ML19308D671
| ML19308D671 | |
| Person / Time | |
|---|---|
| Site: | Crystal River  |
| Issue date: | 06/25/1969 |
| From: | FLORIDA POWER CORP. |
| To: | |
| References | |
| NUDOCS 8003120745 | |
| Download: ML19308D671 (30) | |
Text
{{#Wiki_filter:_ . _ _ _ . _ _ _ . Regulamy File Cy. 1 ( ' r, e y . R i EXHIBIT 5 T r-8 H w tir P?tst - .___ l r: .,
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9 6 l l 1 i FLORIDA POWER CORPORATION l Our Philosophy Florida Power believes it has a basic obligation to help build better communities in our service area while earning a fair return for shareholders and providing service at the lowest possible cost. Pictured on the cover and elsewhere in this report are some of the people-centers.d programs we have established to help create a better environment for living and doing business.
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C l l CONTENTS Philosophy of Operation inside Front Cover Highlights of 1968 2 President's Letter 3 Financial 4 Significant Economic Trends 6 Customer Operations 8 Engineering Operations 12 Administrative Services and Personnel 13 Advertising and Public Relations 15 ANNUAL MEETING Rates and Regulation . 15 The annual meeting of the common s ockholders will be held at the Coliseum,535 Four'S Avenue Directors and Officers 18 North, in St. Petersburg, on Thursday, March 27, 19-24 Financ.al Statements 1969, at 11:00 a.m., Eastern Standard Time. In connection with this meeting, proxies will be Generating Plants and Cacability 24 solic;ted by the management of the Company. A notice of the meeting, together with a proxy 10-Year Growth 24 statement and a form of proxy, will be mailed to shareholders on or about February 24,1969. Map Inside Back Cover Florida Power Corporation Street Address: 101 Fifth Street South Mailing Address: P.O. Box 14042 St. Petersburg, Florida 33733
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. ,- s To Our Sh reholders . . . volt transmission system which will be A Summary of Operations the first in the State of Florida. When People' the nuclear power facilities go into .
operation in 1972 at the Crystal River Shareho!ders, employees, customer 3 Plant, this plant will then have a gener-
. people in all walks of life. It takes ating capability of 1,750,000 kilowatts all of these to make a good annual re- of electric power . . greater than our port, and we strive never to forget this PRESIDENT'S LETTER entire 9-plant system today.
most basic truth. Realizing our business can be only as This policy of meeting our business healthy as the area we serve, we have taken steps to improve the overall en-( l goals, needs, has by concentrating resulted in improved profit. on drivepeople's to hold down our costs. Today, vironment. In cooperation with the ability as well as a meaningful con- even though we are serving more cus- National Alliance of Businessmen, we tribution to our community. tomers than ever before and our facili- started a program for hiring and train-ties have greatly increased, we have ing the disadvantaged unemployed. in 1968 we increased our cash kept our number of employees at Also, we have three separate depart-i dividend for the 16th straight year a reasonably static ievel. In fact, we ments, each staffed with specialists, t yet decreased the cost of elec- had 2,486 employees as of December which are responsible for community tricity to our customers by over $5 31,1968-less than a year ago when development, industrial development, million annually . . and made signifi- the number was 2,512. and rural develooment. This effort is cant contributions in manpower and supplemented by sponsorship of funds for the betterment of both the Although we have kept close con-trol of eer costs, we have continued various civic programs embracing human and physical aspects of the area youth development, the arts, and other we serve. to meet two objectives: increase sales community development activities. and revenues, and expand and improve Earnings available for common stock our facilities to serve Florida's growth. In summary,1968 was a productive were increased 10.6%; and the com-Sales of kilowatt-hours increased 15.7 , year in meeting our objective of mon stock dividend was increased from over 1967 and our average number of improving the communities in our l
$1.44 per share, annually, to $1.52 per share' customers ,ncreased i 5.7%, the greatest percentage gain ..nce 1960. of ur sharehoir . rs, employees, and 8
This record is the result of efficient cost customers. control, aggressive sales programs, and During the next five years, 1969-1973, favorable weather conditions, we plan to spend $400 million for con- For the Board of Directors' We are succeeding, despite severe in-struction. This program is an outgrowth of our practice to be prepared to meet (
