ML20043D058
| ML20043D058 | |
| Person / Time | |
|---|---|
| Site: | Clinton  |
| Issue date: | 12/31/1989 |
| From: | Fellin J SOYLAND POWER COOPERATIVE, INC. |
| To: | |
| Shared Package | |
| ML20043D054 | List: |
| References | |
| NUDOCS 9006070061 | |
| Download: ML20043D058 (34) | |
Text
Ap@m Aw+%y:mmymq:m%n,+ wo g
.A g., .
q wie
%, u:~p WQMbpMy+g.
ym
.m w Mg wam# gam % pag pn swg& Q
, Ak Q y ,. *f:
&g
{ -%t p W&yQ: lli&. k w mQQn9&n & f e
Qff&$qv s @m&
fff? %n @M a
r PWQL,k .: N mfw% 4fn fp pw QQ' s fMMii@MDb%n kaw & f M ' m, ; W Q ? M k N%&O&.&&% a& $yp& %W pW Qk ? p p y: n M g &
.1 phWNOQ Wm & %@ @ Q W
+
asw M n y.
g-
- j. ,d
, %. Mjf e y:,L
-pw.
y y m;p,ppfgg sy# -
f g%w ,ni>,>p w sa
.Qmo,,swgggmeus#.
Qg y,ty:My Q% o ,s p mwrm .N M W M,u G. e@a 4 w p y%ug Q QGQggQ N%wi w%gs QWh f t 4 p QA@ G hw $ W M @;m pig 9 g4hah r
k WQSK Q WRp.dygf tWN N4 MeMgy! %f$w$ e.cg$Dyg g nW h w;c e y m m y w@QT@Qf@W g%r e;M @ g M@@S %
f
$ map @e@%
f MisfQ4 %m% V
.A Ml %g M %$$R Q E p& m p h gW @1 8qWb % % 4 # L% A % y@ %
%dQMp%pWhy@M%@%@$@fv&WWfhM&}gd%:dpqh ?%
@@iG@@Ms@W WW@M@ihF Md nnn jensspwaws w k Ib a nn psm mn eswamnae w$asmsmwanne f
4 WW pp%pp%me @%g+wmA Wo w da.s %.a%uweNn 44 w~4 v%ggge ,m bNh h kk bh
- wa rypa%am w a ym:
pvsenM~N NnWwdn n
(
kNMDg4em7 N h 6PN M%n;&p% JMh m@a p gew b dkpMjdMnM w n pia. %n e% nnm W y ra wpp %
c iG $ 4 4 W B W #h W W F hMR @M G M % y 6behWWWM W h@~MMNM Mk%
ew yhdep$
mew A ? %mp% e v,% W W M S es Ww W M Mf7 TWMw%[M i &:
AM d pry r WxA%gM W+# e #q w 4q 4
$%qm@y%g mwa g 4(pMg W 5,J w@a:pa rQ lt w seem$g%e#q@,m%g@a%%,g wg bpWh ngne c@d c $ww%o 99W gw$M w@@n Wwe gfgh w we+%naoa%A -Nwh e n;v m w~
pS hh h p? f $ f w a h(f$n w y,yh g&gA v%m% ne
{n@,4WW%sf W).qy g %n w m ph. f hfc m.yww%a fig'69%g;Q;Lyp y+y. k hbg.hv %w 4 G w:
kfUh w$yAww,w y ypyy:mm.n yY,$97wm mhkns+hhbyy h
- x f Q Rg,Q;p,egigmy Q Q
- %e WJykf wv y en kN@n_$Whhe$$w$$W&:
are 9ps pfdgt%w ygg@cWQyd n W Mr W IyM ? M w aw i
gw pu _eyh gr_g &h w$ h $ $ N TWW$ Q/ dW W d iP h M N %q/ M M Ny m wdlN IMMN@D@ Q
-+a- , - . ,
ammnemem Q
m&[o%u&g M @M$ m W t
1 Rl Ju@m%%
W H M N "3NOW"M dN men "" &sb"'n
~
n gew%e?dQ w.
ts ,
+%-Ss 'n" a
m' l
.g A 4 -t% c ' ' Y *' h I b ! I e .
( O';$.o i
@m $w$ be y%w:np y g zu gwyp,q%ue w$p $,,,4ppmaam#se$"
yemma,mmcue n$w$%w%
mg.n e m
$ $6tMaw$5 hep w@o$ ' M, M%sg$? $
Qy wn R $n nwy - ck a : N wm wsww. N @4p 9cpg b &w w x %m WWte
~p p & pap WywM a yaayw Q gQ s #v, u. + w w m m g , g.
v pe , ampp,A,w;@w'p.w%p mm egr & memMn &ukg, emamw$ (pnq w t Ya m s w e e m a@qan YYY b k y%wrM:g+m?
b h Ay 9005070051 wasu ppumm m y$p PDR I ADOCK 050004A.1 Pot w% QM hMifgwwqwpm am $mma@gmpg a,49% q %ydM %e%m%m R .. .h $ h b b
~ -
~
g..,,-. . .. .. . . . . .
o i I ? -<
%iif-
., s-
+
t; 1
M 4
r 1989 ROWiA,sC.O.OPli.RA n
DI tl9.El m e a a m w a e na sasunas m urazzi w
,3 l
supplies the electric power needs of Soyland Serves eeady iwe.autu, a u>e iand mass of the State of Illinois.
Applied Energy Systems, Inc., the oyland Power Coop- parent company of WaterFurnace of erative is a member- Illinois, Inc., is a wholly owned for-S owned, not for profit electric generation and transmission coopera-profit subsidiary of soyland Power Cooperative. WaterFurnace of Illinois is marketing geothermal heat tive which supplies pumps throughout the 21 member wholesale electricity to 21 member cooperative service areas. Applied cistribution cooperatives. These Energy Systems is pursuing other :
distribution cooperatives provide opportunities to assist Soyland's retail electric service to approxi- members to meet the needs of the [
mately one half million persons consumers they serve. '
within their local service territories. Soyland and its 21 member Soyland is one of more than 60 distribution cooperatives are -
generation and transmission (G&T) continuing to pursue opportunities cooperatives that supply wholesale to make rural Illinois a better place electric power to rural utilities in the in which to live. We remain com- ,
United States. mitted to enhancing economic.
Soyland was organized by six development opportunities to distribution cooperatives in attract businesses to rural service September 1963, under the General areas to, in turn, provide jobs for Not For Profit Corporation Act of rural consumers.
the State of Illinois.1.caders of those Since its inception in 1963, cooperatives saw Soyland as a way Soyland's goal has been to provide to gain energy independence and a dependable source of wholesale ,
control over electric power costs. In electric power to its members at the 1975, nine additional cooperatives lowest possible cost. Today, -
joined the original six (two have through its unique blend of fuels since merged), and plans were and generating plants, Soyland has launched to develop a reliable and built a stable base from which to economical power supply system. meet the electric energy require-Western !!!inois Power Cooperative, ments of its member systems with seven member distribution through the coming decade into the cooperative systems, merged into next century. '
Soyland in March 1989, to form the cooperative federation that today i
4 1
1 Momber Cooperativos Adaans Electric Co Operative, camp Point, Illinois Roger C. Mohrman, Afarupt Clay Electric Co operative, Inc., riora, Illinob James E. Campbell, Afwrev Clinton County Electric Cooperative, Inc., nreese,Illnota james R. Riddle Alaruer Coles Moultele Electric Cooperative, Mattoon, tilinob R. Scott Luccal, Afanage Corn Belt Electric Cooperative Inc., akx,mington, Illinois Jeffrey D. Reeves, Afaruer Eastern Illin! Electric Cooperative, Paxton, Illinois Wm. David Champion, Jr., Afarugt Edgar Electric Co operative Association, Parh, Illinois Thomas J. Hentz, Afanapt Farmers Mutual Electric Cornpany, Genexu, till..ois Robert 1.. Delp, Afaruspy Illinois Rural Electric Co., Winchester, Illinois Robert E. Gant, Afaruspy Illinois Valley Electric Cooperative Inc., Prinmon, Illinois Timothy L. Christensen, Afarugv McDonough Power Cooperative, Macomb, Illinois William C. temons, Afaruwr MJ.M. Electric Cooperative, Inc., Carlinville, Illinois Dennis A. keiser, Afaruer Menard Electric Cooperative, Peterr, burg, Illinois Dorland W. Smith, Manager Monroe County Electric Co Operative, Inc., waterke, Illinois Joseph J. Fellin, Afarugt Rural Electric Convenience Cooperative Co., Auburn, Illinois ,
Ray D. Goode, Afatucy Shelby Electric Cooperative, Shelbyville, Illinois ,
James E. Coleman, Afarupt Southwestern Electric Cooperative, Inc., Greenville, Illinois Robert H. Necce, Afatuer Spoon River Electric Co-operative, Inc., canton, Illinois Gregory A. Campbell, Afanapr Tri County Electric Cooperative, Inc., Mt. Vernon, Illinois James E. Hinman, afanap r Wayne White Counties Electric Cooperative Fairncid Illinois Chris L. llennett, Afaru4pv Western Illinois Electrical Coop., carthage, Illinois 2 Paul M. Dion, Afarugv
Board of Directors . e
.Z iA R"_, i', f I . fl. Williams l'rench 1.. I' raker 1:secuttee \' ice /* resident Attorney and General Alarutger Joseph J. I'cIlln Kenneth G. lleinzmann James E. Illnman Lyndall Pigg l' resident \' ice-l* resident Secretary-7'reasurer Assistant Secretary
.11onroe Clinton Tri County .\fcikatough om pyy (.o wn,- ,,
y .,
-n.s, q .,
i '
'~ '
y l:
Chris L. Hennett 1. Eugene Holdt Wayne flollinger II. Clifford Cammon
\\"ayne- \\" bite Shelby Spoon River Clay
! l I
w e ,r pa r m y , y - . - , , , , m ,v .- - - ,
Gregory A. Campbell James I:. CampbcIl Michael 1:. Carls Wm. David Champion Jr.
Spmns Riter Clay .\lenard 1: astern Illini 3
Board of Dirgetors l
l Timothy I.. Christensen James E. Coleman Joe Danicison Robert I.. Delp fllanots \~alinT Shelb) litartors \'alle) larrners .\lutual M I Y d #
Of ' %fYO YM Eph Paul M. Dion
\\"estern BHR'lli Robert E. Gant llhnous Rural Donald 1.. Gleiber
.\lon roe William Griswold Ilknots Rural g -- en.. u unrgj g ; ap; y , no g w, - -.e 0l l-i l$ '!$
. ,f f, flj, , I! kf: e f a /
u, y a y
a m i a.
Tom J. llenti 1.arry L. Ilosselton Dennis A. Keiser William C. Lemons
} .lgar \\ 'a vne \\'htte .11) .\1 ,11r ihonough 4
y
~*n l
Board of Directors _
d+
.,a p.v.
M
! T ..
1 ,
' ~
~
.s. .
E. ll. Williams Irench I., I' raker Executive \' ice President Attorr ey and General Afanager
) ., f ; ye .wnWlNwrt 7"T "" e ~my Q't rm*"" +"'mm q
- 3. -
pff
...-=
(.
t
+
2 n
y
- a I .~
~
' l,.[Jj f.f '$ Il%
l >h .? ;: (f l F;I 4 l4. g 1 g j j i
L,.
. S: .
-s . .. .
a,, .:.
Joseph J. IcIlln Kenneth G. Heinr.mann James E. Hinman 1.yndall Pigg )
President l' ice President Secretary-Treasurer Assistant Secretary !
.\lontve Chnson Tri County AlcDonough l l
{ ,1 i . 7 c 1 gf.;p
. qcn?!"'""o?& 4 p om " "*"" mpTg "r8
, ,jh '
E' Yl{ j 1 b
~ '
l p.. g' s;
',[ " h. 'I
-n j ,
H-l j y ". ,. ,N k,y
, y$
fi'l l )
'l .
- g.
""~ h a
3 ,.
,{,p. . -
.'..'y..-
. . .., .- . "i ..
,3/
Chrin 1.. llennett I.. Eugene Holdt Wayne llollinger II. Clifford Cammon
\Vayne trbite Shelby Spoon Rit er Clay
{T""*W$'l} ,
[{W' ' 'FM g"" ~ '"~"S*F]
b 3] 1 h] k Q 3
%p ti b
q g'E g s
,y
(( ag j b . ..
k Y Tz Y y* V
.'A ajN ;
'- La
\l -
- f I"
] n;f .
4 ,3 J e j
%W s ex LG ,, A L Gregory A. Campbell James E. Campbell Michael E. Carls Wm. David Champion Jr.
