ML20009B617

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Annual Financial Rept 1977
ML20009B617
Person / Time
Site: Grand Gulf  Entergy icon.png
Issue date: 02/17/1978
From:
MISSISSIPPI POWER & LIGHT CO.
To:
Shared Package
ML20009B613 List:
References
NUDOCS 8107160440
Download: ML20009B617 (16)
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Text

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+ www:n Officers anddepartmentheads of SIP &L at company headquarters in Jackson are shoten above. They are, scated, from left, Frank S.

York, Controller and Chief Financial officer; Donald E. 31einers, 31anager, Customer Services; \V. Donald Colmer, Vice President, Public Affairs and Environmental 31atters; Donald C. Lu* ken, President and Chief Executive Officer; Norris L. Stampley, Vice President, Production, System Operations and Construction, and Engineering; Alex 31cKeigncy, Vice President, informational Services; and John D. llolland, Vice President, Arca Affairs, standing, from left: J. S. Frame, Director, Personnel; Allan 11. Stapp, Assistant Treasurer and Assistant Secretary; George Ledlotc, Lo: rector, Internal Auditing: James R. 31artin, Treasurer; 31arion Tou'nsend, Chief Enginecr; Thomas A. Dallas,31anager, Engineering, System Operations and Construction; and W. T. Woods, Jr.,

31anager, General Property and Services.

General Offices About Our Cover Electric E ' ding, Jackson,51ississippi 39205 In order to give an idea of the size of the giant Cooling Registrar r preferred stock) Tower at the Grand Gulf Nuclear Station under construction Deposit . aranty National Bank, Jackson,51ississippi near Port Gibson, our cover compares the structure with the Transfer Agent headquarters building of AIP&L, the Electric Building in Jack-First National Bank of Jackson, Jackson,51ississippi son. The Tower is approximately 520 feet tall with the This report is prepared for the information of security Electric Building being some 130 feet in height. The Electric holders, employees and other interested persons. It is not Building is a ten 4 tory structure, while a building four times as transmitted in connection with the sale of any security or high would not reach the top of the Tower. In fact, the offer to sell or offer to buy any security, diameter of the Tower is approximately 408 feet-big enough for a football field with a grandstand on each side and space left over at each end.

1 To Our Stockholders and Members of Our Organization Despite the multi faceted problems confronting every in the original Act. It is interesting that one thingis agreed to segment of the energy industry, MP&L experienced a rela. by those on both sides of the issue: no matter what happens tively satisfactory year in 1977. This was a real accomplish- to the legislation, the cost of all energy will increase. it should ment, when it is considered that energy problems weighed be added the increase will be greater and consumer services especially heavy on electric utilities. reduced under complete domination by the federal govern-As this report shows, progress was made in most every area ment than under the free enterprise system. Another thing of company operations. Our relative success was the result of most agree on is that conservation of energy must continue, a number of factors, with most of them 5eing company- and that all sources of new energy need to be developed,with initiated. The overall performance by MP&L en phyees was the development of coal and uranium resources vital to sur-excellent, the vast majority turning in a year ofloya!. litigent vival during the next few decades, and efficient werk often under trying circ amstancer. They helped cut operating costs, and aided in keeping spendqg at Question of Time a low level. They also turned in a good year in public pla-tions, providing reliable service and at the same time helpmg The continuing increase in operating and capital costs con-keep customers and the public irformed as to the many fronting the electric industry and MP&L make it obvious that roadblocks being placed in front ofinvestor-owned companies the company will require periodic rate relief in order to re-such as ours in the production, distribution and use of elec- main financially sound and be able to continue lo proside its tricity, customers the quantity and quality of service they expect.

As a part of continuing efforts to make operations as These increases will be held to a minimum by the vigorous efficient and economical as possible, the Company on its measures tsed by the company to control such costs.

own initiative has carried out-with the help of an outside While the company does not have any definitive plans to management consulting firm-an in. depth study to insure request rate relief at this time,it is continuing to monitor its the most eff cient and productive work possible from com. financial condition. MP&L has had only two general rate pany employees. It is estimated the results from this pro- increases since its formation in 1923.

gram and other company instituted ei iciencies will save a The only matter affecting rates of MP&L during the past million dollars a year, year was the action of the Federal Power Commission on Weather conditions for 1977, extremely cold at the begin- November 11, 1977, accepting new rates for wholesale ser-ning and hotter than normal in the summer, had a decided vice, effecthe December 1,1976. The new rates provided influence on the increased usaw af electricity by customers, an annual increase of $1,200,000 based upon the test year The average use of MP&L electricity by residential customers ended December 31,1976.

was 11,038 kilowatt-hours, the highest in the 54-year history of the company. Operating Revenues Up Outlook Cloudy Company operating revenues, increased by fuel adjust.

ment recovery of high costs incurred for %iler fuel and MP&L was able to maintain a sound financial position during purchased power as well as increased electric mge, reached a the year, and therefore it was not necessary to seek a rate record high of $365,346,000, compared with $308,776,000 increase. The future financial picture is not clear since the for the year before. Some of the increase, of course, was due same inflationary and other factors which made it necessary to customer growth and greater usage of electricity by custo-for MP&L to ask for a rate increase two years ago sti!; exist. mers. The higher revenues were more than offset by the in.

The problem areas include: innation, the high cost of capital crease in operating expenses for the year, $322,338,000, to provide adequate facilities, environmental restraints, equip. compared with $263,480,000 in 1%6, primarily as a result ment reliability,and the increasing costs of boiler fuel, of the increased cost of boiler fuel and purchased power.

