ML19312C241
| ML19312C241 | |
| Person / Time | |
|---|---|
| Site: | Oconee  |
| Issue date: | 02/21/1969 |
| From: | DUKE POWER CO. |
| To: | |
| References | |
| NUDOCS 7912110788 | |
| Download: ML19312C241 (35) | |
Text
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DUKEPOWER ANNUALREPORT l
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Duke Power Company General Offices: 422 South Church Street Post Office Box 2178, Charlotte, North Carolina 28201 TRANSFER AGENTS FOR COMMON STOCK Morgan Guaranty Trust Company of New York North Carolina National Bank, Charlotte REGISTRARS FOR COMMON STOCK First National City Bank, New York Wachovia Bank and Trust Company, Charlotte
P
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- v -; n Highlights of the Year 1968 1967 In*c'r'e*a"s'e % d e r7 Electric Revenues. .. $312,246,000 $282,322,000 10.606 ' .,
Earnings for Common Stock *
,, , ..: :mJ m Before Extraordinary item. $ 44,171,000 $ 42,679,000 3.5 Per Share of Common Stock:
Earnings Before Extraordinary item .. . $1.91 $1.85 3.2 Dividends Paid . . .. . $1.30 $1.20 8.3 Taxes-Federal, State and Local. . $ 72,341,000 $ 66,726,000 8.4 Plant Construction Expenditures. . $197,148,000 $162,271,000 21.5 Kilowatthour Sales (Thousands). . 28,899,000 25,916,000 11.5 Peak Load (KW). . .. . . 5,364,165 4,579,460 17.1 ,
Customers .. . . . 905,789 877,532 3.2 Earnings and Dividends Per share Common stock 32 00
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1959 60 61 62 63 64 65 66 67 1968 O' Earnings s1 08 1.10 1.15 1.25 1.34 1.48 1.66 1.72 1 85 1 91 \'\ ~
Dividends 5 .70 72 .80 .e5 .90 .95 1.00 1.10 1 20 a.+. .." w as. , ..m .ro m...a +c, w. w,, .ao e...e.,a 1.30 'x '- -
Contents The Revenue Dollar . . . .2 ;
President's Letter . . . . . . ... . 3 Marketing .. ..... . ..... 4 Area Education . ....... . . 12 Production ..... ...... . 14 Keowee-Texaway Project . . . . .. 16 ,
Personnel . ... ........... 18 ;
Better Customer Service . . . .. 21 Citizenship . . . .. ... .22 l Financing . . . . .. .. . .. 24 l 10-Year Summary . . . . .... . 30 l Directors & Officers . .. .32 l Service Area Map indicating Company's District Offices Back Cover Foldout l
The 1968 Revenue Dollar ,
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Where it came from DUKE POWER COMPANY DUKE POWER COMPANY
, N.e e el bal 'm a. Am wk y p.y by PLEASE RETURN THIS STUB WITH I A. grom em d = 4 b.a. y ww. eh. Alf.r.=. THE PAYMENT TO YOUR LOCAL i b.e Mi' ad Doss' . we. DUKE POWER COMPANY OFFICE.
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Acc0UNT NUMBER IIwe...-- ILL ink 4 IUlll3F30UUU4h/ UL55_5N If.htt'af*Ah ,,j', R3%t
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Residential Industrial Cornrnercial Other Water, l Electric Electric Electric Electric Transit )
& Other '
How it was used l - i.
1 Duke Power Company --
l - ' GENERAL OFFICESr 422 SOUTH CHURCH STREET
. Post Office Box 2178, Charlotte, North Carolina 28201 -
DATr t9 _
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PAY To" .
LOCAL,' STATE '&MEIAL 00VEIMU2iT TAXES -
g 72,31.41,000
. Twe onott Ore VENTY-TWO MILLION THREE 'HUNDRED FORTY OiE THOUSAND -- oo g,,,
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l Taxes Fuel Frei ht Wages & Materials, Deoreciation Interest Earnings For on i Benefits Purchased Power Oni Debt Stockholders
, & Others m.,
- , q The President's The Company's construction program required an mvestment Carolinas - Virginias (CARVA)
Power Pool, which m 1968 jomed Letter of si97 miiiion in 1968 and the with simiiar region al groups expected construction expendi- throughout the United States to ture for 1969 will be $261 mil- form the National Electric Re-lion. The investment in new fa- liability Council. The Company cilities to stay adequately ahead will begin work in 1969 on its of the demands of our customers portion of a 500,000 volt trans- l will average $251 million a year mission network which will con-It is your Company's privilege for the next three years. nect with the American Electric to report to you that 1968 pro. Four combustion turbine units Power Company. This line will i duced record marks in all phases were added during 1968 to the later be a link in a 500,000 volt of company operations. Growth one installed in 1967, and seven high capacity system serving the in electric sales was in step with additional units will be installed CARVA compames.
a robust and rapidly growing in 1969 making a total of twelve To carry out capital expansion economy in the Company's serv. units with a capability of 386,500 activities during 1968, the Com-ice area, the Piedmont Carolinas. kilowatts. pany obtained $75 million in first Kilowatthour sales climbed 11.5 The Company is scheduled mortgage bonds and $35 million per cent, resulting in operating to add a substantial generat- from the sale of 350,000 shares revenues of $312 million,10.6 ing unit each year in the imme- of preferred stock. This was sup-per cent over 1967. diate future, beginning with a plemented by short-term bank The 10 per cent Federal in. 682.300 kilowatt third unit at borrowings, sales of commercial come tax surcharge levied in 1968 Marshall Steam Station in 1969. paper, and internally generated depressed earnings by 15 cents A similar unit will become oper- funds. Additional sales of debt per share. In spite of this cHect, able at Marshall in 1970. The and equity securities are planned earnings per share rose, before 140,000 kw Keowee hydro facili- for 1969.
extraordinary item, to 51.91 from ty and 305,000 kw of pumped The Company's employees,
$1.85, an increase of 3.2 per cent storage capacity at Jocassee Sta- most of whom are shareholders over 1967. tion are scheduled to begin serv- through the Employees Stock Common stock dividends were ice in 1970 and 1974, respective- Purchase-Savings Program, are to increased, cHective with the third ly. The Oconee Nuclear Station's be commended for another year quarterly payment from an an. three 886.300 kilowatt units will of spirited and devoted service.
nual rate of $1.20 to $1.40 per start joining the system in suc- Much of the progress achieved share. This increase resulted in cessive years beginning in 1971. during the year was due to the payment of dividends of $1.30 Attempts to purchase a portion loyalty, dedication and excellent per share in 1968, which was the of the $341 million Oconee Nu- performance of the employees.
17th straight year that cash divi. clear Station by 11 of 25 North Several changes in management dends paid to shareholders have Carolina municipalities having were made in 1968. P. B. Heartt been increased. their own electric distribution and K. C. Towe, after many Continued growth of the elec. systems and purchasing their sup- years of service and significant trie power business depends on Pl y of electricity from the Com- contributions to the Company's i our ability to compete edectively Pany, is continuing in Federal success, retired from the Board of '
with other forms of energy-in court. Directors. D. W. Booth, R. B.
price and quality of service. That The Company will oppose Henney, and W. S. Lee were our service is competitive is these eHorts as it has in the past, elected to the Board. Mr. Henney shown by the fact that electricity contending that to allow these was named Chairman of the Fi-was chosen for heating by about towns to obtain power at cost nance Committee. Stewart Camp-half of all new residential units from what is expected to be the bell was named an Assistant in the Duke Power area during Company's most economical gen- Treasurer.
