ML20035G290

1992 Santee Cooper Annual Rept, for VC Summer Nuclear Station

ML20035G290
Person / Time
Site:	Summer
Issue date:	12/31/1992
From:	Ford K, Rainey J SANTEE COOPER
To:
Shared Package
ML20035G285	List: ML20035G290 RC-93-0097, Forwards 1992 Santee Cooper Annual Rept
References
NUDOCS 9304270085
Download: ML20035G290 (87)

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AVER AGE RESIDENTI AL CONSU MPTION AVER AGE RESIDENTI AL COST In L 4

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D'STPIBUTION OF INCOME h

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,] Fuc! and PurchneJ Power S194.102 34.09 %

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.2..Q J.,f.Tg't.gI.j 3-C Interest 140.48' 241 N f!..

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C Operation and Maintenance 137,916 24.21 %

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L3 Reuremen:of Debt 45,114

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COM PA R ATIVE HIGH LIGHTS Calendar Year 1992 1991

% Change flNANCIAL(Thouundsof Dollars)

Total Rnenues & income 569.500

$ 591,932

- (3.79)

Total Experr,cs & Interest Charges 563,936 575,428 (2.00)

Other 24,153 24A64 (1.27)

Reinvested Earnings 5 29,717 5 40,968 (27.46)

Debt Scnke Coverage 1.35 times 1.37 times (1.46)

Debt / Ec;uiry Ratio 80/20 78/22 STATISTICAL Reuil Customers Senrd 94.215 92.276 2.10 Average Annual Residential Consumption (KYli) 12.449 12,151 2.45 Average Residential Cost kents per KTil) 5.81 6.08 (4.44)

Energv Sales (MTH) 14,032.641 13.597,271 3.20 Territorial Peak Demand (MW) 2,620 2,571 1.91 L

CORPOR ATE STATISTICS j

l Calendar Year 1992 1991 1990 1989 1988 Tou' Utihn Plant-Net Indud;ng Nudcar Fud (at year cts Gn 60usan6 of dabn) 2.015.526 I S52 A~1 1,~s6,059 1.761.109 1,747,021 lbnded Indelnedness (at year end) 6n 6ousands of dollan) 2,569.010 223~,729 1337,72I 1,950,665 1,966307 e

Operaung Revenues (in thousands oidded Residential 56358

% 884 54356 55.236 53,760 Commercial 57,994 58,064

% 156 55,039 53331 Pubik Street Ughtmg & Other 2,0-~'

2,010 1304 2,001 1,914 Inducial 173,278 164,707 182 462 182,453 1"'S,390 Tholesdc 251,418 256.071 252,958 254.849 212363 j

hr!!aneous 5,153 4,842 5,914 5,216 4,640 tj [

Total 546,878 562,578 553,980 554 "'94 5N 348 Opating A Maintenance Expemes Charged to Operations On 6oasana of dnLrs) 332,018 344320 341,743 342.009 295.109 Parments in Lieu of Taxes Garged to Oper26ons (in thousands of dohn) 3.643 33M 3A26 3,449 3,196 1

Parments to the 5 tate Cha ged to Reinvened 12rning (in thousana of dol s) 5,816 5MO 5,629 5,366 4,091 i

Net Operating Revenues AvaiW>le for Debt Service (in thou.ana of dabn) 235324 245,~06 233.179 235,14?

233,136 s

1 Reimested f2 ming (in thousands of doLn) 29,717 40,968 40,001 43,492 43,259 Debt Senice Coverage: Pnor.ty Obligdon & Expansion Bonds 1.74 1.74 140 1.62 140 Kilowatthour Sales On thousands) l Readennal 981,163 935,650 900,626 863,026 640387 Commercial 1,113,505 1,062371 1.027,319 9'6,504 959,489 Public Sreet Ughting & 06er 40,642 36304 34339 35,180 32318 l

Indartrial 5,502,276 5A74394 5,533,130 5,196,833 5394,795 l

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ThMesale 6,395,055 6.058.552 6.052241 6249316 5,058358 j

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Total 14.022,641 13,59',2 1 13.548255 13321 A59 12,290,347

~ JE Ci Number of Customen (at year end) dfI[

Residental 78.6 1

~6.824 74 3 "

T0A97 70,881 Commeraal 15,250 15,158 14350 14.759 14h88 Pubik Sneet bph6ng & 06er 294 294 298 2h6 305 p

inducid 32 32 34 34 30 I

hh Tholesale 5

5 6

6 5

1. A II f

Total 94.252 92313 90210 85,582 85309

"h Residential Stamties faveragd Kiloathour

[

Consumption! Customer 12,449 12,151 12,071 11,885 11318 5

Cents!Kilowanhour 5.81 6.08 6.04 6AU 6.40 l

Generating Capability (at vtar end) (mepwans) 2,780 2780 2,780 2,~80 2,780 l

Power Requiremems and Supply (Lilowarthoun m millions)

Generanon:

Hydro 556 598 548 5s5 280 Sicarn 10,843 11,233 11 006 11,152 10,592 Combusuon Turbine 1

3 22 9

Nudcar 2A99 1,r6 2,031 1.801 1.6h0 Total 13,898 13408 13,588 13,520 12,561

)

Purchases, Net Inte changes. Etc.

568 543 483 373 199 Total 14,466 14.151 14.0'l 13393 12,760 Territorial Peak Demand (mepwans) 2.620 2.571 2,508 2,707 2,263

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Tith that first flow of power delivered in 1942 to a national defense customer in Charleston, e

i Santec Cooper began fulfilling its commitment to operate an electrical system that would provide g

reliable 3cnice, efficient operations and low power costs. and would become a yardstick wnh i

which to measure the economy, efficiencv, and effectiveness of other utility operations in South Camlina.

4 j

By all standards of measurement, Santee Cooper has maintained that commitment. In doing

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so. it has stimulated economic growth and provided numerous services to imprme the quality of

)

life for the people of South Carolina. Santee Coopt has not only accomplished its original 1

mission but has expanded it to respond to the cominuoudy growing, changing needs of thL state.

[

This report takes a hiok at Santec Coopc6 pmgress during the past year and provides a chronicle ofits service to customers and the people of this state during its Grst 50 years of N

operation. It also peers into the future fmm the penpective of Santee Coopc6 executive manage-i, ment team.

During 1992. South Camlina feh the tightening squeeze of an economy that did not pr+

duce the flow of tax revenues needed to sustam the state's projected budget.This te enue shortfall

]

was the maior factor in precipitating proposals to. sell $antec Cooper.

As South Carolina struggled m make ends meet, the statis somewhat stressed ec onomy was l

1

<j sustained by a diversified woth forec and the statis third best year in terms of announced plans for i

~

j economic gmwth. During the year,665 industries announced plans for construction or expansion, i

representing 52.9 billion in new insestmems. When fully operational, these industries will bring i

the addition of 15,313 new jobs to the state. While there were significant layoffs due to the eco-

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nomic slowdown, South Camlinai total employment increased by about 6.000 jobs. Seasonally 3

adjusted unemployment at yea 6 end was 5.6 percent, the lowest in two 3 cars. This compares to

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the naional average oi~3 percent.

4 f

The state's economy began to show stmng signs of rejuvenation from its sluggish state. Its

.i j biggest boosts came with the announcements of several foreign industrial investments. German

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.Q automaker BMW announced it will build its first U.S. manufacturing plant in the Upstate.The 5500 mi!! ion facility will employ more than 2.000 people by the end of the decade.

.s 4

Another German company made a maior expansion in the lowcountry.

L3 N

PEA K DEM AN D in Megawatts C A P ACITY in Megawatts s

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EXECUTIVE REPORT i

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ON FEBRUARY 19.1992. a solid 4 tate dc<trisal relay suitth was engaged by 32ntcc d

( kpa stiuls at tht Ictinics Htdro st.amn. rest.utirg l~ni: L 2 anJ u kbram:g a half ccn-bb a3 of sen uc w the pn.pk of sub umb

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l the w : hwaii to Mar; cp th.a san c uN Iof the fint ti:ht cuitly % cats carhet.

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c a:pu Lcw as ther asuit tLa 5amn (.ouptri n:mion has been acpiricJ and now is j'

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the t mc m sd! w of Niu:. 6 a n mou tahuhic resouses. Lt. % race t oopeis l-l

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rn mJ <.f pafamana and s<nia 7mb for inch Based on in patormana anJ j

%ch it i' a'1 If hJ \\~d dc (d \\diMc(

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.a ri Ii21 IMUIc I d In cII ch (

octs:.visGenetal bt 7:bh ;.m most c '.:hh dite Unc w h>t a ' n Iht bt

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RATES Mile 3 Inc., a subsidian of Cents Per Kilowarthour Compared with t tilities

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Based on the National Average Bayer AG, a chemical and pharma-D RrstotNTsAL CoMMEncAL 4 NDUSTRI AL

' / $;

4 build its first svnthetic fiber plant i.%,

in North America in Berkelev f-3-

County. The 5140 milhon plant W

d will be constructed in 1993 adia-r3 w

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cent to its $100 million Agfa fdm h

! *"h production plant already under h f :)

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con truction. And in Florence s c L

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~U-County, Hotiman-IsRoache 4

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- Y GM %d.a EU \\Ms Cor[L another pharmaceutical

'iNG iant, broke ground for a 5500 k :.,

l R.15 581 7.62 5.21 4.89 3.15 million plant that will initially

'?

National Average

@ Santec Cooper employ 200 workers.

Other economic advance-ments included the Erst flow of Santer Cooper power to the 5300 milhon Nan Ya Plastic firrn in llorence and Williamsburg counties. Then fully opcrational, this company will employ about 500 workers and will be pnwided electrical service by Santec Electric Cooperative.

Santec Coopcr re>ponded to the state's slowed economy by tightening its budget, improving operating efficiencv, and expanding its service.

The budget was trimmed by streamlining corporate procedures. improving proc urement of fuels and otha materials. and mcreasmg operaung ettaenacs m power production.

Operating efIiciencies in power production were increased through improvcments in heat rates and modificatiom and redesign of existing generating units.

A rnaior new public service was introduced with the approval by the board of directors for cor.struction of the $36 million Santee Cooper Regional Water System.

As the economic restraint of cautious consumers loosened, moderate increases were expeti-enced in the power generated and sold, peak demand, and customers served. Due to fuel-cost reductions and mild weather, however, the rate ofincreases were less for grow revenues and rein-vested earnings. Kilowatthour sales of electricity increased 3.20 percent and peak demand for power increased 1.91 percent.

The steady increases in energy sales and projected load gmwth va!idated the wisdom of the decision made by the Santee Cooper Board of Directors in Januarv 1990 to construct a second unit at Cross Generating Station as the most economical method to meet the increased power k

s a o demands projected for 1995 and beyond. Construction on that unit. planned for completion in

'f[zubjf n

late 1994, continued on schedule and under budget.

TS M

At 3.86 cents per kilowarthour, the average cost of power for Santec Cooper cusmmers temained the lowest in South Carolina and among the lowest in the Southeast. This is one of

$ p..;jp; the most meaningful measurements of Santer Cooper's sustained and successful mission accomplishment.

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Anv measurements of perfortnance in FUEL GENERATING COST 4

Cents per Kilowatthour terms ofquality of service or fulfdlment of s

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OIL COAL NUCLEAR mission show Santee C,ooper to be one of the

, _ U, best run, most efficient utiUties in the coun-m

_x c t try. This is obvious in examining all aspects of

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g the company's operations over the past year or rg 3

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for the paa half century.

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Projections are for increased retail and d$l eq

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3 qq and a continuing wmmitment to pmtect and

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y impmve the environment. In doing so, Santee g

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Cooper is fulfilhng and expanding its corpo-9dj YgMl h

raie mission for the benefit of the people of 6.38 1.58

.50

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gd South Carolina.

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ENERGY m,m L }d In 1992, energt sales mta!!ed 14.03 billion kilowarthours of electricity, an increase of 435 i

q

~ ls x.A million KWH over last year. Peak demand for 1992 reached 2,620 megawatts, compared to 2,571 i

8 7, %

MW m 1991. Due to extremely mild weather conditions, heating and cooling degree days for the

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year decreased 5.27 percent from 1991.

5:

s In terms of energy consumption, Samee Cooper experienced increases of 4.86 percent by S g

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residential customers,4.81 percent by commercial customers. 5.57 percent by Central Electric Power Cooperative, and a decrease of 0.48 percent by the municipalities of Bamberg and eQ Georgetown. Industrial sales inched up 0.51 percent. Gmuh in the number of customers was b

'N steady. A total of 1,847 residential and 92 commercial customers was added, which represents j

h increases of 2.40 and 0.61 percent, respectivdy.

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OP ER ATIO N S p

-f3 Construction progressed on l' nit 1 of the Cross Generating Station a 540-megawatt coal-a j[b j

burning companion to l' nit 2 which went on line in 1984. l? nit 1 is scheduled w begin opera-m j

~

y{j tions by late 1994. Refmements in the construction schedule and procurement of equipment j

j resuhed a reduction in total pmjected wsts for the unit from 5552.-'4 million to 54S4 million.

f p ~N Contracts were signed with four local municipal water entities which joined as partners in y

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< i jggg the Lake Moultrie Water Agency and in the construction and operation of the new Santee Cooper 3

Regional Water System. scheduled to begin 3enice in late 1994. The project will indude an intake 4

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from Lake Moultrie and treatment plant capable of ultimately pmviding up to 100 million gallons of water per da".

'E i d,g This regional water system will provide an economical, high quality supply of waier for the

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South Carolina lowcountry to meet the area's needs and support economic growth well into the V sg s

n E $q next century. Truly Santee Cooper is with water today where it was with electricity 50 years ago.

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1 ECONOMIC DEVELOPMENT 3

Tourism maintained its number two position among the state's largest industries and its WJ V

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dominance in the Santee Cooper service area. In contrast to the state's overall economy, business

'[ h and industrial gmwth in Santee Cooper's sernce territory increased at a higher rate.

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Economic growth remained steady in the areas served by Santer Cmper and the Central y

3 Electric Pow er Cooperative System for which it generates power. During the past year. nine indus.

m o

trial Grms announced new facilities and expansions within the 35-county dectric cooperative str-f v

vite area.Those announcemems rgresent future capital investments in excess of 530 mi!! ion and

',N more than 350 new job opportunities.

[

Through the etTorts of Palmeno Econonuc Deveiopment Corp., which has coordinated the Of

(

inint economic development etTorts for Santee Cooper and the Central system since 1958, there I;,,;

n i

have been 3, new mdustries, representing 58S4 million in investments and 2,675 new jobs an-4q nounced in the service areas sened by Santee Cooper and the electric cmperatives.

1 i

FINANCE Successful Gnancial management helped maintain Santee Cooper's competitive edge in 1992.

Total savings in long-term 6nancing of more than 528 million were realized over the life of 5158,795,000 of outstanding bonds which were advance refunded. Average annual savings over y

the hic of the new bonds will be appmximately 5989.000.

Total revenues were 5546.578,000, dow n 2.79 percent from 1991, and electric operating expenses declined 1.87 percent to 5410.656,000. Reinvested earnings were 529,717,000, down 2-'.46 percent from 1991.The primary facwr in the dedine of revenues, expenses, and reinvested j

earnings was a decline in fuel adjustment revenues due to lower coal prices this year compared to l

1991. Fuel expenser were down S.70 percent but other production expenses and depreciation ex-penses increased. Re increase in other pmduction operating and maintenance expenses was due primarily to a refuding outage in 1991 for Summer Nudear Station. Expenses during this outage were accrued during the 15 months prior to the outage. thereby lowering expenses in 1991.There was no refuding outage in 1992.

Samee Cooper continued io provide the lowest cost electricity in the state and does not an-ticipate any rate increase until April 1994, its Grst in nine years. According to data provided by the Federal Energy Regulatory Commission. Santee Cooperi retail customers are equal or more frugal and energy conscious when compared to other utility customers in the state.

Santec Cmperi f nancial stability was maintained, with revenue bond ratings of A-1 with Moody's and A+ with Standard & Poor s and Fitch Inveswrs Services. Santec Cooper maintained,,

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debt service coverage of1.3, umes.

Santee Cmper Mini-Bonds cominued to be in high demand by customers and South Caro-lina residents, who invested a record 539.2 million in the issue.This brought the total sold since p

Erst offered in 1988 to 5121.9 mi!Iion.

5; s

E N VIRO N M E NT (x

Protecting and improving our envimnment remains a constant challenge and a major corpo-rate commitment for Samee Cooper. This is being accomplished through a variety of environmen-g, tal outreach programs. These induded sponsorship of a statewide environmental essay contest for Q

seventh graders. presentation of environmental scholarships to students from 19 of the state's col-

@% ; m p

leges and unhersities, supporting Clemson Universityi 4-H Outdwr Adventure Camp, and a k

4 program for nine summer interns which emphasized environmental pNgrams and activities.

Santee Cooper was honored twice for its environmental stewardship and leadership during d<

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the past 14 momhs.The South Carolina Wildlife Federation named Samee Cooper Industria!

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Commationist ofthe Marin January 1992, and in February 1993, the South Carolina Waterfowl Asso-ciation honored Samee Cooper with its 1993 tri!dhfe Commator of The lhu award. An additional j

honor for Santee Cooper is the election ofits board chairman to the board of directors of the National Wildlife Federation.

n One of the major environmental senices provided was through expansion of Santee Cooper's fj statewide Give Oil For Energy Recovery or GOFER program. There were over 175.000 gallons of cj used motor oil collected from the public from 172 GOFER sites during the year. w hich converted J

into 31 million Lilowarthours of electricity, enough ta meet the annual needs of about 250 average

'g residential homes. Almost one-quarter million gallons of used motor oil have been collected since the

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program's inception on Earth Day in 1990.

"i

'50 Years of Service...for the benefit of the people of South Carolina' is the theme of this annual 4

l report. In addition to a description of progress experienced during the past year, featured perspectives y

examine Santee Cooper's 50-year history and present operations in terms ofits mission and service through ef0cient operations, environmental responsibility, and community outreach. A perspective on aa

}

Santee Cooper's future provides an examination by executive staff members of the major cnallenges i

and changes anticipated for Santee Cot per during the next decade.

Q As Santee Cooper looks proudly upon its first 50 years of senice to the people of South Carolina.

3 our greatest challenge is to always meet and exceed the mission defined for this corporation in the

,4 enabling legislation enacted by the General Assembly in 1934. As new cha!!enges and needs for this

N f

j state are defined. we must respond with commitment to provide efIicient operations, etTective management, resourceful financing, and qaality service. This will ensure that we always operate in the

~" 4 best interest of this state as directed by our original charter ~..for the improvement of the heahh and u

,.i welfare and material prosperity of the people of South Carolina."

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_.j John S. Rainey l:

Chairman. Board of Directors t

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At the end of 1992, Santee Cooper was serving 94.215 residentialaommerci.J. and other retail cus-

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hM' tomers located in Berkeley, Horry, and Georgetown counties. This was an increase of 1,939 or 2.10 percent 3

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c over 1991. Of this increase,1,847 were residential and 92 were commercial.There was no change in public

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street lights and other.

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Sales to these retail customers were 2,135 gigawarthours, up 4.96 perctat over the previous period.

I The average annual consumption of electricity by Santee Cooper residential customers increased to 12,449 kilowarthours,2.45 percent more than 1991.

Industriali were 5,502 gigawatthours, up 0.51 percent over the previous year.The average cost of power to industrial customers was 3.15 cents per kilowatthour. 6.53 percent less than in 1991 and 33.13 percent lower than the national average.

?

Sales to Central Electric Power Cooperative, Inc. to its 15 member (o-ops increased 4.21 percent to 6.162 gigawarthours. Central is Santet Cooperilargest single customer. The electric cooperatives distribute power to more than 325.000 customers in 35 counties.

Sales m the municipalities of Bamberg and Georgetown decreased 0.48 percem.

TOTAL ENERGY S ALES in Gigawatts t992 1993 1994 1P95 1996 1997 1993 ' -t999 2000 2001 2002 2003 2004 lllllRM 14 %0 14#m 15, it.9.15 A 49 15.511 15A27 16.152 16A 7 14.'P5 14J39 14 E'8 15,013 15.3 %

TOTAL PEAK DEM AND in Megawatts 3

.tema teos se9s t eos. spos 19s7.teos tese sooo soot Roos. 2003 2004 -

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oun asissions ne mission ofSantee Cooper is to be the state's -

. i leading resource for.

impnwing the quality of life for the people of South Carolina.

