ML19312E129

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Annual Financial Rept 1979
ML19312E129
Person / Time
Site: Rancho Seco
Issue date: 12/31/1979
From:
SACRAMENTO MUNICIPAL UTILITY DISTRICT
To:
References
NUDOCS 8006030320
Download: ML19312E129 (21)
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Text

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.o I. SAcnAu13ro Altsiciest UnUTY DisTatcr SMUD The Sacramento 51unicipal Utility District serves electricity to consumers living and working throughout Profile a 75 square mile area f rming the heart of California. SNIUD is operated under the 1921 State of California hiunicipal Utility District Act. SNIUD's five directors are elected by the public to serve staggered terms of four years each.The General Nianager is appointed by the Board. 's o. r',',, ; 'N wituAu o. BAraD gi".,,;-. y. \\ \\ u N, ^csc"' "a 2 ,;;a1 f n f.::.; ,/ t, s

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Ward 3 _Jf%i f % (Elected President e FRAskLas -x g Y . Q Januaq19 o) ' M't f YW 8 i G LT b.* DONALD C.MCCLAIN d Ward 4 ~ y 4. -J (Elected Vice President f, .,y January 19 o) 8 F S'W\\Lst'T GROVE sied i WituAM C.WALBRIDGE f GeneralManager 9 1

2. SAcmitNTo AltsicwAt. UnuTV Disuuct i t Operations For the first time in the 33-year operating history Review f the Sacramento Arunicipai Utility District. peak demand for electricity was reduced in 1979 8978 In the Sacramento Valley, peak demand for power I 1977 is recorded during hot summer davs when use of l air conditioning is greatest. SNIU was sening over ~ '9* i 14,000 more customers than it had the presious 1975 j summer, but peak demand declined two percent. o 3 .o i.3 2.o Sacramento's conservation efforts played a MW PEAK DDfAND (Thousands > key role in this historic reduction. Properly insulated homes, and use of approved thermostat settings in industrial and commercial buildings. helped to 1979 make peak demand decline. 1978 SNIUD was sening 324,438 customers at the end ,9_' of 1979, an increase of 14,703 over the previous year. Residents in a lightly populated area of south-1976 eastern Sacramento County, adjacent to existing i973 senice boundaries, voted to join SN1CD in 1978. During 1979, an agreement was reached with Pacific MVH Sms 7Billionsi Ex des Sales of Surplus Power Gas and Electric Company w hich will enable ShtUD to begin sening this roo-square mile area i on N1 arch 3,19 0, while continuing to negotiate the 8 ig79 purchase price for the distribution system. ~ '978 A reliable supply of electricity was maintained to meet area needs during the year using SNIUD's 1977 nuclear and hydroelectric generating resources: i9g however. Northern California's summer resen e 1975 margin was as low as 4.x percent. ] The Rancho Seco nuclear power station, a 913 4 8.o 2.o i6.o NEW C0sTOMrRS eThousandst megawatt unit representing SN1UD'slargest resource. generated 5 7 billion kilowatt-hours during 1979 Helping to Meet T ~ i the Challenge 'A L of the 80s r P-l w. J' w. Searching for additional capacity to generate electricity and working toward conservation of existing resources were major concerns during 1979 SNIUD moved ahead with new generating projects designed to help supply power needs of the future. while developing programs to aid consumers in their efforts to conserve energy by reducing waste today. While engineers calculated the poteritial output of small hydroelectr e expansion projects in the Sierra Nevada and geothermal steam wells in Sonoma, Sacramentans like Richard and Carol Padilla took steps to see that their family is making efficient use of today's energy resources.Together. SNIUD and the consumers it serves made substantial progress in both new resource planning and conservation.

l J. SACRAMENTO hlt'NICWAn. UT1UTY DisTmcr Like several commercial reactor operators. SNIUD Energy audits and seminars for commercial and was required to perform extensive safety modifi-industrial customers are designed to meet the cations during the year. Those modifications were specific needs of different types of business.These designed to meet more stringent government programs help by providing information on ways to standards set by the N telear Regulatory Commission improve the efficiency of existing equipment and iNRC) following the ccident at the Three Nlite suggesting new methods and devices to save energy. island nuclear plar m Pennsylvania. Parts of this Residential energy workshops administered by work required that Rancho Seco be taken out of conservation specialists were conducted in the homes service late in April, but the plant was able to return of people w ho invited their neighbors to participate. to full power operation in July. This program was created in 1979 to enable SNIUD SNIUD operates a hydroelectric project located representatives to reach several homeowners at in mountainous country 64 miles east of Sacramento. each meeting place. This Northern California hydro project includes Viewing the heat pump as an energy efficient l II reservoirs and six power plants, and has a generating home device. SNIUD adopted a promotional program capacity of 650 megawatts. During 1979. the output including cash incentives for builders and home of this Sierra Nevada hydroelectric resource was remodelers who use this type of heating and cooling I.7 billion kilowatt-hours. slightly below the project's system. The heat pump program offers additional average year of I.8 billion kilowatt-hours. rewards to those w ho include other home conservation measures in their planning. Over 2.000 residential units were enrolled in the program during its first year CnstavATios: of operation. Emphasis on electrical There is a need to reduce peak demand for energy conservation was intensified during 1979 electricity during sununer months due to potential resulting in expansion of existing programs and capacity shortages in Northern California. Attempts implementation of new ones. to inform large numbers of customers of this need z resulted in a mass media campaign known as H.E.LR i (Heasy Electrical Load Period). Portions of this campaign were employed by utilities in other areas j

  • * *g of California. SNIUD mailed H.E.LR " pledge" g

,,,0 cards to esery customer, and over 40.000 retumed g ~ >f f Q the cards with their pledges to conserve especially during peak use periods. 3 J hl i 85 7 $O h- . %g. c- .,Jg&n~n l l ( \\ h -up i y x -p,. w Od 5 I I. Plans for small hydroelectric ad cycling device on the Pa filla home's central air conditioner helped SNIUD study the effectiveness development moved ahcad. of this means of reducing peak demand during hot summer days, and pool filtering equipment was only This etfort to expand existing operated during off-peak hours. In 1979. approximately 1.000 homes were enrolled in the air conditioning [I cycling experiment and SNIUD reached over 20.000 pool owners with a special information program a t ho n of electricity annwully The asking for their support. fint stage at this expansion is scheduled to be operational by lYl.

