ML20036C060
| ML20036C060 | |
| Person / Time | |
|---|---|
| Site: | Rancho Seco |
| Issue date: | 12/31/1992 |
| From: | Scott Freeman SACRAMENTO MUNICIPAL UTILITY DISTRICT |
| To: | |
| References | |
| NUDOCS 9306100271 | |
| Download: ML20036C060 (23) | |
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i GeneralManager's Message l
l l
lhM was another year of solid performance enouch money to.unaw a rate stabdi:ation fund of l
at Sh1UD. We JiJ well at our basic job of holJmn H9 million that will help us control rates into the I
the ime on rates, proviJmn reliable service, and future. Two bond rating agencies, StanJard &
[
assunne an aJequate supply of electricity in the Poor's and Fitch, increased ShiUD's bond rating to future at reasonable prices and with minimum BBB+ and A, respectively, while AiooJy's main-1 impact on the environment.
tained its previous upgraJe to yp.mmm 43 W4 A from fall 1991.
\\\\,e started work on state-of-
,,y the-art cogeneration plants in
[,,
y,~,]
At the beginning of 1992, I s,
1 Sacramento, maJe progress P..
d challenecJ SN1UD employees i
%'d :
b M
j on aJvanced and renewaHe (i
to meet all of our goals and to pow er resources, advanced p f?p J
come m under our operating one of the nation's most for.
[
and maintenance buJget. In y
i warJ.thinkine electric vehicle 4 d
typical fashion, our employees rose to the challenge, accom-procrams, anJ nuplementeJ i
'p i
the mo3t intensive anJ effec-plishing the District's major tive conservation eIforts of NT "N
I any utihtv.
by 3.5 percent under the bud-get. We JiJ it by teamwork 1992 was, inJecd, a good year. It began with a and initiative. As an example, an idea program Jroueht, a recession, anJ a milJ wmter. But as the rapped the creativity of employees, who produced year unfolJcJ. things improveJ. AnJ hiother Nature 156 cost-sarma ideas that will save our rarepaiers helped out with late-semon rams that have curtailed hundreds of thousands of Jollars.
Cahfomia's six-3 ear droneht. That is emi news for Guiding our efforts for the year, the Board of our hydroelectiic plants on the Upper American Director' provideJ clear policy direction and River - Sh1UD's largest source of hometrown power.
oversieht. \\\\,ithout their support none of the 4
Even better news was that Sh1UD has not raiscJ accomplishments Jetailed in this report would i
rates in three years, and we have been able to save have been possible.
18 0
a l
On the legislative (mnt we saw a lot of activity.
support of workforce diversity. Locally, the Sac-No longer will energy efficiency rebates be subject ramento Urban League bestowed upon ShiUD to federal taxes, thanks largely to the efforts of its hichest honor - the Whitney hl. Young Jr.
Congressmen Robert hiatsui and Vic Fa:io. They Award - for our achievement in hiring minorities also boosted legislanon that will bring $2.5 milhon throughout the workforce.
for a ShiUD-hicClellan Air Force Base electric The theme of this year's annual report is " Working vehicle project and another 57 milhon for the for bacramento.,, T. hat means doing more than construction of a joint ShiUD Regional Transit just coming to work each day. It means recogni:-
electric trolley system. And the Governor signed inn that dhiUD is a community-owned asset and into law a bill that increases the ShtUD Board to that we work hard for our customers - all 46S,000 seven member 3 beginning in 1994 of them. They have a richt to world-class service For our efforts on the year, ShiUD received much at fair and equitable Prices. Throughout this recoenition. ShtUD won the 1992 American report you will meet some of our customers and Public Power Aswiationi E.F. Scattergood Award, read about their experiences. They - and their APPA's highest honor. The award acknowledges neighbors, friend, and fellow Sacramentans - are sustained achievement and customer wrvice by a the reason ShiUD exists, and serving them is our pubhcly owned utility. The Cahfornia hiunicipal purpose for coming to work each day.
Utilities Association honored ShiUD with its As we put 1992 m the books and move aheaJ into 1992 Resource Conservation Award, recogni:ing 1993, serving our customers will continue to be Job the Di<trict's shade tree and refricerator recycling One at ShiUD.
programs. Aho recoeni:ine ShiUD's shade tree procram were the National Arbor Day Founda-tion, whu h awarded us with a Project Award, anJ W
W Renew America, which gave us a,,special hierit,
award. The National Utility Alliance honored us S. David Freeman with their Leadership Award for the District's General hianager a
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I[o[ ling Ne lic As a result of this perfonnance, the rating agencies have improved SMUD's bond ratings. The higher The e,ecinc bill. Its monthl mrival in the mail-s 3
bonJ ratings enable SMUD to borrow money at box is never cause for celebration. But in 1902 lower interest rates, which will save SMUD cus-SMUD continued to make the monthly bdl less tomers millions of dollars.
painful for customers by holding the line on rates anJ offering a number of energy saving options.
CONSERVATION POWER The year's number one goal was to control electric Holdmg the line on rates is one way to control rates. When the year ended, SMUD Jid not raise electric bills for customers. Another way is to help rates and, in fact, actually low-customers use energy more
.mm-
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creJ rates for some customers.
r cfficiently, without sacrificing.
7 And SMUD was positioned
{ gMyp n[hpeesi ' '
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for no increases in 1993 as j;
Thc iJm n m W mone well. Not since January 1990 g.
7, ; -
control their bills...and enable fo behting the budget _ a have SMUD customers felt s
v, e '
the District to control peak the sting of a rate hike. As a U i feat they have adoinplishedlg Jemand for electricity. By
- 1 a ; - -
- e,
result, SMUD customers enjoy p ifor three co'nsecutive }l cars.
[
investing 6.5 percent of the rate 3 that are among the low' N1994 theDistrict cames buJget in energy efficiency-est in the state.
Mder its),
the highest percentage for any
'ic 7 utdity in the nation - SMUD The reason? SMUD employ-l ; opera' ting ciulinainteirance;
"^
can offset anticipated growth ces have JeJicated themselves L4
- budsyt,loppm..g off $15,e in the Sacramento area for the to beating the budget - a feat P,
.lh.
4 nu on ut exp~enses.
next ten years, t;iere;,y avoi3-they have accomplished for three consecutive years. For
[
j ing the need to build more
.a ma 1992 the District came in L5 new pouer plants to meet this percent undet its operating and maintenance gmwth. In all, SMUD has targeted 800 megawatts budget, loppmn off $15 mdlion in expenses.
of canacity savings by the year 2000.
- "" amer 1992 peak capacity reduction reached Net incorne for the year was $37.9 mdlion-money 81 megawatts - more than a third of the way to that goes to buildine SMUD,s equ.ity. The fixed the c.verall savings goal. SMUD has hit its targets charge ratio-a key m. Jicator of fn. cal heahh - was by deploying an array of programs to meet the 1.51. This means SMUD produceJ enough cash in needs of customers:
1992 to cover the payment of its debt service one
'" Peak Corps" Air ConJitioner Load Manacement and a half times over.
lets SMUD cycle customers' air conditioners during in addition, SMUD added a total of $31 million, selected summer Jan More than 84,000 residen-including $17 million from a settlement with tial customen participate in this load-reduction Sonoma County, to the rate stabili:ation fund, program, each saving up to $20 a month on their w hich grew to $49 million.
summer bills.
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e + Refrigerator recycling and rebaies have taken than state standards. BuilJers will receive incen-42,000 inefficient refrigerators out of service and tives to install advanced heating / cooling systems, provided customers with incentives to replace efficient lighting, added insulation, and other them with energeefficient umts. Sh1UD recycles energy-saving measures. the refrigerators by disposing of the Freon in an environmentally safe manner and scrapping the SM U.D,s hrext G,eneration usal,le metal and other parts. uce yean go Saaamento found itself energy short.
- Commercial Peak Corps and other programs for businesses have helped reduce peak load by up to The area's largest power plant - Rancho Seco -
73 megawatts. was closed by public vote. This power was replaced by contracts with outside utilities, but under the '3490 Inefficient electne heating systems were re-placed by more efficient heat pumps or natural tenns of these contracts, prices would begin rising -m Jramatically in 1995. gas umts. ... m m 2 That portended spiral- .hiaw than 900 inefficient i YHOW SMUDlS i992 RATES COMPAREDb d ling rate increases for electric water heaters 4 were replaced by efn...cient . ?h comparison of some Califo.: ~ - rrnia utdities c a ShiUD customers. ~ t fo>r residential bills at 700 kWh/mo h.- 1> ~~. 4 nt Energy efficiency and solar water heaters. t' L: -. m conservation are offset-A joint effort with the
- uTiury
- '
iWWTER N SUMMERf ting future growth in ~ Sacramento Tree Foun-dation has resulted in F MoDEsTo - 1$42.59x ?$5514y.:j enagy JananJ, but the ~ the P anting of 65,000 el:sMuni 3.. < $55L19 ? :56.41 power now being pur-l 1 chased would have to be o trees in the yards of , : RosEviLL2 :( 956.05: -f 59.86? 9 replaced. The countdown ShlUD customers. When
- 65.94
- r 65.94x
- LOS ANGELES 5
, ~ ma 1 to 1995 had begun. And they mature, these,, air ,( . _. u conditioners with leaves,, = 76.00 ; 174.511 the search for new power toot n can reduce home cooling
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_'8.5 48j sourco um undnuay. costs by as much as 40 After a competitive percent in the summer. '~ bidding process and an ShiUD revised its energy efficiency program so extensive public dialogue, ShiUD developed that in 1993 a stepped up door to Joor weather. perhaps the nation's most innovative plan for i:ation effort will improve the energy efficiency of developing new power resources. The plan is a local homes by improvmg insulation, plugging move away from a large central station plant, and leaks around ducts, windows and doors, and a move towards diversity. It features three major aJding energy-saving Jevices hke low-flow show- " blocks" of power, all due to come on line in the erheads and compact fluorescent light bulbs. next seven years. This diversity will help stabili:e Sh1UD is also working to m ike new homes and rates and avoid a reliance on a single plant or buildings at least 23 percent more energy efficient fuel source. E
t The first Nwk incluJes four natural gas cogeneration Procress was also made on the plants slated to plants, with the first scheduleJ to begin proJac-be buih at two of the areas larger employers - ing power in 1995. These locally sited plants will Campbell Soup and Procter & Gamble. Both create more than 200 permanent private sector plants are scheduled to come on line before the jobs, hundreds of construction jobs, and nearly $1 summer of 1997. million in annual tax revenues for Sacramento These four new plants will neeJ a reliable natural County from adpcent private development. The gas supply. And Sh1UD took a big step in this plants wdl help improve local Jirection when it made plans m air quality by replacing incti. i-for a Sh1UD-owned pipeline cient sicam,,oners antj using j; g4gg gy, jim 9 loop to connect the four rhe best available air emis-g;g9p;g, ,;;; c,g cogeneration plants with com-sions controls. Sh1UD has also i (. peting interstate pipelines. acquired cost-cifective air
