ML19327B010
| ML19327B010 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1988 |
| From: | HUDSON LIGHT & POWER DEPT. |
| To: | |
| Shared Package | |
| ML19327A998 | List: |
| References | |
| NUDOCS 8910240189 | |
| Download: ML19327B010 (82) | |
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L Departrnent l
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1988 ANNUAL REPORT an "t868: 8 s88La m
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. l TABLE OF CONTENTS
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> Dedication 2
, '. Hudson dedicates its 1988 Annual
, - Q.Jh Report to the busmesses and Town i ,
? Qf[. . . h.}kfh)lT 70N$I -S'E"d@. .~- panments that helped it through
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- jj.' ' . ' , 1988
- A Warning or Glimpse of Things 3:' { ' '
l .c to Come? 4
! The Hudson Municipal l_ight Board e~ ,
M warns that we must utilire all ot
...,. A l , G. - our energ) sources.
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E A Diserse Fuel Mis A look at the different types of 6
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fuel that generate Hudson's electric system.
"It's Not I.ike The Old Dap." 10 l Hudsoni sers ice area contmues to esprience estensis e des elopment.
L ,' Tim. pow th is f ueled by electricisy.
b ' :) . "We'se Heen Ordered to implement l' I'rocedure 4, Action 8.. " 14
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} Whai happens, w hen the demand for i
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electricity chmbs too high?
f b l Idled Plants Drain Wallets 17 Hudson fights back and demands
. tinancial compensation for its consumers.
ifi
- , f' I A Time for l nity 20 A( losmy letter from
- ~ b Manager Horst Huehmer i
l . $'
Fin, acial Statistics 22 i
i The Hudson Light and Pon er Department appreciates the assistam e of the W, ~. : Enterprise Sun. n hit h provided the
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[ DEDICATION ._ ;
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The year 1988 will be remembered as one of DITRICOPTICS ,
Main Street, Hudson i tight power supplies, The Hudson Light and A specialthanks to Robert Cuantne, ;
Power Department believes it only fittinE that it Bud Fleming, D.B.McLeod' '
dedicate its 1988 Annual Report to a handful of Chris Newton & PaulSiira customers who unstintingly worked with the HUDSON DEPARTMENTOFPUBLICWORKS
(
I Department during a power shortage crisis in August. These customers turned down air condi. Aspecialthanksto hel a eder an Tony Marques i tioners, lights and reduced product, ion desptte the
!, cost to themselves. They did it to help keep the HUDSON PUBLICSCHOOLS
' ApsleyStreet, Hudson .
lights shining for Hudson ' Stow and all of New A spelal thanks to Suzan McGu j England. To the following businesses and Town Departments, we salute you and your employees. HUDSONTOWN H ALL and we thank you: MainStreet Hudson A specialthanks toJimmy Cabral.
Millic Linehan & Dorothy Risser ASSABETMACHINECORPORATION CherryStreeI, Hudson A special thanks to Neil Doherty & Jack Klein LUNDINTERNATIONAL Main Street, Hudson .
(q '
f A specialthanks to Mike Fausek, ;
ASS ABET VALLEY REGIONAL YOCATIONAL HIG H SkipHall& KenPiper -
SCHOOL Fitchburg Street,Marlborough A specialthanks to Gene Carlo NEWENGLANDTELEPHONE FeltonStreet Hudson A special thanks to Sally Dariteau & Mark McQue ,
.F CH ASE.WALTON ELASTOMERS.INC. i Apsley Street. Hudson MIDDLESEX RESEARCH A special thanks toThomas Maroney & Bill Walcott i ApsleyStreet, Hudson A specialthanks to Sally Codwell DATACARDCORPORATION Brent Drive, Hudson '
A specialthanks to John Ward SIL FABCORPORATION Apsley Street, Hudson
//. A special thanks toThomas Maroney & Bill Walcott
[. DIGITAL EQUIPMENTCORPOR ATION Technology Way, Hudson A specialthanks to Margaret Fiske SILVER KING BROADCASTING Parmenter Road, Hudson A special thanks to Mark Arpino, Ron Bell Isle, DIGITAL EQUIPMENTCORPOR ATION Main Street, Hudson Merrill Buchhalter & Joe Centoriono A special thanks toJim White DIGITALEQUIPMENTCORPORATION l' , Old Bolton Road, Stow A special thanksto Dan Donner l C 2
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1988: A WARNING OR <,
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GLIMPSE OF 'm'e.;y
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s THINGS TO COME? ,
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b How will you remember W% i 19887 Perhaps you had a personal victory, or coped with Jt$'!!E ""$M e
['fM ,j some dilemma. Perhaps you'll )
look back on a snowless winter, qll , .-]
or a particularly hot summer.
At elected officials responsible fe.
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for ensuring you receive the g,. ~ . ' .- ,, . !
most economical and reliable I
UT% i power possible, we'd like you N '
to remember 1988 as a waming: 1 we must utilize all of our j energy resources. :
The summer of 1988 blis- l tered. Air conditioners fought :
to lift the wet blanket of humid- :
ity smothering the Northeast. ence of the fatal flaw in power j Scorching heat pushed the planning that does not encom-mercury higher, and the demand pass all power resources: solar, l i
for electricity skyrocketed as coal, oil, gas, nuclear, trash, cooling systems went into high conservation and load manage- !
gear, ment. There is something l For 15 straight days, utilities drastically wrong when electric :
scrambled to meet that demand. utilities are forced to the brink !
i Emergency procedures were of blackouts, while possible followed to stretch New Eng- generation sources sit idle. ,
land's power supplies. Local We cannot be swayed by businesses repeatedly reduced naive rhetoric about abundant their consumption of electricity energy supplies. Our power despite the cost to their own situation becomes more dire .
production schedules. Appeals every day. Complex regulatory were broadcast over the radio procedures and political inter-and television airwaves and in ference hold up neected power l
L local newspapers. We almost plants, as we fast approach the ...
experienced blackouts. day when there will not be j 1988 gave us firsthand experi- ,
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y., We must utilize all of our energy
> a. resources of ne are to provode a secure
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energy future for our children, such as' these Hudson residents working on the ,
computer at the Public Library.
enough power to go around. has to be done to protect your
- import of foreign energy - oil future energy supplies.
I or hydroelectric - is not We'd also like to thank the men l dependable, and women of the Hudson Light l
Let's remember 1988 as a and Power Department who are waming. We must speak out dedicated to bringing you now, and not allow 1988 to be ur. interrupted, reliable service the start of a new way of living, and to helping you use your I
Our children should not grow electricity in the most efficient up in a world in which the flick way possible, of a switch will not necessarily Roland L. Plante mean the light will go on. Our Chairman businesses cannot be expected Peter R. Keane to stay and our economy to Member flourish without a steady supply Weedon G. Parris, Jr.
of electricity. Clerk (
I In this 1988 Annual Report we hope to show you where Hudson receives its power. how we keep it flowing into your businesses and homes, and what l
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1 bumed to make heat. Heat pro-dxes the stearn used to drin .
A DIVERSE Coal. Gas OiLUmnium .Surt Wird turbines. Turbines drive the -
l FUEL MIX Trash... Water...Which is best? generators which produce electric !
l Which can we rely on to take us energy. Oil and gas are peaking, I into the twenty first century? intermediate and base load fuels.
Science continues to advance the Coal it primarily used as a base- l development of relatively new load fuel. They have come under sources such as sun and wind, severe scrutiny due to the threat of while parfecting methods of the Greenhouse Effect and Acid generating with proven sources Rain.
such as the atom. At the same Atomic energy is the prccess of time, energy planners constantly splitting uranium atoms to heat balance the costs and efficiencies water and make steam. The iteam, of all these power sources as they in turn, spins the turbine genera-chart our course into the future, tors. An inexpensive base-load Following is a quick look at the fuel, nuclear power is largely
- different types of sources avail- misunderstood and feared by )
, able to utilities: some, who tend to mistake the l A reliable tvelmix helps Acep energy source with the radically l the systems enero! ed with l Fossil Fuels are the conven- different atomic bomb. Extensive l
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Hudson Catholic can further
,",, , [f tional fuels such as coal, natural gas and oil. These fuels are regulatory procedures and political interference have made construc-their studies. tion costs associated with such ,
l plants prohibitive. !
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another inexpensive base-load fuel.
The amount of energy these plants
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reservoir above the level of water l
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Electric energy can also be produced, in proper locations, with
- wind-driven turbine generators.
( commonly known as windmills.
Wood and trash can be bumed in
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- Capturing the energy of the sun is one of the more exciting develop-
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ments in the energy field today.
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Currently confined to individual h
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developed to the point where it can S$[ p ** I V' + ' be used as a reliable source to satisfy base load requirements.
1 < A ilistory has show n the folly of placing too much reliance on any 6
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Hudson 1988 Actual Fuel Mix ,
(Figures exclude NEPEX transactions) one source. There is much more ,
involved in oil, for example, than l availability of that resource in the ground and under our seas.
There's things to be considered [
such as who controls that oil? ;
How sensitive is it to world polities? What will it do to our ,
environment?
As a result, utilities develop what !
is known as a fuel mix. They have ;
learned that the best energy source i i
is a combination of all of them. At right is a chart depicting Hudson's fuel mix.
Hudson both generates and purchases power. Cherry Street in Hudson is the site of our oil / natural gas fired power plant. The Depart- i ment purchased 300,000 gallons of ,
- 2 Fuel Oil and 636.670 CCF of natural gas during 1988.
i Manned 24 hours2.777778e-4 days <br />0.00667 hours <br />3.968254e-5 weeks <br />9.132e-6 months <br /> a day, the plant and all our generation entitlements are dispatched by the New Eng-land Power Pool (NEPOOL) on un 7
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econamy dispatch basis. As a budget deficits affected grant -
I result, out own plant and other monies for the project and the - l generation sources are used when Department decided to cancel its !
I it is most economical, hjember- plans at the beginning of 1989, y ship in NEPOOL assures us that Kilowatt benefits that would result i we will not run out of power until from the project did not justify :
l all of New England runs out of construction costs that would have power, to be borne by consumers in lieu of :
I
! Iludson itselfis among those State funding.
advancing new technologies in in addition to NEPOOL and our generation. Feasibility studies, own station, we receive power ,
[ permit procedures and specifica- from the following sources: !
tions for bidding were completed ;
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in 1988 for a state-of the art hydro electric project at the f Washington Street dam. . ;
- Through the use of computer- i controlled turbine blades, as 1 opposed to manually controlled [
blades, we hoped to achieve j increased plant efficiency and I optimize the amount of electricity l generated. Unfortunately, State !
Cleary #9 hiontville hiiddletown ,
Location: Taunton hiontville CT hiiddletown, CT l Owner: Taunton Municipal Northeast Utilities Northeast Utilities ;
Fuel: Oil / Natural Gas Oil Oil / Natural Gas r Niagra River Project Alaine Yankee W.F. Wy man !
Location: Niagra Falls, NY Wiscosett, h1E Yarmouth, hie l Owner: PASNY Yankee Atomic Central Maine Power ;
Fuel: liydroelectric Nuclear Oil ;
i Pilgrim
- Point Lepreau Refuse Fuels ,
Location: Plymouth St. John's, Canada Lawrence !
Owner: Boston Edison New Brunswick Refuse Fuels Assoc. ;
Fuel: Nuclear Nuclear Trash i l
Canal 511lIstone Seabrook*
Location: Boume Waterford, CT Seabrook, Nil l
! Owner: Commonwealth Elec. Northeast Utilities PSNil ;
l Fuel: Oil Nuclear Nuclear
. Vermont Yankee Stony llrook llolyoke Location: Vemon, VT Ludlow }{olyoke i Ow ner: Yankee Atomic htN1WEC llolyoke Gas & Elec.
Fuel: Nuclear Oil Oil l
- Did Not Operate During 1988 l
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"It's Not Like the Old Days!" ' :i l
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Hudson 1988 presents a vastly j different picture than it did a mere :
10 years ago. Try to maneuver a i vehicle through Main Street or l down Washington Street during j the evening rush period. You l might grit your teeth and recall the l days when Hudson didn't even j
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have an evening rush period. A . :-
- l mere 10 years ago the blggest "NAII
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l Main Street problem was teenagers l-- i playing Frisbee across the road and r i
loitering on the Town Halllawns. '!
All that has changed now, and Hudson has grown considerably, ,
Probably the most noticeable . ;
development is the new "Second '
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- Main
- Street" the South Street
- t '; I extension. The extension required '!
some 551,817.43 in materials and l labor on the part of the Hudsoa l Light and Power Department. !
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Changes in the service area are vividly portrayed by a comparison i of Hudson Light and Power i Department statistical data. ;
in 1978. Hudson served a system !
made up of 7,650 households and .
l businesses. That figure swelled to .
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9,674 in 1988, a 26.46% increase. ;
ten years ago, the Department higher on each recorded sales of 107,198,472 j business day than the highest peak .
KWH. By 1988,that figure was (39,600 KW) reached during all of i 233,297,774 KW H, a whopping 1987. A record high was reached l l 17.63% increase. 8/3/88, when a peak demand of 1 Peak demand is the highest I 42,800 KW was experienced, if it recorded electrical usage of a !
were not for the ordered voltage system. Over the past few years, reductions and the admirable these peaks broke records annu.
performance of the local busi-ally. In 1988, however, the peak nesses and town employees in outstripped itself on a daily basis, enacting emergency procedures ..
g During the first 15 days of August'
, and curtailing usage of electricity, Hudson's peak demand was in l- the demand would has e been excess of 40,(XX) K% and was substantially higher.
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Not only does the growth require Hudson Light and Power, New England Telephone more electricity to meet spiralling and Cablevision assist in a demands, it means more labor
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required of the Hudson Light and Power Department. No housing development or new business goes l up without the work of the Line.
l crew. Poles have to be set, wires
( strung, services installed. etc. On the following page are lists of new residential and commercial des ci-opments in Hudson and Stow for 1988.
i1
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' New Businetws New Housing Deselopments and Subdlitsions
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AAC Plumbing and Hesims Bonanoh Aienue Hudson Auabet Village Tom ahovies Off Brigham $irect Hudson Andersen Dodge Cont dge Street Huden Brigham Hill Litates Harriman Road. Hudson I
Donnercompany kiser Road Hudson Martm Circle. Mas s ell Road 4
, C.N N.RealtyTrue Boriateoli Aienue Huden Brm>Lmill Road BrookmillRoad stom _ j Hud onTransfer$iation T reatmeni Plant Road Hud.on Chapinoaks Ordway Drive Hudson Kamen tlectronici Fos Road Hudson Indian Redge tsims Oneida Drive. Oneida Place Hudson Mase.Far Fishiang Academy Sudbury Road $ tow Oisepo Drive.Utice Drive.
McGa Lamousine Service Main $ireet Hudson Seneea Drive l Ooodale Development Chestnut Street. Hudson
, MotulGas Station Glendale Road. Main Street Hudion RepoElectrie f oreit Avenue Hudson Beechwuodlane Sic TommHall crea Road $ tom Hollyberr) Estates Vinal $treet. Hudson i
Bennett Street Littlebrook Apartments Tower Street Hudson Octoturtlane Octoberlane Stow Overiand ParL Condominiums Off Bread $irect Hudson r
f Solo Road Solo Road Hudson The system must constantly be upgraded in order to keep up with the $ tow. The 14 5 circuit up Tower Street was entended to con $treet in Hud.
' growth. During 1988, the three phase 14 4 circuit was entended on River son and the 14 2 circuit was entenJed on Parmenter Road. Hudson. Fol-Road in Hudson, while the 14 2 circuit was entended on Sudbury Road in lowing is a tabulation of 1988 work performed b) the Linectsw:
Seriless Installed Serikes Serilees Construction Serilees Oierhead L'RD Remoted Replaced Installed Remoied 55 87 17 35 38 26
, Poles installed 35 Foot Polen 31 40 Foot Poles 62 45 Foot Poles 19
$0 Foot Poles 4
$$ Foot Poles 1 Total l17
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Poles Remosed 38 Anchors Installed 63 ( .
v 1rarnformers Installed Remoied Total KVA $655.0 1347.5 4307.5 New Lines installed Remoied Replaced Smgle Phase 17b56 Ft 00 635 Ft Three Phase 12115 Fi 00 540 Ft Total 29771 Ft 00 1875 Ft l'pgraded Town of Hudson Street Lights Installed Remeied 70W HPS .150W HPS 70 Watt High Prenure sodium 13 0 0 0 70 Watt HPS Pole Top 6 0 0 0 150 Watt High Preuvre Sahum 2 0 0 0 400 Watt High Pressure $mhum () 0 .0 0 92 Watt Mercury Vapor 0 0 11 0 175 Wait Mercury Vapor 0 2 9 3 175 Mercury Yapor Pole Top 0 1 0 0 Toiat 34 3 20 3 Town of Stum Street 1.lghts 70 Watt High Prewure Sidium 0 0 0 l 150 Watt High Preuvre Sahum 1 0 0 0 i 0 0 0 250 Watt High Prewure Salium 175 Wait Mercury Vapor 0 1 0 3 0 4 Tot.it 2 1 i
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New Yard Lights Insts1 Led Remosed Replaced a ercu \ ir 400 Wati Mercur) Yapor 0 7 12 Total 22 14 16
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"We've Been Ordered To implement l
-Procedure 4, Action 8... " j the demand increases, iflaundry is
" Good Aforning this is the Assabet done at the same time, the demand Afachine. Afay / help you?" rises even more as washing machines '
" Hello, this is the Hudson Light and dryers chum through their cycles.
and Power Department calling. All - Perhaps a heatwave has rolled over utilities in New England have been the area. The demand for electric ,
ordered to implement Action 8 of energy is pushed even higher as air !
Procedure 4 due to the tight energy conditioning and other cooling l situation. Anything your company systems are utilized in the home.
L can do to help would be most appre- On an industrial level, the demand l ciated." is much greater. There are electric i "We'll do whatever we can..." ovens, computer systems, chillers, ;
l l refrigenuion units, air conditioning,
- tools and other machinery, lights etc. l L
L to be considered, j
. Procedure 4? Action 8? Tight A problem that temporarily shuts j energy situation? What does it all down a needed power plant during ;
mean to residents and businesses in these high demand periods can cause i I
Hudson and Stow? What does it problems for the entire Northeast.
Automotive accidents mean for all of New England? All utilities in the area belong to the l causeda number or problems for thelinecrew A normal household always has a New England Power Poal !
during f 9SB. In September, demand for electric energy. The (NEPOOL). NEPEX is an arm of ,
a truck carrying a house tefrigerator, and some clocks, always NEPOOL and monitors demand and broughtdowna/ unction operate. When dinner time rolls supply, among other things. When I
- ' #' around and food preparation begins the demand for electricity climbs too (
and e logy r ve with electric stoves and microwaves, close to the ability of utilities to meet j that demand, NEPEX orders implem-
.O t entation of emergency procedure 4. .
In Hudson, the following steps may i 4,/. be ordered: i y/
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Procedure 4 $
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.] Action 1
,1 l 2. The Cherry Street Power Plant )
y increases its generation to maximum i s
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\ capability. ,
,l 3. NEPOOL will try to purchase 1 I power from neighboring pools, such
) as New York. l
- I d l 4. Electric consumption a' the Office l l ( ,
I on Forest Avenue is curtailed through ,
t I" * ,I f
. j $ air conditioning / heating. lights, computer shutdowns. etc. l S. Voltage is reduced for other electric systems which need ten l
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.) minutes or longer NEPEX. requested to achieve the reduction.
6 7. NEPEX requests voltage g _
reducticas from systems such as Hudson who are able to reduce % ,
system voltage in ten minutes or less. ,
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NEPOOL notines other pools ,
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I that sharing of resenes or additional Summa Ors' emergency energy may be required. % ' r..
- 8. Hudson re. quests customers with , ]
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generators to begin their own genera- (g g e
tion. Larger industries are contacted and asked to voluntarily curtail their I !
constimption of electricity. Appeals I % l are made over the airwaves and on
)
television for strict conservation of
[ b,' ,
bk electric energy by all customers. .. g if these and other emergency m D. ]'
measures fail, utilities may be or- f ,
dered to impose involuntary curtail- .
1 ment - blackouts. )
Implementation of some or all of !
the above steps is becoming com- Some things never change.
M s avoid the need for ;
monplace practice during peak Hudson may have a new *second I more drastic measures. This step summer and winter periods. Just a M*#^ 8~ *#h 'h' 8'"'A 8"'
may now be taken automaticaHy a few years ago, a few of the above Extension and numerous new ;
'g p 3, ;
steps were ordered at the most once housing developments but you can
\Vhile such measures do assist New
! or twice a year. Now the procedure is sti# pet a taste of yesferyear with a l England in emergency situations, trip to Cobbler Dominic Ollauro. i
{ so commonplace, steps have been they cannot be relied upon at a means j taken to ease implementation.
f meeting energy needs. Utilization Office personnel are designated to deal directly with the larger industries #".the energy resources available l
i us is the onh answer to the safe l willing to voluntarily curtail their future energy SUPPl,ies that feed electric usage. All Of0cc employees ~
c nimued Prosperity.
are assigned responsibility for contacting certain customers in the event blackouts are ordered. These include medical emergency custom-ers. the media. civil defense, police and fire.
Wiring was completed in 1988 between the Forest Avenue Substa-tion and Cherry Street Power Plant for an automatic voltage reduction switch to enable a reduction of ;
voltage to be done from the Power l Plant when requested by NEPEX.
l Power to all customers is reduced by up to 59c. It is usually undetectable.
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Idle Plants Draln. Wallets 988, legally binding Gnancial obligations gave up the buy back option and protected PSNH from
- Hudson Light and Power Depanment to pay hih1WEC filing suit over other matters, such as misman-an $13 million for power plants that are not asement, etc.
,ing much needed power for this service area and Strong objections were voiced by Hudson and the t'cw England. Peabody Municipal Light Plant. Why?
udson is not alone in this dilemma. Vinually every Jity in the Nonheast invested in the controversial 1) The buy back option was wonh $35.5 million to
,eabrook Nuclear Power Plant. Many also have agree- Hudson Light and Power Depanment customers alone, ments fer power from the Pilgrim Atomic Plant, which 2) The buy back option would have allowed Hudson to has not operated since 1986. reduce its rates by 337c if Seabrook goes on line in 1989.
The reason behind the investments were need and 3) The dollar value of releasing PSNH from all claims is economics. We definitely need more power and 1979 unknown, but could atuount to as much as $1 billion for studies had shown nuclear power to be relatively inex. all the panicipants in the Project #6 PSA.
pensive. Howeser, politics have been allowed to 4) The settlement agreement did not have the unani-interfere in the licensing process of Seabrook. Very real mous support of all the panicipants in the Project #6 concems regarding safety have shut down Pilgrim. PSA. ,
A number of hiunicipal Light Depanments, Hudson 5) Project #6 is one of the Gnancially larger agreements including, believe their consumers should not have to for Seabrook's power, in 1988 alone, Hudson paid pay for political interference or mismanagement of $10,913,608.32 for PSA Project #6, Hudson and others. As a result, strong actions have been taken in an Peabody launched a battle against the move in coun, attempt to recoup losses and solve current financial Following is a summary of the progress of the suit problems. against hihtWEC:
Following is a list of our financial obligations during 11/14/88 Hudson and Peabody filed a lawsuit against 1988 for Seabrook and Pilgrim: MMWEC to enjoin the MMWEC Board of Directors .
from acting upon the settlement agreement with PSNH.
11/15/88 The Massachusetts Superior Coun and Mas-c =vt .a 6w n s uuwrc se.broot suac , Projeei .4 o 5 940.o86 90 sachusetts Appeals Coun demed the temporary injunc- ;
MMWrC seabrook Nuclear Project s$ o s 146.rm6 tion request, ruling that denial of the injunction would o 10.91 ave no immediate irreparable harm on Hudson and grg,b,rgL Nudeur Projen sh l Peabody.
11/15/88 MMWEC Board of Directors approved the Project #6 Contract Challenged Memorandum of Understanding for the settlement agreement with PSNH.
When Hudson and other Municipal Light Departments 11/16/88 PSNH Directors approved the Memorandum i began investing in the Seabrook Nuclear Power Project of Understanding for the settlement agreement with in New Hampshire, one of the more attractive Power MMWEC.
Sales Agreements (PSA) available was Project #6 12/02/88 Hudson and Peabody amended their com-through the Massachusetts Municipal Wholesale Electric plaint against MMWEC to include challenge to the Company (MMWEC). This PSA would allow partici- validity of Project #6 PSA. Hudson and Peabody assert pants to sell back 50% of the power it would receise that the settlement agreemerit so changed the initial PSA from Seabrook over a 10. year period. between MMWEC and Project #6 participants, that the Municipal Light Departments signed PSAs for Project initial contract is no longer valid. MMWEC's Board C6 with MMWEC. MMWilC. in turn, used the collat- of Directors cannot change the tenns of a Power Sales eral of the Municipal Light Departments to purchase Agreement without the unanimous approval of the ownership in Seabrook on behalf of the Municipal Light participants to that Power Sales Agreement. i Departments. 01/24/S9 Hudson and Peabaly presented arguments to
. Faced with financial dilficulties. MMWEC decided to settle the matter immediately in coun. MMWEC renegotiate the Project #6 agreement with Public Service presented arguments to stay any action until the maner is i of New Hampshire (PSNHL the owner of Seabrook. arbitrated. l The settlement agreement struck, among other things. 01/24/S9 MMWEC Directors ratified the final settle- l
, , 1
y .. _. _-- . .._._. . . _ . _ _ _ _ _ _ . . . _ . . . . _ _ _ _ _ _ . . . _ _ . . _ _ _ . . ._ _ _ . . . _ _ _ . . _
,* ; . j 03/03/88 Hudson tiotified Boston Edison of its intent <
i , not to make funber Pilgrim payments tuid to tenninate its contracts.
