ML20036B346
| ML20036B346 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1992 |
| From: | Horn G NEBRASKA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NSD930587, NUDOCS 9305190178 | |
| Download: ML20036B346 (43) | |
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GENERAL OF FICE
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P O. BOX 499. COLUMBUS. NEBR ASKA 6B632 0499 Nebraska Public Power District "TO"sf2TsTf"'
NSD930587 May 7, 1993 Document Control Desk U. S. Nuclear Regulatory Commission Washington, DC 20555
Subject:
Nebraska Public Power District 1992 Annual Report NRC Docket No. 50-298, DPR-46 Gentlemen:
In accordance with the requirements cited in 10 CFR Part 50.71(b), Nebraska Public Power District submits its Annual Report for calendar year 1992.
/s specified in Regulatory Guide 10.1, we are enclosing ten (10) copies of the report.
Should you have any questions or require additional information, do not hesitate to contact me.
Sin, rely,
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Ho%
rn N lear Power Group Manager
/rg Enclosure (10) cc:
Regional Administer USNRC - Region IV NP,C Resident Inspector Cooper Nuclear Station 180GS3 9305190178 921231 PDR ADOCK 05000298 I
PDR i
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.m REFERENCE g u i.l c Year at a Glance 1
The District 1
Message from the Chaimian and President 2
lhiard of Directors 4
Senior Management 5
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1992 in Review 6
Map 18 1992 Statistical Res iew 20 l
Charts & Graphs 22 i
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Power Supply System 31 l
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t Nuclear I:acility 35 t
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7-plance YEAR at a Kilou att-hour Sales (Electric Sy stemi 10.6 billion Kilowatt-hour Sales to Midwest Power Systems Inc. tNuclear Facility) 3.1 billion Operating Res enues (Electric System) 54083 million Operating Res enues fmm Sales to Midwest Power Systems Inc. LNuclear Facility) 585.1 million Cost of Power Purchased and Generated (Including Nuclear Facility and Power Supply System) 5303.1 midion Other Operating Espenses 588.7 million Net Revenues 52.65 million Debt Service Coverage 1.69 THE district Nebraska Public Power District is a public corporation and political subdivision of the State of Nebraska. Contml of the District and its operations is sested in a Board of Directors consisting of 1I members popularly elected from districts comprising subdivisions of the District's chartered territory.1he subdivisions encompass 86 of the State's 93 '
counties and all of five other counties except for the corporate area of one first-class city not served directly or indirectly by the District in each of these fh e counties. Management and operation of the District is accomplished with a staff of approximately 2,260 employees. The District has the power, among other things, to acquire, construct and operate generating plants, transmission lines. substations and distribution systems and to purchase, generate, distribute, transmit and sell clearic energy. at both wholesale and retail, for lighting. power, heating and other purposes. The District operates an integrated electric utility system, including facilities for generation, transmission and distribution of electric power and energy for sale at wholesale and retail, and a surface water irrigation service. There are no investor-owned utilities prmiding retail electric service in Nebraska.
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r MESSAGE lr o m ihe Chairman and President "The Power to Sen c." the theme of this annual repmt, reflects a long-standing commitment of Nebraska Public Pow er District to proside high quality electric sernce to our customers w hile keeping rates low and stable. It is reflected in escrything we do including the policies set by the Board of Directors, as well as the management of our operations.
Challenges to our ability to keep those commitments sometimes require difficult decisions. For instance, last summer's unseasonably mild wcather equated to slumping electricity sales for NPPD. As late as July it was anticipated that we could be faced with a 3 ear-end resenue shonfall of 518.5 million, providing the current weather trend continued through the 3 ear. We're pleased to report that as a result of some judicious cost-cutting, combined with f
t cooperation from mother nature, we finished the 3 car much stronger than anticipated with net resenues of
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52t5 millien. ; The successful retrenching resulted from our request of employees to tighten their collective behs by deferring capital pniects and cutting expenses. They responded by eliminating some 517.9 million in expenses from i
the 1992 and IW3 budgets. This coe-cutting was not without personal sacrifice as employees' wage adjustments for 1993 were limited to two percent and a hiring frecie was imposed. - Additionally, more than 59 million in capital t
pniects uere cut or defened. Ses eral of the austerity measures will continue throughout the coming year. ; To funher our cost-reduction ef forts, NPPD also took advantage of lower interest rates by reissuing resenue bonds that will save f
an estimated 576 million in debt senice costs during the next 30 years. This refinancing of nearly 5850 million in Nuclear Facility, Electric System and Power Supply System resenue bonds was completed in 1992 and early 1993.
NPPD will continue to seek additional opportunities in the future since low er interest payments translate into continued a
low rates for our customers. i Nebraska's economic heahh is also linked to the competitis eness of our rates. Customers will have more encrpy options in the future as a result of issues such as open transmission access and independent pou er production. Our rates, therefore, must remain compentive to attract and retain business and industry in the state.
We must also be able to proside high-quality sen ice, as well as expand our services to meet their needs. ; Our ability a
to succeed in this area was enhanced by tw o capital pnjects undertaken during the year. The construction of a railroad spur at Gerald Gentleman Stanon will pnnide us access to a second canier w hich, through competition, should resuh in louer coal transportation costs. Because we beliese the District will casily recoup its investment thmugh the l
reduced costs, we are considering a similar pniect at our other coal-fired generating facility Sheldon Station.1 The Board approved a one-y ear study and engineenny work on a proposed 345.Ormolt transmission line from our Pauline substation south of 11astings to the Mark Moore substation near Lincoln. The line will correct a bottleneck in our transmission system and improse metall reliabihty. In addition. it will broaden our abihty to market power to areas in i
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the castern part of our senice territor), While we are concentrating our efforts on serving customers, NPPD faces several 1
i issues that bas e the potential to affect our ability to do so. Ft.r more than two years, we have been attempting to settle a billing dispute with Central Nebraska Public Power and Irrigation District. The dispute arose following an audit of power supply contracts with Central that were being renegotiated. We beliese Central has been osercharging NPPD approximately 580(),000 j
to SWKMXK) each year for the past 10 years. As this time, settlement negotiations are still pending.
- Two other issues which i
continue to have a major impact on the District's operations are the relicensing of our Platte River hydrxlectric projects and fmding a permanent facility to di, pose of low -les el radioactis e waste. ' Nebraska Governor E. Ilenjamin Nelson has joined our 1
j relicensing efforts and is playing a leadmp role in attempting to find a resolution. We are concerned that federal delays in fe i
licensing process hase sharply dnven up costs. making what was once our most economical source of energy the most costly.
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Delays in the licensing and construction of a low-les el radioactive waste disposal faciht) are a growing conecrn. The state of l
Nebraska's Departments of Environmental Quality 1DEQi and llealth announced in January 1993 their " intent to deny" the I
facihty% license claiming the presence of weilands on the site boundary. As a result. U.S. Ecology, the Central Interstate 1
Compact Commission's contractor, has fded a " request for contested case heanng" with the DEQ because the wetlands are a j
non-issue. Our continued need for a low-level radioactise waste disposal facility to assure operation of the Cwper Nuclear i
Station demands our ongoing attention and aggressive efforts to resohe these matters. > Clearly, settlement of all these iwues is in the best interest of our customers upon whom the Disuict depends for its scry existence. ; In this report we are featuring t
a' some of those customers as representatives of our diverse customer mix. Each espects NPPD to provide the best sen ice at the l
lowest practical cost. Our commitment to fulfdling that expectation is not taken lightly.
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1992 in re ri. w
. T, enguHed the Plains States dunng much of the summer resu be year IW2 will be rememtvred. in Nebraska. as the > car without a summer. ' Unusual wcather patiems that nomial precipitation. This resulted in reduced peak demand and encry) s: des during the traditional summer months that were significantly below forecasted amounts for Nebraska Public Power District. Emphasizing the weather dyendency of our utility. wcather patiems during other seasons of the y ear remained close to normal resuhing in year-end kilowau hour sale 3 of only 0.2 percent below 1991 and resenue from power and energy sales only 1.7 percent below 1u91. Considering rents and res enues. and deferred resenue f rom proious rate periods. total operating resenues wen 540s.7 nulhon which was S.4 percent higher in 1942 compared to 1991. Due to the energy demands of pump trrigation and air conditioning, we are traditionally a summer peaking utihty. During 1992. howeser the summer peak demand on the sy stem w as litnited to 1.370 megaw atts compared to the record peak demand of I.S19 megawatts set in July of 1991.
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peak demand estabhshed on the system of 1.3S5 megawatts that actually surpassed the an u,.j
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u.. uag l~ebruaq 17. 1993, scry cold weather resuhed in a demand of 1,393 megawatts. De al /aI * /ar t/;c 9,I7cclcij presious winter peal. set m 14N9. w as 1.369 megawatts. We added 6.175 electric s
i space heatmp and electric water heating installations to our system during 1992 7
I ulW!u Jc;urf mcn! anj resulting in the addinon of 53.877 kilowatts of new load in the winter months.
Decreasing summer peaks and increasing winter load remains the primary goal of our Xl'[?/ { [1kciicid V incm electric heat! electric uater heating efficiency rebate prognun which emphasizes energy l
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..I-g efficiency. Compared to new air wnditioning equipment typica!!y installed, efficient
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nc heat pumps reduce summer demand for electricity w hile also sening to increase winter nN! I'c/ rc /.a[ w [Aug a jc: asia!!n.a ig[:lnin ;
load. Indis idual consumers can sase energy and money, l
without sacrificing comfort. A financial analysis was ric rm I7i! IIrc /cirn. /[ic -!rba b m ;cc5 a nd : of cin.
performed during the summer when it became evident i
the cool, wet weather was poing to impact energy sales
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acs cet a" m. 7 !airn,//;c tcarfi,!.nnaac uur !O and resenues. In order to minimize the effects of the
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a reductions of 54.5 million in 1992 and 513.4 million for t
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I 1993 were implemented. Included in the budget ma r /a n,,, mam ;n er onc u as lncu m in: : fr,rm.