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f ff =tionary pressures, in a determined people's needs for electricity when, j . where, and how they need it. To meet the challenge, both technological and g p, I e l% social, we hue taken several steps. We are underway on an 850,000-kw A. P. Perez nuclear power plant, and a 500,000 President February 19,1969
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_ -. , m m i 1 1 Financial During the next five years, the Company ex- 1 In 1%8, earnings per common share amounted pects to spend approximately $400 million on to $2.51, an increase of 240 over the $2.27 ' "#"' " * "" ' * " earned in 1967 This increase was accom. !" ' * "" ' " " * *'"C" plished desp.? two rate reductions which * '" ~ "*""' ' "' suuc n, e c nue use s rtaenn reduced revenut $3.4 million during 1968, ; and the impositio. of the Federal surtax which bank loans and commercial paper until the summer f 1969. Then we tentatively plan to amounted to $1.7 nillion. j sell $40 million of first mortgage bonds. Pro-J On December 20, the common stock dividend ceeds of this issue will be useo :o pay off was increased for the 16th consecutive year- outstanding notes. Additional funds needed from $1.44 per share, on an annual basis, to for the 1969 construction program will come
$1.52 per share, from cash generated from operations, addi-tional bank loans, and commercial paper.
At the beginning of 1968, we owed bank loans in the amount of $2.8 million. This money We have purchased $4,136,000 in first mort-COMMON STOCK CROSS CONSTRUCTION EXPENDITURES Per Share Earrings & Dividends , uwous Nurnber of Shares Outstanding at End of Year 1m DOLLARS ( UNDISTRIBUTED EARNtNCs PER 5HAR 80 n d d te end of yea, 2.00 70
, 1.80 N ,, 1.60 60 M -
u0 so _ 1.20 l END OF 1959 1%0 1%1 1%2 1%3 1%4 1 % s 1966 1%7 19b8 i 9.14s.30s 9.602.s70 SHARES OF COMMON stock OUTSTANDING EsflMATED l had been borro ved for new construction dur- gage bonds to meet sinking fund requirements ing the year 1967. To finance the '968 con- due March 31, 1969. The poor bond market struction program, which was $69.3 million, during the time of these purchases enabled we again resorted to short-term borrowing and us to purchase the bonds in the open market increased our bank loans to $30 million in at the lowest prices we have ever paid for Nosember, $30 million of 7% first mortgage sinking fund bonds. This resulted in profits bonds were sold at a cc>st to the Company of of approximately $670,000. 6.88%. This was the hignest rate in our history. However, in subsequent months, interest rates in 1968, plans were initiated for the develop-climbed even higher and yields on similar ment of a " Corporate Model," which is one bonds of other companies exceeded 7%. The of the more sophisticated business tools for proceeds of the bonds were used to pay the financial planning. Through the use of com-l,ank loans. At the end of the year, it was puters, it will allow us to test, theoretically, necessary to borrow $12 million from the our short and long-range plans against pro-banks to complete the construction program. jected results. This model will help refine our 4 At Florida Power . . . Everytin.:g Begins and Ends with People Our effort to create a better business environment by creating better living conditions for the people we serve has taken many forms. Classes in cooking for Girl Scouts (shown opposite)is one example. Other efforts unclude the sponsorship of a Junior Achievement Company in which high school 0pm y 0.f,1 9 students leam about free enterprise oy forming and operating their own business. iam .4 . 1dAo l
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i l 1 management techniques by providing more month. It> population, now estimated at l information c,a a timely basis to aid our de- 6,200,000, is projected to be 7,500,000 in 1975 g I cision making. and 8,650,000 ir' 1980. A significant personnel addition in the treasury Retirees: T'.e thousands of retirees who now j department was the election of Jerry H. Joyce live in FLrida have made our state strongly as assistant secretary and assistant treasurer. "depr, , ion resistant." They bring with them A certified public accountant, Mr. Joyce holds substantial incomes from pension funds, in. a masters degree in accounting. Prior to join- vestments, Social Security, and the like-plus, ing Florida Power he was a senior accountant in most cases, their entire life's savings. It is ! with our auditors, Arthur Andersen & Co., estimated