ML20012D972
| ML20012D972 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/31/1989 |
| From: | Mescher W SANTEE COOPER |
| To: | |
| Shared Package | |
| ML20012D970 | List: |
| References | |
| NUDOCS 9003290173 | |
| Download: ML20012D972 (72) | |
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glCorporateStatistics - L4
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0; < Of Masalrear 4304f 69Hf $297 89848 49048 SM48 63043 Amer &M &SSW ne B fow Uhtty Piart-Nei lnciaa*9 huclear Iue' o'f tal yw enMnttunands ot eollars) 1,7b4 447 1149144 1127 848 1J45.892 1173188 ~79.161 1 470.571 1.467110 1205200 950428
- . - . . . . _ - , . ~ . - . - - -
Bontled trulebterken (at year eno) J hhltmusanos oldohars) 1,M4,307 1964110 1.998 105 1.938230 1.919350 1388150 1196 545 1135 850 1261420 99C.100 Opersing Reven,es on ttiouunos of conars) Hmoenha 64,751 53A58 52 433 46.5?9 41 414 35.572 28.098 27.121 21.949 17A39 1" Comnercial 55 256 53 481 50 998 46309 39268 32 865 28 853 28 145 22 452 18 835
- " PublK berget ugmm9 & Otter 1.970 1.873 1575 1J92 1.575 1254 1.029 9% 704 587
, Industre' 1M.046 168 585 157.428 157181 168 198 146.811 136.908 143 676 108 776 47.371 s Sales toIloc1rto Co ops 217.005 203 407 207249 193 211 172 599 135272 121 825 101.832 87.529 63 419 Other Gaios for Reu6e 26.446 6 680 5 542 5 615 5.307 4 939 4279 4192 3.442 2578 tAsceltaneous 4A06 4 296 4434 3 463 2261 1,985 1716 1h40 1.494 1,%4
. Total 546.039 491.980 480 059 4 % 000 430.622 3G8 699 322.708 307 131 246.346 151193 Ogeraten & Mantenaru.e i$penses Charpe[
to Operatens un thouunos of nohart)
- 326 628 287269 273 646 260 9 % 259 233 236 389 218 976 226.320 187 390 109 997 Bams in t eu of 1 anes Ctwued to 0peratons On thousanos of cottato 3.379 3.0% 2 390 2 176 1.920 1350 981 b65 966 928 Dsinbuten to tte State Cha'9eo to komvented Iarrangs On troutands of noitarsy 6.180 3 003 2 003 1.901 1300 1.600 1400 1.400 1.300 1.300 Net Operstm9 RJvenues Amtable het Debt Servee On thouunds of dolW4 242.999 P27 436 229.% 4 219 063 195.899 136 186 118 230 94219 % 503 46332 81.5m 39 129 40290 30 106 45 948 50 515 $1057 53 131 29 330 18b keinested Iairwios'_On thousanos of ooliar9 _ __ - . _ .
Debi Goivine Coverage Espanson Bonds 1.70 1 57 1 56 1 47 1 61 1 83 1 69 2 18 1 90 2 41 Prenty Ot>hgabon & Espansen Boruts 1.H 1 55 1 54 1 46 1 59 1 78 1 65 2 07 139 2 14 10lowatthout Sales On Itmusands) Redent:41 650.018 830.620 804.164 71 438 672 865 646.467 559 929 541.522 536 461 472 495 Comnertal 900.606 940 m 892 123 812A20 738 430 688 748 595124 M9474 549137 511 126 Poblag Street Lightin9 & Otrer 13,72G 31.639 28 651 30.500 29.571 2b 448 20136 17 841 17.572 17.506
- ndustrial 6.443.831 5 361.414 5.157.860 5 000 860 4 907.428 4 425.303 4 2'3 173 4.399159 4 295 666 2.196 997 Sales to ilec'nc Co ops" 6.071.963 4 761 453 4.588 998 4 078 809 3149289 3 666 107 3.300.649 8 236112 3.346 581 2 991534 Othe' Sales for Resaic 755.526 150 431 140.542 135.513 122 798 132.347 121 426 115 176 123.461 108 040 total 13,135.663 12.076.698 11 612 328 10 778 64010.226.381 9 784 420 8 911.937 8 879.984 8 869 478 6,298 298 Average heeldential AverageReeklontial Consuniption Cast hace! Year i KWi! h* Cal Yewl / EWH 14 ees _-.- , . _ __. t 0 --_. _
+. w. *--hh k-*.-. .,
18 400 __ .__ T.0 .. _ _ _ . . .__ 4 00s . _ _ 40 . 400s.l_86.- 4 000
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g averageu"* 3. 66 i. i." n ***ee'v teo
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' jl ? } , < x A 7F .L h J[ amost nur gesehsee asses sense asse2 senes astos assa sonet sener asses asnee homber of Customers Lat year end) Itesidental 73.181 70 4E1 67 435 63 8 % 59165 65.610 60 256 46.310 43462 40.053 Con.frercei 15.137 14427 14210 13.733 13 553 11M1 10.$83 10.129 9154 9236 2M 306 335 372 342 329 300 224 21t, 212 Putac Street tet.no & Other 6noustflat 33 29 30 29 29 29 28 28 28 27 Salet toltectrc Co. ops 1 1 1 1 1 1 1 1 1 1
., Other Baw tot hesale 4 3 2 2 2 2 2 2 2 2' n ___. . _ . _ . _ _ _ _ _.. . . . . . _ _ . . - _ . .
Total 88.438 85 426 81.983 78 032 73 682 67.672 61.169 $6 694 53 463 49.531 fiescental Statstes (average) Muwatttmar i ConsumptorvCustomer 11.014 12.013 12.196 11.691 11.696 12140 11J09 12 23 12875 12.151 Cents *nowatthout 4 44 6 46 6 62 6 46 6 15 5 50 6 02 5 01 4 09 3 73 Geterstmp Capbsitty (at yes end) (negawattu 2388 2180 2180 2.769 2 764 2 764 2165 1.965 1.965 tJ36
~ ~ ~ ~ ~~ ~ ~ ' ~ ~ ~
EGieaunenwntsir$ SMp (kilowatthourt m m#tions) GetterattDn Hvoro Me 342 b19 413 485 628 694 622 414 824 Steam 11.000 9 806 9 455 8472 B.442 7287 7.84C 6.492 8620 6.830 Combustion 1urture 10 1 - - 1 2 - 18 31 10 teocJoe 1.310 2.327 1744 1,871 1.616 1.931 4 94 - - - Total 18.071 12 478 11118 10 7b6 10.444 9 648 9.028 9 032 9.065 6.634 Purchasu Netinterchanges Ltc 264 60 229 353 227 355 333 360 371 193 Total 13.636 12.638 11 947 11 109 10,671 10103 9.361 9.412 9.436 6,827 Cainnehr Vant 1M INT 1M IM 1M 1NS int 1W1 1M IM 1ertitoral Pea.: Demand imegawattu 2.263 2.160 2.123 2.006 1.824 1.810 1.68$ 1.764 1.554 1.352
'Remvested eatmngs for tacal years 19b0-84 tas been restated to retect a change in accountmg methodology "Ina years 1983-87 inckide life losses billed to Centialilstre Power Cooperative inc W$W ner ' rear apas tale, Ie.UsskMeste 1217JKf4L M11h menetajneR_ _. _ .1g.NuoL_.a3 pt _
Commesist $ ales _ JL2Rl(L__t tth_ ha**mH S*We. .. __.__ . KIME#. . 9Mk Ot.or name ..._ _ __ _._2Lf pp1_4 491L Ogm Sales y Rosaw._ _ gig.qgt _t 4tt _ Over Uwww nman _ _. ,_ _ gg(M _ . _. Jag.___ fottis 8WH!1igems & OmeL._LMJf4_. J4.h dM hacud Year 1989
!.wi p6 Pwshawe P?tL - _ f 16AufM . .37A%.._ _ _
imemst _ _ pg7mpt 3444g_ Otwsun and Isaimnam _ Jn744pp 19 3qt Asenhonsio.Piaat t emnteries, tis R410046.1LO91L Rel.nemut of Debt ..RfPJJN _l On . formuis p state 6dR149 91% somsla pom et1ama _ pfag.es} _ _ jn .
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l ICornparativeHighlights e . t in f6 CAL YEAR' 1Nt9 ' ~ 19M . % CHANGE Phassief tihesamuis of delbrel ,
' $571,052.> $$16,900 10.06 TelelReveness&lnesse y
o . Totaltapeness &laterest Charges 544,188 : 984,902 8.57- , Costs to be fleesvered trem PeWa Pevenes 5 ,102 27,43t 1.44 lloinvestedEemlags
$51,908 $ 38,139 31.85
' Bett Servies Coverage -Priority & Espension tends .1.00 times : ' 1.56 times 8.N -'
Bobt/Egettyllette 79/21 - 90/ 5 .- Jtetieldest listallCastomersServed 80,902 85,305 3.75
. Average AnneelliseldentialP-P(RWI) . 11,814 12,913 1.08 ,
< Average itseidential Cost (osals per MVRi) 8.44 6.48' .31 anersyseisstannel 13,13s,est it,o7s,ess . 77 '?
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Tartierist reek nemend(esen . 1,3es 2,215 - 4.11 CALENDAR YEAR - 1988 1987 ~ % CHANGE
, .TerriterialPeak Demand (eftQ 1,383' t,100 4.8 -
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{, ; [, WWuun C Meschen Santee Cooper was honored Cooper's board of d'inctors during the past year when The board appoutted Wilham C Mescher. president Kenneth R Ford, executive vice and cbtel ec.?cutive officer, was president in coarge of Finance elected president of the Amen- as mtenm president and chief can PubhcPower Association executive officer On May 22. the (APPA). APPA lepresents more board named Fora as the new than 3.000 consumer and pubhe- pmsident and chief executive owned electnc utility systems officei nationwide and in several Ford came to Santee Cv>per Amencan provinces m 1978 from Ontaha Puli. In Apul,theboardof duectors Power District. where he had named Mescher president served as treasumt and corpo ementus to provide lum the rate manager of forecastmg and opporturuty to devote his time analysis. A nativeof Coulicil more fully to his duties as APPA Bluffs. Iowa. he is a graduate of president Whileservingas the Universityof Nebraska-APPA president. he will be a Omaha. special consultant to Santee
w- .,,e ,- . _ _ . _ . . . _ _ _ _ _
-l4 REMARKSBYOWIGHT A. HOUIER CMuman Dotud of Dmctors j --
, y .' - Meschet cwe@enres as growth within the areas sesved h e s-president of the Amencan Pubhc duectly by Santee Cooper or by the
, dv -. 3 A ' Jto Nq ". i 1pt t.* f$ - . Power Associauon 15 electnc cooperatives wruch are
./ s
; I"'gf II Sigm4 cant actuevements can members of Central
" + . .k
.; ,.:;n.J=Sy)g}
p3.g g Oy best be accomphshed by a
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s futanciahy healthy anci stable Ne are also pleased that Santee entity, and 1 Pdn ple&3ed to teport Cooper has been able to mamtam a D k# F %.D ~ - (~. . stable rate base, allowing our f j$f. ' , Q.' ttat Samee Cooper has completed
%f/.,3 , .D; y.E y the most successtui year in its customers to benefit by havulg p.5 .
- - , b,
@ ..l M more thPJ150 years of servica to the state Tras is evidenced by ow among the lowest costs for elec-tncity in the state. While trus is an lt 8 my pnvilege to be at the helm highest-ever iemvested eanungs economic benefit to them, it is also of Santoe Cooper as our promuons total- more than SS15 nullion a enbute to the dechcation of our f at the !uturo move mto tne Our energy saies alse reached amployees and the effective twenty tust centwv The fmal an ah tune high of 13136 gigawatt- raanagement of our resources It is decade of the twentieth centwy n riotus y urthermore, through its sigtufictmt to note that we have not upon us. and Santee Coopa is payments a heu of taxes. Santee had a rate inctease since 1985 and leady to meet the challenge Coope: 'ncteased its contreutton do not project havmg to make any Santee Cocper. as a pubhc to them. ate to a tota! of $b2 rmthon adjustments before 1992.
power pioneer, has been provuig Our f ulancial mitng durulg the truougPou! most of this centu:y 0 ver on the production side. Our year also maintamed its strength that it is wunhy of any chalkmge kdowattmur sales of electucity Both Moodi s and Standard and that anses Pubhc power had increased ny about 9 percent md Poots reaffumed their conhdence opponents even before its birth. our electnc revenues were up in Santee Cooper by mamtainmg yet our predecossors held to theu about 11 peicent our cunent A1, A4 bond ratmgs. vicion the electuct!y should In terms of energy conuump- /m imponant factor in mam-beneht an our citizens. meluding tica. this mptesents a 2 percent tantmg the se Iatmgs has been the rura! farm tamthes hving increase by residential customet s. Santae Cooper's consistent throughout the Paltnetta State 4 percent by corntnercial custom- financial success dunng the past Efficient. eff ective pubhc power ers 1 percent by tridustnal severalyears Twopnmary now touches the hve of South custon* t s. and 6 percent by measurements of trus success are Carolunans f tom the mountams to Cenual Electne Pcwer Cooperauve our debt service coverage and debt the mast Some rural areas have and the mumcipahties of Bamberg equity ratto Both of these have becomo urban areas yet both and Georgetown shown improvement dunng the town and countty continue to reap Significant to Santee Cooper is past year the benefits of pubhc power the conunued f ull production All m all. Santee Cooper had a And Santee Cu >per wdl output and full employment by tremendous year We look forwa;d contume w fulfdi its 'naridate to Alumax Santee Cooper's largest to the opportumties and challenges the state's citizens who own it industnal customer of the next decade that w111 allow Together pubhc power and Santee Growth in our number of us to continue our tradition of Cooper $tave matte stgtuficant con. customers was also steady A total service to the ciuzens of South tributtons to improve the quahty of of 2.700 residentiel and 510 LarNuta life in Sout h Carchna and wdl ccn comn ercial custome s were tmue to do so addea. wruch te presents increases 1'
/
Indeed. It is a tribute to Santee of 4 an.13 percent. respecovety f 7pk e C" Cooper s role in pubhc power that All of tius is a reuection of the kWI aw out president emeritus F<ll stabthty and contmued econonut
.n -
REMARKSBYKENNETHR. FORD Ptwdont und Cruct EucutJve Otheer
~ ~ ~ ~
- 0. A Measuring the success of Santee rates that were among the lowest ~
Cooper's management. operations, in the state and service goes well beyond our Looking beyond the areas of [ f.l [ ;,- D ; h:-
;7 assessment of the bottom ime. management and Itnance. it is f ,e
/,. < ' a= ' . + 4, + <
t-j- ' While this is alw.ys unportant important to report on the progress "}g , . { ;; ; 1 g J hem a business perspective we of Santee Cooper with particular
- must also measure our progress m emphasis on our commitment for l lh u workmg together. =] -
terms of meeting defmed corporate ,{ h F commitments that are equally
- R , . .
- sA"%-.. *-
.Wl g:trSt - our Customers To serve 4,1 e ImlX(tant s ; .. .