05/06/88 liudson and 12 other Municipal Light De-e partments filed a Complaint in Suffolk Superior Court and Federal District Court seeking damages for Boston Edison's past btraches of contract; termination of its contract to purchase a share of the output of the Pilgrim Unit, and termination of the associated transmission agreement. )
' t Two related proceedings in w hich lludson has taken j part are currently before the Federal Energy Regulatory Commission (FERC). FERC is detennining the duration of the contract with Boston Edison to purchase a share of the output. Another FERC case in progress to determine lludson's decommissioning payment obligations.
1 I I
is !I l
l, I One of Hudson's new
.,. ' Yg ]'y4 housing developments is - u i.'
-
- Indian Ridge Estates on Oneida Drive. Oneida Place.
'4
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', J l
A Time For Unity The y car 1988 is one that will be probably of little comfort to you, the temembered as pisotal in the annals of local consumer w ho has u alched hiassachusetts' pubhc imwer industry. It Hudson's electric rates soar from being w as the > car public power took the one of the lowest in the State to one of offensive and began to fight back agamst the highest. Please be assured that we are es ents adscrsely affecting your electric taking eser) step possible to reduce those ,
bilh and the safety of your future energy rates, j
supplies. The Depanment has tried to explain As a consumer of a hiunicipal1.ight why the rates have increased-the un-Department, you has e immense opportu- availability of Seabrook's powcr which 1
)
nity to hase an impact on this Depan- is directly related to actions taken by the ment. hiunicipal Light Boaid members Commonwealth of hiassachusetts. The are elected by Hudson's voting popula- Department has also let consumers know l tion. The Board's meetings are held at w hat is being done atout high rates with !
our main offices at 49 Forest Asenue at reports on the two lawsuits concerning 100 p m. on the second Wednesday of Seabrook l the month and are open to the public. Regardless of one's position on nuclear ;
Our control is limited. For example, it powcr, one has to admit that a tremen-i is impossible to change his'ory and our dous financial burden has been placed on l The Tra ister Statson on Treatment imoh ement in the Seabrook Nuclear municipal electric consumers. Just com.
om [e ed dun p 188 w Pow er Plant or the Pilgrim Power Plant. pensation is due. We also belies e the o e construction it Hudson and Stow means As a muni:ipal consumer, howeser,)ou Depanment should not be legally bound inore electric energy wat te needed to can let your Legislators and State to honor a Seabrook power sales agree-rneet the growing demand- Officials know how you feel about the ment which has been altered without its matter and perhaps have a positise impact consent. -
on future es ents. If we are as successful as we hope in The fact that the majority of utilities in these endeavors through the legal sy stem, the Northeast panicipated in Seabrook is we will be able to reduce the rates. If you t,, . support our c use and behes e just com.
k ["%d((Yj\ y ;*
. N pensation is due for our consumers and i W+
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>*3 g l' that we are no longer legally bound to
< s, y .. . . , , .
4, C .
T' one of our Seabrook contracts let your
.1 T@y, 0M. kNL '
{g q., , - O,- voice be heard by writing sour pnman
^
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h :j
- XM Legislators, the Gos ernor ar5d Attorne) '
t s
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$MM$M.,I
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4 General.
The Department has also tried to man e
', 4 e . - ~ . . . . .1 consumers aware of the dangerous energ'y j [ E / '
+ situation facing New England. Report f{ ,. .
e i f w -
- ..:, af ter report hm warned New England that
_ - + g' economic prosperny is adsersely affected
- . ~, -
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" ~~~+,' -
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R,. ' "~
bs electric encrps shortages u hich could tEcome esen mo're senous as early as
.- *% 1999 Hudson. and all of the Northeast, .
E ; has had a taste of tight encrpy situanom w uh the repcated emergens y pro edures i
requeed dunny the summet of 19hh In addition, media reports mdaate that the l g , %.- :
l
~+ & %1as%n husetts % rat le" nay be a ihmg
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Education has become a new focal polniin our conversation program. Our
, -- staff is available to help consumers use : , .,
~ ~~
I clectric energy in the most efficient w my ;
possible. The Department can arrange > * #
- ~
audits, tend out test meters, wrap your hot water heaters, purchase fluorescent light grV"gh g - ... $
bulbs, etc. .4- + - = "
s (* -
c y p. .
Conscretion alone is not the answcr. V"'"
4 'py[ .4 gf 4.4 <
The Commonwculth's energy programs are os cr. reliant on conservation, load
- j. c ,, 7 3 ; y g 3.Q i
' , g ** y i + ^ ' g f;~ g management, etc. We must utilire all of g* ,: "." 4 ,- . Id% y,jm . i . .
our energy resources if we are to g .
f .(* A+ , , ~ '
continue to proside reliable electricity. ? . ( .)S n '" .-. '
Whatever one's preference is as far as energy is concemed be it solar, wind or I:
1 y.y-
)1 g% ' = < ~
^^ ' -
k1 .
I the more traditional fuels one must
>W9 l M,4 l I
admit that our local economy cannot .. ,
t-kur ive under emergency conditions y , I'! U, ,
b : '
j V
i requiring s oluntary, or perhaps involun- -
4' L d tary. reduction in electric consumption ,*
such as thilt esperienced m August. ,
Businesses cannot jeopardire production ,
,,j.3-l and thris c. p, . -Q,<
You can send a clear message to our : 4 - .
1' "'"*:-
h ~
Legislators and State Of6cials in suppon-
)
ing our belief that no single energy Hudson's largest consumer of electricitj is Digital Equipment Corporation. l source is capable of solving the current with facilitiet in both Hudson and Stow. Digitalhas greatly assisted '
l energy problem. We must tely on Hudson during power shortages by utilating their own generators and treditional fuels such as oil. gas, nuclear, curtailing usage.
and by dropow er. w hile constamly l
deseloping newer sources if we are to lise in an energy secure future. i The ycar 1988 was one of ditficult decisions, and I would like to take this l opportunity to thank the Niunicipal Light Board for the support, guidance and direction that will help to chan our future. I would also like to espress my ,
gratitude to the employees of the Hudson Light and Power Department, for their loyalty and dedication.
A word of thanks should also go out to our consumers, most of w hom understand the problems we are all facing and who huse been patient during these more dif ficult times. I would aho urge our
( consumers to remember that their opinions do count. Topelher, we can make a dellerente and work iou ards a more set ure encrpy tulure, l
llors.1 Iluchmer
\1anager 21
. _ _ w *
, Financial Statemcnts i
Definitions !
Under the Cash Basta of Accounting. revenue is recognizect poles, etc., prepayments, unbilled utility revenues and other miscella-only when cash is received, experwes are recorded only when they neous sueu Deferred Aucts represents expenditures for preliminary j are paid in cash. Under this method the determination of income rests surveys, plans, investigations made for the purpose of determining the ,
upon the Collection of revenues for services or products rendered feasibiltty of utuity projects under coralderation. }
Expenses are incurred upon the actual payment of cash for products or services received. This type of accounting is acidom found in Llab111tles i practice and financial statements which could te prepared on this Llabilities consist of debts ovutanding (unpaid bills) and in the ,
basb do not reflect the financial position or operating results of a process of accruing. They are usually claulfsed as to Current Dabill. l*
business in conformity with generally accepted accounting principles. ties, Deferred 1. labilities, or long Term Debt.
I Under the Acceual Basta of Accounting, revenue is recognized Curient 1. labilities are short Term 11mbilities. They generally !
when it is realized and expenses are recognized when inct,rred, consist of obligations which are to te liquidated within a year from ;
without regard to the time of receipt of payment. The focus of accrual the balance sheet date and include amounts accrved to date or those [
accounting is on the realization of revenue, the incurrence of costs, liabuities which accumulate from day to day. The most common and the matching of revenue with costs incurred. Thh
- matching
- Current Liabulties are secounts payable (bills owed as of a specific concept requires that the cost incurred to create revenues te ac- date), accrued salaries and waEes, accrued interest, etc. ' i count:d for at the same time. Coracquently, if revenue is secounted for iluring a period the
- matching
- costs must te accoui.ted for even if Deferred Llabilitiese Advance billings for senlees ren-it r: quires an estimathn of these costs. dered, etc. I long Terrn Debu Debts incurred through borrowing such as !
Balance Sheet bonds and notes or other financial obligations which are payable over i A !!alance $heet is a conci>e statement of the assets,liabilitics and a d time, equity of a business as of a given date.
Equiry: The amounts paid on loans over the Department's [
Asseta existence, monies invested by the Town in the Department, the ;
Anything owned that has money value or utuity is an Auct. earnings retained in the Department as represented by property, i Aucts are divided into plant or Property Aucts, Current Assets, or Other Aarets. Property Aucts are buildings, generation equipment, Income Statement '
transmission equiprnent, distribution equipment, etc. In use. Con' An income Statement is a report in summary form of the revenue cruction Work in Progreu la Plant Under Construction which has not earned by a particular businen during a specified period, together ;
been completed as of the date of the statement. Current Aucts are with the related costs and expenses and the loues for that same '
cash, receivables, inventories of generation fuel, ES$oline, lube oil, period and the resulting net income (or net lou). ;
i j
l l
l i
22 _. _
' . Fina::cid St.:tements e
? ".
i l Comparative Balance Sheet Assets INCREASE 1948 1987 (DECREASE)
Electric Utitity Plant (Net)
Production Plant in Service $ 219.345.54 $ 229,976.16 5 (10,630.62)
Transmission Plant in Service 294,517.99 326,819.89 (32,301.90)
Distribution Plant in Service 2,295.461.45 2,313,319.30 (17,857.85)
General Plant in Service 596,725.39 645,530.21 (48,804.82)
Construction Work in Progress 3,116,540 35 2,990,025.35 126.515.00 TOTAL UTILITY PLANT IN SERVICE $ 6,522.590.72 $ 6,505,670.91 $ 16,919.81 Cash Assets:
Operation Cash $ 1,176.371,35 $ 2,156,687.81 $(960,316.46)
Miscellaneous Cash 198,006.64 49,784.95 148,221,69 Depreciation Fund 227,164.70 422,416.05 (195,251.35)
Depreciation Fund Investment 1,988,050.35 1,642,872.08 145,178.27 Construction Cash 0.00 208.93 (208.93)
Advances from Contractor 3 0.00 4,588.46 (4,588.46)
! Insurance Escrow Reserve 1,055,779.55 968,742.94 87,036.61 Project's Reserve 600,000.00 600,000.00 0.00 Insurance Escrow . Pilgrim 5.766.56 0.00 5,766.56 Petty Cash 500.00 500.00 0.00 Deposits Interest Account 48.266.34 37,849.66 10,416.68 Customer Deposits Account 179,241.63 167,887.48 11,354.15 TOTAL CASH BALANCES I 5.479,147,12 $ 6,251,538.36 $(772,391.24)
Other Current and Accrued Assets:
Customer Account Receivables $ 2,575,418.84 $ 2,106.315.26 $ 469,103.58 Other Accounts Receivables $7,B48.17 72,128.25 (14,280.08)
Materlal and Supplies 721,702.09 937,203.10 (215,501.01)
Prepayments $98,627.50 600,199.38 (1,571.68)
Interest and Dividends Receivable 17,546.00 14,680.25 2,865.75 Misc, Current and Accrued Assets 321.57 0.00 321.57
! TOTAL OTHER CURRENT & ACCRUED ASSETS $ 3,971,464.17 $ 3,730,526.24 $ 240,937,93
- irred Assets:
. .sliminary Survey Charges 5 6,947.86 $ 6,817.86 130.00 i
Miscellaneous Deferred Debits 266.150.15 0.00 266,150.15 TOTAL DEFERRED ASSETS $ 273,098.01 $ 6,817.66 $ 266,280.15 TOTAL ASSETS $16,246.300.02 $16.494.553.37 $(248.253.35)
C , .- , .
L l'
y
- Financial Statements t
!.m -
(-
t Equity and Liabilities INCREASE 1988 1987 (DECREASE)
Equity:
Loans Repayment 5 1,925,000.00 $ 1,925.000.00 $ 0.00 invested by Town 20,093.39 20,093.39 0.00 10,700,925.56 10,259,833.79 441,091,77 Unappropriated Earnings
$12,646,018.95 $12,204.927,18 $ 441,091,77 TOTAL Current & Accrued Liabilities: $ 33,134.78 Accounts Poyable $ 968,652.03 $ 935,517,25 179,241,63 167,887.48 11,354.15 Customer Deposits 48,266.34 37,849.66 10,416.6A Customer Deposits interest Misc, Current & Accrued Liabil:ty 19,482.79 18,949.61 533 52,400.00 64.900.00 (12,50C.A, Custoiner Advances for Construction
$ 1,268,042.79 $ 1,225,104.00 $ 42,938.79 TOTAL CURRENT AND ACCRUED LIABILITIES Deterred Credits:
$ 0.00 $ 0.00 $ 0.00 Mese. Deferred Credits Deferred Credit Fuel Chr,rge 1,252,804.31 2,101.867.87 (849,063.56)
$ 1,252,804.31 $ 2,101,867.87 $(849,063.56)
TOTAL DEFERRED CREDITS
, Moserves:
$ 700,000.00 $ 700,000.00 $ 0.00 Injuries and Dama9er. Reserve
$ 700.000.00 $ 700.000.00 $ 0.00 TOTALRESERVES
$ 379,433.97 $ 262,654.32 $ 116,779.65 i Contributions in aid of Construction:
$16.246,300.02 $16,494,553.37 $(248.253.35)
TOTAL EQUITY AND LIABILITIES l
l l
t l .
e i c FinaQcial Statements , j t ,1 j,
Comparative income Statement !
c L INCREASE -
1988 1987 (DECREASE)
$ 25,663,160.89 ' $20,681,413.46 $ 4,941,747.43 Operating Revenue Opereting Espenoo:
$ 879,760.36 $ 1,024,312.03 $ (144,551.67) !
Production 21,751,146.07 16,412,549.52 5,338,596.55 i Purchased Power Erpense *
$55,487.83 -
567.132.76 (11,644.92)
Transmission Expenses 328,629.65 256,328,13 72,301.52 i Duribution Expenses 1,430.808.38 1,192,244.02 238,504.36 !
General Expenses 401,228.47 386,434.13 14,790.34- f Deprocletion
$ 25,347,060.76 $19,839,004.58 $5,508,056.18 TOTAL OPERATING EXPENSES f; Not Operating Revenues $ 316,100,13 $ 842,408.88 $ (526,308.75) 7 Other incomet income From Contract Work $ 0.00 $ 736.10 $ (736.10) l 305,665.20 185,695.66 119,959.54 :
Interest & Dividend Income i
$ 305,655.20 $ ,186,431.76 $ 119,223.44 TOTAL OTHER INCOME ,
nieteet Charges: h Other Interest Expense $ 14,501.24 $ 3.246.98 $ 11,254.26 l
TOTAL INTEREST CHARGES $ 14,501.24 $ 3.246.98 $ 11,254.26 j
$ 607,254.09 $ 1,025.593.66 $ (418,339.57) !
Not income Before Return to Town 200,000.00 200,000.00 0.00 i LCse: Return to Town i
NET INCOME $ 407,254.09 $ 825,593.66 $ (418,339.57)
[
i Statement of Equity l
Eamed Surplus January 1,1988 $10,259,833.79 !
607,254.15 i i Not income or (Loss)
Miscellaneous Credits to Surplus 33,837.62 l TOTAL $10,900,925.56 !
L Appro. of Surplus Returned to Town $ (200,000.00) ;
, Appro.of Surplus-Bonds 0.00 Misc. Debts to Surplus 0.00 I l
- TOTAL $ (200,000.00)
Total Unapp. Earned Surplus $10,700.925.56 t
P 25
_. . . _ _ . _ _ . - _ . . _ ~ ._ _ _ _ _ , _ . . . . - . _ _ _ _ . . _ _ _
E , ,
. 'Mnancial statements t
l l
P Income Statement Detail January 1,1988 to December 31,1988 i
OPERATING REVENUE I
8 6,236,785.39 -
Sales to Residential Consumers 1,348,060.46 ;
Sales to CommercialConsumers 11,256.438.76 Sales to Power Consumers Private Property Lighting Sates 87,801.83 Municipal Sales:
Hudson Street Lightm 113,778.30 Hudsen Mur.icipalDulldincis 39,057.58 ;
Hudson Municipal Pewer 382,028.94 :
All Electric Municipal Guildings 498,766.80 !
Stow & Berlin Street Lights 7,241.89 l Stow, Maynard, & Other Municipal Service 97.686.59 ;
$20.067,636.54 !
TOTAL REVEllVE FROM SALES OF ELECTRICITY Fuel Charges: }
Residential!iales fuel $ 1,052,269.52 238,794 68 Commercial Sales fuel Power Sales-fuel 3,170,406.49 l 13,654.58 Private Property Lighting fuel Muntelpal Fuei Chargos: '
Street Lightiag Stow et-fuel 1,035.98 Municipat Power Hudson fuel 92,820.26 Municipal Commercaal Hudson-fuel 7,120.93 Municipal Power Stow ot-fuel 19,085.74 :
Municipal Commercial Stow ot fuel 2,362.99 !
Municipal All Electric f vel 104,938.76 ?
849,063.56 l Misce!'.aneous Electric Sales TOTAL FUEL CHARGES $ 5,551,553.49 other incoma:
Other Electric Revenues (RCS, etc.) $ 43,970.86
$25,663,160.89 l iOTAL INCOME i
26 _ _ . . . . _ _ . . _ - _ _ _ _ .._. _ _ _ _. . . _ _ _ . ._ _ _ . _ _ _ _ . .
r
\ .
Fi:xcict Statements !
i EXPENSES i Productiont
- operation Supervision $ 19,494.89 [
FuelOil 344,461.70 t Fuel NaturalGas 156,663.83 ;
Generation Expense 156,842.69 :
Generation Expense Lube 11,868.18 [
i t Miscellaneous Other Power Generation Expenses 37,466.42 Maintenance Supervision 19,062.41 i Maintenance of Structures 10,666.26 Maintenance of Generation and Electric Plant 119,808.98 Maintenance of Misco!!aneous Generation Plant 3.425.00 TOTAL PRODUCTION EXPENSES 5 879,760.36 Purchased Power Expenses:
Purchased Power. Entitlement $18,741,726.70 l 2,841,155.09 ;
Purchased Power.Nepox System Control and Load Disperslon 21.284.58 l Other Expenses Purchase Power 146,979.70 !
TOTAL PURCHASED POWER $21,751,146.07 !
Distribution Expenses:
I operation Supervision and Engineering $ 19,696.53 ,
Station Expenses 7.53 '
Overhead Line Expense 12,193.73 Underground Line Expense 240.00 Street Lighting and Signal Expense 7,397.50 ,
Meter Expenses 20,125.85 Customer instellation Expense 2,784.81 ,
, Miscellaneous Distribution Expenses 6,244.23 Rents 26.00 Maintenance of Supervision and Engineering 19,482.15 '
Maintenance of Station Equipment 35,200.00 l Maintenance of Overhead Lines 176,371.50 Mair.tenance of Underground Line 6,689.24 Maintenance of Line Transformer 8,431.22 Maintenance of Street Lighting 8,866.63 &
Maintenance of Meters 4.872.73 l TOTAL DISTRIBUTION EXPENSES $ 328,629.65 ;
Transmission Expense $ 555,487.83 General:
Supervision $ 8,380.47 ;
Meter Reader Expenses 43,617.27 '
Customer Records and Collection Expenses 153,762.95 .
f Advenising Expenso 25.00
' Miscellaneous Sales Expense (RCS) 23,956.86 Administrative and General Salaries 217,926.88 Office Supplies and Expenses 11,052.35 Outside Services Employed 258,440.70 Property insurance 29,333.70 injuriee and Damages 142,915.02 Employee Pension and Benefas Distribution 152,879.64 Employee Pension and Benefits Generation 110,634.70 Employee Pension and Benefits Office 113,619.50 General Advertising Expense 1,446.04 Miscellaneous General Expenses 47,567.83 Maintenance of General Plant 57,431.05 Transportaion Expense 48,720.17 Depreciation Expense 401.228.47 TOTAL GENERAL AND DEFRECIATION EXPENSES $ 1,822,938.60 Taxes Other than income (Seabrook R E.) 59.098.19 TOTAL OPERATION EXPENSES $25.347,060.70 27 ,
Financial Statements l
+
6
)
i Statement of Changes in Financial Position f i
Funds were provided from:
OPERATIONS Not income $ 607,254.15 Depreciation 401,228.47 [
Hurr'. cane Gloria Damage Reimbursements 17,187.00 Partial Return of Pilgrim i Payments 16.650.62 ;
TOTAL FUNDS PROVIDED $1,042,320.24 j Funds were used for: ;
Not Additions to Utility Plant $ 291,633.28 !
Construction costs of Nuclear Plant 126,515.00 !
Return to Town of Hudson 200,000.00 Preliminary Survey Charges 266,280.15 849,063.56 (Increase)in Deferred Credits '
(116,779.65)
(Increase)in Reserves 51,616,712.34 DECREASE IN WORKING CAPITAL $ (574,392.10)
Increase (Decresso)in Working Capitalis represented by:
Cash 5 (794,162.07)
Receivables 454,823.50 Materials and Supplies (215,501.01)
Prepayments (1,571.88)
Interest Receivable 2.865.75 Misco!!aneous Current and Accrues Assets 321.57 !
Accounts Payabte (33,134.78) ;
1 Miscellaneous Liabilities (533.18)
Customer Advancea for Construction 12,500.00 ,
$ (574,392.10) ;
28 - - . _ _ - . _ _ _ _ . . _ , _ . _ _ _
, Financial St::tements
- , FOOTNOTES TO HNANCIAL STATEMENTS I
fl The Hudson Ught and Power Department's enounting polkies are in conformity whh generally acceped accounting principals and Conunitnwnts and contingenclea The lludson Ught and Power Department has purchue
[
conform to the uniform system of accounts prescrited for Public contracu whh he following sponsor companies for the kDowatt hour I
Utilkies by the rederal Energy Regulatory Commlulon as modified amount enthiernents timed below:
by the Manachusetts Department of Public Utilkies for municipal owned lighting planta, ENERGY YEARLY sevenues: Resenues are computed on the basis of monthly KWH COST bi!!!ngs to customers, Unbilled revenues from the ute of energy are not scerued as of the end of the calendar year Mucellaneous electrk Boston Edson. Pin 9 tim Atomic 0- $ 1,170,004 62 sales adjustment for overbilled or underbilled fuel charges, vermontYankee Atomic 4,574,566 8 156,494 75 Maine Yankee Atomic 7,436,652 $ 233,603.17 Electric Utility Plant Aucts are stated at cost. The provision Ceniral Maine Power . Wyman 7,022.620 $ 273,043.20 for depreciation is determined by the straight line metho:1 bued on a New Brunswick Electic . Pt. Lepreau, 41,183,261 8 1.803,425 63 1
3% annual depreciation rate The cost of maintenance and repairs is Commonwealth Electric Co . Canal 24,324,974 8 761,966.08 MMWEC . Nudear Mm #1 4,204,687 8 191,731.27 cxpensed u incurred; renewals, replacements and tetterments are $ 336,140.48 Norths,ast Utilities . Melistone 93 3,946,123 caphalized, 0- $ 940,066 90 MMWEC . Seabrook Nudoar Project #4 Pre 11rninary Survey Charges (Deferred Assets). Preliminary MMWEC Seabrook Nudear Project *$ 0- $ 146,600 86 .
MMWEC. Seabrook Nudear Projed #6 0- $ 10,913,608 32 Survey Charges incurred for proposed projects th.ovgh MMTEC are ,
Taunton Cleary 89 13,382,817 5 678,245 58 deferred pending bonding of the proposed facility, Funds relating to 8,655,525 5 416.266 94 Northeast Utilities Montelle 85 & #6 MMWEC projects are refunded to the Department after bonding. " ' '4 0 ** '*
Cterges relatmg to projects which are undertaken by the Deparunent are transfened to construction work in progress and eventually to A S Yk 2,013,627 (4 94
$ 163,878.59 t
Refuse Fuel Associates vtilky plant on completion, Projects abandoned by MMWEC or the MMWEC Stony Brook 31,288 $ 3,094.52 ,
Department are charged to expense, MMWEC . System 264,000 $ 7,236.64 .
MMWEC . Holyoke to a s7 365,198 8 40,047.42 f Construction Work in F% aa Projects started but nct !
-ompleted are charged to construction work in progress Any project 139,005,604 $18,763,789.87 :
candoned is charged direstly to surplus. New England Power Exchange 103,598,340 $ 2,851,067.17 !
Investrnents: Investrnents of the Depreciation rund are in Total 242,603.944 $21,604'857.04 i
Certificates of Deposit in the state banking system as prescribed by law, Tunhet, interest camed on there funds can only be used in the same manner as depreciation funds u prescriled by the Massachu* 890 KW of Seabrook Unit al is being vStained by this Department f setts Cenera1 Laws. on a direct ownership basis and the Department intends to use 100%
Inventori:si Cost of Materials and suppines are valued at equiry financing.
av rage cost on the first In, First Out basis (MFO). Cost of fuel is The latest estynated capital requirement for Hudson's direct own- I bued on average cost, ership share in Scalvook is, ,
Segregated Funds: %e Depreciation, Construction Cash and Advances From Con 3 actors funds are restricted to additions and .
r; placements of plant, property and equipment under the General SEABROOK 1 and 2 ;
laws of the Commonweshh of Masuchusetts and regulations of state Payments through 12/31/88 $3,154,293,71 ag:ncies, 1989 150,000.00
- truucance Escrow Accounts During 1984 the Department set TOTAL ESTIMATED COST $3,304.293,71 up an Insurance Escrow Account to relf insure for condalons that the Departrnent may encounter in its day to day operations. Estimated cost per KW Unit 1 $ 3,712,00 Pertstons The Department's employees are members of the Middlesex County Retirement System. The Municipal Light Board has estab. The lludson LI Eht Department has entered into a power sales lished the lludson Municipal Light Department Employee's Retire, agreement whh the Manachusetts Municipal Wholesale Electric ment Trust to reimburse the Town of fludson for retliement costs of Company for the followinS Benerating entalements:
its employees. %is fund is maintained by the transfer of funds from the Department to the Trust based on actuarial studies perforrnsd by OPERATION DATE a professional actuarial consuhant, An amount equal to $161,P,83 27 was transferred to the fund.