reductions were a der we in 1993 salary range
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-'--===~'-'neu .-esaa+m wc+m_.m.a__ .m.a l l I L t 6 r k i r 47 h t s 10 our whtdesale clntomels of applo\\tmately 13 to 2 percent.md to our retail customers of apprai\\irnatily Ill to 1.5 peli ent, l}cspite the des tased sa:rancI encipy sales xl associated resenue { i IU92. w e dhi nol r.u sc f atJs ter !9'il I.lJetDc hws D rates to bo:h ou w ho!csait :d retad customers hate 5. a(!) ' n'Jr Ik' pas! III )cilts. N !W9 4 la - c as u e S h a k l' llhtC \\ 4 bl'l l, 4 W.I r iiI f, a j'JstlrtenIs flas C asillJ.!!) heen tu h lower than 1hc ra'e of milanon Dunny the p.ht 10 y e.as. our w hWesale rates rose d pehent A hde the fIl rose appro\\mulely 46 percent Tius means wholesaic f i !a'cs hat e iDCre. bed IJ's thal1 t?Oc-ha!I 4'l 410C PJrs eDI a y Call Nelad rJIes dufin/ t!!at i penal rese only ih o pch ent. just shphily more th.m one pcreent a y ear. Wholes.de i des chipJd Ior !*:(- IM usinf a nCu TaIe nicIht d $bly) than It'f thC IHst f.;! cs w et. n!nc int hides u ln1Ji 'ImlDier rate ditlcrennals lof w h> desale ctNonfers Ihe new rate I method, W, is. in and of rbell. res enue-neutral. but t hanges the u.n the Dhim t cid!cCts res en.le !! plat es yTealer ernphash (in IIIe (uilti4d (d surunter lii.kIs thli, ugh [ f IH 'hcr iak s anJ eno>ura/es p roa th in w mier b uds thniugh h >wer rates. Ciinuidhng j summer load and adJ;ng a mter load helps us use resuarces more ethcientli and defers . _n - - p_ _,_ u md,a1. n _ s _ ue _ i Jurme luY2 Rcrail rates also !cticct a peater ernphasn placed on balauemy t.ununct u mier laads through rate d:iterent ~l he new retad rates resuhed f rom a ( ost-of +cn ice study wluch i md the cosh neces ary to sers e s arious types of cu-tomers The study showed that a:utycd uNumer usage panenn s aJ et ment s w ere neeJed to :noic as eurately reflect the cash of pros idmp cIcctric sen i,e to s anous categories of N omci s. ()ur cuuomer, are e\\ paled to recen e a bonus of nearly ilm nulhon through the year 2mn as a resuh of surpius iJpat My sJ!es h
- 4 4hJr M*dw est 11!ilities. hur]dus capJ$Jry b peneTaIlin' c apacil) ahe ts e tha! Igecded D 6 lIlec[ [hc norm ! elec:ncal Je vunds u! our total requiremenS customers and lon "tenn umt parncipanon sales plu an amount 1or
- 11) velbr:p ths surphn genetanng capacity to other utihties un a short-term or long-term haus. we of f set resen es ra enuc icquirernenN that w ould otheruwe he retoiered m the rates troni our ou o t ustomers Present toteush indh ate suibcier/ ecneratmy capamy to meet total requnemenh customer needs to the year 2f n4 Note long-ranpc elecinc I
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I I , 7 ' j 5, r 1 j r q = .:IAa( 4 E I 1 L 14 i 4. I i s.. f 'f.' '1 i); =r 's! s w r s iafnn IssuCs itis oited in the pratiting et the new f hcenses by the two p!ojecl* as bcmp in thJ best inteleit f /;j j r or Schr.aka 1o dut end. we h.ne encouraged i I RC to j c\\aluate 2n "em nomnental ac count conecpt? propwed s by hcbraska ( h st ernor b. HenpCnn Nelson. loi lhe .t InalnICnans C ti labitJt ilt!w s ill tire l#l.ilte lii\\ ct dow nstream f rom the Proiecit Wc also suppon the use ../,/ i o: the crn nomnental u nunt as a tramew ork Itom M h15 h a f e st d Ut h ta 4tt Ibc issues UlJy UItkUbitcl) bc de\\ cloped. U C are seckmp the guaramec that an) p!an i l'NC tecommCnds pro \\lde to: the contmucd an.u!abihty ol the 125.000 at re f eet of water stored in I ake U McConauch.t f or our surf ace irne tnou customers in the Plaue Rner \\'alic\\ on an .' :Ilual I1J Is U C a! s= 1 IlJie stipu!JtJr.$ t!ut Nie rC$pC(!!\\ c rcN[h41si!M}!!ics Id stu! ulllit) 'II5I! 2 li II' J and Central to supply n:p water to an cin trotuncntal account and for f undmg of supplCmC' ta$ li~icasuf es be lJir equitable.o:J cairnniensurate w it'i the en\\ ir6innierital ', e, .i,,, impacts of each Protes t. ( >ur proposed indepcodent otter et senlenient bef ore IF.RC 7 t m i % ;1s M INhITEiM n fM'liusC ' d Nlat a[CIk'y s Inaitkon l'n N!C 4 fd dn (UI DIIkCO I d! Il NC %(WId ircatthes>lte*Lifl}y as a!!(8ther a!!cfTiutit e irl the lehcenMnp pn tcew.tthi. f .t, t 8 ,1: r s k kI s k!O h .I 1 4 l% s Is a b Ius
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.k i. ) \\ h Gm emo6 p!.m is not accepted by 11 RC, w e could utibre aspects 01 our withdraw n otter f or f urther settlement diss usuon with any panies mierested in resohing the rehcenung matter We contmucd the f unding of a bcensing c!!nn to loa a inc. state low -Ic\\cl ratho.hin e aaste d;sp > sal ute in BoyJ County. Nchraska. as proposed by the ('ennal In'crstate 1 o.e Les el Radioactn e % aste Compact Comnusuon of a rush the state is a member. Ilowe\\cr. cally m 14% the Nchra La I ncpantncnt of 1.rn nonmental Quahiy i Dif) tded a notice of intent to deny the license bascJ on the c\\Nc:he of uctlands u nhin the site boundary. A ballot ty pc jw di toriducted by the 1 ocal Momtormy Comannee Jaring loc promoted as.:n cf f ort to determine "c ommunity consent." resuheJ in residents of the county (W eru hel!Ln cli tiiung !s t dlsappfii\\ c the Mtmp o{ a disp Wa! tack!It), ahhituph the lurm tut d d clip!ble \\('tels M as lcw than 50 ;nent. ~I hc We of Nebra La ided a Lea suit in l ederal Coun m.lanuary 10% askmp the pn gect be halted unul s.ommuruty consent can be denionsuated The laa smt and Dif) nothe of intent to deny s ould.ieopardi/c the Cential !! Pef slate (i P!Ilpact's picemerl! k :th the %iudicast C<irn;uct tuider t!ici uitp>:1 pidicy whis h pro \\ ides accew to 1
mendus of the Cenaal haerstate Compact to stup low-les el radioacthe w aste to the flarnwell. South Carolma. site. That unport pohcy proudes f or nukmg reasonable pmgrew tou.ud smng of a f asihty.11 should also be reaturd that.
- thiagh a :<deral court has raicJ tlut the states are not reqtmcJ to accept tale to the lou-lesel w aste, f ederal lau soll icqu res that cA h st;at accept responshhty f or us own waste by two in response to lius snuat on anJ due to the delay s
.n smug of a f acihty in the Ceraral Interstate Compact. w e are pmceedmg to make pmuuons f or the temporary storage el h+1es el ra6oactne waste on the we of our Cooper Nuclear %tauon in southeast Nebraska Current Nuclear Repiatory Commission pohcy allow s f or on sne vorage only up to the ycar.. Cooper Nuclear Station wutmues to be one of our more eticcin e pencranon resources At ycar-end. Cooper Stanon had set a new annual generating record of b 2 nullion niegau.d!-hours f aet h surpaump the o!d record ol %.5 nUIhon mepJualt hours set in 1957. The t'acihty aho as h cs d the low est unnual es[wure imm rad.oaenuty upprodmately 3 person reno of' any boiling w ater reactor in e the ranon in IW2. Hunung of soal for f uel tonunues to be ein dominate generation sourte. In fact. coal au ounted f or $2.5 percent of the tuel used to supply our customers u ah electnc energy dunny the ycar compared to 30 5 percent for numlear. Ibt percent f or by dro s u ater L and a mirnscule amount of generation f rom pas, oil and diesel. ' Our largest pencranon sourte. and the largest generatmg plant in the state. is the Gerald (ientleman Stanon. i I.AO megawatt coal fued tacthty. Dunny the year, we awarded a contract for the construshon of an abernate rail spur to the plant site that u dl pennit A(lal hauhng CompcD!)on lhe Npur. la t be Lompleted W ]9% M dl hnk the plant with the ['nb'n patitti NJilr41ad Inaln line. 'I'bc c\\h!1ng spur ct'unet ts the plant w ith the liurhngton Nonbern One. TotJ protect costs are esumated at $26A milhon but lower transponanon t osis ac espated to enable us to recos er our costs by the year 2t m Upon tomplenon of the sewod hue, both raihoads will l be capable of h.iuling mal to the Gentlenun Stanon s:te irom the Pow der Rn ct Basin mines m Wyommy. The plant is capahle of burning as riluth as N F) teins of cod per hour at f ull pencrating c apacity. Due to the potennal for substanual cost sas mps ulth alternate coal tr anspon anon we aho h.n e begun action that tould I i Iesu ! lIl a setiNi ral Iila spuI In) GluI b \\c (In Ikluer htanon. We purs hased 13 nules of trac k. mtludmg l l 1 l l l i la
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i l i I a l j t Ih as Ies 1I! [!h NMl!- O a\\ 1[I t. ld 5 lLl ilIS *N[ ! $ai'tl!\\ $6 I LYs h C e "fluI !EIC bl I IC ur Il[bln 4 T[ icfr) t N.I {le 's s l s 4 raska[e bJ Ola bunE / .lIN is pf esi a[ sci \\ Cb u } b\\ k nhln l'aci .k na dC lshinIt. build the line will niit be i s n.aJe untd we,ompicic icawb 'ay aumes ( bc of our nn ne eu aing \\ entmes dunnp the year was the testing o14.wd 4 $I[ [Il1 e u( I I $} Ak k[ dnt Inet u il ) sita! to [P W de ;U! a!ILTlaIe lu.c! al Nie}d.dl bl.ahin. ItaN d iUI p:< rou cy nnJ n/s. the S '. 4u:J pmbh burn more than W O :ons of TI)l per yeat nuung 10 percent rubber a ;:n + ! pm c,J co.d. Ih. o cans the plant coalJ s on mue lh a 20 thousand taes per day. or jour to scien nalbon tacs ] pc: \\c. Jcpendu ; on th ; mia e lhat o cqu.n m the ts ! nu nlu of nics Jncarded annuaHy by Nebrada. Iowa. a k sh and %>dh I)aia9a UU Ju a;b ! . L U! f n * 's the l_:!h a d a-bulJa'Iit ( * *Unt\\ llCa!th llepaMnicol 66n tiur i pennactaiy bum T DI at the pLnt W e arc ,so workmc w ah 1anous ens ies. pnmanly through ice : !o i per m a J L4' l e! !! ce t!! t?. Y U bl isd e cusIt'lllCrs. lIl llII c (lI [ 14) %1 1$ a e r) sI..!c f u'l (Ilj$ tr sistance Iliriitiph ;i st;ite ' [4 s k 1 I e n) 13 4 n h'nf. ! IUDd liiC a\\ th !. is IC i. aJJed bi the ti. t (N pu s h. suq iiew \\chn.le tires in the sLite Such reicnue a id bJ Used li' ti! SCI Jdda h'nal si' !* t d bdnUnl Tubhcr ili Lim!J !and the ti sts 01 dchicr\\ and shreddm of tues in of a
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d sk %I rL 5)' II!! 2! l' 4 iId. kl. iNl a EI' 5, N }bs d ( h [f k, A )[f s k !!$ h( ( ( lIf hC h b1 men et i i urn. ma m; n inc nN tunc. so f ar. s ur know. that a c1 Jay h.~ eplaced custing burners w ah senill i g a b I b s. 6 b 4 s m ICLCT \\ car b a hi e Nenda:p a s I g:scrit ge 44 !uch-llTl',od liesides decicemy the need f or !uci bienJmp aith , more cyew e hyh4 Il c; ah the burner co \\ cro rn w di aho reduce the.unount of unburned s irbon m the flyash , s un;m, ; the pcri innance of thc pu ptator Pichnunary pLns began in lW2 f or the construenon of a 96 nule !.g 349 n1in" msmno ci Enc that u d! stre' cthen om tra onusqon u stem. panicu!.uly in the eastern ponion ot' l 4N!IsEI\\ise dica a OE}nd . we N { i \\ cc Oi I cb.1$}ccI3N. C!IS ) l..[I)!si a!! dN u se i u !i s [t TIl i [ $1I} dle I 1 5 l s e sc!ccthin d pubhc inectu _s 1 ot.d c-tuna cd o kt ol the pmject.10 bt cionpleted in 16. is W milhon.1 he j r i l!IIe is c\\ pJs icd tt i ICS tI?! nCi bCocn's d'l k2I '!d h kb 43 Ja:irip t!ie nekt.S y ea s by redat ing lirie I.,sses. alltiw irt; [l. [ ) hk k (si i Ib db Il I * ! . It. }!!t lII[das t' I)l.N (f {n[ ( \\((%s fh IO cr hl(l' ckf d k I ([ yid Ik Nl EN dcj ( ,, - E M C E H W F cnercy u m.ncts cau and somh of Nebraska PLos to plant appmuma'ely IWW n d rwwe ~~m m.. vees m the u.ac pn. o u x, v unden..,t en auna; the 3 c.u as pan or the Amencan ,, -pw-4 w' I L .- s stIchN hi k f c' a }l. ( hgl k ( d fc .e ek 1 u.. ~ = _ anma amimces pnmad\\ w. m # m una reser m a m nJ m a a w hab u The goa! i.t h an a v k t t ces represe, s one nec h a cm.h iir our ictad < ustiirucis N PPI) n one H r hec Pouc' panh ipcas acum the nanon hc!p: ; APPA reat h as goal of 2