A very serious threat to the electric utility industry, ar.d to customers also,is the still unsettled (at this writing) National Expense Breakdown Energy Act pending in Congress. As introduced and omhed by the Administration, the Act would be a disaster for the public The $322,338,000 in operating expenses was $58,858,000 and utilities. In short, the major thrust of the original bill was more than for 1976, an increase of 22 percent for the year.

heavy taxes on energy with little or no incentive for new The largesi part of expenses went for fuel and purchased energy production. While MP&L, many other utilities, know. power, $223,639,000, compared with $177,292,000 for the ledgeable groups and indisiduals are seeking to eliminate the year before. This was a 26 percent increase, and the fuel cost most dangerous parts of the Act, there are powerful pressure adjustment collected did not fully recover the added costs, fees working to pass some of the original measure. As backed Company plants bumed 13,330,777 barrels of fuel oil for by the Administration, the Act would plate all production, generation in 1977, up 36 percent over 1976.

pricing, distribution and end use of energy,includingelectricity, in a vicelike grip, controlled at every tum by bureaucrats Power Usage Increases from the federal government.

MP&L employees have taken and are taking an active part Total energy sah's by the compaay amounted to 11.59 in alerting customers and the public about dangers contained billion kilowatt hours in 1977, up 16 percent over 1976.

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Scles to ultimate customers amounted to 6.8 billion KWil, during the year to sell their distribution s>.tems to the com-up 8 percent. Residential usage was up 10'i; and industrial pany at the expiration of the lease agreements between the and commercial, up 7?e each. Peak demand on compay company and the two cities De Gloster system will come lines was 1,784,000 kilowatts, up 51,000 kilowattr and under company ownership at the end of a fiwyear period

! occurred on August 9. beginning April 30, 1978, while the Prentiss system will be-1 The increase in industrial demand reflected the continuing come company property at the end of a five-year period industrial development in the area. Dere were 71 new and beginning December,1978.

expanded industries recorded in the area in 1977 and the total employment, invesLI.ent, and payrolls from the new Construction development exceeded the 1976 record. Construction expenditures for 1977 were $23,626,000, down 516,458,000 as compared with the year before. Major Sources of Revenues work on converting the gas fired plants to bi.rn fuel oil was A percentage breakdown of the .$365,346,000 in operating c mpleted during the year, with the exception of miscel-revenue for 1977, shows the following: residential sales,29 laneous construction underway at the Delta Steam Electne Station and the Natchez Steam Electric Station.

percent; industrial sales,19 percent; commercial sales,19 per-cent; sales to other electric utilities, 30 percent; and govern.

. aj r c mtmetion projects either completed or near ment and municipal sales,3 percent.

complete at year,s end included: a 230,000 volt circuit from the Ray Braswell EllV Substation to South Jack.

Distribution of Revenue Dollars son and 230,000/115,000 volt substation at South Jack-son; a 46. mile 500,000 EllV circuit from Grand Gulf Nuclear Station to the I ranklin EllV substation and a (In Thousands) ?c 500,000 ElIV switchyard at Grand Gulf; completion of five

' new 115,000 volt substations and additions and reti:lons at j Fuel S181,168 49.59 14 other substations. Also, interconnections with Green.

Purchased Power . 42,4h 11.62 wood and Clarksdale started in 1976, were completed.

223,639 61.21 The company exercised its optien to purchase a 2,500 acre future plant site in DeSoto and Tunica counties looking Taxes 35'263 9'65 toward construction of its first coal. fired station, in July, Payroll __ 17,904 4.90 31P&L engaged an environmental resea ch firm to make the Depreciation 19,728 5.40 necessary feasibility study at the site.

Other Expenses and The Grand Gulf Nuclear Station near Port Gibson is the Deductions,includ.mg most massive project underway by 31P&L to&y. At var's a a pp s, 23,289 end, the work on Unit No. I was approximately 58"c com-6.37 plete, with some 3,500 employed at the .$2.2-billion project.

Cost of Capital:

20,496

,V

$ rk on the second unit was nearly three percent complete.

5.61 The first um_t ,s i to be commercial m, early 1981, with the Cost of Debt Net Income (cost of (interest)'bd' Pre sec nd umt to be completed in 1984. The facility is owned

& Common Stock)- 25,027 6.85*

and financed by Aliddle South Energy, Inc., a subsidiary of

$365,346 afiddle South Utilities. It is being built and will be operated TOTAL REVENUE 100.00"o and ma ntamed by MP&L under contract to Middle South 0.85% paid as preferred dividends, 4.67'i paid as common Energy, Inc.

dividends and 1.53'i reinvested in facilities to serve customers. New Hoard Member a L p@nt of Mcorn Mate Unken Customer Growth sity, and recognized as one of the South's outstanding educa.

Customer growth continued in 1977, with the year +na tors and civic leaders, was elected io the MP&L Board of number on company lines being 291,146,up 5,808 over 1976. Directors in May. This llazlehurst native brings to the board Customers by classification were: residential, 249,889; com- a wealth of experience. lie is a graduate of Tougaloo College, mercial,35,922; industrial,3,301; government and municipal, the University of Indiana, Peabody College, and earned his 1,965; cooperatives and municipal, 67; and other public doMar of philosophy degree from the University of Southern utilities,2. Micissippi.

