ML20042C646
| ML20042C646 | |
| Person / Time | |
|---|---|
| Site: | Peach Bottom, Salem, 05000000 |
| Issue date: | 04/06/1982 |
| From: | Joseph Austin, Everett J, Gilkeson R PECO ENERGY CO., (FORMERLY PHILADELPHIA ELECTRIC |
| To: | |
| Shared Package | |
| ML20042C647 | List: |
| References | |
| NUDOCS 8204090408 | |
| Download: ML20042C646 (41) | |
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Content' 2
Letter to Shareholders 4
Financial Matters 6
lilectric Operations to Nuclear Activities 12 Gas Operations 14 Customer Activities is Technology 19 Conununications 20 Personnel 21 Financial Section 40 Shareholder Information 41 OITicers and Directors Percent Financial Highlights 1981 1980 Change Operating Resenues
$2,433,425,000 S2,123.394.000 1 59o operating Inpenses S2,110,432,000
$1.857,428.000 1496
~I.nes Charged to Operations S 274,796,000
$ 227,434,000 219o operating income S 322,993,000 S 265.966,000 2196 liarnings Applicable to Conunon Stock S 223,761,000 S 174,950.000 28 o liarnings per Ascrape Common Share
$2.25 S2.00 13'b Cash Daidends Paid per Common Share
$1.90
$1.80 66 Ascrage Shares of Common Stock Outstanding 99,557,000 87.302.000 14 o Construction ihpenditures S 793,959,000 S 586.481.000 35 6
'lotal Assets S6,304,195,000 SS,702,549.000 11 o Earnings ano Dividends Paid Construction Per Share Expenditures Dua,3 Aw e ooens 2 25 1000 -
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John H Robert F James L.
Austin. Jr Gilk eson E verett 2
I source of power, while fully complying with cellent employee organization responded dili-clean air regulations as required by law, is the gently to these challenges.
goal of this project. The scrubbers will be in full The future is one of opponu-compliance with all air quality regulations by nity for your Company. With the completion of December,1982 for Eddystone and early 1983 Limerick and the planned retirement of older for Cromby.
oil. fired facilities, our electric production plant The year 1981 also presented will be modern and efficient. We should require us with a number of serious challenges which no additional capacity until the late 1990's. Our impacted us in many ways. Continuing inflation electric generation fuel supply will increasingly resulted in escalating costs of construction, fuel, rely on domestic uranium and coal, thus mini-wages, operating and maintenance expenses, mizing our use of costly oil.
and in higher costs of money to finance construc-As we review the first tion and environmental programs.
100 years of Company operations, the past As a result of declining finan-prepares us for the future. Development and cial ratios, our security ratings were dow ngraded application of new technology, adherence to again by the rating agencies A lower rating sound economics in design and operation of our raises the interest rate we must pay to sell our system, and superior ser ices to eur customers securities. In September, we sold mortgage will continue to be the keys to success.
bonds rated 111114 with a coupon of 18%%, a Our Company has a proud record high interest rate for the Company.
heritage. At the beginning of our second hun-Clearly, improved financial performance will dred years, we again express our appreciation continue to be a top priority in the days ahead.
to our investors, employees and customers.
With this in mind, in July the Company filed a request with the PUC for an annual electric rate increase of $344 million. The PUC is expected to reach a decision in the case
-W by June I,1982. Our ability to improve financial Robert E Gilkeson performance, increase the return on sharehold-Chairman of the Board ers' investment and continue to provide funds for the construction program will depend upon that decision. A steam increaw was liled in 1981 and was settled for $3 million in mid-January 1982.
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Also, a gas rate increase request was filed m 1981 and is pending.
James L. Everett In other PUC matters, President hearings on the need for and economics of the and Chief Executive Officer 1.imerick project concluded in mid-November with a final determination expected in 1982. The Company's testimony clearly demonstrated the benefit of completing l_imerick as planned.
7.-
We continued many projects to operate the Company more cificiently, to im-prose productisity, and to reduce costs. Our ex-John 11. Austin, Jr.
Executive Vice President and Chief Operating Officer 3
l 1
i Financial Matters Earnings increase. Common expenses, including those related to the new stock earnings in 1981 were $2.25 per share, Salem Unit No. 2. Your management continued an increase of 13% above 1980 earnings of to hold controllable costs to the minimum, con-
$2.00. Tntal common stock carnings were sistent with good service. Interest charges in-
$224 million, up $49 million or 28% from 1980.
creased $61 million and preferred dividends Average shares outstanding increased 14%
increased 52 million.
to 100 million shares.
Rate increases. As with any The increase in earnings was business in an inflationary period. Philadelphia due primarily to the $188 million electric rate Electric Company must regularly raise the prices increase, which became effective in April, and of its products to reDect their current costs and higher gas sales. Electric sales to retail customers value. A continuing and active program of rate were off 29 due to poor economic conditions.
increases is necessary to offset the effects ofin-Operating and maintenance expenses were up Cation, to improve the Company's financial per-139, interest charges rose 264, and depreciation formance, to maintain its ability to attract new charges were 69 higher, capital, to balance supply and demand, and to Com_ mon Stock Dividend Raised.
encourage consumer conservation.
On June 22, the Board of Directors voted to In July,1980 the Company increase the quarterly common stock dividend applied for a $304 million electric rate request from forty-five to fifty cents per share effective and the Pennsylvania Public Utility Commission 1
with the third quarter payment. As a result, divi-(PUC) granted $188 million or 624 of the re-dends per share paid in 1981 amounted to $1.90 quest. effective April 25,1981. The major item as compared to $1.80 in 1980.
disallowed by the PUC was a request by the This increase, the first in four Company to begin collecting certain interest years, recognizes the necessity of prmiding a charges which are now deferred to the future.
competitive return on the common shareholders' On July 29,1981 application investment. In this period of continuing inua-w as made for a $344 million, or 17.79, increase tion, the Company must be able to continue to in electric rates. The PUC hearings began on Oc-attract the capital necessary to complete its large tober 13 and were concluded in February,1982.
construction program.
A PUC decision is expected by June I,1982.
E_ lect _ric, Gas Sales Rise.1ntal On September 28, the Com-electric sales increased by 29 to 28.3 billion pany filed a request for a $39 million, or I1.39, LWh. 'Ihe increase was due to the sale of power increase in gas rates w hich has been suspended to equivalent to the Company's share of the output June 27,1982 pending hearings. A request for a irom Salem Unit No. 2 to Jersey Central Power 56 million steam rate increase filed on September and 1.ight.
28 was settled for 53.4 million, effectisc January Sales to regular customers, 15,1982, about 5 months prior to the masimum t
I escluding Salem Unit No. 2, declined by 24 to suspension period.
27 billion LWh. Sluggish economic conditions The Federal Energy Regu-resulted in depressed kilowatt hour sales to large latory Commission accepted a settlement for commercial and industrial customers, while sub-wholesale electric rate increases to Conowingo stantially cooler summer weather in 1981 held Power Company, a w holly-ow ned subsidiary, dow n air conditioner usage.
and to the Borough of Lansdale, effectise Febru-l Gas sales increased by 69 to ary 27,1981. The rates were increased by $1.9 l
73 billion cubic feet as a result of more custom-million, or 8.4%, for Conowingo and 5524 er and colder weather this year. Steam sales thousand, or 9.59, for service to Lansdale.
dropped 99 to fise billion pounds as a result of On August 18, Conowingo l
continuing conservation by our steam customers Power Company filed a request for a $3.6 mil-and comer ion to other fuelt lion electric rate increase. The request has been Revenue, Espenses increase.
suspended by the Maryland Public Service lntal operating revenue amounted to 52.4 billion, Commission pending an investigation.
159 abm e 19S0. Electric operating resenue rme Also, on February 1,1981 to $2.0 billion, an increase of $235 million or this subsidiary was permitted to implement an 134 over 1980. This inercase tenects higher base Energy Cost Rate which collects from customers l
rates, the recmcry of higher fuel costs through any additional cost of fuel abme the amount I
adjustment clauses and 546 nullion of revenue presiously allowed in the electrie base rates l
Irom the sale of Salem Unit No. 2 output and prior to that date.
capacity. Gas resenue amounted to $356 million, Li_merick investigation. In Oe-i l
an increase of 231 mer 1980, and steam revenue tober 1980, the PUC instituted an investigation reached 575 million.
into various aspects of the Limeritt Generating intal operating e penses Station, includmg its necessity. wonomic justili-amounted to $2.1 billion, an increase of $253 cation, and the reasons for increases in project t
million. or 141, m er 19S0. The major factors costs and for delays in the anticipated completion contnbuting to this inercase were higher fuel date. During the proceedmps, which ran from costs and increased operatii.g and maintenance March to Nmember 1981,39 days o hearings r
h_.
4 l
J Major Financines Millions of Dollars 4 et Common Stock-5,000,000 shares S 59 4 et Mortgage Bonds-Private Placement 73.5 15%% Series due 1996
$52.5 million 15% Series due 19%
$21.0 million as1 Pollution Control Bonds (tax exempt) 100 Average Yield,12.6%
- 7 et Mortgage Bonds 125 17%% Series due 201i est Mortgage Bonds 125 18%% Series due 2009 6 31 Common Stock-7.800,000 shares 96 Dividend Reinvestment and Employee Stock Purchase Plans-3,074.526 shares 40 lbtei
$618.5 19st Retail Rate increases Millions of th>llars Application Annual Date Approved Revenue siectric-Pennsytvenia ' 7/29/80 4/25/81
$187.6 Pennoyevenia 7/29/81 Pending 344.0 Marytend 8/18!81 Pending 3.6 Gas 9/28/81 Pending 38.7 steem 9/28/81 1/15/82 3.4 w ere held and the remrd contained almost 4,000 ted by the liconomic Recosery Tm Act of 1981 pages of tesumony. ~1 he Company presented 17 and it allowed the Company to receise cash pro-witnewes while the intersening panies presented ceeds now which would otherwise base been de-20 witnewes ferred to the future.
I he economics of 1.imerick as Ratmps on the Company \\
presented by the Company showed that complet-mortgage bonds, preferred stocks, debentures ing i imcrisk uould prmide customers with sa-and pollution control notes were lowered during l
ings rangmg from about 5200 million to almost the s ear due to inadequate carnings and cash Si bilhon per ycar w hen compared to the alterna-flow in the face of the need to raise large amounts ines of building a series of small coal plants to of capital for our constmction program. This ac-replate 1.imerick or cancelhng LimentL without tion has the effect of increasing the cost of tur-icplacement. 'l he Administratne I.aw Judge \\
rowing new funds and reducing the potential for Remmmended I)ecision is espected soon marketing the Company \\ ecurities.
Financing Highlights. Dur.
Our 1982 financing prograni mg 1951, the Company successf ully raised will require the sale of approsimately $670 mil-more than %IS nulhon. a record.unount of new lion of new Jebt and equity.ecunties. A satis-tapital. to meet the needs of our construttion f actory conclusion to the present elettric rate program and ref unihngt case is essen6al to awure adequate accew to in addition, to the maior the capital markets.