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quality olisets. To further im-giv5tesectsrjanyn,Waircas' s ^nf= rmed h-" project is a >0-megawatt n i prove air quality, ShiUD. ~ cofconstruction... bs,. and1 is jo m t-' ~ wind farm in Solano County. seeking mobile,, off>et> bV o neady $1 inillion in aniniali working with bacramento Before any construction L tax revernies forSacramento? begins, ShiUD will conduct Regional Transit to estabbsh t a an electric trolley sprem and F Coniityfroin adjacent;; local hearings to review any .. ~. buses fueled by compressed PrivateilercloPinenk potential environmental prob-natural eas, u hich will replace lems. Preliminary plans for dieel buses. 1994 include construction of 17 wind turbines that will The first coceneration plant - the Carson Ice produce 5 megawatts of power. An additional pmject - is proceeding on schedule to begin oper-150 wind turbines are scheduled to come on line i ating m 1995. ShiUD has formed a joint Powers by 1996, generating enough energy for 17,000 Authority for imancing the plant. The District Sacramento homes. and the developer ided for a hcense with the Cahfornia Energy Commission anJ the hcensine A sc"'nd Nock of power will be purchased from the process continued on schedule. Pacific Nonhwest. The power will be generated by natural gas cogeneration in British Columbia and A bcense arplicanon was filed with the Energy become available in 1996. This Pacific Northwest Commission for the Sacramento Ethanol Project. supply will be able to proviJe 180 megawatts of This project wdl use natural gas to proJace elec-capacity in the summer and 130 megawatts the incity for ShiUD and the waste heat will be used i rest of the year. by an adjacent plant to fennent rice straw, which causes air pollution when burned in the field. The Renewable energy already makes up a good portion fermented nce straw will create ethanol, a deaner of ShiUD-generated power. Hydroelectric, geo-burnmg motor fuel. thermal and photovohaic power account for nearly l 1 l 1 8 \\ e e
I 45 peuent of SNiUlYs capacitv. In the coming ShlUD's EV loan proer.un has put several businesses Jecade renewaHes and aJvanced technologies will anJ orcani:ations behind the wheel of an electric P ay an even larger role, formmg SN1UD's durd car, van, shuttle, or truck. hiany have made plans l Nd of new power. ShtUD statT is pursuing a to purchase EVs. As an example, the Sacramento number of emergme technolocies, lookmg for hietro Airpon borrowed a ShiUD shuttle for a test those that will Jevelop into the most feasible, eco. Jrive anJ now plans to purchase one of their own. nomically and environmentally. During 1992 The Department of Defense is getting into the act SN1UD became a part of the Santa Clara Fuel Cell as ud Largely because of Sh1UD's EV expertise, 52.5 niiHion of feJeral money will help fund an Demonstratma Project, the Solar 11 Project, electric vehicle Project at hicClellan Air Force Phot o voltm c s for Utility Scale Applications, Base t t um rcach and Jmlop EV technology anJ the Cahforma Utdity Research Council's for use at Derartment of Defense installations l advanced cas turbme project. \\X,ork contmued throughout Califorma. wnh C. hfornia '. rate t.ruveruty, hramento anJ a the University of Cahforma. Davis to mos e ahead Passeneer vehicles are just one way SN1UD is elec-w nh solar thennal and homau technologies. trifyine Sacramento. hiass transit is another. i SMUD and Sacramento Regional Transit are O/0//ccrilh7 M bcalzer /0/770rroic plannine to construct an electric trolley system for central anJ south Sacramento. 57 million in SMUI) founJ a unique way to fuel its stable of federal funds will aid in the development of the Jemonstratmn electric vehicles, building the project. WestN tirst solar-powered .~ P V To help meet and exceeJ feJ-(hargine stattons for electric b;EM.. m.. 8 4 q,j .Jh( I eral laws mandating that two M 4'. velucles..The st atmn went ge w e,d percent of the cars sold in Cal-4 mto operanon in 199.,: and is pe% i5 ifornia be ":ero-emission" by pf '*. ".y *o tapab!c of "Illhng up" lb c}cC- - +N 1* "Q 1998, Sh1UD is working hard
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.m. b .i .n The solar.powereJ chargine .V jA ta manuf acturing inJustry for 44 t L, t Sacramento. Sh1UD hosted station is just another ex.un-4x....n T b' h.s 1.? D4 rle et how SMLD is leadme an EV forum in Octobcr where e.. representatives f rom Ford, the wa3 to a clean air tuture f L$ g M: General hioters, Chrysler, and b3 makine clean-running Q[hgg . g the latest EV Jevelopments. b European automakers shared electric vehicles a reality. store ihan m EV chargine outlets have been mstalled Throuchout the year potential throughout the Sacramento area, making it can-manufacturers visited the area, attracted by the fact rement for Jriers to recharge their vehicles when that Sacramento is emergme as one of the createst llicy aie at wolk or runnmg crianJs arounJ town. " pro-EV" cities in the nation. 9
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Sh1UD has enhsteJ the support of customers and HYDROELECTRIC OPERATIONS others as well. hiore than 3000 "EV Pioneers" The December storms brought good news for participated in ride-n-Jrives, attenJed forums. Sh1UD's hydroelectric reservoirs on the western and otherwise pushed the progress of electric slope of the Sierra Nevada. Rain and snow boosteJ t ransport anon. runoff amounts in AVERAGE CUSTOMER OUTAGE ; the Urper American l\\CCpilh] 771C L River Project, which 25"~ ~ ~ ~ had suffered six years ,1Q ll5 0 11 of drought. This pro- ~ INDUSTRY GOAL As the 3 car closed, 1.9s ject consists of S powerhouses with a December storm' use 1,5 - .357 u1 i.288 raticJ the state, with g. combined capacity 8j_ winJ and tbJ warn-Iz .9si of 660 megawatts - ines ronctuatme the enough to serve end to California's 55) 130f00 homes. With trolonced dry srell. storms continuing into 1993, the Dis-Yet Jespite the chal-e a lenges of bad ueath- ' 1987.
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- nw trict will have more er. ShiUD was able hydro capabdity from to maintam one ot its best 3 cars ever for "keepine this valuable resource than it has had since 1999.
the lichts on." Durme the 3 ear, the avemce cus-Availabdity of relatively inexpensive hydroelec-tomer experienced less thar>,ne hour of.nter-tricity will help ShiUD meet the summer peak ruptcJ service. Nanonally, unhnes strive to henit Jemand in 1993, providing another resource in service interrupnons to no more than two hours the fight against rate increases. per customer per 3 car. GEOTHERMAL The ctcJit for this sottess goes to the trouble-shooters, lme crews and the staff of the Energy Our m the hills of Sonoma County 75 miles west of l Saaarnento, heat from the earth's core continues to hianacement Center, who worked hard all year to keep power flowing to customers. Lending an unportant hanJ were the maintenance and tree Sh1UDGEO, one of ShiUD's best success stories for crew.s, who took the Preventive measures that nearly ten years, performed steadily acain in 1992. eliminateJ potential outaces. Despite a seven-week outace, Sh1UDGEO had an availabihty factor of 87.1 percent for the year. Over in the enercy control side of operations, sy-tem operators in the Energy hianagement Center The ColJwater Creek ecothermal lant, a joint P manaccJ to rcJuce power purchase costs by 59.9 venture by ShiUD, the hiodesto irrication Dis-mdhon from budget estunates, retlectme the even-trict, anJ the City of Santa Clara, diJ not fare as enceJ buyine capabdity of Enerev Operations' Staff. well as ShiUDGEO. ColJuater Creek comrrises u
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e a w two 65-megawatt units; however, steam quality increase of 50,000 from 1991. Another 205,000 problems have hunted capacity to 60 megawatts. customer transactions were handled by terresenta-SMUD and its partners assumed steam field tives at the Foothill and Headquarters Customer operanons in 1992, a step towards improving the Services Centers. supphes.15y year end. steam quality haJ improved in addition to answering customers' questions markedly, Promising beuer performance for the about their bills, customer reps were busy signing coming 3 ear. up people for a variety of spe-CUSTOMER SERVICES REACHED OVER' cial progranw By year end, PHOTOVOLTAICS 1 MILLION CUSTOMERS IN 1992 22,300 customers were en-Outside the shadows of the cloked Ranclui Sect > Nuclear rolled in the 13udeet 13illing f. gy 3.Wh Mbe customers Plant hes the nation's larcest to pay a pre-set amount on unhtv owned rhotovoltak their electric bill each month. power plant. Covering 20 j
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.. osa aacs, PV 1 & 2 cenciate Energy Assistance Program two megawatts of elettricity Rate and the Life Surport by comerting sunlight into (. Rate offered rate assistance Jirect current power. The [ to customers with special I plant has been quietly surrlP needs. For the first time, the mg power for Sacramento F Energy Assistance Program smce 1983 anj today it een-Rate - a discount for low crates enouch electricity t" income customers - was serve IOC lyplCal !)olnes. a((ered to non-profit agenCle5 i W that house the homeless. 4 RANCHO SECO The Nuclear Regulator 3 Commission amended SMClYs opelatif1U bcLnse, granting A bOue"in d IC H Onk" status. This nulestone on the way toward' SMUD is more than an electric service, it's part of full decommi-ioning u di sas e ratepayers thousand' the community. As such, the utihty hm an oblium of dolfars. Sin knCs a1so Came IO@ d CODE c"C't Don to paUiCipale in cUmmUInII Af diIh. IO makc cifon to reuse equirment formedy used at Rancho e a bm ce to hve and work. a S Seco. In all, H.8 milhon in awets were either solJ or put to use at otber bNb WObiIcN inn in local chambers oi commerce, speaking to CUSTOME R SERVtCES loal orpnimtio% volunfecting for bical causes, It was another busy scar for the men and women and assisting at L> cal schook keeps SMUD attuned w ho serve customers. Curromer Services' represen-to commumty concerns. That makes for a utility tatives handled 930,000 phone calls in 1992, an that can better serve the needs of its customers. rJ
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For the second year, Education Services conduct-employees during 1992. A signup initiated at year ed its Total School Energy hianacement Program, a end resulted in a volunteer pool of nearly 150 curriculum designed to teach elementary school employees eager to mobili:e for worthwhile causes. children about energy use and encourage students, To reach all sectors of the community, ShiUD parents, and faculty to develop an energy con-Board hiembers and employees participated in servation ethic. In all, more than 11,500 stuJents local chambers of commerce and delivered speeches benefitted from this comprehensive program. for Sh1UD's Speakers' Bureau. At workshops Education Services also joined f.orces with the throughout the year Sh1UD informed small, Transmission and Distribution and Energy Opera-woman-and minority-owned businesses about con-tions Jepanments to teach children and adults traaine prortunities. This gave more businesses about electric safety. By visiting schools, safety fairs, and other events, staff reached more than than ever before the opportunity to work with 10,000 customers, reminding them to use elec, Sh1UD. Broadening Sh1UD's baw of suppliers and c ntr a rs helps the triciti safely. m mn~wnw'gw:g mwen ~up q District maintain the s s UD'sba,seof}upph. v]N l. Employees also worked