Electricity usage by residential customers led all other Also last year, for the first time in half a century, the com-classifications. Such customers accounted for consumption of pany was without the services of R. Baxter Wilson. Ile served 2.7 billion KWil during the year. The 11,038 KWII average as company president from 1954 until 1970,and chairman of used by residentid customers in 1977 was 801 KWil more the Board from 1971 to E76. lie continues to make out.

than the aserage for 1976. standing contributions to ue company, his community and During the year the company continued its emphasis on state.

conservation of energy, adding the successful " Zip Fo" Personnel Changes program to the IIcat Pump and E3 campaigns. "Ihe " Zip The company lost two of its most outstanding, loyal and Up" program is a plan whereby MP&L furnishes residential dedicated executives during the year through deaths. They customers information 'o evaluate whether or not they should were: Joseph (Joe) IL Box. senior vice-president of produc.

carry out certain practices to reduce heating and cooling costs tion, engineering and construction; and C. Lamar Stephen-of their homes. The program was offered at no cost to home* son, director of personnel. Norris L. Stampley, sice-presdent owners and over 21.000 returned questionnaires for computer of production, was given the additional duties of engincering evaluations. and construction, while J. S. Frame, former manager of the Two municipalities, Gloster and Prentiss, saned contracts (Continued on page 13) 4

1977 Financial Review Summary of Significant Accounting Policies A. SYSTEM OF ACCOUNTS tively, including amortization of unfunded prior service The accounts of the Company are maintained in costs over a period of 20 years. The policy of the Com.

accordance wit! the system of accounts proscribed by pany is to fund pension costs accrued.

the Federal Energy R(gulatory Commission, formerly E' INC051E TAXES the Federal Power Commission.

ompany joins its parent in filing a consolidated B' REVENUES Federal income tax return. Income taxes are allocated The Company records revenues as billed to its cus- to the Company generally in proportion to its contri-tomers on a cycle billing basis. Resenue is not accrued bution to the consolidated tax liability.

for energy delivered but not billed at the end of the Deferred income taxes are provided for differences fiscal period. The rates of the Company include fuel adjustment clauses under which fuel costs above or be-between book and taxable income to the extent per-mitted by the regulatory bodies for rate-making pur-lov the base levels allowed in the various rate schedules poses.

are permitted to be billed or required to be credited to customers. Investment tax credits are deferred and amortized ver the average useful life of the related prc,Nrty.

. C. UTILITY PLANT AND DEPRECIATION U*ility plant is stated at original cost. 'Ihe costs of ANAM M W.WS N WRI.W additions to utility plant include contracted work, CONSTRUCTION direct labor and materials, allocable overheads, and in In accordance with theregulatory system of accounts, 1977, an allowance for the composite cost of funds the Company capitalizes, as an appropriate cost of utility used during construction. The costs of units of property plant, an allowance for funds used during construction.

retired are removed from utility plant, and such costs This allowance (a non< ash item) represents the net plus removal costs,less salvage, are charged to accumu. costs of funds used to finance construction. Effective lated depreclation. Maintenance and repairs of property January 1,1977, the Company adopted the FPC Order and replacement and renewal of items determined to Number 561 as to rate determination and reporting be less than units of property are charged to operating requirements which provide for separation of the com.

expenses. Principally all of the utility plant is subject mon equity component and the borrowed funds com-to the lien of the Company's first mortgage bond in. ponent of funds used during construction. The rate used denture. for such allowance was 6.92% for 1977.

Depreciation is computed on the straight-line basis at In 1976,the Company did not record an allowance for rates based na the estimated scruce lives of the various funds because amounts collected under rate schedules

classes of property. Depreciation provided in 1977 and included construction work in progress in the rate base.

1976 amodnted to approximately 3.4% and 3.3'I, G. RESERVES respectively, on average depreciable property, it is the policy of the Company to provide reserves D. PENSION PLAN for i ninsured property risks and for claims for injuries i The Company has a pension plan covering substan. an ! damages through charges to operating expense on tially all of its en.ptoyees Pension costs in 1977 and aa accrual basis. Accruals for these reserves have been 1976 araountert to $1,705,000 and $1,572,000 respec- allowed for rate-making porposes.

MISSISSIPPI POWER & LIGilT COMPANY We have exanined the bstance sheets of Mississippi Power & Light Company as of December 31,1977 and 1976 and the related i.tatements of income, retained earnings, and source of funds for utility plant additions for the years then ended. Our examinations were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances.

In our opinion, the above-mentioned financial statements present fairly the financial position of '

Company at December 31,1977 and 1976 and the results of its operations and source of funds for ut;!N 1 plant additions for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis.

February 17,1978

.n.. . m .

Mississippi Power & Light Company Balance Sheet December 31,1977 and 1976 ASSETS 1977 1976 In Thousands UTILITY PLANT: 1 Electric plant ............. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ? $ 681,620 ) $ 647,207 Construction work in progress . . . . . . . . . .. ... .. .. . .i' '15,660 ! 28,061 Electric plant acquisition adjustments .. .. . ... . ......... ..... 2,769] '.951 Total ............. ...... ....... ............. ........  : 700,049 l 678,219 Less accumulated depreciation ........ .... . . . . ..

- 177,324 , 156.5 %

Utility plant-net ... ...... . .. .. ... .. ... . . ..' $22.725 ] -

$21.623 OTHER PROPERTY AND INVEST.\lENTS-At cost: L Investment in associated company (Note 3) ...... ....... .. .. 11,339 i 8.744 O th er . . . . . . . . . . ..... . .. .. . . .. . .. .. . .  ; 956- 990 Total ........ ........ ..... ... .... .... . ....... . 12.295 9.734 CURRENT ASSETS:

Cash (Note 2) ............. ... . .. . ..... ... . .. 2,196 4 2,562 Special deposits ...... . . ...... ... ... . .. .... ... .. . 770 763 Temporary investments, at cost which approximates market . . . .22,000 ; 17,705

Accounts receivable

Customer and other-less allowance for doubtful accounts of $154.000. . . . . . ... . ... ... .. 15,083 t 14,077 Associated companies . . . . ..... .. . ... . .... .. ' 3,410 : 115 hlaterials and supplies-at average cost:

Fuel ... .. .. .. ... ............ . . . . . .. . . .. 4,365 i 3.939 Other . ......... .... .. ... .. . .. . .. . .. .' 6,022 ) 6.785 Ot h er . . . . . . . . . . . . . . . . .. .. . . ..... 2,473 ' 2.M50 Total . .................. . . .. ... . . . . . 56,319 ( 48,796 1

DEFERRED DEHITS: ...