there were 840,000 people in Florida ' where he performed auditing work for public in 1968 receiving Social Security checks. This utdities, was an increase of 21% since 1965. Tourists: Over 21-million tourists visited Significant Economic Trends Florida in 1968. Their total expenditures were about $5.5 billion. By most any measurement, Florida's growth potential-and hence that of Florida Power industry: Florida's ratti of industrial growth Corporation-is very promising. Now the 9th has been among the largest of any state in the , largest state in population, Florida was the last ten years. New busin' ses incorporated in fastest-growing large state in the nation during Florida in 19> 2 numbered 14,000, which was the period 1960-1968. topped only by California and New Jersey. Employment in manufacturing has increased The economy of Florida is underbased firmly from 199,200 in 1958 to an estimated 297,500 with four strong economic supports that now in 1968. This gain of almost 50% compares to provide a kind of balance and stability few a gain of 23.6% for the United States. other states enjoy. Agriculture: Value of sales of agricultural New Residents: Since 1960 Florida's popula- products in 1968 was about $1.3 billion. This tion has increased over 1,250,000, and is now gaining 10,000 new permanent residents per was an increase of 75% since 1958 and up
$208 million since 1967. The largest percent-
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age of these sales came from livestock, veg- . etables, and fruits, totaling $329 million, $236 POPULATION PROJECTIONS million, and $288 million, respectively. Florida Florida / United States is the nation's largest citrus producer, as well nacar 1%casAst
- as the largest producer of fresh winter vegetables.
88 Construction continued on two of Florida's most significant economic developments, both 70 in our service area. They are the Cross-Florida
,,o Barge Canal which will link the Atlantic Ocean
- and the Gulf of Mexico, and Walt Disney 4o World due to be in operation in 1971.
, Walt Disney Productions is investing approxi-2o mately $600 million in their venture. It is expected to generate $6.6 billion in benefits io for the State of Florida during the first ten 1%0 1%s 1970 197s yea s of operation.
1980 198s sowm u s. swm o# ceam This great growth trend of Florida is reflected 6 Business is Booming as New Building Goes On and On Throughout our service area, which is one of the fastest-growing y , areas in booming Florida, new construction of all types is rising daily. An example is this beautiful Point Brittany apartment oo o - complex now going up on Bayway Isles in St. Petersburg. O 3- To enhance such growth in our service area. we have a large w4 m ,),, a group of trained specialists who help builders, architects, \ and engineers realize the many benefits of electricity. f l <
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L -m_.__..-~, _ _ , . _ . _ _ _ - _ _ _ _ _ ,. _ m , . _ _ _ , , . even more sharply in our service area. It is An added thrust to our sales effort was a estimated that, in the next seven years, the promotional feature built into our residen- 'a population of our 32-county system will grow tial rates which went into effect June 1. approximately 25%, compared to 22% for the There is a special step in the rate allowing State of Florida and 12% for the entire United customers with electric water heaters a limited States. number of kilowatt-hours at a lower rate. For example, a customer with an electric water heater, using 500 kilowatt-hours of electricity Customer Operations a month, will save approximately 81 cents a The forward momentum of a company is month under the new rates . . whereas those often measured by its sales record. who have flame-type water heaters will save only 37 cents. Today,74% of our customers Here, the tacts speak for themselves in our heat water electrically, effort 'o keep pace with Florida's growth, and to take a leadership role in making it grow. The large growth of revenue, customers, and kilowatt-hours is the result of favorable Residential revenue increased 12.4% over weather, an expanding economy, and our own f 967, commercial revenue rose 8.1%, and ability to stimulate the growth of our area. mdustrial revenues were up 7.0%. Our sales development effort is implemented , through the following departments: AVERACE ANNUAL KWH SALES ea market research department which PER RESIDENTIAL CUSTOMER helps pinpoint demand potential for var-som ous electrical products; 7m , m _ _g e an industrial development department
- which works full-time telling out-of-state
" ~~ industries why they should settle in sa.
