ML19329C933

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Annual Financial Rept 1969
ML19329C933
Person / Time
Site: Davis Besse Cleveland Electric icon.png
Issue date: 12/31/1969
From:
CLEVELAND ELECTRIC ILLUMINATING CO.
To:
Shared Package
ML19329C911 List:
References
NUDOCS 8002200909
Download: ML19329C933 (28)
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.e. K .r THE CLEVELAND E CR LgUMINATING COMPANY ANNUAL REPORT 1969 Amu 8002200 07

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The Cover: The Illuminating Company's headquarters building - the sdhoue:tes of high. voltage transmission equipment - the man in the field who keeps power flowing - These three symbolize the partnership between Management and Labor, utdizing the tools of modern technology to supply electricity to The Best Location in the Nation. 1 n -- w . ~, - ,~ ~- - e n.ew. :. ~ ww mm,.m; m.

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.g ' q' Financial Statements;.... C.:17. - jy s. ~ 3.f " ' 4 .. ~ 1 Directors l Officers '.... NCl 24' t ,' w.. cL :.6 -2%w. - 3 = 1 4,, a w The Annual Meeting of the Shere Owners .J of the Company will be held on' - - April 28,1970. Owners of Common Stock _, l' as of March 14,1970, the record date a 'r. J for the determination of voting power: ~ . at the me d- , x The off..eting, will be entitled to vote..icial notice, proxy statement and. - m, a.a ' 4~ 4 4

Proxy will be mailed to the share owners ' "

a on or about March 23,1970. 4, 4 WILLIAM R. VOGtLSANG,. Secretary ' ~ ~ g ~ .[ ? NOTICE: This annu'ai report and the - . M,, a s z, , financial statements herein are for the f-igeneral information'of the share owners. pv e, ~ 4: > L of the Company;and are not intended 1 ^ w' ' i '2 > M 6 be used in~ connection with any sale - ? t 2 _ e . 4 JT MdqC M Mor pu'rchase of securities. : " s... ' ' . x Q ^ + t ^ .. l.: - ,4 ;.- \\'( f.: ,s 4..~ '.~. v '. r -,..~v v.x,g-. 4 g i m , - n s - ^< tp y i5 w jp7d. }" e# . ( [\\ d' d~t

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The Cleveland Electric illuminating Company Financial Summary 1969 1968 % Increase Earnings Per Share of Common Stock $ 2.92 $ 2.78 5.0% Dividend Paid Per Share of Common Stock $ 2.04 $ 1.89 7.9 'o Operating Revenues (000) $218,498 $203,840 7.2% Operating Expenses (000) $172.183 $163,106 5.6% Net income (000) $ 39,241 $ 37,306 5.2% $ Q Y & (( 2._ l F l n &, ( '5 Commercial Revenues (000) $ 54,080 $ 50,394 7.3% i Other Ele'ctriiRevenues (000) $ 8,392 l $ 7,874 l 6.6% Highlights of1969 . Earnings per share of Common Stock reached an all-time high of $2.92.

  • The quarterly dividend payment on Common Stock was increased on February 15,1969 to 51t per share and increased again on February 15, 1970 to 54t per share. The present indicated annual rate is $2.16 per share.
  • The Company's application for an 8.4%

increase in electric rates, filed with The Public Utilities Commission of Ohio, in September, 1969,is moving forward with dispatch.

  • A construction program was announced for the five-year period,1970-1974, calling for expenditures of $541 million.
  • $60 million of First Mortgage Bonds were sold in January,1969 and an additional $35 million of First Mortgage Bonds were sold in 1

November,1969 to help finance the Company's construction program.

  • Peak load increased by 145,000 kilowatts, or 6.4% over the previous vear.

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  • Kilowatthour sales to ultimate customers rose by 7.5% from 1968.

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4 ) i i ) To The Share Owners of The Cleveland Electric llluminating Company The year 1969 was a dynamic one for The in additional annual revenue. As of this writing liluminating Company. New records were the Company is awaiting the report of the Secretary established in sales of electric energy, operating of the PUCO. This will contain the review of the i revenues and earnings for common stock. Over Company's rate base valuation and financial position $100 million was invested in new plant and facilities, by the Commission's engineers and accountants. Today, on the threshold of the 1970's, the Company Following receipt of this report, the Company is entering into one of the most exciting-and expects to move forward with dispatch toward challenging - periods in its 89-year history. Our successful settlement of its rate increase application. Cleveland-Northeast Ohio service area is growing, As the prime supplier of electric power to its both in population and industrial strength. And its 1700-square-mile service area, the Company is a requirements for electric power are growing at an key factor in the area's present economic structure even greater rate. These requirements, moreoser, and in its potential for growth. The Company's are accompanied by public demands for greater future efforts, as in the past, will be devoted to the reliability, abatement of pollution and increased further development of this potential, and to attention to aesthetics. Furthermore, these conditions working closely with business, industry and area must be met in an economic period or spiraling communities to bring this about. construction costs and when the cost of money is at record levels. The sixties were a period of vigorous growth for The Illuminating Company. We are confident that The demands for more power will be ach.ieved-the seventies will be a period of even greater growth through a five-year, $541-million expansion program in which the Company, its employees and share - now underway - which is the largest in the owners, and the people it serves will go forward Company s history. This will boost our generating together in a true partnership in progress. i capacity by 70% by 1974. By the mid-1970's, i Company plants will be generating electricity from Cordially yours, three energy sources: fossil fuels, the atom and water. The demands for improsed system reliability have been met - and will be in even greater degree - 1 through strong interconnections and coordinated Ralph M. Besse, Chairman development of generation facilities between our system and those of other regional utility companies. g y The demands for abatement of pollution will continue to be met through the application of new technologies February 9.1970 Karl H. Rudolph, President as they become available-a practice instituted by the Company ma,ny years ago. At the same time we are continuing to emphasize environmental i~ quality control with the objective of blending , ? c 'M f- 'y lines, facilities and new construction attractively into the environment. d, - h h tJ, m .,y> f< in order to offset the continuing effects of inflation, which have resulted in a decline in rate of return on investment in property and plant, an application for /

  1. p an increase in electric rates was filed in September with The Public Utilities Commission of Ohio.The requested 8.4% would produce about $18 million

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.V -f.p#* _j .y "At The Illuminating Company we l emphasize Management as a special competence-one with its own principles, its own tools, and its own strategy for achieving objectives. This emphasis on Management excellence enables us both to meet the challenges of today, and to plan realistically for those of tomorrow." Karl H. Rudolph,53 President once 1%7 fsecuta e \\ rce Prevdent 19M 1%?. \\ ne Prendent-Marketing 1959-19M Controller !?S? lorned the C'>mpanv un IM2 A B. Ohro o esles.nn Unnersity D*P 0 alph M. Bene, M Cha,rman unce 1%7. Pmudent