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i l l I T!.vn !!ris hui{!ing was buil} $ ucars ago, !!:c hunE;ficn was set inta i ic wafer iab!c ~I!!cti l1a.ll0 putnp u alcr cut cccry Nm la !'ccp il r!ry lrrin ~ ~ Western Region was the testing of a tree replacement program to encourage the proper pruning and the fg/g//, g,.mr q[(!;c /S/h liasium On/cr in replacement of uees under power lines with appropriate lower growing trees. Tree trimming is costly and [c0!I. b/uh, sajts Tlico / purcleasce/ !/ 2 bui[/ing i appropriate trees under power lines will reduce the need !! M RC kJ U!a !!70 " W l CHC'JF CI"! Kd4 ld to tnm.. Site dedication ceremonies wen' held for our J5I new system control center at Doniphan which will be !wal a1:A COO!it, Nl'I'!)cnaincas u ri:a]u ifl1 us ia completed m. 1993. Total cost of the facility, includm.g t land, construction, parking, landscaping, computer %stan a siiss,cn1 lital ar.s- ? 1 equipment and utihties is estimated at S'l.6 million. 'Ihe one-story building will has e about 3MK)0 square feet of tbor space. The center will be the computerized control tru,u!cs l';c g runc/ wafer lo I point of our electric 9 stem, monitoring system operations and automatically controlling generatmg stations' output to meet changing demands at the lowest cost. .lI fic Il p'mtps bc[are it Full operation is not expected until 1994.. Working pnmanly through our Wholesale " N,Mb",,"I,b,'# #F#~ Customer Committee, we continue to explore additional sen ices we can provide to our wholesale customers. During the 3 ear we placed an order for a 1RK) Lilowatt mobile 7 .7 i Icn1 I:as promicd econon?ical diesel generator, which will be the largest in our imentory, and will double our i emergency mobile generating capability to sene our customers The generator will be j7,n raturc mn/rof hr us I able to supply the total electrical needs of a town of MK) people in an emergency situation. Other customer sen4ces initiated during the year included: a The /[:at /ar cxcces!! Our bcsl marketing of accounting senices sof tware including accounting functions for utility billing, general ledger, payroll, accounts receivable, accounts payable, bank CPN!JiiNF reconciliation, electronie bank transactions, imentory control, work orders and meter orders. s Providing energy management training progra;ns directed toward city, county, school, hospital and nursing home maintenance personnel e Formation of a study group within the structure of our Wholesale Customer Committee to seek ways to further enhance customer relations and better understand their needs e Espanded the schedule and { capabilities for our regional dnpatchers to better assist retail and wholesale customers in responding to outages. s Revisco our co-op electric space and water heating incentive program with greater emphasis on the efficiency of the equipment. m Expanded the availabihty of our safety and training programs to wholesale customers. i I f 17 6
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=, ~ 1 i NPPD 1092 s t a t i s t i c a l r e v i c sc l } i i Electdc System. Nuclear Facility, and Power Supply System Combined Revenues from i Electric Sales l O' Sun [ MWh Sales (50001 } SALES Customers AMOUNT 4 AMOUNT 4 Retail: b Residential 80 961 754.329 7.1 5 52.280 12.8 Rural & Farm 4.912 72,264 0.7 5,188 13 i Commercial 18.023 666,034 63 42.738 10.5 [ Industrial 71 791.206 7.4 28.891 7.1 i Public Lighting 252 25.754 0.2 2.416 0.6 Municipal Power 192 40.238 0.4 2,440 0.5 Miscellaneous Municipal 2.689 94.088 0.9 4.817 1.2 f To:al Retail 107.100 2.443.913 23.0 5 138.770 - 34.0 - i Wholesale: l 49 Municipalities (Total Requirements) 1.249,374' 11.7 5 44,294 10.8 i 20 Municipalities (Interconnections & Partial Requirements) 68.903 0.7 2,146 0.5 f 25 Public Power Districts & Cooperatives (Total Requirements) 3 366.615 31.6 113.762 27.8 i Total Wholesale Sales (Excluding Non. Firm and Participation Sales) 4.684.892 44.0 5 160.202. 39.1 ' i, { Total Retail and Wholesale Sales iExcluding Non-Firm and Participation Sales) 7,128.805 67.0 5 298.972 73.1 [ i Other Utilities (Finn and Non-Firm) 1,621.023 15.2 24.(o4 5.9 i Participation Sales (1) 1.889.075 17.8 55.123 13.5 l Total Revenues from Electric Energy Sales 10.638.903 100.0 5 378.099 92.5 ? Other Operating Revenues (Net -of Deferred Revenues) 5 30.646 7.5 1 I l Total Electric System OperatingRes enues 5 408.745 100.0 l l l l Production Costs l MWh (50ro3 j I GENERATION AMOUNT AMOUNT 9 Pmduction: j Electric System (including Interchangel 1.059.885 9.4 5 26.823 8.S 5 Purchaed: Power Supply System (1) 5.535.684 48.9 5 148,993 49.2 Nuclear Facility (1) 3,113,426 27.5 91.fA0 303 Other. 1.600.940 14.2 35.416 11.7 Total Power Purchased 10.250.050 90.6 5 276.249 91.2 Total Power Prmloced and Purchased 113 09.935 100.0 5 303.072 100 0 - f l tiI The Dertne surem pwchaurs f(KH of the net genetutum c.adpourr purchusch t?f the hmer Supply System and,$th of the Kudcar facihry lard upcm the total i cmts of the restuwe surems. Pursuant to the hower Sairs Gnaract. Mularst Power 5ystems Inc. purrhaud.4114.50.1 MHh. Madsrst Power Sutenu inc. participarum is not mcludedin the taMr. j i
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_ _ ~ - _ _ _.. _ _- _. I. 1 li' i i l l' Increase l 1992 1991 (Decrease) a d (5(XK); Utility Plant (at cost):(1) j Electric System 5 784.451 5 743.9(K) 5 40.551 } Power Supply System 725.931 719.597 6.334 Nuclear Facility 665.718 651.231 '14.487 Total Utility Plant 5 2.176.l(K) S 2.114.728 5 61.372 Outstanding Debt: Electric System (4) 5 382.411 5 341.605 5 40.8(6 PowerSupply System 837.140 854.560 (17.420) Nuclear Facility 292.3(x) 301.675 (9.375) a f Total Outstandine Debt 5 1.511.851 5 1.497.840 5 14.011 Accredited Number of Capability Percent Plants (2) (MW) ofTotal i s lhluction Plant Facilities: 3 Steam - C4mventional 3 1.511.0 58.0 4 3 Steam - Nuclear (3) 1 778.0 29.9 Hydro 9 159.9 6.1 Diesel 8 37.9 1.5 PeakinF urbine 3 116.0 4.5 T Total Production Plant Facilities 24 2.602.8 1(K).O 9 l
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SUMMER AND WINTER PEAMs NEBRA5M A HoME HEATING INST ALLATIONs 1.000 - 40% - /Incenraar c[4.* case'Ewww lNmlO50-l M 32% 30% - NG;b {bk,$ l . 9h);,
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-.. -. _. ~ ~ --, ~.-.- i j .r NPPD electric eyetem t P Report ofIndependent Accountants { To the Board of Directors Nebraska Public Power District: We have audited the accompanying balance sheets of the Electric System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1992 and 1991, and the related statements of revenues and expenses and accumulated net revenues, and cash flows for each of the three years in the period ended December 31,1992. These financial statements are the responsibility of the l District's management. Our responsibility is to express an opinion on these financial statements based on our l l audits. 1 We conducted our audits in accordance with generally accepted auditing standards and Government Auditing i Standards. Those standards require that we plan and perform the audit to obtain reasonable assurance alout whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits pmvide a reasonable basis for our opinion. i In our opinion, the financial statements referred to above present fairly,in all material respects, the financial position of the Electric System of Nebraska Public Power District as of December 31,1992 and 1991, and the i results ofits operations and its cash flows for each of the three years in the period ended December 31,1992,in f conformity with generally accepted accounting principles. Our audits were made for the purpose of for: sing an opinion on the basic financial statements taken as a j whole. The supplemental schedules of the calculation of the debt service ratios in accordanrnith the Electric j System Bond Resolution for each of the three years in the period ended December 31, 'f.s2, are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such supplemental schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements ..I and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken as a whole. t Coopers & Lybrand Omaha, Nebrar>ka March 5,1993 t i 23
l Salan* Sheets - Denmtier31 1992 and 1991 1992 1991 tThousands
- ASSETS Utility Plant, at Cost
$ 784,451 $ 743.900 j Lesr Reserve for depreciation and amortization (Note 1) 358.863 336.038 $ 425.588 $ 407.862 Debt Reserve Account (Note 1) 35,18S 30.171 i Re ables-Ivance to Power Supply System (Note 3) 6,100 6,100 ale of property 5.919 5,980 12.019 12.080 i i Current Assets: Cash and investments (Note 1) $ 116.883 $ 112,223 Receivables, less reserves 50.950 47,085 l Materials and supplies, at average cost 10,196 11,236 [ Prepayments and other assets 605 515 l I $ 178.634 $ 171,059 Deferred Compensation Plan Assets (Note 6) 12.744 12.422 Deferred Charges: Nuclear Facility billings (Note 1) 16,526 23,010 i Unamortized financing costs 2,869 1,425 j Other 540 694 19.935 25.129 i $ 684.108 $ 658.723 r LIABILITIES AND CAPITAL Accumulated Net Revenues (Note 1) $ 223.172 $ 220.518 Long-Term Debt (Note 2) $ 336,496 $ 282,690 Commercial Paper Notes iNote 3) 45.915 58.915 $ 382,411 $ 341,605 IAsMurrent maturities (Note 21 14.677 13.360 $ 367,734 $ 328.245 Current Liabilitie s: Current maturities 14,677 13,360 Accounts payable 18,913 14,864 ( Accrued lease payments 3,212 6,860 l Other 10.637 10.956 47.439 46.040 Deferred Compensation Plan Liabilities (Note 6) 12.744 12.422 Deferred Revenues (Note 1) 32.142 5 50.461 Unamortired Payment Received for Refinancing Costs 877 1,037 t $ 644.108 $ 658.723 P The am>mpanysny notre tv (snanaal statements arr un margrul pu 1 of thes< statements 24 i
'i l i l Statements of Revenues and Expenses and Accumulated Net Revenues for each of the Three Years in the Per'od Ended December St,1992 1992 1991 1990 (Thousands) Revenues and Expenses: Operating Revenues (Note 1) $ 408,745 $ 377,123 $ 379,283 i Operating Expenses: Power purchased-Nuclear Facility and Power Supply System (Note 1) $ 240,833 $ 214,588 $ 223,622 Other 35,416 40,3S3 33,551 Production-Fuel 19,528 10,534 10,603 Operation and maintenance 16,295 14,306 14,707 Other operation and maintenance 38,907 37,213 35,775 Lease payments (Note 1) 13.0S0 13,354 12,657 Depreciation and amortization (Note 1) 31,647 30,029 25,555 Payments in lieu of taxes 5,036 5,203 4,984 Total operating expenses $ 391,742 $ 365,610 $ 361,654 Net operating revenues $ 17,003 $ 11.513 $ 17,629 Interest and Other Revenues: t ^ Allowance for funds used during construction 1,445 $ 1,344 995 4 Interest and other 8,631 11,053 12,903 Total interest and other revenues $ 10.076 $ 12,397 $ 13,898 Net revenues before other deductions $ 27,079 $ 23,910 $ 31,527 Other Deductions: Bond interest $ 20,102 $ 18,029 $ 18,693 Other interest 2,055 2,216 3,011 Total other deductions $ 22,157 $ 20.245 $ 21,704 3 Net Revenues Before Extraordinary Charge (Note 1) $ 4,922 $ 3,665 $ 9,823 Extraordinary Charge Due to Early Extinguishment of Debt (Note 10) 2,268 Net Revenues $ 2,654 $ 3,665 $ 9,823 Accumulated Net Revenues INote 1): Beginning balance 220,518 216,853 207,030 j Ending balance $ 223,172 $ 220,518 $ 216,853 Th accompanying notes to fanarscwl statements are an sategrul prt of thne atutemente 25