]. SACRAsti NT() \\lt NICll%L UTII.lTT 31% TRICT I 1 1 1 Seseral consenation programs also addressed rnTt in St RU Y: SNIUD had an independ-summer peak demand. A load reduction expenment ent customer suney conducted dunng the year with designed togauge the effeetnenessof airconditioning special attention placed on energy and peoples' cycling equipment was continued. Approximately attitudes toward e insenation. The results offered um x: homeowners participated. and SN1CD plans to ses eral insights. expand this effort in lyn). Preliminarv estimates in the Sacramento area. energy ranked third on mdicate a reduction of one kilowatt per customer a list of socialissues just behind inflation and enme. n possible through load eyeling. N!ost customers sumeyed were aware of the need $NIUD encourages swimming pool ou ners to use to consene. but many were unaware of how their tiltenng pumps dunng orf-peak hours through special electncity was produced. User s2 percent of those madmgs and direct contacts. The Sacramento area suneyed gase the nanner in which SNIUD is has os er 20a xio pools representing a sizeable electrical operated high mar ss. demand. As a result, the program is considered a useful peak reducing tool. Participation m special exhibits and shows was expanded to better inform the general public abouc /oss TRt crlos: An estimated ot3 trench miles effectne conservation measures. This effort of underground corductor wece mstalled during included sponsonng a special. Ihree-day show called the year. and 525 52,.< x x) was expended on expansion " Energy Expo" which was designed to inform the of the distribution system. general public about the latest in energy consenation Crews completed construction of a u5axx)-solt products and techniques. Oser yxum attended. line directly linking the centra! city electric system j work with educators and students intensified with the area south of Sacramento. This overhead danng 19 9. An energy consenation road show power line spans six and one-quarter miles. educated and entertained some 34.uxi. and SNIUD A bulk power substation in Sacramento's north helped to deselop an energy curriculum for use area was placed in senice in August. Overloaded m schools throughout California. power lines serung the area were aided when the Carmichael Substation was energized. The new sub-I)lh station is connected to SNIUD's transmission gnd = by a single 2pux)o-solt power line which combines both overhead and underground construction. c: m -s a.*

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3 SAcaAstr.sTo htUsiCIPAL UT1UTY DisTaicT Another 230.ooo-volt transmission line is being con-ESOURCE PLAssisc: 551UD's search for structed to connect the Carmichael Substation additional generating resources took several direc-i to a second point in the transmission system. When tions and met with both success and disappointment completed. this line will increase the substation's during 1979 senice reliability. Eiforts to expand SNIUD's existing hydroelectric Ground was broken on the Foothill Senice project moved ahead, and other potential Northern Center, a 27 6-acre project in the northeast corner California hydro developments were closely studied. of SNIUIIs senice area.When completed.the Foothill Advance work on three separate expansion proposals complex will combine a bulk power substation to make more effective use of available water to meet rapid growth in the area and a complete resources is under way. The first of these, a mini-j operations center. generator to be located on Slab Creek. is scheduled to be operational by 19 1. Other hydroelec.ric i 8 Land was purchased in southern Sacramento County near Elk Grove for possible use as a site for project expansion plans inclede diversion of water another bulk power substation and materials storage from Ice House Reservoir th mugh a new pow erhouse area. Initial studies leading to an environmental into Union Valley Reservoir and diversion of water impact report for a south area facility will not be from the Rubicon River in.o I. con Lake.These completed until mid-19 0. expansion efforts could ne t SNIUD an additional 40 8 Slajor modifications on security and fire protection million kilowatt-hours anr ually. i systems at Rancho Seco nuclear power station SNIUD took a major step toward development continued throughout 1979. Expansion of security of a geothermal generating ercurce during 1979 facilities, improvements to fire protection systems. Exclusive rights to steam from a 4oo-acre site in and additional plant upgrading resulting from Sonoma County were secured following negotiations Three Nfile Island were required of all commercial which began in 1977. Sh!UD's first geothermal nuclear power plants by the Federal Nuclear power development is expected to provide 55 mega-Regulatory Commission. SN1UD spent 512 421.000 watts of electrical capacity. The Sonoma plant is on this work during the year. scheduled to be in senice by 19 4 8 Plans to share in the output of a large fossil-fired generating station were announced by Sh1UD i during 1979. After several years of advance work. Pacific Gas and Electric Company plans to build a two-unit power station capable of generating I,600 megawatts in Solano County. SNIUD plans to own a 200-megawatt share of this station.The Solano 8 project is expected to go into senice in the late 19 0s. N0r- - t o - - y, h ' h 1 p 44' P. at .s S' i* Odu 9 o ( J sea. w ~ t C .'M l Rights to geothermal steam Assuring that their home's attic insulation was up to the recommended R-tg standard was one of the first fmm artis no be drdledin steps taken in the Padilla's drive to conserve and they shared what they learned about home weatherization Sonoma county w ere secured with neichbors by hostine an enerev workshop and inviting a ShlCD conservation specialist. br SSIUD followine several ~~ sears of negotiation. This will aJJ q megawatts of gener-anne caracury. and the Sonoma p,' ant is scheduled to to unto service nn m4 t --r w - - - - = - a -w