Spoon River Clay Alenard Eastern Illini 3
Board of Directors Timothy 1.. Christensen James E. Coleman Joe Danielson Robert I., Delp filanois t' aller Shelh_1 fila noi s \ ~allet larrners .\lutual EE&IEPaul M. Dion
\Vestern Robert E. Gant iltanais Rural Donald L. Gleiber
.\lonroe Willia;n Griswold filtnan Rural 4
BIAEE Totu J. Elenti I stua r 1.arry I.. Ilosselton
\\ a vne \\'htte Dennis A. Keiser
.\1/ \1 William C. I.emons
.\lt [h int >u gh
EARR Alan G,1.ibbra Southu estern R. Scott Luccal Coles .\loultrie Darwin J. Mann Iarmers .\lutual Roger C. Mohrman Adams ERER Eldon E. Moore
.\l l .\1 Robert II. Necce Soutbu estern Jeffrey D. Reeves corn Helt James B. Riddle Citnton Stephen Schertz Dorland W. Smith Robert D. Smith Irvin Standford Corn Helt .\lena rd A da ms Tri-Cou n t)
B!!B A B flaven D. Vaughn Western Gene P. Warmbir I astern Illini Joe Welsh lJuar Randall L. White
< oles .\l< >ultrte
- k u ra. I a < t ru e au , nwru , < < , ,; weu, t atar::
RRfia. Alan G.1.lbbra houthtrestern R. Scott Lu(cal
(. oles .\loultric Darwin J. Mann
/ armer.s \lutual Roger C. Mohrman Atla m s ARHA Eldon E. Moore
.\1 l .\1 Robert II. Neece southt< estern Jeffrey D. Reeves Corn Helt James H. Riddle Cis n ton Stephen Schertz Dorland W. Smith Robert D. Smith Irvin Standford Corn !! cit .\le na r<l hla m s 7 rt t ', >u n t \
llaven D. Vaughn Gene P. Warmbir Joe Welsh Randall I.. White
\testern l aster n Illint l <lva r < oles \l. ul:rse
' F :, . i, Ia i r e r.v o n . t s<,a, ta,.v:
o Last year Soyland became an Presidentps cauhr nanneon ihe newir emed Tri County Community Develop-
(( ment Corporation (TCCDC),
formed to assist in the financing of local economic development pro-e embark on a new jects in the counties of Scott, Morgan and Cass. In 1989, the more committed to TCCDC was part of a financial W decade stronger and providing reliable elec-tric service at the incentive package offered to the Sparrow Corporation to build a new lowest possible cost distrib0 tion facility in Jacksonville, to our twenty-one electric distribu- Illinois. The company has created v mp;m tion cooperatives. The great forty jobs and the projec: has pi i d challenges of the past decade, which in some cases threatened our elevated the awareness among com-munity leaders and banking officials W very sursival, were met head on, throughout the state about this The work and commitment on innovative financing tool.
jl $ behalf of Soyland's management The United States Economic h team, its employees and the board Development Administration (EDA)
N of directors have produced a has lent technical support to the generation and transmission TCCDC as part of its national cooperative united and poised to demonstration program. The
- j. meet the opportunities which lie Illinois Department of Commerce ahead in the 1990's. and Community Affairs (DCCA)
Joseph J. Fellin With the WIPCO and Soyland recently instituted a financial Preshtent merger completed on March 23, assistance program designed 1989, commercial operation of Clin- specifically to help create and assist ton achieved and our financial local community development cor-house in order, Soyland is now porations throughout Illinois. We more than ever concentrating on believe Soyland's early financial creating economic opportunity for commitment to the TCCDC and our members. Greater emphasis is subsequent meetings with DCCA being given to assist existing officials led to the creation of this industry growth within our service program. Our participation in bank area with the introduction of community development corpora-Our participation in bank corntnunity developonent corporations has once again placed soyland Pou>er Cooperative on the cutting edge of econornic develop-rnent initiatives in Illinals.
Soyland's Large Load Retention and tions has once again placed Soyland Expansion Program. The program Power Cooperative on the cutting, has been designed for a distribution edge of economic development cooperative manager, Soyland's initiatives in Illinois.
Director or Assistant Director of Soyland's renewed commitment Economic Development, a local to marketing continues to take economic development official and significant strides in offering new a representative from the Illinois home comfort systems to our mem-Department of Commerce and bers. During 1989 a pilot demon-Community Affairs to meet with an stration program for Electric Ther-existing cooperative member mal Storage (ETS) " warm-room" business to show recognition of the units was successfully completed at business operation, to receive feed- four electric distribution coop-back and to offer assistance. This cratives. This ETS program has led system wide program will have the to Soyland's subsidiary, Applied direct benefit of retaining and Energy Systems of Illinois, Inc.
possibly creating new load and the (AES1) taking responsibihty for cen-indirect benefit of showing local tralized purchasing and distribution and state leaders our support of of the units among participating local community development Soyland member systems. Plans are efforts. being developed for AES! to 6
,- "m 33.W' ' ;;. !
establish a formal distributorship with the manufacturer, Steffes Cor. ,.. . _ _ _ _
potationF this spring. This agree- -.4
- " " ~~' ,
~ ~ " , _ ^
ment will enable cooperative -
f employees to market state of the art !
home energy systems with the com-
.plete confidence in the product, the ,
- f.
~ delivery system and the installation
- in the members' homes. ]);
y . During the past . winter the<
f I,h Soyland; Marketing Committec
- j. recommended and - received ,
- Mapproval from the Soyland floard to . ,.
m 8'd undertake another demonstration J 6
@Q program for an ETS Ilooster Unit also manufactured by Steffes Cor- kgM hgh[# "{,[
h* "@M "l&[d "bg - { [gNW~$y poration. This whole house ETS J " '"" O "fMRd '4 5" """
, unit has been developed for use
. with conventional heating systems. Sparrou, CorporaHon, an audio distribution company, ~
Four prototypc units have been receraly nimpleted Hre construction of Hs 40.000 sq. ft. Jacil- .
- installed in cooperative members Hy in homes and data is being retrieved. y,re <.lackwm Ule. Tirem>u d odier uddu'enern chies cornpmyselectedlacksonviHeaver hisch in largeJiart on th finan-
. Our goal is to continually analyze > cud inn nure offered by Hie Male of HHnois, H>e Tri County test market, and promote proven Cwnnumny Development CorporaHon (TCCDC) and Hie CH:y technologies which provide com- ofJacksonedle Soyland is an equHyimrtner in the TCCDC.
fort and benefit to our members.
Soyland has for the first time included in this operational budget
' anJ allocation for advertising.
~ Soyland's budget for 1990 contains i,
(
L 5275,000 for an advertising cam- ) IF
. paign designed to pron ote electri. N here Work IS
-city, to encourage the purchase of Still an Ethic
. efficient electrical products- for
- home and business and to attract U N N El[8 IS 8(Ill new businesses to Soyland's service Qualfty , , , ;
-territory This three pronged effort is the result of the Marketing Com.
mittee and subcommittee work and exemplifles the strong commitment willing by the board, management and Downstate !!P ais has it all workers. realistic wage levels, good schools, employees to create opportunity.
Our accomplishments during the recreation, a transportation system to move ,
. past decade have given us a renew.
1 your product and custom industrial electric
- ed sense of pride in our member- rates. For a no-red tape answer to your site
' owned electric cooperatives. We needs, contact the Downstate specialists.
l- bcannot, however, rest on our laurels. Now, more than ever, we must take advantage of our stable electric rates, our sound financial Serving 69 of 102 Count /cs in Illinois
(
t . outlook and our dedicated direc-
-tors, managers and staff to make LSoyland Power Cooperative the . Douglas A. Dougherty Cooperative of the 19'XTs. Soyland Power reo-c o-a- o ~~
l 788 North Sunnyside Road C00pBf8tl V8, lnc. Decatur, n. e2522 Telephone: (217) 423-0021 l: I
/ This advertiwment has appeared in a number of business loca-tion magazines as treH as in conjunction trith Corridor o}
l Joseph J. EcIlln opportunity ad.;. The inquiries generated from these ads at c 1 President screened, responded to and passed on to individual com-nutnities tchere appropriate.
7
g which operated for 10 months dur-M$ @ [g $ ing 1989, our Clinton Power Sta-tion, and our capacity from the g fossil fueled pcwer plants of Illinois Power Company and Central Illinois Public Service. This mix of genera ith this report, Soyland tion provides us with an available Power Cooperative and reliable source of power with ample reserve capacity for growth W closes the book on the
~
decade of the eighties and opens a new one emitted, 7'he 1990's well into this decade. Nevertheless, the search for finding the best mix of generation to meet the future
, ete Challenges, Nete Oppor-needs of our member systems tunities Soyland has emerged from remains the single most important the past decade a stronger organiza- responsibility of Soyland.
tion on a better financial founda- As we enter the new decade, we tion, ever more committed to pro- are confident that the remaining viding a stable and reliable source litigation associated with the con-of energy to our 21 member struction of the Clinton Power Sta-distribution cooperatives. tion and other related matters will Our achievements during the past be favorably resolved We need to year are a reflection of the continu- be able to put these matters of con-ing hard work of our staff and the cern behind us and k>ok toward the Board of Directors. A new Soyland future.
Organization was created with the Our commitment to the revitaliza-merger of Western Illinois Power tion of rural Illinois has never been Cooperative and Soyland Power stronger. Soyland has been a leader Cooperative an March 23, 1989. in the design of and participation in This merger was the culmination of a number ofinnovative rural com-four years of tireless work by a great munity development programs. As number of people, valued assistance a charter . member and the first from a host of allies and the will of equity partner in the Tri County those involved to get the job done. Community Development Corpora.
During 1989 there were several tion, we can take pride in seeing this other achievements which deserve local development financing tool mention. On November 1,1989, an endorsed by the State of Illinois.
. . . the search forfinding the best snix of generation to rneet thefuture needs of our enernber systerns rernains the single anost lenportant responsibility of Soyland, agreement was reached with Illinois The Illinois Department of Com-Power which determined our final merce and Community Affairs has ownership share of the Clinton recently introduced their Com-Power Station. This negotiated munity Development Corporation accord technically ended our Program alk)cating $800,000 in seed-capitalization of operation and capital to assist in the creation of maintenance costs associated with CDC's throughout the state.
the facility and resulted in substan- In 1989, the Illinois General-tial savings to Soyland. It officially Assembly passed legislation intro-set our ownership share of the Clin- duced by 1.ieutenant Governor ton Power Station at 13.21 percent George Ryan which created the or approximately 125 megawatts. Illinois Rural Bond Bank The Rural Soyland set a new winter peak of Bond Bank is a creative response by 5307 megawatts at ~': 00 p m . o n state government to help local units December 21, 1989. During that of government in rural areas borrow month, 245,300 megawatt-hours of funds at a more reasonable cost to electticity were purchased from finance public improvement and Soyland by our 21 member development projects. Through the cooperatives It represented the pooling of bond issues and the pro-third highest monthly winter energy visions for financial advice and sales figure for Soyland Power to service from the Bank, smaller meet this demand and usage was governments will be on a more level supplied by our own Pearl Station playing field with larger govern-8
n-E_ _
t g h
W-tN W vrWGl2 2
$(M M
N.4
?
a a I ker' f lue loca<lepa t r ici s < ?f % i'la rul P, on < i < < *, per a t i < is i n<u< I in lin ains filtn, ts a: M \, a th si.n nisnle los.nlson i s le ante %
I, 1 am pleased to announce that h}h;;g,h.g~
g4 l Governor funes R Thompson has myt<%
appointed me to serve as one of five Rural liond Bank Comnussioners +
W 1 ;@Npg ,
along wah l.t Governor Ryan and ,
k; y the State 'l reasurer This three ve.ir l y4 7 appointment sends antither str()ng <
signal t< > rural Illinois that 5ovland Power Looperative is conumited to l M'
v eg k[7,i,p pJ
- M1 A ,;pM M 3 [f f d helping bring a bou t a rural .
g[
renaissance e Communications and Fj governmental relations k-,
The Clean Air Act moved turther
"~
along in Longress m 1989 and is _,.
nearer passage We have wi>rked t(i j 4 ~ p' inform our members about the bill and the econonuc consequences for Soyland, our member cooperatives j g n ,jj,g,,n I m wn c i n c P, chin arm < , cia ial Uusim' t >
and their member 3 Our ettorts in ,y jg ,g g, g, , , , , , ,g g Was hington, 1) ('. to pr(> mote an equitable sharing of the costs Developruent bill remain.s ahve in --
associated with the legislation con. Congress as do a number of hills tinue We do, however. beheve the dealing with the t 5 Department of likelihood at a cost sharing provi Agriculture's Rural Electrification sion is doubtf ul and will ultimatch Administration At the Federal result in the higher cost of energs Energv Regulat< >ry (:ommission production notice of inquiries on electric Out level of invok ement with the transnussion access and indepen-tederal government has waned from dent power production are being the davs of refinancing lederal debt monitored ,
With(itit a prepayritent peitalts and The thiw < >t int (>rmatisin betw een '
the legislation needed to permit sovland and our .' l member refinancing nevertheless. we svstems is a two way street We remain actise in tracking and sup wntinue to make es er) attempt to porting certain pieces of federal keep the managers and the lioards ntility legislation directh attectmg of I)irectors ut l< >ca! distribution hovland and its niembers The Rtital ((x >peratives int (irmed (>t impiirtant 9
c
(*,. " ..'- .: a ; (( ' s', ,,I
-t- 3;~rmpqf',
t w-g_ .. . .m .
.- nsues and have laid plans for
- } [. -, s , ,. J .
Pr g , inlplementing new training sessions
" ' f r i Q [ j *g ' .