Statements of Cash Flows for each of the Three Yes-s in the ennd Ended Dewmber31.1992 1992 1991 1990 Ghousands) Cash flows provided by (used in) operating activities: Net revenues $ 2,654 3,665 9,823 Adjustments to reconcile net income to net cash provided by operattng activities-Depreciation and amortization 31,647 30,029 25,555 Depreciation charged to operations 1,134 879 842 An.artization of deferred charges-- Nuclear Facility 15,975 6,964 20,300 Changes in assets and liabilities: Receivables, less reserves 3,604 3,480 2,969 Materials and supplies 1,040 (1,575) 323 Prepayments and other assets (90) (27) 40 Addition to deferred charges-Nuclear Facility (9,491) (13,237) (14,146) Other deferred chargas (1,290) 1,804 1,457 Accounts payable and Accrued leased payments 401 (1,468) (667) Deferred revenues (18,319) 15,559 4,699 Other habilities (345) 3.217 (1,401) Net cash flows provided bv operating activities $ 27.120 49,290 49,794 Cash flows provided by (used in) investing activities: Utility plant additions $ (58,715) (49,472) (35,201) Proceeds from sale of property 1,530 1,008 1,458 Net change in Debt Reserve Account (5,017) (39) 54 Sale ofinvestment securities 300,090 311,070 320,926 Purchase ofinvestment securities (302,825) (287,723) (331.652) Net cash flows used in investing activities $ (64.937) (25.156) (44,415) Cash flows provided by (used in) financing activities: Repayment oflong-term debt $ (14,548) $ (12,733) (12,286) Repayment of notes payable (13,000) Issuance oflong-term debt 138,649 Early extinguishment oflong-term debt (71.3601 Net cash flows provided bv (used in) financing activities $ 39,741 (12,733) (12.286) Net increase (decrease)in cash $ 1,924 11,401 (6,907) Cash berinning of vear 41,413 30.012 36.919 Cash end of rear S 43.337 41.413 30.012 The accompanysng notes to financial sta.s <nente are on integm! part of these statemeras. Supplemental Schedule of Non-Cash Investing Activities: The Electric Syusem sold property and remsnited a tweeivable of appmumately n million in 1990. 26
Suppicmental Schedules-4alculation of Debt Servme Ratsam an amedance wsth the Dertrw System knd hsolution for each u the 'Eree Years in the Perk,d Ended Decemler 31.1992 1992 1991 1990 (Thousands) Operating revenues (Note 1) $408,745 $377,123 $ 379,283 Operating expenses (Note IF 391,742 365,610 361,654 Net operating revenues $ 17,003 $ 11,513 $ 17,629 Interest and other revenues 10,076 12.397 13,89B Interest deductions 22,157 20,245 21,704 Extraordmary charge due to early extinguishment of debt 2,268 Net revenues 8 2,654 $ 3,665 $ 9,823 1 Add: Deferred (Accruedi revenues excluded from (included in) operating revenues (Note 1) $ (18,319) $ 15,559 $ 4,699 Interest deductions 22,157 20.245 21,704 Depreciation and amortization 32,781 30,908 26,397 Estraordinary charge due to early extir.guishment of debt 2,268 $ 38,887 $ 66,712 $ 52,800 Deduct: Provision for operating expense reserve (Note 1)" $ (18,319) $ 15,559 $ 4,699 Alkm anee for funds used during construction 1,445 1,344 995 Investment income retained in construction funds 1,152 141 3,637 $ (15,722) $ 17.044 $ 9,331 Net revenues available for debt service under the Electric System Bond Resolution (Note IP $ 57,263 $ 53,333 $ 53,292 Amounts deposited in the Electric System Debt Service Account: Principal $ 13,815 $ 12,425 $ 11,767 Interest 20,102 18,029 18,693 $ 33,917 $ 30,454 $ 30,460 Ratio of net revenues available for debt service to debt service deposits (Note 1) 1.69 1.75 1.75 The amompanysng notes to (2nancial statements are an snitgrulpart of these statements. The amurnzation of deferred chargn a sneluded in these summary statements as 0;wratsng Expenses to atud onmtating Net Reswnues These defemd chegn uem funded ty comtrwirsalpaper notes and other ruwtured short term indebtedness. u:hsch evnstitute sulerdsnoted undebtedrwas under the Electrw System 13ond Resolutwrt The Electrse Rea<dutwn twqusree subordirusted andebtedness to lepaidfmm the General Reserve Fu nd created under the Electric Residutwn. The Electrse Resolutwn defines Opemtmg Expenses to snelude payments snto ursenwu sn the Operatsng Tural for the payment offuture operutar.g expennes The pmesswn for operatsig expeue rnene represents the net char.ge in the cumulatuw ourplus revenues srs each respurthe year fmm twth seh<desale and retail servuw. 27
--,-... -......, _. - ~_ = ' ) 6 i i Notes to Finannal Statementa an power purchased expense. Current deferred charges are expected to le amortsred as followa 1993-516 0milhon. 1994-5.5 million f 1
SUMMARY
OF SIGNIFICANT ACTUNTING POLICIES E. Unamurtaed Tananaag Costs-These nota represent issuance expenses on all tenda and the [ A Ovmdration--- premium to retire the Electne System Revenue Bonda,1975 Scrica, l j The Distnet has three peparate divas ons for memuntmg purpees prior to their matunty date and are twing amortised over the hfe of f as follows. the resp ettve tends using the tends outstandmg method. f I t Dectne System F. Unanerraed Paymrnt hrned for fufinanang Costa-p Power Supply System This reunhuracment from the Nuclear Facility was for certain l Nuclear Facihty refmancmg costa of the Electric System incurred in 1968 and in temg i i amorthed crer the hfe of the 1968 Revenue Bond issue using the I for each dmaion. The Electric System financial statementa exdude . f Aa required try Bond Resolutions, separate remrds am mamtained tends outstandmg method ( the Nuclear Facihty and Power Supply System, for which financial G. Costs and lawaranents- [ statemente are presented acparately herem. The Electne System I financial statements should te read in coruuneten with auch other Drmaber 31. 1h92 1991 ' f 4 e finannal statementa (Thousands) i Nebraska Pubhc Power Distnet is an electne utility which mells ( electne energy to wholesele and retail customers in the Midwest. The Revenue Fund 5 17,2"6 e 20,794 I Detnet a contrans and ra.e schedules apcify the time gened 9: which Operstmg Fund 24,579 15.284 bdhngs are to be paid after services are rendered. Construction Funds 33.165 202 { Commercial Paper Aamunt 23,198 16,617 B. Drruenarmn. Anuamrathm and Afuinrenonce-Reserve and C<mtingency Fund 1.236 1,236 The Dmtrict records depreciation over the estimated useful hie of General haerve Fund 17A29 57 8M i the property Deprec6ation on Utihty Plant was approximately 3% in f 110M3 f 112 ?21 f each of the years ended December 31,1992.1991, and 1990. The Distnct has long term lease agreements wrth approximately Funda consist of $73 6 mdhnn of investment accurities and l 230 municipahtnes These Icame agreements obhgate the Distnct to 543 3 millum of each deposits at December 31,1992.and $70.8 milhon [ make lease payroente and pay for normal property addiuons dunng of investment secunties and 5414 milhon of cash deposita at the term of the lease. The Distnet has remrded pronsions, net of Dewmber31, 1991. The carrymg value of investment accunties retirements for amortizaten of leased plant addauons of 57.2 rnillion approximates market. m 1992, f 6 7 mdlion in 1991. and 55.3 milhon m 1990 These lemoed Cash deposita, pnmarily interest bearing, at Decemter31.1992 I plant addatans, which are fu!!y reserwd, totaled $69 9 andhon at and throughout much of the year, were covered by federal depcmitory [ Dew mter 31,1992, an6 E4 4 mdlion at December 31,1991. insurance or unregistered U.S Government and municipal secuntaes I The Datnet charges mamtenance and repatra,includmg the cost held by vanous depositories. Investments at Decemter 31,1992, were { of renewals and replacements of mmur itema of property, to m unregatered U.S. Government secunties and Federal Agency r mamtenance expense acmunta Renewals and replacementa of obhgations held in the Distnot's name to the custodial banks. . [ property tenclusive of minor items of property, as set forth above) are The Debt Renerve Account in the Debt Service Fund a valued [ } charg d to utihty plant accounts Upon retirement of property subject acmi-annually at January 1 and July 1 at the lower of cast or market [ ta depreciation, the at of property in removed from the plant in accordanca with requireroents of the Dectne System Revenue Bond i accounts and che.rgad to the reserve for depreciation. along with the Resolution Electric Resolutiont The nceunties in the remaining funds f removal costa, tiet of salvage. are valued at the lower of erst or prmcipal amount in aca rdance with i requirements of the Dectric Resolution C. AUouunar for Fonds Used Durmg Constructkm (AITDCn f This allowance, representing the cost of funds used to finance H. Ik/med Revenace-l constructmn. is capitahzed as a component of the cost of utihty plant As provided in the Dectric Resolution, the Dmtrict ouvenanta to f and as credited to Interent and Other Revenues. The cagntahratwn charge rates for wholeante and retail electric service no that revenues l rates for mnstruction financed with revenue bonds are based on the will be aufficient to pay annual operating expenses including f interest cost of each issue less interest income The capitalization rate
- 1) Nuclear Facihty and Power Supply Sptem charges,26 operating
{ for constructson financed by revenues as based on the weighted expennen other than depreciation, 3i debt serviw, and 4) certain i I average rate of mierest of the current outstandmg borrowmgs. For capital additans. the seriods presented herem, the AF1'DC rates vary from 6.0% to Vannten between actual energy crats (pnmanly fueb and the 6.0L estimated energy costa included in the basic -tates may be recovered by a Production C4mt A%ustment (PCA). Bdimgs for the PCA provide ..} D Ikfernd Chargee-for the recovery of the vanation in energy costa either in current or j Deferred charges as of Deecmter 31. 1992, represents future years. i I16 5 mi: hon of Nuclear Facihty bilhngs for errtam capital additans In the event the Detrict's rates for wholesale and retail service, I i The District has included amortization of deferred chargen of excludmg the PCA. result in a surplus or deficit in revenues dunng a I ij' f16 0 milhon in 1992. $7 0 milhon m 1991, and $20 3 milhon in 1990 rate period. auch surplus or deficit to taken into account in projecting estimated revenue requ rements for future rate penods. Such ' fi 2B t ) e - h t - +,_- ,v