l d. SACRAStr3To Mt; NOPAL UTIUTY District l l i Citing the tremendous cost of fuel oil and reluc-judgment in favor of the United States.The District tance to further increase national dependence has taken an appeal from this judgment. Pending on imported energy supplies. SMUD cancelled a conclusion of the lawsuit, the District is paying into combustion turbine project for which planning had escrow all billings for Central Valley Project begun in 1975.The 160-megawatt project was to power in excess of those based on the pre-May 25 have helped meet system capacity shortages forecast ig78 rates. for the 19 0s. SMUD had expended 5133 million In November of 1979, a g;oup of electrical 8 on preliminary design and licensing work. contractors filed a lawsuit charging the District with attempting to monopolize the markets for electric distribution systems and street and outdoor lighting LtcA1 Actioss: systems in the District's territory.The contractors During 1979, the District have asked for injunctive relief and for damages of and the Pacific Gas and Electric Company agreed to approximately 554 million. submit to arbitration the PGandE claim against In October of 1979, one of the District's employees the District resulting from plant outages at Rancho filed a class action charging that the District had Seco in 1973 and 1976. Under the agreement, discriminated against women and minorities in its PGandE abandoned a portion of its claim so that employment practices. The complaint seeks injunc-the amount in dispute is now approximately 550 tise relief and damages in an unspecified amount. 1 million instead of approximately 570 million. The Western Area Power Administration (WAPAs, an agency which administers the power marketing functions of the Central Valley Project, put into effect INAsaAt.: Power bonds sold in 1946 to finance an interim rate incre2.se of approximately 95 percent SMUD's purchase of the electric distribution effective May 25,1978, and an additional increase system then serving Sacramento were paid off in of approximately to percent effective November I, July. The electric system's value was listed as 513 9 1979. These increases are subject to review and million when those bonds were issued. Book value t approval by the Federal Energy Regulatory Commis-of plant at the end of 1979 was over 5 00 million. 9 sion.The District contended that the increases are not in accord with the rate modification formula j in its power purchase contract, and the United States filed a lawsuit to resolve this dispute. On June 25 1979, the United States District Court gramed r, y "4 l h. i -~ es q 4~ = g hmf,O L

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.. ~. y k L b at g e I=. 7 ~ ~ ,h l Recognizing the significant role that youth will play in the conservation efforts of the future. SMUD sends an energy road show into area schools to educate and entertain at the same time. This high'y visible part of the overall conservation education program reached an estimated 34 000 in 1979.The Padilla children (Curt. Cindi, and Caren) participate with their parents in the family's effort to conserve. In doing so, they are teaming good habits which will last a lifetime. k I

7 SACRMtENTO hlCNICIPAL UTlWTY DisTarct SSIUD completed issuance of $50,000.000 earlier and the second nuclear unit at the Rancho in long-term electric revenue bonds (Series H) in Seco site.The total write-off for these twoitems was September.This issue was rated Aa/AA by h!oody's $2 492.000.The f'mancial statements also reflect and Standard & Poor's, as have been all previous the fact that the Rancho Seco nuclear plant did not ShlUD bonds.The Series H bonds were sold at a total require refueling during 1979 as it has in recent effective interest rate of 6.751 percent.The success-years.This reduced the total operation and mainte-ful completion of this sale reflects ShlUD's excellent nance costs by approximately 54 million from what reputation within the financial community. they would have been had refueling been necessary. SS1UD and the International Brotherhoat of At year's end. SNIUD's capitalization was $ 13 008.000, of which 42 3 percent was equity. Electrical Workers (IBEW) were unable to agree on 9 a wage and benefits package for hourly-rated Net revenue for the year was 527477,ooo.The revenue employees during 1979. As a result, the District's bond debt ser ice coverage ratio for 1979 was Board of Directors adopted a 10.25 Percent wage 2 34 times. A 19 0 budget totaling 523 455 000 was approved 8 8 8 increase for the bargaining unit in January 19 0, but the group went on strike for four days following by the Board of Directors in December.The new the Board's action. Workers returned and nego-year's budget includes 591.o77,000 for capital tiations continued until agreement was reached on expenditures. excluding nuclear fuel purchases. a two-year package in February. While no electric rate increase was adopted during 1979. extensive advance work leading to an early A 8 U-19 0 increase was completed.This work included the formation of citizens' committees to obtain public Wturni O. BAlan input on rate making policies.These committees were President established to comply with requirements set forth in the Public Utility Regulatory Policies Act (PURPA), a part of the National Energy Act.This activity culminated with the adoption of an 18 percent rate increase to be effective on Alarch I.19 0. Wst. C.WALBRIDGE 8 General Nianager During 1979.the District wrote off the preliminary design and licensing costs for two generating projects -the 160-megawatt turbine project mentioned 4 g' 1 j, y';.[, ~ ~ 1 g t i 4 i J,;. j i , ' %.,)---~;

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8. SACRA.4LVfD hfL3tCIPAL UTn.rrY DisTrucr December 3t.1079 and 1975 Balance Sheets Assets 1979 1978 Electric Utility Plant: Plant in senice, at original cost 5840,320,052 5817,25,348 8 Less-Reserve for depreciation 162,547,313 141,535 467 5677,772,739 5675,722,88 Construction work in progress 60,860,839 30,704.6 o 4 Nuclear fuel, at cost less amortization 90,821,3 6 8 6,o71,r27 5 5829,454,9 4 577I.498.6 S 6 4 Reserve Funds, consisting of cash and securities at cost which approximates market: For Revenue Bonds iNote 3i 527,93,88 5 25 06,6h3 8 9 4 Current Assets: Cash and marketable securities. at cost which approximates market-General fund 5 52,591 937 5 64,54,66 77 For payment of debt service 13,877,949 13ao2,665 Accrued interest receivable 2,429,975 r,68,54 99 Accounts receivable,less reserves of 5 87,(xx)and 5243 000. 3 respectively 9,977,260 9,499,54 r Receivable from sale of surplus power 9,35,825 3,3r6,3 2 8 6 Alaterials and supplies. at average cost 13,I57,849 I r.36r.or3 Prepayments and special deposits 1315,w2 697,8 2 5 Purchased power rate increase-Escrow deposit tNote 6) 8,755,277 6 5III,4 4,083 5105,009 009 Deferred Charges 5 5,2w,258 5 5,709 646 5974,t03,203 5 07 282,r86 9 The accompanying notes are an integral part of these balance sheets.