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v Increased Earnings Reflect Continued by 6.4%. This new high reflected not only increased Growth in Sales and Revenues demands for air conditioning and improved lighting Earnings per share of common stock were $2.92 levels, but also a growing customer awareness of as compared with $2.78 in 1968. Quarterly dividend the many other advantages of electrical living. payments were increased to 51 cents from 48 cents During 1969, the Company added 10,548 electric effective February 15,1969 making payments for the customers, which at year-enc) totaled 649,233. year $2.04 as compared with the $1.89 paid in 1968. On January 2,1970, the quarterly dividend paid Construction Program February 15,1970 was increased to 54 cents Further Strengthens Reliability per share, an annual rate of $2.16. This marks the Through careful planning in the past the. Company 12th consecutive year dividend payments will have has been able to meet its customers' increased increased and the 69th year of uninterrupted demands for power today. It will continue to meet payment of cash dividends. them in the future. When the new Avon Lake E'""'""3 "".ty over the peak load is expected to g es n w later this year, Kilowatthour sales to customers increased 7.5% reserve capaci over 1968, resulting in an electric operating revenue gain of $14.6 million, up 7.3% over the previous be 25%. In order to meet mcreasmg demands for year. Total operating revenues reached a new high electric p wer under present inflationary conditions, of $218.5 million. the Company has underway a record $541-million construction program for the period 1970-1974 Notwithstanding close control of costs, expenses This is in addition to the $100 million expended in increased by a total of $9.1 million, up 5.6% from 1969. This capital expenditure program will enable last s ear. Fuel and purchased power costs were up the Company to add 1,691,000 kilowatts of $7.1 million over 1968 due to greater output, higher generating capacity, further strengthen inter-coal costs and significantly larger power purchases connections with neighboring utilities, continue necessitated by the unavailability of generating units. to reinforce transmission and distribution facilities Provision for Federal, State and local taxes amounted and further modernize customer service operations. to $51.5 million, an amount equivalent to nearly By year-end 1974, investment in property and plant 24 cents of each dollar of resenue. Of this total, will appr ximate $1.4 billion. Generating capability ( the 10% Federal income tax surcharge in effect will exceed 4,000.000 kilowatts, a 70% increase for the full year reduced earnings by $2.4 million ver capability at } ear-end 1969. or 18 cents per share. .r mancing Required for Construction Program Despite the pressures on earnings u hich these higher costs precipitated, the Company was still able t To help finance current and proposed property achieve a 5% grow th in earnings per share. additions, the Company in January of 1969 sold $60 million of First Mortgage Bonds,7W % Series Output and Demand Reached New Highs due 1990 at a cost to the Company of 7.056%. Kilowatthour output to the service area was 14.3 Proceeds from this sale were used to make an billion kilowatthours, an increase of 7.6% over additi naladvance paymentin April 1969 of $39 output for 1968. milli n to the Ohio Edison Company under an electric generating plant construction agreement. The maximum service area load of 2,411,000 This agreement provides the Company with over kilowatts, excluding interruptible load, registered 300,000 kilowatts of additional capacity from on June 27, was an all-time high. It exceeded Ohio Edison's Sammis '6 unit, untillune 1,1970. 1968's peak load, which also occurred in the summer, The total advance payment of some $41 million will be repaid to the Company on June 1,1970. The balance of the bond issue proceeds were used to repay a portion of outstanding short-term bank stichard A. Miller, a vice Presidene-finar ce smce loans and commercial paper. 1909. ControIIer 1%2-1%9. loined the Company in 1960. 8.8A., Westem Reserve University: LL 8, On November 6,1969, the Company sold Harvard Law School- $35 million of First Mortgage Bonds,8%% Series Capital for Espansion: Included in the CompJny's due 1991, at a Cost to the Company of 8.36%. $355-mollion capstal espenditures program oser (- he 10 year period 1%5-19N is the Seneca Power \\,,,,, /lant.1his 380D00-kilowatt. multi-milhon dollar facshty, a jonnt enort wuth the Pennsylvansa Electric Company, writ add 305,000 Lolosatts of capacity to the Company's system. Here. Drrectors of the Company vssit this pumped-storage hydro-5 electric snstallatoon on the mountams of westem Pennsylvanea.

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The proceeds from this sale were used to repay a cases be combined and that revenue be collected portion of outstanding short-term bank loans and under bond, subject to future refund. commercial paper. Both of the bond issues sold in At the time this report was sent to press, the 1969 cannot be refunded prior to five years trom Company was continuing negotiations with the their respective sale dates. City of Cleveland to effect a settlement. At the same The sale of these two series of bonds increased the time, the Company was proceeding with its rate Company's long-term debt to a total of $290 million, increase application before the PUCO. 51% of totalcapitalization.The averageinterest The Company's proposed rate change would be t cost for outstanding bonds was 4.72% at year-end. only the third general rate increase in its 89-year At year-end 1969, short-term borrowings - bank history. Also,it is significant to note that since 1940 loans and commercial paper-totaled $44 million. the average cost per unit of electricity to the The Company anticipates additional permanent new homeowner has gone down 28%, while general ~ financing of approximately $325 million over the price levels have increased 164%. The requested, five-year period 1970-1974. This will be in addition amount represents an increase of about 3( per day to providing for the refunding of $50 million of to the average residential customer. First Mortgage Bonds,3% Series, which become due on July 1,1970. This, however, will be the only Gain in Residential Use Second 1.argest ad Company Hisic v refunding until1982.The form of new financings ~ will be determined in light of then current The average residential customer's use of electricity market conditions. ( increased by 323 kilowatthours cver 1968, the ( second largest annual gain in the Company's history. Higher Costs Require Increasepates Revenue from residential custome s climbed in order to offset the impact afInflation, to eam an $5 nGon, up 7.1% over last year, adequate rate of return on the sizeable investment in The increasing residential use of elect ic energy is new property and to be able to attract capital at stimulated by the fact that families tod ty are seeking reasonable rates, the Company, on September 15, more comfort, more convenience and a better 1969, filed an application with The Public Utilities all-around living environment. One of every four ( Commission of Ohio (PUCO) to increase residential, customers in the Company's service area now has commercial and industrial rates by approximately electric air conditioning to cool all or part of 8.4%. The proposed rate change approximates an his home. Nearly 60% of the 5,500 homes built in annual increase in electric revenues of $18 million. 1969 were equipped with electric ranges. Of the more On October 13,1969, the Council of the City of an,400 privately-owned new apartment suites, % were air condit,oned e!ectn,cally and 78% of i Cleveland passed an ordinance which would reduce residential electric rates in Cleveland. The loss of these suites were equipped with electric ranges. revenues in the City of Cleveland as a result of this ge als angn, cant in tems of potendal ordinance would be $220,000 a year. This reduction future growth, inasmuch as many of the apartment e s am new marned couples who will tend if applied systemwide (as is usually the case) would reduce total electric revenues by about $700,000 to take the electric hving concept with them when they move from apartments into homes. The per year or % of 1 %. On October 22,1969, the Company filed with the PUCO an appeal from the Company also works through its homemaking advisors to build pubhc preference for electn,c ordinance and a request to comb.ine the two cases. the appeal and application. Subsequently on appliances. In addition to cooperating with builders and project developers, more than 39,000 contacts December 4,1969, the PUCO ordered that the tw were made in 1969 with high school home economics and English classes and women's groups. Their importance as a buying group promises a healthy stimulus to the continued growth of residential usage. Raymond W. Wyman,57. Vice President-Marketing Industrial Sales Continue to C!imb y since 19M Manager Industrial Sales 1952-19 M Joined the Company in 1937. B.S Electrical Engineering. Case Institute of Technology. While the level of business activity, as measured by ( Cleveland symbolaes the region's overall vrtality esidential Vitality: This residential area of suburban as a market for electncpower. Open countryside just 20 years ago, this area has experienced a population growth since 1950 from 3.700 to 22.000 7

