Fuel - gas, Fuel - nuclear Total fuel Other generation expense and interchange Transmission - operation.................
Distribution - operation Customer accounting, sales and administrative & general - operation.....
Maintenance Total operation and maintenance....
Depreciation and amortization............
Taxes other than income.................
Income taxes Total operating expenses..........
Operating income Other income net Income before interest....................
Interest charges..............
~.
~
Net income Preferred dividend requirements............
Net income applicable to common..........
28.9 2
29.1 10,3 1.5
.4 12.2
.5
.1
.9 2.6 1.8 18.1 2.3 2.2 1.6 24.2 4.9 1.5 6.4 3.1 3.3
.4 2.9 21.9
.1 22.0 4.7 1.3 3
6.3
,4
.1
.9 2.3 1.6 11.6 2.0 1.8 2.0 17.4 4.6 1.0 5.6 2.3 3.3
.2 3.1 19.6
.1 19.7 4.2 1.5 Nil 5.7
.5
.1
.9 2.1 1.4 10.7 1.8 1.6 1.6 15.7 4.0 1.3 5.3 2.2 3.1
.1 3.0 18.7
.1 18.8 3.0 1.8 4.8
.4 2.0 1.4 9.5 1.8 1.6 1.7 14.6 4.2
.9 5.1 2.0 3.1
.1 3.0 17.9
.1 18.0 1.9 1.8 3.7
.3
.1
.9 2.2 1.4 8.6 1.8 1.5 1.9 13.8 4.2 4.2 1.6 2.6
.1 2.5 18.0
.1 18.1 1.7 1.8 3.5
.3
.1
.9 2.0 1.2 8.0 1.9 1.5 2.5 13.9 4.2 4.2 1.6 2.6
.1 2.5 21.4
.1 21.5 2.4 1.3 3.7
.3
.1
.8 2.4 1.2 8.5 2.5 1.7 4.0 16.7 4.8 4.8 1.1 3.7
.2 3.5
- Includes Allowance for Funds Used During Construction equal to 4.2% of revenue in 1974, 3.6% in 1973, 5.3% In 1972 and 3.7% in 1971.
16
UtilityPlant Statistics DETAIL OF UTILITYPLANT IN SERVICE (000) YEAR END Production Steam Nuclear Gas turbines Total production.............
Transmission Distribution General and other Contributions In aid of construction Unclassified Total plant in service.........
DEPRECIABLE PLANT 1974 S
542,408 235,512 166,236 944,156 407,754 1,053,394 85,973 (29,952)
$2,461,325
$2,400,306 1973 1972 1971 1970 1969 540,429 492,219 439,598 420,604 423,437 231,254 108,724 109,942 109,833 70,906 33,575 881,625 710,776 510,504 454,179 423,437 341,198 930,745 75,315 308,799 828,588 71,083 283,906 255,015 240,399 719,799 639,313 559,628 60,051 53,707 45,502 (25,088)
(22,321)
$2,203,795
$1,896,925
$1,574,260
$1,402,214
$1,268,966
$2,144,350
$1,850,942
$1,535,745
$1,367,341
$1,235,825 1964
$264,148 264,148 142,667 339,305 24,013
$770,133
$752,351
SUMMARY
OF NET CHANGE IN PLANT (000)
Nuclear fuel Gross additions (net of transfers)..........
Equipment refunds and adJustments........
Contributions in aid of construction........
To(al Less plant retired or sold.................
Net change In total plant..........
S 143 607,239 (3,041) 604,341 15,889 588,452 S
604 11,966 S
11,138 355,349 361,989 330,965 250,345 149,245 (48)
(1,506)
(22,321) 354,447 351,634 342,103 250,345 149,197 16,438 16,272 14,817 16,981 7,915 338,009 335,362 327,286 S
233,364 141,282 S
90,677 90,677 20,571
$ 70,106 PLANT RATIOS (all at Year End)
Accumulated depreciation as a percent of-Totai plant (excluding nuclear fuel)........
Plant in service Depreciable plant Plant in service per-Dollar of revenue Thousand KWH sold........
KW of capacity Customer Percentage of mortgage debt to-Total utility plant (excluding nuclear fuel)..
Net utility plant (excluding nuclear fuel)...
Percentage of total debt to-
'Total utility plant (excluding nuclear fuel)..
Net utility plant (excluding nuclear tuel)...
CWIP as percent of net utility plant (excluding nuclear fuel)..................
Operating revenue as a percent of plant in service Operating revenue as a percent of net utility plant (excluding nuclear fuel)............
Operating income as a percent of net utility plant (excluding nuclear fuel).............