. jg: M(y" Mmuungen I and workshops Conversely, we r$ tic h remain open to ret citing ideas and m] W r Q Q .q gd, g 4 N a u$e%i9 y3.hfM .J P ans f rom the d^iribunon cof oureoperation i
, to improve
_f dC Q, ""*" u.... ,, g % cooperative any aspect and services pro-
' ~
.r tus**E h. -
"A g 7 vided We believe our attendance at
~ ' '
.M- -' annual meetings and periodic meetings with local boards, member h w wQj' .,
~~> advisory committees and employee hh groups' arc essential to receiving i
e
(* D' N - -
+' appropriate feedback trom our
' . ,, m.
- bo# members i The Clinton Power Station i Af ter successfully completing the l
first reluchng stage in late summer of 1989, the Clinton Power statkan lhe U50 rnegau att Chnton Pau er htation is located in ()eWatt County Soyland utens l25 megateatts of the Plant u hoch sup operated at full power for mmt of phes approxtmately 25 % of the cooperatit es generattng the remainder of the year. Only a recpa rements one-week scheduled maintenance outage in November reduced its t overall operating efficiency for that p - .C period The Clinton Power Sta-gg-nunumme, tion has entered the 1990's with a newly promoted Vice-President of Nuclear Operations, a new Plant l Manager and a host of carefully d ! devised management initiatives s
t e aimed at continued improvement in
' both operation and safety.
- dhMd -.- w Soyland's Pearl Station ran for approximately ten month 3 in 1989.
a
- UMM 3pf hp q Generating Capacity 0 l l
Owned Nudear Capadtv il 2' % or the W Mn Chntor Powe snon US Mu
}
i Owned fouil Capaab
- Par %1mr 9eam tna 22 Mu
.d q g. P:tbneM Die # 4Mw
(
n mc NNe Dmse 1Mw lb a Smiand.Illmon Power 56 tem Total MW Coop MW W
. O %ds m \ums #
Nasra + umb h4; to l) }f ve., n m w q .m; g f *; -g s emmor 2 amh nooc he ; a n v
w* gl a
a tuam es oe sns 4 dme 4 \ e mmor' ' sF g .
Wan N 4 141 vu P2 VW t
(Jurong the first refueln:p ichtch tras completed late summer 7 ( ys l GNU. u orken a: :he <.totton Poirer Station replaced 'a of the l s.w a y u fuelin the reac:or o :v ThejIrstJuet In thepl-int tras scheduled ! we %e 'n w ,4 m last 12 nmths. botverer a grad:uti transttlan to an !
"" '" G4 '
""*""~*"
- IH :nonth refu, tvig < ycle Is nuu umleru a;. Follograng the next !
s.wo' r n' 8[,
scheduled re!awhity in %ptember I UW1 the plant trill not # #*#
requirt rt, #!!ng agaIn until the spring of 1942 ()nring a refueling i > &er> are Yequired to n'earfull protectu e clothing Ta'a M"" LM 'h - d 8 Mu u htle they a:e m nep<ilentIdlly radlodCin e and contaminated l Peak Load 3 il vs Rewne Requiremenh 4 vu areas of the plant A u nrker. Isholen ahore) Is prepartng to \
dispose of his pmte: lit e clothing Into the cantsters ' ths rubber ' me " ' < W - v % n 'n @ *ov mi r'#
shoes and clothing h til he cleaned and r e used l 10
mmu i.e. min - n----si - - - - - - - - - - ---------
C i + M ilk
$i y-K..
T em p , ~ s .. . . . ,
ma wa. ,
- r. , -
, , , p ,,-
g
+
a g
%@p- I.
sawc:y
.tva
- <g s
.- , . _ . . -,_ 1 y.
g p
4,A
)
2MN nu , . , , , ,
N
[4f - WLM - e ".;if, 7 .
J,
, AO &$kog ,p na g.g wru
- s g - M , g* w .
- I .,
, ****%.e y . a %
h :9%
% . ;; +
'9 DQQ gF ff'*% w khv i *ib31 ,
,. a,w bY ONN
' 1 ( /'
d 01C n t s I .u l l p}U.tsed it .inihtuth C t II .it
( siis Ct ID it I .l f i n C s R 'I hi illips ill Ilan
.t[)pi billt etl n ic ti i sC r\ t .ls i ifle ( if Il\ t k Rur al B. > rid B.in k ( i >nunion ,ncrs ahine w ah lt ( o ,\ C r n' it k\ an and ry g ..
inC 5t.aC u c.r u ro nos n a Cl i t.n- q' " 4 apps ontok ut senJ .u r c her st r< me sigf lal ti f t.r.II l!Ill' is lItal N '\ !aild Pi w CI t i qw rata ( is in n: n t !c t ' t ,4(i helping r> tine ah ut a t <n a! L6 wid h 4
- 3 V
r C n.ussai n ( .g f . 3 :
w ' C orutn ullicatio t1% atid govertirnefital relatioth i @{ g p Q) 8'Y m w$o T9 r I !ic t k .i:1 \'i \t t: \ c . t o t :ic t s aL >ne ( cigt t ss ni 1 m'> a: s! s
!R .t re r p.luadC \\ t ha\t % i irked t t ,# _ bd p
in t irl!1 < iu r n' UnihCrs alb iut t ht hih - ? and thC Cs ,nonut t i insCquent es ,o ,r u -) . Ni\lathi lui liiC!1ll)CI t i H iptrat 1\ Us i . 3
.llhl (I1Clr OlCn1ITCTs ( ltli cl!* 'rt s 1:
\\ .ish in gt , m I) ( t, i pt .n o it t .u C q t t i t a h l t' sIlJ r t !1g if I I !( t *)sts ! )C \ cit '{ T! llc fl! ITl!! rCn Lillls Jll\ C l!'
assi n iatCd u u h t hC ICenlat o ,n ( in ( ingrCu as d1 a numhC: it hills ' tinuC \\ t A i hi <u C\ Cr hClic\Cth; JCating w uh thC 1 5 l )Cpart nlCnt < >t hkClih< > ,d i >t a i nt shat ing pr, ,s i \gra uhurC s R u r.u I lt t trita at o o so in n d' iuht tu: .c J w :'d u t r u : a n ', \ Jnin ust r ain ,r t \t tht itdCtai (Usull l!) I f k' IllgIM'I nt >I (' tlc f u \ [ficIC\ hCMJ!a! 'r \ \ 'Il i fllis'i' IT j i t , n.h it. !I >n
!ls t 4:lgti:I1Cs *!) Cit t trk t )dt It '\ C l i 'I L ' d \ ClilCl ! M II!; tIlc 'l siIllss! )' .h x t' .lIld t$CI 4'I IcdCl al d' \ ci t il!)Clit Il.ls W si:Ict! I r '
dCf ' ik M CI 7 5!ihlut tl d .l t (' I k ' I '. M (IlO dais I l( I:I!.llit lilg ll' .' .t i . h ' ' 11-- Iilt t lt u ll!is ' a J'rc} ;a \ 1:iC'll j 4 ! j!! s .l: [ Ile ' 1% !' la D i I 4't M L t ' r t ! the iC gh!.it ts i :1ct tic u t t ic r !' N > \ I .i: ,1 .t' ' 't i i r t C. t a ' I t Ill) .i fl t 1:;g C\(' l i !,t !( 's 'N ( '\'tt'I'is ' a tW4 W .l i s f it ' t \\ t
'cmam a, f a t ' tt.u k uee .u D s , ' inut I .akt \ crs attCn ;a '
j b irlfilg s t ' :' i .i :: { 'lt s ( s .! ICth' a'. k et'; !!1t ' ..t:l a uc : ' l!i . (Ilt kh la u t ilit \ Ict;si t! h i thics (I\ .l! ' u l$1rCt ' s +I i i a lis t rl!b l* o N )\ !.llid .lt id it s lilt. ! lITCf ' l !!< h t;! a', n g ic ' r ,M : \ r s 1: ' r !! d ', '
, ) 'rT i:
9
. . _ . . _ . . _ . . . _ _ . _ . _ . . . ___ ~
T u-
- .n;, .i.w. ;% sc+7N. '@*A [ M. 'r,h. ,h issues and have laid plans for
~ , . . . .e .
7 7 1 .. N .. @ sw .8MlWRii implementing new training sessions and workshops Lonversely, we M/Mp pts 'I
$yt Ebr .. _3 .
4 d[Av.m'enr$ remain open to receiving ideas and
'h,Q] _,. m.
um.....,. hk%s5%A:.? plans from the distribution cooperative to improve any aspect
~'?'% '"l.4 c of our operation and services pro-
,2 Imm88C~MR a vided We believe our attendance at
' i k< W annual c.cetings and periodic G I meetings w ith local boards, member
=
' %%- - . .w advisory committees and emplovee Mii'Dhk groups 'are essential to receiv'ing
?
% 8"D .-
m e **" appropriate feedback from our MM -
%N..- ?
N{y~,.n' members Am . . 77 f',. ,y y.4 y :; .F.7 w :. L. - ._. . The Clinton Power Station n ', , '4,y .- .. . - - r .~ > a 4 y ' "'. g / "' # . E .. ' A i .~~: After successfully completing the P.. . first refueling stage in late summer
~
of 1989, the Clinton Power Station The 950 megatt att Clinton Pau er Station is locatect in l>eWitt County boylanclosens 125 megateatts of the Plant u'htch sup. operated at full power for most of plies appr'oximately 29% of the cooperatis es generating the remainder of the year. Only a requirements. one-week scheduled maintenance outage in November reduced its overall operating efficiency for that p ;.,y period. The Clinton Power Sta-
* --- e tion has entered the 1990's with a newly promoted Vice President of Nuclear Operations, a new Plant Manager and a host of carefully devised management initiatives aimed at continued improvement in e ,
both operation and safety. Soyland's Pearl Station ran for p approximately ten months in 1989,
$hk W- Q M Q..i 9;q; Generating Capacity i Owned Nudear Capacity g
< * * " 1 121% of the 950 Mw Chnton Power Manon 125 MW a//, Owned FcuilCapadt)
#k Peari Station Steam Umt 22 MW Ihg fdj , hXb Pittsheid Diesei nmchester Diesei 4 MW
!VW Q f f'n'. -
j SovlandIllinois Power $ntem btal MW Coop MW Baiawr 11 umts 1680 W INQ w Havana ;6 umts Hennepin 2 unas t4; b4 S g l s eemihor <2 umts. 28e 16; 30 P Wood Rw ; umtv i'O b!
' ( ~y
~
! Gas Turtunes ioWesns 4 9a hogs 4 \ermthor 1 1 18 f5 smiane le T x 34'8 vw . r2 vw 4
^ '*'"# '' U'i""i' '"b'k ~','s'*
f)uring thefarst re)ueling n'hich n'as completect late summer g s g I989. u'orkers at the Clinton Pou'er Station replacect % of the coneev :uc s ~w s; fuelin the reactor core l'hefirstfuel in the plant u as schecluleri Crava tower 2 ets 164 u to last 12 months. hou eeer a gractual transition to an Hut *"a d une ' 5A 'l
!8-month refuehng cycle is non' underteay Follott ing the next Scheduled refuehng In September I990 the plant u ill not
'fu*nl,f ,f (
** ~ " ' '# # ' # ""
require refuehng agcun until the spring of 1992 I)uring a refuehng tearkers are required to n'earfull protectti e clothing in 5de'r Csoa' tv - tho o Mu u hile they are In tht potentially radioactu e and contaminated Peak toad D2 Ms areas of the plant A u'orker, (shoten aboce) is preparing to Resene Requirements 9r vs N ved %W + 5 b\ v% DW w mt, v '9m dispose of his protectit e clothing into the cantsters 'lhs rubber Shoes ami clothing teill he cleaned and re-used 10
i% W . ti')%~
;p$, r , yll1,9
\
D' f {.
$NIN sw ggV Q ;;
w-
'yWOp py9 hf Q;;t, qi ify 'T
;TM@$.
g- .;g$.7$,~y6 W SWERf6 .
$ @g g g g g
~
M . Sb2GMTz: .-
%I r oppo OMQ' 3.y
- d W' "
g-I hTMIN y+ " m- .
,g h } jdO4:y' +f 44e e{N r
, .-l . ' ,
_M.
,2 L
rg _ p
. *w' ' s M ', _ i ..
w -X. ,_);L ' y - ' gg
~-~~ , , .-
any [}}y W Jt' ~ i z a quQ %f 7 % p :J:# c c mGm?Wk;is $ l he 1%str s !. t :1 oi i:n j t a s a:u lI n i > i ,o u 'sc<
- > ,o,na, ,a' in ino :In o:
t \ j ,. :t ,i ,
'N s ,, s i k: > ,>o * ,t, o >< , , ,u , : >: _ >, o in i s;,
it ' bis \ '*: up car.siderably from what was distribution systems originally scheduled improvements Throughout 1989, the tu,gmeer in the plant's operating efficiency ing and Operations Department due in large part to reduced staffing provided planning, design construc-through attrition and an improved tion. operational assistance and co'; contract. allowed the plant to maintenance for all of Soyland's mo s ; up the economic dispatch lad- facilities and many of the member der which led to increased owned facilities Crews constructed operating time. This trend will likely several new substations in 1989 and continue through at least the early built additional transmission lines to 1990's improve system reliability and to meet the members' growing Engineering and operations demand for energy All of these pro-With a consolidated operation iccts were designed by Soyland's and a newly hired manager. the engineering staff Engineering and Operations Depart Whether it be maintaining system ment of 5oyland enters the 1990's integnty or upgrading the system to with the responsibility of operating meet new demand, the Engineering and maintaining 9; substations and and ()perations Department is 600 miles of transmission line in equipped and ready to provide the addition. staff provides technical necessar) a3sistance to our member services and support to the member a a ipe rantes 11
]p @q '
+ i n
k l l pgp.v l
^ '
.ju %% m i ? .g
. $ y$ YIWO
- 4 .