~ the Federal Reserve Board index, increased in 1969, heating, cooking, and higher levels of illumination in kilowatthour consumption by industrial customers shopping centers, motels, stores, hospitals and in the Company's service area rose at an even schools. At year-end 1969, a total of117 major all- ~ e greater rate. electric installations had been completed, committed r were under construction. In the outdoor Revenues from industrial customers totaled illumination field the Company's Dusk-to-Dawn $77 million, up 7.6% from 1968. Lighting Program, now produces more than $1.6 Cleveland-Northcast Ohio's automotive production million of revenues annually. Since the Program's complex, second largest in the nation, used more inception in 1963 more than 18,000 lights have been electric power in 1969 than ever before in its history, installed, over half of these in the commercial market. and prospects for the future are even brighter. Chevrolet Motor Division of General Motors Cleveland-Northeast Ohio Corporation began a multi-million dollar expansion Expansion Profile Continues program during 1969 at its Parma, Ohio plant. The The accent was on expansion and modern.izat. ion 514,000-square-foot building will house auto drive-shaft manufacturing facilities and is scheduled throughout the Company's service area during 1969. in d wntown Cleveland, two major off,ce buildings i for completion early in 1970. Ford Motor Company were opened - the Investment Plaza and began operation of its new $100 million engine Central National Bank. Construction was started plant expansion in Brook Park during the year; a on one of the two 29-story towers of The major improvement for air pollution abatement was Cleveland Trust Company. Elsewhere in the also completed at Ford's Cleveland Foundry. downtown area, Ohio Bell completed an electn,cally New records in power consumption were also set heated long lines communications building and a by Cleveland's steel industry. At Jones & Laughlin major addition to one of Cleveland's downtown Steel Corporation, the electric arc furnaces ran hotels was in the final stages of construction. Two virtually all of the year with the result that major downtown office buildings-the Standard kilowatthour consumption by the fumaces increased Building and Engineers Building-are being by 38% from 1968. Republic Steel Corporation modernized and converted to electric heat. j exceeded its 1968 record production of ingot tons. It completed during 1969 a new $75-million 64-inch Maj r construction was underway in the region's cold reducing mill, and will complete in 1970 higher education complex, with particular progress a $125-million 84-inch hot rolling mill. being made in downtown Cleveland. Eight of 10 new buildings on the Cuyahoga Community College The growing use <3f electricity in Cleveland's downtown campus are now occupied; the remaining l industrial complex was demonstrated in a number two will be completed early in 1970. At Cleveland of other areas in 1969. Companies which for years State University the first phase of a r.ulti-million dollar j have used electric air conditioning in offices, construction program neared completion with one l are expanding its use into plant production building occupied and two scheduled for occupancy areas. During the > ear,31 companies installed in 1970. In the Company's easte n service area, total-plant electric air conditioning. There was Lakeland Community College began construction on also continued steady growth in the number of the first building for its new campus in Mentor-l all-electric industrial plants or buildings Kirtland, and expansion was scheduled for the during the year with 22 being constructed Ashtabula Branch Campus of Kent State University. or committed. Ten years ago when the St. Lawrence Seaway was pened, Cleveland was one of many ports on the Commercial Sales Set New Record Commercial kilowatthour sales increased through l continued promotion of the wide applications of electricity in stores and offices. Over the past decade, kilowatthour sales to commercial customers have grown tt a compound annual rate of over 7.6%. Harry T. sealy,61. Vice Pres, dent-Operations 5,nce A major reason for this increase is the growing 79M. Vice President-Distribution 7933-1960. Joined '^* C '"PatW in 193& SE Mw York Uniwesitw acceptance and utilization of electric air conditioning, Power for Tecnorrow: The>e circuit breders'at Juniper substattor- =present one of the several entra high-voltage transmission interconnection tacolities s l whoch help assure service rehabuhty for more than 649,000 customers served by The liluminating 8 '*'"*'"Y i i u

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Creat Lakes gearing itself to compete for world trade. To help ensure this greater reliability of service, the Today, under the Cuyahoga County Port Authority, Company completed plans during 1969 for a new ^ it is the third largest port on the lakes with imports system operations center, scheduled for service and exports in 1969 exceeding 984,000 tons. From during 1972. This new complex, described as a this port 18 steamship lines sail to 101 overseas ports. " bridge to the future", will feature sophisticated c mputers and electronic control equipment of At Cleveland Hopkins International Airport a new the most advanced design found anywhere in 566-million expansion program is being geared the electric light and power industry, it will to 1980 forecasts of18 million passengers a year. An inc rp rate a m dern microwave communications increasing number of corporation jet and piston-system linkmg power plants and major substations i driven aircraft are using the downtown Burke throughout the Company s service area. Lakefront Airport's expanded facilities. Lake County-A Vital Area The Company's relationship to its physical Lake County,in the heart of the Company's service envir nment inv Ives fields as varied as under-area, is the third fastest growing county in the State of Ohio. its largest city, Mentor, is located 22 gr und distribution and pollution abatement. Considerable progress is being made in the miles east of downtown Cleveland. underground residential service program as a The Company long has recognized and promoted the result of the Company, homeowners, developers potential of the Mentor area. A number of years ago, and public ofiicials giving more attention to it acquired a 700-acre tract of land for industrial residential beautification. Since 1965, when the development there.This foresight has had proven program began receiving wide attention, the number results. By year-end 1969, ten new industrial plants of residential sublots with underground service has occupying 2.5 million square feet with an ultimate been increased from 678 to more than 10,000. employment of 7,000 people had located in this 700-acre complex. The latest addition has been the Environmental improvement National Screw & Mfg. Co., Division of Monogram Abatementof a.ir and water pollut. ion is one of.he Industries, Inc. which completed a 500,000-square-foot plant in 1969. Towmotor Division of Caterpillar leading challenges facing Amencan mdustry today. Tractor Company currently is completing a The liluminating Company, as a responsible 1.1-million-square-foot facility. c rporate citizen,is very : undful of its obligations in this regard. It is significant to note, however, that Such industrial development was a major factor in electric utilities for years have led the nation in the earlier establishment of a 114-acre regional Great research projects and installations aimed at solving Lakes Mall Shopping Center in Mentor which the problem of air pollution, and The illuminating includes such major department stores as The Higbee Company has been a partner in this effort. A Company, The May Company, Sears Roebuck comparison of the Company's clean air efforts over & Company, and the J. C. Penney Company. the last 10-year period with those of the previous Supplementing these major department stores are decade shows that while generating capacity 92 specialty shops and stores comprising the mall increased 70% and the quantity of coal bumed complex, with an additional 35 stores to be added increased 48% dust emission was reduced by 40%. during 1970. Total employment will exceed 2,500 in the Great Lakes Mall and the complex will soon The Company has long committed itself to be one of the largest shopping centers in Ohio. improving the quality of air in its service area. Each new plant has been equipped with progressively New System Operations Center Planned The electric utility industry has long been oriented toward providing continuously improved customer service. Today, as the result of rapid advances in Harold L. williams,43. vice President. Engineering science and technology, customers are not only since 1962. uanager Civit and uechanical Engineering exoecting but requiring faster and more Department 196 -1962. Manager transmiss.dn reliable service