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Florida and how we can help them; g)) E ne e a community development department
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is to help people help their towns to [ m grow and improve; m . . _ ea residential sales department which mo 5m - - - works closely with residents in pointing out the myriad of ways they can live 1959 1%0 1%1 1%2 1%3 1%4 1%5 19 % 1%7 1%8 better electrically;
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- C *rnerejal sales department which Sales of kilowatt-hours increased to an all-time high in all categories. The 1968 total was
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- systems for busmess and in . dustry; 7,036,900,000, an increase of 15.7% over 1967.
Our average annual residential kwh usage had e a home service department, staffed with the largest increase ever,949 kwh. It is now specially trained women, who conduct 7,688 per customer. This compares to the demonstrations in homes, schools, and national average of 6,040 per customer. This on TV showing helpful and economical rise in company sales was also shown in our uses of electricity in the home. average customer count. It has surpassed all previous levels and is now 390,230, an in- This entire program is supplemented by 41 crease of 21,184, or 5.7% over last year. offices located over our 32-county service 8 ManagementTrainingin Action g') To help our managers gain insight into themselves . . . so that they in turn can better understand others . . a modern videotape v unit is used here for self-analyzation of voice control. appearance,and other behavior mannerisrrs. Such seminars as this keep Florida Power abreast of the latest human relations techniques and equipment technology. d . . - - - - -- -
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area. Also, we have promotion departments added in 1968 were all-electric. Two large and which prepare materials about the benefits completely new shopping centers-one in St. ~ y of electricity. Petersburg, another in Clearwater-were con-
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the expanding educational and medical facili-Promotion of year-round comfort conditioning ties. In Crossroads Shopping Center, one of resulted in added revenues and excellent load the largest in St. Petersburg, a large all-electric Sears Store has been built. Also, almost all balance. Cooling load added this year was 25% greater than that added last year. The new school construction in our service area heating load added was 30% greater than that in 1966 was electrically air-conditioned. added last year. We now have a better Large loads have been added by major expan-balance of heating and cooling load. This im- sions of such industries as USS Agri-Chemicals, proves the utilization of our system capacity, Inc., International Minerals & Chemical Cor-poration, Swift & Company, Occidental Cor-poration, Dynatronics Division of General Dy-TOTAL ELECTRIC OPERATING REVENUES namics, General Electric, Honeywell, and Elec-Pf RCINT INCREASE oVER 195a troniC Communications. iso
*'#"* Early in 1968 the Florida phosphate industry m m 5'5 12s began ex'periencing a softening of their mark-111,672,922 et. This was brought about primarily by over 1 expansion in production capacity, increased competition in both the domestic and foreign
'* *5 '*7 markets, new technology, high cost of money, as.aoa.m 75 and a very close profit margin. The most ap- '
ao.m.m parent effect has been felt by the chemical ; so complexes of the phosphate industry. The .
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mining and processing plants have experi-sa ""' enced a lesser effect. Due to Florida Power si.m.m 2s serving a greater percentage of mining and processing plants than chemical complexes,
,sa 59 60 si 62 63 64 ss 66 67 sa the phosphate industry's retrenching had rela-tively little effect on the Company's growth of sales and revenues in this area. In fact, the Company's KWH sales and revenue from the This load balance has resulted, during the phosphate industry increased over 10% dur-past year, in a winter peak of 1,388,000 kw ing 1968. The main reason for this was that on March 1, exceeded by a following sum- 40,000 kw in new phosphate load was added.