treament of wholmale revenues is supulated by the D stnet's On March 4.1993, the Distnet tuuad 5116 6 milhon m Deetric long-term wholmale power supply contracta. System Rewnue Bonds,1993 Serie A, to refund the outstandmg he defint which arose in 1992 from the PCA wholesale, and Deetne System Revenue Bonda,1970 Serms,1977 Senes A and 1979 retail semm has been accounted for m these financial statements t>y Senes A his usuance consisted of $116 6 milhon of Serial Bonds an accrual of rewnue. The combinN! surplus which aro e m 1991 and wtth coupon rates ef 2SM to 5 en 1990, from the PCA, wholesale, and retail servim has been accounted As a result of t'an issuance of Dectric System Revenue Bonda,the for in thme finannal statementa by a deferral of revenue. he revised principal payments of the Dectric System long Term Debt cumulauve surplus at December 31,1992, to le renwted m future over the next five years are: 1993 - 1142 milhon; 1994 - mvenue requiremente as approximately $321 milhan. 317.5 milhon; 1995 - $16 3 milhon, 1996 - $191 milhun; and 1997 - 120 0 nullen 1. Rnenu Rmpss:wn-Wholemale revenues are recorded in the pernut in which semm is 3 COMMERCIAL PAPER MJIT.S rendered, and, in accordance with industry procure, retail revenues are recorded in the month mtad eustomers are billed. Consequently, he Distnct is authonred to maue up to $100 0 milhon of revenuee apphrable to wrvice rendered to retail customers from the commerrial paper noten. A letter of credit is mamtninn! with a bank pennd covered by the last bilhng m a year to the end of the year are to support the sale of the commercial paper notes his letter of crebt not recorded as revenues unul the following year. Operstmg revenues expires in November,1994 The c!fectwe interest rates on outstandmg are also impacted by the surplus or dencit in revenues as described m notes for 1992 and 1991 were 3 0% and 4.5%, respectwely. Note 1H. he proceeds of thcae notes are bemg usal (1) to nnme wrtain capital addiuona of the Nuclear Fanhty, and (2) for other lawful J Axumulated Net Remna.es-purgweee of the D strut, mcludmg an Advann to the Pcwer Supply De accumulated net revenues cons st pnmarily of cumulative System. operating revenues collected for utihty plant addit one net of related in IW2. $13 0 milhon of commernal paper notes were retual accumulated deprenation The remainmg accumulated ret revenues with proncede from the E'wetne System Revenue Bonds, 1992 will be fully offset by future depmeintion expense In addition. Senee A. he remaming balance o anucipated to be retirwl from acrumulated net revenues include cumulauve interat income earned repayment of the Advane to the Power Supply System and from on Constructaan l'unds which a not subpet to the deferred revenue Dectne System Revenues acmuntmg described in Note 1H. his interest income was !!2 milhon in 1992 and $0.1 milien in 1991. 4 RETIREMENT PIAN 2. 1DNG-TERM DEBT: The District has a reurement inmme plan mvenng its regular full-time employees, outstantaalty all of whom have elected to Dreember 31 1902 190L participate. Employee's contribuuons to the plan are based on salary, (Thousands) and the Detnet's amtnbuuoiw are allocated to each employde trust Revenue Bonds-account based on the employee's contributwns to alw plan. he plan Serial Bonds-pmvides for retirement income equal to the total of the empkwee's 4 20%6 00% due 1993 to 1995 $ 33M0 $ - trust acrount,includmg trust earnings he Detrict a contribution was ~ 4 90%6 40% due 1992 to 1995 26,730 37.3 mdlmn for IMC. $6 9 milhon for 1991, and 56.4 million for 1990. 4 904610% due 1996 to 2000 71,115 39,850 5 0M-6,30% due 2001 to 2005 64,730 49,740 5. POSTRITIREMENT BENEITIS: 51506 40% due 2006 to 2009 27,820 27.t00 Term Bonds, with annual smking fund he Dietrict currently pays the entire amt of certain hrepital-requirement *-- medical and hfe mourance premiums for retired employees, 510% due IMc to 20:c 30,075 32,340 Sulstanually an of the Datrwt's reur il and netwe employees are 6 00% due 2003 to 2005 25,920 ehgible for such twnents. Currently, sie cwt of these benefita is 625% duc 2006 to 2021 49,450 ramgnired as expense as the premiun. re paid. Be total cust of 6 OX, due 1993 to 2003 33,200 33,000 sv.mtwtirement hoepitai medical and hfe insurance benefits was 6 75% due 1992 to 1995 14.110 $2.2 mdlion for 1992, 51,5 mi! hon for 1991, and $1.0 million for 1990. 7.00% due 1996 to 2005 57fM he District amended the plan effectwe Januan 1,1993. f 335 F70 f 2fil.040 Employees hired on or after that date must partinpate in the plans as an a ve employee the last five years of employment in order to - Isaiw Purchane Pavablen-qua y b these benefits. In addition, employees hired on er after 2 00% due 1992 to 2005 2,404 2,604 anuan 1,! , am suheet to a entrautwn cap that 11:nna the Unamorused Bond Dismunt (13W t954n Datnet's poruon of the cost of such enverage to the full premium the t ne, p; y m go year the employee mached age 65, or the year in which the employee "D" As of De mler 31,1992, prinapal payments of Dectric System
- 9"*"'#*** * "
E" I
- E 1mng-Term Debt for the nert five years are 1993-814 7 millmn,
^ " " *
- F' IW4 316 5 milhon; 1995-817.3 milhon; 11%f16.3 million; 1997 by the Tmancial Aerounung Standards Board requires, not later than gg 1993. that the expected cret of thew benenta be charged to expense during the years that the employees render service rather than the 29 m
n i l l l I year danng which the benefits are paid The Datnet n.ay not be 9 iTRC 11YDROELECTRIC PROJE CT LICENSES. ) required to adopt the new standard. [ If adopted. the Dmtrict has the optmn of tmmediately recormrmg The Distnet is currently seeking a new long-term beense from the l the entire arcumulated poetretirement benefit obhgatmu (APBO4or iederal Energy Regulatory Commimon tf ERC) for the Distnet a j amorttring the APDO over a maximum of 20 years or the awrage hydruelectne Project No.1635 Prnject No lh35 indudes the North remammg semee pened to retirement date of amve plan Platte hydroelectric pnerntmg station and related facihues. Said participantro The Datna a APBO at December 31.1992. measured North Platte generstmg statmn and related faedities are part of the m accordan& with the new atandard. is estimated to rany from Dactne System Lands and maters of Project No 1635 are utiltred by [ $;4 mAon to E87 mdhon In addition. the Distnct s annual benent Gerald Gentleman Statmn for cehng water purposes. Gerald + q expense measured m accordance w,th the new standard, m estimated Gentleman Station a part of the Power Supply Sptem i to range from $9 mdhon to $10 un! ban, nduive of the APliO The Central Nebraska Public Power & Irngatmn Datnet . f Centrale a currently wekmg a new long-term hwnse for FIRC 6 DEFTERED COMPENSATION PLAN: Project No 1417 Project No.1417 indudes the JUngeley Dam, Lake I McConaugby. four hydroeledne pnerstmc plants and related [ The Dminct of'ers its employees a deferred compraatmn plan facahties I f rreated m nwordan* with Internal Revenue Code Sect on 457 Ali The rehrenning of both trojects e addrnurg numerous am. rants of compensatmn deferred under the plan, a!! prope y and environmental issues meludmg. among other thmp.syemes pmtected [ ) r:ghts purchawd with such amounts. and all income attnbutable to under the Endangred Epec es Act-In order to obtam these new ' [ such amounts. geoperty. or nghts are (untd made available to the long-term hcenm. the Datnet and Central could be required to meet f employee or other benc6ciatyi solely the property and nghts of the & nam terms and conditmns which may adversely impact the i i 1 Datrict iwithout hemg restncted to the provisens of benents under operatwns of the project facihues and Gerald Gentleman Statwn The the plan'. subject ordy to the claims of the Datnet a general creditors Datnet is unabie to predict the nature of the terms and mnditions f The Dmtnet has recorded the anets of its deferred compensat:on plan thrit will be contatned in the new hwnses for the projects; however. l and the correspondir.g hakhty to renert ste ndactary responsibihty the Dmtnet does have the nght to judicial review of thtee terms or [ l under the plan in the past. the plan assets have been med for no conditmns j v purgue other than to pay tenefits. The Datnet beheven it a unhhely that it will use the apets to satafy the daims of general creditors m to EXTR AORDINARY CHARGE DUE TO EARLY the future. The plan te admmatered by The Equ6 table Ltfe Assurance EXTINGUISilMENT OF DEBT: Socierv of the Umted States j The Datnet neued 8140.0 mdhon of Electne System Revenue { 7 LITIGATION. Bonds.1992 Senes A.on January 22.1992. The 1992 Serin A Bonds ) )j were asued to refund the Datnn's outstandmg $714 mdimn Dectne f ] A large m ustnal customer has fiini wverallawsuata agamet the bystem Revenue P>onds, 1976 Senes A, retire $13 0 milhon of ^ A l Datnet and members uf its Board of Directors. toth in federal and com'nernal paper nota, and the remammg !% 6 mithon wdl be used, state court. requestmgjudgments for aliced overcharps smce 1972 m part. to fund 1992 and 1993 capital projects. Cencrally accepted j and far aneced violatan of vanous legal nghts of the customer. There armunting pnnnples require calculating the net carrymg amount and are cunently pendmg m federal court a dmpute over f13 mdhon reacquisition pnce of the 1976 Series A debt The difference between ) rdated to electne semce prmr to IM7. ubch matter as now before the reacquantmn price and the net carrymg amount of the j l the Crated States Court of Appeals for the Etghth Circuit da;>utes extmgutshed debt is to be recognized as an extraordmary charp in i mvoinr.g undetermmed amounts r+1sted to electric wrvice for years the priod of extmguishment The mmponents of this charp consmt ( )j. 1%7 and thereafter, and other clatma far aneged vmlatans of the mamly of the call gremium unamortared discount. and issuance . [ 2 customer's legal nghts in additwn.the customer refaed to make full expenws assonated with the 1976 Senes A debt. i i leyment of bdlmgs for electne wmm provided to it darmg the period l of January,1%8 through Martt.1992. withholdmg approtitt.ately
- 11. FAIR VALUE OF FINANCIAL INSTRG!ENTS
. l f 371 mdhon. cadunce of mtercet, which amount has been induded as operstmg revenun m the financial statements The customer has The followmg methods and anumpuons were und to est mate j made ful! payr mt of bdhnp woued far semce on and after April 1, the fair value of each class of Gnancial metrurnenta for which it is j 1992 but the customer has 'mdicated that it does not agree with the practicable to cetimate that value at December 31,1992 l Datnet s current rate schedule Lawsuits mvohmg all time genods l since enmmenwment of +1ectne wrnee to the customer remain Cmh and Imwtments. The carrymg value ofinvntment wcurities i
- -ndmg in both federal and state courts approximates fair value as demeribed in Note 1G.