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Joined the Company in 1947. B.S Electrical Engineering, Tufts University; M.S. Industrial Engineering, Case Institute of Technology Capacity to Serve: This new 650,000-kilowatt turbo-generator at the Avon lake Power Plant. 10 scheduled for operation by mid-1970. will double the plant's capacity. - ~ - - w-rr

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e better pollution abatement equipment. Although dynamic growth pattern in the 1970's for regions $15,000,000 already has been invested in air pollution in Ohio and western Pennsylvania served by CAPCO ,'7 controls, the Company realizes that it must do (Central Area Power Coordination Group). more as technology advances. And it fully intends to. Each of the 630,000-kilowatt units currently To meet this growth, CAPCO announced in :he fall being built at the Eastlake and Avon Lake of 1969 a new project for its already active Plants, respectisely, will not only have the most construction program. Two coal-fired electric I modern technological devices available t generating units each with a apacity of 880.000 combat air pollution, but each will have a 600-foot k lowatts w 11 be built near Shippingport, Pennsylvania on the Ohio River. The units will be stack to further disperse gaseous discharges. owned by CAPCO members - The Illuminating Although the Company is one of the largest water Company, Duquesne Light Company, The Toledo I users on Lake Erie, the water, used primarily for Edison Company, Ohio Edison Company, and cooling purposes in the generating plants, is Pennsylvania Power Company-and will be screened to eliminate foreign matter and returned operated by the latter company. They are due to thelake cleaner than received. Also, the for completion in the mid-70's. water discharged into the lake from the turbines is only from 5 to 10 degrees higher than normal CAPCO is a five-company power pooling group lake temperature-not enough higher to hurt f rmed in 1967. The purpose of the group is to rdinate the development of generating capacity and of ten beneficial to marine life. c and transmission in order to attain greater service But past accomplishments are only a beginning. reliability and economy of operation in its combined The Company recognizes the increasing concern of service area. our society for all forms of environmental improvement as valid and desirable objectives. Progress continued during the year on two CAPCO. Accor-fingly, the Company - on its own, through related illuminating Lampany projects. At the the Edison Electric Institute, and along with other Eastlake Plant, foundation construction and steel concerned industries-has stepped up the pace of erection began on the boiler house for the new research to maintain the highest possible 650,000-kilowatt unit being built jointly by the a environmental standards. Company and Duquesne Light Company. The Company will own 68.8% of this unit. For the The Company continually strives to improve its Davis-Besse Nuclear Pow er Station, major techniques for transmitting and distributing electric components are on order and site preparation work power attractively. Included in such methods are is scheduled to start early in 1970. This station, to be low-profile substations and sersice centers built jointly with The Toledo Edison Company, will attractively landscaped, undergrounding of new be located on Lake Erie about 20 miles east of Toledo, distribution lines and transformers, modern design Ohio and initially will be licensed by the Atomic steel poles, painted wood poles with armless Energy Commission to generate 872,000 kilowatts construction, and prcmotion of its Master Street when completed in 1974. After satisfactory Tree Program for improving the beauty of performance at this rating, it is expected the station Cleveland Northeast Ohio. w li be licensed for an ultimate capability of 906.000 Dynamic Growth in 70's Seen by CAPCO Companies Significant headway was made on two other major Long-range forecasting, a key management tool for Company projects during the year. At the Avon Lake anticipating future power demands, points to a Plant, construction is in final stages on the new 100% Company-owned 630,000-kilowatt unit. This unit is scheduled for commercial operation in the spring of 1970. The Seneca Power Plant was placed in service on January 14,1970. This 380,000-kilowatt Robert M. Ginn,46 (Elected Esecutae Vice President as of hauary 7.1970 ) Vice Prestdent-pumped-storage hydroelectric P ant, a I'oint effort l ceneral Senoces 1963-1 % 9. Afanager Nea with the Pennsylvania Electric Company,is located Desciopment Department 1%b7963 Controller near Warren, Pennsylvania. The Company 1959-1962. /omed the Company n 7948. BS and M $, Electrical Ergineerrog. Univ ersity of %chigan. owns 80% of this plant. b Scopie for Tomorrow: Company recrusters sisit col lege campuses throughout the nation intervremog top young people planning future careers Here. CInbron O Wusham, (lettL Company employment superwor, and Dale E. Barbee. icenterL placement durector. Case Western Reserve Unis ersity, 33 auscuss job opportunottes woth a gradasrmg enguneer and prospectrve employee, irrghth