- .. 3 Y!Abb lW; &,,%ema?
mr';
~
gnd p
&,1f M ~~~~~~~- -
~ -- : p 3 ;
--q ,.
R l
- h. ah ,
g
- 6+ Vi? *fy& '
V / /. l 1 l l l l 1 North American I.sghting is currently umlergoing a major expansion of itsfacility m Salem 7'he project ! trill clovble the si:e of thejacihty tihich is served by Trm^ounty Electric Cooperatore !nc and is on the { Soylami economic development rate North Amertcan lighting produces automoln e comp <ments Finance and administration due to further automation at ! accounting and office applications i The major accomplishment for With the Chnton Power Station in i me Finance and Administration commercial operation, work pro-Department was the successful con- ceeds on tracking monthly expen- l solidation of accounting. payroll, ditures and in the utilization of office applications and engineering property at Clinton Hourly infor-applications into one system with mation on any of Sovland's 244 the merger of WIPCO and Soyland delivery points'is accessible back to ; The financial audit contained in this January 198; via the new computer l annual report is a representauon of A variety of reports are available to i the merged organizations as one our members and may be accessed ! corporate entity The merger was directiv hv tilM PC and a telephone accounted for as a pooling of modem l interests as of January 1,1989. I Significant savings are conunuing Marketing and development [ in two specific areas of finance With the active involvement of l Soyland's phase in plan of costs distribution cooperative staff and ( associated with the Cimton Power personnel from the Association of l Station has saved member systems Illinois Electric Cooperatives. l approximately $ 12.000.000 to date Soyland's marketing and develop- l Approximately $ 10.~00.000 of ment efforts for 1989 were ex- l Equity Funding has been returned tremely successful For the first time ) to the members in 1988 and 1989 50yland's operating budget contains l with an additional $ 15.800.000 ti > funds for advertising New products i he returned in 1900 a.s ortginally were ad.czed in 1989 and are now proposed These savings remain the i eing promoted to our members A I cornerstone in the stahihzation o' Trademark for marketing geother- l powcr costs mal equipment was purchased New l In 1989. a maior upgrade to the research to better understand and ' computer system at 5oyland was service our members was con. hegun The upgrade was required ducted New hustness asststance 12
mi ii 9 h
- e
'p Q g..n hs[j e(I g . !.
,i 'l A
i 'g Y . be i***% i .I ' n '. 8 h m' O re . a
- l 8 .
l y 4 -m. a,, M, W s [Q .y%,
. .m
>I 4
'5
' . % wg'; p L
s g'Q ' ly y
- a. 4. a mm , u.
\ t ollk' . l HlC91t s ill l l Gl'!!!!Q i s t 14 9 9 t'llll\ ll!!slCP Q rlllC il filt l!r CX{'si!) \lf b!! l >? !! % lilt lll!\ !!) % I!c!*l ll'U ['Yt 'lt \ f it lll si vi< hlc thc si:c * <l lhe lacllllt it hh h !> <cvl es t hl l r i < i r.ta t:1 l lct n le c ia peraill c Ilit <lrisl ls mi the Moll.t9:<l et 10:< u n:lt t li ! cl* >[0!!Cl!l F iilt .\' 'Ylh A H!CYh ti U ll S ! bly lrno,jtvta s in f, ito;t >[f t c t n >!!![u nlictil s l'islat1Ce atid adulittistratiott due ti> turther a u tt inlJ t h it) t it
.h t (iuntiflg athl s illis C .ipplhitII. ins
'l he Olap st .it ( t Hu phsh nlen t I t ' g ith the ( linttin h.tW er %tJth M1 in thc l In.u k e ath! Adfilintst rat b tn ( , q q q g,f l ul t crat h ML \V( d PIT n l)cparttuctll % .ts tlic Mht cuttil ci sh t ed 141 tr.h kuyd nh 4Hhh c\ pen si didat h 41 i it .h ((iuntillg. pa\ ri dl ddurcs .uhl ul the utth/atb in (it t it!'h e apjd h at h ins .uhl eflulnter!!!Q g q7ty ,g ( hngg q) [ h 3g7[ gg gi 37 ap}d h alli tns inh l thic M sten 1 W itIl nlathin (in .ulV ( it N 'VI.uld's 26-4 the Micruct ill Wll% ( ) .uhl N u land dch\ cTV pi ants is access 1hlt b.h k tti l 'I he tin.uk ut audit cont.uned in ilu' lanuars ind s u the nc% c(iniputer
( annual repiirt h a representatnin o! A \ aricoi i >t repiirts - av.nlahie it i
- the ulcrged < ire.u wat b ins as iinc i,ur inctuhers .nui nur he at tessed (iirpiirate entit \ l ht niet eer % .h diret tly h\ th\114 L and a telephonc l as ciiunted h er as a pi n ihng ( it
- n u , den 1 Interests as ( ht l anti.tr\ l.l%O Nenith ant sa\ ings are v intuunne Marketing and desclopment l
In twii spet t t h artas >! I t n.u h e With tlic .h tt\ c in\ t d\ enlcnt t >t l N o land's p h.:sc - in plan i st ( < rt s dhtributb in t i n y)cratis c sta!! Ind
.lutit 1.lled W ith llic i IIn!iin h )R ef t1Cisi'llnCl Irt )nl thC Ass ( 'Culhin III statn in has sa\ cJ mernhcr sVstctus Illu u ns I'lectric (i n ,per atis et l appti >\inutch $ 1.' J u U n o i t:, datc N oland s nurketu.g athi des chi;,
j
! A p p r t i \ l t n .t t c h $ lil 7 H U U K) i st ment ef f tir(s f( if l OW u cre cN li[ ult \ l Ullding It.ls I)cen ictur!.cd Irellle!\ sut tessf ul I t ir IInc first t une t( i IIIe illen1I) cts !!! l'M .lnd l' N1 5 A lath! s t q1erJtI'lg Ihldact ti >n talils
% it h .in .iddllD dul 5 l D H I 4 H H I 1. i tuihls b a ad\ crt hing Neu prs 8dutts I'c returncd til lPhI as i Ildu!.iih % cle an.th /cd in lwi and are ni>%
propinni 'I hese sas inas t em.un the bcmg ptona acd tiii >ui members A t t d !!ct sts ille ill t he stabili/at U 41 ( >I 'l TJJenark tiir nlarketine gciither pi k W C r ( i ists nul apuptnen' % as purchased Nc% In l'i*). J n ubit lipgrade i ita rescart ti it ticircr u:hicrstath! .ithi t: 411l'utcI M ste!!! at N ' \ l.u h' W as v!\l<c i )!!! IllenlI) cts W a' t i !!! IlcQu!1 I IIe u}' grad * % .ts l n ji!! f t. . ! t !i i s f( s! \t M I' asirl( ss assista lcs l 12 l
n )
' b'$ $ '
l
*[ffg.:k :.
y - M M AQ , ,
; 9: s
\ ,'
j "g; ap e , y< O
%f) y ,
? .
8
~ '
;;; - t
. 4 -
$* * / %.
p[p' j st
,/{ , $~
m a ,4 u; ,
- 4 a y.,4m g . . __
e _4 - c .. m
.y .
.L
, QM QL
. e - 4
[ # . *- g d $' '- b'yg mm yik,n' ' e
'f' i I c 9- s w.u ymmmw oy . . + w3r
~
I %g .
>&"n -
w ~_ pyV.:.
,g i
,! a s2 & ;
Md
- I
[/) - a
- .s
- a ~ ' y_/
~ .
.-w f% n Q. - ,
--RW'ZE kzl%'
i i mQV(e ~ 1 m s* y O
;- s ( ' g g kk { \k ,( ' k
.r t e::,a.. ss N Luo' IF i .r e ' i: Ch ' ' '" 'ht t : e.: . t r
, ; u . .c ig ,
- e , ( i;n ran s i k p a r '. it
,a r et ,i: ( ti 't i
s .k ! J dt 'a. < :J d(N d: ' "J' '!ir ag!- i' t r) i aF
.t: ';1 .'r- its ; 't i .t:
tI J 'ta' ' C a!' sai t f
*.t ,i, ut i '
i <d': - J' d.' '
dI 1 \( .l;' I g' O 1:1 '1 .'ts
',t's i I .i t <ife' d: I ld!
II Il l I 'C I g,, ur + r .is w: :ax ::( s ( cc w ~ s: r .it <s'
- se. r i J' e !' ' !( ' %: '
+k' I6 '"'I'Il I ' dI
' 1 l ' , [( ' .
;d ,t' ( f ,t' a. ! ,.k .I 'I Ll' I' lk' t pi } 5 ',t $ ek g .
e:' , Wi .J E.ngineering and operations a .,.:e, .s . -, .
.c st pr u: n:: s : .t : '
ss , , , s :a , 3' 3 % i .i d: J,' & .t! J a- . ' . < ", : a' .t : : 'a.:
's\ '". -J- ' !: ,..p Ib i s ,
i J' J'i i ' 3; e s s , c '. s a: I'& J
' ' I' 3- .a - i , i ' i 1 i s ,g g i 4 1 %(~ .t 11
intilatives were started and signifi- I gram. Already in progress this pro-cant strides were taken in several I gram is designed to assist existing ongoing community and economic member businesses throughout our 1 development efforts. service territory. The four working subcommittees During 1989, the Marketing and l Development Department analyzed of the Soyland Marketing Commit-tee smained very active in 1989. and recommended the purchase of 9e New Products and Service Sub- the trademark " System GT - committee successfully completed , Geothermal lleating Cooling and the first phase of a demonstration Hot WaterJ This concept will be l project on Electric Thermal Storage i used to promote the most efficient (ETS) warm room units and began ! home energy system on the market phase twc an whole house " booster : today and create additional residen-units." In addition, the subcommit- l tial load for our member systems tee developed a new communica- Our licensing agreement with tions piece entitled ' Marketing Public Service of Indiana is for five Facts" designed to disseminate j years with an option for five addi-information on a variety of l tional years Any member system of marketing topics including new Soyland is entitled to use System GT l electrical products and systems ! at no charge entering the marketplace. Hural Partners, the Illinois Coali-The Advertising and Promotion tion for Rural Community Develop-Subcommittee developed a com- ment, started by Soyland in 1989 prehensive advertising campaign . continues to grow in size and and successfully recommended that stature. Recognized by state govern-the Board of Directors include ment, supported by private and funds in Soyland's 1990 operating public organizations and comprised budgt .a order to carry out the of over 140 entities, Rural Partners campaign has emerged as a leader in rural The Data Gathering and Surveys development in llhnois Funding for Subcommittee completed its resiew a cuajor demonstration project and analysis of the AlEC sponsored developed by Rural Partners is statewide survey of members in being secured and an lih'.ois Rural addition, this subcommittee began Development Conferen( e has been a systemwide media assessment and set for the spring of 1990. media placement schedule in sup- In early October i989, Soyland port of the advertising campaign held its first c;onomic development The Community and Economic Ally Appeciation Day. ' Over 100 Development Subcommittee devel- people from State Government, oped and implemented the I.arge local communities and the 1.oad Retention and Expansion pro- cooperaus es attended. This event g , ..- . . . ..,.5 - .
+, .- ,,..,s,.., . lb
- i ,
w-
. .. .. w :
masg.s ....;-.
+ ; c m.
- 4
.A ,. - .
"'*W# ' 'N 1 M.. . . . f,h(..
' } l ' **t
.w , ,. '. r,[. .
"[ %%4.' ;9 ,.'. [- Q y hmt;t,t < i.. .. - .;. .;,
- fan., &
, ,, p qs .
- . s. .
[~ w. r ,. g . ,'s, - '3 l ..- W -c-Vcp 4 3 ~s l %3# v ' p y ,,...,.,4 1 -- - .
% m. .,
., 's g ;
- -: p .
, g m, 4_,. g,.c y
,. . Y l f' " '
s Nl y - ? s
. ; , llk ' S.E .Y A f'f ' .n. .
w-- m.