9-Customers' Equity and Liabilities 1979 1976 Capitali:ation: Customers' equity employed in the business- $35 7N 438 5329,2io.379 8 Balance beginning of year Net revenue for the year 27,476,995 29,;8,o39 4 Total customers' equity $386,271433 5358 794 438 6 Long-term debt iNote 21 526,73 145 493,204 3y 5 13,007,878 58 I.99 972 3 8 9 Current Liabilities: Accounts payable 5 15,748,734 5 198 8.065 4 Accrued salaries, wages and vacation pay 4,204,281 3 668.639 Long-term debt due within one year 16,4 4,774 16.055 829 8 Accrued interest on long-term debt 7,o53.639 6,351,588 Customersi deposits 2.6I9,141 2,288 346 Purchased power rate increase iNote 6) iI,797,243 4.o37,43 Other 3,18,533 3 032 996 7 5 61,o95 325 5 55 283 214 Commitments tNote 4) Contingencies (Notes 5,6,8, and 9s $ 74,103 203 5 07 282,166 9 9

10. SACRA %tENTo MUNICIPAL UTu_rTY DISTIUCT Years ended December 3t. t979 and 1975 Statements of ,979 1973 Net Revenue Operating Revenues: 5 60,8 6,900 5 53 955 315 Residential 3 8 6 Commercial and industrial 52,643,857 4 44,r74 35 3 2,315 31 557 976 8 Sale of surplus power (Note 5> 6 6 i.3 4,498 i,263,3 8 Other Total operating revenues 5 5o,227,57o 5135 222,833 Operating Expenses: Operation-Purchased power iNote 6) 5 14,972,257 5 ir,739,904 Nuclear fuel used for generation 21.212 516 13,507,47o Production 10,730 213 8,627,324 Other 20,528,354 x7,t 26,324 6 Abnormal generation plant maintenance t Note 5i (2,139,4 3) Other maintenance 15,953 421 17 350 450 Provision for depreciation tNote 11 22,694,566 6 21,7 8,744 Total operating expenses S r06.091,327 5 87,9M,753 Net operating resenue 5 44,136,243 5 47,242,o80 OtherIncome: Allowance for equity funds used during 8 construction iNc:e 11 2,o35 702 900,7 7 Interest income and orher 6,24r 335 5,360,S85 Net revenue before interest expense 5 52,413 280 5 53 503 752 Interest Expense: Interest on long term debt 27,130,261 25 032.873 Allowance for borrowed funds used during construction-credit a Note 1) (2,193,976) (t,r13,r80) Net revenue for the year 5 27,47,995 5 29 584 059 6 The acconipanying notes are an integral part of these statements.

11. SACRANtENTo Mt;NicrPAL UTlWTY DisTsuci Years ended December 3r.1979 and 197M Statements of ,979 1973 Changes m FinancialPosition Fundsprovidedfmm: Operations-Net revenue for the year 5 27,476,995 8 5 293 4.o39 Add non-cash charges-Depreciation 22.6 4,566 21 766.744 9 Write-off of generation projects 2 491 945 Add interest on long-term debt 27,130.26 r 23 032.873 5763366 8 7 Total available for revenue bond debt senice 5 79 793,767 Add-Nuclear fuel used for generation 21.212 516 r3 3o7 47o Total available for total debt senice 501.006.283 58.83146 99 Sale of electric revenue bonds 50.000 000 40 000 000 Other 6 833o 9 Total funds provided $151.006.283 5:30 391 476 Funds usedfor: Debt senice-Revenue bonds 5 34040486 5 jr.13,192 6 General obligation bonds 8 912 377 9 26 323 4 Total debt senice 5 42 952.863 5 40 400 715 Additions to plant and nuclear fuel 103,707,051 68.172 3 2 6 Increase in working capital 62,93 20 336.194 4 6 Additions to reserve funds 2 919.o15 1 482.203 Other 784 391 Total funds used 5:51.006.283 5:30 39r.476 Number of times debt service is covered byJimds available: Revenue bonds 2 34 2 43 Total debt 2 35 2.23 The accompanying notes are an integral part of these statements. [ l

12. SACRAstENTo NICNICIPAL UTIUTY DISTRICT December 31. 9 9 and 197M teS to NOTE t. St >StARY OF SIGNIFICANT ACCOtlN11NG POUCIEs Organization and Evemption Fivm Income Taxes. Financial The Sacramento Niunicipal Utility District was formed and operates under the State of California N1unicipal Statements Utility District Act.The Act confers upon the District the rights and powers to fix rates and charges for commodities or services furnished, to incur indebtedness and issue bonds or other obligations and, under certain circumstances, to levy and collect ad valorem property taxes.The District's power to levy property taxes is restricted by the California Constitution. Article XIII A. which places limits on the taxing power of all California public agencies. The District is exempt from payment of Federal and State income taxes. 1/ethod of Accounting. The District's books and accounts are based upon the Uniform System of Accounts for Public Utilities and Licensees prescribed by the Federal Energy Regulatory Commission. the sa ne accounting system which investor-owned electric utilities operating in California are required to follow. Depreciation and Amortization.tferhods. The District provides for depreciation on the historical cost of electric properties on a straight-line basis at rates determined by engineering studies.The average annuel depreciation rates for District plant in 1979 and 1978 were: 1979 1973 Intangible plas/ 3 06*. 3 06*e Generation-flydro 143 a.53 Nuelear. 33o 3 35 Transmission 2.62 2.62 Distnbunon - 3 00 3.o t General 547 5 92 Comp mte. 233 2.91 The costs of replacement of property units are charged to plant. Repair and maintenance costs are charged to expense. including such costs associated with refueling Rancho Seco. Rancho Seco was refueled in 1978. but not in 1979 The District amortizes the cost of nuclear fuel e n a unit-of-production method based on the original cost of nuclear fuel plus estimated costs of disposal escalated for inflation to the anticipated time of disposal. A//owancefor Funds Used During Constmcrion. The total allowance for funds used during construction in 1979 and 1973 amounted to approximately 3 9?6 and 3 356. respectively, of eligible nuclear fuel and plant under construction. Retirement Plan. The District's employees are covered by a contributory retirement plan administered by the State of California Retirement System. The District's policy is to fund tetirement costs as accrued and contributions for 1979 and 1978 amounted to 53,12t.ooo and 54 o84 000, respectively. Reflecting improved benefits of the plan and actuarial studies, the District's rate of covered payroll contributed to the plan increased from 13 4 *6 to 13 3t?6 effective July r,1978.and to 1719 4 effectiveJuly I.1979.The State Retirement 6 9 System has reported that the District's share of the cetuarially determined unfunded obligation as of June 30.1978, was approx;mately 530.000.000.