Seabrook #2 15,407 KW Not under contruction 29
w Financial Statements The Ught Department of the Town of flodson (the Department) application of the State's anti-CTIP law that prohibits PSNH from in _
Is c participant in the Massachusetts Municipal Wholesale riec rie ciud ng rate increases for Seabrook related coeu uatil the plant Company (MM*TC), a public corporation of the Commonwealth of begins commercial operation. This decision effectively barred Massachusetts. approval by the New llampshire Public Utllities Commission of PSNit's emergency rate relief request. PSNil filed a request with the MM*TC is a coordinating and planning agency for the develop- U.S. Supreme Court seeking further appellate review of this opinion.
ment of the bulk power supply requirements of its Memters and On January 11,1999, the Supreme Court issued an opinion in a Project Participants. hDNTC is authorited to purchue ownership acparate case upholding a similar anti CTIP statute. OnJanuary 23, interests in, and to luue revenue tends to finance generating units 1989, the Supreme Court rejected the appeal due to lack of a (Projecu). MM4TC sells the capability of each of its Projects to its 'pr perly presented federal question?
Members and c4her utilities (Project Participants) under Power Sales Agreements (PSAs). The PSA for each Project requires each Project onJanuary 28,1988, PSNH filed for protection from its creditors Participant to pay its share of ADNTC's cosu related to the Project under Chapter 11 of the Federal Bankruptcy Code. PSNil is currently nlch includes debt service on Londs luued by MhMTC to finance working wkh the court and creditors on a plan of reorgant ation which was filed on Decemter 27,1988.
the Project, plus 10% of det* service to be paid into a Reserve and Contingency Fund. In addition, should any Project Participant fall to On June 1,1968, MM*TCs Itoard of Directors adopted a atrategic mak; any payment, whkh failure constitutes a default under the PSA plan of action relating to ks Seabrook joint ownership interest.
4 (or other appliesble agreements),(ther Project Participanu could be Among other things, due to rapidly diminishing available funds, such required to provide the defaulting Parthipant's payments, as plan of action evidenced an intention not to pay future funds to the determined before any such increase is effected for the project. In Seabrook project. Accordingly, afterJune 2,1988. MM4TC made no addition, MM*TC has entered into long. term take-or pay power further payments to the Disbursing Agent under an agreement with j- purchase contracts for which it has corresponding resale agreements the Seabrook Disbursing Agent. At the time of Agreement, MANTC
' with certain of its Members and cgher utilities. The Project and had on deposit with the Disbursing Agent a prefunded amount for power purchase contract amounts are papble from each Partici. future costs due to the Seabrook project. Such deposit was exhausted pant's electric system revenue and each Project Participant is on or beforeJuly 24,1968. $1nce then, MM4TC has not made any t unconditionally obligated to make payments whether or not the further payments for the Seabrook project. SinceJuly 24,1G %e I
Project is completed or a unit is operating and not withstanding the Cont ecticut tabt and Power Company has fumished funds no the suspetuion or interruption of output of the unit, in accordance with Seabrook propet in lieu of MhMTCs papnents through Novemter '
the covenants to fix, r6 vise and collect rates at least sufficient to meet 30,1988. Since November 30,1988, payments to the Seabrook i
its obligations under the PSA. project sufficient to cover MhMTCs share have been paid out of .
A substantial portion of MANTCs constructbn program is its existing funds held by the Disbursing Agent.
11.59% ownership interest in the Seabrook Station, the construction OnJune 10,19BS, PSNil gave notice under a provisbn of the and licensing of which is teing conducted by New flampshire joint Owners Agreement (jOA) that MM4TC was in default to its ,
Yankee (Nil Yankee), currently a division of Public Service Company joint ownership obligations. Pursuant to the same JO A provision.
of NIw }lampshire (PSNIO. Nil Yankee, upon receipt of regulatory MANTC has five months after such notice to cure any default. I I
approval, is to be established as a separate entity to construct and MM4TC does not agree with such netice that a default occurred on operate the Seabrook Station on behalf of the joint owners. Seab. June 10,1988, becsuse MANICS prefunded amounts on deposit rcuk Unit el construction has essentially been completed. Seabrook with the Disbursing Agent were sufficient to meet MSNTCsJOA j Joint owners have notified the Nuclear Regulatory Commission (NRC) obligations through approximatelyJuly 24, .988. MM4TC has made ,
that they will not renew the construction license for Unit *2. no further payments to either the Seabrook project or to the Disburs- ,
Seabrook Station has experienced persistent and substantial cost ing Agent sinceJuly 24,1988. PSNii and MM4TC have agreed to toll ,
incr:ases and significant schedule delays, has been the source of the five. month cure period. ]
continuing controversy and opposition from government officials, TC and PSNil entered into a 1 r:gul: tors, intervenors and others and has created serious problems Memorandum of Understanding which provides, among other things, l i for many of its joint owners, including MhMTC. that on its effective date, all notices of default will te rescinded and t Although problems relating to the Unit al construction schedule there will te covenants not to sue all owners and Yankee Atomic l have been overcome and the unit is now essentially complete, other relating to Seabrook claims. PSNH will be responsible for MM4TCs ,
problems and uncertainties relating to Seabrook's commercial payment obligations to the project commencing on December 1, l operation remain. 1988 up to a total of $30,000,000 or until commeretal operation, J whichever occurs firti PSNil will pay $3.5 million to MM4TC on the ;
PSNil has teen experiencing substantial difheulty in sustaining its effective date. PSNil will confirm and extend the Pt. lepreau ,
financial obligations for its 35 6% share of Seabrook Station as a result Transmission Contract through October 1995. MANTC will also i of the continued delay of the commercial operation of Unit al and in receive $16,000,000, $2,000,000 payable annually commencing on its inability to secure cost recovery prior to commercial operation.
commercial operation. If the Seabrook Unit Ls cancelled prior to PSNil challenged the constitutionality of New llampshire's anti' commercial operation, MM4TC's fmancial liability will be hmited to CWIP law, which prohibits PSNil from charging customers fo' $ 10,000,000 for such cancellation, including decommissioning cor' I
construction projects that are not yet in operation On January 26, 1988, tne New flampshire Supreme Court unanimously upheld the Tn accomplish all of the above, a number of agreements and l
30
a' ,
y Financial Statements
, . > . t
.t
- nendn.ents to thejoint ownership Agreement, including an financial questions whkh were brought to its attention relating to [
t 'nendment whkh would relieve MMVTC of any past or future Seabrook. The NRC ruled, among other things, that as long u $711 liebCkies due to non.psyment, were signed. We agreement is million is act aside prior to low-power testing, svallabillry of funds for i sub)sia to appeal of bankruptcy court. decommisaloning of the plant will be reasonably assured should a ;
The Town of Hudson Light and Power Department and Cky of Powdeense nu t= MM Peabody Munielpal Light Plant have filed, on November 14,1988, a In view of the active opposkbn to the Seabrook project by ;
lawsuk against MM*TC to enjoin the MM4TC Board of Directors various Massachusetts officials, including the Governor, there can be ;
from acting upon the above referenced settlement agreement. On no usurance as to whether or when Seabrook Unit #1 will tegin i November 15,1968, the Massachusetts Superior Court denied the operation. l 119dsorvPeabody injunction request, whkh dental was upheld by the inJanuary,1986 the llull Munkipal Ughting Plant filed suk I Massachusetts Appeals Court. against MhMTC seeking a declaration that tu PSA for Nuclear Mix et, f On December 2,1988,lludsort'Peatody amended their com. Nuclear Projects e4 and e$ and Project *6 relating to Seabrook were :
plaint against MM*TC to include a challenge to the validity of the invalid and 6n injunction against MM*TC collecting any amounts t e;oject *6 PSA due to the Vermont Supreme Court decision of from llull under the agreements and monetary damages. We suk f September 1988. hBNTC is defending agalnat such lawsuit and has challenges the validity of these PSAs on various grounds and alleges, among other things, misrepresentation, breaches and imprudent i requested the action be stayed pending arbluation. Arguments on MhMTCs motion were heard in Suffolk Superior Court onJanuary actions by MMYTC. On March 5,1966 the M:.ssachusetts Superior ,
24,1989 and the judge has ruled that the questbn must be submitted ' hurt granted MM4TCs motbn to stay the legal proceedings and j u arbluation, compel arbiustion of the suit and for a preliminary injunction 1
'e9uirinS Ilull to Pay ks share of monthly power costs as requlted by ;
iludson and Peabody are questioning whether MM*TC hu the the PSAs. On March 21,1986, a single justke of the Massachusetts authority to release PSNH from certain of its obli6ations imder the ;
Appea s Court denied flull's petition for relief from the orders of the Project e6 PSA when release from such obligations isnpalt certain Superior Cours, and the matter went to arbkration. In August,1987, ;
valuable rights of Iludson and Peabody. Also, this lklgation ques.
the arbiuator ruled that the contracu signed by its light board with tions the validity of the Project *6 PSA as a result of the Vermont MhMTC were valid ne arbkrator has yet to rule on the other Supreme Court's decision, which held the contract wkh various ,
alleged brear.hes, imprudences and ml5 representations claimea Vermont ut!!kies which had agreed to partkipate in Project *6 to be ,
against MM*TC by.11ull. After withholding payments, Hull is t void ab inhlo.
currently making payments under protest in accordance wkh the While hbMTCs payments to Nil Yankee to fund its share of court order.
ongoing Seabrook costs have ceased, throughout this period inJanuary,1985 eertain residents of the Town of Croton brought p:yments to holders of hoNTC bonds have continued. MM*TC ,
msists it will continue to enforce the provisions of the PSAs to raise the rnenues required to make debt servke payments on ks bonds.
dhWMM%'@M4g & Mu gp i
p Seabrook Unit el has received an operating license from the NRC. February 4,1987, the Massachusetts Superior Court granted the The operating license is subject to condklora which do not permit defendants' motions for summary judgemern and upheld the validity i commercial operation until emergency response plans are approved of Groton's Power Sales Agreernents wkh MM*TC. De decision ,
by f;deral authorities. was appealed to the Massachusetts Supreme judicia! Court by the :
In October,1987, the NRC issued a rule change that allows owners plaintiffs. OnJuly 12,1988, the Supreme judielal Court affirmed the ;
of completed nuclear power plants to obtain an operating lkense lower court's ruling thus upholding the validity of Groton's PSAs with (
upon NRC approval of utility-sponsored emergency respcnse plata hBNTC. No further court appeals have been filed. Groton contin. l In cases where states or localities have refused to partkipate in ved making Ks required payments to MhMTC throughout the period formulating such plans. Nil Yankee hat prepared and submitted CIleSal challenge of the PSAs.
such plans for the Massachusetts munkipalities located wkhin the Washington Dectric Cooperative (4TQ, a 1.96% Participant in .
10-mile radius of Seabrook Station for whkh plans have not teen MM*TCs Project a6, has teen withholding its monthly payments to j submitted by Massachusetts officials. These plans were demon. MhMTC since January,1988. !
stratId and graded inJune,1988. No deficiencies were reponed' The plans and the Eraded exercise are currently before the Atomic Vermont Dectrk CooI*rative (\TQ, with a direct 0.41% owner. '
Saf;ty and Licensing board (ASLB) with hearings expected to com- ship share in the Seabrook project, ceased making Seabrook mence durinE the first quarter of 1989.
C n5trudi n Payments injanuary,1986. Payments are being made i by other joint owners to cover the shortfall. In addnion to teing a In January,1989, subsequent to public hearings, emergency 41% direct joint owner in the Seabrook project, NTC is also imolved -
I rzsponse plans for New flampshire communities within the 10-mile in Seabrook thrcugh ks 7 2% interest in MM*TCs Project *6 and has radius of Seabrook Station were approved by the- ASLB. failed to make its monthly payments since February,1966.
J In September,1988, the NRC issued a ruhng requiring Nil Yankee On November 29,1987, a Vermont Superior Court judge ruled to demonsuate its financial ability to decommission the plant after that the PSA for Project *6 between MM*TC and several consumer- l Sw-power testing in the event the plant does not obtain a full power owned utilities in Vermont are salid under Vermont law.. %e ruling
- heense. On Decemter 21,1988, the NRC decided all pending rejected contention by the Vermont Department of Public Service, i
l 31
,, .. .(-
i .
? Financial Statements
- 3. p i
VEC, and the Village of Stowe Watu and Light Department that the commencing its restart program. Litigation is pending before the I c.,ntra:ts were invalid and, therefore, not binding agreements. 'Ihe Federal Energy Regulatory Commission, and complaints have been' filed in Mauschusetu Superior Court and U.S. District Court for the ,
- pl:Intiffs appealed this ruling to the Vermont Supreme Court, which heard argumentc. n April,1967. In September,1988, the Vermont District of Manschusetts. Iludson aceks termination of its contract with Boston Edison to purchase a share of the output of the Pilgrim Supreme Court ruled that the PSAs with the Vermont utilities were .
invalid because the utilities lacked the statutory authority to enter Unit, and termination of the suociated transmission sgreement with Boston Edison and New England Power Company, liudson also Into contracts and to delegate certain authorities to MMTEC. 'Ihe aceks damages for Boston Edison's past breaches. The outcome of Supreme Court decision Inillally translates into MM4TC having to absorb a total of approximately $10 million of annual debt service for the litigntion cannot be foreseen at this time, cll of the Vermont utilities involved in MMWECs Project *6. Ap. Iludson is also a party to two additional pruceedings at the
. pr:xlmately $6 million or &nnual debt service was already being Federal Energy Regulatory Commission conceming its contract with absorbed by MMWEC for the Vermont utilities involved in Project
- 6 - Boston Edison te purchase a share of the output of the Pilgrim Unit:
which had ceased making payments prior to the Supreme Court's (1) a proceeding to clarify the duration of the contract and (2) a case ruling, MMWEC filed a motion requesting the court to grant a to determine lludson's decommluloning payment obligations.
F rehearing and allow oral arguments on several issues, including Neither case has been concluded. '
potential violations of the U.S. Constitution,that MM*TC claims As of December 31,1988, for Projecu under construction, were not adequately addressed in the court's decision. On January accumulated construction expenditures amount to $948,861,000 of "
30,1989, the Vermont Supreme Court denied MMWECs request for a which $114,093,000 represents the amount attributable to the
. rehearing of the case involving the Vermont Participants in MMWECs Department. Debt outstanding for Projects under construction e'roject *6J lludson and Peabody have challenged whether this failurs consitutes a def ault under Me PSA #6 agreement, as outlined included Power Supply System Revenue Bonds totaling $976,595,000 of which $114,M5,000 is attributable to the PSAs of the Depanment.
abov2. * * **"
^* **** * * * #* "
On Auguat 31,1987, Eastern Maine Electric Cooperative (EMEQ "* *" E * * }"*"" "'***""#'"
- o 3.6% participant in MMWECs Proje:t #6, filed for protection under ,
0,W M W," ,ms W atuhaW to Mpam Chapter 11 of the Federal tiankruptcy Code in its petition, EMEC is
- asking the court to reject its contract with MMWEC. EMEC has failed In addition, for Projects in operation, MM7TC has expended t> make payments relating to its PSA contract with MMWEC since anct capitalized $392,395,000. $483,355,000 of Bor.ds are outstandH May,1987, **
" *** F# E 5""' # ** ## ' '
in October,1988. EMECs petition for rejection of the contract was I*" Y'' " I' '" ' #P"'"""*'* P denied by thq U.S. Bankruptcy Court. The judge concluded that **P# #**' " * * "*" E "" * #* * *** I""
MMWEC has a valid claim againo F.MEC stemming from EMECs '* ' ' "" ' ' **E*# I' payment default under the cet' o orlor to EMECs entering Chapter lludson's Light Department has entered into power purchase
- 11. MMWEC has formally file ' s an in the proceedings for the contracts or PSAs with MMWEC. Under the above agreements, the money it is owed. EMEC resp ' 7 the claim with a counterclaim Department is required to make capacity and/or debt service alleging, among other things, t i * ', roject a6 PSA with MMWEC is void as a result of the Vermont Su, ame Court decision. MMWEC payments to MMWEC, 'Ihe aggregate amount of such required payments, exclusive of Reserve and Contingency Fund bilhngs, on has moved to distalss the counterclaim on most counts and for a '
mora definite statement on other counts. As ofJanuary 11,1989, the Bonds outstanding and significant power purchase contracts through HMWEC at December 31,1988 is shown below.
bankruptcy court had these motions under advisement.
The 1.udson Light and Power Department is one of nine Plaintiffs in a lawsuit filed December 9,1988 against the Commonwealth of ANNUAL COST Massachusetts end several of its executives and agencies. The
( $15,497,000
, lawsuit seeks rnonetary damages for the Commonwealth's actims For years ending December 31,1989 relative to the Seabrook heensing process. Iludson and the other 1990 16,028,000 Plaintiffs allege that the actions of the Commonwealth amount to a 1991 16,002,000 taking of their investment in Seabrook. The damages sought depend 1992 16,160,000 on whether the NRC issues a commercial operating license or not. If 1993 15,983,000 no licenw is issued, iludson will seek a recovery of its entire Later fiscal yoars 330,329,000 investment. If a license is ultimately issued, then damages for the $417,999,000 delay will be sought. It is andcipated that the trial will commence in TOTAL 12 to 15 months.
The Town of fludson Light and Power Department has initiated in addition, the Department is required to pay lu share of the litigation, along with twelve other Massachusetts municipal electric operation and maintenance costs of the units in which they partici.
departments, against Doston Edison Company for breach of unit pale. The Department's total operation and maintenance costs under the agreements were $40d,000 and $430,000 for the years endtnr'
~ power purchase contracts and associated transmission contracts, December 31,1988 and December 31,1987, respectively. .
arising out of Boston Edison's mismanagement of the Pilgrim Nuclear Station Unit No.1, which shut down in April 1986 and is only now 32
3, . 3
- o. -
,3 ii nancial Statements L>
'm:
Receipts and Expenditures Cash Balance -January 1,1988 $ 6,251,538.36 RECEIVED Receipte:
Residential Sales S 7,183,306.24 CommercialSales '1,549,816.60 Industrial Sales 14,165,909.73 Street Lighting 110,974.33 Yard Lighting 108,741.25
. Municipal Sale: 1,188,245.03 Consumer Deposhs 75,759.15 Int; on Consumers' Deposits 19,522.23 Int. on invested Funds 265,826.31 Sundry Revenues 365,009.42 i TOTAL RECEIPTS $25,033,110.29 PAID OUT Returned to Town S 200,000.00 Consumer's Deposits Refunded 64,405.00 Consumers'Despoits int. Allowed 9,105.55 Overpayment Refunds 5,457.39 Contractor Advances Refunded 12,500.00 Payrolls 1,175,826.04 inv. for Supplies, Services, etc 24,176,324.28 Employees' Retirement Trust 161,883.27 TOTAL EXPENDITURES $25,805,501.53 '
I Cash Balance-December 31,1988 $ 5,479,147.12 i
.:.33
i
~
Vl ..
,,IFinancidl' Statements ,
i Revenue'from Sales of Electricity January 1,1988 - December 31,1988 HUDSON STOW OTHER TOTAL-
$ 2j00,161.89 $ 953,932.78 $ 53,411,15 - $ 3,807,505.82
' Res. Service *A* 18,864.69 1,006,064.49-370,859.92 Res. Service *E' Wtr Htt 616,339.88 1,007,333.29- 404,098.09 11,783.70 1,423,215.08 All El:c. Service "F" 8,978.32-4,969.09 4,009.23 0.00 ,
Com. Htg. & Air Cond.
1,016,463.58 313,843.40 8,775.16 1,339,082.14
. Com. Service 'C' 11,256,438.76 10,061,919.67 1,194,518.89 0.00 Larg) Power "D* 498,756.80 107,890.28 0.00 390,866.52 Municipal All Elec.
i 39,057.58' 12,210.51 916.90 52,184.99 Municipal Service 'C' 382,028.94 84,559.18 0.00 466,588.12
> Municipal Power *D" 113,7;'8.30 7,173.57 68.32 121,020.19 Strzet Lighting '
76,985.09 10,160.37 656.37 87,801.83 Yard Lighting '
. Fuel Charges:
$ 435,177.92 $ ' 150,726.73 $ 8,409.64 $ 594,314.22 R2s. Service *A* 176,099.62 107,424.19 65,393.32 3,282.11 R:s. Service *E' Wtr Htr 199,050.68 80,506.24- 2,298.69 - 281,855.61 All Elec. Service 'F" 2,321,?R 1,296.72 1,024.56 0.00 Com. Htg. & Alt Cond.
179,532.03 55,376.55 1,564.82 236,47 Com. Cervice *C* 3,170,406.2.
2,850,545.93 319,860.56 0.00 Large Power "D' 104,938.76 22,620.17 0.00 82,318.59 Municipal All Elec.
7,120.93 2,195.75 167.24 9,463.92 -
Municipal Service "C" 92,820.26 19,085.74 0.00 ~111,906.00 i' Municipal Power 'D
0.00 '1,027.50 8.48 1,035.98 Stree' Ligbting 11,938.83 1,611.08 104.67 13,654.58 Yard Lighting
$20,134,455.45 $4,052,173.97 $583,497.05 $24,770,126.47 TOTAL REVENUE EACH ZONE
$ 849,063.56 MISCELLANEOUS ELECTRIC SALES
$25,619,190.03 TOTAL REVENUE FROM SALE OF ELECTRICITY Res. Service *A* $4,401,820.11 R:s. Service "E' Wtr Htr 1,182,164.11
' All Elec. Service "F" 1,705,070.69 Com. Htr. & Alt. Cond. 11,299.60 Com. Service 'C' 1,575,555.54 Large Power *D* ' 14,426,845.25 Municipal All Elec. 603,695.56 Municipal Service 'C' 61,668.91 Municipal Power *D* 578,494.12 Strzet Lighting 122,056.17 Yard lighting 101,456.41
! TOTAL $24,770,126.47 34
vn ~ s ,
"J' >
L fFinancial Statements
- 1 L.
Kilowatt. Hours Generated, Purchased, Sold and Used 3' January 1,1988 - December 31,1988 t.. , ,
Kilowatt hours Generated at station 13,522,200 L
242,603.944 Kl.owatt hours Purchased 256,126,144 TotalGenerated and Purchased OTHER HUDSON- STOW AREAS Killwatt hours sold 541,196 27,864,935 9,677,424 R:sidence Service 'A' 213,482 6,873,368 - 4,208,169 .
. S:rvice E* (wtr htt) 146,601 All Electric Service *F* 12,591,168 5,089,150 56,106. 44,652 0 Htg, and Air Cond for Business 7,947,276' 2,456,775 .69,843 '
Commercial Service *C' 127,304.083 14,249,771 , 0 ,
Lar3e Power *D* 0' 310,198 0 DrpartmentalUsage 1,437,300 0 5,224,800 Municipal All Electric 313,633 97,004 7,293 Municipal Service *C' 4,126.052 848,700 0 Municipal Power *D*
Street Lighting 1,244,512 46,616 385 541,641 73,090 4,749 Yard Lighting 190,610,272 36,789,351 6,208,349- l TOTAL KILOWATT HOURS EACH ZONE 233,607,972
! Tctil Kilowatt houra distributed .
- 1,311,300 l Kilowatt hours used at Station and Miscellaneous 9,489,344 L Kilowatt hour: lost in Station and Transmission
' 11,717,528 Kilowatt hours lost in Distribution Lines
- TOTAL 256,126,144 - l
- l. Percent lost in Distnbution Lines 4.5749 %
Percent lost in Station and Transmission Lines 3.7049%
l l Five Year Comparative Electric Sale Data .
1988 1987 1986 1985 1984
' Customers 8155 8058 7902 7781 7609 Residential 804 Commercial 1109 949 913 828 p
163 166 163 165 163 i industrial Municipal 85 83 81 85 87 ,
162 158 160 156 146 Others ,
9674 9414 9219 9015 8809
' TOTAL l Kil: watt Hour Sales 67,203,493 65,216,046 63,146,242 60,446,805 60,316,590 l
' Risidential 10,574,652 9,700,661 8,321,322 7,846,110 7,211,267 Commercial 141,553,854 128,923,612 119,895,569 115,805,595 100,176,642 Industrial '
13,346,295 12,611,061 11,239,163 11,138,332 11,461,254 Municipal 619,480 583,159 578,641 577.809 554,878
~ Oth r TOTAL 233,297,774 217,034,539 203,180,937 195,814,651 187,720,631 >
Revenues Billed
$ 7,289,054.91 $ 6,310.178.06 $ 4,972,237.43 $ 4,635,119.35 $ 4,694,342.23 Resid.
1,586,855.14 1,305,276.00 937,708.38 813,808.50 739,327.92
~ Comm.
Indust, 14,426,845.25 11,755,672.03 8,937,811.94 8,202.198.58 7,531,470.77 Municipal 1,365,914.76 1,135,655.26 831,562.12 804,941.72 817,356.92 101,456.41 84,700.75 70,241.66 64,194.19 60,430.40 Dther
$ 24,770,126.47' $20,591,482.10* $15,749,561.53' $14,520,26?.34' $13,842,928.24' TOTAL
'Does not reflect accounting adustrnents for fuel charge.
35
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" l 49 Forest Avenue' ' PERMIT NO. 4'
' HUDSON. MA l
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liudson. Massachusetts 01749 l> . T. el. 508 568-8736 - ',
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TYin deta wil be used to deteronine your opereNe *tte e'd hnentiel etruerian. Y.wr response h reuutr 1 L*.R C. 90i et see I and so not esv%t r9tal. ;
.e a y30A.gA 90R ROWE R DE&n 740N f. rm A' proved ,
e t Vermont 12 Hrmpshiro ohfB N1,0312 treue 00I1 scis sreo 90RROWER N AME AND ADORESS 9
OPERATING REPORT - FINANCIAL Vt. Electric C & T Cooperative, Inc.