1968. The Company has either erating units would discriminate led all the nation's utilities or unfairly agamst the hundreds of For the Board of Directors been near the top in the number thousands of other customers of February 21, 1969 of all-electric single family resi. the Company.
i dences, conversions of existing The unequal share of taxes in homes to all-electric, and total. charges for electric service sup-electric mobile homes for the last Plied by investor-owned com-several years, panies such as Duke Power, as W. B. McGuire
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Selection of the Duke Power compared to taxes in charges by President area for the location of new indus. government-financed suppliers, try and expansion of existing in. was accented by the enactment dustries again was a bright page in of the 10 per cent Federal in-the Company's growth ledger for come tax surcharge.
the year. Of the $1.2 billion in- Regional planning and coordi-vestment announced for new and nation of bulk power generation expanded industries in the Caro- and transmission, for reliability linas during 1968, over half, or and economy, are gaining in so-a record $614 million, was lo- phistication and edectiveness.
cated in the Duke service area. The Company is a member of the 3
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DMeti% for over I.5 billion kilowatthours annually.
Cl,mb i Continues The mobiie home market, j which has experienced rapid growth in recent years, exceeded j 1967's record marks by 15 per Nurnber of Tow.0ectne Residerices cent. Over 9.000 mobile living 72 e units were added in 1968. The Company has involved itself in a program to assist and guide g Iteshlential Sales manufacturers and dealers in the The Company's position as production and sale of total-elec-supplier of the dominant heating tric mobile homes that will meet 43 2 energy for new homes and apart- Duke Power rate specifications.
ments within its service area was As a result, Duke led the entire 22 4 strengthened in 1968. About 50 utility industry in the Southeast per cent of all new residential in the number of total-electric 24 living units completed in Duke mobile homes connected. 37 territory in 1968 chose electricity Annual average usage of elec- ,n for heating, an increase of 4 per- tricity per Duke residential cus- 7 centage points in market pene- tomer rose dramatically to 8,432 17 '
tration. kilowatthours in 1968, an in-The growth of new, total-elec- crease of 768 kilowatthours or 52 so si e2 es e4 ss se e7 ea tric single-family residences ex- 10 per cent over 1967. This ceeded by 25 per cent the record quite substantial increase was due Dunng 1968 om 15 800 new Total-Oectnc 1967 figure which placed Duke in part to the air conditioning de- 'o'$,9"9E'** * ** *"'"*'"
- number one among all utilities in mands of an unusually hot sum-the country in this category.
The Company's E1ect rieal mer and the increase in electric heating customers.
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in 1968 converted 2.674 homes er residential customer is 40 per "
from other heat to electric heat. cent greater than the national Cf' , 1 ' '" W '; . . .~j This same program set a national average, while Duke has held Y'D 4,g'.h $ ~ .h /3,' k.??
a r- ' 'cD record for conversions in 1967. cost to its customers to 17 per ..; 'i. ,
gE M $
A total of 7.286 homes have been converted to electric heat in the cent below the national average.
The average usage on the Duke _ A gfM ' . _ . ? T h.r M 1 past three years. Power system was 74 per cent p.y?yk - O v e r 7 2,0 0 0 total-electric greater in 1968 than it was 10 '
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served by the Company,15,840 The Company enjoys a high ! i r f ."'j of which were added in 1968 and 65,233 during the past seven saturation of residential water heaters in its service area, now I , M.h gi. !
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r years. A one-month record for exceeding 74 per cent of all cus- i e ~' -
~, l connecting total-electric residen- tomers. The single-unit water * . W tial customers was set in Septem- heater, which Duke has pioneered ' - ~
ber when 1,854 such customers were added. Total-electric resi-and promoted has now been adopted as the standard for the
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dential cummers now account southeastern United States.
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A bout 30 per cent of all new , residential living units completed in l Duke's service area in 1968 chose electricity for heating - including this lovely New England Colonialstyle home built by Ervin industries. Inc. The all-wood" house is one of the most popidar architectural:tyles in the mid-South at present, and is easily adaptable to total-electric standards. 5
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j ,r ,' Commercial Sales Salem. the 32-story Jetierson First Union Towers office build-ll Commercial sales continued to ing in Charlotte, and the Knight ! j ll accelerate and exceeded 1967's Publishing Company's newspaper } record growth by 17 per cent on production plant in Charlotte. Also added as total-electric j
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, i r sales of 4.2 billion kilowatthours.
The three-year trend toward customers during the year were ll . I I j i total-electric educational build- large office buildings in Greens-ll i
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l ings c ntinued strong in 1968, boro and Charlotte; one of the
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schools adding total-electric fa- stadiums in the nation, Groves l ,
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I i i cilities during the year. Many Stadium at Wake Forest Univer- l
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, i I ethers are under construction. sity; the National Environmental j l i l i i i
I l Another trend in Commercial Health Center Statistics Labora-l l i l
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i i I i Sales that is expected to con- tory in the Research Triangle at l j , i i , , 1
' I Durham; and banks, churches, l
i iI : Ii l i i I I tinue upward is the choice of the i i t . i I I !' l l l l , I l ! ,
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, i total electric concept by shopping apartment buildings, supermar-I I centers. Three large shopping kets, exposition halls, government i '
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, i i i i centets using electricity as a sin- offices, funeral homes, nursing
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] , l l , i i i l I I gle source of energy were com- [ i i I pleted in 1968. and three others and appliance stores.
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-including one of the largest in Overall, there were 717 total-
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, j the Southeast in Charlotte-are j ; l l l l l
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i j l l l l l l Other large total-electric proj- year. This represents an 11 per I I i i
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ects announced in 1968 included cent increase over the number i i i I i i I i l l l l l I I high-rise public housing for the added in 1967 and brings the i l I I I I l l l l l l t elderly in Durham and Winston- cumulative total to 3,804 j i i i l l l l l i i . i l l l l l I i i i l l i l j j l l l l i i l l l l I l RESIDENTIAL SERVIJE
;; ; j l l l l l l Avera e Chrrge for E ctricity
;l l l l l l Annual erage Usage l i i ; i l l l l l l I l I .
i i l f l l l l l l l l l I I 2 54c 8432 i l i lll[ lll ll l l 1 lll l 237: 2 00c 2.12e
.[~5ki 1.75e 6 040 Jass One of the larger total-electric commercial bullJings announcedin the Duke Pou er service area in 1968 3.38g n as the lederson First l!nion Tower in Charlotte. This architect's rendering I
shows how the 32. story ofice structure willlook when it is completed in 1970, 1958 1963 1968 1958 1963 1968 oute CustCmerS Cay 17% leSS and US9 40% more electric!!y tnan the U.S. average. 6 1
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Some of the largest total-electric shopping centers in the Southeast are either completed or under construction in Duke Power's Piedmont Carolinas 's service area. McA lister Square !above). which uses electricity for all its energy requirements, began serving the public in Greenville, S. C. in i968. It encompasses 300,000 square fcet of heatcJ and cooled area and features 31 stores around the mall.
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Springs Mills comp!eted this new Customer Service Center near Lancaster, S. C. in i968 to provide more e@cient service to customers. Heat generated by the computer equipment and other internal sources is the basis for e@cient comfort heating throughout the building, while a " cascading" centrifugalsystem provides refrigeration. l l l 8 l l l l
l i l I Industrial Sales the year Examples of the total- Company (synthetic yarns), and Contract negotiations for sub- electric firms joining Company Superior Continental Corporation stantial new and expanded loads lines in 1968 were Lithium Cor- (coaxial cable). ' were completed during the year, poration of America (ore concen- Other noteworthy industrial i insohing industrial, resale and trate), Valdese Manufacturing expansions were Olin Mathieson l large general senice customers. Company (textiles), Milliken In- Chemical Corporation (cello- . These represented a net increase dustrial Corporation (electronic phane) and Bowater Carolinas I in contractual load of 323,190 control consoles), and the Green- Corporation (newsprint). ' i j kilowatts. The major portion of sille News-Piedmont Company Elesen industrial plants, fol-l these customers had loat' equire. (newspapers), lowing a noticeable trend in the l ments of 500 kilowatts or more. Continuing diversification and Duke service area, converted to in addition, new piants and ex- the selection of the Duke Power totai-electric operation in 1968. I pansion of existing plants requir- area by heasy industry are still Textiles rei.uin the largest l ing contractual loads of less than prominert in the industrial sales single industry gtoup served by i 500 kilowatts made a contribu- picture. Some of these new cus- the Company. Esen though sales tion of 29.240 kilowatts to the tomers include General Electric to this group have increased i oserall system load. This rep- Company (large gas turbines), steadily each year, the percentage resented the largest total new Westinghouse (nuclear steam tur- of total sales today stands at 33
! load placed under contract in any bines), Joseph Schlitt Brewing per cent as compared to 41 per year in Company histmy. Company (brewery), D. F. Good- cent in 1958. This is due to the The number of total-electric rich Company (surgical rubber accelerated industrial diversifica-industrial plants on the Duke gloves), Gravely Tractor (power tion taking place in the area system advanced to 144 during equipment), Madison Throwing served by the Company.
