ML20024H178
| ML20024H178 | |
| Person / Time | |
|---|---|
| Site: | Grand Gulf  |
| Issue date: | 12/31/1990 |
| From: | Mckamy W, Thomas H SOUTH MISSISSIPPI ELECTRIC POWER ASSOCIATION |
| To: | |
| Shared Package | |
| ML20024H177 | List: |
| References | |
| NUDOCS 9105290223 | |
| Download: ML20024H178 (33) | |
Text
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l Anoi i S MI l' A South Miuiuippi l'intric l'ower Association (SMi~l'A)is a ruial l L'let'tric generatioll athl tr ar1%:11iwion tooperative (G&TL As the whole.
sale power supplier for eleven member-owner tii tribution u op-
- eratnes, South Miuiuippi l'lectric l'ower Awociation serve. as an
, economical power source f or mon
! than 2M900 Missluippian ..
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1 Contents i
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2 thecutive Mc3 sage 21 The Auditors' Re}) ort I
i 4 Our lloard of Directors 22 The llalance Sheets l
6 The 199t) Operating Report 24 Statement of Net Margins l 16 The Financial Section 25 Statement of Cash Flows 17 199t) Financial Report 26 Notes to Financial Statements 18 The Flements of Cost 31 Member Systems Map and 19 Comparatis e Operating Cost Ilighlights~
l 2t) The Comparative Summary 32 Where We Are i
9105290223 910521 T'DR I ADOCK 05000416 FDR
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W. C. Mc Kamy, J r., l' resident I lenry Thonus, General Manager i
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South hiis4 issippi lihittic Power Alany t hallenges will be faceti in Associatk o's conunitinent to its the f uture. I egislation pertaining inelnbelsIip, en.pbyee%, alid the to Clean Air as passed will be tuet area l; .-cives is evident through- and supported by SMl!I'A. Other out the organt/ation. Dnployees legislative issues will be addressed, with wnunon goals continue to anti etnployee involvernent will cuel individually and collectively continue to be encouraged.
in accomplishinents in an ever-changitig environment. The success evident at SMliPA is the result of dedication by a unifict!
l'inancially, SMl'l'A evolved in lloarti of !)itectors and a well qualified l 1900 into a marLet of stability. gioup of employees who are conunitteil A designed deficit during 1989 to ensuring that excelletu e in service at was offset as projected, and positive the lowest po ,sible cost continues margins esisted, More importantly, into the f uture.
SMl!!'A emerged as pl. inned with a strong wot king capital base which We are proud to provide this positive continue , to allow internal financing iepotI which illustrates the continue 1 of many projects. This has also success of South Mississippi I?iectric allow ed a rate reduction for 1991, Power Association and its employees.
b inging the total decrease in the cost of wholesale energy to more than 119 since 1987.
limphasis continues in providing efficiency of operations to our members with inutually beneficial and cost-effective services.
7 f t W. C. McKamy, J r., President l
% 1W llenry Thomas, General Manager 3
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(areer of mote than forty vrats in rtual elet tiitwa. Mll~l'A's boatil tot nu n e th m in e years. setirini',
tion Ile served as N1anar,e of Ya/ou Vallev l l'A in loso. Ile hast been a men ber of the lhd Lom f or r years anti as ic)>resentatn e to Mll:1'A s mit t er hit. litidy, tot th ser vi i on Ya<oi, Vallev board f or a detade. Ile retiicd on Ntart h Tl.1000. I l'A's boatd troin lanuaiv l' 78 until his sicath on Aup,ost M 1940
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t hm awa h A ma w..u ~ w as. m w ~.w ...a w _. - . o m . m. _ : _.. - a - .. J Aloselle Generating Station Alosclic, Alississippi l'lant N1oselle, completed in 1970, j sits adjacent to the I cal River on '
ti; acres in Jones County. ~l his ,
dual-f uel plant uses either natural gas or f uel oil and houses , , , -
three power units, each rated at 59 mebawatts. I'lant Nioselle has the capability of storing 7,000,000 '*^ , ... ,
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Near l'ureis, Alississippi l'lant .Ntorrow is SN11.PNs largest generating facihty, The Plant is located on 5s I actes in w..
l.amar Cotinty. Completed in .
1478, Plant N1orrow burns ,
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generate electricity. Two 200- ..
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Gran I Gulf Nuclear Station l' ort Gibson, Alississippi SN11.l'A owns a 10'; undivided interent in Unit I, for a g( nera-tion output of 125 megawatts ~~
per hour f rom that unit.
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, to presci ve the appearain e .uul omis operated (ontinnotnly l integrity of the lauhtv. tinoughout the sununes lo.ul season atul 6 onttibuted greally Afosr/le Genctnfing Sinfion Planned strin tural alul espilp- when a tet old peak denhilui inent sepairs anti repl.n ements was c~tabbshed on August 20 lhinng lWa -
I Net Ge whthotr V9,*J H MWl t D CI C "U CIP' UU '"" N
- atuf dlG.ts lNegl h alio,nlO MMittli hqyggs by pl,gn{ ppg y ympl,
- 1ueltbltheil IV.nioGallons A goal lot 1040 w.is to niallllain ilighlights, of other 1940 pre. the annual average net heat rate
'Ihe Moselle units (onlinued to venta e inathienant e measures below 10Mid litu /NW11 'I hanks play an unportant part in set v- and upgrades itu luded: to the deilit ated ef for ts of the ing the generation sequircinents
- Replat ement of No. 9 feed- plant statt, the goal was met in of Mil PAN system. The(ontIl- water heates on linit 3 e insh u - eu ellent f ashion with an .n tual bution was espetially valuable: mentation and 4 ontrols upgrade heat rate of 10cl00 litu/ NWil.
u hile Plant Moriow's lJnit I was .Repl.n enu nt of sequenhal lloder ellitiency averaged 72';
unavailable during the first four events momtormg equipment for the s ear, whit h was U; betles
- months of the 3 car;in serving the .Repl ucieent of cohl enti heat than the established goal.
1 new peak demaints of August; hansf er element , m linit 2's air and during the f all lef tlelin8 preheatet einst,illation of f uel- In Atigtot 1000, details were i
outage at ( ; rand (;ulf. flow nu.tering equipment on cai h hnali/ett for M11 PA to secme of the tbree umts 110 ahlminuin bodied Iadrats on l'lant perfo!! nance goals Were an eMihillge b Wis lo it'pl. lie the more than met as the net heat esoting licet of steel bodied iats rate was less th.m 12,000 litu / I'/dnf R.11 Alottole, Sf' whn h hansporI wal to I'lalt KWil for two numths. 'l he best - - - ----
Mor row. lichtery of the new isunny, ima .- -
perior matu e was .h hics ed in Net Genrrahon INoA N MWil ulw equipment is espet teti to be November when the net heat turla-t anel leha non aino' l"* compleicti by lanuary 1% 1991, co,a u ar.c. N..oto ion-rale th'Cle. bed to l1,hh2 lIlll/,
KWIl. l teiglit iate t osu essions were A% the yeai llegalb k!l ul I Ic" g ,
inspe( tion anil repair proi ciluie, inained unavadable as repa"
%utbein R.nhoad in o.h ant e of Wef e Lolnpleted on tWo oI the '
pl.h illg the olt!ci 101 tlle lleW
'ontinued on the tur bme and
. station's six boiler feedwater a man ude Ptdet ted 4
pumps. generator. When icassembly was It anspot tation i ost savings, colnpleh d ill May, li filt I owed l id d h .mht tph'd WMnle
'l he platit's t'stel'nal sllllCtlltes '
flalu e L thl savings, }iltItalt'd and cipopment ucte painted prodot Hon to ineet wstern 7
4 sufficient economic benefits Ior Unit I precipitator received new the esisting fly ash hydroveyor SMEPA to justify cplacing the automatic voltage controls, new exhauster einital!ation of a new original fleet. emitting electrodes, and new above-ground pipeline for the microprocessor-based rapper ash-conveymg systems Upgrades and preventive (ontrols. l hese upgrades allow maintenance measures contin- greater flesibility in precipitator ued throughout 1WO. operation which will result in Gnunt Gulf Nuclear Station more efficient energy use and turing>+-
Ildsed upon recommendations better emissions control perfor- Net yt neration 7E7;'3 Mwil of an estensive fuehburnmg gna nce.
system study, modifications Grand Gulf operated continu-were initiated on Unit 1, and The first year of a planned fom. ously for the first 204 dap of the additional action is planned for year contract painting project year, which is a new record for both units in 1W1. began with the painting of the the facility, dewatering building and dewa-As recommended, the burner tering bins. The planned 4bday fourth deck of Unit 1 boiler received refueling outage started on new burner nonles and refur- Cooling tower upgrade consisted September 30 and was completed bished burner pantlegs diverter of new drif t eliminators being almost twelve days behind chutes. Other f uebburning installed during the spring. 'T he schedule. Overall, the work scope modifications were made to the new devices allow less water to Wa', larger in this outage than in bypass dampers on the three "drif t" from the cooling tower the previous one, and ome mapr coal pulverifers serving Unit I stacks and permit the san,, work activities were performed and to four coal classifiers on amount of cooling with less for the first time.The refueling Unit 1. forced air flow, resulting in a outage was completed within reduced horsepower require _ budget.