- 3
,g highest standards for h roadenhg,.... ers with tomorrow's leaders in other wap As part of h [and(parlors helps thel competitive, and spread TmaihtShithEhlghsshtand$dsfoh[j its " adoption" of Luther business throughout the Ct$idspffbW'hdk community. Burbank High School, ShlUD held two career g gg, Q g[ j days in which more than p,;com.mumtyt ,v i of the community is w ,e c 300 students learned y y~ ~ a v preserrmg community about careers and life t.' % m-- amga, % mmam assets. That,s exactly-on the job." Through what happened when Sh1UD stepped in to take the Burbank-ShiUD partnership more than 30 ove <peration of Rancho Seco Park, which was employees have volunteered as tutors, mentors, threatened by closure due to Sacramento County's and teacher assistants. Another group of employ. budget crunch. By assuming the operations, ecs volunteered their time o as<ist at Arcohe ShiUD preserved the park's fishing, windsurfing, School in Herald. picnicking, and other activities for all to enjoy. This spirit of volunteerism extends to other area 4 And with a study commissioned last year, it's as well. Dozens of local organi ations and charities possible that an IS-hole golf course might be built - from Junior Achievement and the United Negro near the park, adJing to the area's recreational College Fund to the Lung Association anJ Loaves opportunities. Results of the study will be avail-and Fishes - benefitted from the efforts of ShiUD able in 1993. n
f UC-NQY Summary (unaudncd) o 1992 ANNUAL REPORT OPERATING STATISTICS 1992 1991 1990 1989 1988* Customers at Year-End 468,671 463,562 456,509 441,212 426,336 KTH Sales (thouanda Sales to Customer > - ResiJ.:ntial 3,620.303 3.626;077 3,550,464 3.367,350 3,546,445 Commercial,lndustrial & Other 4,850,899 4.795,364 4,714.135 4.582,957 4,564 693 Suhotal 8,471,202 8.421,441 8.264,599 7,950,307 6.111,135 Sales of Surplus Pouer/Enern RmL Dtpam 468,659 705.897 11.320 210.012 ' 356,028 Ltal 6.939,561 9.127.335 8.275.919 5.160.310 5,497,166 Rn :nues hhousanJmiJo! bra Sales to Custerners - Reudential $ 296,640 5 296,741 5 291,218 5 269,908 $ 255,363 Commeraal,lndustnal & Other 366,196 366.070 358.44s 313.053 268.126 Suhoral 662,836 662,SI! 649.666 581,961 573,4S9 SAs of Surrio, Pouer 321 3,780 7.991 Tital 5 662,836H $662dllu ! 649.937 5 5s5,741 5 581,4S0 Averace KWH Sales p r Knidennal Customer 8,742 5,563 S,893 S.730 S,952" As crage Rn enue per ResJential KTH Sou kenn) 8.19 5 15 8.20 7.99 S.05 Poact Suprh (thomanJs oiKTHh HyJrot io ric Si2,236 962,794 1.052,757 1,203,394 775,116 Nuclear uentranon 1,439,327 2.512,065 Geothenna! 479,762 513,015 621,113 57s,1S7 615.676 Photowltaic 2,505 3.200 1,915 1,6e9 1,453 Gas Turhnt 7,177 5,251 5.165 2,954 3,855 Punhases 8,228,215 7,967,657 7.141.595 5,340,629 4,305.04s Fystem Peak Demand - I hour tKW) 2,103,000 2.166.000 2,194.000 1,998,000 2,106,000 Equalent Full-Time Emrloyee, at Year-EnJ 2,349 2.362 2,125 2,32 4 2,816 FIN ANCIAL STATISTICS (thauunJs of doibnt Operatine Revenues S 648,170 5 644.393 i 649 s57 5 553.741 5 5S1,4S0 Ort ranne Evnso: Pun hascJ anJ Ints nhangcJ Pou er 292,963 297,541 327,391 199,942 153,814 Operation and %ntenante 120,819 126 ? 01 122,482 155,033 270,732 Lkrrecianun anJ Ammuunon 72,90m 6S.2611 64.55W 61,9451 59,545 lk immissiomng 15,422 15,557 14.01) I T,005 12,255 TotaKkratme Evnses 502.113 503.N0 525.443 4 s0,523 496.346 Operanne lnceme 146,057 136,103 121,544 104.915 65.134 Other incorac 33,879 3s.5H9m 45.9 U 36,119 31,575 income IWore Interest Charecs 179,936 174,692 167,476 141.037 115,709 Inntest Clarees 142.035 143.613 145,300 131,136 113.208 inmme IWore AbanJonment I + 37,901 31,079 22,0'sh 9801 5,501 Net tw on Abandonment of Nuclear PLnt (544.430) Net inwme (Im) 5 37,901 5 31,0 '9 5 22.086 5 (574.529) 5 5.501 iunJ+ AvaibMe for Revenue Nnd Deh Senice S 268,645 5 263,339 $ 253,775 5 246,576 5 205.1IS Rnenue Ibnd IMt Senice 5 152.646 $ 144.022 5 137,300 5 127.131 5 120.S73 Rcvenue Ibnd Iut Scroce Ceterace Rano 1,76 133 1.55 1.94 1.70 Ltal AllibnJ,RermJ $ 26,490 19,55? 5 15,713 5 12.644 5' 12,403 Electric Unht3 Plant -Ntt $ 1.224,323 5 1,155.342 5 1,116.404 5 1,054,516 $ 1,965,6S4 Capitahurion: LoneTerm lut $ 1,891,436 5 1,740,645 5 1,599,533 $ 1,517,379 ,i 1,531,990 Customerc Equny 5 187.787 5 149.536 5 115.607 i 96,721 5 671,250 m%%a e-mm %%s.wau,nm os w.=,, mums,W = a wJ u r "be W me war M d et amutAM A WJW eme H him ir & Mnuh 4 enene i e A iwr NM.n e bd 1D4 7 tmih.. m 1*C aul N r 4 ou m IWD j w lmkh s med M,r ab n %naw Anw d b'E m&m le 1 -4
Financial Statements l i SACRAMENTO M U NICIP AL U TILIT Y OtS T RICT I FINANCIAL CONTENTS February 18,1991 Report of inJerenJent Pubbc Accountants 1 Balance Sheets 2 To the IbarJ of Directorni Statements of Income 4 Statemenn of. Sxramento Muniapal Utihty Distnct: Cash flows s in our opinion, the ameranying balana shut and the related statements of income and of cash flows Ries to Fmanaal Statements s present f.urly, in all material respects, the fmancial ptsition of Sacramento Municipal Utility District at I'.. ember 31,1992, and the results of its operations and n cash flows for the year in conformity with generally accepted accountine rnncirles. These financial statements are the responsibility of the District's management; our responsibihty n to exprer an ormion on these (mancial statements based on our audit. We conJucted our audit of these statements in accorJance with generally accepted auditme standards which require that we plan and perform the audit to obt.un rea,onable assurance about whether the financial statement are free of material miwratement. An a"Jit includes examining, on a test basis, evidence l supportme the amounts and dischwures in the fmancial statements, aressm; the accounnng Principle, used and sienificant esnmates made by maracement, and evaluanng the overall financial statement presentation. l We believe that our audit Pros ides a reasonable basis for the opinion expressed above. The financial statements of Sxramento Muniapal Unhty District at December 31,1991 and for the two wars then ended utre audned by other independent accountants whose report dated February 14,1992 expressed an unquahficJ opinion on those statements. ~ Price Waterhouse E
s. Balance Sheets r.................. 1992 ANNUAL-REPORT December 31, ASSETS 1992 1991 ELECTRIC UTILITY PLANT Plant in sen i.;e, at origm/ cost ~ $1,339,618 'S 1,256,548 Lns - anumulateJ Jerreaanon. 368,796 340,563 Plant in service - nei. 970,822 915,955. Construcnon wurk in Progren. 122,893 108,333 Investment m joint rowen aaenaes. 130,608' 133,974 Ltal dectnc unhn pLmt - net. 1.224,323 1,158,342 RESTRICTED, DESIGNATED AND TRUST FUNDS Rn enue h,rsJ reserve funds 131,226 130.300 hicar decommissioning trust fand. 106,738 92,828 Designated for rate stahdcanon fund. 49,754 18,417 lbenatcJ for deferred tompenunon benefits 24,253 22,102 1%e to unrestncted funds. (4,071) Total restncted. Jesigrur J and tru,t funJi 307,900 263.647 ' e CURRENT ASSETS Cash anJ invennents UnrestricteJ. 217,566 201,054 ResinctcJ for rament of debt sen ice. 45,682 52,545 Due from testncted funJ. 4,071 0-Recen ab-net Customer res enueun3 other. S4,770 55,762 Conwn anon loans. 5,600 3.240 Aurued mterest. 14,891 10,912 Reculatory ants in be recovered within one 3 ear. . 53,698 47,273 Materiah and supphes, at as erax awt. 20,517 18,333 Trepmment,. 7.940 4.055 Total cunent ase. 454,955 423,527 NONCURRENT ASSETS AND DEFERRED CHARGES Regu!ahg uwts for future recos en Nudear plant 398,141 411,078 lhonuniwienmz. 166,777 205,431 Energy efitaenes invc< ment. 57,073 25,671 AJunce capaaty payments 159,017 _ 171,641-Unamonced loss on refunJmg. 84,555 5S,567 UnamJnced debt expense. 35,778 29,139 Con ervation loan,- net. 17,058 9,470 Other. 12,421 12,945 Tit.d noncurrent as<ts and JefencJ charm 950,820 923.045 Total as ets. $ 2,937,943 5 2.769.461 The wxompanying notes are an mtectal art of rhew fmancial statements P i'l B
e Balance Slicets S A CR AM E NT D.M U N1CIP AL UTtLfTY DISTRIC7 December 31. CAPITALIZATION AND LIABILITIES 1992 1991-3 CAPITALIZATION Customer / equity emplowd m the business [ Balance, beanning of ear. 5 149,886 5 118.807 3 Net income far the year. 37,901 31.079 l Tital customers' equity 187,787 149,856 l Long-term debt. 1,891,436 1.740.645 Ltal capitalcanon. 2,079,223 1 390.531 i s i CURRENT UABluTIES Commeraal paper notes. 193,121 195,121 Accounts payaHe. 40,294 29,985 Payable for power purduses 27,190 22,962 Lonwterm debt due withm one year. 28,652 27,5S4 Accrued nuclear plant layup c<wts 4,231. 14.290 ) Decommisuoning xcrual. 22,718 0-Acc.rueJ interest 38,738 40.060 Customer de; wits. 9,496 13.91S Accrued salanes and vacanon. 14,031 14,567 Encrey ca.hange xcount. 12,635 13.167 AJeance carxit) obbg.inons. -0 13,300 Total current habilmes 393.106 354.954 .'dONCURRENT UABluTIES AND DEFERRED CREDITS Unamorti:eJ pun on refundmg 54,694 64,550 Decommissioning accrual. 291,971 31S.760 Energy exthange account. 8,366 25.232 Ennthment faciht) decommiaioning assessment. 16,425 0-Deferred wmpensanon trnc6ts 24,253 22.102 Rate stabi!i: anon fund. 49,754 IM17 Other. 20.166 24.015 Inal noncurrent habhneund deferred credits. 465.669 493.976 COMMITMENTS AND CONTINGENCIES (NOTES 8 AND 9) Total capitah:anan and habbties. 52,937,998 5 2,760,461 E
Statements O Income 3 1992 ANNUAL REPORT Year EnJed December 31, 1992 1991 1990 I OPERATING REVENUES Residennal. 5 296,640 5 296,741 $ 291,218 Gimmenial anJ inJustnal. 359,596 360.692 353,014 Other 6,600 5,377 5,755 j DeferreJ recenues-rate stahih:ation funJ. (14,666) __(18,417) ' Net operanne revenues. 648,170 644.393 649,987 l OPERATING EXPENSES Operatton j PunhwJ anJ mterchangeJ rower. 292,963 297,541 327,391 P,mtr surply costs - over!(unJer) recos ery - net. 2,593 (2,5H) Pn Jacnon. 22,463 21,152 21.423 Adminntrante and general and other. 66,847 68,24S 69,006 hlainten.u.cc 27,528 25,848 22,159 Depreciation. 41,387 3S,474 35.267 Decommiwiomne. 15,422 15,557 14,011 AbanJoneJ nuJear rbnt operanons costs. 3,981 9,059 12,4wi Amaru:arion of abanJoned nudear plant. 29,363 29,454 29,272 Amorti anon of energy effiaency investment. 2,159 334 Tital operatmg eynses 502,113 50s,290 528,443 (kranne mcome 146,057 136,103 121,544 OTHER INCOME Interest mcome anJ other. 33,800 36,475 45,851 Alkm'ance for equity funJs useJ Junng construc tion. -79 94 61 income before intuest charges and witlements. 179,936 172,672 167,476 INTEREST CHARGES Interest un Jdt. 142,963 144,740 146,359 Allowance for borrowed funds used Janne construction (928) (1,127) (969) Net mterest charecs. 142,035 143.613 145,390 lacome before sentements 37,901 29,059 22.086 SETTLEMENTS Sonoma Counry dectncit} geneutian tax 3ett!cment. 16,672 0-li>Jro rehcensmg settlement. 2,020 0-Trander to rate stahhanon tunJ. (16,672) -0 I,tal ettiement3. 2.020 ?.;ET INCOME. $ 37,901 31,079 5 22 086 The accompanying notes ate x. integral part of these (mancial statements.