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near Charlotte. 39m EI ' " , lQ lll III Q l ll } {fffflll The plant will begin partia. I 4~ d'L y. . 1 o .- w , production this i 6< ,*s.~ - .
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- S. C.,in 1968 and
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Agricultural Sales Industrial Deselopment has recorded L955 new and ex-The conversion of farms to The Carolinas set a combined panded industnes requiring an total-electric operation in the record when new and expanded investment by those industries l Duke Power senice area con- industry announced an invest- of $2.7 billion and creating over tinued its upward trend in 1968 ment of over $1.2 billion in the 124,000 new jobs for a payroll " with a record 218 farms choos- two states during 1968. For the increase of $512 million. ing electricity for all energy eighth straight year the Duke The year's larger expansions needs. This brought the number service area, which is but one- were announced by Spartan of total-electric farms served to fourth of the Carolinas' land area, N! ills. Singer N!anufacturing ; i.273 and placed the Company recorded over 50 per cent of this Company, Chiquola N1 ills and among the nation's leaders in this new investment. Cannon N! ills. Among the larger category. Total investment in the Pied- new industries were Niilliken The trend toward consolidation mont Area served by Duke dur- Electronics and American Enka l cf smaller farms into larger, more ing 1968 amounted to $614 mil- Corporation.
- etlicient units continued all across lion. This included 117 new in- Activity at the year's end was the Duke service area, and the dustries and 233 expansions of at a peak, according to the Com-sale of electricity for farm pur- existing industries. The year's in- pany's Industrial Development poses rose as electrically-powered dustrial acquisitions will add Department, and prospects for equipment and machines con- 23,890 emp!oyees to the work 1969 are excellent. The selection tinued to replace hard-to-find force and $127 million to the of the Duke service area by heavy farm labor. annual payroll. industry for large plants has been The Company now serves For the five-year period ended a trend of recent years.
i 41,470 customers in the farm 1968, Duke Power's service area classification, and 384.530 other rural customers. Annual average ~ ~ ~ ~" *~ ~ ~ ' ~ ~ ' ' ~ l usage by the farm classification i customer in 1%8 was 8,635 kilo- - l w atthours, an increase of 525 , i kilowatthours oser 1967. Electric ser ice has been available to all farms in the Duke area for some time. New and Espanded industnal Plant Growth ,-_ u mo, or Dow,
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2 -7 3' c mch ( $ .. .+ g .a3 Duke University has completed a $3.9 million Regional Nuclear Structure Laboratory on its Durham campus. the largest nuclear physics research t 196a , facility in the Carolinas. The A tomic Energy Commission has endorsed the l '964 1965 T 9% T967 purchase of a Tandem Van De Graadaccelerator and willprovide
$2.$ million toward cost of the facility. It u ill be available for use by all edustnar custorners nave unwested 52.7 bei- nuclear physicists from the nearby Reseanh Trianele and Piedmont ocn cn nem ana enanced plant tacht:es un area. The building contains 28.173 square lect and is total electric.
Dee s service area dunng these years. I1
l i Carol,inians .. Believe #^ l
- A'N I in Educat, ion Opportunity e kg .
y \
- w -
s 3 ! In 1789 the first of our nation's ~ j state universities, the University of ~ j North Carolina, began accepting stu- , , j dents at Chapel 11ill, and the Pied- . .
. ~
mont Carolinas
- enthusiasm for excel- '
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lence in education has continued to grow since. [d Jg "rM* . ' - 'g 4
's
[,". ,.perj [* *T l If educational facilities for post- , . , ,CC'ap j-high school learning can be a measure
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4, j There are presently 101 institu- %- j tions of higher learning located in the area served by Duke. From accred-
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, C ited four-> car colleges and unisersities ar .j
- to community colleges and vocational -
schools these institutions are respond- , , ing to the challenge of training the d ~ - - - executives, scientists and technicians j needed to meet industry's growing re- [ !
- quirements.
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ties to ready themselves to meet the ~ w
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ing nature of the Piedmont's industry
. students v ho will steer the course gs-af a comples and changing world. ..
Post-graduate and professional "i - - schools are numerous in the area. as . E are the trade schools which offer the new courses required to meet techno-logical and industrial needs. ,
'W It is a land of educational advan- 1 tages-from kindergarten to graduate E study. %.{ _
A chance of classes at North
- Carolina CoIIege (top)in Durham 2
catches a group of students hurrying from one classroom complex to another. 1 The demand for chemistsin the
% si u Piedmont Carolinas has soaredin recent years due to expansion of the The Baccalaureate service, still manmade fiber industrv and the paper industry. A rea institutions such observed as an integralpart of as Presbyterian College in Clinton, graduation programs at Carolinas S. C., help lill this demand.
colleges and universities, makes This is a spectro-photometer for a beautsful scene f top) at Catawba used for chemis . analysis. College in Salisbury. Eton College in Guilford County ,i is rypical of the smaller liberal arts colleges that have served the Piedmont l Carolinas so long and so well. 1 Botans and horticulture students have use of this beautiful hothouse facility at Pfenfer College at Misenheimer near Salisbury. 12
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y&h rQ': the PicJmont Carolinas. A mone these
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$c 5 , . in mans of the connues served by Duke Power. supplying the training S '-ool tropp in Durham.
The experiment is a vitalpart of i .. '~'"n
' .' .. ~ .h tecdcJ by area industries. A bove the incher education process. and these is a class'in automoris e interpretation students Icenter; learn bv Joine at it is not rare for as many as three at the Durham Technical Education Furman University in Greenville. S. C.
coucce or univernty basketball teams Center. Tillman Hall. n hnch serves as in the Duke Power scrsit e arca to be Electronics is the course beine the main administration building, rated amone the natwn's top 10. studicJ at the TechnicalInstitute of adJs a touch of the traditional . DasiJson s s Wake Forest (centcr Alamance County in the bottom photo. to a Clemwn University campus that a abos eris typical oi the ircmenJous actwn awstable, is be< omine vne ct the most moJcrn in the South. InJn Jualinstructwn is one of the bonus features armlable at smaller C.;rol,nas s olicers such as Wodord l Coilcee t botunn o in spartanbure. S. C. 1 l 13
Production summe nd wimu mminued. The previous peak load mark husm nio] G m wth The Company announced in of 4,579,460 kilowatts on No- November that it will join with vember 28,1967, was surpassed the three other Carolinas - Vir-repeatedly during the year. The ginias Power Pool Companies in 1968 peak load of 5,364,165 building a 500,000 volt transmis-kilowatts occurred on August 19 sion loop connecting the com-at 11:00 a.m., representing an in- panies with the American Elec-crease of 17 per cent over the tric Power Company. Construc-peak load in 1967. The Com- tion of Duke Power's first por-Generation Growth pany kilowatt generating capa- tion of this loop, 85 miles, will The Company will add a major bility and firm purchased capacity begin in 1969. generating unit in the spring of at the time of the 1968 peak load This interconnection will allow 1969, and has at least one major totaled 5,757,475 kw.