13 SACRAAtENTO.\\lCNICIPAL UTlWTY DisTmcr N ICS If f NOTE 2. LONG-IkRsi DElrr I ong-term debt outstanding at December 31.1979 and 1975, was as follows: Fmancwl 1979 197M Statements Gennal Oblikation Bondw tcontinuedi 6 o.339 Power Bonds of 193M including premium 5 5 4 Electric Bonds. 2% 19N to 1990 6.144.000 6.504 000 Building Bonds. 4%45 d. r9N to 1992

b. I 00.000 6.420.000 SNIUD Bonds. Senes C.

4%t'a.i rum tosuMr r3.uxuns 19 200.000 Rnenue Bands - Upper Amenean Riser Project Refundmg nonds. 3' in%31n.% 19N to 199i - 30.Inoxn) 33 300.000 White Rock Project Bonds-3 4*.-3 2% 19N> to 2004 34.643 000 33 473 000 Senes A and B. 1 1 Senes C and D. 61 %7% 19 0 to oro 33400.000 33.Nxun) 8 Eteetne Sptem Bonds 5 M 3 % 3 4. 19N to r9 3 4snwoo 3 145 000 Electrie Revenue Bonds. Series A H. 4hv *. 9N to 2019 3 3 300.000

326axxun, Total bonds

$342 989xui 53W.044 339 Purchase Agreements. 3 %%6 4% r9xo to 2mn s.392 703 1 433.s17 1 5 44 381.703 53 ro.47M 176 3 Less - Bond discount. White Rock Project. Series C 1.160 486 r.217.h t 3 Less-Amount due within one year 364 4774 16.033 629 4 5326.716.443 549L2o4 334 NOTE 3. RtsERVE FUNDS FOR REVENUE bonos Reserve funds for revenue bonds at December 31. t9 9 and 197X were as follows: 1979 197* Electric Sptem Bonds ') s.m wwoo 5 1.036.672 Eleeirie Resenue Bonds 20 3on.363 6.863 37h White Rock Project Bonds 929 #6 929.o86 All Parity Bonds 3 332 347 6.212.549 527.9M3 89M 52 3.ona.583 NOTE 4. CONSTRUCTION PROcRAsi ANo NUCLEAR FUE1. P;RCH ASEs Estimated construction and nuclear fuel expenditures in 19No are 5 1.o77 000 and 5 0 355 000. respectively. The total cost of nuclear fuel under 9 4 contracts for future reloads a covering the period 19 0 to 19NN is estimated to be approximately 5 thoo.ooo. 8 NOTE 3. RANcito SECO NUCLEAR PLANT in April 1973. the Rancho Seco nuclear plant began commercial operation, and the District's surplus power billings to Pacific Gas and Electric Company iPGandEi since that time has e been rendered in accordance with the terms of the 1970 Power Sale. Exchange and Integration contract with PGandE.The contract provides that PGandE shall purchase the District's unused generating capacity, the energy generated by that capacity and also the surplus energy generated by capacity used by the Distiet. Under the contract, payments for capacity continue during periods of plant shutdown. although payraents for energy do not. On June 30.1975, the operation of the plant was halted because of a failure of the rotor discs in the low pressure turbines. The turbine rotors were replaced. and the plant went cack into operation in late February. 1976. It was again taken out ef sersice in early April 1976 for rer!acement of the generator stator windings and was returned to service on October 10. I976. As a resi'!t of these problems:

