ML20033A742

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Annual Financial Rept,1980
ML20033A742
Person / Time
Site: Comanche Peak  Luminant icon.png
Issue date: 03/06/1981
From: Mccaskill R, Parker W
BRAZOS ELECTRIC POWER COOPERATIVE, INC.
To:
Shared Package
ML20033A729 List:
References
NUDOCS 8111270204
Download: ML20033A742 (23)
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sc=g 3 ns~ 40Ny~w Ng ,g_ Me% e y.jawm egg g y . m f gam m --~ s ,N 4 s System Statistic ~s ,) ~, y Nameplate Operating + e ~ I Generation Capacityt-.. es Randle W. Miller Plant.. .. 366 MW... 391 i MW J1h - t u ~~# .5 Nortn Texas Plant.......... 66 MWJ.. 75.5 MW ..W.R. (Bob) Poage Plant.. . i.23 MW... 24 MW. u ? 455 MW s 490.5 MW -. _'d M s v

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Transmission Linesi (pl@ 345 KV.. .i.78 miles ' 138 KVi.. ... 419 miles - ~ 69 KV,. ...... I,561 miles - p ~ L 2.058 miles )

Member Cooperatives..

..... 19 ' . Counties Served..' . ;.57 '. 1 Ultimate Customers,. ... 149,947 meters = ta Ei;1c0 12702/ a ~ c ~ 34a ? m,7 - '^'y.

Management Report t n the 1980 operat) Neverthelee, we are happy to to achieve compliance with report that our negotiations the requirements of PURPA Cooperative, one. 1 noteworthy items wt enabled us to hold the natural gas regarding purchase of power dramatic in ;rease in price below the Natural Gas from small power production and . mc.ad and kilowatt... s. Policy Act ceiling which is a cogeneration facilities. in0 presented a record-target price for producers. Dealing w th thee and numerous breaking, hot, dry summer. Additionally, Brazos Fuel other federal regulations has From 1une through Septer wr,59 Company, the Cooperative's been time consuming, and days were over 100o:42 e :e subsidiary, was able to negotiate consequently expensive. We are consecutivo. The southern portion two surplus gas sale contracts encouraged by the national of the system experienced a during the year. The sales reaction against over regulation. temperature peak of 107 : the enabled Brazos Fuel to reduce its A financial policy, which northern end experienced 116 take-or. pay deficiency to about $2 provides guidelines on The Cooperative had a record million from over $11 million in maintaining the financial strength peak transmission system 1977. Moreover, the surplus gas of the Cooperative and on demand of 508 megawatts, a 25% sales indirectly enabled the rotation of capitalcredits, was increase over 1979 which was Cooperative to purchase approved after intensive study characterized by mild weather and economy energy when available, and development. conservation. Transmission system thereby causing some net In order to finance our aggressive kilowatt hour sales were up 16%. reduction in the cost of power to c nstmetion program of the next Planning for future growth the member cooperatives. few years, preliminary studies for and working to further mutuo,i Amongst the many impacts of acquiring a new REA guaranteed cooperation with other utilines in federal regulation, the Coopera-loan were initmted. In the present the state, the Cooperative tive spent considerable time and projected state of the concluded an economy energy prepanng to meet the economy, and given the present agreement with South Texas requirements of the Power Plant sentiment about government Electric Cooperative or d initiated and Industrial Fuel Use Act of "d negotiations to update the Texas 1978 (Fuel Use Act) and the Public f ng g n ome one Municipal Power Pool contract Utility Regulatory Policies Act of of the Cooperative's greatest with the cities of Bryan, Denton, 1978 (PURPA). The Fuel Use Act challenges. Garland and Greenville. has a goal of eliminating the use For several reasons, ir,cluding the In the P"st decade, the Coop'ra. of natural gas for utihty electrical profits rechzed from natural gas tive developed plans to reduce its 9,eneration by 1990. The g g dependence on natural gas as a Cooperative submitted petitions Cooperative's income tax exempt fuel through participation in the and received temporary status could change. In some San Miguel Ugnite Plant and in exemptions on certain aspects of reg ras, this could be beneficial. the Comanche Peak Nuclear the regulations. We will have to However, in order to gain a Plant. Construction of the San obtain permanent exemptions clear understanding of all Miguel Plant was virtually from other aspects during the e nsiderations, the Cooperative is completed in 1980 and some next few years. Because of the initial testing was accomplished. economic burden that the Fuel p rticipating in a tax study with sev rol other generation and Construction of the Comanche Use Act will place on consumers Peak Nuclear Plant continues and and because it encourages the transmission coopercuves. The study is analyzing the the first unit is estimated to be use of oil for generation of Cooperative s situation, exploring operationalin 1982. Looking still electricity, there is some hope that lternatives and evaluating further to the future, the the Fuel Use Act will be repealed, mpacts. The study results will be Cooperative intensified its or significantly modified, in 1981. available in 1981 and will give us investigations to select and The Cooperative participated a better understanding of options acquire sources of fuel for iuture in the Texas Public Utility and benefits. generation. Commission'sTask Force on The Cooperative was able to Co-generation and Small Power During the year the Cooperative complete its fourth consecutive Production during the summer initiated a salary review and, year without a rate increase, but and early fall. The purpose of based on the results, gave economic pressures released by the Task Force was to develop employees a significant raise to recommendations on regulations bring the Cooperatives salaries ( the Natural Gas Policy Act made in line with area utilities. it difficuP to restrain fuel costs. for the Public Utility Commission 2