- the large scale interchange of unit, either steam or hydro, Duke's 1968 production con
- power, both by plan and in case scheduled for each of the next six sisted of 28 billion kilowatthours of an emergency. This is one of years. from steam plants, 1.5 billion several actions being taken by The third unit of Ntarshall kilowatthours from hydro (about the Company to improve the con-Steam Station, the Company's median), and 0.2 billion kilo- tinuity and economy of electric first to operate at super-critical watthours from combustion tur- service.
pressure, will add 682,300 kilo- bines. This, along with 2 billion The Company continued to set j 4tts in N1ay. Ntarshall's fourth kilowatthours from purchased records in most phases of its l unit, also 682,300 kilowatts, will sources supplied the Company's transmission construction pro-begin service in 1970 as will the total energy requirements in 1968 gram in 1968, building 477 miles Keowee hydro Station, a 140,000 of 31.7 billion kilowatthours. of rrcuits and adding substations kilowatt n.cility. The Carolinas-Virginias Power with new or uprated transformers The N1, rshall Steam Station Pool, formed by Duke Power and requiring an expenditure of $41 i was the nation's most etlicient in three neighboring utilities, con- million. This was almost double 1968 for the third straight year. tinued to share the benefits of the amount spent in 1967, and a Beginning in 1971 the Oconee large generation units and high- similar expenditure of S41 million Nuclear Station will contribute an voltage interconnected transmis- for 658 circuit miles of line is 886,300 kilowatt unit to the sion during its second year. planned for 1969. Company's capability each year for three years, followed by the
~
Balanced Load Buildin9 Peak Loads versus Generating capatnhties locassee pumped storage facility e c *"AU.YE*Y** in 1974 s= Four 33,500 kilowatt combus- ' l l l $ , tion turbines were installed in so 1 1968 as additional capacity to l l l l _ff f,, meet peak load requirements and i l l ' ']
- 03 I for emergency service. The Com- 4 o pany now has five of these quick-y
^
g g ] p l service units on the line and ex 3 5 l l l l [. l yj i , ; ,, h@ pects to install seven more units 3e ! I 2J3 Q M totaling 219,000 kw in 1969. l l l l i l g All generation records were - , j ; ; j i q y g l f h topped pattern of peakin 1968 in both as the balanced gl{
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l l l l l lf I'h} 1958 1963 1968 1959 60 61 62 63 64 65 66 67 1968 Pean Loacs Seasons "q Generatmg cacao +t es
-Winter Peam Load Summer Peak Load E F rm Purchase 3 14 h
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Visitors Center square feet of enclosed space. In early summer, the Company plus outside patio-type overlooks, , 9 will open a permanent Visitors will provide the public clear Center at its Keowee-Toxaway site. This Center is expected to views of the Oconee Nuclear Station, Keowee Hydroelectric M" attract thousands of people an- Station, Keowee Dam and Lake nually, including rnany student Keowee. Closed circuit TV will ,_.., groups of all age levels. It will provide views of construction and w '-.=
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s feature animated displays depict- the actual control room of the ing the story of energy all the way nuclear plant. The operating staff \ , Ay from the forces of nature through has been selected and the Center - a : *k
; j-the harnessing of the atom. will be open to the public on a Yj ,
9; The Center, containing 13,000 seven-day week basis. "' , - 4e 4 g. - y e,z-H g . 1
,, On-site responsibility for crection n, 3 of the OconceNucicarStation belongs Q _ '~Q:' to Pro lccts Engineer R. L. Dick
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(rightI anJ Proicct Engineer Jchn C. W Rogers. The two are getting an aerial view of the foundation u ork for
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crane of equalcapacity nill be jc 35D , installed at the Oconce site this year. pW4 [] c j I
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M. ' 4l, dkM ; Ql4 l : 4 <.. ild' !ll I ' i.N s~ t ;: & f i j 1 a , ;- The Company is building a ' I $ permanent Visitors Center at the I
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i , , d 1 Keowee-Toxaway Project, anJ the operating stad ileft) plans to have t ite 7 ! %, $i ?y Center open to the public on a seven-day y g; y fi.:n
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weck basisin the spring of l969. The Visitors Center will feature animated f f , St .% displays telling the story of energy, s ( L Kjf l plus outside overlooks that will afford L
- as i unrestricted slewsof the oconee N _g
. .L lf L.A ' ' I Nuclear Station and the Kcowce Dam and hydro installations.
17 l y_ ,y _
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. 4 state and national safety organi-Personnnl considered a proportionate share of those available. The Com- zations during the year.
pany's recruiting efforts, particu- Training Programs larly in the vital fields of engi,- The Management Development neering, computer sciences and Program, highly effective since finance, were helped consider- its inception in 1959, reached a ably by a program of summer record ~ number of 365 employees Company employees increased employment for students. This in 1968. This program, which is from 7,196 to 8.079 during the program included training in held at the Company's Lake year. Of the 883 new employees, areas of electric operations, com- Hickory Training Center, will be 446 were added in the construc- puter programming and eco- expanded in size and scope with tion of the Keowee-Toxaway nomics of the free enterprise sys- the addition of new facilities. Project. Duke Power is one of tem. Two new, modern, motel-type the few utilities in the nation Ten of the 25 June engineering dormitories have been construct-which designs 'and constructs its graduates hired in 1968 had pre- ed, and the classroom building own generating plants. sious experience with the Com- has been remodeled and refur-The majority of the Company pany as summer employees. A nished at the Center. employees continued to partici- total of 39 engineering graduates The Management Development pate in the Stock Purchase-Sav- was employed. Program has provided training ings Program established by the Duke's generation plants were for 1,475 management-level em-Company in 1959. Of the em- visited by hundreds of students ployees in its eight years of exist-ployees eligible,91 per cent were during the year. In the field of ence, plus review sessions for 910 sharing in their Company's prog- engineering alone, 155 college of these employees. ress through the purchase of com. students were brought to Com- The Company has also insti-mon stock at the end of 1968. pany installations for on-site tuted a program designed to pro-Since the plan's inception em- views of Duke Power operation vide reactor operators licensed by ployees have purchased 450,145 and construction. These visits the Atomic Energy Commission. shares of stock through payroll have been instrumental in a num- This training, which consists of deduction. ber of students accepting employ- a two-year period of intensive The Company continued its ment offers after graduation. formal instruedon, is expected to effort to keep all employees Safety Emphasized qualify all the licensed operators abreast of new developments af. Accident prevention continues necessary for the Oconee Nuclear fecting Company business. This to be an important part of the Station by the time it commences was achieved through communi. Company's operations, and the operation in 1971. cations programs and employee accident frequency rate was well Tuition Refund publications. below the industry average. Many Seventy-three employees com-Two union elections were held of the districts, stations and de- pleted courses in 1968 under the in 1968. The Keowee-Toxaway partments completed the year Company's Tuition Refund Pro-Project Construction Department without a disabling injury, and gram. Employees desiring to de-employees rejected unionization the Company, for the second velop themselves further for pres-by an overwhelming margin of straight year, had a period of ent and future jobs are encour-7 to I, while 881 Distribution- two million manhours worked aged by the Company to partici-O p e r a t i n g Department em- without a disabling injury. This pate in this program. One hun-p!oyees, 850 of whom already is considered exceptional since dred and ten employees are pres-were represented, voted for de- Duke Power performs its own ently enrolled and will be re-partment - wide representation. heavy construction. funded a portion of tuition costs Twenty per cent of the Com- Six units of the Company ex- upon successful completion of an pany's employees are represented ceeded one million manhours approved course. by unions, worked without a disabling in- Examples of courses now being l Recmiting jury, led by the Steam Produc- pursued under the tuition refund While competition for the top- tion Department, which topped program are Principles of Sur-level college graduate continued the two million manhour mark. veying, General Electronics, to be intense in the Duke area, Many awards were given to the Blueprint Reading and Principles
- the Company, attracted what is Company and its departments by of Refrigeration and Service.