L/. SACRA > LENTO sit'NCIPAL UTIUTY DISTRICT Notes to ,,, in,973.,he Dist,ict,eco,ded s3.s30.om. consisting of s9 33omo turbine rotor replacement cost less Financial s3 3m.ooo of anticipated insurance recovery. as Abnormal Generation Plant Niaintenance? The 5 330mo 9 Statements turbine rotor replacement cost included billings from Westinghouse Electric Corporation which the , continued, District had not paid. On October 4 1977. Westinghouse filed suit against the District. On November 14, 1973. all parties to the litigation reached a settlement agreement under which the District paid 53 337500 to Westinghouse and received payments and credits totaling S2.16.000 from other parties. This settlement 9 resulted in a net credit to " Abnormal Generation Plant hlaintenance" of approximately 52.139 000 in 1978. t2 The District and PGandE are in disagreement with the treatment. under the terms of the 1970 contract. of the matter referred to in t Ii above and certain other matters affecting the billing of surplus power to PGandE. The District believes that the final resolution of these disputes will not hase any material adverse effect on the accompanying financial statements. 13e In June.19-6. PGandE filed a claim against the District alleging that the matters referred to above indicate that the Rancho Seco plant did not become commercially operable in April 1975 and that the rights and obligations of the parties continued to be controlled by an earlier contract. The claim seeks recovery of approximately 530.txxuxo alleged to be the difference 1" tween payments due under the two contracts. and also sought recovery of S20.000.000, plus additional cos s expected to occur after the filing of the claim to replace capacity and energy w hich it should have received from Rancho Seco. The District and PGandE hase executed an agreement whereby PGandE has agreed that any award or judgment it receives based on its claim will be nbordinated to the rights of holders of documents evidencing indebtedness of the District issued prior to the date of such award or judgment, and has further agreed that amounts. including interest, collected or offset by reason of such award or judgment during any month may not eteeed six percent of the District's operating revenues from retail sales during the preceding month. On NIay 30.1979 PGandE and the District signed an agreement submitting'the claim to an arbitration panel. Under the agreement. PGandE has abandoned its claim for the 520.000.000 and additional expenses alleged in the claim to have been incurred in the purchase of replacement capacity and energy. While the outcome of this dispute cannot be predicted with certainty, the District believes that it has meritorious defenses and, in addition, that an indemnity provision in the contract under which the District purchased the Rancho Seco turbine generator from the Westinghouse Electric Corporation obligates Westinghouse to pay any judgment w hich PGandE may obtain. The District also asserts rights of indemnity against Babcock & Wilcox Co. and Bechtel Power Corporation. NOTE 6. Pt'RCllASED PbwER RATE INCREASE On Niay 23 1978 and November 1.1979. interim rate increases for power purchased from the Central Valley Project ICVP) were placed into effect by the U.S. Department of Energy. The estimated annual billing increase to the District under these interim rates is approximately 57.7 million. The proposed rates are subject to further review by the Department of Energy and must then be approved by the Federal Energy Regulatory Commission. The District is presently paying into escrow that portion of each monthly bill representing the increase over the rates in effeet before Slay 25 1978 s at December 31.1979, the balance in escrow was 58,755.com, pending conclusion of a lawsuit filed against the District by the United States to obtain a judicial ruling on the District's contention that the enteria being used in the rate proceeding are not in accord with a rate modification formula in the contract under which the District purchases CVP power. On June 23 1979, the United States District Court for the Eastern District of California granted a motion for summary judgment against the District. On July 20.19 9 the District filed notice of appeal to the United States Court of Appeals for the Ninth Circuit. The District cannot at this time estimate how much, if any. of the amounts paid into escrow will be returned to it if it is successful in the lawsuit. Currently, the entire billing increases are bemg included in Purchased Power Expense and recorded as a Purchased Power Rate increase, current liability Iat December 3t.1979, the balance of the current liability is 5tt.797. coo).

15 SACRMtENTO MUNICwAL UTtuTY DisTatcr Notes to sorg 7,3cctc3a paopEnry Aso 1 tAntLITY INSURANCE The District is required to maintain liability Financial insurance and a Federal Gosernment indemnity agreement for Rancho Seco to insure its maximum liability Statements under the Price-Anderson Act for any third party personal injury and property damage claims arising (contmurd/ from a nuclear incident. On June 26.1975. the United States Supreme Court upheld the constitutionality of the provisions of the Price Anderson Act which limit the liability of the owners of nuclear plants to a fixed dollar amount, presently 55(x) million per nuclear incident. Recent amendments to the Price-Anderson Act provide that. in the event of a nuclear incident. licensees of operating reactors may be subject to a retrospective premium adjustment to satisfy a portion of the maximum liability limit. Commencing August I.197. a nuclear reactor operator may be assessed 53 million per reactor fpr a nuclear incident at any commercial power reactor facility in the United States with the assessment not to exceed Sto million per reactor per year. Under this legislation. the retrospective premium program becomes effective only when the insurance limits of Sibo million obtained through the American Nuclear insurers t ANI) and the N!utual Atomic Energy Liability Underwriters t NIAELU) have been exhausted. In that instance, the District's maximum exposure would be Sto million per year. In connection with the incident which occurred at the Three Niile Island nuclear power plant on N! arch 28 1979. the District has been adsised by the AN1's in-house claims counsel that ANI does not believe that the primary insurance limits 15160 million) will be exceeded by ultimate judgments or settlements although special counsel retained by ANI has not yet completed its review of the legal and factual determinants of liability. Therefore. a provision for retrospectise premium adjustments has not been made in the accompanying financial statements for the year ended December 31.1979 Nuclear property insurance for Rancho Seco is purchased from ANI and the N1utual Atomic Energy Reinsurance Pool INIAERPp. The District maintains the maximum amount of financial protection available. currently 5 ix) million, subject to deductibles ranging from 5230axx) to 5t.350.000. Nuclear property 3 insurance is an "all risk" coverage which omits the standard nuclear exclusion normally found in conventional property policies. NOTE 8. RANCllO SECO SHUTDOWN in accordance with a Nuclear Regulatory Commission Order. Rancho Seco was shut down from April 2M.1979 until early July 1979. On July h.1979. the Dinrict was informally adsised by PGandE that it intends to submit a bill for St.mo. coo to cover costs incurred during Ntay in obtaining capacity from the Bonneville Power Administration to maintain adequate and reliable sersice within the Northern California area. PGandE has indicated that the bill will be rendered under a prosision of the District's 1970 Power Sale. Exchange and Integration Contract with PGandE which states that PGandE shall make capacity available to the District in the event of outages at no charge except to the extent that such outages cause PGandE to incur additional costs to obtain capacity from outside the Northern California area. PGandE has furtherindicated that the District may expect additional. similar billings based upon other purchases of capacity as a result of the Rancho Seco shutdown for the months of June. July and August of 1979.The District is investigating these potential claims, which have not yet been formally submitted: however. the District believes, on the basis of the information presently available, that PGandE's purchases of capacity w ere caused by delays in completing its own scheduled generating facilities and its consequent failure to maintain the reserves contemplated by the 1970 contract. rather than by the shutdown of Rancho Seco. NIanagement is unable to estimate the amount of the potential claims or predict what effect if any the ultimate outcome of these potential claims will have. but is of the opinion that the effeet on the accompanying financial statements will not be material. Accordingly. the accompanying financial statements for the year ended December 3t.1979 o not reflect any provision for such PGandE billings. d