mer peak of 1,487,000 kw on August 22. This l was exceeded by a new winter peak of Major new businesses added are Olin Mathie- i 1,551,000 kw on December 16. son's ball powder plant near Tallahassee; Smith Industries-North America, Ltd., a pre-We certified the 50,000th residence as a that is, those homes cisi n aircraft and automotive instrument Medallion Home manufacturer; and regional insurance offices which are either totally electric (a Gold Me- f r such firms as Lumbermens Mutual, The dallion) or predominately electric (a Bronze Hartford Group, Western Reserve, Foremost, Medallion)* Michigan Mutual, and the Continental National Over 80% of all new commercial customers American Group. 10 1 Training for Tomorrow's World Today in Our Nuclear Training School Here,in action,is a class in our 52-week nuclear training school, where 150 of ou employees are enroIIed to handle the Company's nuclear rower facilities to be completed in 1972. Such advanced technology strengthens our ability to serve Florida's growth and helps to offset the effects of inflationary pressures on electric rates.
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_,w.__,-~~-------"- Although our sales of electricity are large-- in 1969. The projected construction also in-ciudes extensive expansion of transmission and h and growing larger-Florida Power Corpo-ration considers much more than just getting distribution facilities, power to the user. The aesthetics of the serv- A 850,000-kilowatt nuclear-fueled generating Ice play a big part, too. Now many electrical facilities are concealed underground. This unit is planned for completion at our Crys-helps to preserve the natural surroundings of tal River Plant in 1972. As the third unit at this plant, it will supplement the two fossil-the neighborhood and maximizes the use of fired units, the first of which went into opera-land space for the owners. tion in 1966 and generates 387,000 kilowatts. ; The only franchise renewal which occurred in Unit 2, of 510,000-kw capacity, is scheduled 1968 was with Haines City. It was renewed for operation at the end of this year. The total for 20 years after satisfactory negotiations generating capability of this plant, when all with city officials. three units are in service, will be 1,750,000 Florida Power, realizing electricity is a basic kilowatts. Such continued application of the necessity of life, is geared in manpower and most advanced technology helps us to offset facilities to maintain high-quality service. A the effects of inflationary pressures on elec-challenge occurred, and was met successfully, tric rates. . on October 19 when Hurricane Gladys struck Also, we plan to build a new headquarters our service area. Although the~ great force of complex that will allow us to consolidate our this hurricane spread damage throughout our facilities. Last year, we were considering ( service area, we were prepared to handle the building in a development to be known as the situation. Only 20% of our customers had Bayfront Plaza. When this plan was discon-power interruptions. And 95% of these had tinued by the developers, we carefully con-power restored within 24 hours. This is the sidered other building sites. A site has been result of having high-quality equipment, a selected in St. Petersburg and construction good maintenance program that keeps the should start in 1969. S equipment in top running order, and an alert emergency program that enables us to repair Another highlight in your company's growth equipment m a hurry when trouble strikes. is the commitment to build a 500,000-volt transmission system. It will be the first of its Engineering Operations kind in the State of Florida. This extra-high v Itage (EHV) system will eliminate the need During the 5-year period 1969-1973 we expect to build what would otherwise be a " forest to spend $400-million on construction aimed of poles and wires." at providing needed power facilities. Recognized as a major step to assure adequate This program, the largest in the Company's power for Florida's great growth, the 500,000-history, will strengthen Florida's ability to at- kv system will originate at the Crystal River tract new residents and industry. It assures Plant. It will extend a total of 130 miles, south electric service for people when needed and of the quality they need. It brings meaning, to our Suncoast division and east into our in the most real sense, to our slogan, "The Winter Park area. Power to Please." Equally as signihcant as the engineering in. New facihties under construction at our Crystal volved in this far-reaching program are the techniques of modern management that have River Plant include a second fossil unit and a nuclear unit. At a location not yet determined, been applied in the planning. The project has we have planned the installation of another required projections many years into the fu-fossil-fired unit. A gas-t,urbine peaking gen- ture with decisions made now as to the best erator will be installed at the Higgins Plant method to serve customers at that time. 12 0