This shallbe accomplished by providing reliable and -

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affordable energy, water,.

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waste utilization, and y-economic development

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operating according to the.

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THE1940s libney 1942 The world was at war. He United States of America entered l

World War 11 soon afterJapanese forces launched a surprise anack on the U.S.

Navy base at Pearl Harbor on December 7,1941. During the early days of 1942.

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U.S. troops, ill prepared for combat, took a beating, adding to the despair of a l

nation that had aheady suffered over a decade of grueling economic depression.

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For most of the people living in rural South Carolina, February 17, 1942, passed without fanfare. But on that day, Santee Cooper irrevocably j

i changed the course of those lives forever. ne dream of harnessing the J

Santee and Cooper rivers for power generation and inland navigation had i

fmally become a reality.

['_l pMy Achieving that dream had not been easy. In order to receive New Deal

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dollars, the South Carolina Public Service Authority was established by an act of the General Assembly in 1934.Through the Santee-Cooper Hydro-electric and Navigation Project, the Authority hoped to improve naviga-tion between Columbia and the coast, as well as cheaply produce i

electricity for the poverty stricken rural areas of the coastal plains.

Presidem f ranklin D. Reeveh l

penonalh endoned the hme he following year, the Rural Electrification Administration was established "P" W"d*i' *"d by executive order and President Franklin D. Roosevelt personally approved ftmd-Naviption Pmirct in July 19h,.

j ing for the Santee Cooper Project. But the project met many legal challenges from i

private power companies that delayed the dream for more than four years. Finally j

on May 23,1938, the U.S. Supreme Court cleared the way for the project to be-gin. By autumn, construction was underway on what would become the largest in N,the earth moving project in U.S. history.

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On February 17,1942, gates were opened, releasing water into the draft tubes for Unit 2 at the Pinopolis Ibwer Plant. and Santee Cooper generated its first elec-harnem.nEthe i

tricity. By July, all five units at the plant were in service furnishing electricity to two j

Santee and key defense industries in Charleston-the Pittsburgh Metallurgical Company (00per river 3 for which manufactured armor plate for tanks and aircraft, and the Navy Yard.

On December 2, company officials rais:d the South Carolina flag over the l

pr generaDon

" state's largest and most fruitful enterprise" in a ceremony declaring Santee Cooper and inland substantially complete.

In 1943, the tables began turning for the Allied forces. Large-scale production flaVigat100 a

ofpenicillin in the U.S. offered new hope for disease-ridden areas of the nation.

beCarne a reality.

And a new era dawned at Santee Cooper. Former state senator, governor, and chief counsel Richard M. Jefferies was named general manager of Santee Cooper on l

December 16.This marked the beginning of three decades ofgrowth and stability for the publicly owned utility.

l With the end of the war in 1945, Samee Cooper soon prospered under Jefferies' leadership. That year, Santee Cooper established a new, permanent home d

when it moved its main ofIices from Columbia and Charleston to Moncks Corner.

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In 1949, Santee Cooper purchased the Waccamaw lbwer Company in l

Georgetown. This acquisition was part of a plan to imprcwe and expand service to

- ne samn spo pmst =mhnno the Grand Strand. Lines were built to serve Murrells Inlet and Garden City Beach, l

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and a two megawatt hydroelearic station was constructed at the spillway at the e

did were s:ill feebng the eficcu of Santee Dam.

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a n dr 2 nd rr Gnat Depremion Malam um decade after the beginning ofits revolutionary mosquito control programs, there ehminned. fhed controlum natiud.

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mm ~ -m , %' M a-.7-i s; 7 mmwm_m (.p + a o u. 'f ' A .) - l 3. W a: ~ were no reported cases of malaria in any of the u>untics luirdering lakes Mouhric and Marion. Santer Gioper's energeti program of spray ing and clearing potential breeding grounds climinated a pestilcnte that had plagued South Carolina since Ihe poverty and the l'th centurn disease with Tsc,930s which a majodty Korca in lunc 19;0 to repel an invasion by tommunist Nonh Korea. As the w orlJ in 19so. Amerka f.ned ya another war. ux fones were ordered into south of the states tectacd on the brink of a third world war, mui h of Arncrica legan moving to mral population subursia. had contended in South Carohna, the poveny and disease with which a maiority of the state's rural population had contended was losing its grip. A ray of new hope was was los.mg its clearicirn gdp,Arayof The intmduction of clearidty into isolated rural areas began altering centu-new hope was """E"'"" '""I' 9" P"' "E * "" "E "'" ' ' * * " ' " EIf@UI/- ing possible indoor plumbing and electric water heaters. Refrigerators lengthened the shelf hfe of meat and dairv foods. And other labor-saving devices were em-ploved to incnase production and ligluen the workloads of thousands W l of farmers and rural housewives. Santec Cooper grew to Lecp up with the increasing demand for i flectricitV. }n l9)D the utihty en-l tered into a contract with Central j' y-gy; r.icaric li>wo n, operative f ))f a,nstruaion ora system m erve f Ccntrafs 1% member vioperatiscs. Central, creaud in 1949, was

J .m 4 l j formed in order to receive federal REA fimds that helped expand the transmission ni, ha ord inliiank an ihr """ d """" d tW l of Santce Goper power. Bv 1956, the Central transmission svstcm stretdwd ihghuy 301 bndp parJirling 1,100 miles of lines across South Camlina, serving an area of 33 counties. Imcroni,,s ort g,L, Marien. In order to meet demand and supplement the hydniclectric facilities during

• kamiaP*cita ia 'hr kma Coopn bles.

j periods ofdrought, a sicam-clectric generating station was completed near Moncks l l Corner in 1953, and began commercial operation the following y ar. h consisted of two units designed and equipped for both oil and puhcr-l I ized-coal firing. NW% j S.antee L:ooper had aho serml as a magnet to I j attract a variety of industrics. hs 1I major indus-

j j

trial customers provided new jobs for the state __j w_.,_; b j that desperardy necdcJ them. "*? .3... t As impressive as Santee Coopet's gmwth and ) service were to its cusmmers, equally important { s M l were its contributions to South Carolinis environ- [ f;i ment. The lands surrounding the lakes were refor-b g j<- g a ested and a well-managed timber program begun. i The growing woodlands created habita for game and the area quickly became renowned as a sportsman's paradise. l In 1935, less than 2.5 percent of South Carolinis farms had electricirv. By q 1959, just 17 yean, after Sanice Cooper generated its first power, more than 91 ~ percent had chctridry. As the 1950uirew to a dose, Santec Gx per generated over The landloded one billion kilowanhours for the first time. i stnped bass J became the i THE 19605 { As the 1960s dawned the relationship between the Un;ted States and the j Soviet Union deteriorated. A heated battle for the White House resuhed in the most famous l election ofJohn E Kennedy in one of the most colorful campaigns in U.S. pdiri-fish attracdon in j cal history. In this age of space exploration and a turbulent civil rights movement, j-many more Americans enjoyed increased leisure time. And many went fishing. the 171,000 The landhicked striped bass became the most famous fish attraction in the acres Of Santee 171,000 acres of Santec Cooper watcrs. However, a wide variety ofother species, induding bream, catfish, crappie, white bass, and largemouthed bass also made {00per Waters. j prize catches for anglers. 1 In 1961, a gmwing inscrest in the striped bass hd m the opening of a fish a j hatchery on the Tail Race Canal near Pinop<disflithniques were developed that i resuhed in the production of milhons of striped bass for simLing not only 1.akes Marion and Mouhrie, but other inland lakes in the United States and other i countries. As the striped bass uintinued m flourish, Santee Cooper was having difficuhy Leeping up with the tremendous increase in power usage. During the early 1960s, 1 Angkri hm tren proudly - + ] residential and uimmercial development boomed along the Grand Strand, and &ybyinpheir mi# hm "'*" " b"" Id"'"P '"d j large industrial customers moved to Santec Cooper's service arca, resulting in marina sma the 194f4 j significant increases in power demand. From 1961 to 1965, ekttricity used by ne same cooper Lin hm residential customers increased 75 percent. Even though Santee Goper was anno- "d '"'**j""""" g, I ally generating more than one bilhon kilowatthours ofelectricity, it wasn't enough. 3.WD unsmelmd 4 in nnkeln,urmmn. I Clankm,Oregelmrg. and Sumter ummin

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i e s K i i in unperation with Cennal Dcctric Powrt Cmperative an aperment was reached to build a coal fimd generating station at Conway. Central agreed to l finance comtruction of the station and Santec Gmper would lease, operate, and j i 1 j maintain it. Ground w as broken in 19M, and construction wauompleted in 1966. The Conway facility was dedicated in 1967 and named for Dolphus M. Grainger, an Ilorry County native who was a pioneer in South Carolina rural l clectrification and president of Central While work was underway on the Grainger Sta- -~-m tion, plans were announced to double the generating gn j j capacity at the Pinopolis Steam Stations. bnancmg tot gy} y _ r w>p;) this construction. as wcll as fbr almost all capital expen-w a hj ' ' l#;([ M ditures, came fron, the sale of bonds. o q On November 22.1963, an awassin's bullet took P; the life of the nation's president.Just a few months later, on April 20,19M, Santec Goper suffered another g' great loss with the death of Richard M. JetTeries. l Jefferies had senrd as general manager of Santec Cm- { per since December 1943. In 1966, the generating fa-g "" " ~ j cditics at Pinopolis were renamed the Jefferies Steam ] i and Hydro Stations in his memory. m,A, u,opicano. During the remaining years of the decade, Santee Cooper continued adding ",< =""I'd"" *N"P"*" b ti m e n = m-new customers at a fast pace.The utility added new transmission lincs and oil-fiwd cu gnoinguen,i l combustion turbine gencrators at Myrtle Beach and f lilton licad Island. These l#""" ^"8"" '" j peaking units assisted the system in its continued efibrr to keep up with the I demand. P l j THE 1970s i l By 1970, increased unrest on college campuses made headlines as students i protested the governmen6 failure to bring the Vietnam War to an end. Americans l were only beginning to discm et the potential of computers and envision how they 6 could someday change their lives. And one problem confmnting the nation was inflation. b i 1 One sunny spot in the economy seemed to be South Carolina. As Santee i l Cmper entered the 1970s, it became apparent that its existing generating wstems l were not suflicient to meet the demands of the state's predicted economic growth. "'d"'N#'"" Santec Goper began a careful examination ofits resounes and anticipated needs. Becau e hydmelearicity was a fluctuating source of power which had been developed to its full potential, Sanice Goper turned once again to fbssil-fuel plants, a proven cflicient murce of pcmer. } As plans fbt a new generating station got underway, Santec Cooper had to deal with a threat to one ofits existing facilities. On February 25.1970, fire crupted in the Jefferies liydm Station. While safety procedures prevented any inju-ries. the fire caused more than S1 million in damage to the mntml room and a tunnel connecting the plant with the switchyard. Cleanup began immediately, and j repair crews worked around the dock m return the station m service in less than a a l month. l In 1972, Santec Cooper began construction on a 568 million coal-fired sta-j l tion near Georgetown.The fint of four units at the Winyah Generating Station, as I

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r.* - +- ,,v_.. THE 1980s As the 19'Os passed, the national emnomy slumped under skyrocketing infla-tion and rising unemployment. But the skies brightened over Berkeley County as 1 the long awaiad Alumax plant went on line with Santee Qxiper power inJune I 1980. The addition of Alumax added more than 580 million to Santec Cmper's annual revenues, enabling it to -M* g g,c= continue to grow. And grow it did-right out ofits o$ce on 1.ive Oak Drive in Moncks Girner. So in July 1982, Santee Cmper mosed again. hs .: we? third home in Moncks Corner was a modern, energv-4 %~ eEcient complex where, for the first time, all operations i ,g,.- associated with the utilitv s headquaners were housed on the same sire. On July 6,1983, Santee Cooper grabbed national ~ v. / -4 headlines when an alarm sounded in theJefferies Hydro y , ] ggf Station. A quarter-inch of water on the floor was traced gj to a leak through the dam. Santee Cooper personnel wcre bra Coopn workmen anempi placed on alert, and evacuation of about 2,500 residents downstream along the io u,mmi du fa of uta Cmper River was ordered by Governor Richard W. Riley. The source of the leak "'8[g'"" d" %" "[ y was quickly dercaed and 17 hours later temporary measures stopped the b, umed by &fmin ,&n ,$" f"'P" y bringing the crisis to an end. Permanent repairs were completed within days and a [,,', more sensitive alarm system installed. As the national economy twgan to recover. America's inr: rest in computers became a passion. Computers had put research on the fc.st trac k, rapidly opening new fmntiers in areas such as space, medicine. and tunsumer product development. Research was also on the minds of Santee Cooper oHicials. Through the years, noxious aquatic wads began threatening 12kes Moultrie and Marion. So Santee brunn $ama Coopnitsynt indourut couumn when the plam announameni um mak in 19'. li we the biggcu induunalimninent that war in ile l'nited 5mn.

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t< W -w }. ..u Cooper began supporting extensive rescarch into the life cvcles and gam th habits of Hw/ri!!a imialmaand /pria demain an efibrt to save the state's best known fresh-water lakes from being choked by these nuiunt e weeds. IIcrbicides otTcted tempo-rarv relief, but Santec Gioper. in cooperation with the South Carolina Water Resources Commission, the South ". 7 Carolina Aquatic Plant hianagement Council and the 4 T@ ' ,T 2 U.S. Army Corps of F.nginects L>oled for a long-term -+ im , :~. } ~ s. solution. fly the end of the decade they wouki cmbark on N-~ MT .% a-a bold experiment to stock upper 12ke hiarion with srcr-ilc, wecJ-cating Chinese grass carp which feed on sub- ~~ merged aquatic plants. Santec Cooper was making great strides toward in-creased generating capability. On Stay 1,1984, the Cross Generating Station began wmmercial operation, repre-senting the seventh consecutive year that Santec Cooper MN_. had added a new generating unit to its sysicm. Then on Le...quaik =d. fmi hiay 25, the V.C. Summer Nuclear Station was formally dedicated. 'd ", ("[ Among the more than 3.200 publidy owned clearic utilities in the natioa, and hm hum a Au to Santec Cooper ranked fourth in net cle tric plant investrnent. fburth in r ogand ,nunk ( Lilowarthour sales, and ienth in tcsenues. In 1987, legislation was passed in the South Carolina General Assembly to allow Santec Cooper to expand its swpe of senices by going into the wholesale water business. Wmling jointly with four lowcountry water entitics, feasibility studies were conducted that resulted in plans for the Santec O.oper Regional Water System. Construction will begin on the 536 million proicct in 1993. Ily 1988. Santec Cooper w as riding high. With its generating facilitics sub-stantially complete until the turn of the century, the financial condition ofSantee Ocper was better than it had ever been. As Santee Quper prospered, so did the community. That year, Santee Cooper, in c oo peration with the South Carolina Department of Parks, Recreation and injuh 192 knta G per mmrdintoin nr corporaic headqueten at One Riewood DrW in diGer Thr building = dedkated in April 190.

\\ Vr; . ). A ".i f E g[F_. Randolphi1admg wmh of Ennmp im iht Lmee Dam. Immi a ligammed aru m kpremtwr Im fobmg hurmam Hugrt dammcd into the state, leaving in its walc Jamages of rnote than % bilhon. (her one mi!! ion people were left without powcr with thousands homekss. I:or the first time in its history. Samce Cooper tor.dly lest as abihtv to generate power. 1)cspite the devastanon causcJ by Ilutricane ILgo. Santet Cooper wou!J cnter the Iwas with its emnomit strength and optimism intaa. The utility's greatest asser, its emplo)ces, working togetha w ah the community. pulled of) a rcmarkable & day recos cr). Santec Cooper had f.u cJ and m crcame its biggni cha!lcnge es cr. THE 19905 As Amcrka greeted the final detaJe of the ccmury. a retession wa,loi. ming on the hori/on. Uncmployment was on the risc oscreuenJed financul msthu-tions were failing and ensimnmtntal wnterns met issues like global u arming acid rain..nd dcottomagnetic fields were Jominating the news. Wh:k the south Carohna Ivumumrv had hing sinst faded ffom the na-tional medu limchght the wounds left by Ilurtitanc liupo woc still unhealed. liet f rom the crisis. santec Cooper cuatcJ opportunin, taking on the Iwas with Yic spi!!! at1d determinaltian IPf it I4 6ItIatbets. In the %pring of I"41. Santee ( h spct opened its new IkrrM ;corgerou n Ibision otiL louted oti D liighwar ;01 near My rtic Beath.This do00-squarc-loor administralise winpics repl.urd the o!J Myrtle licas h ofue on Oak 5n ect As hanIcc ( h utptr Jpproat hed flic anniscrsary OItts Mlth s c.tr oIsers is c. the puhhJy ou ned unhty looted ba,L at its histon with pride. Atter a'l it broughi new Lie to mu< h of rural buth Carolina through the wonder of des uicity. h t re-ated retreational resouncs fier al1 to enioy. It acted as a catalyst m bringing needtJ industry to the state. h was born to scret its employees. cusiomers. the commu-nitt, the nate and the woJd. And thati whar it wntinues to do today. -~'-

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w tb Wus Gahna m.bC$$ [ J h,urism. began u orL on one of the hisu,nal trecures of south C amlina-the restor.aion of the mncks Cornci section of the old sanut (: anal and tonstrue tion of the 29.aac (ild Santer Canal State Paik. l'hc $amec Canal had been built betwetn 1N3 and 1800 to tonnca the Santec and Enopa riurs. With its tontinued tommitment to he! ping (ustomers find new ways to more a cilitiently n'sc clectricity, hsintec ( ooper kpan (Luid ( xiits a national program By 1988, Santee I f"r enap -cniacnt. a cla uk homes. (;ood (:ents cncourages homes that are de-siencJ and built to use less encrev bv oticrinn home owncis reduscJ ejecuk raies. (00per was riding " ~ santee L.ooper s c onomh deu-lopment cWorts woe especially suucssf l th.n u high.With its 3ar wia ac addaion of two new induuriahuomaaher were the Union Car-generatng facihties bidc plant in Carnden and Aihed-$ignal the first customer in the Atlantk Ceract. a "c" "4d"""al P "k "c "t""" a> - substantially c0mpiete ben a tontributions to the sommunnies anJ ac state mounted,letidation i until the turn of the l was pmposca to sell santre coopo in loh~. Inuer powa ta es. more jobs and century, the fmana l inacma m,n= dca,p-were ac nwn fmon aihm muJ soua a i COndlD00 Of Santee (1.nolina's pohtialIcadership that wnnnued operation of hantcc Cooper was in (00 Wa5 b0tter the be.t intercst of the state. b 5antec (:ooper looked toward its continucJ saucss in low, it fatcJ a than it had ever been. more arcatening nuernal snuation ih.n put its icputation on ihc nne As headlines spewed aucgations t hargmg a tur met emplo3 cc with racn ing coal "kk kbacks." the bo.ud of directors aacd quL L!y and deckhcly to prorat the inairsn of South j Carohnians. ('hanges wcrc made in top nunagement and a new murse sci for l 'santec (looper. Wdliam ( : Mesther beame presiJcnt emeritus and stepped aside to hcgin his one-3 car term as presiJcnt of the Amerian Pub im Powa Association. Wah Kenncth it Iord the newlc named president and chief executive oRher. 'santec Ci,pa w e poshioncJ to take on the IW0s. Piut there was one fauor it had not munted on. Wtha N.nure. On the cuning of September 21. lon South (,atonna expericna-d the most destru(tisc nJtu!al dl%tstt! 141 date in bL bisitst} (it Lis s(*uritr3. I lurritatlC k luy8)