Johnson, Vt. 05656
' d*8' d TecemYeI31,1988 AS AUDITED * * * " * " ""
7No#d.' eYstN"$'s."'"*' *"d /'* N" d-CERTIFICATION we hereby certify that the entries in this re ort are in accordance with the accounts and other records of the system and reflect the status of the system to the fest of our knou ledge and belief.
alt. INSURANCE REQUjRED BY PART 1788 OF 7 CFR CHAPTER XVil, REA.WAS IN FORCE DURING THE REPORTING !
PERigDAN we ave RENEWALS A
e , EtoBEEg8Tpn rep acementlNED
- - as coverege.
g.py FgR ALL POLICIES DOL coverage cancelle 8-24-86; IG TURECl F- % u mtACCOUNTANT T d( . N __ - __ ,_ '2-b b i SIGNATURE OF EANAGER DATE SECTION A. STATEMENT OF OPERATIONS
^ ^ THIS MONTH ITEM LAST YEAR BUDGET t
THl3(by YEAR' tel (d) fel
- 1. Electric Ener'gy Revenues. . . . . . . . 11 201 900 10 681 573 10 869 966 928 641
- 2. Inctme From Leased Property . Net . . . . .
- 3. Otter Operating Revenue and tr.come . . . . i
- 4. Tctet Oper. Revenues & Patronage Capital (1 thru ). 11 201 900 10 681 573 10 869 966 928 641 350 018 50 416 i
- 5. Operation Expense . Production . Excluding Fuel . '362 287 374 491
- 6. Operation Ex,aense . Production . Fuel . . . . 246 579 280 529 200 715 28 131
- 7. Operation Expense .Other Power Supply . . . 5 836 060 4 661 750 4 950 508 236 925
- 8. Operation Expense . Transmission . . . . . 627 455 577 637 609 132 51 719
- 9. Operation Ex.>ense . Distribution. . . . . .
- 10. Operation Expense . Consumer Accounts. . . . I 161 918 1 200 67
- 11. Operation Expense . Consumer Service & Inform.
l .
- 12. Operation Expense . Sales. . . . . . . .
l 13. Operation Expense. Administrative & General . . 276 993 383 758 295 125 51 158 l 14. Tatal operation Expense rs thru f 3J. . . . . 7 350 535 6 279 083 6 406 698 418 416 l- 15. Maintenance Expcase . Production . . . . . 159 754 70 514 96 000 17 207 l 16. Maintenance Expense . Transmission . . . . . 384
- 17. Maintenance Expense . Distribution . . . . .
l 18. Maintenance Expense . General Plant. . . . .
- 19. Tatal Maintenance Expense fis thru 10). . . 160 138 70 514 96 000 17 207
- 20. Depreclation & Amortization Expense . . . . 970 690 426 840 916 176 77 437 l 21. T:xes . . . . . . . . . . . . . 917 007 76? 956 797 146 17 916 l- 22. Int: rest on Long Term Debt . . . . . . . 3 375 023 3 324 749 2 316 885 196 686 l 23. Interest Charged to Construction . Credit. . . . ( 1 018 933 ) ( l 016 447 ) ( ) ( )
L I
- 24. Other Interest Expense . . . . . . . 567 606 890 440 876 810 212 482
- 25. Other Deductions . . . . . . . . . . 88 131
- 26. Total Cost et Electric Service (14 + 19 thru 25) . . I1 680 197 10 717 444 10 869 966 934 437
- 27. Operating Marsi,ns f 4 - ses . . . . . . . ( 478 297) ( 35 873) ( 8 796)
- 28. Iriterest income . . . . . . . . . . 47 452 35 871 8 796
- 29. Allgwence for Funds Used During Construction . .
- 30. Other Nonoperating income . Net . . . . .
- 31. Generation & Transmission Capital Credits . . . #
- 32. Other Capital Credits & Patronage Dividends. . .
- 33. Extraordinary items . . . . . . . . .
- 34. Net Patronage Capital or Margins (2 7 thru 33) (430 845)
ITEM Mats /kWh (Optional Use by Borrower)
- 35. Electric Energy Revenue Per kWh Sold . . . . . . . . .
- 36. Tctal Operation & Maintenance Expense Per kWh Sold .
. , ,..M g 'g72, '
- 37. Tctal Cost of Electric Service Per kWh Sold . . . . . . bNk ;'
- 38. Purchased Power Cost Per kWh REA Form 12a (Rev. 8 88) PAGE 1 OF 2
r e j
[ ,
.j vsoA. TEA soRROwtR DESIGNATION REA USE ONLY '
VERMONT 12 HAMPSHIRE i
OPERATING REPORT FINANCIAL. MONTH ENDING De cember 31. 1988 AS AUDITED SECTION B. BALANCE SHEET ASSETS AND QTHER DEBITS LIABILITIES AND OTHER CREDITS !
- 1. Total Utility Plant in $ervice. . . . . .
- 31 841 228 27. Memberships. . . . . . . . . . 30 l
- 2. Construction WoA in Progress . . . .. 25 475 709 3s. Pattonage Capital
- 3. Totat utility Ptant as + 2) . . . .. . 57 316 937 a. Anigned and Anignable . . . .._( 326 474-)
- 4. Accusa. Provision for Depreciation & Amort. . 3 104 954 b. Retired This Year . . . . . . .
6 Net Utility Plant (3 4) . . . . . . . 54 211 983 c. Retired Prior Years . . . . . . .
- 6. Non Utility reoperty . Net . . . . . . d. Net Patronage Capital ' . . . . . . ( 326 474 ) ,
- 7. lavest.in Assoc.Org.. Patronage Capital . . 60 996 29. Operating Margins. Prior Years . . . . .
- 8. letvest,in Assoc.Org..Other . General Funds . I8 177 30. Operating Margins . Current Year . . . .
- 9. Inwst. in Assoc. Org. . Other . Non Gen. Funds . 31. Nonoperating Margins . . . . . . .
10 Other Innstments . . . . . . . . 234 560 32. Other Margir.s and Equities . . . . . . 20
- 11. Special Funds . . . . . . . . . 33. Total Margins & Equities (2 r + 28d shru 32) . ( 326 424 )
- 12. Total other Property & lnvestments (s thru f f). 313 733 34. Long Term Debt . RE A . . . . . . . 13 904 634
- 13. Cash General Funds. . . . . . . . 52 35. Long Term Debt.Other. . . . . . . _28 646 123
- 14. Cash . Construction Funds . Trustee . . . . 320 36. Total Long-Term Debt (34 + 33) . . . . 42 550 757
- 15. Special Deposits . . . . . . . . . 37. Note: Payable . . . . . . . . . 5 268 179
- 16. Temporary investments . . . . . . . 38. Accounts Payable . . . . . . . 7 968 948 i
- 17. Notes Receivebte . Net . . . . . . . 3g Taxes Accrued . . . . . . . . . 61 650 ,
- 18. Accounts Receivable . Net . . . . . , 11'464 748 40. Interest Accrued. . . . . . . . . 2 295 020
- 19. Fuet Stocis . . . . . . . . . . 41. Other Current & Accrued Liabilities. . . .**11 ??O 141
- 20. Materials and Supplies . Other . . . . . 42. Total Current & Accrued Liabilities (32 thru 41) 26 813 940
- 21. Prepayments . . . . . . . . . . 70 572 43. Deferred credits. . . . . . . . .
- 22. Other Current and Accrued Assets . . . . 44. Operating Reserves . . . . . . . .
- 23. Total Current and Accrued Assets t13 thru 22) . 11 %1% 607 45. Accumulated Deferred income Taxes . . .
- 24. Unamortised Debt Disc.& Extraord. Prop. Losses ? 07A A50 46. Total Llabilities and Other credits
- 25. Other Deferred Debits . . . . . . . 97 419 (33 + 3s + 42 Aru d5) . . . . . . . 69 038 273
- 26. Totat Assets & Other Debits (3 + J 2 + 23.24. tal. 60 01R 771 SECTION C. NOTES TO FINANCIAL STATEMENTS THE SPACE BELoW 45 PRovioED FoR IMPoRTANT NOTES stEGARolNG THE 8PINANCIAL STATEMENT CONTAINED IN THIS REPORT.
(IF ADDITIONAL SPACE IS NEEDED, USE SEPARATE SHEET.)
- Included in Utility Plant in Service are Project Costs for Millstone 3, North llartland Hydroelectric, and liighgate Transmission. Costs for these are not finalized ands therefor a not unitized.
- Plant in Service Amount Millstone 3 14 395 590 North Hartland Hydro 16 643 527 Highgate Transmission 773 981 Other 28 130 TOTAL 31 841 228
- Includ'es past due principal 620 222 interest 10 594 982 11 215 204 IL E A FORM 12a (Rev. J 2 841 PAGE 2 oF 2
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, , , . - _ - - -. - _ . - - z. _ _ _ . , _
s BORROUVER DESIGNATION YEAR ENDING ggA ggg my ,)
USDA - cEA AS AUDITED
- yermont 12 Hampshire OPERATING REPORT - SALES OF ELECTRICITY December 31s 11B8 PURCHASER 88LLED ISI ARIOUNT 88LLED ISO pg m RS RIANO
- M (es te ces in
, ces SALES FOR RESALE .SPECIAL SALES TO REA BORROWERS (List separerely) jg/gpsF3;;g ms . v;
$.?n 40.
Vermont Electric Cooperative, Inc. (Vermont 7) W ;:2xpg:sg 28 338 92 830.9 8 659 878 93.29
- 43. :.;
- 42. g' p,3 4 ]pj]gg g: -75 S M 43- L g....
44- m us; ,%;:p: ud,
- 45. j55""^T ;f
- 46. %j/e fjg . ,"f: 9/
c 47- TrkM~- yg,m:- r
- 48. dg>E2W3%
49 j:,jff!MS So. Id!h8
- 51. TOTAL SPECIAL SALES TO REA BORROWERS (s=m of thes 40 thre 80) 28 338 92 830.9 8 659 878 93.29
- 52. TOTAL SALES TO REA BORROWERS (som etlines 39 + si) 28 338 92 830.9 8 659 878 93.29 SALES FOR RESALE TO OTHER THAN REA SORROWERS (List separefely) J' '" $[7dy ~
- 53. Unitil Power Corporation 2 500 5 472.0 149 417 27.31
- 54. Fitchburg Gas & Electric : g 2 500 10 045.8 404 177 40.23 707 812 30.16
- 55. Green Mtn. Power Corporation '::. . .
3m -
-J re.J 5 000 23 470.7
- 56. Boston Edison Company P M .39 3B. 8 000 28 371.2 760 289 26.80
- 57. f"' " ' l$
- 58. y@f8
- 59. t 4
$. hbh 60- si 'pm2:'
61 gg 62.
g
- 63. g
- j:'
64 $ ff 65-N ng%:
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- 66. F$lif$
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- 67. i Sh
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- 69. fs3ffg:;ggissgg
,- w.mmy,,,
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- 71. y :
- 72. d"k. yf.
'3- ? sa$
7a.
K %.:,. ..?M -
- 75. TOTAL SALES TO OTHER THAN REA BORROWERS (Som ettines 82 thru Foi 67 MQ 7 2 021 695 30.01
- 76. TOTAL SALES FOR RESALE (s=m ets#=ee st + 7sf 160 190.6 10 681 573 66.68
- 77. TOTAL SALES (sum errigee f + 76) 160 190.6 10 681 573 66.5R REA FORM 12b (Ree.12-84J FAGE 2 OF 2 n , ,m . , , - , a-., e.-n.., ..,c.- w , n ,<, ,,, p
]
USDA.REA BORROWER DESIGNATION Tu dose esar te need se decennene year speseseng Fesus Appresed [~ .
sesefte and effueffen. Year sospense f4 ONS No.0Sf349fT
"**"'""*'"#"""******" * * * * ~
OPERATING REPORT - YEAR ENDING REA USE ONLY SOURCES AND DISTRIBUTION OF ENERGY ver:nont 12 llampshire AS AUDITED %
INSTRUCTIONS - sa6mit en ortainet and tour copie* to REA. For d*t=Ited inetmettena. *** REA EOnt-3.
- 00
' REA USE ONLY ANNUAL NET ENERGY AVERAGE PEAK RECEIVED BY COST ($1 COST SOURCE OF ENERGY NAMEPLATE CAPACITY DEMAND (kVv1 SYSTEM (Muglel M tap (6) $cf fd fel if1 M GENERATED IN OWN PLANTS (DetsNe en Forms #2d, e. f.and g)
- 1. FOSS.L STEAM
- 2. NUCLEAR Millstone 1 0.1sY intnriv m.rnr a 1 4 046 74 110.7 2 330 845 96_19
~
- 3. HYDRO North finrrlnna 1 4 000 in 111 A 9 9AA r.M Ma la
- 4. INTERNAL COMBUSTION AND OTHER
- 5. TOTAL IN OWN PLA.4TS (s== of finee r th= 4) 2 8 046 34 342.3 4 597 751 111_A7 PURCHASED POWER (List each empplieresperately) CODE
- 6. Vt. Electric Power Company-Merrimack 2 - coni 1 909 17 1&7 1 111 1LA 9 A _ n2
- 7. -Vermont Yankee - nucienr s 477 t.1 492.6 1 475 101 33.92 7 350.7 307 363 41.81
- 8. _NEPOOL Purchases -
- s. -NEPOOL Sales of Surplus -
(22 156.7) ( 494 302) 22.31
- 10. State of Vermont-Dept. Public Service-liighgate (Canadian) 5 229 42 262.7 1 210 196 28.64
- 11. State of Vermont-Dept.Public Service-Ontario flydro.(Cana< inn) 575 408.0 23 563 57.75
- 12. Northeast Utilities-Cas Turbines 8 000 1 829.4 204 587 111.83
- 13. Central Vt. Public Service Company - System Power 5 000 40 314.5 1 402 122 34.78 14 15.
16.
17.
18.
19.
20.
- 21. TOTAL POWER PURCHASED (som erlines 8 thru 201 ]25 848.3 4 459 976 35.44 INTERCHANGED POWER
- 22. RECEIVED INTO SYSTEM (Geoss) N/A
- 23. DELIVERED OUT OF SYSTEM (Groes)
- 22. NET INTERCHANGE (Line 22 minus 231 TRANSMISSION FOR OR BY OTHERS - (WHEELINGl
- 25. RECEIVED INTO SYSTEM N/A
- 26. DELIVERED OUT OF SYSTEM
- 27. NET ENERGY WHEELED (Line 28 miams 26)
- 28. TOTAL ENERGY AVAILABLE FOR SALE ts== of renee s + 2r + 24 + 27, 160 190.6 gjMjgg@@"higj@%G .. $i!
160 190.6 Fef9d J
- 29. TOTAL SALES froem 126. rine 77)
- 30. ENERGY FURNISHED TO OTHERS WITHOUT CHARGE -
gs@bh 2+Md[0
- 31. ENERGY USED BY BORROWER (Encludas Station Uso) __
yds yj
- 32. TOTAL ENERGY ACCOUNTED FOR (sum of fine 29 sh w 31) 160 190.6
- 33. ENERGY LOSSES .mWh (Line 28 minus 32; C&T books no losses 1 4 MM5
- 34. ENERGY LOSSES - PERCENTAGE (Line 33 + tree 28 X 700) % NN -. .. . , . - -
RLA FORM 12c (Ree.12 849
- - = . - - - - ._ - - - _ . _ _ _ - . _
's .
f, .
USDA= LEA Th*a def1 u'ait be esid o delirmins pose cpeastant results Firm A; prose-3 '
end Snenteel struitions. Your respues to requires (1 U.S.C. CMB N105124011
> 901 et see ) and in not confidentiet. boires 10130100 SORROWER DESIGNATION REA USE ONLY OPERATING REPORT -
Verm nt 12 Hampshire HYDRO PLANT PLANT Hartland INSTRUCTIONS
- Submit an original and four copies to AKA. YEAR ENDING ,
roe desoned in.erverson,. see ara sOa(.s. December 31,19 88 AS AUDITED SECTION A. HYDRO GENERATING UNITS OPERATING HOURS G 088 OUT OF SERVICE LIN,E UNIT NO. SIZE (kW) GENE RATION IMWh)
N~ IN SERVICE ON STANDBY seneevice Unseneevies (ab (b) (e) (d) (e) In (g) le 1 A non 9 525.2 7 476 R Ano 93 171.7% L77 2.
3.
4.
5.
- 6. TOTAL 4 000 9 995_?
- 7. Station Service (MWh) #3 161_A HYDRAULIC DATA ITEM (a) MAXIMUM (b) MINIMUM 8, Net Generation (MWh) 9 383.8 82 412.1R
- 1. pool ELEV ATION (Ft.) ll 452.94 l
- 9. Station Service }*4g, *
- 2. T AIL R Act ELEV ATION (Ft.) 358 15?
%of Gross WATER SpittEo Q vEs O NO vf6ECTION B. LABOR REPORT SECTION C. FACTORS & MAXIMUM DEMAND
' l ' VALUE ITEM VALUE ITEM VALUE ITEM N , N N l
No. Emp. Full Time 5. Maint. Plant Peyroll ($) 1. Load Factor (%)
l 1.
(inc. Superintendent) 6. Other Accounts 2. Plant Factor (%)
- 2. No. Emp. Part Time 1 Plant Peyroll ($) 3. Running Plant Capacity Factor (%)
- 3. Total Emp.. Hrs.h 7. TOTAL 4. 15 Min. Cross Maximum Demand (kW) 4 Oper. Plant Peyroit (S) Plant Payroll ($) 5. Indicated Gross Max. Derrend (kW)
SECTION D. COST OF NET ENERGY GENERATED [
LINE ACCOUNT AMOUNT ($) MILLS / NET kWh PRODUCTION EXPENSE N ,. NO. (a) (b)
- 1. Operation. Supervision and Engineering $35 6 034 M WN#4' '
- 2. Water for Power 536 23 366 l
- 3. Hydraulic Expenses inc. Vehicle en ,
537 11 7R1 4 Electric Expenses 538 1 QAR f
- 5. Miscellaneous Hydraulic Power Generation Expenses 539 17 017 !
- 6. Rents $40 Bn WWW+' '
- 7. OPEHATION EXPENSES (I thru s) s- s ' 3 'e s 7A A R t
- 8. Maintenance, Supervision and Engineering 541 15 768 77, ;' ,
- 9. Maintenance of Structures $42 ';,s' ' , ,
l 10. Maintenance of Reservoirs, Osms and Waterweys 543 i'5 '
"]'*' ,>
- 11. Maintenance of Electric Plant 544 54 745 '., ,> .* ' ,
l 12. Maintenance of Miscellaneous Hydraulic Plant 545 l 13. MAINTENANCE EXPENSES (8 thru 12) ,', ' ~
70 513
- 14. TOTAL PRODUCTION EXPENSES (7 + 13) ' ' '
145 196
- 15. Depreciation 403.3 114 OOR . y' ' ]' ,; , s ,s l
- 16. Taxes 408 158 R45 s s'
- 17. Interest 427 1 596 11 459 RQR
\ Q
- 18. Insurance 924.925.926 '
l
- 19. TOTAL FIXED COSTS (15 thru ls) ; s , 2 121 710 POWER COST (14 + 19; 4 2 266 406 20.
REMARKS (including Unscheduled Outesen) 9t E A FORM 12e (ft ey. 12 84)
- y. , ,
s, .s ,
, p -- ,
,ano me xw a -
a .-
4 ,
t-
<, ,, g? J. 1* ,
6 :G
, _4 f d'*
. .g
, ' .d '
VEMMnNT FO FCTRTC. GENERATION ?x TRANSMIGSION COCPERATIVE. .INC.
for'calandarfvoar 170G r nemi12 nehs ;I- 1 :
,1 Coios.af'Ennineers atcred t. cod watwrs.
- 2. Gea r,cee vra c drawn dcwn to do maintenance bv Caros of Enoineers.
- 3. Station ~Enrvice: 132.017 t1WH purchased 9.409'MWH cenerated 141.4 MWH combined
- 4. RunnJno 01 ant caoacitv facter:
This cannot be determinedifor North Hartland. The microoroc9ssoi- coerates the alant at the most ef ficient coint for the amount of water available durina the day.
If the unit were run at . full load all the timo, then the hours of operation would be.less since the volume of water available each dav is a fined number.
5.. Vermont 12 has no payroll. There is a contract with New Encland Power Company for coar.vtion and mai ntenance
$ nervices for the site. Centractor costs are included in
?)
[-
costs listed in Section D.
Y j
i s
L.'
e
-C a m.
E' h
. e
'. , f USDA.GkEA TW) den sual be used t9 desemhe pour operati:g form Appros,ed meul4 and (fnenedal effustion. Your mspinee $ regylred CMS N:. 08T2 0017 (1 U.S.C. 002 et seq.) and to not centsdentiet. E.spirre 20/21/00 8 RR WER E880NAT8 N REA USE ONLY OPERATING REPORT , i Verm nt 12 Hapshire NUCLEAR PLANT PLANT Millstone 3 - Total Plant INSTRUCTIONS . Kubmit en original and four toplea to RKA. YEAR ENDING for detelied instructions, see RKA EOM.S. DtCtm ber 31, 1988 SECTION A. BOILERS AND GENERATING UNITS OPERATING HOURS GROSS UNIT TIMES OUT OF SERVICE LINE SIZE (kW) GENERATION NO' STARTED (u g IN SERVICE ON STANDSY )
NO. Scheduled Unscheduled (a) (b) (e) (d) (e) (() (g) (h)
- 1. 1 6 1 253 00C 8 050 120.5 6 956.1 -- 954.4 R7 4 c; 2.
3.
4.
5.
- 6. TOTAL 6 1253 00C 8 050 120.5 Station nnce o ross .
^
SECTION B. LABOR REPORT SECTION C. FACTORS 8 MAXIMUM DEMAND VALUE ITEM VALUE ITEM VALUE of ITEM N N
- 1. No. Emp. Full Time 5. Maint. Plant Payroll ($) 1. Load Factor (%) 80.2 (inc. Superintendent)
- 6. Other Accounts 2. Plant Factor (%) 73.1 No. Emp.Part Time Plant Peyroll($) 3. Running Plant Capeilty Factor (%) 92.4 2.
- 3. Total Emp >&s. Worked 7. TOTAL 4 15 Minute Gross Maximum Demand (kW 4 Oper. Plant Peyroll ($) Plant Payroll ($) 5. Indicated Gross Maximum Demand (kW SECTION D. COST OF NET ENERGY GENERATED LINE ACCOUNT AMOUNT ($) MILLS / NET kWh PRODUCTION EXPENSE NUM8ER NO. (e) (b)
- 1. Operation, Supervision and Engineering 517 s Ms %#s " '
- 2. Fuel 618.1
- 3. Lesa Fuel Acquisition Adjustment 518.2
- 4. NET FUEL EXPENSE (2 2) :5eNOM:s <:M^ed @"
- 5. Coolants and Water 5*9
- 6. Steem Expenses 520 Ei*,:gM 1:.yg:rg@R
- 7. Steem From Other Sources 521
- 8. Electric Expenses 523 >,j, s s y
. 9. Miscellaneous Nuclear Power Expenses 524 4 ' s s Q 'f ,'. y a ^(
s
's ' *
- 10. Ranu 525 '
- 11. OPERATION EXPENSES (1 + 4 thru 10) * ' 55A #
- 12. Maintenance, Supervision and Engineering 528 ,3<s '.
s
- 13. Maintenance of Structures $29 , .
' , C
- 14. Maintenance of Reactor Plant Equipment 530 ; ' '3 's t'(, , ' le
- 15. Maintenance of Electric Plant 531
, \ s s' "N ;
~
- 16. Maintenance of Miscellaneous Nuclear Plant 532
' 7 " '3 '
- 17. MAINTENANCE EXPENSES (12 thru 16) #xs3s ' '
- 18. Reactor Oredits h' @
'N" < 5 5 Mk s.
~
- S -
- 3Hi
- 19. TOTAL PRODUCTION EXPENSES (if + 17.Js)
- 20. Depreciation 403.2 ,
s s
sC
- 21. Taxes 408 s s,
s
- 22. Interest 427 4 ,'q'q.[ '
924 325 S26 's- '
, 23. Insurance
- 24. TOTAL FIXED COSTS (20 thru 22J '
m3nN '
- 25. Less Plant Acquisition Adjustment 406
- 26. POWER COST (19 + 24 25) <' ' ' ~
REA FORM 12g (Rev.12 84)
[
q*
USDA. REA Th3 del:: apill be t' sed t) determine pour epJrefut forms Approsed reeutM Frd financiel situstion. 1'our responed 40 nq1trej Ohl3 NA 0618 0011 47 U.S.C. 008 et nee.1 end in a st eonfMentiel. Espires 80/31/90 8 RR WER E81 GNAT 8 N REA USE ONLY OPERATING REPORT - Verm nt 12 Hampshire NUCLEAR PLANT PLANT Millstone 4 (.35% ownership)
INSTRUCTIONS . Butmit en originet end four ropan to RKA. YEAR ENDING For defeiled instructiona. eee nKA KOA(* 2.
December 31, 1988 SECTION A. BOILERS AND GENERATING UNITS OPERATING HOUNS M OSS UNIT TIMES GENERATION OUT OF $ERVICE LINE STARTED SIZE (kW)
NO* IN SERVICE Or4 STANOSY NO. (MWh) $cheowied un.cheavies (e> m (e) (d) (e) (n (s) (n>
- 1. 1 6 4 386 28 175.4 6 956.1 -
954.4 873.5 2.
3.
4.
5.
- 6. TOTAL b 4 366 25 175.4 1 Station tv es o ross 47 >'
SECTION B. LABOR REPORT SECTION C. FACTORS & MAXIMUM DEMAND ITEM VALUE ITEM VALUE N ITEM VALUE N. .