Imansings shown atme arrangements were Construction Program. lis-mmpleted in April f or a %Ino nullion. two-> ear penshtures for new plant and equipment in 19S1 remhing 1 ine of Creibt through a group of amounted to 5794 million. Estima'ed construe-I utopean banks in Nmemtvr. the Company tion outlays are $SSI million for 1982 and 53 i finahied arrangements to finance its portion of billion for the entire 19S2-85 penod Approsi-the Salem Generating Stat on nuclear f uel mately NN of these construction f unds are ear-through a lease with an independs ni tuel com marked for completion of the two nuclear umts at pany m an amount up to %I25 nullion. In Ib l.unenck and flue pas clean-up systems at the semhet, the Conipany recened $54 nulhon by Eddptone and Cromby coal tired units.
sclhng, for l'ederal ms ome ta pmposes only. the las stepteti.ition athl lin estluent 1.ts tiedit as-sotlaIed with its share of the Satein Generating bl.ition l' nit \\o ) l hls IIansaction w M lYrmil-5_ _ _
Einctric Operations Coat Strike. ( )n \\la r. h >
l ih!s sn.nt an,! ( riunhy (icncrating Mato ur Pr! rhe I orica \\lmc W.r k e r s h can a thir o in I this sn,nc l nir %i i ni a. iper ates w it h parm u t
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nrc t r i m...t h< r un i n ic s rcnnac or i", i it all M > and pann ulaic en ounins New Transmission Une Ener.
th w h.iiecJ at t hese site s Ihe( innpany. Ihniuch
. aluah!c e x pen ne Jamed m t et ent s car'. ha s he gised. \\ l ' 1 no!c M ill i \\ k nc her a i c o Pi (
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s.i'. m c ' n w ast< a atcr treatment tas ihts at I ddy sbine Ma l'hii nli ip!na l It.trn < it vi ri ilin in 'n rt ilth c. !
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.md h,ati ni ee ncr ar n in rnent tat t!:t s at r nimbs Ntatn n. rs appnixi Eddystone and Cromby inatcls x h M1 nullnin Stations-Environmental Projects. ( i nnt r u, in in I he iipei at nin ist the w r ubbmc es maenesium sultne in iirder bi tio r i n us i,n t he fluc Ja s s t ubbme o sts nn o ste m pn.dut N m e,n -T Acd n o t h< iival !u ed hintcr s atthe sinnen magnesium sultne inhi as usable sion
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duce sulfuric acid. These facihti< s are espected to cost approximately 575 mil 4 a.
Power PurcNses from Attegheny Power System and Central Hudson.The gs 7 =w
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~~T quality senice at the lowest possible cost. Neser has this elfort been more beneficial m r ducing the cost of power te Pli customers than during 1981.
Construction of pollution.
A decade ago, the Company control equipment at Eddy-converted fi'/c of its major generating plants from stone, a coal-fired station, coal to low-sulphur oil to meet air quality regu.
Progressed in 1981.
lations. The major escalation in the price of oil in the past sescral ycars has dictated that Pli should p nent compounds, the Company is constructing now avoid operating these high-cost plants two magnesium o<ide regeneration facilities whenever a lower-cost alternative source of whit h will be located at the Allied Chemical power was available.
Company Sulfuric Acid Plant in Claymont, Beginning in February 1981, Delaware and at the lissex Chemic I Company Pli has purchased coal-fired electricity from sys-Sulfuric Acid Plant in Clif ton, New Jersey. The tems in West \\irginia, Ohio, Indiana and Illinois.
regeneration f acihties will convert magnesium The sasings produced by these purchases sulfite to magnesium oxide and sulfur dioside.
amounted to 596 million in 1981.
The magnesium oxide will then be reused in the An additional 53 million was scrubbing systems of the Company's generating sased by continuing the arrangements made in facihties. Ihe sulfur dioside will be used to pro-1980 to purchase lowcr-cost, oil-fired p>wcr dur-ing,ummer peak load hours from Central liud-son Gas and filectric Corporation in New %rk.
These advantageous power purchases from other sy stems has e been possible because of the strong interconnected transmis-sion system that Pli has deseloped with neighboring systems.
E_le_c_tric T&D Manpower Reduc-tion Program. In the early 1970's, more than 2,500 lilectric Transmission and Distribution (TAD)
Department employees and over 1,(XX) contract forces were needed to construct and maintain facilities or perform other functions insohed in Annual Savirgs from delisering power from generating stations to cus-PE Interchange and Power Purchases tomers. When the 1974 oil embargo and escalat-ing f uel costs resulted in reduced growth in umr te energy use, the construction program was re-p duced accordingly. The resulting reduction in gj personnel requiremer;s w as met first by reducing 19 contract forces. As turt!'er reductions became N
necessary, the number of employ ees was reduced
]H through attrition and by two early retirement in-
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mg 1981 ar.d reduced T&D manpower by an p!
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Wi 9 gg !t bs l'. .i s g )' l f:j in July. a derailed flat car from =u \\- i an 89-car freight train severed two legs of a 66k V transmis-sion towe' in Philadelph a Se nteen Transmission and Distribution men completed \\ s N;g the repairs within two days wethout avty customer service in t er ru ption s panyi Electric Production I)epartment. T he the Peach Bottom reactors until at least 1993. trainees underwent an IM-week course in funda-This uranium mining senture is another of PE\\ mentals and theory as the beginning of traming etforts to obtam an assured and diserse supply whith will ultimately lead to certification as of uranium for our nuclear plants. licensed operators. Pooled Inventory Management in addition, various engineer Service. In January,1981. Philadelphia filectric onentation courses, laboratory courses and Company and seven other utilities initiated a other short non cperator carses hase been cost-sharing program for stocking spare common condutted throughout the year. In September, nuclear components for similar nuclear plants a series of college level esening courses, con-owned by this group of utdities. The piogram, ducted by I)resel Unisersity, were started at called Pooled Insentory Management Sersice the training center. (PIMS), prosides valuable protection to our cus-Peach Bottom.1)uring 1981 tomers against lengthy outages at Peach Bottom Peath llottom Unit No. 3 underwent a scheduled cauwd by the unasailability of a n ; clear compo-outage for refueling and completion of a number nent at a fraction of w hat it would cost the Com-of maior NRC mandated mmhrications. In order pany to stock this equipment independently. to increase the lesel of safety and imprme the abihty of equipment and personnel to respond properly to plant malfunctions, significant thanges were made to the reactor prewure sup-prewinn sy stem, the reactor sewel feedwater 1 irdet noules, the emergency control red insertion system and spetific safety-related pipmg and in- -3 strumentation. I hese modifications to the facihts were the result of the 'l Mi esperience as well as t ' en pomp PL and NRC concerns. T he co.t of these modifica-tions on (Init No. 3 anlounted to more than $35 x nuthon a PL share $15 millions toward improsed nutlear safety and were completed in sesen months. Muth of this work has already been tompleted on Peath flottom l' nit No. 2. Esen with the estended [ outage of Peach llonom Umt No. 3. it is esti-mated that the nct fuel sasings to PLCo custom-ers f rom the operation of Peach Hottom w as os er sl85 million in 19SI. Salen5 Unit No. 2 in Service. T he -e setond unit of the Salem, New Jersey nuclear Peach Bottom Station engineer generatmg station was plac-d in commercial op-inspects the reactor pressure cration on October 13. PL ow w 42.59 percent of '"P P*3 " 'Y" d"'I"9 modifications at Unit No. 3. The the jointly-ow ned,1,115 megawatt station whit h system provides cooling water is operated b) Public Sersice lilectrie and Ga' for emergency shut-down. Company of New Jersey which outw a simd..r s percentage of the plant.1)elmana Power A-h 1.icht Comp,m> and Atlantic City Electne Compans each ow n 7 41 percent. 5. - -M J ~ M', Lee'Mine Cc..:. ruction. ITur- 'N'. V 4 ine 19S1, construction started on the Lee Mine -1 Cramum Protect hicated m New Mexico, N) yL ~ie ..~ k ' k[ nules west of Albuquerque, under an agreement ^ s. n* gy ahith Pl entered into with KerrakGee Nuclear / ('orporation during 1950. This n a tomt senture . i. ..,.}; operation in which Kerr McGee is the construe- - n for and w di opetate the mine ~lhe uraniuin Unit No. 2 at Salem was placed , sill be shared equally between Kerr4kbee in service during 1981 by and the Peash llottom owners PSE&G. PE owns 42.59*. of the lhe mine shalt now under station. construttion is 14 feet m diameter and will estend mto the canh to a depth of 1.665 feet. lhe first uranium f rom this inine will be piodused in 19%5 and, at tuli produstion, the mine w dl has e a No ton per day capatity Cramum f rom tha mine will suppl) a poltion of the requirements for 11 Gas Opsrations Peak Gas Sendouts. During the The Company has increased its winter supply 19x0 81 heating season, total gas sendout surpas-from underground storage by contracting for sed the previous recorded peak day total on fisc an additional 39 of normal winter natural gas dap. Prior to Christmas Day,1980, the record supplies for the 1981-82 heating season. The nest daily sendout had been 441 million cubic feet, phase of this storage espansion pa#ct is es-whith occured on January 17, 1977 Tota send-pected to proside a funher increase of 29 for the l out for December 25,1980 established a peak of 1982-83 winter heating sea,on. 444 million cubic feet, w hen the aserage temper-Two New Gate Stations for ature was 4T. Continued cold weather pnkluced Natural Gas Distribution. The increase in new gas i a series of records in early 19M1 and the final peak sales esperienced by the Company user the past j daily total amounted to 4M6 million cubic feet on two years has been greater than in any similar Monday. January 12 w hen the aserage tempera-period in the Company's histog The sharp in-t ture was 7T. crease in new load required the construction of ) On January 17,1982, a new two additional supply points to feed the Com-l daily sendout record of 529 million cubic feet of pany's natural gas distnbution sptem. 'lhe sup-1 natural gas was established as the temperature ply points, known as gate stations, are hications aseraged minus 2'l. where the Company purchases pas from two Record Gas Sales. Gas sales natural gas transmiwion companies. ) ins reased 64 in 1981 to a record 73 billion cubic When placed in sersice l leet. ~1 his amount surpawed the presious yearly during the winter of 198182, one of the new sales record of 70 bdlion cubic feet set in 1972. gate stations, hicated in Chester County, will re-Ga_s SuppHes increase) for inforce the gas distribution system in the Paoli-1982 and 1983. Natural gas asailability from Dow ningtown-West Chester areas. The second the Company \\ interstate pipeline suppliers con-station, h>cated in Bucks County, will pro-i tinued to improse in 1981 and is espected to side similar reinforcement to the Morrissille-remain at the current lesel through 1982. l.csittown Bristol areas. With the addition of the nc.v stations, which hase a total espected cost gu p of SI.M million, the Company \\ natural gas dis- 'I tribution sptem will have a total of thirteen supply points feeding a nGwork of 4.475 miles [ j of mains. These mains coser an area of 1.475 l square iniles sersing 293.000 customers. Operation of the thirteen sup-i ply points is directed from the Gas Sptem Con- ,,s. u Q-trol Center in King of Prussia where distribution i i sprem prewures and sendout requirements t g are constantly being monitored and updated 4 's - g-through a computerized netaork of supervisory I control equipment. l continued to espand as new gas connections ~ During 1981, pas operations were completed. In order to supply this new load, MM miles of new main were installed at a cost of $15 milhon. i 1 i t I i / s i William Fulmer (center), Assistant Supervisor-Mains and Services, and Street. 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.jh' ~ me E_n .y f[9!. P "' 3 Q...