' Worktng Together" is one of them more effectively and with in those comnutments it delmes a creased rehabthty, we have sale, and orders totalled over 17
.v nomuentaable but more meanmg ~ completed engineenng. design. milhon dollars
{ tul relationship that Santee Cooper ts determmed to maintam with our and construction on new lines and loop feeds to our growing service VVorkmg together with state customers our employees our area Also, to improve power government and state agencies is investors. our ek>etnc cooperatives. dehvery to om co-op customers, another important pnonty with g and with the conununities where we are building new transnussion Santee Cooper When the governor E we serve it is also the relationship imes and " beef tng up" existmg and State Budget and Control we must mat..tain with other cucuits that feed power tl: ough- Board called on Santee Cooper to Y utthties, with state government, out 35 counties of the state help the Patnots Point project. we with our local and state agencies We're working with other said, "Yes." and worked closely and with the citizens of our state utthties also for the benefit of all with them to develop a viable plan From a management pets,ec- customers e South Carolina who Even though the plan didn't work tive. the changes in orgamzauon might choose to hve in mobile out, the importance of ttus expen-dunng the past y ear have been homes This is in the form of a set ence is the confidence that was very smooth and orderly The of Good Cents energy officiency placed m Santee Cooper by the streamltntng of om organizatten standards for all mobile homes governor and State Budget and has stiengthened Santee Coper 1 consttucted or sold m South Control Board uruty of purpose and duection it Carehna For the leaderstup role of Working tmether with our has renewed our emphasts on our Energy tvianagement unit legislators. legislauve committees. strategic plaruung and wm king developing this standard accepted and state agencies has tacteased together more closeiy to tmprove by all utthties in the state. Santee significantly throughout the year our plannmg lot it.e frure 'Ine Ccoper was presented APpA s Then increased use of Wampee. sptnt of cooperanon among our Enetcy Movator Award for 1989 our corporate tauntng and confer- _ omploycas and the strong supnort There is protribly no better way ence center. as a resource for from the board have provided h to woik mt.h aur customers, our plaruung. trauung and productive renewed enW tacm and dedica financial mverers. and the cluzens work sessions is a chromcle of ttus tion toward cont' w vic.eess of South Carohna tha.1 through our accomphshment. Our relationslup F20m a f tscal pt spctive. MnmBond program. wruch was in- with state government is probably Santee Coom had tx bet year troduced last fal! The support for stronger than it has been in a long in itc mstory Om energy sales Santee Cooper was echoed loudry tune and the commitment of reached an Wime oigN re:n m an overwhGnang response to workmg together is helping us vested earritngs wme the la.- the offerutg of smaller rienomina- mauttaut it ever. om peyment to the sm u n taxmmpi bonds We'd A new state park - for the increase 1 aul w > maintauted aped for a 4 m pulhon doluu recreauonal and educanonal
-, r- -
_7 g7 benefit of allSouth Carohnians and e!! ort-a combmation of the Palmetto Economic Development - visitors-is another product of Production Department's Goals Corporation. such cooperative offorta. The State - Program, good maintenance, high Departmentof Paiks, Recreation unit availabihty, and careful Norking toimprove our environ, and Tourism opened the gates to operations. mentis always a concem and a the Old Santee CanalStato Park. The annualsavmgs of over$5 responsibility of Santee Cooper,In the newest and most unusual milhon resulted also from the cooperation with the South
- facihty of its kind in South Carolma. combined offorts of our highly Carohna Water Resources Com-Weareextremelyproucof this qualified performance testing mission, the Department of Wildhfe joint accomphshment becauseit crews, effective fuelpurchasing, and Marine Resources, and the preserves the oldestcanalin and tiuougia a dedicated Systems U.S. Army Corps of Engmeers,'
Amenca,which was also the O erationsteamwhichprovided 100,000 sterile, weed-eating precursor to the Santee Cooper economic dispatching,kept excess Chinese grass carp were released project, constructed more than a on-hne generation to a safe into the Santee Cooperlakesin centurylater. minimum, and made prudent hope of helping manage the purchases and sales of power. growinginfestationof aquatic For our employees, no better weeds that has become an example of working together can Norking with our electric coop- annoyance to navigation, power be seen than our Program for cratives, tiuough Centraland production, and recreation. Employee Participation (PEP), PEP directly, has been an essentialpart The examples of " Working allows personnelassigned withm of our success this year and on a Together" as the new corporate various units to work together as a daily basis.Truough coordinated commitment of Santee Cooper are team in solving problems.Their planning, assistance in transmis- n'merous.Just ask any of our efforts during the past yeat have slon and distribution, joint adver- employees or members o'aur man-resulted inimproved practices, tismg and promotion, and a unified agementteam.They willeach tell-procedures, and work methods,in economic development effort,we you that "worktng together" increased productivity and are seeing that teamwork can works,it'sthe secretof their efficiency, and in considerable make a difference. success, and with their dedication savings in time, dollars, and The most significa ,t results of and commitment,we plan to resources. this consohdated effort with the continue that success for the . Employees work together every electriccooperatives can be seen in benefit of Santee Cooper's custom-dayin a manner that is paytng off three major industrial announce- eIs and the people of this state. for Santee Cooper and its custom- ments during the year: first, The continuedleadership, 21 ers ducctly in the form oflower WillametteIndustries' decision to support, and input from our board powercosts. Apnmeexampleis locate in Marlboro County; is equally essential for success, the rankmg of Santee Cooper's Teledyne Alvac,Inc.'s move to and it is appreciated by allmem-coal-fued generating system this Chester County; and finally, Nan bersof thelanteeCooperteam. All past yeai as sixth best in the Ya Plastics Corporation's selection of us working together, pulling and nation and best in the two Caroh. f.f Lake City as the location for their pushing in the same duection, will nas and Georgia, when comp &ed new plant. Nec results of allof this assure our position as one of the to the top 100 mvestor owned mdustrialgrowth on the co-op mostinnovative, productive, and utilities in the country.This was system willbe more than 1,000 responsive utilities in the country -
' based upon a survey of these new jobs, and the majority of these one of which the people of South uttliues conducted by Electric successes would not have oc- Carohna can be proud.
Light and Powermagazine. Santee curred without the combined and Cooper's ranking was a teamwork cooperative efforts of Santee e Cooper, Central, the co ops, and ht
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-cw It's more than a thbrae for titis report. R is, '
- Shate# Cooper'sreasonforexistence: WWk *
, ing tagethet ja the essehenof Santee 00 aper's s eJwrter from the legslatbre; But it is Wan
- the object!ve of out day 4alday efforts in
, doingwhdtwe,candatodsprovethb" heath,
- vielfareandInatebalpumpetityof4Wepeople ' . - .
of Sout.h Carohria," the Inission of Santeg ' Co6per.as deRnedtyits 'edabling Iggislatiort Working together aa tdice a niethod of rdoind. . . and the 9051 of that doing. . * [ , .: Working together inspires us. In it,Dwe find l futhument as indMduals and an en waterpriseg1 0 $rorking together he aspire .. to the'best, kviduaBy a$d coDectively-pd in workad; together we come closer to
. that gehl, because the wiS and tha w0rk of
' the'reant always creates an energy and 4
' rection and purpose areater than the sah
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kns9 __._ M M ENERGYS4LES in pubhc sueet hghts anc! othet 17 percent less than the prert At the e ad of ttle f tscal yea: of 11 Ttus cornpates w th ous year and 28 9 percent Santee Cooper was servula g:ov/th in 1988 of 3 026 res: greater than the national 88 592 resniential conunerciai dential and 417 co:nntercial average and other relatlcustonters Sales to these retiul custoin The ave: age cost pe: kno kGile(ll!1 herkeieV llo:!y itnd els We!e 1864 gtgdWaithours Wa!!b')ur ful Santee Coope! [Dn Georgetown countt"s T!ns was up 3 4 percent : w the ;ces/ous identla; custo:ners was 6 44 an increase if 3199 ut 3 8 ve< u ce:.ts 3 percent less than the pe! cent m . The average annua! con pre nus year anct 14 0 p"rcont
,Iur HI Su!np!!On Of electIlCl?V bV S;tn!M aJ)We '%:1!he na!M:.a! average enti C(H )pe! Ieside!:tia! Aonle de The a n.: age c:>st J ;xiwe:
a andi :!e tsed t , i! t 14 laiycledt h tus f:3 Sante" Diopor conunere roi
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- - - 7 4
5 v. g customers was 5.64 cents. . trialcustomers was 3.36 cents .-
. down .7 percent irom 1988 and'. . per kilowatthour,9.8 percent -
20.0 percentlower than the greater thantheprevious year national average. and 29.4 percentlower than the . Industrialsales were 4,998 ' nationalaverage. gigawatthours,up 1.4 percent Sales to U.S. Air Force bases overthepreviousyear The. at Charleston and Myrtle Beach-
. average cost of power to indus. - and to the Charleston Naval Stationincreewed13 gigawatt-hours, or 3.1 percent; Mq Sabs through CentralElectric , CO5t Power Cooperative,Inc.toits 15.
pg fj",,, member co-ops increased 6.51
= - percent to 5,072 gigawatthours.
Centralis Santee Cooper's
'- ~ ~
largest single customer.The
,. [ [ electriccooperatives distribute
-_ _ power to more than 300,000 customersin35countiesof the state.
~
[ [ Sales to the municipalities of e- - - ..Bamberg and Georgetown increased 2.7 percent. 7 oi 4 o m eunow gg Santee Cooper provided Fucal Year 1989(MWIU distribution and retailservice to . Name s.44ss <!ss 88,592 customers in Berkeley, s.w = im:ws c.-.p. s.o7:fes as.sp Horry, and Georgetown coun-c mwi esqsos in ties, compared tolast year's total numee escore sps of 85,393,foranincreaseof 3.8 o*= s.!= '= nae._.. . rss.s2s _sas percent. Energy sales for retail rem sentpsun a onn uno . ass customers were 1,864,343 megawatthours with revenue of
, , ruc. re.r 1988 ruwn; $111,976,333 for the year.
h**ie __sast4tt._44an The Harry Georgetown
. .w i. iemi c+.,. ostess se 43s Division serves the municipali-ca..mie 94g94: sys _ ties of Myrtle Beach, Conway, nnwee sags 2o e es3_ Loris, North Myrtle Beach.
oma se.g tnom. eso.43: pss Surfside Beach, Pawleys Island, rwmsnuiu,uneao*w 3L639 .2s% Atlantic Beach, and Briarcliffe Acres, along with the unincorpo-ratedareasof ArcadianShores, 4 I s ; x
(j 'c , 3, ( p C w Garden City, Murre'IsInlet, and Currently,94 percent of all proper code clea!ances. Waccamaw Neck. substations are SCADA-con- Theinstallationof the
. The Horry-Georgetown trolled. ' SCADA system for the B akeley 6: Division ptovided new service to A new Customer Advisory District was approximately 80 1,444 single-family and multi- Councilwas formedin the percent complete bythe end of family homes and commercial division for open communication the fiscalyear.
projects. Amongthenewstarts with customers, who provide Approximately 3,000 feet of
^
. w:re River Hills Golf Club, an 18- direct inputintopolicies and three-phase primary feeder was
' hole course; a 1,000 lot subdivi. procedures for services and installedin phase one of Stony sioninLittle River; andInlet activities.Membersof the LandingSubdivision Thisrepre-Oaks Maltwhich willcontain councilrepresent a cross section sents approximately10 percent
~
s~ven major stores and 48 shops of communityinterests and of theoverallproject. locatedin Garden City. come from bothHorry and The project to upgrade thei Georgetown counties. ENERGYMANAGEMENT
- systemin Conway byconverting "Welcome Neighbor- A Santee Cooper wonits third
[ from 4 kV distribution primary
' voltage to 12 kV is now 80
' Guide to Santee Cooper Cus-tomer Services" was published, NationalEnergyinnovator Award from the American Public percent complete.During the providing both residentialand Power Association.The award year,new power transformors commercialcustomers with recognizes Santee Cooper for its.
wereinstalled at North Conway information on such subjects as leademhipinthe development h' and Caropines substations.Six new service, deposits, rates, and and miplementation of a state- [ ' idditionalsubstation main energy conservation. wide energy efficient mobile ( Berkeley District-The home standard for the state of [;,i distribution feeders were snergized to providefor new Berkeley District provided South Carolina. It demonstrates 2 growth and system improve- underground service to a 24 unit Santee Cooper's commitment to t m:nt.Within the division, ap- retirement village, a 20-lot serve customers across the state
. proximately 15,000 meters are residential subdivision, and the in the most efficient manner, testedannuallytoensure - second phase of Sterling Oaks Energy Management, cccurate customer readings. Subdivision. Working together with Corporate
[g The division's automated Three-phase underground Forecasting, Rates, and Statis-mapping system currently service was supplied to Santee tics, devised new standards to - encompasses 75percentof the Cooper's new office building, provide uniform energy effi-I . Horry Georgetown service area. new services building, and new ciency standards for mobile This facility's data base, which calpenter shoplocated near homes sold in South Carolina. ( provides access, retrieval, and Overton Subdivision. These standards were endorsed I stohage of mapping data,is used Construction power was with a proclamation signed by by various departtr.ents within furnished for the Pmopohs West Governor Carroll Campbell. The Santee Cooper to provide saie, Dam Project at severallocations coincident peakdemand for a reliable service for allcustomers. on the job site. mobile home constructed to the c ' SCADA(Supervisory Control Approximately 102 distribu- new standardsis approximately and Data Acquisition)has tion poles were replacedin the 36 percent lower in the peak
- operated in the Horry George- St. Stephen area for Santee TV summer month and 50 percent town Division for the past year. Cable Company to provide lower in the peak winter month,
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{i* ' compared to a conventional, customers dunng the fiscal year. increased Dunng the year, non-energy etInent niobile Sulce the program starts! m 1.640 residential audits and 138 home. 1987. 400 homes have been built conunercial audits were per-The Good Cents Improved to the Good Cents specifications. formed Two hundred twenty-Home Award was granted to The number quahfymg tlus year seven energy audits were per-313 customers m its first year of represents approximately 10 formed under the RCS (Residen-implementation Through this percent of all new connects in tial Customer Service) Program, program. homeowners convert our retail service area a federal requuement to provide thou existmg homes to meet As a result of customers energy savings through indi-Santee Coope. demand-side seektng to quahfy for the vidualized energy audits Load manageinnt equirements Improved Home rate discount calculations and thermal design The G : n.t D'nts New Home requests for energy manage analyses for sizuig electr!: Award was gr anted to 232 ment services have dramatically heating and coohng systems
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CO n [litiec () a C.Ul1VP i!! anal CUSto!nels duf tIlfi the fisCai yea! InCleahed During the VeiU Holt energy t f hCtent ulohtle Since lIW prog!itH1 Sicuted t 1640 tesidential auch'.s an : 138 honie 1987 400 hantes hiive t* en budt conunerchd audits were pe The Good Cents Intp: v;ect to the Good Cents specthcanon' fartnect Tro hundred twer Holue Aviard was cmu',.e:! to The nunther quah"Jutct trus vem seven e-nergV audits were p. 313 custorners it) its hrs' year of rep:t s+>:its appioxtatrite!v 10 f artner! unde:
- i RCS t Fb>sta IInptt'Ine:1!atlan T!uough t he pe:cen* af aH nm v>n twt s ! i t<t! C- 'n : Sencic" Prog:iu:
ptogtan hauteowners conver' ou: t et<u. ser/ ice mea a fod":<d teqtutene , 'provio tlle!! eXtSting ItOnte5 t nieet As a !eSiilt o! C!!s!O:ne!! eneigV Hav!ngh th!') ugh ;!i iJ Santee Coope! s dentiind side ,eekutg to quahf y to: t he :'tu i zed enorgy itui'- Lom! Unpoved H one ta'e :l> r* cak Ltu ) s n:r: "" "tal de 3.g:: nianagenwnt tequirenu"it s The Gooci Cents Nee: Hoine :" ques 's !or er > qv : a:xe -in 1:ve h >4 ec'c Awarci was gi utted to 232 nw: ' seC; ices :tm;t 1:tn x icaD, hm* .g and & vs'e:
- m. _ __
a l i{ were provided for 1,630 resi- tive year.The Heat Pump using coal,9.9 percent by - dential customers and for 81 Advisory Council, which con- nuclear,2.7 percent by hydro-- commercialcustomers: sists of elected members from electc and 0.1 percent by oil.- Theincreasing customer the certif.ied heat pump dealers, . The peak hourly demand for the awarenessof theGoodConts assistsSantee Cooper personnel !iscalyear was 2,306,which Programsis reflectedin thi inthepromotion andimplemen- occurred on June 28,1989.This number of wholesale and tation of our heat pump pro- was anincrease of 4.1 percent
- municipalcustomers quahfying grams, over FY 88.
forNew andImproved Home Santee Cooper's Energy.
- Awards. In addition,677 of Education Safety Program, #UCLEAROPERAT10NS CentralElectricPower Coopera- " Louie,the Lightning Bug," was The V.C. Summer Nuclear tive,Inc membersteceivedthe presented to 11.050 students in Station, an 885-megawatt .
New Home Award und799 29 schools and to three civic nuclear plantjointly owned with customers received theIm- organizationsinBerkeley, South Carolina Electric & Gas proved Home Award.To date, Georgetown,and ilorry counties Company, cordinued to be a 1,694 Good Cents homes in during the 1988-89 schoolyear. major contributortoSantee cooperative service areas are "Cuch, the Outlet," a safety pro- Cooper's energy supply during receiving KWH ratediscounts gram for ages 4 to 6, was FY 89.During this period, Santee granted by Santee Cooper, introduced this year to area Cooper's one-third ownership of The EndUseMetering schools. the Summer Station provided - project,impleinented in conjunc- The second Energy Educa- almost 1.3 billion kilowatthours
. tion with the Rates unit, contin- tors' Seminar was held for 30 of electricity forour customers,
, ues toprovjde excellentload and teachersinJune.The teachers or10percentof thecompany's k market research data.The data validates the consistent monthly
- attended seminars on such topics as schoolconservati3n, totalelectricalsales.-
The plant underwentits coincident and non coincident consumer information, envilon- fourth refuelingoutage dering peak demand reductions ob- ment, electricity, public utility the fallof1988.In acidition to the tainedthrough participationin finance, and crayfishIarming. reiueling, this scheduled outage - the Good Cents New, Improved. They also toured energy facili- indaded numerous modifica-and Mobile Home programa. ties and practiced hands-on tions and extensive maintenance One hundred twenty re ren classrcom activities. activities which could only be ac-Good Centsloans for energy- complished while the unit wa. efficient homeimprovements GENERATIONAND off-line.The nextiefueling
< totaled $476,924 for the year. Of LOADG40WT# outageis scheduled for the that total, $376,305 wasloaned Santee Cooper fac;hties, spring of 1990, for 25 fossilfueland 43 e ctric whichinclude one third owner- Nuclear fuelcontinuestobe 1 remstance heating system ship of the V.C.S tmmer Nuclear oneof our cheapest irgy conversions to heat pumps. The Station, generated 13.370,710 sources,averagingoi/aoout totalamountloaned since the netmegawatthours of electricity one-fourth the cost of fossil fuel.
- j. hh",tionof theprogramisover this year.This was anincrease of
$2 million. 892,923 megawetthours, er 7.2 Nfil481LITY The Good Cents Certified percent, above last year. Santee Cooperis one of 30 Heat Pump Dealers Program Of the total energy gener- member organizationsin SERC
-continued for its 13th consecu- ated,87.3 pertent was produced (Southeastem ElectricReliability T
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($ . 4 . Council) which mcludes all Group) which mcludes South Southern Company and the power supphers in the region Carohna Electne & Gas Com- Southeastem Power Admin-with a generating capacity of 25 pany, Carchna Power & Light 1stration at the R.B. Re. Jam; megawatts or more The council Company. Duke Power Com- with the Southern 1.n ,mny at assists member systems in their pany. Virginia Power. Yadkin McIntosh, with South Carohna coorchnation of overall planning Inc . and the Southeastern Power Electric & Gas at Bushy Park.