The study also identified items ment to operate the fans, which could be changed to The plant statt met the estab-improve fuebburning etticiency Ilighlights of Iwo upgrades and lished lWO goals in five of the and to reduce the amount of preventive maintenance mea. " Top Ten i erformance ludicators" unburned carbon in fly ash, sures were: einstallation of a "',ed by the nuclear industry. The With implementation of the new emission report computer goals met were: lost time accident recommended changes, the which summarizes data from
- d ""W d N M d I' * 'R' plant heat rate is expected to emission moniton, for opacity, tive waste generated; fuel reliabil-improve; and the quality of the 50, and NO,
- Modification of ity; safety system performante; fly ash resulting from burning Unit I fly ash removal system to and reactor water chemistry, the coal should be enhanced, use a vacuum blower in place of thus improving marketability, 1
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.ahhtional genciation was phg g l essential for lirief penoas of 'g T.
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n nan.non ,- u m ions nafn e pt ut d a t es Andalt s Resiiur((*s t tintiinied i
I k() L (i e (Ifi k h* Old I L*s('r Ves (III i Milil'A s propertv in castern _ _. - _ . _ _ _ _
l Kentut kv. Niining operations #, ,
h inanaca snaaie ana acer t x 23,s 6 inines.
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espe + io,ca.n m unsianiiai - - J - g , ' ' ' ', y 3 .
rettiins in the forrn of ros altV A . t oal is unloaded t roin %\11 PA s new alununum bothed s ars, \tonen enip'os ecs
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- and Ihllv Pn kun stand on the trestic, traJs to assist it on esvn . f .u h r
payinents, t.it hold- lWi tons til in.il. as s iiniparni tii the Itill !On i ajsa it\ per slet I bi +hed t at 9
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Marketing the property's timber an extremelv favorable prite representatives f rom member l began in luS9 and was success- to SMEl'A. thus reducing the cooperatives, with excellent j fully continued throughout average cost of power delivered member response. This training 1940. to its eleven member systems. will allow these representatives to work with homeowners in SMI PA executed an oil and SMEPA is continuously develop- determining the best way to gas lease for the exploration, ing a plan for reducing future meet needs in the honw and to drilling, and production of the generation requirements. As part promote the use of heat pumps oil and gas reserves on the of that plan, SMEPA assisted a Kentucky property. member system in signing a SMEPA's heat pump incentive tavorable contract with a large program was promoted in 1940 4 (.(DitPt pR 4 f l Pt A NNING ANo paper inill to sell off-peak power and brought about a substantial and stand-by service in return for Onn4nAs mcrease in response The reducing South Mississippi's Association's Marketmg Special-responsibility for generation ist produced a piofessional during peak hours. Thi" should quality heat pump t resure for Control Center allow SMEPA to postpone future the member systems to use for generation to the advantage of all promotional purposes.
lWO was an excellent year in members.
the purchase and sale of economy energy used to offset SMEPA again maintained - 1:lectronics Support more expensive fuel in its position on the North Ameri-SMEPNs generating units. can Electric Reliability Council's The Electronics group worked These purchases / sales allowed (NERC's) Control l'ertormante very closely with Engineering in SMEPA to reduce energy costs Ilonor Roll, being listed as the the installation and check-out of to all membcrs. During the third best in the southeastern significant microwave additions year, SMEPA renegotiated a United States and ninth best in for the llenndale Substation. In contract with Cajun Electric all of North America. addition, they replaced Remote Cooperative to gain more Terminal Units at seven trans-favorable conditions for the mission stations with upgraded operation of SMEPNs system. Afarketing hardware and software. This will allow better data transfer In addition, an agreement was SMEPA worked closely with its f rom the field back to the Control signed for the purchase of 50 member systems to promote the Center, thus assuring more MW of around-the-clock energy use of high-ef ficiency electric heat efficient operation of the trans-beginning in late 1990 and pumps in new and existing mission system.
, continuing thmughout 1491. homes.1Icat pump training l T his energy will be bought at programs were conducted for 10
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part of the state. The tie firms Units were replaced at seven Monticello 115-kV transmission the existing one and provides transmission substations through line to provide loop service to another wheeling path to AEC. a coordinated ef fort of Design Southern Pine liPA% GP-Engineering and Electronics. The Monticello Substation. The The continued installation of existing Harris temotes were substation services Georgia-electronic muers was recom- replaced with new Westronics Pacific Paper Milllocated near me.Wd af ter the electronic units due to obsolescence. Monticello, Mississippi.
meter pilot program. SMEPA is able to remotely access these A study of SMEPA's telecommu- 1990 system construction also devices, eliminating the need nication facilities will investigate included upgrading the 115 kV for routine meter reading. the current adequacy of existing transmission line which services microwave, power line carrier, the International Paper Mill To take full advantage of the and telephone data systems; near Redwood.
electronic meters, dial-up com- settew requitements associated munications must exist at each with the System Planning Guide; meter site. Cellular phone and make recommendations for Iine Maintenance installations are preferred and installation or replacement of will save SMEPA phone com. facilities. The final report will The annual right-of way pany protection equipment outline projects required in the retlearing program involved charges these savings will allow next five years and will address the reclearing of 327 miles of for recovery of installation costs the expansion of the telecommu- transmission line right of way.
within the first year of operation. nication system over the next A total of 3,054 danger trees initialinstallations of electronic twenty years. were recleared on 59 miles of meters will follow areas where line.
cellular service is available. Additions to SMEPA's Taylorsville Switching Station Ground-line inspection of included a circuit breaker, surge 170 miles of transmission line I nd , Enginccring arresters, and protective relaying resulted in the treatment of to provide faster switching and 1.915 poles for decay, insect hkV autotrans- line isolation. Member coopera- damage, or mechanical damage.
ft .as added to existing tives Southern Pine and Dixie The inspection resulted in a low substations at Lumberton and will benefit from the construc- overall rejection rate of .469.
llomewood to relieve autotrans- tion.
former ovelloading brought . Aerial line inspections were about by load growth, pet formed on SMEPA's 1,357 System Construction miles of transmission lines on Supervisory Control and Data a bimonthly basis.
Acquisition Remote Terminal Contractor crews constructed the Silver Creek to Georgia Pacific-12
-a ._.a- .i.e.__e .** m.,. - -m-- - - - . - = =--e-awe.* .*--.-4*m..Ae--.as.# a.._i.u.4 AhA#%A,.um_..AAA,_.&_m.4..i sa-J---.JA J.-.i__A.J__..eA_.4_a-u-_a.a 1
l
% !;( [ K I W ,.
nJ /
'f"W] L.,&
I.
l .l l 'substatiott Alairstenance q
~.h 4
y Ic .se l'oi os I en v ( l.u 6. .
.,oa uomo .,m..m Substation petsonnel ret.dibIated ' ut* station \1.untenaiu e and tested all metermg equijw %' - V
,a l et hon ia"' l'rdon"
,[
E ' ' '
l,."
ment in the %) stem at 1"4 metet- .
ingio<anons sio,e omn wo 6 a ;f , h-mum m toen,.a relays-out of 2316 - were b b' !" " I I' * ' " d l ' "' PC' h"" "'
's 7t .[ , M innt,u ts and othen inn ha-t ahbrated and tested. we
., g ,q n,,
NI' 1 I
r( *$ f p, ' ,, .
IINIaled burVefs Wele colnp!t'ted I .[
on substation facihties belonging )
to Ssil:l'A, I bie l'PA, Sout ha est slississippi ITA, Ya/oo Valley f
- m
- j. ;
i i ym f A ,
ITA, Pearl Rh er Valley I'l'A, As ,
, i and l Will Ullinty !!!'A. *\ f a y siaior inyeenon ana ,cpai, et ,
i a
- d -
all ou LY and 161-kV oil orcuit w ",f
,. _g 6.
breaker , were (ompleted during I w o.
r '_; * " - - - -
-'g s ~^m -
"~ "*
'y m.wy,
- ',f -s . ao 4 s A .,
. l . i} f._x-) ~ bl I I.and nepartenent i .
