ML19318D165
| ML19318D165 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 02/14/1980 |
| From: | CENTRAL MAINE POWER CO. |
| To: | |
| Shared Package | |
| ML19318D157 | List: |
| References | |
| NUDOCS 8007080016 | |
| Download: ML19318D165 (34) | |
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severity of the incident, the s:fety features of the l
.. e plam did contain the problem. No one was iniured 3 N j .
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and the long-term health impact on the general i
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Yes, the 1970's turned out to be an eventful t period in our nation's history-ending with the 5 - -
highest inflatio, rate in over three decades, a pat-I
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te:n of rising unemployment and lower produc-tivity, all time high interest rates and promise of
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n impending recession. Yet, despite these rather
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- ' ' 1980's in a sound financial position.
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. . yG1 Kilowatt-hour sales increased 1.S percent in
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'fmpr 1979, well below prior years Contributing to this lower rate of growth was a continued effort by
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.'.' . [. k ... ' f . . ~ .'1 [ . 3 ..Mi Maine consumers to conserve, an extended strike involving one of the largest industrial customers and a most unusual weather pattern in the North-east over the fourth quarter and extending into 1980. Few puple can recall a time in Maine when To Our Shareholders: the State was virtually snowless through January The year 1979 marked CMP's 80th year of ser. with temperatures much warmer than normal. j vice to Maine people. It .dso marked the end of These factors combined to hold net income flat at another decade. A decade that began in an atmos. 1978's level. However, earnings per share of com-phere of optimism and national confidence but mon stock dropped f rom $2.19 in 1978 to S2.10 in ended in uncertainty and concern. Energy became 1979 reflecting an increase in the number of com-a household word as the price of foreign oil in. nmn shares outstand;ng.
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! creased 1500 percent with no end in sight and the Dividend increase l nation finally realized that oil imports might be our Achilles heel. This came as no great surprise The lloard of Directors voted a three cent in-to the electric utility industry in New England. It crease in the common stock dividend for the had been foreseen back in the 1950's when the fourth quarter, bringing the annual dividend rate decision was made to move New England into a to $1M per share. This increase is consistent with leadership role in nuclear energy development CMP's long-standing objective of providing That decision to go nuclear by CMP and other moderate but steady growth of dividends to our New England companies has proven to be a very common shareholders. The financial heahh of the wise and timely one. It has increased the relia. Company depends on our ability to attract new l bility of power supply in the region and has saved equity capital which makes it doubly important
! Maine and New England consumers hundreds of that our dividend policy include pmmpt recogni-millions of dollars. tion of the value of investor funds.
The very unfortunate incident at the Three Mile Island (TMI) nuclear plant in Pennsylvania, the Industrial Expansion first serious occurrence in over 20 years of nuclear The pulp and paper industry, a key factor in plant operations, represented a severe setback to Maine's economy, continues to thrive. Iloise nuclear development efforts. Ilowever, out of TMI Cascade is nearing completion of a maior expan-came much good and useful information that will sion at its Rumford facility and Madison Paper make future nuclear plant operation better and Corporation is embarking on an equally large addi-safer. Lost somewhere in the mass of media tion at its Madison plant. These follow on the reporting is a most important fact. Despite the heels of a huge capital program totalling some 2
$550 million completed in the last several years by We have agreed to reducc the Company's owner-such firms as International Paper, Scott Paper and ship share in the proicct from 80% to a minimum St. Regis Paper. The Maine economy was given an of 55% and have extended the project completion extra boost in 1979 with the addition of Digital date to 1989.
Equipment Corporation in Augusta and the Pratt
& Whitney Aircraft Group of United Technologies Nuclear Power in North Berwick. These two facilities will pro. Utilities involved in the nuclear power industry vide approximately 3,000 new job opportunities in suffered a public confidence crisis in 1979 and Maine. CMP was no exception. While it is true that more people today are concerned about the potential Meeting Future Growth risks of nuclear power, it is also true that the Commercial and industrial development and a maiority of people are much more aware of the growing number of residential customers, combine benefits of nuclear power and the fragile state of to impose a heavy responsibility on CMP to plan our entire energy structure.
well ahead to. meet the ever increasing need for The Three Mile Island incident pointed up the electricity. Paramount in our effort to meet new fraihy of the human element in the nuclear scene demands is our aim to lessen dependence on ex- both from the standpoint of the reactor operator pensive foreign oil. CMP is in a much better posi- who made errors in judgment to the bureaucracy tion than most oil- dependent utilities because of in Washington which has proliferated complicated our strong mix of nuclear and hydro power which and unnecessary regulations. These regulations has produced about 60 percent of our customers' have often diverted attention and energies away energy requirements in recent years and has kept from guarding against the obvious, focusing in-CMP's electric bills among the lowest in the stead on highly unlikely events.
northeast and below the national average. Despite At Maine Yankee, we have retrained our plans to add some hydro electric generation and operators to apply the lessons learned at TMI and nuclear capacity, the company anticipates an even have begun to modify and improve controls, equip-heavier reliance on oil-fueled generating stations ment and operating procedures to prevent a similar in the immediate future. Although we are limited accident from occurring.
in our ability to control growth, we do hne op-portunities to manage loads, and we intend to ac. Cautious Optimism celevate our efforts in that regard in the coming Looking into the 1980's, I hope to see a better years. understanding of our business among the general Coal Plant Delayed public and the government agencies that regulate us. The 1970's will be remembered as the decade
. Plans to add a large coal fueled power plant to of regulations, a time when more controls, laws, CMP's generation mix by 1987 were clouded by a rules, regulatic,ns and regulatory agencies were Maine Public Utih, ties Commissmn order issued created than in any comparable period in our on the last day of 1979. In 1977 we filed with the history. We have seen the frustrations of the PUC for the first of some 40 federal, state and 1970's as the public has become more aware of local permits needed to construct a 568,0()0 real energy shortages and escalating energy costs.
kilowatt coal station. After lengthy hearmgs in The next few years will be a period of challenge, 1979, the three member Commission voted two" but Central Maine Power Company has the finan-to-one to deny our application. This decision was cial and organizational strength to meet those a disappointment, especially in the face of national challenges and to continue its energy leadership efforts to reduce dependence on expensive foreign role in the State of Maine.
