ML20024G855

Financial & Statistical Info

ML20024G855
Person / Time
Site:	Monticello, Prairie Island
Issue date:	12/31/1974
From:	NORTHERN STATES POWER CO.
To:
Shared Package
ML20024G854	List: ML20024G853 ML20024G855
References
NUDOCS 9105010216
Download: ML20024G855 (20)

Text

. FINANCIAL AND STATISTICAL INFORMATION

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,$m$."[*;f, f//)fl O .-.o - m % ;f M.g-s ~ J] V. "'z ' - c /.,. l)b} v., s'.,2 "S t ,m s l f ) MARY JINKS, CHIEF p CENTRAL RECORDS STATION 21dsw.g,a .kg .n ?1 5 9105010216 750514 PDR ADOCK 05000263 I PDR -- q

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.es 3 NORTilERN STATES POWEll COMPANY (MINNESOTA) AND SUBSIDIARY COMPANIES FINANCt'AL AND STATISTICAL INFOIIMATION Supplemental to 1974 Annual Report to Shareholden CONTENTS Page 1 Significant Ratios... 2 Summary income Statement 4 Statement of Changes in Financial Position.. 5 Consolidated llalance Sheets 6 Construction Expenditures.... 7 Population Trends........................................... 8 Regulation and Rate Increases. 9 Depreciation Policies..... Geographical Distribution of Common Stock....................... 10 Common Stock Data ............... 11 Electric and Gas Revenues and Sales . 12 Revenues from Large Commercial and Industrial Customers........... 14 Trends in Production Costs ............. 16 17 Generating Station Statistics. .... 18 Utility Plant and Depreciation Reserves. Reference to " Company" or "NSP" means North-crn States Power Company (Minnesota) and sub-sidiary companies unless otherwise indicated in the text of this report. For further information relating to the contents of this report, please contact Clayton K. Larson, Senior Vice President-Finance. Northern States Power Company, 414 Nicollet Mall, Minneapolis, Mn. 55401, or phone (612) 330-6018. This report is for information purposes only, is subject to correction and change without notice, and is not a representation, prospectus or circular in respect of any stock or security of any corporation and is not furnished in connection with any sale or ofIr to sell or buy any stock or security now or hereafter to be issued or with any prelim: nary negotiations for such sale. APRIL 1975 l l

I ,I l' SIGH 1FICWT RATIOS Y Decemaker SI 1974 1973 lip 72 1971 1970 1969 1964 Earnings per share on average shares. 2.40 $ 2.61 5 2.75 5 2.54 $ 2.41 $ 2.24 $ 1.90 Dividends declared per share....$ 1.836 $1.836 $1.768 $ 1.70 $1.675 $ 1.60 $ 1.40 Dividends in per c:nt of carnings.. 77.6 71.0 64.9 66.9 70.3 72.1 73.7 Bock value per share of common stock (at year end).........$ 21.84 $21.85 $20.84 $19.59 $ 18.79 $17.78 $13.51 Shares of common stock (000's) Average for year....... 23 233 21 289 19 751 19 020 17 544 17 158 15 437 End of year..... 25 317 23 007 20 915 19 022 19 016 17 293 15 440 Per c nt of construction expenditures financed by internally generated funds 42.8% 28.0 % 36.9 % 26.8 % 24.9 % 50.1 % 47.9 % Capitalization ratios Common (including premium and retained earnings).. J.4% 31.4 % 30.6 % 28.9 % 31.6 % 30.7 % 32.2 % Preferred (including premium). 13.1 12.8 14.4 16.0 15.1 14.5 16.3 First mortgage bonds 48.7 4 ',,1 47.3 48.6 46.5 52.5 50.1 Guaranty agreements - pollution control financing. 2.1 2.3 Miscellaneous long-term debt. .2 3.1 3.3 3.6 4.1 .2 .2 Short. term notes payable. 4.5 3.3 4.4 2.9 2.7 2.1 1.2 Total Debt 55.5 55.8 55.0 _ 55.1 53.3 54.8 51.5 Total 100.0 % 100.0 % 100.0 % 100.0 % 100_.0 % 100.0 % 100.0 % Debt interest coverage Before taxes (excluding AFC).. 2.30 2.28 2.84 2.77 3.05 3.67 5.65 liefore taxes (including AFC).. 2.69 2.84 3.34 3.23 3.44 3.98 5.82 After taxes (excluding AFC). 1.69 1.72 1.99 2.06 2.20 2.51 3.60 After taxes (including AFC). 2.08 2.28 2.48 2.51 2.59 2.81 3.77 Debt interest and preferred dividend coverage Af ter taxes (including AFC).. 1.73 1.86 1.96 2.00 2.08 2.20 2.85 Per cent of net utility plant Mortgage bonds 45.3 43.9 44.6 46.5 44.8 50.4 48.9 Total long-term debt. 47.3 46.3 47.7 50.0 48.7 50.6 49.1 Average plant investm,:nt per dollar of revenue. 4.08 $ 4.24 5 4.03 $ 4.06 $ 3.97 $ 3.87 $ 3.74 Depreciation reserve in per cent of depreciable plant. 22.0 22.7 24.9 24.1 25.1 24.7 24.9 Uvpreciation provision in per cent of average depreciable plant 3.5 3.4 3.4 3.1 3.0 2.9 2.7 Employees (at Dec. 31)*...... 6322 6390 6266 6150 6233 6263 6435

• Benefit employees only.

AFC - Allowance of Funds Used During Construction. 1 ~ - - - - - - - - - _ _ - _ _ _..., _ _ _ _ _ _ _ _ _, _ _ _ _ _ _ _, _

l ,l .s. BDMMARY INCOME STATEMENT (Dollars in anillions) 1974_ 1973 __1972 1971_ 1970 Operating Revenues t Elewie......... $456.3 $388.4 $361.4 $317.9 $291.6 83.6 75.1 73.2 64.5 57.0 Gas 4.9 4.4 4.5 4.2 3.8 Other... 467.9 439.1 386.6 352.4 544.8 Tot al............................... Operating Expenses Fuel for Electric Generation 79 0 66.0 58.2 46.8 44.2 Purchased and Interchange Power. 42.5 36.7 23.5 26.4 21.3 Gas Purchased for Resale.. 43.0 39.5 36.0 33.1 28.7 72.4 66.6 61.1 57.1 52.5 Salaries and Wages 5.9 5.4 5.4 5.2 4.7 Pem. ion Costs.... 61.7 49.5 45.8 38.8 34.2 Depicciation........ 34.3 33.4 30.4 27.2 25.7 Other Supplies and Expenses. C3.7 53.7 53.2 46.7 45.6: Property and General Taxes Income Taxes 29.5 17.9 37.1 25.6 27.4 Deferred Investment Tax Credit - Net........... 6.7 9.5 1.0 1.6 (.6. Total. 438.7 378.2 351.7 308.5 283.7 106.1 89.7 87.4 78.1 68.7 Operating Income Other income Allowance for Funds Used During Construction. 24,9 29.3 '2.1 17.6 12.2 Miscellaneous 2.3 1.2 .5 .8 1.0 Tot.; 27.2 30.5 22.6 18.4 13.4 i 133.3 120.2 110.0 96.5 82.0 Total Income Income Deductions and Nonoperating Taxes.. 64.4 52.8 43.7 38.3 32A Preferred Disidends 13.1 11.9 11.9 9.8 7." Earnings A$ailable for Common Stock 55.8 55.5 54.4 48.4 42. 5 Common Disidends 43.3 39.4 35.3 32.3 29.] Retained Earnings... 12.5 16.1 19.1 16.1 12.h 2