15.1 19.8 20.3 2.59 75.24 273.03 1,429.47 37.2 43.8 45.1 53.0 26.1 38.6 34.7 5.8 16.0 19.2 19.7 16.1 19.6 20.1 16.8 21.1 21.6 17.9 21.2 21.7 18.6 21.0 21.6 17.9 19.6 20.0 38.3 45.6 38.7 46.2 42.6 51.1 39.9 48.5 41.5 51.0 30.4 37.0 42.4 50.6 41.9 50.0 43.4 52.2 40.3 49.1 42.0 51.6 31.4 38.2 18.4 19.7 24.0 17.7 12.7 10.0 32.4 30.1 30.8 29.7 29.1 30.6 32.2 29.6 29.4 30.5 31.8 34.1 6.8 5.9 6.5 7.1 7.3 7.6 S
3.09 3.32 3.25 3.37 S
3.43 S
3.27 6'7.88 65.57 61.04.
60.66 62.07 70.40 265.23 281.39 273.26 263.92 249.65 285.13 1,348.30 1,252.78 1,125.52 1,078.07 1,039.16 826.83 17
Customers, Sales and Revenue Statistics (see notes below for various recfasslficatlons of customers.)
CUSTOMERS YEAR END Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
1974 1,541,861 169,222 9,090 1,628 40 1,721,841 1973 1972 1970 1971 1969 1,349,667 144,948 5,291 14,228 37 1,247,352 134,223 5,135 11,944 37 1,086,360 118,420 5,002 11,340 29 1,159,306 124,513 5,091 11,733 31 1,460,029 167,732 S,129 1,570 43 1,634,503 1,514,171 1,398,691 1,300,674 1,221,1 51 1984 824,223 94,577 4,253 8,360 20 931,433 CUSTOMERS YEAR END PERCENT CHANGE FROM PREVIOUS YEAR Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
CUSTOMERS AVERAGE Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
5.6
.9 77.2 3.7 (7.0) 5.3 1,498,262 168,991 7,147 1,596 39 1,676,035 8.2 15.7 (3.1)
(89.0) 16.2 7.9 1,397,228 158,977 5,275 6,129 39 1,567,648 8.2 8.0 3.0 19.1 8.3 1,289,027 139,743 5,208 12,099 37 1,446,114 7.6 7.8
.9 1.8 19.4 7.5 1,194,015 129,371 5,116 11,880 34 1,340,416 6.7 5.1 1.8 3.5 6.9 6.5 1,115,070 121,353 5,055 11,616 30 1,253,124 6.6 5.8 5.3 8.0 7.4 6.5 1,045,744 115,712 4,924 10,938 29 1,177,347 5.2 2.4 2.0 19.3 (13.0) 5.0 798,649 93,265 4,199 7,700 21 903,834 KWH SALES (000)
Residential Commercial.........
Industrial.......
Other Sales To Public Other Electric Utilities Total.........
16,802,406
~ ~.......
11,041,205 2.645,724 Authorities 746,991 1,474,810 32,711,136 5,061,242 3,495,504 1,500,229 660,655 221,255 14,652,751 8,389,494 2,468,343 2,295,132 1,122,088 13,080,408 7,394,967 2,236,290 2,129,657 947,230 16,822,976 10,180,485 2,754,969 11358,640 1,350,030 10,277,902 5,689,152 1,813,880 2,015,657 648,581 11,814,172 6,475,639 2,044,013 1,995,258 786,299 32,467,100 28,927,808 25,788,552 23,115,381 20,445,172 10,938,885 KWH SALES PERCENT Residential Commercial...................
Industrial.....................
Other Sales To Public Authorities Other Electric Utilities..........
Total.....'..............
51.4 33.7 8.1 2.3 4.5 100.0 51.8 31.3 8.5 4.2 4.2 100.0 50.7 29.0 8.5 7.9 3.9 100.0 50.7 28.7 8.7 8.2 37 100.0 51.1 28.0 8.9 8.6 3.4 100.0 50.3 27.8 8.9 9.8 32 100.0 46.3 32.0 13.7 6.0 2.0 100.0 KWH SALES PERCENT CHANGE FROM PREVIOUS YEAR Residential....................
Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
(1) 8.5 (4 0)
(45.0) 9.2
.8 14.8 21.3 11.6 (40.8) 20.3 12.2 12.0 13.4 10.4 7.8 18.5 12.2 10.7 14.2 9.4 6.7 20.5 11.6 14.9 19.0 13.8 8.3 12.7 (18.2)
(1.0) 77.5 21.2 28.0 13.1 15.2 13.6 9.0 10.0 22.7 17.4 12.2 NASA and USAF at Cape Canaveral transferred from Industrial to Other Sales To Public Authorities effective November, 1968.
During May and June, 1973, approximately 12,600 customers were transferred from Other Sales To Public Authorities as follows:
7,000 to Residential; 5,600 to Commercial.