i l l Interconnection System Expanding business is one that demands many professionals, Supplerrenting these projects is an expanding many technical specialists, many skilled workers in a I interconnection system. Three extra-high voltage variety of fields.To obtain these people the Company l 045 KV) interconnections are in operation, with a maintains an active program aimed at attracting new one due to go into service early in 1970. Three the highest calibre of employees to add to the more, i high voltage (132 KV) interconnections are operating, than 500 college graduates now employed. To solve with a new one planned. Construction continued the problem of motivating employees, the Company on transmission lines throughout the Company's attempts to create an exciting atmosphere-one I system. This strengthening of transmission lines and which offers each person the opportunity to perform ties, not only by the Company but also by the entire challenging work, to accept mcreasing responsibility, electric utility industry,is aimed at meeting the to be recognized for good performance and to nation's growing demand for electric power and advance to the limits of his capabilities. At the same j . for reliable service. It is exemplified by power-time an extensive Personal Development Program, pooling groups such as CAPCO, regional opent all empi yees,is c nducted within the coordinating groups such as the East Central Area Company. Nearly one of every five employees Reliability Coordination Group (ECAR) and on a pJrticipates in the Program's after-hour courses. I nationwide level by the National Electric Reliability As management personnel acquire both knowledge Council (NERC). and experience in operating situations, they are i selected to participate m advanced management pr grams ffered at a number of universities and Research and Development conferences. Employees are also encouraged to The importance of research throughout the electric work toward graduate and undergraduate degrees utility industry today is reflected in the Company's through the Tuition Refund Program which pays l participation in a number of major projects. The one-half or more of tuition costs. Since 1961,104 Company continues to support nuclear power employees have earned und.trgraduate or gradu te developments through the East Central Nuclear degrees from the many fine colleges and universities Group, Westinghouse Atomic,and Atomic Power in the Company's service area. l Development Associates. Employee interest in the Company's progress is high, l It is also participating in the development of and is reflected in many ways. In the 1969 Operations l both concepts and equipment for extra high voltage Improvement Program, for example, over 2,400 1 045 KV' substations which can be located in employees offered 6,000 constructive proposals j congested urban areas where space and aesthetics on how to perform their jobs more efficiently. In are important considerations. addition, more than 1,200 reports were made to impr ve service under the Service Improvement i in these and other areas of research and development, Reporting Program. l investor-owned electric utility companies are continuing to meet the needs of the nation's Since 1953 when the first of the employee stock l growing demand for electric power. Advances are plans was initiated, employees have invested over l being made in fast-breeder reactor technology. 520 million in Common Stock of the Company l An important research effort has been approved -an impressive indication of their faith in the to explore the use of plutonium in water reactors, Company's future. in the summer of 1969, a new and work is progressing on the development of employee stock purchase and savings plan was high-voltage underground transmission cables offered to salaried employees which not only and insulation. incorporates basic elements of the former plans, but offers alternate investment and savings features. Management Philosophy is Employee-Oriented The overall management philosophy of The Illuminating Company is based on people - on the belief that competent people, given the opportunity to develop to the full range of their abilities, will Lee c. Howley,59 Vice President a ceneral achieve high standards of performance both for counseI sonce 1954. cenersicounser 1952-7954 ( themselves and for the Company. The Comp _ny's I '"'d '^' C '"P'"Y '" '95 7 F """ C "d Law Derector and Assistant United States Drstrict Attorney. A B.. Wottenberg University; LL Western Reserve law Schoo. Midwest Giant: Downtown cleveland. Ohio's largest city and one of the inaior corporation 14 headquarters-centers in the nation, lats its growing skyline above the nndusttral valley of the Cuyahoga River. r n -, ~. - .-.. J L. ~~ -- - -. --- .+--m- " ~ v

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i e ) \\ Company Job Structure is Well Balanced to replace Mr. Ginn. Mr. Perry w as succeeded by I hn J. Misic who had been Superintendent _1 The Company's organizational structure has both t the Miles Distoct Department. Earlier in the year, yj l depth and balance. Of its nearly 4.700 employees. New ton D. Flack succeedtd Charles E. Richards as over 1.700 hase been with the Company 20 or more General Superintendent of the Steam Power i years and more than 1,700 less than fise years. This Division. Mr. Richards retired in July after 40 y ears represents not only a pool of experience and skill, of service with the Company. Mr. Flack was but also one or tresh talent preparing for a future formerly Superintendent of the Avon Lake with the Company. In the upper management Plant Department. eche!ons. the Company 5 standard of advancement, based on a policy of promotion from within. is to has e at least one man ready for every top position, Company Aims at Good Corporate Citizenship and at l cast two men qualified for every other key u hife the Company's objective is to supply reliable, position. Stability plus experience characterize these low-cost electric service, it nas always recognized job levels. Executises comprising the top 1% of the that it has responsibilities which go far beyond this. 4 Compants uork force at year-end averaged These invols e the w ell-being of its service area, and I 49 years of age, but averaged os er 23 years of take the form of direct participation in a wide I Company service including 6 years in their variety of activities. This participation not only present jobs-sers es to integrate the Company with the many j communities in its area, but also gives substance Director, Officer and Principal Executive Changes to its image as a good corporate citizen. i ) At the 1909 Annual Meeting in April, share owners The Company maintains strong communicat;ons l elected Morton L Mandel, President of Premier programs on television and radio and in the press. l j Industrial Corporation, to replace Severance A. Through its Master Street Tree Program it assists Milkk!n as a member of the Board of Directors. communities in improsing the beauty and Mr. Mandel is actise in community affairs and sers es minimizing the upkeep of street tree p!antings. Its on a number of Cleseland's civic organizations. Speakers Bureau and film library serve organizations Mr. Millikin did not stand for re-c!ection in throughout the region. This y ear, as in other recent I accordance uith the director retirement plan years, the Company sponsored the attendance of i adopted in 19M by the Board of Directors. His 12 outstanding science students from the Cleseland-tenure on the Board exceeded 23 years. During Northeast Ohio area at the National Youth that time, he was a salued member of the Conference on the Atom held in Chicago. l Board. The entire Compans benefited greativ Management has sometimes been der..med as from his special competencies and wise counsel. the art of getting things done through people. At the organization meeting of the Board of At The Illuminating Company w e believe that Directors following the Annual Meeting in 1969, Management is a partnersFip of many and diverse j Richard A. wiler, previousiv Controller, was elected talents working together, and that things can be Vice President-Finance to succeed F. Warren Brooks done better, not through, but with the actis e who retired from the Company on Ma3 27 af ter cooperation of people. 1 l more than 41 s eats of dedicated sersice. Succeeding Mr. w!!er as Controller was Thornton L Thurber. On the job it is the skills, the dedication and who had been general supersisor of the Company's pr fessional knowledge of employees which are largely responsible for the Company's strength. Ott budget and statistical operation. the Job it is their contributions oileadership and Effecta e lanuary 1.1970. Robert M. Cinn, previously service to the communities, schools, churches, and ) Vice President-General Services. was elected to a wide range of business and civic programs Executise Vice President. At the same time. Philip B. w hich enhance the Company's reputation as a good Perry. iormerly General superintendent. Distribution corporate citizen throughout its service area. Disision, w as elected Vice President-General Services i Looking ahead to the 1970's, we are confident that, in the strength of this partnership, the Company will a l continue to sene this region of Cleveland-Northeast Philip B. Perrt Ohio - both as its prime supplier of electric power, cNeNs1 tbe and as a source of leadership in increasing its l 9 leury 7.197 stature as The Best Location in the Nation. / 16 i ~ i i

Financial Statements and r Financial and Statistical Review 1969-1959 ' Earnings Total Operating Revenues v dends M ,,"j,,7,srs - 250 dollars -2.00 - 200 - 150 ( - - 100 100 196 o 1963 1968 19e 9 1 0 1983 1968 1969 Taxes - 60 - 150 Utility Plant Additions f ofars f 01 ars - - 40 100 i 3 - 20 so