3 Advances for gas pic Sses. . . .. . . . ..... .. .... . .. 11,070 l 1,117 Unamortized debt ewune . .. . .. . .. . .... . _1,207 ; 1,267 O th er . . . . . . . . . . . ..... .. ...... . . . .. . ...

t 'i,369 I 1.485 Total ... . .. .... . .. . .... .. . ... . .

3,6461, 3.869 TOTAL .. . . .. . . .. .. ... .. . . .. .. i $,_J94.985 ;

, S 584.0y ta. u See Notes to Financial Statenents.

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LI ABILITIES

. '1977 6 ! 1976

( ' In Thousands CAPITALIZATION: -

Preferred stock (Page 10) ......... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . f $ [ 3 8,077 ] $ 38,077 I Common stock, no par value (stated value $23 per share) p- '

authorized 5,000.000 shares: . s.

outstanding 4.540.000 shares . . . . ............................"f104,420 i 104,420 Paid.in surplu s . . . . . . . . . . . . . . . . . ... ..... ... . . . . . . . . . . . -5 ! 5 Retained earnings f Note 4) . . . . . . . . . ...... .................... 55.954 ; 50.381

] Total . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . l - 193,456 . 192.883 Long-term debt (Page 10) ..... .. . ..... ............ . .....l 279,073 { 278.029 Total . . ......... . ... ... ................... . .. 477.529/ 470,912 i.

~

4 1 CURRENT LI ABILI flES: I-l Long-term debt currently matur:ng . .. .. ................f 332),, 8,760 Accounts payable- -

Associated companies . . .... ... .... ...... . . .... ....

'. 7,269 l 5,625 Other..........................,........................ 7,398; 7,308 Customer deposits ........ .. .. .. . . .. ......... ....... . . 7,284; 6,285 ,

Tax es a ccru ed . . . . . . . . . . . . . . . . . . . . . .. .. .. . . . .i. : 21,8214 19,740 Interest accrued ....... . ....

Dividends declared ....... .. . .. . .... ... . ..... ....

.............? ..."

- 6,609 l 6.315 59 0 596 Other............................................... 2.226) 998 Total ..... .. . ......... . .... . .. .... .............. '53.5851 55.627 DEFERRED CREDITS: ..

2 Accumulated deferred income taxes . . . . . . . . . . . .. . . ... ...

'l ',890 ) 37.636 Accumulated deferred investment tax credits .. ... .... ...........E 19,794 i 17.180 Other.............................. ..................}- '326}

62,010 ]

364

Total .. ... .... ... ...... . . .. .. . ... .. 55.180 l R ES E R V ES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ...... . . I,861 2,303

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TOTAL ........... ... . . .... . . . . . . . . . . . . . . . f $ 594.985 ! $ 584.022 Y--- '

.h

' See Notes to Financial Str.icments.

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Mississippi Power & Light Company Statement of Income

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For the years ended December 31,1977 and 1976 l'977 1976 l In Thousands )

OPERATING REVENUES .......... ........ . .... . . . . . . c 5 365,346 i $ 308,776 OPERATING EXPENSES.

Operation:

Fuel ........... ..... . . .... .. . ... .. .. ......... 181,168- 134,949 Power pu rchased . . . . . . . . . . . . . . . . . . . .... .. . .. . 42,471) 42,343 O t h er . . . . . . . . . . . . . . . . . . ...... .......... ... . . ... 28,262 26,093 Alaintenance . . . . . . . . . . . . . . . . . . . . . . . . . ... ... .. .. 15,446 ' 12.223 Depreciation .... ..... .. . .. ... ... . . ..... ... 19,728 18.151 Taxes other than income taxes ... . .... . . . .. . 14,299 12,962

, income taxes (Note 1) . . ....... . .... . . . .. ... . .... 20,964 16.759 Total .... .... .......... . .. . .. .. 322,338 263,480_

OPERATING INCONIE ...... ... .. ...... . .. 43,008 45.2 %

OTHER INCONIE AND DEDUCTIONS:

/illowance for other funds used during construction . . . . . ..... 1,098 -

Aliscellaneous-net ...... .. .. . . . . .... .. . . . 1,027 : 1,7 M Income taxes (Note 1) . . . . . . .. . . ... . .. (113), (913)

Total ....... ... .. ..... . . .. . ........... . .. . 2,012 791 INTEREST CH ARGES:

Interest on long. term debt .... .. .. . .. . .. 19,931 20,074 Other interest-net of debt premium ... .... . . . ...... . 565 268 Allowance for borrowed funds used during construction . . (503); -

, Total ... . .. ....... . . . . . .. . ... 19,993 20.342 NET INCONIE ......... ..... .... ... . .. ....$ 25,027 $ 25.745 Statement of Retained Earnings For the years ended December 31,1977 and 1976 RETAINED EARNINGS, JANUARY I .. . . .. .. .$ $0,381- $ 41,912 ADD-Net income 25,745 25.02_7_

Total ....... . .. . .... .. . 75,408 67,657 DEDUCT:

Dividends-cash:

Preferred stock . .. . ... . . .. . . , 2,384 2,384 Common stock ... .. .. .. ... . . 17,070 14.892 Total . . . ... . . . . .. . 19,454 17.276 RETAINED EARNINGS, DEL ENlilER 31,(Note 4) . ..$ 55,954 $ 50.381 See Notes to Financial Statements.