O V Here, our " crystal ball" takes the form of highly sophisticated computers, which, of large industrial customers whose contracts allow for interruptions. course, are only as good as the intelligence fed into them. " Intelligence? at Florida Power is sharpened in a vast array of educational ef-forts. Tc, assure professional operation of our Administrative Services and Personnel upcoming nuclear facilities, we have begun Following are results of efforts by these de-a 52-week training course for approximately partments to increase operating efficiency 150 Florida Power employees. Those who through more effective use of manpower and qualify by satisfactorily passing a rigid exam- equipment. ination will be licensed by the Atomic Energy I- Commission to wo'rk in our new nuclear plant. Personnef: As reported in the President's Let-Simultaneously with this, there are other ter we have reduced the number of our em-training programs on key phases of manage- ployees. As of December 1968, our total ment and utility operation. number of regular employees was 2,486. A year ago, it was 2,512. This reduction is largely These highly trained people who, through the result of not filling normal vacancies. our continuing education programs, live and work at the outer edge of new knowledge, Realizing that any business is only as good as ' are best utilized when matched with equip- its leadership, Florida Power emphasizes man-ment of equivalent sophistication. This is agement development. being done with the use of the latest methods of electronic data processing. This equipment, This year, the Company's continuing manage-has already saved the company many thou- ment development program was expandeU sands of dollars in manpower and time and to include a special Professional Management has been an influence on our ability to reduce Seminar. The cour.e consists of such subjects electric rates. as planning, organizing, controlling, directing, p problem solving, decision making, communi-iQ To further improve the reliability of electric service, we entered into an agreement with cations, public speaking, training in creativity, budget administration, and the art of manage-The Southern Company to coordinate the ment by objectives. planning and operation of bulk power trans-mission facilities. This coordination will seek Other segments of our employee team are also solutions to problems that affect reliability of being upgraded. A more recent example is our bulk power supply. 13-week Advanced Lineman Training Course. it will help provide an adequate supply of Evidence of our ability, along with other highly skilled linemen. Florida electric utilities. to exchange emer- )- gency power occurred in November in con- Florida Power believes its obligation to im-g nection with a fire in the main plant of prove employee conditions goes beyond just } Tampa Electric Company. The utilities in immediate Company needs. We believe it is Florida are interconnected with high-capacity important to try to do something about em-transmission lines which are capable of mov- ployment problems in the community at large ing large amounts of power to any point -because this is our ultimate market and within the state. When the fire occurred in labor supply, as well as a determinant of Tampa Electric's plant, this system delivered our nation's well-being. This has ied to our sufficient power to the Tampa Electric system program for hiring the disadvantaged unem-so that service to residential, commercial, ployed. Called the Jobs Training Program and and industrial customers continued without established in cooperation with the National interruption. The only exceptions were a few Alliance of Businessmen, it now has ten train-13
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t Advertising and Public Relations O ees in our company, none of whom have high
) school educations. The role of this department is to help imple.