I6. SACRAMENTO NIUNICIPAL UUUTY DisTmCT Notes 10 NOTE 9. ANTITRUST SUIT In November 1979, a lawsuit was filed in Federal court by 13 corporations Financial engaged in the electrical contracting business charging the District with siolation of the Federal antitrust laws. Statement, The suit alleges that the manner in which the District has supplied the markets for electrical distribution Icontinuedj systems and street and outdoor lighting systems has been unlawful and unfair and has foreclosed and destroyed competition in those markets. It is claimed that, as a result of the alleged violation, plaintiffs has e been injured in their business or property over the preceding four-year period and that theirlost revenues and profits are presently estimated at 517.Nnooo. The plaintiffs are seeking damages in the amount of $33 400.000. Such amount is triple the estimated loss w hich is the legal criteria prescribed w here a siolation of the antitrust laws has occurred. Nianagement is unable to predict what effect, if any, the ultimate outcome of this lawsuit might have on future operations, but is of the opinion that the effect on the accompanying financial statements will not be material. In addition outside counsel for the District has indicated that based upon the present status of the proceeding, it is his opinion that the District has meritorious defenses in the case and that it is probable that the District will ultimately prevail in the outcome of the, litigation. NOTE to. RECT.ASsIRCARONs Certain amounts in the December 31.1976 Balance Sheet and Statement of Changes in Financial Position have been reclassified to conform with the presentation used in the December 31.r979 nancial statements. fi Auclitors' Report To the Board of Directors of Sacramento Nlunicipal Utility District: We hase examined the balance sheets of Sacramento Niunicipal Utility District ta political subdivision of the State of Californial as of December 31.1979 and 1978. and the related statements of net revenue and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. As discussed further in Note 5 to the accompanying financial statements. Pacific Gas and Electric Company filed a claim against the District in June 197. alleging that outages in 1975 and 197 indicate that the 6 6 Rancho Seco plant did not become commercially operable in April 1975, and that the rights and obligations of the parties continued to be controlled by an earlier contract.The claim seeks recovery of approximately ~ 530.oorwoo. The District believes its position on the claim will be upheld. but the outcome cannot be determined at this time. Also. as discussed further in Note 6. during 1975 and 1979, the U.S. Department of Energy placed into effect interim rate increases. The District has recorded the related billings as purchased power expense and is currently placing the funds for payment in escrow because the District contends that the interim rate increases are not in accordance with its purchased power contract. The United States has filed a lawsuit against the District to obtain a judicial ruling on this matter. The District believes that its position will be upheld but cannot at this time determine how much. if any, of the 511797 000 liability will have to be paid. In our opinion. subject to the effect of any adjustments that might have been required had the outcome of the matters discussed above been known, the financial statements referred to above present fairly the financial position of Sacramento Niunicipal Utility District as of December 31.1979 and 1973. and the results of its operations and the changes in its financial position for the years then ended. in conformity with generally accepted accounting principles applied on a consistent basis. San Franasco California ARTilLR ANDERSEN & CO. hnuary y>. se

17-SAcawesTo Musiciert UTit:Tv DisTaicT Opemting statistics 19~9 1976 U IE Sununary ~ Customers at Year End 324a38 309,735 KWH Sales (in thousands): Sales to Customers-8 Residential 2.678206 2.45 990 2.6 th76 9 Commercial. Industrial, and Other 2 792.223 Total 3 471.03r 3.r50566 Sale of Surplus Power 3 533 885 3.o8 r.9 r t Total 9.oo49r6 8.232 777 Revenue (in thousands of dollars). Sales to Customers-5 60,837 5 53 955 Residential Commercial. Industrial and Other 34 008 49 71o Total 5 114.845 5 103.665 Sale of Surplus Ibwer 35 382 3r.558 Total 5 13o.227 5 133 223 Aserage KWH Sales per Residential Customer 9 u6 9.o9: Average Resenue per Residential KWH Sold 2.27c 2.19e Power Supply iKWH in thousandsi: Hydroelectric Generation 1.673 322 1703497 493812 6 Nuclear Generation 5717476 Purchases 1.890.289 566 937 r.54 783 1 577 765 6 System Peak Demand-KW Equivalent Full-time Employees at Year-End 17 4 1.678 6 Financial Statistics (in thousands of dollars): Total Operating Revenues 5 150.227 5 133 223 Operating Erpenses 5 14 972 5 I r.740 Purchased Power Operation. Maintenance, and Taxes 68.424 54472 6 Depreciation 22.6 3 2t.7 9 9 Total operating expenses 5 106.o91 5 879 1 8 5 44 136 5 47.242 Net operating revenue 8.277 6.262 Otherincome 5 324 3 5 33 304 Gross income Interest and Other income Deductions 24936 23 920 8 5 27477 5 293 4 Net revenue for the year Times Debt Senice Earned 23 2.2 5 16.047 5 15 566 Bonds Repaid Electric Utility Plant 5 829 455 5 77r.499 Capitalization: Long term Debt 5 526,737 5 493 205 Customers' Equity 5386.271 5 358.794