oil and to rely more on the United States' vast Sincerely, coal reserves. Because we feel a coal. fueled power facility is needed as soon as possible we have peti- h[g#[f- gj twned the PUC, and they have agreed, to reopen the hearings. We are optimistic that the Commis. E.W. Thurlow sion will approve a modification of our original President proposal in the light of changing circumstances. February 14, 1980 3
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1979 1978 1979 1978 I Rosnientoi! $108.5 519 7 2.353 33 Gener.o 'mtvu o 124.0 26 3 3.470 9 EW tru Ututt+s 2.4 6 79 2 L uj ht en t; 51 6 50 Total Territorial Sales 240.0 44 2 5.952 lu8 Non Terntorial 8.5 6 ',
52 18 s Total E nergy Sales 248.5 55 7 6.004 126 :
Other Rovenuos 23.3 79
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Total Operating Revenues $271.8 563 6 t ti 1
1979 1978
- Pulp and Paper 1.104,956,607 1.134 485.726 Metal Trades 208.771.044 173 387.801 Chemicals 150.679.371 143 557.'96 Tev tiles 138.826.078 140 720 300 Food Processink 108.865.843 105.424 649 L umber and Woodworking 109,725.875 98.988.933 i Boots and Shoes 74,193.484 78.212.756 l
Shipbuilding 40,967,010 37.747.280 1
Financial objectives Un is n!m. .i i.ni i .n i a i, t m n n , .i n sio' R , i n . i nnoi m u ns .ns l .l!nI !!!! pf ii\ lilt' ( \ll' s Illt.n n ia ! 1t][( c r i! tri n s.tv ! i[ it f q; 11,i 11, ist;r
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t(i cin plt >\ In cXt ew (>t llH H) % lt hi:i a tt w \ t ar s
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Internat hinal in ( )akland .uhl ()ld I ou n. I!k 14cccc l'orpor at nin m ( or h.un Maremom
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\Ialc!Vllle. \I Il Nichols ( ompan\ W for t land and (;raV (; il Bass in \Iilton. Poland sprme l'Ili t illle in l't llalltl \piln e .in(l (Allte id ll ht ill \pt ir t s In wat't) Alniille t he Ilch !!hllist r ics u crc Qi I lectrod\ nc m st.n horo. llenn I l la n si >n Int m bFi (;orham.1)M(' Metals m Portland ii.nn;whlrc M ,
Manutat inrme ('ompany m HidJctorJ and Mar me p.,- \t Fllctlif es I ast in Bfunsuhk h k[ '
MeanWhlle shipbuildmx i.rder s at Bath Inin h
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\Iorks reached a new pcat etune hic;l or 5N H1 milhon last \ car Advantes w ere maJe in the h ,_
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>uns tln mn Greater reliability L , n .i t t i n hihih no( ht n ,, . nut r .1 i l l ! hl .1111 t li t .ll i >I'It - Tl\( l:ls! IM lit !ll i s'
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~ I Maine Yankee replacement power NF P()()l membt rship pri'ved particul.iriv 2:
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valuable to ('MP and our tustomers m -'o when d' It helped priivide large ami> tints (it piiwer nir a 4 t three-month pernid while the Maine Yankee Hilclear station in Wiscasset was shut down The
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Nuc} car Regulahir t (limmissnm (>Idcred M.llne Yankee closed March 14 pendmg studies to determine its Capahllliv to w Ithstand carthquake l l stress 'since ('Mp s pwns and receives h percent of f 9 ,, the x W IHH) kilow att f acility s output. the Company had to seek unstheduled replacement
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- 2.; power to meet t ustomer demands 1 For:unatelv pow t r was availabic imm the pool, As- N.!, - j .j Vy y- %f P- ~ ahhough a was t Irtually all ml-produced energv p%%
i eL g(.k.@ g.: > y JW :gQ h@j % g.kg and tonsequently muc h more expensit e t han t he low-cost ,uclear Power u replaced Although all
% d $. y hp :5 tuel costs of power , produced m purchased' are
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normalh collected through the Compants tuel
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adll! Inlent charge. the IM R' has altered CMP's l .W% rates to spread collection of the Maine Yankee 9@g% q[ y aif' .?( ' g I.J ".. replacement power costs through I)cccmber 1980
~ '
rather :han over the normal three-month i
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tollection period The Company has appealed that Interlm order. and 14 R' priiccedings on t he l
) appr()prutteness ilt the replacement pow er ch.uges l
4 are expected to conclude m April While CMP
, beheves the NRC shutdow n of Mame Yankee was unnecessarv and unfortunate. the Company also p clear -
takes the posnion that replacement power costs t must be absorbed bv consumers of that power. iust as the tull sarmxs ettect or low er cost nuticar powei ts passed rin as a direc t benefit to f27$g q/1 a t onsumers 3>2 x / p wtn. p x W;%dj] G, v<v ;e$ , w ,2%g.W y,
,fAfqgs 4 g4 , g ,7 Ma,ne i Yankee savings still substantial
. 1 - ' 8 j q I )e spit t the NR(Nirdered shutdown. Mame b ; ., y 4h r fpb Consumers silll received substantlal ch'ctrlC hill fr M [T )" M' '/
i M ' _( ja NN savings trom the nuclear plant in Wiseasset Malne Yankee produced 4 5 hilhon kilowatt-hours in 19'9. the eqtitvalent ist ' 4 million barrels of oil. Net tuel savine to Maine tustomers alone. 13
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- M lil Q t l1 n l * ' Vil t 'l T h t 'i! \ Mr ? % i 'll l lIllle ' ( ' 3.' / ' s /t .l(le 'I s /llji ii i 'I t 'Th ' f c '
r sil st 'l \ llli all $11ll'!< hl c!'u 'li 111,111. r e ' lilt 'll t l e t !! n ulHC ' M ill idj, u , I, > nth;l hi;het encis . ~l8 lTh] I' se'T\t' < 41 ' st'illh 18 t 'i t 'll i e Ile ? In !!h *I s 4 More consumers I hr Comp.un pim iJed sen a t to 1 om more % ttisttilu cts 111 l v'u t h.in 111 lv"N l aita! nmnht r tit I ~
, t ustoiner s w as Am 2 9" last \ t at . uptiom 2v; 4%
a det.ide agii. aihl w hilt icv sales inticiu Jiini\ 1v over IV's t hev w ere up nc.n h Ni o\ cr 1%v Although residt ntial t astomcis uscJ si
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dropped shehth trom 'J)l; to ~ n12 kllow at t v hours Warmer w e.n her < onsen ation and ht.M lcr s 3 - Cll5 t oin c t ichant e inn Mili)d hCallnd s\ sicms all L(in tlihlit ed til t his liiv er a\ crage uw A lahiir
. strike w hn h idled one of t 'MI' s larecst customers forslX hecks also t ontilhuttd to hohhne dow n the RI(>u t h rate ist eciler.il sertu e slles ti 2 l Looking ahead CMP planners toda\ t mplm spunis and t L ibilpf c hcIlsl\ t Oli iJt is
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ntcds linllke calln ! \tHs % hen cntIdi Cliik ! h g ^ 7e ( tillid es% nt ially ht plillet cd .l})t atl hJ set! i t!1 hist (ille.il tit ilds };llt alt ing u lt h nb idt. !!1 y" . t t ch n ig tles iit a n.il\ iile t tt t tir e c ri > w t h h.is t time an
>F even thiudict hiir iriin iit enct g\ tuh et t.iint n s u th e!I.un t lcs ahtitit liittign till suppl \ tt Jc: .il c!1c!K\ paillt v t iist e t tet t i nn t listillnti list t tist(imer use sit alt (.rnat l\ t icsiut ct s limit s ist c(inservat H in t tillt In tlt d llse tit 11tlt !( .11 ptin ci cet >Htim h Ict essitln i l ht it im . alhl ol.In \ lithtrs l
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Conservation counts cust mers v luntarily reduce power use to avoid
. excessively high and costly peaks. KST is During 1979 CMP continued to encourage announced through the news media only on cold strong conservation measures by customers as well and windy winter das s when a new peak demand as withm Company operations. Televismn and s 1 able to be reacNd. Also designed to help avoid newspaper advertismg was used to explain costly new facilities is the Company's thermal conservation programs such as Kilowatt Saving energy storage study in which residential Time, time-of-day electric rates, water heater customers are using lower cost off-peak electricity msulation tips and a thermal energy storage to store heat energy in ceramic bricks for research project in which lower cost off.pcak controlled release as needed. Implementation of electricity is used for home heating. The offering time-of-day rates in 1979 added a new dimension of a free energy saving water restrictor drew an to energy management and by year-end 6,000 overwhelming response from customers wh customers had requested detailed information requested 90,000 of the devices which are designed about the : ate. Of these more than 300 time-of-day to cut in half the amount of hot water used while meters were installed for customers who chose showering. The Company also changed its bill this rate alternative to shift power use from peak format to give customers a " conservation periods and save money.
comparison" of their energy use for the current period compared with the same period 12 months earlier. An energy management system was installed at CMP's general office to improve Management changes efficiency, a number of diesel vehicles were added A number of major management changes were to the fleet of line vehicles, and an employee announced during 1979 and in January of 1980 ! vanpool program was initiated. Halsey Smith was elected to the Board of Directors. Mr. Smith, former chairman of the Commission on Maine's Future and past director Help for customers of Public Service and The Center for Research and Because of potential financial hardship for some Advanced Study at the University of Maine, customers, especially during the winter months Portland-Gorham, is president' and chief executive ' when heating costs are higher, CMP publicized a officer of the Northeas: Bankshare Association in special payment arrangement plan last fall through Lewiston. His earlier b4nking career included ' newspaper ads and a bill insert. The plan offers more than 20 years of service with the Casco Bank those customers whose income is at the poverty and Trust Company in Portland where he level, en op,ortunity to make payment advanced from vice president to chairman of the i arrangements with the Company to avoid credit board of directors and chief executive officer. ! action and possible loss of service during cold Thomas C. Webb was promoted to Senior Vice
- weather. The Company is again participating in a President, Finance and John B. Randazza to Vice federal fuel assistance program with eligible President, Special Projects Mr. Webb has served customers and is making every effort to notify as Vice President, Finance, since August 1977 needy customers of appropriate social service when he joined the Company after previously agencie- serving 13 years with the Wisconsin Power and Light Company where he was treasurer. Mr. ,
- Randazza who had served as assistant vim.
l Managing growth president, nuclear services since 1974, is former l l While meeting growing customer needs, CMP is superintenden of the Maine Yankee Atomic also' initiating energy management techniques Power Station.