ment the Company's efforts to be, and to be These trainees attend school one-half day, rec gnized as, a productive corporate citizen, in order to obtain the equivalent of a high dedicated to creating a better working and school diploma. The other half day, they living atmosphere through fair business prac-gain on-the-job experience workin'g in various tices and community improvement programs. jobs throughout Pinellas Cefnty. When they A complete the program, they will have earned With this objective, the work of the advertis-their high school dipicmas and will become ing and public relations department has many regular full-time employees of Florida Power facets, including the preparation of various Corporation. types of communications materials, as well as personal involvement in a variety of public Non-exempt employees were given a salary and employee relations activities. increase of 4.5% effective October 21, 1968. Concurrently, we put into effect a 4.5% in- For example . . . in the area of employee crease for all employees covered by our relations, the department prepares various agreement with the International Brotherhood publications and literature aimed at creating of Electrical Workers. This increase was part better communication between management . of a two-year contract agreed to in 1967. It and employees. One of these is the Company compares favorably with those given by other magazine, POWER LINES, which in 1968 was utilities in the Southeast. voted best employee publication by the Flori-Safety: One measure of good management is a Company's safety record. This year, your The department prepares news releases and Company received the Edison Electric Institute other materials, such as films and brochures, Achievement Award for three separate one- to help create a better understanding of the million man-hour periods without a disablin8 Company's operations and goals. Because ! n employee injury during 1968. The employee such communication is a two-way street, it (}' accident frequency was 1.36, which is the helps us to better serve the public's needs. number of disabling injuries for each one-mil-tion man-hours worked. This is well below in November of 1968, Kendrick E. Fenderson, the national average of 5.17. Also, for the Jr. was appointed director of the advertising second year we had the best safety record in and public relations department, succeeding the Southeastem Electric Exchange, a group James L Shoemaker who resigned to accept of 28 utilities operating throughout the South. another position. A graduate of Rollins Col-lege, Winter Park, Florida, and Boston Univer-Transportation: The transportation depart- sity, Mr. Fenderson holds a B.A. degree in ment, which maintains over 1200 vehicles economics and a masters degree in public ranging from a huge 75-foot aerial bucket relations and communications. Prior to joininr truck to a simple motor scooter, developed Florida Power, he was vice president of mar. several significant ways to cut costs and op- keting and public relations of the First National erate more efficiently. This included the use Bank in St. Petersburg, of a newly developed tire which is expected to last twice as long as the tires previously used on our passenger cars and station Rates and Regulation wagons. Also, to save time, 25 garage per-sonnel were tested and certified as state During 1968, the Company instituted two vehicle inspectors for self-inspection of our rate reductions totaling $S.2 million annually. I vehicles. In compliance wiin requirements of the Flor-15 Improving Our Environment by Helping Others improve Themselves i m Because we believe private business must help solve the urban
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ida Public Service Cornmission, the annual . examiner found that the total operating bene-reductions were for $1 million effective Jan- fits, in dollars, received by each party by uary 1,1968 and for $4.2 million effective reason of the interconnection should be com-Jua e 1,1968. puted, and that 50% of the difference should be paid by the party receivh :he greater in the third quarter of 1968, the Florida Public benefit. The examiner further held that he Service Commission held public hearings as would not order an interconi.ection until the to the reasonableness of the rates and charges parties resolved the problem of duplicating of several Florida utilities including your Com, facilities. On November 5,1968, the Federal pany. On December 31, 1968, the Company Power Commission rendered its opinion, was permitted to further reduce its rates by which reversed the initial decision of the f examiner. The Company has appealed the
$1.5 milDon effective February 1,1969, and allowed a rate of return in a zone of reason, Commission's decision.
ableness ranging from 6.62% to 7.12% on-a On August 13, 1968, the City of Gainesville year-end rate base. This compares to the filed a complaint in the Federal Court alleging previous allowable rate of return of 6.65% that the Company and Florida Power & Light on an average year rate base. On January 6, Company will not interconnect the.ir systems 1969, the Commission reaffirmed its long-with that of the City of Gamesville, which is standing treatment of normalizing deferred itself also in the business of generating and - F':deral income taxes for accounting and rate-distributing electric power. The City states makin:; purposes, that this refusal by the two companies is a violation of the Sherman Anti-Trust Act and in 1960, Florida Power Corporation and Tampa is seeking treble damages, which the City Electric Company entered into a territorial speculates to be more than $4 million. Both agreement which was approved by the Florida Florida Power Corporation and Florida Power Public Service Commission. The Attorney
& Light Company have filed motions to dismiss General of the United States is now seeking the complaint.