During 1974, customers previously being classified as Residential and Commercial were transferred to Industrial.
Customers, Sates and Revenue Statlsties (See notes below for various reciassiiications of customors.)
REVENUE FROM ENERGY SALES (000)
Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
1974
$496,307 333,062 63,301 21,457 29,170
$943,297 1973 1972 1970 1969 1971
$382,215 238,867 46,594 25,824 16,353
$302,850 178,795 36,246 37,477 11,966
$258,271 151,842 30,874 32,664 9,101
$196,009 114,566 23,786 27,912 5,521
$223,330 129,028 26,555 28,581 6,801
$709,853
$567,334
$482,752
$414,295
$367,794 1964
$110,584 86,681 22,107 13,326 2,063
$234,761 REVENUE FROM ENERGY SALES (%)
Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
52.6 35.3 6.7 2.3 3.1 100.0 53.8 33.7 6.6 3.6 23 100.0 53.4 31.5 6.4 6.6 2.1 100.0 53.5 31.4 6.4 6.8 1.9 100.0 53.9 31.1 6.4 6.9 1.7 100.0 53.3 31.1 6.5 7.6 1.5 100.0 47.1 36.9 9.4 5.7
.9 100.0 REVENUE FROM ENERGY SALES PERCENT CHANGE FROM PREVIOUS YEAR Residential Commercial................,...
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
29.9 39.4 35.9 (16.9) 78.4 32.9 26.2 33.6 28.6 (31.1) 36.7 25.1 17.3 17.8 17.4 14.7 31.5 17.5 15.6 17.7 16.3 14.3 33.8 16.5 13.9 12.6 11.6 2.4 23.2 12.6 16.4 9.5 (10.5) 44.4 27.6 13.8 7.6 5.1 4.4 15.9 12.7 6.8 REVENUE FROM ENERGY SALES If PER KWH Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
2.95 3.02 2.39 2.87 1.98 2.88 2.27 2.35 1.69 1.90 1.21 2.19 2.07 2.13 1.47 1.63 1.07 1.96 1.97 2.05 1.38 1.53
.96 1.87 1.89 1.99 1.30 1.43
.86 1.79 1.91 2.01 1.31 1.38
.85 1.80 2.18 2.48 1.47 2.02
.93 2.15 REVENUE FROM ENERGY SALES PER CUSTOMER Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
KWH SALES PER CUSTOMER 331.26 1,970.89 8,856.98 13,444.26 747,938.28 562.81 273.55 1,502.53 8,832.98 4,213.49 419,302.62 S
452.81 S
234.94 1,279.46 6,959.68 3,097.53 323,405.41 S
392.32 216.30 $
200,28 1,173.69 1,063.25 6,034.79 5,253.21 2,749.49 2,460.49 267,676.47 226,700.00 360.15 $
330.61 S
187.43 990.10 4,830.63 2,551.84 190,379.31 S
312.39 138.46 929.40 5,264.89 1,730.60 98,238.81 S
259.74 Residential Commercial...................
Industrial Other Sales To Public Authorities Other Electric Utilities..........
Total...................
11,215 65,336 370,187 468,039 37,815,649 19,517 12,040 64,037 522,269 221,674 34,616,165 20,711 11,367 60,035 473,952 189,696 30,326,703 20,004 10,955 57.161 437,117 179,264 27,859,706 19,239 10,595 53,362 404,355 171,768 26,209,967 18,446 9,828 49,166 368,375 184,280 22,364,862 17,365 6,337 37,479 357,282 85,799 10,535,952 12,103 NASA and USAF at Cape Canaveral transferred from Industrial to Other Sales To Public Authorities effective November, During May and June, 1973, approximately 12,600 customers were transferred from Other Sales To Public Authorities as 7,000 to Residential; 5,600 to Commercial.
During 1974, customers previously being classified as Residential and Commercial were transferred to Industrial.
1968.
follows:
Generating Statistics KWH GENERATED.INTERCHANGED (000)
Steam - oil Steam - gas Total steam.............
Gas turbine-oil.................
Gas turbine - gas.................
Total gas turbines........
Nuclear Other Generated
- net Turkey Point start-up......,......
Interchanged - net................
Company use and losses..........
Energy sold.................