l t n 8 CAPITAL ADDIT 10NS-Debt. Rata currently available to the Dwtrict for its debt are und . l to e+timate the Imr vslue of existing debt The fmrvalue a estimated l The Electne System construction plan mdudes authonratmn for to be 1.364 0 millmn l estimated expenditurce of $46 6 milhun for 1993 These expenditures [ wd1 be funded from revenues 1992 bond proceeds and other avadable l fands I ) s i 4 i 30 f t
1 i d ] s u p ply sprtem j NPPD^peu er i y f Report ofIndependent Accountants { .t I To the Board of Directors Nebraska Public Power District: We have audited the accompanying special-purpose statements of assets and liabilities of the Power Supply System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1992 and 1991, and the related special-purpose statement.s of revenues and costs for each of the f three years in the period ended December 31,1992. These financial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statements based on our l audits. j r We conducted our audits in accordance with generally accepted auditing standards and Government 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, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. ? The accompanying special-pu pose financial statements referred to above have been prepared for the purpose l 1 of complying with, and on the basis of, accounting requirements specified in the Power Supply System Revenue l Bond Resolution adopted by the District on September 29,197f_, as supplemented, as described in Note IB, and are l not intended to be a presentation in conformity with generally accepted accounting principles. l I In our opinion, the accompanying special-purpose financial statements of the Power Supply System ofNebraska j Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1992 and i 1991, and its revenues and costs for each of the three years in the period ended December 31,1992, un the basis .l of accounting described in Note IB. l, i Coopers & Lybrand Omaha, Nebraska March 5,1993 i i 1 1 1 31 -l i ? r
. _.. ~ ..~,-- - l Statements of Aasets and Liabihues December 31,1692 and 1991 Prepared Pursuant to Requirements of the Power Suppiv Swtem Revenue Bond Resoluuan 1992 1991 .] (Thousands) t ASSETS l Utility Plant, at Cost (Note 1) $ 725.931 $ 719,597 Less-Reserve for depreciation (Note 1) 135,349 120,290 Amounts funded from revenue (Note 1) 16.038 13,754 $ 574.544 $ 585.553 Prepaid Capital Costs (Note 3) 66.189 67.063 ii Cash and Investments (Note 1): Debt reserve account 58,572 58,594 Reserve and contingency fund 17,494 6,497 -f Additions and improvements account 8,674 5,656 Construction funds 40,527 38.436 Revenue fund 268 930 Operating fund 15,172 25,032 f General reserve fund 29.064 39.321 i $ 169.771 174,466 Accounts Receivable 1.315 118 i Interest Receivable 2.104 2.684 Fuel Inventerv, at average cost 13.885 15.275 l Deferred Charges and Other Assets (Note 1) 39.755 40,462 l t $ S67.563 $ 885.621 t LIABILITIES -l Revenue Bonds (Note 4) Serial Bonds-l 5.6046.80%, due 1992 to 1995 58,640 76,060 5.7047.204, due 1996 to 2000 75,240 75,240 j 6.00%, due 2001 to 2005 5,405 5,405 j Term Bonds, with annual sinking fund requirements-- 'l 5.80%, due 1998 to 2012 168,930 168,930 j 6.1259, due 1999 to 2016 239,635 239,635 s 6.75%, due 1999 to 2001 23,025 23,025 6.90%, due 2002 to 2008 75,345 75,345 l 7.10%, due 2009 to 2016 129,005 129,005 i 7.3759, due 2001 to 2006 11,595 11,595 l 7.50%, due 2007 to 2019 50,320 50.320 l $ 837,140 $ 854,560 Advance from Electric System - 6,100 6.100 j Accounts Pavable and Other Accrued Liabilities S 9.981 10,401 Operating Reserves (Note 1) 14.342 14.560 j $ 667.563 $ 885.621 r The accompanyirq notes to finoncial statements are an irstegrul part of these statements
Statements of Revenues and Costa for each of the Three Years m the Pened Ended December 31,1992. Prepared Purvaant to Requinments of the Power Supply System Revenue Nnd Resolutwn 1992 1991 1990 (Thousands) Revenues (Notes 1 and 2): Sales to the Electric System $150,469 $143,755 $139,781 Investment and other income 9,503 11,764 13,886 Total revenues $159.972 $155.519 $153.667 Costs (Note 1): Operating expensee-- Production-Fuel (Note 6) $ 55.751 $ 51,914 $ 53,739 Operation anC maintenance (Note 3) 25,161 23,806 21,970 Provisions for operating reserves (Note 1) General and adtninistrative 7,206 7,938 6,096 $ SS,118 $ 83,658 $ 81,805 Debt service-Principal (Note 1) 17,420 16,485 15,605 Interest 54,434 55,376 56.257 Total et.sts $159,972 $155,519 $153.667 The accompanpe.g notes to finannal stasements an an ansegrul part of these statements. Notes to Fmancial Statements Depreciation is not recorded as a cost, Had the District provided straight-Ime depreciatmn over a 40-year life rather than 1 SL'MMARY OF SIGNIFICANT ACCOUNTING POLICIFS. includmg amortisation of debt prmcipal over the same period, costs would have increased 11.2 millmn in 1992,319 millson in 1 A O ganuutaon-1991,32.7 million in 1990, and swumulated depreciation through The Dstrict has thrw meparate divmmns for accounting purpom Dewmber 31,1992, would have increased costa approximately 1 as follows $69.3 mi!! ion The reserve for depreciatmn shown on the l Statements of Assets and Liabihties was provided by recording Dectnc System amounta equal to repayment of debt. Upon retirement of property sui,cet to depreciation, the cost of property is removed from plant Power Supply System t Nuclear Facihty accounts and charged to the reserve for depreciation, along with the removal costs, net of salvage. As required by Bond Resolutmns. separate records are maintained tid Previous bilhngs to provide capital for renewals and for each division The Power Supply System financial statementa replaecments of property and cepital additions are meluded in the - exclude the Dectric System and Nuclear Facility, for which financial accompanying statements as
- Operating Reserves
- and statements are presented separately herem. The Power Supply
- Proviamns for operatang reserves? Under generally acwpted System financial statements should b wad in cordunction with such accounting principles. rapital additions and provisions for other financial statements.
renewals and replacements are not expenses but (exclusive of mmor stems of property) are charged to utility plant. Renewals B. Basis of Acciantang-and replacements of property and capital additions funded from Revenues are recognized and billal at an amount equal to costa revenues are fully reserved. Renewals and replacements and j as defined by the Power Supply System Revenue Bond Ranolution capital additions are currently being funded from existmg tamd l (Power Supply Resolution) which include operatmg expenses proceeds that have been transferred to the General Reserve Fund. <excludmg depreciationL and debt service on the revenue tends,less tiii) Interest income on construction fund inveetments is investment income Revenues are coropr;ed and billed so that no credited to utility plant. Under generally screpted accounting equity is accumulated in the Power Supply System. principles, such income would have increased revenues Revenues and creta as defined try the Power Supply Resolution 52.3 milhon in 1992, $2 6 millmn in 1991, and $2.9 milhon in differ in the followmg resp.ets from generally accepted accounting 1990. pranexples hi Amortiratmn of the debt principal is included as a cost in the accompanying Statementa of Revenues and Costs as
- Debt service-Principal?
33
l I C. T hhrv Junt-placmg the proceeds of the 1966 Bonds in an irrevocable trust account Interest expense, leu mterest earned on investment secunties. all uith an merow agent to prwede for all future debt service payments financmg custa mad a!! other ewta related to construeuun projects are on the old bonds Accordmgly, the trust account anwta and the capitahred habsbry for the defensed bonda are not included in the District's f an tal statements At Decemler 31, Ipu2, the remainmg pnneipal D MWhhh Funds tunnist of $164.2 milhon of mmtment swuntes and $5 6 mdhon of cash deposita at Dwemier 31,1992, and $IM $ rmUmn 5. CAPM AL ADDITIONS of mvestment accur nes and $6 0 mdhon of cash depcstts at P S S dn Dwember 3L 1991 The carrying salue of investment secuntwo authanzation for coumated capend,tures of 89 3 milhan for 1993. 'PP"""'#* '""# Lene expendatures will be funded frorn custmg bond pmmede that Cash deposita, prmiardy interest bearmg, at Demmber 31, IW2, ,, g and throughout much of the year, were covered by federal depository irmurance or unmpstered U.S Government and mumcipal secunnes 6 COAL SUPPLY AND THANSPORTATION AGPIEMINTS held by vanora depositones Investment
- at December 31,1992, wm he Dmtrict has in custenm a coal supply agreement which in unrepsterad U.S. Government accuntice and Federal AgenU permita the Detrict to purchase coal for an imtsal term endmg obhgatmns held in the Datnet a name by the custod,al bar,ka Demmber 31 IM he agreement provides for the Distnet to The Debt Reserve Account m the Debt Servim Fund and the purchaw a mirumum of 2,700,000 tons per year through 1996, and all berve Acmunt in the Rewrve and Contirtgency Fund are valued requirementa up to a maximum of 3,800 000 tons per year during the semisannually at January I and July 1 at the lower of cant ur eruirket calendar years 1993 through 1M Le Distnet also has m existence tn accordann with requirementa d the Power Supply bolutmn.
an agreement which provideo for, among cect things, transportation Gams ur kom on valumuona are mcluded ir mvestment meome. De of coal to Gerald Centleman Station until Dummber 31,1996, at secunties m the remammg funds are valunt at the lower of amt or spwM tanN rates which are to be cacalated or deecalated pnnespal amount in accordance with requirements of the Power pursuatt to an indes promulgated by the Interstate Cornrrerm kpply Renoiutwn. Comminaion. E. IVerred Charpes-- 7. 1DNG-TERM DEBT: Onets ansmg from the termmauon ofincomplete generstmn and traremmsion pro;cets are bems amorttzed over the hfe of the bonds, On January 28,1993, the Distnct assued $346 4 milhon m Power he promede of which were used in part to pay thew nota. hw kpply System hevenue Bonds 1993 Series, to refund thc outstandmg sortizauon is meluded as part of debt servim coet. Power %pply System Revenue Bonds,1978 Senen A and 1966 Sence. On March 4,1993, the District issued $132 6 million in Power 2 Supply System Revenue Bunds, 1993 Senee B, to refund ti e The Datnet as requiral under the Power Supply boluuan to outstandmg Power Supply System Revenue Ikeds 1976 Senen B ) charge rates for eiertne power and energy from the Pw.er Supply As a tuult of the above issuanms of Power Supply System Svstem ao that revenues will be at lent sufficient to pay operstmg Revenue Ikmds, the reviaed pnnetpal paymenta of the Power %pply expenses, aggregate debt service on the Power Supply System System over the twat five years are 1993 - $12 8 milhon; Revenue Bonds, amounts to be pa d mte the Debt Leserve Account 1994 - $22.1 mdhon, 1995 - 123.1 milhon; 1996 - $24.2 milhon; and berve and Contngency Fund, and all other charges or herm 1997 - $25 4 mdhon. payaLie out d revenun of the Power Supply System. %e debt servine B FAIR VALUE OF PINANCIAL INSTRL*MENTS. payments of the Power Supply System b enue Bonds are $719 milhon per year through 1997 and principal payments, as a 'The fobowmg methods and assumptions were used to estimate mmponent of debt wrvam paymenta, are I!&$ mdhon. $19.5 milhon, dw fair value of each clan of fmancial irstruments for which it as $20 7 milhon, #21.9 mdhon, and $23.2 rmthon for emeh d the year, precucable to esumate that value at December 31,1971 1993 through 1997, respacuvely. Cash and Investmenta The carrymg value of investment accunt ce 3. PREPAID CAPITAL COSTS
- ppumates fair value as descrdnid in Note 3D.