8

I Mississippi Power & Light Company Statement of Source of Funds For Utility Plant Additions For the years ended December 31,1977 and 1976 1977 1976 SOURCE OF FUNDS: In Thousands From operations:

Net income . . .................. . .... ........... . . . . . . 3 25,027 5 25,745 Depreciation .... ........... ... . . . .... ............ .... 19,728 18,151 Deferred income taxes and investment tax cred;t adjustments-net .. 6,868 '. 7,702 Allowance for funds used during construction . . . . . . . . . . . . . . . . (1,601) -

Total ..................... ..... .. ........... ......... 50,022 51,598 Less-dividends declared:

Preferred stock ... .... ... ........ ..... ........... .. . ( 2,384) - ( 2,384)

Common stock . .. .. .. . ..... ... .... .... .... . (17,070) > (14.892)

Funds retained in business . ... ........ ................. 30,568 34,322 From decrease in working capital 1 (excluding short-term securities and current maturities of long-term debt) . . .. .. .... . ............ 3,109 ~ 5.881 Refund of advances for fuel oil purchases . .... . ...... ... ......, -- 12,752 Advances for fuel oil purchases . . . . . . . . . . . . . .. ... ......A .

(6,855)

Investments in associated company .... ... .. ........... .. ... . (2,595); 255 Miscellaneous-net . . . . . .. ...... .. ... ..... .... .....

2,501 2,084 Total ... . ....... . . . . .. ..... ..... . ...... . 33,583 48.439 Financing Lansactions:

First mortgage bonds (retirements) . . . .. .. ... . . . . .... (8,498) , -

Other long-term debt . . . . . . . .. . . ..... ... . .. .. .. . 1,235 799 Short. term securities (net) . . . . . . . . ... .... . . .... ... ... (4,295) ' (9.705)

Total ........... . . . . ..... . ... .. . ..... (11,558) (8.906)

UTILITY PLANT ADDITIONS (excludes allowance for funds . .

used during construction) . . . . . . . . . . . ..... . . ...........5 22,025- S 39.533 See Notes to Financial Statements.

9

Miss!Ssippi Power & Light Company i Schedule of Preferred Stock and Long-Term Debt December 31,1977 and 1976 Current Shares Call Price Authorized Outstanding Per Share PREFERRED STOCK Cumulative, $100 Par Value 4.3 69F S e ries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 60,000 59,920 .* 103.86 4.5 69F Se ries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 44,476 43,888 107.00

4. 927c S eries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100,000 100,(XX) 102.88 9.16% S eries . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 75,000 75,000 108.64 7.449F Series . . . . .......... ... . ... ... .... . 100,000 100.000 108.39 Other Series . ....... .. .. .. ....... .... 325.000 -

Total ............. . .... ... . . ...... .... . 704,476 378,808 in Thousands Stated at $100 a Share . . . . . . . . . . . .. .. .... . . ... ..... .. $ 37,881 Premium on Preferred Stock ... ... . .. ....... ..... ...... 1%

Total . ........ . .. .. . ......... .... ..... ..... .. $ 38.077 I.ONG-TERhl WHT 1977 1976 First Stortgaga Londs: In Thousands 3%Cf Series due 1979 . . . . . . . . . . . . . .... ..... $ 7,500 $ 7,500 2%7c Series due 1980 ..... . ....... ... .... . 7.500 7,500 3%7c Series d ue 1983 . . . . . . . . . . . . . . . . . . . . . . . . 12,000 12.000 4%7F Series due 1988 .... ...... . .. .... .. 15,000 15,000 4%7c Series due 1995 . ..... . .... .. .. 20.000 20,000 5 %7c Series due 19% . . . . . . . . . . . . . . . . . . . . . . .. .. 25,00() 25,000 6%7c Series duc 1996 . . .. ... .. ...... .. .. 10,000 10.000 9%7c Series due 1999 . .. ...... . ... . .. 20.000 20,000 9%% Series due 2000 . . .. .. ..... .. .... . 17,500 17,500 7M90 Series due 2002 . ... .. .. .. .... ... .. 15,000 15,000 7M7e Series due 2003 . . . . . . . ... . . 30,000 30.000 8%7c Series due 2003 .. .. .. .... .. . .... 20,000 20,000 9%7c Series due 2004 . .. ....... .. . ... 25,000 25,000 10%7c Series due 2005 . . . . . . . .. .. .. . 25,000 25.000 249,500 249,500 Principal Amount of Capitalized 1. case-89f, due serially through 1993 .. ... . ... . .. 8,282 8,564 Pollution Control Bonds:

7%CE due 20(M .... ...... . .. ...... ... .. 9,400 9,400 8 %Ci d u e 2(XM . . . . . . . . . . . . . . . . . . . . . . ... 8,575 8.575 67c to 8%7c due 1978 to 1995 (net of $275,753 cash held by Trustee in 1977) . . . .... .. ... .. . 2,024 627 Unamortized Premium on Debt ..... ..... . 1.292 1,363 Total (Annual sinking fund requirements, which may be met by certification of property additions at the rate of 1677c of st'ch requirements, amount to

$2,655,000 for 1978.) ... . ..... . . $ 279,073 $ 278,029 10

1 4

1 1

Notes to Financial Statements

1. INCOME TANES short-term borrowings outstanding during the twelve months ended December 31,1977, (based on the average of the sum Income tax expense consists of the following: of daily outstanding principal balances) approximated $904,000 of commercial paper. The approximate average interest rate 1977 197 e. (determined by dividing the actual interest expense on short-Curren t :

In Thousand$ term borrowings during the year by the average short term I ed eral 5 12.572 5 7.7 A 2 borrowings) was 5.5'1 for commercial paper.

state 1.524 1,27s 3. COMMITMENTS AND CONTINGENCIES Total I4.096 9.057 The Company's construction program contemplates expen-ditures of approximately $31,000,000 in 1978.

i e a i ed Jerreciation - 5.300 s ,0 3 #,

O t h er., (1.046) ( l .14 M) The Company has a 19'1 interest in System Fuels, Inc. (SFI),

Total 4.254 3.383 a jointly owned subsidiary of four of the principal operating Investment ta s credit adjustmentsmet.. 2.614 3.814 subsidiaries of Middle South Utilities, Inc. (SFI stockholders).