1974 1973 1972 1971 17,745,016 9,154,69S 21,165,730 8,794,363 20,514,233 9,229,634 17,097,377 9,948,178 683,554 161,524 226,130 716,476 892,577 497,794 495,097 224,846 845,078 942,606 1,390,371 719,943 7,877,326 751 4,431,556 2,216 43,394 3,394 2,173 35,622,866 35,336,471 31,181,026 27,767,671 249,497 (401,364) 2,717,504 22,632 294,675 2,570,525 (157,812) 2,753,918 116,220 2,095,339 32,711,136 32,467,100 28,927,808 25,788,552 26,899,777 29,960,093 29,743,867 27,045,555 1970 1969 14,512,415 11,978,754 10,634,762 10,383,050 25,147,177 22,361,804 (281,477)
(145,802) 1,997,342 1,772,892 23,115,381 20,445,172 243,148 243,148 3,875 2,062 25,394,200 22,363,866 1964 8,331,080 3,676,631 12,007,711 23 12,007,734 9,637 1,078,486 10,938,885 GENERATION BY FUEL TYPE (%)
Oil Gas Gas turbines Nuclear 49.8 25.7 2.4 22.1 59.9 24.9 2.7 12.5 65.8 29.6 4.5
.1 61.6 35.8 2.6 57.2 41.9
.9 53.6 46.4 69.4 30.6 NET CAPABILITYKW (year end)
Lauderdale Riviera Miami Cutler Sanford Palatka..
Ft. Myers Port Everglades...............
Cape Canaveral...............
Turkey Point Sarasota Miami Beach Total 1,183,000 692,000 45,000 330,000 918,000 113,000 1,207,000, 1,657,500 762,000 2,107,500 9,015,000 1,178,000 694,000 45,000 327,000 903,000 114,000 525,000 1,643,500 760,000 2,119,500 1,178,000 694,000 45,000 327,000 524,000 114,000 525,000 1,643,500 760,000 1,446,500 734,000 694,000 45,000 327,000 145,000 114,000 525,000 1,643,500 760,000 773,500 730,000 694,000 45,000 327,000 145,000 114,000 525,000 1,199,500 760,000 773,500 290,000 694,000 45,000 327,000 145,000 114,000 556,000 1,254,500 822,000 835,500 8,309,000 7,257,000 5,761,000 5,313,000 5,083,000 323,000 694,000 45,000 327,000 145,000 114,000 145,000 830,000 45,000 33,000 2,701,000 CAPABILITYAT THE TIME OF PEAK..
9,015,000 PEAK DEMAND-KW(60 minute-net)..
7,235,000 8,309,000 6,057,000 5,761,000 5,313,000 5,083,000 6,894,000 6,011,000 5,378,000 5,001,000 4,329,000 2,457,000 2,372,000 RESERVE CAPABILITY% at time of peak 24.6 20.5 7.1 6.2 17.4 3.6 LOAD FACTOR- (60 minute) 56 58 60 59 57 59 58 20
Fuel and Other Stat(sties FUEL Barrels oil used (000)
Cost per barrel MCF gas used (000)
Cost per MCF Nuclear fuel consumed (MmBtu).....
Total barrels equivalent used (000)...
Average cost per barrel equivalent...
Average cost per barrel equivalent-
% increase (decrease)...........
FUEL COST PER MILLIONBTU 1974 30,058
$11.27 100,495
$0.475 86,512,131 58,973
$6.78 93.7 1973 34,663
$4.43 105,632
$0.409 48,837,000 58,395
$3.50 9.4 1972 35,133
$3.48 106,743
$0.392 639,000 51,407
$3.20 17.2 1971 27,632
$2.79 113,310
$0.398 44,800
$2.73 27.0 1970 22,762
$1.96 115,870
$0.365 40,318
$2.15 3.9 1969 18,687
$1.88 108,634
$0.348 35,147
$2.07 (1.0) 12,818
$2.09 40,564
$0.340 18,964
$2.14 (1.4)
Oil.
Gas Gas turbines - oil Gas turbines-gas Nuclear All fuels KWH PER BARREL EQUIVALENT..
183.6r, 47.5f!
198.1r.
47.7C 15.8if 107.9r, 604 72.3f!
55.2r.
44.1g 31.2g 29.94 40 9$
39 2g 39 8r.
36 4c 34 8t'6.8r.
82.1I'8.9r.
40.5tf 40.2c 39.6c 37.3r.
15.9I!
28.7r.
55.8r.
51.0f!
42.9I!
33.6r, 32.2r.
605 607 620 630 636 32.94 34.0r.
33.3g 633 HEAT RATE (BTU PER KWH)
Steam Gas turbines......
Nuclear System 10,125 14,063 10,968 10,408 1'0,085 15,907 11,160 10,381 10,126 14,919 14,721 10,346 10,132 15,067 10,259 10,128 15,251 10,177 10,112 10,112 10,140 10,140 PAYROLL STATISTICS Number of employees (year end).....
Payroll and Benefits (000)
Charged to construction..........