* 4 X.?f Hcme energy audits identify Auditor, operatmg a po' table costs and savmgs of home computer termmal. conservation measures A I *1 customer observes Mark i Thompson. Home Energy g.. Customer Activities F i Co sneration and Alternate j E nergy Sources \\.' i i r s I \\ \\;. n ( \\ 6 I 5 14 1 j Ho_me C.' g Audits. In con. stalled in 9,800 additior.al umts, of which I,600 l formance with the Residenu. Consenation were new construction while 8,200 conv;rted l Senice (RCSp Program of the 1,.onal linergy from oil. Conservation Policy Att Philadelphia Electric While gas prices are espected Company began r residential energy to rise f urther with complete deregulation, at year audits to it. cush. a last summer. The charge end the cost of gas was equivalent to 74' per l for this senice is 515 per residence. gallon of oil. All residential customers were in the new construction mar-adused of the availabihty of audits by bill en-Let,699 chose electric heat w hile 169 chose gas closuret By the end of the year 1I,400 custom-for a total penetration in 1981 of 859 for PECo en had apphed for audits of their homes, and energy. 1,4(N) audits had been completed. Area Development. In spite of 'Ihe Company trained a team the high interest rates and the nation's depressed of ten C. tomen Senice employees in the skills economy, the downtown Philadelphia construc-required to inspect homes and identity places tion boom, which started in the last decade, con-where addmg weatheritanon improsements-tinued during 1981. The construction of office insulanon, scaling, caulking, glaring-or im-buildings and new hotels is apparent throughout prming the ef ficiency and operation of the heat-the city. ing system can sase energy and money for the A 40-story office building customer. At the conclusion of cash audit, the joins three other office buildings in sarious customer reteises a print out from a ponable stages of construction on Philadelphia's Market computer terminal. 'I his informs the customer of Street. Another 30-story office building is under the approximate cmt and sasings of each con-construction at Logan Circle on the Parkway. In senanon step that can he taken in his home. the suburbs, along the Tumpike and Exprewway, fielidential Space Heating. there is also growth in office construction. I)unng 1981,19,700 additional residential The growth of the hotel indus-units those Pl.Co supplied electricity and try indicates the confidence investors base in gas for space heanng as oil prices increased Philadelphia's future. Construction is underway to 51.25 gallon. on a 25-story,450-nom flershey Philadelphia Elettric space heanng ifotel or, Broad Street. An 8-story,375-num, was selected for 9,'MW) umis, 7,(MM) of which lusury hotel to be operated by Four Seasons is were new and 2,9no were consenions f rom under construction on the Parkw ay at Logan Cir-other heating systems, mostly od-fired Of cle. A 33-story lusury hotel and condominium these umts,5,$tN) or $64 (hose heat pumps, has be< n topped out on Rittenhouse Square. and an cilicient source for year-round comfon. At a 350-nom Hest Western flotel is underway in ycar end, there were 94,200 elettncally heated City 1.ine's Golden Mile area. Since 1975, almost I homes on our knet 400 new restaurants base opened. Gas, pace heating was in- 'lhe new office buildings, hotels, restaurants, other commercial deselop-l PECo Residential ment and cultural actisities base stimulated resi- [j',,H*
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p,n ration During the past year, ten ships no. cu o, m m m were awigned to the Nasy Yard for refurbish-ing. Including the aircraft carrier Saratoga which 4 arrised in late 1980, almost 5800 million in con-3 tracts hase been involsed in the e projects. ' -l \\ ' m ' L\\ - lg. k
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.s 3N e ,. f. eg e[.,r(: ' -cm .ws g. PE ls field-testmg a umque process to destroy polychlor-inated biphenais, or PCBs. ji j T ;pt;/ George Raudenbush, an Assistant Foreman m Mam-tenance Divssoon. checks the PCB prncessmg M e p e Bud Lockwood. a Senior Enge. The system proudes voice neer in Construction Division. and data communications be-inspects the couptmg equep-tween the main onice and the ment for the new microwave Peach Bortom-Muddy Run-communication system which Conowingo area as well as is was completed in August 1981 mtermediate points i =. Communict.tions example of how modern technology is being Community Outreach Program. applied effectively. The Corporate Communications Depanment is Electric Vehicles. Philadelphia carry mg out a community outreach program, de-Electric Company was selected by the Depart-signed to bring the personal touch to meeting ment of Energy to participate in the Electric and customers' needs. The key to the program is let-flybod Vehicle Demonstration Program. The ting people know that PE is really thousands of goal of the program is to advance electric vehicle indisiduals trained and willing to help our cus-technology and market potential. tomers. The program also serves the Company Under the cost-sharing agree-by opening a dialogue with many customers, ment between Philadelphia Electric and the De-giving the Company a better insight into cus-partment of Energy, Philadelphia Electric pur-tomer thinking. chased 6 vans and trucks and 14 passenger cars Among the best ways to for use m its transportation fleet. Each electric achieve this give-and-take communication with schicle will replace a petroleum-fueled vehicle. the public was to get groups of customers with During the three-year pro-similar bread interests together with Company gram, the Company will collect data on perform-people to talk over mutual concerns. Eight cus-ance, reliabihty and safety, schicle maintenance tomer councils were formed by the suburban di-and public awareness. Periodic reports to the sision managers and by the Philadelphia district Department of Energy will record the Company's managers. The councils meet regularly on mat-experience for use in a national data base. ters of topical and timely interest. Members of Acoustic Stress Monitoring. these councils live in the same geographic area Acoustic Emission 'lesting techniques, which and reflect broadly the opinions of their varied were initially descloped by the Company to in-communities. A Clerg y Councilis made up of 40 spect buried gas pipe lines, hase been recently members of the Philadelphia clergy who have applied to other Company structures. The most arranged for PE n:presentatives to speak at recent successful application of acoustie emis-church meetings and after church services, sion by PE engineers is the development of a primarily on energy conservation. A Social Scr-sy stem to continuously monitor the stress of fiber-sices Council is composed of over 50 members glas booms on aerial lift trucks. This system representing public and private social service measures the energy wases produced by the fiber-agencies. An Hispanie Council is composed of glas material indicating any deterioration of 41 members w ho represent business, social agen-the material well before failure, assuring the cies, cisie and community groups and organ-integrity and safety of the boom. irations in the growing Hispanic community. An in a i escarch and 'Ibsting pro-Energy Education Advisory Council (EEAC) l gram now underway, Acoustic Emission Testing was established in 1976 to broaden the base of l techniques are being used to determine the in-public understanding on energy. The EEAC, tegnty of liberglas ladders. An examination composed of teachers, administrators, cur-tig and associated instrumentation base been riculum anJ environmental specialists, has de-descloped to test and quality au Company veloped extensive curricula materials on energy liberglas ladders. as well as debates, seminars, in-sersice training +- -s-w., ranging the entire education spectrum. A Profes-sional Adsisory Council on Energy was estab-lished recently composed of professionals in sci-ence, engineering and technology. ~ q.2 l f: ",p l ~ l n, 1 j.s $?
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? '-,, .s ,5 n (*%*. + I - 5 - k l >. - :,. ~ ' ~ g z y v 5 r' ,t 3 i .. jr 1- : -- -A , +.,- -s. ? ~ 21 l __ Electric Operating Revenue. Taxes, Other than income. increases in 1981 and 1980 reflect both higher Taxes, other than income, have increased due to base rates and the recovery of higher fuel increases in icvenue, which is subject to a gross costs through fuel or energy adjustment clause receipts tas, and due to higher capital stock, billings. In addition, the increase in 1981 over really and social security taxes. 19M0 reflects the sale of the energy and capacity Allowance for Funds Used equivalent of Salem Unit No. 2 to Jersey During Construction. The increases in AFUDC Central Power and I.ight Company during the for the last two years resulted from a higher second half of 1981. Kilowatt hour sales of cost of capital for construction and increases electricity to retail customers declined slightly in construction work in progress. throughout the period. Interest Charges. Interest Gas OpmJng Revenue. charges on long-and short-term debt increased increases in 1981 and 1980 pnmarily reflect in the last two years tecause of higher costs of the recovery of higher fuel costs. Mcf sales of money and additional debt outstanding. The ratio gas increased 5.5 percent in 1981 oser 1980 and of carnings to mortgage interest, which is a 8.9 percent in 1980 oser 1979, due to increased measure of the Company's ability to issue house heating and small commercial customers. additional long-term debt, has remained only Fuel and Energy Interchange slightly above 2.0 times, which is the minimum Expense. Fuel and interchange espense increased required for the issuance of new mortgage debt. 8.9 percent in 1981 over 1980 and 64.8 per-Capital Expenditures and cent in 1980 over 1979 as a result of higher changes in Financial Position.The Company prices for all fueh. is carrying on a construction program which is Other Operation and estimated to require expenditures of $881 million Cain'enance Espenses. Other operation in 1982 and $2.3 billion from 1983 to 1985. Of and maintenance expenses have increased in these expenditures, approximately $1.9 billion the last two years due to intlation and to relates to the construction of the Compa1y's two, growth in utility plant. 1055-mw nuclear generating units at Limerick, Depreciation. Increases which are scheduled for commercial oper-in depreciation in the last two years result ation in 1985 and 1987. The final costs of these from additions to plant in senice. The increase units are currently estimated to be $4.2 billion. of 6.09 in 1981 mer 1980 is due primarily Successful completion of this program is to Salem Unit No. 2 being placed in dependent on the Company's ability to obtain commercial operation. external financing, primarily through sales of Taxes on income. Tases on new debt and equity securities which are subject operating income increased in 1981 and 1980 as to market conditions and certain earnings tests. the result of higher income. Income tas credits, The program also is subject to the licensing net, included in other income, hne increased requirements of the Nuclear Regulatory in the last two years as a result of the Commission, financing approvals by the PUC higher Allowanee for llonowed Funds Used and changes due to litigation. The Company During Construction. cannot predict the outcome of such regulatory reviews, but believes the safety requirements Ratio of Eamings to Return on Aworage Mortgage interest Common Equity have been or will be met and that the economic wc- %me desirability of the program has been m demonstrated and thai the program will be successfully completed. a d-q Placing the Limerick units into m senice will enable the Company to retire some pMGDg_ i; i o ij cj m i rn of its older, less-etTicient fossil units and to p ]' q g[. ]} j} p - 7 espected that the Company will realize fuel