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YEAR Statement of Source and Application of Funds 1969 1968 SOURCE OF FUNDS Ne t in come..................... $ 39,241,136 5 37,305,967 Depreciation and other noncash charges against income - net. 20,311,274 20,550,974 Liquidation of temporary cash investments 20,237,868 Sale of first mortgage bonds...... 95,000,000 Sale of common stock to employees.. 1,952,907 1,639,802 Short-term borrowing 2,175,000 42,300,000 Increase in payables other than short-term borrowing. 3,271,642 14,712,086 Other changes - net 5,025,039 4,056,984 Total Funds Available.... 5166,976,998 5140,803,681 APPLICATION OF FUNDS $100,446,153 $110,980,378 Utility plant expenditures Capital advance to Ohio Edison Company for the use of generation and transmission facilities. 39,073,980 2,062,503 l Treasury stock purchases 2,411,418 f Dividends....... 27,456,865 25,349,382 Total Funds Applied.............. $166,976,998 $140,803,681 i l l Opinion of Independent Accountants To the Board of Directors and the Share Owners of The Cleveland Electric illuminating Company: In our opinion, the accompanying 1969 statements of financial position at December 31, results of operations, earnings retained in the business and source and application of funds present fairly the consolidated financial position of The Cleveland Electric illuminating Company and its subsidiary companies at December 31,1969 and the consolidated results of their operations and the supplementary information on funds for the year then ended,in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Our examination of these statements l was made in accordance with generally accepted auditing standards and accordingly included such tests of the accounting records and l such other auditing procedures as we considered necessary l In the circumstances. PRICE WATERHOUSE & CO. Cleveland, Ohio s January 30,1970 i '18 I t

r - 2rJ Subshi3 ries

  • f Results of Operations YEAR isse isse OPERATING REVENUES Sales of electric service.

5214,867,157 5200,258,168 Sales of steam service.. 3,630,454 3,582.123 Total Operating Revenues.. 218,497,611 203,840,291 OPERATING EXPENSES Operation 86,356,635 77,268,417 Maintenance, 14,370,424 13,056,760 Provision for depreciation and amortization. 19,926,083 20,048,281 Taxes, other than Federal income taxes.. 25,280,000 23,316,000 Federal income taxes (Notes A & 8) 26,844,416 29,815,348 Net transfers from accumulated credits for future Federal income taxes.... ( 1,391,000) ( 1,303,000) Investment tax credit adjustments (net) (Note Be e 96,016 904,184 Total Operating Expenses. 172,182.574 163,105,990 NET OPERATING INCOME 46,315,037 40,734,301 OTHER INCOME net, after income taxes.. 433,146 298,486 MISCELLANEOUS INCOME DEDUCTIONS, after income taxes.. ( 306,001) ( 145,928) CROSS INCOME. 46,442,182 40,886,859 INTEREST CHARGES Interest on first mortgage bonds 10,975,208 6,487,500 Interest on bank loans and commercial paper 3,071,561 832,179 Amortization of debt premium and expense (net) ( 15,777) Interest during construction charged to utility plant ( 6,829,946) ( 3,738,787) Total Interest Charges 7,201,046 3,580,892 NET INCOME (Note C) $ 39,241,136 $ 37,305,967 EARNINGS PER COMMON SHARE, average outstanding shares. 2.92 2.78 Earnings Retained in the Business isse 1ses BALANCE BEGINNING OF YEAR $ 79,490,688 $ 69,086,907 ADDITIONS Net income resulting from operations 39,241,136 37,305,967 DEDUCTIONS . Dividends declared - common stock 27,456,865 25,349,382 Treasury stock purchases - cc,st less stated common stock value 1,552,804 o Organization expense (Federal Power Commission recommendation). 120,436 ( Total Deductions 27,577,301 26,902,186 8ALANCE END OF YEAR. 5 91,154,523 5 79,490,688 19

Financial Position at December 31 m Assets 1969 IS68 / PROPERTY AND PLANT Utility Plant (Note D) 5885,086,587 $795,010,481 Electric 15,381,369 14,953,630 Steam..... 900,467,956 809,964,111 Less: Accumulated provisions for depteciation and amortization..... 269,064,003 258,233,922 631,403,953 531,730,189 Generation and transmission facilities-capital advance to Ohio Edison Company 41,136,483 2,062,503 (Repayment due June 1,1970) 672,540,436 553,792,692 Other property,less accumulated provision 4,775,427 4,398,131 for depreciation 677,315,863 558,190,823 CURRENT ASSETS 4,177,704 3,477,481 Cash. Amounts due from customers and others, 17,180,031 15,186,015 less provision for losses 8,619,354 8,051,411 Materials and supplies. 3,504,301 6,483,957

Fuel, 22,582,377 20,877,661 Taxes applicable to subsequent years.

56,063,767 54,076,525 OTHER ASSETS 7,712,007 6,129,228 $741,091,637 $618,396,576 Notes to1969 Consolidated Financial Statements NOTE D-Utility Plant, at December 31, 1969, includes the cost of the portion of the Lake Shore Plant, located on artifi-NOTE A-For Federal income tax purposes the Ce,mpany ciaHy filled land, estimated at approximately $34,796,000. Such claims deductions for hberabaed depreciation on ac'ditions to fand has been occupied since 1910, subject to such nghts as its facihties while using the straight-line method for account-0 ing purposes, Tax reductions resulting from liberabzed de, the State of Ohio or the City of Cleseland may hase. - preciation are subject to flow-through accounting treatment NOTE E-First Mortgage Bonds: 1969 1968 on the ks of th Company, by order of the Public Utilities 3% Series due,1970*. $ 50,000,000 $ 50,000,000 3% Series di A 'it 20,000,000 20.000,000 NOTE B-The liability for Federal income tax has been re-2 %'d'. Serv -( 190 25,000,000 25,000,000 duced by investment tax credits of $953,652 m 1969 and gg, a 319b 25.000.000 25.000,000 51,021,758 in 1968. Pursuant to orders of the Public Utilities 3.,. g M9 20.000,000 20,000,000 Commission of Ohio, these amounts have been deterred ,,990 60,000,000 through a charge to expense and are being amortized oser the - b M1 35,000,000 - estimated fire of the property insolved. E % Serie d w "H 30,000,000 30,000,000 NOTE C-Commencing January 1,1%9, the Company re-4h T. Senes due 1994 25 000,000 25.000.000 duced its annual electnc property depreciation rate from Total $290,000,000 $195,000,000 s! 3.15% to 3.00% to give effect to the latest estimates of useful - hfe for depreciable electric property, increasing net income for

  • !!is the intention of the Company to refund the 3% bonds the year 1%9 by 51,011,000, or eight cents per share, due July 1,1970 on a long-term basis.