J 'p u a, .. q .
w se :p . $,[ T i pe C ],-- [{k"q..; Q lu
')M e , s, .M 'r- f ,,
nonngioon.ihei.ana occari.
9 7 .t 4 y m ni:
ph~h Q $ q %p K M, 4 Q7 Kl (('i i 'i
(.6.%j )yy, iik:
- Assisted in the lease of .
g;e.gt ; jnj[+ gj q-ssi n m xenio tv p,operis. , y . :
securing a better per-acre / 8: <
- VD
, _A% ,w ij ' 9
. i f 1 C 4 4j e .k e p"r y
amount than in the past ' .1
} ; iy 1 S,y w
)
. A s e ed in negonen og n,si. u4 g w
ome nmbem. des wm&v.
m,st
, u 7- ,
., +
O dI el LI n( dt k k!$ bl*t ,
3 aanger irecs u, be cut on nine .. , y . m a < ,
x L
lines ,
-s, .gf /> a N; qt N.
~
- Act}uired the substahon site at / M.w*.'
g 7 llenudale f or the 211/161-k\' __, _ _ _ _ _ . .
2 #l,sg i arn ( nnut I and Supen sor. <uul I ueda i tounnon I and Agent thst uss the
[h is*1 hie l'tlet t w t *l d pt m t f Ilhe oil d }M h el iil ph tj't'l(\ d5 t hti' !6.tik at the p}dHhed pr ohle sheets 13
l 1
I i
( AIT /SNil'i'A intertie. Prop- Supervisoty traimng programs A sy tematic upgrade of of fices l crty appraisal for the tight of- w ere introdut ed whit h itu luded at the headquarters f acility way was begun with acquisi- employ ee t elations seminars continued in 1900. upgrading tion beginning the first quatter for more than 20 supervisor . the ottice st heme while masi-of 1991. In additmn,in house perfor- mi/ing space utili/ation.
i + Acquired an option for an mance evaluation training was 3
industrial 6ite for Souther n conducted for all supervisorv liens. 'l his site t on i t , of 100 personnel.
EC' *"'""I II'"I"I*" N""
acres and joins S\llTNs Plant
. i he hourly employee wage plan Nioselle site. Southern I lens (._rosotraining programs vas revised m. 1990 to f urther
, Will employ approximately were initiated that encourage strengthen employee tievelop-150 people next year. Initially, employee desclopment and ment, redelme per formant e this will be a 541W load for improve operating cf ficiencv. -
standards, and add cross-t hsie ITA.
training requirements.
Iransportation SN11 PA adopted a loan provi-Hikw Risot in i s no Fleci . nante and procure- sion in its Sclet t RI: Pension t h u i orm u . ment programs were fine-tuned, Plan in July 1900 which allows
- . . allowing for computeri/ation employees to borrow money of replacement and maintenance against their sacings accounts I ,f ran, u,nX schedules and wmpliance with at wmpetitive interest rates.
new Department of Transporta- 1he Association also lowered During 1940, increased emphasis 4
tion tequirements. not mal retirement age for was placed on employee devel-emplovees f rom age M to 62, opment through the design and .
. .I he Associat. ion s flect currently
- mtroduction of formal training consists of 56 pieces of rolling New emplovce relations pro-progra ms. .
stock vehicles and 26 pictes of grams were introduced during of f road equipment. the year which focus on im-
.Itaining classes were wnducted proved m. ternal communications .
i bv a local community college 1 via Association publications,
' in Weldilig and air-conditioning l.acilillc5
)
departmental brictings, and l repair for hlechanical and i lllet trical hlaintena nce employ- I "N I } d'Ul major oltl( e N NN ee:. at Plant N1orrow. renovations were mmpleted at Plant \lorroW. ~l his f acility Formal training programs were upgrade was the first significant 3 purchased and implemented offiw renovation at the Plant One of S\11TNs most signifi-within the I'lant Operations and since its constructio" in 19M cant achievements in 1490 Substation hiaintenance sectionN. otclltred in the area of safety.
ITodth tion emplo)ees at Ulants l
14
w- ed 44 h 4kma 4 4_h he. 54.m.m._mmed.Jm._ s,adA4 h wm m'mW _ msmanissimm.---w.emm_w-a.-hm%,
I a
i - . . _ _ .
I Ntor ow and Nioselle athicsed a Iheoubnic,q;wn.m< eof
)
b%, f d' I I"h " "'"' " """ia' "l" h record of wotkim; more than 'd '
i 500,000 hours0 days <br />0 hours <br />0 weeks <br />0 months <br /> without a lost-time , .( , [,
{
< a u m eni in N ove m be, w o. n is y me,e om n n .m ,..,
s record llhistrates the degree oi y j eniplo\ ce lotDnlillnent to saletY ,
23 within the organi/ation. - . I l 1 2 W,W '
\
l . pp Qs, Infortnation Servitis O'A. l A
- i hnh.quainy, iow.osi inier nai FA' i i and external publications contin-l ued to be produced by Mll
- PA [ ,,
during the year. L ~ l l
in earn ioon, pushcation oi ; e '
I his Week began. Its pur pose d g];{) f 7, 3 is to inform employees, on a 4 g- _
biweekly ba is, of Association and industry events.
,_. _ . _ _ . _ _ . . - . _ _ _ _ _ . - . - _ m. - . .
p
,,4
.. . . *j y A cookbook, fooking Wit h M11(PA, was also pubbshed ~
N= p kW J .+'r" which intluded recipes trom DJ
.\ -* g\\' ,
botitli N!ississippi c!11p!oyees. k'
- i 1 he cookbooks were distributed .
Ml
. I to employees and member _ .- .
systems. .g ;; 9 s.
e e s-- * * ,; .
3 An clnployee orle!)talloll video i .
y . -^-
was produced in April 1900 .
bai hi to inform new and existing empioyees ot ihe itinge bencras A US Zhh e a a[
provided bc the Association. 'W
. fL seuih N n , + siPrmearic mn-tilllit'd to pr'oride pilblicallon
- g. d PE
-]
3 and video support to inember gii g.iant g;,enaors inma go unough eucim e n.onmg. Ilme, Duddv nudner. M, systems throtigh its desktop 'I r unme and %dch t hredor, points to Una
- l'odn as be uwnuas Dennn l'one.
ledsk Hron n sind ' sieur i nend dunng Opnator V n. unum at Plant Monon-publishing and production lacilllies.
15
,l . s1% 2 ; n. : 9)) b * " " ***"* "R " '" " 7 "m"o m" """"""" '"
%_.-a-u.a. .mma.m...m.1 . m e .& _ m o a m . a m e _ m .. m. a ._ - a I n sic a to I in a n t ial S ec tion 17 1u00 l'inancial lic), ort 22 1iw Italant e Slwets 1H 1 he I:lements of Cost 24 Statement of Net Margin. anti Patronage Capital 14 Comparative Operatitig Cost 2Il htateint'nt ol Ca6.h I lows 20 The Compatative Sununary 26 Notes to I inant ial Statements 21 The Autfitors' lieport 3" '.