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G O l 35 50 YE ARS OF SERVICE TO OUR ENVIRONMENT Ilorn the day the first shosci of dirt was turncd. Santec Cooper 1 has been conmerned abotit the environrnent. Ilut tlie dcstruction catised by I junicane Hugo in 1%9 intensified the utility's environmental etiort s. l Trotection and improvement of our environment arc equalin importanse to pnniding atroidable ticctric cnergy." That tommitment was made bv Santec Cooper's board of directors on I;arth I)ay in April PNO. 'Ioday. this commitment senes a a guiding light in all the utility's endeavors. Santce Cooper operates the Gise Oil For I nergy liecovery or i (;OI Ell program. This program is a maior environmental proicci [ _. ss I L l {[()v ( cs ( II* I* ouIsc (I 4 lan crs Incdrlk IkI ( k Is( I use m o,or e u er <ce s hng. a su c<. rui paot p,os,.m>in n a u ca io a \\.. 8-e w g

w w*@ym-m z m kgh I. f Nf6 CAR driver Kyle USEg Petty teamed up with of L. the South Carolina Used Oil Partnenhip to promote the 60fER n program, which collected more than 220,000 gallons of used motor oil in 1992. conunitment to expand the GOFER program to 230 collection stations statewide by the end of 1993. In January 1992. Santec Cooper was named Industrial Conserva-tionist of the Year by the South Carolina Wildlife Federation. This was in recognition ofits extensive environmental ouurach programs. Then in April 1992, Santee Cooper reteived the Tale Pride in America award hom South Carolina Clean N Ileautiful in recognition of the GOFl:R program. Then on July ~,1992, the GOFI R Prograin hit the tentury mark, as the IOuth (ollection site opened with ceremonies at Aiken Electric Cooperative. Ilefore the year ended, Santee Cooper had in plxe l~2 GOFI R sites across the state for the disposal of used motor oil. In August 1992, Santec Cooper became the first utility in South Carolina to recycle antifreeze. The utility's Transportation Services unit was equipped with a G1 lean antif:cc7e recycling system that processes 100 gallons in about an hour and a half. In 1992, Santee Cooper provided ruajor support fi,r the start-up 4

t and operation of Berkeley County Kids Who Care, a voluntect-based educational environmental outreach program for Berkeley County public and private schools. Ongoing environmental initiatives included the presentation of Santee Cooper Environmental Scholarships to students from 22 of the state's colleges and universities, and support for Clemson University's 4H Outdoor Adventure Camp. Santee Cooper also conducted a state-wide environmental essay contest for seventh graders and a program for nine summer interns which emphasized environmental programs and activities. 50 YEARS OF SERVICE TO THE PEOPLE OF SOUTH C AROLIN A Economic development efforts by the Palmetto Economic Development Corporation (PEDC) make a significant difference in South Carolina's economy through the attraction of business and indus-trial investment, which creates new jobs and expands the tax base. During 1992, PEDC, the joint marketing organization that represents t-Russell and Sally Davis of Garden Gty Beach relax 9 W in their energy-efficient km. l kitchen, enjoying the j j ,g l benefr:s of Santee Coopers ~ 1,000th Good Cents ban. E l The combined energy and s rate savings for their p Good Cents Home is alrnost $210 annually. 3 3 ,{1 ' -l, 4 is _-__________-________________.__._____m

(Q t =; l l ,s. f \\ n. w. i[ MK *ls k v @{ { f fI e as, laboratory Assistant m, 3 .a we p Thelma Jones checks a j

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jJ. lj 3 water sample from 'E j~ f-i i,? .1. Lake Moultrie. g t, .v ...l.y \\. In 1992, she tested g g; .,2 Map d more than 2,500 g -/- 1 & U..p samples for quality in c:- - ~ Santee Cooper's new / water quality laboratory. Santee Cooper and Central Electric Power Corporation, announced nine industrial firms or expansions providing 350 new job opportuni-ries to South Carolinians. 50 YEARS OF SERVICE TO OUR COMMUNITY Over the last half century, Santee Cooper has made a dramatic impact on the lives of many South Carolinians, particularly those who live within its service area. Lakes Marion and Moultrie, Santee Cooper's lakes, continue to be home to some of the nation's greatest fishing. The 178,000 acres surrounding the lakes offers 14 golf courses, nearly 4,000 motel rooms, and more than 2,200 campsites. In 1992, the Old Santee Canal State Park attracted almost 45,000 visitors during its first complete ysar of operation. The park, which was opened in September 1991 on the site of America's first canal, was a joint project between Santec Cooper and the South Carolina Depart-ment of Parks, Recreation and Tourism. This 200-acre park includes an Interpretive Center and displays life forms dating back to 4000 B.C.

The site is one of the gratis leases provided by Santee Cooper. For the fifth consecutive year, customers, small investors, and electric cooperative members had an opportunity to invest in Santee Cooper through the sale of Mini-Bonds. These tax-exempt bonds are used for ongoing capital improvements for Santee Cooper. In 1992, Santee Cooper sold in excess of $39 million in Mini-Bonds, a 44 per-cent increase over 1991. Santee Cooper employees impart the utility's commitment to the community through OUTREACH, a program that encourages employees to devote their talents and their time to commumty service. Tbgether, these employees devote countless hours to bettering the com-munities in which they live and work, contributing to the overall improvement of the quality oflife in South Carolina. 50 YEARS OF SERVICE TO OUR CUSTOMERS Fifty years of service may have started with one unit at the Pinopolis Power Plant delivering just 32-megawatts of electricity, but 39 Y Personnel Assistant Candy

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' M.r; N. m ~ .b 'C$$Nagg Thibaudeau provided over J! glg ~ "Sf ? m f.yw.y t,. u. a -- a - 4., i ? 4 h}i>a 300 hours of volunteer l in 1992 through the 6 f-Q g"'qpgj <, y p'gy e service to her Community j ] r;..n ge g a 7 4 awg g~. &.d ... M i Berkeley County Rescue y $ quad. She,s a member " ~ ^ i l of the unit's first response team. Y ,p.,, i a v s f ig n n, p>. sW ~ rusme ~

that was only the beginning.Today, Santee Cooper delivers almost 100 times the power it started with when it threw the Erst switch in 1942. Now Santee Cooper operates seven generating stations, providing electricity to more than one million South Carolinians.Today, construction of Unit I at Cross Generating Station, which began in 1991, is being touted as the first large coal-Gred electric generating unit to be built in the United States in this decade. This 540-megawatt, coal-fueled, steam-clectric generating unit will double the generating capability of the station. With the addition of Unit 1, Santee Cooper will be operating the two largest coal-fired generating stations in South Carolina. During 1992, Santee Cooper constructed five new substations. It also added 128 miles of new transmission line and 28 miles of distribution line to its system. Santee Cooper's commitment to its customers extends to demand-side management programs offered by the utility. One such program is the Good Cents loan Program, which awarded its 1,000th loan in w pr[r m e 7 m=e mwymre" a. Jfit., M 5enior Technical Associate p gg, k N". [ Ll l ^ f \\j Gary Gallagher hQ g.(4 - M{ [y 1 M ~i safety, frst-aid, and coordinates security, -p a ; s. z ,t. 4 r. h ,, j4 s j scaag? ' t q j-on the construction W' ' i -M project for Cross Uni! l, y gMLR. 9 4

1. p More than 611,000 manhours were recorded

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\\ Like many South r Carolina outdoor enthusiasts, Bill McCall enjoys the benef:ts pro,ided by the Santee (00per !akes. He says his usua! catch averages six to eight l pounds. 1 { .4-lw2. The program enlourages customers to upgrade their homcs to world-dass energy eHkiency standards. During the year. 550 customers buik or purchased homes using Good Cents New 11ome standards.The total for loans made through Santee Cooper's Good Cents Loan Program topped the 53.5 million mark in 1992. 1 1 50 YEARS OF SERVICE TO OUR EMPLOYEES l berVi(C to our cIlViroll!ncilt, our state our Communit.V, and our customers is only possible through the dedicated employecs of Santec Cooper-the individuals u ho have carried the vision of the utilitys ~ forciathers for 50 years. Today ihe employees continue to be Santec Cotipct's stroilgest TCsour(c. Tlley are tklt foundation upon M bicli the future is planned. s 8

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jpn=7mmwPg-.g ' , m y* g r e _T 3_ _ ^ ' ~ 3 py in looking to the future, our executive L 4 J,, 3y staff recently shared their visions of what j@ T.

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we move into the next decade. 1 w ,v This section contams the combined M e perspectives of Kenneth Rford President iW and Chief Executive Ohicer; Robert V. 1 n Ianner, Senior Executive Vice President. 4 ..m,. u# .g Production; T. Graham idwards. Q a becutive Vice President. Administration <x n1 and hnance; Robert E.Raincar. 3 hecutive Vice President. [ngineenng and } Operations; and John H.Tiencken.5enior j y Vice President and General Coumet. Oa N THE FUTURE OF S ANTEE COOPEN Tcsts m { L? 1lm Itands id the pct y!c. It h 111 the baflJs <ithc t o,,a people of Niuth (:.nolma, thc < m twrs and y t ostomen of S.micc (.oopt t, tloough t hen f. pi < lmed oHiaals. h a m the h.mds of s.mtec n a ( 1n rl)t i s iH kJrJ i>t diretiiiis. ulihli h_s licen -5 9 .pn

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IV Jh.r - d 1 s, s A M -;p &. s e a ,y v e o s ~, "j u d Will formal!v identifv samcc (:ooperi vidon for 2 N the IutLuc. }t w r!! insohc a think-tank pios ess. - et m q w ]3 one th.it will offer escry crnployer an e s, c n, opportunity to hat e input. l'ltimatcly, the M K. :m. - m, y v ,z f-q$O suairgic budncss pLn will desuibe w hat Nmcc "g N f 8' I .. 3, y 9

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+,, w. m il liut amidst the Change. thdc is that Whkh . ', ql:g .~' .,w M. gg h Sanu r Cooper is muunined to presenc. The a x o ,~ %g cnvuonmcm.1.nvironmemal issues wiu q >J 1 m. s t: s definitch be a maior fat tor in pbnning the [ ,q h# J. Iuture. And nCu icib!! ology C.in be empblyed to y ? g } a h;U o 4 m) ..a L

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' < 4 '.;)f i , (% b !iice k A p spCr\\ (])ciatini!!s (lit U n dIL V. bdnicc l ' a'; a (int s f h iflic% t li..W !.i s 6 ( b )pcf flds .,. +. %o 4 % !!cnck er {H 7W 'Ic. be!'u n i ( t il p'. 'I d b n y i f d Is. '5g,.,. $ nn 0: i N ' ' w !? [3(L. O%d I tcc I$lk P II t d[ N ! El nIcc $ J( $IcU jy.gg' sundards. bl.1 ds d'l en\\ then!nenld{ lcJdef. Ibc didkn A i 9 S w h, T c'pufWb dit \\ is C!caict. IfM!c il$ c.N to sa) N r Nnu t Cooper has a wmn umem to protest and fE N' picscr\\ c IIlt n\\lhrnment, it is up to Iht Uldin 10 b n k fei! ninta\\.t!n c n acs to icJdi dhd tht n p:n es - e > e be,ond mn:phanse with the amt. Perhaps this means ina porat m ...i. m

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r . e. ,.o r., oTL upJb!c 8 d bilining, [ /,, 6 'M m. ! !.. mit s t n pes ot tdd inJuding wood dups ') num< tous sm _a.ma mbbe,,w_a &,. c ..~,...., bu morc cw mng L their potenti.d to barn p n o...,,....... L ct s Il} a' i IiIIn ! c ds(. lIs ( c* nl$ dIlle

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.e. n i u wuid icduse 1;4 amount id waste bcing dumped 3, n mio the tounty Lmdtius. as ucl! as prolide [:- u. 3 v c c (loopc w ith a,otha mst4t;ce rn e fut I e .o . n... s4 ' uIs (, .y 1,n. I,c haps n nu an, supponu t ie m.nlen.ng g ' t.t (3f L ci t l lk \\c !i ch. U. i I dIc II. Dd[cl ds cInl{t Il[ i ...s ..).41 scro p. ' utamsf 'l bc widespr ad use of da trL 7 u tkies m tht turure mu;J dso hdp tLticn our 1 loaJ s un c. pIm idmg.in opportunin to macasr h t ; ch t tik uy deln t ry during non pc.;k hours. In

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- '- :. q The scarch for abernative fuel sources may mean v y 3 g/ ~ z y { g. :gcy ,~f that nudear power will play a greater role in y a

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- ~ l Santec Cooper s long-term future. g ' p{ r . -[l$ The future may demand changes in the ~ ~ %.4, M i[3 ene. gy transmission and distribution system design. Santec Cooper has already moved many .y i. p. r y'

. i distribution lines underground, leaving more of i

g g j [p x -N ihe state's natural beauty unobstructed. Other n [h factors, such as the increasing number of p j.[j wetlands regulations, will liLdy impact the ~' ,j ApArtf.Raisaisr;~ ~ ) d. fasentier S rth d haw transmission system even more. Santee Cooper b JsgquMnugAulQmensaissw. must discover innovanve ways to continue its 1 s. - s s;. y levd of service within our limitations. k+.j, $.v.4114Ditmtm 3D podde a - '.j Anisionanes, the people of Santee Cooper 5 7 k y? - y " p;gg.,gpnw enaf ~ i g must look beyond its traditional role of w.e Aff. h fNiidly EDay smMmpt gegn ~ supplym, g elecincal power. The 536 md. lion ~ dollar Santee Cooper Regional Water System, C. kb[ M Ment (D alt @mmenent 10 @ t. Er, G. x..y. w hich is slated for completion in 1994, is one example where that has been done. '&^J11l$5ft 38llgUtett elf ' G; h,s true that today, Santee Cooper is where 1 Mmi30mtflLMED UNElmd. die it is with water, that it was 50 years ago with p.; :: b }.M%h h. (5 dectricity. llut expansion of the water system As b. S,.~ f p,gggrEldtWkSGNgr.- may be one area where an opportunity exists for i g:jp g Santee Cooper to ftdfill its continuing mission of N N 50lll5G51CNf.92 GR t... public service to the people of South Carolina. ~,.,, J.% hp3 33 Ilfille.It$dl31IIIt5L H While putting its customers first may sound

g. F.'.?

[.[ j diche, it is nonetheless Santee Cooper's practice. Customers represent one of the driving forces in >,. v -+ S nice Ompet s future suaess. "}y M { 2.3 '- i Today, Santec Coopet strives to do the best s y c: ~.; +.

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~! high level of rdiability while remaining the low possible job for its customers by emphasizing a ( 7 c. .t.# p 1 % ?... : u .T 7 [ !. h. [ ( :.?m - I cost provider of electricity in the state. The ~ J.t '.. e. O vision for the future must indude ways to better p;,_,. u mi meet the cui,tomers' needs. And with rate ~ yg x,;. ::. ..c; .p l. { '- s {.' fJ[ increases on the horizon, maintaining a positive ~ -. M \\ I.. LJi ' \\.. J relatiombp with the customers will lecome l [!W.l ~ ~ 1 ' !'.3 more challenging, w..,, 7:.:l n.. . u 1-i '- g, )). ?:{;Q } ' c.'. - 2 ] } :.'. .l Perhaps creating new demand-side y.. MM.,.;.;; ;

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.'.O...'r '.'.) '.W...D, ' 7.,; ]4(( programs and other initiatives that will hdp L.,.. ! ~ '

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.,>...: ;'~ :. '.%:";;,. 7 l [ y f.f. 3 k. W... - .a, %g u...:...: .n :~ ~ y: y gj y ,a customers conserve energy is one avenue to a

k explore. And certainly, strengthening bonds with

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.f.' the largest customers through regular [ .j communications and an open door policy is i[:L}.. '.1, another that could result in more cooperative ] N F T etTorts that will benefit everyone. ,1 y. In the future, customers may even control E. 4%1

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C,.t y' ? their rates, demanding real-time pricing, menu o g g M g 3 (;i ". f rate structures, and other ways to keep their costs / Iow. ,w .m x% ,dgc......, h -... Like its forefather, Samee ConPer will face 7: ; many challenges in the future. One is the g g g g & ig, a 3 (Ge%edCosled. pm y ofopen access tr nsmission, which 9 yh; ?.q?t f.. T would, in essence, allow energy customers to shop i D r.. w.... - [v

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%t3dtjt90,te*W ftfled on ene,.

'l for service. The constant fluctuation in 'he / 'hN,k811RNW legidalDn 2 ! -(. A s '.g...n u could attect stabihty. In the face of open. access, 'g{ eg:l@R 818 #.d.. DE d.iB9e { coper 9 - only by maintaining the current rate W gg. g. 3, ,'G'$6.,[ h. g g (gggggg, gg gg competitiveness can we remain successful. >;} ; gp@.;.:.. h k WE b5 $ N .c.',$ i.... ;. ~ utility is the efforts to sell Santee Cooper. Some N[.). 4kdl d2 (01N2 - public power naysayers and pn.vanzmg idealogues e : V.. 1: ,j .d:.: .;g g j bclieve Santee Cooper has completed its mission. i....... s But don't believe it. hjids(NNI%$ they tan Etqy adomled e .j. i.., it is up to the employees, supported by the d gff%. w liMlatti gft3!I51255Et. Ihall board of directors, to demonstrate that Santee E. d rdadomhip we amt - f Cooper adds value today. That begins with w y,g,, s ' building a stronger relationship with the South wyl.L. : s If - (

g_ c.c, y.

Carolina legislature, and extends to the people of .s... I the state. '.m.....c. g w.7 9 - . 1 After all, it was Santee Cooper which Srst p g.;y]; j - fj provided electricity to the rural areas of South 6 @. N. i Q. ' ' 3.

9.. G.. ' ~..

Carolina, helping revitalize a dying region. It was v. pgs E.:.'. Santee Cooper which created and still helps i 7-x; w : .o k h h h.1.. .~ f.h ' M [% {4.,, M > : h ..l maintain the recreational opportunities ~. - ~ g4

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surrounding the Santee Cooper lakes. It was D

1.:

Santee Cooper that took the lead on w ?: E environmental issues, with initiatives like the k n E a%., f j [. y ;. f.. J, )., GOFER Program that was suggested by w., pg :..,.., ;_.. r-

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s employees. And it is the employees' collective ['

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s 4.,.f yjsion that Will meet Lbis cballenge 2nd take m ".; n y. +/+. a. t ~ Jy.. m sl. 'f [~ b If [ ' k bantee Cooper imo its next 50 years, g?.,...h.:... { { ' j.. ; ?.' N ^ ! y g;;;..d g i ?[ l~. '; ?.g c

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9'7,gi' ~~~* u, a.. -1 pg. T H E YEAR. IN REVIEW _ g ety of America and the Advenising. Improved Home Pmpim had.389 J : Npram is designed to educate stu-in W92. Samee Cmper satled bri-Federation of Charleston.L ' cerdficnions, bringing the total since ' dents on the ' safe and' efficient use d : j gation with Great Western Coal and Santee Cooper (board chairman. incepdon to 990 homes. The Good l, electricity.Daring1992,38schoolsin y 1 negotiated a new contract for the de- ~ alongwithmembersdexecutiveman-E ' CentsMobde'HomeNyamhad60l Berkele), Georgetown, and Harry; livery of 1,750,000 tons annually be-agement visited with business sand 'cenifiations for a total of 199 homes : counties panicipatedin energy'educa-f ginningOctober 1,1992 and expiring financial leaders in cities and towns - sina Its inception.. . tionpmpamswhereover31,500 pub- ! December 31,2002. across the sine. The focus d these Santee Coopeilends money under j : lications and presentments were dis-. Santee Cmper aho entered into visits was to tell the story of Santee Lthe Gmd Centsloan Propam at an '. tributed to' students.1wo energy; three new long-term coal contraas Cmper's valueth the people of South.'mtraain intenst rate for weatheriza.. ! educaton seminan where held in July ' effraive knuarv 1,1993. Carolina.. tion, home improvements, and high D and August with 62 nachers and ad: One contract totals 720,000 tons. Santee Cooper's 1991. Annual' ; efficiency equipment lir1991 the? fmiriistrnors attending. A Student < annually through 2002.Thecthertwo ' Report won numemus awards, h ref.GoodCentslaan Npam reachedits- (Energy Conference was. attended by' gj[ contracts total 1.2 million tons annu-ceived the top award offered by)he' 1,000th participant in the pmgram.. ! 150 fdih paders. Over 40 paduar-c aUy thmugh 1997 with the unilateral. Advenising Federation of Charleston,1 (Sina he beg.inningofthepmpamin J 'ing students in' vocational pmgrams : 'l option to extend an additional fu ' fint placcin the Carolinis Association L1982, kntee Cmper has loaned ows ? were honored atluncheon seminan in 1 i u yeus.SanteeCmpa has the unilateral 'of Business Communicators annual f $3.7 millionJc.