l 1 I l, Statements O Cash Flows SACRAMENTO M U NICIP A L UTILITY DISTRICT Year Ended December 31, Increase (Jecrease) in cash and cash equis alents 1992 1991 1990 J CASH FLOWS FROM OPERATING ACTIVITIES - Operaung mcome. 5 146,057 5 136,103 $ 121,544 AJptments to retonede operaunt income to nei cash proviJed by oreratme activines: Depreciation, 41,3Se 28,474 35,287 Amortcation d. regulatory aswis. 46,944 45,376 43,283 Amorteation of advance capacity. 12,623 12,623 12,623 Energy bank dra Jowns (repayments). (17,378) (19,173) 11,345 PSCR recovery (i.%ral). -0 2,592 (2,592) Ikferred te enues anJ rransfers to rate stabileanon. 31,338 18,417 Change m auts and liahhtiet Accounts receivable (9,156) (196) (12,176) Accounts p,9 able and other accruah 3,149 (1,323) (13,328) l Advance capacity obhcation. (13,300) (129,032) (15,325) AccrueJ nudear rhn layup costs. (10,059) (12,528) (33,750) Other. (13.382) (3A65) 27,338 Net cash proviJcJ by operanng activities. 218,223 87,869 174.216 CASH FLOWS FROM INVESTING ACTIVITIES Purchases ofinvestments. (393,442) (424,S73) (681,524) Prxeeds of investments. 322,771 432,179 580,362 Interest income on ins estments 31,178 40.696 32,756 Net cash proviJeJ by (useJ in) invesong asiries. (39,493) 48.002 (68.376) CASH FLOWS FROM CAPITAL FINANCING ACTIVITIES Construenon expend:tures. (98,263) (66.S79) (64,975) Energy ef6aency procram expenditures. (36,753) (21949) (4,662) l Proceed,60m bond usues. 610.095 235,307 112,594 Repayment and refunJme of bonds (524,120) (110,S01) (31,015) Interest on lune. term Jcbt. (133,513) (133,517) (131,330) Interest on wnunercial paper. (4,322) (6,517) (S,055) PrmeeJs from ute of assets. 1,195 435 13,S60 Other - net. (l4,839) (7,452) (15,746) Son-ca<h adjustments to capital (mananc acutines Allount e for funds used Junne construcnon. 1,007 1,221 1,050 10,852 (9,711) (7.260) Accounts ravable and other actnuk _ (188,661) (117,8M) (135,745) Net cash useJ m capital 6nancmc actwities. CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES Proceeds of commeraal paper -34 Interest paid on commercial paper. (3,051) (3,927) (4.S54) Net cash u.ed m nonca ital 6nananc acta cies. (3,051) (1.927) (4.820) Net increase /(decreasei in cash and cash equivalents. (12,982) 14,060 (34,725) Cash and cash equivalents at the beginning of the year. I12,411 98,351-133.0]f6 Cash and cash equivalents at the end of the year S 99,429 5 112.411 5 98.351 The accompantmg notes are an integral pan of these 6nancial statements. B
Notes % FinancialStatements 1992 ANNUAL REPORT NOTE 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES ORGANIZATION AND EXEMPTION FROM INCOME AND PROPERTY rate stahdcalton fund which wdi be used to Jefer the need for future TAXES. The Sxramerno hiuniapal Unhty Dntnct (Distria) was rate increases. The funds m this account will be recogni:ed as revenues fonned and operates under the State of Cahfomia hiunicipal Unhti and the cash unrestricted upon Jirecnon from the Puard. Ibtna Aa -( Actt The Act confers unin the Dntnct the nehrs j ENERGY EFFICIENCY INVESTMENT. The District Jefen, as a regula-l and powers to fix rates and charges for commdries or wrvices fur-tory awet, certain energy ef6ciency investment expenditures. As of nnheJ. to mcur mJebtednew and nsue bonds or other obhcanons December 31,1902 and 1091, the encrcy cificiency asset was $62A and, under cenmn circumsunces to levv anJ collect aJ valorem rn'r-nulhon anJ $27.8 mdlion, respeuivek which mdudn the shon-ert) (nes. The Ibtncti pmer to leu pron:nv taxes is restricteJ b3 tenn ronha These assets are amortred and colleaed through rates the Cahforma Consutution. Arnde Xill A, uhah places hauts on over the expected benefa period of the investment, up to a maxi-the uxing power of all Cahforno rubhc acenaes. The Dorna i, exempt som payment of federal and stee mcome tases and real anj '""* I "k C W #dD' personal property taxes m as sente area. The Ibtrict is aho nempt DEFERRED NUCLEAR PLANT COSTS. The Dntrict has estaNished a from propen) Ines on generanon anJ transmnuon faciht3 improve-regularon aset for the unreccuered debt-fmanced ponion of aban-ments a owns outude of noenu area. JoneJ nudear plant costs (see Rte 5) for rate making purposes. As METW ' OF ACCOUNTING. The accounting rewrJs of the Dntria of December 31, 1992, the regulatory asset was $411.1 million, are mamtained in aanrJance unh generall accepted accountme which indudes the shon-term ponion, and will be amoni:ed and 3 prinuples for rate regulatcJ entetpno, as prewnbed by the coliceted through rates over a remaining penod of fourteen years. Financial Accountmt Standards Board (FASIU and, where appbc' ENRICHMENT FACtLITY DECOMMISSIONING ASSESSMENT The aHe, the Governmental Accounnng StanJards Board (GASB), Entrev Policy Aa of 1992 provides for the Secretary of the Treasury anJ genera!!y follou the Umform Sntem of Accoums for Pubhc u b& for the Jecontammation and Jecommissioning of feder-Unhtin and Lkenwn presenbtd by the feJeral Enerev Regula. al nudear fad entithment facihties. The Secretary is authorred to tory Comunwian (FERC). The Distriai aaoununa records are collect 5150 nulhou per year (inflation adyteJ), for idteen years, mamtained on a wmraraHe b#is wah imestor owned electnc trom Jomnne unhoes that receiveJ nudear luel enrichment ser-unhoewperanne m Cahfornia. The Dntrict estimates that its share of the total arenment will RATE-MAKING BALANCING ACCOUNTS. The Dntnai BoatJ ii - be $16A nulhon. The Dntact hs Jeferred this anessment for rate-Dircaors (lbarJ) has authority to estabhsh the les el of rates chamed malme purpnes as a part of the nudear riant reculatory asset and it for all Dotna senxcx The Rurd has estaHnhed a rate-nuling bab wdl be amorti:ed and collected in rates over a hfreen year period aneme xwunt to remere the effect on the results of operations of benmntng in 1994. tluinDrtsins in net piwer supph Losts (purduwJ anJ interdunced ENERGY EXCHANGE ACCOUNT TRANSACTIONS. Under the terms power, fuel and steam suprly cests. oitset b so ;'lus pow er ulest 3 of a now expired integranon contraa with Paahc G,as & Electric Fluctuanans from buduerej Icsch utili:cJ m the rate 4ctang rio'e" Company (PG&E), an enercy exchance account we estaHished. are recorded m the Power Supply Cost Rate (PSCR) bal.mcine At the time the contraa exrited, the Dntnct haJ an obbgation to aaount, and ud! be reflected in turure ratc< The Rurd he aho repay PG&E the balmte in this account h December 31, lW9. As otaWished a rate-malme aaount for Jetenal.4 matenal lowe' of Ikcember 31, N92, the energy bank oNiganon to PG&E was anung nom asherw resoluuons or walements of clums and hti2" U3 GWh valued at arrroximardy $21.9 milhcn Rerayment of this non. not preuoudy consiJercJ m Ibtna rates (see %te 9h obhanon in GWh is recorded as a reduction of punhased power RATE STABILIZATION FUND. In 1992, the Ibard Jefened arrrow expense. li the Dntnct hu noi returned the energy by December 31, matdy $14] mdhon of over. recovered pmer 3ur0 ) mst revenues 1999. then the Dntrict must pay for any remaining balance at agreed 1 and 5163 nulhon rouinne nom the refund of the Sonoma County upon rain. Energy exchance account liabihnes are valued at the deanc'its teneranon taxes. In 1991, the Ibard JefeneJ arrroxi-esumated cost of rutch3ing energy on the Cahfomia and the Pacdic matdv $1fi 4 nulhon of mer-recmeted pmer supply tost revenuo. Enhwest! Southwest markets at the ame P anncJ to return the l The revenues have been Jefened and ush he been resniacJ in a GWh oMicanon.