,qi es e
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s %. f 4 h);
- y kty5
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Month cnd (losing requires a group ettort to ensure that all deadhnes are met. In addition to preparing fmancial statements for review by our lkurd of thics tors, disbursement of ac counts payable and payroll chesks must be templeted in a tonelv manner; arnt all related paperwor k must be filed for permanent recordkeepmg Acwunting Cletts Annette Smelt /er. Mary lones, and labby lironme double-(het L budget pnniouts before ther go to department managers 16
I 11990 FIN ANCI Al Rt roin t Rn enf N,i \f.ogins njudy to 2 W of awk the 1"W Iin'os(1aNr.detd S C <m , un trase in njuih !csutuni a total lo!9', let in debt we s it tually . houth \liseippi l In tric Pim et gr.nloal upu anl t r etal estab- uns h mgol in"n liet ember 31, Aw n iahon in ordnl a in of d tiet hshnl os er the last einhl s e,u s lusox ,a er age rate of 8 ov ,
- inatgtn of h702211 for the \ cat etnini lin ember 31, loud, on lillinn.llist' d a. % 11 )hninfonmrni ( 'o .i ch tin energs %dtw of 42nl,12 bin 7.
hu icasnl energy sales and a 12 ?. I he I ones Interest I anmd Raho I olh m mg the imtial u nte-oll inct ease in on sv* tem dmn.unt to all.lO ho PNoaas 1.ll.nulthe m luso of appiosunalcly 10' of 862 megawatts,i oopini w ith !)cht her th e ('os etage flN 1 was M11'I'n shair of the ab.uulose inlm tmns in f uel and puu hasnt 12; lioth of timse ianos eu enini inent iost of ( aanti( .ull Ntn lear jwm er i osts, uintnbutal sigtute the 10 les el toluhni bv mottgage Nation l'nd ll, appaniinately ianlly to the high nel snargut ovenants 5?,loRU00 of the tetnanung ute amortient ahuulonnmnt ont w as I saln el f /nIrnity l i,pmh t u npensnl m 1000 l he un.unot-tient bal.mt e of the ahmdontnent Res enues fiom sales of cln tru sty Mil IWs lujuishly ( ont unu41 to unt at lin ember 31, loud, was , to Mil l'A Niembers im enisni impnn e as forecast u ith a i ash %7 oslM Annati/aho" u til 410.2 Crol or i T , trom the pte- and h1nporar v mt estment In el ionlinne on a pinhiermmnl bash vious y ear l'In tra energy sokl to trat hing approsunately u lm h has been apptos nl by all membro. totainl iin?.1% meg.e S B.x12.000 at the end of loon onessary pat hes A mor ti/ation watt hout s, a 4 % int lease os ci iomparnt to appununately npense m lool o dl be apjuosi' loso sales I he average t ost of 52ino,000 tas adjustnl for a matelv 42,;?<t000 and a ill range power sohl to Mil PNs members tourth quar ter luso Li 11 debt upwant to appununatelv dn hnnt shghtly hom 44 M nulb sen iie pavment lanuan 2, loom 5 8320,000 in 2010, the f mal s cat , per kilowatt hout m luso to IR71 at lie, ember 11. D's" Agam of amurheat on. mills per kilowatt hour m 1000 dunng I"40, t he 42\000.000 hoe i his was Ihe Iluril sut t casa e of . inht mand.unni with Ul(' u as ( N M i 18n ommiuioning ammal decrease in the .u ct age nol uhh/nl cu ept tot the t ons e-t sist of power sohl to membetv ment e of niaking iicht sers h e An atrinal tas quahhnl giantoi payments on loe (, senes polhe tr ust u as estabhshni m lood to Sales of cln tot ity to non membet hon t ontiof bonds ptos i le f or dn onniussionmg Alabama Flectuc ( boperatis e m the e,penses ul t a .Ns l 1)n ommis-secoral f ull \ car of a (outlat i leng f rem th hl Notung h pniin led to begin in the enterni mio in loSM plothh ni grow a year 202.' In uimpham e w it h tn enucs of 912,4h% 121, 2C l >unng U>on, the Assouanon Nut lear Regulatorv ('omoussion highc than the pies ions \ car 'llus in avnt loan advaiu es totahng (NR(l regulahons,iopics of the teiln tnt a 4th itu rease m the no25,000. 9 (02s.000 was re. trust amt un let h mg simlics wne energy sohl under the t ontrat I as t en ni umh1 RI:A guarantn'd tilnl with Ihe NR( m Julv loon sales rose to 411.1% megawatt i nieral I m.uu un; ' lank loans, 'I he tiust was f undnl on lanuaiy hollis $2,371j h kl ulule! NI' A insurt41 2 IWl, WilIl a tinitfibidbul(d loans and 021. odd as the imhal appnnimatch vi.127pon u hn h I !quity im ten n- ath am e under a uinconent loan r epr esentnl amou nts t olin ini of 9 2.30n.122. the lu st sm h loan ihtough a holesale pon et rates
'I he Assot iation's nluitv un casnt m,ule to lhe Assm ianon tu ( l U suu c uinonenlal oper ation el l Ss702.20 to appioumatelv i he aas ann.s n.nnl,orsed amounts ( A .NS I m luf t 1"A amt mterest M7,0Moud or ul' of hital .nsets car nings on w, h uiun tni f u nd -
l fent los transonssuin updal Af ter the loss sustaunt m luso as lhe tilnl f utuhng plan, u ha h is ahhhon and imtoos ements the l't%uh (d the tillilal w il!c t'll (it y d h % t ta i p'lii sd a ri% hit Mt. i al!s
$lli,lli)(K h l illP , ) { il t he alklinbitH 11 lidd hi in ni debt thg teced h 4 an .uunlal lundinp les I'l (d
( aand ( . ult Nuilcar stahon n om '1, En/d o at s car end loso Woun (cu losis e of mten -t M LNN l mt II. u hu h inha ed Ia V PO 79.n i n e I in c u din U . c.o nun;s on tt u .i ametd 17
_s-a w.- -.,,am_+x_b .am,O& n_,ra,J-~mma2,2,,Ja-.=aA_m, , _,r-M.- .K - "&K_,.4 - - - . - -n.smma,m.m' sbLMan- nA.Ma,.w-.,--aw--.Am,__.4A,-.~--1 mMr.,L~_n2 m.A e Tm El1 Mi NTS OI: COST I % 1 hMI l'A '. ( ten Gewan,.n b [ru.nnua r .n s. v & m ( osttili HClIIlfnq%$IDh\ll l l'A A l'Iants -- d / Mk!!Il k 105 27 IIf* D Is t (al IItt.72 17; '7 lhtus tion i o ts anil I'mt base.1 l'.m et e intert hanced l'imi t - %Ils < LWh 27 f.t. 2; 4 # 2s 27 2; 44 26.02
'T ransnosiaon ( & M %Ils 'LWh 29 . . , . . 4n 23s 2.k AM ;i qvnse %Ils/kWh 1 14 1 2 "- Im i 12 1 10 th preaatum and Amortvation %11w kWh 4 70 ti in ; 41 ; os 5 39 Interest %ll ikWh 21 21 20 FI 17.Ni Iti.;0 15 22
'l aws and ( ithe r - %ll, LWh M 4 $. .22 2.77 22 1:tal .- Af dl, k hh of Faks M 2t
- w ka ',> st m 50 11 Il IvrJeohne hvem l i
I'Uri hased l'iih Or / Intiis Indn.L;1%l l'tl% Cr " Mills /kWh Mi12 3s ut Tl 11 14 4 - 3 T (18 I)cptenauon and Amortvatiori %Ils / Lu b 02 02 U2 02 .02 Intriest . %Ils kWh 03 16 01 01 .01 7dd - - %fl A hh of %h- 43 17 l "S IJ W id Oil il II lll 'lowl % tem Produttion Costs and Pint based lim er / Inters. hanged timer %!!s/LWh 31tw 2u 23 27 ;u 28 14 27.72
'liansnus aon O& M %11s /LWh I st 2 00 1 81 1,79 131 AM. I spenw %I!s LWh h1 40 +1 G .81 l
ikprtwianon and Amortvation %lle L% h 34s 4 bi 4LO 1 53 4 10
- Interest - %llm LWh 14 41 I; o1 1T25 12 41 1136 l Tases and other - %11si kWh e1 24 17 2 10 16
,o ao (etal - .hiill+ I. \di el %Is -
N\21 3l U2 4 ' t'$ 40 14 db l$ 1 l l l i l l lA) I whides Kentut L3 t oal oporations mi latraordmar3 item euluJni 18
CourritATivy OPlittATING CO'ST piso ps - low pas t pm kl VI %!!! Vei. of i n. , p %?' ?n1 107 v ? 11.t e i l ' l v?'. N7.7n t s 'il . bl u 17 $261.12; 417 ( w her 2 ps i bs lajMI i? u stsi (174fani (2nu34 u
'l,da! V: v:w '. i 4 d !'lin\FI> ]V da dli NI ' ln l . l l l+ 3 i \l'l \'st U;vi.onin i q ns.
l'riminis ta ii l iirl( tr t U,9 7tl,;7 ) T ;21.;11 4,? 2 T? ? ** 62.N a tJ41 tit (70.te I I . I2 I, 'I'J2 ti l 2dl.I I2 I I . I 'A. D 'n i2 2 It,l78 l l 201,4312 ( llht'l l'It isltis ili'll l
- l'i'nW%
l'un hasnl lim er W 10E ll.