Berkeley / Georgetownfand Horry,

option to increase or decrease the an-. repon compaition;an awad ofmerit -' f For dommercial customen, Samee ( - counties.i ~ ' ' d,, k,. ' y s % -,. m ' ~ :! Cooper ' ffen Commercial Good nual contract quamity of coal pur-by the' American Public bet Asso-J o yp@My@@g ,,f chased up to 20 percent from the base - dation, and best in category for re- : : Cents Pmpam for new buildings. In; annual contraa mnnage for all three egledpaperfromthePrintingIndusa fl992 ren cmtomers panicipated inI M yiNb new h,0bOS ' hl p try of the Camlinas (PlCA); 16epmpam mcludmgalarge nanonalx Th R6ds Mq%' contracts. Coal suppliers were selected based. . discount chain.< Cemer was completed in July. This? - I on competirin prices, contran com-SantecCooperbecame,aU.S. Envy, g ,g ggg =< tonmental : Protection. Agency processmg. film..mg, mitment. finanaal strength. suscient reserves,and pmven pmduction capa-Corporate Foncasting. RA g Greenlights Elec. Utility Ally. J sary for smrage,.id d n m tnc

1992.De Guenlighn Npam a b - macriah.%c buildi

-l bihues. Marketing mmp!cted an in-depa ns -voluntary pmgnun developed by the ; 2 nen records [ draw Santec Cooper plans to mamtam a. y;,w d Samee Cmpds mCnte coal supply inix comisting of 75 per' struaures, and rate schedules. The re. Envimnmental Nation Agency m3 g;,.d M E 1 cent pnmded under long and nuer-view was conducted to ensure Sante - which pannen apce m retmfu 6eirc. agen and 'Administramts' standards 2 h medute-term contracts and 25 per-- CmpYrates remain competitive and ; lighting systems to redua energy con- ' with regds 'to fue pmiection and 1 cem purchased on the spot market. flexible m meet our customen' needs. sumption without reducing hghung g;g g j Santee Cooper continually looks h uahry. i for opponunities to impmve operat.

Santee Cooper,s Hp Advamage - recognized as a leader in the st

,w,g,,, _,g i Effons continued throughout ae'.~inge5ciencyandbetterutilizeitscapi-1mpam is a 6ermai smrage pmpam year to educate emplowes. retirees, tal resources. To improve operating dc5!gned m hear water during off-peak n, customers, investors, and all South c5ciency and pmvide additional fler-PcMd5Me Pmgram offen a ebate df ( To improve cusmmer servia,- Ber-Carabnians about Santee Cooper. ' ibility, Santee Cooper enended the'.; $150 towards the purchase of an SOE teleyDistriaretailofficesjoinedretail : An environmentalessaycontestwas off-peak houn available m industrial; ; gallon or larger high e$ciency water : 1 oGces in the Harry-Georgemwn Dif heater and a $5 monthly credit forup vision'in extending moming and after: O conducted for all of South Camlinis ' cusmmen. sevemh graders. Over 4,000 students Santee Cmper offen a variety of; to ten yean.- An c!ectmnicload man-L noon operating hours by 30 minutes i j expressed their thoughts on The Im. ' load manage nent and comervation. agememdevise aimmiled m thelarge..on Mondays and Fridays 0

j partance of Ntecting and Conserv.

pmgramstoitscustomca.Since1987, storage wata heater to turn off the. Critical computer astems in the. j ingOurTata Resources. Awardswere Santec Cooper ~ has offered discount. water heater during peak periods wah-Moncks Comer and St. Stephen retail presented m an overall stxewide win-electric rates to customers who build ' mtinmmeniencingthecustomer At - oscu wew pmvided with unimer-i ner and to first and second plax win. m impmve 6cir homes to meet cer.' ' the end of1992, over 17,000 custom-rupu% power. supplies to minimize nen in each of the state's six congrer tain energy eEciency standards. The ers had pamapated m the pmfram he saa n orlosingcomputer-gener-t sional districts. This contest won Good CentsNewilomeNyam cer. thmugh Santee Coopds wfolesale ated data.This will keep the systems tified 550 homes in 1992 for a wta! of customers and those served duectly by opsatingup to30 minutes duringthe communications awards fmm the S.C. Chapta of the Pubhc Relations Soci. 1,785 cenified homes since the incep. Santee Cmper. event of a pnwer outage. tion of the program.The Good Cons' Santec Cooper,s Energv Educan,on Npeny is being considered in the i

\\.

h

THE YEAR l N-REVIEW litchfidd Ikach area of Georgemwn,(SCADA) Design projects. This in-. ' Installing 5,500 feet ofmain under. ' several new feeders and tic. circuits in County for comtruaion ofa new cus-duded SCADAremmererminalunits.c gmund feeder m complete a loopy J both Encia Corner and St. Stephen: mmer service anter and warehouse one microwave site, and a weather betwenSanteeCoopa'smaincom-2 These nddidons will bepeeded whan - fadlity. radarsptemusedtoforecastandmoni g plex and the Roper Berkdey Cens the capacity ofthe St. Stephen Substa? A customer satisfaction survcy was ' tor weather conditions affeaing the - r ter, an emergsncy and outpatient .'tkm is doubled in 1793 and the new) completed in conjunction with the power system. care facilirv. ~

eight-circuit F.astside Substation inf Corporate Goah Program. Resultsin<

Mapi and Records completui a 1.= Installing 2,500feetufunderground ; MoncksComeriscompletedin1994.. dicated that Santec Cooper cusromers major portion ofthe DigitalTransmis. - telecommunicationicable buween ; 3 g SanteeCoope/sOperations Center ; d show remarkably high levds of satis-sion Corridor Mapping Pmject.This - ' and Services Building h 2l: md-Duin ' faction. High ratings were given on will be used as a basis for the devday -J every issue. ment of the Transm..ission Dectral 4 Contmumgthe rebuildofm; erhead : provi ed new semce w 1;276 sm.gle ' u. f,,;)y and muhiferdly homes and^~ A business anahsisofthe Customer Facihues Information Systenu distribution ' circuits in St. Srsphen ' .o-Information5ystemisheingconduaed 1 He' final phase of a threephasel and Bonneau Besch(Completion l . P 7 "o d by a project team comprised ofoutside project to nawork and integrate non-of the rebuild in these was is 80 - 'g gmhisDennisr r consuhanu 'and Santec Cooper per. ' dedicaied engineering suppon com-l percentand 90 percent,raptenvely.1 h Dn'M MM L sonnel from the Berkdey Distria and puters wi6in the company was com-NCompletingtheloadbalancingand. DT-Bonz Restaurint in ihrefootb theHcary-GeorgemwnDivision.This - pleted. This will enable user acreess to j fuse coordination lefforu in St; lg gnse.Sanh; < analy% expected to be completed by multiple computer synerps and appu-Stephenand Bonneau Beach m coy Club, Dixid Stampede, Camlir# March 1993, is a premiuisite to the - cation processes from a single termi-foperation with Horry-Getirgemwnf I Opry, Natiotsal Health Care Cenk redesign or purchase of a new cus : : nal. - Dwm, on Distdbunon Plannmg. g.ggggg _ mmer information system. The new z Thescoperanonalunprovementsare " %ythe University of South s or redese' ned system will inaease the - ~. o. <

aho underway m the Mmch Cors D amh.na m Hobcaw Bamnv,len...

C. s flexibility and efficiency of the retail. Santee Cooper maided distribu-- ner area.1 ' r tion and retail service to 94,215 cus, Emnded Care, NursingHome,and; bilung system. ~ tomers in Berkeley, Harryc and : < *Addm.gacomprehens.mbush hogi gingsdeduletodghteof.w.tymain? h ",*",' ""d' - "* "" "E - Georgetown countiesicompared t tenanaaairn%inignifmdr..Home m Conway.1 e?

l Design Engineering designed sthe last year's total of 92,276 forfan in-

deveasedline construaion timein

• E "E

sations and transmission lines to meet. crease of 2J percent. Energy sales for 1 may whiy>ving dsk cust mer. services ynduding. - environmemal regulations. Transmis-. retail customers were 2,135.310' bai -- . WaamawM dicalCenter,Tppy sion lines were muted and designed to megawarthoun with revenue of. /

• Co uing major improvements -

" "*Y minimize the impact to wedands and S117.029,000 for the year. N 6e 'mmsformer storage area m > 2 P*' otirr environmentally sensitive areas. - @ h ' ensure ' compliance with all S.C". Substations were landscaped and veg. improydngdT% adm

s.

• Replacing facib..

TheBerkdey Distriaprovided new ues wnh maior u service to 90 single-family homesand Depamnent of Heakh and Envij (d ' [;"}d ubd' ' ' p-J mtion screensplanted toimpmvc aes' i D Des:iE" was comI eced on m. newcommercialcastomenL and mthe - ' ronmental Control.and U.S. and the remaining two-thirds of d ne ma-Environmemal Protecnon Agenev : new Santee Cooper Services Buildm.g 7m. dammeri,u,lage.. Litt;eRiver. jor transmission lines and fwe substa-i m h2construaedattheSanteeCooperawk gmaelines.

• Co*

"E ** N* h"*' * ""I tkm projects involving 15 substat ons. s dr. m During the fest three years after. These proiccts were necessary m meet dergramdlinesinasectionofOcean "i" E*I'#" "*I "E ' * "" . BotdevardatDunesCmeforMyrtle ' increased cuumer demand. dudng the year induded: . truction efforts were concemrated m - s BeachFarms asectioncmssirigthe nefim fiberontiacablewasP aced l

• tnstalhng 12,000 feet of under the St. Stephhn and Bonneau Beach capabihues m the Aiken area. The

> ground primary distribution cir. areas where the greatest need for re- ~

• 7 in service to imprme communicatim Corporation, a section of bne at desi n and materiah r'9uired for the

'" " * '""* h"Subdwmon in."" h^Y "ded 'imprmrmena in these areas 53rdAvenucNorthinCherryGrove . E Stony Landmg nee at the newstate boatlanding, and a - mstallam.n of this "hi4tedi cable b Encks Corner. were sundardued for fmare n,,ber op- .. are now mmplete. Efforts to impro r ., Insulting 4,800 feet of overhead - the Moncks Comer system, where tics cable systems. primarydism'butioncit titstoservr needed, are being accdcrated. Tbta! elecm.,cas peak summer load Desicn was aho com*nleted on 10 /0 lots m Phase-Ill of..a.m.m In additen to the improvement of m the Horry-Georgetown Dw... Communications and SuPernsorv mon Estates Subdw... man m Bonneau existing circuin. prJuninary planning """' bI f* L,ontrol and Data Acqu... mtion Beach. and design have been completed for tk.

r e} 1 i t }l _ 3 p j ( l 4% MW to 500 MW.Grwth wi6in ~ the Samec Cooper tmuble call sofif Camlina Cooperative and Placement 9md to treat $450 acres ofvegetationf y C l the Horry-Georgetown Division was ware.Le 1992-93 Distribution Sys : Asveladon.careerfairs,anddusmom 1throughaut the lake system with fedO _[ ~ 1 em impmvement Plan was initiated ? presentations.CollegesvisitedisludalG calandstatefappmdedherbicides.M *Q ma with the ad& tion of three new t [CamliriState Univesityi Clempn$in d %d is on schedule.This will improvek : North. Carolina A&T, the College of4temaining funds wereumi to neckan ? SmJ distribution substations. Lituem Chirlest6n;;The Citadell SouthI 1 addidond!100.000 triploid pancarp " b N ~ heoperatingcharacterinilsofthe&s " and Wampce substationsin theNorth t Mptle Ikach area, and the Arcadia tribti b power system.c j substation in the Pawleys h!and area _ M.'e. distribution SCADA sptem : > University, the Universiry?of SouthL bi.ngingthenoddngtotalofthatplant; were energi.ed. As upgraded in 1992 to meet the'; ; Camlina, Coasal ; Carolina CollegeJ 3atingEsMn thislakeW400,000 fish 7 Along whh these distribution sta/ continued powth ofpower distribun GndTrideniTedmicalCo!Ieged ' isince1989;%eaerils,hchEW f Mg' tiom, the transmission system wis donfacilities.TheSCADAsystemnowa f Responsibilides ofall company pM ffaanieveddontm16n somc6;000 top p l comrolsandrannitors43distdbudon f ?sitiamwerereviewed andjobdesaipf 8,000acm6fHydrillainlaeMarimn? ' peady enhanced with new lines that. tied these and other stations tq; ether. substationsand moniton12 transmis-j Ltionshpdated to w0ect criteria neces-d Oduring 1992. The; con im he&Gdl+ p% This impmved the rdiability and availi sion substations 1as wdl within they f sary under :theWaerica~ns withi frontrol M this ange would haveT 1 / O ~ ability ofpower to the Grand Strandf Horry-Georgemwn Dividon and Beri -Dir.ahihties}Aa;5amec Coope 790 new employees in 1992 fori total s. drAlucted no theie As these new facilitie> war bmught. keler District.T _ _,, L ofIJ05 regularamployees.;118 cm3 [ on-line. Samee Ceper phased outf, L reparations are beins made to m P c locate the Conway knEcemer andy playeeswne promoted iopositionofMaldate the listemT two older, obmlete distribution sub - srarions: Spivey Beach and Nixons Awarehoue fidlity. A new(14,000b ptmer responsibilitf( < [' ' SymbienajZ. ]1l' " $g fsquare-foot facility is expectefto bey ~ JAmsalpawnalbenefitsstatemenua 7 Elemn'phe&ctweimgsiracreswere spM Cmssmads. Mweremmidrdfwallfut dmierspy ;constr'ucted h de'Ces C-d i hubstatian circuh entsindude _' ; completid by late 1!*E h J.y, '[D EwhenSaniceCooperbetpmself-fund-Wfi %$idifSniE' gsMdelisdNtitionikiaising1ripinidMM Little River, Tampeec Jetporti m ^ WVW Forestbmok and Arcadia.'Ge Litde.. peen. crts ofSamee Cmpet, alongs fing ihe emplice ;demalpr@ ram en %horticultuiciervid bu e River. Jetport Fores 6rmkandArtadia ditional feeders at 21st Avenue are ppmemCmponwn,haveaqwa} /phn,comitiuedsnamand distribution circuit exits and two ad; wuh the himettoIconomqc Devet i#yLWdi-CdWie nvn FMMf4 2 underpound. J900 tuon in capnal mvesunenWAphpsiciannetworkwaiadded16 &Eloidgrasscarp.SameeCooperwillmsC 73 @ A two-year project tobringthe'disJ and nm dan W j@ Ouk existing hwpital.nerworklunde(thel l&isterile tdplSid Affspdngimm this[ '[' k Camuna imce 1988% 4 frilip abmM ' m GA hc46M, Si4MM OfHyddllainestesem,ir systimi s tribution dcctrical system to Nadonal Dectrical Safett Code standar& was s Animepdpartof6epmpamhasf gg,is.id been the establishment of the SanteeT ddddd seansd bmpMnidE Oplari,%ngTerminiegratedPlesi ' x comp!ned. A $ KVlinewauchutted ) along 21st Avenue North in Wrtle ; ; Gpa bnom Developmem k i anended Nf ever 1800 empkweed / forAgumicPlaniManagsmentinlale % BeachforraadimpnwementsfA12g vestment. Fund (SCEDIF)LThe? : nddd failse Ode ; ndand Uke Wului'c/Ssurhh*\\ mD ME mpampaides up to $24 "aalviiies induded golf and shf6all f f Carolini*jwaf cornpleisd The 800 P line along S.C. Highway 707 was rekq "H$a Per Tear 1 Pmme the em lk ) page dMuneni was wauthmed by1 nomicdevdopment and powth ofae? 1 tournamena, sponsorship of sof6ai Tds&dk j cated m make way for the new S.C. - i Highwar 544 bridge actms theInte gg rural areas of South CamlinanSince l Land wet ht watching dasses? z underrheiusplas of the S.C. Aquaded S Work has begun with the Federal; the stanbf the SCEDIFprogramf 94 LAben'timmenf brienng pmpamJ Plant %nagemem Courki!MZ y J pmjeen have been approved and over t : covenng many personal legal, and i TServicesoftheWeerQualihMand ' 7 i Aviation Administration and Wrtle Beach Air Force Base ro. provide a'- ' M *E " b "UO'b feconomid issuet was attended by 85i larment Ja6aramries were greedy ex- ' 4 smmth tramition of dearical facili-Lemployees and ipauses'.9

panded by adding 6e 'capabilitici mj tics m Santee Cmper when the base

Peruhing was edanced wis & ;

conduct organic analpes (dissolved { p ~ dmes in 1993. implementation of a state-wide job - psesiin vansfwm oE PCBsin 6T ~ CompIned design 'impmvemems - t;ne,avice and a change in'applics ' EnvironmentAlResounesobtaiNed and water, and pesdcides in water. mdude the insta!! anon of snotor-op-tion praedure. Job Line is a toll free r Si,026,614in federd and statefundsf < Maal analpes wer alm apped by; erated swird es on distribution imes, idephonenumbershatcanhemedby: the monies were combined wi67 owegdneaumhan3 useofa' 6

• • Panycapaq, and a diange m uded polye6ylene applicants m access infamation on $1,013.000 of Santee Cwper capital F5I** f""**

Mm res ud in peady me conduit for maior underground. currem @ openinp. . for the amtml ofHydrilla 'and other senke m all system-wide mersLA total ' PSF"' ' Contacts wi6 area colleges; kral nuinnce plams in 6e lake system. '" **J""*'P'"** A new IBM RISC&JO computer schools, and students continued Some $1,539,000 of this amount was conducted during the year. sptem was installed.h primarilyhouses thmugh particijution in the South b f, v ..L, h

i ,,, 1 'f THE YEAR IN REVIEW e* ) A mia! of 142A42 acres of Santee for a tatal of 10 days.ne first opera-associated with Santee Coopeis Com/ take advantage of the features oflawrn Cooper properrt were treated for mos-tion occuned from Oct.15 through ' _ prehensiveEmergency Action Plan for printing. By implementing electmnic c quito abatemem during 1992. He Oct.17. During this spill, a total of L Dam Failure wa submitted m TERC l forms design wchnology.overall paper;i Asian " Tiger Mosquim," Ardes 4,897 acre-feet was spilled and the : ' as part of the final requimments to : ' useis _teduced.i ._' i ]~ Anopiam. was found on the Santee maximum daily dhcha ge readied : complywia arectives regarding selv ' Several steps wen taken m nduces a Cooper project in Ormgeburg and _4,063 cubic feet per sewnd (cfs) on1/ micityissuesat theNunh5amceDam.a L costs in Mis.This indaded choosing" Clarendon countics. This marks the l Oct.16. This completes the establishmem of akemative vendon for mdi!ameand ' first detection of his highly publiched he second spilling operation oc- ' an ahemadve to wplacing that dam at > [ personal computer hardwaredenegoe - Asian diseasnecmrin these areas.The curred from Nov. 28 through Dec. 4 " a cost that could have exceeded $500 ; i tiaung maintenance agmmenrsiand [ H mmquito fish, Gw4usia ages, are. and the maximum daily discharge-million.. limprovingicapacity management; employed to consume mosquim lar-scached 15,000 cfx on Dec. I and was 3 cym , These measures are pmjected to yieldi ' " vae, while methoprene, the non-toxic, maintained for two days. A't_otal of. f ', Esavinpin excess of51 mi!! ion o ciftvej ; s insect growa regulaton is used where - 147.882 acreifeet was spilled duringi M $feiddh Y**" smcking of the fish is not feasible. the period? dude one-third ownership oftheVC.1. "$'****"*PP!'" H

Smnmer Nudeai Stanon, generated ; cons,suchisjobEme,lakelodand ;

._ c m Gen. era Construction Pmvided J E 13 897,877netmegantthounofelec9..,mform~ anon o - o ngpere .syear. Ib.swasanmcreaseof.naceavad. ble thmugh llfue mup-a ta

7. qual O.ppor:urmyAu,mm..

large-sede se devdopment throughn tncitydu..

atranon P n2 289.626 megawarthotin, or 11 p+.g' d'ACorpon 3 derdoped. implememed, and main ' out 1992. This work induded 9L l on Mesources. s cent,'-M hprc tained prograrra to provide suppon ta sion of the Flai C=k Substation, a 1 Of ae totd energy genentect 75; U' ; v Pl dedog Dn p2 p'3 /d management. Tins coninbuted m new substation site at Soua Bethune. ^ Pcum ws produced ming coal 18 .ded a~ ^mmpw' hem 'anahm' d' percent by nudca' r, ed 4 percent bb.Q"I "". achievinpactdrurdlydiwtseworkforce ' and a transmission and distribution

1. 8" and wndoi t>asc.