l .r-Aannal Crowth Ratee Per Cent of Re ennes 1 Year 5 Year 10 Year 9_ 1964 1974/1973 1974/1969 1974/1964 1974 1973 1969 1964 i $267.4 5184.4 17.5 % 11.3 % 9.5% 83.7 % 83.0 % 82.6 % 82.2% $ 2.5 37.2 11.3 9.8 S.4 15.3 16.0 16.2 16.6 3.7 2.7 11.4 5.8 6.1 1.0 1.0 1.2 1.2 323.6 224.3 16 4 11.0 9.3 100 0 100.0 100.0 100.0 I 37.0 26.7 19.7 16.4 ! !.5 14.5 14.1 i 11.5 11.9 12.6 2.4 15.8 27.5 33.3 7.8 7.8 3.9 1.1 27.0 21.3 8.9 9.8 7.3 7.9 8.4 S.4 9.5 15.4 17.8 49.9 39.9 3.7 7.7 6.1 13.3 14.2 4.6 4.5 9.3 5.1 2.8 1.1 1.2 14 2.0 30.8 20.3 21.7 14.9 11.8 11.3 10.6 9.5 9.1 27.4 16.3 2.7 4.6 7.7 6.3 7.1 8.5 7.2 42.8 26.9 18.6 8.3 9.0 11.7 11.5 13.2 12.0 29.8 22 6 64.8 (.2 ) 2.7 5.4 3.8 9.2 10.1 (.2 ) 2.0 (29.5 ) 12.9 1.2 2.1 (.1) .9 261.7 182.9 16.0 10.9 9.1 80.5 80.8 80.9 81.6 _ 61.9 41.4 18.3 11.4 9.9 19.5 19.2 19.1 18.4 7.7 2.0 ( l 5.0) 26.5 28.7 4.6 6.3 i 2.4 .9 .5 2.2 91.7 35.7 .5 .4 .2 _ .1 1.0 8.2 4.2 ( l0.8 ) 27.1 20.5 5.0 6.5 I 2.5 1.9 70.1 45.6 10.9 13.7 11.3 24.5 25.7 21.6 20.3 24.8 12.5 22.0 21.0 17.8 11.8 11.3 7.6 5.6 6.9 3.8 10.1 13.7 13.2 2.4 2.5 2.1 1.7 38.4 29.3 .5 7.8 6.7 10.3 11.9 11.9 13.0 27.7 21.6 9.9 9.4 7.2 8.0 8.4 8.6 9.6 10.7 7.7 (22.4) 3.2 5.0 2.3 3.5 3.3 3.4 3 ~

6 4* STATEMENT OF Cl!ANGES IN FINANCIAL POSITION g Total 1974 1973 1972 1971 1970 1969 1964 1965 1974 SOURCE OF FUNDS

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Funds from operations Net income............ $ 68.9 $ 67.4 5 66.4 5 58.2 $ $0.0 $ 45.3 $ 33.2 539.7 rl Depreciation and amortization 64.9 53.5 49.4 41.7 37.1 33.4 21.4 410.8 Deferred income taxes. 30.5 22.8 13.5 9.0 5.8 5.5 1.1 100.0 investment tax credit 6.7 9.5 1.0 1.6 (.6) (.1 ) .3 20.5 adj. - net Allowance for funds used during construction... (24.9) (29.3 ) (22.1 ) (17.6) (12.1) (7.7 ) (2.0) (128.7) Reduced income tax liability due to termination of nuclear operations at ( 1.7 ) 5.7 Pathfinder Total 151.1 123.9 104.2 92.9 40.2 74.7 54.0 948.0 Proceeds from sale of notes and securities Notes payable 26.7 26.2 5.8 9.5 106.3 Bonds 109.1 80.0 49.7 99.9 52.8 15.1 556.6 Guaranty agreements - pollution control financing... 35.9 35.9 Miscellaneous long-term debt.. .3 2.2 .9 44.7 .9 49.0 Preferred stock 25.0 35.1 25.0 20.1 !$.0 140.2 Common stock 38.2 51.3 44.8 37.2 29.2, .6 226.8 Total . 199.3 169.4 120.7 141.7 116.4 103.0 30.7 1 114.8 TOTAL SOURCE OF FUNDS..... $ 3 50.4 $293.3 5228.9 $234.6 $ 196.6 5177.7 $ 84.7 $2 062.8 APPLICATION OF FUNDS Utility plant additions . $ 241.0 $202.7 $ 181.7 $ 182.7 $145.8 $146.1 $54.4 $1518.0 Nuclear fuel expenditures.. 6.6 13.9 8.2 9.9 7.0 45.6 Repayment of notes payable 11.0 24.2 .9 36.4 ketirement of long-term' Transfer of long-term debt..... 1.7 .8 .8 .8 1.6 4 .5 9.2 debt to current liabilities 75.0 50.0 125.0 Preferred dividends 13.1 11.9 11.9 9.9 7.7 6.9 3.8 82.9 Common dividends 43.3 39.4 35.3 32.3 29.7 27.7 21.6 327.6 Increase (decrease) in working capital (exclud-ing notes payable) ( 28.4) (38.2 ) ( 13.9) ( 2.9) 6.9 (27.7 ) 4.0 (91.7 ) Other - net ( 1.9 ) 1.8 4.9 1.9 (2.1 ) .1 (.5 ) 9.8 TOTAL APPLICA. TION OF FUNDS.. $ 350.4_ $293.3_ $228.9 $234.6 $ 196.6 $ 177.7 $ 84.7 $2 062.8 INCREASE (DECREASE) IN WORKING CAPITAL Cash and temporary cash investments .5 6.9 $ 2.2 5 (5.0) $ .3 1.3 $ (6.2) $ 2.2 5 3.3 Accounts receivable 5.4 4.5 7.6 ( 2.0) 3.1 3.2 1.1 32.0 Long-term debt due within one year (25.0) ( 50.0) (75.0) Accounts payable and salaries, wages, etc. (10.6) ( 5.2) (2.6) (3.6) (.5 ) (2.5 ) .1 (33.9) Income and other taxes accrued (8.0) 7.2 (15.0) 2.7 3.7 (18.8 ) (.1 ) (23.2) Other current assets and liapilities - net 2.8 3.1 1.1 (.3 ) (.8 ) ( 3.4 ) .7 4.9 _ _ 4.0 $ i