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1980 Review Electric Revenues REVENUES & EXPENSES (in Smillions) The summer of 1980 was very drf. with a long period of { "5 record-breaking temperatures. Total revenues from the a= = %n sale of electric energy reached $85,231,000, up 30% from g $65,563,000 in 1979.1980 revenues from sales to the 19 { member distribution cooperatives rose 31% to $76,383,000. rs l Total kilowatt hour sales of electric energy were 16% ~ t 65 above 1979. p{L ss Fe. spite the highly inflationary economy, the Cooperative was able to avoid a rate increase for the fourth consecutive ,[. ( '5 year. Rising fuel and purchased power costs did cause the 4 r average price per kno Natt hour to increase. Members paid [ f 33 an average of 34.5 mills per kilowatt hour in 1980, up 12% ( 25 ' ' " ~ ~ n 1979. The allocation of patronage capital reduced the .ective cost to 33.7 mills. n 77 n n se KWP 6 ALES (in rnillions) Brazoa Fuel Company 3000 Brazos Fuel Company,Irr a wholly owned subsidiary of t maa w%,w..ow, the Cooperative, controls stural gas reserves which suppli amm u ma, approximately 75% of fuel requirements for the Cooperative two largest power plants, R. W. Miller and North Texas. p Deregulation of natural gas prices, caused by the Natural E' Gas Policy Act of 1978, has accelerated the rate of natural g price increases. However, in its negotiations, Brazos Fuel w F r~ able to hold the price below the ceiling set by the Natural G F T: Policy Act, a ceiling which producers attempt to achieve an-p which the contract allows. Brazos Fuel negotiated a gas L T ^ P7 Y r urchase price of $2.80 per MCP for.he gas contract year (. commencing September 1,1980. This negotiated price wil p. ~ enable the Cooperative to pass on savmgs of about '5 y $2,400,000. Brazos Fuel negotiated two surplus gas sale contracts durin : the year. The first was an 8 month,2.4 million MCF sale ~ 2000 ending on August 31,1980. The second contract for a sale .n 77 n n u of 3.8 million MCF commenced in October 1980 and will continue through August 1981. The 1980 net pre-tax profits from these sales were $411,000. These surplus gas sales Expenses and Wages indirectly enabled the Cooperative to purchase larger Total operatmg expenses in 1980 increased $19,589,000 amounts of less expensive economy energy from other to $83,854,000. This 30% increase over 1979 is directly utilities and helped decrease the Company's take-or-pay proportionate to the increase in revenues and, as such, is,a deficiency at an average rate of $100,000 per month. The 19; reflection of the Cooperative's ability to hold the line against deficiency of over $11 million had been reduced to almost $2 rising costs. The total cost of production increased $19.089,000 million by the end of 1980. to $71,818,000. The stiff increases in fuel and purchased During 1980, Brazos Fuel s operation resulted in net income, power costs are reflected in this 36% increase. on an unconsolidated basis, of $245.000. cfter taxes. The average price paid for natural gas in 1980 was $2.56 AVERAGE FUEL COST (per t/CF) per thousand cubic feet (MCF), an increase of 15% over 1979 333g The cost of purchased power at isolated me tering points 2.75 increased from 26.0 mills to 29. I mills in 1980. The transmission, administrative'6nd general and other 250 operating expe.. s increased $500,000. or 4%. 225 g in October a sign ant pay increase was granted to 200 s employees to bri' ; salaries and wages in line with local t75 economic condiuons. Wages for 1980 amounted to $5,186,000, I. [ U on increase of $803,000 over 1979. Of the gross wages earned, 150 { 125 g ( $3,15530 were charged as operating and maintencnce costs I and $2 0,1,000 were charged to construction and other too A A accoun's. 75 n n n n n 4 a. l,, - 7 [_ t

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The Cooper at:ve in:tially will rece:ve up to 675 o of the plant s PEAK DEMAN9S ON TRANSMISSION SYSTEM (IN MEG / WATTS) aene!ating capacity, with its share decreasmg to 50% in too - qbsequen' year The San Migue! Phmt will help the Coeperat:ve to slow the inevitably using cost of electncity 550 i ecm.se.igmte f uel costs will nse at a slower pace :han those at n.

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amte r: ant is consnierably higher than that of a natural aus soc

] r L' ' " plant s electnc:ty w:1! be more expensive in the f ast 4sc tew years of operat:on Th:s plant. too. 3 part of the "~ We Coopo:at:ve s proar am 'o i:versity as f uel nux. as Transmission Construction u + 3eo as2 y S,evera "anstmssion constr uction projects were completed u o 3 ~ g, -i n w 1980 as part of the Cooperanve s on-gama program to l a rehable ebetncal supply system for e, member 1 300 _. 6

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I* UI M 76 77 '70 79 30 ar. he Coor,er ative, m ulo: iccomplishments was the System Loads ' or of approxmia'ely 78 r des of 345KV,k:hvoit!. b e mus, steel nansmmon !me from the San Miguel

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re 2 y The ; e a w:,, 1 mearx ~ ' 4 3 ::eq rxo ' 'A.Mo h;s. F1 sue to the Lower Co;o'a io R:ver Author ty s (LCRA) ve.' ne: m, Manon Substa*.on. east of San Ar: tomo. Th:s transm:ss:an h ', w s .o. mu o se w - o.se ' "+ :n M COGStr Cie'i with steel towers to teciace maintenance. is

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.W 'he Pwne m e no s ?q.e r te o* t orisn t b; ge !.!ocks o' rsower f rom the Tax Study .% v, el p. ne erazos 37s,ec m both bcsA s a r3 "XM U heS DI et af ma CO !.pa' Men 't a ns m:ssio r "P Tho p e 1