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L. c n, w., n, n a., 4t# B Ahed t=y PUr _ _ _ 22 sm 4+,, Philadelphia filectric Company and Subsidiary Companies Con:olidated Stat m:nt3 of inccm3 For the Year finded December 31 1981 1980 1979 Operating Revenues (Thousands <J Dollars) tilectric S2,002,063 $1,766,956 S1,311,891 Gas 356,431 290,743 221,135 Steam 74,931 65,695 45.479 Total eperating nevenues 2,433,425 2,123,394 1,578,505 Opers?ing Expenses I uel and linergy Interchange 1,187,635 1,090,497 G61,724 Other Operation lixpense 360,840 279,587 247,152 N1aintenance 156,878 136,963 117,491 Depreciation 130,283 122,947 120,608 Tases on income 129,484 93.673 79,055 lases, Other than income 145,312 133,761 106,676 Total Operating Expenses 2,110.432 1,857.428 1,332,706 oper: ting income 322,993 265,966 245,799 Other income Allowance ior Other I unds Used During Construction 65,013 50,483 46,008 income Tas Credits, ne 63,164 49,025 33,884 Other, net 2,457 3.425 1,710 Total Other Income 130,634 102,933 81,602 inc:ms Cefore Inter %t Charges 453,627 368,899 327.401 Interest Charges I.ong/I' rm Debt 266,691 224,970 192,990 e shortcl' rm Debt 33,155 13.865 7,315 e Allowance for llorrowed Funds Used During Construction (123,784) (97,067) (67,375) Not Interest Charges 176,062 141,768 132,930 N.t inct me 277,565 227,131 194,471 Preferred Stock Dividends 53,804 52,181 44,773 Errning) Applicable to Cemmon stock $ 223,761 S 174,950 S 149,698 Average Shares of Common Stock Outstanding (Thousands) 99,557 87,302 80,529 Earnings Per Average Common Share (Dollais) S2.25 S2.00 $1.86 Dividends Per Common Share (Dollars) $1,90 $1.80 $1.80 See notes to financial statements 23 Philadelphia Electric Company and Subsidiary Companies Consolidated Cal:nca Sheet 3 December 31 ASSETS 1981 1980 tJtHity Plant, at original cost (Thousands of Dollars) in Sersice Electric S4,163,088 S3,708,715 Gas 371,239 332,599 Steam 54,152 53,955 Common, used in a'l sersices 118,701 118,387 4,707,180 4,213,656 les: Accumulated Depreciation 1,330,611 1,235.715 Net Utility Plant in Sersice 3,376,569 2.977,941 Constructior hk in Progress 2,337,517 2,202,100 5,714.086 5.180,041 Nonutility Property and Other Investments 77,780 58,697 Current Assets Cash and 'lemporary Cash investments 30,678 6,678 Accounts Receivable Customers 277,292 262,447 0.her 65,131 37,910 Ntaterials and Supplies, at aserage cost Fuel (coal, oil anti gas) 83,612 82.216 Operating and Construction 48,581 38,870 Deterred Fuel Expense (31,299) 11,048 Prepay ments 6,819 6.180 480,814 445,349 Deferred Debits 31,515 18.462 Total S6,304.195 SS,702,549 See notes to financial statements. 23 ~. December 31 UA:surits 1981 1980 Capitassmat6on (Thousands of Dollars) Common Shareholders' liquity Common Stock $1,572,388 S1,377,463 Other Paid-In Capitat 3,888 2,581 Retained I!arnings 387,251 353.570 1,963,527 1,733,614 Preferred Stock Series Without Alandatory Redemption Requirements 372,472 372,472 Series With Alandatory Redemption Requirements 266,929 274,330 long Term Debt 2,745,723 2,371,933 5,348,651 4,752,349 Current Uabilities Short-lerin Debt llank loans 54,225 5,900 Cornmercial Paper 46,690 Current Alaturities of LongJIctm Debt 36,062 130,789 Accounts Payable 165,485 164,637 Tases Accrued 68,421 72,121 Deferred income Tnes-1:uel (17,052) 5,717 Interest Accrued 82,294 64.943 Disidends Declared 23,380 22,969 Other 18,130 17,372 430,945 531,138 Deferred Credits Accumulated Deferred income Taxes 273,528 224,953 Accumulated Deferred Insestment Tn Credin 204,061 163,422 Other 47,010 30.687 K4,599 419.062 Tott $6,304.195 $5.702.549 see notes to finanaal statements. t Philadelphia Electric Company and Subsitfiary Companies C:nsolidated St:t m:nta of R:t:ined Ecrning3 For the Year Ended December 31 1981 1980 1970 Thousands of Dollars) Balance, January 1 S 253,570 $338,154 $333,649 Net income 277,565 227,131 194.471 631,135 565.285 528.120 Cash Dnidends Declared Preferred Stock (at specified a.nual rateo 53,762 52,973 44,760 r Common Stock (51.90 per share in 1981 and 51.80 per share in 1980 and 1979) 189,476 157,423 144,984 lixpenses of Capital Stock issues 646 1,319 222 243,884 I'11,715 189.966 satance, December 31 S 387.251 5353.570 S338.154 C nsolidated Statements of Changes in Financial Position Sources of Funds Net income S 277,565 $227,131 $194,471 Charges tCredits) Not Af fecting f unds Depreciation, Amortization and Spent Fuel Costs 144,031 130,354 123.066 Deterred Income T.ncs. net 2,011 (12,121) 44.854 Insestment I;n Credits, net of Amortization 25,049 28,135 (3.019) Allowance for Other f unds Used During Construction (65,013) (50.483) (46,008) T;tal l trem operations 383,643 323.016 313.364 Sales of Securities 1 ong-Term Debt 423,500 275.000 200,000 Preferred SimL 72,000 Common Stock 194,925 137.816 99,988 increase iDecrease)in ShonJierm Debt 1,635 (32.597) 68,968 Sale of Salem Station Nuclear Fuel 100,166 Sale of 'l:n lienefits 53,743 Total from Financings 773,969 452.219 368,956 Total sources $1,157,612 $775,235 5682.320 l l Uses of Funds Additions to Utihty Plant 787,075 579.802 421,615 j Allowance for Other f unds Used Dunng Construction (65,013) (50.483) (46,008) i Dnidends on Preferred and Common Stock 243,238 210,396 189,744 Increase eDecrease)in Detened Fuel lispense (42,347) (72,464) 79.285 Renrement of I ongclerm Debt 137,470 140.671 56,169 Increase iDecrease) in Other items of %rking Capital 62,144 (36.286) (28,114) Other. net 35,045 3.599 9.629 Totat uses S1,157,612 S775.235 S682.320 see notes to fnanciai statements l 26 Not c to Fin:ncial Stat:m:nt3
- 1. signmcant Generet. All utility subsidiary companies of Philadelpnia E!!cetric Company are wholly-owned Ac;ount6ng and are included in the consolidated financial statement % Non-utihty sutnidiaries are included in insestmenh and P'"C8'S accounted for by the equity methml. The accounh are maintained in accordance with the uniform systems of accounh presenhed by the reputatory authorities hasing jurisdiction.
Reve_nues. Resenues are recorded in the accounts up>n billing to the customer. Rate increases are billed from dates authorized or pctmitted to become cifective by tbc regulatory authorities. Fuel Espenses. I or financial reponing purpnes, the Company defets the under or user collection ol f uel es pense w hich is recos erable under energy adjustment clauses until it is subsequently billed. For income las purpnes, fuel expense is considered an expense w hen incurred. The Company leases nuclear fuel for use in in nuclear generating stations. Nuclear f uel cosh are charged to fuel expense on the basis of the number of unih of thermal energy prmluced as they relate to the estimated total thermal unih to be pnnluced user the life of the fuel. Commencing in May,1981, the estimated dispnal cosh of spent fuel are being charged to operations as permitted for rate making purposet Such amounts, net of related deferred income tases, are depnited in an escrow account for funding of future costs lhe Company belieses that any additional cosh, whkh may be significant, would be recoserable through adjustmenh of rates charged to in customert Depreciation. fur financial reponing purpnes, depreciation is provided over the estimated sersice lises of the plant on a straight line basis. Commencing in May,1980, the estimated decommiwioning cosh of portions of the nuclear planh are being charged to operations as permitted for rate making purpnet Such amounh. net of deferred income taset are depnited in an escrow account for funding of future costs The Company belieses that amy additional costs, w. ch may be significant, would be recoserable through adjustmenh of rates charged to in customets lhe annual depreciation prosisions, etprewed as a percent of aserage depreciable utility plant in sersice, were approximately 3 019 for 19M1,3.069 for 1980 and 3.119 for 1979. Income Taxes. Deferred income tases are prosided for ditTerences between bmk and tasable income to the essent permitted for rate making purpnes Insestment tas credits, other than credits resulting from contributions to the las Reduction Act Sink Ow nership Plan for employees w hich do not atfect income, are deferred and amortized by credih to income oser the estimated usclul life of the related utility plant. ~- Allowence for Funds Used During Construct 6on ( AFUDC). Al UDC is a non. cash item which is defined in the uniform systems of accounts as "the net cmt for the period of comtruction of borrowed funds used for construction purpnes and a reasonable rate on other funds when so used." AFUDC is recorded as a charge to Construction hk in Progrew, and the equivalent credih are to " Interest Charges" for the pre-tas cmt of bortrowed funds and to "Other income" for the remainder as the allowance for equity fundt The rate used for capitalizing Af UDC, w hich aseraged M 659 in 1981,7.M59 in 1980, and 7.459 in 1979,is computed under a methat presenbed by the regulatory authoritiew lhe rate is a " net alter tas rate" and the current intome las reductions applicable to the interest charges capitalized,563.M75MN)in 19H1,550.083,(NM)in 1980 and $34.754 tNN)in 1979, are recorded in "Othet income " Al UDC is not mcluded in tasable income and the depreciation of capitalised AFUDC is not a taodeductible etpense. Retirement Plan.The Company has a non-contributory trmteed rstirement plan applicable to all regular employeet Pemion cmh include normal cost for the year and amonization of unfunded prior sersice cosh, mer ten to twent)-year periods Ne Note 10L Approximately 799 of such emts wcre charged to operating espense and the remainder, awociated with construction labor, to the cmt of new utihty plant. Gas Emploration and Development Costs. The Company has imested in sescral joint sentures for esploring and dnlling for gat Ihese emb are capitalised under the full cmt method and charged to operations commemurate with the use of gas pnsluced by these sentures. Non-utility propeny and other imestmenh at December 31 1981. and 1980, include unamonized capitahred cmh of $46.294MMIand 532.224.0011. respettiscly. U _
- 2. Common Stock:
At December 31.1981 and 1980, Common Stock, without par value cor sisted of 160,000.00() shares authorized and 108,507,097 shares and 92b32,571 shares, respectisely, outstanding. At December 31 198i, there were 4,787,024 shares reserved for issuance under stock purchase plans. Number of Shares Amounts Common Stock issued: 1981 1980 1979 1981 1980 1979 (Thousands of Dollars) Public Sales 12,800,000 7,000,000 4,000,000 $154,786 S101,360 563,460 Disidend Reinsestment and Stock Purchase Plan 2,667,081 2,399.418 1,740,991 34,809 31,593 26,389 limployee Stock Purchase Plan 407 445 349,937 279,315 5,330 4,863 4,416 ~In Reduction Act Stock Ownership Plan 350.225 5,723 Ltals 15,874,526 9.749.355 6.370.531 S194,925 S137.816 599.988
- 3. Preferred Stock, 5100 par, cumulatise, at December 31.1981 and 1980:
Number of Shares Amount Current Refunding Redemption Restricted Authorized Outstanding Priec rei Prior to ib> 1981 1980 1981 1980 tThousands of Dollars) Series Iwnhout mandatory redemption requiremento. 9.509 S106.50 750,000 750,000 750,000 $ 75,000 S 75,000 S.754 107.00 650,000 650,000 650,000 65,000 65,000 7.859 105.00 500,000 500,000 500,000 50,000 50,000 7.804 105.50 750,000 750,000 750,000 75,000 75,00) 7.754 103.00 200,000 200,000 200,000 20,000 20.000 4 684 104.00 150,000 150,000 150,000 15,000 15,000 4.49 112.50 274,720 274,720 274,720 27,472 27,472 4.34 102.00 150,000 150,000 150,000 15,000 15,000 3 MN 106.00 300.000 300,000 300.000 30,000 30.000 3,724,720 3,724,720 3,724,720 372,472 372,472 Series twith m.mdatory redemption requiremento ici and id t 15.254 (Sold 19Sul 115.25 5-1-90 500,000 500,000 500,000 50,000 50,000 104 iSold 19so) 104.44 5-1-85 220,000 220,000 220.000 22,000 22,000 9.52q 106.25 5-1-86 500,000 453,920 490,210 45,392 49,021 8.759 108.75 5-1-88 500,000 500,000 500,000 50,000 50,000 7.3254 104.98 750.000 660,000 690,000 66,000 69,000 79 104.00 400.000 335,370 343.090 33,537 34,309 2.870,000 2,669,290 2,743.300 266,929 274.330 Unclawified 3.405.280 Total Preferred Stock 10.000.000 6,394,010 6.468.020 $639,401 $646.802 o Redeemable, at the option of the Company, at the indicated dollar amounts per share, plus accrued disidenJs. @ Prior to the date specitied, none of the shares of each series indicated may be redeemed through refunding at an interest cost or disidend rate which is lew than the dividend rate of such series. ic Redemption icquirements e par s alue)in the period 19S2-1986 are as follow v 1982 -53,000,000. 1983 -55,129,000. 1984-55,800.0( M t 194545.500.0txt and 1986-512,700.tkkt edi ihe excess of the appregate par s alue of reacquired shares,74.010 shares in 19s I,45,210 shares in 1980 anJ 40.490 shares in 1979, oser the aggregate purchase price is reflected in Other Paid in Capital. Si.307.00t)in 1981,5378.000 in 19NO and $235,000 in 1979 28
- 4. Long Term Debt, at December 31,19MI and 19X0'.