1 No. Emp. Full Time 5. fAelnt. Plant Payroil ($) 1. Lood Factor (%) 80,2 (inc. Superintendent) 2. Plant Factor (%) 73.1
- 8. Other Accounts No. Emp. Part Time Plant Peyroll($) 3. Running Ptant Capacity Factor (%) 92.4 l 2.
Total Emp Hrs. Worked TOTAL 4. 15 Minute Gross Maximum Oomend(kW I
- 3. 7.
- 4. Oper. Ptent Payroll ($) Plant Peyroll ($) 5. Indicated Gross Maximum Oemend (kW "UfW1 COSTS in L d/C y 14;lCfilON D. COST OF NET ENERGY GENERATED L NE PRODUCTION EXPENSE ACC NT AMOUNT (S) MILL T kWh y
- 1. Operation, Supervision and Engineering 517 271 866 ' wdMFJ 4M I l Fuel 618.1 280 529 10.44 l 2.
( 3. Less Fuel Acquisition Aciiustment 518.2 l 4 NET FUEL EXPENSE (2 3) 4:8MNAN us3584'~' ' 280 529 10.44
- 5. Coolants and Water 619 gyp %$ff: qj
- 8. Steem Expenses 520
- SNf550MFN{ 'Og E
- 7. Steam From Other Sources 521
][f
- 8. Electric Expenses 523
- 9. Miscellaneous Nuclear Power Expenses 624 31 063 gp E
- J55P ' LgN g
- 10. Rer ts $25
- 11. OPERATION EXPENSES (1 + 4 thru 30) "Ms:5 ' ' ' 583 458 21.72
@ . [ *)
- 12. Maintenance, Supervision and Engineering 528
- 13. Maintenance of Structures 529 * $ ' dOU)' '/O'f'< <?;
Maintenance of Reactor Plant Equipment 530
- h['(l','k[
14.
- 15. Maintenance of Electric Plant 531
- x,', $$ .,' ! '[.;'[ .
'J'/ *
- 'S -
- 16. Maintenance of Miscellaneous Nuclear Ptant 532
- 17. MAINTEN ANCE EXPENSES (12 thru Ja; g ,4.:.+.s.::: si:i < *
- 18. Reactor Credits fin,' k b ' ',^ ', y.;8 ' < :n:::;A
- 19. TOTAL PRODUCTION EXPENSES (JJ + 11. Jgj k 's 'NN $M 583 458 21.72
- 20. Oepreciation 403.2 403 353 ' / 's g, ', s ' , ,,
21 Taxes 4o8 83 411 , , . , W 'c', . s +
- 22. Interest 427 L 260 623 ',,'m' 's ~
s 924,925.926 * #J" ' 'J
- 23. Insurance
- 24. TOTAL FIXED COSTS (20 thre 23J
~s + ' 747 387 65.0 5
- 25. Less Plant Acquisition Adiustment do6 -
- 26. POWER COST (19 + 24. sss ' '
1 330 845 86. 7 7 ftEA FORM 12g (Ree.12 84)
y ,
uson .aca r,nj gay,e,yge.gr-see >.gr gt,e;, mam
,,,gepjg;yg,,
r OPERATING REPORT - #"'* "'# ""
ANNUAL SUPPLEMENT B RR WER DE810NATI N ,
REA USE ONLY '
Vermont 12 HamEshire _,_
INSTRUCTIONS . Su6mit en original and four eoples to YEAR ENDING f asA. ror det.aed in.imeesraa. ne ara roat.s. December 31, 19 88 SECTION A. UTILITY PLANT BALANCE ADJUSTMENTS ggy S I NO ADDITIONS RETIREMENTS BALANCE RAN ERS END OF YEAR (a) (b) (e) (d) (e)
- 1. TotalIntangible Plant (30s thru 303). 19 667 19 667
- 2. Total Steam Production Plant (3Jo thru 318) .
- 3. Tstel Nuclear Production Plant (Jto thru 3281
- 4. Tztel Hydro Production Plant (330 thru J36) . 3 000 34 2 3 342 .
- 6. Titel Other Production Plant (340 thru 346) .
- 6. T tal Production Plant (3 thru 8) . . . . 3 000 34 2 3 342
- 7. Land and Land Rights (330J . . . . .
- 8. Structures and improwments (Jst) . . . .
- 9. Station Equipment (373) . . . . . .
- 10. Other Transmission Plant (3s4 thru ass) . .
! 11. T:tel Transmission Plant (f thru J0) . . .
- 12. Land and Land Rights (360) . . . . .
- 13. Structures and impronments (361) . . .
j 14. Station Equipment (382) . . . . . .
- 15. Other Distribution Plant (J63 thru Jf3) . .
I
- 16. Titel Distribution Plant (12 thru 18) . . .
- 17. Tttet General Plant (J89 thru 399) . . . 8 463 8 463
- 18. Electric Plant in Service (J
- s + JJ + 18 + 17) 31 130 34 2 31 472
- 19. Electric Plant Purchased or Sa8d (J03). . .
- 20. Electric Plant Leased to Others (104) . . .
- 21. Electric Plant Held for Future Use (108) . .
I
- 22. Completed Const vetion Not Classified (Jos) . 31 078 013 63 596 (125 000) 31 016 609 i 23.' AIquisition Adju(tments (JJ4) . . . .
I 24. Other Utility Plant (J18) . . . . . .
- 26. Nucteer Fuet Assemblies (J20.J thru J20.4) . 1 709 323 78 264 1 787 587
- 26. T tal Utltity Plant in Service (18 thru is).* . 32 818 466 142 202 (125 000)
- 27. Construction work in Progress (107) . . . 21 635 579 698 484 22 334 063
- 29. Trtel Utility Plant (28
- 27) 54 454 045 840 686 (125 000) 55 169 731 l
SECTION 8. ACCUMULATED PROVISION FOR DEPRECIATION AND AMORTIZATION . UTILITY PLANT l COM. BALANCE RETIREMENTS ADJUSTMENTS ANNUAL BALANCE ITEM R j' ACCRUALS NET VAGE TR S ERS END OF YEAR le) (b) (e) (d) (e) (f) f 1. Depr. of Steam Prod. Plant (108.J) .
- 2. Depr. of Nuclear Prod. Plant (108.2) 2.86 1637:248 386 349 1 023 597
- 3. Depr. of Hydraulic Prod. Plant (Jos.J) 2 773 343 320 004 1 093 347 j 4. Dept. of Other Prod. Plant (108.4) ,
- s. Depr. of Transmission Plant (Jos.s). 5.96 202 044 89 026
- 6. D:pr. of Distribution Plant (108.6) . 291 070
- 7. Depr. of General Plant (108.7) . . ns<
5 349 4 954 i
l
- s. Retirement work in Progress (108.8) 10 303
,s
- 9. Tetal Depr. for Elec. Plant in Servsf .8; '
1 617 984 *M M*'" * s 2 418 318
- 10. Depr. of Plant leased to Others (109)
- 11. Dept. of Plant Held for Future Use(JJ0.
- 12. Amort, of Elec. Plant in Service (1J JJ l 13. Amort,of Leased Plant (1J2) . .
- 14. Amort.of Plant Held for Future (1JJ)
- 16. Amort.of Acquisition Adj.(JJs) .
- 16. Dept. Si Amort. Other Plant (J J 9)
- 17. Amort.of Nuclest Fuet (120.8)
- 18. Trt+1 Pmv.for Depr. & Amort. (9 . l f) 433J05 253 631 686 631.___
') Os() 9R9 1 (19't 961 3 104 953 REA FORM 12t1 (Rev.12 44) PAGE t OF 4
." >y e; .
r USDA. LEA BOHROWLR OL61GNATION REA USE ONLY Vermont 12 Hampshire OPERATING REPORT . ANNUAL. SUPPLEMENT YEAR LNDING December 31. 19 88 ,
SECTION B. ACCUMULATED PROVislON FOR DEPRECIATION AND AMORTIZATION . UTILITY PLANT (Continued)
- 19. Amount of Annv*t Accruel Charged to Espense 20. Arnount of Annual Accruel Chergod to Other 21. Book Cost of Property Retired
$ 926 849 ****""" $ $ 22. Rernovel Cost of Property Retired 23. Selvoge Meterial from Property Retired 24. Renewal and R ecernent Cost 8 g 3 SECTION C. NONUTILITY PROPERTY BALANCE ADJUJTME NTS BALANCE ITEM BEGINNING OF YE AR ADDITIONS . RETIREMENTS AND TRANSFERI END OF YEAR te) (6) te) id) (e)
- 1. NONUTILITY PROPERTY (J21). . . .
- 2. PROVISION FOR DEPR. & AMORT.(J22) .
SECTION D. DEMAND AND ENERGY AT POWER SOURCES MONTHLY PEAKS ,_
ggggy pg LOAD MONTH PEAK D AND DAY OF wtEK DAY OF MONTH HOUR OF DAY TYPE OF READING lMWN ()
(a) (6) (c) id) (e) (() (a)
- 1. JANUARY. . 33.3 12 755.5 ~~ 51.5
- 2. FEBRUARY . 33.,3__,,__,, 14"420.5 '5T.T '
- 3. MARCH. . . 33.3 ~~ ~ " ~~
13 261.9 bl.2
- 4. APRIL , . . 33.3 ~~T3 3B O 9 ~~ ~ T4.V 5.MAY. ... 33.4 10 004.6 ~--
41./
- 6. JUNE ... 38.8 7 5 562.6 'T3.Y 38.9 13 582
- 7. JULY ...
.3g3 6 45.d
'46 3
- 9. SEPTEMBER . 33.9 15 233.7 60.4
- 10. OCTOBER. .
_33.9 15 243.7 62.5 t
- 11. NOVEMBER . 33.9 14 534.5 57.5
- 12. DECEMBER . 29.2 10 487.8 49.9
- 13. ANNUAL PEAK 38.9 '
- +N s f t M& dMM ' ANNUAL TOTAL 160 169.6 53.5 HEMAP KS SECTION E. DEMAND AND ENERGY AT DELIVERY POINTS DELIVERED TO REA BORROWERS DELIVERED TO OTHERS TOTAL DELIVERED MONTH DEMAND ENERGY LOAD DEMAND ENERQY DEMAND ENERGY LOAD (MW) (M wn) FACT.Mi (Mw) (M wn) (M W) (Mwh} rAcT ml id) to) (69 te) te) (f) to) th) ,
- 1. JANUARY. . 28.3 9___035.5 42.9 5.0 3 720 33.3 12 755.5 51.5 l
- 2. FEBRUARY , 28.3 10 700.5 50.8 5.0 3 720 73.3 14 420.5 58.2 j
- 3. MARCH. . . 28.3 9 781.9 49.6 5.0 3 480 33.3 13 261.9 57.2 '
- 4. APRIL . . . 28.3 9 4 0.9 49.6 5.0 3 720 33.3 13 380.9 54.0 i 5.MAY. ..s. 28.4 6 409.6 31.4 5.0 3 595 33.4 10 004.6 41.7
- 6. JUNE , . . 26.3 6 390.4 32.7 12.5 9 172.2 38.8 15 562.6 53.9 1
- 7. JULY , . . 26.5 5 569.1 29.2 12.5 8 014.2 38.9 13 582.3 48.3 '
- 8. AUGUST . . 26.4 6 162.6 31.3 7.5 5 559.0 33.9 11 721.6 46.5
- 9. SEPTEMBER . 21.4 6 675.4 41.9 12.5 8 558.3 33.9 15 233.7 60.4
- 10. OCTOBER. . 21.4 6 346.3 41.1 12.5 8 897.4 33.9 15 243.7 62.5
- 11. NOVEMBER . 23.4 7 745.5 29.1 10.5 6 789.0 33.9 14 534.5 57.5 l
- 12. DECEMBER . 26.2 8 353.1 44.2 3 2 134.7 29.2 10 4&7.8 49.9
l AEA FORM 12h (7ter, J 2 84) PAGE 2 OF 4 1
l l l l
y l UsoA.AEA so-bWER LE&hN )N .
RE A USE CNLY i
- Vermont 12'He?pshira j L OPERATING REPORT - ANNUAL SUPPLEMENT **E"*'"* AS AUDITED l December 31. 19 88 l SECTION F. INVESTMENTS, LOAN GUARANTEES AND LOANS - POWER SUPPLY (Allinmtments Not Excluded by 7 CFM i 715, subpert b) SEE INSTRUCTIONS ON REVERSE. ;
PART 1. INVESTMENTS TOTAL CUMULATIVE INCOME OR DESCR:PTION INVESTMENT TO OATE LOSS (a) (6) (e)
- 1. NONUTILITY PROPERTY
- a. N/A b.
c.
- 2. INVESTMENTS IN ASSOCI ATED ORGANIZATIONS
.. NRUCFC - Pa t. Cap. 60 996
- b. NRUCFC - Membership & CTC 18 167 687 ,
- e. NRECA - Memberr. nip 10
- 3. OTHER INVESTMENTS L
.. Phase 1 : Hydro-Quebec Interconnection 234 560 35 184 b,
c.
- 4. TEMPOR ARY INVESTMENTS
..N/A -
b, e.
. S. COMMITMENTS TO INVEST WITHIN 12 MONTHS:
NLT ACTUALLY PURCHASED
- s. N/A b.
- 6. T*.TAL (freme 2 throu,A s) 313 733 35 871 ,
PART ll. LOAN GUARANTEES N/A OhlGINAL LOAN BALANCE NAME OF ORGANIZATION MATURITY DATE AMOUNT (($d,6 ,,
(d) (b) (t) (d) 1.
2.
3.
4 TOTAL __ i3%*i ' HW#s- I PART lli. LOANS N/A e
ORIGIN A L.
NAME OF ORGANIZATION MATURITY DATE , AMOUNT LOAN BALANCE (a) 16) (c) (d)
- 1. EMPLOYEES, OFFICERS, DIRECTORS 2.
3.
4 5.
- 6. TOTAL Ns5 OWs %N!
PART IV. TOTAL INVESTMENTS AND LOAN GUARANTEES
- 1. TOTAL: 1.6 f 6) + ll.4. (d) 313 733 l
- 2. TOTAL UTILITY PLANT (AKA rorm 12a. sectica s. t.ine J) 57 316 937
- 3. PERCENT OF TOTAL UTILITY PLANT (I freme IV.I. + IV.2.J a 100) . 5 4 7 //*
PAGE30Fd
- REA Form 12h (Rev. 8 88)
- , - . - - , . . . , . , - - - - ___._,y -
p,
~
]
I *
(.
0
.. . 1 usLA.utA 00RROWER OFSIGNATION REA USE UNLY Vermont 12 Hampshire !
' OPERATING REPORT . ANNUAL SUPPLEMENT YEAR ENDING j December 31, 19 88 ,
SECTION G. MATERIAL AND SbPPLIES INVENTORY y/A )
BALANCE . PURCHASED USED & SOLD BALANCE. r ITEM DEO. 0F YEAR & SALVAGED END OF YEAR l' fa) ' (6) del (d) ,
I'. CCAL . . . . . . . . . . . . . . . {
2.OTHER FUEL . . . . . . . . . . . .
- 3. PR* DUCTION PLANT PARTS AND SUPPLIES . . .
- 4. STATION TRANSFORMERS AND EQUIPMENT . . . .;
- 5. LINE MATERIALS AND SUPPLIES . . . . . .
t
- 6. OTHER MATERIALS AND SUPPLIES. . . . . .
- 7. TOTAL (Sum of fines i thru 8) . . . . . . . .
l SECTION H. LONG TERM DEBT.OTHER AND DEBT SERVICE REQUIREMENTS .
PAYEE LOAN BALANC5 INTEREST PRINCIPAL TOTAL t
,gg p END OF YEAR PAYMENTS PAYMENTS PAYMENTS (e) (6) fe) (d)
- 1. Federal Finarcing Bank 28 646 123 2 602 443* 43 870* 2 646 313* .
- 2. ,
- 3. !
4.
- 5. ;
- 6. TOTAL ISum oflinee I thru $)
SECTION 1. ANNUAL MEETING AND BOARD DATA
- 1. Dete of Last Annual Meeting 2. Total Number of Eligible Voters 3. Wes Quorum Present? 4. Number of Members Voting by Proxy or Mail 05-24-88 6 @ YES O NO 0--
- 6. Number of Member Present et 6. Total Number 9f Board Members 7, Annual Cost of Directors' Fees and S. Does Meneger Hove Written Cones:t?
Meeting Expenses ,
2 6 8 5 842 9 YES O NO SECTION J. MAN HOUR AND PAYROLL STATISTICS g
- 1. NUMBER OF FULL TIME EMPLOYEES . 4, PAYROLL EXPENSED
- 2. MAN. HOURS WORKED . REQULAR TIME 5. PAYROLL CAPITALIZED
- 3. MAN HOURS WORKED . OVERTIME 6. PAYROLL OTHER SECTlON K. LONG TERM LEASES (if additionalspace is needed, use separate sheet.) g UST sELOW ALL. RESTR1CTED PROPERTY
- HEl.D UNDER LONO TERhfee LEASE Ut NONE state NONE.) pSNTAL NAME OF LESSOR TYPE OF PROPERTY THIS YEAR 1.
2.
3.
- 4. TOTAL
- " RESTRICTED PROPERTY" means ett propertire other then automobilee, truche. trollers, treetore, other eehielte tincludine without limitetton etrereft and ehlpel, offlee, coroce end warehouse speet end offlee eeulpment tincludine without limitetton computers).
e"LON0 TERht" meene teanes heulne unenvirse terms of more then it monthe trekine into account terms of rental et the option of the lessor, whether er not such teenee have been renewedL _
SECTION L. NOTES IF ADDITIONAL SPACE IS NEEDED USE SEPARATE SHEET.
Section H L1 b,c,d interest and principal paynents on cyaranteed loans made by REA.
PAGE 4 OF 4 REA Form 12h (Rev. 8 88)
~ " ' ' .,
L.., .- .
USOA. EA l., ,.ur .,,,.uo, rem AP,,.us u .rw ee4.
ensm n6..as.senu.u una t. a.cr, year e. e u Oua No. Ost2 00Jr ;
OPERATING REPORT . **"*'d"8#""d""'"d'""# "''''"" '
8 RR WER DESIGNAT8 N RE.A USE ONLY
[
LINES AND STATIONS Vermont 12 Hampshire l
' YEAR ENDING INSTMUCTIONS . AvSmit en origin.! end four copies to AKA. ,
[ For set.nes instmettens. we AKA KOAf . 3, December 31, 19 88 [
SECTION A. EXPENSE AND COST 8 ACCOUNT LINES STATIONS IT W S NUMSER t.) ' gSJ !
TRANSMIS$10N OPERATION i: 1. SUPERVISION AND ENQlNEERING. . . . . . . . . . 660 25 324 r t. LOAD OISPATCHING . . . . . . . . . . . . . . SGI Main M b '
- 3. STATION EXPENSES . . . . . . .- . . . . . . 662 N N N M $N N 5 .
' 4. CVERHEAD LINE EXPENSES . . . . . . . . . . . 563 kd9 NNWMOMMY
[' S. UNDERGROUND LINE EXPENSES . . . . . . . . . . $64
- 6. MISCELLANEOUS EXPENSES . . . . -. . . . . . . $66 6 7,$6
! 7,, SUBTOTAL (J thru s) . . . . . . . . . . . . WWWNMWa 32 120
. S. TRANSMIS$lON OF ELECTRICITY BY OTHERS . . . . . . S65 545 517 ' MMM MM ,
s 9. T.ENTS . . . . . . . . . . . . . . . . 667 i
- 10. TOTAL TRANSMISSION OPERATION (r thru p) . . . . . 2 M e @ s # *s W 577 637 TRANSMISSION MAINTENANCE f
- 11. SUPCRVISION AfiD ENGINEERING . . . . . . . . . 568 i It. ST RUCTU R ES. . . . . . . . . . . . . . . 669
- 13. STATION EQUIPMENT. . . . . . . . . . . . . 670 gg.f.!iggg@g@j MMWMFM '
14 CVERHEAD L'NES . . . . . . . . . . . . . 671 {gfj f.
- 35. UNDERGROUND LINES . . . . . . . . . . . . 672 W MSWM4WO{W '
! 16. MISCELLANEOUS TRANSMISSION PLANT. . .- . . . . . 873 17 TOTAL TRANSMISSION MAINTENANCE (JJ thou 16) . . . . P Q M f M &fj $
- 18. TOTAL TRANSMIS$10N EXPENSE (10 + J7) . . . . . . EhMhkNI 577 637
- 18. DISTRIBUTION EXPENSE - OPE 3tATION . . . . . . . 550 thau $89 -}
- 20. DISTRIBUTION EXPENSE = MAINTENANCE . . . . . . . 590 th,u 698 21.
22.
TOTAL DISTRIBUTION EXPENSE '(Je + 20) . . . . .
TOTAL OPERATION AND MAINTENANCE (18 + 31) . . . .
h ' . .
- J{.j :
577 637 ;
I FIXED COSTS
- 3. OEPRECIATION = TRANSMIS$10N. . . . . . . . . . 403.5 89 027 *
- 24. OEPRECIATION = Ol6TRIBUTION . . . . . . . . . 403.6 ,
- 25. TAXES - TRANSMIS$10N. . . . . . . . . . . . 400
- 26. TAXES =' E*lSTRIBUTION . . . . . . . . . . . . 408 -
- 27. INTEREST = TR ANSMISSION . . . . . . . . . . . 427 137 455
- 28. INTEREST = OISTRIBUTION . . . . . . . . . . . 427 ,
2). IN$UR ANCE - TR ANSMISSION . . . . . . . . . . 924.925.926
- 30. INSUR ANCE = DISTRIDUTION . . . . . . . . . . 924.925.920 TOTAL TRANSMISSION (Js + 23 + N + 27 + 29) 31 . . . . fjy[j l
32 TOTAL DISTRIBUTION (DJ + 24 + 26 + #8 + J0) . . . . $.
g M
33, 10TAL LINES AND STATIONS (31 + 32) . . . . . . I . @NM b SECTION B. FACILITIES IN SERVICE g CTION C. LABOR AND MATERIAL
SUMMARY
TRANSMISSION LINES SUBSTATIONS 1. NUMBER OF EMPLOYEES VOLTAGE (kV) MILES TYPE CAPACITY (kVA) ITEM LINES ST ATIONS
- 1. 9. STEPUP AT CEN. 2. OPE R. L ABOR
- 2. ERATING PLANTS 3. M AINT. LABOR
- 3. 4. OPE R. M ATE RIAL
- 4. 6, MAINT. MAT RI A L.
- s. SECTION D. OUTAGES s//A II. DISTRIBUTION
- 6. TOTAL fi thm s; 1. TOTAL _"
- 7. DIST R. LINES 12. TOTAL 2. AVG. NO. DIST R. CONS. SE RV E D
- 8. TOTAL is + fi l' 'h* IIJ 3. AVO. NO. HOURS OUT PC R CONS.
- j. '@EA PORM 1 21 (J2 84)
. . . ~g . .
d '
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- l
? ,
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-((G&T ' ACCOUNTS PAYABLE DETAILDECEMBER 31, 1908 E !;. PROJECTS: NORTH HARTLAND ACRES 405,757 l VOEST-ALPINE 164,563 )
6 . BUFFALO TANK 155,121 ,
I PIEEAGALLI 630,537 i
.c LAKESIDE 10,916, I LANE 182,500 ,
, BURNS & ROE 11,620 l
N.E.T. 10,289 1,571,302 Y .
U J' HILLSTONE.3 - NORTHEAST UTILITIES JT. CONS. INV. 467,672. '
JT. TRANSM 13,845 :
JT. SITE 8,140 ,
PROP. TAXES 52,476 INTEREST 149,278 691,413 SEABROOK YAEC-CONS INV 2,636,947 YAEC-UNIT 2 39,553 YAEC-INTEREST THRU 12/88 794,256 PSNH-TRANS SPPT 72,355-NEP-TRANS SPPT SBRK-TBRY 15,197 PROP TAXES & FEES 240,023 .*
LAWYERS 2,226 3,800,557 PILGRIM 2 BOSTON EDISON CO 3,120 3,120 OPERAT'ING INVOICES ;
VEC-DEC PAYROLL SERV. IN A/C 234 $20,948.16 3 MISC. INVOICES 48,113 48,113 ACCOUNTS PAYABLE-GENERAL 6,114,505 ACCOUNTS PAYABLE-ASSOCIATED COMPANY (VEC) 564,948
. ACCOUNTS PAYABLE-CASH ADVANCED (VEC) 1,268,000 TOTAL DECEMBER 1988 ACCOUNTS PAYABLE 7,947,453 b
.. . . ~ . - . , - . - . . . . _ , - . . _ . . . . . . . . . . . . - . .
VEG & T
SUMMARY
OF REVENUES SCHEDULE #1
' FINANCIAL STATEftENT MONTH JAN 88 FEB 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 NOW 88 DEC 88 TOTAL CALENDA* HONTH DEC 87 JAN 88 FEB 88 MAR 88 APR 88 MAY 88 JtBI 88 JUL 88 AUG 88 SEP 88 OCT 88 NOW 38 VERMONT ELECTRIC CO-OP.
K W (delivered) 8363400 9952920 9086180 8803550 5779330 5881420 4972790 5633040 6014160 6033380 7293480 7701950 85516100 MILLS 89.60 82.24 86.64 88.07 126.05 108.10 140.30 138.32 132.84 129.13 118.85 113.11 108.61 Anotat 749377.72 818516.27 787215. % 775309.22 728488.16 635787.35 697702.48 779189.72 798925.9T 779154.82 866860A6 871205.25 9287733.38 UNITIL POWER CORP.