.md operations to achieve Administration The member North Charleston. St George.
maxtmum rehabthty of power systems have a coordmation Mateeba. Columbia. and the V C supply apteement to safeguard the Summer Nuclear Station; with Santae Cooper is also one of rehabthty of their service the Southeastern Power Admun-seven power systems it' VACAR Santee Cooper maintains stration. Duke Power Company. (Virgmia Carchnas Reliabtiity mterconnections with the South Carohna Electnc & Gas.
+ M and the Southern Campany at Santee Cooper's System data acquisition system Lake Thurmond, and with Planmng personnet working At Cross Generatmg Station, Carolma Power & Light Com- together with Central Electric a contract settlement was pany at Dathngton Hemmgway, Power Cooperative and Central- negotiated for the steam genera-Kingstree, Lugolf, and Darhng- member cooperatives, have tot to provide for any tube mate-ton County Plant. developed plans to convert nal problems which may occur. lower voltage transnussion to The flue gas desulfunzation SYSTEMPLA##f#G 115 kV m Aiken, Lexmgton, and (FGD) system outlet ducts were System Planning worhed Harry counties. where selected partially kned wiCa rugh nickel with Design Engmeenng, Project stations of Atken. Mid Carchna, content alloy to substantially Management, and Distribution and Horry electnc cooperatives extend duct hfe. Also at Cross, Engineenng, Horry George- will be converted to 115 kV fire protection systems were town, to plan the expansion of stations. improved for the FGD area, Santee Cooper's bulk electnc A Generation Deficiency Task electrostatic precipitator, f urnace power system Force was formed wit:i person- bumer area, generator exciter System Plannmg and Power nel from System Planmng, Pro- cabinet Lnd equipment with Supply personnel are participat- duction Fmance, and Customer extensive lube oil pipmg. mg in a cross training program Services Their goalis to promote At Jeffenes Generatmg for supervisors involved m short- customer improvement and Station, the station water term and long-term plannmg of conservation programs with treatment systems were im-the operation and expansion of new generation only when it proved by installmg a new clan-the bulk electnc power system. becomes the least-cost alterna- fier and an additional 300,000 in the Horry-Georgetown tive for customers. gallon condensate storage tank. Division, a program has been Also, the fire protection system imtiated to promote cooperattor. PRODUCTIONENGl#EEBl#GAND was improved by adding a between all utilities - electnc. CONSTRUCTIONMANAGEMENT diesel-powered fue pump, gas, water, telephone, and mble Design and construction extendmg the yard fire mam and television - to improve com- began on a $2 8 milhon mamte- hydrant erto n, and enlarging mcation and cooperation with nance shop /warehotwe facihty at the spne .a cc7erage of the contractors and developers u. Wmyah Generating Station. Tlus transformers and lubrication oil the fast growing areas m Horry f acihty, to be completed m the piping at the hydroelectnc and Georgetown counties fall of 1989, will house the station System Planmng personnel par- maintenance staff and mclude At Wmyah Generating ticipated in these activities to large metal workmg equipment, Station, Unit 2 was improved by work together better to coordi- which will allow repairs of modtfying the steam generator nate system expansion plans rotatmg machinery, such as radiant reheater and installuig a System Plarmmg personne' turbme rotors. from all Santee new section of the FGD system regularly atteno y County Coopet stations ductwork f abncated of corrosion-Planaing Commission and Wac- Followmg a study to deter- resistant high nickel content camaw Regional Planmng mme enteria for future generat- alloy Also, the station fire CouncilTechnical Comnuttee mg station controls, design protection system was im-meetmgs m order to work with began on a distributed control proved by increasmg the these planning bodies to meet system for upgradin;J the capacity of the diesel-powered the area growth. Gramgei Generatmg Station (conunued on page 2+
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Water /128 (Hydroelectric megawkttsntsMMONM M %9Fuel @WS$#y,@ Nfy Cost d#p pdh per kwh p ? $5_8,6 millionV$456 per kWMMc g
$$jBegan Ag&FY 1989 Generat/ont,187.T Commercial. Operation:4942@ M $ElectricPower gf Jp4 The fplantmillionkwhg$hql Jf%dhtion,was 'constructedibyjand#
Cooperativ.elIric.withfunds peg &through% Rur receivedQMk owned:by qW
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qgMFuelCasumptionFFYJ989:N/AjfpMg@gcM AMgFuelCost)FY198&pnonef@%MP%WMFuel Cost per kwhinoneM MMMMW@$76REA loaniWhen iPrincipal featses#Jefferkes Hydro has four turbine k/,$M d M pR th
$,ipJ@Mgenerators; which%;were MAW @@ # l < Mtmits;for,the;Santeeg$w finitial Qw%g% $ yy i rl g
-$gg 5Powerhousefislodatedatbassof LakeMouhrle;witli@,ocation:Pineville,'SCM fg$g$, $ydhg yp M hd water lepel;75 feet above Tail Race Canal) Single liftMFuel ?ype[ Water (Hydroelectric) G
. jD ,K lock 3 Santee' providesboatpassagebetween Cooper lakesWater source ls'cumulation
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CooporRiyerof and @M Construction Ccst (excluding interesth $.04 m -y% idJ.tivers'andstreamsdraining15,000squaremilesanteeMBegan CommercialOp Rive rl Bast i Wate'shesifwhich r extends :through the%FY 1989 Generationi114 million kwhT MfW , h Nlh %" r M V@M bcentralandup'per'pa'sithestateintdwesternNorthDFuelConsumptibn1FY4989)N/AWW r , ~ , , <cM NN '
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h uq q e s 3 fue pump system, cross-con- Hotry County and construction formance tests on vanous nectmg the systems of Umts 1 management services for the generating station uruts. Coolmg and 2 with the systems of Umts 3 completion of the main office tower capability tests on Cross and 4; providing additional rumex building. and Winyah generating station sprinkler capacity at the turbme towers and performance tests on lube oillocations. and supplying PERFORMANCEAND Cross and Winyah generating CO systems for the generator ENVIRONMENTAL SERVICES station steam generators were exciter cabuiets The Performance Services o>nducted. Special projects included group conducted ten operating A computer modelmg group planning and construction heat rate tests and five ASME was formed in Performance activities for the Atlantic Center ( Amencan Socvety of Mechanical Services to use Santee Cooper's for Busuless and Industry in Engmeers) turbme cyc e per- mainframe computer m develop-
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F F L D r 7, I (. ing thermodynamic models of Availability of our coal-fired was rewounri, and Winyah Unit !. each of the generating units, generation alsoimproved. Coal- No. I's five-year generator
. The EnvironmentalServices fired units averaged 89.2 percent inspection was completed.
section perfonred numerous availabihty,withfiveof thenine Production began construc-analyticaltests atSantee Cooper coal-fired units achieving availa- tion of a maintenance / ware. generating stations. Environ- bility greater than 90 percent, house complex at Winyah mentalseminars were con- The nationalaverage availabihty Station to providelarge scale ductedto educate several is approximately 83 percent. shop services to allSantee employee groups on state and Grainger Station repeated as Cooper penerating stations. federalregulations andtheir the Goals Program winner for Also, a computerized mainto- , impact on operations. CY 1988, placing first in five of nance system was started, The PCB management plan the seven goals. Grainger which willtrack work requests, was updated; applications for achiev9d an average station coordinate parts, and provide a discharge permits were made; availabMty of 93.6 percent and history on station equipment over 100 SPCC plans were had only one recordable acci- and maintenance practices. published; and work began on dent during the year. Cross Allindoor PCB transformers storm water discharge permit- Station won the heat rate goal, in the generating stations were ting. Administrationcontinuesin saving the equivalent of replaced to eliminate the risk of such areas as community right- $967,000 in coal when com- PCB fires occurring inside the to-know, used oil management, pared to the previous year's generating station st.ructures. PCB management, solid and heat rate efficiency. The fire protection systems hazardous waste management, Sales of fly ash, one of the by- at all the generating stations monitoring of underground products of generation, were were improved to help minimize storage tanks, ground water $55,949. Fly ash marketing losses in the event of a fire. 3 monitoring, and spillprevention, efforts willcontinue toincrease This year, several programs ! control, and countermeasures. theuseof thisresource. A and modifications to improve j successfulprojectinvolving use performance of station equip- ] PRODUCTIONOPERAT10NS of ash as road base materialwas ment ware initiated, such as MANA0fMENT moved to Columbia to allow LOI reduction on Winyah Unit j Santee Cooper's generation evaluationof theprojectby No. 3, condenser leak checking, 1 had oneofits most successful South Carolina Department of and unit equipment component years with generation up 7.2 Highways & Public Transporta- testing. F
- percent over FY 1988. Santee tion officials.
Cooper finished sixthin the Production performed a POWERSOPPLY nation for heat rate efficiencyon rebuild of the Jefferies Hydro By using its unit commit-coal-fired units.This gives Unit No.4, the first time this has ment and interchange evalu-Santee Cooperthe most officient been done since the units were ation program, Power Supply generating system in the South- initially operated in 1942.The has been able tolower the east. Savings in coal burned, 24-week outage required system operating costs and due to lower heat rates, over complete disassembly and increase our sales of energy to the past three years amounted reassembly of the unit and off- neighboring utilities. to $3.53, $4.46, and $6.57 site machining of severalof the In addition to low-cost million during fiscal years 1986, large components. Also, the economy sales, a contract was 1987, and 1988, respectively. Spillway Hydro Unit generator signed with Virginia Power for
4 y, . I s P capacity and energy sales over. . a two-year period beginning pgg g . January 1,1989.This brings ruedYar m fwa=ru inew rar mena=ra SanteeCooper'soff system *- = - - - - -
; capacity sales to 215 megawatts. , ^
- A total of 601,773 megawatt-hours of energy was sold to = = [ '
Virginia Power andNorth
" *- '=
Carolina Eastern Municipal Power Agency over the past year := $ rm _ $ under the off-system sales - -
. contracts for a totalof $19.6 -
l million. System controllers pur- ,, k ; ,, !! !~ chased 176,360 megawatthours of economy energy from the interconnectedutilitiesin FY 89 todisplace higher cost genera-tion for a savings of $670,857. Also,279,484 megawatthours of involving 18 substations. Com-energy.was sold to theintercon- pletion of these projects was
- nected utilities for a totalof $8.5 necessary to meet increased million. customer demand on Santee
- Santee Cooper's SCADA Cooper's system.
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(Supervisory Controland Data In addition, design was c Acquisition) system was ex- completed on 12 major Commu-
. panded bothintransmission nications and SCADA projects substations andin generating including four microwave sites, stations to provide system con- a computer link between the trollers with greater remote . transmission and distribution controlandmonitoringof the SCADA systems, and an alarm
' power system. A totalof nine system that will warn Santee remote terminalunits were River Basin residents in the
; installed during the year. Also, event of a breachin the North
' computer programs were Santee Dam.
installed and tested on the Phase III of a four phase SCADA system which willcon. project for the inventory and tinuously monitor the reliability mapping of the distribution of thepowersystem. system was completed. This willgreatly aid operation and DESIGNEnGINEERING maintenance of the system by Design Engineering com. providing an accurate record of
. pleted work on three major the facihties in the field.
l' transmissionline projects and Phase I of a three-phase six major substation projects project to network and integrate L _ _ _ _ _ _ _ _ _ _ _ _ _ _ . . _ _ .-. _
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t- .. non dedicated computers GENERAL CONSTRUCTION Camtma wtidhfe and Manne withm tne company is com- Santee Cooper's 42 miles of Resources Department and plete which will enable depart- dams and citkes and its 59-nule- Santee Coopei The project ments to work together from long navigation channel were involved cleanng a 100-foot common data bases mamtained by wor k forces in wide channel from the north side Survey work for the Old General Construction who of Lake Manon near Goat Island Santee Canal State Park and the removed floatage and repaired to the south side near Rocks Atlantic Center for Busmess and the structures channel markers Pond This will ensure safe Industry aided other depart- and buoys An additional truee passage for those wistung to ments in successfully developing miles of navigation channel were cross Lake Manon hetween these properties added this year ihrough a joint these two tounst areas venture between the South Many utnovative porets are
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( 5 , ;_Q ' h: m i V i L Thesubmergedportionof the Power was supplied toover dam willbe ten feet high and ap- 88,000 retailand commercial proximately 20 feet below the customers, two municipalities, i gggg gggg sudaceof the Diversion Canal three military installations,30 ggtp m==w and willact as the foundation for industrialcustomers,and
,, a cutoff damto prevent flows approximately 311,000 custom-i= from reversingin the unlikely ers served by 15 of the state's 20 t eventof abreachof theNorth electric cooperatives. Delivery
[ Santee Dam. More than 20,000 pointsincreased by eight to a tons of rock willbe placedin the totalof 232. Transmission e= _ canal, and 30,000 tons willbe Operations maintains 14 trans-
'" - - stockpiled nearby. Allof this missionlineties with neighbor-
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' ing utilities.
. Right-of WayManagement-e= . -
and willpreclude the need for crews and contractors recleared
'" N . ,u rebuilding the North Santee Dam 12,300 acres and maintained which whlbe a savings to the 70,000 danger trees system-ratepayers of over $500 million. wide. In an innovative approach _ '
Workis wellunderway for to vegetationcontrolandland underway to protect the safety the Pinopolis WestDamSeismic conservation,the Right of Way andintegrityof theproject's Mitigation Project being per- Management section undertook dams.Over one million yards of formed by the U.S. Army Corps two new programs. A helicopter-soil have been moved down. of Engineers.The work, esti- bome set of saws was used very streamof theNorthSanteeDam mated to cost $30 million, will be effectivelytosidetrim 62 miles of during thepast three years to completed in October 1990.- right of way,Comparedtocon-
- providecontrolleddrainage and A recent addition to General ventionaltree trimmmg meth-a cleared area for inspection. Construction services support- ods, this operation reduced Construction has begun on ing new capitalconstructionis expenses by 20 percent, took ap-completely replacingthe Santee a civilengineering testing proximatelyone-tenthof the Spillway approach structure to laboratory for performing time,and caused no soildamage return it toits originalcondition. routine testing for corporate asis commoninconventional The structureis 125 feetlong construction. means. Also,acomprehensive and 16 feet wide, weighs ap- erosion control policy was insti-proximately two million pounds, TRANSM/SSIONDPERAT10#S tuted, including various plant-and willreston eight piers More than 13 billion kilo- ings and soilstabilization extending tiuough the damover watthours of electricity were activities.
70 feet in depth. Plans are delivered to almost 400,000 complete to begin construction customers through Santee PROJECTMANAGEMENT I on a rock weir or submerged Cooper's transmission system. Project Management coordi- l rock damin the Diversion Canal This system consists of 3,437 nated substation and transmis-that is part of the Federal Energy miles ofline and 58 transmission sionline projects to provide im-Regulatory Commission require- substations and switching proved system reliability for monts for resIxmse to an emer- stations with voltages ranging customers through new con-gency at the North Santee Dam. from 34,500 to 230,000 volts. struction and upgrading of I
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- existing facilities. and publiclibraries throughout capabilities andimprove the
- In the Horry-Georgetown the state. The " Pushing Back efficiency ofin-house publica-area;the WindyHill11512 kV The Darkness" booklet tells the tions, graphic arts production, Substation was completed, and story of Santee Cooper's accom- and other communications work continued on the Camp- plishmentsin bringing electric support.
L field-Arcadia project. power and economic progress to For the fifth consecutive year, In addition, design and South Carolina, and the "Public Santee Cooper won the top
. construction for projects to Power Owned By The People Of award for annualreportsin the support Central Electric Power South Carolina" brochure annualcompetition sponsored Cooperative,Inc totaled $9 explains the company's role as a by the Advertising Federation of million fcrFY 89. Projects state-owned energy resource. Charleston.
. completed were the 25-mile Working together with the
. Aiken-Batesburg 230 kVline, electriccooperatives and other GOVE## MENTAL. AffAl#S ,
1 Northern Aiken Loop, Cross- organizations, Santee Cooper Santee Cooper came tothe ! roads Tap, and work at the increased its joint advertising, aid of South Carolina's electric . [ t Bluffton 230-115 kV Substation. communications, and commu- cooperatives by conducting a Elsewhere on the system, nitysupport, Additionalcommu- series oflegislative breakfasts to construction continuedon the nications and jointmarketing inform members of the General Charleston NavalShipyard support was provided to the Assembly about Santee Cooper's substations and transmission Electric Cooperatives of South role as South Carolina's major lines withcompletion scheduled Carolina, the statewide co op publicpower resource and the { for August 1989. organization, and to Palmetto benefits of public power to the I g Economic Development Corpora- state.Thestaff alsotestified } CORPORATE COMMlM/ CAT 10NS tion, a new joint economic devel- before House and Senate r Efforts wereconcentrated opment project of Santee Cooper subcommittees in support of 'j during the yearin telling the and CentralElectric Power legislation which was passed to l storyof Santee Cooper working Cooperative,Inc. protect the electric cooperatives f
'together withits customers, em- Santee Cooper also worked from hostile takeover attempts, f
ployees, investors, and the directly with severalcoopera- Legislation was also passed people of South Carolina. tives and the state's 'nunicipal toinclude Sumter County among j Corporate Communications power associationin promoting the counties which would be directed the productionof NationalPublic Power Weekin able to purchase treated water i
" Pushing Back The Darkness," a October.This included proclama- from Santee Cooper through a 24 minute historicaldocumen- tions signed by the govemor and residualwater treatment facihty taryfilm whichwas produced by several mayors and the publi- which was authorized inlegisla-theSouth Carolina Educational cation of a tabloid section on tion passed the previous year.