. training' facility at the Horry;

• Mified corporate-wide needs and! 'i 2

gfyy,,,, . Georgetown Division headquaners< hydmdectnc. He peak hourly de ~ g A hiring analvsis began in 1992 to A comprehemive inspection ofthi : ad for the pr of 2,620 Wq M wiH bOm s Qiph advise supervision of Santee Coopen entire Satec Cmper dam syn = j hned onMyM a an ease IuO! to develop priorities fo workplace diversitygoals status during : wmpleted. He inspection,. requind 7 d L9 peant owr 199L ad w d!N p m cach hiring opponunirv. He annud - by the Federal Energy Regulamry. , thepeassary resources. levd of goal attainment was 94 per. Commission (FERC) on q live-year y g4gg cent, wid, each job category reaching mtenal, mdicated that the impound. M W mi id&W M ' M NWk. TheMC.5ummerNudear Staten, abow 87 percem dits goah. ment mgum an in gmd m excd-compmerhedsystems,alongwnh'new knrcond ton. A seismpc evaluanon is-g g , dinfa an IM megawatt nudear genent:ng 4 presendv under way for the East ptantjomdy owncd with S.C. Electdc : The Equal Opportunity Procure-Pinopolis Dam and the adjacem cxy .A new integrated PayrollHuman'- & Gas Company, was a major conw > ment Pm8 ram com,leted a succedul - tension a rnbutorm5ameeCoopersen-s 2 - g' '= ! ply in 1992 " ergysup - year In 1992, minarity and women. A detailed five-year maintenance owned business panidpation increased plan for the Saritee Cooper dam syr*E '"""""*'I .SanteECoopes one-third owner- : almost 200 percent in total purchase tem was submitted and appmved b; Pamately L700 time yhen prev 4 sip dth$ Sumrner orders issued and 835 percent in de - FERC.This plan schedules prudent -

• almost 2.5 billion kilowatthours dl F*

I"

dthe ntw system mduded an Appb-j mtal dollars awarded. Systems were engineering, operations, and maime< cantTradingJNystemwWu"dlowsfor established to identify, qualify, and. nan n d d arw;U d M @

devdop vendors who can pmvide utili. impoundmens performance. One of wmpm nzed tradung of job apph-cants. O&er Payto!! and Human Re-. sdecred by the ; ity-> dated services. A luncheon and se more significant tasks. construc- ' "" f"" Nudear Regulatory Commission as, mu 'or minority and women-owned ' don ofa containment svstem foi con; "N* abc *d ned one of the safest and best operated, businesses were hdd with over 50 ven-

• "P"" P ""

. trolhng seepage at the Nora Dam, nudcar plant > in the United States < dors attending the pmgram-was completed. This sys:em provides a . Therewereonlyfourothd79nudear " F r or6e mme accurate indication of the dams mainframe processors, reducing the plant sites smgled out for such an As a resuh of heavy rainfd! during performana and pc dy impnees the & d minE inmq pim h not. On a recent operationalevalu-October. November. and Decemha.. case dmaintenana.

• """' E' P ** *** ***'d#d
• C

1 qualiry. Rnai! customer bills and em-twospi!!ingoperatium were conducted AmiesddamMureremveryplam ployee paycheda were redesigned to

1. E 'T I
   • ' EI E' I"'U" #

ijt

1 l Nudear hmer Operadons.The sta-jury. Safe driver awards were presemed - Georgetown Division hesdquaners ? fperformance data and instrument stal . hich will result in mme reliable'; tus available to uitit operators and! l tion has neceived dds highest rating in to 142 driven for driving fweyears or . w three out of the last four evaluations. more without having a prevemable : and e!!icientmutingofcommuni-> f plant supervisioric, VC. Summer Nudear Station op. motor whide accidem. Five employ-~ cations traffs.. # fAnewcalibra6oa facilitywasmmJ erated thmughout 1992 without a re-! ces were cited for avoiding injury by z

• Upgraded most' of the, metering & pleted to provide calibiation servica.T y

fuelingoutage.The next refueling out-wearing protective devias or equip.( ~ packagesin the cooperative substaf (Calibrations were ampleted on 255 ^ i age is scheduled for the springofl993.. ment. Nine units were'ncognind for ;, tions served by Central Dectric! ; temperature nstruments,311~presy Nuclear power cominues to be an - completing the } tar widi'no remrdi Power Cooperative; inc, from - sure instruments,;and 16: electrical u, L clectm-mechanicalmetenandmag E ; devices.i economicalpordonofSamceCoopeis able employee iniuries.Two units wue c power generadon. Nudear fuel costs acognized forcomplet%g20m more ? nede tape remrden to state-of-d e E iSirparticulateeminitmaimplianaf, are about one-third of that of fossil yearswithout6'disablinginjury.; [ art electronis metering packagesb tesrx and four continuous emissioni E !% ' which allow semote imenogation/ ?monitorinpystem audits were com( fuel. Overall generation costs an mm-ggg. -+ Contpeted semaONaq [peted to asmie mm@WaW ', f ped 6ve with other wurce' hde HygienetrainedM5'em; - . ployees to use respiratorsfColleAtion ) bnaker failure utmfit pmjeas m / ' operatmgpenats-1 T x. ~ Camden Onngeburg, and Sta -, Santee Cooper paru..capated m. a , g ' of 337 samples was made to monitor : s @ppraded

f. ^ '

. icollaterative study of test meaodLu

Geo.rge.t for possible comaminants in 6e work..

the communycations-7c, su Occupadonal Health and Safety < place. Hazard Communication rei y merged in 1992, creating Occupa-frnhertrainingwasaimconductedfor :

7'l"P**

""*"' I*""h and mimgen & @imnmental Pm J g g emens s e to asust the U.S.Em 4 ad seque evens aca 'tecdon Agency,%istwo+eek?studyj @jg tional Safervand Health Management.- 1 - ll Samee Cooperemp? .' alkw ' dial-up" miec a This unit ii responsible for managing. saferv,industriallwgiene,ocupational I. %ascall*d In1992,0ceupadonalHealacon< 7(aaed for panicipation in the U1) Statioif it in health, and workeis compemationy programs. The merger mmbines re-l uaedammalmedicalmeWameex-- Envirorunehtal Proteaion Agency 3 jstacktes6ngteam'andthinecommer ;' lated funaionsin an etTon toimpmve f arninadom for 1,737 employees and :1 : Green Liglas Program.0 i ' " icial stack testing compardes hired _by; 225 prepacement applicam3rief" STo pmtea theenvironmenta new: LEPA. The study consted of thne ings on heakh-risk faaors were con-.1 cfrigerasicovery and recycling yi-? f phad ~ smia to employees. Saf? J duaed with 194 einployees._Occupa-c tern was installed to capture afrigers ; pendent measuremenis dSOiand M N Out of MSS,769 work hours of ' ' tionalJ Heakh T provided. stresi ; ~ams nsed in substadon aircond exposure, Samee Cooper experienad : management training and informaJ Den.L ' LEPA ' test.meth$ds/The results were V 94 recmdable injuries.The incidene tion on benefits ofthe Employees Asd ' < An in-houd dibl$d gas shalysis" inalyzed b) EPA to determine repm-h $

• rate fm davsawayfrom work wa30.37,'

stance Program to 1,427 employees.( ; pmgram was begun in bonjunction J ? ducibility and sysfematic errori "" M wdl below the national average for :. Individual heakh coumding wu pm ' withthe Pr&luction Depamrien' andi EErwironmental permits 'weie;sI i t electric unlities? . vided to 126 employees, and 417 re< ' has bhen seaful in'detening and f tairE3 for construaion of Cmsi Unit ? ' Santee Cooper was awarded the : ferrahwere made'taothercommunity ;. correaing potential pmblems associ-i L 1, the Samee' Cooper RegNmalWaterj 'S third place National Safety Award by : heahh care ymviders. in an dfan m i ated with substation cleadcal equip : 2 Systemiand for numerms water andi 2 the American Public Power Associa- 'redua employee illness 350 flu va:" iment.{ wastewatersystems Nedwaste'wateri tion (APPAlin March.Samee Cooper - cine injcaions were administered. l discharge permirs for Grainger andi Jl 1 competed with other AITA utilities - ,g Mferies nadomwere chtained.Eight4 jG indergmund fud smrage unks were? M( with two to four million work houn A r j The Nanonal Safety Couna.l pre. The OperadomTechnicalDivision o

Performana issts were mmpimed lremedb g

' Appioximatdy;0sneenvironmen-3 j sented awards to 22 units.Twemy-one f and one coolJ c tal ' assessments pere performed for ; l unns earned awards from the South pmperty purchases or to determine:- 1 municatiom link on h..t e transma-u.mg tower. 3 Cam 1ina Oaupational Safety C4nm-i mbnhmE Tison-lineperformanamoniis theertemofpo:emialcontamination? cA The Presidents Safety Award for-w e iTheGiveOilForEnergyRecimry; crtw safetywasawardedto84 uewsat d M de a b 3 IGOFER) program grew to 172 sitesf munication ne: work mimagement, other three stations.This system mn.. and is ahead of schedule on ths pro- - Safe service awards were presented system between the Moncks Cori tinuously moniton boiler and turbine gram goal m locate an amage of fae: '"b#' yem or more without a disabling in- 'ner complex and the Horry-comrollableopnating parameters,with sitein each South Carolinacounty by "E 1994. Over 175,000 gallons of oil

i

l 1 j THE Y.E A R IN-R E V I E W1 MM x M 2

L; & m ma -

y C{ ,7 8y d e. W ,.;.=,a u n e s were mllened from the public.This. discharge information to the general Eroomforanaddidonal2.000boxshdv-l frare cGciency.hn coal-fimliinits byj, was a 3'O percent increase over la91.. public. Th' informadon;is provided - ing system.4 special featur'e is a fueg f addeving a heat rue of10,064 BTUlf, e Through the used oil pmgram,90,u00.- through a tdl free telephone number. Tand heat resistant rauk for)todng K MHadeacneoflipellW/KWHP ^ 11-800-92 LAKES, The program was ; ; mapetic mediQ, EildingNo:2 ' gallons of intemal used oil was al- ..g i over the previousyenc _.f _ g Iccred and convened to clearical en< created m punidethe recreadonal usi De3erviaCenterB / Samee Cooperinaimained a @ah ergy.alor.,;withover32.000gallonshfs en of Santee Cooper's 170,00hcie' 4 located at the Monda Cosier'comi (3evd ofunitavailability.witliariaves ' tard industdal oil. ~ lake sysremjith'infonnation whidi. : plexwascnmpletedin1992. Thel 800 [ : age above 36 pennhif, m The South Camlina Used OilPan- : will hdp them beuerplan theiranivic y x;uire-fuatL building will house theQ f ? Salesofflyash;oneoftheby1=oducts 7 " Survey)niapersonad( fofgeneraion%e c s? nership was fonned in mnjunction J ies. During the 10 monthioravail ..O&erworkindudedirinallingthrW marketingelfonss.518 t with the S.C Depanment of Health Lable service in 1992, anost 24,000 and Environmental Contrd, the SE : i calls were received. July was the peaki f new guillotine d l Depanment of Highways and Public. month with almost 2,500 alls. " " ? the Aue gn"desulfarizadon /(FGD)[ dTomeetsequhetnensof6eClea yodules at the Cnns Generating Sta? KAir;Aulplaresing wm.begni for kg Immponation, and the S.C. IVtmi

tion, UnliWThse _newlem. leak 3 cumnemind insr=BarW af<=eia=-M leum Council. This pannership will-h-O w~

y dsspen uplaced the exanng douhW {ous erne-ana marusadag'synenn.1

'"~yj7 W'

promote public awareness and public J 4 MJ ilouvereddamperiwhichexhibbeders JGraingeriSudon'anpanarlias sbe$ i support ofused oilm!!ectionsin South i Camlina.NA5 CAR driver Kyle Pettyj Construcdon ofths 5'40 h4WUnh41;huive lealdge.%E sero leak fedtwe L EGoals Preysm1=innerby %6istl, J heend' f)992.Constructionofthe L inThenduldsbile;dfunitX dationalso .I'at Cmss Stadon was on schedule ata Ewill 'pmvide~ safe Geking condmom jinduofdinepidiosepries.Gssiepr serves as spokesnian for the parmer-ship. t o unitbepnirithenunmerof1991shd{ @pcraing r. b' Xj.g Mn!sespsfdenuedGuds$ Jis. scheduled for isitial'opernion;in4 4 lA newstucif-theetburnerment Pmgram'awads.M i WN7 b;er Supply lowered die synem November 1994.E.. " [agememhfetyiystemhusinstalledonj 7 [Pmducaon Opermuons perfannedg I ^ operanng msa ly uulmng economy - EThis pmica is under the mina@ f GraingErUnit LThisiynem boniinug Wevendma@maintenanceauays.dai& salesandpurchaseswnhourneighbor5 "mentofSanteeCooperiStationConOcusly monitos furnace Anme[pm-J Ling 1992io'ensmeconunuedieliabil[ ny uuhues. ! struction unit and Gilben CSmmont be;cirul fuel flow oftheineanigencia System controllers purchned Wa i fuMeie MndwiHaludensdMT Gran#is dQ4 155,300 mepwarthours of economy pg g;. , f y,;, ;p"y,,p,. energy from the micrconneaed utile - ggggg 4 - opeiadng condidons F d ageonUnir 1,and CmmSinaiseM 3pla A ynhine pu ties m 1992 to displue higher cost fired generating unii with an cleaso-j > 3Following the succesi of4 piloihmainteninhelins ide% (#'sWdy6 Udd ad&MUnliN%pecion outagelonh generauon.His resulted in a saving mipiafwa %mpda MM - of $5,448,385. Aho,65,586 mep-aleaion (99.88 percenteflidency)anNyear, Unit 3wuequippedwithamod! Uinddled.on Cr<ss :Statioris Aue pi wanhoun of energy were old m the m d%iSi@vam.nis @ [dsdkdmiMFGD) % mtercountcted utihues for a total of. i m li Be hieinlets ts 2Dow imla' tion)irkthe desulfunzation system (90 perceru efd z tem m6niron teniperatures.;instues/ 51,250.795. fMim ud ' anducwrates6mudiouthehnitand i A unitin seniceJ ~ _., Samee Coopers transmasmn coal burner? technology fs limidng i checks for afirm conditisms % ' 1Jeffedes Station completed i cons $ c SCADAsystem was expanded in both. i nitmus oxide pmduaion; About one[ J And, the chsdete pneumatk bailer ), trok upgrade on ' Unit 3 Imiler ts im & comrols on Jc!fedes Unit 3 were re f [ pure rdiability a transmission subnatiom and m gener' aura ~ ating stations m pmvide system con- ' plamdwithacomputerizedelecu6 nip bufnermanagementsynemwaatr$4 are onvimamemally relaed.4 trollen wnh greater remote comrol deand I coMsynm.niine rd W fitted'oti Steain Unirs'fand '2 to$. 2 and monitoring of the power system. immicsucest.16 December 1992,the" ' tem operates fanerand more rdiably gimprove reliability, safety, and emiel y J Twdve addmonal remote terminal hadDe pn M ; and cas kecy the boiler much doser i bion contmtf Units bnd 2 aho -res " units were installed dudng the year. : millicin reductionin the pmjea bud-Lwithinitsoperadyparameters;whidi Sceivedaboilercommisupgridedueto i Aho, a vendor was sdeacd to replax n W rh an & pmvidhkde$dencywithieu ?obsolescene ofold controb.* < the enung SCADA/ EMS computer ~ m ' Wmvah Station wmpleisd 6e in 2 16 of $817 per.. wear and tear on equipmentJ by thefallofl994.The new computer t - Md kilm - i .. ~ ~

diadhiksn fadwa@ i andsoftwuewillpmndemotecontrd g g4g, g p,,'

I heaters on Units 1 and 3 to impmve ' 7 and mmutonng capability w the sy". struaed at the Moncks Comer Head /. c fficiency and reduce maimenance.. . Sanne Coopa's gennadon wu up : Ann 4nesynemkunp@ca Suppfylepnpro,- yuanc e, uare u n mg has a shdving syuem capable of 2.1 percem over199t Santee Cooper rates and a data acqmsiuon synem viding lake management and hydm. noting E.600 letter 4ep! boxes with Snished 176 in de naion for heat were innalled on all four units. He =

W

1 l WinyahStationmaintenanacomph ' 16. mile Davis Stadon to Pinewoodi 6ar is the die of a hemn and egra ? ; fanaiona! failities that$tisfyhuhli$J S prwided maior ma6ineshop senices segment,%k project, being accom-rookery.neisland servesasa concen-S demands without adversdy affeaing? l s plished in conjuncion with tiie cone trated repmduaivecemer foras manyl; sunounding developments or natural lf. m all generating stations, the most. ~ 1 y significant being the turbine rotor t.p : 1 struaion ofCross Unit 1,is on schedJ as 1,500 pairs ofbirds everyyear h has ) y resourcesc 4.1 , w:4 ff pades for Cmss Station. " ule for completion in.1994/

becaphcedisthestate'sHeritageTrustCj Under}rheLFamods andfHistodc?

fA A major inspeaion was completed. A~ series of projects in the HarryJ i Pmgram.7 ,_L L 1 Trees Pmpam dthe American forf h Ein cooperationwiththe' harlesion Festiy Association, a histode gmoe'oD ~ C on Myrtle Beach Combustion Tur-' Georgetown Dwision w:re also com-pleted to impmve transmission and/ 1S;C.) Raptor' Cehter, Property l jutes was Mred od$antec CooperJ ~ bine Unit 4, that included a complete ' 7 overhaul of the turbine!comprenor distributionsystem rdiability.Projehts : c Management cosrdinates aD arrange :;1 ands nearthe chrporate headquarters f y c and application ofspecial coating for completed indude: the 20-mile Peiry 3 ments for delimry and trearrnent ordin Monch Cornet.ne trees are f performance impmvements. ' Road-RedBluff230KVUne;th'eRed feagles, owls, hawks,fdcons;~arufvuk isprinisdemslaanted atl sines whee

• T W i Amedcan thisEry wasmadeh 4:O$

plantings e perfarnsd onbdOg 9%[ A new Outage Management Pro- : Bluff 230-115 KVSubstation;the22( ; tures which have;bein in a gram was emploved to emure outage : mile Red Bluff-13ttle River 115 KW (phaned and are}foun(jii d or CmpeglanuThe anteris d-16ted]; i Day and s meagni en Santee are completed on schedule and wiain - line; and the little River 115:12 KV P budgerary limits. Substation.: i i to envimamemal edusation add them finausandHistinicTacGmveinSou6j y' , y m g 1 conservation ofbin.isdpreytMough TCablina.; r gg ,Mgw{, Used motor oilobtained fmm San-f: d N, A tsmatelyi38,9@$n# =. fichabiliculan? AJ,. $ pinceddnpandvariamomamenta1Y; W LOwtS00,000pank:silyimpaned 1:e Cmper GOFER sites ' as com- ~+ w PP aues ch : Santec Coopsr liad abh been in M bined with commen:ial oil purchases : 1 Prime vMife and adplhabitat Lvohr

w leased to the S.C. Wddhfe and{y.g;,dinjoint venturestsenhance6eX trea we and burned for generation in Jefferies 7 gg ggg;gWMddsdusgMD ~

Units I and 2 for thefirst time.nisis now a permanent pmpam for aher_ y dne Resarces Depamnent bn