20 i i l

The Cleveland Electric illuminating Company and Subsidiaries Capitalization and Liabilities 1969 1968 FIRST MORTGAGE BONDS (Note E) S290,000,000 S195,000,000 COMMON STOCK No par value - shares outstanding: 13,486,399 in 1969 and 13,423,538 in 1968; after deducting 700,400 shares in Treasury (Note F). 182,676,334 180,723,427 EARNINGS RETAINED IN THE BUSINESS.. 91,154,523 79,490,688 Tctal Common Stock Equity 273,830,857 260,214,115 ACCUMULATED CREDITS FOR FUTURE FEDERAL INCOME TAXES, resulting from defense facility amortization... 23,363,000 24,754,000 NOTES PAYABLE, maturing 1971-1976. 2,801,287 13,684,583 CURRENT LIABILITIES Notes payable to banks and others 45,104,198 42,805,804 Amounts owed to suppliers and ermioyees (Note C) 31,905,493 17,873,949 Federal income taxes. 21,755,807 18,293,506 . Other taxes 40,698,332 38,499,808 Interest 3,881,198 1,395,883 Other 1,598,701 1,433,275 144,943,729 120,302,225 DEFERRED CREDITS (Note B) 5,020,850 3,895,460 CONTRIBUTIONS IN AID OF CONSTRUCTION 1,131,914 546,193 S741,091,637 S618,396,576 4 NOTE F-At December 31, 1969, outstanding options under Plan, options for 128,000 shares were granted on May 27,1%9, the Employee Stock Option Plan covered 92,940 shares of at market value ($38J3 per share). An option for 600 shares has Common Stock at prices ranging from $2315 to $39.25 per been surrendered. None of the options granted under this plan share (95 percent of market on the date of grar.t for options were eserosable at December 31, 1969. granted prior to 1964, and 100 percent of market on the date or grant for options granted in 1964 and subsequently). In 1969 NOTE G-Unrecorded purchase commitments for materials options for 21,090 shares, at option prices ranging from $23.7' and services in connection with the construction pro. to $34.00, were esercised and options covenng 3,990 shares gram amounted to approumately $92,100.000 at December 31,1969. expired or were surrendered. At December 31, l'969,130,653 shares of Common Stock were TE H-The Company's pension plan provides retirement N benefits for all regular employees, with at least ten years of reserved for the Employee Thnft Plan, in 1969, 40,995 shares were sold under the Plan. service, based primarily on length of service and total earn. ings. The plan also provides for certain early retirement. disa. On Apn! 22,1969,. the share owners approved an Employee bility and death benefits. The pension pn., visions were com. O Savings Plan for salaned employees and a Key Employee in-puted as a percentage of payroll based on actuarial estimates. centise Stock Plan for key employees of the Company, Of the The 1969 and 1968 provisions amounted to $2,900,000 and 400,000 shares reserved for the Employee Savings Pfan, 776 $2,630,000, respectively. The Company's policy is to fund shares were sold as of December 31,1969. Of the 400,000 pension cost accrued. At the end of 1969, the value of the shares reserved for options under the Key Employee incentive pension fund adequately covered all prior service liability. g i -l p m e.. 7.

The Cleveland Electric sgsg tiluminating Company and Subsidiaries TOTAL OPERATING RENENUE 218,498 i:inancial and Statistical Residential 75.327 Commercal 54.080_ Review 1969-1959 Industrial a 77,Or Other Electnc 8.3. Steam Heating 3.6 10 TOTAL OPERATING EXPENSES 172.183 Operat ng Payroll. 32.294 Fuel and Purchased Power. 48.145 Other Operating Expenses 20.289 Deprecat.on and Amortaation. 19,926 Taxes. Other Than Federal income taxes. 25.280 Federal Income Taxes... 26.844 Provision for Future Federal Income Taxes. Transien fr m Accum. Crs. for Future Fed. Inc. Taxes. (1.391) Results of Operations mm C.@ % eem N. N tthousands of costarsi NET OPERATING INCOME. 46.315 OTHER INCOME net. af ter income taxes. 433 MISCELLANEOU$ INCOME DEDUCTIONS, atter income taxes (306) CROSS INCOME 46.442 INTEREST CH ARGES. 7.201 Long Term Debt and Other Interest. 14.031 Interest Chargerl to Construction. 16.8301 NET INCOME 39.241 EARNINGS PER SHARE - Common - !b) (g) 5 2.92 DIVIDENDS PER SHARE - Common - <bl. 5 2 04 TOTAL ASSETS 741.092 Utility Plant - Total. 941M)4 Accum. Utility Plant Deprec. and Amort. 1269.064) Other Plant. le>s accu /nulated depreciation. 4.776 Current and Other Assets 63.776 Financial Position Year-End TOTAL CAPITALIZATION AND LIABILITIES 741.0C (Thousands of Dollars) First MortgJge Ronds D0.0i Preferred Stock. Common Stock Equity 273.831 Accum. Credits for Future Fed. Inc. Taxes 23.363 Current Liabilities and Other Credits 153 898 UTillTY PLANT ADDITIONS - (a). 1tR446 UTILITY PLANT RETIREMENTS - 9.943 NUMBER OF COMMON SHARES - (b) (c). 13.459 864 NUMBER OF PREFERRED SHARES. K\\\\HR SALES (Thousands) 13.291.779, Residential 3.147.720 Commeraal 2.717.356 Operating Statistics l Industnal 6.937.738 Other 488.965 C ELECTRIC CUSTOMERS - YEAR END. $49.233 r > ones act enclude s2 062.soi m i%a and 519 07).aaa a i Residential 593.993 in 1%9 advanced e the Oh o Ed' son Company 'o' approa.mareiv one hait of the cost of that Corecanv s r sammes % Uma The comp.ny wat be enrivied to one t Commeroal 47.569 half of the net capab.l ty of the umt until lune 1.1970 [ lndustrial 7,150 i . hen its own Avon 89 On.:.s espected to be in 6 Other 521 P"'""- RESIDENTIAL SALES DATA bi Years 1959 through 1%2 - Aestated to reflect a L .aor.1 stou soia on va 20,1%) L Aserage Kwbr per Customer. 3.132 ct Artee deducting shares in Treasu y; *2.200. 2a1300. r 530 an). 6 m.300 in 1%ah7, re pectne#v. and Aserage Revenue per Kwbr. 2.39c h ELECTRIC PRODUCTION 7?X).a00.n 1%a and 1%9 -d includen 822.035.ono KwHit and $1.4 0000 teve. [ Net Asailable for Seruce Area (Thausands). 14.308.764 n e - sain eor resale to other ura. ries u Net Generation. 12.342.226 ei sedeos reoempi.on of ree erred siock. $4 so v ~, senes. at $107 per share. eneewe october 1.1%). Net Received from Others. 1.966 538 1 BTU per KWHR of Net Output. liS91 as vt ever reductions oi-52.216a00. 551000 and Fuel cost per Wilion BTU 28.11 C st32;xx).a t%4 5 6. re pectne4v to, pe,ce adiosi. meats due to anti-trust sett!ements. and 5107,815 in Coal Cost per Ton.. S 6.5,r tw reocce.ng scoun.t.on Adiusiments io, ali pr.o, s Net 60-Min. Mat load - KW - Exct. Interruptibfes. 2.411 6 i' vem acquait.ons Asso. redecu rec 4wa. cation.a 1%s or a port on of improvemeries la teased reoperry as Net Demonstrated Capabehty - KW - Year End. 2.405.0L _., sea.tv erant. si osj ooo- 'g; farmnias per share decreased one cent each for eb' STEAM HEATING r Sales - Pounds (Thousandsj. 2,366.061 scars tv 1%6 and 1%? as a resuit o# adoor.ng Customers - Year End 474 aserage outstanding shares for this cornputat.on 22 ,s, ,,,,,o,, , 3_00,,,. ,s, c,,,,,,., 9,,, og / POPULATION SER'.ED 2.138.000 seneca runt..h.ch.,,o part>4: operar.on. J EMPLOYEES - YEAR END - 4.691