-designed to control gmwth in the face of rapidly Othen uanagement promotions included Patrick rising costs of energy facilities. Energy S. Lydor to manager of central division, Robert C.
(. management Imgrams are not new to CMP. Matheson II to manager of materials and fuels and Several years ago the Company initiated its highly Wilbert D. Whitney, to manager of customer successful Kilowatt Saving Time program in which services.
.17
Contrat Mains Pow:r Compiny Statement of Eamings (Dollars in Thousands Except Per Share Amounts) l Year Ended December 31, 1979 1978 Electric Operating Revenues (Notes 1 and 3) $271,764 $208,176 Operating Expenses Fuel Used for Company Generation 29,691 19,470 , Purchased Power (Note 4) Fuel 71,961 43,369 Other 28,054 28,594 Other Operation 36,572 32,736 l Maintenance 14,121 11,363 1 Depreciation (Note 1) 20,160 15,% 2 Taxes Federaland Stateincome(Note 2) 16,882 13,229 i Local Property and Other 9,688 9,194 227.129 173,917 Equity in Earnings of Associated Companies (Note 5) 3,595 3,376 Operatingincome 48,230 37,635 Otherince ie(Expense) Allowarme for Other Funds Used During Construction (Note 1) 723 6,250 Other, Net 218 (300) Income BeforeInterest Charges 49,171 .*3,585 Interest Charges Long-Term Debt (Note 8) 19,823 17,514 Other 5,289 2,147 Allowance for Borrowed Funds Used During Construction (Note 1) (5,584) (5,687) I 19,528 13,974 Netincome 29,643 29,611 Dividends on Preferred Stock 4,599 4,642 l Eamings Applicable to Common Stock $ 25,044 $ 24,969 Weighted Average Number of Shares of Common Stock Outstanding 11,899,435 11,378,432 Eamings Per Share of Common Stock $ 2.10 $ 2.19 ; 1 Dividends Per Share of Common Stock $ 1.55 $ 1.46 l The accompanying notes are h. integral part of these financial statements. l l l l 18
I Central Maine Power Company 1 1 B: lance Sheet ' (Dollars in Thousands) 1979 1978 Assets Electric Property, at Original Cost (Notes 4,8 and 14) $661,491 $630,413 Less: Accumulated Depreciation (Note 1) 179,995 165,404 481,496 465,009 Construction Work in Progress (Note 12) 70,888 48,161 552,384 513,170 investment in Associated Companies, at Equity; Note 5) 36,741 36,129 Net Electric Property and Investments in Associated Companies 589,125 549,299 Current Assets Cash (Note 7) . 1,528 1,017 Accounts Receivable, Less Allowances for Uncollectible Accounts of $371 in 1E79 and $380 in 1978 Service-Billed 23,299 20,482
-Unbilled (Notes 1 and 6) 34,459 20,274 Other 6,067 13,711 inventories,at Average Cost FuelOil 14,984 7,124 Materials and Supplies 9,805 8,076 Prepayments and Other Current Assets 3,783 2,456 Total Current Assets 93,925 73,140 Deferred Charges and Other Assets (Note 12) 11,787 11,602
$694,837 $634,041 Stockholders' investment and Liabilities Capitalization (See Separate Statement)
Common StockInvestment $214,022 $203,600 Preferred Stock 35,571 35,571 Redeemable Preferred Stock (Note 9) 33,690 34,075 Le ig-Term Debt (Note 8) 2E4,699 221,863 . TotalCapitalization 537,982 495,109 Current Liabilities interim Financirig (See Separate Statement) 60,592 55,919 Other Current Liabilities-Sinking Fund Requirements 553 562 Accounts Payaole 23,220 21,609 Accrued Interest 5,506 4,897 Accrued Income Taxes 7,834 3,729 i Other 2,830 4,880 39,943 35,677 TotalCurrent Liabilities 100,535 91,5 % l Commitments and Contingencies (Notes 3,4 and 12) Reserves and Deferred Credits Accumulated Deferred income Taxes (Note 2) 27,913 23,G Unamortized investment Tax Credits 26,349 22,709 Other 2,058 1,569 Total Reserves and Deferred Credits 56,320 47,336
$694,837 $634,041 The accompanying notes are an integral part of these financial statements.
19
Central Maine Power Company Statement of C:pi dizction and Int:: rim Finan:ing
- (Dollars in Thousands) December 31,
-1979 3
1 Amount % Amount % Capitalization Common Stock investment: Common Stock, Par Value $5 Per Share Authorized - 15.000,000 Shares. Outstandmg 12,074,234 Shares in 1979 and 11,805,844 Shares in 1978 $ 60,371 $ 59,029 Other Paid in Capital 77,445 74,931 Retained Earnings (Note 10) 76,206 69,640 214.022 35,8 % 203.600 36.9 % Cumulative Preferred Stock: Par Value $25 Per Share-Authorized-2,000,000 Shares. Outstanding-None - - Par Value $100 Per Share-Noncallable, Voting,6% - Aut horized and Outstanding-5,713 ohares 571 571 Dividend Series, Callable- - Authorized-1,300,000 Shares Current Current Rate Outstanding Shares Redemption Price 3.50 % 220,000 $101.00 22,000 22A .X) 4.60 30.000 101.00 3,000 3.000 4.75 50.000 101.00 5,000 5,000 5 25 50.000 102.00 5,000 5.000 Pref erred Stock 35,571 5.9 35,571 6.5 8.40 250,000 108.40 25,000 25,000
$11.25 90,750 in 1979 94,600 in 1978 108.44 9,075 9.460 34,075 34,460 Less: Current sinking f und requirement of $11.25 Series 385 385 Redeemable Preferred Stock (Note 9) 33,690 5.6 34.075 6.2 Long Term Debt (Note 8):
l Series interest Rate Maturity First and General Mortgage Bonds: R 3 % March 1,1979 - 4,260 S 2-7/8 November 1,1979 - 4,268 T 3-5/8 November 1,1981 5,933 6,057 l U 3-5/F March 1,1983 8,630 8,630
- V 3-3'< Apnl 1,1985 10,513 -10,591 i
W' 4 7/8 Maw 1,1987 15,966 15,971 X 5-II4 November 1,1990 5,389 5,417 Y 7-1/2 May 1,1999 28,392 28,460 Z 9.30 August 1,1995 33,215 33,530 AA 7,70 July 1,1997 24,080 24.115 BB 10.65 August 15,1984 20,000 20,000 Generaiand Ref unding Mortgage Bonds: A 95/8 May 1,2006 35,000 35,000 B 95/8 October 1,2rA)3 25,000 15,000 C 10 112 October 15,1999 23,500 - 235,618 211,299 Unamortized premiums 100 112 235,718 211,411
~ Other:
, Serial Notes 10 % December 15,1979 - 6,000 l Lease Obligation 11.5 2021 (in instaliments) 7,899 7,907 Installment Notes-Pollution Control Facilities 604 2002 2003 11,250 11,250 19,149 25,157 Less: Sinking f und requirements and current maturities 168 14,705 254,699 42.6 . 221,863 40.3 Tof at Capitalization 537,982 89.9 495,109 89.9 l Interim Financing, Amounts to be Refinanced (Note 7): Notes Payable to Banks 150 -
- CommercialPaper 60,442 41,391 Current Maturities ollong Term Debt -
14.528
-60,592 10.1 55,919 10.1 Total Capitalization a nd lnterim Financing $598,574 100.0 % $551,028 100.0 %
The accompanying notes are an integral part of these financial statements.