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1 1 Robinwn .\ wards 5 team Sution. Samuei Jack Lloax mc. a better method of ('hilders. an operator at 99 Is-boi!c r m.u n t e nance. and excep- lands Hydro Station; and Rich-trona; mic and wmmunity con- ard R Pteree. Supers i sor of tributions wiin lW RoN nson News \1edra 'se. ices Awards for three em pioy ees. Price won for doelopine a l hese prr/ed awards gn en an- pow e r tool to resurf ace boiler nuaR re w eni/e em ploy ees for plato sasing conuderable main-oub,ndmg e rs ice in se s eral tenance e x pe nse . Childers w as i 1 cateceries The winners are nomi- credited with sas m.e a th ea. ear- , nated and selected by fellow em- oid d row nin g s ietim through ploy ces prompt and 4illful action. Pierce The 1Y67 aw ards went to won for sersice that ranged across K. W. Price assistant mainte- a wide area of community, cisie nance s u pe rs isor of C!ilf side and church life. l
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l l l Better Customer Company is inst ing Display will be requested by use of a Stations and Communications typewriter kesboard. In order to Serw.ce Terminais at its District Otisces oetain tne information about one and many of its 77 Branch particular customer, the repre-Ollices. From these " remote ter- sentatise need only know the ac- , minals." customer sersice repre- count number or the name and I sentatives will be able to obtain address. l l fast and accurate information With Duke Power growing In meeting the challenge and from the Charlotte-based com- rapidly in size and complexity, opportunity of supplying electric- puter's storage files. The infor- this Customer information Sys-i ity to tne dynamic Piedmont mation requested will be deliv- tem is only one of many com-Carolinas, Duke Power has fo- ered from Charlotte almost in- puterized applications either in-cused its attention on serving the stantly and either printed out, dis- stalled or scheduled for installa-l customer reliably, promptly and played or, a video screen, or both, tion to meet the Company's man-courteously. Information from the computer agement information needs. Indicative of this attitude is the Company's new Customer Infor- 1 - . : . s - y.. # -- -.a --
....-s .a + l h EU. * .? N ,, Ni *#[" fl mation System, a highly-ad- -
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I p g 7 % b.{,$ p [4/% 3 answering c u s t o m e r inquiries .yl / g ~ _ 7 . 3 about pending service requests, p i Q .. L ? .
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; energy usace, and other billing " - - -
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data. The purpose of the new .g ff. j -f; :
. g%
wstem is to proside fast, accu- IM- ~_ b %iMg/g 1 iteppq. '+;,
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l customer- N- *' # J E- 'O' M s. m -3=~-~-- >
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A hv-product of the method is sV .) '~'t .,'"
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by cutting out the routine page-ph' d$T .'3.7c -
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icquired to answer customers' -
+
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~ - ' -m mation System is a new IBM 360 y .
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in the line of " miracle machines." .. 1. . .. . ; r. ' + =~ . The computer's operating speed : %g$( .%
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,g. h .. j is nsasured in billionths of a sec- 4 4 ., ,'2 9.g ;m ond aru its storage capacity is .
7, f4 g Wo? yt - .g - l much greater than that ofits pred- 1N . 1
." , tg 4 ecessors. Its " random access" Ta gJ ~ i I.- ": "
s - I I cells allow it to go directiv to an '
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I item of information without hav- if' ' ~ *. M '. " YM MP .7.
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Citizenship: Pollution Controi The Company has continued duce important factual informa-tion concerning the effects of We Believe in it its program of air poiiution abate- cooiing water discharge on ma-ment which was begun in 1955. rine life. Conservation Recent steam generating units Recreation The Company continued to have been equipped with the The Company entered into two practice good timber manage- most etlicient pollution control additional lease agreements for ment and conservation by plant- equipment available. Collection the establishment of wild game ing over two million trees in equipment installed on eight ex- management areas during the 1968. These trees were placed on isting units in 1957-58 is now year. A lease was signed allowing 4.156 acres of Company water- being revamped to improve its the South Carolina Wildlife Re-shed lands, and brought the total performance, and additional pol- sources Department to manage trees planted by Duke Power to lution control devices are being 14.124 acres in Abbeville, An-36.5 million on 46,873 acres installed so that by 1973 all post- derson and AlcCormick Counties since the forestry program was World War II units will be so for game, and a similar lease was begun in 1939. Company lands eouipped, signed with the North Carolina under scientific forestry manage- ie a number of years the Wildlife Resources Commission ment now total 267,910 acres. Company has had a Water Re- for 12,500 acres in Transylvania Thirty-nine million board feet search Department concerning it. County. The Company now has of timber were harvested in 1968, self with water quality in our 168.630 acres under lease to the a!ong with 62,000 cords of pulp- streams and reservoirs. Close liai. Wildlife Commissions of the wood. The Company sells its son has been maintained with Carolinas for game management timber and pulpwood on the state and local officials in our areas. stump to private contractors who water management programs, and These game management areas harsest it and prepare it for sale in 1965 the Company began a have proved to be of great value to the construction, furniture and major research project to study to the Wildlife Commissions in pu!p industries. The forestry op- the etIects of cooling water dis- their efforts to make additional eration added about $1.5 million charge at its Alarshall Steam Sta- hunting and fishing areas avail-to the Company's gross income tion site on Lake Norman. The able to the public, in 1968. first phase of this study involving The Company has leased in Landowners and sportsmen heat dissipation capability of re- excess of 6.000 recreational lots continued to laud the Company's ceiving waters has been com- on its take shores to the general program for the preparation of pleted. The project's second public, and over half of these right of way lands for wild game phase, which includes a study of contain year-round or summer food plantings. The 1,433 acres the biological etTects from cool- homes. A count made of the num-prepared for planting along right ing water discharge is now under- ber of vehicles using the 47 ac-of way property brought the total way. cess areas provided by the Com-since the program was initiated This research is a part of a pany in 1968 showed 2,369,971 in mid-1965 to 4.671 acres. national project under the spon- visits. While these planting proce- sorship of the Edison Electric In- Landscaping dures hase prosed most beneficial stitute with Johns Hopkins Uni- The Company employed a to the propagation of game ani- versity coordinating and direct- landscape architect in 1968 and mais and birds and in providing ing the program. The Company, his services are being utilized for attractive rights of way, they also the Division of Inland Fisheries professional planning at new and are one of the most economical of the North Carolina Wildlife existing Company installations. and !asting of clearing methods Resources Commission, and con. The architect will seek to provide used by the Company. ruttants from University of North settings aesthetically compatible Carolina branches at Chapel Hill with the area occupied by an in-and Charlotte are assisting in the stallation. This will include sub-collecting and analyzing of speci- stations, retail offices, power fa-The egects of cooling water mens. The biological phase is ex- cilities. operations centers and discharge ar the 3torshallsteam pected to cover a period of at one of the early efforts, the Keo-Station is beine studicd as part of a least three years and should pro- wee-Toxaway Visitors Center. nationalproject under sponsorship of the Edison Electric institute. Johns Hoptins Uninrsity is directing the program. which includes severalstate agencies plus Company personnel. Here a team conducts tests near the SIarshallStation. 33
1 4 kansmission, disuibution and 1 FinancinciU * " c' "m s Id t the Tms-tee of the Stock Purchase-Savings general plant facilities. Included j Program for Duke Power Em- in the three-year construction i ployees at an average price of program is a portion of the expen-S37.24. On December 31,1968, ditures for Alarshall Steam Sta-l
- the Company's outstanding short- tion, Units 3 and 4, Keowee and j term obligations amounted to Jocassee hydroelectric units, Oco-About 34% of the Company's $100.4 million. S74 million of nee Nuclear Station, Units 1, 2 l
! SI)7 million construction pro- which was repaid from the net and 3, and 488 structure miles of ! gram in 1968 was financed from proceeds of the sale on February 500 KV transmission line and re- , internal sources (principally de- 6,1969, of an additional S75 lated substations. Also included I preciation accruals and retained million principal amount of First are expenditures for the initial l earnings). The balance was ob- and Refunding Niortgage Bonds, construction phase of other gen-i tained from the sale of the Com- 1999 Series, at an interest rate erating units which will not be l pany's securities and from short- of 7 %. completed until the mid 1970s. i term bank borrowings and sales The Company's construction It is estimated that about 70% j of commercial paper. program is continuing at an ac- of the funds required for the j On February 26, 1968, the celerated pace in order to meet 1969-1971 construction program l Company sold $75 million prin- the rapidly growing demand on will be obtained from outside fin-cipal amount of its First and Re- its system for electric service. ancing. The Company presently i funding Alortgage Bonds,1998 Estimated expenditures for plant intends to sell equity securities Series, at an interest rate of facilities for the three years 1969- and additional bonds later in 6% "c. On Slay 2,1968,350,000 1971 are S754 million. including 1969. At the close of 1968 the shares of 6.72"c Cumulative Pre- $261 million for 1969. Approxi- Company's total capitalization ferred Stock, Series E, were sold mately 51r~c of the three-year was S989 million consisting of at par value of $100 per share. total will be expended for addi- 52% bonds and debentures,11% Periodically during the year, a tional generating facilities and preferred stock and 37% com-total of 66.330 shares of com- the balance for additional electric mon stock equity. b.G., fn4 4 + r .= ,: ' gw% . gi;
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0fice which is used for muth of the , managementinformation needs, ' includine customer service, accounting,
. cn quncering. cconomic studies, marketing and financial forecasting.