Philadelphia Electric Company 1981 1980 Series ljue (Thousands of Dollars) First Refundmg.\\fonpage Ilonds sai S S 2%% 1981 30,000 3%% 1982 35,000 35,000 3%% 1983 20,000 20,000 3a% 1985 50,000 50,000 4%% 1986 50,000 50,000 3%%-5% 1987-1989 130,000 130,000 4%%15%% 1992-1996 455,256 383,007 6%%11%% 1997-2001 559,988 565,089 8%%12%% 2002-2006 500,000 500,000 6%18%% 2007-2011 448,500 198,500 ~ Intal I.rst and Ref unding Mortgage lionds 2,248,744 1,961,596 Notes Payable-flanks ibi 1984-1987 225,000 225,000 Pollution C, ntrol Notes 5.5%-13% 1982-2011 130,205 31,250 Debentures 12%% 1901 100,000 Debentures 4.85% 1986 22,710 22,710 Deheniures 14%% 1990 50,000 50,000 Debentures 14%% 2005 100,000 100,000 Unamorti/cd Debt Discount and Premium, Net (14,162) (7,190) Total Philadelphia Electric Company 2,762,497 2,483.366 Philadelphia Electric Power Company-a subsidiary: Sinking 1:und Debentures 4%% 1995 19,356 19,429 Unamortired Debt Discount (68) (73) 'thial 1.ong. Term Debt 2,781,785 2,502,722 current Maturities included in current Liabilities ici (36,062) (130,789) t.ong-Term Debt included in capitalization $2,745,723 S2.371,933 ist Utility plant is subject to the lien of the Company \\ mortgage. ibi At mterest rates ranging from prime rate to 112%9 of prime rate. icilvi,g term debt maturities in the period of 1982 1986 are as follow s: 19S 2 -- 536,062,00(); 1983 - 529.207,( N N); 19X4 -585,3(h).(M N).1985-5160.31K) IN N) and 1986-SSO,3(N).(NN). The Company has an agreement with a group of banks for a 5400 million resolving credit and term loan. 'I he agreement prosides a res oh iny credit availability through May 31,1985 and repay ment during the period June I,19S5 to May 31,19M7. I here is a commitment fee of %4 on the 54tN)million during the credit asailability period and thereatter %9 on outstandmg balances fhe interest rate during the credit asailability period is 105'Ir of either the prime rate of a major bank or 14 alme the rate on 90 day cenificates of deposit, whichever is higher, and 1974 of such higher rate during the repay ment perim!.
- 5. Shes1 Term Debt:
1981 1980 (Thousands of Dollars) .herage Shortclerm llommings $146,273 $54,716 .kerage Interev Rates, Computed on Daily liasis 17.80 % 15 07% Maximum Short ferm lloirowings Outstanding $266,512 5161,143 Aserage interest Rates on Short-lerm Ilorrowings at Decemi er 31: Hank 1 oms 16.37 % 20.53 % Comme 'ial Paper 15.11 % inchided in llank Ivans as of December 31,1981 is $50.Odo.0tN) at an interest rate of 16.59 under a 5100,th),0(M) Two@ar liuro Dollar resohing credit facihty, ef fectise April 6,1981. Such credit facihty prosides for a commitmem fee of 3 89 on the unused amount of the credit facil/y. M of December 31,19S1 the Company had bonuwed 54,225.dN) under informal hnes of credit with domew banks appregatmg 5239,175.t N N) The Company generally does not %se fo! mal compensating balance arrangemems with these banks. 29 _ _
- 6. Jointly-Owned The (.ompany \\ ownership interests in jointly-ow ned unlity plant, at December 31,1981 w ere as follows:
Electric Transmiwion Utility Plant: Production Plants Plant Peach Bottom Salem _ Key stone Conematgh Operator Philadelphia Public Senice Pennsy lvania Pennsy h ani i Various Electne Electric and Electric Electric Companies Company Gas Company Company Company Participating Interest 42.49% 42.59% 20.99% 20.72 o 21% to 43% Companyi share of: (Thousands et Dollars) PLmt in Senice $387,761 $798.805 $47,015 $57,i63 $69.141 Accumulated Depreciation 73.520 56,528 19,894 16,388 7,275 Construction Work in Progress 12,064 18,588 1,068 761 The Company's participating interests are financed with Company funds and, when placed in senice, all oper;;tions are accounted for as if :.uch participating inkrests were wholly-owned facilities.
- 7. Taxes on income:
1981 1980 1979 (Thousands of Dollars) Included in operating espenses: Current Federal S 75,558 S 55,416 S 29,844 Current State 26,866 22.243 7,376 102,424 77,659 37,220 Deferred Federal 6,007 (4,653) 41,058 Deferred State (3,996) (7.468) 3,796 2,011 (12.121) 44,854 Insestment tas credits, net of amortization-Federal 25,049 28,135 (3.019) Total Federal 106,614 78,898 67,883 lbtal State 22,870, 14,775 11.172 S129,484 5 93.673 5 79.055 included in other income: Current i ederal (50,299) (39,132) (27,021) Current State (12,865) (9.893) (6.863) S(63,164) S(49.025) S(33.884) l lbtal income tas prosisions: l Federal 56,315 39.766 40,862 l State 10,005 4,882 4,309 l S 66,320 S 44.648 S 45.171 Insestment tas credits reduced Federal income tases currently payable by $29.817JW)0 in 1981,532,428JWM) in 19SO and $605,txk)in 1979. Approsimately 553JNX)JMM) of additionalinsestment tas credits asailable in 1981 hase not been realized due to hmitations based on tasable income. These credits may be used to reduce Federal income tases in future y ears through 1996. Investment tax credits consist of ta) the basic credits allow able of 101 plus tb) a credit of IS4 resulting from the Tas Reduction Act Stock Ownership Plan for employees (56,200,(H X)in 1981, none realized in 1980 and 1979). The additional credits w hich are passed on to the employees of the Company in the form of Philadelphia Electrie Company Common Stock has e no effect on net income. In December,1981. the Company sold the tas benefits attributable to its ow nership interest in the Salem Stanon Unit No. 2. This transaction was structured under the safe harbor lease prosisions of the Economic Recos ery Tas Act of 1981. The proceeds from the sale, 553.743Jkh), hase been credited to Deterred income Tases 1524,759JXk)). Deferred Insestment Tas Credits t 521,863JKX4 and other Deferred Credits (57,121 JMM)) and will be amortired by crethts to income oser the estimated useful life of the plant. Beeinning.\\ lay 1,19SI, the normalization of income tases associated with capitalized pension costs and payroll and realty taxes was adopted for twh accounting and rate making purposes 30 1 Prosisions for deferred income taxes consist of the following tas effects of timing differences between tax and b<xik income: 1981 1980 1979 (Thousands of Dollars) Depreciation and amonifation S 25,452 S 25,655 S 26,981 Recoupment resenue (18,462) Deferred fuel espcase (21,804) (37,369) 40,899 Other (1,637) (407) (4,564) $ 2,011 $(12,121) S 44,854 'lhe total income las provisions ditTer from amounts computed by applying the Federal statutory tas rate to income and adjusted income before income rases for the following reasons: Net income $277,565 S 227,131 S 194,471 ' Intal income tas prmi ions 66,320 44,648 45,171 Income before income taxes 343,885 271,779 239,642 Deduct-allowance for funds used during construction (non. taxable) 188,797 147,550 113,383 Ad usted income before tases $155,088 S 124.229 S 126.259 i Income taxes on abme at Federal statutory rate of 464 71,340 57,145 58,079 increase idecrease) due to: lisceu of tas depreciation mer book depreciation not normaliicd (551) (1,338) (2,937) State income tas, net of Federalincome tas benefits 5,436 2.636 2,327 ~Iases and pension cmts capitahied but expensed for in purpmes (3,226) (7,028) (6.382) Amonifation of imestment tas credits presiously deferred (4,769) (4,293) (3,624) Other, net (1,910) (2,474) (2,242) Iotal income tas ponisiom S 66,320 S 44,648 S 45,171 Pnnision for income taxes as a percent of: Income before income tases 19.3'o 16.4 % 18.8 % Ad usted income before income taxes 42.8% 35.9% 35.8 % i
- e. Ta r:2, Other than Grow retcipts
$100,912 S 90,487 $ 67,385 ine:me: Capital stock 19,600 19,046 17,033 Realty 9,555 9,398 8,819 Other, pnntipally social security 15,245 14,830 13.442 Totai $145,312 S133,761 $106.676 Certain leases, including the nuclear f uel contracts for Peach Ilottom and Salem, meet the criteria
- 9. Lcm:2:
of a carnal lease as defined by Financial Accounting Standards, but are accounted for as operating leases in accord mee with the rate making procew. If these leases were capitalized they would not hase a material effect on aweis, liabilities or related esivnses. The minimum rental commitments under all noneancelable agreements aggregated 5378,514,000 at December 31,19x1. The annual rental commitments are estimated to be 583,020.0tN) for 1982; 589,459,(MX) for 19S3; $S9,u95,tMx) for 19S4; 546,034,tHN) for 1985; and 59,155,(NN) for 1986. Rental pay ments charged to operating expenses were as follows: 1981 1980 1979 (Thousands of Dollars) Nucit ar l'uel $26,709 $21,177 S21,747 other 24,782 21.235 19,912 Totai S51,491 $42.412 S41,659 'Ihe Company 's propomonate share of the contractual liabilities to purchase nuclear fuel under lease agreements for the Peach llottom Station and Salem Station as of December 31,1981 w as 5199,045.(M N). Independent f uel companies h,n e been authorized to acquire and on n up to a masimum of 5425,tkh).tWX) of nuckar luel at any one time anti hase contracted to sell the energy theref rom to the Company. M___ I
- 10. Retirement Plan Retirement plan costs, which are funded as accrued, aggregated 531,7tK) 0tK)in 198!,