an injunction against the agreement, allegin8 ( 'i a combination in restraint of trade in viola- Please see Note (2) to the Financial State-tion of the Sherman Anti-Trust Act. Both ments regarding the above two anti-trust F*orida Power Corporation and Tampa Electric suits. Company have filed motions to dismiss the request. On September 20, Stanley A. Brandimore was appointed general counsel. He succeeded in 1965, the City of Gainesville filed an applica- E. H. Dunn, Jr., who resigned to enter private tion with the Federal Power Commission re- law practice. A holder of a business admin-y questing that Florida Power Corporation be istration degree in accounting and a juris ordered to establish physical connectiois of doctor degree in law, Mr. Brandimore was its transmission facilities with the facilities of an attorney with the Florida Public Service Gainesville, and to sell and exchange energy Commission prior to joining our legal depart- ) with Gainesville. On January 17,1968, the ment in 1959. 17 Youth Development: An Important Phase of Our Corporate Life Better tomorrows depend on today's youth, and we invest in [h W this important human resource. For example, each year we conduct a scholarship essay contest for high school seniors which deals with such subjects as the importance of democracy, free enterprise, and good citizenship. One of the 1968 scholarship winners, Cynthia Lynn George, now a student at Florida State University,is shown here as she studies between classes.
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. Florida Power Corporation directors,
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pictured seated from left, are John
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- y. ~_' F. Childs, A. P. Perez and Andrew
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w H. Hines, Jr. Standing, are C. F.
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Folev,1 S Gracy, Paul F. Randolph, Byron E. Herlor'g, Robert M. King l
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DIRECTORS DIRECTORS EMERITI j lohn F Childs
, O. A. Brn.e - W. J. Clapp - K. E. Fenderson, Sr. -
d Sensor %te President, Irving Trust Company, New York City R. l. Kn\pe - R. J. McCutcheon, Jr.
; G F Folev a
senior %c e President (Retired), St. Petersburg, Florida GFFICERS OTHER THAN DIRECTORS 1 s Gracy W. B. Shenk
%enoor %ce Preudent RetiredL St. Petersburg, Florida Senior ce President. Customer Operations B ron E Herlong M. F. Hebb, Jr.
Proudent. A s Hedong & Co . Inc . Leesburg. Florida ce President, Electrical Design Andrew H Hines. Jr. A. L Ormston ( Y I set uta e Vn e Prendent ce President, Power Frank M H ubbard R. E. Raymond Chaaman or the Board Hubbard Construction Company, ce President, Svstem Operations ()rtando. flo nla T. F. Thompson. Jr. l C.corge W \enkons Vice President, Administrative Services Preu< tent. Puhin super Markety Inc , Lakelanri, Florida
- 1. G. Loader p,+er7 y w r,g Secretary and Treasurer i
P?endent. Rutland Brothers Co . Inc . St Petersburg. Florida C. W, McKee, Ir.
.\ P. Perer Comptroller Prendent
). H. Joyce Vaul F Randolph Assistant Secretary and Assistant Treasurer Preudent Paul I Randolph Inc . Cleara ater, Flonda Betty M. Clayton Har rs M smith Assistant Secretary President. n onter Garden Ornamental hursers . Inc. H. H. Weston n inter Garden. Florada Assistant Secretary DIRECTOR CHANGES W. J. Clapp Retires On September 30. 1968. W. J. Clapp. chairman of the corporate services division of the Irving Trust the board. retired as chairman and as a director, Company, New York City, and is a nationally recog-thus concluding a highly respected career of 44 nized advisor to the utihty industry.
sears with Flonda Power Corporation. M r. Hines is executive vic; president of Florida Other d> rec tor changes included the election to Power Corporation. A registered professional en-the board of John F. Chi'ds, Andrew H. Hines, Jr., gineer, he has held top management positions in and Frank M. Hubbard. Also, we regretfully an. vanous areas of the company since joining Florida nounce that former board member R. H. Simpson Power in 1951. died on November 2,1968. Mr. E. H. Dunn, Jr., I t M r. general counsel and board member, resigned on Hubbard bnngs to the board an outstanding ! August 27 to enter private law practice. He was reputation as a civic leader and businessman in the : ( succeeded as general counsel by Stanley A. Brandi- area of our service system around Orlando, Flonda. more (please see Rates and Regulation section). He is chairman of the board of Hubbard Conoruc-tion Company and Orlando Paving Company and Mr. Childs is senior sice president in charge of president and director of Hubbard Groves, Inc. 18 II\ I . [
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