Charged to operation, maintenance, clearing and other Total 9,769
$ 39,553 121,877
$161,430 9,385 8,405 7,688 7,334 6,588 110,916
$ 146,975 88,503
$ 120,183 78,554
$106,367 73,282
$93,468 61,780
$76,793
$ 36,059
$ 31,680
$ 27,813
$20,186
$15,013
. 4,759 7,735'1,011
'38,746'ercent of operation & maintenance expenses from payroll and benefits................
Number of customers per employee (year end)
'1964 does not include payroll benefits 19.7 176 28.3 174 27.5 180 31.2 182 36.1 177 36.7 185 30.7 196 SUBSTATIONS Number Capacity - MVA 319 44,518 309 42,032 290 37,342 297 35,138 287 31,142 261 29,467 214 11,147 MILES OF ELECTRIC LINES Transmission Distribution Total 3.700 30,453 34,153 3,531 29,118 32,649 3,460 27,647 31,107 3,452 3,255 26,405 25,155 29,857 28,410 3,223 24,050 27273 2,606 19,736 22,342 CUSTOMERS PER MILE-DISTRIBUTION (YEAR END) 57 56 55 53 52 51 47 21
Selected Notes from 1974 Annual Report (All Financial Statements shown should be considered In con-junction with Notes in the Company's Annual Reports for appropriate years.)
- 1.
SUMMARY
OF SIGNIFICANTACCOUNTING AND REPORTING POLICIES Accounting and reporting policies of the Company are sub-ject to regulation by the Florida Public Service Commission (FPSC) and the Federal Power Commission (FPC). Tho follow-ing summarizes the moro significant of these policies.
Basis of Consolidation Tho consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Fuel Sup-ply Service, Inc. and Land Resources Investment Co., both of which commenced operations during 1974. AII significant fnter-company balances and transactions have been eliminated.
Rates and Revenues
- Revenues, except for revenues arising from wholesale sales which are subject to regulation by the FPC, are based on rates approved by the FPSC and are recognized based on monthly cycle billings to customers. The Company's rate schedules con-tain a foSsll fuel adjustment clause which gives effect to changes in efficiency and tho cost of fossil fuel as well as tho generation mix of fossil and nuclear fuels and includes the fuel portion of the energy component of purchased power. Gener-ally, the effects are reflected in customer billings about two months after tho changes occur.
Electric Utility Plant and Depreciation The cost of additions, replacements, and renowals of units of property is added to utility plant. Tho cost (estimated, If not known) of units of property retired, less net salvage, is charged to accumulated depreciation. Malntenanco and repairs of prop-erty, and replacements and renewals of items determined to be loss than units of property, are charged to operating expenses maintenance.
Book depreciation is provided on a straIght-line service-life basis by primary accounts as dirocted by tho FPSC using tho following rates:
Steam production plant....
~. 2.86/o 4.00/o Other production plant.......
4.00/o Transmission plant..........
1.824/o 3.504/o Distribution plant.........
~.. 1.67/o 5.25/o General plant...............
2.38/o 9.004/o Transportation equipment.....
8.16o/o Prior to 1974 nuclear facilities were depreciated at a 3.30/o rate.
Effective January 1,
- 1974, tho
- Company, pursuant to FPSC approval, began using rates for principal components of nuclear facilities ranging from 3.20/o to 3.80/o. Theso rates include an estimated negative net salvage value of 19o/o. The effect of this change is not material.
Allowance for Funds Used During Construction The rate for tho allowance for funds used during construc-tion is based upon tho actual capital ratios at the beginning of each year applied to the cost rates for each component of capital using (1) as to debt, the actual Interest rate of tho most rocent long-term debt offering (excluding pollution control revenue bonds) reduced by the applicable income taxes at current tax rates, (2) as to preferred stock, the actual dividond rate of tho most recent sale of preferred stock and (3) as to common equity, roasonable estimates of the cost of common equity capital. The effective annual rate so applied for 1974 and 1973 is 84/o. Actual Interest costs of pollution control revenue
- bonds, reduced by applicable Incomo
- taxes, are charged through the allowance to the specific construction projects for which they were incurred. Accordingly, utility plant is charged and not allowance for funds used during construction is credit-ed with tho amount capitalized; the amount equivalent to tho income tax effect on tho Interest portion of the allowance Is charged to operating expenses and credited to taxes on other income.
The portion of the allowance attributable to funds pro-vided by common stock equity stated as a per cent of the net Income applicable to common stock was 28.6/o ($.79 per com-mon share) for 1974 and 17.5/o
($.54 per common share) for 1973.
Storm Damage Fund and Related Reserve Tho storm damage fund is maintained at an amount equiva-lent to the reserve. Storm damage costs are to be paid from the fund and charged, less related tax effects, to the reserve as Incurred. Securities held In the fund are recorded at cost which generally approximates market.