'20 1
Central Maina Powar Company , i l I Statement of Changes in Common Stock investment (Dollarsin Thousands) Other Amount at Paid-in Retained Shares Par Value Capital Earnings Total Belarce-Decerr.ber31,1977 10,077,071 $50,385 $56,605 $60,964 $167,954 Add (Deduct) Reclassificationof Equity Hydro Reserve 807 807 Net income 29,611 29,611 Cash dividends-Common Stock (17,100) (17,100) Preferred Stock (4,642) (4,642) Sale of Common Stock 1,728,773 8,644 18,310 26,954 Capital stock expense 16 16 Balance-December 31,1978 11,805,844 59,029 74,931 69,640 203,600 Add (Deduct) Net income 29,643 29,643 Cash dividends-Common Stock (18,478) (18,478) Preferred Stock (4,599) (4,599) Sale of Common Stock 268,390 1,342 2,397 3,739 Capital stock expense 117 117 Balance-December 31,1979 12,074,234 $60,371 $77,445 $76,206 $214,022 The accompanying notes are an integral part of these financial statements. Price Range and Dividends of Voting Stock 1979 1978 Market Price Market Price Common Stock Traded N.Y.S.E. High Low Dividends High Low Dividends 1st Quarter $16 $14 7/8 5 .38 $16-7/8 $15-5/8 5 .36 l 2nd Quarter 1 5-114 13 114 .38 16-3/8 15-1/8 .36 l 3rd Quarter 15 13 5/8 .38 16-1/4 15-1/8 .36 4th Quarter 14 3/4 12-3/8 .41 16-1/4 14-1/2 .38 6% Preferred Traded O.T.C. 1st Quarter $1.50 $1.50 2nd Quarter 1.50 1.50 3rd Quarter 1.50 1.50 4th Ouarter 1.50 1.50
*There have been no quotations since June 1974.
21
Central Maina Power Company Statement of Sources of Funds for Construction (Dollarsin Thousands) Year Ended December 31, 1979 1978 Funds Provided Internal Sources From operations Net income $29,643 $29,611 Depreciation 20,160 15,962 Deferred income taxes and investment tax credit, net 8,495 12,892 Allowance for other funds used during construction (723) (6,250) 57,57S 52,215 Less: Sinking f und requirements of long-term debt and $11.25 Preferred Stock 1,046 917 Dividends declared 23,077 21,742 Other-net (430) (687) 23,693 21,972 (Increase) decrease in working capital, exclusive of interim financing and sinking fund requirements Cash and receivables (9,869) (21,953) Other current assets (10,916) 1,065 Other current liabilities 4,275 5,341 (16,510) (15,547) internal Sources, Net 17,372 14,696 ExternalSources Common Stock 3,739 26,954 Long term debt 33,500 16,000 Increasein short-term borroveings 19,201 10,318 Long-term debt refunded (14,528) (4,293) Changes in advances and investments 61 57 External Sources, Net 41,973 49,036
$59,345 $63,732 Funds Used for Construction Wyman Unit No. 4 $ 7,768 $22,707 Other jointly-owned projects 17,344 13,393 Other construction and plant additions 34,956 33,882 Allowance for other funds used during construction (723) (6,250)
$59,345 $63,732 The accompanying notes are an Integral part of these financial statements.
22 l
Centrai uaine Power Company Notes tJ Fin:nci:1 St:tements December 31,1979(nd 1978
- 1. Summaryof Si Jnificant Accounting Policies Allowance for Funds Used During Construction (AFC) The
- Regulation: The company's rates, operatioris, accounting Company includes as an element of the cost of construc-and certain other practices are subject to the regulatory tion of electric property an allowance for funds (including Cuthority of the Public Utilities Commission of the State of common equity funds) employed during periods of con-Maine (PUC) and the Federal Energy Regulatory Commis- struction. The debt component of AFC is reflected as a sion(FERC). reduction of interest expense while the balance, or equity Depreciation: Depreciation of electric property is provided component, is recorded as Other income. The amount of using the straight line method. The effective composite AFC recorded is determined by multiplying the average rttes were 3.30% for 1979 and 3.33% for 1978. monthly dollar balance of construction work in progress (CWIP) by a rate reflecting the current month's average Electric Operating Revenues: Electric operating revenues short-term borrowing rate and, to the extent the amount in-include amounts billed to customers, estimated unbilled vested in CWIP exceeds outstanding short-t3rm borrow-sales and unbilled fuel costs at the end of each reporting ings, the weighted cost of other capital at the beginning of period. the year. The average AFC rate produced by the Com-Under a 1978 Maine statute revising electric utility fuel pany's monthly computations was 11.22% in 1979 and clauses, the PUC was directed to implement regulations to 9.27% in 1978.
provide for current recovery of the cost of fuel consumed in While the AFC recorded does not provide funds currently, Company owned generating stations and the fuel compo' when the constructed property is placed in service, the nent of power purchased for use in Maine. Company is permitted under applicable rate-making prac-Under new FUC regulations that are expected to be im- tices to recover these amounts in revenue over the useful plemented in April 1980, unbilled fuel costs outstanding on life of the property. Further, the unrecovered cost of elec-the effective date of the new fuel clause will be amortized tric property, including AFC,is an element of rate base on over a future period. which the Company is permitted to earn a return.
- 2. Income Taxes The components of Federal and state income taxes The rate-making practices currently followed by the PUC r:flected in the Statement of Earnings are as follows: permit the Company to recover Federal and state income Year Ended December 31, taxes payable currently and to recover deferred taxes only when the tax law, in effect, requires such treatment. In the 1979 1978 Company's most recent rate decision (October 1978), the (Dollarsin Thousands) PUC recognized only the deferred Federal income tax ex-Federal: pense arising from the use of accelerated tax depreciation Current S 6,596 $ (661) of expansion property added subsequer't to 1969. The in-Deferred 4,857 3,712 come tax effects of other timing differences are flowed Investment tax credit, net 3,640 8.826 through for rate-making and accounting purposes. The 15,093 Company expects that these unrecorded costs will be 11'877 recovered in the future when taxes deferred become State: payable.
Current 1,791 1,369 Deferred (2) (17) The following table reconciles the statutory Federal in-come tax rate to a rate determined by dividing the total 1,789 1,352 Federal income tax expense by income before that ex-Total Federaland state pense. income taxes $16,882 $13.229 1979 1978 Amount % Amount % (Dollars in Thousands)
- Statutory Federalincome tax rate $20,579 46.0 % $19.914 48.0 %
Permanent reductions in tax expense resulting from l statutory exclusions f rom taxable income Dividend received deduction related to eamingsof associatedcompanies (1,405) (3.1) (1,377) (3.3) Allowance for other funds used during construction (333) (.8) (3,000) (7.2) Other (861) (1.9) (563) (1.4) 17,980 40.2 14,974 36.1 Elfect of timing dif ferences for which deferred taxes are not recorded (flow through) Deduction of removal costs (743) (1.7) (578) (1.4) Allowance for borrowed f unds used during construction (2,569) (5.7) (2,730) (6.6) Depreciation of replacement property added subsequent to 1%9 (410) (.9) (708) ,(1.7) l Depreciation differences flowed through in prior years 1,139 - 2.5 936 2.2 Other (304) (.7) (17) - Criculated rate $15,093 33.7 % $11,877 ' 28.6 %
=
23
I L 3.' Rate-Making Matters
. In October 1978, de PUC authorized the Company to file Company made effective new rates designed to produce additional annual revenues of approximately $880,000. The r: tail rates designed to increase annual gross revenues by approximately 7.6%, or $15,500,000. In arriving at its deci- PUC is seeking review by the United States Supreme Court.
t sion, the PUC disallowed, among other items, depreciation On February 1,1980, the Company filed with the PUC for a on a portion of the Company's plant assumed by the PUC $35,000,000 increase in gross revenues. The PUC was re-to be financed by deferred income taxes. In response to quested to allow temporary rates to be impiemented pen-the Company's appeal, the Maine bupreme Judicial Court ding a decision on the full increase request. The temporary
- hem, among other things, that the PUC had erred on that rates would provide approximately $11.000.000 of the Issus. As a result of the court decision,in August 1979, the .. $35,000,000 total.
l 4, Capacity Arrangements l Power Agreements: The Company owns directly or in- 345 KV inter- connection of Maine Electric Power Com-directly a portion of the generating capacity and energy pany,Inc. (MEPCo.). The connection is providing up to 400 production of certain generating plants operated -by megawatts of base load power from another electric t associated utility companies and is obligated to pay its system for ten years, which began in 1976. All of MEPCo/s proportionate share of the generatirig costs, including costs, including depreciation and a return on invested depreciation and a return on invested capital. In addition, capital, not met by transmission revenues, are paid by the the Company has an entitlement percentage (currently participating utilities. Pertinent data related to these power 10.3%) of the capacity and energy obtained through the agreements are as follows: Maine Yankee Vermont Yankee Connecticut Yankee Yankee Atomic MEPCo. Contract Expiration Date 2002 2002 1998 1991 1986 Plant Capacity (MW) 830 , 528 580 176 400 Company's Share of Capacity (MW) 311 19 35 17 41 (Dollars in Thousands) Estimated AnnualCosts-(1979 Costs) Depreciation S 3,101 $ 298 $ 384 $ 211 $ 50 Interest and Preferred Dividends 4,391 343 439 157 1,526 Other Costs 18,310 1,724 3.208 2.146 5.760 j
$25.802 $2,365 $4,031 $2,514 $7,336 Company's Share of Debt and Preferred Stock-December 31,1979 $60,112 $4,398 $5,243 $2,328 $8,768 December 31,1978 $54,693 $4,294 $4.890 $2,033 $9,284 The costs are included in purchased power on the Statement of Earnings.