Total charged to operations- ~ o.9 64 t 6.7 s 9 SFI operates on a non-profit basisin planning andimplement-ChargeJ to other income anJ JeJuttions.. 113 913 ing programs for the procurement of fuel supplies for the Total 5 21.077 5 17.672 generating units of these cperating companies; its ' sts are

- - recovered through charges for fuel delivered.

The total income tax expense reflects reductions resulting The Company has made loans to SFI to further its fuel supply primarily from: business under certain loan agreements which provide for (a) the exclusion from ta able income in 1977 of the SFI to borrow from its stockholders up to $209,500,000 allowance for funds used during construction, iS40.000,000 of which is subject to receipt of further requi.

site order of the Secunties an6 Exchange Commission). As of (b) the effect of tax reductions attributable to the filing m ,1977 the Company had loaned $11,335,250 of a consolidated Federalincome tax retum. to SFI pursuant to the loan agreements, and the Company's The effectise income tax rates for 1977 and 1976 were 46'i share of the unused loan commitment is approximately and 41'i, respectively. S25,160,000. Loans mature in 10 and 25 years from the date Investment tax credits generated in 1977 including approxi. of borrowing.

mately $2,400,000, in excess of the amount utilized, have in connection with certain bank borrowings by SFI totaling been deferred. These credits are available to reduce income $41,887,000 at December 31, 1977, the Company and the taxes to be paid in future years. other SFI stockholders have covenanted and agreed severally The Federal income tax returns for the years 1967 through in accordance with their respectivesharesof ownershipof SFI's 1972 have been examined and assessments, which have been common stock, that they will take any and all action necessary protested, hase been proposed by the In ternal Revenue to keep SFI in a sound financial condition e.nd to place SFIin Service. The years subsequent to 1972 are subject to exam. a pc_ition to discharge, and to cause SFI to discharge, its ination. Management is of the opinion that adequate provi- obligations to the lending banks. Also, SFI's stockholders, sions have been made for any taxes that may ultimately be including the Company, have made similar covenants and assessed. agreements in connection with arrangements entered into by

2. LINES OF CREDIT AND Sil0RT. TERM BORROWINGS SFI covering the sale, for a consideration of $20,827,104, and

. leaseback pursuant to a 25 year lease of certain oil storage and During 1977 the Company had regulatory authorization t handling facilitbs located at a generating station of one of the make short-tec n borrowings of $44,000,000 through bank erating companies.

loans (net to eneed $16,000.000) and the sale of commercial paper. This authorization expired December 31,1977, and, During 1976, SFI entered into a contract with a joint ven-subsequent to that date, the Company has made arrangements ture fo; a supply or coal from a mine to be deseloped in with ct rtain banks providing ?or short term borrowings of up Wyoming which is expected to provide 150 to 210 million to $21,500,000. Accounts are maintained with the lending tons over a period of 26 to 42 ytars.

banks and, although immaterial balances in some of these 4. RETAINED EARNINGS banks may be deemed to be compensating balances, most of The . m denture provisions relating to the Company's long term these accounts are working accounts and fluctuations in their debt provide for restrictions on the payment of cash dividends balances do not reflect or depend upon fluctuations in the n c mm n :tock. As of December 31,1971, $34,338,000 of amounts of bank loans outstanding. The amount of the unused retained earnings are free from such restrictions.

lines of credit at December 31,1977, was $16,000.000.

The bank loans and commercial paper notes are unsecured 5. TRANSACTIONS WITil AFFILIATES short term loans with various maturity dates not in excess of The Company buys from and sells electricity to the operating nine months. Interest rates on bank loans are the prime rates subsidiaries of Middle South Utilities, Inc., its parent, under in effect from time to time of the lending banks. During the rate schedules filed with the Federal Energy Regulatory twelve months ended December 31, 1977, the maximum Commission. In addition, the Company purchases fuel from aggregate amount of short-term borrowings outstanding at the System Fuels,Inc.

end of any month was $8,700,000. The average amount of Operating revenues include revenues from sales to affiliates 11

l j i amounting to $74,186,000 in 1977 and $56,117,000 in tions with peak periods occurring during the summer months, 1976. Operating expenses include fuel cost and purchased Accordingly, earnings information for any three month power charges from affiliates totaling $157,093,000 in 1977 period should not be considered as a basis for estimating the and $126,127,000 in 1976. results of operations for a full year.

6. QUARTERLY RESULTS (Unaudited) 7. REPLACEMENT COST (Unaudited)
Unaudited operating results by quarters follow (in thousands)
The impact of the rate of inflation experienced in recent i ouarter rnded years has resulted in replacement costs of productive capa-city that is significantly greater than the historical cost of m e.31, Junc 30, sent.30, occ.ai, such assets reported in the Company's financial statements.

g '

l operating revenues $ s4,32 s  ! s 3,4 s s s t o6.601 590,965 In compliance with reporting requirements, estimated re.

operating income 11,397 M,7 3 : 14,207 M,673 placement cost information is disclosed in the Middle South Net income 6,949 4,231 9,534 4,3 : 3 j Utilities, Inc. annual report to the Securities and Exchange l 3 Commission on Form 10K.

orerating revenues 166,53o 568,040 590,747 s a 3,4 59 operating income 10,909 s,4 : s 14,475 t i ,497 8. ACCOUNTING POLICIES i Net income 5,957 3,772 9,517 6,499 The summary of significant accounting policies on page 5  !