Construction Funds Held By Trustee The Company has entered into Instalment Purchase and Security Contracts relating to tho financing of certain pollution control facilities. Funds not requIred for current construction costs are held by the Trustee and invested in short-term securitlos.
Pension and Employee Thrift Plans The Company has a non-contributory employees'ension plan covering substantially ait employees.
Tho Company's policy is to fund each year's accrued pension costs, including amortization of tho estimated unfunded prior service costs over thirty years. An Employee Thrift Plan became eifective Novem-ber 1, 1973. Contributions by eligible employees of up to 6/o of the employee's base salary are matched 50o/o by the Com-pany.
Federal Investment Tax Credit Tho normalization method is used to account for investment credits. The current provision and accrual for Federal Income taxes are reduced by tho amount of Investment crodit genor-ated and utilized for Income tax purposes and an equivalent charge is mado In tho consolidated statement of Incomo with tho credit being made to unamortized Investment credit. These deferred credits are amortized to Incomo at a rate approxi-mating the fives of the related property.
Deferred Income Taxes Accelerated depreciation is claimed for tax purposes on qualified additions acquired subsequent to January 1, 1970.
Deductions have also been allowed for amortization of certain facilities over sixty-month periods. Amounts equivalent to the tax reduction arising from the use of accelerated depreciation and amortization (in excess of straight-fine depreciation other-wlso deductible) have been charged against income as pro-visions for deferred incomo taxes and credited to accumulated deferred income taxes.
Certafn overhead costs, tho allowance for funds used during construction and various other items are either capitalized or deferred for accounting purposes while being deducted or eliminated from taxable income for income tax purposes.
The resulting tax reductions from these items, as well as additional Income tax depreciation resulting from the difference between income tax and book straight-Ilno rates, aro not deferred to future periods for accounting purposes except as requIred under an investigatory ordor of the FPSC.
Earnings Per Sharo EarnIngs per share of common stock (after dividond re-quirements on preferred stock) is computed based on the weighted average number of common shares outstanding during the porlod.
Reclasslf ication of Financial Statements In February 1974, in accordance with two FPC orders, un-amortized debt expense and premiums were segregated, ex-pense being classified as deferred debits and premiums beIng transferred to the long.term debt section of tho balance sheet, and accumulated deferred Income taxes were classified as a deferred credit in the balance sheet.
22
- 2. PROPOSED ACCOUNTINGAND REGULATORY CHANGES Allowance for Funds Used During Construction The FPC has published for comment certain proposed re-visions of the Uniform System of Accounts relating to the In-clusion of a portion of construction work in progress in the rate base and discontinuing a portion of the allowance for funds used during construction equal to the proportion of elec-tric utility plant that is Included in the rate base.
The FPSC has issued an order requiring all utilities under Its jurisdiction to furnish information concerning the desirability and probable effects of treating construction work ln progress and interest charged during construction (allowance for funds used during construction)
In accordance with methods described in the proposed order. This matter is pending.
As part of the petition filed with the FPSC seeking an In-crease in rates and charges, the Company Is proposing to In-clude $200,000,000 of additional construction work in progress fn the rate base which will reduce the amount of allowance for funds used during construction.
This proposal, if approved, should not have a material effect on earnings.
Customer Deposits In August 1974 the FPSC issued an order amending the rules relating to customer deposits.
The order, whIch was to become effective January 1, 1975 but has not become
- final, provides, among other things, for methods of establishIng cus-tomer credit in lieu of deposits as well as the amounts of de-posits. Implementation of this order could result in refunding a portion of customer deposits.
Promotional Practices In March 1973 the FPSC Issued an order requiring all utilitIes under its jurisdiction to show cause why certain pro-motional practices and their associated Investments, expenses and revenues should not be disallowed for rate making pur-poses and why such utilities promotional rate schedules should not be eliminated from their respective tariffs. A response was submitted, a public hearing was held and an order, whIch is being appealed by the Company, was Issued in January 1975.
Under the order the FPSC would no longer allow the expendi-tures for certain promotional practices in the rate making process.
This order is not expected tc have a material effect on the consolidated financial statements of the Company.
Deferred Income Taxes The FPC and the FPSC are currently Investigating the adoption of comprehensive Interperiod income tax allocation for public utilities. This would bring the accounting for Income taxes into conformity with generally accepted accounting prin-ciples for non-regulated businesses.
The FPSC order states that "no change In utility rates shall be Involved in this docket with respect to any utility, since the sole purpose of this In-vestigation is to ascertain the desirability, and the probable effects, of adopting comprehensive Income tax allocation." This order does provide, however, that until the investigation can be completed, the amount of "flow through" of the "normal spread" book-tax timing difference of income taxes must be held to the lesser of either the actual current year's total amount of Income taxes resulting from book-tax timing differ-ences or the amount of income taxes for book-tax timing dif-ferences being flowed-through for the year ended December 31, 1972. As the result of this limitation In the amount of in-come taxes which may be flowed-through, approximately
$2,258,000 ($.07 per common share) of additional Income taxes were deferred in 1974. This limitation did not affect the results of operations In 1973.