Trievision Network and aired "Public Powerin South Other legislation impacting the statewide during NationalPublic Carolina," which was inserted in Santee Cooper lake system Power Week. four South Carolina weekly included a new statelaw The film was alsodistributed newspapers. reducing the daily hmit for ' in videocassette format along A desktop publishing system striped bass from ten to five in j with a new fullcolor booklet and was installed by Corporate South Carolina's lakes and rivers. 1 brochure to allschool, university, Conununications toincrease Inthefmaldaysof the l 0 i
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j *- legislative session, a bill was difficulties of the pnvate devel tounsm and human resources mtroduced to transfer the opers After passage in the Close working relationships operations and management of Senate. time ran out on the included cooperative efforts with Patnots Pomt, the world's largest legislatton. and the bill died in the State Development Board naval and mantime museum. to the House on a point of parha Department of Parks. Recreation Santee Cooper This btil resulted mentary procedure and Tounsm South Carolma from a request by Governor The Governmental Affairs Chantber of Commerce South Carroll Campbell and the State staff also worked closely with Car ohna Tounsm Counct!. Budget and ControlBoard who governmental off tetals and a Coordinatmg Counct! for Eco-sought to prevent $21 milhon in vanety of state agencies on nonne Development. Depart bonds on an unf aushed state- matters relating to envuon- ment of Consumer Affans and owned project from going mto mental protection econonac the South Carohna Chapter of default due to financial developn ent recreation the Amencan Institute of
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;o rolled off the plant's assembly leasesinclude recreationallotsin lineinlate March. Santee Cooper subdivisions, r
Another new business to marginallots adjacent topri-I c toinSanteeCooper'sservice vately owned subcuvisions,
.g Amt territory was Powertex, a commerciallots,gratisleases to grggtAn 8tm=w . producer of plastichners for bulk public and quasi public agen-
. shipping containers.This cies, and various miscellaneous -
m company willemploy up to 90 leases forpublic recreational peopleinits facihties near facilities. Revenues from these Moncks Comer.- leases totaled $671,386 last u _ Along we alocal,public, and year, private busaless sponsors, Property Management u . . SanteeCooperpromotedSouth ' personnelprovided maintenance - Carolina's economicpotential and repairs for 18 publicboat n_ _ . _ when the state played host to launching ramps and parking
" boththeIndustrialDevelopment areas leased by the South Caro-
"~ =i~p~u- Research Councilandthe lina Wildlife and Marine Re-Southeast United States / Japan sources Department.
Association.In addition, the Santee Cooper,in conjunction a utility continuect to work closely - with the South Carolina Depart-with Pahnetto Economic Devel- mentof Parks, Recreation and opment Corporation to recruit Tourism, completed work on newindustries to the state. docks, boardwalks, observation Architects, with whom Santee stations, and walking trails, as Cooper co-sponsored a state. R000N#8- wellasrestorationof theStony wide energy design awards As part ofits flood control Landing Plantation House at the competition. - program, Santee Cooper con- Old Santee CanalState Park.The ducts spilling operations when 200-acre historical and environ- I MA##ETIMi necessary to maintain proper mentalparkislocated near I The Atlantic Center for elevationsof theSanteeCooper Santee Cooper's corporate office Business andIndustryin lakes and toreduce flooding of in Moncks Corner. Conway continued to play an thelower Santee River. Spilling Construction of boardwalks, . important roleinSantee was not required during the past piers, swimming areas, and LI Cooper's economic development year due to drought conditions, picnicfacilities are m the ) efforts. The 272-acreindustrial adequate capacityforlake planning and design stage on 32 g parkis a joint project of the storage, and efficient operation acres ofland on Lake Marion. , utility and Horry County. of theJefferiesandSt. Stephen Thisland, to be used as a recrea- ; The center's second tenant, hydro units. tional park for the general public, CenturyII, located its world has been leased, at no cost, to headquartersinthreeof the PROPERTYMANAGEMENT Orangeburg County. L: available buildings.CenturyII. a The Property Management Almost 18,900 acres of prime manufacturer of mobile con- unit administered approximately wildlife and waterfowlhabitat j struction cranes, will employ up 4,350 leases around the 152,688- were leased to the South to 200 people. The first crane acre Santee Cooperlakes. The Carohna Wildlife and Marine Re-1 N:
W; ' o' N. ;,_ z E sources Department, at no cost, waysExperiment Stationin cent, the S.C. Water Resources foruseaspartof thestate's Vicksburg, Mississippi, to Commission at 35 percent,and Wildlife Game Management conduct research studies on the Santee Cooper at 15 percent. Area Program. More than large scale release of triploid 101,000 genetically imptoved (sterile)giass carpin the Santee MOSOUITOASATEMENT pine seedlings were planted on Cooper rese <
.rs for aquatic The Mosquito Abatement 147 acres of Santee Cooperlands weed contu .. The research will unit experienced a decreasein as part of the refonestation pro- cover a four year period at a cost mosquito activity during the gram. Approximately 1,627 acres of more than $2 million. The year due to the spring and early of woodlands were control- studies willinvestigate the summer drought. A significant burned to reducewildfire impact of the fish on native outbreakoccurredin September hazards, improve aesthetics and fishes and water quahty, as well and early Octoberin the upper wildlife habitat, and control un- as fish movement and their offi- portions of Lake Marion, where desirablespecies. Approxi- cacyin controlling the growth of aquatic olant biomass was mately 150 miles of hrebreaks submersed plants. extremely high.The outbreaks
[ w:re constructed or maintained The management plans for were controlled by aerialand around young pine tree planta- lake zorung and aquatic plant ground spraying operations.
, tions toprotect them from manag6 ment were revised and Mosquitocontroloperations wildfires. submitted to the FederalEnergy were conducted on allSantee Annualrevenues from the Regulatory Commission. The Cooper properties in the five-sale of forest products and Mosquito Abatement Manage- county area surrounding the agriculturalleases totaled more ment Plan was re-written and lakes,with more than 115,600
' than $273,000. filed with the Depa:tmentof acres treated by air and ground Health and Environmental equipment. More than 7,160 E#i/M0WMENTAL RES0iRCES Control. inspections and surveys were
- Environmental Resources About 100,000 triploid conducted to measure the ccquired $391,000in federaland (sterile)Chinesegrass carp were density oflarvaland adult state funds fromthe South releasedin the upper regions of mosquitoes, establish threshold Carolina AquaticManagement- Lake Manon for biologiuti annoyance standards, and Councilfor noxious aquatic controlof hydrilla and other sub- schedulecontrolactivity. Ap-vegetationcontrolin Lakes mersed aquatic vegetation. This proximately 250,000 Gambusia Marion and Moultrie during the stocking was the first phase of a aIImis(mosquito fish)were yrar.This funding was coordi- three-year, $1.2 million program obtained from the Aquaculture nated bythe South Carolina which was planned and author- unit and stockedin mosquito Water Resources Commission. ized by the South Carolina breeding habitats throughout Santee Cooper provided be- Aquatic Plant Management the ten abatement zones.
- tween 15 and 50 percentin Council. The South Carolina matching funds for various Water Resources Commission WATER OUALITYMANAGEMENT aspects of this program. coordinated the purchase, On a monthly basis, the The Charleston District of the release, and public funding of Water Quality Management U.S. Army Corps of Engineers the joint effort. Funding was section sampled each of the 53 providedfunds tothe United provided by the U. S. Army ambient water quality motiitor-States Army Engineers Water- Corps of Engineers at 50 per- ing stations located throughout i-
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em . }- M @ 0[ t k' F produced more than 12,000 About 2,390 pounds were . decided to place a water wash triploid (sterile) Chinese grass produced and sold with reve- down header along thelengthof carp fish;approximately 500,000 nues of $5,860. During most of the conveyor, which improved' b Tdapia fish, and over 2,000 the growing season, peppers access to the water supply and pounds of catfish during the returned $2.50 per pound. reduced man-hours required for yopr, The triploid grass carp wash down. They turned a two-were stockedin PotatoCreek PROGRAMFOREMPLOYEE man jobinto a one-man jobwith [F and Dean Swamp impound. monts for biologicalcontrolof PARTlCIPAT10# Executive maragement - net savings of $5,000 per year, The Blythewoodline crew noxious aquatic vegetation, strengthened their efforts to - PEP team reviewed the proce-while the Tdapia were mainly make employee participation a dure for repairir.g 3r replacing used!or weed control mainte- way of life at Santee Cooper. wooden transmission poles dam-nance in the Wmyah Station Totalinvolvement by the entire aged by woodpeckers.The team cooling reservoir, Remaining work forcein PEP (Program for researched newly developed Tdavia were sold for weed - Employee Participation)is the methods of repair and recom-L control, and the catfish were goalof Santee Cooper's execu- mended a new process, which marketed to a processing firmfor tive management. At the end of willnet the company $5,500 in sale as a food fish. FY 89, there were 452 employees annual savings by reducing po'.e The Aquaculture unit participating on 66 PEP teams, replacement. continueditscooperative and a totalof 114 projects were A PEP team from Manage-program with the University of ' completed. These numbers mentInformation Systems South Carolinain training Peace representincreasesof 30 looked at the process of making Corps volunteers who teach percent,43 percent, and 115 per- changes to application software. aquaculture when sent to third- cent, respectively, over the As a result, MIS personnel world countries. previous fiscalyear. PEP project attended a four hourchange improvements resulted in a ne' management workshop. Next,
#0RTICULTURE annualsavings of more than employees willdefine the The Horticulture unit pro- $143,812 to Santee Cooper current processes of putting soft-duced 183,482 pounds of customers. During team meet- ware changesintoproduction ,
tomatoes during its finalgrow- ings, employees are taught to and eliminate steps that contrib-ingseason. Abacterialdisease apply problem solving, meeting ute toinefficiency.The temn's destroyed the tomato crop early, management, and communica- recommendations willresultin resulting in a loss of approxi- tion skills in order to identify faster turn around time when mately75percentof the23,000 problems, recommend changes, making changes, saving ap-tomato plants being grownin and implement improvements. proximately 385 man hours, or the greenhouse. Total revenue Following are some examples of $6,500 annually. from tomatoes was approxi- successful projects. The Horry Georgetown mately $91,766, with excellent A Bulk MaterialHandling Division Stores personnel price and denund throughout team at the Cross Generating worked with the Plant Account-the harvest months. Red, yellow, Station thought they were ing and Material Control units to orange, and purple bell peppers spending too much time clean- reducetheamountof time, were grownin two houses to ing up coalspillage from under paperwork, and transactions evaluate production and sales. the coalconveyor system. They required to issue minor,inexpen-i:.
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- line crew efficiency, raised . and economic issues, was li . morale, andimprove icooperai ,- conducted for 65 employees E . tion between the units,in and their spouses.
Yaddition to saving Santee Cooper Santee Cooper hired 75 new an estimated $30,000 per year. employees during the year, for a totalof 1,605 regular employees. EMPLOYEE #ELAT10NS One hundred fifty-eight employ-Many new contacts were established withlocalschools and regionalcolleges such as Rates Hampton University, University - 803"dFgi i rof South Carolina, Clemson, .
- South Carolina State, and North Carolina A & T. Meetings were '- --
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and students to acquaint them' __ ____ with Santee Cooper andto 0 -
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. the yearincluded the annual _ _ _ _ . j company picnic, attended by i -s -
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. and family members; golf and - E Q' E @$,',
softballtournaments; and aerobics and weight watching ;
, classes. gg ;
The health msurance pro- jga,,g ma Amage core m twr.u, J grambegan a prescriptioncard n, , _ _ __
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ca - g [ r k 257 employees received pational Safety Council. strong response to the survey. reierrals.- Right of Way Management The datawas compiled and and Darlington Area and analyzed for usein forecasting TRA M A M E N W OrangeburgAreaTransmission models which project residential-Atotalof 825internaland unitswere presentedthe Award energy consumption by appli-externaltraining programs in of Merit fornorecordable ance.Suchdetailprojections = various subject areas of man- injuries.The President's Award allow Santee Cooper tobetter agement, professional, techni- was presentedto 83 units for no promote energy conservation cal,and skills development disablinginjuries while operat- programs and reducecosts to were attended by approxi- ing under hazardous conditions. customers mately 4,000 employees. The Safe service awards were With the assistance of Stone corporate training course cata- presented to272 employees; and Webster Management log was revised and updated to safe driver awards were given to Consultants, along range i reflect available training. 135 employees; and 13 employ- forecast of demand and energy l New training equipment. ees were cited for avoiding requirements for allSantee video programs, cassette injury bywearing protective Cooper customers was prepared. courses, books, and other self- devices or equipment.Five The forecastwas conducted as study courses were added to employees were recognized for part of a complete planning Training's lending library, outstandingleadershipin units study aimed atidentifying the Courses leading to two- and operating for 15 years without a most economicalresource i four year college degrees and disablmginjury,and four addition tomeet future customer ! graduatedegreeswerecom- employees were recognized for needs, i pleted by 250 employees outstandingleadershipin units in August 1988, the Rates I through the tuition aid pro- operatingfor20 years without a and Statistics unit upgraded l gram, and 30 employees disabling injury. theircomputer/ translation / received their degreos- Workers' Compensation billing system to a computer that i premiums were reduced by 24 processes data approximately SAFETY percentbecauseof theutility's five times faster, and improves I In 1988, Santee Cooper improvedsafetyrecord. Also,the productivityin billing, report { received first place recognition IndustrialHygiene unitwas generation, and back ups.The ! for its safety record among trrasferred toSafetyin January system alsointegrates the large publicly owned electric 1989.IndustrialHygiene trained processingof thenewsolid- j utilities. For the 15th time since 497 employees to use respirators state metering technology with i 1964, the company earned the and took 258 samples tomonitor that of the old magnetic tape top safety award presented by for possible contaminantsinthe technology. the American Public Power As- work place. Santee Cooper continues to sociation for having worked be recognized t'.s a leader in the 3,214,210 worker-hours with an CORPORATEFORECASTING, utihtyindustry for its demand-incident rate of 0.37. This rate is BATES, ANDSTATISTICS side management program. below the national average and A mailsurvey of residential Myrtle Beach Air Force Base, the best since 1981. The customers was conducted to one of three mihtaryinstallations NationalSafety Councilissued obtain end use, appliance served by Santee Cooper, d 22 organizational unit awards, saturation, and demographic became the first military installa. as did the South Carolina Occu- data. Santee Cooper received a tion in the Uruted States to
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- Also,SanteeCooperwonthe '
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- Association'sNationalEnergy innovator Award forthe third time.The award recognizes TotalEnergy Ftsecut@WH) .
Santee Cooper foritsleadership Ca1** Ya ' " [
. in the development and imple- ""
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. energy efficient mobile home um. _ . _ ._
standard for South Carolina. - Corporate Forecasting, Rates, and Statistics, working to- ,,,, F gether with Energy Manage- ii m ment, devised new regulations =
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officiency standards for mobile ,,,, U , P homes sold in South Carolina.- $$$$$$$/$$/$ L :
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SYSTEM camw rwiuw 1 Hardware, software, and '"
- services provided to employees were reviewed and enhanced by-
[ em ManagementInformation am - Systems (MIS)to helpSantee '" - - Cooper meetitsinformation [ ] [ processing needs. Almost all em . mainframe system software was ** - - , upgraded, and disk storage , ; i devices were replacedwith ... s : .~ -
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. storage space. ,
! Computerized support for automated check reconciliation.
-inventory cycle counting, and a supervisoryinformation system were developed bySystems and Programmmg.