, 'TN'? lnl CNo. in? n Tn1 M t 7 4 296.5 lh t raininisson h ulL116 12nu, L10 18;4.41' ' ' 'l 414 8 4 % 414 r uinct Ai s ount GT %1 '4n.16 7 -10 14i 11.7"5 4d.1%
%., 11.U2 ui n t ? kTN9 Adouni,ttain e & t .eneral T.2 i l . l l; t ins..% 10'0 7 L2 161.741 39'0017 l otal( >;wration l y.rine I MUu o?' 112 477 ssa lit,~uTuo! ti t l* l.2u? 160A l l A2n Niauite n.nu e l qvnse l'ioitus tion h i?u.hn2 v. 6 mn 1.87 ' ? ll o v 11.lT4 72t A4 tin
[ t a ns n uwion 1 oui, I,% N Vlu I Vi %1 1.72170 $ l f.un.4ah ( .cner al l'la n t \W %%d . 4 t i. ! ri 42; 626 4 70. 4 il 461.611 1 otal \taintenan, e lipenw lunu I lu k ins 670 6 C1or s x t 1.o12 ONn 9sT I V pt n ia t h .n 1;21\1s2 tuf +i.114 l u.h in.% I p> 7s?pn 22.us i,tM l aws e,l'i3N .;o,720 7;l bl 7n" VG xW4% Interest I qvow l Net) anil ,y (hher t hhn:lons 61 A701os nn9 0.64 8 n; iWit h 7n,41n. %0 6%,274,%02 Lital l ifww t Wifral ' nii n , s ' il u i? .'in .C n u li ".o.4 ne . W Ol'l R A "lN(, N1 Alil JNs 1 is Mn 1104.77 2.611 nou t h t ?O,% b 4bl9,164 NL IN.L il'l R VIINC. \1 AR( ~1Ns , 20?nAln 2.01 T u?" ? 221.N T u l; "'70 4.0510~9 Ni 'l A1 Rt lNs Of i t )lil f \ IRU IKli/N 1N) l!l \f 2. I N ' ~. J e t A J s in 17, ! 4 20 di a sf p1243 1 \lk %(ilsl1tN 410 lli \1" ' 074.712 N I Af h/Ns s i*um 5, iw 4 4 c+ if 4 ? 4 20, tI i 54 710 '41
. . . . . . . _......'144 .. .. . .. . . . . . . .
(A) W tit id t til unt n oirra! Ir i tlwnws ugion ohui<h einwitt =! (,( A% l lilt Il o un h e.hsl in 1. h iu i ! 'n h h 11 6 1 iv li n,] t r i a n ( Es F b t 'l le t % s in F.lf!\ i S Illigu bhN u l;l 1*i d4 } d 19
Tui CourA.nArivi SouM Any luso lus~ joss g yw jg, i NIIM MMlNCl 5 Allu Gent ratul
%tearn 2,66,n3us 2u u nt; T in 47 T 2 & oa,, gir,g 4%
lithrf (.onef ation 1,910 ],T22 1.;u; 14 % 3 ;s4 2.ne 304 2.uwu'L7 T.lT7,T42 32 p. Tua 3,17 t yso l' ort ha,ett i hrn t i'urt h.w 419jk n 2984s? ;n2;38 72nga 4qu;g, Ik rderhnt - of l'Al 61,120 72Ji *% eio,4, 87, l uo 10ti,64 % l W i,12T T7036 v.2 b is s l 4,014 1,0w374 Inten h.mgett !'on er N ti 1200.497 1. I nT.u u 12n t, ws 13.n.741 1 p7,712 l
'wtalI wyv %mu r. Alnh 4 4t,u. l ? ~ 4 4,w 4 ',2 s n2182
- r,1.~p i la
_ 9,71927n
..: . . .: - : . . .. - u. . ., ,
l i l I i SAlIS-AfWh
%uthwest Alississippi I 1,\ 2uo.u.h 287 278 14212 179,;28 3373g2 j lbie ITA 41 T, k in atM4h 4 i 1,0 h, 42;271 4 k,,878 l Prarl kn et Valles 1.l' A 41;.442 419333 4!a;42 4273 r 440,n44
]
Nugmg Rner il'A 71ojw 2 716.1 % K911 7%xus 786,14n , Southern Pme l l'A 4113 N u4e 101 us23u I,12 s 44; 1,1sT249 l
\tagnohaIl'A 27n,74u u t .oi, r17,u l; v.u 027 378,1 j ] i Coast I l'A nTo.s12 esti410 67 T.7e,i 701.440 731,342 )
Yanm Vallet 1.l'A 121316 lisWI 2M 39s 201,4ta 201.o;7 Coahoma 1.PA 51,16; 81.141 uo,l os %3s3 88,7nT licita 1.PA 207,156 lo T.# ,s l T 14,u l; n2.uso N,7,30; Tmn County i PA 1n2.473 inu 714 187,272 is.1 to, 21%.476 Alatuma llectrh Cooperatne 622 6 3 0); 2 N,s;l 116 902 444 3 % Southeastern l'ower A6tministration -- - 3 416 - -
'lvfal Salo - At Wh 4 l' . '6 4 1,4>ulS t 4 o2?040 ; 2r:1 214 5 eg l $lp
. . >. ,mx - . . c . . . .s. : . . . . ..c,. , . . . --,...c. , .,~+~ . ,..
107a1 M 511 All'I Al \NI)- k o 1211.114 IW Ni 1.24s t,n: 12an 401 1444230 20 l I
t k
- I
. Tur Ausinons' Ri roin 4 1 4 4 I I vun,ial blaternent an,I Inde;<cn. lent Au.htew Repert el 1%ntic an.I low he 1 i
- lhh1f d of ()lin tor %
South Niissiwppi I:Intric Pimer Awoeiation d ilattiesburg, Aliwiwippi We havt' audited lite a(companyirig IMlance sheets of botith blt%iwippi l'ilet trit l'ower Awoiia-tion as of linember 31,1940 and 1989. and the relatni statements of net margins ami patronage rapital and t asli flows for the years then ended. 'I hese financial staf etnents are the responsibd-ity of the Association's management. Our requinsibihtv is to exptess an opinion on these financial statements lased on our audits. We aindtitinl oltr Midit% $rt at cor' dance With gefler' ally act efted atiditing stasidaids Tinise standards intuire that we plan and pet form the audit to obtain reasonable awnrance about Whether the tillancial stalenients are llee of nhlterial nitwtaternerit. An atidit iinitides exainiti-ing, on a test basis, evideine sup[vrting the amotints and dislostues in the finantial statements. An audit also indudes awewing the aucunting principles used and significant estimates made by management, as well as es aluatmg the m erall financial statement piesentation. We lxlieve that our audits provide a reasonable basis for our opinion. i in our opinion, su.h hnanei ' statements present fairly,in all material sespects, the finanaal position of South Ali%issip , filn tric l'ower Association a, of liecember 31,1090 and 1989, anti the results of its operations and its ca h flows for the years then endal in confoimity with i generally au epent accounting principles. l A n, m. sh ,ppi February 8. luol l 21
. . - ~ ~ . - . - - . --..- . - - - - - -
l l j 1 Tin BAI. ANCI Silli IS l 1 1
' I i
l i ! 4 , _ __ __ _ .I. b._ e..m. t vi i l_ _._ _ -. j 1990 19w l i hl Is ] ! IIICIhlC lill!II) I'l AVI r Wh. la !! . h '.nl \i in sen h e 5 729.04%.2s3 471TymA% Construelon w oik in ; ns cw 10. 4 r ,% 4 + 1 (017.'7 T 7%,5htT44 727,0 1429 I ew allon an(c 6.r dipret iation l ots.bv i,1% i17.4an.120 564..#45411 ."M Ch ivo Ollll R A +1 l b A N(4 th VI % l MI N'l > Unremveral plant wst (Note 31 k7 % 1.A6; u t ,1793 0 lin esiments in awociated organuation tNote 4i 11 342.874 11,W,719 Debt sen n e sesen e for ivlhition wntrol 1 onds 4.633.8 % 4.4 M.427 Other nont urrent awets 1670 liul2 10.19t 4.N7 Itu.Mo.CI CllNklRT Assl Th General fund (ash and temjurary ia h equa alent ins estments (Note 10 38,lM.190 41,75tU1 Other inusted tunds 7,627,72n I,un4 Acwunts resen able On luJing res en abhs tiom members of a[7reumatily $1u,7n2aw 11Wl and $22.3WI nuo llos"D (no allow ans e for Joubtful acwunt , deemed nn twary 6 21.44%111 24 4al.4sl Ins entories 4 Note Idi Coal 8 347,128 s.u7t .02n Other f uel 777,429 8 82.0 % Material and sulyhes 13.024.704 12.MaoM l ! 22 349,261 22.l M77% i f Other 2,147.20n 19M C 91)inv317 mI2N 118 Dill RRE l' Cl! ARGE 4 (Note fru 1510,N8 I.ist Il4 TOT Al ASSEIS $ 7tr1.445 2 5 $ 'N 'O 12s annummmmmium suumismuseums Mc "Noh> L' i num ia! Ft.Hemmt. 22 -n --m-, -s- - . . -.en- a -.. ---w-
l . Tiii. BAl ANCI. Siii n s - co~nso o i j _ _ . _ _ .l k emier 11 i t v,* i pews I t 'llllll % A N!' I l 'd;11 till ' 4 I Ollliil s i%sh I* i i
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Menih rslops 9, l bnated oipital 7.n.lT6 s n. l b l'at h inary i dpit.tl 26,'4l{hl3 17A l2.TO { l7JraL104 I s .1r J+ I I t .'NG 11 R Af I'l lil. s t, luslin;,: n uro ra m antrono t Dir ta . 0% 4t.Lys0 :I . .t t ' ',
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ACt Kl11I)!'I ti)At \1th5ft 1NI%c, IM) AI;II %!s IIc an.i ti 1.12e .052 GIRRI Ni l I AI;11Illi % Au onnis pavalile 14,673 747 I t. v.n 027 Au r unl interest M R% ) l' % o27 ( hlier m crued n;rnse , usi.;78
- 4(A s1 Cunent maturinn of long term debt 11312,22ii 12.11s,s.14 i
2+S04,129 D.ib w] CO\lill/ MI VIS ANI)( DNilNGI Nill s rNst, ; an,t s r l t 11 AL I QiilI!! % A VI)i IAl:lliIil > $ 7t,1 %\.m $ 'u y o.128 gueuuunnemunes unassumsuusam I'l' I 3%fI [U;[.f h Ji s i f ad ff'Iifg.'j/f 23
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- S I ATI Mi N'I Of Nt1 M ARGINS ANI) PAI RON AGI CApr1 Al.