. ~ I i Notes To FinancialStatements i SACRAMENTO MU NICIP A L U14 L IT Y DIST RICT 1 NOTE 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES icomT oi i i DEPRECIATION. The lhstnct Provdes for Jerreciation on the histori-ABANDONED NUCLEAR PLANT OPERATIONS COSTS. The District cal uwt of dectric pniperties un a straight hne, screRe hfe bass at u ill be incurring contmumg cosu for maintaming Rancho Seco m a l rares determincJ by engmeering r.tuJies. The average annual com-state of Jormancy (Saf5 tor) until the eventual Jecontamination of potte Jerreciation rates for the years ended December 31, 1992. the riant. For rate making purposes these costs were reflected as 1991 anJ 1990 were 3 37 percent. 334 percent and U4 ercent, cunent period expenJuures until Sertember 1.1992, at which P nspectndy. The cost of rerixement rn' perry units are captah:eJ. time the costs were offset acainst the Je;ommisionmg liability. Repair anJ m<nntenance una are t har::ed m expense. The fhstrict intenJs to reimbur3e itself from the Decommissioning DECOMMIS$10NING. The District commn ioncJ an mJerendent Tm t Fund for all Jeuimmissioning exrenJaures fnim September 1, site-peufw stuJv of the wst to Jewnumnion the abandoncJ Rancho 1992 unnl the ikcommi sioning Plan is arproved by the NRC. As of Sem Nudcar Power Plant (Rancho b) The snadv aumes a storce December 31,1992, the lbtrict had recorded as a current asset the rethd to the year 2005, fallow ed by Jewntanurution, Jnnuntlement 141 nulhon Jue from the Decommissioning Tnnt Fund i and that Jecomnurionine u dl occur at the end of Rancho SeuA ACCRUED NUCLEAR PLANT LAYUP COSTS. Dunng the years ended ongmal operarme hcense m the year 2005 and that the Jrnunthng/ 16mivr 31,1992,1991 anJ 1990, the Dntrict extended arrroxi-removal method udi be u ed. As a result of this stuJy, thc Ihtnct matel) 510.1 mdhon,512.5 mdlion, and i3M million, resrecordy, rstimates a total odt for Jewmmissionmg of arrroximately 53183 to prerare Rancho Seco for the SalStor period. Estimated future mdhon (mduJme W 0 milhon for minmuun sne recoranonh The g., i,.e been induJed m accrueJ nudear plant layur co'ts (see I lbtrict's Financial Awurante Plan was approved by the Nudcar gu1y 5). l Re ulatory Comnu ssn (NRC) in Nmemlrr 1991. The Envuon-mental Con ervation Organtation (ECO idcJ a pennon for recicu of ALLOWANCE FOR FUNDS USED DURING CONSTRUCTION. The that decoion wnh the th Ortuit Court of Arreah. ECO challenged Druict captali:es, as an adJitional cost of construction work in l o the NIG iinJme of no sigruficant emironmental impact m connec-progre9 and in rarncipation m iomily ouncJ rroncts unJer con-l tun with granting the Dntncti Jecommnsiomng funJ exemption. struction. an allowance for funJs used Junne construction l The ewmption permitte l the Drtnct to fund Jewmuussiomng over (AFUDC) which terresents the cost of borroued funds used for 4 the ongmal h(ense period. rather than tequirmg full fundmg at pl mt such purposes anJ a return on equitv funds when so usel AFUDC 1 do ure. The NRC re tmded the arrroval of the Financial Asurance is a non-cash item and n captali:ed anJ Jerreciated along with the Pi m as ran of an out of wun wnlement. The Dntrict has estabbsheJ relareJ iixed assets and reflected in rates for future recovery. The - the Ibmnnenme Trust fund unh Rmisers Trust Compans of amount caritah:ed is Jetermined by a formula pre,cnbed by FERC. ~ New Erk foi the purpose of mamt.uning funds for decommimnma he total allowance for funds usej Jurine construction for the years In connection Mith the shutJoun of Rancho Seco, a reutilatort in et dd Nuk 31 N. M M NAT amounicJ to approxi-has been createJ to collect m rates (and mierest cammes on the matelv 6 9 percent,7.1 percent and E2 percent, respectively. of ch-f r Jecommiemne fundh through the sear 2008. the approximatdy pHe pl.mt under construction and parncipation in jomily ouned 4 12053 milhon unfunJcJ pu% d tho Jewmmisionmg habihty pm)cca under construction NUCLEAR FUEL. UnJer the Nudcar Lte fuhc) Act of IN, the DEFERRED COMPENSATION PLAN. The Dotrict offers its emplop Fedend covemment a sumed resp n4hty for the pennanent Jrpsal ces a deferrcJ compenunon rian createJ in accoilince with Internal of sjWnt nudeJr fud and ha3 t-h irged the Dotrict for the Jnnmal of benue Ne Secnon 45L Until raid or inade available in the spent nudear fud m the anmuni of one mal per kWh on dearicity emplowe or other benciwiart, all amounts of JefeneJ compensation, generatcJ by the nudear newer rexior. The Dotnct recorded ths all rropeny anJ nehn purchased wah those amounts and all 7 chatte as a tunent renoJ expense. The Deranment of Energy ha-mcome attnbutsle to those amounts, propeny or righn are sub. j nonfied the Detnct that it n (ntiticJ to a refund of fees paid for ject to the daina of the Datnct's bondhollers and nencral creduors. transmiwion and datnbunon losses on dectncity generated by the Paniarants' rights unJer the plan are canal to those of cencral nudear r! ant In 1990, the Drinct sold m interest m nudear fuci in credants. The Dnmct has the Jury of reasonaNe care in the sdection ' pracw to Ibbod & Wdcox Nudcar Fuel Comr.my for 512.0 nulhon of investment aberrutives, but nenher the Datnct not its Jnectors and the ule wa, recoeni:ed aWther income. c<r officen ha e any liabihty for losses ur. der the plan. r E e-e e-v.+
Notes 1b FinancialStatements 1997 ANNUAL REPORT NOTE 1.
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES icONT'Di UNBILLED REVENUES. The thstnct recorJ3 an estinute for unhiled ACCOUNTING GAINS / LOSSES ON BOND REFUND 1NGS. The Inenues camed from the dates the customers were last hlled to the gains or kisses from bonJ refundines have been Jeferred pursuant to enJ of the month. The accrual at December 31.1992,1991 and Board rnolunons for rate-making purposes, and are recogni:ed 1940 for unhlled resenues was $32.5 nulhon, $33.1 nulhon and through amorn:ation oser the hfe of the arrhcable bonds issued for 526.7 milhon, resjutnelv. In June 1991, the Dntrict refmed the purposes of the refunJines using the bonds outstanJme methol c ak ulanon for unhiled recenues and recordcJ a one. time ad ustment i RECLASSIFICATIONS. Celtain amounts in the 1991 anJ 1990 financial to retenan of arrroximatelv $7.0 nulhon. statements have been redawificJ in order to conform with the 1992 CASH AND INVESTMENTS. The meestments are valucJ at wst rresentanon. w hith arproxunares market. The Dntact mvnts its tunJs in accur. Jan(e wah the Act anJ other Cahforno statures. All secunties are helJ b the lhstnsti acent m as n.une. A summary of the thstntti 3 cash and nionnenn ai Ib emlu ll,19T and 1991 a shown kha December 31. 1992 1991 uhuesan.l-nt L! bra Cash and C.nh Equivalents Cash. 5 8,248 $ 16J49 l.ocal atency insestment fund 65,000 60200 Corporate munnn. 986 Comms rcul paper. 942 14.159 DefeneJ (ompetnanon 24,253 22.102 99,429 112.410 Incestment s. U S. ens emment m unnn. 291,857 225,641 Corgerate sei unnes. 38,678 19,50! Ccmmercul peper. 44,344 14.590 Cerniicates of Jerosa. 49,999 122,046 lbnters' aucptancn 50,432 23,361 475,810 405,139 Toul 5 575,239 5 517.544 Total Cash anJ lns ntments Rnenue bond rnerve funds 5 131,226 5 130.300 Nudear Jecomnusuoning tnnt funJ. 106,738 92.823 lbienated for rue stahh:anan tund 49,754 18,417 Deuenated for Jefened com;rnsanon benefits. 24,253 22.102 Unrestncred funds 217,586 201.054 Funds restnited for payment or Jcbi sen it e. 45.682 52.845 Total - 5 575.239 i 517,549 Cash eqmtalents induJe all Jebt mstruments purchased wnh an orianal matunt3 of three months or less and all msesnnents m the ! D(a! deenCy InVotmellt Fund. a
Notes To FinancialStatements SACRAMENTO MUNICIPAL UTILITY DISTRICT NOTE 2. COMMERCIAL PAPER NOTES As d Ikember ll,1992, the total rinopal amount outstanJme of The Di<tricti authonty to issue Notes is pronJed under two serarate P the Dntncti commercial raper notes (Noted was S195.1 mdhon. Anicles of the Act. To date, the Dntrict has the authonty to iwue The effecove interest raie for the Notes outstandine Juring the 12 t240 mdhan of Notes. The Darrict maintains letters of credit in months ended Decen ber 31,1992, wai arrroumately 3.43 percent, the amount of $200 milhon to surpon the sale of these outstanJ-the average Notes outstanJme was $1951 nulhon anJ the averace ing Notes. There has not been a term advance under the lener of term was 64 days. crelt agreements. 1 NOTE 3. LONG-TERM DEBT Lone. term Jebt outstandme at Desember 31,1992 and 1991 was as Revenue Bonds to refinance the cost of the project at an effectise follows: December 31, mterest cost oi6.88 percent. The honJ3 mature serially through 2002. 1992 1991 The Datnct is oMigated for annual debt service payments of Revenue Ponds a-AN approximatelv 52.0 nulhon wnhout reard for the level of operation Electnc Resenue PunJs, of the project. Payments for Jeh sernce under this agreement have 4.3/A-81/5% 1992-2022. $1,599,035 i 1,255,225 been reported as purchased power exrense. Sohndmated Electnc Revenue t 1992 BONDS. On May 14,1992, the Dntrict usued Electric Revenue h,onJ<,.1/2bvh 199k2010. 33M63 491,493 ,1992 Senes B. 4 3/8% - 6 3/8% 1994-2022, in the amount of Ltal revenue bonds. 1,936,5'55 1,776,720 n General Obhganon RmJs, 51252 nulkn On May 1,1992, the Dntnct iwued $373.3 nulhon of 4 3/4 % 1992. 0-630 its Electric Reverae Bonds,1992 Serin A, with a true interest rate South Suiter Water Dornct, of 6.54 percent, to panially refund $56.2 mdlion,5123.0 milhon and 1900 HyJudectric Refundmg $129.2 mdhon of outstanding Electric Revenue BonJs, Series Q, Revenue Rina, 5 9/10% - Senes V and Senes W, respectively, with a weighted aserage mrerest l 6 Sill 00% 19924002. 14.545 15,570 rate of 7.71 percent. The net rnceel of $360.7 mdlion (includme Purchase Acreement, $1.1 nulhon in accrued interest and after payment of $7.4 mdlion in 3 3/4 % 1992 4 000. 660 730 unJerwnting fees anJ other issuance costs, and after Jeducting the Ltallonetenn Jeh >6.3 million origmal iwue Jacount), plus an aJJaional 532.). nulhon outstandme, 1,951,703 1,793,650 ot Electnc Revenue Bond Reserve Fund and Sinking Fund monies Le,- Amount Joe withm one 3 ear .,8,652 u,n4 i R,nJ Drcount; applicaNe to the refunded Senes Q, Series V and Series W Bonds, Ekctric Resenue R>na. 28,096 39355 were used to fund the Reserve and the Sinking Fund for the new SuborinatcJ Electnc 1992 Senes A Bonds ($24.5 milhon) and to rutchase U.S. covern-Re,enue Rina 3,521 5,566 ment secunties (536&7 nullion). The securities were Jeposited in an Ltallong term Jeh $ 1,891,436 5 1,740.645 tnemcaHe trust with an escrow agent to provide for all remaining future Jeh service payments on and reJemption of (at the earbest The Jnuunts on bona usued are amonced os er the hvemf the bond' call date) the refunded pornon of the Senes Q, Series V anJ Series usine the bona outstandme methat Annual Jeh matunnes for 199; W Bona. As a resuh, the refunded ponian of the Senes Q, Series V throach 1997 are $2R7 mdhon,536.1 mdhon. $39.1 nulhon,5451 and Senes W BonJs have been legally Jefeased and the hahhty for nulhon and $51.3 nulhon respectncly. these bonJs has been removeJ from the Balance Sheet. SOUTH SUTTER WATER DISTRICT, HYDROELECTRIC REVENUE BONDS. Ahhouch refundme resuhed in the recognmon of an accounung kiss The Dntnct is oHieated to purchase pouer from the South Sutter under generally accerted accounting Princirles of $41.4 mdhon for Water District project under a contract that has the etlect of tran" the year enJed December 31,1992, the Dntnct was aNe to decrease ferring substantially all the economic benefas of the Project to the us anrepte deh service paymenn by $52.S milhon over the next ~ Dntrict and makme the Detrict haHe for all Jeh *ernce on bonds 26 years, thus okaining an economic pm (ifierence between the issued by the South Suner Water Dntrict to imance the construe pre,ent values of the old and new deh sernce rayment3) of $20.2 tion cost of the Project. On February 14,1990, the South Sutter mdhon. In accordance with Dntrict rate-making pohey, the loss of Water Dntrkt asueJ $17.0 milhon of 1990 HyJroelecinc RefunJmg $41.4 million he been deferreJ. E o w__ __.____._m.-____.__________m_____ .Am__. - i ....a.