24 i l
Statement of Source of Funds for Plant Construction Expenditures For the Years Ended December 31,1968 and 1967 v.., m.e o ., n 1968 1967 SOURCE OF FUNDS: Operations - Earnings for common stock. ,
$ 44,171,000 $ 43,533,000 Less-Dividends on common stock. 30,069,000 27,676,000 Earnings retained for use in the business. 14,102,000 15,857,000 Add - Noncash charges -
Depreciation and amortization. . 38,393,000 34,936,000 investment tax credit, net. 2,280 000 1,557,000 Funds from operations, 54,775,000 52,350,000 Financing-Sale of first mortgage bonds. 75,000,000 75,000,000 Sale of preferred stock. . 35,000,000 5,300,000 Sale of common stock. 2,470,000 2,277,000 Increase in notes payable. 18,940,000 40,400,000 Retirement of sinking fund debentures. ( 1,250,000) ( 1,250,000) Funds from financing. 130,160,000 121,727,000 Total available funds. 184,935,000 174.077,000 Other-(increase) decrease in working capital, etc. 12,963,000 ( 8,094,000) Properties purchased - ( 787,000) Advances to subsidiaries. ( 750,000) ( 2,925.000) PLANT CONSTRUCTION EXPENDITURES. $197,148,000 $162,271,000 Accountants' Opinion H AS KINS 8, SELLS CEPTIFICO PU BLIC ACCOUNTANTS DUKE POWER CO.\1PANY: We have examined th: balance sheet of Duke Power Company as of December 31, 1968 and the related statements of income and retained earnings for the year then ended. Our examination was made in accordance with generally accepted auditing standards, and accordingly included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying balance sheet and statements of income and retained earnings present fairly the financial position of the Company at December 31, 1968 and the results of its oper. ations for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Charlotte, North Carolina January 31, 1969 25
Balance Sheet o comber 31,1968 and 1967 ASSETS o.c.mri.r n 1968 1967 ELECTRIC PLANT At original cost (Note 1)- Electric plant in service. . . .. . . $1,251,993.000 $1,155,892,000 Construction work in progress. . . 214,881,000 125,243,000 1,466,874,000 1,281,135,000 Less--Accumulated depreciation ...... . 418,298,000 387,959,000 Electric plant, net. . .... ... . 1,048,576,000 893,176,000 21,650,00.0 18,307,000 OTHER PROPERTY At cost (Note 2). . . . . Less-.-Accumulated depreciation . . .... 3.807,000 3,819,000 Other property, net. . . . 17,843,000 14,488,000 INVESTMENTS Common stock and advances to unconsolidated subsidiaries-at cost. .. .. ... 9,446,000 9,711,000 Other securities-at cost or less. . . . . . 684.000 688,000 10,130,000 10,399,000 CURRENT ASSETS Cash..... .. ... .. .. .. ... . . 14,315,000 13,655,000 Receivables, less allowance for losses. .. . 24,341,000 26,486,000 Materials and supplies-at average cost. . 34,067,000 35,643,000 Prepayments. . ... . ...... 335,000 311,000 73,058,000 76,095,000 DEFERRED DEBITS Debt discount, premium and expense, being amortized . .. . .... ... 804,000 892,000 Other . . ... . . ....... . .. 2,664,000 1,975,000 3,468,000 2,867,000
$1,153,075,000 $ 997,025,000 26
uABitmES oeceo, u 1968 1967 CAPITALIZATION Capital stockand retained earnings (Note 3): Common stock, no par--oJtstanding 23,160,299 shares and 23,093,969 shares, respectively. ... .. .... $ 316,458,000 $ 283,988,000 Retained earnings. .. ... . 52,775,000 6E,162,000 Total common stock equity. . . 369,233,000 353,150,000 Cumulative preferred stock, $100 par: 4.50% Series C, outstanding 350,000 shares. . ... ... ... 35,000,000 35,000,000 5.72% Series D, outstanding 350,000 shares. ........... .. 35,000,000 35,000,000 6.72% Series E, outstanding 350,000 shares. .. . 35.000,000 - Total capital stock and retained earnings . . . . . . . 474,233,000 423,150,000 Long-term debt (Note 4). . . . 515,000,000 441,250,000 Total capitalization. ..... 989,233.000 864,400,000 CURRENT LIABILITIES Notes payable (Note 5). ... . 100,340.000 81,400,000 Accounts payable . . .. . 12,729,000 8.852,000 Customers' deposits ... . . .. . . 2,101,000 1,608,000 Taxes accrued . . . . 19,174,000 17,875,000 Interest accrued . . . . 8,705,000 5,831,000 Other . .. . . . .. 957,000 461,000 144,006,000 116.027,000 DEFERRED CREDITS Investment tax credit, being amortized. . . 11,741,000 9,461,000 Other . ..... 602,000 270,000 12,343,000 9,731,000 RESERVES AND OTHER Reserves for injuries and damages. . . . 2,258.000 2,258,000 Contributions in aid of construction. . . 5,235,000 4,609,000 Commitments (Note 6) 7,493,000 6,867,000
$1,153.075,000 $ 997,025,000 Gee the accompanying notes to financial statements 27
Stctomont sf incomo For the Years Ended December 31,1968 and 1967 v.a, en. o.c..e., 31 1968 1967 ELECTRIC REVENUES . . . .. $312.246.000 $282,322,000 ELECTRIC EXPENSES AND TAXES: Operation-Fuel used in electric generation. .. 76,035,000 69,641,000 Purchased power . . .. . .. . .. . 10,635,000 3,334,000 Wages and benefits, materials, etc.. .... .. 39,407,000 36,425,000 Maintenance of plant facilities-wages, materials, etc.. 14,020,000 13,721,000 Depreciation . . . . . 38,075,000 34,544,000 Taxes-General . .. 28,104,000 25,302,000 Federal income. 35,740,000 33,143,000 State income. .... ... .. . 4,861,000 4,729,000 investment tax credit, net of amortization. . 2.280,000 1,557,000 Total electric expenses and taxes. . . 249,157,000 222,396,0_C0 Electric operating income. . . 63,089,000 59,926,000 OTHER INCOME: Dividends from subsidiaries. 750,000 1,000,000 Other dividends and interest. . 385,000 232,000 Other, net (Note 2). 1,592,000 1,003,000 Total other income 2,727,000 2.235,000 Gross income . . 65,816.000 62,161,000 INCOME DEDUCTIONS: Interest on long-term debt. 21,887,000 16,756,000 Other interest . .. .. .... . . . 3,460,000 2,258,000 Interest charged to construction (credit). . . . ( 9,667,000) ( 4,245,000) Other . . 995,000 1,199,000 Total income deductions. 16.675,000 15.968.000 income before extraordinary item. . 49,141,000 46,193,000 EXTRAORDINARY ITEM Interest received, less expenses, on refund of excess profits taxes, net of income taxes of $864,000. . - __854,000 Net income . 49,141,000_ 47,047,000 DIVIDENDS ON PREFERRED STOCK . 4,970,000 3,514,000 Earnings for common stock. $ 44,171,000 $ 43,533,000 PER SHARE OF COMMON STOCK (average sharesoutstanding): Earnings before extraordinary item. . . $1.91 $1.85 Extraordinary item .. .. . . . .. - .04 Earnings for common stock. . . . . $1.91 $1.89 See the accompanying notes to financial statements 28 j
Statement of Retained Earnings For the Years Ended December 31,1968 and 1967 Year Ended December 31 RETAINED EARNINGS-Beginning of year. . $ 69,162,000 $ 53,305.000 ADD-Net income for the year. .. ,. 49,141,000 - 47,047,000 Total . . 118.30f00T) 100,352 6~00 DEDUCT: Cash dividends-Common stock ($1.30 and $1.20 per share, respectively) 30,069,000 27,676,000 Preferred stock-Series C ($4.50 per share). 1,575,000 1,575,000 Series D ($5.72 per share). . ... 2,002,000 1,939,000 Series E (annual rate $6.72 per share)... . 1,393,000 - Transfer to common capital stock account. 30,000,000 - Capital stock expenses. . . . 489.000 ~ Total deOuctions. . 65,528.000 31,190,000 RETAINED EARNINGS-End of year. .. .. $ 52,775,000 $ 69,162,0C 1 1 Notes to Financial Statements !