I 1 T ears i nded Ib einb.
- 31.
I j 1+x3 iu c492.3 no tS.325.t+ 7 1 INTE kl 51 AND Ollll R DI DilCTIONS Interest 63,141,402 oe-21;.2% Alkm ante for funds used during iuns!ruinan (Note 10 (41.84 D (;14,4iN) Other - net 83,100 livi,m3 b3.lS2,0b l rUol341 Operating Margins 4,741,005 2.523.626 NON-Ol'TRATING A1 ARGINs - l'KINCIPAlI Y INTI RTST INCO\ll 396L238 3kvFv1 1055 0% AMNDONA11 NT OI MICI TAR VOWI R l'l ANT (N.ctC 3: t io.lkIM u NI T A1ARGIN> 8.702243 <4203.1136 e l'AT RONAGE CArlI AI A T I;l(. INNING OI i TAR 173I2370 22 0l? tS t
- PAT RONAGl. <!A}'((Al. AT [ ND OI a l AR $ 26.511bl3 $ 17312 7 0 l .i> v. :. . --
i i QC 'N0!Cb f!' 5 IHJ fliial S t.!!O*h'H h 24
STApurNT 01, C4su Ftows T cars I nJed th ember 31. Iwo low
. O!'l RATING ACTil'Ill! S Net margms 5 H 702.243 5 (1 20;,3131 Aepistments nettwa , .o reconcile net margins to net ca h procnied by operatmg actintles'.
Depreciation, amorti/ation, and depletion 24.213?66 2R%2.814 Abandonment ol nuclear power plant 10.1 M 000 Decrease lmcrease) in accounts ret eivable 2335,341 (5A N.Ni9) (!ncreaseldecrf vc in msentories (140.483) 3.111.662 (Increase) decre.ne in other a ets (%,3x3) 2.147.12n (Decreasci increa .e m accounts pas able and ..ccrued espenses (2.242,245) 2.52131) (Decreaw) m accrued interest pasable (14.731.443) (2;2.27o Accro >d dewmmissionmg pas able 1,12nM52 l \ Ni T CASII TFDAf Di'TRnTING ACTIVITIFS 19327.907 ?93 lb.4 % l l INYISTl.\G AC11VI1 ES ( l Acquisitions et electric utihty plant (11,319,271) (13 ;70.167) Retirements of electric utihty plant 4.423.408 41 u,,,oo l ! Increaw m other intested fund, (7.625.762) Other (177.4131 (212.4s i l i NTI CASillibi D IN INVE SilNG AL TIVilITS (I4.719.fdS) tILtM O\% l l F'NANCING ACTIVITILS Vayment of debt 0 7.5 % 045) (IUw2.22M Prinul, f rom &bt E404.033 5.tCO.u l7 Nr T CASilllSI D IN IINANClNG ACTIVIIILS (8.lSqul!D I10.12131 I) NF T IDI CREASE) INCRL ASE IN CASil AND CnSIl LQlllVAll N15 (L571.141) ib l2.10: CAsu ; JD cab!Ii QlllVALI NTS Al BEGINNING OF YI AR 41.~33.331 3TF D 224 CAS!! AND CASIlI QUn'ALLNIS AT END OF 1 L AR $ 38.184.1%I i 41:R311 maJ rummen - CASII A ND CAS!I I QlllVAL ENTh A T ) L AR I NO Cush 5 398.337 S 28u ;15 Commercial paper 37,789.833 4 I Jh35 t h 5 11 1.01.190 f 41.731 111
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%v "Netes to I uw:aal .st ttcman, '
25
t notes To F NANCIAL STATimENTS Fox YtAnS FNDE D Di'Cl Mllt.R 31,1990 ann 1989 NOT E 1 - $outh \hssmippi i let tric l'on er Assoaation is a rural eiet trit woperat a e estaldished Summary of Significant under the laws of the 4 tate of Nhssi-ippi. %\ll PA is a generation onJ transmission Accounting Polititw t tiopt ratis c w hich pnis iJes electric power to el a eri on ner-incinbers a liit h are rural cles Inc distnbutum t oopet atis es providmg chs tric pow er to wn umers in t er tain areas of \hssis-sippi. Iinancing assistance is provided liy the United States I)el attment of Agriculture, Nural lllectrillt allotl Adnunistlathm INI$A). In aJJitam to being subbst tii regulatnin by its on n gos erning boarJ of ducctors, S\llTA is subject to certam rule, anJ regu;ations promul-nated for rural electric bonowers by Ri A. S\llTA mamtams its an ounting rewrds in accordance with the federal I nergy Negulatory Commioion's ( hart of Accounts M, modL-tied and adopted by RI A. As a regulated utihtv, the meth.xis of allocatmg wsts and res enue to time periods may ditter f rom those prmoples generally apphed by nonregulated companies. The more signitis ant at counting poht ies are gt nerally descnbed as follow s:
- a. l in t ra uti!stu l'I.m! 1:lectnc utihty plant is stated at c.< w hich includes wntract work, matenals and direc t an.l lkprn la! en labier, allowante for f unds tised durmg (onstrthiion and allot a'ide os erhead costs The cost ot electnc generatmg station- anJ .clated tacihtie' also nu Judes co,ts o! traming and production incurred, less revenue earned, pnor to the date of (onmicitial operation Oepreclation is provided on the straight Ime method for utihty plant at the following annual composite rates:
%Iw r!rt 2A Non-ruu ! car plan! 3 00'. to I1i ~ <
Tr.mmna m ; lant 2 'N . Genval r!.mt amt travratate m rwn! ' m , !o 2 3 M ; At the time units of electric titthty plant are retited, their onghial ost and owt ot rertun al. less nel 5alvage valtlC, alc t harged to the allow ant e for depreciate e Replasements ot electric utihty plant involving less than a designated unit value or propertv aie charged to maintenalh e c\ pense. Coal resers es aIe stated at cost. IIepletion 15 providtil by the linits mined mellhid. l.. Gsta tw w ns e, m SilFPAN portion of the estimated demmmiwiomng cost of (; rand Goli Nut lear $tation Nwicar luut an.I K;GN9 Unit I is charged to operatmg expenses os er the service hie ut Unit I ot approu-Amera:atMn of matelv F years. Unrweecrni1%nt SNIEpAs portion of the unrecovered plant costs or Gl M Umt 11 is amortized over the remaining hie of the related debt of approumatelv 2-' vears and approximated 42D.000
- f. in lWO.