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+ ;;g S y C'e n !! $ he Cooper:It!Ve W: he ak;.e *o srIve mDney by ^ w r.ee! ,r 'he LCR A c. i Texa ' Uto.er systems r ather ,:pe: 'w +< xo s + . :xe -w i iir.g 'he 345KV trar < :.:,s ur :ne tr, 1 the San T h I: T r e: f; o Y r;P; MG: 'he Br az-E Sys'er:. ox; :e o ce. IX NET UllLITY PLANT (IN $ MILLIONS) + ' :e > c N ': 3,. o m p

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  • he Enras project s 138KV sweching station. 138 4.16KV' San Mi9uel Plant

..'<uc u,' n. ou substanen. and 3 n.n,es of 13sh.v transm:ssion hne. The 400 memw ci : Mme. ao I :e.i mnor r Thi roves' was met and 'he new fac:1 t.es were m operat:on 4 4 ,, esser c 4.y z m.;.3 M A weh:n 28 mi su uctio" iays 'ox: p h -~ r , :ta

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ra r, n y r ,n.w... . ex; +rr < w e Wed m e4 W81 Tb ds%% d mMe iA UY en:" Tideaal servtce to M:d South E;ectnc Cooperanve. 5 . - _ ~. - _ _. _ _ _. _ _ _.... _,,,.,,.,,,,

1 - In early October, a second substation was cor structed withm A Look Ahead Johnson County Electnc Cooperative s New H ape suestation Exp,ioration and acquisition of Texas f uel resources and to avoid a voltage swmg to that cooperat:ve s resident:al consohdation of the Cooperative s headquarters facilities customers. Th:s project was cornpleted by the Cooperative s are two of We n alor ohnm We C,ooperative hopes operatmg personnel in only hve workmg days. to reahze :n the near future. Substation capacity mereases were approximately 30.000KVA P wer requuements studies conducted m the past year shc dunng 1980. These increases provide additional service tc he system load will grow at rou@ly 81 a yean in order to. Tn County. Denton County. McLennan County. Johnson meet ! d requuements wah a low cost fuel system, the County and Comanche County Electnc Cooperatives. Looperative has been conduct:ng a thorough exploration < - D:stnbunon step-up transformers mereasmg voltage from all alternat;ve energy sources withm Texas. As a resuit of t!. 12 5KV to 24 9KV. were msta!!ed m seven exist:ng substations research several properties have been recommended as to improve service to Johnson County Tn County Dentor: possible f uel sources to be utthzed by the Cooperative to County, Comanche County and Lm:estone Ccmnty Elecmc n.eet prmected mereases m f uel r equuernents for f uture Cooperanves generanen. In adinon to these cor.pleted projects, at year end Brazos The Coorerat ve s overall growth causes mevitatie growtl! had under construct:on fcw *ransm:ss:on hnes and 14 the r amber of skil:ed employees who plan, construct, subs *anons and substation n.od cations-mmnmm a: i oper ate the system. To prov:de the necessari Ano+her progressive move m 1980 was the acqu:s:non of the tac;i nes for these employees. plannmg contmued in 1980 c Cooperat:ve s hrst 138KV mobile substanon The substat:en the -ieveiepment of the Northern Distoct Headquarters will prov de auck back up serwce :n case of a stanon outage comp;ex near Granbury ;ncreased warehous.ng and and can be used to bypass stanons that must be de energ: zed techr.:c:an f acities m Waco and expansion of the for ma:ntenar.ce The mob le substanon has a 20 000KVA headquarters bu:idmg to facitate consobdation cf the capac ty wnh a capabity of providmg dual voltage se;mce headquarters staff m a s:ngle location. to member cooperat:ves at 24 9KV or 12.5KV. A exWm g hs ~ i u p. e s WQ '/- g b [ k. h..- ~ ~ej~ t)n,y x ~ affk -+m 6 l

I Treasurer's Report The Consolidated Statement of Revenue The Cooperative's projected totalinvestment and Expense of the Cooperative and its in capital term certificates through 1984 is wholly-owned subsidiary, Brazos Fuel $5,373,105. Company, Inc., reflects that for the calendar The Cooperative received REA loan fund year 1980, operations produced consolidated advances of $6,436,000 to finance the margins of $1,972,411. During 1980 constructionof approvedloan projects. patronage capital allocations amounted Additionally, $32,731,353 was received from to $1,696,278. the Federal Financing Bank during the year. Brazos, a fully participating member of the These advances were principally to finance National Rural Utilities Cooperative Finance progress payments for our 3.8% interest in the Corporation (CFC), purchased $436,327 in Comanche Peak Nuclear Plant and to CFC capital term certificates in 1980. The finance the completion of the construction of current CFC investment totals $3,627,797. the 78 miles of 345KV transmission line from the San Miguel Plant. DISTRIBUTION OF 1980 REVENUE DOLLAR e - - n - - n y n n v, n,-,-- , TDD @ M l I TEHL%J!CG!896tW 9 Eil3 Ct MJ fel i u it h n, a g !S 6'2!13)ba E-y ~ ~ ~ " " ~ ~ ~ { il .~ M us.J Ll L., i w;y e.- ge Q Lil j [ 11 4pn I; .$$kNN _m l ___a m _ r NUR. 'f ** OPERATING MARGINS 2 sc AGES ND OTHER COST I 78 ADMINISTRATIVE 62.3c TOTAL AND GENERAL INTEREST 2 48 TRANSMISSION - 4.14 'f"!?#ff,oN 4.14 7