W.F. Wyman Unit No. 4: The 600 megawatt oil. fired Wyman depreciation attnbutable to the Unit are as follows: Unit No. 4 operated by the Company began commercial
~ operation on December 1,1978 The Company's nearly at December 31.
60% ownership of the new unit added about 360 1979 1978 megawatts to its generating capability, The Company's (Dollars in Thousands) share of operating costs is included in the appropriate ex-pense categories on the Statement of Eamings. Plant in Service $112,300 $105,000 Accumulated Depreciation $ 3,492 $ 271
' The Company's plant in service and related accumulated
- 5. Associated Companies Tha Company's advances to and ownership interests in the common stock of joint corporate generating companies and other associated companies, accounted for using the Investment at equity method,are as follows: Percent December 31, Ownership 1979 1978 l
Joint corporate nuclear generating companies: (Dollarsin Thousands)
$25,386 Maine Yankee Atomic Power Company 38.0 % $25,396 Vermont Yankee Nuclear Power Corporation 4.0 2,328 2,332.
I Connecticut Yankee Atomic Power Company 6.0 3,042 2,796 Yankee Atomic Electric Company 9.5 1,962 1.967 32,728 32,481 Other associated companies: Maine Electric Power Company,Inc. 78.2 974 1,035 CentralSecurities Corporation 100.0 1,070 668 Cumberland Securities Corporation 100.0 1,783 1,806 The Union Water Power Company 100.0 186 139
$36,741 $36,129 24-
- Condensed fin *ncillinformition of Maina Ytnkee Atomic Powtr Company and Maine Electric Power Company,Inc.,
12ts follows: Maine Yankee MEPCo. 1979 1978 1979 1978 (Dollarsin Thousands) Operating revenues S 68,867 $ 70,373 $98.122 $59.860 Earnings applicable to Common Stock $ 6,650 $ 6,702 $ 155 $ 164 Company's equity share of net earnings S 2,527 $ 2,547 $ 121 $ 128 investment Totalassets $287,105 $265,955 $22,804 $20,812 Less: Preferred Stock 13,070 13,696 - - Long-term debt 139,373 128,818 10,560 11,220 Other liabilities and oeferred credits 67,830 56.634 10,997 8.267 Net assets S 66,832 5 66.807 $ 1,247 $ 1,325 Company's equityin net assets $ 25,396 $ 25,386 $ .974 $ 1,035 , ~ Complete financial statements for Maine Yankee and M EPCo. are included in the Company's Annual Report to the Securities
- tnd Exchange Commission on Form 10-K.
6 Maine Yank 0e Shutdown ings relating to an investigation of questions pertaining to The Maine Yankee nuclear generating plant, ordered shut the justness and reasonableness of these increased power down by the Nuclear Regulatory Commission (NRC) on costs. March 13,1979, returned to operation on June 5 af ter the At December 31,1979, approximately $6,600,000 of the ad-NRC terminated its shutdown order. During the shutdown ditional costs had not been billed to customers. The PUC period the Company incurred additional costs of approx- further ordered that recovery of the unbilled amount at imately $15,200,000 for replacement power, which the PUC December 31,1979 be extended to the end of 1980, which ord: red be billed over a twelve-month period instead of the the Company has appealed to the Maine Supreme Court. normal three month period to minimize the impact on the Recovering those costs over the extended periods in-Company's customers. The PUC is currently holding hear- creases the Company's working capital requirements.
- 7. Interim Financing Ths Company uses short- term borrowings under lines of and other corporate purposes. The Company intends credit with commercial banks, the majority of which re- ultimately to repay these borrowings with the proceeds quire an annual fee of 1/2 to S/8 of 1% of the line, and com- from sales of long-term debt or equity securities. Certain in-mercial paper to initially provide financing for construction formation related to borrowings is as follows:
1979 1978 (Dollars in Thousands) Totallines of bank credit $66,450 $52,700 Unused lines of bank credit at year end 66,300 52,700 Borrowings outstanding at yearend Notes payable to banks 150 - Commercial paper 60,442 41,391 Total 60,592 41,391 Wrighted average interest rate on borrowings outstanding at year end
. Banks- 16.78 % -
Commercial paper 14.20 % 10.71 %
- Average daily not outstanding borrowings Banks 15 169 Commercial paper 44,915 25,168 Total foryear . 44,930 25,337 Wrig hted daily average annual interest rate Banks 12.75 % 8.59 %
Commercialpaper 11.68 % 8.35 %
' Highest level of borrowings outstanding at any time during the year $62,645 $41,391 The Company's Articles of incorporation limit Unsecured Borrowings that may be outstanding to 20% of Capitalization, as d; fined ($105,410,000 as of December 31,1979). Unsecured Borrowings, as defined, amounted to $71,842,000 as of December 31,1979.
25
i
- 8. Long Term Debt 9. Redeemable Preferred Stocks General Provision: Under the terms of the indenture secur- Sinking fund provisions of the $1125 and 8.40% Series ing the First and General Mortgage Bonds, substantially all Preferred Stock require the Company to redeem all shares of the Company's electric utihty property is subject to a at par plus an amount equal to dividends accrued to the first mortgage lien. Bonds issued under the General and redemption date on the basis of 3,850 shares annually for Refunding Mortgage Indenture are subject to the prior lien the $11.25 Series and 13.750 shares annually beginning in of the First and General Mortgage Indenture until the First 1982 for the 8.40% Series. The Company also has the non-Mortgage Bonds have been retired. cumulative right to redeem up to 13,750 additional shares All or any part of each outstanding series of First and of the 8.40% Series annually beginning in 1982 at the same General Mortgage Bonds and General and Refundir g Mort. price. Subject to certain refunding limitations, the gage Bonds may be redeemed by the Company at any time Redeemable Preferred Stocks are redeemable for other at established redemption prices plus accrued interest to than sinking funds at current reder. ption prices of $108.40 the date of redemption, except that the Series BB Bonds for the 8.40% Series and $108.44 for the $11.25 Series at are subject to certain refunding limitations until August 15, December 31,1979. The annual sinking fund requirements 1980 the Series A Bonds until May 1,1986, the Series B are as follows: 1980 and 1981-$385,000; 1982 through Bonds until October 1,1988 and the Series C Bonds until 1984 - 51,760,000.
October 15,1983.
- 10. Reta.med Earnings Bond Financing: The Company sold through private place-Under terms of the indentures securing the Company's ment $25 million of its General and Refunding Mortgage Mortgage Bonds and the Compan/s Articles of incorpora-Bonds Series 8 9-5/8% Due 2003. The sale of $15 milhon of tion no dividend may be paid on the common stock of the Company if such dividend would reduce retained eamings 0 I ion n J 979' below $29.604,000. At December 31,1979 $46.602.000 of re-The Company sold through pnvate placement $40 million tained earnings was not so restricted.