- c. Alle.nma for f m!- j c\llowance for tunds used during construction wpresents the tost of direc tly related l%Ilb mg ] borrowed funds used for wnstruction of the electric plant where applitabk.and an alhm -
Cen ,!n.c tie" j ance based on the as erage co-t of appropriate borrowings u hen e,eneral runds are used 'o
; fund wnstrut tion. T he allowance i, capitaheed a3 a component of the wst of the electric j .
plant wlule it is under construction. i j Upitah/ation teases u hen the electric plant is placed in sers he, or m the case of elettric
! generatmg stations and related taahties. at the date of conunercial operation d,
d l% cutarte ; y Inventories are stateJ at as erage wsts li-u 26 ; i')
1 l ar U
- r. Dc/c"nl Cimg4 l2 Costs of prehminary sun es s for des elopment of po%ible methads to obt un .md dt in er euergy to f ullill memberc f utme requirements. nu hulmg teaubihtv siudies lemhng io imant mg on es-l sary plant expenditm es. .uc ret ordat as detertnl i hat ges. It t onstna lion of a proje t results
) f rom sut h survey .. the deterrni i h.u ges are traisterred to tlw ( ost of flw f acihtes. 11 a prelnui-
! nars surs ev is allandoned. the costs incurred are a vitten ott.
~
I
.i i llond ssue uwls are being amortiud by the str.unht-him method wlut h does not thtler materi-I ally from the interest method, m er the term of the related debt. 'llw amortvation during tlw penod of wnstruction o capitah<cd.
- l. Pat ronag Carnal l The b3 Liu s of $\tITA provide that .my escess of res enue m er expenses and accumulated prior 1 year deficits shall be treated as advantes of < apital bv the member pations and cinhted to them
) I on the bass of their patronage,
\ 4 lofen h.my Pou er SN11TA records the elet trit al pon er ret en cd or prouded on an intert hange bass at its (ost as deternuned under vanous wntractual arrangenwnts. h lomme Lnes C; $ Nil l'A b exempt f rom L mted States int ome taxes pursuant to Set tion 301 (t )i12) of the Inter nal Res enue Code, whit h icqmres that at least ST. of 5\ll l'A s gross mcome be dern n! trom its members i'
- i. Cadr an.l cas: Cash m eu ess of daily requuements s mvested in marketable sn unties wnssting of wmmercial
/(/IHnflent, paper and repurt hase agrectnents Ins estownts uith maturities of three numths <>r le- when purchased are deemed to be cash equn alents for purpimes of the statement 4 t (ash Ihnvs.
- i. h lamarti.un 3 Certam reclassifications have been made to the luso financial statements to watorm to the luun method of presentation NOTL 2 - illectric utihty plant wnsistcJ of the lollowing Llectric Utility Plant n u ,gc, ;;.
foon loso Nm ic.Ir J4 alm !wn j'lant i N4.]i} Al. > 10 ] ? ll v? Wnuclau ;nalw twn pl m! luin V2 ii luiv?v 420 l I rannaeu plant 'T41ss N v 'D uld g I Coal p ey,nc, an,I prepautwn pla nt lI vol sil 24 wl.n l
) I a mi a n.l la wl mh!~ l 2.190S 1 IIr2I M l General plant an.l tun ;wtan n op:;nn, nt I2 A21 A Io 1IW W
, IIln Ir t. plant m ~en e 72vv4s:S1 I U%c %e l Con !?mtwnuvd m p*ac~ IDAvs Avo I 3 G ;' 73
) 4 livjlefN s T '1s 14 420 i
NOTE 3-- S\11:l'A is a hL participant in a nuclear generatmg Ration know n as "(iranJ Gull' Notlear Constructinn Wnrk h Station"(GGNS), w hit h wnssted of tu o 1,2;0-meg.nvatt generatmg units. Commercial opera-in Process and tion for Umt i began on lulv 1, lug in $eptember lug, the construction of Unit il was sus-Commitments 4 pended by regulatory authorities. Regarding Grand 9 Gulf Nuclear in S ptember lun the majuritv owner ein ted to abandon Unit ii. S\ll l'A's aicumulated coa in Station Unit 11 was approximately 5101.t00WH, including allow am e f or f unds used Jurmg wastrut tion i or approxirnatelv bl2 000.0in At the date of abandonnwnt, $\ll PA made a determination as to the cost that couhl be recos cred through tuture rate mcreases and charged the rem.unmg wst to espense. Af ter translers to (X N5 Unit I un entones (if approxun.itely 52.00000 and property accounts of approximately 5td R,lH M, approximatelv Sul,150J OU was tr.nsterrn! to unrn overed g plant cost on the balmt e sheet dunlig lWsu and Ine untn overable uwt apph nimatmG
$ 510,1 Modo was intluded as a loss in the statement of net mare, ins and pc. runage t apital tor luso f l'his acmunting f or Unit 11 has I een review ed and approved M RI A.
.7 i
1 4 , i; fv Con tinued {f Durmg lo'% %\ll.l'A subnutted a formal plan to the Nutlear Regulator v Comnuwien NOTL3- V C N RC' i that Jemonstrated awurante that sulth ient tm.mi ul resoun es u ould be as.nlable Construction Work i at the tune it betutnes netess.u s to detunumwien l mt I in aJihtion, s\ll PA rei en ed in Process and approval nom the Internal Res enue ser vu e to estabh'h a taeln c' grantor trust as a Commitment
- g s chiile to f und the estunated det omnussmning t o-ts llegarding Grand >
Gulf Nuclear ' subsequent to lin ember 31. lua,i, sstrp..\ t ontnbuted 's t,12nV42 to the tr ust to f und the Station est mated as crued deconunimionmg habihty that existed at t h ember 31. lWL At the
? present tune. 5\ll P A estunates that the f unding requirement wil approsunate 5-DSDon j annualk throuch 2022. the expn tcJ date of decomnussiomng. I he estunated tunJmg icquirernent u ill be ret alculated anJ aJpisted penodi, alh .
NO T I. 4- Im estments in associated or gam /ations are stMed at t ost and consisted of the f ollon mg ins estmer6 in ' Associated < 1"' I"'" Organizations j N ,0 a! lano!(Inhfi s G . a un c I t' ma a e ( m;so e, ,
</ Ci Qps ? Icon tu m 4 3 41 G i l 5 34143: 1 3 ili Se slauto! L i" G " n v ' 4 do.u,m .ppom lw (% / Is U! W: ts y s li n: O <11l c ::I
) ( apital term Ceruns atn bear mterest at a andI and mature m 2thC through 2(NL l'he
- . %ubordinated Term ! crothates bear mierest at " C and matme m 2011 t:
NOIL s- $ 5\lf P.\ bas a s2ioAwoa short-term line of i redit .n adable w ith National Rural L tihties Short term llorruwings l Cooperat we ' man < e ( orI> oration it i C) -\t 1)ccember 31, Imo and luso, %\ll PA had l# no borrow m;s against tlu, hoe o! ( rcJit Interest rates on short-term borrow ings a ith
/ Cl( ~ as eragt ,i approximatch 4 40 . and lOJ'u' It it 1""U and loxo. respectneh . ( apital i lerm ( crtiti<.ees in Cl( , u hn h are ms luded m other assets and ins estments cannot be ledeemetl so hing a, the l!ne of ( redit is in plad NOf L 6- .
I.onwterm dt bt ion +ted ot th< tollon mg Long-Term Debt Ib' *' I l pan p,a e y - gI i$ E
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Continued I478 A Senc~ 3 40'i to o 12% , Jue NOTL 6 - >enuwonallu tivou<h 2008 .' 21 %P 'n 22M 000 t ong Term Debt 19 N A l Sencs. k2% duc ~rinh arunully linen;gh 2003 80\n00 810.000 Cl.nl orne Cou nty. A1mi-ip;>i, I'vilutwo Control (Und, - - I98i G Nenen varuHe intercut ratc~ to 101 to o .30% at I % cinl<ct .3 I IHam, dur antnalhi through 2nl3 48.200 000 48 tam 000 9.755 notc pavaMc to Natwrul Isural lItihtics Cooperan;+c I ounce Cor;*eranen. due vi quartcrlu mslallntents finosagh 2022 %24.000 Ia 2 Volo 7",4 %o .o I o I es s urrent rounn unes ILTI2.22n 12,118.841 5 ~0.3,%4 Mn 5 lI U 17~7% Substantially all assets of SNllTA weie pletiged as collateral on long-term debt. SNil:PA has the ophon on I i ll promissory note advances to elect (sulyect to 14EA approval) internn maturity dates of approximately two years attei the date of the advance or a long-term maturity ranging f rom approximately 27 to 3 4 years (depending on the tern's of the particular note)atter the end of the calendar year in which the advance was made, it the long-term maturity date is not selected, then on subsettuent interim maturity dates, SN11TA may designate that it desires either another short-term maturity or the long-term maturity date as specified in the note.