Notes 7o FinancialStatements 1992 ANNUAL REPORT NOTE 3. LONG TERM DEBT ICONTD; On July 1,1992, the Nnct mueJ $179.S milhon of its Eleuric to Provide for all remaining future debt service payments on and Revenue runds,1992 Senes C, wnh a true interest rate of 6.24 per. redemrtion of (at the carbest call Jare) the refundcJ portion of the cent, to partially referJ $154.0 nulhon of outuandme SulurJinat(d Subordinated Bonds. As a result, the refunded portmn of the Electnc Revenue Pend, wnh an averaec mtere t rate of 9.0 pertent. SubordinatcJ IbnJs have been lecally defeased and the liabdity for The net ProtecJs of 5171.6 mdhon (mcluJme $0.8 milhon m these lvnJs has been removed from the Balance Sheet. accruel mierest after pa3 ment of 534 mdhon in unJerwrinne fees The refunJme resuheJ m the recogninon of an accounting gain and other nsuance co-ts, anJ after JcJuume the $5.4 uuthon oneinal under generally accepted accounting princirles of $1.3 million for n ne Jnwunt), rius an aJJmonal $16.7 nulhon of Electnc Revenue the 3 ear ended December 31, 1992. The District was aho aHe to Ibnd Resene Fund anJ Smkmg FunJ monies arrhcaHe to the decrease as agerenate debt sen ice rayments by $42.3 nulhon over the afunded SubordmatcJ IbnJs, were used to funJ the Resene and next 17 yean, thus obtaming an economic gain fJdference between the Sinhne Fund for the neu 1992 Senes C IbnJ till.1 mdhon) the tresent values of the old and new Jebt senice paymenn) of anj to runbase US govermnent secunnes ($177.2 nullion). The 522 7 milhon. In accordance wnh Dntrict rate. making policy, the sewnnes were Jep rued m an nremeaHe trust wnh an e< row acent gain of $13 milhon has been Jeferred. NOTE 4. INVESTMENT IN JOINT POWERS AGENCIES The Distna'. mvestmenn in iomt powen acencies are accounted for December 31, under tb.. eqmty methd of accounting and as of December 31,1092 1992 anJ '01 con ist of the folkmne "h"""1 # "Ud"i Plant m wrvice. 5 98,074 December 3h Less - accumubted Jerreciation. 14.636 1992 1991 Net Plant m Service. 83,438 viumni a nam Steam 6 eld investment. 47,045 CentralCahfomii Pouer Acencs Total Investment. $ 130.533 No.1 (CCPA No.1). 5 130,533 5 133296 Unni h1 arch 3 h 1992, CCPA No. I obtained steam for the operat;on Transmi sion Acency of Nonhern Cahfonua (TANC). 7; 73 of the plant from the Coldwater Creek steam field under a contract im estment in with subsidianes of Geothennal Resources Internationah Inc. (GRI). joint pmers acencies S 130,608 $ 1R974 The GRI subsidianes that owned leasehold interests m the ColJwater Creek steam 6 eld have been in Chapter 11 bankruptcy since June CENTRAL CAUFORNIA POWER AGENCY NO.1. Ir.1952, the District, 1989.The bankruptcy court artroved the rutchase of the steam 6clJ t.yether unb the hi<desto lmeation Drrnct and the Ot3 of Santa w.en and the awomption of all steam nelJ leases by CCPA No. I for Clara, formeJ a mmt p, wen.cency ennded Central Cahfornu a pa3 ment of $1.0 mdlion effecove h1 arch 31,1992. Power Acency No 1 (CCPA No.1), for the purpse of parncipannt: Pxcause of technical and 6nancial Jdficulties experienced by the m the exploranon, development and producnon of clearieny from former steam field operaton. steam Production from the steam field uothennal resources. CCTA Na i ha construetcJ anJ n responuHe i3 currently lew than that necessary to support CCPA Na i b P nt for operanne a 130 hPC tuumt generanng pbut, ColJwater Geek operanons at t.neJ capacity, with the resuh that the present combined Geothermal Pour Pbnt. The Dstiet h:n been JesignatcJ rroject net capacity of the two units is 48 htW anJ may decrease further. manger for the construction anJ oretanon of both unin, both of Due to the low ceam surply, CCPA Na I has generally only operated whtch became commerculh' oreraHe in 19sS. Dunny the 3 ear one geothennal generatine unit at a time at reduced output. Steam enJcJ Daember 3L 1992, the Dntact mcurred purchwed power fields in the Geysers Area, other than those that surply steam to the cosn of 511S nulhon for its 50 percent share of the electncity gener-CCPA No. I pbnt, have experienceJ.a serious dechne m steam ated b CCPA Na 1 The Dntncti,50 perant ownenhipinterest m ' pnduction. The CCPA No, I steam field may be affected to wmc 3 i ihe emtl owned fuhne as of December 3h 1992 is as falows degree by a simibr overall Jechne in steam capabihty. 3 w 1 .J
+ -.. Notes To FinancialStatements i.) SACRAMENTO M UNICIP A L U TILIT V DtSTRICT NOTE 4. INVESTMENT IN JOINT POWERS AGENCIES (Courm Ee [htna beheses that the rehahhtation of existing welh and the . the principal amount of $89.9 million uas outstanding as of. instaHation of cenam otha addaional steam field impnwements wdl December 31,1992. In February 1992, TANC issued $117.7 million enaHe the Dntact to recover its mvestment m CCPA No.1. h is if 1992 Senes A Revenue IbnJs to finance us increased share of the lhstriai mtent to recover through rates an3 portion of us steam COTP and to pay Jown $37 mdhon in commercial paper. Ahhough ficLI imestment not recosereJ through the orcanon, subsequent TANC has and will continue to provide the (mancing necessary to Jnposition at restruaurine of the steam field. complete the i 0TP, the District has the uhimate responsibihty for TRANSMISSION AGENCY OF NORTHERN CALIFORNIA. In 1984, the Dntnct and founeen other Cahfomia muniapal unhnes formed a On March 1,1991. TANC began to receive 300 MW of firm, I joint paas agency enntleJ the Transmissmn Agency of Nonhem 1+ directional transmission m er PG&Ei system between PG&E's 'i Cahfomu (TANC). TANC imned wnh nearly all Cahfornta unhties Tesla and Midway suhtations. TANC's investment in the South of to share in the development, construcnon and ownership of the Tesla (SOT) Transmioion Service is comprised of $5.0 milhon in 1 Cahfonna/ Oregon Tramnusson rmjea (COTPh a 500 kV uansmis-innial reinforcement costs and 51.5 milhan m accumulated leeal } sion hne between tentral Cahfanua and southem Oregon which wdl anJ other costs related to the SOT Agreement. The District has a facihtate rower exchanges a uh the Pacitic Nonhwest. 46 MW share of the 300 MW transmission service with a cost sharing in Jul 1991, the Cahfoma Pubhc Unbry Commission JenicJ PG&Ei, P"""'dE" "f N paant as o amber 31,1992. The Detrict 3 pn vides TANC funds on a monthly basis for its share of the monthly Southem Cahfomia Ednon,s and dan Dieco Gas & Electne s ran T nanunWon sana cost nar.nion m the COTP TANC prerared an Intenm Panicipanon Aereement (IPA) to detennine f nal paracipanon in the COTP and TANC has aerced to pay 85.2 percent of the estimated $460 nulhon to Provide for payment of funds advanced by TANC on their behalf. tost of COTP. The Distna is obhgated to pay approximately 27.1 TANC, the We-tem Area Power Adminntration (Western), the pacent of TANCi COTP fmancing in enhange for ownership of [ Cahfomia Depanment of Water Resources four C.difomu thstnas 346 MW of TANC's 1278 MW transfa capabihty. and authonties, and the City of Vemon are colleaively the COTP
SUMMARY
. Summary financul information for these agencies as of-i Participants (COTP Paniapants). December 31,1992 and 1991 is as follows: UnJer the IPA, TANC's ownership of COTP transfer capabihty i' December 31, !?75 MW or 79.9 percent of the total 1603 MT uansmission capacity. 1992 1991 TANC he aerced to asugn for the hfe of COT 1127 MW ti ns 1278 uh-owan' MW share to Westem Westem has aciced to rennburse TANC for Lt al assets.. sj44,974 $ 694.919 i the conespondme share of the COTP wst' LU hahhnes.. $ 527,519 5 471,840 in May 1990. TANC issued $53 6 nuHion of Revenue IbnJ, to Ltal memberi equny-217,455 N imance as exisone 677 MW sh.ne of COTP anJ was authorced to 5 744,974 i 694.919 i+ue up rd250 milhon of taubte commerual paper notes of which Net low for the year $ (7,667) $ (5,827) NOTE 5. RANCHO SECO NUCLEAR POWER PLANT i HISTORY. Rancho Seco b a 913 MW nudcar power P ant which unJertook an extensn e pmeram of urerades to plant anJ personnel' l was first placed m senice in 1974. Poor to 1965, Rancho Seco to imrmve Rancho Secai rehabdity anJ availahhty. This Program provded arproxunardy 55 rercent of the Districti eenaating capaatt was comrieted and the plant restaned m March 19si On June 6, and energy production and had operated at an averace capaaty faaor 1989, a referendum rermin mg conunucJ operation of Puncho Seco of 50 pacent as compared to an industry average of arrrosimately by the DWtrict was rejected by the votas. On June 7,1(89, the 60 percent. Rancho Seco experiensed unexpened outaees over its Derrict hwan the process of shutung down Rancho Seca anJ aban-hfe, the longest of which becan m December 1985 and extenJed Janed the riant as an oreratine nudear cencrating taahrt for approumatdy 27 mombs. As a resuh of thn outue, the District E l
4 e c. Notes D FinancialStatements i 1992 ANNUAt REPORT NOTE 5. RANCHO SECO NUCLEAR POWER PLANT ICONT'Di DECOMMISSIONING. The Detrici has fdeJ a proposeJ Jecommision-actn nics as a current habihty. The thstrict ha been remvering the ine plan w ah the NRC anJ udl be subect to connnuing reculanon by cost tidecommissiumne throuch rares since 1950. At December 31, the NRC unnl the Jeumunnsiomng of Rancho Sew n complete. 1992, the Distnct had collecteJ and funded in an external trust approx- ] The Dntnct expett the P an to be arrroved Junng IWL UnJer the imately 5113.0 milhon, incluJmg arproximately 56.3 milhon of l Jecommisiomng plan, the Ibtnct uoulJ proteeJ uith the Jecom-accrued interest, The unfunded esumated decommissioning liahhty mi%lohmg oI[UnikM Sew in IHo pbbes - a 5torage phee followed ti520% million will be collecteJ through future rates to customers. by a Jewnunun cion t +c. h Rancho Seco u one of the fir 3t large commercial nuclear power Dunng ihe storage phee which may l>t arrrox: match uxteen vears, planu to be removed from senice. Due to the suhtantial technical, the r!ani udi he m,unnuned to the extent necessary to protect the reculator3 and leed issues that will be faced m wnnection with the fud anJ other radmove materiak At the end of the storace phas Jewmmimonine the Ibtrict cannor Fredict wah certainty how the P ant u dl be Jecontammated by removme all fact other ra+ long vanous decommissiomng xtions will take nor the eventual cost l attive nlatenab and radioatnve riant wmpinct. ori-ne loanons of Jewmmnsionme These fmanci,d sutements reflect the Ibtnct's yet to be itermmeJ by feJeral anJ sute authontiet Dcwnunun& turrent estimate < 4 its oHigation for the cost of Jewnuniumnine non of the plant anJ us 3ne adi be completeJ uhen the remaming nNANeiAt ErrtcTs. On November 16, 1969, the brJ approved JerutaHe raJmacnvin hu been rcJuteJ bdow the pre arrnned
- g. wcmerv of 566L9 mdlion ot abandoned Rancho Seco costs relece (ntena. at which nme Rancho Sew wdl be relemcJ from Amuch furt$re rates to be charged to customers over a penod of s rendanon b the NRC.