of its General and Refunding Mortgage Bonds, Serb s C l 101/2% Due 1999. The sale of $23.5 million of the Bonds 11. Retirement Plans was completed in October 1979 and the balance of $16.5 million in January 1980. The Company has two noncontributory retirement income i plans covering substantially all of its employees.The Com-l Sinking Fund Requirements and Maturing Debt: The an- pany's policy is to fund pension costs accrued, including nual sinking fund requirements for First and General Mort- amounts sufficient to amortize unfunded prior service gage Bonds (1% of rT,aximum principal amount of series costs ($8,647,003 as of January 1,1979) over 30 years. outstanding) rnay be met by payment in cash or repur- Pension expense amounted to $2,420,000 in 1979 and chased bonds or, up to one-half of their amounts, by the $2,273.000 in 1978. As of January 1,1979, the date of the certification of additional property. The Series A General latest actua-ial review, the market value of the assets of and Refunding Mortgage Bonds have no sinking fund. The each of the plans exceeded the actuarially computed value l Series B General and Refunding Mortgage Bonds have a of vested benefits. five percent mandatory cash sinking fund commencing in 1984, and a non cumulative optional five percent cash sink- 12. Commitments and Contingencies ing fund, limited to one-third of the aggregate principal Construction Program: The Company'sioad forecasts and amount of Series B Bonds issued, also commencing in 1984. The Series C General and Refunding Mortgage s Me MMM d a@imi gene @ W p Bonds have a six and one-quarter percent mandatory cash ed m,smM a e mW W WewWW m Muedem
- sinking fund commencing in 1984, and a non-cumulative optional cash sinking fund, not to exceed the amount of es ed b 000M00 61980 W M9R000 the mandatory cash sinking fund and limited to thirlyone for 1981 through 1984 exclusive of AFC but including and one-quarter percent of the aggregate principal amount eh&s W Mu M M We Wih he of Series C Bondsissued,alsocommencingin 1984. e enditures include $182,200,000 for major generating facilities as shown below and $42,900,000 for transmission, The Company intends to meet one-half ($715,000) of the $119,600.000 for distribution and $147,200.000 for other l 1980 sinking fund requirements by the certification of addi- capital projects.
l tional property. Sinking fund requirements and maturing The cost estimates and completion dates for the jointly-debt issues (exclusive of $682.000 purchased in advance) owned p. ants reflect the latest information made available for 1he five years ending December 31,1984 are as f allows: by the lead participant in each project. Year Sinking Fund Maturing Debt Total (Dollars in Thousands) 1E30 $ 883 $ -
$ 883 1E31 1,298 5.898 7,196 1E32 1,371 -
1.371 1983 1.272 8.402 9,674 1984 5.023 20.000 25,023 26
1 The CompIny's Shirsef Generation Facilities Expenditures Estimated Expenditures Estimated Net (including AFC) (excluding AFC)
-. Percent Capability Through Total . Unit-Estimatod in Service Date .- Ownership MW December 31,1979 1980-1984 Project l
(Dollars in Thousands) Boston Edison Company Pilgrim No.2
- 2.85 % 33 $10,517 $ 21,000 $ 45,100 Public Service Co.of NH Seabrook Nos.1 & 2-1983
_ (nd 1985 ' 139 24,285 111,500 132.200 Northeast Utilities Millitone No.3-1986 2.50 29 18.404 18,800 41,200 Montague flos.1 & 2 ** 3.00 69 1,517 3.600 Centr:1 Maine Power Co. . Brunswick Topsham Hydro-1982 100.00 12 2.404 17,200 19,500
"" 8,712 10,100 441,800
.Serrs Island Coal-1909 341
$65.839 $182.200
- Middle to fatter part of 1980's.
"No firm schedule provided by lead participant.
***As of December 31,1979, the Company had a 2.54178% interest in the Seabrook units. Certain proposed transfers and ad-
. justments of the ownership interests in the units would ultimately result in a 6.04178% ownership interest for the Company.
The estimated expenditures and estimated net capability for the project reflect the proposed increased ownership percemage.
* ***As of December 31,1979, the Company had an 80.8227% interest in the Sears Island Coal Unit, which it is planning to reduce through partial sales to approximately 60%. The estimated expenditures and estimated net capability for the project reflect the lowerownership percentage.
Abandoned Nuclear Project Costs Deferred: At December Seabroolc The construction of the two nuclear generating
.31,1979, Deferred Charges and Other Assets include cer- units at Seabrook, New Hampshire, in which the Company trin costs incurred in connection with the Company's is participating as part owner, has been plagued by lengthy Sears Island Nuclear project abandoned in 1977. These delays in obtaining approvals and perm!ts which have costs include $4.5 million for a nuclear fuel enrichment resulted in greatly increased costs for the project. One contract with the Federal Energy Research and Develop- court appeal from Federal regulatory approvals is pending ment Administration. The Company has been unsuc- and further appeals are possible.
cissful to date in its efforts to obtr.in recovery from either Public Service Company of New Hampshire ("PSNH"), the DOE or through the sale or transfer of its contract rights. Th;se costs also include $3.5 million for site evaluatiens lead participant in the Seabrook plant, continues to ex-eriecce financial difficulties. As a result, PSNH proposed rnd for nuclear plant design in connection with that pro- , and has agreed to an adjustment whereby its ownership in-posed plant which costs were treated as deferred charges terest in the plant would be reduced and the ownership in-for accounting purposes based on the Company s intent t build a nuctear plant at an alternate site. In light of th terests of other utilities would be increased commen-Company s inability to obta,n i recovery of the enrichment e%N@Mebh@i@WM 22% of the total plant ownership interest but now involv9s contr ct costs and the current political climate causing only 15% due to the inabihiv of Massachusetts Municipal uncertainty as to the future of nuclear power development' Wholesale Electric Company M obtain commitments from th:3 Company currently intends to seek regulatory approval-ts constituent utilities for all o' the share that it originally for recovery of part or all of these costs through rates agreed to assume and the decis.on of two Vermont utilities chstged to its cust ,mers over a five- year period. While the not to participate. Various regulatory approvals are still re-Company believto these costs should be recovered, n quired before the 15% adjustment can be accomplished. prediction can be nade as to the amount of any recovery On the present schedule, proceedings now pending before
- through rates or i therwise or the time period over which the Massachusetts Department of Public Utilities concem-
- recovery will take place if any of these amounts are deter-ing certain of these approvals, which will include con-mined not to be recoverable they would be charged, net of r; lated sideration of the financial viability of the project, amorg determ, income taxes, against eamings in the period such othera matters, may not be concluded until January 1981, or ination is made. later. As a result of delays in the proposed reduction of its Sears island Coal Firad P!.1nt:By order dated December 31, 50% ownsrship interest and serious difficuhles in obtain-1979, the PUC denied the issuance of a certificate of public ing the extsmal financing required by that interest, PSNH
- convenience and necessity for the Company's proposed has sought and obtained, under bond, emergency rate Sears Island coal-fired plant. The decision was based on relief from the New Hampshire Public Utilities Commission findings that the Company a need for base-load power in ("NHPUC") comprising a portion of PSNH's permanent
' the iate 1980's did not justify construction of a 568-MW retail rate request currently pending before the NHPUC.
facility. The Company petitioned for a rehearing before the PSNH has taken the position that adequate permanent PUC based on a smaller ownership interest, a commercial rates as well as timely approvals for a reduction of its i operation date in 1989 instead of 1987, and other known ownership interest in the Seabrook plant by not significant-ch:nges in circumstances. The petition for rehearing was ly less than a 15% interest and continued availability of ex-
. gr'nted by the PUC.The Company expects the hearing to ternal financing are all essential to enable PSNH to finance
. commencein the spring of 1980.