W 1800000 744000 1488000 1440000 5472000
.iILLS 27.60 28.91 28.44 24.95 27.31 AMOUNT 49675.00 21506.97 42313.84 35920.83 149416.64 FITCH8URG GAS 8 ELECTRIC rw 1839000 1769780 1838960 1818210 1763880 1015930 10045760 MILLS 37.62 38.34 37.62 37.93 38.78 59.65 40.23 AMOUNT 69180.77 67858.80 69180.35 68963.93 58397.27 605 % .15 404177.27 GREEN MOUNTAIN ,
tw 3720000 3720000 3480000 3720000 3720000 2976000 2134720 23470720 MIuS 33.50 33.50 33.50 33.50 23.00 26.00 25.50 30.16 ecuMT 124620.00 124620.00 116580.00 124620.00 85560.00 77376.00 54435.36 707811.36 80STON EDISON tw 3595000 3613160 4444440 5252060 5693490 5773060 ~ T 71210 ftILLS 24.50 22.48 28.44 28.10 27.65 27.65 26.80 AMOUNT 88077.50 81210.02 126388.80 147607.38 157400.27 ?59605.38 760289.35 OT. UTILITIES tw 0 MILLS MOUNT O.00 REVE%JES: ELECTRIC SALES rw 12083400 13672920 12566180 12523550 9374330 15053580 12987010 11192000 14572430 14931250 14082470 9836670 152875790 r; ILLS 72.33 68.98 71.92 71.86 87.11 57.91 72.51 84.64 72.59 69.71 77.19 94.10 73.98 A.'90u1T 873997.72 943136.27 903795.96 899929.22 816565.66 871738.14 941625.08 947253.04 1057811.12 1040873.19 1087061.99 925640.61 11309428.00 OTHER ELECTRIC REVENUES TOTAL REVENUES 873997.72 943136.27 903795. % 899929.22 816565.66 871738.14 941625.08 947253.04 1057811.12 1040873.19 1087061.99 925640.61 11309428.00 f . - . . . . - . - - - - , r -
, , .-__..._w__ . _ - - - _ - _ - - - - _ - - . _ -
j VEG & T SUPMARY OF PURCHASED POWER COSTS SCHEDULE F2
- FINANCIAL STATEMENT MONTM JAN 88 FE8 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 NOV 88 SEC 88 TOTAt.
j CALENDAR MONTH DEC 87 JAN 88 FE8 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88
CAPACITY KV LAST EONE 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 5000 55000 l UNIT COST: S/KU 14.00 ' 14.00 14.00 14.00 14.09 14.00 14.00 14.00 14.00 14.00 14.00 14.00 MJNT i
70020.00 70020.00 70020.00 70020.00 70020.00 70020.00 70020.f41 7tX120.02 7tNI20.00 70020.00 7tXI20.00 770220.00..
EMERGY KWH 3720000 3720000 3480000 3720000 3595000 3720000 3600000 3720000 3720000 3600000 3719490 40514490 UNIT COST: MILLS /KvH 14.54 16.33 15.45 13.94 15.51 14.18 17.03 17.68 17.21 13.35 AMOUNT 17.14 15.67 54097.73 60752.06 53752.43 51862.01 55771.03 52761.50 61296.84 65784.85 64034.59 48052.08 63737.18 631902.30 f TOTAL 124117.73 130772.06 123772.43 121882.01 125791.03 122781.50 131316.84 135804.85 134054.59 118072.08 133757.18 0.00 1402122.30 iCVPSC-AVG COST - MILLS /KWH 33.36 35.15 35.57 32.76 34.99 33.01 36.48 36.51 36.04 32.80 35.96 34.78
~
- RERRIMACK
, CAPACITY 1
i KU 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 1909 22908 i UNIT COST: S/KV 4.05 -1.43 3.68 6.42 5.10 4.95 5.29 5.70 4.12 4.95 5.85 5.17 4.49 AMOUNT 7731.70 -2723.11 7020.44 12253.22 9727.86 9443.67 10100.82 10880.52 7866.99 9445.20 11174.20 7ADJ
~ 9878.05 102799.54 ENERGY l w 1142660 1325780 790470 1224110 1055980 1027850 33090 1095320 1099730 1175270
! 1203910 1172930 12347100
.41T COST: MILLS /KvH 19.84 14.60 26.10 17.89 21.77 5.75 465.92 20.89 16.98 10.91 24.43 13.54 18.51 AMOUNT 22674.18 19350.47 20627.62 21898.94 22993.33 5911.86 15417.14 22885.76 18673.45 12821.08 29606.94 15885.56 228546.33 ADJUSYMENT 1
TOTAL 1
30405.88 16627.36 27648.06 34152.16 32721.19 15355.53 25517.96 33766.28 26540.44 22266.28 40581.14 25763.59 331345.87
- 1ERRIMACK-AVG COST - MILLS /KVH 26.61 12.54 34.98 27.90 30.99 14.94 771.17 30.83 24.13 18.95 4 33.71 21.97 26.84 i
1 l
, o _ , - . , - - - , . . - . _ , -
<~ , . m. < ,, ,. --_. . _ . -_ _ . . _ _ _ - . - -
~
b YERMONT YAMKEE JAN 88 FE8 88 MAR 88 APR 88 MAY 88 JtM 88 JUL 88 AUG 88 SEP 88 OCT 88 NOV 88 DEC 88 TOTAL DEC 87 JAN 88 FE8 88 R&R 88 APR 88 MAY M JUN 88 JUL M AUG 88 SEP 86 OCT M NOV N CAPACITY KV 5477 5477 5477 5477 5477 5477 5471 5477 5477 547T 5477 5477 65724 UNIT COST: strV 18.69 16.05 16.71 18.18 17.18 1.5.88 16.79 18.10 18.84 16.74 19.16 16.51 17.40 AMOUNT 102384.53 87923.75 91513.49 99547.54 94071.65 87000.34 91945.18 99145.00 103167.30 91690.19 104912.46 90Q9.38 1143730.81
- FmERGY am 4002630 3996960 3792060 3973740 3850220 3957860 2762870 2536160 3155320 3691750 3875670 3897370 43492610
- UNIT COST
- MILLS /IVH 7.60 7.60 7.61 7.60 7.61 7.60 7.68 7.71 7.65 7.62 7.61 7.61 7.62 l AMOUNT 30412.33 30371.05 28853.68 30200.64 29286.21 30084.56 21231.36 19552.40 24140.71 28116.11 2909.71 29641.30 331370.06 I
TOTAL 132796.86 118294.80 120367.17 129748.18 123357.86 117084.90 113176.54 118697.40 127308.01 119806.30 134392.17 1200F0.66 1 U5100.57 VT-TAKEE-avg COST - MILLS /KW 33.18 29.60 31.74 32.65 32.04 29.58 40.% 46.80 40.35 32.45 34.68 30.81 33.92
, NEPOOL I ENERGY TALES rw -2076900 -776340 -1551950 -3661970 -5422910 -1212340 -581430 -2330300 -873260 -309100 -946610 -2411610 -22156720 UNIT COST: MILLS /KW 25.44 31.08 24.31 21.51 16.08 19.69 29.10 23.58 31.83 39.81 21.69 23.71 22.31 AnaunT -52833.17 -24129.73 -37732.68 -78765.99 -87222.73 -23865.61 -16920.32 -54958.92 -27862.32 -12305.70 -20528.16 -57176.95 -496302.28 PURCHASES tw 557480 997720 632490 19060 15210 855430 714750 301170 877720 1 Q 8180 84M00 106510 7350720 l WIT COST: MILLS /K W 39.50 48.89 54.63 52.44 50.05 39.16 38.05 28.73 41. 4 37.27 43.77 40.66 41.81 l acLWT 22C20.17 48719.01 34550.14 999.48 761.31 33501.79 27198.23 8651.24 36354.45 53234.27 36982.25 4330.99 307363.33 I
EXPENSES 3280.28 97('O.94 9922.26 624.18 737.85 11195.29 -19781.60 1805.95 15893.28 1F774.79 -2308.52 1300.92 (8858.8)0 TOVAL rw -1519Q0 221380 -919460 -36429*0 -5407700 -356910 133320 -2029130 2460 1119080 -1016*0 -2305100 -1sammo i T07AL COST -27532.72 34410.22 6739.72 -7T142.33 -85723.59 20831.47 300S9.51 -44501.73 24385.41 57003.36 14145.57 -51545.04 -99870.15 i
' NEPOOL-AVG COST - MILLS /tw 18.12 155.44 -7.33 21.18 15.85 -58.37 225.47 21.93 9912.77 50.94 -139.21 22.36 6.66 HIGHGATE EMERGY VDPS & VELCD ,
tw 390910 3816210 3715340 3963340 3716200 2928490 3493560 3016760 3573590 2599170 3859T40 3632420 U262730 UNIT COST: MILLS /KW 29.45 29.15 28.86 28.54 27.44 27.07 27.32 28.16 24.83 28.09 31.41 32.42 28.64 AMOLWT 116255.03 111226.83 10T235.13 113110.91 101960.85 79270.26 95439.68 84941.95 88742.54 73010.40 121250.65 117T48.51 1210195.74 VELCD 4993.24 3181.25 3866.10 1806.04 5205.49 4512.66 3433.44 3506.73 2526.75 8546.57 3645.63 885.51 I ' total 121251.27 114408.08 111101.23 114916.95 107166.34 83782.92 98873.12 88448.68 91269.29 81556.97 124896.28 118634.02 1256305.15
d f
NORTHEAST UTILITIES JAN 88 FEB 88 MAR 88 APR 88 MAY 88 JUN M JUL 88 AUS 88 SEP SE OCT 88 NOW M DEC M TOTAL
. DEC 87 JAN 88 FE8 88 MAR 88 APR 88 RAY 88 JUN 88 JUL 88 AUS 88 SEP 8B OCT M NOW M CAPACITY KU 7700 7700 7700 7700 7700 7700 7700 7700 7700 7700 7100 MOD 92700
'mIT COST: $/KV 0.98 0.94 0.94 0.96 0.96 0.94 - 0.94 0.96 0.94 0.94 0.96 0.94 0.96 j 10UNT 7520.00 7200.00 7200.00 7200.00 7200.00 7200.00 723).00 7200.00 7200.00 7200.00 7200.00- 7480.00 87000.00 ENERGY KWH 82100 760600 49600 41300 1600 13600 147700 42300 3*7900 23800 167400 101500 1829400 UNIT COST: MILLS /KWH 66.74 60.11 127.08 73.20 129.38 74.34 68.14 71.42 62.27 68.66 61.07 60.35 64.28 AMOUNT 5479.00 45717.00 6303.00 3023.00 207.00 1011.00 10065.00 3021.00 24778.00 1634.00 10223.00 6126.00 117587.00 TOTAL 12999.00 52917.00 13503.00 10223.00 7407.00 8211.00 17265.00 10221.00 31978.00 8834.00 17423.00 13606.00 206587.00 NU TURS.-AVG COST - MILLS /KUM 158.33 69.57 272.24 247.53 4629.38 603.75 116.89 241.63 80.37 371.18 106.08 134.05 111.83 ORTARI*e HYDRO NUMBER 4 SHORT TERN POWER
! CAPACITY (RELATED COSTS) 1232.20 1286.77 1442.35 1603.99 1522.35 1714.96 2777.79 11580.41 ENERGY i
KWH 26272 56863 43875 127531 12285 72436 68705 407967
! UNIT COST: MILLS /Kkt ERR ERR ERR ERR ERR 25.50 32.82 27.04 30.12 20.18 27.31 31.90 29.37 AMOUNT 670.06 1866.46 1186.57 3841.26- 247.87 1978.40 2191.86 11982.44 701 0.00 0.00 0.00 0.00 0.00 1902.24 3153.23 2628.92 5445.25 1710.22 3693.36 4969.63 23562.85
, ONT.-HYDRO.-AVG - MILLS /KWH ERR ERR ERR ERR ERR 72.41 55.45 59.92 42.70 144.10 50.99 72.33 57.76 (A/C 557 + 557.1) EXPENSES 2025.70 3641.23 6519.96 8527.46 2963.00 3823.06 3542.79 13773.58 6621.31 3067.59 5204.56 3474.14 '63184.36 4 (A/C 555.1) PHASE I -2410.27 -1231.55 -2281.20 -454.91 1628.16 3376.06 2137.38 1244.74 -5641.80 4310.62 1782.73 1951.72 4411.68,/
TOTAL KvH 11375880 13840930 10908010 9279580 6811300 11317162 10227403 8425285 12076531 12221355 12797036 6567825 125848297
, TOTAL PURCHASED POWER COSTS 393653.45 469839.20 407370.35 341852.52 315310.99 377148.68 425042.37 360083.72 441960.50 416687.42 475875.99 236924.74 4661749.931 a
j avg. PuRCn. Pvt. - MILLS /Kun 34.60 33.95 37.35 36.84 46.29 33.33 41.56 42.74 36.60 34.10 37.19 36.or '37.0c l
l
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~
4 1
}VEG&T
SUMMARY
OFTRANSMISSION, i GENERATION, INTEREST, A & 6 EXPENSES SCHEDULE #3e l FIO AL STATEMENT HONTH JAN 88 FE8 88 HAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 NOW 88 DEC M TOTAL
{ CAlb AR MONTH DEC 87 JAN 88 FE8 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 MOW 88 j .c .
1 BRTH.HARTLAND i
0-KWH 1379600 579600 842800 1139400 1829600 1269200 492200 356000 250000 202000 93600 1677600 10111600 i INTEREST - .
LONG TERM DEST 98505.16 92149.99 98505.16 95327.57 98505.14- 95327.57 98505.16 98505.16 95327.57 98505.16 95327.57 9005.16[1162996.3tg
$0RT TERM DEST 34195.09 31732.63 33545.61 59920.46 37904.01 37290.94 41885.89 42433.66 41877.58 45616.59 44711.84 46810.16 (49F924.46 D:00 PROPERTY TAK 13833.00 13833.00 13833.00 13833.00 13833.00 13833.00 13833.00 12402.24 12403.00 12403.00 12403.00 12403.00 158845.24 /
PROPERTY INSURANCE 2650.00 2650.00 2650.00 2650.00 2650.00 2650.00 2650.00 2669.63 2669.67 2667.67 2669.67 2669.67 31898.31 #
DEPRECIATION 0.00 TRANSMISSION 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 1167.00 14004
- GENERATION 26667.00 26667.00 26667.00 ' 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 26667.00 320004.g0f 0
- OPERATION & MAINTE 7052. 2 11 03 18030.06 7291.28 3972.59 3555.51 7387.18 4017.75 13310.19 17724.69 6471.06 22917.45 123700.69 l 'im*A Ia f * (, Lg %c. # p(,2,g l TOTAL 1 47 1 69.65 194397.83 206856.31 184698.74 180691.02 192095.23 187862.42 193422.11 204753.11 _ 189417.14 211139.44 73.07
' NORTH HARTLAND - MILLS /KVH 133.42 310.85 230.66 181.55 100.95 142.21 390.28 527.70 773.09 1013.63 2023.69 125.86 228.39 rA l MIL KuH NE p 0 0 1511080 2961910 1363710 2976240 2863720 2940320 2907140 2820300 1643900 2242350 24230670 S e.
INTEREST i LONG TERM DEST 81732.66 76459.61 81732.66 79033.24 81667.68 79033.24 81601.15 - 81601.15 78968.85 81543.26 78912.85 81543.26 963829.61 i SHORT TERM DEST 16379.39 15282.12 16225.07 21635.84 18289.97 43541.90 25919.09 26227.99 26306.38 28587.14 28579.89 29818.33 296793.11 0.00 PROPERTY TAX 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7600.00 7500.00 -188.76 83411.24 i PROPERTY INSURANCE IM Opl adt adj oEn:apr er 1243 0.00 DEPRECIATION 33233.38 33237.74 33246.18 33717.56 33717.15 33704.11 33709.47 33715.41 33721.31 _ 33736.67 33806.60 33807.43 403353.01 l OPERATION S MAINTENANCE 33744.88 34836.12 24673.08 25840.64 24461.90 21885.07 20543.33 15810.75 19677.05 19286.25. '17204.79 44965.11 302928.97 l TRANSMI3SION EXPENSE 2180.82 0.00 2271.07 2364.10 2678.80 2323.81 2269.81 2264.26 2258.75 2252.32- 2248.66 2211.19 G5323,597 d
ADMINISTRATIVE & GENERAL 0.00 0.00
- FUEL EXPENSE 0.00 15760.56 'J0892.72 14566.70 30731.89 29868.60 30667.51 30327.07 29415.73 17145'.87 23021.19 28131.38 200525.22 iUTAL 174871.13 183176.15 196640.78 184758.08 199147.39 217956.73 202310.36 ' 197546.63 197948.07 190151.51 191373.98 220287.94 2356168.75 -
- 41**ns, J,3 3q5+t.4 MILLS' TONE 3 - MILLS /KWH ERR ERR 130.13 '62.38 146.03 73.23 70.65 67.19 68.09 - 67.42 116.41 98.24 97.24
{ GRAND.TOTALSCHEDULE3e 358940.60 363345.80 391038.61 391614.39 383846.13 398447.75 394405.59 385409.05 391370.78' 394904.62 380791.12 431427.33 4665541.82
- ,, -.n ,o . , +,-r . - _.- - ,~, e ___ _ - _ - _ _ _ _ _ > _ . _ _ _ = - _ - _ - _ _ - _
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i
!VEG&TSurmARYOFTRANSMISSION, GENERATION, INTEREST, A & 6 EXPENSES SCHEDULE F3b (FINANCIALSTATEMENTMONTHJAN 88 FEB 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 - NOV 88 DEC 88 TOTAL CAL' R MONTH DEC 87 JAN 88 TE8 88 MAR 88 APR 88 MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 89 Nov 88 i TRANSMISSION EXPENSE Moy-NEP cr adj vtLCO 42656.60 32540.50 35201.41 30898.38 34380.51 24560.22 26693.54 27356.06 24760.05 31056.93 33503.00 36c2.95 380030.15
, NORTHEAST UTILITIES 3835.00 3212.00 3212.00 3212.00 3212.00 3212.00 3212.00 3212.00 3212.00 3212.00 3212.00 3371.00 39326.00 -
4 NEW ENGLAND POWER 2826.67 2826.67 2826.67 2826.67 598.63 2640.33 2640.33 2640.33 8437.33 -3156.67 2660.33 2743.20 30490.49 CVPSC - N. HARTLAND 6970.17 6970.17 6970.17 6970.17 6970.17 6970.17 13732.57 6970.17 19052.17 6970.17 6970.17 69F0.17 102466.44 TOTAL $6288.44 45549.34 48210.25 43907.22 45161.31 37382.72 ~46278.44 40178.56 55441.35 30082.43 46325.50 49507.32 352313.00 jAMOR711ATIONS
' 2958.00 2958.00 PILGRIM 11 2958.00 2958.00 2958.00 2958.00 2958.00 2950.00 2958.00 2958.00 2958.00 2958.00 35496.00 SEABRooit 11 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 6406.00 76872.00 i 6166.67 6166.67 HIGHSATE 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 6166.67 74000.04 l TOTAL 15530.67 15530.67 15530.67 15530.67- 15530.67 15530.67 15530.67 15530.67. 15530.67 15530.67 15530.67 '15530.67 186368.04 -.
lOTERESTEXPENSES TERM (P 11+5 II) 15300.38 14313.23 15495.25 14806.85 15300.41 14806.81 15300.41 15300.41 14806.82 15295.23 -14801.83 15295.23 180822.86
. .T TERM 6336.82 5824.71 6122.11 16216.09 7000.20 7037.58 6978.75 7992.97 7937.86 8167.08 8040.88 8067.24 . 95722.29 58Rit 1-INT EXP-NET-LT&ST 49714.85 9307.13 6293.15 126 Q.88 86927.47 116065.06 121618.76 118306.03 129128.90 650004.23
- INTEREST INCOME 0.00 -8796.00 -343.81 -8796.00 -8796.00 -343.34 -8796.00 -35871.15 -
1 TOTAL 21637.20 20137.94 12821.36 80393.98 31607.74 19341.54 34922.04 110220.85 130013.74 144737.73 141148.74 143695.37 890678.23
- 3ENERAL & ADMINISTRATIVE DIRECTORS 275.99 0.00 670.38 640.94 628.50 645.82 227.33 0.00 1154.70 693.22 704.94 5841.82
,' INSURANCE & START UP Q31.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 4231.25 50775.00.
SALARIES,0VHD, CONSULTANTS 23379.02 23630.35 23636.52 21508.97 198 7 .70 19152.50 20063.38 30494.58 19082.18 25066.27 22276.84 41918.67. 290081.98 0FFIEE SUPPLIES 12.00 7?4.81 215.00 182.47 333.26 404.59 393.27 807.98 : 52.56 456.72 144.00 1433.89 5160.55 j SILLING 49.10 146.91 71.57 66.M1 43.11 98.44 112.25 69.05 127.89 .21'.38 44.66 66.38 _917.55
- TOVAL 27947.36 28733.32 28824.72 26630.44 25108.82 23886.78 25445.97 35850.19 23493.88 30950.32 27389.97 48555.13 352T76.90 l TOTAL'(SCHEDULES 3aa3b) 480344.27 473297.07 496425.61 558076.70 501254.67 494589.46 516582.71 587169.32 615850.62 624185.77 611186.00 688715.87 6647678.07 jr0TAL,PURCHASEDPUR(SCHED. 2) 393653.45 469839.20 407370.35 341852.52 315310.99 377148.68 425042.37 360083.72.-441960.50 416687.42 475875.99 236924.74 4661749.93 j . ,
4-
-c . . , . . . , . . - . . - . , - _ . ._ . .
- . - _ _ . - .. _ . .,___. . . . L4
J' y
VEG
- T REVENUES WITH LINE LOSSES SCHEDULE #4 Finam.IAL STATEMENT MONTH JAN 88 FEB 88 MAR 88 APR 88 MAY 88 JUN 88. JUL 88 AUG 88 SEP 88 OCT 88 NOW 88 ~DEC 88 TOTAL CALENDAR MONTH DEC 87 JAN 88 FE6 88 MAR 88 APR M MAY 88 JUN 88 JUL 88 AUG 88 SEP 88 OCT 88 Nov 88 TOTAL COST Of SERVICE KWH 12735480 14420530 13261890 13380890 10006610 15562602 13583373 11721605 15233671 15243655 14534536 10487775 160190567 UNIT COST 68.52 65.40 68.15 67.25 81.62 56.01 69.32 80.81 69.44 68.28 74.79 88.26 70.60 AMOUNT 873997.72 943136.27 903795.96 899929.22 816565.66 871738.14 941625.08 947253.04 1057811.12 1060873.19 1087061.99 925640.61 11309428.00 TRANSMISSION LINE LOSS -672080 -747610 -695710 -857340 -630280 -509022 -596313 -529605 -661241 -312405 -452066 -651105 -7314777 POWER AVAILABLE FOR SALE KWH 12083400 13672920 12566180 12523550 9374330 15053580 12987010 11192000 14572430 14931250 14082470 9836670 152375790 t! NIT COST 72.33 68.98 71.92 71.86 87.11 57.91 72.51 84.64 72.59 69.71 77.19 94.10 T3.96 4 MOUNT 573997.72 943136.27 903795. % 899929.22 816565.66 871738.14 941625.08 967253.04 1057811.12 1060873.19 1087061.99 925640.61 11309428.00 i
SALES VMMONT ELECTRIC CO-OP.
.vH 8363400 9952920 9016180 8803550 5779330 5881420 4972790 5633040 6014160 6033880 7293480 7701950 85516100 t=IT COST 89.60 82.24 86.64 88.07 126.05 108.10 140.30 138.32 132.84 129.13 118.85 113.11 108.61 AMOUNT 74937T.72 818516.27 787215. % 775309.22 728488.16 635787.35 6?7702.48 779189.72 798925.97 779154.82 856860.46 871205.25 9287733.38 '
OTHER UTILITIES KWH 3720000 3720000 3480000 3720000 3595G30 9172160 8014220 5558960 8558270 M97370 67M990 2134Ts0 67359890 UNIT COST 33.50 33.50 33.50 33.50 24.50 25.72 30.44 30.23 30.25 29.42 32.44 25.50 30.01 AMOUNT 124620.00 124620.00 116580.00 124620.00 88077.50 235950.79 243922.60 168063.32 258885.15 261718.37 220201.53 54435.36 2021694.62 OTHER ELECTRIC REVENUES 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 TOTAL SALES (KUH) 12083400 13672920 12566180 12523550 9374330 15053580 12987010 11192000 14572430 14931250 14082470 9836670 152875790 TOTAL SALES (REVENUES) 873997.72 943136.27 903795.96 899929.22 816565.66 871738.14 941625.08 947253.04 1057811.12 1060873.19 1087061.99 925640.61 11309428.00 TOTAL SALES (UNIT COST) 72.33 68.98 71.92 '71.86 87.11 57.91 72.51 84.64 72.59 69.71. 77.19 94.10 73.98
^ '
g . . . . _ - ~ ~ _ _ . _ - . . . . . . _-
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~
.g Revised 4/05/89 s Aa. a.7. .m se u.ed or nr 4 e ,n.senei,, ran.ne e.t .m..esen. voi.. .. coa.e u ,..*, r, tu e eo, ee see > .as i, noe erna,n,s.t ,
USDA+..tA 90RROnt A Ot5eGNATION s er,n App,,s eg $
t N.H. +1errimack oua No. ests coss .,
i rees=e osnone ,
DORRQwtR NAMc AND ADDRL68 FINANCIAL AND STATISTICAL REPORT New Hampshire Electric Cooperative. Inc.
l RrD #4e Box 2100 .
Plymouthe NH 032(,4-9420 l
- NS T R UC TiONS - Submsf .n ontin.l .nd [pur verses se ara. Round els vtAR EPvDINCi ac A USE Ot.LY
! ' u e. . .m.e does. see ara tou-a. December 31. 1988 '
CERTiflCATlON k'e hereby certif and reflect the otuss.y of shot the retries the system inofthis to the best our report errand knowledge in belief.
occcidence with the accounu and other records t ALL INSURANCE REQUIRED BY PART 178B OF 7 CFR CHAPTER XVil. REA.WAS IN FORCE DURING THE REPORTING [
PE RIOD ND RENEWALS HAVE BEEN OBTAINED FOR ALL POLICIES. !
m nl))/.
GN A T u st X1f3
'&by KNAREEMa# ACCOUNT ANT April 19e 1989 Daft !