Comparative Summary of ElectricalOperations 1976-1980' 1980 1979 1978 1977 1976 (M6 tis per KWH) Total Operating Revenue (1) 34.6 30.9 28.3 26.6 25.9 Operating Costs: Production expenses (2) 2f.1 24 8 22.4 20.8 19.8 Transmission expanses .8 .8 .7 .7 .7 Adm and General expenses .9 .9 .7 .4 .6 Dep'n. taxes. insurance. interest 3.2 3.7 3.5 4.0 3.8 Total Operatir,g Costs 34.0 30.2 27.3 25.9 24.9 Net Operating Margin (Loss) .6 .7 1.0 .7 1.0 (1) Average sales pnce by class Firm power sales Member Cooperatives 34.5 30.7 28.1 26.4 25.7 Cities 36.0 32.9 30.0 28.8 27.6 Utility intercnange 34.8 31.9 29.8 29.2 Surplus power sales Cities 34.5 29.5 26.3 23.6 24.9 (2) Further analyzed by source Generated power cost of fuel 27.6 23.3 20.7 19.6 18.8 Wages and other costs .6 .9 .6 .6 .C Purchased power For system 22.9 19.7 14.J 9.1 12.6 Al isolated meter points 29.1 26.0 22.8 21.6 18.7

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ELECTRICITY GENER ATED AND PURCHASED - 1980 ' 9 7'., 1978 1977 1976 IN VHOUSANDS OF KILOW ATT HOURS Generatec at W 11 Bob ' Poage Plant 44, Generated at North Tewas Plant 99,986 4,262 15.127 34,826 33.064 Generated at Randle W Miller Plant 1,782,357 1,513.456 1,800,256 1,574,109 1.412.069 Purchased for system 286,930 334 217 67,181 95,486 65 365 Purc hased at isolated meter points 413,856 363,032 367,733 339,410 308.842 2,583,129 2,214.967 2,250,297 2,043,831 1.819.781 ELECTRIC SALES - IN THOUSANDS OF KILOWATT HOURS Memoer Cooperatives 2,214,371 1,897,829 1,887,021 1,721,550 1 580.453 Whoiesale and other 248,591 228,972 250,052 236,388 173 312 2,462,962 2,126.801 2.137,073 1,957,938 1.753 765 ELECTRIC SALES TO MEMBER COOPERATIVES - IN THOUSANDS OF KILOW ATT HOURS Banten Electnc Cooperative inc 44,297 41,767 41,714 37,212 33 555 Baads Electnc Cooperatse inc 42,859 32.874 30,834 2/,896 25 538 8

  • E+ectnc Cooperative inc 66,430 57.746 58,733 57,406 58 341 anc he County Electnc Cooperatue Assn 113,760 S0.078 87.325 82,829 71 093 i

C e Ccvty Electnc Coop * < Ae Assn 221,999 209,647 215,577 206,565 221 636 Drton Countv Electnc Cooperat've in: 195,123 164,319 162,547 143.250 129 491 Ee County Eiectnc Cooperative Assn 140,736 118.911 122,570 113,882 100 290 F or' Bee ap Fuctr;c Cooperatme inc 75,466 67.637 67,072 61,583 56 964 H3maton County Electnc Cooperative Asso 72,741 66.510 69,236 66,385 61 917 hoc et E i+xinc Cooperative inc 108,514 93.516 93,289 84,378 74 176 J A C Electnc Cooperative inc 66,765 60.554 60.636 56,480 54 200

nnnson C ;unty Emctnc Cooperahve Assn 262,235 228,898 222.269 190.818 164 406 L eestone Count Flec tr c Cooperative inc 61,404 56.985 56,743 55,114 49 566 Mc-L +-nn in County Elecmc Cooperative inc 74,774 63.282 63,014 56,060 49 338 V 1 htr Dectric Cooperatiw Asso 117,957 93.040 89.573 76,399 66 131 Na, arm County Electnc Cooperatwo inc 106,045 68.468 69,402 61,408 57518 o in a 41,568 35.283 35,048 31,623 28 223 Robenso, Eiectnc Cooperato Tr County Flectnc Cocm%e inc 290,372 252.767 248,345 224,305 199 749 W4so E'ev Cooperatwe loc 111,326 95.547 93,094 87,957 78 321 2,214,371 1.897,829 1,887.021 1,721,550 1 580 453 MAXIMUM LILOWATT DEMAND AT MEMBER DELIVERY POINTS 551,659 433.233 468.976 419,231 406 907 ANNUAL LOAD FACTOR PERCENT MEMBER COOPERATIVES 46 50 46 47 44

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4 Comparative Summaryof Electrical Operations 1976-1980-1980 1979 1978 1977 ELECTRIC ENERGY SALES Member Cooperatives $ 76,382,941 . $ 58,230,463 $ 53,083,875 $ 45,505,256 ~ Wholesale and other 8,848,000 7,332,682 7207,920 6,337,495 $ 85,230,941 $ 65,563.145

$ 60,291,795

$ 51,842,751 OTHER ELECTRIC REVENUE 102,932 '100,574 103,841 194.624 TOTAL OPERATING REVENUES $ 85,333,873 $ 65,663,719 $ 60,395,636 $ 52,037,375 4 OPERATING EXPENSES Productori Eipense - Generated P'ower ~ $ 53,184,446 $ 36,637,814 $ 38,488,525 ' $ '32'452,826 Producton Expense - Purchased Power 18,633,493 16,031,402 9,338,290 8,179,814 Trar.smisson Expgnse 1,962,736-1,719.860 1,460,791 1,378,'860 lasurance and WrWare Expense 841,434 ' 730,333 '685,754 514,117 Other Administrative and General Expenses ~ 1,337,628 1,140.283 916,087 867,068 Depreciaton and Amortization 3,519,135 3,588,702 3,269,250 3,000,36F, ' Taxes 913,75? J 819,521 784,403 748,fSO interest on Long Term Debt 11,343,930 3,928,246 4,447,953 3,788,544 Other interest 576,205 '549,609 1,589J352 591.889h Less, Interest Charged to Constructen (8,462,767) (940,829) (2,717,047) .(807,705) Other Operahng Deductions 3,779 5,293 6,766 ' TOTAL COST OF ELECTRIC SERVICE $ 83,853,776 $ S4.264,944 ~ $ 58268.651 $ 50,720,895 GAIN (LOSS)IN OPERATING MARGINS $ 1,480,097 $.1,398,775 $ 2,126,985 $ 1,316,480