costs: $28,575JWW)in 1980, and 525,713,(HK)in 1979. Plan data as of the dates of the most recent actuarial reports is as follows: January 1 1981 1980 Actuarial present $alue of accumulated plan benetits (based on 6.59 (Thousands of Dollars) assumed rate of return): vested $326,786 5295,999 Nonsested 38,317 35.453 S365.103 5331.452 Net awets available for benefits $332,027 S277,223 1 t. Segment Electric Gas Steam lotal (Thousands of Dollars) 1981 Operating revenues $2,002,063 S356,431 $74,931 $2,433,425 Operating expenses, escluding depreciation 1,586,506 322,008 71,635 1,980,149 Depreciation 117,270 11,294 1,719 130,283 Tital operating espenses 1,703,776 333,302 73,354 2,110,432 Operating income $ 298.287 $ 23,129 $ 1,577 $ 322,993 Utility plant additions S 746,535 S 40,432 S 108 S 787,075 D2cember 31: Allocable awets Net utihty piant (*) 5,372,240 314,652 27,194 5,714,086 N1aterials and Supplies 101,956 29,986 251 132,193 S5.474,196 $344.638 $27,445 5,846,279 Nonallocable assets 457,916 Totat assets $6,304,195 1980 Operating revenues $1,766.956 S290,743 $65,695 $2.123.394 Operating espenses, excluding depreciation 1,414,038 258,063 62.380 1,734,481 Depreciation 111,106 10,169 1.672 122.947 'Iotal operating expenses 1,525,144 268.232 64.052 1.857,428 Operating income S 241.812 S 22.511 S 1.643 S 265.966 Utility plant additions S 540.628 S 38.833 $ 341 5 579.802 Dscember 31: Alkscable awets: Net utility plant (*) 4,867,879 283,414 28,748 5,180,041 N1aterials and Supphes 102,193 18.582 311 121,086 $4.970.072 S301.996 S29.059 5,301,127 Nonalh>eable awets 401,422 Total as set S5.702.549 1979 Operating rese:iues S1,311.891 S221,135 $45.479 S1.578.505 Operating expenses, excluding depreciation 975,414 194,416 42.268 1.212,098 109.990 8,944 1.674 120.608 Depreciation 'lotal operariap expenses 1.085.404 203.360 43.942 1,332,706 Uperating income S 226.487 S 17.775 S 1.537 S 245.799 Utility plant additions S 401.674 S 19.490 S 451 S 421.615 Dscomber 31: \\lkieable awets: l Net utilii> plant M 4.449.522 261,719 30,141 4,741,382 Ntaterials and Supphes 91.685 18.017 299 110.001 S4.541.207 $279.736 $30.440 4,851.383 l Nonalhwable auets 389.877 l Total assets $5.241.260 mincludes construction work in progrew and alhicated common utility property 32 ,12. Commitments and The Company has incurred substantial commitments in connection with its construction program. Contir,pncies: Construction expenditures are estimated to be 5881,00(),000 for 1982 and $2.267,fMM),(XX) for 1983-1985. These estimates are resiewed and revised periodically to reHect changes in economic conditions, revised load forecasts and other appropriate factors. The nuclear plant facilities under construction require numerous permits and licenses.w hich the Company cannot be awured will be issued at completion of the facilities. The Price-Anderson Act places a " Limit of I.iability" of 5560JXX),000 on each licensed nuclear facility for public liability claims that could arise from a nuclear incident invohing any licensed facility in the nation. The Company and its co-ownets of the Peach Hottom and Salem Stations have insured for this exposure by purc' lasing pris ate insurance in the masimum available amount of 5160,lX)oJXX) and the remainder is prosided by indemnity agreements with the Nuclear Regulatory Commiwion. In the esent of a nuclear incident invohing any licensed reactor in the United States, the Company could be assessed up to 58,500,0fX) per incider.t w ith a masimum amount of $17,(XX),(HK)in any one year. The Company is insured for damage to its nuclear plant facilities at Peach Hottom and Salem. This insurance provides coserage for lowes up to 5450,(XX),000 and an additional 5247,0(X),(XX) for lowes in escew of $500.(XX),(MM). Under the terms of the various insurance agreements the Company could be awessed up to $28,(NX),(N)0 for lowes incurred at any of the plants insured by the insurance companics. The Company is a self. insurer, to the extent of its ou nership interests, for any property loss in excess of the insurance coverage. The Company, along with other nuclear facility operators, formed an industry mutual insurance company to proside replacement pow er cost insurance coverage up to a maximum of S l79,400,0(X) for a single unit low mer a twogear period in the event of a major outage at a nuclear station. The premium for this coserage is subject to an assessment for adverse low esperience, and the coverage currently applies to Peach Hottom Units 2 and 3, and Salem Units I and 2. The Company's masimum share of any awewment is $13,805,000. Actions have been filed in the U.S. District Court against the Company with respect to alleged discrimination in its employment or promotion practices Counselis of the opinion that the ultimate outcome of these actions would not hase a material adverse effect on the Gnancial position of the Company.
- 13. Quarterly Data The data show n below includes all adjustments (consisting of normal recurring accruals) w hich the (Un:udited):
Company considers necewary for a fair presentation of such amounts. liarnings Average Shares Earnings Per Quarter Operating Applicable to Outstanding Average Share
- Ended Revenues Net income Common Stock (Thousands)
(Dollars) < Thousands of Dol!ars) 1981 1980 1981 1980 1981 1980 1981 1980 1981 1980 ' March 31 $647,927 S564,353 $69,904 553,605 $56,382 S42,125 92,706 82,944 S.61 S.51 June 30 543,612 455,326 58,475 43,891 45,017 30,308 98,383 83,649 .46 .36 September 30 620,697 567,810 79,198 78,620 65,763 65,052 99,227 90,557 .66 .72 December 31 621,189 535,905 69,988 51,015 56,599 37,465 107,749 91,970 .53 .41 Electric Sales Gas Sales twn =vmm soon cwo roe g. g_ G p 8 %a s, e G ~~ g w n J 4 e 4 f q g w 6 y@~ fj d f9 J i $ g M N'~ g-x s .+ c n a k 5 Eh Y 7 E so - n' a s g l q 2., y q .s s n a y m + a n r c 24 i IE h-p,@ 40 - - S b d 4 Y g h ^ Y Y p q q s m a a it g a a m k & Q Q T. G f Q %q ? & M "h d G &,l. 'i L A t 3 J = M t a e ~ q d y a m r 3 4 L a S $ ? O n ,0 o. o. -,, m., .,,m tems %wwvie2
- 14. Supplementary The following supplementary information is supplied to show the estimated effects of inflation Information to because the Company is required to do so, according to the Statement of Financial Accounting Standards No. 33.
{*[*,yh' The methods required to develop this information are approximate and complex, and may not necessarily reflect the true effects of inflation on the Company. Undcr existing regulatory law, the Company is permitted to recover actual of Intiation for the Year Ended operating and capital costs incurred to serve customers and a reasonable return on insestment, and the Company December 31, believes it will be allowed to recuser cost increases caused by inflation as such increases are actually incurred. 1981 (Unaudited): Effect of inflation on Reported Income. In adjusting the Consolidated Statements of Income, as shown below. only depreciation expense is required to be adjusted for tne effect of inflation. The " constant dollar" and " current cost" depreciation expenses w ere determined by apply ing the Company's depreciation rates to restated 198 I aserage depreciable plant in service. Fuel ins entories have not been restated from their original cost because the operation of fuel adjustment clauses permits the automatic recovery of fuel costs. If the Company had to replace its entire utility plant at this time, the costs to do so would greatly exceed the original costs incurred when the facilities were built because of the cumulative effect of inflation. These plant replacement costs, net of accumulated depreciation, are estimated at 510,225,fNX),000 as restated for " constant dollars" and $10,851 JXX),000 as restated for " current costs." Under the " constant dollar" method, the Company is required to restate the original costs in terms of dollars of equal purchasing power, as measured by the Consumer Price Index for all Urban Consumers. The " current cost" method uses Handy-Whitman Indices of Public Utility Construction Costs. Results from the two methods differ because construction costs have increased mosc rapidly than consumer prices in general. Ilowever, during 1981,1980 and 1979, general inflatioo increased more rapidly than specific prices. Under the " current cost" method, the effect (5856,000,000) of general inflation in 1981 on net utility plant exceeded the increase ($670,(XX),0(X))in specific prices by $186,000,000 and by $205,000,(XN) and 585JXX)J)o0, for 1980 and 1979 ct;)ressed in average 1981 dollars. In the Company's opinion, the " current cost" method is more appropriate for estimating the effect of inflation on utilit:. plant. Consolidated Statements of Income Adjusted for Inflation for the Year Ended December 31,1981 (Thousands of Dollars) As Adjusted For Corntant - Current Dollars Costs ( Average ( Average As Reported 1981 Dollars) 1981 Dollars) Operating Revenues $2,433,425 S2.433,42S $2,433,425 Depreciation 130,283 293,000 331,000 Oiher Operating ihpenses 1,980,149 1,980,149 1,980.149 Operating income 322.993 160.276 122,276 Other income 130,634 130.634 130,634 income liefore Interest Charges and Preferred Stock Disidends 453,627 290,910 252,910 Interest Charges and Preferred Stock Dividends 229.866 229.866 229.866 liarnings Applicable to Common Stock
- S 223 761 S 61,044
$ 23.044 Earnings Per Ascrage Share- $2.25 S0.61 S0.23
- Earnings applicable to Common Stock for 1980 and 1979, restated in average 1981 dollars, amounted to 554,887 ant 546,633,respettisely, for Constant Dollars and losses of $2,313 and 58.368, respectisely, for Current Costs.