Prepaid cap:tal amis are ansonated with the purchase of the Debt: Rates currently available to the Datnet for its debt are uwd capacity of a 50 MW hydroelectne generstmg facihty owned and to estimate the fair s alue ofexmung deb *. The fair value is estimated operated by he Central Nebraska Pubhe Power and Irrigatmn ta be 839 7 mdh Datnet <Centrah. The prepayment is temg amorted over the hfe of the tends, the prmmals of which were used to pay these custa The amorusation is included as part of debt service amt. Tbc District has an agreement whereby Central makes available all of the production of the facihty and the Distnet pays all cuta of operaung and mamtaining the facihty plus a charge based un the amount d energy dehvered to the Dwtrict. Cemte of $0 9 nulhon in 1932, !! O million in 1991, and $0.7 million in 1990 a-e included in
- Production-Operation and maintenarm*
4 DEFEAMNCE OF DEBT. In 19% the Distnet mouco Power Supply System Revenue *kmdn, 19M Senes, to advance refund the outstandmg Power Supply System benue Bonds,1985 Senes he 1985 Ikmde were defensed ty 34
NPPD n u c le a r la c ili t y _i l I l I L Report ofIndependent Accountants i To the Board of Directors l Nebraska Public Power District: l l t We have audited the accompanying special-purpose statements of assets and liabilities of the Nuclear Facility of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of i December 31,1992 and 1991, and the related special-purpose statements of revenues and costs for each of the three years in the period ended December 31,1992. These financial statements are the responsibility of the i District's management. Our responsibility is to express an opinion on these financial statements based on our audits. l 1 i We conducted our audits in accordance with generally accepted auditing standards and Government Auditing i I 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, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall { financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. j The accompanying special-purpose financial statements referred to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Nuclear Facility Revenue Bond Resolution adopted by the District on August 22,196S, as supplemented, as described in Note IB, and are not intended to be a presentatica m conformity with generally accepted accounting principles. .[ In our opinion, the accompanying rpecial-purpose financial statements of the Nuclear Facility ofNebraska Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1992 and 1991, and its revenues and costs for each of the three years in the period ended December 31,1992, on the basis of accounting described in Note IB. Coopers & Lybrand l i Omaha, Nebraska I March 5,1993 v 4 i 35 1 I .i
Statementa of Assets and lambditses Decemter 31,1992 and 1991 Prepared Pursuant to Reaumsnents of the Nuclear racihty Revenue Bond Reso!ution 1992 1P91 CThousands) ASSEIS Utility Plant, at Cost $ 665,718 $ 651,231 less-Reserve for depreciation (Note 1) 192,357 181,632 Amounts funded from revenue (Note 1) 258.364 245.392 $ 214.997 $ 224.207 Nuclear Fuel-Net of Ar.2ortization (Note 1) $ 91,024 $ 79.755 Cash and Investments (Note 1): Debt service fund $ 2,333 Debt reserve account 19,659 28,342 Reserve and contingency fund 25,16B 12,751 Additions and improvements account 12.110 11.414 General reserve fund 1.380 Construction fund 7,067 6,240 Fuel reserve acmunt 38.002 45,146 Operating fund 12,173 10,180 Revenue fund 266 1,263 Decommissioning fund (Note 4) 14.438 9.278 $ 132.596 $ 126.614 Accounts Receivable $ 22.394 $ 25.682 Interest Receivable 1.217 1,610 Deferred Charges and Other Assets $ 20.696 1.403 External Decommissioning Fund (Note 4) $ 20211 $ 14.366 $ 503.235 $ 473.637 LIABILITIES Revenue Bonds: Serial Bonds-2.8045.70%, due 1993 to 2003 $ 176,920 6.0048.809, due 1992 to 1995 15,375 7.375%9209, due 1996 to 2003 26,600 Term Bonds, with annual sinking fund requirements-5.10%, due 1992 to 2002 115,380 124,070 6.30%, due 1993 to 2003 68,430 6.60%, due 1992 to 2003 67.200 $ 292.300 $ 301.675 Operating Reserves (Note 1) $ 157.272 $ 142.943 Accounts Payable and Other Accrued Liabilities (Note 11 $ 13.352 $ 14.653 Erternal Decommissioning Fund (Note 4) $ 20,311 $ 14.366 DOE Facilities Decommissioning Assessment (Note 8) $ 20.000 $ 503.235 $ 473.637 - The attempanying rwtes to (snancsal statements are an nr.tryml pa-t of thcar statemersts 36
Statements of Revenues and Crets for each of the Three Years in the Period Endad December 31,1992. Prepared Pursuant to ) Reauirements of the Nuclear Tacihtv Reveriue Bond Resolution 1992 1991 1990 i (Thousandal t Revenues (Notes 1 and 2): i Sales-I Electric Syst.em $ B5,095 $ 76,826 $ 77,422 Midwest Power Systems Inc. 85,090 76,822 77,404 Investrnent and other income 14.870 20.041 20.401 Total revenues $ 185.055 $ 173.689 $ 175.227 l l Costs (Note 11: Operating expenses-l Production-Fuel $ 32,161 $ 26,318 $ 29,069 i Operation and maintenance (Note 10) 68,962 65,470 64,244 l' Provisions for operating reserves 40,878 33,209 35,607 General and administrative 12.731 12.416 10.044 $ 154,732 $ 137,413 $ 138,964 Debt service-Principal (Note 1) 11,708 16,910 15,980 i Interest 18.615 19,366 20.283 Total costs $ 185.055 $ 173.689 $ 175.227 The ommpanying notes to (snancial statements are on integml part of these statements. l I Notes to Tmancial Statements (i) Amortua6on of the debt principalis meluded as a cost in the accompanying Statements of Revennen and Costa as %1: j 1.
SUMMARY
OF SIGNIFICGT ACCOLNTING M)LICIES. service-Principal? l Depreeaation is not recorded as a cost. Ilad the Distnet A. Organization-- provided straight-line deprecia6an over a 34 year hie rather than l' The Distnct has three separate divisions for accountmg purpuses meludmg amortization of debt prmeipal over the same period, as follows: meta would have increased $1.7 milhon in 1992, decreased $3.4 million in 1991, and decreased $2.7 milhon in 1993. Dectne System Accumulated depreciation through December 31,1992, would Power Supply System have increased costa approximately $39 9 million. The reserve for j Nuclear Facility depmciation shown on the Statements of Assets and liabilines I w as provided by recording strnounta equal to wpayment of debt. l As mquired by Bond Resolutions, separate meords are maintained Upon retirement of property subject to deprecistaan, the cost of l for each division. The Nuclear Facility financial statementa exclude property is removed from plant accounts sal charged to the I - the Dectne System and Power Supply System, for which financial weerve for depreciation, along with the removal costa, net of statements are presented separately herein. The Nuclear Facihty sah nge. prende capital for renewals and financial statements should be read in comunciion with such other (ii) Bilhngs fmancial statements. replacements of proper.y, capital additions, and nuclear fuel are included in the accompanying statements as *Operaung Reserves
- B. Basw af Accountmg--
and *Pnwisions for operating reserves? Under generally accepted Revenues are recognized and billed at an amount equal to costs anunnng principle, capital additions and pmvisions for. as defined by the Nuclear Facihty Revenue Bond Resoludon (Nuclear renewals and replacemente are not expenses but (exclusive of Resolution) which include operstmgexpenses icxcluding depreciationi, mir,or items of property) are charged to utihty plant. Provisions and debt service on the revenue bonds, less investment income. for workmg capital for nuclear fuel are not expenses under Revenues are computed and billed so that no equity is accumulated in generally accepted accountmg principles until the fuel is used. the Nuclear Facility. Renewals and replatements of property and capital additions Revenues and cuts ne defined by the Nuclear Resolution differ in funded from revenues are fully reserved. the following respects from generally accepted accounting pnneiples: (iin Internt income on construction fund investments is credited to utility plant _ Under generally accepted accounnng principles, such income would have increased revenues i 1 37 l..
$0 3 imlhun in 1992, $0 6 mdhon m 1991, and $0 7 enillmn m amounta to be paid mte 6e Debt berve Aocnunt and Reserve and IWO Gmtmgency Fund, and all other charge or 1-rm paya:Je out of ou As part of a 1989 settlement agreement with Gerwral revenuce of the Nudcar Fanhty The debt serve paymen s of the Electric Company ECD, the Distret will rewwe dacounts on Nudear Fanhty Revenue Bonds are $30 6 milhon in 1993 and future purchance d certam equipment and serves for Cooper $35 I milhon per year for the years 1W4 through 1997 and prmcipal Nuelear Statmn and will recene credits and demunta under an payments, as a comparent of debt wrvice paymenta, are $161 mdhon, amendment to the fuel fabncatmn contract he Datt et 321 f mdhon $22 4 milhon. $23 4 milhon, and $24 5 milium far each amortised over a twoyear permd endmg m IWI, the entire of the years 1993 thmugh 1997, twpectnely. amount of the benefits allocated to operatmnn Under generaHy acwpted acmuntmg prmapien. auch tenefits would te reengrused 3 POWER SALES CONTRACTS when rnerved which in the came of the settlement would te over the next 18 years. hm ddTercrx, reeutta in an mcrease m Under terrre of a pwer sales contract with Midweet Power revenues durmg the twwyear amortizaten permd and mereawd Systems Inc. tMidwest Power) formerly known as town Power. Inc, cuts thereafter. he agreement etipulaten that the dollar value the Datnet makes available one-half of the productmn of the Ocwgier of the octdement should not te dmclosed. Nuclear Station to Midwest Power with the balance available to the Dwtnet) Liectre System. Midwest Power and t e Detret's Electne C Lctear hd-System each pay a pvpurtionate share of the nuclear iuel creta tbased Nuclear fuel m the reactor a lems amortised on the bans of on energy actuaHy delnvred) plus ote-half d all other cwta of the energy produced as a percentage of total energy expectal to te fanhty produm! he Dattut has clno agreed to make available, through sta Tbc Datnet has entered into contracts for varmun nuclear fuel Electnc System.12.5% of the output of the Cager Nudcar Stauon to comparwnts for fuel loadmgo as follows the City of Lmcoln, Nebraska Year hrough 4 PIANT DECOMMISSIONING CMIS Nudear Fuel Whrh Requirements Ce pnent %tobm te P mded Pursuant to regulauons promulgatad by the Nudear Regulatory Commmaton tNRCh the Detrict estabbahed in July 19M. an external Uranium Concentrates Varmus 1997 te.timatede truet fand segregated from the Dmtret s asects in whrh amounts Comvreion Albed - Egr.a! IWS mecumulated to pay the decommianonmg amte of Corner Nuclear Ennchment LLS Dept of Station are to te depoted The NRC prucrdel minimum amour.: to Energv 2014 le accumulated by the Distnet m said fund fur decommanonmg c<mta. Tabncaten Gerwral Electne m 1972 doliers,is approximately $119 6 milhon. his amount d<n, not Ce 2M17 nralude the cuet of remmal and dispumal of spent fuel or of rmnradmaet ve structures and matenals inyond that necmary to Fece for dapmal of fuel m the rwartor are bemg pronded as part termmate the Distret a operstmg hcense For purprmedaccumulatmg of the fue! cost and coHected through revenues of the Nuclear Faciht3 arnounts for complete dmmentlenwnt and ute restoration of Cooper Nuclear Statmn, the Distret a estimmung the total decommmuonmg D Cu.h auflumrment*- unta. in 1988 doSars, to he approumately $316 milhon Funds eormist of $127 7 milhon of metnwnt ecuritmo and la is expected that the costs of decommmmmmng will te funded $ 4 9 m:! bon of cash deponita at Di cemter 31.1W2. and 1123 7 milhon from revenuca, wrtain rnen, funds ntablm6! under the Nuclear of mvestment sm urstes and 12 9 nuthon of canh depoita at bolutwn, and surplus fanda derned from the owtetship and Dacember 31,1W1 The carrymg value of mvestment securate oversten of the Naclear Fac hty. The Distnet antiegets auf!icent appreumates rnarket funds will te avadabic in accordanw with the NRC decommiensomng Cash depeita, pnmanly mterest hearing. at December 3L IW2. rules te decommanon Cooper Nuclear Station at the end of its imeful and throughout much of the year, were ewered by federal depetory hfe The Dietrut miends to perux!raHy revww the ante and methods maurare or unregatered U S Government and mumcipal pcunt en of f andmg as a result of changmg amdatwns and requirements for - held by varmus dep=1torm Investments at Dacember 3L 19p2 were decommissioning he next revww m scheduled to te performed in in unregatered U S Government weuntwa and Federal Agency 1W3 othgatwns held in the Datrict s nanw by the custod =1 Lanks 5 CAPITAL ADDITIONS %c Debt berve Account m the Debt krnce Fund and the berve Acmunt in the berve and Contmgency Fund are valued %e Nudur f acihty amstructmn plan mdudes authonamtmn for semi-annual!y at January 1 and July 1 at the lower of cost or market