+ 27
ita shara of the plant and avoid suspension of construction Maine is located within such territory, although the Com-or other me:sur:s which might adversely affect the com- pany's proposed Sears Island coal unit and related pletion and cost of the two units. The Company cannot transmission f acilities may be located in such territory. predict what effect financing problems or further ad- The Attorney General of the United States has obtained a ministrative or court decisions may have on completion of stay of the proceedings to permit development of a com-the project, the cost of the project, or on the Company- prehensive legislative proposal for resolving the problems Indian Claims: Two actions have been brought in the underlying the litigation and various extra-judicial settle-United States District Court for the District of Maine, North. ment proposals are being explored by the parties. ern Division, by the United States of America against the At least until legislation is introduced or the United States State of Maine, one on behalf nf the Passamaquoddy Tribe has decided whether to proceed with the Indian claims, it and the other on behalf of the Penobscot Nation of Indians. is not possible to assess the validity of such claims as may , Each seeks damages of $150 million for alleged wrongs by be advanced by or on behalf of the Indians or to determine i the State in respect of Indian lands. It is possible that the the extent to which the Company and its properties may be complaints may be amended to assert claims with respect involved. to the land itself, or to seek damages, including damages from the present owners of the land, or both. At December Rents and Leases: The Company leases certain facilities 31,1979, approximately 5% of the Company's electric pro- and equipment used in its operations. Rents charged to ex-perties were located in the territory which may be involved pence in 1979 were $1,967,000 and in 1978, $1,930,000. in the claims. None of the Company's existing generating Rentals under noncapitalized financing leases and under stations or Maine Yankee's generating plant at Wiscasset, noncancellable leases are not significant. l 13. Unaudited Quarterly Financial informe non i Unaudited quarterly financial data pertaining to the resulta l of operations for 1979 and 1978 is shown below: [ Three Months Ended ( March June September December l 1979 1978 1979 1978 1979 1978 1979 1978 (Dollars in Thousands Except Per Share Amounts) Electric Revenues $76,001 $51,445 563,536 $41,715 $64,437 $55,558 $67,790 $59,458 Operating income 14,007 11,116 10,676 7,507 10,729 8,153 12,818 10,859 Net income 9,472 8,992 5,957 6,076 6,027 6,677 8,187 7,866 Earnings per Common Share .70 .76 .41 .42 .41 .47 .59 .57 The major fluctuations between quarters in any given year generally are caused by the seasonal nature of the Com-pany's business. Historically, larger KWH sales have occurred during the winter months. l l 14. Supplementary Information to Disclose through the operation of the fuel adjustment clause to ac- j i The Effects of Chang.ng Prices (Unaudited) tual costs. For this reason fuel inventories are effectively I l ' monetary assets. l The following supplementary information is supplied in . accordance with the requirements of the Statement of Depreciat. ion is determined by applying the Company's ! Financial Accounting Standards No. 33 for the purpose of composite depreciation rate for 1979 to the indexed providing certain information about the of fect of changing deprec,able t plant amounts. prices. It should be viewed as an estimate of the approx. Since only historical costs are deductible for income tax imate ef fect of inflation, rather than as a precise measure. purposes, the income tax expense in the historical cost i Constant dollar amoums represent historical costs stated financial statements is not adjusted. I in terms of dollars of equal purchasing power, as Under the ratemaking practices prescribed by the rneasured by the Consumer Price index for All Urban Con- regulatory commissions to which the Company is subject, sumers (CPI U). Current cost amounts reflect the changes only the depreciation of historical cost of utility property is in specific prices of plant from the date the plant was ac- included in the cost of service used to establish the Com-quired to the present, and diffor from constant dollar pany's rates. Therefore, the cost of plant stateti in terms of amounts to the extent that specific prices have increased constant dollars or current cost tha' exceeds the historical more or less rapidly than the general rate of inflation. The cost of plant is not presently recoverable in rates, and is current cost of electric generating and tiancmission plant reflected as a reduction to net recoverable costs. While the is estimated based on engineerity studies of the cprrent rate-making process gives no recognition to the current , cost (per megawatt) of replacing the present mix of hydro, cost of replacing property, plant, and equipment, based on I oil-fired, anr* gas turbine generating plants and the current past practices the Company believes it will be allowed to l cost of rep' acing existing transmission facihties. The cur- earn on and recover the increased cost of its net invest- ! rent cost of remaining plant is determined primarily by in- ment when replacement of f acilities actuc.ly occurs. dexing surviving plant by the HandyWhitman index of To properly reflect the economics of rate regulation in the Public Utility Construction Costs. Smce the utility plant is Statement c!!ncome from Operations Adjusted for Chang-l not expected to be replaced precisely in kind, current cost ing Prices, the reduction of utility plant to net recoverable l does not represent the replacement cost of the Company's cost should be offset by the gain from the decline in pur. productive capacity- chasir.g power of net amounts owed as shown below. Dur. Fuel inventories and the cost of fossil f uel used in genera- ing a period of inflation, holders of monetary assets suffer r tion have not been restated from their h%torical cost in a loss of general purchasing power while holders of l nominal dollars. Reguhtion limits the recovery of fuel monetary liabilities experience a gain. The gain from the 28
decline in purchasing power of net amounts owed is amounts based on historical costs, the Company does not primarily tttributable to the substantial amount of debt have the opportunity to realize a holding gain on debt and which its been used to fininc3 property, plant, and equip- is limited to recovery only of the embedded cost of dibt ment. Sinc 2 the depreciation on utility plant is limited to capital. Staternent of income from Operations Adjusted for Changing Prices For the Year Ended December 31,1979 Constant Dollar Current Cost (Dollars in Thousands) Conventional Average 197E Average 1979 Historic Cost Dollars Dollars Operating Revenues $271,764 $271,764 $271,764 Operation and Maintenance (including Purchased Power) 180,399 180,399 180,399 Depreciation 20,160 40,800 50,900 Taxes 26,570 26,570 26,570 interest Charges 19,528 19,528 19,528 Other, Net (4,536) (4,536) (4,53S) Income from Operations (excluding reduction to net recoverable amount) $ 29.643 $ 9,003* $ (1,097) Increase in specific prices (current cost)of plant held during the year * * $120,000 Reduction to net recoverable amount $ (50,700) (S1,900) Ef fect of increase in general price level (98,600) Net $ (40,500) Gain from decline in purchasing power of net amounts owed 45,100 45,100
$ (5.600) $ 4,600
- Including the reduction to net recoverable cost, the loss from continuing operations on a constant dollar basis would have been $41,700.
**At December 31,1979, current cost of property, plant and equipment, net of accumulated depreciation, was
$843,700, while historical cost or net cost recoverable through depreciation was $481,496.
Five Year Comparison of Selected Supplementary Financial Data Adjusted for Effects of Changing Prices Years Ended December 31, (In Thousands of Average 1979 Dollars) 1975 1976 1977 1978 1979 Operating Revenues $197,439 $197,643 $225.556 $231,614 $271,764 HistoricalCost Information Adjusted for Generalinflation income from operations excluding reduction to net recoverable amount S 9,003 Income from operatiore per comrnon share (atter preferred dividend requirements) $ .37 Current Cost Information Loss from operations excluding reduction to net recoverable amount S (1,097) Loss from operations per common share (after preferred dividend requirements) $ (.48) Excess of irarease in general price level over increase in specific prices af ter reduction to net recoverable amount S 40,500 G:neralinformation Net assets at year end at recoverable amount $202,400 Gain fromdeclinein purchasing powerof netamounts~ owed $ 45,100 Cash dividends per share $ 1.81 $ 1.73 $ 1.69 $ 1.62 $ 1.55 Market price per share at year end $ 18.30 $ 20.58 $ 19.13 $ 15.94 $ 12.29 Ave: age consumer priceindex 161.2 170.5 181.5 195.4 217.4 Report of loriependent Public Accountants To the Boa.' -' Directors CENTRAL MAINE POWER COMPANY We have examined the balance sheet and statement of capitalization and interim financing of CENTRAL MAINE POWER COMPANY (a Maine corporation) as of December 31,1979 and 1978, and the related statements of earnings, changes in
- common stock investment and sources of funds for construction for the years then ended. Our examinations were mar %
in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting reco is cnd such other auditing procedures as we considered necessary in the circumstances. In our opinion, the accompanying financial statements present fairly the financial position of CENTRAL MAINE POWER 1
- COMPANY as of December 31,1979 and 1978, and the results of its operations and its sources of funds for construction for l the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.