• )

TOTAL . $ ( 28.5) $ ( 38.2 ) $._( 13 9 ) $.-( 2.9 ) $ 6.8 $(27.7 ) = =-- f

CONSOLIDATED CALANCE SHEETS . c a Decentwe 31 ASSITS 1974__ 1973 1972 1971 1970 1969 1964 ~ (Millions of dollm) Utility plant (at original cost) .52 288.3 52 057.0 $1841.3 $1647.3 51 468.9 51 324.8 $861.5 Less reserves for depreciation. 435.5 395.2 356.3 320.9 302.4 279.4 198.0 It Nuclear fuel materials and assemblies 52.8 20.8 23.4 27.9 18.2 7.2 -} Nuclear fuel in process Less provision for amortiration. 4.4 .I Net utility plant 19012 1 705.9 I 512.9 1 344.6 117TO 1 045.4 663.5 Other property and insestments - net 7.4 8.7 6.1 6.0 6.1 6.6 3.8 Cash and temporary cash investments... 13.8 6.9 4.8 9.8 9.5 8.3 12.9 Accounts receisable - net $ 1.2 45.8 41.3 33.7 35.7 32.6 20.3 N1aterial and supplies (at aserage cost) Fuel '9.4 25.6 22.2 17A 15.0 14.8 10.8 Other 15.2 10.5 8.5 8.8 8.8 7.9 8.6 Other current assets 1.8 2.9 .9 1.3 1.8 1.7 .9 lotal current assets 111.4 91.7 77.7 71.0 70.8 65.3 53.5 Estraordinary property loss 3.1 3.9 4.7 5.5 6.3 7.1 Unamortired debt expense 7.4 4.8 4.3 4.2 4.1 3.8 1.2 Other deferred debits. 2.0 1.9 1.7 2.3 1.5 2.0 1.3 Total .52 032.5-51 816.9 51 607.4 51 433.6 51 262.5 51 130.2 $723.g 1.141111.1Til'.S Common stock (including premium) $ 362.1 5 321.9 5 270.6 $ 225.8 5 225.8 5 188.6 $ 134.0 190.9 180.9 165.4 146.9 131.4 118.9 74.7 Retained earnings Total. 553.0 502.8 436.0 372.7 357.2 307.5 ~ 208.7 Preferred stock (including premium), 230.8 205.5 205.5 205.5 170.5 145.5 105.3 First mortgage bonds 783.3 749.0 674.5 625.1 525.7 527.0 324.7 Guaranty agreements - pollution control financing 36.4 36.4 Niiscellaneous long-term debt 3.2 3.9 47.0 47.1 46.4 1.7 1.1 Unamortized discount and premium on long. term debt 1.7 Total capitalization 1 608.4 1 497.6 1 363.0 1 250.4 1 099.8 981.7 639.8 Notes payable... 79.0 52.4 63.3 37.2 31.4 21.1 7.5 Long-term debt due within one year. 75.0 ! $0.0 Accounts payable.. 37.2 27.5 22.8 20.6 17.6 15.7 6.3 Salaries, wages. and vacation pay accrued 5.8 4.9 4.4 3.9 3.4 4.8 2.7 Taxes accrued. 61.5 53.5 60.7 45.8 48.5 52.1 38.4 Interest accrued.... 16.0 12.8 10.3 9.0 7.3 6.7 3.3 Dividends declared 15.3 13.5 12.6 11.0 10.4 8.7 6.6 Other current and accrued liabilities 1.3 1.7 .9 .8 .9 1.2 .9 Total current liabilities 291.1 216 3 175.0 128.3 119.5 110.3 65.7 24.6 16.5 6.6 6/. 4.7 6.1 3.u Deferred credits..... Contributions in aid of construction. 8.6 7.7 6.8 6.0 SA i 43 Accumulated deferred income taxes. 108.4 77.9 55.1 41.5 32.5 26.7 9.9 Total .52 032.5 51 816.9 51 607.4 51 433.6 51 262.5 31 130.2 $723.3 5 H J

. - 2 CONSTRUCTION EXPENDITURES Construction expenditures during 1974 were $270 million, including $8.7 million for nuclear fuel for the l 4 Prairie Island nuclear plant. Major expenditures included $38.2 million for continuing construction of the ',( Prairie Island plant's two $20-megawatt units; $114.1 million for continuing construction of th 'Sherburne { County plant's two 680-megawatt units. Construction expenditures, including nuclear fuel, for the five year period from 1975 to 1979 are estimated ( nt $1.3 billion. By years, the expenditures are: 1975 1976 1977 1978 1979 (Millione of dellere) Construction expenditures excluding nuclear fuel.... $214 .$188 $216 $277 $300 11 17 14 18 20 Nuclear fuel expenditures Total construction expenditures.............. $225 $2M $230 $295 $320 i l The construction program includes part of the construction costs of five generating units and a major trans-mission interconnection. The five generating units are as follows: location Capability Coet Completion Name (Nearest City) Kind (Meseweise)s (Millione) Date 1976 Sherburne County No.1 Becker, hiinn. Coal-fsd 680 MW L $360 Sherburne County No. 2 Becker, hiinn, Coal. fired - 680 htWi 1977 1982 Sherburne County No. 3 Becker, hiinn. Coal fired 800 htW L $853 Sherburne County No. 4 Becker, hiinn, Coal. fired 800 htW f 1984 Tyrone Energy Park No.1 Durand, Wis. Nuclear 800 htW* $718 1985

• Contemplates an 1150 megawatt unit of which 350 megawatts will be reserved for other power suppliers.

Tosal 1974 1973 1972 '1971 1970 1%9 1964 1964 1974 Gross Additions to Property. (Millions of dollare) Electric production. $196.6 $167.5 $147.7 $142.1 $ 99,9 $ 79.3 $ 6.5 $' 987.8 Other electric.......... 33.4 55.5 47.0 51.0 52.8 68.9 41.7 573.9 Nuclest fuel..... 8.6 16.2 9.8 10.9 7.2 52.7 Gas.... 12.9 5.5 7.7 7.2 4.5 7.6 6.3 76.1 Other utilities 3.7 2.6 5.8 1.7 1.6 2.0 2.0 32.0 Tot al........... 275.2 247.3 218.0 212.9 166.0 157.8 56.5 1722.5 Less Acqvisitions, Salvage, etc., 2.7 1.4 6.0 2.7 1.0 4.0 .1 17.9 $245.9 $212.0 $210.2 $165.0 $153.8 $ 56.4, $1704.6 Utility Plant Additions...... $272.5, The additions to utility plant and the retirements for years.1969-1974 are summarized below: Total I 1974 1973 1972 1971 1970 1969_ 1969 1974 (Millions of dollare) 4 Balance at beginning of period $2101.2 $1869.2 $1665.5 $1476.1 $1324.8 $1182.0 $1182.0 j Gross additions. 275.2 247.3 218.0 212.9 166.0 157.8 1277.2 Retirements (28.6) (15.3) (14.1) t 22.7 ) ( 13.7 ) (13.7) (108.1) ^ Adjustments.......... (5.6) (.2 ) (.8 ) (1,0) (1.3) (8.9) Balance at end of period....$2342.2 $2101.2 $ 1869.2 $16_65. 5, $1476.l_ $1324.8 $2342.2 l t 6 6 r