.Vg:[w[ % ,; .0m. .M ?g. , . f M + ; ?ww.w '
a x,,,.;, s YNN Y N$iledksteht4md$ %$hOY k $w A W Y 0i h & b $$m W 8 5> N
! .' < .tl tlannf,teturn!v r et evul\ in ' q, i n >ln'n un a: 0; 'l ':r nen +><Hh) mj:n n e f- e f a n 11: > < nni'( air /\l u n!\ l lr lrer atu s al,n l> Int, im . mn , o i t o;, i ' ec t lhe ja< tif t) n heln q scu t ed in i !, n t m t su <
in b n al et e >ne an n det ci, ojnner. ! a, in ,:te ll \1 la n a n: n . nu an:l<o.rn a n hws '+ . e ' t , ,J n > gn on to I 'r i in fin end ,, !'hL' 13
ECONOMIC DEVELOPMENT RATE
, ,,,99 Total Monthly Billing Demand 10,000 -
~
8,000 - { b
. 0-q w
$h fW f h, k h h l
l*- h ; k h !. : $ N jj !?b g' s g
- d 30U g ). g h (-
l 2,000 r e: ( (m3 US M' g% 3 T l I. r Y \
. 1 0
JAN. FEB. MAR. APR. MAY JUN. JUL AUG. SEP. OCT. NOV. DEC. Month IIIer en hoyland member cooperatn es hai e commercial and mdustrial members on the Soyland Economtc l>et elopment Rate Total load of these .f o bustnesses nou exceed to megalvatts A sagrufscant number of Joh opportunities has been created by these locations and expansions w m . -- - ~- w.h hilh >wed twi> w eeks later bs a
,c,' -
i - turmal tw o das traimng session for
;#[ Q a
-.q ; a ioperan vc personnel on tom-
'4 .
- 7. '
munity and econiinut development 4'; .. . ',
-,. g
+
. Ii -+- topics and programs at the head-(.
, ;< lJ '
quarters of the I)cpartment ot'Com
' y ,4; c- ;- i,. ~ - . ! mert e and Communitv Attatrs Both i ygg :f ; l* .P _ .
J: activines were designed to better ac
% Wilst / _ y - .;
- ~
, quaint our personnel with local and
'j_ .. 14 state economk des elopment
- i. , , _
, T leaders and both proved very
'+ r .
sut cessf ul
' - -) .. '...
*l- ,
.[
1)unng I W) . the number of
- i. ':-(M 's businesses (in the sos land Eco-l
'. ' '* ur% ). ; . .-
j j .km ;, g, nomic ()cveh ipment Rate grew to ak An and their oimhined load now ex-
'A t dMy - . 7,; .
"?
- g. 1. g.- < tceds In megawatts 'I he et t< irt t(i i
% - ... , attract new husinesses ti > our service
., 1
, - p. gp ! , .
i area remams the n u m be r one s . . . _ . . . . . . A ! priority o t' the Marketing and l I)evelopment I)cpartment and in f.eroy Bolhnger of I and N Industrtes. Inc . and Asaji Hoso' ~ v<>lves the n tance of state of Vuteq Corporatton discuss the design o) n metal reusable n. nA and lm d s > gamianons pallet det eloped by I and N Industries at Vuteq 's request Hoth >vland conunues t>> be acnvels compantes are served by member systems of 'ioyland and trere m. olved in the state sps unsored Cor
! nked in ()uuglas Daugherty. Soyland's thrector of.\tarkettng ridors at t )pp >rt tuuty Vrogram and and Det elopment af ter his return from Japan as a member recends u a >mpanied < >ne such of the Central fihnots Corridor Councti a >unal t<> Japan in beptember 14 1
t _
f w* i
~.
^
[ ?m a; ., W i m m .- _.m ram = > - : m=8%.m esp %'
"e" "%b mM _"- '#"
_ O _g L ._.
,_ gpy,, g,-3
-go w.a4.,ag
._.c,A a w w % + m,gy m 9p gJm& -
lJu, on cou:1 < ..ri t o to in t li ,:< , i . ": > t
\.,' ia ': d ! A h i ~ 'c w ' ' a t ) > l 'i o i < .n ra t I + <
c ' a:U ' uan at v ii.vu t a r < n a kutu n ,th :in I:iv. I' a ' "a ' ' ' -H"' U V 'i I
- I ' ' o n '- ' '\
n a b ll >, e t,; e i ,j a nn u:: ' r < =< ! e i t t i % h s t ! < a ' lI ' svi"
< * !I't ' ' :' Ith I ' W O ' ' E lO ' ' I'Oi"' '
Is m p: , e l l'L sih it'\ /s<t il it (
' ] 4 '!tt?'
- lt)S'> ,a lii llic!11I 1(. I t l( Ic g.Illi Ill lE p g icpicsenung the ( cn t r.il liht n in
( iiiriJ i i . iu ns d t i .n cica t i i l. ipr ' it> (11ce t w llli Icph Hl.li I'.4 ll h lll R n k ! s
<ittu ials I,n d ( h iin t ic t s it ( .on lllet t c u hh \ idual husulesscs l! s d
- st.uc i st lilu o s stat t in 1 >L \ i .i n d ' W Y
( haka \s a icsult i st ihr til;' s ine t i 101l1.111 \ I I.t s altt) Illlit t d {'lalls l' huilJ .I tas ilit \ ni I)ans die and a t i n iper.it n e se n ed husiness \ utcq ( i if }h i[.4t ti in in lb H illll!Igit d i is e s
}).tlldllig Ill .iddll h ill Iw( 'tI h ') 'C f il (l\ c scr\ ed Ilu s t ik 's se s 1.N \ Ill dlist rics 111 NilsIl\ ll!c .t!1d \ l't etl l t 'I jw ir.it n en in Illi n imulgt >n ha\ c ticcn innked It i .I [ k il c H!l.II buslticss Ic l.It h in s h l['
Applied Energy - Systems of Illinois )" j DICKINSON. NO. DAK. > sin land s w h< iik .>wnca sub w, , w., sidl.lf \ A{1})lled I.Ilef g\ s \ slCllls i l! I!! int os. int Al si c s pci lc ut cd antither \ car < >t gf t iw t h in l'N') In - addit h it! It i( i >!!(Intled slii dig salts !!! t he W.ite rl u rn.it c < it Illiin >is < i[ >c r.t ' rn>n Tl si h.is added a new hoc 1 ,t equiptncnt ti a sales and dlstri - gg g ,,g _ hllt h ill
\tter a Ml( t essf ul N )\ lalld sJh 41 v iled denb >nst f atl4 in pf t>gf all! It if ' '
l '. l e t titt T h c r n).il st < > rage il la '~<ud > e '" ' ' 'n> '"!, G Tl : l '! Th ' " equipnlet)( A l .s l l'- niin Cellt rall\ ' *( i/ .e ' / I 'i ' ~ "' ' 'l
'sidi l h "i 'I - C /' ' '
purt hasing and Ill a na gi n g the ."l'4 > ' "l ' N ' ' s ' ' ' '. 8 ' distflhut h in i i! stelles fl s Int '
- Il e 3 / / it ' ' b # ' ' '
w'afill fl u >ln u t ills it >i i
)uf distflbt! ' ' < ' ' ' ' '
(n>n ci n iperat a cs An est lusn c / - i 15
statewide distributorship agreement represented the Illinois electric l< tween AESI and Steffes should be cooperatives at the 1989 Farm Pro-
- f. illy executed by mid 1990. This gress Show held in north central aroduct line of ETS units will be a Indiana in September. Staff had a compliment to the WaterFurnace hand in displaying a variety of geothermal equipment. It will also exhibits in the Electric ideas tent support the marketing efforts of sponsored by a number of midwest Soyland and the distribution electric cooperatives and investor cooperatives for off-peak energy owned utilities including Soyland.
sales and the retention of existing The 1991 Farm Progress Sho v will electric home heating systems be held in Illinois just south of A second Soyland sponsored Decatur and Soyland and AESI staff demonstration program with Steffes will be playing an important role in manufactured whole house ETS promoting electricity for home and equipment as add on ' booster farm. units" was begun in late 1989. This The dealer network of Water-program will fully investigate the Furnace of Illinois continues to feasibility of booster units being grow in quantity and quality By the configured with geothermal heat end of 1989 over 70 WaterFurnace pumps, air to air heat pumps, and dealers were selling and installing electric furnaces The staff at AESI geothermal equipment throughout is lending technical support toward Illinois. A successful dealer meeting this effort and are positioning was held in the spring of 1989 and themselves to accept this equipment another one is planned for the sometime next year. spring of 1990. WaterFurnace of Illinois New relationships have been H blR(h"GAgg &s
.s C5 'R;y%
g ..
%., .%,y ..% .
f i
;;f v~f:PkQV ::.g g l
}$"M bf7;p' 5 .
8'{u:y&;m? s:. %l2 ?.? ., ;. - 1 / v D
- Geotherm
% cooling as System GT, a licensed trade rnark of Public Service of Indiana, tras recently purchased by Soylandfor incorporation into its advertising campaim for i990 A grou'ung list of electric cooperatives and investor alened utihties in the modu est are makiq System GT Geothermal Heating Cooling and Hot Water, the cornerstone of their marketing programs 16
i SOYLAND POWER ColNCIDENT PEAK DEMAND L L
-700 -
600 - Sea l . 531 532
- l. 497 493 L' 500 -
4ss 4e2 ; 33 427 O ~ N - i s00 - l 1 l 200 - i l 100 - 0 1985 1986 1987 1988 1989 1 Year l l L Winter ' Summer l forged with investor owned utilities recent years and our reso;se to such as Commonwealth Edison and serve our members with reliade towa Illinois Gas and Electric. energy at the lowest possible cost it Waterl'urnace of Illinois held a ma- rock solid. We look forward to the jor utility conference in the spring challenges and to the opportunities l of 1989 which was attended by this decade will bring as we prepare I over 120 utility professionals for the 21st Century. representing the cooperatives and i every investor owned utility in Illinois. Our leadership position in marketing geothermal equipment ,
. I ti t ti ty n u t . <-ir The future E. II. Williams We have alot to be thankful for Executtre l' ice Presklent and a lot to be proud of at Soyland. and General Afanager The dedication of our employees and the wisdom of our floard have taken Soyland to a higher plain. Our position in the utility business has never been stronger. Through our subsidiary operations we are a recognized leader in the marketing of electricity in Illinois. The value of our commitment to rural com-munities has grown significantly in 17
Executive Staff em r<,<gguy x-y, ;
, p. ,. . - -.:
;,i a
+ ..;' . , -
t/ dt;, f g:. " 1 (j,' ,
; ,, r3 1.
5 * , .I 2
.j f . , .
, g } ^' .
.- u E. H. Williams, Stephen E. Parr Douglas A. Dougherty Execulitt \' ice Prestdent Afanager v) Engineering D rector of Afarkettng and General Afanager and Operations and Det elopntent g, L'.'
; -i
,_j'. ,4 N ...c 1 i ,.
, .b ' . ?%. h x- 3 ' :. s.
-- 3 p#
R. _ d .-
. .I@.ds. ,fy[4j$f
...p. .
s
,. > - ; g.j-:
s,
-; .:ye y:
{4 . > u-
~
$Mi .
James Greenwood Kenneth W. Kammeler Petricia S. Reynolds Afanager of Poteer hupply Afanager of F nance Director of Public and and Admontstratiott Got'ernonent Relations
.Tum ' qq h
f ad Q
'~
I 'S;. I Lee R. Wilmes Michael S. Beer Spec:al Projects Engineer Staff Attorney 1 18
\ -___
i E' Peat Marwick l I Certified Public Accountants j; Poet Merwiek Mein & Co. l- 1000 Davenport Bank Building 1
- , 220 Main Street Davenport. IA 52801
.i I
Indeoendent Auditors' Report a LThe Board of Directors i ~ Soyland Power Cooperative, Inc. and Subsidiary: I We have audited the accompanying consolidated balance sheet of Soyland Power Cooperanve,Inc. i and subsidiary as of December 31,1989, and the related consolidated statements of revenues and ex- 3 L . penses, members' deficit and cash flows for the year then ended. These consolidated financial state-L ments are the responsibility of the Cooperative s management. Our responsibility is to express an - L opinion on these consolidated financial statements based on our audit. ! We conducted our audit in accordance with generally accepted auditing standards. Those standards re . t quire that we plan and perform the audit to obtain reasonable assurance about whether the financial
, statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit includes assessing the ac-
-. counting principles used and significant estimates made by management, as well as the overall financial
- statement presentation. We believe that our audit provides a reasonable basis for our opinion.
- In our opinion, the consolidated financial statements referred to above present fairly,in all material re- l spects, the financial position of Soyland Power Cooperative, Inc. and subsidiary at December 31, 1989, and the results of their operations and their cash flows for the year then ended in conformity with generally accepted accounting principles.
E r NM6 &, . i.n, ,',4_ Februarv 9,'1990 L i 1 '5 Y hN l 19
a * .m Cansalidated Balence Sheet December 31,1989 ASSETS (note 4) c Electric utt'ity plant. at cost (note 3):
- l In servie:......... .. . . . .... .. . . .. .. . . . , . . . $ 1,005,021,443 I Less act amulated depreciation . . , 64,449,781 1:
l: 940,571,662
- l Construction work in progress , . .. . . . . . . .. , . . . 3,671,757 Nuckar fuel, at cost less accumulated amortization of $9,348,100. . ... . .. , .. . . . . . . . . . . 21,022,454 Plantsite,. held _fpr future use . . . . . . . . 7,260,346.-
j Net .clectric utility _ plant . .... . .. .. ... . . . . . . . . . . . . . . 972,506,219 3 investments: Investment in associated organization, at cost. .. .. , . . . . , , . . 13,245,370 Notes recelvable_(notL7Luu,u,m2,u,.,u, _,m2._ _ _ . ., , _ ,.,, uz _.gz u,u, 8,930,000 i Total investments . . . . ...... . . .. ... ...... . . . . . . . . . . . 22,175,370 Current assets: Cash .. ..... .. .. .. .. . 784,323 l Temporary invertments. . . . ., . .. . 33,850,000 l Accounts receivable, members . . . . , 13,837,577 Other receivables . . , . . . ,. . . . , . . 3,698,852 Inventories , , , , . . . , , . . . . . . 8,447,692 Prepayments and other . . , . . . . . . . . 273,013 _ Recoyerable.pnergy_ costs . ._, _ ....., , _ .. ._
..., _ . . ., _ _ , _ _ 2.152,271 ;
Total currem assets . . . . . . . . . . ... . .. ... . .;__ 63,043,728 Deferred charges: Costs deferred under phase in plan (note 3) . . . . . 18,738,677
._ Deferred interest _(note 4)_,,_ .u.. . . ,. , . . ..