~ Earnings per as crage share for 1980 and 1979, based on the restated earnings w ere 50.63 and 50.58, respectisely, for Constant Dollars and lowes of 50.03 and 50.10, respectisely, for Currem Costs. 34 Effect_s of Inflation on Shareholders' Equity.The effect of inflation on the Company's actual original cost of net utility plant amounted to 5456,fMX)JMX) for 1981, (5626JM)0,00() for 1980, and 5699JXX),000 for 1979 expressed in average 1981 dolLrs). These inflationary effects were not recosered becausc rates are based on depreciation of original cost plant.11 the Company were required to charge these amounts againss income in 1981,1980 and 1979, earnings applicable to common stock would hase become losses of 5232.239,000, and 5433,455JM)0, and 5511,628JXX), respe:tisely. The ettect of inflation (8.99 for 1981,12.49 for 1980 and 13.3G for 1979) on the value of the Company's debt and preferred stock approximated 5308JMX).000 for 1981, 5426JXM),(XX) for 1980, and 3480JNM),000 tor 1979 (1980 and 1974 esprewed in aerage 1981 dollars) and would panially of fset the ef fect of inflation on utihty plant. If the Company had camed at the rate of inflation (8.9"r) on its common shareholders' equity in 1981, earnings would base been approximately 5165JM)0,000 compared with reported earnings of 5223,761,000. Thus, reimrted earnings applicable L common stock in 1981 were about 560JkM),fMM) above the lesel necessary to of fset the impact of intlation on shareholders
- equity.
Adjustment of Selected Five Year FinancialInformation. In order to reflect the impact of general intiation on s. elected financial information for each of the y ears 1977 through 1981, the following table show s actual data compared with data adjusted to 1981 dollars. Five Ye:r Summary of Selected FinancialInformation Showing Adjustments to Reflect inflation 1981 1980 1979 1978 1977 Development of Consumer Price InJes Adju;tm:nt Factors Ascrape During Year 272,4 246 8 217.4 195.4 181.5 war End 281,5 258.4 229.9 202.9 186.1 Consumer Price Indes Nluttiplier A = Aserne t 272.4 = Indeo 1.00 1.10 1.25 1.39 1.50 ll = Year End t 281.5 + 1ndeu 1.00 1.09 1.22 1.39 1.51 Actu;l tnd Adjusted IMidends Per Common Sharc Fin:nclillnformation AJtu.d Paid $1.90 S1.80 S1.80 S1.80 $1.76 Adjusted ( Actual s A) $1.90 S1.98 s 25 $2.50 S2.64 St.uket Price Per Common Share Actual year End $13.63 $12.50 S13.75 S15 50 $19.63 Adjus,ieJ t Actual s ll) S13.63 S13.63 516.78 S21.55 S29.64 Operating llevenues (thousands of dollars) Attual S2,433,425 S2.123,394 $1,578,505 $1,456,758 $1,394,762 Ad usted i Actual s A) $2,433,425 S2,335.733 S1,973,131 S2,024.894 S2.092,143 i Common shareholdere Equity ohousands of dollan.) Actual Year End $1,963,527 S1,733.614 $1,580.004 $1,475.276 51,437,202 _Adiosted t Attu.d s 11> S1,963,527 S1.889.639 $1,927.605 S2.050.634 $2.170.175 Acc untants' Fleport lo the Shareholders and Board ot' Directors Phil.idelphia Electric Company We base examined the consoli lated balance sheets of Philadelphia Eltetne Company and Subsidiary ('ompanies as of December 31,19S1 md 1980, and the related consolidated sutements of incone, iciained carmngs, and changes in linancial gusition for each of the three years in the period ended December 31, 19s t. Our examm itions were made in accordance with generally accepted audinng standards and. accorJmply induJed such tests of the accounting records,md such other auditing proceda es as we considered necewary in the cucumstancet in our of. mon, the consohdated tinancial tatements referred to abose present f airly the financial immon of PhilaJelphia Electnc Company and Subsidi.ny Companies e of December 11,19NI and 1980. and the results of their operations and the chances m their tin.mcial position for each of the three years in the period ended 1)ecember 31,19hl, in conformit) with generally accepted accounting pnneiples.ipphed on.i tonsistent basis. lOLIO Ihice (ilfard Pla/a l'luladelphia. Penn9hama g I ebruar3 2.los: 35 Fin ncial Stati:tica Summary of Earnings (N1illions of Dollars) 1981 1980 1979 1978 1977 1976 1971 Operating Revenues (for details see pages 23 and 32) S2,453.4 S2.123.4 S1.578.5 $1.456.8 S1.394.8 S t.224.1 S608.1 Operating Expenses Fuel and linergy Interchange 1,187.6 1.090.5 661.7 573.9 575.3 480.7 189.8 Labor 256.8 232.1 209.3 195.0 179.2 161.9 108.8 Other N1aterials Supplies and Senices 260.9 184.5 155.4 135.0 121.4 88.9 45.2 Total Operation and N1aintenance 1,705.3 1,507.1 1,026.4 903.9 875.9 731.5 343.8 Depreciation 130.3 122.9 120.6 116.5 107.8 98.0 55.9 T.nes 274.8 227.4 185.7 194.7 188.9 183.2 80.8 Total Operating Expenses 2,110.4 1.857.4 1.332.7 1,215.1 1.172.6 1.012.7 480.5 Operating income 323.0 266.0 245.8 241.7 222.2 211.4 127.6 Other income Allowance for Other Funds Used During Construction 65.0 50.5 46.0 37.6 36.2 30.1 14.4 Income In Credits. net 63.2 49.0 33.9 26.3 25.3 24.2 (1.7) Other, nel 2.5 3.4 1.7 4.6 3.5 2.6 3.2 income Before 453.7 368.9 327.4 310.2 287.2 268.3 143.5 Interest Charges interest Charges Long-Ierm Debt 266.7 225.0 193.0 176.3 161.0 147.6 60.9 Short-leim Debt 33.2 13.9 7.3 2.5 2.6 3.6 6.3 Allowance for llorrowed Funds Used During Construction (123.8) (97.1) (67.4) (53.4) (49 8) (47.5) (17.3) N61 Interest Charges 176.1 141.8 132.9 125.4 113.8 103.7 49.9 Net income 277.6 227.1 194.5 184.8 173.4 164.6 93.6 Preferred Stock Dividends 53.8 52.2 44.8 43.5 40.7 39.0 15.3 Errnings Applicable to C r mmon Stock 223.8 174.9 149.7 141.3 132.7 125.6 78.3 Dividends on Common Stock 189.5 157.4 145.0 135.7 124.9 107.7 60.7 Earnings Retainer S 34.3 S 17.5 S 4.7 S 5.6 $ 7.8 S 17.9 $ 17.6 Earnings per Average Share (Doliars) S 2.25 S 2.00 S 1.86 S 1.87 S 1.87 S 1.91 S 2.10 Dividends per Common Share (Dollars) 1.90 S 1.80 S 1.80 S 1.80 S 1.76 S 1.64 S 1.64 ' Common Stock Equity j (Per Share) $ 18.10 $ 18.72 S 19.06 5 19.28 $ 19.26 5 19.13 S19.54 Average Shares of Common Stock Outstanding (Millions) 99.6 87.3 80.5 75.4 70.8 65.6 37.3 See p. ige 21 for Managernents Discusson and Analysis of Financial Cor4 tion and Results of Operations. Operation and Maintenance i Comparison of Electric Expentes (Less Fuel Costs Per Million BTU Fuel and Interchange) l Den mon n an s e w, r l fe e f 4 G p.7 r-m o l YI V: [Vj p l' h t.n je g}]y j i w J t. q f:} z f n
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,] h Fj M [l M 5 A v Mea r; k 1 CU b == n o r, m m, m., put %swe sua C.w M 9demAnw 988 ob Summary of Financial Condition 1981 1980 1979 1978 1977 1976 1971 December 31 (N1dhons of Dollaru A ^ set ) Utility Plant, at original cost $7,044.7 S6,415.7 S5.885.5 55,502.5 S5,121.1 $4,747.2 $2,851.0 1.ew: Accumulated Depreciation 1,330.6 1.235.7 1,144.1 1.053.3 955.3 860.3 585.7 Net Utility Plant 5,714.1 5,180.0 4,741.4 4,449.2 4,165.8 3.886.9 2,265.3 Nonutility Property and other Ins estments 77.8 58.7 47.4 30.0 27.4 13.2 6.0 Current Assets Cash and Temporary Cash Insestments 30.7 6.7 10.6 38.6 30.8 23.8 25.2 Accounts Recc. Ale 342.4 300.3 230.9 223.5 184.0 168.0 63.0 Materials and Supplies 132.2 121.1 110 0 93.3 102.3 88.3 34.2 Deterred Fuel fispense (31.3) 11.0 83.5 4.2 23.0 19.9 Other 6.8 6.2 4.6 4.3 3.8 2.6 2.0 Deferred Debits 31.5 18.5 12.9 7.5 10.9 14.7 6.6 Total S6,304.2 S5,702.5 S5.241.3 S4.850.6 S4.548.0 S4.217.4 S2.402.3 umbilities Common Stock $1,572.4 $1,377.4 $1,239.6 $ 1,139.-' S1,106.7 S1,002.3 S 528.2 Other Paid-In Capital 3.9 2.6 2.2 2.0 1.8 1.7 1.2 Retained liarnings 387.2 353.6 338.2 333.6 328.7 321.2 254.7 Common Shareholders'liquity 1,963.5 1,733.6 1,580.0 1,475.3 1,437.2 1,325.7 784.1 Preferred Stock: Senes Without Mandatory Redemption Requirements 372.5 372.5 372.5 372.5 372.5 372.5 222.5 Series With Mandatory Redemption Requirements 266.9 274.3 206.8 210.9 '61.7 162.6 40.0 leng/l'erm Debt 2,745.7 2,371.9 2.241.9 2,173.2 2,078.3 1,936.4 1,161.8 'lotal Capitalization 5,348.6 4,752.3 4,401.2 4,231.3 4,049.7 3,797.2 2,208.4 Current i.iabilities Short-lerm Debt 54.2 52.6 85.2 16.2 14.9 7.2 49.3 Current Maturities of long-Term Debt 36.1 130.8 127.8 52.9 28.7 36.9 17.1 Accounts Payable and Disidends Declared 188.9 187.6 133.5 120.3 92.4 83.9 40.7 I;nes Accrued and Deferred 51.4 77.8 65.1 44.5 36.7 30.7 22.3 Interest Accrued 82.3 64.9 58.1 51.0 48.6 43.2 17.5 Other 18.1 17.4 13.9 7.9 4.1 4.6 15.2 Deterred Cred;.s 524.6 4
- 9.1 356.5 325.9 272.9 213.7 31.8 Tot:i