E 0 9@ 0 1 66' Serving The Best Location in the Nation nea n F} O d J Q The Illuminating Company's service area, C!eseland^ortheast Ohio, is a arategic, centra! locar.on sound which 21 of the ~ ~]j n a tio n's one-bi, lion-dollar or more' industnai ( g markets are clustered within 300 mdes. It, a T iocation with four world ports. tne major rad hncs, 4 250 truckhnes, an internatronai airport. a downtown 'j r% f - business airport. plus 13 business and prnate air- / crart racihties dispersed throughout four couaties s/# J / k$ s D_ m Q %,, f._ WL F, f F" .~ ' l.

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- PROPOSED FIVE COMPANY 345 KV TRANSMIS$10N LINES THE ILLUMIN ATING CO. j TRANSMISSION LINES q mmum 345 KV OVERHEAD UNES N 4 .,~ = 132 KV OVERHEAD UNES - 132 W UNDERGROUND UNES 66 KV UNDERGROUNO UNES OTHER TRANSMfS$10N LINES WW PENNSYLVANIA ELECTR1C -.( COMPANY OWNED De Rw4 mpg Nmr Nd. rive.COMPANv GENERATING UNITS PLANNED OR UNDER is an agreement among regional Utility Companies 7 CONSTRUCTION BY TYPE to assure greater rehabditV of Interconnections, AS E 5-650-MW UNIT backup rn case of emergencies, and better ..e <cw&ERShrP C E / 6d 8%. DuGUEShE 37.2%/ eConomtes of operation. Memoers include The 5 uis s I lum.nating Company. The Toiedo Ed. son Company. ^ g, e W I cAeco co-eso-MW UNrr Ohio Edison Company. PennsyIvania Powe Company

N NUCLEAR and Duquesne Light Compane The agreement

.. m DA hQ$E 8 2,M,W amOng members anCIUdes the Jcunt developrnent of T O p BEAVER VAREY-847 MW UNIT Power generation ana transmission facrhties fo: all THE ILLUMINATING COMPANY five Companies, and requires a total investment in ) - i GENERATING UNIT CURRENTLY excess of $1-bdhon over the next six years. UNDER CONSTRUCTION AVON LAKE $9-650-MW-COAL FIRED J li e r -~

l ~ The Board of Directors e R ALPH M. BESSE DR ROBERT W. MORSE Chaaman of the Board Pres,aent cue w esre a Reserve L nn erorv JOHN E. KusiK KARL H. RUDOLPH vice Chwman at the soarj The Chesapeake & Ohso Ra,Issy Co Pres, dent JOHN LANSDALE, JR. CHARLES E. SPAHR P,nne,,o tre,a,,,,m o, squ,re. Sanders & Demine, Cha*!" an ana Ch,*r f e< u,se oto,cer Price Waterhouse & Co. The Stanaard O I Company town ELMER L. LINDSETH Un'on Commerce Buildarg RICHARD B. TUttis Creseland, Ohio 44115 Cha,rman of the f=ecurae Cornertree o/ rhe soard Pres,ent Havens-Intt'Is Q* Co'porat,On HUGH D. LUKE JOHN C. VIRDEN listed on the New York, Midaest and Pacific Pres, dent The aer.ance f r in,c C,.rnnwy Hon"r**y Ogeoor Coast Stock Exchanges; uniisted trading on the e f ar.m va,e s % ne.nc Boston Stock Exchange. New York Stock MORTON L. MANDEL Exchange Symbol - CVX Pre vdent Prem,er Industr,at Corporatoon For Commou Stock The Cleveland Electnc !!Iuminating Company P.O. Box 5000, Cfese!and, Ohio 44101 MJnuf3C!vrers Hanover Trust Company Four New York P!aza, New York, N. Y.10015 Principal Officers and Executives for Common Stock The Cleseland Trust Company Euclid Avenue and East 9th Street Cleseland, Ohio 44114 R ALPH M. BESSE R AWOND W. WYvAN 3ankers Trust Company Cha,rman of the Board V%e P ei. dent 4fe'& chag 16 D a!! Street, New York, N. Y.10015 KARL H. RUDOLPH CLEMENT T. LO5HING Pres. dent Trenwer Manufacturers Hanoser Trust Company ROBERT M. GINN. THORNTON L.THURBER 40 Wall Street, New York, N. Y.10015 bce P codent Cenera! jet.a es CO"I'ON## Morgan CuarJnty Trust Company or New York WaU SW, New York, N Y.10013 LEE C. HOWLEY WILLIAu R.VOCELSANG me Preudene & ceaerar Co,,,, swera v The Cleveland Trust Company Euc!:d Avenue and East 9th Street RICHARD A. MILLER PHillP B. PERRY" Cleseland. Ohio 44114 voce P evdentaunanre Generas suce setencent 0,ste,but:on 0,usson H ARRY T. SE ALY NEWTON D. FLACK Commumcations regard:ng stock traquer v.cc P,eweat oce,arens Cencral superimendeat requirements or lost certitrcates may be ~ ""D"+on directed to either stock Transrer Agent. All H AROLD L. WILLIAMS vice P erdent f ra'*e'es cornmunications regardag daidends and changes of address shou!d be directed to the ' Elected Executae bce President, effectae January 1,19'O Oitice at tne Secretan. 55 Pubhc square. on 5000 Ctewland, Oh*o 44101.

    • Elected Vice President-General Serwces, eHectae January 1.1970. At the same time, John J. Misic was appointed Ceneral Supenntendent Distnbution Omsion to replace Mr. Perry.

Illuminating Building 55 Public Square = C!eseland, Ohio Mail Address Post Of fice Box 5000

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a -s 'vf .. c c. -, s a -- r< v ?i' jl. ., J,. 1 ( .? M 'n THE CLEVELAND ELECTRIC ILLUMINATING COMPANY P. O. Box 5000. Cleveland. Ohio 44101 v s?po's^ Nae PAID CLEVELAND CM'O PQ peawr so 409 g ooe n-3 t O -A .] i e I q l . - -. _ _}}

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