-~ TheInformation Center (IC) was created to support end user
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computing at Santee Cooper TREASURV this issue will also of foi Capital The IC supports approximately in September. Santee Coopet Appreciation Bonds 1,000 work stations sold $17 012.000 of 1988 Senes In adcliuon. Tmasury activity In an effort to work with and M Mini Bonds Over 12 000 ulclucied the successf ul sale of support our users the Data inquines were answered clunng ttte 1988 Ilef unchng Bonds Center extencied the service of the subsenpuon penod anclover Senes A With ttus refuncling. the on lute system to 18 hours 4 000 electric custornets and Santee Cooper continues the per day. six d'es per week Also fellow South Carohntans pttr practice of reducing interest a HELP DESK was unplemer.ted chased hands costs whenever ixassible to help j to provicle users with a central A seconct Mini Bonct sale is actueve the qual of provictuig l contact for questions or prot.: planned for September 1989 in low cost electricity 101 the f lems mgarding MIS supported acidition to the stanciarci senu citizens of South Caroluta computing annua! interest paymerit hands
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u SCMDtLEOFBORDSOt/TSTAh0MG - As of June 30,1989 (In Thousands)- BAstwily 1980 1967 1973 1973 1974 1977 1977 1978 Date issue issue l Relundnt 888e - lesue lasue Astuning issue :. . issue lasse
. July 1 Int Rate AmL int Rets Amt, int Rate Amt, int Rate Amt, int Rate ' AmL Int. Rate AmL Int Rats Amt, int. Rate Amt. '
1989- 2.70 480 4.10 575* 5.00 1,060 5% 1,315 6.10 1,405 ^ 5.10 3,450.. 4.70 540 5.00 : 1,200 l 1990 2.70 - 1,900 4.10 420' 5% 1,380 6.20 1,505 5.20 3.620 4 80 570 5 05 1,155 1991 2,70' 1,950 4.10 440' 5.30 1,455 6% 1,590 5.30. 3,830 4.90 590 5.10' 1,220 1992 2.70 2,005 4.10. 455* 5.40 1,530 6.30 1,695 5.40 4,035 5.00 625 - 5.15 ' 1,285 1993 2.70 2.060 4.10 480* 5.40 1.615 6.30 1,795 SV 4,260 5.10 660 5 20 1,355 1994 4.10 2,605* 5% 1,700* 6.40 1,910 5.60 4.480 5.20 720 5% 1,440 h 1995 4.10 2,720' 5% 1,795* 6.40 2,035 5.65 4,710 5.30 785 5.30 1,515 1996 4.10 2.845' 5% 1,900* 6.40 2,155 5.70 4,995 5.40 - 830 5.35 1,585 1997 4.10 2,975* 5% 2,010* 6% 2,295 5.70 5.265 5.45 890 5.40 1,670 1998 4.10 3,105* SW 2,125* 6V 2,435 5% 5,590* SV, 935 5.40 1,760 1999 4.10 3,245* 6% 2,245' 6% 2,590 5% 5.915' 5% 1,005 5.70 1,850* 2000 4.10 3,395* Sh 2,375* 6% 2.750' 5% 6.275* 5.55 1,065 5.70 1,940*- 2001 4.10 3,545' 5% 2,510' 6% 2.920' 5% EE' W LG .m LW* '
- 2002 4.10 3,705* 5% 2,655' 6% 3.110' 5% 7,050" 5.60 1.220 5.70 ' 2,145*
2003 4.10 3,870* 5% 2,810' 6% 3,295* 6.00 7,490* Sh 1,295* 5.70 2.260* 2004 4.10 4,045' 5% 2,970* 6% 3,505* 6 00 7,950' 6% 1,380* 5.70 ' 2.380* 2005 4.10 4,230' 5% 3,140* 6% 3.730' 6.00 8.450' 5% 1,460* 5.70 2,500* 2006 4.10 4,420' 5% 3,325' 6% 3,950' 6.00 8.970* Sh 1.570* 5.70 2,630* 2007 6% 3.515' 6% 4.205* 6.00 9,400* 5% 1,795* 5.70 7,385* 2006 5% 3,715' 6% 4,470* 6.00 9.950' 5% 1,945' 5.70 7,845* 2009 5% 3,930* 6% 4,745' 6.00 10,565* 5% 2,080* 5% 8.330* 2010 5% 4.155' 6% 5,045* 6.00 11,210' 5% 2.225' 5% 8.845' s2011 5% 11,520' 6% 5.350' 6.00 4,980* 5% -2,180* 5% 9.390* 2012 5% 12.180* 6% ,,,695
- 6.00 5,315' 5% 2,300* 5% 9.980*
2013 Sh 12,880* 6% 6,045' 6.00 5,625' 5% 2,500* 5% 10.590"
- 2014 6% 20,645' 6.00 6,010' 5% 2,640*. 5% 11,250*.
2015 6.00 9.515' 5% 21,065* - 5% 11,950* 2016 6.00 11,285* 5% 21,235' 57: . 12,555*
- 2017~ 5% 34,580* 5% 13,190*
2018 5% 50,600* 2019 2020 2021. 2022
- Total Outstandmg 8.395 47,075 1,060 90,750 100,270 186.855 111,815 193.845 Bonds Redeemed t06-3489 6,905 4.525 10.990 9.250 8,730 28.295 3.185 6.155 Bonds Refunded to 6-30 89 0 0 0 0 0 0 0 0 Onginalissue 15.300 51,600 12.050 100,000 109.000 215,150 115.000 200.000
- Term 8onds See Schedule of Refunded Bonds.
- 1
c 5, ; i
- APPUCATIONSOFREVEMIE Years Ended June 30,1989 and 1988 1M 1M Total Oporating Revenues , , , ., $546,039,630 - $491,980,615 -
Operating Expenses: Operation Production . .. 239,077,941 - 212,566,884 Purchased and Interchanged Power - Net . 6,791,488 (1,868,330) Transmission , . . . 2,579,745 2,373,714 Distribution . , , . 3,055,596 3,226,692 Customer Accounts , , 3,442,003 3,390,746 Sales . . , , , 702,520 356,828 Administrative and General . , , , 35,586,599 32,834,086 Afaintenance.. , , , 35,392,730 34,387,339 H
-; Total Operation and Maintenance Expenses , 326,628,622 287,267,959-Sums in Lieu of Taxes . . . , , 2,034,485 1,893,509 Total Operating Expenses.. , 328,663,107 289,161,468 Net Operating Revenues . , , , , 217,376,523 202,819,147
! Other income., , 25,613,001 24,618,712 j Revenue Available for Debt Service and Other Purposes . . 242,989,524 227,437,859 Total Debt Service . 144,552,486 145,974,91'4 , Lease Payments (and other obligations) , 30,847,907 29,951,555 Balance After Debt Service, Lease Payments, and Other Obhgations . . 67,589,131 51,511,390
)
Payments to the State of South Carolina . 5,180,149 3,002,868 - ; Payment to the Special Reserve Fund . 5,180,149 3,002,868 l Mandatory 8% Allocation for CapitalImprovements . 31,451,252 27,911,862 l Revenue Available for Operating Requirements $25,777,581 $17,593,792 , (1) This sununary has been prepared from the fmancial statements and other data of the Authority and has not been examined by the independent auditors. This summary presents the net revenues available to the Revenue Fund for , purposes such as providing for increases in working capital requirements. It differs from the Statement of Y Remvested Earnings in that it represents cash transactions on debt service and, accordingly, excludes non cash items such as depreciation, costs to be recovered for future revenue, and amortization of debt discount and expense. Y:
e.
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19794 1000A 1981A 1MIC 1982A - 19629 IN2 1905 1995 leeue - Issue issue - Issue issue issue Refunden01ssue Refunding tesue issue ~, Int. Rate Amt. Int. Rate Amt int. Role Amt. Int. Rate Amt. Int. Rete Amt. Int. Rate Amt. Int. Rate Amt. Int. Rote Amt. i intRate . AmL 5,70 1,150 9.10 1,035 8.15 845 11W 905 11.00 1,735 10'h 835 7%- 505 7.00 490 7.10 13,500 ! i Sh 1,195 .- 9.20 1,130 8.30 940 11'h 1,070 11W 1,905 1M4 940 8.00 545 7W 525 7.40 13.500 5.35 ' 1,240 - 9W 1,235 8 45 1.050 11 % 1,185 11 % 2,105 11.00 1,060 8.20 585 7'h - 565 7.70 13,500 5.90 1,300 9.30 1,350 8.60 1,165 11W 1,195 8.40 635 7% 605 8.00 13,500 5.D 1,360 9 40 1,475 8% 1,295 8.60 690 8.00 650 8.20 13.500 ) 6.; j 1,425 ' 9 45 1,615 8.90 1,435 8% 750 8.20 705 8.40 13.500 i
% l 9W 1,765 9.00 1,600 8.40 765 8.70 13.500
- 6. . ~ 1.490 6.10 1.565 - 9.15 1,775 8 60 825 6.20 1,645 9.30 1,970 8.80 900 6.30 .-- 1,725 - . 9.00 1,060*
1,815 ~ 9.05 1,160 6.35 6.J - 1,915 9.10 1,150 - J 6/J.T 2.025 6V2 - 2,135 6V2 . , 2.260 l A 2,390' i i 6% . ~ 2.540' 6% 2,695* i 6% 2.865* i 6W : 3.010' 6% 3,160'. l 6% . 3,335*
- 67!
- - 3.525'
'6% . .- 3.720* j6% 3.925' ,6% 4,140* 1 i 71 - : 4.370' Jia 4.610'
@/e 4.870*
J/s ' 5,135' Rs 25.550* i l 4 f 104.085 9.605 12.075 3.220 5,745 4,030 3.710 9,400 94.500 5.915 4.450 2.610 2,360 4.435 1.960 905 1,305 40.500 ' O 60.945 60.315 144.420 154 820 159.010 289.385 165.510 0 l . i 110.000 75.000 75.000 150.000 165,000 165.000 294,000 176.215 135.000 4
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; s 1900A 1906468 1900C40 1907A 190001 1900A folel letal Relundinglesse - Rehmdeng tasse Refundinglesue Rehendinglesue teini.gond lasco Refund 6ng lasue Pvtacipal Accruint Debt int,flate Amt. Int. Rete Avnt. W. Rete Amt. Int. Rete Amt. Int. Rete Amt. Int. Rees Amt. Reeturmes Interest Service 6%' 360 5.00 795 4.30 805 33.045 135.244 168,289 7.00- 380- 5% 830- 4.60 850 34,360 131,436 165,796 7Vc = 410 6% 1,890 5 40 875 4.80 880 37,655 129.044 166.699 7Ve - 440- 7.00 5,665 5.60 925 5.00 930 7.00 845 40,185 126.348 .166.533 7% -470 7.15 7,380 5.80 975 5 90 975 7.00 910 41,905 123,564 165.469 8.00 :510 - 7.30 - 7,890 6.00 1,030 5 90 1,025 7.00 965 43,705 120,657 164,362 8.20 2,435 7.40 6.580 6.20 1,095 5 90 1.080 7.00 1,840 45,700 117,536 163.236 8.40 ~ 2,030 7W 7,645 6.40 '1,160 5.90 1,140 7.00' 3.895 34.345 114,216 148,561 8.60 J 2,390 7.60 7,995 6.60 - 1,235 6 00 1,205 7.00 4,155 36.600 111,951 148.551 8.70 f 4.980 7,70 5,925 6.70 1,320 6.10 1,280 7.10 6,635 38.875 109,504 148,379 8% '5,405 7.80 6,365 6 80 1,400 - 6% 1,350 7.20 7,110 41,455 106,890 148,345 7.80 13.200 6.90 1,505 6 40 1.435 7.30 7,650 44,655 e; 104.070 148,725 9.00 f 11,020* 7.90 835 7.00 1,605 6Ve 2.875 7.40 8,220 45,395 101,059 146,454 9 00 - 6.090*' 7.90 900 7.05 1,715 6W 4.280 Y.40 13,520 48,525 97.905 146,430 9.00 ~ 15,390* 8.00 4,695 7.10 3.510 6.60 4.575 7% 17,012 7.50 330 68,792 94.628 163.420
- 8 00 5,070 7.10 4.920 6% 20.390 7.50 365- 55,365 69,631 144.996 -
8.00 5.475 7.10 5.265 6% 16,795 7.60 5,385 58,970 86.046 145,016 - 8.00 5,910 7.20 5.625 6% 2,350 7% 320' 41,765 82,181 123,946 8.10 6,390 7.20 6.000 6% 2,525 7% 340' 44.420 79.520 123.940 8.10 6,905 7.00 6.415' 6% 2.715' 7% 365* 47.335 76.606 123,941 8.00 - 7,465* 7.00 6.850* 6% 2,925* 7% 395* 50.445 73,508 - 123,953
' 8.00 8.060* 7.00 7.310' 6% 3,140' 7% 420' 53.745 70,197 123,942 8 00 10.480* 7.00 6.025' 6% 3,380* 7% 460* 57.290 66.664 123,954 8.00 11,315* 7.00 6,430' 6% 3.625* 7% 490* 61.050 62,894 123,944 8.00 12,230' 7.30 6,870* 6.90 3,880* 7% 525' 65.070 58,873 123.943 8.00 2,095* 7.30 7,915' 6.90 4.150* 7% 7,315' 65.560 54.563 120.123 8.00 2.260* 7.30 8,145' 6.90 4.465* 7% 8,210* 69.980 50,153 120.133 8.00 2.445' 7.30 20.430' 6.90 4.785* 7% 420* 77,765 45,649 123,414 8.00 2,625' 7.30. 21.875* 6.90 5,160* 7% 450* 82.750 40.646 123.396 8.00 2.850' 7.30 23,425* 6.90 5.575* 7% 495* 88.080 35.350 123,430 8.00 3,740' 7.30 25,080* 6.90 6,030' 7% 30.040* 90.440 29.662 120.102 7.00 23.675* 7.30 27,005* 6.90 6.520' 7% 39.825' 97,025 22,994 120,019 7.30 56,985* 6.90 7,040' 7% 36,680* 100,705 15,779 116.484 6Vs 62,325' 7.00 61,025* 123,350 8.245 131.595 52,300 195,955 334.870 191.160 17.012 188.575 1,966,307 2,773,213 4.739,520 4.655 0 760 1,500 0 0 149,390 120,890 0 0 0 0 0 1,155.295 177,M5 195.955 335.630 192.660 17.012 188.575 3.270,992 l
l+
M i SCNEDUi.EOFREFUNDEDBONOS As of June 30,1989 (In Thousands) Series 1900A lasue 1M1A tssue 1MIB tasue 1M1C tasue IM2A lasue 19828 issue 1982 Ret. Issue 1985 Ref. Issue 1M5A Rel. Issus July 1,1MO July 1, IM1 July 1,1M1 July 1,1M1 July 1,1991 July 1,1982 July 1,1992 July 1.1995 July 1.1995 Call Dele Deleinal M Amt Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. R4 Amt. Date int. Rate Amt. Int. Rete Amt. Int. Rate Amt. Int. Rate Amt. int. Rate 1989 1990 1991 1992 12 00 1,315 12 00 2.335 1993 12 25 1.470 12 30 2 590 11 60 1.345 1994 12 50 1 635 12 60 2 895 11 90 1.515 1995 11 00 3.090 12 10 1.815 1906 11 10 4.000 12 20 2.040 1997 11 20 4.220 12 30 2.295 1998 11 30 4.590 1999 11 40 5.090 2000 11 50 12.010 2001 13 25 20.000* 2002 9 80 18.220' 9 75 18.315' 9 375 9.110* 2003 13 75 20.000* 2004 2005 12 75 40.000* 9 375 5.000* 2006 2007 2008 2009 2010 10 125 42.725* 2011 2012 9 60 37 235' 2013 9 25 28 000* 2014 2015 10 00 20 000* 2016 2017 2018 2019 2020 10 25 42 000* 12 00 89 000* 2021 10 50 50 000* 13 75 100 000* 9 20 120.890* 2022 14 125 127 000* 13 00 110.000* 9 70 243 040' 9 50 160.510' Totals Per Senes 60 945 60 315 200 000 144 420 154.820 159 010 289.385 165 510 120.89u
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. . Report ofIndependent Auditons w,
The Advisory Board r s and Board of Dimetors
. South Carolina Pubbe ,
. Servlee Authority F.S We have audited the accompanying balance
'c s
. sheet of the South Carolina Public Service
%(i' g F < Authority at June 30,1989, and the related state-ments of accumulated earnings minvested in the businer.s, reinvested earnings, and cash flows for
- t_ the year then ended. These financial statements
; are the msponsibihty of the Authority's manage-
[1 - rnent. Our responsibility is to expms: an opinion - on these financial statements based on our audit. < p , i e We conducted our audit in accordance with I generally accepted auditing standards. Those
, standards require that we plan and perform the
[ audit to obtain reasonable assurance about-g whether the financial statements are free of ~ ( material misstatement. An audit includes examin- [' ing, on a test basis, evidence supporting the
. amounts and disclosums in the financial statements An audit also includes assessing the -{
accounting principles used and significant '
, estirnates made by management, as well as O
evaluating the overall financial statement presen- 's'
,, tation. We bolleve that our audit pmvides a ^
teasonable basis for our opinion.- I The financial statements of the South Camitna l Public Service Authority are intended to pmsent >
. the financial position and results of oporations and cash flow of pmprietary fund types of only
!- that portion of the funds and account omups of the State of South Carohna that is attributable to v' ' the transactions of the South Carolina Pubhc s
' Service Authority. ,
b in our opinion, the financial statements referred to above pmsent intrly, in all material respects, , 1 the financial position of the South Carolina > Public Service Authority at June 30,1989,and the results of its operations and cash flows for the year then ended in conformity with generally ac-copied accounting principles. y7 Ernst & Young-- Charleston, South Carolina
- August 31,1989, except for Note 11 as to which the date is October 6,1989 1
f . t 1 hia _ _
i
~
ReportofIndependent' ' s CertifiedPublicAccountants ' t The Advisory Board and Board of Directors. ,
, South Carohna Pubhe'
- Service Authority I '
We have audited the accompanying balance sheet of the South Carohna Public Service Authority as of June 30,1988, and the related statements of accumulated earnings reinvested in the business, reinvested earnings, and cash flows - for each of the two years in the period ended June 30.1988. These financial statements are the responsibility of the Authority's management. Our responsibihty is to express an opinion on
'.l these financial statements based on our audits.