NON-OPERATING MARGINS 247,537 346,152 783,929 835.917(

- GAIN (LOSS)IN TOTAL MARGINS $ ~ 1,727,634 $ ' 1,744.927 $ ' ' 2,910,914 $ ' ~ 2.152,392-y a.i

  • Excludes operations of Brazos Fuel Company, Inc.

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ConsolidatedBahmce Sheet YEARS ENDED DECEMBER 31,1980 and 1979 ASSETS (Note 2) 1980 1979 Utility plant (Notes 1,3 and 12): Electric plant in s arvice, at cost $122,865,054 ' $118,061,497 Completed construction not classified 30,199 2,925,327-Construction work in progrsss 104,551,711 70,222,040 Nuclear fuel in process of refinement and enrichment 2,861,498 1,925,589 230,308,462 193,134,453 Less accumulated provision for depreciatic:t and amortization 34,995,831 32,039,320 Utility plant, nel 195,312,631 161,095,133 Other property and investments investments in associated organizations: l Capital term certific.6.s (Note 12) 3,627,797 3,191,470 Patronage capital (Nctn 1) 1,182,630 997,071-Other 11,997 12,149 Notes receivabie 1,203,949 2,168,305 Restricted assets and other investments: Cash 100,000 Certificates of depcsit 229,557 229,250 Other 32,500 37,500 6,288,430 6 735,705 Current assets: Cash - general 500,665 1,271,541 Cash - loan funds 295,350 73,711 Special deposits 68,171 187,621 Temporary cash investmerits 851,054 1,000 Accounts receivable 11,849,353 7,948,230 Fuel inventory, at average cost 1,038,377 1,092,509 Material and supplies, at average cost 6,324,170 5,644,159 Prepaymer,ts 243,958 194,255 Total current assets 21,171,108 16.',213,026 Deferred debits: Unrecovered purchased fuel costs, less allowance for unrecoverable gas of $581,500 and $527,800 (Notes 1 and 12) 1,926,621 4,940,930 Other 2,025,150 1,632,490 3,951,771 6,573,420 $226,723,940 _$191,017,284 The accompanying notes are an integral part of these financial statements. 12 l )

22;WAS: scathWTQ LIABILITIES 1980 1979 Equity and margies Memberships S 95 95 Patronage capital and other equities (Note 4) _ _ 20,034,152 18,061,741 20,034,247 18,061,836 Long-term debt: REA mortgage notes (Notes 4 and 5) 82,497,646 79.150,426 NRUCFC mortgage notes (Notes 4 and 6) 12,260,551 14,589,595 FFB mortgage notes (Notes 4 and 7) _ 91.735,000 _ _ 59.003,647 186,493,197 152,743,668 Current liabilities: Current matunties of long-term debt 3,441,000 3,460.999 Accounts payable 11,360,056 8,785,686 Notes payable - NRUCFC (Note 8) 3,800,000 5,800,000 Notes payable - banks 32,500 51,250 Other accrued liabilities 946,895 724,097 Total current liabilities 19,580,451 18,822,032 Deferred credits (Note 1) 616,045 1,389,748 evp m,, w.. sm,, .g e. ,g,..,,.. 1 [? . af

  1. 4

$226,723,940 $191,017,284 o e s 2 ( ,:y p; - [ The accompanying notes are an .L.;- t integral part of these Snancial statements tj e 13 ns; ~ yQ * - W h;;;p - ,'u 'e f N' .f,

Consolidated Stat: ment cf Revenue and Patronage Capital and Other Equities YEARS ENDED DECEMBER 31.1980 and 1979 1980 1979 0perating revenues: S 85,230,941 $ 65,563,145 j ' Sales of electnc energy (Notes 1 and 10) Sales of natural gas ~ 8,365,828' 6,468,874': Other 98,723'. 96,312 93,095,292-72,128,331 5 n f J't 12--- Operating costs and expensey: Cost of. natural gas sold

7,964,243 6,347,991 Operat;ng expense:

A . Operation' expense: Production - fuel (No'e 1). 51,900,974 ' 35,228,258 Production ' other - 770,155 . 909,666 Purchased power '18,633,493' 16,031.402 Trar.smissian .668,231-595,149 - Distribution' 227,731. L 208,563 ' ' Administrative and general.-

2,257,235

'1,943,110 Maintena'nce expense: Production : 431,652 = 461.677. ' Transidssion' . 651,726 - 539,211 Distribution ~ '415,048 376,937 General plant ~ ~ T100,232

90,975 Depreciation and amortization (Note 1)'

~3,527,252 _ _3,659,172 ~ {l-Taxes 917,848 .823,298 . Interest on long-term debt 11,343,930 ' ~ 3.928,246 Other' interest ~ 539,939 520,746 Interest charged to construction (Note 1)' (8,462,767) (940,829) f Other dedustions 3,779 Total operating costs and expenses 91,880,701 70,723,572 . Operating margins - 1,814,591 1,404,759 _. Patronage capital allocations 186,246 251,675-Non-operating margins: ~ Interest income. 289,565 .364,626 Interest expense (249,406) (268,577) t Other 82,466 Margins before Federal income tax 2,123,462 x .1,752,483 ? Federal income tax (Note 11) 151,051 ~ Net margins 1,972,411 1,752,483 Patronage capital and other equities, beginning of year 18,061,741 16,309,258 Patronage capital and other equities, end of year $ 20,034,152 S 18,061,741 4 The accompanying notes are an integral part of these financial statements. 14