• 0 iforwaefw16bh46eSAWater? hinjune,SanteeCooperwasNwudaP f nate fuct at Jefferies Stationo e numung pm basis fw u2 as pan JfowfAssociation's Wedand _ Wildlife 7 dhe GoldenTree Awasd by the AmeriM; R

of the statis Tildife Management 5EnhamenentPmyam.YdtheinMcahPublicbeiAmocandnadesg6 > ' U* 4 Pmgram.Indudedin 61s acreageisa? EndidoM Mda NN !!r6 ion EhW'Mg M l'[h ,350-acre waterfowi unpoundmcat; i hroughostSantecCoopeswaerand uce for evdry utility ostomeri D7 L t radjacenttolakeMoultricinBerkeleyi MdWMepdsbliebenA w kMAN ~ ~ < ~ #M ' '[M# Samee Cooper,s Program for ff% T rmployee Pamcrpanon commues to J County. His provides an intensive %fdard@hdyMif pdMSNM pmmote rcamwork.improse commu-. waterfowl management area for!use ' MdMd '; ' g $anteeCooperisoned30memberf 1 nications,and make employee p2mce and huntingoppommidesbythegeni MTo1.eikddiiidr6ppegganizationsinthe.SC pflecq ~4 pation a wayoffife. During 1992 there - : eral public;j ' ' ' whi& c tib for enjesmenj of wildlife and de{ ide RehabHiq Counca @h urre 1,178 cm,loyees pame patmg ; "P""'T8dPP'N"' i h

All federal and state pennits arrek J natural resowces ardund d appred for the dnstruaior(d any ggg gg (SanteN}wlaigenenitirihcapadtydp' gg}

on teams to recogmze a r.et annual g savings o 5 .910. -

• '"* ***E* ""d *"5 m'*U

. ad&uona! 100-acre impoundment to ? 0 initiated di ecstruaiorfora nature; i ber system Herewere275projecacompleted ~ increase the wetland and waterfowl 1 ' ~ 'H ~

• • II " * " E. if'c*""*E'*""'r*"**"'

~~ ' v

k. over 200 teann durm' g' 6e year.. c habitat'd' iv'ersitywithin 6e sea.Cdne

• located inl'Orangehdrg County Anj @nnin'f and o

. Team poiects addressed a vaderv of ;, struaion is scheduled for completion Mda enh4 Mad tmil gniaximum reliabihty;ofpower supplp.3

• > +

tssues mdading ouabrv, productny, during eady 1993.f hhDeen pMed Iri ClirendonllL - (Saitee Cepais aim me dsewns safery, ennmnmental, customer ser-SanteeCoopasupportsthepmtec( l ip wrsystemsin;the%rgi ia-Caroli? 4 ion drare or endangid spedes d : ' Cmq wee, and system impmvement. wildlifefoundonSameeCmperprop bipnchesPqionalCouncildGovern-) O ' h EWMNh :(nasRdiabuityGroup(VACA10which t mies w sudspesan se Amed4 :: mens ar.d tie 5;C Wildlife and} lp gy,Camhna ha nght Com( ' in During1992.Projdt Management. was respnsible for a 548.5 million. can bald eagleand the red-cockaded MarineResourcesDepartment.aboat/ ~ paigDukekwerCompar5pginia! ing access facilities master plan was 7"'

• d tne.Southeastem7 uwpet. Pmpp&nwidde$ = d d anagemm ev opedfortheSanteeCoopertales.c hwr Admimsn. ".

costruction budeer. As part of this men. He member... m8mt3N 8'#Paauve . budget, substation and transmission hne pmjeas were completed to ims. iS.C Vddife and. Marine Remutes ! Nhe plan Maessa bodngaccasp 3 systemshaveacoordination, agreement - pmvc the reliability of both transmisJ lDepanment' to ensure dat nestmg 3 gog,;,,g g y,;,, g to safeguard the reliability.of their 1 and habnat for these rare and endan 1 M.imprmmemsaedsinsdfaem m idadividd g ple fon - service. - - sion and distribution systems. S mecCoopermairrainsinterced Workcontinued on the 525 million paebpniuaremtadverselyaf caed. . An therprotectedareaisBirdIsland' meetpublicdemanathmughtheyear. neai nswi6 the Smhem Cmnpany. Cmss to Dahell230 KVtransmission onLateMa6on.asmal!11-acreisland and the Southeastern Power Adminiw line pmject, with completion of the 2010. Use of this plan will ensure safe, j l m~

L ~ ny m y:!Ql) L' Yp h g N N nQ', j/ lh m v_, g c/ J ~( ji THE YEAR IN REVIEW b3KR-AG tration at the R.B. Russell Dam: with Bennettsvillei Hilmn Head Island,. lines which previously have been can-courses were offered to employees - the Southern Company at Mdntosh; Allendale, and Aiken areas. didates for rebuilding. While semal - through the Training and Devdop-D with South Carolina Dearic & Gas As an alternative to remo ing or lines wiu have to be rebuilt, this life ~ ment library. ;. Company at Bushy Parki North topping danger trees, a hdicopter-enension wiu allow deferral 4some - > An outdoor lineman training area ] Charlesmn. St. George,Marceba, Co-borne saw was used to nmove pro. - scheduled line rebuSds.. . loatedonatwoandcine-halfacresiten lumbia.and theVC.SummerNudear trudinglimbs on 65 miles oftransmis ! - A new computer system was 'in< L at the Horry-Georgetown Divisim i Station; with the Southeastern hver sion line.This method was empbyed - staued to better analyze transmission.- headquaners,wu completedin 1992. - Administration, Duke Power Com-on theAikento Clark Hillitumstruc-system upgrades and expansion re- ' Overhead and undergmurd distribu-pany, South Carolina Llearic & Gas tion pmjea to prevent crosion prolv : quirementi This computer system tion training is conduaed at she site.l J Company, and the Southern Com-lems and save time. consists of fve RISC6000 work sta- ~ Cotuses leading to twdear..fouic pany at Lake Thurmond; and with ' tions and fhe Lterminals, all con : year.or graduate milege depees wcre ~, ' Carolina Power & Light Company at. ~ nected through a local area'networri : completed by 380 employees throught Dadinpon. Hemingway, Kingsuee, in 1992, 'the Santee Cooper System Planning has determined : ; thituition aid pmgram, and'1B cmf; LugorT, ard :he Darlingon County Rgimamater Snem kcame a mal-that despite v@omus demand-sidea gphychs received their; degrees.O ' pi, ny.Tourlowcountrywatersvstem management programs, sewral hun a % % o mm _. 4"h;f M mcks Corner Public Woris Cem-4 O M4 # dred megautts of combunion tur-A ~ = mission, Berkeley County Watet and 1 he spacity win h nee 3d bW i c n. Sanitation Authority, Summerville : * ".,000 EThe Tam.. :imes Divun-m The maiority of1992 was spent m Commissionen ofPublic Works, and L ~ hp9h , of mobi!c radior "' "I 'I'*' E opaations in the central pardon of the the' City of Goose Creek-joined - user rcqmrements was completed :r2ng the mtegnty and sdiabibry of th ~c transmission system. Samee Cooper. i j crews redeared 11,100 acres, aug< Teer Agency.This agenq wiu purtogaher to form the kake Mouhrie - r futur-direaion or mobile radio sys ' aget 'fatt rmliedalltamaicol.= t mented by an addm..onal 1,856 actes ' chase wholesale water fram Santee - - i mesc

• • 1. Coopa A caepal ;; /dimb-patrolled 20 pereniof theJ maintained by comract personnel Coop".

plan ofbulk nu.aowan and fiber op f transmissim im.es, and hdimpterK These totals represent a J, percent In Oaober> the aE.*"cU enteredimo - ucs communmation systems was dem inacase over the 1991 aanp with an ' a thirty-five year contract with Samee. - : wbpd.ne plan pid is Odr g## *i' *""'* "i"'I' I" accompanying S.8 percer* mease m Cooper to estabhsh the fast regimal y gggge g g. ::::ix tirr& y per-aae costs. weer system in the area. . SCADA system use, mobile' adiobase - In areas of h, d acces or areas ' Constmction dthe pmjea is ev ~' r nute hite5 J ~ that could not be deared usirg con-pea' ed tobg'in in Fehrnary 1993 with - ( use, and mmputer networkmg. Tha -;

• Groundlineircated 6,507 l

ventional redcaring metheds, selec-initial operation planned for Oaober - - 10 be ~"" .d ""I" tive herbicides were utilized to contml 1994.ne system wit!zonsist ofa 100 f ' '

• Resistivity tested 10 transmini6n '

only targa brush species.This reduced million ga!!o.: per day intake from linesi _ the impact on lesser vegetation, im-LakeMoultrie, a 24 million gallon per -- D' l 4 Changed oui 313 transmission; o portam for emsion control and valu-davtreatmentplant,ar$ over23 miles . poles,720crouarms,and746insu d a able to many wildlife species. Due ro' d'pipdine capable ofsupplying up to ' ' T$ing akDaelopment con. latorsJ enc!lem mntraa prices,1,450 acres; 50 million gallons per day w other - duaed trainingpropams to meet em- + Installd additional emssarm' braces l primarily ir the Pee Dee area, were water srstems. - Ph'ees'requirememforpresem posV - on the Darlinpon-Florence, Fk>K treated auially. The mtal pmjea mst is pmicaed to. i tions and for future advancemems. - 'rence-Mariom and Bethune-Mt. Danger neeremovalwasconduaed cost less than $36 million. h will be A totalof 863 internaland extemal - Pisg;ah 69 KVliries. : on 175 fine miles along the periphery. entirdy separate from the ciecirical. mining pmpams were conducted.1

• Installed cmsarm shdf-gains on the -

( of transmission line rights-of-way. Al- -- system and will be totally self-suppon. Subject areas indaded management. ' + Replaced all fiberglass crossarms on ; Darlington-Fiben 69 KV Line. most all rights-of-waywere completed ingwith rates for water equal m system pmfessimal tecimical, computer, and. in the Newberry area. Similar activities skills devdopment Empknee anen-the Georgetown-Andxws 115 KV :

cosa, waeconduaedin the Aiken area with dance, induding federally mandated -

Une wi:h horiwntal post insula-expeard mmpletion in early 1993. programs, was 6,510. Corporate trainn

tors.

The threat ofdamage to microwan Challenged over the past year to ing pmgrams were revised and up-

• Established a transmission line crew l

towers fmm adjacent trees was elimi, maintain system wliabilityin a period ' dared to reflea available training in the Hemingway area to provide ' l nated. Danger nees were removed on ofbudgetary constraints, System Plan-Newtrainingequipment.videopro. benersenicecoveragemcustomen. l several projects in the Columbia, ning has analped the uppading and grams. cassene cotaes, and self-study in the area. life enension of several transmission

o,c,, :. ;;e wy 1 EF_B_,O R &c2 +4=.==n&c.i=?. - f a.n:x. 2:L_ ~ -.., _ L. Y M % w." .R f r= ~. e. 21 ~ ~ .. m .~.,,_- 2.a::_@bre " '*' 2.,., i ,; O a 1_ _ m. . /-~::-'rA'? ~ . :: rht*:'m%~OO;;;r::0h.;.. ___ - ~ " * + xxw~~. ?- ~ . g-J.:,,C?.:p ;. = ~ ~ ~,.. ' *'ahs w d,*,**** $Y $% ~

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• 1 Q "p*r 4%*;;:'- w^J d d, *,4 Q-C;;--y"TZr R$F70 ': -j 1L*b%

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REPORT OF INDEPENDENT PUBLIC ACCOUNTANTS To the Advisorv Board and Board of Directors of South Carolina Public Senice Authorin We have audited the accompanying balance sheet of the South Camlina Public Senie Authorin- (a component unit of the State of South Carolina-Note 1) as of December 31,1992 and the related statements of accumulated earnings reinvested in the business, reinvested eamings, and cash flows for the year then ended.These fmancial statements are the responsibilin ofthe Authorin's management. Our responsibility is to express an opinion on these financial statements based on our audit. The financial statemems of the South Carolina Public Senice Authority as of December 31,1991 and for the two years then ended were audited by other auditors whose report dated Trbruan' 19,1992 expressed an unqualified opinion on those statements. We conducted our audit in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, nidence supporting the amounts and disclosures in the financial statements. An audit also indudes assessing the accounting principles used and significant estimates made by management, as well as n aluating the overall fmanciabtatement presentation. We believe that our audit prmides a reasonable basis for 63 out opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the South Carolina Public Senice Authority as of December 31,1992, and the results ofits operations and its cash Fows for the year then ended in confonnitywith generally accepted accounting principles. Y Charlotte, North Carolina February 17,1993

l B AL ANCE SHEETS South Carolina Pubhc Service Authority December 31,1992 and 1991 ASSETS 1992 1991 (Thousands) Utility Plant - At Cost: Electric plant in service 5 2,475,764 5 2,372,535 Irss accumulated depreciation 746,749 689,810 Electric plant in service -1,729,015 1,682.725 Construction in Progress 267,411 150,649 Nudear fuel-at amortized cost 19,100 19,097 Utility plant - net 2,015,526 1,852,471 Other Physical Property (Net ofAccumulated Depreciation) 1,497 927 Cash and Imtstments Held by Trustee (Designated) 607,112 430,419-Current Assets: Cash and investments held by trustee 46,536 50,023' Bond funds - current portion 99,205 95.444 Accounts receivable-net of allowance for doubtful accounts se. of $1,570,000 and $1,336,000 in 1992 and 1991, respectively 50,288 45,596 Accrued interest receivable 3,329 4,090 inventories, at average cost: Fuel (coal and oil) 46,506 33,441 Materials and supplies 30,600 32 228 - Prepaid expenses 986 1.056 Total current assets 277,450 261,878 Deferred Debits and Other Assets: Unamortized debt expense 21,518 16,924 Unamortized loss on refunded debt 223.429 217,712 Costs to be recovered from future revenue 341,481 317,328-Other 27,448 23,322 Total deferred debits and other assets '613,876 575,286 ' Total 5 3,515,461-' S 3,120,981-The accompanying notes are an integral part of these Gnancial statements. l iig f r iii-1iriig p T

( LIABIUTIES AND CAPITAUZATION 1992. 1991 (Thousands) long-Term Debt: Electric Revenue Bonds -- Priority Obligations 5 44,705 5 47,245 Electric System Expansion Revenue Bonds 1,516,440 1,670,875 Electric System Revenue Bonds 27,000 Capitalized lease obligations 52,673 55,820 Revenue Bonds 852,950 367,345 Total long-term debt (ner of current portion) 2.466,768 2,168,285 less: Reacquired debt 5,345 5,655. Unamortized debt discount and premium - net 42,537 40,256 long-term debt-net 2A18,886 2,122,374 Current Uabilities: Current portion oflong-term Jebt 34,266 44,801 Accrued interest on long-term debt 80,506 72,296 Commercial paper notes 121,750 124,000 '5 Mini-Bonds 123,795 83,514 Accounts payable 28,129 29,991 Other 22,293 15,007 Total current liabilities 410,739 369,609 Deferred Credits and Other Non-Current Liabilities: Construction fund liabilities 25,576 3,861 - Nuclear decommissioning costs 24,361 17,007 Unamortized gain on reacquired debt 566 873 Other 10,797 6,622 Total deferred credits and other non-current liabilities 61,300 28,363 Commitments and Contingencies Capital Contributions - U.S. Government Grants 34,438 34,438. Accumulated Earnings Reimisted in the Business 590,098 566,197-Total 5 3,515,461 . $ 3,120,981 p ... =... _.......

STATEMENTS OF ACCUMULATED EARNINGS REINVESTED IN THE BUSINESS South Carolina Public Service Authority Years Ended December 31,1992,1991, and 1990 1992 1991-1990 (Thousands) Accumulated earnings reinvested in the business - beginning of year 5 $66,197 5 530,869 5 496,497 Reinvested earnings for the year 29,717 40,968 40,001 Total 595,914 571,837 536,498 Distribution to the State of South Carolina 5,816 - 5,640 -5,629 Accumulated earnings reinvested in the business - end ofyear 5 590,098 5 566,197 5 530,869 l 66 The accompanying notes are an integral part of these financial statements.

STATEM ENTS OF REINVESTED E A R NINGS South Carolina Public Service Authcrity Years Ended December 31,1992,1991, and 1990 1992 1991 1990 (Thousands) Operating Revenues: Sale ofelectricity 5 541 ~25 5 557,736 5 548,066 Other operating revenues 5,153 4,842 5,914 Total operating revenues 546,878 562,578 553,980 Operating Expenses: Operation expense: Production 217,223 232.219 241,682 Purchased and interchanged power - net 10,425 9,220 5,170 Transmission 3,197 3,028 2,708 Distribution 3,810 3,698 3,048 Customer accounts 3,919 3,639 4,650 Sales 1,295 1,266 1,263 Administrative and general 39,784 41,037 40,711 Maintenance expense 52,365 50,213 42,511 Total operation and maintenance expense 332,018 344,320 341,743 G7 Depreciation and Amortization 75,025 70,846 67,538 Sums in lieu of taxes 3,643 3,364 3,426 Total operating expenses 410,6S6 418,530 412,707 Operating Income 136,192 144,048 141,273 Other Income: Interest income 21,980 29,302 22,858 Other - net 642 52 14 Total other income 22,622 29,354 22,872 Interest Charges: Interest on long-term debt 129.894 133,619 131,197 Other 23,356 23,279 19,474 Total interest charges 153,250 156,898 150,671 Costs to be recovered from future revenue 24,153 24,464 26,527 Reinvested Earnings 5 29,717 5 40,968 5 40,001 The accompanying notes are an integral part of these financial statements.

STATEM ENTS OF C ASH FL.OWS South Carolina Public Senice Authority Years Ended December 31,1992,1991, and 1990 1992 1991 1990 (Thousands) Cash Flows From Operating Acthities: Operating Income 5 136,192 S 144,048 5 141,273 Adjustments to reconcile operating income to net cash prosided by operating activities: Depreciation and amortization 85,602 79,180 77,789 Other Income 33 52 14 Changes in assets and liabilities: Accounts receivable (4,692) 6,850 9,441 l Inventories (11,437) (644) (2C') l Prepaid expenses 70 19 (132) Other deferred debits (4,380) (7,202) 613 Accounts payable 20,462 (5,748) 2,747 Other current liabilities 6,174 3,302 (8,050) - Other non-current liabilities 11,529 401 (115) Net cash pro ided by operating activities 239,553 220,258 223,312 se Cash Flows From Irwesting Acthities: Net (Increase) in investments (215,041) (144,161) (38,257) Interest on investments 39,769 22,544 19,471 Net cash (used in) provided by investing acthities (175,272) (121,617) (18,786) Cash Flows From Noncapital-Related Financing Acthities: Distribution to the State of South Carolina (5,815) (5,640) (5,629) Cash Ilows From Capital-Related Financing Acthities: Proceeds from sale of bonds 544,843 398,808 22,997 ' Proceeds (Repayments) Net from sale of commercial paper (2,250) 4,000 70,000 Repayment and refunding of bonds (228,003) (99,184) (35,571) Interest paid on borrowings (167,613) (141,703) (139,399) Construction and betterments of utility plant ~(235,279) (145,622) (102,286) Bond Issuance Costs (7,699) (4,604) (2) Other (3,052) (2,961) (2,877) Net cash provided by (used in) capital-related financing activities (99,053) 8,734 (187,138) Net (Decrease) Increase in Cash and Cash Equhslents (40,587) 101,735 11,759 Cash and Cash Equhdents at the Beginning of the Year 229,083-127,348 .115,589 Cash and Cash Equhstents at the End ~of the Year 5 188,496 $ 229,083 $ 127,348