= ' POPULATION TilENDS Per Cent increase in Popotation States in which NSP has service istil9so 1950 1963 1960-1970 1970 1974 hiinnesota 6.8 14.5 11.5 3.0 Wisconsin 9.5 15.1 11.8 3.4 North Dakota. ( 3.5 ) 2.1 ( 2.3 ) 3.2 South Dakota. 1.5 4.3 (2.2 ) 2.4 Total 6.6 12.9 9.5 3.1 NSP Service Area (Counties in which NSP has service) 8.7 15.1 12.9 3.0 Total United States 14.5 18.5 13.3 4.0 In the NSP Service Area, the greatest percentage increase in population has taken place in the suburban portion of the Twin Cities hietropolitan Area. This hietropolitan Area consists of all of Anoka. Dakota, Hen-nepin, Ramsey, and Washington counties. Per Cent increa.c in Population Twin Cities Nietropolitan Area 1930 1950 1950 1960 _1990 1970 1970 1974 City of hiinneapolis 6.0 (7.5 ) ( 10.0) (2.3 ) City of St. Paul 8.2 .7 (1.1 ) (1.7) Subutban 69.8 115.7 55.9 11.4 Total I 8.9 28.8 22.4 5.9 Other communities oser 5000 population 19.2 17.0 17.8 11.2 Other communities under 5000 population and rural areas in counties served by NSP (.4 ) 4.0 1.9 (13.8) Total 8.7 15.1 12.9 3.0 Of the three million people served by NSP. 63.00*c are in the Twin Cities hietropolitan Area. _,1974 Ltimatest Per Cent 7 win Cities hietropolitan Area PoUsulation n e<t of Total City of hiinneapolis 424 000 14.0 City of St. Paul.. 305 000 10.0 Seburban I 186 000 39.0 Total 1 915 000 63.0 Other communities over 5000 population 628 000 20.7 Other communities under 5000 population and rural 495 000 16.3 Total 3 038 000 100.0 7

4 REGULATION AND RATE INCREASES ItFGt'LATION The Company is subject to the jurisdiction of the Federal Power Commission, under the Federal Power Act, as to certain activities including wholesale rates for electric energy sold in interstate commerce. The Company is also subject to the jurisdiction of the Public Service Commission of the State of Minnesota ..ad the Public Service Commission of the State of North Dakota as to certain activities including rates for retail sales within those states and the issuance of certain securities. The Company is presently not subject to regulation by the State of South Dakota as to rates or the issuance of securities,but the Company's retail rates are subject to the jurisdiction of certain municipalities in South Dakota. However, under legislation effective July 1,1975, the Company's operations in South Dakota will be subject to regulation by the Public Utilities Commission of the Sta:es of South Dakota. The Wisconsin Company is subject to regulation by the Public Service Commission of Wisconsin. In 1974 the State of Minnesota enacted a law authorizing the Public Service Commission to regulate electric and gas utilities effective January 1,1975. Among other things, the new law covers the setting of rates, quality of service, regulation of accounting, issuance of securities, and the ultimate designation of service terri-tories. A billis under consideration in the Minnesota Legislature which would amend various provisions of the Public Utilities Act including the existing provisions entitling a public utility to put interim rates into efTect 30 days af ter filing and requiring the Commission to make a final determinatien within 9 months on an application for changes in rates. The Company is unable to predict whether any such proposed changes will be enacted into law, or if enacted, the content of any legislation. ItATE INCILEASES In 1974 electne and gas rate increases were put into effect, which increased revenues by approxiraately $48 million in 1974 and an estimated 568 million on an annual basis. These rate increases were approved by various regulatory bodies where required. Seasonal rates (higher summer rates) were part of the electric in-crease program. For 1975, NSP has requested additional electric rate increases of $74.6 million on an annual basis. The following shows the status of the 1975 rate increase program. 1975 Electric Rate lucrease Program Annual tnerean requested (millions of dollaran Statun Minnesota . $ 59.1 Effective 2/3/75 on an interim basis. See discussion below. North Dakota 3.2 Effective 12/7/74. A public hearing by the North Dakota Public Service Commission was completed 4/28/75. South Dakota 2.4 Action for rate increases are in progress. A hearing is scheduled for 6/16/75. Wisconsin 6.4 A $5.4 million increase was granted by the Wisconsin Public Service Commission to be effective 1/17/75. An emergency interim increase of 9/74 was also made per-manent. Wholesale - Minnesota, South Dakota and Wisconsin 3.5 Filings were made 12/74 a ' mre subject to Federal Power Commission approval. The rates in Wisconsin which ac-count for 50.9 million on an annual basis were put into efTect in early 2/75 as interim rates subject to refund. Total .574.6 8 l )