Effective January 1, 1975 the Company changed its ac-counting practice for income taxes by deferring Income taxes relating to all current book-tax timing differences in accord-ance with comprehensive Interperlod Income tax allocation.
As part of the petition filed with the FPSC seekIng an increase in rates and charges, the Company is proposing that compre-hensive interperlod income tax allocation be recognized for rate making purposes and that adequate rate relief be granted to offset the reduction in earnings resulting from the additional deferral of Income taxes.
If this proposal is accepted by the FPSC and rate relief is granted, this change in accounting for Income taxes should not have a material effect on earnings.
- 3. LEGAL PROCEEDINGS Antitrust Suits Two suits have been brought against the Company claiming damages for alfeged violations of the Sherman Act. Both suits seek to recover, among other things, treble damages and at-torney's fees. Plaintiffs in one suit seek damages of approxi-mately
$10,800,000, before trebling, in their claim that the Company was part of a conspiracy and
$7,000,000 in their claim that the Company is a monopoly. The second suit is claiming damages of approximately $2,300,000.
Legal counsel are of the opinion that there are meritorious defenses; how-ever, lfthere is any liability, management is of the opinion that, based on review of such litigation with legal counsel, the final disposition of the matters will have no material effect on the financial position or results of operations of the Company.
Fuel Adjustment Clause Litigation In October and November 1974, six alleged class action suits were filed against the Company seeking, among other things, to enjoin the Company from continuing to charge cus-tomers amounts under the Company's fuel adjustment
- clause, and compensatory and punitive damages or refund of amounts collected pursuant to the clause for varying periods.
These suits allege, among other things, the illegality of fuel adjust-ments based on failure to give notice of and hold hearings thereon. Other similar litigation Is pending against other Florida electric utilities with respect to fuel adjustment clauses.
In November 1974 the FPSC Issued an order which, among other thIngs, (1) required public notice and monthly hearings for changes in the level of fuel adjustment charges, (2) adopted a new clause substantially similar to the previous one covering fossil fuel and purchased
- power, (3) temporarily froze the November and December fuel adjustments at the October level and separated out, for a new docket, final adjustment of any under or over recovery of fuel adjustment charges for those
- months, (4) ordered public hearings to consider the adjust-ments for bills to be rendered In the first four months of 1975, and (5) found all fuel adjustment charges previously collected by utilities to be "valid, lawful and not subject to refund."
For the period 1960 through October 31,
- 1974, the Company's revenues included fossil fuel adjustment charges in excess of base rates subject to the jurisdiction of the FPSC aggregating
$311,322,000, including
$153,450,000 and
$34,090,000 for the ten months ended October 31, 1974 and the year 1973, respectively.
Fuel adjustment revenues billed In November and December 1974 aggregated
$43,124,000.
The net under recovery resulting from freezIng the clause at the October level was not significant. From 1963 through 1971ad-justrnents through the fossil fuel adjustment clause reducing billings to customers aggregated
$26,090,000.
The Company has not calculated the effects of the fossil fuel adjustment clause for periods prior to 1960.
The Company is unable, at this time, to assess the ultimate effects, if any, such proceedings will have on its financial state-ments, although the Company and its General Counsel are of the opinion that upon the ultimate conclusion of the proceed-ings, the Company probably will not have liability for refunds or other damages as a result ol the alleged absence ol notice and public hearings relating to the fossil fuel adjustment clause.
It, however, the Company is liable for refunds or other damages, there could be a material adverse effect on its financial posi-tion, changes in financial position, or results of operations.
23
Board of Directors Principal Officers GEORGE F. BENNETT Serving since 1970 President State Street Investment Corp.
and Federal Street Fund, Inc.
Boston, Mass.
DAVIDBLUMBERG Serving since 1973 President and Director Planned Development Corp. and Cutler Ridge Development Corp.
Miami, Fla.
GEORGE W. ENGLISH Serving since 1962 Partner, English, Mccaughan & O'Bryan Chairman Executive Committee, Landmark Banking Corporation of Florida Ft. Lauderdale, Fla.
'ROBERT H. FITE Serving since 1945 Former President & Chief Executive Officer Coral Gables, Fla.
R. C. FULLERTON Serving since 1964 Chairman of the Board Coral Gables, Fla.
'JOHN M. McCARTY Serving since 1973 Attorney Former Florida State Senator Ft. Pierce, Fla.