Boston, Massachusetts February 6,1980. ARTHUR ANDERSEN & CO. 29
Central Maine Power Cornpany Summ:rycf Opercti ns FcrYc rs1975 79 (Dollars in Thousands Except per Share Amounts) Year Ended December 31, 1979 1978 1977 1976 1975 Electric Operating Revenues $271,764 $208,176 $188,309 $155,005 $146,399 Operating Expenses Fuel Used for Company Generation 29,691 19,470 15,595 17,014 27,056 Purchased Power Fuel 71,961 43,369 38,083 19,357 15,906 Other 28,054 28,594 30,799 26,835 22,430 Other Operation 36,572 32,736 29,687 25,559 22,076 Maintenance 14,121 11,363 11,535 9,687 7,939 Depreciation 20,160 15,962 14,736 13.268 12,301 Taxes 4 Federal and Stateincome 16,882 13.229 10,290 9,076 8,258 Local Property and Other 9,688 9,194 8,783 8,158 7,770 227,129 173,917 159,508 128,954 123,736 Equityin Eamings of Associated Companies 3,595 3,376 3,367 3,287 3,251 Operating income 48,230 37,635 32,168 29,338 25,914 Otherincome(Expense) Allowance for Other Funds Used During Construction 723 6.250 3,750 2,231 378 Other, Net 218 (300) 142 159 (99) income BeforeInterest Charges 49,171 43,585 36,060 31,728 26,193 Interest Charges Long Term Debt 19,823 17,514 17,983 16,441 12,360 Other 5,289 2,147 1,111 502 1,280 Allowance for Borrowed Funds Used During Construction (5,584) (5,687) (4,035) (2,155) (1,254) 19,528 13,974 15,059 14,788 12,386 Income Before Cumulative Effect of a Changein Accounting Principle 29,643 29,611 21,001 16,940 13,807 Cumulative Elfect Prior to January 1,1975, of a Changein Accounting Principle, , Netof Applicableincome1axesof $922 - - - - 864 N;tincome 29,643 29,611 21,001 16,940 14,671 Dividends on Preferred Stock 4,599 4 642 . 2,726 2,630 2,613 , Eamings Applicable to Common Stock $ 25,044 $ 24,969 $ 18,275 $ 14,310 $ 12,058 Weighted Average Number of Shares of Common Stock Outstanding 11,899,435 11,378,432 9,748,304 8,163,930 7,082,622 Ermings Per Share of Common Stock: fricome Before Cumulative Effect of a Change in Accounting Principle $ 2.10 $ 2.19 $ 1.87 $ 1.75 $ 1.53 Cumulative Effectof aChangein Accounting Principle - - - -
.12 ! - Eamings Applicable to Common Stock $ 2.10 $ 2.19 $ 1.87 $ 1.75 $ 1.70 Dividends Declared P' erShare of Common Stock - $ 1.55 $ 1.46 $ 1.41 $ 1.35 % $ 1.34 30
Central Maine Power Company Management Discussion of Summary of Operations El:ctric Operating Revenues Allowance for Funds Used Electric operating revenues increased $63.6 million During ConstruClion and $19.9 million luring 1979 and 197S 1he anmunt of allowance for f unds used during respettively. Iloth periods reflect a $15.5 million construction is related to the amount of annual rate increase granted late in 1978.1979 construction work in progress and the rate applied also includes a portion of an additional SSSO,000 during the period. See Note 1 of Notes to Financial rate increase effective in August 1979 resulting Statements. from a favorable court ruling. Kilmvatt-hour sales increased 1.8% in 1979 and 4.9% in 1978. Revenues, which were af fected by the Company's Interest on Long Term Debt fuel for generation clause, include fuel cost and Other Interest increases (or decreasesl in the period the costs are The rise in interest charges retlects the issuance of incurred. This fuel expense increased S38.S securities to meet construction requirements and million io 1979 and S9.2 million in 1978 the refunding of maturing debt issues at higher Revenues also include the sale of 100 megawatts rates Interest expense also includes additional of power from W.F. 0 yman Unit No. 4 to Public borrowings to finance the delayed recovery of fuel Service Company of New Hampshire (contract costs of replacement power during the "NRC" period was from December 1,1978 through ordered shutdown of Alaine Yankee and higher October 31, 1979). rates during the 1979 period. See Notes 6 through S of Notes to Financial Statements. Operating Expenses Operating expenses increased substantially during Preferred Dividend Requirements the periods. The largest increases are related to The increase of Sl.9 million in 1978 results from fuel expense primarily due to the increasing cost the issuance of $25 million of S.40% Redeemahle of oil which continues to escalate rapidly. Also Preferred Stock in December 1977 contributing to the increase was the replacement of nuclear- generated energy with higher cost oil-generated energy due to the shutdown of the Earnings per Share of Common Stock Alaine Yankee plant by the Nuclear Regulatory Earnings per share declined in 1979 and increased Commission (NRC) from Alarch 15,1979 through in 1978. The earnings levels were affected by the Alay 24,1979. Other operation, maintenance and categories discussed above. In addition, they l depreciation expense increased during the period include the dilutive effect of an increasing average due primarily to the commercial operation of W.F. number of common shares outstanding which Wyman Unit No. 4 in December 1978 and higher reflect a sale of 1,600,000 shares in 1978 and sales l wage levels. The increases in income taxes in 1979 through dividend fenivestment and employee
- and 1978 were due to higher pre-tax income in stock ownership plans of 268,000 shares in 1979 hoth years. and 129,000 shares in 197S.
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l Board of Directors (As of December 31,1979) Officers (As of December 31,1979) l'i nulla A Cl.u k l'or tland. \1.une Charles l- Philhrs, W. Ch.urm.m of the Board Va c President, Cast o Bav (:ollene l lu m \V 1 hurlow . ;n. President and t 'luef I xtcut a c t itticcr (;ak n i Cole. Itancor. Mamt Ch.n le s l. Montv. ;2. semor Vuc Picsident l Pn sident. (' oles I sprew i I ruck mg' I ngmecrmg and "rodut tion , l I I i.nnes Dutour. sh ow hex.m. M.unc Robeit i. smit. m semor Vwe Urcs: dent.
- Vn e Picsidcut and I reasurer. \Vilham l'hilbnck Co Customer sen icts and R.ncs i ,lic!H ral insurant e and Nt al l st.nc I
} homas C \Vcbb, l; ,s cinor Vice Prestdtnt,
(;cor ce 11 I lbs. Boston Mawachusetts I mance i 15csulent and Clucil u t ur n c ottacr. llome sarmo ltank Limm l I cnde. ;s Vuc Pred m
*l t.orl A (iorman. Varmouth, Maine Pubhc Atlans and lntor mat hin N n n es l'rcsident. I 1. Bean Im Matthew llumet. 4 ~, Vn e l'n sident
*l C htf ord I add Rot kland. M.nne Admnust ratn c 5cn n es Chauman of the Board \V (' I add N sons ohn B R inds m 41. Vue Presidem. Special Pomco l '( ;cncialinsuran a I Ralph ,c Bean, ,_ , Assniant \. ice i,restdem Roland I Man ottc,1 ew nton, Mame Rober t N llow c. 40. (.omptroller i reasurcr, Paul t .' ant m Ches rolet i Rahard A Crabtree, $ $. I re.nuter i (.h.u le 1 Montv. Augusta. Mame Neward B Brewster ;2 sci ret.u s and Clcrk s enior \ n e l' resident. Engmcenng and l'roduc tion iC M P:
' Chat!cs l Philhrs. Aul'utn, M.unc lh.un M mn. 4 $. Assistant set !ctan and Assntam Cler k l
C h nnun or the Board of the Compans ; liasid L Marsh,12. Awniant Treasurcr l l 1 t ononuc l'onsuha nt Urcsident I mentus. Bates College ( $U lton II Rced, lr , Woolw a h. M.unc 1,.u t n e r h. ecd a h.eed J onstrut tioni . Division Managers j lohn i Ruwell, Portland M.une lohn 11 Kcuneds . in l I scmor Vuc Prt sident and I teasmer, llannatord Bros Co southern Dnwon. Portland l l l Robert l- N ott, Augtnta. Maint Danai Morsc,411 semor Vn e PicstJent, Customer scn n es and Rates iU M l" Northern Divnion. Waten ille
'l !w In W I hmlow, Augusti Maine IbraI Riplev %
Picsulent and Chict liccutive Ottact Ci M P' Western Dn nion, I cu n on
- lames ll Iltcomh %.inf ord, Mame l'atra k % l s don. 3' l
l'v*nct I neomb. I e nderson A Kmght. Attorners CentralIhtnion. Aueusta I
- Members of t he E xecuin c Committcc l
_ _ _ _ _ _ _ _ _ _ . _ _ _ _ _ _ _ _ _ _ __...._ _.- ~__._ . _ _._____. _ _ _ , _ _ _ . . _ _ _ . _ , . . _ __ .__
LCentral M:ine Power Company Edison Driv , August , Main 304336 i i i Stock Transfer Stock transfers will be made at the Company's officn in Augusta, Maine or at Manufacturers H noverTrust Company,4 New York Plaza, N::w York, N.Y. Registrars of Stock D:positors Trust Company, Augusta, Maine M:nuf acturers Hanover Trust Company, New York, N.Y. Annual Meeting Third Thursday each May Too many Annual Reports? You miy receive entra CM P Annual Reports due to multiple stock
. accounts in your household.To stop unwanted copies please write to CMP, stock iransfor Dept and enclose mailing labels from the extra reports.
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