Censolidated Statsmsnt of Chczngns in Finczncicrl Position YEARS ENDED DECEMBER 31,1980 and 1979 1980 1979 g Working capital provided from: Net margins S 1,972,411 $ 1,752,483 Depreciation and amortizaton 3,735,789 3,817,688 Patronage capital allocations (186,246) (251,675) Gains on sales of assets (82,466) Working capital provided from operations 5,439,488 5,318,496 Advances from REA 6,436,000 2,633,273 Advances from FFB 32,731,353 59,003,647 Decrease in other property and investments 633,521 667,174 Salvage value of retirements 684,208 442,459 Contributions for line removal and relocation 14,905 6,796 Decrease in unrecovered purchased fuel costs 3,014,309 3,161,587 C, crease in other deferred debits 3,990,673 Increase in deferred credits 118,666 Proceeds from sale of assets 102,026 Total working capital provided 49,174,476 75.224,105 Working capital u:: i fnr: Additions to utility p! ant 38,518,354 64,082,470 Payments on long-term debt to REA 3,088,780 3,086,413 Payments on long-term debt to NRUCFC 2,299,044 7,488,168 Plant removal costs 153,606 125,878 Decrease in oeferred credits 892,369 528.062 Increase in other deferred debits 392,660 Total working capital use6 45,374,813 75,J10,991 increase (decrease) In working capital $ 3,799,663 ($ 86,886) Changes in working capital: Increase (decrease) in current assets: Cash ($ 549,237) 64,611 Temporary cash investments 850,054 (149,000) Special deposits (119,459 93,600 Accounts receivable 3,901,123 176,064 Material and supplies 425,879 837,784 Frepayments 49,713 (26,845_) 4,558,082 996,214_ increase (decrease) in current liabilities: Current maturities of Icng-term debt (19,999) 89,760 Accounts payable 2,574,370 560,879 Notes payable (2,018,750) 313,000 Other accrued liabilities 222,798 119,461 758,419 1,083,100 increase (decrease) in working capital 3,799,663 ($ 86,886) h The accompanying no'es are an integral part of these financial statements 15

Notes to Consolidated Financial Statements DECEMBER 31.1980 and 1979

1. Summaryof Significant Accounting Policies Principles of consolidation The consolidated financial statements include the accounts of the Cooperative and its wholly-owned subsidiary, Brazos Fuel Company.

All inter-company items have been eliminated in consolidation. Systemof accounts The accounting records of the Cooperative conform to tho Uniform System of Accounts prescribed by the Federal Energy Regulatory Commission for class A and B electric utilities modified for electric borrowers of the RuralElectrification Adrtinistration. Electric revenues and fuelcosts Electric revenues are recorded monthly as of the Patronage capital certificates date meters are read and accounts are billed. patronage capital from associated organizations is Fuel costs are charged to production expense as recorded at the stated amount of the certificates. fuelis consurned. ,Jnreco 'ered purchased fuel costs Plant additions and retirements Natural gas purchased under the take or pay terms The cost of addi ions te electric plant in service of contracts with various individual producers is represents the original cost of the contracted recorded at contract cost, which includes production services, direct labor and material, interest on taxes and royalties. The amount of gas paid for in construction loans, and indirect charges for advance is classified as a deferred debit. Unpaid engineering, supervision and similar overhead production taxes and royalties, related to the above items. Maintenance and repairs of property and contracts, are included in deferred credits until such replacements end renswals of items determined to time that the gas purchased and not taken will - be less than units of property are charged to actually be recovered by the Cooperative. operations. For property replaced or renewed. An allowance for unrecoverable gas is provided the original cost plus removal cost less salvage for by charges to income. The allowance is based is charged to accumulated provision for upon estimates by the Cooperative and its depreciation. The enst of related replacoments consulting enginears as to the volume of gas and renewals is added to electric plant. losses in each well. Contributions in aid of construction are credited to the applicable plant accounts.

2. Assets pledged All assets are pledged as security for the long-term Interest Charged to Construction debt to REA, NRUCFC, and FFB.

The Cooperative has capitalized as a part of electric plent the cost of borrowed funds used for

3. Utility plant such purposes, net of interest earned on " idle" Listed below are the major classes of utility plant advances of the borrowings. This procedure is in as of December 31,1980 and 1979, accordance with that prescribed by REA.

1980 1979 Depreciation Intang;b!. plant s 2,170 s 2.170 Provision has been made for depreciation on a poduc ion pl nt 59.878.06G 60.123.178 straight-line basis at annual composite rates as [."*bu on pfanI' o follows: General plant 3.591.049 3.C87.442 Cornpleted construction Production plant 3.10 % not classied 30,193 2.925.327 Transmission plant 2.75% Disnbution plant 2.88 % Elec*nc pl nt m sevice 122.895.253 120.986.824 Construction work in pr ogress 104.551,711 70.222.040 General plant Structuees and improvements 2.50 % Nuclear fuelin process of Transportation 15.50 % retnernent and ennchment 2.861.498 1.925.599 Comrr.unications 6.50% $230.308.462 s193.134.453 Other general plant 6.00" 16