- timated capenditurw of $16 8 milhon for IW3 %ese expnditures m acmrdance with requiretrents of the Nudear ' esWution. Cams or will le binad to participanta as *Provismns for operstmg reserven* on R
losses on valuatwns are mduded m investment inenme ne the hans of estimatal cash ihm requpemer.tm. accurit ce m the remammg funds aro valuad at the lower of crat or 6. CONTINCENCIES prmnpal amount m armrdance with requirementa of the Nudear bWution. Under the prwinuns of the Federal Pnce-Anderson Act, the Datnet and all oder hwnsed nuclear pwer plant operators could E MCNNN cach be amacard for clante m anmunta up in $66 2 milhem per umt The Datnet a requaed under the Nuclear boluten to charge omd in t w event of any nuclear incident irwohmg any beenaed rates for electre pwer s.nd enngy from the Nudcar Fanhty no that fanhty m the natmn. with a maximum of 310 0 rnilhan per year pr revenues will he at lemet sufficient to pay agerstmg exynm. mndent pr umt owned Edwest Power would le hable to the aggrepte debt eertim on the Nucitar facihty bvnue Ikmds. Darnet for one half of euch auenment under the Power Salen 30
~. _~. _ - - 1 5 5' Contract ib satafy the ot.Lgation, the Datnet has obtamed a disphal capneny after June 30,1994 in addrtion. either party has $5 0 milhon hne of credit and Midwest Power hu demonstrated its the nght to terminate this agnement far any reason upon 60 days fir 2 annal integnty and re ponsibihty br $5 0 nulhon. notice. As part of the 1989 settlement agreement between General The Datrict has entered into en agreement with Chem-Nuclear i Eiertnc Company 4GE i and the Datnet. General Electne has agreed Systems, Inc., the operator of the Barnwell facility, for disposal of to ste s at us facility at Morns. Ilhnois. the 1,056 spent nuclear fuel low-level radioactive waste danng this Emonth penad. The anembbes from the fint two core loadmp at no cost to the Datrict Distneti estimated volume of12.000 eubic feet oflow-level radmactive 4 until May 2002. which ie the expiratmn of the current liwnse for the waste requirn the Datrict to make six quarterly payments of ] CE facihty After that date, storage wdl be at no cost to the Datnet $440.000 each m addition to dmpsal payments to the facility 1 ao long as GE can mamtam without certain additmnal costa the NRC cperator Total deposal costs are estimated to averap approximately heense for the facihty. If after May. 2002. storap of the 5300 pr cube foot Pursuant to the terms of the Southeast Compact i 1.056 bund;es results in certain additional cats to GE then the Waste Import Pohey which is incorporated into the Deinct4 dwposai Datnet shall be twponsible for such costa. Such costa would be agreement with Chem-Nuclear Systems Inc.. the Distnet has agreed I col;ected through revenues of the Nuclear Facihty as part of fuel esta to contmue paymg the quarterly metallmenta for the access fee unless { W the kutheast Compact terminates access to the Central Interstate - l 7 LOW-LEVEL RADIOACTDT WASTE DISPOSAL: Compact or the State of Nebraska. nO the Barnwell facihty closes permanently. (hin the Central Intentate Compact terminstes sta j The Iew-Level Radioactive Waste Pohey Amendments Act of 1%5 access agreement with the kutheast Compact because the Central l j .the *1965 Acts reqmres each state to be responsible for providmg for Interstate Compact e own daposal facahty becomes operational or I the availabihty of capacity for the disposal of low-level radioactive url the kutheut Cornpact grants the Dietnet an exemption under u astes pnerated withm its borden except for certain defense related the kutheast Compact e Waste Import Pohey I radmactive wastes Among other thmp, the 1985 Act authorires and Current on-site storap capacity should provide storage for l encourspo states to enter mto mterstate compacta, subject to approximately sia months of waste generated durmg typical j Cong essional consent, to provide for the establishment and operation non-outage conditmns. The District has constructed an earthen pad } of regmnal da; mal facibties for low level radioactive waste pnerated and is completmg design work for a new on4ite temporary storege l mthin the staws entering into a compact. facihty which could be completed within approximately six months of Pursuant w the 1%5 Act, Nebraska he entered mte the Central receiving notification, should access to the Barnwell facthty be l Interstate Low-Level Radioacuve Waste Compact <the
- Central terminated before June 30,1994 j
Interstate Compact ) with the states of Arkansas, Kansas. Loumana, On December A.1992, an "unofLnal" poll was conducted by the l arid Oklahoma The Centrat Interstate Compact has been approved local Momtonng Committee in Boyd County purportedly for the j i by each of said states and by Congren pur;wse of determinmg whether there is county wide commumty l The District to a party to an agreement to provide partial fundmg consent for the facihty. Approximately 93 percent of the voten which l far the prehcensing costa of a pre;med dispsal facihty up to were cast were against construction of the faelity. In a letter dated I 547 4 milhon-Under a cost shanng formu!a agreed to by the December 23,1992, Nebraska Governor Ben Nelson advised the l owners operators of nuclear plante withm the Central Interstate Central Interstate Compact, that based upon the resulta of the Compact CMajor GeneratoreS. the Detnet's share of such coeta is December 1992 Boyd County poll, Boyd County should be withdrawn 16 51L Tundmg arrangements for prehwnsmg after the from considerstmn and that if the Central Interstate Compact did not I $47 4 nulhon is expended. estimated to be mid 19937 and for do so by January 8,1993, he requested the Nebruka Attorney l ccmstrucuen have not been deternuned A Major Generator can General to *take this matter to court to determine if there are legal i termmate at any time sie fundmg obhgation by providmg 99 days avenues that allow the state to prevent the aitmg of the facihty m i wntten notice to the Central Interstaw Compact-Boyd County? The Central Interstate Compact has stated that it i l Numerous obstacles have armen regardmg the prop *cd fanhty, believes there is no baeis for daquahfymg the site. On January 13, includmg, amor.g other thmp challenges to the constitutwnabty of 1993, a lawsuit was filed m U S Distna Court for the Datnet of r the 1965 Act. local lepslatne oppositwn to the site, notiw of intent to Nebraska by the State of Nebruka The CentralInterstate Compact deny the beense appheation for the pro;med fanhty try the Nebran km and UA Ecologv are the defendante. The complaint requesta, among 0 Department of Environmental Quabty and a lawsuit filed by the State other thmp, a findmg that the defendants have failed to demonstrate a of Nebruka that mmmunity consent ensta and requesta a permanent igiunctmn r ,t Under the 19f>5 Act. the three enstmg low-level radioactwe waste on heensing, constructwn, and operation of the proposed facility, until ) dispsal sites can deny acwss to certain generators meludmg the such time as commumty consent is demonstrated On January 22, j j Distnet effecuve January 1,1993. however two of the three faciht es, 1993, the NDEQ and the Nebraska Department of Health jointly - j Bart:well, South Carchna and Rrhiand, Washmgton will continue to issued a public nouw of mient to deny U.S. Ecologie hwnse j operate as the disposal facihties for certam other regmnal compacts. appbcation for the fanhty allegedly due to evidence of floodmg, The South Carohna lepsisture has authorized the Barnwell fn quent pundmg and wetlands at the proposed site. A pubhc fact { i facihty to accept non. Southeast Compart waste for up to an additional findmg beanng wu held on March 17, 1993. to receive pubbe f 16 months However, access a contingent upon deve!ormient of new testimony on the proprised beense denial-The NDEQ and the waste dmpnal facihues m North Carohna and certain hmitatens Nebraska Department of Health have stated that they will issue a k impsed by South Carchna on North Caeohna facihty siting activities. densmn afwr ccmsidermg the pubhc testimony On February 24. i The CentralInterstate Compact has erstered into an agreement with 1%3, the Southeast Compact s import puhry committee met and heard l the Southeast Compact allowmg access to all encrators in the testimony from the Centrallnterstate Compact, the State of Nebruka Central Interetate Compact through June 30,1994 Access to the and the Mejor Generators regarding development of a new dispmal Barnwell facihty can be termmated pnor to June 30,1%4. if the facihty in the Central Interstate Compact. The chairman of the CentralInterstate Compact fails to make progress toward providmg committee stated that all generators 'm the Central Interstate 1 39 a i ,n
m. .. ~ _ Compact are injeopardy of koing access to the Barnwell facility he I ammittee wal make a recommendation to the ez%re Southeast Compact regardire continued acess for the Central Interstate Compact an6er the State of Nebraska ne rest regularly acheduled j mecung of the Southeass Compact is on April 14,1993, but a special l meeung could be ea!1ed earlier. The District is unable at this time to predict what e%ct the ~ i lawsuits or the notice ofintent to deny could have on construction and operation d the Central interstate Compact facihty or contmuing acess to the Barnwell facibty, but such construct 4an and operation as well as the operation of Cooper Nuclear Station and continuing ac&es 4 to the Barnwell facihty could te adversely abeted. f 8. DEPARTMENT OF ENERGY FACILITIES ASSESSMENT: Under the pronssons of the National Energy Pohey Art adopted f in 1992, the District is subject to assessments estimated to be f $133 million per year (to be ad;usted for inflation) for a penod up to f i 15 years for the purpose of paying the costa of decontaminating and decommissionmg Depanment d Energe CDOE*) operated uranium i i ennchment facihties. Such assessnwnta are expected to commence in i 1993 he present value for such annual assessments for the f ] maximum period of 15 years is approximately (20.0 million. Le ? Distnet has recorded on the Nuclear Facihty fmancial statements as of December 31,1992, the present value of such annual assessmenta 17 remrdmg a liabihty and a matching deferred charge of 1 r apprurimately $20.0 milbon. i 9 FAIR VALUE OF FINANCIAL INSTRUMENTS. 1-he following methods and assumptions were used to estimate the fair value of each class of financial inst uments for which st is f practicable to esumate that value at December 31,1992: Cash and Investments: The carrying value of im estment secuntees appmmimates fair value as described in Note ID. l l Debt: Rates currently available to the D stnet for its debt are used I to cetimate the fair value of existeg debt. he fair value is estunated to be 129L5 mdlion. i
- 10. LONG-TERM DEBT On October 8,1992, the District issued $176 9 milhon in Nuclear Facility Revenue Bonds,1992 Senes, to refund the outstandmg
- I Nuclear Facility Bonds,1970 Series,1974 Series,1975 Series, and f 9 1983 Serms. he refanding cost of $4.6 milhon, which includes original issue discount < $03 million), underwriters fece (31.2 million1,issuancecosts t$0.3 milhon) and call premium ($2 4 million) has been presented in the Statements of Revenues and Costs under "Operatmg Expenses. [ Operauon and mamtenance
- If this transaction had been recorded l
under generaEy accepted accountmg pnnerples, the current year A charge would have been $5 6 million- + { n f 40 [ t ~
r P-Nebraska Public ? Power a District General Of fice. 141415th Street PO. Box 499, Columtnn. NE 6hM12 Nebinska !*ublic hvwes Datnet a un ryual opputuruty employ cr.}}