- 1. CONTINGENCY. Electric plant assets include the Com. 4. LONG. TERM DEBT. 1968 1967 pany's hydroelectric projects, several of which are licensed First and Refunding by the Federal Power Commission under the Federal Power Mortgage Bonds:
Act. The Act provides that upon the expiration of the 3% Series Due 1975. . . $ 40.000.000 $ 40,000,000 licenses. the United States may at its option take over 2.65% Series Due 1977 40.000.000 40.000,000 such projects by payment to the licensee of its " net in- 27s% Seri;s Due 1979. 40.000.000 40.000.000 vestment" in project assets. In September, 1968 the 34% Series Due 1981. 35,000.000 35.000.000 Federal Power Commission prescribed a rule for determin- 3%% Series Due 1986. 30.000.000 30,000.000 ing " net investment" which, if applied to the Company's 4%% Series Due 1992. 50,000,000 50,000,000 projects, would result in an amount some $6,700,000 less 4%% Series B Due 1992 50.000.000 50.000,000 than their original cost, net of accrued depreciation, at 4%% Series Due 1995. 40.000.000 40.000,000 I which they are now ca'ried on the Company's books. 5%% Series Due 1997. 75.000,000 75,000,000 l Various licensees including the Company, have petitioned 6%% Series Due 1998. 75,000,000 - ' the Commission for modification of its rule, and a re- Sinking Fund Debentures: hearing for further consideration of the matter has been 4%% Due 1982. . 40.000.000 41.250.000 granted. Total. .~$ 515.000.000 $441,250.000
- 2. RECLASSIFICATION. Water and transit plant, revenues, 5. FINANCING. See page 24 under " Financing" concern-and expenses, previously shown separately, have been re- ng new bond issue and payment of notes payable in Feb-classified in the accompanying financral statements. ruary 1969.
Water and transit plant is included m "Other Property." Revenues and expenses have been reclassified under 6. COMMITMENTS. Capital expenditures for prcperty ad.
"Other income-Other, net." ditions for the next three years are estimated at $754 mill.ot including $261 million for 1969. Substantial
- 3. CAPITAL STOCK. The Company's authorized capital commitmena for the purchases of materials and equip-stock consists of 1.500,000 shares of preferred stock ment have been made.
and 30.000.000 shares of common stock. At December
- 31. 1968. 549.855 shares of the authorized common stock 7. RETIREMENT PLAN COSTS. The Company and its sub-were reserved for issuance under the Stock Purchase- sidiaries have a non. contributory Employees' Retirement Savings Program for Employees. Plan covering all regular employees. The Company's policy is to fund pension costs accrued, which during the year The outstanding preferred capital stocks are callable at 1968 amounted to $3.618.000. including past service the option of the Company at varying redemption prices cost of $888.000. Unfunded past service ccst of the Plan not exceeding $110 a share plus accumulated dividends at December 31. 1968 was approximately $1,262.000, to redemption date. which will be fully amortized during 1970.
29
10-Year Financial and Statistical Summary INCOME DATA (DOLLARS IN THOUSANDS) (a) 1968 1967 1966 1965 Electric revenues: Residential sales. $ 114.576 $ IJ3.127 $ 95.902 $ 88.591 Commercial sales. 59.650 52.490 47.547 45.867 Industrial sales. . . 102,627 93.730 86.596 75.002 Other energy sales. 32.255 30.036 25.932 22.337 Other revenues. 3.138 2.939 2,717 2,567 Total electric revenues 312.246 282,322 258,694 234.364 9 Electric expenses and taxes: Operation and maintenance. 140.097 123.121 111.396 96.344 Depreciation 38.075 34.544 31.524 28.855 Taxes . 70.985 64.731 61.538 58.268 Total electric expenses and taxes. 249,157 222.396 204,458 183.467 Electric operating income. 63,089 59.926 54.236 50,897 Other income (a). 2.727 2,235 2,472 1,970 income deductions. ...... ..... . . 26.342 20.213 16.612 15.320 Interest charged to construction-credit. 9.667 4.245 1.638 2.215 income before extraordinary items. 49,141 46.193 41,734 39,762 Extraordinary items. . - 854 4,103 1.067 Net income. . . 49.141 47.047 45.837 40.829 Dividends on preferred stock. 4.970 3.514 2.141 1,575 Earnings for common stock. 44.171 43.533 43,696 39,254 Dividends on common stock. 30.069 27.676 25.309 22,957 Earnings retained for use in the b Jsiness. $ 14,102 $ 15.857 5 18.387 5 16.297 COMMON STOCK OATA Shares of common stock-year end (thousands) (b' . . . . . . . . . 23.160 23.094 23,033 22,979 Per share of common stock (b) (average shares et tstanding): Earnings before extraordinary items. .. $ 1.91 $ 1.85 $ 1.72 $ 1.66 Extraordinary items, net of related inecme tixes. - .04 .18 .05 Earnings for common stock. 1.91 1.89 1.90 1.71 Dividends paid .... . 1.30 1.20 1.10 1.00 Market value-high-low 43 h-33% 434-30 43-35% 44-35
-Year tnd 38% 37 40 % 42 %
BALANCE SHEET DATA (DOLLARS IN THOUSAf 4DS) (a) Electric plant (original cost). $1,466.874 $1.281.135 $1,124.220 $1.038.386 Accumulated depreciation . ... 418.298 387,959 354,512 327,166 Capitalization and short-term notes: Common stock equity. 369.233 353,150 335.016 314.985 Preferred stock. 105,000 70,000 64.700 35.000 Long-term debt. ... 515,000 441.250 367,500 368,75 Short term notes payable. 100.340 81,400 41,000 18,00t ELECTRIC AND OTHER STATISTICS Kilowatthour sales (millions): Residential 6.547 5.777 5.320 4,817 Commercial 4,197 3.579 3.148 2.955 Industrial 13.634 12.338 11.442 10.032 Other 4.521 4.222 3.532 2,878 Total kiiowatthour sales. 28,899 25.916 23.442 20.682 Numoer of customer * (year end): Residential 785.830 762,658 743.504 711,942 Other . 119.959 114.874 110.174 107.560 Total customers . . 905,789 877,532 853.678 819 502 ._, Residential customer data: Average annual KWH use. .. . . . 8,432 7,664 7,306 6.856 Average revenue per KWH. . . . . 1.750 1.79c 1.8 00 1.8 40 Number of employees (year end): Operating and maintenance. . ... .. 6.666 6.290 5.988 5,735 Plant construction . . 1,413 906 493 500 Source of energy (millions of KWH)-........ Generated-Steam . 28.019 26,275 24.067 20,386