_ . . _ _ . . . ... . _,. u _ _ .52,7_21,04I l _ _ Total deferred . charges . . . ... ... ... , ...... . . . . . . . . . . . . . 71,459,718 !
$ 1,129,185,035
= = === = = = == = .. = ,ew . =; _ _z.=== = .= . ;
CAPITALIZATION AND LIABILITIES _ . _ . _ _ _ . . - . _ . _ _ _ . _ . _ . _ _ . _ . . . _ . _. Capitalization: Members' deficit: Membership fees .. , . . . $ 1,675 Patronage capital . ., . 2,779.263 Other equity. , , , 191,929 Deficit , ,,.......... (48,727,674) Total members' deficit . . . . . (45,754,807) _f.ong , term debt,. excluding current Installments (note 4) . _ 1,020.556,635 ' _ -._. Total. cappalization . _. _ . ., 974,801.828 ('urrent liabilities: Current installments of long term debt (note 4) 19,105,000 ! Accounts payable. .. . 16,440,817 Advances from members. 18,083,882 Accrued interest . 14,703,376 Jeerued expenses _ _ 2,442,19_3 _ Total current liabilities. 70.775.268 , Other liabilities decommissioning reserves . 600,000 Deferred credits (notes I and 3): Equity funding payments 71,398,162 Deferred revenue. I1,809,777 83,207.939 _ Total deferred credits. Commitments.and contingencies (notes 7 and 8) .
.l
\
51,129,1 H5,035 '
.%ee accomfunnying notes to consolidatedfinancial statements
i
< xCinsolidatcd Stetcmont sf Revenues and X : Expenses Year ended December 31,1989
,.b Operating revenuest )
Electric energy sales . , , .. . . . .. , $ 169,150,042
,- , Sales of ground source heat pumps, net . . .. . ,,, , 906,976 Distribution revenue , , . ., , . . . , ,, .. . .737,009-g' ' Rent of electric property. . . . , ,. . ,, , , ,. 29,636-Other .. . . . .. ,. 28,173
. Total operating revenues . , , . . . . . . 170,851,836 OperHing expenses: !
Operation: Purchased capacity (note 7) . , , 43,773,219 Energy costs (note 7). .. . 40,191,334 Production - other. . . .. . . . .. . 9,449,694 Transmission . , ,. . ... . '2,109,274 Distribution = . .... , . . . I19,082' Cost of ground source heat pumps sold . . .. . . 647,396
. Maintenance ; . . . .. , , 4,915,438 Administrative and general' .. . .. . ... . . 6,186,726 Depreciation and amortization . . . . , 25,344,002
.. Property and other taxes , . . , , , . . . . . 2,294,812
-Decommissioning provision . . .. . .. . , , . . 200,000 Costs deferred under phase In pl.in (note 3) . . .. , . ., , , (13,448,081)'
Total operating expenses , . . 121,182,897) { ENet operating margin . , , , . . . . . . , , , , . . . 49,068,976 [
- Other revenue, principally Interest income. . . .. 7,966,110 (
-f Net margin before interest charges , , . . ... . 57,035,050 -
- l. . Int: rest charges ;
. Interest on long term debt . .. . . , . .. . . .,,. .. ,
57,066,491 i l Other , . . . .. .. ... ... , . , , . . ., 1,457,612 ! Allowance for borrowed funds used during construction . .... ... . .. .. .. (1,803,068) i i Net interest charges . . 56,721,035 l Net margin . . . , , ,. 8 314,015 'l l: l
. _ . _ ~ _ . _ . . , . . _ -
See accompanying notes to consolklatectfinancial statements. j n- 1 l t l.. l: 21 s
Crnsolidst:d.
- Statement of Cash F. lows : \
. Year ended December 31,1989 Cash flows from operating activities:
Net margin . , . ,,, , , . ,, 5 314,015 Adjustments to reconcile net margin to net cash provided l by operating activities: Depreciation and amortization of electric utility plant 25,516,175 Amortization of deferred interest and recoverahlc energy costs. ,, , 4,077,631 Amortization of nuclear fuel . 2,170,436 3 Amortization of equity funding payments (6,293,210)- Amortization of deferred revenue . . . . ,, (12,215,000). ()ecommissioning provision . . 200,000 increase in deferred interest and recoverable energy costs. (2,795,422) Accretion of investment discount . ... .. , (17,712) + Patronage capital allocations not received in cash . . , , (2,917,432) Decrease in accounts receivable , 3,278,391 Increase in inventories . (1,817,478) Decrease in prepayments and other . 350,062 Costs deferred under pha3eln plan. . (13 A48,081)
. . - . - . _ Increase in accounts payable and accrued liabilities ,. . 7,103,923 .
' Net cash provided by operating activities . 3,506,232 Cash flows from investing activities:
Additions to electric utility plant, net. . . (11,240,571) Additions to investment in associated organizations , ,, (39,243) Purchases of nuclear fuel , , (6,624,675) _Reccipt of prior years' patronage capital allocagons , . - 371,886 Net cash used by investing activities . . (17,532,603) . Cash flows from financing activities: Principal payments on long term debt , , , (15,216,241) Proceeds from long-term borrowings. 3,365,000 Repayment of notes receivable . . , 16,174,890 Increase in advances from members, , 10,083,685 Net cash provided by financing activities , , , 14,407,334 Net increase in cash and cash equivalents ,, ,, , , ... . 380,963 Cash and cash equivalents at beginning of year, , ,, 34,253,360 Cash and cash equivalen(s at end of year. , ,. 534,634,323
--.,m.... . ..~1 Supplemental disclosure of cash flow information:
Cash paid during the year for interest .. , $59,749,299 Supplemental disclosure of noncash investing and financing activities: The Cooperative made several reclassifications of costs in 1989 related to the Clinton facility as follows: Increase (decrease) , Electric utility plant in service . . , , 5 4,384,325 Nuclear fuel,, , , , , (3,754,667) Inventories , , . (629,658) In connection with the debt restructuring agreement with REA (see note 4), the Cooperative increased interest and restructured debt by $11,315,725 relating to interest on the restructured debt for the period January 1, 1989, to March 29,'1989. See accompcmying notes to consolidatedfinancial statements. 22
- Consolidated Statement of LMembers' Deficit Year ended December 31,1989
.' Total Memlict- - Patronage Other members' ship fees capital equity Deficit deficit Italance December 31,1988, as previously reported by the Cooperative . . . . , , . , , , , , s1,500 - - (47,668,976) (47,667,476)
Pooling of interests with WIPCO 175 2,779,263 191,929 (1,372,713)- 1,598,654
~
11alance December 31,1988, as restated . . , ,, .. . .. 1,675 2,779,203 191,929 (49,04 Ife9) (46,068,822)
, Net margin- ,,
- - - 314,015 314,015 Balance Decen her 31,1989,
. 51,675 2,773 263___1_91.,929 _ (48,7272 674) (45J.54,807)
See accompanying notes to consolidatedfinancial statements. 23
l Nst@s to Consolidated . f.inanClal. Statements December 31,1989 (1) Organtr.ation and Summary of Significant Accounting Policies . (a) Organization The consolidated financial statements reflect the accounts of Soyland Power Cooperative, Inc. (the Cooperative) and its wholly owned subsidiary. The subsidiary was created in 1987 for the purpose of selling ground source heat pumps to rural consumers. All significant inter-company transactions have been ehmmated in consohdation. (b) Basis of Accounting The accounting records of the Cooperative are maintained in accordance with the Uniform System of Accounts prescribed by the Rural Electrification Administration. The Cooperative is a generation and transmission cooperative providing wholesale electric service to its twenty one members located in central and southern Illinois. The Cooperative's rates are established by the Board of Directors and are subject to approval by the Rural Electrification
- Administration. The Cooperative is not subject to the regulatory authority of the Ilhnois Commerce Ccmmission.
The Cooperative has entered into wholesale power agreements with each of its members which require the members to buy and receive from the Cooperative all their power and energy requirements and require the Cooperative to sell and deliver power and energy in satisfaction of such requirements. The wholesale power agreements with the members extend to various years from 2015 to 2017. (c) Electric Utility Plant Depreciation of equipment is provided over the estimated useful lives of the respective assets on the straight line basis at rates ranging from 2.5% to 20% liase'? upon guidelines provided by the Nuclear Regulatory Commission and in conjunction with Illinois Power (principal ow... r and operator of the Chnton generating facility), the Cooperative estimates that its portion sf the costs to decommis-sion Chnton will be approximately $17A00S00 (in 1986 dollars) which will not begin until 2027. The present value of the future decommissioning costs is being recovered over the hfe of the facihty using the sinking fund method. Maintenance and repair of property and replacements and renewals of items determined to be less than units of property are charged to expense. Replacement and renewa!s of items considered to be units of property are charged to the property accounts. At the time properties are disposed of, the original cost, plus cost of removal less salvage of such property, is charged to accumulated depreciation.
-(d) Allowance for Horrowed Funds Used During Construction The allowance for borrowed funds used during the period of construction represents the estimated interest cost of bor-rowed funds used for construction purposes. The composite rate used to calculate the allowance approximated 8 A% for ? 989.
(c) Nuclear Fuel The cost of nuclear fuel, including capitalized interest and overheads, is being amortized to fuel expense on the basis of . the number of units of thermal energy produced in relationship to the total thermal units expected to be produced over the life of the fuel. Nuclear fuel expense includes a provision for estimated spent nuclear fuel disposal cost which h being collected curremly from members and remitted to the Department of Energy which is responsible for the disposal of the spent nuclear fuel. (f) Temporary Investments
- Temporary investments consist of CFC commercist paper and are stated at cost which approximates market.
The Cooperative considers all highly hquid investments with original maturities of three months or less to be cash equifalents. , (g) Inventories inventories consist of material and supplies and are stated at moving average cost. (h) Pension Plan The Cooperative makes annual contributions to the plan equal to the amount accrued for pension expense. (1) Power Supply Payments Paymetus made under power supply agreements (see note 7) are classified as purchased capacity, energy costs and transmission expense in the statement of revenues and expenses. (J) Deferred Items Deferred credits consist of equity fundmg payments and other deferred revenue. The equity funding payments were collected from members and were used to reduce borrowings related to the Chnton generating facihty. These payments are being amortized to revenue over a seven year period begmning in 1988. The deferred revenue represents payments collected from members during 1987 and 1988 which primarily relate to estimated 1987 operating expenses of the Clinton
.24
r s 1
' generating facility that were not incurred due to Clinton not being placed into commercial operation until December,
.1987. These IOyments are being amortized to revenue over a three year period begmning in 1988.
Dcferred charges consist of costs deferred under a phase-in plan (see note 3), deferred interest (see note 4) and recoverable energy costs in excess of revenue generated from the sale of power. These costs will be recovered through rates in future periods / (2) Merger
. In March 1989, the Cooperative and Western Illinois Power Cooperative,Inc. (WIPCO) merged into one cooperative retaining the name Soyland Power Coolv.cative, Inc. The merger has been accounted for as a poohng ofinterests effective January l.1989. Accordmgly, the consolidated financial statements include the accounts and results of operations of WIPCO for 4- 1989. WIPCO was a generation and transmission cooperative that provided wholesale electric service to its seven members.