enteen years. The BoarJ's rate action addrened 5499.2 mdhon of in 1941. the Ibtrict wumussioneJ an mJerenJent sac-speanc Rancho Seco auets that haJ been wntten off anj $162.7 milhon of studV of the co't to deCornthielon Rancho Seco. As a resuh ef thn unfunJed Jecommimoning hability. During 1991, the District stuJv, ihe Dntiict estitiutes a total cost of arrnatmatel> 51133 incrc+ed its Jecomm6sioning liabihts anJ regul.itory asstts by 575A mdhon for bah pilMes et Jewmmi-toning (incluJmg 5E0 mihion million to redect the change m Jecommimonmg cost estimates. As for rmnmlum Mte resto!JnonlIhe Distritt be clanibed Ibc approXI-of Ikcember 31,14M, the regulatory asset haJ a rematmng balance notely i22.7 nulhon it cyuts to spenJ m 1993 on Jecommiwomne of 5616.9 mdhon to be recovered throuch future rates. NOTE 6. DEFINED BENEFIT PENSION PLAN The Ibtnet wninbutes to the Pubhc Emplo3eciReorement $ stem emplo3ees. Benefa provwns and all other requirements are esub-3 of the Snee of Cahfornia (PERS). an acent mularle emplover retire-hshed and gmerned by sute suture. ment miem that acs e a common imestment and admmstrante The,.penson benefa c%.ganon n a sunJarJced Jnclosure measure agent for rarnaranne state anJ local covernmenol entines in dA ent value of pension benefas, adjusted for the eficcts of Cahtemia Thc lbtnct's parteil for emrlo3ees wtered k PERS fe pro;ecteJ salary increases and ster. rate benefas, estimateJ to be the year ended Ikendrr il, lot, we 5%J mdhon the Ibtn<t's He m the future e a result of employee service to Jne. The tool pa>ndl for the same peri d was 51018 nuiho"- meure k wnJed w bdp uwrs awess, on a umg-concern basis, All pennanent D:stnct emrlmees nortmg more tlun nunts haun the funJme status of PERS, anew progren made m aaumulanng per wed are che:He to prnarate m PERS. Benefas vest after in e sut6cient mes to pay benc6ts when Jue. anJ make comparisons sean of serttie. Upsn retiremem, pmapms.ne ennded w an annual among emrlayert The measure is the actuanal present value of rtfHement benebt, piyaHe monthly for hie, m an am<iunt equal to a cicJitcJ rrojecteJ tenc6o and is independent d the funding tnetha<l bencia factor tunes their hichest average monthh salarv over any.36 uscJ to Jetermine contnbutions to PERS. wnsecunve month 3 of emplovment. The appbcaNe benent facmr b The rension benefa oHiganon um compurcJ as part of an actuanal kneJ on age at renrement and tears of crcJaed servia:, and ranges valuation performed as of June 30,1991 hhe most recent actuarial from lJ percent per scar of crtoncJ service for renrement at ace 50 taluanont Sigruhcant actuarul aoumptons uscJ m the valuation to 2A percent per year of crcJited sersice tar retirement at or after melude (a) a rate of retum on the investment of resent and future P ue 61. PERS aho ProviJes Jeath and Jnabilttt bene 6ts to cm ercJ amers <4 SJ5 percent compounJed annually. (b) projected salary E
l-Notes To FinancialStatements i SACRAMENTO M U NICIP AL UTILIT Y DISTRICT NOTE 6. DEFINED BENEFIT PENSION PLAN ICONTm increases of 4 5 percent per year compounJed annually attnbutable PERS aho uses the level percentate of payroll methcd to amortte [ to inflanon, (c) aJJiuonal salary mcreases of 2.5 percent per year any unfunded actuanal liabihties. compounJeJ annually attributaNe to ment.ud genent salary inae " The sienificant actuarial assumrtions used to compute the actuarial-es, anJ (J) n3t.rentement benefa meteases of up to 5 percent per lv determined contnbution requirement are the same as those used 3 ear wmniunJcJ annually. io comrute the pension benefa obhganon as desenhed ahwe, The total penuon benefit obhanen arrhcaHe to the Dorna's The contribution to PERS for the plan year enJed June 30,1992, of emrloyees was tuerfundeJ by $14.0 milhon at June 30,1991 a' $16A million was made in accordance wah actuarially JetermineJ i follows bn milhons) qunemenn computcJ throueh the actuarial valuation performed as Penuon benefit oNiption: of June 30,1991. The contnbution consised of (a) $15A milhon Retiren anJ benencianes currenth receitmg benefas nonnal cow (153 percent of current covered payroll) and (b) $1.0 and termin aed employees not yet recemng h:nefas. $ 165.6 million amorti: anon of the unfunded actuanal habihty (1.0 percent Lurrent emrloves: of current covered paynsll). The District contributed $16.3 milhon AccumulateJ emrloge contnbunons induJme (163 percent of current cevered payroll) and emrlayees contributed alkgateJ mvestment earn:ne. ,43 Employer 6nanced vested. 99A Sal nam (al penent of current covercJ payroll). Trend infor. Emrkiver faunced non.vened. 2.7 manon gnes an indication of the progress made in accumulating Total pension benefa obhution. 142.0 suf6cient aeets to pay benefits when Joe. Net awets avadable for benefas - at wst (market value - 53943 nullion). 356.0 UnfunJed OverfunJcJ pensun benefa oHicanon. -5 (l4.0) (OverfunJed) Pension Benefit - Employer PERS uses the Entry Ace Normal Actuanal G>st Method which is Net Assets Obhution Contnbution a projeaed benent cost meth<d That i, a takes into account those Years As a Percentage As a Percentage As a Percentage Ended Of Penyon OfGwered OfCovereJ benefas that are expected io be earned m the future as well as those June 30. Benefa Obhcation Payroll aheady accrued. 1%9 99A 1.7 12.7 Accordmg to this cost method, the normal con for an employee n 1990 jec3 (1.2) 1ja the les el ameant which would fund the pnyecteJ benent if it were 1991 104j (15.0) 93 pad annually from Jate of emplovment unal retirement. PERS uses a mah6c.aion of the Entry Age Cost MethoJ m which the emploier's SystemwiJe ten-year trend infomution may be found m the Cahfornia total nonnal mst is exrtewed as a level penentaae of pauolk Pubbc Employees' Renrement System Annual Reports. NOTE 7. OTHER POST-EMPLOYMENT BENEFITS in addmon to the emploue pension benents descnbed m Note 6, van of service for emploges hired after January 1,1991. The the Distact pnwdes p>st. retirement health care benents m accor-Darrict rap for post.rentement health care benents on a pav+ Jance wah Distnct pohg and negonated nreements with emrloge you.go basis. During the years enJed December 31,1992 and 1991, rerresentanon groups, to all employees who retire fnnn the Dtstrict p+t. retirement health care benent expenJaures were $1.9 nuthon on or after anainmg aue 50 uth at least 5 yean of senice. Currently, and $2.0 nulhon, respectivelv. Pwed on its most current actuarial 770 reurces and sunivmprouses meet thme chahhty requaements stuJ, the Distnct esnmates that as prr.retnemua benefa obhca. 3 The Dianct wntnbutes the full wo of coverace for employees haed tion is $723 nulhan. before January 1,1991, anJ a fort on of the cost based on credacJ l U 2
9 Notes 7b FinancialStatements 1992 ANNUAL REPORT NOTE 8. COMMITMENTS PG&E POWER SALE AGREEMENT. The PG&E Pouer Sale Agreement cipal and mierest to IT&L begmning in March 1990 and contmuing provides for the rutchase by the Ibtna from PME, Juring the ihnwh September 1991. In hember 1991, the Ibtria made a ptthd January 1,1990 through December 31,1999, of 550 MW ti inul payment for the remaming balance of the purchase price of fum capacay and awiateJ enero The Ibtnct hm gnen PG&E 5115 0 mdlion. The Dntrict hm a minimum annual take-or ray f uelve mondn nothe to rcJuce the firm capacity to ;00 MW effec. wmmitment for this encrey of a; proximately $4 million through tave Manber 1,1993. The Dntrict he gnen PG&E the reqmred the term of the agreement. fne tean advant e notice to rcJute this wmtmtment to :ero in WESTERN AREA POWER ADMINISTRATION. The Ibtria has a Febnun 1997. PGSE is obbgareJ to Jchrer capauty and encra rur' Lneterm wntract uiih Western that allows the District to Pur-t heeJ imm it h the Ibtna to the Rantho Seco machurJ or other tha,e 361 MW of capaaty anJ asociated energy from the Central panru f interconneaion Irnecen the Ibtnet and PG&E. Based on V4 Project (C\\T). The annual uNicanon under this contract is the nummum amount of urauty the Ibtna is required to pur. gemunutdy $30 mdlion per year for capaaty anJ $30 mdhon rer th3e unJer the PG&E Pouer Sale Agreement, the Ibtna wd! pn gs fa eners subject to rate changes, through the hfe of the con-PG&E vrmunutdy $206 0 mdhon for cracity rnor to ternuna' naa In 1933, the Ibtrict and Western exnuted a contract amenJ-non of as wmmmnent m 1997. AJJmonally, the Ibtna wi!! pay f" tnent tlut extenJed the contraa throuch 2004 and gave the District am encra recen ed at rare"reafaeJ m the wntract the mhr to purchase il percent of CVP power between 2004 and SOUTHERN CALIFORNIA EDISON (EDISONI POWER SALE AGREEMENT. ele Ib' Oi'tnct he the nght to cancel its energy obhgation wnh Tin Dntua he a 300 MW Pouer Sale Acreement unh Ednon uhah six months notice and to cancd as caracny obhgation with eich. egnes on December 31,1999. The lbtna he pren EJnon the teen months noticc_ Based upon the terms of this contract, the requneJ four 3e.n, a<h ante notice to rcJuce ihn conmurment to :y Ibtnai minimum obhration for cyaaty anJ energy is esumated to MW ln M trJi IW6. RncJ on the nummum amount of capaaty the k Wf memn. Dntna n requued m rurth+c unJer the EJnon Power Sale Atree' STEAM PURCHASES. The Dntrict's fast geothermal unit, SMUD-ment, the Dntna udl ray Ed%n 5146.8 nulhon for capaaty over GEO :1, became commercially operaHe in December 1931 Under the hfe of the agreement. AJJmonalh, the Dntnct will pay for any ugicam supply agreement, the lhtnct he the right to cancd the con-energy retened at rates :pecdied m the wntract-traa upon 180 Jag notice. liased upon the terms of ibi, contract, nummum on n br M mMon. PACIFIO POWER & LIGHT CO. (PP&L) POWER SALE AGREEMENT. Thc Dntnet hm entered mto a series of agreement < with PP&L pro-CAPITAL EXPENDITURES. The Dntricti carnal expenJmires (exduJ. viJme for the runhee b the ibtnct of IN MW of firm pow er for a ine AR2DC) for 1903, are estmuted to be $294.6 milhan. Aprrox-3 penal of 25 ean, becumme Janaan 1,1990. Ik an amendment to mutch 5563 nulhon is for transnwmn and distribution Projects, 3 the PP&L Power Sale Acreement, the parthase pnte for thn cgaa-i516 mdhon for Enercy EtViaency Investments, $893 mdhen for ty enntlemem u a set at ilID nu! hon a of December 31,19A neu encrev reeurcn and the remainmg $914 mdhon is for other The Dninci began nulm; quartaly mstalknent pavmems of pan-c onstruu nn. NOTE 9. CONTINGENCIES tmGATION, A il bilhon detw acnon suit un ideJ acairnt the comrlaint combmme the 5500 nuihon daim u nh the 51 bdhnn sun Distna allenme the lbtna albued excesme amounts of raJmac. we fdeJ on February 10,1967 In it m the ligulJ cIdurnt Jndurces from the Dntrat's nudes Tests conJucted by nationaHy rewetu ej experts show that the pouer plant, Rancho Seca injurin: the daunant3 anJ that lani maumum expmure to any one mJnajual in the Rancho Seco area aops, hennd and hnmess The Courn demed cernficanon of the n uell below the rate albwed h the UnacJ Sotn Environmental das Un!er the ruhng n resened, the pluntdfs can proceed only & Protecton Ageny. d Rfoup of irkl!VLhuh wah mJmJ,.ul darms A seconJ des acnon On Oaober li 19R the Dntria was served wah another des action daim in the amount of $500 nulhon was fded allermg imentional dum by the rhuntiffs for personal injune3 anJ rroperty damage. miswnJaa and Jece,t in wtmecnon wah such rdcases An amended This claim names mne present anJ former Darnct emrlevees as E