We conducted our audits in accordance with ' ~ generally accepted auditing standards. Those standards require that we plan and perform the - <
' audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examin-ing, on a test basis, evidence supporting the amounts and disclosures in the financial
^statements. An audit also includes assessing the accounting principles used and significant '
estimates made by management, as well as evaluating the overall financial statement presen-tation. We believe that our audits provide a reasonable basis for out oplnlon. l The financial statements of the South Carohna Public Service Authority are intended to present s the !!nancial position and results of operations-and cash flows of proprietary fund types of only that portion of the funds and account groups of the State of South Carolina that is attributable to
, the transactions of the South Carchna Pubhc
. Service Authority.
In our opinion, the financial statements referred to above present f airly, in all material respects, the financial pos! tion of the South Carohna Public Service Authority as of lune 30,1988, and the results of its operations and cash flows for each of the two years in the period ended June - 30,1988 in conforrrJty with generally accepted accounting principles.
%b4 b Coopers & Lybrand Columbia, South Camhne August 18, 1988, except for the statements of cash flows, as to which the date is August 31,1989.
c l
- x. h ' m m
,- _7,_ _ - - _ _ - _ _ _ , ,
C m q - > e
= ~BalanceSheets South Carchna Public Service Authority June 30,1999 cnd 1988 ,
- Assets.
1989- 1988: (Thousands)
,~ . .
Utility Plant - At Cost: Electrie plant In service 5 2,168,031' 5 2,121,928 Construction work in progress . 102,779 78,721-
-o Total 2,270,810 + 2,200,649 Less accumulated depreciation S40,887 479,872 Electric plant - net 1,729,923 . 1,720,777 Nuclear fuel - net 24,S24 '28,467
~ ~
Utihty plant - not , 1,754,447 1,749,244-
'Other Physical Property (Net of Accumulated Depreciation) 3S7 368 Cash and lavestments Held by Trustee (Designated) 290,269 .305,929 Current Assets: .
Cash and investments held by trustee 41,028
- 35,104 Accounts receivable, less allowance for doubtful accounts of 51,154,000 in 1989 and 51,056,000 in 1988 S5,579 50,283 Accrued interest receivable , 3,617. 4,004 inventories, at average cost:
Fuel (coal and oil), ' - 30,828 < 37,208
' ' Materials and 18,908 10,774 Prepaid expense, s supplies ' 4,680 1,898 Total cu7ent assets 154,640 '139,271-Deferred Debits:
Unamortized debt expense 15,333 17,720 Unamortized loss on refunded debt 234,612 222,171 Costs to be recovered from future revenue 2S2,881 224,779
.- Other. s 11,665 7,646
~
Total deferred debits S14,491 472,316 i Total 5 2,714,204 5 2,667,128
, z;:=====:=:. = ~: = "- --_====u==-- ~;= ;a= ,. = ,wm= === ===~-~;; =w: ==.:,;: =+ ==r= ;= u===;=1::=x;= +
e 1 '- > s
\
a 1 T)w accompanymg notes are an integral part of the hnancial statements. l,)
y ,
\
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' +
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' ,=1988
'1989 ILiabilities and Capitalization- ,
' (Thousands) ' ,
14,ng-Term Debt: , .
' Electric Revenue Bonds - Priority Obligations > $1 56,530 : =$ 58,565 ,
- Electric System Expansion Revenue Bonds' 1,798,26S i , 1,797,54S% ,
4 Subtotal ,
' 1,854,79S . 1 856,110'.
, a-M Electric System Revenue Bohds 94,500. .108,0004 .
Capit:lized lease obligathns 66,111 / 68,949 ;
-i '5al T long-term debt ' -
2,015,406 2,033,059 ;
' ! Less:
; Roacquired debt '
3,860 J2,535-
' E Unainortized' debt discount and premium - net -
.23,156- 25,778 A P* 2,004,746 i Long term debt - net 1,988,390 68,801 ' -
68,222 ' [ Accrued Interest on Long Term Debt - - - l Construction Fund Liabilities - Accounts Payable - 3,210 2,415-Other Non current Liabilities -
- 13,185' 9,026 _ ':'
.; Current Liabilities: -
-50,000 50,000 b 1.. Commercial paper notes, , . .
! , ' Electric System Revenue Bonds
- Mint Bonds 17,012 _
( -Accounts payable s
' $S,S39 . 31,070 ,
L -Customer deposits ' . S,023 - 4,971 1,611 1,S22 , l . / Accrued sums in' lieu of taxes 15,563
') Other ~ - 13,721 ~
=.
+
t Total current ilabilities .
, 122,906 > 103,126 '
j Commitments and Contingencies > l
' D6ferred Credits: -
h :. Unamortized gain on reacquired debt 778 420 Nuclear fuel settlement ' ' 7,917 16,S72 l /:
~
Total deferred credits . 8,69S .16,992
~
' 34,438 34,438 .
k(Capital Accumulated Contributions Earnings Reinvested in --theU.S. Business Government Grants 474,S79 428,163' y . Total . $2,714,204 $ 2,667,128
;r= x==w: ~ a===wn ;--
.- - = = = = = = = = = = = = - --a,.~=~-~
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'-
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, i. .:
, Statemen ts ofAccumula ted Earnings .
. :Reinvestedin theBusiness ,.
South Carolina Public Service Authority Years Ended June 30,1989,1988 and 1987 1989 1988 1987 (Thousands) Accumulated earnings reinvested in the business -
, .beginning of year '5 428,163 5 392,037 ~ $ 353,750' Reinvested earnings for the year ,
S1,S96 39,129 s 40,290 _ , _ _ _ _ _ _ _ - . _ - . - ~ _ _ _ _ _
- Total .
479,759 431,166 ' 394,040 Distribution to the State of South Caroline (See note below) . S,180 3,003 2,005 a
~~ ~
. Accumulated esinin~gs reinvested in the businessT-
~
end of year 5 474,S79 5 428,163 5 392,037; w=m&==.= =e : 2 = :. m - - - - w rxx = ==. .x ==. =m: = = cv wevm ==n==ne=:w x===:=m= =.,. =x=,=
, st/ote: The' distribution to the State of South Carolina is determined utilizing a calculation
' j formula required ~under the Indenture which'
'is based essentially on operating cash flow ,
and mandatory reserve requirements. Such
, calculation varies substantially from
- reinvested earnings for the year principally
' due to costs. to be recovered from future revenue and working capital requirements.
, l i
t s a 1
-.-I..
, 't
, ' The accornpanying notes are en integral part of the hnancial staternents.
- y. ) . . ,
1 4 4
are , . i {. y y - - e,. . - I I Statements ofReinvestedEarnings A t
! South Carchna Public Service Authority I Years Ended June 30,1989,1988 and 1987 1989- 1988 1987
.[ ,
' ' ' (Thousands) k Operating Revenues:
$ 541,3S3 5 487.684 5 47S,42S Sales of electricity = _
4,686 4,296 4,634 E Oiher operating revenues - _ S46,039 491,980 480,0S9 l , Totol' operating revenues 4 i Operating Expenses: L Oper: tion expenne: 239,078 212,567 204,600 ' Production Purchased and interchanged power - net 6,791 (1,868) 2,698 2,580 2,374 1,821 Tr: nsmission 3,056 3,227 2,300 - s ' Distribution 3,442 3,391 (172) j
' Customer accounts Sales 703 3S7- 318 , i 3 ~
- Adm1ntstrative and general 35,S87 32,834- 28,693
. ltintenance expense 3S,391 34,387 33/388 Total operation and rnatntenance expense 326,628 287,269 273,646 68,731 66,670 65,033 Depreciation . t 3,379 3,055 - 2,390
. Sums.in lieu of taxes
. Total operating expenses 398,738 356,994 ' 341,069 147,301 134,986 ~ 138,990
, . Oper:ti q Income .
4 Oth:r Income: , s Int; rest income: 2S,749 24,737 25,178 Other funds Borrowed funds -- - . 284 Oth:r income (expente) - net (136) (118) . (181) c ,. . 25,613 24,619 2S,281'
, ! Total other income ,
172,914 159,605 164,271
. Subtotal .
J Interest Charges: 134,908 138,675 144,190 l - Int: rest on long term debt ' 14,S12 9,233 - 9,030
'Othir Total interest charges 149,420 147,908 153,220 '
g I1,0Sl' 23,494 11,697. Subtotal L Other, Add (Subtract):
- 28,102 27,432 28,921
- Costs to be recovered from future revenue.
.Oth:.r deductions - net 318~
Reinvested Earnings - $ S1,596 $ 39,129 $ 40,290
- = = = . = = =====:; x= = = . = = = =.: === . ..,: == : = .. = w t= = .=w .m: :: == < a= w==:.= = = u .- = . - n.=
i s f ;.The accornpanying notes are an integral part of the financial statements. y; s L
O StatementsofCash Flows I gg i, , c South Camlina Public Service Authority . Years Ended June 30,1989,1988 and 1987 p 1989 1988 11987 (Thousands) i Cash Flows From Operating Activities: . r Reinvested oarnings - . $ S1,596 $ 39,129 . $ 40,290 . L Adjustments to reconcile reinvested earnings to not i- = cash provided by operating activities: . y 4 i Depreciation and amortization 68,731 66,670 , 65,033 [ Amortization of bond related expenses 9,477 6,286 6,470 Costs to be recovered from future revenue (28,102) (27,432) (28,921) Nuclear fuel settlement (8,655) 228, = 216 Changes in_ assets and liabilities: ' L- Accounts receivable and accrued interest (4,909) 3,573 (4,210)
. Inventories -
(1,754) (12,078) - 11,107 Prepaid expenses' - (2,782) 542 -(416) Other deferred debits (4,019) (4,350) (S69) Accounts payable. 4,020 139 ;S,093 . Other current liabihties (1,701) 9,008 602 r Accrued interest on long term debt 579 (2,891) / -(706)- Other non current habilities ' _4,159 2,723 1,893 Net cash provided by operating activities 86,640 81,547 9S,882 Cash Flows From Investing Activities: Not decrease (increase) in investments 8,781 8,568 L(66) Expenditures for utility plant (74,345) (88,6S6) .(47,224) Sale of plant assets * . 422 _ 601 24S Increase (decrease) in constructten fund liabihties 1,244 2,914 (4,112)
- Decreaso (increase) in cash and investments Held by Trusteo (Designated) 15,660 39,814 (10,379)
.Not cash used in investing activities (48,238) (36,759) (61,S36)
Cash Flows From Fin $ncing Activities: Proceeds from bonds . 205,S87 - 528,290 . Repayment and refunding of bonds (204,715) (34,310) (468,'298) Refunding loss and other unamortized expenses of bonds (16,551) 4,143 (87,883)' Distribution to the State of South Carchna (5,180) (3,003) (2,003)
. Other . (2,838) (2,806) (2,783)
Not cash used in financing activities (23,697) (35,976) (32,677) Net Increase in Cash and Cash Equivalents . 14,705 8,812 f1,669 Cash and Cash Equivalents at the Beginning of the Year 13,696 4,884 3,215
; Cash and' Cash Equivalants at the End of the Year $ 28,401 $ 13,696 4,884'
- . = = = - = = = = - . = = .= : -- = .-..
Reconciliation of Cash ad Cash Equivalents: Cash and cash equivalents at the end of the year $ 28,401 5 13,696 - $ - -' 4,884 Investments, not considered cash and cash equivalents 12,627 21 408 29.976-Cash and investments held by trusteo (as shown on balance sheet) $ 41,028 $ 35,104- $ 34,860 Supplemental Disclosure of Cash Flow Information: Cash paid during the year for: ; Interest $ 139,496 $ 143,988 $ 14S 995 Cash received durmg the year for: Intemst $ 22,S10 ^ $ 22,637 $ 24,4S7 5 '
, The accumpanyun notes are an integral part of the financial statements.
s g
; w
, c.
. Notes toFinancialStatements L
June 311989 Note 1 - Summary of Significant Note 2 - Costs to be Recovered from Future Accounting Pohcies: Revenue:
< A - Reporting Entity 'De South Carchna Pubhc Sor. _ The Authority's ekctric ratos are entabhsixd baatd uron
; vion Authonty (tk "Authonty"), a comporent urut of the debt service and operating fund requirements, state of South Carchna, was emated by the 1934 Stato Ikpndaten is rot conskkirud in tie oost d servim calcub-legislatum. The Bmrd of Dimators is appointod by the tion. This results in tirrung diffemncxs Lotween costs as Govemor of South Carohna. The purpcmo of the Autlerity delirxd in the rato rnaking proooss ard costs determirxd l
< to provido electric power to tle people of South Carchna,
^
in acconhnoo with generally aampt d accountirq prin-Capital pokds am furxkd by bonds had by the Authon. cipke. Tinwo difbmncxs are tvoognimd as ocsts to in l' ty and internally generated funds. The Board of Dmotors moovered frorn futuru revenue. The rtcovery of outstard. sets rates chargod to customers to pay dobt service, mg amounts associated with costs to be moovertd from oporatira expmsm ard povide funds nqui'id urdor band future revenue will coincide with the mtimment of tie covenants, outstanding long-term cbbt of the Authonty.. B - System of Accounts - The accounting records of For the years ended June 30,19B9,1988 and 1987, otets
.the Authority am rnaintained substantially in accordanco to be maovertd from futum mvenuo incluckd in tie state-with tie Uniform System of Accounts prescribnd by the mont of minvented namings oormists principally of the dif.
Fodoral Eragy Regulatory Commission (FERC), forence betwoon depreciation and debt service C - Utihty Plant Capitahzaton and Ma niunanoo - Ad- requirtments. i ditions to plant are moortkd at coat, which include maiorial, labor, overlosd, and interest capitahmd danng cntatructinn. The conts of npairs and rninor ruplacements Note 3 - Cash and Investments Held by Trustee am charpod to appupriate operating ard maintenance ex-ponno. Irie costs of runowals and betterments are capital. (Donignated): ized. The original cont of utihty plant retimd and the cxmt of mmoval Inns ralvago am chargod to accumulatod Unexpondod funds imm the sale of exransion tords, , depmciation, debt service funds, other special funds anci cash and in. D - Depmetation - Dopmciation is computed on a vostments am held and maintairxd by tmstoes and their straight hno basis over the estimated useful lives of the uno ckmignatoci in acconlance with apphoable provisions
, various classuc of the plant. Annual depmciaton povisions, of various trust indentuns, bond rtmolutions, loose exprosand as a percent of average dopnciablo utihty plant agmoments, and the Enabhng Act includod in the South in servico, wem appmximately 3.3% for each of tie thne Carchna hw Such funds consist principally of inwstmonts years in the poriod ended June 30,1989. Amadization ex- in covemment acurities carriod at amortimd cxmt.
panse of capitahad loanos is includod in depmetaton CASH - Cash is catogoriad as folbws: Category 1 in-exponno, ciudm bank balanors untirely covend by kdoral cbpository E - Revenuo Hmognition - Substantially all wholerale innuranoo. Category 2 includes innk balanam that am un-and industrial revenues am billed and moorded at the end colhterahud or collaterabzod with socuntxe hold by pkdg-of each month. Revenues from retail customers am ing financial institt.tions but not in tie Authority's name, ronognimd as billod on a monthly cycle Msis. Fuel ccets INVESTMENTS - Trust indantuns and msolutions s am refketed in operating experas as consumed. authorize the Authonty to invest in obhgations of the U.S. F - Amadization - Unamortized debt discount, Treasury, agencies, instrumentalities, and codificatos of pmmium and exporve are amodized to incomo over the cbpocit. h Authonty's inwstmonts cxmaist of U.S. Govem-terms of the related debt issum. Unarrortiad gaire or lara5 mont securitim, certificatos of dopcmit and rupurchaan on rufurded debt am amortind to income as impacted agmoments. The Authority mquirts that mourition urderly-through the rate-making poems, generally over the terms inn mpurchano agrooments have a market value of at least of the now debt issues. 102 porcont of the cost of the repurchase agnement, i G - Cash Flow - The Authority adopted Statement of - Socuritxe urxbrlytro repurchaso agrtements am dohvored > Financial Accountmg Standard No. 95, "Statomont of Cash by broknr doahrs to the Authority's tmst agents. At Juno
, Flows," during fiacal year 1989 and has resta ed tle pnor 30, 1909, the Authonty's mpurchaso agnements totalkd year's financial statements pnumted to include statomonts $3S,550,000.
of cash flows consistent with the current year's pnamta- Tle Authority's invectmonts am catogortud bolow to give tion. For purpcas of the statomonts of cash flows, the an indication of the level of nsk asnumed by the entity at Authority cxxmidars highly hquid inymtments with a matunty year ond. Cakgory 1 includes investments that am treurtd of kms than throo months and cash on deprit with iman- or rtgistertd or for which the wcurities are held by tmst cial tretitutions as cash and cash equivalents. Cash and in- agents in the Authority's name. Category 2 inclucks unin-vostments Held by Trustoo (Dosignated) am not incluckd sumd cortihoatce of deposit which are collaterahmd with in cash and cash equivalents for the puryxe of the state. securities held by the pkdging financial institution but not
, mont al cash flows. in the Authority's name.
m @w sg h M - - . KAf qw w y- qu,,.'.A-rd.4 , 3:
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CateQory Categoryp l Category -~ Ca'egory ~ Carrying Market ) M p: se- ~ r S -i 2 l' - t 2c Value 4Value 2,e, '. u94+p4j aj :..,C y .g ,,-, J+ .
-4 g lg/- ,
. gygg)- ._
t
+: -
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.n . ,
- Cash and . Investments Held by : #" ~
.i m %m - c:pTrustee (Demonated)F '? ?