WIPCO also had an ownership interest in the Chnton nuclear generating facihty which has aim been limited and adjusted I
- in a manner consistent with that used to adjust the Cooperative's ownership percentage (see note 3) /
q (3) Electric Utility Plant in Service 1 i The malor classes of electric utility plant in service at December 31,1989 are as follows: Nuclear Plant and related facihties , , 8 961,967,504 1 Steam and other production plant , , 12,989,275 l Transmission Plant , 15,974,002 l Distribution Plant ., , 7,164,230 [
; General Plant , ,, , , 6,926.432 Electric utthty plant in service , , $ 1,005,021,443 l, p
' The Cooperative (including WIPCO) had a 20.0% interest (adjusted to 13.38% in 1987 and 13.21 % in 1989 as described
'below) in the 950 megawatt Clinton nuclear generating facility located in Chnton, Ilhnois. Construction and testing of .l '
this unit was completed during 1987 was placed in service in December,1987. The Cooperative's share of operating expenses
. assoelated with this facility is included with the appropriate operating expenses in the statement of revenue and expenses. ;(
In October,1984, the Cooperative entered into an agreement with Illinois Power Company (majority owner and project .l manager of the Clinton facility) which limits the Cooperative's (and WIPCO's) investment ia. Clinton (excluding nuclear fuel, capitalized interest, plant site and substation) to $450,000,000 of the direct costs of placing the plant in commercial operaion. This hmit was reached in February,1985. With the completion of the Clinton facility, the Cooperative's 20.0% . owrrership interest was adjusted to 13.38% in 1987 based upon Illinois Power's estimate of the total direct cost of the Clinton facility. This percentage is subject to further adjustment based upon.a determination of the final direct costs of the facility In 1989, the Cooperative and Illinois Power negotiated a final settlement which established the Cooperative's j final ownership percentage in the Chnton facility at 13.21% As a result of this final determination of the Cooperative's ownership percentage, a final settlement with Ilhnois Power was made concerning land, substation, nuclear fuel, inven- , tory, and other costs (which were not subject to the cost limits described above) to reimburse or charge the Cooperative for its proportionate share of these costs based upon the lower ownership percentage. The settlement resulted in a reim- . bursement from Ilhnois Power of $ 17,767,960, includmg interest, for land, substation, nuclear fuel and other costs and ! a charge to the Cooperative of $5,749,806, including interest, primarily for inventory costs which was received (paid) ': by the Cooperative in 1989 During 1987, the Cooperative collected approximately 8.?3,737,000 in revenues from members for estimated operating expenses of the Chnton facihty. As a result of Clinton not being placed into commercial operation until December 1987, ; these estimated opereting expenset were not mcurred. As a result, these amounts have been reflected as ceferred revenue in the consolidated balance sheet and are being refunded to members through future rate reductions over a three. year period which started in 1988. At December 31,1989, the remaining amount of such deferred revenue was $11,809,777.
'In 1988, the Cooperative developed a rate phase in plan in accordance with Statement of Financial Accounting Standards ~*~
No. 92 which is designed to moder% rate increases related to the completion and commercial operation of the Clinton facility. The plan, which has been apprwed by the REA and the Cooperative's Board of Directors, includes the deferral of certain costs for future recovery and the amortization of equity fundmg and deferred revenue payments. Under the ? I
' plan, the Cooperative originally intended to defer approximately $47 million of certain operating costs of Chnton from IW18 through 1992 which will be recovered from members through rates from 1993 through 1997. Through 1989, the Cooperative has deferred approximately $12,000.000 less in wsts than anticipated in the original phase-in plan. The f
a Cooperative estimates that its rates under the plan, net of equity funding and deferred revenue amortizadon, will remain ! level through 1990, increase yearly by approximately 3% - 6% from 1991 through 1994 and remain level or decrease & cach year thereafter through 1999. Management believes that this plan wi!: result in the full recovery of its investment In Chnson over the life of the facility as well as prosidmg adequate funds to meet its operating needs. ! O h
)
l 25 l 1 4 1l
[ (4) Long TGrm Debt Long teem debt at Decernber 31.1989 consists of the following: kninmred debt - imputed interest at 2 703%, due in various quarterly installments ticough 2028. $ 507,796,H75 Federal Financir g Bank (FFh)-7,337%-9.607% mortgage notes payable, guaranteed by tt ? Rural Electrification Administratkm (REA), due in various quarterly Installments through 2018. 193,927,949 Rural Electric C(x> perative Grantor Trust Certincates-7,3% to 9.7% notes , payable, guaranteed by the Rural Electrification Adminhtration (REA), matur. Ing in various amounts through 2017 , , 278,200,000 National Rural Utilities Cooperative Finance Corpomtion (CFC)-variable . rate (currently 9.25%) mortgage notes payable, due in various quarterly insta:Iments through 1998. , , 53,767,312 Rural Electrification Administration (REA) ~ 2% and 5% notes payable, due in quarterly installments through 2018 , ,, , 21,301,173 Notes payable-7,375% due in various installments through 1992 . 90,000 Total long term debt ,
, 81,054/>83,309 Less:
Current installments , , ,. , , .. 19,105,000 Reacquired Grantor Trust Certificates, net of discount , 15,021,674 1.ong-term debt, excluding current installments and reacquired debt $ 1,020,556,635 Concurrent with the WIPCO merger, the Cooperauve negotiated a restructuring agreement on March 29,1989, with REA relating to approximately $515,000,000 of outstandmg debt (including accrued interest) owed by WIPCO on various loans guaranteed by REA. The loans were obtained to finance construction costs relating to the Chnton generating facility. Under the restructuring agreement, WIPCO's debt was restructured into two notes payable to REA: Note A, for $211,172,525 and Note 11, for $304,066,284; The Note A buts interest at 10A16% and Ls due m quarterly installments through 2028. The Note 11 bears interest at 10.06% and requires the Cooperative to make annual En = des Payments (for principal
" ment is based on a load and y-owth interest) formulaon (asNote 15 beginning determined in 1993 through by the agreement) 2028.
which will resultThe in a amount paymen. of the Enc',, and only if, future load growth is achieved. To the extent that interest on Note 11 for any calendar year is not required to be paid, such unpaid interest is added to the unpaid principal balance of Note 11. The amount of the Note B not repaid by December 31,2028 is forgiven. Management of the Cooperative projects a stable load in future years and therefore anticipates that payments under Note H will be minimal,if any, llecause of the uncertainty relatir.g to the Cooperative's obligation to make principal and interest payments on Note 11, only the required principal and interest payments on Note A have been used to compute the implicit interest rate of 2.703% on the restructured debt. In the esent that the Cooperative's load growth h such that payments on Note 11 are probable, the imphcit interest rate will be adjusted prospectively, As part of the restructuring agreement, REA has included in Note 11 $107,366 810 of prior period unpaid interest on the restructured debt. The Cooperative has included $53,294,999 of this amount in electric plant (relating to the period the plant was under constrtntion) and $54,071,811 as deferred interest. The deferred interest will be amortizrd and collected through rates over the life of the restructured debt. Annual maturities of long. term debt for each of the five years subsequent to December 31,1989, are as follows: 1990,
$19,105,000,1991, $20,533,000,1992, $21,679,000; 1993, $22,893 AK10 and 1994, $23,948,000.
At December 31,1989, the Cooperative had $6.635,000 of unadvanced funds available from long-term loans approved by FFil and $23 AK)0,000 of unadvanced funds available from short teim loans approved by CFC. All assets of the Cooperative are pledged to secure the long-term debt to REA, FFB and CFC. (5) Pension Plan The Cooperative participates in a multi-employer defined contributkm pension plan which covers substantially all employees. Pension expense amounted to $146,726 for the year ended December 31,1989.
.264 8
qv. - - . . . . . . . . , c (6) Inceme Tax status The Cooperative is a nonproftt corporatum under the laws of Ilknon and n exempt from lederal and state mcome taxes emder apphcable tax laws
=
2 (7) Commitments - The Cooperative anticipates that the Chnton generating statnin will furrush approxmuirh 40% of its energs requirements The current and additionallong term energs requirenwnts will be furnnhe:' Arough power supph agrertnents with llhnon Power Cornpans (IP) arni Central llhnom Puhin Servit.t Lomparn t( IPN as discuwed below Thr umperatne has contracted to purt haw (apacus from IP s towil fueled generating plants through 2004 as follows Urso IW2 400 MW (i lW3lW4 4(Ki Mw iWs 200 i%o Mw The tools'ain e hat aho contracted to put haw c apacits from ( IPs * (oal fueled units through 1909 as follows a liN(i 1994 JI4 Mw - nms aoW ini us Tht' ( ontract payments to IP and (.lPs art determmed ori an asil(iu ned haa n and int ludt ( apat us ( harges k onsnting of production operation and maintenainc (ostsiand enrigs charges I otal ( ontrat i pas turno nudo to IP an I CIPs ann einled b to approxun !ch 8 % 500 000 and $20100 000, lor 14H9 respot in th 1, ihr ( nopera;..e has a nott t r( en ahit f rom IP for SH 9W 000 for u orking ( apital .nh atu es Irlanny to the lowel furlod plants under the pou rt supph agirement destnbcd abou The niiic hears mterest at 10 M% and n dut m UF)2 _ l (H) Contingencich y - 1 ndet the Ptn r Anderson Art (as annended in 19HN) all nu(Irar piwtI statnin operators are subject 10 pubin luhtlitg lot a nucirar incident wha h n a urrenth linuted to l' 2') bailion per m(ident ( os tragt < >t the hot $200 nulhon n provnted r bs pin.ur insurant t w ith the tulant r prosided in reerospectiu pronuum awrwments agamsi e.n ' "rrnsed nu(Irar urut -- m the Liuted States f.s a toint ow ner of the thnion nuclear f arihts the Looperain e is a part' to the .nsurance pohcies _- n wluch art im.intainea bs llhnon . ow cr ( ompain (No '4% owner and operator of (.lmton) an .s ( tur) d for its prolut liotheir "hJte of stk h Snurash0 costs In the Cst nt of an incident JI ans nuclrar plant ln th( nHed .atos in CMon ol
$2tM, .nllion. the ungeratne could bc awowed a maximum of $H.422.400 per incident with aximum awessment of 51,3211MMi per voar The Coty>eratnt h.n hied a lawsun on behall cil their members against Ilhnon Pow er Compan) (onternmg the (onstrut tion of the Chnton faciht) The suit alleges among other things 'h.it Ilhnon Pow er nusnunaged the construction of Chn ton wluch tesulted in ex(cun e construction costs ild that lihnois Powcr bv. ached or violated vanous duties and respon M e
sibihues under the Ownership Participauon Agreement dunng the penod of construcuon The suit seeks to recover danuges from Ilhnois Power for the alleged mismanagement and contract s tolanons in irbruan 19H9 Ilhnom Power filed a 9 counterclaim to the lawsuit seeking to void vanous contracts between the Cooperatne and ilhnon Powcr relating to the - Chnton facihti. mcluding the 19M cost knutation ag.nement des enbetl in note 3 In the es eni the 19M cost hnutauon agreement n declared void the C(kyieratnc would be lubl( for addihonal Clinton construction wsts of approximatriv 8 250 milhop The Coryierante behes es that the alleganons in llhnon Pow er s counterclaim are without ment and intends to vigoroush litigatt its suit agatnst !!hnois Pow er
==
~
The Cotyierative n a defendant in various other claims and lawsuits arning m the ordman coutst of businew Itased on docuwsons with legal counsel. management behrves trut the hnal settlement of these actions. including the nutter dncuwed , in the preceding paragraph. will not tuvt a matt nal ath erse effect on the ( oiyicratn e s htunt ul lusition or results of operauons C
= -
m g A g% s - 27 -
a ..----- _ . . . . . . - , , Member Cooperatives' 1989 Operating Statistics h1 ATT. MENT Of OPERATIONS: Clinton Colen- Corn (In $ 1,(MKy Adains Clay County Moultric Belt
=
Operating Revenue 8 H,449 f 3.94' $ '.804 5 lo.3sH $ 16.0'9 Purchawl Power i s.84' 5 2.N6 8 6.03M 5 ' '92 $ 10MX Operating 1:xpernes I . Ab' '% 1 onq 1,'39 2.926 Depreciation 1:xpenses 4 60 2$H 294 400 9'O
' lax 1:.xpense 1/1 6-1 'O l'% 31" Interest %01 20% $46 339 1,3'M
- - _ _ - =
Total C(r t - 1:kctra servh c 5 x.J'h 8 3.92x $ '.H I H $ 10.445 $ 16 %H' Operating Margirts I lhH i !' $ (I 41 5 (H'i $ (508) Non ()perating Margins & Capital ( .redits 20H $1 205 521 36'
'lotal Patroinge Capital or Margists i 4'o $ 60 $ 191 5 44i $ l141)
ANSET$ & OTilLR DEHITS
'lotal t!tility Plant I I ".12 3 $ H,Hlx !10.11i 5 15.44H $ 3,133 Accumulated Provision for ikpreciation & Amortit.iuon % J t e) 2.3'l 3.1 H 1 4.H;x H.690
. . - - - . -_. ----=
Nei t tility Plant
$ 12 054 5 o e 6' 5 6.933 $ 10.;90 5 JH.443 ..
ge a.mee-e.e.4moee* e.eeeeen.e.N.e.mW_-- ,
'lotal ()ther Properts &
Investmerits 5 3 tM16 5 ;40 $ l.20' i 1,024 $ l.5 " Current & Accrue't Aswts 2.100 wiA 2.240 a .120 'i .2.: .i Ikferred Ikbits 92 h2 % 1 31 __ Total Assets !I".441 5 ' 'ox $ I o.as i $ 1 s.'3; $ 35.2's 1.lAHII.ITil.S & OTIILH CREDITS Margitw & l.quioes 5 9.928 8 4.252 5 qJNo 5 8.89' $ 11,910 . l.ong Term ikht 9. 'o l A bs0 s q'3 0.2x3 21.491 Current & Accrued i uNhties 1Juu 0'i 12x 334 1.9'8 Delerred Crnlits 1,6%0 13J '5' 221 496 Total l.iabilitics $ 1' . 411 $ ~ ~os $ 10.464 $ 15 "$5 5 $5J'% OTilEH STATISTICS Miles of l.ine 2 J w ,a 9Ia vav I -"o 2.H3' Cortsumers Sened 0.x21 2 984i 1 sst . " . ; -' x 12.109 Cottsumers Per Mile 4 30 ; 20 a x4 12x 42" _ KWil Sold Per Consuiner 11.403 1.' . s so 19.s s2 1+ 423 13 c's T<stal MWil Sales 'H .1 xo 4' 4xu av s'2 I t N.29 i 10s t2(i ' Aritiual Resenue t Consumer 1.248 1,424 1 'u2 1,40' l.328 Plant investrin rit Per Corisuine 2.;lt) J 9;9 J 2it; 2.039 3,t ki"' 28
4 1 5 Eastern Illinoin Illinois Illint Edgar f armers Rural Valley McDonough MJ.M.