18. 1977 1976 r975 r974 1973 1972 197 1970 26.i39 234.(y6 454;9 234 128 24 679 6 29 54 282.62: 273 239 4 2.222.wh 2.102 704 2.oy.oi7 t.903 777 1.873,373 1,732 798 1.611 792 1437,918 2 344 239 2 304 313 2 376.723 2.227.o39 23343o3 2.204423 2.o38.243 r.933 273 4767 237 4.607.o17 4 4 to.740 4130,86 4 207.576 3 937 223 3 630.037 3 391.19 3 2 923 955 159.I96 i.835 952 7.6 1.192 4 766.213 6.246.6 2 4130.836 4 207.676 3 937,223 3 630.o37 3 39t.19: 9 9 5 4 &497 5 40 553 5 33.th8 5 32 497 5 29 686 5 26.624 5 23 3o2 5 19 71: 43 157 41 405 35 497 32a30 30 937 2Xa48 24373 21 366 5 67.634 5 81 938 5 70.6h5 5 64927 5 60.6 3 5 34.672 5 47.675 5 a r.277 4 33 570 20 968 28 55 5 121.224 5 102 946 5 99.236 5 6.927 5 60.(43 5 34 672 5 47.675 5 41.277 4 8 397 8.49r 8 300 8.244 8.416 8.I16 7 928 73 5 6 2.00C I.93C I.73C I.7 t c 138C t.34C r.45C r.37C 2m) 717 1.036.936 2.023,803 23844 7 1.853006 t.391.129 6 1.66 328 1.593 027 4 3.h70,832 2.1h1.26: 2 472.624 207 223 1 904 425 1.533 626 2.016.268 1.603 336 2 586 927 2.6 6332 2.240.277 r 737.589 3 8 8 f.333 3X9 1.j29 9 3 1.2723 9 s.2o r,t h8 t.173,3h8 1.o99.1X8 1.020 339 908 358 1 539 1442 1447 1 373 1 302 1.242 1.i66 1.o36 5 121.24 5 102 946 5 99 236 5 6 927 5 60.643 5 54.672 5 47.675 5 41.277 4 5 7,75o 5 7.643 5 8.030 5 8.039 5 9 914 5 to.6(x) 5 8.661 5 8 396 6 3 33 032 363 7 38.8 8 16.8I i 143o4 13 153 ir435 1o.604 20 793 20 332 18.227 8.0Io 7.68 7 337 6 483 6m) 9 8.M7 5 632 5 65,115 5 32.58o 5 32,116 5 3 r.090 5 26 579 5 23 000 4 6 3 5 37,617 5 38 354 5 M.121 5 32.047 5 28 327 5 233 2 5 21.096 5 16.277 8 3 270 3 234 8.96 29,976 23 377 15 017 10.o98 7 048 5 5 42.bM7 5 436 8 5 43,107 5 62.023 5 31.904 5 36 599 5 31.194 5 23 323 3 24 368 24ty6 23 226 23,-62 2234 18,638 13 103 8.o88 5 I8 319 5 18.6 2 5 t7 68I 5 6 3 261 5 29,38o 5 i9.(41 5 18.o&y 5 15 237 9 19 r.8 17 r.9 2.1 2.0 2.0 19 3 16.637 5 136 3 5 15 145 5 i r.o53 5 6.607 5 6.237 5 38 8 5 5 759 4 9 5 739,t83 5 729 178 5 722.o81 5 705 812 5 6.036 5 57r.8 6 5 466.09 r 5 348,133 49 9 5 6 5 4 4827 5 478.159 5 494163 5 309 671 5 420.o93 5 340 565 5 206 908 M 4 9225 5 329 210 5 3ro.S 2 5 292.200 5 274 319 5 238.o39 5 208.679 5 188,738 5 r70.6 8 9 4

19 SAcnA.utxTo MUNIOPAL UTIUTY DisTaler SMUD Boa,d of oi,ectors W,tu,u o Bu,v.P,e,ident [11/01111G15018 Gru t Ht asu. Vice President Pati W. Crna Ricy Ano D. Cuipo DON ALo C. 51cCLMs Officers and Executives Wv. C. Wu na soc,E. +neral.stancer joe u 1. 51rrituoE. ksistant General.\\ tanager and Chici Engineer Wv S.BosEsurnen. Asd rant General.\\tanaverand Controller Wu N.LAxuru. Assistant General.\\lanager Operations NEssEin i. N1t LLon. Assistant General.\\tanacc< anJ Treasurer De to S. NreLAs. Attortney and Secretary Depanment.\\ tanagers u n u m 1. Cosuos. Data Procewne 51anLEs N. D u ns Consumer Relations IRetired December it. tu ops loss D. Dt ss. Transmission & Distnhuw>n operations Llo A. FrsstER. Distnbution Planning GnaecE F. FnasEn. Distnbution Constmcrion EA <L 51. Grna:ELu. Cust.3mer Services W itu ot J. H ruuoso. Serrrces 1cus P. UntTz. flydro Operations PinLuP R. Hotut k. Conservation Dossto W. Hos tos. Consumer Relations Gunnos B. N1ERRILL. Purchases & Stores JtHs H.hticHFLMoNE. Accohnring C rLLAs G. R uscu. Generation Engineenne Jous L. R.6 err. Enerneering Fns rLo 1. Roonsat Ez. Nuclear Upcrattorts Bond Counsel DanicK. HERRisGTow. ROWLEY & SLTcuf f E. San francisco Trustee and Paying Agent 8 OK oF AMERICA National Tat sr Aso Srsiscs Associarios. San Francisco Ibying Agents CsTIsrsk. N.A.. New 1'ork firRRis TatsT Aso Suiscs BoK. Chicago Engineers R.W. BECK AsD AssOCIA!ES. Sacramento Auditors ARTHt R A% verses & Co.. San Francisco Financing Consultants LEnu4% Baornsas Nt HN LoEs Iscoaroarrto.New l'ork .\\ fain Offices SAcnosEsTo N1cssclest UTItsTY Dustalci.n:01 S S:reet. Sacramento. California 9S317 $SMUD SrCRrVENTO VUNC:P4L UTtUTY DSWCT LP re h at14}}

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