Ifm I 1[ / y~ April 19. 1989 I
- fy blGitATypt CF MANAGE R ~ DATIE l
- Y j PART A. STATEMENT OF OPERATIONS
, YE AR TO DATE ITEM - THl3 MONTH LAST YEAR THis YEAR BUDGET r.) tH te) (c)
- 1. cperson, ae..nue eno Peuenee, caonei . . . $ 44.261.284 $ 50.069.190 $53.588.103 $ 5.012.609
- 3. P,.or Procuttion e apense . . . . . .
- s. cIn e: Purcan a po.ee . . . . . . 27.507.098 31.887.871 3L 604.057 3.763.646
- 4. Transminoon tapense . . . . . . . 1.012 7.162 26.900 16 ;
- s. pimevuon t apense . opee. con. . . . . 960.392 1.245.970 1.007.432 109.242 !
- s. Omrievoon tapense .ueinanence . . . . 1.209.389 1.592.352 1.702.917 218.180 l
- 7. cTasumer Accognis tapense . . . . . 1.228.775 1.335.360 1.212.694 103.920
- e. cuiionie, service one informenon.i t spons. . . 68.749 106.041 176.944 18.937 ,
- s. s:ies Espense . . . . . . .
-- -- -- i to. A!ministrativo on0 Cenerai tsponie . . . . 2.293.216 3.053.898 2.528.985 467.558 i it. 74tei oper oon a u inien nce cepense it ineu se: , ,1 33.268.631 1 39 2 8J34 $k2.259.d21 _ . $_.LRL&l_
tr. oesunieuen eng Amordtadon tapense . . . ,_, 2.788.RR9 1.1R7.72R 1.177.657 786.009 l
- 13. Ts= capense . Property 991.9R0 1.147.575 007.126 201.204 I
- 14. Ten tapense . oto.r . . . . . . . 669.018 798.911 797.994 80.294 .
is. inuren on Long Term Doet. . . . . . 14.705.207 15.745.060 16.670.552 1.161.276 l 1s. inurest e' er,ea to conurucuen .creoit . . . I 10.307.571 ) i I i 11.627.143 I ItL 144. 911
- 17. Interne taponse . other . . . . . . (2R.605) 176.010 (12.100) 6.671 !
is, cider Desucuens. . . . . . . . 13.443.716 78.900.923 86.880 78.833.603 !
no.' T tei con or ciecme service n t ineu m . . . $ $5.441.265 $139.185.799 $52.555.095 $ 95.596.459 to, muen.,e c.pna a ope .un, wereins o minui s,i . $(11.179.981) $(89.116.f09) 7 $ 1.033.008 $(90.583.850)
. ten operson, uer,ini . inuent . . . . . 662.902 730.049 610.635 58,081
- 22. Allowente for Funos Us.g During ConstrutHon . .
- 23. Nin operaHn, Mar, ins . other . . . . . 15.682 17.293 16.734 952 _
- 24. CemereCon one Transmission Capitet Crocits . .
fl. Other capitei cleasts and Pouonese Divioenos . .
- 26. cxtraorcinary items . . . . . .
- 17. P.non... e.on a e, u.,oni tro oir, to $ (10. 501. 39 7) $(88.369.267) $ 1.660.377 $(90.524.817)
PART B. DATA ON TRANSMISSION AND DISTRIBUTION PLANT YtAR.TODATE YE AR TO DATc ITEM LAST YEAR 1Hi$ YEAR ITEM LAST YEAR THIS YEAR t.) 16) 4.I IH
- 2. N:= servi <n conn.cua """"'"""'"'*"
- 3. 93 ri 2.917 38.44 38.43
- p. s:evien neorea 6. Miles Olstribudon .
223 230 overano 4.054.50 4.126.46
- 3. Tem seren in snne 7. Mllei Otilribubon .
60.277 63.020 unee,,rouno 277.80 307.90
- 4 iew ser m n .. i om wn or e,,oeo trier.de s,..on.i> 2.175 2.046 <s . 6 . ri 4.370.74 4.472.79 REA Form 7 (Rev. 8 8$) PAGE 1 OF 7 PAGE5
Revised 4/05/89 ,
l vsoA . nc A 60RROwER oE$4GNATION
{
NH -a-MM wk FINANCIAL AND STATISTICAL REPORT u gy tno, o ntA usg o9Ly INSTRUCTIONS . s r.t A t ou.t. December 31. 1988 ,
PART C. BALANCE SHEET ASSETS AND OTHER DEBITS . LIAtillilES AND OTHER CREDITS l
. Toi.i vunir eient in service. . . . . $ 95.006.708 as. u.mi,rihips . . . . . . . .
- s. construction worh in ereerne . . . . 79.084.323 tr. reuensp eepitei . . . . . . . $ 12.278.159 ;
- s. Tot s viinir ient r
- o. Ciher in iiments . . . . . . . 2.000 34. Lone Term o.oi . oih., tNei . . , , ,_,144.974.829 ;
- 31. speci i runei . . . . . . . . 114.096 (permenti unarpnes s tr. Tatei other P,operir a in nimenti es thru sti. $ 2.335.448 as. Toise Lons. Term o.e (as . 343. . . . j208.006.048 sa. cnn . oenerei runei . . . . . . 211.?76 36. Notes Payabi. .
- 14. C:sn Construction Funes .Trusie. . . . 846.475 37. Accounts Payabie . . . . . . . 19.402.154 as. senisi oepocis . . . . . . . 500 so. consumers o.positi. . . . . . . 281.026 ,
ts. Tempererr in ntments. . . . . . 7.008.059 so. oihee curreni s Accrues tiennion . . . 2.363.291 3 7. N DH R.c ost Dio . Net , . . . . . --
- 40. Tota Current & Accrued Llabinun (36 thru 39). $ 22.046.471 se. Accounis neceiveci .Nei sein et En rer. . 3.479.789 an. oeverres creeni . . . . . . . 26.846.800 to. Account RutiveDi . Nei other. . . .. 431.842 42. Mist n n. oui Cperatino nneren. . . .
to. Meternati & Suppites . electric and other . . 7.IO.I49 43. Totes Liebinties & other Crealts (32 + 3e +
- . Praermenti . . . . . . . . 456.418 4e in.u ari . . . . . . $168.087.340 ,
- . Ciher current & Accrues Anets . . . . 28.134 ESTIMATED CONTRIBUTIONS.IN AIDCF40NSTRUCTION sa. Tatei current & Accru.o Austs O) thru 22 . $ 14.6I3.I42 Batane. S6 ginning of vnt . . , .- . . $ 610,143
- . o verres oenits . . . . . . . 517.820 Ameunie nn.ivea thii veer tNeti . . . . (124,681) ~
PS. T*tei Assets & Otner Debits (5 + 12
- 23 + 2.) $168.087.340 TOTAL ContribuHoeNn Aie.Of Comitruction. . $ _485.462 PART D. NOTES TO FINANCIAL STATEMENTS THE SPACE BELOW is PROVIDED FOR IMPORTANT NOTES REGARDING THE FINANCIAL STATEMENT CONTAINED IN THl3 REPORT. f!F A:DITIONAL SPACE 13 NEEDED. L'SE SEPARATE SHEETJ c See Note A, attached REA Form 7 (Rey.10 86) P/ "r 2 OF 7 FAGES
f l- 1 l
NEM HAMPSHIRE ELECTRIC CDOPERATIVE, I!C. i i
ICTES 'IO FI!WCIAL STATEMENTS l DEXDBER 31, 1988 N O 1987 l 1
l
!CTE A -- 0344I'IMENTS NO CCNTI!CDCIES Seabrook Unit 1 - General .
New Hanpshire Electric (boperative, Inc. (the "Cboperativn") is a joint owner (approximately 2.174) of a nuclear-fueled steam electric generating plant located in Seabrook, New Hampshire. Seabrook Unit 1 ("Seabrook") was substantially ocnpleted ,
in 1986 and at that time the Nuclear Regulatory Ocmnissicn ("NRC") granted a 40-year operating license subject to certain conditions as discussed below. By reason of the New Hanpshire anti-CWIP statute, which prohibits recovery in rates of any costs of a plant which is not operational, to date no part of the Ocoperative's investment in Seabrook Unit I has been reflected in the Cooperative's rates to mmbers. Durirg i 1989, the Cooperative estimates that it will ocntinue to incur Seabrook Unit 1 '
expenditures of $1.4 millicn per nanth for project oosts and interest.
Stztrg opposition to, and repeated and extended delays in, the efforts to obtain the regulatory approvals necessary to achieve full-power operation of the Seabrock plant have been encountered. Although the Seabrook plant is substantially ready for service, the NRC's current regulaticns will not permit full power operation until radiological omergency respanse plans are approved and in place for cities and towns within a ten-mile radius of the Seabrook plant, wnich includes seventeen tcuns in New Hampshire ard six in Massachusetts, ,
t Initial emergency response plans for New Hanpshire have been su'7nitted to the appropriate federal agencies. The NRC has required the filirg of an mergency e respcnse plan for the affected Massachusetts towns prior to wmiercai=:nt of low-power testirg. An emergency respcnse plan for Massachusetts, which is inten$ed to meet the NRC's current requirements, has been filed with the appropriate regulatory agencies. The Attorney General of Massachusetts has appeared in opposition in virtually every regulatory proceedirg involvirg the Seabrook plant and continues to j oppose its operation. The Oaoperative cannot predict whether regulatory approvals i necessary to permit full power operation of Seabrock Unit I will be received. ,
Currently the cash generated by the Ccoperative's operaticns is insufficient to i l satisfy its capital reqpirements and to pay interest and principal cn its j outstandfrg indebtedness. In late December 1987 and early January 1988, the Rural l
Electrification Adninistraticn ("FIA"), Federal Financirg Bank ("FFB") and National '
Rural' Utilities Ocoperative Finance Corporation ("CFC") ceased hcnoring financirg ccanitments to the Cooperative for all finaneirg related to the Seabrook project and the Cooperative'c distributicn system constructico projects. Because of the growth within the Cooperative's territory and the cash requirments needed to meet that expansico, the Ocoperative was unable to meet its capital rcqairements and continue Seabrook project payments without continued REA, FFB and CFC financirg.
Accordirgly, in early January 1988, the Board of Directors voted to suspend payments I to the Seabrook project and to suspend principal and interest payments to its lenders pending a resoluticn of the finaneirg problem.
1
y 1
l i
^
4 NDf HAMPSHIRE ELECm1C CDOPDWTIVE, INC.
- z. j 3
i ICTES 'IO FINANCIAL STATDECS '
DECD BER 31, 1988 AND 1987 i
!UTE A -- (I2H1'IFECS AND CCtR11GDJCIES -- Otntinued '
The Cboperative has been negotiating with the REA, FFB and CFC in an attenpt to >
resolve all differences and develop a workout plan that is acceptable to all involved parties. In 1988, REA agreed to fund Seabrook project payments and the ,
Cboperative is current on its bills fran the project with the exceptico of disputed bills for payments to the Cbalitico for Reliable Diergy. 'Ihese bills, i totaling approximately $197,000, are currently in arbitraticn. j Under any circumstance, the Cboperative will need to obtain certain concessions fran the lenders and to substantially restructum the debt spients if it is l to avoid seeking protecticn fran its creditors under the provisicns of the Federal Bankruptcy Code. Additicnally, camnercial operation of Seabrook Unit 1
[
is necessary for the Cboperative to continue to exist under its current t financial structure. The Cooperative's carent rates cb not prwide for the recovery of its investment in Seabrook. Even if the Seabrook plant achieves i
full power operation, the Cooperative's pwspect= for survival outside of '
bankruptcy is granted.
may be limited by the size of future rate increases the Cboperative There is no guarantee that the New Hanpshire Public Utilities Conmissicn will allow full recovery of the Cboperative's Seabrook investment even if full power operation is achie'ved. 'Ihe Cooperative cannot predict to !
a what extent, if any, it will be granted rate increases which allow recevery of the Cooperative's investment in the Seabrook plant.
In conjuncticn with the Cooperative's 9greement to becone a joint owner in the '
Seabrook project, the Cooperative entered into an agreement with Public Service Ctmpany of New Hanpshire ("PSNH"), a 35.6% joint cuner of Seabrook Unit 1, ,
whereby the Cboperative may, at its option, sell back to PSNH any porticn or all :
of the Cooperative's cwnership share of Seabrook Unit 1 capacity and related energy producticn at the Cooperative's full cost, which includes a prcNisicn for depreciation cn the Cboperative's cost-of-service for Seabrtok Unit 1. 'Ibe agreement will becone effective on the date of carmercial operaticn of Seabrook Unit 1 and will end ten years folicmng that date. On January 28, 1988, PSNH filed for protecticn fran creditors under Chapter 11 of the Bankruptcy Code. It cannot be determined at this time what inpact this filing will have on the ;
Seabrook sellback agreement, or any other agrements between PSNH and the Cooperative related to the Cooperative's Seabrook cunership or power supply.
Seabrook Unit 1 - Project Papents k The Cboperative has been able to meet its project obligaticns cnly because REA has agreed to ocntinue to finance these payments. The appzwal to terrow to meet these payments is limited by Public Utility Otmnission Order to approximately $140 millicn. Funds available under this loan will run out in May l of 1989. The Cooperative is unable to fund these papents fran internally t generated cash. REA could make such payments cn the Cooperative's behalf but I there is no guaranty that they will do so. If payments are not made for a five l month period the Seabrook Joint Cunership Agreement allows any other joint owner i
l
z l~ i I
NEM HAMPSHIRE ELECTRIC 000 PERATIVE, I!C. i i
i NOTES '!O FINANCIAL STATEME2&S j DECE2EER 31,1988 Ato.1987 ;
ICTE A -- CDt41'!NE2CS Ato 03CI!GE2CIES -- 0:mtinued l
L to make payments and to take over the Cooperative's interest at the current fair '
market value. 'this could result in additicnal significant losses being incurred !
by the Cooperative.
Seabrook Unit 1 - Write Down j Uncertainties regarding the recovery through rates of the Cooperative's i investment in seabrook Unit 1 have forced the Cboperative to examine the value of Seabrook as recorded on its financial statements. After review of ocmpetitive factors and rate implications, the Cooperative's Management and Board estimated that the maximum value that could be recovered is $72.5 millicn i inclusive of nuclear fuel costs, i
The Cboperative's financial statements have been adjusted to reflect the S72.5 ,
million maximtzn value for Seabrook Unit 1 through a write-off of $64,800,000.
- Also, a write-off of estimated future Unit 1 costs of $25,200,000, including interest through the estimated date of ocmnercial operaticn, was recorded resultiro in a total adjustment in 1988 of $90 millicn. For purposes of this estimation, the Cooperative has assumod Seabrook's ccmnercial operaticn date to i be July 1, 1990. '!his loss is reflected in the statenent of operaticns by ceasing the capitalizaticn of interest during constzucticn, wnich snounted to .
S11,105,300 during 1988, and recording an additicnal charge against inoone of *
$78,894,700.
The Cbop3rative will continue to nonitor developments affecting the operaticn of '
the Seabrook plant and the am3unt of related costs, if any, that are recoverable ,
through the rate-making process. Additicnal adjustments may be required. If it ,
is determined that the plant will not operate and the State of New Hamshire's -
anti-CWIP statutes are tot nodified to permit recovery of the Seabrook oosts, .
the remaining $72.5 millicn would be charged against renoperating margins. ;
Seabrcok Unit 2 l
I Cbnstructicn of Seabrook Unit 2 ceased in 1984. In ibvember 1986, the joint owners of Seabrook Unit 2 voted to aban&n the unfinished plant. On January 26, 1988, the New Ha'tpshire Suprtrin Court upheld the constitutionality of the State '
of New Hampshire statute which forbids recovery of the cost of an abandoned plant for rate-making purp3ses. As a result of this developnent, the Cooperative determined that, as of December 31, 1987, reocrary frun its ratepayers of its investment of Seabrook Unit 2 was ro Icnger probable.
l Accordingly, as required by generally accepted accountiry3 principles, the l Cooperative's investment in Seabrook Unit 2 was charged to operaticns. The costs of dismantling Seabrook Unit 2, not of any costs recovered by salvage operaticns, have been estimated by the Cooperative to be approximately S350,000.
This anount was also charged to operations during 1987.
l
e n i NEW HAMPSHIRE ELECmIC CDOPDATIVE,11C. -
L ;
PUTES 'IO FINAtCIAL STATEMENTS !
DECEMBER 31, 1988 Ate 1987 !
PUTE A -- CDt4IMNTS AND CCNTUCE2CIES -- Ocntinued t
Majpt_ Power Suco11er \
i
'Ihe Cocperative currently purchases nost (914) of its power at wrolesale frun Public Service Ocstpany of New Hanpshire ("PStE") under two resale service agreements. These agreements are for Partial Requirements Resale Service, covering service at eight delivery points, and an Agreement for Transmission !
Service at Wholesale for Resale, covering fifteen delivery points. Either party '
may cancel the 8p. con s ts with five year or two year notice respectively.
In conjunction with its agreement to beccme a participant in Seabrook, the Cooperative entered into a series of agresnents with PStM intended to supersede the agreenents described above upm ocrimercial operaticn of Seabrook. 'Ihese agreements included a new partial power requirements ocntract, a transnission t service contract and a sellback agreement which, for a period of ten years, :
requires PS!E to buy, at the Cbopert.tive's cost, any part of the Cboperative's ;
capacity and energy preAM by Seabrook which the Ct.cperative determines to be :
in excess of its needs.
In anticipaticn of Seabrcok cotmercial operaticn, tha Cooperative and PStM have discussed the details of inplementing these agreements, toever no specific -
arrangements beycnd the terms of the initial agreements were concluded.
Suteequent to the Chapter 11 filing by PSfM, the Cboperative and PS!N again entered into negotiations regarding all aspects of the parties' future utility relationship, including responsibility for the Cooperative's power supply and obligations of the parties under the Suebrook-related agreenents. PS!E might .
r attempt to reject one or ' nere of the Seabrtek-related agreements under the bankruptcy code end/or may attertpt to terminate the wtolesale supply apoeists now in place under terminaticn provisicns of the agreenents. Rejecticn of arry of these agreements could jeopardize the Cbcperative's relationship with PSTN and have an adverse effect on the oost of the Ocoperative's pcwer supply.
Accountina Standards
- The Financial Accounting Standards Bcard ("FASB") has issued three statenents that significantly change certain generally accepted accounting principles for regulated enterprises. The provisions of two of these statements were effective for the Ocoperative cotmencing in 1988; the third is effective for 1989.
l t
r ,e l
NEN HAMPSHIRE ELECTRIC COOPERATIVE, INC.
ICIES 'IO FINANCIAL STATDENTS DECDBER 31, 1988 AND 1987
!CTE A -- CDf41'IMENTS AND OJNTI!GE2CIES -- Ctntinued Statement of Firancial Accounting Standards (" STAS") ib. 90 rwised accounting requirements for plant abical.m..eits, regulatory disallowances of plant oosts and capitalization of Allowance for Ibnds Used During Construction (AFUDC). As discussed urder "Seabrook Unit 1 - Write D:wn" above, the inpact of a&pting the pIwisions of SFAS lb. 90 in 1988 was $90,000,000.
SFAS lb. 92 has established the accounting requirements for deferral of costs under qualifying phase-in plans and the accounting treatment for rate noderation plans that ' do not qualify as phase-in plans. Its prwisicns may renuit in additional adjustments to the carrying value of Seabrtok Unit 1 if phase-in plans or rate nederation plans are applied in detennining the Cooperative's recwery, if any, of Seabrook costs.
The thin $ statanant, SFAS lb. 101, deals with the accounting treatment for enterprises which cease to meet criteria for applying regulatory accounting.
The inpact of applying SFAS lb.101 in future years, if any, is dependent upm actions by the regulators and is rot presently determinable.
A e
r I .
- 6***.***
Revised 4/05/89
, sonnowin otsiraATeoN FINANCIAL AND STATCTICAL CEPORT N.H. Merrimack YLAn LNDiNG mig pgg oggy seesTnUCT80Ns . See as A eena 3 Decemte, fl,19 RR PART E. CHANGES IN UTILITY PLANT ggg 8" lay,E ygg 'IY"'" ADDITIONS RtfinLMENis g((gyghg "I SALANCE ENDof YtAn floNhAft 4
let tel tel t,i> (* ) tri
- 1. Lend vid tend aieu oeol. $ 546.203 1.041
- 3. sieucionei end improvemenu nsti 1.292
$ 8 547.244 NK 1.292 3.48
- 3. si non teviameni ncri . . . 4.512.963 1.031.404 85.851 5.458.516 3.48
- 4. Pwei. To.m..nd ri iu n tx4i. , 20.906.185 920.450 359.565 '
21.4672 070 3.48
- s. ovche d.conducimi end oevien om: 12.417.181 4.661.298 354.432 36.724.047 3.48
- s. Undes,ound Conduit (366). . . -- -- -- -- --
- 7. Unovp<ound conductw & Devices osti 1.659.849 197.564 15.407 1.841.916 3.48
- s. Line tiemiwmm ose . . . 10.948.092 1.217.454 97.397 12.068.149 3.48
- 9. Se,vien (x9h 1.17% 71o 119.34o L4.111 1.761.Q55 1.LA io. Meine n7ol . . . . . . 1.466.1%6 167.607 1A.1La 1.790.417 1.4R it, imi.n iion on coniumve r,emiin arin Ro%.ot? To;ntn 96; tao osi.4?A t LR i3. Lined reope,iy onca.c='iew=. on 5.004 -- --
5.004 3.48 i3. siewi tteiine orsi . . . . 282.846 61.707 29.315 315.238 3.48 NA is. sveTot AL . caintivoon n inev i3h is. Lend .ne tend niei. nees. . .
$ 78.796.935 82.749
$ 8.666.204 300.000
$1.028.863 $ 86.434.276 382.749 kQ I.
is. si,vciu n .nd ime,onmenis oooi , 2.122.991 260.926 1.767 2.382.150 3.00
- 17. Cir.ce rveniiv,e a touipmeni tsois , _
1.043. M6 619.783 147.582 1.315.567 VAR is. T, mpi.,ission touipmeni neti . 2 135.423 25.546 213.780 1.947.189 VAR 19, storei. Tools. Chop. Ov e. nd L.bc.iocy touemem 083.364,395: 454.111 99.501 1.226 '
552.588,1dQ_
to. ro.c . opoeied t ouipmeni sses: , 166.784 6.Q25 3.475 169.334 VAR ti. communic non touipmem :3sn . 117.702 76.037 2.489_ 391.250 5. QQ_
- n. Miicen.neous touipmeni nosi . 70.576 7.777 23.346 6.00
- 23. oihe, Teng.ble P, ope,iy (390: . . -- -- -- -- --
Np
- 24. sveisTAL . cenvu ri m us ih,v 231 $ 6.343.902 $ 1.390.590 $ 570.319 $ 7.164.173 M rs. ini.ne. bin poi,3n.3031.
rs, t..no end L.nd nien no.di end
. . 49.783 49.783 %
T,.ni nso. ason . . . . . 115.080 115,080 W
- n. sieveten end imo,onmenu osti . 3.415 3,415 2.75
- . si.iion to.4pmem os3: . . . 133,866 133,866 2.75
- e. To.m .nd n.iu.ei .no een e.d ri.iu,n os4, nsi . . . . 397.353 9x266 4.997 401.62". 2.75
- a. on,he.d conducien s oevien ixel . 631.327 55.605 8.084 678.848 2.75 3i. Underound Condoli Osn . .
- 32. Undegepund Conducto, & Dres usen -- -- --
- 33. susioT AL . Trenamission Pl nt as is,v ni. '. 1.9R1 nal 64.871 $ 1.332.831 Mpy n[,w,(*
13.D81 t $
- 34. Peoduction Pt.nt . sie.m (310 3 sai .
3s. Production Pl.nt . Nucie., 020 32si . . JW 3s. P,odction Pieni . Hyd,o (330 3361 . M h' l l h M
- n. ,,odu.oon ri.e . oi , o.o . mi .
l a. An ov. uimy rwi nar. ios ios.ii4.iisi - 25.645 25,645 l [g&
I a. svef oT Al ti4 24.rs+33o4 teu sei $ 86.497.306 $ 10.121,665 $1.612,263 $ 95,006,708 1
, ,y ' [ , %s.h
, _ ..,o URfy'CW'
%.e T
i .o. conii,vecon w un erorm oon . 125.860.038 (46.775.7151 W '
F
' /
j 79,084,323 a[p. ,4
, % )
I 4i. tot AL VTILiTY PLANT 09. .oi . $212,357,344 $(36,654,0501 $1,612,263I ' '4 4
$174,091.031 hLA foam 7 (Aer. U 4/) PAGE 3 OF 7 PAGts I
p,-
Revised 4/05/89 Us1A. LEA DORROWER OEllGNAT40N l
FINANCIAL. AND STATISTICAL REPORT 3 gig'twiiuo ~*" **
REA vst ONLy h INSTRUCTIONS S.WFA (Fr* O'C M Del'9I. M 8 PART F.
ANALYSIS OF ACCUMULATED PROVISION FOR DEPRECIATION - TOTAL ELECTRIC PLANT -
i DISTRIBUTION TRAN ION IT EM GENERAL PLANT OTHER PLANT p I
( tal t>l tel ggp .
j t. o i nce seeinnins ei v .e. . . . . . $18.480.334 $2.725.426 $380.344 e 4.enions . o.oe.ciation Acceveis en ,.e ici n e. o.oreciation teo. nee . . . . . , 2.862.808 292.936 31.984 n ci..esn, Accounti ene ein... . . . . 205.753_
. sveioisi te + oi . . . . . . . $ 2.862.808 $ 498.689' $ 31.984
- 3. Lee . pieni neta ..nenm
.. riani neti,es . . . . . . . . 1.042.211 508.592 ,
, s. memoe i cesis . . . . . . . 223.511 !
$ 1.265.722 $ 508.592 '
~
- c. svi.ioiet te e on . . . . . . .