.s ) i in accordance with the Public Utilities Act, the Company filed for the above increase in electric rates with the public Service Commission of the State of hiinnesota on January 2,1975 and put the rates into effect as .a s 3 interim rates subject to refund for service rendered on and after February 3,1975. Hearings on this rate in-j crease have been set for early June. Various municipalities and other groups have filed or are expected to file J for intersention. Under the Act, if the Commission does not make a final determination concerning the rates within a pc.iod of nine months beyond February 3,1975, the rates shall be deemed to have been approved by r the Commission. i l DEPRECIATION POLICIES l1 DEPitECIATION FOlt COltPollATE PL'ItPOSES l The annual presision for depreciation has been compated by the straight line method based upon esti-mated useful lives of the various classes of property. For the hiinnesota Company, the depreciation rates are established by management and are subjected to annual study and review. Effectise January 1,1975, depre-ciation rates for the Minnesota Company will be subject to approval by the Public Service Commission of the State of Minnesota. For the Wisconsin Company, the rates are subjected to the same general review and are aho certified by the Public Sersice Commission of Wisconsin. The annual depreciation for 1974 increased by 4 approximately $12.1 million over 1973. This increase in depreciation was primarily due to property additions. No significant changes in rates were made because of the annual resiew. During the past five years the composite depreciation rate in percent of depreciable property has it. creased from 2.9% to 3.59. This reflects the changing characteristics of the business and property as indicated by the continual surveillance of depreciation rates. The annual depreciation expense shown on page 2 and 3 of this report includes amounts for the income tat etlect of the additional depreciation due to using liberalized depreciation for income tax purposes for the Wiscon.in Company. The tax eficct of the amount due to liberalized depreciation has been excluded in the computatie of the composite depreciation rates shown above and on page 1. DEPitECIATION FOlt INCO31E TAX PL'ItPOSES The Company and its subsidiatics have used liberalized depreciation since January 1,1962 and since 1971 hase used the new Class Life (ADR) systems m computing depreciation for income tax purposes. This reduced federal and state income taxes by $33.0 million in 1974 and 524 A million in 1973. The reduction in income taxes since 1962 due to using liberalized depreciation procedures has totaled nearly $109 million. This inclu'ics additional income tax reductions of about 52.4 million due to the 60 month amortization allowable for pollu-1 tion control facilities. Deferred accounting has been used and therefore the tax reductions have been ofIset by deferred charges in the income statements with the deferred amounts for the Wisconsin Company being re-corded as depreciation expense. Accelerated amortization of the cost of certain properties during the 3 ears 1952-1960 resulted in income tax deferrals aggregating $9.3 million. The unamortized balance of the accumulated deferrals is being credited to income over sueeceding 3 cars at $346.000 per year. This annual amortization will continue at this level until 1984, decreasing each year thereafter until 1987. INVEST 31ENT TAX CI! EDIT The insestment tax credits allowed under the Revenue Act of 1962 and the Revenue Act of 1971 reduce the federal income taxes otherwise payable by $7.9 million in 1974 and 510.7 million in 1973. l u For the 3G investment tax credit under the Revenue Act of 1962. the Minnesota Company is amortizing the credit over a 5-year period. For the 4G investment tax credits under the Revenue Act of 1971, the Minne-sota Company and the Wisconsin Company use deferred accounting procedures and restore the credits to in-come ratably over the estimated life of the property. Under these methods net income was increased by $1.3 million in 1974 and $1.2 million in 1973. 9

D COMMON STOCK DATA Aserage l'arninge Shares Per Shareholder. Outstanding Aicrose Dieldends Market Priece' Year l'.nd of Year (housande) Shere Declared itJgh low Close 1948 34 856 9 505 5.91 $.70 9.2 7.6 8.7 1949 49 959 9 625 1.19 .70 11.1 8.5 10.7 1950 53 557 11 084 .94 .70 13.0 9.4 10.2 1951 56 644 11 090 .85 .70 10.7 9.6 10.5 1952 59 432 11669 1.06 .70 13.2 10.5 12.7 1953 59 858 12 199 1.10 .725 14.2 11.7 13.6 1954 63 651 13 006 1.10 .80 16.7 13.6 16.3 } 1955 64 046 13 418 1.16 .825 18.2 16.0 17.6 ~ 1956 67 467 13 949 1.22 .90 18.2 16.4 17.1 1957 69 471 14 119 1.25 .90 17.6 13.4 17.0 1958 69 658 14 269 1.30 1.00 22.4 16.5 22.0 1959 74 377 14 646 1.47 1.10 25.6 22.1 24.2 1960 75 323 15 399 1.49 1.12 29.2 22.5 28.7 e 1961 74 938 15 422 1.55 1.18 38.3 27.4 34.0 1962 74 383 15 422 1.71 1.255 37.6 25.1 35.4 1963 73 829 15 422 1,79 1.34 38.3 33.4 36.1 1964 73 245 15 437 1.90 1.40 41.2 33,4 40.3 1965 75 824 15 724 1.94 1.44 40.2 34.5 35.0 1966 76 477 16 209 2.05 1.50 35.7 27.6 33.3 1967 76 050 16 212 2.11 1.56 34.6 28.4 28.6 1968 77 110 16 212 2.13 1.60 33.6 27.0 30.0 1969 81 565 17 158 2.24 1.60 30.7 22.5 22.7 1970 88 937 17 544 2.41 1.675 27.3 21.6 26.6 1971 90 612 19 020 2.54 1.70 29.2 25.0 27.2 1972 93 166 19 751 2.75 1.768 31.1 24.4 30.4 1973 96 138 21 289 2.61 1.836 31.3 22.4 25.2 1974 103 454 23 233 2.40 1.836 26.3 15.2 16.0 ' New York Stock Exchange prices. Figure after decimal point in stock prices denotes eighths. Note: The $1.836 per share common stock dividends paid in 1974 is completely taxable for federal in-come tax purposes. DISTRIBUTION OF COSI5 ION STOCK OWNERSIIIP-DECESIBER 31,1974 Shareholdere Sharea Per Cent l'ee Ceuts Sharce held by Number of Total Number of Total Individuals Women 39 711 38.4 6 188 849 24.4 Men 27 567 26.6 4 662 255 18.4 Joint accounts 30 491 29.5 4 467 315 17.7 97 769 94.5 15 318 419 60.5 Individuals as fiduciaries 2 581 2.5 690 554 2.7 Nominees I 215 1.2 7 274 210 28.7 Brokers and dealers 126 .1 344 579 1.4 Banks and insurance companies 148 .1 645 025 2.5 Fiduciary institutions 391 4 118 928 .5 Others I224 1.2 925 245 3.7 Total 103 454 100.0 25 316 960 z _.0-100. 11

, s ELECI'RIC AND GAS REVENUES AND SALES f' i L 3 1 1974 1973 1972 1971 1 Electric Operating Revenues (millions) Residential $174.5 $ 149.5 $ 145.3 $128.9 $1 Small commercial and industrial..... 87.9 75.8 71.9 63.0 Large commercial and industrial 151.7 126.5 115.7 100.5 Street lighting and other 14.0 13.0 12.1 10.8 Total retail 428.1 364.8 345.0 303.2 h Sales for resale 24.7 t 20.2 13.1 11.5 Miscellaneous 3.5 3.4 3.3 _ _ 3_.2 i Total $456.3 $388 4 $361.4 $3[7.9 g Ellow att - Ilour Sales (billions) Residential 5.8 5.8 5.7 5.3 Small commercial and industrial 2.6 2.5 2.4 2.2 Large commercial and industrial 7.9 7.9 7.4 6.8 l Street lighting and other .6 .6 .6 .5 Total retail 16.9 l 16.8 16.1 14.8 Sales for resale 1.8 2.2 1.4 1.1 Total 18.7 19.0, 17.5 ,_15.9 Gas Operating Res enues (millions) Residential I With space heating $ 42.6 $ 38.6 $ 40.1 $ 35.0 Without space heating 2.3 2.3 2.3 2.2 Commercial and industrial firm 19.1 17.2 17.6 14.8 Total firm. 64.0 58.1 60.0 $2.0 Commercial and industrial interruptible 19.2 16.8 13.1 12.4 Interdepartmental and Miscellaneous .3 .2 .1 .1 5_ _75_.1 5 73.2 5 64.5 [ Total $ 83.5 g Mcf Sales (milliom) i Residential With space heating 30.5 29.0 ? 2.9 30.1 Without space heatir.g 1.0 1.0 1.1 1.1 Commercial and industrial firm 16.0 15.1 16.9 15.0 Total firm. 47.5 45.1 50.9 46.2 Commercial and industrial interruptible 26.6 27.8 24.1 25.0 Interdepartmental .1 .1 .1 .I Total 74.2 73.0 75.1 71.3 12