~! f t I i l 1992 1991 1990-l (Thousands) Reconciliation of Cash and Cash Equivalents: l Cash and investments held by trustee (designated) 5 607,112 $ 430,419 5 197,939 _ j Cash and investments held by trustee 46.536 50,023 53,960 i Bond funds - current portion 99,205 ~ 95,444 84,583 i less investments, not considered cash and cash equivalents 564,357. 346,803 209,134 s Cash and cash equivalents at the end of the year 5 188,496 5 229,083 - $ 127,348 l 1 i i f 69 e 0 -l t ~i 5 A 8 P r I l ~ i i t - lhe accompanying notes are an integral part of these [Inancial Statements. -h '? .l l

l NOTES TO FIN ANCI AL STATEM ENTS NOTE 1 - SUMM ARY OF SIGNIF1 CANT a contract with the Lake MoultrieWater Agency, a joint municipal ACCOUNTING POLICIES: water system consisting of the fo}}owing members: City of Summerville Commission of Public Torks, Town of Moncks A - Reponing Entity - The South Carolina Public Service Authority (the ' Authority"), a component unit of the State of Corner Commission ofPublic Works, City ofGoose Creek, and South Carolina, was created in 1934 by the State Legislature. the County of Berkeley. The lae Moultrie Water Agency will The Board of Directors is appointed by the Governor of South purchase all of the capacity of the water system and sell such Carolina.The purpose of the Authority is to provide electric capacity to the four members.The water system is estimated to power to the people of South Carolina. Capital projects are commence initial operation in September 1994 and begin funded by bonds issued by the Authority and internally generated commercial operation in January 1995. The estimated funds.The Board ofDirectors sets rates charged to customers to construction costs for the water system are approximately pay debt service and operating expenses, and to provide funds $36,000,000. As of December 31,1992, the construction costs required under bond covenants. incurred totalled approximatelv 52,106.000. B - System of Accounts - The accounting records of the Authority are maintained substantially in accordance with the NOTE a - COSTS To oc RECOVERED FRoM Uniform System of Accounts prescribed by the Federal Energy FUTURE REVENUE: Regulatory Commission (FERC). ne Audmritys electric rates arc established based upon debt C - Utility Plant - Utility plant is recorded at cost, which indudes materials, labor, overhead, and interest capitalized service and operating fund requirements. Straight-line during construction.The costs ofrepairs and minor replacements depreciation is not considered in the cost ofservice calculation are charged to appropriate operation and maintenance expense used to design rates. The differences between debt principal accounts.The costs ofrenewals and betterments are capitalized. maturities (adjusted for the effccts of premiums, discounts and The original cost of utility plant retired and the cost of removal amonization of deferred gains and losses) and straight-line less salvage are charged to accumulated depreciation. depreciation are recognized as costs to be recovered from future D - Depreciation - Depreciation is computed on a straight-line revenue. The recovery of outstanding amounts associated with basis over the estimated useful lives of the various classes of the costs to be recovered from future revenue will coincide v ith the plant. Annual depreciation provisions, expressed as a percentage retirement of the outstanding long-term debt of the Authority. ofaverage depreciable utility plant in service, were approximately 3.3% for each of the three years in the period ended December NOTE 4 - CASH AND INVESTMENTS HELD BY 31.1992. Amortization expense related to capitalized leases is TRUSTEE (DESIGN ATED): 7o also induded in depreciation expense. funds, other special funds, and cash and imestments are held Unexpended funds from the sale of bonds, debt service E - Revenue Recogmnon and Fuel Costs - Substanually all wholesale and industrial revenues are billed and recorded at the end of each month. Revenues for electricity delivered to retail aqd maintained by trustees andthe.n usedesignated m.accordance wnh applicable provisions of various trust indentures, bond customers which has not been billed is being accrued. Fuel costs res luti ns, kase agreements, and the Enabling Act mduded m are reflected in operating expenses as the fuel is consumed, the South Camlina law. Such funds consist prmapally of F - Bond issuance Costs - Unamonized debr discount, premium and expense are amonized to income over the terms of the investments in g vernment securities carried at amortized cost. related debt issues. Unamonized gains or losses on refunded Cash - Cash is categonzed as follows: Category 1 indudes bank debt are generally deferred and amortized to income over the balances entirely covered by federal depository insurance; terms of the debt issues. Category 2 indudes bank balances that are uncollateralized or G. Cash and Cash Equivalents - For purposes ofthe statements c 11 teralized with securities held by pledging financial ofcash flows, the Authority considers highly liquid investments institutions but not m the Authonty s name. Investments - Trust indentures and resolutions authorize the with a maturity ofless than three months and cash on deposit with financialinstitutions as cash and cash equivalents. In 1991, Authority to im est in obligations ofthe U.Sffreasury, agencies, the Authority changed the definition ofcash and cash equivalents instrumentalities, and certificates of deposit.The Authority's-to include Cash and Investments Held byTrustee (Designated). investments consist of U.S. Government securities, certificates - H - State Distribution. The distribution to the state of South ofdeposit, and repurchase agmements. The Authodry requires Carolina is determined utilizing a formda required under the that securities underlying repurchase agreements have a market 19491ndenture which is based essentially on operating cash value of at least 102 percent of the cost of the repurchase flows and mandatory reserve requirements. Such calculation agreement. At December 31,1992, the Authority's repurchase varies substantially from reinvested earnings for the year agreements totalled approximately $110,511,000. principally due to costs to be recovered fmm future revenue and The Authority's investments are categorized to give an working capital requirements. indication of the level of risk assumed by the Authority at year-I Redassifications - Certain prior year amounts have been end. Category 1 indudes investments that are insured or reclassified to conform with current year presentation. mgistered or for which the securities are held by trust agents in the Authority's name. Category 2 indudes uninsured certificates NOTE 2. REGION AL WATER SYSTEM: , o[ deposit which are collateralized with securities held by the In 1992, the Authority's Board of Directors authorized the pledging financial institution but not in the Authority's name. - construction ofa regional water system.The Authority executed

1992 Investments Cash Total - Category Category Category Category Carrying Market 1 2 1 2 Value Value (Thousands) Cash and Investments Held byTrustee (Designated) General improvement Funds. 5 75,558 5 1.400 5 51 5 (582) 5 76,427. 5.76,519 Debt Service Reserve Funds 162.850 0 0 235 163,085 170,917 Other Special Funds - 269,519 0 0 77 269,596 268,376 Funded Interest 98,004 0 0 0 98.004 99,251 Total Cash and investments Held byTrustee (Designated)..... 5 605,931 5 1,400 5 51 5 (270) 5 607,112 5 615,063 Cash and Investments Held byTrustee (Undesignated) Revenue Fund. 5 42,680 5 0 5 0 $ (1,260) $ 41,420 5 41,424 Special Reserve Fund 4,742 0 100 274 5,116 5,145. Total Cash and Investments Held byTrustee (Undesignated).. 5 47,422 5 0 5 100 $ ( 986) $ 46,536 5 -46,569 Bond Funds - Current Portion Interest 5 14,870 5 0 5 0 5 51,119 5 65,989 5 65,989 Bond Principal 15,554 0 0 6 -15,560 15,654 Funded Interest 17,217 0 0 0 17,217 17,217-lease - 439 0 0 0 439' 439 Total Bond Funds - Current Portion... 5 48,0S0 5 0 5 0 5 51,125 5 99,205 5 99,299 - q

1991 Investments Cash Total Category Category Category Category Carrying Market 1 2 1 2 Value %lue (Thousands) Cash and Investments Held byTrustee (Designated) GeneralImprovement Funds.... 5 117,911 5 200 5 38 5 843 5 118,992 5 119,332 Debt Senice Reserve Funds... 149,130 1,200 92 37 150,459 159,481 Other Special Funds. 139,398 0 0 (16,670) 122,728 121,503 Funded Interest 38,239 0 1 0 38.240 39,767 Total Cash and Investments Held byTrustee (Designated) 5 444,678 51,400 5 131 5(15,790) 5 430,419 5 440,083 Cash and Investments Held byTrustee (Undesignated) Revenue Fund - 5 28,594 5 0 5 100 - 5 14,025 5 42,719 5 42,777 Special Reserve Fund 7,309 0 0 (5) 7,304 7,588 Total Cash and Investments 73 Held by Trustee (Undesignated).... 5 35,903 5 0 5 100 $ 14,020 5 50.023 5 50,365 %d Funds - Current Portion Interest - 5 8,309 5 0 5 1 5 59,977

5. 68,237 5 68,288 Bond Principal 20,337 0

123 378 20,838 20,967 Funded Interest 5,880 0 0 o 5,880 5,880 Lease - 439 0 0 0 439 439-Total Bond Funds - Current Portion. 5 34,965 5 0 5 124 5 60,355 5 95.444 5 95,574

NOTE 5 - LONG-TERM DEBT OtJTSTANDING: The Authority's long-term debt at December 31,1992 and 1991 consisted of the following: 1992 1991 (Thousands) Electric Revenue Bonds - Priority Obligations: (mature through 2006) Interest rates vary from 2.70% - 4.10% - 5' 47,245 5 49,705 Electric System Expansion Revenue Bonds:(mature through 2022) Interest rates vary from 5.00% - 9.10% 1,539,535 1,695,100 Electric System Revenue Bonds: (mature through 1992). 40,500 Capitalized lease obligations: (mature through 2015) [" Interest rates vary from 2.00% - 5.00% _ 55.819 58,871 I Revenue Bonds: (mature through 2031) Interest rates vary from 5.00% - 7.10% - 858,435 368,910 Total Long-Term Debt. 2,501,034 2,213,086 Current Portion - long-Term Debt - 34,266 44,801 Total Long-Term Debt - Net 5 2,466,768 5 2,168,285 Maturities oflong-term debt through 1997 are as follows: Priority Expansion Capitalized Revenue Obligations Bonds Leases Bonds Tota! Year Ending December 31, (Thousands) 1993 5 2,540 5 23,095 5 3,146 5 5,485 5 34,266 1994. 2,605 24,550 3,225 5,795 36,175 1995-2,720 26,115 3,318 19,645 51,798

1996, 2,845 29,725 3.418 1,220 37,208 f

1997. 2,975 31,655 3,527 6,010 44,167 l l - The 1992 Refunding Series A Bonds refunded the following The fair value of the Authority's debt is estimated based on the quoted market prices for the same or similar issues or on the Electric System Expansion Revenue Bonds: 53,370,000,1985 cunent rates offered to the Authority for debt with the same Refunding Bonds; 55,405,000,1985 Refunding Series A Bonds; remaining maturities. Based on the borrowing rates currently 522,555,000,1988 Refunding Series A Bonds; 5100,010,000, available to the Authority for tax-exempt bonds and other debt 1986 Refunding Series A Bonds; and $15,370,000,1991 Series : with similar terms and average maturities, the fair value of debt B Revenue Bonds; and 512,085,000,1991 Series D Revenue - is approximately 52.8 billion at December 31,1992. Bonds. The refunding resulted in the Authority reducing its The Authority refunds and defeases debt primarily as a means total debt senice by appror.imately $28,597,000 and obtaining of reducing debt service, thereby postponing or reducing future an economic gain ofapproximately 510,268,000 after adjusting > electric rate adjustments. In 1992, the Authority issued for funds used from the refunding of other than the 1992 5168,545,000 in 1992 Refunding Series A Revenue Bonds. Refunding Series A Bond proceeds.

Amounts outstanding, original loss on refunding, and the unamortized loss at December 31,1992 follow: Refunding issue Refunded Bonds Refunded Amount Original Unamortized Outstanding - loss Loss (nousands) 1977 Refunding 1971 and 1976 Series $. 11,244 5,419 1982 Refunding $ 100,000 of the 1981 Series C 5127,000 of the 1982 Series A 62.588 1,023 1985 Refunding 5150,000 of the 1982 Series B 30,570 3.392 Cash Defeasance $ 20,000 of the 1982 Series A 2,763 2,174 1986 A&B Refunding $ 42,725 of the 1980 Series A ~ $ 42,000 of the 1981 Series A $ 61,000 of the 1981 Series B $ 4,420 of the 1981 Series C $ 7,820 of the 1982 Series A $ 9,010 of the 1982 Series B 43,736 - 16,288 1986 C&D Refunding $280,275 of the 1982 Refunding Series 97,109 85,158 1987 A Refunding $160,510 of the 1985 Refunding Series 160,510 48,038 39,891 1988 A Refunding $ 18,220 of the 1980 Series A 74 5 18.315 of the 1981 Series A $ 9,110 of the 1982 Refunding Series S 5,000 of the 1985 Refunding Series $120,890 of the 1985 Refunding Series A 125,890 28,644 23,195 1991 A,B&C Refunding & Improvement Series $ 4,855 of the 1980 Series A $ 8,075 of the 1981 Series A $ 13,500 of the 1985 Series S 32,500 of the 1985 Refunding Series - 32,500 4,856 4,288 Commercial Paper $ 27,000 of the 1985 Subordinate Series 495 413 1992 A Refunding $ 5.405 of the 1985 Refunding Series A $ 3,370 of the 1985 Refunding Series $100,010 of the 1986 Refunding Series A $ 22,555 of the 1988 Refunding Series A $ 15,370 of the 1991 Refunding Series B 5 12,085 of the 1991 Series D - 158,795 42,188 ~ 42,188 Total $ 477,695 5 372,231 $ 223,429 - The Authority's bond indentures provide for certain replacements, and renewals thereof. restrictions, the most significant ofwhich are:

2. The Authority is restricted from issuing additional parity 1,The Authority covenants to establish rates suflicient to pay bonds u -less certain conditions are met.

all debt service, required lease payments, capital improvement As of December 31,1992, the Authority is in~ compliance fund requirements, and all costs of operation and maintenance with all debt covenants. of the Authority's electric system and all necessary repairs, .u.

NOTE 6. REVENUE BONDS: agreement during 1992. In 1988 and 1989 the Authority issued bonds (Mini-Bonds) On December 22,1992, the Authority's Board of Directors in small denominations which are due on demand by the authorized the sale of $25,000,000 Revenue Bonds,1992 registend wner under a Mini. bond Resolution. In 1990, the Series B (1992 B Bonds). The 1992 B Bonds were dosed on Revenue Bond Resolution was adopted and all senior debt January 7,1993. Proceeds from the 1992 B Bonds will be used induding the existing 1988 and 1989 Mini-Bonds were frozen for the construction of the regional water system. except f r refunding purposes. Under the Revenue Bond The 1992 B Bonds were sold at an all in interest cost of Resolution, small denommanon bonds due on demand (Senes 6.29% and are due July 2000 to 2014,2020 and 2027. M Bonds) were issued. The Mini-Bonds and the Senes M Bonds are collectively referred to as Mini. Bonds" because they NOTE 7. COMMERCI AL PAPER AND MINI-DONDS: retain the same characteristics even though they are different The Board of Directors has authorized the issuance of lien levels. The ptedge of revenues securing Revenue Bonds is commercial paper not to exceed $150,000,000. The paper is junior and subordinate to the pledge of revenues securing the issued for valid corporate purposes with a term not to exceed Priority Obligations, Electric System Expansion Revenue Bonds, 270 days. As of December 31,1992 and 1991, the effective and the 1988 and 1989 Mini-Bonds and capitalized lease interest rate on outstanding borrowings was 2.69% and 4.20% obligations, but is superior to the lien and pledge of revenues respectively. During 1992 and 1991, the average amount out-securing the Commercial Paper, payments to the Contingency standing was $115,410,000 and $123.880,000, respectively; Fund, CapitalImprovement Fund, Special Reserve Fund, and the average maturity was 62 and 44 days, respectively; and the the payments to the State. average effective interest rate was 2.96% and 4.48% respecch ely. At December 31,1992, the Authority had two Revolving At December 31, 1992, the Authority had a Revolving Credit Agreements with NationsBank for $40,000,000.These Credit Agreement with NationsBank for $150,000,000. This agreements are used to provide liquidity for the put feature on agreement is used to support the Authority's issuance of all outstanding Mini-Bonds.There were no borrowings under commercial paper. There were no borrowings under the these agreements during 1992. Commercial Paper and Mini-Bonds outstanding at December 31: 1992 1991 (Thousands) 75 5 121.750 $ 124,000 Commercial Paper.. Mini-Bonds: 1988 Series, bearing interest at 7.75% and due 2003 5 16,641 $ 16.711 1989 Series, bearing interest at 7.00% and due 2004 18.299 18,018 Total Mini-Bonds - S 34,940 5 34,729 Revenue Bonds (Series M): 1990 Series, bearing interest at 7.30% and due 2005 and 2006 5 21,842 $ 21,495 1991 Series, bearing interest at 6.875% and due 2007 and 2008 27,671 27,290 1992 Series, bearing interest at 6.25% and due 2007,2008, and 2009 39,342 Total Revenue Bonds (Series M) 5 88,855 5. 48,785 Total Mini-Bonds and Revenue Bonds (Series M) - 5 123,795 5 83314 Total Commercial Paper, Mini-Bonds and, Revenue Bonds (Series M) - 5 245,545 5 207,514 NOTE 8 SUMMER NUCLEAR STATION: relating thereto.The Authority receives 331/3% of the net The Authority and South Carolina Electric and Gas (SCE&G) electricity generated. At December 31,1992 and 1991, the are parties to a joint ownership agreement providing that the plant accounts induded approximately 5436,409,000 and Authority and SCE&G shall own the Summer Nudear Station 5438,771,000, respectively, representing the Authority's with undivided interests of 331/3% and 662/3% respectively. investment, induding capitalized inte n, in the Summer . SCE&G is solely responsible for the design, construction, Nudear Station. For each of the three years ended December budgeting, management, operation,' maintenance, and 31,1992,1991, and 1990 the Authority's operation and main-decommissioning of the Summer Nudear Station, and the tenance expenses included 541,431,000, $30,880,000, and Authority is obligated to pay its ownership share of all costs $33,167,000, respectively, for the Summer Nudear Station.

i Nudear fuel costs are being amortized based on energv outages. deferred credits and related imerest were used ro oEset expended which indudes a component for estimated disposal additional fuel costs associated with replacement energy during costs ofspent nudear fuel. This amortization is induded in fud the refueling outages. The remaining deferred credits of expense and is recovered throagh the Authority's rares. 5379,000 will be used during the scheduled refuelingoutage in SCE&G has an on-site spent fud storage capability until at 1993. least 2008 and expects to be able to expand its storage capacity The Energv Policy Act of 1992 gave the Department of to accommodate the spent fuel output for the life of the plant Energy (DOE) the authority to assess utilities for the through rod consolidation. dry cask storage, or other technology decommissioning ofits facilities used for the enrichment of as it becomes available. In addition, there is sufficient on-site uranium induded in nudear fuel costs. In order ro decommission storage capacity over the life of Summer Nudear Station to these facihties, the DOE estimates that it would need to charge permit storage of the entire reactor core in the event that utilities a total of 5150,000,000 annually for fifteen (15) years i complete unloading should become desirable or necessary for based on enrichment ser ices to date. Based on an estimate any reason. from SCE&G covering the fifteen years, the Authority at The Nudear Regulatory Commission (NRC) has published December 31,1992, recorded its one-third share ofthe liability final regulations on decommissioning of nudear facilities that which totallcJ S3,529,000. Such amount has been deferred require a licensee of a nudear reactor to provide minimum and veill be recovered through rates as paid. These costs are fmancial assurance ofits ability to decommission its nudear induded on the balance sheet in deferred credits and other non-facilities. In order to comply with the applicable NRC current liabilities. regulations. the Authority established an evernal trust fund The maximum liability for public claims crising from any and began making deposits into this fund in September 1990. nudear incident has been established at $7.8 billion by the A site-specific decommissioning study was completed in 1991 Price-Anderson Indemnification Act.This $7.8 billion would indicating approximately 576.266,000 (the Authority's one-be covered by nudear liability insurance of up to 5200 million third share) in 1990 dollars will be required to decommission per site, with any additional liability covered by retrospective Summer Nudear Station.The Authority accrues for its shre of assessments of up to $66.15 million per licensee for each the estimated decommissioning costs over the remaining life of nudear incident occurring at any reactor in the United States the facility. These costs are being recovered through the (payable at a rate not to exceed $10 million per incident per Authority's rates. Decommissioning costs are induded on the year). Based on its one-third interest in Summer Nudear balance sheet in deferred credits and other non-current liabilities. Station, the Authority would be responsible for the maximum in addition to providing for the minimum requirements assessment of $22.05 million, not to exceed approximately M imposed by the NRC, the Authority established in 1983 an 53.3 million per incident, per year. This amount is subject to internal decommissioning account. Based on the current site-further increases to reflect the increase of (i) inflation, (ii) the specific decommissioning study. these funds. which totalled licensing for operation of additional nudear reactors, and (iii) approximately $20,819.000 at December 31,1992, along with any increase in the amount of commercial liability insurance I future deposits into both the external and internal required to be maintained by the NRC. i decommissioning accounts and investment earnings, are Additionally, SCE&G and the Authority maintain with estimated to provide sufficient funds for the Authority's one-American Nudear insurers (ANI) and Nudear Electric Insurance third share of the total decommissioning costs. Limited (NEIL) 5500 million primary and 51.325 billion SCE&G has determined that the Summer Nadear Station excess property and decontamination insurance to cover the steam generaton must be replaced due to stress cotrosion costs of deanup of the faciliry in the event of an accident. In cracking. SCE&G estimates replacement of the steam generators addition to the premiums paid on the excess policy, SCE&G will cost approximately $156 million, ofwhich the Authority's and the Authority could also be assessed a retroactive premium, share will be approximately 552 mi" ion, exdusive of the not to exceed 7.5 times the annual premium, in the event of Authority's indirect costs. Replacement of the generators is property damage to any nudear generating facility covered by scheduled for 1994. SCE&G has filed suit against the man-NEIL Based on the cunent annual premium and theAuthority's ufacturer ofthe generatori seeking damages for the replacement one. third interest, the Authority's maximum retroactive ofthe generators. The uhimate outcome of the daim cannot be premium would be 51.9 million. determined at this time, accordingly no benefit has been The Authority is self-insured for any retroactive premium recorded in the financial statements. assessmems. daims in excess ofstated coverage. or cost increases The supplier under the original uranium supply contract due to the purchase of replacement power. breack d the contract in 1975 due to uranium market e condinons. SCE&G initiated action seeking specific NOTE 9 - t. EASES: performance of the contract provisions, and a final settlement TheAuthorit was reached and approved by all parties in April 1980. By terms Power Coopera'yhascapitalleasecontractswithCentralElectr of the seulement, the Authority has received approximately tive, Inc. (Central), covering a steam electric $10,243.000 in cash as partial settlement of the lawsuit. generating plant, transmission facilities, and various other Additionally, the agreement provides for delivery of uranium, facilities. The lease terms range from three to twenty-three long-term deliveries of equipment and services (including years. Quarterly lease payments are based on a sum equal to the conversion and fuel fabrication) at a discount. The cash and interest on, and principal of, Centrars indebtedness to the Rural Electrification Administration for funds borrowed to discounts received which approximated $16,572,000, were recorded as deferred credits. During the three prior refueling construct the above-mentioned facilities. The Authority has options to purchase the leased properties at any time during the

l period of the lease agreements for sums equal to Centrafs facilities,59.3 million for coal cars, and 57.3 million for the indebtedness remaining outstanding on the properties at the initial coal stockpile. time the options are exercised or to return the propenies at the Purchase Commitments -The Authority has contracted for termination of the lease. The Authority plans to exercise each long-term coal purchases under contracts with outstanding and every option to acquire ownership ofsuch facilities prior to minimum obligations at December 31,1992 as follows: expiration of the leases. Years ending December 31: Amount Future minimum lease payments on Central leases, at ' "'*"d'I December 31,1992 were: Years ending December 31: Amount 1993. 5 130,659 (Thousands) 1994 120,875