Notes to Consolidated Financial Statements DECEMBER 31,1980 and 1979 Included in construction work m progress at with $402,000 principal payable within the next December 31,1980, are costs of $23,606,786 for the twelve months. The nctes are scheduled to be construction of 78 miles of 345 KV transmission fully repaid at various dates from December 10, line from the San Miguel Power Plant to the 1981 to November 30, 2007. The Cooperative Marion Substation of LCRA: c nd costs of intends to exercise an option to extend the $67,094,052, for the purchase of 3.8% ownership in maturity date of an intermediate loan with the Comanche Peak Steam Electric Station. The NRUCFC to a maturity date of thirty-five years estimated completed cost of the transmission line after the initial maturity date. At December 31, is $26,400,000. The Cooperative's cost of its 3.8% 1980, the balance of this loan, maturing share in the' Comanche Peak Steam Electric December 10,1981 is $2.387,278 and has been Station is estimated to be $101,997,000. classified as long-term debt for financial statement purposes. Unadvanced loan funds of

4. Patronage Capital and Other Equities

$8,541,643 are available to the Cooperative on 1 n commitments ficm NRUCFC. Detail of patronage capital 1980 _ 1979

7. Long-term debt-FFB mortgage notes Ass:gnable

$ 1.696.662 2 1 E50A50 Long-term debt to Federal Financing Bank (FFB) Assaned 15A02.599 13R2A68 consists of 8.818% to 15.091% 2 year notes 17.099.261 15.4?2.918 payable with interest payrnanS due quarterly. Detail cf other equities The notes are scheduled to be fully repaid at Capital ga:ns and losses 9,383 9.383 vanous dates from May 2,1981 to December 24 Jon-eperatmg marg:rs 2.647,967 2,566 676 Renned earnmqs of v*s;d:ary 277.541 32.764 1982. The Cooperative has an option to extend the due dates for a period not less than two yects nor 2.934.891 2.628.823 greater than seven yearwaor the date of the Total patronage capital a..J other eqmnes $20.034.152 $18 Cfl 741 advance; or to extend the maturity date to g thirty-four years ofter the end of the calendar year in which the advance was made. At December Under provisions of the long-term debt agreements, until the total of equities and margins equals or 31,1980, the Ccoperative had $59,003,647 of exceeds 40% of the total assets of the Cooperative, the dvances with short-term maturity dates which return to patrons of capital contributed by them is they intend to refinance under the above options. limited generally to 25% of the patronage capital or Unadvanced loan funds of $55,326,000 are margins received by the Cooperative in the next v il ble to the Cooperative on loan commitments from FFB. preceding year. The by-laws of the Cooperative do not provide for the

8. Line of credit agreement assignment of non-operating rnargins or earnings of The Cooperative has established a line of credit, subsidiaries. The by-laws were amended, effective for short-term financing, with NRUCFC for opera argins go s rat ng ef citsof prior fd "UF de h

t Y ' '** $3,800,000 due March 25,1981, at an annual interest rate of 17%%.

5. Long-term debt-REA mortgage notes Mortgage notes to REA are 2% and 5%, 35 year
9. Retirement plan notes payable with principal und interest The Cooperative has a contributory retirement installments of approximately $1,280,000 due plan covering substantially all of its employees.

quarterly. The debt includes an estimated Total retirement costs charged to operations for $3,039,000 of principal and deferred interest 1980 and 1979, were $194,803 and $193.792, payable within the next twelve months. The notes respectively, and include charges for current and are scheduled to be fully repaid at various dates prior service costs. The Cooperative's policy is to from March 8,1981 to April 30,2015. Unadvanced fund retirement costs annually as it is accrued. Ioan funds of $3,086,000 are available to the The actuarially computed value of vested benefits Cooperative on loan commitments from REA. at December 31,1979 (date of latest information i Long-term debt-NRUCFC mortgage notes available) was $1,908,691, which was exceeded E P" Long-term debt to NRUCFC consists of 7% t 5 6 17%% mortgage notes payable with principal and interest installments of $J65,100 due quarterly The Cooperat:.ye s retirement plan was amended effective January 1,1976, to conform with the 17

Notes to Consolidated Financial Statements DECEMBER 31,1980 and 1979 requirements of the Employee Retirement !ncome Financing Bank loan funds and $1,100,000 by Security Act of 1974. general funds. Approximately $14,400,000 of the estimated 1981 construction program

10. Transactions with member cooperatives expenditures is for additions to the Comanche Tin Cooperative has controets with 17 of its 19 Peak Steam Electric Station.

m:mber distribution cooperatives, through lune Subscription Agreement 30,2020, for the sale of wholesale electric energy. The Cooperative is committed under the tarms of Contracts with the other 2 member cooperatives subscription agreement to purchase additional ara through the period June 30, 2010. Sales of CFC capital term certificates totaling electric energy to the 19 members were ppr xim tely $1.745,308. Subscriptions are $76,382,941 and $58,230,463 for 1980 and 1979, p y ble annually on October 1 in each of the respectively. years 1981 through 1984. I1. Federalincome taxes Operating Agreements Federalincome taxes are paid on taxable income Under the terms of operating agreements, the of the subsidiary only. No provision has been Cooperative has guaranteed the cities of made for Federalincome taxes for the Whitesboro and Sanger a minimum annual Cooperative in reliance on a determination letter, income from the operation of their electric dated March 12,1969, issund by Imernal Revenue systems. Management is of the opinion that the Service, which states that in the opimon of the Cooperative willincur no liability as a result of Service the Cooperative meets the regttnements such guarantecs. of Section 501(cH12) of the Internal Revenue Code

13. Reclassifications and is entitled to exemption from Federciincome tax. Tax retu:ns, of the subsidiary, for the years Certain reclassifications of 1979 amounts 1977 through 1979 are presently being reviewed previously reported have been made to conform by the Interna! Revenue Service.