$ 17,333 5 5.H83 8 1.651 810.341 5 6.'93 86.o'9 8 8,643 4, , .2es , 3.e3s , m 4e , e s, , , ,s- , 4,ls , e.3 3, Kith 1,240 263 .' .03 3 1,%) H69 1,270 l,l0l 22l 90 502 43 221 401 is3 9' 2' 149 121 '6 146 1,070 188 l(H 6H4 1.2'l 128 443 517.33% 8 6.hx2 $ l p33 $ 10 l29 5 ',054 8 %,910 5 H 16
, . , Jc, , ,- , 2,2 ,, 2- , ,, , 2-y,, i- 4s n, i49 29s im,
$ 39-' $ 5'9 $ 04 $ $( l1l) $ 46t $ ll4
. . , , ,-i , , - ,2 2,2- , , - ,- ,,,,,-
10,933 3.423 !AHi O . 10 1378h 3 AHH 4. l OO _
$ 2H,W 4 $ O,343 $ 2.45h $ 15 hlH $ 30.0% I 4.404 I l l .2 I O
$ l H94 19- $ l . itr> xth 42' 5 1,243 I $ 2,23H 5 $ 5 9, J' l 1,213 $H9 2 A'8 2.692 2 Slb 3.005 Ha 3 131 .' l ~' H( W )
$ 40,586 $ 9,45(I $ 2.9 6 i 519 920 $34 aui 8 '.3 m 510.2%H
,,...,. , s- , -, , , 2. .. . ,3- ,_ , s, -
24,54' 3,3-45 i H2; 12.'33 2X.948 2,419 9,136 1,'51 412 Ni 9%2 591 i26 620
. (C l24 'N8 lb 21 405
$ 40,5H6 5 9,460 5 2,ts; it' 5 33,4a i i 1364 516 258
+ i .
, m , . ,
12.bb' 4 MM9 1,245 9 (It ' 5. 5( M ) -t h l( I ',3 5 l 2 'M i 44 5 ( nK 4 42 $ lh 3 A *' 4 3(I l i .4 tN ll2MI l 1.hf I 9.hJ i l(I 'lh l 4 Kl H ) 10 *53 l h9,5( ki % % .1 % % l .1 rjq 9 4 4, g gg y g- f i A .O l h ~'9 O-6 4 1,4HO l.2(14 1. 42( ' l .( N e> l ji; } AlU ) l '( i 4.1 H0 I(N8 2 29 2 At to ; 82x 1 's; 2 08s 29
Member Cooperatives' 1989 Operating Statistics STATEMLNT Ol' OPERATIONS Rural South-(In 6IJXX)? Menart. Monroc Electric $1 elby western Operaung Revenue $ 12 49- $ 6.13' $ '.1;4 $ 12,H % $ 20,9H5 Purchael Power $ M,128 84.2'9 $ % .09' $ 9.' I ' $ 14N3 Operating i xperte 2.012 N30 1.13N 1.'16 2,W Deprectauon Expenses %H2 32u 339 493 1,t gio i n l'xpense .
. I10 64 60 626 281 internit %3 392 4Ho - 1,4 M t
Total Cost -l.lectru servwe $ 11.38; $ 5.88; $ '.llH $ 12 M2 $ 20,304 Operaung Margins $ 1.110 $ 2;; $ $3h $ 303 $ 6HI Non4 yierating Margins & Lapit2d Credits l 1. ;p i Plant Investment Per ( iinsumet 2 ton i J ;o l 2 iio2 l sii; 3.1 x' I 30
Spoon Tri- Wayne-River County White Western Total Average
$ 4,558 $ 19,1'9 5 3.9 - $ 211,441 $ 10,069 5 20 446 % 2'33 $ 15,38' $ 14,815 8 2,395 $ 148,594 8 7,076 2,323 2 451 '44 33 926 1.616 i
952 295 919 86" 2(6 10,066 4'8 [ iw 2iG 236 50 3.452 i60 344 1,210 638 384 12,130 5'8
$ 4,517 5 20,049 8 19.00' $ 3,839 $ 208,068 8 9,908
, g 144 210 lH4 56 4.092 195
$ 185 $ (dF $ 35' i 194 $ ',465 5 356
$ 11,054 8 32,O M $ 31.093 $ 9.550 $ 408,418 5 19.448 3,022 ',828 lu,45H 2,096 109,81' 5,229
$ 8,032 $ 24,23' $ 20,635 $ ",4 54 $ 29P,(dll 5 14,219
$ 1,94" $ 1,620 $ 1,390 $ "O '. $ 28,569 $ 1,360 5',254 2,'26 7 1,345 1,508 3,028 1,1 L S
- 65 82 14 1,520 '2
$ 11,324 $ 2',430 $ 25,135 $ 9,285 $ 385,944 $ 18,3
$ 3,818 $ ",556 $ 13,335 5 2,528 $ 136,209 $ 6,480 5,887 19,312 10,942 b.354 225,831 10,'54 -
, 1,163 298 22 ',194 342 311,324 5 2',430 $ 25,135 5 0.285 $ 385,944 5 18.3 " -
t ,165 / h4' 3,22I l , I '8 40,534 I 930 4,054 12,003 13,302 3.246 153,635 ",316 3 48 a 8' 4 13 2 '6 - 3 '9 HS41 16,823 163'3 i O.038 - 13,'6' 35,840 21',006 21' '93 32,584 2. I l 5 W l 00.' I 9 1,124 1,585 1 442 1.225 - 1, $ '6 -
.L?2' 2,485 2,33' 2.942 -
2 h5H 31 -
-=
L
. ._m.<.....-. _ . _ . .,, u. . .. m_
SGrVic@ Area t- -
\ l Jo CannoLL j 4dCitg .t .4 5 ^ ..es grees oope n a t iv t wm IM"s
~~
- t scv < Coe..a ,
]
j L_ ' 40WA f*#
! i <
,,n mi
/
/
- r.g iWDI AN A M188OURI F"
- - - - " ""., N! *,'.,m".m.
yn
.e.o.
M o.s ao Co ele ct s.c
~'
.(.l. . c o s.v..~ , , , , , . , ,
- v. e.m c - _
C ooe t m a s . . K= Souv=tastaan ictis oes at e v..c c oo. .. . .. .
. . ...T; . g , .., e -+C m-ieti o s e c , e ,..c
. . . . . . 'g
. n. Jar ' * 'O','." , ,,,]
4 J- "- ,, Soyland licadquarters _ Decatur ; ,,,, , District Office 32 Jacksonville
b o .,,b.. (.....~ .. .. wis , , , . . . . . . ,
**"**** De*=**=== 1.. a. . . . ...e
\
* '; :*" n a -- - N
., ,,c..,c
,,m .. ,_.
oo* e n a t iv e y--^\s __w WY' , Ise.eaf ~ eC -
=*='
t.'.;.;u.c co ...,_ 7- , e e t a.S 74 eifert fo sseis~if 0 O r-_ -_.m,m_, r-_ - ___ a . - . . 5F '~ ~ ~
\
rurar-3 1 y , m.r 78~ MDIANA ehtel. 7aesimi
~.4.6
,y, MiSSOUR1 EG HmH3 ic ..oD' s eem NOR R re E L 8 C T h eC tem r oses e . _
kl ei e
'**' P sa s
set '~
, f^
M oe.no Co E 6 se t nic s
.,e ae.e ce.i EGAh E t c t e ic '.. .v.
C :,c,* a e a ' , s - .6= Sovv tasvann h ue.oes ** E. e r'eic C ,op ra a t iv . at6eeE $ Tafeen ht a.o 's t,e 'a c C ooeat e s t *a m' . n. 11N'UCKY b())'k3O(! !!c3(k(lUNIkCIb . . Decatur , , . , District Office
.u aaas<mvme
,.,_,.mt. 1.
*m t9J up 1.
; f 5 I
.p%* wwmmmmam m_ a pnpw w w wm wm wm y s a W ndupAy;mm$v4mg%wqaemy%w$a#p%WWM%GBM%QL mmk m ap a
. f M M fr e M%rn+U e hgb M N k M h N M 7 Q ~W M~j @N Mes % .
dwW
~u%7- ,M.
A ,MMQ
*W w Wn%
-&.ev
& Mi w-wpwe n a g wwwmA hkh **m ~M
! pcm hymmaA 4 3-p [u e n a m % m'k w
@4~" q v w$hke~NNhyh b h>d kdMh0% Mk kkNOkdNM ; ge4W fMM MW m zW MWO we %apw d aMe a.WgsyMOM/mu%mepp w g q@W Nl&
d pk W?$ O w@M e gW ge4w)W M$ # @M!&: W 4N M$W W !w@M My@w;;%%gg$eqh M p M .emway&
%,h;\nm@$emw.gph%u@y%%&f p M4 Qpq p hg w ~ ,<
a .Mw s ljj( W 4@p@..m em SQh w.mwww$$Myn%sy%e<QG f g Mg an was mw ywwvan, m p e g M @e @ m; e wg sg %;n g w ,a,n y a tp P f k V h u h I y y +m.n mm
.,pd yeqwo;.w:w m*4m.
$q 4NFf 2.g 1 cp a mn x e.4 % m r ea -s y gyLWy&n y-angyuw,a p.y w a m m m m pg w e m sm yp w wr!nwa Ay ewwn wv.m. wmpw w w 3n d e mg a n g %a~p+wq^a, aA W y p v. y ag!q%y q m w!4g D '1Mm:3 ? G% m Iy Mt y, Oy n y ky 44& ys.T Y 4g&<&a%m r k yM i &mbyD
..c W ;g m& q&.e3.m,e e y ewM* N1 iMhay ygn a w Ny f >w"f' ke
.mQ ffMdM eQ n k nyn n&p
@&Qww3p k @Wu yl$ m[NR$]@
p " N hi fh y ww@NM% 4 p%,fz ?: y$ M;J h m M ; O W M YNaM k; cA 1j%<gM @![%.
.am.Qww: w wm
&awycWa M
w w w rq % m nMypgMgm g n p
.*r p
fypmp$ mbl& p g% ~y9 fi
,f f glAn$6[n kQG nN w w fjw {g y wgQ 2 yn g&a@f hf U ms /ig wuenhp/owqwgh% .
- %m;m&b~
fffh aq,+ @ w;9[y@i. q W gn
%wm M w%y Qg@
g
% e e%ry+ _. Q m :)hp m q +$(;>Q&n c #eMe mm %y a&[m(Y uw fj;;&m& &w ec o ' e d e ;s h
f Q y MM mu%g%.SM-a- N 4 m% M m. RBMWW MGS GW M@hu$w%@w%w@%pp@MM@dM? e MM8 M@@M@@mem%aam;R,%g p M%ywge W$m.aan r g Msw y a. mmw~uaw $M$ M M@$MDMM %g m,ac ~# h M WTp p@, he nm@ep@9.%wd n WDM, W
% W W M M M M 9WU n se Wy s w s.u c k w%
MMM963 w m& % y np we #cwg-@w f dW M WW w _w%#w%n_:%nkn_WWp%:m_WMW$gunsw@3M&Md xmmm uu. hsWAT ___ wwnm pn% WWM QRF%
%pm bMiNhMhhh wwhw@py%wk ma M Mh m ,$2NN$emsmm[fDkh%w p pMDAhdd m e m ahkh M hh kw%%n%wa h;;4 h,\m!hdh5dhh yn sw!qy mmy $4 m$$nW4%
b6MMNNNEbMM hNk .4 MNhhkbbhNNhNY$ s wsaw u%p gmyww;md%h& w$%my nw p msp 9en Nk aum-~ nn h N h hhhhh ge UNhhdNNkdkk~khbSMM$kh~n$m,$wYNMhNNM M h. k hln ehm nhh m e mh w hin s w w m n - wwac N h h hh hhhhh i hh@@@k m$ g% mew NNWSMWMO@MWWWW$mmw we wwAuwyp dWW hhMMhhNkhM[dh@MbhsMhNNhhhMhhhp m beem w wm%n pwwnwmn e n hNhchNh w MWWd@w;%M g$wmWS pymm%um$.wwg%m bWMP MyAp#pMEsb,w pymj'p OMyggg W mwnw. w uDF#M%m; w:mps q g@wsm;WMAW nm MMME mpqwm.ww;uam 9nWe W dM w m w p#m @w wm@bh k bhhbbNh_ _ k _hh _hh ewewww%m.r e. ou . . smes> so e6"m>$wmeuxmws
< a= 1 em m
} 'e
+,,,
e 3
- s t
Soyland Power Cooperative, Inc. 788 North Sunnyside Road
- Decatur, Illinois 62522 (217)423-0021}}