The business of the Company is subject to seasonal fluctua- is an integral part of these notes to financial statements.

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f Directors f -.,

A.da a2 n Donald C. Luiken G. I awvente Adams Nortoan B Gdha, Jr.

J at knen Nat c her M cComb President and Attorney 4t La* Attorney et Law Chsef F tecutive Officer Robert M. Hearin J. Herman Hines R uss M. Johnson

  • J. H. Johnston. Jr., M D. Robert F. K-nningto=,lt J ac kson , Board Jackson, Board Charmah Jackson . R et red J ackson Grer.ada. C hairman.

Charman. Chief Chief I secutive. DePrast Chair man. Deposit Chief Executise F uccutive. First Guaranty Natmnal Bank Guaranty National Bank Grenada Bankmg system National Bank Hoyd W. Lewis Rithard D. McRae LeRoy P. Percy Dr. H alter Washmston Robert M. (Bob) Wdhams, Jr.

New Orleans J ackson. PressJent Greenville. Planter Alcorn . President Southaven . Partner President . Middle M c R ae 's. Inc. Alcorn State University Reeves % dhams Budders Sout h Utdatics. Inc.

  • Member of Advisory ihard TO OUR STOCKil0LDERS. .

(Continued From Page 4) by the muddling and confusion, abetted by bureaucratic red Northwestern Disision at Greenville, was named to head the tape and restrictions, from the federal government. Actually, the outcome of the National Energy Act pending, at this personnel department.

Among other major changes were: John Craft, was named writing, in Congress will 1stgely determine the destiny of investor-owned companies such as ours. All concerned can manager of the Northwestern Division at Greenville, to succeed help bring more sanity to the energy field by workmg to re-Frame; Ray Tomlinson, was named manager of the Northern store the principles of the American free enterprise system In Divis! at Senatobia to succeed Craft; James R. Martin, was elected treasurer to succeed W. R. (Billy) Casper, retired; oftunatet m st of our some 300,000 customers also and Allan Mapp, was promoted to assistant treasurer m addi. believe in this system, and realize it has brought about more tion to duties as assistant secretary. The following were named prosperity and a higher standard of living for more people to new manager positions: Robert II. Weatherly, at Marxs; h stem yet devised. Finally, we thank our good Everett S. Dunn, at Port Gibson; James S. Pilgrim, Brandon; customers, investors, board and employees for making it Joe D. Dowe,at T>lertown;J. Truitt ilobby, at Drew; Billy R.

possible for MP&L to keep a tight grip on its long-time motto llo ell, Jr., at Rolling Fork; and Gerald B. Regel, at Clarks. of "IIelping Build Mississippi."

die, lierman E. Cooper was promoted to District Manager at Clinton. Sincerely, The Future W

g While obviously no human knows the future,MP&L contin-ues to face the years ahead with confidence and determbation.

Unfortunately, a great many factors shaping the future are Donald C. I.utken being removed from management's hands. ins. e are evidenced President and Chief Executive Officer 13

Mississippi Power & Light Compaity Record of Progress 1967-1977 1977 1976 1975 EI.ECTRIC OPERATING REVENUES (000s 03flTTED) l l

Residential .. , , = $ 106,520 $ 91,849 $ 74,296 l Commercial . . . 69,114 60.85$ 47,484 '

Industrial ....... . 67,948 58,645 42,863 Gosernment & Alunicipal... 11,158 9,899 7,022 Cooperatives & hlunicipahties 34,073 25,622 21.399 Total From Energy Sales (hliss. Area) . 288,813 246,870 193,064 Sales to Other Public Utilities 77,732 57,298 43,084 Total From Energy Sales 366,545 304,168 236,148 '

hliscellaneous Resenues ... . ... . ~ 1,441 1,113 838 Deferred Fuel Adjustment Resenues* , (2,640) _ 3,495 3,071 Total Electric Operating Revenues l$ 365,346 ~ $ 308,776 $ 240,057 ,

El ECTRIC ENERGY SAI.ES O!KWID Residential . . . . 2,727,718 . 2,491,067 2,440,460 Commercial 1,647,919. 1,537,169 I,457,505 Industrial ....... 2,071,093 - 1,935,573 1,751,042 Government & hlunicipal... 344,634 326,275 302,319 Cooperatises & hlunicipalitics . , 1,217,942

  • 1.064,636 990,309 Total Fnergy Sales tNtiw. Area) . 8,008,M6 7,354,720 6,941,635 Sales to Other Public Utilities , 3,580,571 2.624.001 1,638,144 Total Electric Energy Sales . 11,588,977 9,978,721 8,579,779 LI.ECTRIC Ct?STONIERS (END OF PERIODI Residential , , ,

249,889 245,384 241,739 Commercial 35,922 34,718 33,801 Industrial ....... 3,301 3,247 3,247 Government & hiunicipal... 1,965 ' I,920 1,879 Cooperativo & hlunicipalities 67. 67 66 Total Customers (Ntiss. Area) . 291,144 285,336 280,732 Other Public Utilities 2 2 1 Total Electric Customers 291,146 285,338 280,733 SYSTE%I INPUT OIK%ID I"IPPi ^'Cd 8,739,930 7,995,184 7,383,973 7,422,162 6.275.856 5,361,242 Total Spiem Input 16.562,092 14.271,040 12,953,213 PEAK 1.OAD OllSS. AREAWKW 1,784,000 ' 1,733,000 1,642,000 I.OAD FAC10h OllSS. AREAMPER CENT 56 53 52 NET Pl. ANT CAPAllII.ITY-KW .2,763,000 , 2,752,000 2,752,000 CIRCL'Ir SIII.ES OF El.ECTRIC 1.INES 18,109 17,859 17,713 TOTAL. EI.ECTRIC UTillTY PI. ANT (000s 0%IllTED)