1. 'O 1993=

5 5,259 M6 120,8 3 1994-5,240 K 120,875 1995 5,233 Thereafter 354,960 -4 1996. 5,228 1997. 5,229 Total - 5 969,119-Thereafter 51,608 The Authority's outstanding minimum obligations under Total minimum lease payments 77,797 existing purchased power contracts as of December 31,1992, less, amounts representing interest 21,977 were approximately 5139.7 million.The terms ofthe contracts range from 3 to 43 years. Bahnce at December 31,1992. 5 55.820 The Authority has commitments for 1993 of approximately 53.5 million under the joint ownership agreement with SCE&G for the purchase, conversion, enrichment, and fabrication of Pmpeny under capitalized ! cases and related accumulated uranium. g amoniation included in utility plant at December 31,1902, Clean Air Act - The Authority endeavors to ensure that its totalled $100,995,000 and 554,491,000, respectively, and at facilities comply with applicable environmental regulations 77 December 31,1991, totalled $101,400,000 and 551,900,000, and standards. respectively. Congress has promulgated comprehensive amendments to Operating lease payments during the rears ended December the Clean Air Act, including the addition of a new federal 31,1992,1991, and 1990 totalled $1,' 21,000,51,431,000, program relating to acid precipitation. The Authority has _ l 0 ev luated the potential impact of this legislau,on, mcluding and $1,159,000, respectively. new limits on the albwable rates of emission of sulfur dioxide and nitmgen oxide. While the legislation contains a number of NOTE to - CONTRACT WITH CENTRAL ELECTRIC new restuctmns, the most signNant new tequkements, relating POWER COOPERATIVE. INCA to acid precipitation, would not begin to impact the Authority Pdwer supply and transmission services are provided to untd the year 2000. Central in accordance with the Power System Coordination Under'the Clean Air Act, among other things, specific and Integration Agreement dated January 19,1981. and reductions in sulfur dioxide and nitrogen oxide emissions from amended as of March 31,1988.The amendment provides for fossil-fueled generating units will be required in two phases. In a change in the Authority's rate-making methodology for general, Phase I compliance must be implemented by January Central. The Authority will be the sole supplier of Centrars 1,1995, and Phase 11 compliance byJanuary 1. 2000. Specific energy needs excludmg energy Central receives from the regulations rules, and procedures for impkmenting the Clean Southeastern Power Administration and SCE&G. Air Act are currently being promulgated by the EPA. The Authority believes that, based on its review of the Clean Air Act, NOTE s i.* COMMITMENTS AND CONTINGENCIES: the Clean Air Act will not materially affect the Authority's Budget -The Authority's capital budget provides for expenditures operations until after 1997. of approximately 5392,400,000 during the year ending Energy Policy Act of 1992 - The Energy Policy Act of 1992 December 31,1993, and 5387,100,000 during each of the two (Energy Act) promotes energy efficiency, alternative fuel use, . years thereafter. These projects will be financed by internally and increased mmpetition for electric utilities and will have a generated funds and additional borrowing. significant impact on the utility industry. Under the Energy Future Generatioo - The Authority's Board of Directors has Act, Independent Power Producers (IPPs) are allowed access to approved the construction of a second 540-megawatt coal-a utility's transmission lines to sell their electicity to other fueled electric generating unit at the Cross Plant with power utilities, thus enhancing their incentive to build generation plants for the utilityilarge industrial and mmmercial customers. generation to begin no later than May 1995. At this time, the Authority is not able to determine what impact The estimated cost of construction is expected to total approximately $484.0 million which includes $441.5 million open transmission acceo 4 10 3.245* 5% 2245' 6W 2,590 5% 5315' 5W 1,005 5.70 1.850" 635 1,815 2mo 4.10 3395* 9/4 237s* 6% 2.750* 5% 6275* 5,55 1,065 5.70 1340* 6 40 1315 2001 4.10 3345' 5% 2,510* 6% 2320* 5% 6.665* 5.60 1.130 5.70 2.045' 6A5 2.025 2002 4.10 3,705* 5% 2,655' 6% 3,110* 5'/s 7,050' 5.60 1.220 5.70 2.145* 6% 2.135 2003 4.10 3.S'0* 5% 2.810' 6% 3295* 6.10 7A90* 5% 1295* 5.70 2,260* 6% 2260 2004 4.10 4.0W 5% 2.9'0* 6% 3,50$* 6.00 7,950' 5% 1380* 5.70 2380* 6% 2390" 2005 4.10 4.230* 5% 3,140" 6% 3,730' 6.00 SA50-5% 1.460* 5.70 2300* 6% 2340* 2006 110 4420* 5% 3325' 6% 1 950* 6 00 8.970* 5% 1570* 5.70 2.630' 6% 2,695* 2u07 5% 3315' 6% 4205* 6.00 9A00* 5% 1,795* 5.70 7,385* 6% 2,865* 2008 5% 3.715* 6% 4 A'0* 6.00 9350* 5% 1.945* 5.~0 7,845* 6% 3,010* 2009 5% 3330* 6% 4,745* 4.00 10.565* 5% 2.030' 5% 8330' 6% 3.160* 2010 5% 4.155' 6% 5.045* 6.00 11210* 5% 2,225* 5'la 8.845* fis 3335* 2011 5% 11320* 6% 5350" 6 00 4380* 5% 2,180* 5% 9340' C/s 3,525* 2012 5% 12,180* 6% 3,695* 6.00 5,315' 5% 2300* 5% 9,980* Fls 3.720* 2013 5% 12,880* 6% 6.045' 6.00 5.625* 5% 2500* 5% 10390* fis 3325* 2014 6% 20.045' 6.00 6,010* 5% 2.640* 5% 11,250* f/s 4.140* 2015 6.00 9315" 5% 21.065* 5% 11,950* fis 4370* 2016 6.00 11285* 5% 21235* 5'is 12.555* f/s 4.610* 2017 5% 34,580* 5% 13.190* f/s 4,870* 2018 5% 50,600* f/s 5.135' 2019 f/s 25,550* 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 Add: Total Outstanding kof12/31/92 2.060 45,1Ti5 65.0"0 94,075 171,920 109A40 1883Fi5 99,200 knds Redeemed h of l2731!92 13,240 6,415 14.930 14325 43230 5,510 11.015 10,8(0 ILma Refunded kof12/31/92 ' 0 0 0 ' O O O O O less: Aucted Value k of 12/31/92 Net Onpna!!ssue Amt. 15300 $1,600 100,000 109.000 215,150 115,000 200,000 110,000 Tmn hna (1) Indades acarton on Capital Appreciation Bonds through 12/31/92. (2) Does nm indude funded interea. D) Marunties are on January I msrcad cljuly 1. See $ched,dr of Refunded Bonds Outstandmg. m

SCHEDULE OF REFUNDED BONDS OUTSTANDING tof!kctmic 31.le? - ir, Ttwiu eJ+) 'wms 19M ku 1%AMJ t h A&BIJJ tw A kFJ mi-B RIJ MI-D Cat! Dau Joh 1.1*5 Juh 1. Im Joh I. Im Jan m 1,1m July I,2ml Juh l.2002 Ongnal M**n'y D.= l JuJp i hu Ane.ma f bu Amnens bu Amount Lee Anumm bee Amount bu Amomm i 1493 1694 I"95 4 l 1 I?>6 1"97 14 8 9.D0 1.000 IW) 9.05 1.HC 8 'S 5.405 2(W) 9 10 1.140 i l 01 614 15,370 5 90 5,670 2002 6.00 6.215 l 2003 8t 00 32SK 6 09 4 695 2%4 ful0 $fD 2005 9% 5.00D* 8.00 5.475 20 % 8.00 5,910 2007 R 10 6,390 2%B 8.10 6.905 2009 l 20:0 20!! 20:2 2013 2014 20!$ l 2016 Np 20 4 f Is.00 2019 65.565' 2020 g 2021 l 9.20 120F70* 7'4 22,555" 2022 91/2 160.510* 1 1 Tot 4s Tv I Smcs $1f S 8R0 $158 -'95 1100.010 122,555 115.370 112.085 Tmah Per C.dl Date 53" 1'5 5100.010 522,555 515,370 512.085 'ies ban 6

s 1982 Mumimg 19fi5 Munding 1985A hfundeg 19h65&B Refundmg 198t(LD hfundmg 191rA hfundmg 19tisM Miss bad 19884 Refumang 1989M Mini-bad I

W kun 5erus kus Scrus W 5 crus W Int be Ann. Int Rme Amt Int b Amt int bu Amt Int Rau Amt Int bu Amt let Rau Amt Im. bu Amt Int bie AmL let 6.60 t,90 h.00 MO 4'O 7.15 737.0 5 80 9's 5 90 9's 7.00 910 8% '50 $20 '05 8 00 510 '30 7.FW 6 00 1.030 5#0 1.025 7.00 965 6 40 '05 8.20 2A25 7 40 6,580 6.20 1.095 5 90 1.080 7 00 1,640 8 60 825 843 2,0 Vi "U ',M ; 6 40 1.160 5 90 1,190 7JiO 3.895 F 80 WO k 60 23tO 7.WJ 7M5 6% 1.235 6.00 1205 7.00 4.155 6 'O 4 980 '.'O 5.925 6.'O 1.320 6.10 1280 7.10 6.635 ' 80 6365 6.80 1.00 6% 1350 7.20 7.110 '.80 132i10 6.90 1.505 6 43 1.435 730 '.650 '90 835 7.00 1.Nis 6'l 2f5 7.40 8220 'MO 90 '.05 1.'15 M /. 4280 7.40 13,520 7.10 3.510 6.60 4.575 7% 16441 7.50 330 7.10 4.920 (A4 20390 7.50 365 7.00 18299(1) 7 10 5.2b5 6% 16'95 7.60 5385 73 7.20 5.625 6% 2350 7% 32tf 73: 720 6D10 6% 2.525 7% 340* 'J0 6.415' fin 2.'15' 7% 365* ' 00 6.850* f!s 2.925' 7% 395* "J10 7310* 6'/t. 3.1# 7% 420" 'Jhl 6.025" its 3380* 7% 4MP 'JIO 6.430" f/> 3.625* 7% 490* 730 6FO' 6MO 3.b80* 7% $25* '30 '.915* 6.90 4.150' 7% 7315* '30 6.! 45* 6 9') 4.465* 7% E.21rr 730 20A30* 630 4,'85* 7 /t 335* '30 21r5" 630 5,160* 7'!s 3n0* '30 23.425* 630 5.5'5* ?is 395* '30 25.0Mr 690 6,030* ?'!p 23,9&f 09 23f;* 7.30 2'.005* 6 90 6.520* ' !ti 31.495* '30 56.985* 6 90 73M0* 7'le 29.010" 6% 6232" 710 61.025' 1.4-60 3.M 5 12.805 883 %) 331445 187#f 5 16.(Al 165T5 18299(1) 3.175 3.490 6245 555 4.lF5 4%5 271 45 2'l 2893ki 168.6N0 158.'"5 1[M:.010 0 0 0 22,555 0 1,099 294JWJ l'6215 17".H5 105,955 335.630 191MO 17.012 168.575 17.4'l t$M ~--

... - 4 i s ' ~ LBand 19914.B&C lidundmg 19W M Mai Bond 1991 D 1992 A Refundag 1992 M Mai-bd Total Calendu Twal n ~ &L,. Serus 5ene Senen 5eries $ crus Prinnpel 1 ear Ikht 1 1 Amt lat. Rme Amt. Int. Rme Asu. Int Rate Ans ImL Rae Aan lat Rare Amt. Mauraie laserews (2) 5ervue 5 40 4A15 4% l.0'0 31,120 131.04' (2) 162,167(2) f 5.70 4480 4% 1,115 32,950 129,120 (2) 162.0'0 (2) 6 00 18A80 4.70 1,165 48.480 135.09n 12) 186370(2) f 4.90 1.220 33.790 145.988 (2) Itt0.7'8 (2) ( $30 4.'30 5 10 1,280 40.4 0 1%.095 1 % 735 j 6% 2335 5% 4380 530 2A05 4R.135 153.2$3 201388 ( 630 3.120 5.M 5255 5W 7340 $1.205 150.115 201320 [ 6.40 4205 5 80 5.550 540 2385 5545 146.714 202359 { 5.70 22305 56.880 143.176 200.0 % { 6.70 6.240 5.80 7,4(0 %.0'5 139h65 195.740 ? 6 00 5.940 64176 136 775 190371 68394(1) 138.863 20'A 57 (1) 15316 6.20 6.290 '5301 12',760 203J61 Y326 (1) 7.00 3,7% 6 40 6,590 6.20 6.680 59.211 (l) 133369 193.18011) j 710 4.025 6% 20363 6.20 7.100 6% 10.067 (3) 80.085 119F12 1%)o 7.00 4305* 6/a 6Mb (1) 6.20 7340 6% 10.128 (3) 69.211 (1) 142,149 211360(1) 7.00 4,610' 6% 8J05* 6% 19.147 (In3) 74.742 (1) Il0A70 165,212 (1) 7J0 4,930' 6% E315' 59,130 106.808 165,938 7.00 5275* 6% 7.010' 6% 10,F35' 69.930 102h % 172426 7 00 15 A05* 6W 7.470* 6% 11320" 64.130 97,'65 181.P95 7.10 16A 80-6% ',955' 6% 12.265* F9340 92.158 181M8 7.10 11380" 6% RA70* 6% 1.935' 85As0 86389 171339 '.10 12A05" 6% 9,020' 6% 2,055' 91200 80,559 171,759 ' 10 13.280* 6W 9A80* 6% 2275* 100,2'O 74346 174.616 7.10 14.225' 6W 10.160* 6% 2A(KP 106,820 67442 174A62 7.10 15,235* 6W 10.640' 6% 2370* 113.5 60A90 174 265 7.10 16315' 6W 15m0* 6% 93'0* 121345 52A79 173124 7 10 l'A'O' 6W 16.175* 6% 7.695* i!2.035 43A 8 !?3333 0 7 10 lli.715' 6W 20.945' 6% 6.8'0* 139365 31798 173 363 6W 20her 6W 6.5' 150.165 2 1 '75 173 340 6% 9427 6W 15A2r 24.840 17.9'3 42J13 6W 10.035' 6W 16A20* 26A55 16306 42,761 6W 10h65* 6% 17A90* 2R.175 14320 42595 6W 11380-6% 1835v 3a.030 12M6 42.636 6 00 12.720* 6% 19485* 32105 10.5 % 42401 6 00 12,850" 6% 21200* 34.050 RA86 42336 6fK) 13420* 6% 22hD5- % 225 6.241 42 466 l 6fl0 14 A35' 6% 24.10r 38335 3352 423E7 6.00 !sjiXP 6% 25,7(0* 41XK10 1310 42310 i l 1542(1) 351 3's 2'h71 f t) 337,915 168345 39342(1) 2 369.010(1) 3356354(2) 53253M (1X2) i f176 3.%s 64 0 0 0 154 4'2 j ] APERTURE O i5r0 0 um5 0 0 76 oso CARD 950 5-- 163 2.7e9 A!50 SY;35}Dh}C OD l JR.S 3'0A10 2'.155 3s0fK0 16R345 R179 3;467 3 ,ag,qgpp {pgg j i

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l DO ARD OF DIRECTORS ADVISORY BOARD ,r- ~r .s, pu7 "t' Carroll A. Cunplwll Jr. j i James M. Miles breun ot he $h T. Travis Medhuk Anarney Gencal .g .4 g firle L Wrrh Comptrolier Gencui g 4 Gradi L Patterson Jr. k $ute 1reau cr I'hairrnan ' Robert D. Bennett Icon S. Goodall lohn S. Rainev 17 irs. Yke Chairman second Vice Chamnan Representing the IJeark Repre entmg the 2nd MANAGEMENT Gioperathn of 5 C. Congresdonal Distria , 12,. .g Kenneth R. Jord ~ i:

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(-L M Prnident and Chid Facc uthe O Ecr t V .g su m: 'j TA i Robert V. Tanner 6 1 M. Proshiction Senior F.xccuthe VLt hcUdent a. k T. Graham lxlwards becuthe Vic President AJmmt tra6on.aJ !inan<c Robert L Raincar g lyecun',e Vice Presidem Ralph 11. Illis A. Clint Gossett B. L IIendrid s Ingmccring and Operanon-Rep:nennng Harry County Reprnenting the nh Rcpresenting the 3rd John H. Tientken 86 U"F'"I""5 U2'td" U"E'" henior VLc President and Geneal Gesci n : n. . mm mem ~- ~~r m A /* 3 F2nih-5. Brown m;h ~ y,ce 'h eddent ~ Q' Admimsnanon Maxie C. Chaplin g ~ Ykr heddcru !~ d Pnidaction Opranons t;- Bill % Call ~ ^ 1,N Yk.c hesident ,.j" Horn-Georgetown Dhimn b Robert 1. Petracca higene I. Other D. Gene Rickenbaker Henry B. Rickenbaker Vic heddent Reprnen6ng Beric!cy Counn Reprnenting the 5 h Represenung the 6th hapeny and Tunsponadan t Gincrewional Dis:ria Ginacwkrul D:suia ikron C. Rodgers g' .?hd.. j - e a* Vir Pnsident ?N P p,3g;,n y mcg g s K7[. h$ , \\" ' G,nurition Managernem h Vue h n,Jent ^ Joseph P. Thomas a q .f 6 MPf Planning and Opcreions t;t. E j . yy, y. s y '. H. RoderkL Wrshison L M f Trc u ra y' 11aine G. Peterson BP for r acr liaroki M. Robertson J. Joseph Young Jerrv L $taHord Rcpre enting the hr Reprnen ng Geotecioun D,r ecto Congrndon.d D3ukt Gia,ty ( orpm Cmr mmimor,

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