f ELECTHIC AND CAS HEVENUES AND SALES i i 1974 1973 1972 1971 15 Electric Operating Revenues (millions) ~ ~ ~ ~ Residential $ 174.5 $149.5 5145.3 $ 128.9 $1; Small commercial and industrial........... 87.9 75.8 71.9 63.0 Large commercial and industrial... 151.7 126.5 115.7 100.5 F Street lighting and other... 14.0 13.0 12.1 10.8 1 Total retail 428.1 364.8 345.0 303.2 27 Sales for resale 24.7 20.2 13.1 11.5 1 Miscellaneous 3.5 3.4 3.3 3.2 Total $456.3 $388.4 5361.4

==

= =

$317.9 $29

= =

= Kilow att - flour Sales (billions) Residential 5.8 5.8 5.7 5.3 Small commercial and industrial 2.6 2.5 2.4 2.2 Large commercial and industrial 7.9 7.9 7.4 E8 i Street iighting and other .6 .6 .6 .5 Total retail 16.9 16.8 16.1 14.8 1 Sales for resale 1,g l.4 1.1 t Total 18.7 19.0 17.5 15.9 1: Gas Operating Res enues (millions) Residential l With space heating { $ 42.6 $ 38.6 $ 40.1 $ 35.0 $ 31 Without space heating 2.3 I 2.3 2.3 2.2 Commercial and industrial firm 19.1 Total firm _ 17.2 17.6 14.8 1: 64.0 58.1 60.0 52.0 4$ Commercial and industrial interruptible. 19.2 16.8 13.1 12.4 1 11 Interdepartmental and Miscellaneous .3 .2 .I .1 Total 5 83.5 $_75.1, 5 73.2_ $ 64.5, Si1 Met Sales (millions) Residential Wit'. space heating 30.5 29.0 32.9 30.1 27 Without space heating 1.0 1.0 1.1 1.1 1 Commercial and industrial firm _ 16.0 15.1 16.9 15.0 14 Total firm. 47.5 45.1 50.9 46.2 45 Commercial and industrial interruptible 26.6 27.8 24.1 25.0 25 Interdepartmental ,1 ,1 ,g ,3 Total 74.2 73.0 75.1 71.3 7@ 12 1

\\ L E 3 o> a. Ammaal Geowth Hate Pee Cent of Total 1 Year 5 Year 10 Year ( 1969 1964 1974/1973 1974/1 % 9 1974/1964 3974 1973 _ 1969 1964 i $s r $112.7 $ 80.1 16.7 % 9.1% 8.1 % 38.2 % 38.5 % 42.1 % 43.4 % 53.3 36.8 16.0 10.5 9.1 19.3 19.5 19.9 20.0 Bi 8 53.0 19.9 13.2 11.1 33.2 32.6 30.6 28.7 h 9.3 6.7 7.7 8.5 7.7 3.1 3.3 3.5 3.6 257.1 176.6 17.4 10.7 9.3 93.8 93.9 96.1 95.7 7.2 6.2 22.3 28.0 14.8 5.4 5.2 2.7 3.4 3.I 1.6 2.9 2.5 8.1 .8 .9 _ 1.2 .9 $267.4 $ 184.4 17.57c l l.3#/c 9.57c 100.0 Fc 100.07c 100.0 Fe 100.0 % 4.7 3.1 4.3 c/c 6.5 Fe 31.1 rc 30.4 % 34.4 % 36.5 Fe 1.9 1.2 4.0 % 6.5 8.0 13.8 13.5 14.1 14.1 5.9 3.6 6.0 8.2 42.1 41.6 43.0 42.3 .5 .4 3.7 4.1 3.1 3.2 3.6 1.2 13 0 8.3 .6 5.4 7.4 90.1 88.7 95.1 94.1 .7 .6 ( l 8.2 ) 20.8 11.6 i 9.9 11.3 4.9 5.9 13.7 l 8.9 -(7.6i % 6.4 c/c 7.7 c/c 100.0 % 100.0 % 100.0c/c 100.0c/c $ 29.0 $ 20.0 10.49c 8.0 Fr 7.9 ?c 51.0% $1.5% 55.29c 53.8 % 2.1 2.6 1.8 ( l.2) 2.8 3.0 4.0 7.0 10.8 6.I 11.1 12.1 12.1 22.9 22.8 _20.6 16.5 41.9 28.7 10.2 8.8 8.4 76.7 77.3 79.8 77.3 10.5 8.4 14.3 12.8 8.6 23.0 22.4 19.9 22.5 .1 .1 50.0 24.6 11.6 .3 .3 .3 .2 5 52.5 $ 37.2 l l.27c 9.7 e/c 8.4 c/c 100.9 % 100.0 % 100.0Fe 100.0'/c b 20.0 20.4 5.2 % 1.7 % 4.1 #/c \\ 41.1 % 39.7 % 42.2 % 40.5 % 1.1 1.5 ( 1.9) (4.0) 1.4 1.4 1.7 2.9 12.5 7.2 6.0 5.1 8.3 21.6 20.8 18.9 14.4 41.6 29.1 5.3 2.7 5.0 64.1 61.9 62.8 57.8 4 24.6 21.2 (4.3 ) 1.6 2.3 35.8 38.0 37.1 42.1 n f_ .1 .1 .1 .1 .1 .1 4 66.3 50.4 1.60'o 2.3 % 3.9 % 100.0 % 100.0 % 100.0 % 100.0% 13 . _ _ _. _. ~ _ - - - - - ~ ~ ' - - - - - - - ' - - ' -