3 + 1; e
,- , i1 .=?" y , OJV M .' '
t 4 s.d Furds t. .~ .T
~
wW a% 4yJGeneral i 'n$J4,005 $_1001. ._$_- 6",.n$ .{3,E)+ q$ n 23,715"w$ 23,74S Debt Service lip, an d'Special Funds;
-n C jR' Indentumd Bonds
~
'"W , a L- -J'W
.Y,sS -
~
.. , J_ *1-W W 4 Interest Fund .. L5:1,10S y' .5sJ-
~
$ ~ e$ z X, x ' $ 71,1091
- s
.$' 1,105s ast. ! Bond Fund .. o. . .. % v. /..m ..a . .... . 2,118 - <-T >
2.118' '. : 2,118 ; MO , ,
- 3 Debt Service; . ii . J; i. ; . . . . o 8,760 ? 4 .- l135, ' 8,895 :
. p 9,079:
gg
..V Expansion Bonds l'.
^ ,
, 1; <
11 # 63.742 ;* " 63,742 2
;E7". . Interest Fund . . . . . . . h . /. .s . -- 4- %- T 63,7429 M
3 , 3 : f s -% 17,430 r
~
r Bond Fund s . x. . . . e. , . . ; . - -
?17,430 6 .m 17,430 b M^.Dw [,: Subaixhnated Bonda ' N'
~
' M ' Debt Servico . . . c. .i . . . . .. , e, ,129,883 = " '
< 81? i- 129,964 & ol30,S24; I ,
' 's ,i ': -J .J., T-r
~t .
's' :Intemet fund f sr
'~
-,' $,746 J 3,7461 - 63,746 :
i % ' : Bond Fund d......... ....., f.G G . . . . ' m 'O -
. ;13,500 ' 13,500 V 13,S00 -
i '. J ' Debt Servloe . . . '. . . .; i.". . .n . - 5,056? ' -l0,054! '
~
; ' ' 3,804 < 11,250 D: M ;a 6 J;w s Mini-Bands a ' '
a- 6- . * .-
' ~
s WC7 ' Intemet C R. . .
, - ( Debt Service ; . . if..J/..... . 9 . . . . J .,
- 6S9 Y ~ k +' H _ - - - , p ' 699 h<<'+;899VJ Mi'1 _ .658o- , - - -- - ..,658- y 673 W P,A. 3 : Oth,er Special Funds . : . o. . . .' .. ... " 26s- 935 '
W *
.-- t, (7 254) _' 19~6816. - 19 O.M
- 1 E
-W '":
y , . Total . l;. . , . . . . . . . . . . . . . . . *.a=$173,922 - - _$],250 .- -- _$ 1. . $91,382 . m$266,SSC m$266,704?.
- t
-w
&wb7ICash and Investments beld by '
A
. . - [ "i si
. L .i R 4 < Trustee: . ' " ^
nx_ .m0 . e - < MP < Revenue Fund ; . c.s . ' ,. . : . . . . ..
. ... " $ 28,4S4 /5- A '$. !.$ 6,336? f 5 '34,790; c' $ 34,8071 4i i# J W Special Reserve Fund . 4 ; . 4. . . . . .
tTotal h..,..i. im$a_34 602 6148 . - W. $0_)2 # ' 6,238 - 6,2N i p4 ,- -
'$'- - $100 Q. ..6,326 Lgm. ' $ 41,_028 3_.$*41080 -
h 7
, A. m -_ . . n,;t. '.. ,,, W . . . c. . . c s
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', 4 u
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" ( Investmentst e Cash i 1 Total - _
T ~o . e- Categorr Category ' _, LCategory' Category Can.ying ~ Market 3w
# 4
.1 t, . 8 .
a c 1 : 2 l ~2- w. Value ( Value' - 47 e,4mm , y
%?4,
, r <
1 . . . . , s
,f ..
N 34 NCash and In' vestments Held by r i(
' /7 L sTrustee (Designated):- t . .
- 1 l;
w . _ SGeneral Impnyvement Funds . . . . ,=.
, c ,
--$_ 47,880 m a-_$-'200 ! -
$ ', S ' - $1 ] 47-; <
n w $ 48e]32.-n$_41),n1311 -
~^ %, gTc 5ebt Seniios ard Special Funds.~ <
0 m :Indentumd Bonds 7 1 -
~
c . ;O S+ yt u . Interest Fund . . . . . . . . ; . . . . a .' ? Bond Fund$ ". < . .'3. ,' ;o$w 3 ' $.
. . . .' . . .$'l.149'
-- o2,042 .
' $c 1,149 2,042i i$il.149 i 2,042 o Kd ? ' t Debt Service ; . . . . . . . . . . 4 . . , i 8,814 - -- ---
p 8,814 + ' 8,997 i h emst F nd , . w. , . . . . . . . . . - --
.- 62,6S8 62,668 0 ~62 3 '? . EBond Fund . . . . . . . . , . . . . . . - - --
16,320 16,320 N. 16,3201 ~ cW %% ' NSubonhnated Bonds - 3; Debt Service , t. . > : . . . . . . . . . . 130,009 -
- 23 130,092: s131,S23 c 4
. e c"E s < < ; Interest Fund 3 ; . . . . . . . . . . . . . - -
-- 13,S00 il3,500 J13,500 ' ?
_ LBond Fund.,t .........
- g. .
4 . . ;-, - '4,202 - - 4,202 >
%, ' 4,202 S,03S '.
- t. V W Debt Service .n . . ; . . , . . ; . . . 3,737 x 1,250 -
. 48 S,026 NtB ' 7 nOther Special Funds . . . . . . . ... '20,15@ '
Q - (Gd79)1 '13,9851 12,8n"
; ; Total . . 4,4 . . a c . . . . . , . _$162109 _$1,2_50.- .
_ _4 5 ' _$93,763_ _d_ .2_S_7,797 i__$2S8,27_2 : M % Cash arid l$ vestments Held by " ' ' M-
- t. ' JTrustee: 1
~
W 1 3 Revenue Fundt..;..i.c. ....... 5 27,785 5 -
$- .$ 4,815 '
$ 32,600 . $ 32,589 ' .3 4
$ d6~
iSpecial Reserve FundV. . .g . . . ' _ 2,442' .. r @. (38) 2,504 _ 2,502 pm
; Total : . ! L . . .,
~$+30 227 $ ' =- = _$100 =$,4.=,777 ~$ 35,104 --
_$ 35,091 % : --
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#f llate'4' - bg.Tenn Debt Ouw-imot e. ,
. June (30,g -
- i _g_
v '
- J, "1989-' 31988 1 s 1, p 7 , . ,. ' ' , .
s p r.and4 - / Esotric Revenue, Bonds - Priority Obligations: . J' s u ' ~g i Sarine d 1950, boaring intemst'at g , + . 1 4 .. -
- 2.70% and due 1999 to~ 1933 ; . . c; J. . . . . . . . . . . . . . . . . . . .' . . . . . . n . . . . . . . . . . . . . . . $ ~
8,39S'" #5- 8,705 4 3
~, Sera d 1967; Wring intertd at - s >
~ * , .
V e 4.10% and due 19% to 2006. .' . ; . ;,. . . ! , . . . . . . . . . ; . . . . . . . . . . . . ". . . . . d . . . . . . . . . . ~ 47,07S J47,790 ' 1* ORedunding Series of 1973, boaring , .t. -. '. <
- s. - (.
' interest at 5% and due 1989 . . . . . . . . . . . . . . . . . . ., . . . . w . . . . . . . . . . . . . . . . . .l . . . ~
c1,060 ' 4
~2,0707g .
4.
. . - n -
. - -/,
' ' Total Doctric ReWmue Bonds - Prionty_ Obligationti. . . . . . . . . . . . . . . . . . . . . . . . . . , . . . _ _ S6,530 ma : _
" 58,S6SJ ,:
w- .. .- - - l Eectric System Extensian Revenue Bandt . 4 V 1973 Senes, bearing intemet Imm . . . . . . 9' , .
" 5.2S% to S.75% and due 1989 to 1993 and 2013 m . . . . . 2. .. . ; . . . . . . . . ; e. . . . . . , . . \ ' 90,750 ,' f' ' ' 92,000 ' x
, U1974 Sora, boaring intemst from ? . - ' e> .s R ; 6.10% to 6.75% and dbe 1989 to 1999 and.2014 . <. . . . ., . . . . . . . . . . L. . . , . r. . .a...' 100,270 W.7101,S95 a il977 Refunding Se' ries, bring interesti ,
- 1. ' .,f; Y imm S.10% to 6% and due .1989 to 1997 and 2002 an12016. . . . . . . . . . . . . , . . . . . f.'. . .
^
186,8SS ? , 190,13S 0 g J)977 Series, bearing 1nterat Imm 4.70% - < -. - z to S.75% and 'due 1989 to 2W2 and 2017 ~. . 2 , . . . . . . ; . . . . . . . . . .. . . . . . . % . c . . <. . . 111,815 e L112,330 ' t - N) ,978 Series, bearing interest fmmt5% * - '
~
> M'
, D to S.875% and due 1989 to 1998 and 2008 and 2018 . . . , . . . . ., . . . a . . . . . . . . c. . . ; . 193,84S ; a 194,970 [ 9b
- 1979. Series A! boating intemet imm S.70% . a :/ w a
,. . to 6.87S% and due,1989 to 2003 and 2009 and 2019 . . . . , . . . . . . . . .f. . . . . . . . . . . . . . . ., ' 104,085,' ,
-105,190..'
S1980 Series A boaring intemot fmm 9.10% *; * ~ -
.. n
. t3 9.50% and due 19% to 1995 ; . . _ . . . . . . . . . . . . . . . . . . . . . l . . . . v . . . . ". . ' c. . ' . . .... 9,605, " 28,775i n,C
' 4 111 Series-A, baaring intemst imm 8.15% - s ; *.
O' W to 9.30% and due .19% to 1997 . . . . : . . . . . . . . . . . . . . . . . . . . . . . . . . .,. . 12,075 - -
. .31,1002
. . . . .J .t -. i 3.
T lii Series Ci bearing intemet imm 11.2S%, 3'
; 1o 11,75% and .due 1989 to 1991 = . . . . . . . ., . . c. . . . . . . . . . . . . a . . . . . . . i . . . . . . l . . . . . . 1 3,220 4 , J 4,08Si g1982 Series A, bearing intemet from 11% > v
- to 11.75% and due 19% to 1991 . . . . . . . . . . . . . . . c. . . , ; . . . . . . . . . . . . . . '. . . . . . . . . . . , S,74S, -7,340 x ..
'~'
l' A 1982 Series B, boating interest fmm 10.50% ( i , '" Lio ~ 11.25% and duo 1989 to 1992 . . . . . . . . . . . . ! . . . . . . . . . . . . . . . . . . . . . . . . '. . . . . . . . . . 14,030 -
;4,770g u l[
1982 Refunding Series, bearing intemet fmm 7.75% to 8.75% e .. r [L-and .due 1989
- 198S Refunding Series; bearing intemst fmm 4 .,.V.i. to . . . . 1994t.....o..... ..,..................(,...e...
1 F . 1: .' 3,710t. ; 13,290, t
~ p^
. . ; 7% to 9.10W and due 19% to 2000 . . . . . . . . . . . , , , . . . . . . - i . . . . . . . . . . . . . . . . . . 9,400 14,860 . '
l1985 Refundmo Series Al bearing intemot imm 4 '
< r .
2 6.7S% to 9.00% and due 1989 to 1999 and 2003 . . . . . . . . . . . . . . . . . . . . . . . , . . . . . . . . . , S2,300 ~ ' 173,S2S" y '
,! 1986 Refunding Series A&B, bearing interest fmm 6.75% ' ' ..
Y to 8.10% and duet 1991 to 2008 and '2019 and 2020. . . . . . . . . . . . . . . . . . . . . . . . . . . . 19S,9SS- ' , 195,955 e - s 1986 Refunding Series C&D, bearing interest from 5% to 7.30% J n Land due 1989162007 and 2012 and 2021 and 2022. . . , . . . .;. . . . . . . . . f. . . . . . . c. . . . , 334,870 ' 335,6301 ?i V 1987 Refunding Series A, bearingiinterest imm 4.30% to.7% ,
+
t arid ~ duo 1989 to 2007 and 2012 and 2021 and 2022 ; . . . . . c. . . . . . . . . , . .. . . . . . . . . . . . ' '191,160 , %~T191'945 ' a w k .
. ,11988 Refunding Series A/ bearing interest fmm 7% to 7.875% '
i/ r 188,S7S ' -- 6 O and due 1992 to 2005'and 2015 and 2021. . m. . . . . ....... ..........,......... . .
- . m -
$ Total Dectric System Expansion Revenue Bonds : . . . . . . . . . . . . . . . . ..... . , . . e. . 1,798,26S 1,797,545.. 4 Dactric _Sistem Revenue Bonds,' 198S Series, bearing interest .
n.. ><. V9 wimm 7.10% to'8.70% and due 19W to 1995 . . . . . . . . . ,.... .. ... .. ........ - 94,S00 108,000 -
- Capitalized Subordinated loase Contracts, payable '
S fl989,to 2015 i. . . . . . . o . . . ... . . . ' . . . . . - . . ... ..... .
.s.......s. . J 66,1111 4 , 68,949 -
p Total lbng-Term Dobt ' . .,. . .i.... ... .... .. . , . ., ... . . . . . . . . i $2',01S,406 $2,033,069
- w .
_ m m _mm=,m._ _ m- m i e for refunded M. , w y -
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i{ , , t >t , k The Autlonty refunds and defeaes debt primarily as a means d mducing debt servim, themby pxtponing or used to purchase U.S. Govemment securites. b secunties , have teen placed in an irmvocable tmst to provide for all mduo ng futum electric rate adlustmonts. In faml yer 190, future debt service payments on the origmal Londs.' As a
- b. the Authority issued $1@ mt! bon in Electric System Expan. msult, the original bonds are considemd defeased and the '
aion Bonds to advan refund certain maturitms d the 1980 liability for those bands has bmn removed from tie AutFori- s Series A and 1981 Series A expansion svenue bonds and ty's accounts. '
* *. * . omtain maturities d the 1982,1985 and 198SA Refundi Although the advance refunding msulted in a defermd te m - Series Bonds. The 1980A,1981 A,1982,1985 and I accounting loss of approximately $28 million, tlas Authort-
. bonds (original barxis) totaled $172 million. The new bonds ty was able to reduce its total debt servim over tle next r bear an average intemt rate of approximately 7.8% The 36 yean by approxtmately $28 million and obtain an E ,
ro. economic gain (the difference between the present values !b original oneds of the bonds bonds,averaged
$15 million appmximately (after payment 9.3%. of b netof p$.4 the debt service payments on the old and the new debt) 3 y '
, million and $1A' million in underwnting fees and of approximately $10 million.
i . origiral issue discount) plus an additional $6.7 milhon were - s
~
L3- . Amounts outstandmg, odginal loss on refundmg, and the unamortised loss at June 30, 1989 follow: J Refunding
- , Refunded Refunded Amount Original ' IU namortised -
lasue Bonds Outstanding ' bas bas L-n . . (Thousands) L x 1977 Refundmq ^ , 1971 'and 1976 Series
$ - - $ 11,244 . $ , 6,741 -
! 1982 Refunding , $100,000 of the 1981 Series C and (c
$127,000 of the 1982 Series A- 227,000 '62.S88 2,994 l i
. 1985 Refundmq $150,000 of the 1982 Series B 150,000 30,570 8,707 ,
~ ~
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'19BSA Refunding $139,000 of the 1981 Series B and 5 40,000 of the 1981 Series C' 179,000 27,853 '6,368
[
- Cash Defmsance ' $ 20,000 of the 1982 Series A .20,000 2,763 != 2,432 1986 A&B Refundmg $ 42,72S of'ile 1980 Series A
$ ~42,000 of the 1981 Series A
- n. $ 61,000 of the 1981 Series B
~
4
$ 4,420 of tle 1981 Series C
$ 7,820 of the 1982 Series A
$ 9,010 of the 1982 Series B 106,975 43,736 -'43,736 d
~
I l983 C&D Refunding
'5280,275 of the 1982 Refunding Series 280,275 97,109 ?90,396 p , _ _. _ ..__
1 1987'.A Refunding $100,S10 of the 198S Refunding Series 100,S10- _ 48,038 - 44,594 ' i q
~
Lr 1988 A Refunding $ 18,220 of the 1980 Series A ,
$ 18,31S of the 1981 Series A .
i l $ 9,110 of the.1982 Refunding Series ' 4
. $ . S,000 of the 198S Refunding Series u '
< $120,890 of the 198S Refunding Series A 171,S35 28'644 28,644\
~
Total $1,35,29S $ 352,54S. $ 234,612. w - = ..,,a__= - - _a . 0 . The Authonty's bond indentures provide for oedain pmceding hscal years. The Authority may issue ad. + L restrictions,' the most significant of which aret ditional prity expansion bonds if, among other things, the Authority's Consultmg Engineer certihes-
- u. ~ h Authority covenants to atabbsh mtee and charges that net revenues (as defined) in each succeedino q- 4
- adequate to provide revenues sufficient, among other hscal year after the date on which such additional ' -
things, to pay debt servloe when due on the pnority bonds are sold to and including the later of (a) the
..: : obligations and expansion bonds, to make required third sucowdtng full fiscal year after such date or (b) . H s . payments when due into tre lease fund and the capital the first full fiscal year after the estimated date of com-p' . Improvement fund, and to pay the costs of operation mercial operation of any power plant to pay the cost =
,M > and traintenan d the Authority's electric system and of construction of which additional expansion bonds
' all ne seary repairs, mplacements,-and renewals have been, are bem' g, or am then autlerized to be '
thereof, issued, shall be at least equal to the sum o' the The Authority is praently mguired to pay annually amounts requimd in such fiscal year for (0 debt ser-into its capital improvement fund an amount which, vice on the priority obligations and the expansion 1 together with the amounts deposited therein the two bonds then outstanding, being issued, or autherized
- p precedmg fisml years, is at least equal to 8% of the but not yet issued, (10 payments into the lease fund,
'~(' s, 1 Authority's gross revenues (as delmed) in the three and (iii) payments into the capital improvement fund. - C , ss , p t - i b J [
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b%. c revenue'on[expsnslori bonds maturing during ilthe years ending June 30,,1990 through' 1994, are, as Note 6 - C -4 Paper Notas and Minihh s M 'follows- '+ . t' t' ,f Dehne ' , Pn:rny - s ' The Board d Duectors authoruxd tle issuance d com/ * ' E F* ";,a b mue Cunatwo & rreraal paper tot to exooed $90,000,CX)0. b paper is lanued
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ik ,e r.x m w n ik , W youl lor valid corporate purpoem with a tenn not to excx*d 270 R 0, ' h #. _ . days at an annual intenst rate not to exoecd 9%%, As d ^ F r
'%.. Juna n 1930, .. . $ 13,@
u ' 5 " 19.54s 5 33,045 Jure 30,1989 and 1988, tle eficabve intomst rate on outstan-dito borrowtngs was 6.55% and 4.96%, respectimly; Dur- - S UC lu 's), el . . *, 13.500 30.a60 - - - 34,100 tra 19W and 1988, the average amount outstandirn was.