; Approximate annual maturities of long term debt for the next tis e s ears are as follows.
lWl 51 L.ll2 000 Iaal I4 48v,000
- 190.1 13.448.000 I994 17.002 P M I013 17.864.000
! 1he above maturity schedule reflects management s prerogative of c onverting ITI) advances l at interim maturity dates from 1091 through 14(6 to long term matunties. SNilTA has used
; a rate it estimates to be an appropriate long-term rate, based on the December 31,19ud interest rates, to compute the annual principal retjuirement.
i
- At December 31,1990, SNilTA had untunded loan (ommitments f rom ITil, CIC and IREA j of 515,1100,000,51,7h000 and %556,000, respectively. 'I he t ommitment irom i l il is
] restricted for use in fundmg GGW
! SN1El'A paid approximately 579,423,000 in 1400 and 566,m.000 in luho m interest on long-i term debt.
SN11FA is retltiired by mortgage covenants to maintain certain as erage levels of interest l (oterage and annual debt servit e coverage. SN1 EPA was in comphant c with sut h retiture ments at Det ember 31,1900. s i i; 29 I l
? -______ _
0 a b(N f. - NI NlnI \s li! A \ enl{ () tees {\lIIh lpa!c ill klle \d$ hindi i liia1 1n Inc k\h[ Een% ion Elitn d elatl\ c Awt kiathin (\ l$1 ( A ) ldctif elllent alld hn'111It\ l'r(igran), a delined ht'nellt })enEhili plan t}llallflnl tilhlet ht1 th eli D1 alhl tas-e\enipt u!hler $n thin billta)ist the Initeriul
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uc\ enne code. s\ ara notes annuai <ontributions to the program niual to the anhiunts accruni f oi pension c\ pense cu ept tot the perhid smt e lulv 1. l*7 u hen a inor ator nun 4 on iontubuthin was pla<ed m etin t due to irailung f ull tunJing knutation. In tlus tuultiempl n er plan, whh h is atadable to .dl member cooperatn es of NRI. L' A. the at co-mulatni benefits and plan assets are not deter nuncJ or allocated sep.uatelv b) mdividual em}'ht) cr. h\ll l'A liad thi penshin e\ pense 11)! this }ilan in low tir low. ITtiriiig t wti. s\11 rA amended its reinement plan to provide ior an c.n her retirement T he .unend ment bcCaine clin tl\ e lanllary I,144} , s\lfl'A cln ted to amortUe prior sCM' ice W*ts eIcated b) the .unenJment m er ten s ears T he clin t of the ainendment is not nutetul to the tmant ul st a t en ie n t s In addithin tii }ir(n hiitig pensiori bent lits. \ll I'A ; ita ides tt rtaul healtli i are instirath e n d benetits f or !ctlred einphis ecs Slibstantuds all of 5\lk Uks emplo)ces nur bn'ome L'j% Ihk (' fil[ $ l(INe kh'nt'flks \f t it'v reac 1 ilLir]}} I IVkil4'illeIlk a%t' h li e W4 il in[ fi t \ l l q S\ll PA recogni/es the ( ost of proviJm,; these benetits bv espensmg the annual uc,urance
) prenuums u hh-h were not nutetul tot low or lowo In luot i . the I mant ul Au ountmg standards lloard issued statement No lon 1 mplos ars At countmg tor Postretirement llenefits (Ither than l'enshinsf w hh h is generally ettnin e tor calendar ) car 1"41 \lanagement is currently evaltutmg the etin ts of the appination j
.[ of $tatement No It n, i a hich are not presenth known.
b(hkh- , n \ aI( l 5 \ h'[ill) Illi'i\ lll[ ks L lla sllf'f \' lin L'I d!L d%I't't'IIIeIIk U iI I d neW Conunitments and l suppher, 'l his agiecment provides that t ertain i onditions be met iih lthling. .unong other Contingencies L tlungs. nununum annual dehs erv rnjuirements, and does not rnpure the t oal prodthed
} tor 5\l1 l'A s consumption be taken trom %\ll l'A s t oal resers es, so long as the coal meets
% the quahty rnpurements of the agreement ild tj S\ll.PA has constrtiction tontract c4inunitments for varhius non-tuh lear utthly projects P
totalind approxiinately 52.097,UtO at Iin ember 31,1940 f S\ll I'A is detelblant 111 t e!!ain httCation inturred in the nornul course of I usmew h \lanagement. hased on hlVh e of legal ctillnsel. Is of the opinion that the tiltimate resolu-
}d tion of the litigation a dl not have a nuterial ad\ erse ettect on 5NIFPAi tinancial conthtion.
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Ul\ll llM i IM - I ornu n- - --- Iaurel MNGING Rit'l N LIM 5f 1GNOf.lA il% I LH'eddle McComb (0:15l 1im I'IARI RIVI R VAliI) llay %t. I ouis IiM - Columbia a ._ -.1 - - - - Niiles I) ate et N umber el NIWh I'erient In5 : ease l linergveil i ine l 'onsu mers I'm t hased in er losu i Coahoma l l' A l~ Giles liemi ls. A f.mayr 1./ l o V IclN1 6,200 SA761 10V: l Coast I l'A livl'cri Un in. Grnctal Afar:ager 5/ 20/38 3,75u 42.572 731 112 1.015 13cita ITA liarr u ll I;onner. Genaal Afanags ll30/30 %.1 % 20,702 107,103 l . l o' . (hue l~l'A l T. I)u.llev. f r Ger nal A1anagr 28/34 A770 21. %u 1 %.878 l o t'i Magnoha ITA Sann4rf l%Ilsama Afanagr uito/30 4 lu t 20.87; .\78 111 1 02'. l' earl IUver Valler i l'A IK T. Sho 's Grecral A fanayer ;/19/39 ISn7 20.207 410.tri i iOE 5ingmg 14ivet ITA fad Loir. Gencre! Afansen 12/;/19 1.To; 11,011 Tho. l .in i 01%
$out hern I'me ITA lbnall lonlan, Afanagr ;/13/39 K7K1 40.158 1.181219 1.0; ,
Southaest Missasippi iFA IMert M lohn. Afanagr 3! 27ib 1 730 20.137 n %2 102 b Twm Cout.tv 1.l'A Ucycr liaglev A!anagci 1/l/lu 2.1 10 11.012 21 1478 1lv i a/oo Valle) 1.I'A C 11 %Iton. Afanagt 3 /217 h 2 %9 8.-17' 20l # I(U 31
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w w m , y v~ y m m ~ -nem guyg+m -ry c _ ym; 3, L;6muuagmaubukawnasaar c:a .Mawwnau-2aw aatxsu 22.w.nu&aa;d N Aloselle Generating station Commer c ial operation' 1970 1.ot atron' lunes ('ounty ('a pacit y: 177\lW l uel: Natural Gas / Fuel oil l ~ru ploy ees. 2x
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R. D. \torrme. Sr. Generating I'lant JT Conunen ial operation: lo78 1 oi ahon- 1.amar ( otmly ( ___ b --
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Capatity. lug \lW ' i nel IHtuminous Coal Fmployees- o2 gf '
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,_ j 1 ocation i lattiesburg I -s ll'orlestCtlLint)) ,y _. ,___,-L_-
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Gau lurloinc units tinmanned stations iemotely opeiatett -}' f 1.[/ ,fq,
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by SNllTL Cont rol Center locatetl at / l- - ./ \ (
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the headstuarters Iaohtv: y
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m Itenmlale Unit ,
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Commercial operation: lono --- ~ ~
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l.ocation George Countv > -~
~ d Capat ity: lo\lW Fuel: Natural Gas
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U Commert ial operation int 2 1't erxc_
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! fit alHill' la sper (lininty Capaat v: 20\lW .. r Fuel. lhese! I nel' Natural t ;as tv"Wi h Grawl Gulf Nuclear Station t10 ; Unshustni internt in Urut li Conunen ial ()perahon IoO l ocation. l' ort t hbson R 'latl'urne County)
Capanty at Ilr. 12%1W M i ucl. Nuclear dil';T G F 1 mployn s i South Mississippi F Electric Power Association
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