MARSHALLMcDONALD Serving since 1971 President & Chief Executive Officer Miami, Fla.
'BENTON W. POWELL Serving since 1947 Retired. Former Director and Chairman of the Board, Palmer Bank Corporation
- Sarasota, Fla.
WILLM. PRESTON Served 1938-9 & 1968 to date Retired. Former Senior Partner, Scott, McCarthy, Preston 8 Steel Miami, Fla.
'EDGAR H. PRICE, JR.
Serving since 1972 President & Director The Price Co., Inc.
Bradenton, Fla,
'JOSEPH P. TARAVELLA Serving since 1972 President & Chairman of the Board Coral Ridge Properties, Inc.
Coral Springs, Ffa.
LEWIS E. WADSWORTH Serving since 1970 President and Director Wadsworth Lumber Co., Inc.
Bunnell, Fla.
'Audit Committee e Officer Assistant Secretary tructlon Research R. C. FULLERTON Chairman of the Board MARSHALLMcDONALD President & Chief Executiv E. A. ADOMAT Executive Vice President F. E. AUTREY Executive Vice President J. J. HUDIBURG Executive Vice President BEN H. FUQUA Senior Vice President LOFTIN JOHNSON Senior Vice President J. G. SPENCER, JR.
Senior Vice President R. W. WALL,JR.
Senior Vice President and L. C. HUNTER Group Vice President Operations R. G. MULHOLLAND Group Vice President Commercial snd Divisions H. L. ALLEN Vice President Purchasing, Stores 8 Cons E. L. BIVANS Vice President System Planning A. M. DAVIS, JR.
Vice President D. D. DUNLOP Vice President Environmental Planning 8 R. J. GARDNER Vice President Strategic Planning W. M. KLEIN Vice President Miami Division J. A. LASSETER Vice President Engineering A. D. SCHMIDT Vice President Power Resources ROBERT E. UHRIG Vice President Nuclear Allalrs MICHAELC. COOK Treasurer H. P, WILLIAMS,JR.
Comptroller ASTRID PFEIFFER Secretary 24
G EORGlA
~ aoo ~I~
at to 0
'TALLAHASSEE ltvatt eaallav ta Ma LIVE
~
Wet a aat@tlttl
~Mlle GCALLAHAN
'JACKIONVI E
tol
~eall QM I AC NNY ITY
~weva 1 aatae f
rvavvo tlat ST. AUGUSTINE
)PALATKA 1
J evtlt~
I"
~aawl ~
r AYT'ONA BEACH Itetll el\\111M lvl ReS~
ORD ORLANDOo DISNEY WORLD TPUS ILLE
~ ill CAPP CANAVERAL COCOA AMPA t ~ 1'IIIMM
~al ~
OIMla~
MIalai ELBOURNE ST. PETERSBU
~'4' MANATE PALMElT waatl ~
BRADENTON~
MMI SARASOTA' Mtl DE SOTOO+ARCADIA
~4 aavl
~ MIMM~
Iatr Ml'll
~tla EBASTIAN OKEECHOBEE
~aev MARTIN 1ST LUCIE ST, I.UCIE'EGEND ve IM'tl Mavl PUNTA GORDA LABELLE
~trrrerrrr PAHOKEE
~ BELLE GLADE Mae ol ~I RIVIERA WEST PALM BEACH A
T
~
FLORIDA POWEA Ja LIGHT BUSINESS OFFICES
~
FLORIDA POWER S LIGHT POWER PLANTS 0
POWER PI.ANTS UNDER CONSTAUCTION ANDFUTURE PLANT SITES INTERCONNECTIONS WITH OTHER COMPANIES
~ AREA SERVED BY FPl JANUARY1, 1975 NAPLES I warl DELRAY BEACH BOCA RAYON POMPANO BEACH RT EVERGLADES LAUDERDALE LLYWOOD ATH DADE L
E aleao
~
~ PO LAUDERDALE EVERGLADES
~ aao
~O\\all NATIONAL HIALEAHG MIAMIBEACH MIAMI
~ORAL GABLES
/
II t
v SOUTH DADE+ ~ TURKEY POINT OUTH DADE KEY WEST~@
b 25
DOLLARS PER SHARE FLORIDA POWER 8 LIGHT COMPANY COMMON STOCK DOLLARS PER SHARE 80 ADJVSTED FOR 2 FOR I STOCK SPLITS IN 19dd, 19d9 AND 1972 70 60 20 X EARN NGS 50 40 40 PRI LY ANGE ONTH CE R
30 30 20 GS IOXEARNIN 20 I
10 10 1950 51 52 53 54 55 56 57 58 59 60 61 62 63 64 65 66 67 68 69 70 71 72 73 74 75 76 77 78 0