to the 1980 presentation. p

12. Commitments and contingencies Report of Independent Accountants Unrecovered purchased fuel costs The Cooperative has contracted to purchase gas MainHurdrmn&Cranstoun EE from various individual producers, in addition to c

mmm other suppliers. The remaining term of the The Board of Directors majority of these contracts is approximately 13 years. Under the terms of the contract Brazos Electric Power Cooperative, Inc. agreements, the Cocperative has agreed t We have examined the consolidated balance sheet purchase and receive, or pay for if available and of Brazos Electric Power Cooperative. Inc. and not taken, an average daily quantity of cas as set subsidiary as of December 31,1980 and 1979, and forth in the contracts, effective January 1,1976. the related consolidated statements of revenue and The contracts provide for the recovery of gas paid patronage capital and other equities and changes in for, but not taken, over the remaining life of the financial position for the years then ended. Our contracts. It is the opinion of management, that examinations were made in accordance with with proper monitoring of reservoir performance generally accepted auditing standards and, and field surveillance of operating conditions, accordingly, included such tests of the accounting failure to recover gas paid for but not taken will records and such other auditing procedures as we be minimal: and that such failures, should they considered necessary in the circumstances. occur, are a proper increment of the cost of actual In ur opinion, such fmancial statements present gas delivered and therefore recoverabh, uder f irly the financial position of Brazos Electric Power the Cooperative's rate structure, from its Cooperative, Inc. and subsidiary at December 31, customers. 1980 and 1979, and the results of their operations Construction Commitments 2nd the changes in their fmancial position for the The Cooperative's expenditures for its 1981 years ti.en ended, in conformity with generally construction program are estimated to be accepted accounting principles applied on a approximately $45,700,000, of which $44,600,000 consistent basis. g will be financed by REA, NRUCFO and Federal ein h b a k h ~ $9 Marcl. 3.1981 18

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1 BoardofDirectors ge. '.,,;, . gf. Ap . % -{ -

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- j '.,. l ' 1 v 1 y n. 4 x. ~ '~ i 3- ,e. r.. ..'.,. > j'.f v.... a.- g' % p, L q~.'.} T. ), ['., y -fiQ,.4 9 - 2.- w.. ( ,....o.. -.. r g ,g .:.~. William G. Parker F. C. Luedtke Robert H. Bunting Prera%2r V& President S<ceary.Troosurer Cernanche Couny 1&Lnnan Coun'y Cectre f-A C. t'ie,:t v Cocurunve Cec *nc Coeure:ve Coopereve. Incorg rn +1 Ircyn.rtM Asme:cn g w/ llI [ .llt ,) t 3 ;c o ,*.~ ). ./ 2 ?k 4 '.3j [. A. Q r., *',. ~.,.

  • Woodrow Hensarling Horace R. ImNoir I. W. Richards. Jr.

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  • d Swh Ceene Coop:ct.ve L:nevore %ny Boter* son Assocrmn Cec'nc Coorrev.

Cec'ne Ccopertive, beorpora ed incorpora ed z.gf:'\\ i {}*,+;- NV' . N ':? h.. . _a > ~ ~ wq-' '.. ; y' _ .m. L .? Joe Zajicek Grover F. Furr I. F. Herring. Jr. Sw et Fc,rt Belnap in County Cec'ne Cocwranve-Co-nc Cooperanve. Sectrw Coopero :ve. Incorporew I.-rorrerted beorporeed d The Brazos System 17 20 wittiam sanders Errh Coun'y Coctne Coopererve Associanon a

.. y-Management l-. tA M W e Richard E. McCaskill Executwe Vice P.esident . "s 8. -( and General Manager

  1. 4..',

Francis M. Bushnell, Jr. Executwe Assistant and Manager-Pubhc Relations ~ -4 Clarence W. Carpenter Manager Emance and Admmistration '.., f Billy W. Dyess Manager-Project Construct:on and Eng:neenng Dan B. Swenke, Jr. Manager operat:ons Y N , W. B. Townsend Jr. Manager <srporate Planrung ...-s x 4 a / '9',

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I J =;;.e.yM1 4- -y. a. Nt 4 obert T. Lewis. Jr. T. I. Holbert

  • i.-.; g Cooke County B-K ec*ne Cocperanve Cec *ne Cooperouve.

....g ;, f Associanon Incorporated Y -*y i 4. . ' j T M-6 4 Y p.. ~ ( w ;,c e

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  • Resigned upr.,n I *:

~' h. / retirernent-January 31.1981. ,- f^ t ;'. Don R. Gregg elected ..g,ggp to the vacancy. Ao h4 Jack Elam Billy Poland Melvin Jordan Harra: ton County Johnson Coun'y Navarro County Dec+ne Coopera*:ve Cectnc Cooperat:ye. Cectne Cooperanve, Associaton Incorporred Incorporated J,. g -.;

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A. ~' ~ f ,4 .~ 7 . W. Cates M. E. Holley Luther Parks Joe Forman 7?,.c ; ~ El Co44n'y Denton Countf BeHalls We Oec+ne Cooperanve. Cectne Cooperanve Dec'ne Cooperrive. Dectne Cooperanve. 9 ' - ncorporo*ed Incorpora*ed Incorporated Incorpora'ad

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_ i_ i..I, 5 l The Brcrzos System BRAZOS ELECTRIC POWER COOPERATIVE.1NC. HOMEOFFICE: 2404 LASALLE WACC. TEXAS 76706 l -um-ie i mui ieilliii i i.iii. ,,,,,,,,,,,,,,,,,}}

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