N 5 4 eb A &y DIVERSIFICATION OF REVENUES FROM I LARGE COMMERCIAL AND INDUSTRIAL CUSTOMERS There is a broad diversification of businesses represented by the customers in the industrial classification. The following data shows how the revenues are distribu and classes of business with no one group predominating. CLASSIF1 CATION 1974 1973 1%9 MANUFACTURING Amom.t Per Cent Amount Per Cent Amount Pee Cent unmue M (Million.) of Tot.1 (Mimon ) of Total (Million.) of Total Ordnance and Accessories.......... $ 2.6 1.7 % $ 2.4 1.9% $ 3.0 3.7 % Stone Clay and Glass Products.,.... l.9 1.3 1.4 1.1 .9 1.1 i Primary Metal Industries.........,.. 5.6 3.7 4.3 3.4 2.1 2.6 Fabricated Metal Products...... 4.0 2.6 3.2 2.5 2.3 2.8 Machinery (Nonelectric)... 10.8 7.1 8.9 7.0 6.2 7.5 ~ Electrical Machinery and Scientific Instruments... 6.3 4.2 5.2 4.1 4.0 4.9 Miscellaneous 2.6 1.7 2.1 1.7 1.4 1.7 Total Durable Goods......... 33.8 22.3 27.5 21.7 19.9, 24.3 Nondurable Good. Food and Kindred Products Meat Products 2.6 1.7 2.0 1.6 1.7 2.1 Dairy Products. 3.7 2.5 3.0 2.4 - 2.3 2.8 Grain Mill Products 3.2 2.1 2.8 2.2 2.1 2.6 Ileverage Industries 1.7 1.1 1.4 1.1 1.0 1.2 Other Food Products........... 4.0 2.6 3.3 2.6 2.3 2.8 ' Total Food and Kindred Products. 15.2 10.0 12.5 9.9 9.4 11.5 Paper and Allied Products......... 8.2 - 5.4 6.5 5.2 4.6 5.6 Printing and Publishing... 3.1 2.1 2.6 2.0 1.6 2.0 Chemical and Allied Products. l.4 .9 1.3 1.0 .9 1.1 Petroleum Products 4.4 2.9 3.4 2.7 2.1 2.6 Plastic Products 3.5 2.3 2.9 2.3 Rubber Products 2.0 1.3 - 1.7 1.4 1.3 1.6 Textiles. .8 .5 .7 .5 2.1 _ 2.6 _ Total Nondurable Goods 38.6 25.4 31.6 25.0 22.0 27.0 Total Manufacturing 72.4 47.7 $9.1 46.7 41.9 51.3 I NONMANUFACTUllING Quarrying and Mining............. 2.0 1.3 1.7 1.3 Utility Services.................. 6.9 4.6 6,1 4.8 3.7 4.6 Wholesale and Retail Trade.......... 23.0 15.2 19.9 15.7 13.5 16.5 f Office and flusiness Buildings 12.8 8.4 10.4 8.3 5.5 6.7 l ? Sen ices........... 16.1 10.6 13.4 10.6 7.9 9.7 i Government 17.6 11.6 15.2 12.1 8.6 10.4 Miscellaneous..................... 3, .9 L _.6 .7 .5 .7 .8 Total Nomnanufacturing....... 79.3 52.3 67.4 53.3 39.9 48.7 d Total Large Commercial and Industrial. $151.7 100.0 % $126.5 100.0 % $ 81.8 100.0 % 14 .,n- ,r

The diversification of business among the 4105 customers in the large commercial and ,, classification is further indicated by the fact that there were only 84 customers whos ,c venue in 1974. Of these only 31 were over 5500,000. The names of several large customers listed below suggest the wide variety of busine are engaged. hiany nationally known firms who make their headquarters or who have opera ey service territory are in this list, i American iloist & Derrick Company 3 Andersen Corporation hiidwest Federal Savings & Loan Applebaum Food Starkets, Inc. Association of hiinneapolis Archer Daniels hiidland Company hiinneapolis Electric Steel Castings Co. Armour & Compar.y hiinneapolis-St. Paul hietropolitan Airports Commission N1innesota 51ining & hlanufacturing Co. Brown Company ) Buckbee hicars Company Burlington Northern Inc. National P.esto industries, Inc. North Star Steel Co. Cold Spring Granite Company Control Data Corporation Northern blalleable Iron Co. Northwest Airlines,Inc. Country Club htarket, Inc. Northwestern Bell Telephone Company The Dayton Company Dayton Development Company Northwestern ReSning Company FhtC Corp., Northern Ordnance Division Onan, Division of Studebaker Corp. Peavey Flour hiill First National Bank of St. Paul The Pillsbury Company Prospect Foundry, Inc. Franklin hifg. Co., Ine-General h1 ills, Inc. Red Owl Stores, Inc. Gould National Batteries Inc. St. Regis Paper Co. Hoerner Waldorf Corporation Sperry Rand Corporation lioneymead Products Company Target Stores, Inc. The Trane Company lioneywell, Inc. Investors Diversified Services, Inc. UniRoyal, Inc. Jackson County Iron Company West Publishing Company Koch Refining Company Western Potato Service, Inc. hiidland Glass Company, Inc. Whirlpool Corpor::tio i Williams Brothers Pipeline Co. 15

t 1 s. e TRENDS IN PRODUCTION COS'Ili k' 3 The kilowatt. hour requirements for the year 1974 decreased 1.0 per cent compared to 1973. Requtrements 1974 1973 Kwh % of Kwh % of So.irce (Millions) Total (Millions) Total Thermal generation s Coal 8 580 42.9 % 7 55.' 37.4 % Nuclear 4 363 21.8 3 270 16.2 Natural Gas 2 061 10.4 3 631 18.0 Oil 567 2.8 718 3.6 Total Therma!................... 15 571 77.9 15 174 75.2 flydro generation 769 3.9 936 4.7 Purchased and interchange 3 640 18.2 4 063 20.1 Total 19 980 100.0 % 20 173 100.0 % The six largest generating plants in the NSP system (Prairie Island. Allen S. King. Monticello.111ack Dog, Riverside and liigh Ilridge) produced over 71 per cent of the total system requirements in 1974. The trends in IITU per kilowatt-hour output and in fuel and production costs are indicated in the fol-lowing tabulation: I'roduction Costs Cent per li 1 o lieu Nat.Ces C""'* per K=li Output litu per in % of Thermal. Ewh Natural Ai! Total Fuel Total Year Output Coal Nuclear Can Fuel,l'uct itsed only Total liydro Output 1974 11 138 50.2 19.8 47.3 45.6 14.5 .507 r98 .234 .676 1973. 11 092 43.4 16.5 38.5 39.2 26.6 .435 .605 .188 .580 1972. 11 040 41.1 16.6 31.6 35.3 24.7 .390 .532 .186 .511 1971. 11 169 37.8 15.7 28.3 34.4 31.4 .382 .535 .210 .516 1970.. 11 220 33.1 25.4 32.4 33.8 .364 .490 .211 .474 1969......... Ii179 30.5 25.0 29.1 37.3 .326 .444 .189 427 1968......... 11 112 29.0 24.3 28.0 39.5 .311 .425 .149 .402 1967......... 11 554 28.7 24.6 28.2 39.0 .326 .448 .206 .428 1966........ 11 381 28.4 24.4 27.5 32.1 .313 .424 .180 .403 1965........ I1522 28.2 24.5 26.8 38.6 .309 .424 .174 .399 1964......... 11 462 28.0 24.4 26.6 38.3 .305 .396 .213 .398 l b, 16 i l b