-Hydro .. ...... 1.521 1,315 1,401 1,862
-Combustion turbines . . 173 2 - -
Purchased and net interchange. 2,024 799 430 599 Loss and company use. . 2.615 2.222 2.259 1.967
% loss and company use. .. . . 8.2% 7.8% 8.7% 8.6%
System average heat rate. . 9.700 9.691 9,619 9.557 System load factor. .. ..... . 65.9% 70.1 % 66.1% 67.6 % (a) See Nt te 2 in the accompanying Notes l to Fin encial Statements. (b) Adjus1ed for 2 for 1 split in 1964 and l 15% stock dividend in 1959. l 30 l l l
a j 1964 1963 1962 1961 1960 1959 5 83,757 7 79,272 5 74.574 5 71,972 $ 65,973 $ 60,625 41,317 37,177 34S M 31,616 29,238 27,666 68.983 64,357 60,0G2 54,331 52,376 49,583 19,986 20,381 18,605 16,647 15,172 13,777 2,730 2,185 ~-1,886 1,758 1,954 2,024 216373 203,U2 189 677 176!324 164,713 153,675 89,063 85,450 78,082 73,069 69,645 65,536 Electric Plant investment 27,693 26,199 25,063 23,604 21,267 19.351 *"o"* # :a"** 54,496
~
51,195 45,679 44,471 41,049 38,948 51.466 1712$2 162,~8u 148,824 141,144 131,961 123,835 45,521 40,528 40,853 35,180 32.752 29,840 1,613 1,747 1,477 1,335 1,277 1,114 14,079 13,335 14 763 11,306 10,730 8.664 2,488 2,983 2,430 2,025 2,292 2,241 35,543 31,923 29,997 27,234 25,591 24,531
- (1,244) - - - - 5917 35,543 30,679 29,997 27,234 25,591 24,531 1,553 ~
1.360 1,360 1.360 1,360 746 33!990 29,319 28,637 25,874 24.231 23,785 21,768 20,576 19,410 18,088 15,963 15,386 sata [5 12,222 5 8,743 $ 9.227 5 7,786 5 8,268 $ 8,399 s 22,935 22,896 22,855 22,812 22,038 21,994 s2s 1.48 1.34 1,15 8'8'
. $ 5 5 1.25 5 $ 1.10 $ 1.08
(.05) - - - - 1.48 1.29 1.25 1.15 1,10 1.08
.95 .90 .85 .80 .72 ,70 37-31% 33-26 % 30 %-21 % 314-251s 27-20 % 251'2-21 % 195a nea nea l 36'y2 3146 284: 27!i 27 224i )
EGross investment m Eie tne P ant 5 973,121 $ 916,790 $ 854,968 $ 798,849 $ 743,704 5 682,029 3 Accurnulated ce;:recia,on 302,251 280,588 256,194 234,986 214,649 197,387 over $848 manon was investeo :n eiectnc 296,404 285,058 275,071 264,656 239,361 $*n"N",[",',[,#,' 35,000 25,273 25,284 25,284 25,284 230,043 25,284 ao ,$ #y,,*",d *d*g$ g*[,[ 3 330,000 331,250 332,500 283,750 285,000 235,000 30,700 14,000 - 14,800 5,200 19,050 4,503 4.175 3.832 3,690 3,347 3,042 E*f0'I/Ef." , 2,509 2,131 1,938 1.737 1,587 1,424 sq9 9.041 8,390 7,778 6,995 6,736 6,356 2,536 2,589 2,346 2,087 1,901 1,708 18,589 17,285 15,894 14,509 13.571 12.530 691,492 671,508 657,916 638,117 628,875 613,974 103.715 98,518 95.377 91,537 90,938 89.214 se42 , 795 2D7 7f0,[0f6 753,293_ 729,654 719,813 703.188 6,590 6,279 5,900 5,636 5,382 5,041 -
- 1.86C 1,90C 1.95C 1.95C 1.97C 1,99C 5,761 5.613 5,629 5,537 5,595 5.448 '
666 693 641 1,023 723 720
; 17.736 17,206 15,378 13,854 12,904 11,865 I 52 *.
2,126 1,125 1,515 1,643 1,956 1,798 , 52*e j 51 *. i { 679 583 567 350 109 201 i 1,734 1,629 1,566 l 1,488 1,398 1,334 '
, - . ,- L 8.4%
9.649 8.6% 9,578 9.0% 9,490 9.4% 9.546 9.3% 9.611 9.6% 9.820 l 1 1953 m3 19ea i t
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65.7% 64.1 % 62.4 % 63.8 % 64.0 % 64.0 % ' ' l E0cmmon Eauity l E P.eferred StoCR Boncs l l 31 1
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t, j L___ _ _ _ _ _ _ _
I Directors . Officer-Directors f THOMAS L. PERKINS RICHARD B. HENNEY W. B. McGUIRE i Chairman of the Board Secretary, Duke Endowment President Formerly Partr.ar. now Counsel. Perkins. Daniels & McCormack Trustee Y.W.C A. Retirement Fund D. W. B Director Vice Pres,00TH ident l
; American Cyanamid Company Marketing Discount Corporation of New York HOWARD HOLDERNESS
, General Motors Corpcration ;
- Morgan Guaranty Trust Company Chairman of Board. Jefferson Standard JOHN D. HICKS !
Penn Central Company Life insurance Company and Secretary and Assistant Jefferson-Pilot Corporation l General Counsel ! Trustee Duke University Director Burlington industries. Inc. CARL HORN, JR. u n owme7t, Chairman " " feffe son S ard Broadcast g Company nn and eneral Counsel ROBERT C. EDWARDS . Ard ews College f;,c 0 ES
;y, v ce President President. Clemson University Retail Operations Director Dracer Corocraticn MARSHALL 1. PICKENS State Bank and Trust Company Vice Chairman, Duke Endowment W. S. LEE Carchna Motor Club Vice Preside 1t D.irector Engineering P;edmont and Northern Railway B.F.FEW Trustee J. P. LUCAS, JR.
Fcrmerly Director. President Davidson College Vice President and Chief Executive Officer, Duke University Public Relations Liggett & Myers Tobacco Company Duke University Medical Center d St. Andrews College D.irector G. G. MATTISON Chemical Bank New York Trust Company, Senior Vice President Advisory Committee to Board New York Transmission and Bank for Savings Electric Installations Trustee Duke University (Emeritus) B. B. PARKER Converse College Executive Vice President Duke Endowment Power Operatons Other Officers m
-.- % - : q _ g g i
Kenneth Austin Vice President Personnel
&& EAR F. W. Beyer Vice President System Planning Glen A. Coan Robert E. Frazer Vice President Rates Treasurer C. S. Reed Vice President Rate Consultant A. C. Thies Vice President Production and Operation C. J. Blades S. F. Carreben L:cyd P Jul.an C E. WatOns J W. Laurence J. C. Goodman Jr.
Ass.stant vice Pres dent Assistant Treast.rer Asmstant Vice Pres dent Ass.stant Vice President Assistant Treasurer Assistant Secretary Feat Estate ce3 on :nM on P. B. Huff W. J. Burton Assistant Vice President J. W. Le.ws R. L Asbu ry John F. Day James S. Sease Assistant Vice Prestdent Distr +bution Engtree ing Assistant vice Pres' dent Assistant Treasurer Assistant Secretary Assistant Secreta'y Puchc RelatsCns District Ccerations
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