$6,304.2 SS.702.5 S5.241.3 S4.850.6 S4.548.0 S4.217.4 $2.402.3 Capital Investment le de.cs $0 1ie 40 h hi$,,hpH z [Ij y sO +y n. [.4 t 3 s 10 t? E F! M [ ; uauau e n , s m si seue C. -rw y = = CS4 6% n1 %r k FM fsruh 37 Rperating Stati ti o ELECTRIC 1981 1980 1979 1978 1977 1976 1971 OPERATIONS Output (millions ef kilowatt hours) Steam 9,931 11,234 11,279 13,160 11,468 13,385 19,849 Nuclear 7,464 7.333 7,104 7,769 4,596 4,937 206 Ilydraulic 1,397 1,240 2,155 1,700 1,997 2,065 1,738 Pumped Storage Output 1,101 1,050 1,270 1,109 1,223 1,062 1,639 Pumped Storage Input (1,624) (1,526) (1,847) g1,606) (1,761) (1,506) (2,302) Purchase and Net Interchange 11,173 9,973 9,180 6,651 9,759 7,666 2,889 Internal Combustion 283 442 454 704 847 792 940 Other 528 716 36 86 Tota: Electric Output 30,253 29.746 29,595 29,487 28,845 28,437 25.045 Sales I millions of kilowatt-hours) Residential 8,014 8,341 7,968 7,875 8.110 7,585 6,649 Small Commercial and Industrial 3,115 3,065 2.928 2,888 2,825 2,755 2,428 1.arge Commercial and Industrial 14,916 15,056 15,428 15,302 14.912 14,662 13.296 All Other 2,223 1,159 1,277 1,329 1,350 1,271 1.085 Total Electric Sales 28,268 27,621 27,601 27,394 27,197 26,273 23,458 Number of Customers, December 31 Residential 1,200,238 1 M 90,312 1,173,514 1,158,853 1,148,171 1,137,544 1,079,585 Small Commercial and industrial 117,016 116,808 115,724 115,945 115,883 115,422 119,203 1.arge Commercial and Industrial 5,790 5,820 5,'98 5,780 5.772 5,747 5,517 A!! Other 746 736 1,919 2,413 2,381 2,345 2,130 Total Electric Customers 1,323,790 1,313,676 1,296,955 1,282,991 1.272,207 1,261,058 1,206,435 Operating Revenues (milhons of dollars) Residential $ 643.7 S 607.8 5 461.0 $ 430.8 S 427.6 S 373.2 $ 198.3 Small Commercial l and Industrial 285.9 249.8 189.0 176.5 168.4 149.3 78.6 1.arge Commercial and Industrial 917,1 813.9 587.4 544.0 513.4 442.9 198.2 All Other 155.4 95.4 74.5 73.1 68.3 59.4 31.6 j Tot'l Electric Revenues $2,002,1 51,766.9 S1.311.9 S1,224.4 S1.177.7 S1,024.8 S 506.7 l Operating Expenses (millions of dollars) Operating espenses culuding depreciation $1,586.5 $1,414.0 $ 975.4 S 896.3 $ 881.2 $ 750.2 S 344.2 Depreciation 117,3 111.1 110.0 106.3 97.9 88.0 50.4 Totcl Operating Espenses $1,703.8 S1,525.1 S1.085.4 $1,002.6 S 979.1 S 838.2 S 394.6 Electric Operating income (millions of dollars) S 298.3 $ 241.8 5 226.5 S 221.8 S 198.6 S 186.6 S 112.1 N:t Electric Utility Plant (millions of dollars) $5,372.2 S4,867.9 S4,449.5 S4,167. i S3,883.9 S3,604.5 S2,017.9 l Ascrape the per Residential Customer tkilowatt. hours) Without filectric Ileating 6,022 6,411 6.227 6,290 6.584 6.298 5.968 With lilectric Ileating 18,054 19,482 20,760 21,884 23,593 22,154 24,837 ' Intal 6,699 7,058 6,829 6,833 7,097 6.710 6,187 lilectric Peak Inad. Demand 4 thous.kwi 5,731 6.095 5.641 5,667 5,888 5.346 5,313 Net lilettne Generating Capacity-Year lind Summer rating (thous. kw) 8,006 7.698 7,727 7,727 8,198 7,742 6,366 Cost of 1:uel per.\\1:llion litu S2.10 $1.90 $1.55 S1 29 $1.40 $1.24 S0.59 lito per Net Kilow att-hour Generated 10,930 10,787 10,810 10,773 10,882 10.529 10,782 38 a gab ')PER ATIONS 1981 1980 1979 1978 1977 1976 1971 Sales (millions of cubic feet) Residential 2,446 2,461 2,327 2,316 2,394 2,342 2,441 Ilouse lieatmg 24,675 23,671 23,593 24,974 26,335 24.540 25,165 Commenial and Industrial 45,670 42,890 37,452 32,784 31,017 33,390 40,624 All Oiher 127 92 93 94 86 89 102 i Totit oss Sales 72,918 69,114 63,465 60,168 59,832 60,361 68,332 Number of Customers, December 31 Residential 78,426 81,346 85,315 87,715 88,775 89,459 95,478 Ilouse IIcating 193,038 182.246 168,905 163,469 162,978 162,993 154,902 Commercial and Industrul 21,578 20,197 19,065 19,207 19.422 19,669 19,778 Totti Gas Customers 293,042 283,789 273.285 270,391 271,175 272,121 270,158 Opsarating Revenues (millions of d< liars) Residemial $ 15.4 S 14.0 $ 10.7 5 9.9 $ 9.6 $ 8.7 $ 6.2 Ilouse licatmg 128.5 108.5 91.2 86.6 84.1 73.3 45.8 Com:nercial and Industrial 209,7 166.7 118.4 92.2 80.4 76.1 34.8 All Other 0.5 0.3 0.2 0.2 0.2 0.2 0.1 Subtotal $354.1 5289.5 $220.5 $188.9 $174.3 $158.3 $ 8 3.9 Other Resennes 2.3 1.2 0.6 0.6 0.5 0.6 0.4 Totti Gas Revenues _ $356.4 $290.7 $221.1 $189.5 $174.8 S158.9 5 87.3 Operating Expenses a millions of dollars) Operatiny expenses excludmg depreciation $322.0 $258.0 $194.4 S163.0 $145.7 S128.1 5 67.1 Depicciation 11.3 10.2 8.9 8.6 8.2 8.4 4.5 Total Operating Expenses $333.3 S268.2 S203.3 $171.6 $153.9 S136.5 $ 71.6 Gas Operating income (milhons ol dollars) S 23.1 S 22.5 S 17.8 $ 17.9 $ 20.9 5 22.4 5 15.7 N1t Gas Utihty Plant (nulhons of dollars) $314,7 S283.4 $261.7 $250.5 $248.1 S247.5 S220.2 STEAM OPERATIONS Sales inulhons of pounds) 5,484 6,044 6,581 7,336 7,165 7,735 8,223 Number of Customers, December 3 3 593 618 638 660 670 679 733 Operating Revenues imilhons of dollars) $ 74.9 5 65.8 5 45.5 S 42.9 5 42.3 $ 40.4 S 14.1 Operating Expenses t tuilhons of dollars) Operatmg expenses culuthr g depretiation S 71.6 S 62.4 S 42.3 S 39.3 $ 38.0 $ 36.5 5 13.3 l >eprec iati.n 1.7 1.7 1.7 1.6 1.6 1.5 1.0 Total Operating Expenses $ 73.3 $ 64.1 S 44.0 $ 40.9 S 39.6 $ 38.0 $ 14.3 Stsam operating income t nulhons ol dollars > 1.6 S 1.7 S 1.5 S 2.0 S 2.7 $ 2.4 S (0.2) Nst Stsam Utihty Plant imilhons ol dollars) $ 27.2 S 28.7 S 30.2 S 31.6 S 33.8 $ 34.9 S 27.2 39 Sh rchold:r infirmiti:n ' tock Exchange Listings. N1ost PECo Securities are listed on the New York Stock Eschange au S the Philadelphia Stock Euhange. Philadelphia Electric Power Company Debentures are listed on the Philadelphi Stock Exchange. Dividends.The Company has paid disidends on its common stok continually since 1902. t he lloard of Directors normally considers common stock dividends for pay ment in N! arch, June, September and December. The Company estimates that $69 of the $1.90 per share dividend paid to common shareholder-in 1981 represents a return of capital which is not tasable as dividend income for Federal income tax purposes Dividend Reinvestment and Stock Purchase Plan. Shareholders may use their dividends to purchase additional shares of common stock through the Company's Disidend Reinse tment and Stock Purcha, Plan. Philadelphia Electric pays all brokerage and sersice fees. All common and preferred shareholders have the opportunity to invest additional funds in common stock of the Company, whether or not they hase their dividends reinsested -also with all fees borne by the Company. The Plan has been amended to enable eligible individual participants in the Plan to elect to defe Federal income tas on up to $1,500 of reins ested dividends per year as prosided by the Economic Recovery Tax Act of 1981. Nearly 224 of the common shareholders are participants. In 1981. they insested more than $3-million through the Plan, including cash payr.nts. Information concerning this Plan may be obtained from N1. V Rimerman. Treasurer, Philadelphia Electric Company,2301 N1arket Street, P.O. Ilos 8699, Philadelphia. PA 19101. Comments welcomed.The Company always is pleased to answer questions and proside infoi mation. Please address your comments to N1rs. L. S. Ilinder, Secretary, Philadelphia Electric Company,2301 N1a:Let Street P.O. Ilos 8699. Philadelphia, PA 19101. Inquiries relating to shareholder aceaunting records, stock transfer and change of address shoul be directed to Philadelphia Electric Company. 2301 Al trict Street. P.O. Ilos 8699. Philadelphia. PA 19101. Atti Stock Transfer Section. (215) 841-5795 Annual Meeting.The Annual Niceting of the Shareholders of the Company will be held on Apr 14,1982, at 10:30 A.N1. at the Franklin Plaza Hotel, I hh & Race Streets. Philadelphia, PA. Common stock shareholders of record at the close of business on N1 arch 5,1982 are entitled
- vote at this meeting.
Notice of the meeting, prosy statement, and prosy will be mailed under separate cos er. Prompi return of the proxies will be appreciated. Form 10-K. Form 10-K, the annual report filed with the Securities and Eschange Commission, i as ailable to shareholders upon written request to Philadelphia Electric Company,2301 N1arket Street, P.O. Ho 8699. Philadelphia, PA 19101, Attn: Financial Disision. Shareholders.The Company has 266,613 shareholders of record of common stock, a 204 increase in 5 years. Transfer Agents and Registrars. PillLADEl. Pill A El.ECTRIC CONIPANY-Preferred and Common St6cks Registrars: Girard Hank, One Girard Pl."a, Philadelphia, PA 19101 N1 organ Guaranty Trust Co. o ' NY,30 West Broadway, New York, NY 10015 Transfer Agents: Philadelphia Electrie Company,2301 N1aiket Street, Philadelphia, PA 19101 N1 organ Guaranty Trust Co. of NY 30 West Broadway, New York, NY 10015 PillLADEl.Plil A ELECIRIC CON 1PANY-First and Refunding Ntortgage Bonds Trustee: The Fidelity Bank, Broad and Walnut Streets, Philadelphia, PA 19109 New York Agent: Storgan Guaranty Trust Co. of NY. 23 Wall Street. New York, NY 10015 PillLADELPill A El.ECTRIC CON 1PANY -Debentures Pilli ADEl. Pill A El.ECFRIC POWER CONIPANY t A Subsidiary )-Debentures Tru.tce: The Philadelphia National Hank. Broad and Chestnut Streets, Philadelphia, PA 19101 New Yo:L Agent:Irg Trust Company, One Wall Street, New York. NY 10015 Genoral Office. 2301 N!arket Street, P.O. Hos 8699, Philadelphia, PA 19101.(215) 841-4000 NYSE-Composite Common Stock Prices, Earnings and Dividends by Quarters (Per S e are) l 1981 1980 1 omth Third Second First Fourth Third Second Fia Quarter Quarter Quarter Quarter Quaner Quarter Quarter
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t y,. ..,"m, F' PhMedelphia Electric Company BULK RATE 230s Market Street U.S. POSTAGE PAID PO Box 8699 Philadelphia PA Ptuladelptwa PA 19101 Pc,rmt No. 378 I ) ,