GENERATING STATION STATISTICS Capabilitt Output Year (Kw) Btu (_Millione of Kwb) STEAM TIIERMAL PIAN'I3 Insta!Ied Dec. 31.1974 1974 1973__ pee Kwk Output Fossil Feel ~ 1974 1973 ~~ ~ Black Dog-hiinneapolis ~ ~ Unit #1..................... 1952 72 000 281.8 417.1 12 162 12 211 I Unit #2................... 1954 85 000 510.5 456.2 !! 023 11 242 Unit #3 1955 90 000 664.2 739.4 10 864 10 705 Unit #4 1960 _ 171 000 __I 077.0 1 312.5 10 608 10 570 Total.................... 418 000 liigh litidge -St. Paul _2 533 4 _ 2 925.( 10 931 10 942 Unit #5 1956 100 000 575.4 698.2 11403 11 044 Unit #6 1959 163 000 838.4 874.0 10 915 10 975 Four other units.. Total 100 000 Allen S. King - Stillwater __363 000_ 366.8 647.1 15 108 13 571 1968 574 000_ 1 780.6 2 219.3 11 682 11754 Riverside - hiinneapolis 3 268.0 2 992.9 9 648 9 575 Unit #8 1964 227 000 1 497.2 14ts0.4 10 096 9 887 Six other units............... Total 167 000 703.6 663.8 13 300 14 339 394 000 French Island - Lacrosse....... 2 200.8} _2 144.2 _11 120 11307 Lawrence-Sioux Falls 27 000 11.1 10.5 18 502 19 396 hiinnesota Valley - Granite Falls..... 39 000 150.4 168.1 14 379 14 199 Pathfinder - Sioux Falls.......... 47 000 182.3 176.7 12 112 12 118 Red Wing - Red Wing.............. 65 000 128.5 146.7 14 260 14 319 Wilmarth - hiankato.....,....... 16 000 102.0 111.8 14 515 14 401 Four other plants (1). 21 000 103.1 116.0 14 568 14 329 Total 14 plants. Nuclear Fuel 41.3 119.5 _20 006 18 784 I 964 000 10 501.6 _11 130.910 924 11 080 hionticello - hionticello............ 6-30-71 Prairie Island - Red Wing Two Units (2)12-16-73 559 000 2 923.8 3 270.7 10 434 10 292 Total 2 plants. 1 040 000 Total 16 plants............... 1 599 000~ 1 439.1 (.5 ) 12 393 43625 32701 11 110~ 10 334 OTIII:ll TIIERMAL PIANTS-.-28 PLANTS 3 563 000~ 14 864 3 14 401.510 978 10 910 ITYDIlO PLAN'IS _1 556 740 __ 706.3__ 772.7 _14 493 14 469 Chippewa Falls-Chippewa River Holcombe - Chippewa River......... 22 000 69.6 89.8 Jim Falls - Chippewa River.......... 33 300 95.2 128.1 St. Croix Falls - St. Croix River I1400 78.1 87.1 Wissota - Chippewa River...... 22 000 109.6 126.0 Nine other plants. 36 400 137.6 181.5 Total 14 plants 51 400 TOTAL S8 plants 176 500 _ 278.3 323.4 768.4 (1) Four plants retired 9/15/74. , 16 339.2 _ 935.9 5 296 240 16_109.7 (2) Second unit placed in service December 21 1974. l 17 i

I \\ Y f e a. p UTILITY PLANT AND DEPRECIATION RESERVES December 31 UTIIJTY I'IANT 1974 1978 1972 1971 570 1969 1964 Electric Othr.. of dollar ) Plant in service Production.............. $ 5 5 0.6 5 516.6 5 483.6 $ 486.9 5 387.0 $ 374.7 $253.3 Transmission............. 253.6 244.9 229.6 213.5 169.6 154.1 101.5 Distribution............. 520.1 496.3 465.4 439.4 410.9 381.0 292.0 General 34.0 32.1 30.7 29.4 29.0 24.9 20.6 Plant held for future use. 1.9 1.9 2.1 1.4 1.2 1.1 .4 Plant leased to others 1.1 1.1 1.1 1.0 1.0 1.1 1.0 Completed construction not classified...... 458.7 284.4 64.1 13.4 62.0 53.9 34.6 Construction work in progress. 262.5 284.5 375.5 284.8 238.5 169.2 45.5 Total electric. 2 082.5 1 861.8 1 652.1 1 469.8 1 299.2 1 160.0 748.9 Gas Plant in service Production 13.4 11.3 11.2 11.1 11.1 7.8 5.1 Distribution 122.2 119.1 114.6 110.2 106.3 102.4 78.6 General 3.5 3.2 3.0 2.8 2.7 2.7 l7 Plant held for future use .1 .1 .1 .1 Completed construction not classified 1.6 3.5 3.8 .1 .2 3.2 2.7 Construction work in progress.. 10.0 2.5 2.1 3.7 .9 1.2 .6 Total gas. 150.8 139.7 134.8 128.0 121.2 117.3 88.7 Other utilities 19.1 16.2 15.4 15.3 15.2 14.7 11.1 Common 37.0 39.3 39.0 34.2 33.2 32.8 12.8 Total .... $ 2 2 8_9.4 $2 057.0 $ 1 841.3 $ 1647.3 $ 1_468.8 $1324.8 $861.5 del'RECI ATION RESERVES I Electric 378.4 $ 343.5 5 310.9 $ 281.0 $ 266.3 $ 247.2 $ 179.0 Gas 40.1 35.7 31.8 28.1 25.1 22.5 12.7 Other utilities 5.8 5.0 4.2 3.9 3.9 3.4 3.2 Common I 1.2 11.0 9.4 7.9 7.I 6.3 3.0 Total .... $ 43 5.5 $ 395.2 5 356.3 $ 320.9 5 302.4 5 279.4 -3197 9 c__.. NET UTILITY l'IANT Electric $1 704.1 $1518.3 $ 1341.2 $1 188.8 $1032.9 $ 912.8 $569.9 Gas I10.7 104.0 103.0 99.9 96.1 94.8 76.0 Other utilities 13.3 11.2 11.2 11.4 11.3 11.3 7.9 Common 25.8 28.3 29.6 26.3 26.1 26.5 9.8 Total ... _51 853.9 $1661.8 $ 1485.0 $ 1_ 326.4 $ 1 166.4 $ 1045.4 $663.6 NUCLEAR Full Nuclear fuel materials and assemblics 44.1 20.8 Nuclear fuel in process Accumulated provision for 8.7 23.4 5 27.9 $ 18.2 $ 7.2 (.1 ) amortization (4.4) + Nuclear fuel-net. 48.4 44.1 27.9 18.2 7.2 Net Utility Plant . $1002.3 $ 1 705.9 $_1512.9 $ 1344.6 $1 173.6 $ 1045.4 $663.6 18 l 9 - _ _ _ _ _ - _ _ _ _ _ _ _}}