l i Notes 7b FinancialStatements SACRAMENTO M U NICIP A L UTILIT Y DIS T RICT NOTE 9. CONTINGENCIES iCONT D Jefenjams, and alleges that ihose emrloyees made mtennonal fal e inaneration, wah cost estimates rangine from $900,000 to $22.7 nrresem anons to the NRC and rubhc recardmg the tiiluent releases. mdhon. A detaded remeJial action pLn uas submitted for Department The daim seds $1 bdhon m compensatory damages and $100 inilhon and Regional Water Qtrahty Control IbarJ review and for a puHic - per indmdual in runun e and exemrbry Jamaces. heannu. In March 1990, the Depanment's negatne declaration was appmved and the Ibtnct and Fass Metah were directed to proceed The Ibtriais motion for summary judeement m the main auion we with the Jevehrment of a work pbn. The District currently estimates granted in September 1990. Tbc rLinnif, appealeJ t}us Jeciuon and that the mid cost of wmphance uith the OrJer and final dean up the trial coun's Jeasion was affirmed by the TiurJ lbinct Court of wa be arrmxunately 93 nulhon wha has bun aamd, rius l Appeak m June 1992. The Coun of Arpeah Jemed the plaintiff 7 """"' **P'"J"" in future 3e n to meet c mphance monitoring j pennon for reheanne and the plamt fis petinonej for review to the miunemenn. The Dntnct hn nonfied us insuren ihar it intends m r Cahfornia Supreme Court. In August 1992, the Surreme Court decideJ the une w di be heard sr remanJed after the courti Jeusion P""""
- d "' """"'"'"" '
"*"'""'"P" in certain other cases with potentially sumhr issues. The secondan NUCLEAR LIABILITY INSURANCE. The Ibtrict's potential puHic action he been stated pendme the arpeal of the m.un acnon. Any lubility thr clums resulong from nudear or radioactive incidents is bahhty of the Disinct for compenatorv Jamages Jue to the Jn- ! muted to arrmumately i7.8 bilhon as of December 31,1992, under charges alleged should be wnhin the hnuts of the msurante and rmvi ions of the Price-Anderson Aa. The District ha., insurance mdemnny agreement. The Dntrict does not behese that the chim coserate of $200 milhon, thmuch private insurance pools. The against the nan ed employees wdi resuh m any runitne Jamaces remaining $7.6 hlhon in financial rotection would be Provided by P awatJ. Under Cahfornia law. puninve Jamanes may not be msured. awewments agamst utiht es owning nudear reactors. The District is - but the lbtnct uself s exempt imm such damaces. The Dntrict subject to a retrospective assenment of up to $66.0 nullion rer believes that any habihty on account of such dntharges is hmited to nudear inoJent, payaHe in annual mstallments of no more than an amount emered by habtht) Insurance and a Federal government $10.0 milhon. mJemnity agreement and wdl not hue a material adverse unpact NUCLEAR PROPERTY INSURANCE. Effecove January 31,1991, the on the Datnct's fmanual posinon anJ resuh, of operations. NRC granted the District's request to be exempted from the The District h3 hrn notified that < crapped Jnmhmon transionners requirement to maintain 51.06 bilhon of nudear decontammation which were sold by the Dntrict and Jnposed of by a Jealer are insurance. As a result of tha ruhne and development of maximum suspeaed of wntainme polychhinnared brhen3h (PC1rs) and foreseeaHe hiss scenarios, hmits of 550 milhon for Property damage responuHe for contammating the Jealer's site. In Arril 1936, the and H0 milhon in on site Jewntanunation were purchased imm Cahionna State Department of Heahh Seruces (Department) nsueJ American Nudear Insurers ( AND and Nudear Electnc Insurance a Deternunation of hnmment or Suhtant al Endangenuent and Limited. Pmcam 11 (NEIL lih The Dutrict is subject m a maximum Remedul AaionlDucaor\\ ordet (Order again>r the Ibtnet and retro.rective premium adjustment of $90.000 per year m the event t the dealer. The OrJer reqmred that a remedal mesure be deseloped of Lw.es b NEIL 11 memben. h is antiarated that NEIL li woulJ anj unphmented at the sne to untain contanunants Junne the have m pay more than $2.0 hlhon in in,ured losses before awess-r um <ason. The OrJer funher requned that the Dntna anJ the mena woulJ be charged. Jealer prepare, submit and implement a remedul imot garion (test. SONOMA COUNTY ELECTRICITY GENERATION tax. The Distria tng) t n for wh and groundwater to the Derartment. Testing h* wntested the legabry of the Sonoma County electrian generation - b hrn completeJ and shows no croundwata contanunation. however, tax on ceothennal lants in the Geysers area. The tax exemrted P sod tesone rauhs show that the extent and Jepth of contammanon anyone who pad froperty taxes in the wunty. In June 1990, a n ceater than ongmall antiapated The Ibtnet has nnplemented Supenor Court iudge determmed that the tax was unlawful, voiJ and 3 an intenm remedul measure and removed portions of the contanu~ unenforceaHe for several reasons anJ Sonoma Counts filed an nated sod as well e a bree quantny of transformen from the site. appeal The county refunJeJ to the Ibtnct nrproximately $12.9 The Ibtrict ha completed a femihhts study which evaluated 13 milhon. representing all ravments made by the Di3trict to date posuHe sed remedies at the sne, from pa+ive wntainment to off-site indudmg interest, which was recorJed as a deferred credit pendmg i4
Notes 7b FinancialStatements 1992 ANNUAL REPORT NOTE 9. CONTINGENCIES scONTm the outcome of the appeal The Ibtna recorded an adJuion.d hahhty for the Juration of the existma Power Sale Agreement between of $ U milhon gnJmg the outcome of the argat in Oooher 1991, PG&E and the District. The settlement agreement was fded with the Comt of Arpeah affirmed the inal coun's Jecision. Sonoma FERC in July 1991, and arrroved in October 1991. NCPA and County did not appeal that Jecmon and in January 1992, the trial Southern Cines are Protesting certam elements of the settlement coun entenJ a nnhheJ (mal juJeement conduJine the case. The agreement, alleging that the ibtrict has no right to unilaterally setde BoarJ deterrcJ the 3163 mdhon gam in,m the seulement into the unh PG&E a.s to the Ibtrict's share of compensation unJer ECPA; R.nc Stahdcation Fund that FERC should not appn>ve the settlement unless it first ftxes the PG8tE HYDRO RELICENSING SETTLEMENT. PG&E owns and total compen.sation owed by PG&E in the ECPA proceeding; anJ. operates two h>Jrodeuric Projects whose FERC hcenses exrireJ in that FERC, in arproving the seulement agreement, shoulJ not. JeciJe the rights of the Ibtrict, NCPA and Southern Cities under 192 and 19n. P.G&E tded htense renewal arphcanons wnh FERL,. The Ibtria, Nonhern Cahfomia Power Acency (SL~PA), anJ the Cahfornia law to share in such compensation. unes of Anahenn, A: usa, Banmne, Cohon and RiversiJe, Cahfornia in October 1991, FERC issued an order arrrovine the sentement icollean elv. Southern Cmes) joined to fde compenne htense arrh-bor Jedining to deciJe the contraa Jrrute. In October 1992, FERC cations, relung on then appbcable federal law whah rn'videJ issued an order Juecting that NCPA and Southern Cities recover mumupal arrhcana with a prefennce m bcense renewal roceeJ-thor out-of-pocket expenses but Jenying any aJJuional compensa-P inat Coneres, pa-cd the Electric Consumers Protecnon Act of 19S6 tion. A monon for rehranng was Jenied by FERC. It is hkely that (ECPA), whkh chmmated the muruapal preference in rehtensmS NCPA and the Sou:hern Cities wdl appeal FCPA u.ntams a Promon on the settlement of disputes over compong hcense apphcation3 penJing at the tune of rassage. Thr The lhtnct miends to JefenJ the settlement agreement and wdl Provmon provides that wmpctmg apphcants may recover their contest any dann by NCPA and Southern Cities that the [htrict expen,es and a re.nonable percentage of the oneinal hcensee's net has breached any obhgation to them or that they are ennited to a msesnuent a+ settlement if they deu not to comgre under the new shan of the benehn of thmnlement asement. law. PG&E the Ibtnet. NCPA and the Southern Caies dected to OTHER MATTERS. In the nonnal operation of business, the Ibtria is. rur ue senleraent and compensanon. nny to vanom daims, legA aaions and complaints. Management in Mag 1991, the 14trict and PG&E entacJ mto a senlement and the Distriai legal counsd are of the opinion that there are no acreement in v h:2 the Ibmct agreed to rdcase n, daim for com-other matenal loss contingencies that woulJ have a material adverse pensarion in tim id prot.eedlDg in retut'n for a casb Jyment of im[act on tbe bnanC5a! po5:non of tbe [htriCt, eXCept aS dbdosed P $20 mdhen and acqumnon of hiaJ following service from PG&E within the footnotes to these (mancial statements. l El
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