$50,000.000; the overage maturity was 33 and 38 days, "
py ;19,m. ' 30 13.500 34,15s 37,055 rupectively; the overage effective intenst rate was 6.17% - ' ard 4.CM%, rupectively.' A= * "line 'O, W 3 . .. '13,500 . 2tifts 40.185 . . , 41,9a5 .
. At June'30 1989, the Auderity h,d a Revol ' Cmdit .
ja.sco . 38.4as A moment al$S0,000,000. This Agi%nt is uNto sup
- j June 20. a4 .
l ' y Tual , - $ 67,500 '5119ED $ 187,190 " port the Authority's issuance d commercial pspor. Under M / g, ~
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in ape signM Noveth 1988, h Auumy is mc 1
-quired to pay a fee equal to 1/8 d 1% on the total line d s '
". - Note 5 - Summer Nucksr Statent '
andit. No kns wem outstanding under de_Agmemant at t , June 30,198, 9 s . L' In September ,1988l de Authority issued $17 m0 lion tri '
% '. The Authority and South Carchna Doctric and Gas 7%% Sectric System Revenue Bonds 1988 Series M C'1988 '
(SCE&G) are partks to a loint owrenihip agnement pm- J
' ; a yding that the Auden'ty and SCE&G shall own the Sum- Mini-Bands"). 'Dne'1988 Mini Bonds, which am due cm de i mer Nacht Stanon with undivided intenst d 33H% and < mard d the recictemd: owner, am consdomd cununt' ,
9 ' 66%%, respectively, SCE&G is solely asponsible for the liabihtwe d de Authority, b 1988 Mini Bands are to be ' s W" design, construction, budgeting, managerrent, operation,- paid fmm and asumd by a pidge d revmue on a parity -
- mantonancof and am = -ig d the Sumnwr Nuclear with the 1985 Doctnc System Revenue Bands and Commar- f
- n. Stabon cial Papor Ndca, but am Junior and subordinate to all olhar a > sham d, all and coststhe mlatingAuthority thomto.isThe obhgated Authoritytomoelvts pay its owrership outstardito bonds and capital has obligations. ,
ga 433%% d the not electricity generataff At Jure 30,19W and in August 19W tie Authority issued a pmliminary dficial. d ;1988, the plant accounts included approximately : statement for the sale d 7% Dectdc System Revenue Bonds ;
- 5426,423,000 ard 5426,142,000, nspoctively, repruentiro -
1989 Senes M, (19% Mint Bands), b Authority to . - t the Authority's inventment, including capitalimd intenst, in . sell oprminately $15 mahon d these banda duriro m he. 3 the Summer Nuckr Stabon. b Authort s intenut in Sum- 198. b mpayment, security and lien level d thae bonds *
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'. mar Nuclear Station was financed solely y long term debt, will be equivalent to that of the 1988 Mini Bords. For the ymrs ended June 30,1989 and une 30,11988, tre , , t:~p Authon 's operation and maintenanoo expenses included , L $20,208, and $36,095,000 nspoetively, for operation and Note 7 -.- Contracts with Central - M , ; maintenance expensos d the Summer Nuclear Station. Doctne Power Cooperative, Inc.: m . Nuclear fuel ocsts am being amortimd based on energy L W , expedad which inciucks a component for stimated chspcss! h Authority has lease contracts with Central Doctric 4 o M costs of spunt nuclear fuel. These amorttzations are includ- - Power Cooperative, Inc., covering a steam ieketric W ed in fuel expense and are idcovemd through the Authcn generating plant, transmission facilitxs, and various other ' '4, l ty's rates. Duwmuk.icning costs (costs to take Oc plant out facibties. b loose tenus rarne imm r.iz to twenty-six 'yems. , Ed mvice in the futum) for the Summer Nucht Station am Quarterly lease payments are based on a sum equal to the
- p. G V esbmated to be $314 milhon, for the Authonty's % owner- interest on and princtml of Contral's irdebtednam to the '
D < ship, bsad on a 30 year useful hfe sith demmmissionirn Rural Dectrihcation.Administrahan for funds bornmed~to ' expected to commence in the year 2013. b Authonty ac- conshuct the above mentianoc: fadhties. The Authority has ? - cmas for its sham of the ostimated decommisening costs an option to purchase de leased pmporties at any time dur- '
^ ~ over tie. remaining 1ife of the facility. See costs am being ,ing the poricd d the kwe agreement-for a sum equal to C ,recovemd - through thef Authority's. rates. h eshmated Central's indebtedness remaining ' outstanding on the pros f4 dwmnq oosts are periodionDy mviewed and ad- porty involved at the tims the option is exercised or to return m_. . Justments recoroed as appmpriate, the proporties at the termination of the lonso. The Authority W ' : The supplier under the original uranium supply contract k ' < Gbmached the contract in 1975 due to uranium market con.
plans to exerciso each and every option to acquire owrers ship of such facilities prior to expiration of the loasm. . 4 [. . ditens. SCE&G initiated action meking spocibc perforrmrico Future minmram kwe payments on Central bsos, at Jure . 9 5d the contract pmvisions, and a final settlement was reach-ed and approved by all partes in April 1980. By terms d - 30,1989, wem: h the settlement, the Authority Ivis received appmximately Years mding Jum D Amount
$10,243.000 in cash as partial settlement of the lawsuit. Ad- s (Thousands) -
G~ _ _ _ ditionaDy, the agrmment provides for delivery of uranium, p;i' ~ long term .dehveries of equipment. and ervicon (including 1990. . .,. . .. $ S,2S8 -
^ - conversico and fuel fabrication) at a discount. The cash and 19 1 . . , . .. ..,. . S,2S8 o dismunts moelved (and related interest camed) which ap. 1992. . S,2S8 ,
c ' proximated $16,S72,000, were nrerded as deferred credits 1993. .. S,2S8 ithmugh Juno T,--l%8. Dunng fiscal ymr 19% delornd 1934... .4 . . . . S,250 htmfter . . . . .. . 69,943 tY,< ,cndits , usedard mlated to offmt de infamat anual fueld cxstsoprminately amociated $8,7S6 000 wem ' with mplaa" tow mi- hae mymes . . ... 9G,22S p7 ment orcrgy dunng the Summer Nucht Stahan mfueling h a nod mpruenting interest. , .. 302-114 p soutage. b mtnanung defened cadzts of 57.917,000 will p W be n, ande during adndukd mfuehng outage in futum years. Balanco at June 30,1939 .. :--m==
$ 66,111' yp . - . 4
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r e> s E-I-ri property under capitahad leases ard mlated ao. Employuz are nquimd by Stato catute to contribute 6 = p cumulated amorttzaban included in utihty plant at Jure 30, pement of salary. b Authonty is nquimd by the same 198 totalled $102,300,000 ard $45.408,000, napucuvdy, ard statute to contribute 7 pcsoent d total paymil. b contnbu-
- at June 30,198 totalled $102,400,000 and $42,700,000, tion requirerrent for each d tie years ended Jure 30,1989, 1- revectivdyc 1988, and 1987 was $3,508,000,53,286,000, and $3,098,000 *
[, Power supply and transmission services are provided to imm the Authority ard $3,057,000, $2,S95,W, and ' Central in accordaroe with tie Power System Cmrdiration $2,386,0CD imm employees. ,
'and Integraton Agmement dsted January 19,1981, and An actuanal valuaton is wL u.ad for tle System annual-amonckd as of Man:h 31, 1988, h amendment providos ly. At De mcd noent valuatxn date, June T,1980, tle pen-
} for a change in tle Autlerity's rate-making medodology far sion beneht obligaban for retimd and active members was : Contral, in addition, the Authority will be the sole suppler approximately $7.4 billion. h amortaed cost d asnets of f . of Central's energy rxwis excluding what Central rmeiws tle System was approximately $S.4 billion. b unfunded ' fmm the Southeastem Power Administration and SCE&G. pension obhgation was appmximately $2.0 bilhan. The pen-The agmement allows Central to audit all chargos by the sion bonaht obbgation is a stancktrdimd disclosure measure :
. Authority. Audits and any potential findings for tle years of the pneent value of pension benehts, adjuutsd for the of _ r ended June 30,1986 thmugh 198 lave yet to be compided. kcts of pmjected salary inamaars, eshmated to be payable
[ Mamgoment dans rd beheve flere will te any material el- in the future as a neult d employee servios to date. b n feet to tie Authority as a result of theso audits. rrmsum, which is an actuarial present value d credited pro-fected benefits, is intended to telp users assess the System ' ' , L " funding status on a -going <oncem basis, assess rees f Note 8 - Commitments and Cagencies: made in accumulating sufheient assets to pay hen due, and make comparisons among pubhc employee retim-BUDGET -h Authority's capital budgd provicks for ment systems. The System does - rot make separate' expendituns d approximately $126,TO,000 dunnci de hsoal mcasurerrents of assets and bonohts payable for indiv dual [- ; year ending June 30,1900, and $180,000,000 during the two employers. b Autionty's contnbution normmted approx. L nsaal y(ars tlemafter, imately two percent d the total contribution to the System. , DAM REINFORCEMENT - During 1982, FERC retihed Ten-year lustorios) trend informaton showing tle System's ' the Autlority that the Piropohs Wat Dam und the Santee progmes in accumulating sufficient assets to pay benefits Ncuth Dam, which form a part d the Authority's ekdric uhlity when due is prmmted in the System's June 30,1988 com-system, possrwd trarginal seismic shihty urder opphmble pmlensive annual hnancial mport design eadhquake enteria. FERC indicated that remodial measune should be undertaken by de Authonty to provide i cn incmased level of seismic stabihty. - Note 10 - Major Customers: ' b prelimirary design on the reinforcomon' of the Pinopobs Wmt Dam was completed by the U.S. Army Corps Saks to two major custorners for the years ended June 30, ;
- of Engineers (Corps), and a contract was awarded in April - wem:
1988 by the Corps. The constmetion d the bolster is the 1999 1999 1997 neponstbthty d um Corps and is expected to cod th, kdoral ._ ._ government $28.3 milhon, including tle enginoenng cksign. (husands) Constmetion is pmlected to last thme years. An " Emergency Action Plan" was developed for im. Central Electric Power plementation in the event d a failum of the Santee North Cooperative, Inc. $ 218,000 $ 203,000 $ 207,000 Dam. In 1986, FERC tentatively appmycd the plan with 22 nodificatiora h Authonty agmed to all of Om modtfoa. Al th ' 7 tions except one regardmg "s:rict liabihty" which was con- e- '$ 88,000 5 76,000 $ W ,000 tested in Federal Coud. On July 5,1988, an order was received from the Federal Dtstrict Court upholdmg the Authority's position and rumanding the case to FERC. Band on the facts as - currently exist, mamgement behews that Note 11 - Subsecpient Event: i any cast incurmd the Authon related to tle dams would rot materially affect the f position of the Authonty. On September 21,1989, Hurncane Hugo struck South , Camhna caustry substanhal damage to tle Authonty's . - system. Preliminary estimates on tle cxst to repair and Note 9 - Retirement Plan: replace the fadhtxs total wunnately $35 milhan. Mamge-S- ment behews that insurance will provide for a part of this , 1 Substant"ially all Authority full time employees must par- ooct, except for transmission and distributien hnos. h ticipate in the South Camhna Retimment System (" System"), Auttonty is cununtly evaluaung its options mgardmg finan-e cost shanng mulup pubbe employee retimment cial assistance hem the kdoral govemment for the transmis. system. b paymll for covered by the System sion and distribution hre mpairs and mplacements, debris
'_n for each of the years une 30,1989,1988 and 1987 removal, etc. h Authonty stimatce that with insurance ard was SS0S19,000, $45,959,000, and $42,484,000, rmpactively, with the possibihty of fmancial assistaroe fmm the federal
- Employees who ruttre at or after age 65 or have 30 ymrs govemment net unmooverable costs will total approximate-
< of servos am enbtled to a rWrument beneht, payable montte ly $7 million. At this time, the docmaac in net revenues ly for hie equal to 1.7 permnt of their average bral com- nsalu'ng frum Humoare Hugo is stimated to be in the range pensation. Bemhts fully wst on rmching 5 years of service. of $10 $15 millon for the months d September-December Vestod employees may retim at 60 ard receive nduced 1989. Management believes the lorn term effect on tle
. _ retirement benefits. & System also providos death and Authority's financial position will rol be material.
disabililty berehts. Benefits am stabbshed by State statute. 3-i
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Carrou A. Campbeu Jr Governot
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or . . Earle E Morns Jr Grady L Patterson Jr Cornptroller Getacial S:nte Tivasuret l l l
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[.I / f f l _ y ; _3 . 9 Dwight A Holder Walter T. Cox JotuiS Rainey Chau nan 1st nce Chatrinan 2nd Mw Chainnan Representing the 3rd Representing the 2nd l CongressionalDistnct CongressionalDistrict Abtevtlle AAen AIIend.nle Anderson hunterg Calhoun levogton
&rmm>ll Edgehele Gr-<enmoou Orangeburg andRochlandcountws McCormock Ownee hckens ano S,vu11countes J l
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- k-EugeneF Ohver D Gene Rickenbaker Henry B Rickenbaker Representing Berkeley County Represenhng the 5th Representing the 6th CongressionalDistnct CongressoonalDistrict Cherokee Chester Chesterheki Chntendon. Daihngton. Dillon Fattheki Kvishaw ldancaster Florenw Gtergetown Harry L.nutens 1.w Newterty Marlboro Manon \%1hamsburg Sumter. <tud Yotk countses and tunn of Berkeley counties
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Roliert D Bermott Ralph H Ellis A Cimt Gossett Representing the elecint Representing Hony County Representing the 4th Cooperslives of South Carolma CongressionalDistnct Greetwilh> Sysrtanburg anct Utuon n ountus
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y __ _ _ - : -. A* '%.g-Harold M Rolertson Joluune Joe Young Representmg the 1st Representing Georgetown County BOARD CHANGES Congressionalthstrict These was one change ul l Ilmuloit CharleStan Colleton [h>lCtlt'Sle! EldnIplolJ Jasivi Santee Cooper's Roind of anci ptrt of lot keley (vunties Directors during the past fiscal year Ralph H Elbs of 1.ittle Rivet was appoulted to represent Horry County A graduate i of Clemson U'nveistty. he l 1s a real estate br >ker and partner in 1.uch & Elbs Realty Cotupany Elb.s is a forruer school pnncipal postinaster. State Senator atld Repf eserlt.allVe l l l
o te c Management Kermeth R. Ford Byron C. Rodgers Jr. Hesident and Cluel Vnwhessdent ExecuuveOffswr Enguwerung and Construction Managenuvst Robert E. Rainear Execuuvc Vtwhosident Joseph P. Thomas Enguteenng andOperavons Vnw hesident natuwtg and Operattons Robert V. Tanner Execuuve Viwhesident Curtis L Williamson Jr. httlucUan Vsw hessdent ikn7y Georgetown Dmsion F. Eugene Williams Extruuve Vam nesident H. Roderick Murchison Custonwr and hitheRelavons Treasurer T. Graham Edwards Elaine G.Peterson Sentot Vtwhesident Controller Admuustration and himxv Jerry L Stafford Charles 11 McGlothhn Jr. Corporate ConununimUonsDuceror GeneralCounsel EmilyS Brown Vtw hesident and CorporateSecretary Bill McCallJr. Vsw hesident hoducuan Operauons Ronald T. Nolte Vnw hessdent Corpotate Fowcasting, Rates, andStattstits Robert F.Petracca Vowhesident hopertyand Transportatson
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