. pivi sene,eo Meieriaii . . . . . . 240.286 24.543 i L
- s. T:TAL tre. s e si. . . . . . . $ 1.837.372 $ 14.640 $ 31.984
- s. oiner Ansviimenti . oena or ca.sii . . .
{
- v. e iene. ene or ves, is e e si . . . . $20.317,706 $2.740.066 $412.328
[
PART G. MATERIALS AND SUPPLIES ITEM OF Vf R PU RCHAS E D SALVAGED USEDfNET) SOLD ADJUSTMENT A N ,
g Y An .
rer 1H res tes rep o f.' rus :
- 1. Eieciese 1.487.633 3.702.778 - 214.266 3.174.832 (79.6961 2.150.149 >
. einer oss e issi
- 3. ceiio o, in,en.o,, Tu,nce.. ci.u,i. 4. i,. ..iio,,
cium, s ge,.eni o To a Vinn, cieni <
nem is JMu e 1.75 ,,,.i..',,,,c x ico . .90 i PART H. SERVICE l'NTERRUPTIONS l t
AVERACE HOURS PER CONSUMER BY CAUSE ITEM POWER SUPPLIER TOTAL EXTREME STORM PREARRANGED ALL OTHERS fel fH tc) id) fel !
- i. reeient vee, 1.25 2.66 .27 2.08 6.26 '
- r. ri e. veer avere . .77 4.06 .28 1.58 6.69 PART l. EMPLOYEE. HOUR AND PAYROLL STATISTICS ;
- 1. Numi'M of Fun Time Emeieveet 217 4. osveoil . Enoensee 1, fi 18i ,1R Q '
- r. Emoiove. . Hou,e wo.6es . ** uier Tim. 432.809 s. reveen . capitanne 2.086.279 [
- s. Empiove. . w,>ves we,6 ea . o.. iime 17.912 s. reveen einee 244.615 i PART J. PATRONAGE CAPITAL PART K. DUE FROM CONSUMERS ITEM THIS YEAR CUMULATIVE FOR ELECTRIC SERVICE fel (H
- i. Geneesi Retleomeng 8. AMOUNT OUE OVER Go DAY 5 3
- e. so.cies neti,eme'
$ 153 e 848 [
- 3. Toiel Ret 6.monts (i e 21
- 4. feitonage Ceoitel Assignes
- 2. AMOUNT WRITTEN OFF OURiNG YEAR y?. +4f g 's
- s. reirensee earnee ameaeta. E' ' " Mh ' ' $12e278el59 $114.638 t
PART L. kWh PURCHASED AND TOTAL COST RLA USE ONLY AVERACE INCLUDED IN TOTAL COST NAME OF SUPPLIER SUP LIER kWh PURCHASED TOTAL COST L PE R kWh FUEL COST fren is; O HER E ADJUSTMENT g ,, e,,,A, ,,,
les IH fel Idl (96 ff) tti s.Public Service Co. of 4,H. 544.698.581 29.741.552 5.46 7.177.480 82.800
- e. Maine Yankee Atomic 36.273.421 1.205.416 3.32 49.810 i s.N.E. Power Co. 6.154.500 317.884 5.17 109.365
- a. Central Vermont 11.691.010 635.932 5.44 (28.524) 22.663
- s. mmt. Suhtorn1 50R.817.51? 11, onn , 7 p /. 7.'58.321 155.271 REA f orm 7 ffter. Jr.s;J PAGE 4 OF 7 PAGE5
. UsOA.cEA oORRoWER DEllGNATION FINANCIAL AND STATISTICAL REPORT vtAR tNoiwo REA UsE onLy INST RUCTIONS . S.Ta't A E61rt: December '31 1 19 PART F.
ANALYSit OF ACCUMULATED PROVISION FOR DEPRECIATION - TOTAL ELECTRIC PLANT isTRimVTION ITEM GENERAL PLANT T" A$"$'0" p OTHER PLANT
,., ,,, ,r , ,,,
- i. seience me,innine et voor. . . . . .
- s. Aeaitions . Depenietion Accevois cherpos toi '
- e. DePenietion Espense . . . . . , -
i
- c. Cieerine Aesovnis ens Citiers . . . .
- c. Suttotes to et) . . . . . . .
- s. Lees .Pient metirementsi i
- e. Pient netires . . . . . . . .
- c. memove Cosis . . . . . . . '
- e. Svetotei te + til . . . . . . .
- 4. Plus Selvspos Meternels . . . . . .
S. TOTAL (24 34 e el. . . . . . . I S. Other Aslvstments . Deoit or Credit . . . '
- 7. Selente End of Year il e $ 168 . . . .
PART G. MATERIALS AND SUPPLIES ITEM OF Y R PURCHASE D SALVAGED USE D (NET') SOLD ADJUSTME NT EN EAR fat (6) fri (di fe) (/) Igl
- 1. Electr64 7 otner fils e 166)
- 5. Cotto of Inventory Turnover - Electric 4. Inventory - ElectrN es Percent of Totel utstity Plant item a s + @ . ,,e m e i e.'c,,t c x loo .
PART H.
{
SERVICE INTERRUPTIONS 1 AVERAGE HOURS PER CONSUMER SY CAUSE ITEM POWER SUPPLIER TOTAL i EXTREME STORM PREARRANGED ALL OTHERS !
(el f6) (c) (d) ft) .
- 3. Present Year '
- t. Five. Year Aversee PART1. EMPLOYEE HOUR AND PAYROLL STATISTICS !
- 1. Number ef Full Time Emplevees 4. Payroll Empensed r
- 2. Employee . Hours worlod . Regular Time S. Payroll . Capitetteed
. l
- 3. Empioyee . Hours workee overisme s. Peyroil other PART J. PATRONAGE CAPITAL PART K. DUE FROM CONSUMERS
- ITEM THIS YEAR CUMULATIVE FOR ELECTRIC SERVICE tal th) 5 3, General Retire nent
- 1. AMOUNT DUE OVER to DAYS .
7, Speciel p etirement s
- 3. Totet Retirements il e il
- 4. Petronage CapHet Assignea . ? 2. AMOUNT WRITTEN OFF OURING YEAR
- s. r e troeeee eenne. *,,iensoie '
e ~~ -
PART L. kWh PURCHASED AND TOTAL COST REA USE ONLY AVERAGE INCLUDED IN TOTAL COST NAME OF SUPPLIER SUP LIER kWh PURCHASED TOTAL COST " L PER Wh FUEL COST feen tej ADJUSTMENT O HER CHA S rep r>I for credits) ft) ids tel it) tal
- 1. Balance Forward 598.817.512 31.900.784 7.258.321 1 %.971 t.Creen Mt. Power 1.967.100 119.955 6.10 21.661 LAn
- s. Miscellaneous 11.912 all 1.67 88 4.Unrec. Fu e l Ch c . (111.?Ali
- s. Tot At_ 600,796,524 11,RA7,A71 5,31 7,200.090 1%R.7%1 RL A f orm 7 (Rev. J283) PAGE 4 OF 7 PAGES
Fin:i1 vlCA*LLA BORROWER OL58GNAtlON
' FINANCIAL AND STATISTICAL REPORT " "- ~'-"*"d YEAR ENDINQ Rg A Ugg DN(y iNsin ucT Ons . t.. or a r ou.r. December 31. 1988 PART M. LONG. TERM LEASES (Ifed'ditionel space is needed, use separate sketc.)
LfAT BE LOW ALL "RLSTRICTE D FROFERTY"*' HE LD UNDER **LONG. TERM" LE ASE. ist none, erste "NoNt";
NAME OF Lt$50R RtNTAL TYPE OF PROPERTY THIS YEAR 1.
t.
3.T^ tat C3 "AESTRfCTED PAort A T Y" meen eil propertie, othee then en tonio6fles. n true s, prode . # rec to,*. ethee .,ehicles (ineledlag without it.n<tetto
- nd ships). ot/ste, serese end warehouse spece end office egeltm:at fancluding withool limifordon compute.sl.
- L ONC.TE A Af meens leans hersas
.nes,.4,ed eerm, or me,e ehen si monsh, <sensa, savo oceowar eems or nneet es she octien or she ses.or, whether or not ..th s PART N. ANNUAL MEETING AND BOARD DATA i, o.ie o c.. Aaoo. we.i. . e. t oi ., u.,a.., o, ue..., .
- 3. g.,'; e, uem.... e,. .ai .i . . W. , o o, . .n .. . . .no June 7. 1988 60.974 215 GDus O wo
. . g,g.,, o;,g.m.... v oon. ., .. t oi .i ~.,a.., o . s o.. . Me m.e,.
, . 7,oj e,,g,og.,,, ,... . .. ( . . . .... .. oo.. ..,.ee ... W,en.. ceai -
N/A 11 $40.059 O ns GD uo PARTO. LONG TERM DEBT-OTHER AND DEBT SERVICE HEOUIREMENTS BALANCE BILLED THIS YEAR ITEM REA USE END OF YEAR INT E R EST FRINCIPAL ONLY let TOTAL t6l rep ggi qqs
- i. w non.i no..i vom.. c ooe...o., ria.ac. ce,oo,.oon
$ 6.211.824 760.421 37.706 798.127
- t. e.ak 'o, c oce...o***
NCR Credit Coro. 377.965 28.785 61.044 89.829
- 3. rece..i p ia.acia, e.a6 117.927.502 9.111.730 9.111.730
- a. oenee ttist secemreto n4 0 < e n 1 rnnern1 41.111 1. M 5 7.909 11.434 S.P1vmanth Conranty cavh g,Lfack 06.126 9.135 21.076 301209 6.AT&T Information Svstems. Inc. 48.101 8.015 10.888 18.903 f.Fave A. and Lyman R. Hammond 270.000 30,000 30,000
- i. uwmee, oe cmoievees .rv n time 1 s. rev,on 1 72.923 28.188
- t. Numbe, of Emoiov ees . P.,t Tim. S. Other t.p.ases
- 3 $$1
- 3. v +i. e moiovee . wow,i 1.830 1.798 s. wemee, coni.cii 237 266 PART0. TYPICAL MONTHLY BILLS FOR ELECTRIC $ERVICE
- 1. RESIDENTIAL SERVICE (term end nonform for domeente end form one.)
- SCHEDULE NAME AND DE$iGNATION R e st i d e n t i a l ususuvu eiet n g,, 250 hwh 100 hWh 7$0hWh 1.000 kWM 3,500 6 Wh
% 40 10.47 42.35 64.45 86.02 215.44
- 2. COMMERCI AL $t RVICE (Comme,eial 6esioen esse 614shmentet . tores. offices, reefeureats, se,eeee, etc., for fishtiar and acwer rurposes.)
SCHEDULE NAME AND DESIGNAllON l '
l Censval 6 kW 12 kW $0 kW 40 kW $0 kW 100 kW I 780 kWft 1.5 00 k Wh 6.000 kWh a 3 0.000 kWh 12.500 kWh 30.000 kWh I 81.13 171 AA RAR 57 866.42 1.069.61 2.401.27
$0.000 hWM 60.000 kWh 60.000 kWh 120.000 hWh 2 00.000 6WM 200.000 hwh 7.191.40 4.149.58 4.782.55 8.298.94 7.970.82 13.831.42 l.000 kW 9,000 kW 200.000 6 Wn 800.000 6Wn i .5 00.000
- Wh t.s00.Deo wwn 15.941.42 27.662.62 109.009.22 167,61_5.27 RLA ro m ; en... n s.y FAGE$ Of 7FAGES
c Tinal 4
uson . nas eonn_wt= otsir.watic.m
- FINANCIAL AND stall $TICAL REPORT N. H. Me rriina ck t t AR (NoiNG atA ust owLt mgtnuctioNs . see s t a low 8.
. Decomt4? 31.1900 PART R. POWER REQUIREMENTS DATA BASE su tn $Atts .tANUAn y CLAssittCatsoN uo F savAny saAncH ArniL e4Av A,wt REVENUt DATA (v) (6) (c) (d) (e) (f)
. w c.aw ns,*e
%0.16R %0.%&9 %0.760 %0.Att %0.AA;
[$",' j
,, 'jI,,',g u..w see 43.632.287 43.970.719 40.476.654 12.149.219 29.974.0A1
,, %1.0A0 71.A11.Q04 s.a.aan 4.010.295 1.848.706 1.592.913 2.662.917 2.202.716 1.777.926
. w.c w .se...
- 2. Zei.oe.o.ei $.ies .
le#ionet
. . a.. e a .c .w nso .
- 3. ir##gelion Selen h. 6twa see t 84.w ay.
.. na c wa.ci s*** 6.081, 6.132 6.164 6.181 6.706 6.717
' ' $'"6'y'/',','[,,, see 13.2h M 74 19.71L871 1%.227.397 a.a**
12 J44.A10 11.71R.%%R 11.7A9.610 1.166.411 1.1%A.196 1.799.R01 1.075.0%9 49%.166 CA7.0A1
- e. c ,s....
7 7 7 7 7
' 8
$$$v"[' i. i = s e a aa*
5.62_3.320 4.455.268 2.414.164 1.011.0%2 919.64A 948.776 184.842 794.771 169.017 78.790 61.07A 67.797 e we ca a.n s--' 2.000 2.000 2.00.0 2 404 2.004 2.005 8' #"$*,',3'',M",, * *
- s 'd 114.812 114.827 114.827
, t.
me-a-.
114.860 111.R40 114.169 a
71.%1% 70.97% 70.961 10.6%4 70.A7A 70.%7a
. we c.ai n so.e
- 7. Q heeSaletis
" *
- I'd Pvid2 Auth.
- s. me. e s seseva =cesewe .
- 8. teles foe Rosales .
1.t A Cerrowers " *
- I*8
- s. me w a we en.waeo sown
- 9. Sales io Reieles . , , , , , , ,
Ciheet ,
. n.. e i0. TLTAL N.. Consumen ti res le . $si
%R.660 MR. ARA %A.960 %Q.077 %Q.107 %Q 110
% 7A1.101 %.%71.R60 %.067.707 1.A11.700 1.7A7 A64 7.R67 An%
- 13. Cther tiecirle Revenue 14%.677 114.41A 117.96% 177.674 170.100 117.*/76 1%R.117 147.177 16%.619 02.66A 76.669 % A .16 7
- 15. TOTAL kWh Puecheied 60.170.1A7 67.10%.%A4 %Q.16A.770 &%.104.064 15.471.77A 17.7%1.447
- 16. TOTAL kWh Cerwesied ir, e w ev,os. .nd cene,sii.n 1.4%A.11A 1.ML6.700 1.1%1.6%& 7.110.766 1.A&%.4%6 1.701.776 1
l i s. i ..se',,,e%,'M *
- i'f '",'t"r "'d" '
r ' ' ' " * '- " " '
ie. reen . s Aii 6w in, i cueie,eoi *F ' '- ~ '
... :.: . :.. .s . .
O c .n,.eeni o wn cm.ow 155.087 152.4211 129.004 116.125 86.256 87.533 CI A Form 7 ( Ae.. flif)
- FACE 8 CF 7PACll
)
Revised 3/17/89
. USDA LEA BOR20WEQ DE$1GNATION FINANCIAL AND STATISTICAL REPORT Merritc8ck
[g',"n' g[y'o[uo ;
IN$7 RUCTIONS . See at A t ou.t. De6mber 31.1988 PART R. POWER REQUIREMENTS DATA BASE (Continued)
(SEE PRECEDING PAGE 8 OF REA FORM 7 FOR HEADINGS OF LINE ITEM NUMBERS BELOW.)
NUMBER NLY g,y AUGUST qsp SEPT EMBE R OCTOBER NOVEMBER DECEMBER TOTAL til (19 th) til IColumne e thne il
- e. 51.354 51.536 51.862 %2.061 %?.240 %).471 ' <
1 b. 22.124.575 24.778.555 25.309.031 23.311.109 27.233.603 34.784.946 365.576.773
- c. 2.024.363 2.203.391 2.179.311 1.912.572 2.358.828 3.105.561 31.834.519
,, .< - ,,,s ,
- 2. b. ,
c.
- e. s , s ,
[
- 3. b.
c.
- e. 6.305 6.347 6.380 6.415 6.456 6.479 " s M' 4 b. 13.771.039 15.659.409 15.454.512 12.814.936 12.892.710 15.654.660 168.827.506
- e. 1.271.703 1.179.011 1.320.646 1.071.6RO 1.111.10R 1.167.77R 14.61R.1R4
- e. 8 8 7 7 7 R 2 tm '
- 5. b. 2.019.068 159.260 1.183.672 1.146,500 1.222.624 4.617.312 25.722.664
- c. 144.396 24.155 87.132 78.869 87.041 149.951 1.825.216
- e. 2.007 2.008 2.009 2.011 1.867 2.016 u ' - t
- 6. b. 114.245 114.427 114.454 113.699 111.R05 111.819 1.371.784 i c. 21.901 21.661 21.116 70.RR1 91.166 21.69R 2%2.250
- e. s m s o
- 7. b.
c.
e, m. > s
- 8. b.
t.
- e. ,' > >
- 9. b. t c.
g, '. ". h. -' {$ ,j' ~
N 59.674 59.899 60.258 60.494 60.570 60,974 - -
11 38.028,927 40.711.651 42.061.669 37.386.244 41.462.742 55.170.737 561.498.727 12.
3.462.363 3.628.222 3.608.425 3.086.004 3.600.543 4.839.988 48.530.169 13.
126.767 126.370 133.490 121.986 84.517 172.621 1.539.020 14 70.328 65.143 67.400 72.724 90.815 137.580 1.181.952 15.
42.651.939 48.698.159 39.096.012 41.464.519 47.675.083 66.516.048 600.796.524 16.
2.344.465 2.515.470 1.924.956 2.276.718 2.516.089 3.763.645 31,887.871 91,235 95.973 91,239 110,015 113,777 149,532 155,087 REA Form 7 utn. n nl PAGE 7 OF 7 PAGE5
y Revised 4/05/89
,, v333,,,3 wanowiRonio Anos.
i
,,u,g;,4g7;g N.H. ~4~ Herrimack seen e scissies sOnm0wtR suAut AND ADORitS ,
INVESTMENTS, LOAN GUARANTEES New Hampshire Electric Cooperative. Inc.
AND LOANS - OthTRIBUTION RTD #4, Box 2100 (AllInvestme sts Not beluded by 1 CFA t il5, $ubpart B) Plymouth, NH 03264-9420 i, :T mvc TioNs - s 6mse en eneener eas rewe eersee se atA me.as ett YEAR.ENDING e...... e, ne e .e setter. see ea # wersene en .ei.e . DECEMSER 31. 1988
- 1. INV' tSTMENTS TcT AL EVwVtATtyt sNcows on Otst attf acN INytlTWENT 70 DATE Loll les (65 tep I. NONUTILITY PROPERTY
~
- e. Telephone Building and Land 293.503
- n. Green Street 11uildinn and Land 11.115 C.
- 2. INVi$TMENT$ IN A550CI ATE D ORGANIZ Afl0NS
- s. Patronace Capital Certificates 163.724
_ m. Capital Term Certificates 1,903,535
- s. N.H. Ro n i nc e n . Pemi Rnker. and Remort nevelnn. corn 7.000 3, OTHER INVESTMENTS 4.
- 4. TEMPORARY INVESTMENTS
- s. Money Fund Accounts 4.562.059
- b. Certificates of Deposit 2.446.000 c.
- 6. COMMITw(NTB 70 INVEST wtTHIN 11 apONTNS:
NOT ACTUALLY PQRCHA$[O s.
b.
- c. ,
- 6. T O T A L tise ma s 84 9 us h a s j 9.381.9 %
- 11. LOAN GUARANTEES calotN AL LoANeALANct N Aug or on0 ANit ATioN w ATURITY O ATE AWoVNT ,6,8, tel th) les fh*((ogs 1
1.
3.
4 TOTAL Mt' difk ?" 8 " N 111. LOANS Naws or on0 ant! ATION wATUttTYoATE A UNT LOAN S ALANCE res t>> res tes I. EMPLOYE ES 0FilCE RS. DIRE CTORS 2.
3.
.a .
1 T Tot AL L#tMfM W1 ___.
IV. TOTAL INVESTMENTS AND LOAN GUARANTEES
- 1. T ot A L: 4.6.,es . n 4 ..ss 9,381,936
- 2. TOT AL UTILITY PLANT rara remi f reet c. LW M 174.091,031
- 4 3 r i nc t N t or 101 ^ t ut s t ii v tu t stireme rv i. 4 tv ; 1 s oci 5,39 REA Form 7e ( A - A A ,'
,(, r - _ _ _ _ _ _ _
E-
., * 'Ibn Ha nshiro Elcctric CM P3rctivo, In . C4/11/89 Prep; red by: CM M:ren '
CCt0 Baso Calculctiin/R'te of R?iuit, 11 M 493 12 Months Ending December 31, 1988 (RBl&)
!.. (Rate Base 13 Months Average) REVISED S4/10/89 Page 1 of 6 --------------~~
t 12 Months i Ending
. December 31, 1988 i I' Gross Electric Plant in Service 491,242,546 Less Reserve for Depreciation 622,921,718
- 9) Less Plant Held for Future Use ,925,645 Net Average plant in Service 168,295.183 Working Capitals ,
mu............m.
l ,
Prepayments $528,521 l Mateeia1 & Supplies 62,355,368 l- Investments In Resociated Compantea $1,903,535 Operations & Maintenance (45 Days) 6917,598 Customer Deposits (6255,792)
Customer ndvances for Construction (6643,932)
Managers Deferered Coopensation ($12,503)
Total Working Capital 64,792,795 <
Average Rate Base 473,087,978 Income Statements
................. i
' Operating Revenues $ 50, M 9,189 Plus CFC Interest Revenues $120,690 Plus: Interest On Deferred Compensation $16,856 Total Revenues $50,206,735 i
Revenue Deductions >
Cpertions A Maintenance Expense $39,228,653 !
Depreetation Empense 43,187,729 ;
Tax Expense 61,946,485 Interest on Consumer Deposits $10,751 ,
Total Revenue Deductions $44,373,688 Net Operating incose 65,833,117 !
i Rate of Return , 7. 9 8 Y.
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p, C4/ll/89 Pre 5: red Cy CM M;rea r
" No:: HarShi,'e E1Cctric C: Ope,Otive, Inc. !!s06:492 (RB121
, Rate Base Calculation / Rate of Retura
(. O & M Allowance REVIDED e4/le/89 C December 31, 1988 ---~~-----------
Page 3 of 6 LESS i NET GROSS PURCHASED l .
M&D POWER M&O '
l ......... .....
l'
- i. 64,491,665 63,958,138 4533,527 '
,',3 January, 1988 )483,454
$4,039,248 63,546,746 February 4513,221 43.666.875 63,153,654 t
March 42,339,266 6528,712 Ape!! $2,867,978 i
62,427,690 61,845,456 6582,234 itay 6709,t27 92,412,451 41,703,224
(' June 4588,007 July 62,932,472 42,344,465 l
43,176,212 62,515,470 6660,742 I
August 61,924,956 1534,863 September $2,459,819 4624,703 42,901,421 62,276,718 October 62,516,089 6664,234 '
November 43,180,323
$4,601,499 $3,763,646 6917,853 l- December .......... .......... ......... ,
639,228,653 631,887,872 67,340,781 12 MONTH TOTALS
! 917,598 Rate Base 9 45 Days t
9 s
i e
1
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ii Nea Ha:7; hire Elc;tric C:!perctiv0, Inc. C4/11/89 Pre?ce;d by: CM M;rea ,
R:le Base C;1C91Clion/ Rate of Ceturn 11:06: 49A (RB12)
Adjustments to Revenues ,,
December 31, 1988 REV!0ED $4/10/89 '
i Page 4 of 6 -------------~~- '
i Interest Interest
! Income on income Month CFC Investeents De f' d. Coop.
I January, 1988 15,801 6986 L
February $5,427 (8986) '
March SS,801 le Ape!! 65,614 le ray 45,801 SO
) June 65,614 le July 55,801 le !
August 55,801 $9 (
Septetber $5,614 le Octobet* $5,E01 le L November $5,614 10 December $58,001 816,856 Total 6120,690 816,856 '
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. . 'Ne3 Ha:pshire Elodtric CO!p;rctive , Ing. C4/11/89 '
Rit e B2SO C313u1Cticn/C;to of Ret urn 11 C6:493 Prep;r:d by: CN M ren
(
Deprec., Tau Empense & Interest On Deposits (R8121 December 31, 1988 REVISED 04/10/89 Page 5 of 6 ....-...........
Depreciation Property . Other Itat ere s t Month Expense Tax Expense Tau Empense Cust. Deposits January, 1988 4244,572 186,508 684,*.69 ($29,1271 February $245,529 486,894 474 967 414,774 <
March $252,876 687,025 413f,610 till April 1254,207 685,743 65/,353 (47,003)
May $274,861 $ 95, 74Wt l's2,141 1241 June 6267,884 685,743 f54,834 SE86 1
i July $269,415 .85,743 51,199 64,677 August 1270,351 685,743 171,967 6170 September 1272,260 $85,743 955,976 6207 October $214,110 685,743 619,200 66,490 t November $274,665 685,743 463,921 613,252 December $286,999 $201,204 480,294 66,673 Total 83,187,729 61,147,574 6798,911 610,751 9
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lJen liaspshire Elcitri3 C;;;es*Clive, 18i2. C0/11/C9 Prep ^ red by: CM M:t'e3
~
. C::t e F;s e C;1culCt iO:i/R;t e of Ret us n 11:ebe492 (Rpit) i . Operating Revenues l '- December 31, 1988 REVISED e4/10/89 Page 6 of 6 ------------~~~-
t Operating Month Revenues ;
...~. .........
t J ance s'y, 1968 45,918,780 February 65,656,278 Mr.rch 45,175,257 ;
Ape!! $3,954,374
'May $3,403,173 Juvie 12,960,e31 July $3,589,130
- 14ugust 13,754,592 September $3,741,915 ;
October 43,007.990
.Hovember $3,685,069 ;
December $5,012,609 *
.......... l Total 150,669,169 f .-
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