Production '.$ 349,195 $ 338,118 $ 299,583 Transmiwion 132,966 118,137 118,450 Distribution . . . 180,035 171,955 166,590 General & Other 16,154 15,727 15,366 Total Utility Plant Completed 678,350 643,937 599,989 Plant Ileid for Future Use 3,270 3,270 4,070 Construction Work in Progrew .. .15,660- 28.061 35,772 Electric Piar.t Acquisition Adjustments _. 2,7F 2,951 3.113 Total Utility Plant .$ 700,049 $ 678,219 $ 642,944

  • See Item 11 to Summary of Significant Aesounting Policies.

14

1974 1973 1972 1971 1970 1969 1968 1967 67490 $ 47,473 $ 38,096 $ 32,499 $ 30,097 $ 27,353 $ 24,528 $ 21,573 43,559 31,294 25,701 22,126 20,290 18.507 16,797 15,126 41,743 26,852 22,399 19,439 17.535 17,076 15,979 15.037 6,163 3,975 3,193 2,842 2,707 2,437 2,194 2,003 13,362 9,915 9,884 7,914 7,027 6,299 5.592 4.796 172,517 119,509 99,273 84,820 77,656 71,672 65,090 58,535 10.484 6,684 15.223 9,423 4,911 5,090 4,452 4,929 183,001 126,193 114,496 94,243 82,567 76,762 69,542 63,464 574 449 374 393 364 342 309 279 (5,134) - - -

178,441 $ 126,642 $ 114,870 $ 94,636 $ 82,931 5 77,104 $ 69,851 5 63,743 2,268,954 2,356,073 2,032,670 1,802.675 I,674,415 I,4'0,430 1,274,923 1,069,029 1,356,173 1,380,035 1,213,432 1,091,553 1,007,557 90 912 823,035 738,521 1,793,055 1,787,741 1,677,137 1,624,499 1,464,602 1,410,?l2 1,351,195 1,345,938 271,233 262,645 238,624 219,463 210,951 179,17,1 157,279 142,904 938,205 988,351 1,089.349 966,015 959,649 860,842 765,837 659,025 6,627,620 6,774,845 6,251,212 5,704,205 5,317,174 4,829,274 4,372,269 3,955,417 487,0_97 312,454 1,269.927 1,282.153 984,933 1.143,398 870,335 832,157 7,114,717 7,087,299 7,521,139 6,986,358 6,302,107 5,972,672 5,242,604 4,787,574 237,083 229,761 206,222 198,435 191,529 187,670 183,538 180,415 33,474 33,109 30,629 29,453 28,419 28,109 27,532 26.941 3,267 3,213 3,I68 3,209 3I40 3,022 2.990 2,892 1,789 1,731 1,618 1.558 1,514 1,447 1,393 1,347 63 61 74 75 71 70 67 64 267,875 241,711 232,730 224,673 220,318 215,520 211,659

[275,678 t 1 2 3 4 4 4 2 275,679 267,876 241,713 232,733 224,6'7 220,322 215,524 211,661 249,896 7,378,216 6,906,300 6.246,040 5,875,777 5,326,174 4,783,640 4,337,494 353,673 4,160,152 5,081.123 4,700,857 4,429,887 4,957,040 3,677,783 2,318,574 603,569 11,538,368 11,987,423 10,946,897 10,305,664 10,283.214 8,461,423 6,656,068

(,640,090 l, 1,565,000 1,476,000 1,343,000 1,238,000 1,176,000 1,005,000 924,000 91 54 53 53 54 51 53 54 9,752,0C3 2,002,000 2,002,000 2,002,000 1,231,000 1,231,000 1,231,000 1.220,000 17,461 17,146 14,279 14,061 13,892 13,783 13,588 13,418 292,491 $ 176,217 $ 166,537 $ 166,364 $ 106,419 $ 106,434 $ 106,582 $ 106,030

' 109,960 91,535 91,068 85,074 79,225 79,218 76,988 71,350 158,256 148,492 130,191 124,523 119,198 113,428 108,049 102,827 14,763 14.355 13,598 13,372 13,283 12,401 11,765 8,429 575,470 430,599 401,394 389,333 318,125 311,481 303,384 288,636 1,219 1,144 1,146 594 564 564 511 396 16,68c 121,908 50,070 12,396 53,257 16,445 3,524 6,844 3,293 3,067 - - - - - -

596,670 $ 556,718 $ 452,610 $ 402,323 $ 371,946 $ 328,490 $ 307,419 $ 295,876 15

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l*rior to construction of the Grand Gulf Nuclear Station near Port Gibson there had not been a snajor landing off the Sfississippi  ;

Ricer in the arca since General Grant and his forces arrived there in early 31ay,1RG3. This aerial photo shoirs the temporary " port" built to land heavy equipment for the plant shipped on the River. This borge contains part of the high pressure tur/>ine for the generator, much too hcacy and large to be shipped by rail, in the upper right corner is shoten a building housine a"- of the deep n' ells scrcing as the plant s crcice water system.

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l Mississippi l'oner & I.ight Compmiv ^

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t. s Pos i u ,r' l'ost Office Ilos 1640 l' A li>

.lackson. Mississippi 39205 J.\C KsON. \1lss.

PER.\!!~l NO. 24

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