ML20045D620

1992 Annual Rept

ML20045D620
Person / Time
Site:	La Crosse File:Dairyland Power Cooperative icon.png
Issue date:	12/31/1992
From:	Berg B, Willink W DAIRYLAND POWER COOPERATIVE
To:
References
NUDOCS 9306290229
Download: ML20045D620 (36)

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l Who We Are...

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l N airyland Power Cooperative supplies the total j

L electrical requirements of ~28 rural electric coopera-W tives (RECS), who, in turn, sell the energy to their consumer-members.

Dairyland was formed in December 1941. Today, elec-tricity from five Dairyland generating stations-1,029 mega-watt (MW) capacity-is transmitted via 3,282 miles of transmission line to 319 substations located throughout the l

system's 44,500 square mile service area.

l This area extends into 62 counties in five states (Wis-l consin, Minnesota, Iowa, Illinois and Michigan).

i i

l On the Cover...

p gainst the Wind is the title of this limited edition

]

print created byJohn Luhman, former Dalryland lineworker. Luhman's transmission construction experiences throughout Dairyland's service area were.

inspiration for the artwork.

For information on purchasing a print, Luhman can be contacted at P.O. Box 2824, La Crosse, WI 54602.

1 l

I i

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A Look inside...

2 We are energy managers... message from William Berg, general manager, and Wayne Willink, president.

t 4

Board of directors... representatives of the member coop-eratives in the Dairyland system.

6 Increased customer focus...a look at 1992 and Dairyland's efforts to prepare for the future.

1 Financial highlights...a synopsis of 1992 financial high-lights and an introduction to the financial section.

18 Financial statements... including footnote disclosures and report ofindependent public accountant.

2 Report of management responsibility...Dairyland's recog-nition of responsibility for the integrity of this report.

i 2 6 Unaudited financial statements... prepared by Dairyland staff, these unaudited statistics are a useful reference.

3 2 System map... indicates all members of the Dairyland system (Class A, B, C, D & E members).

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We Are Energy Managers qq uch about the utility business has changed in the h

b[]^ $ past few years, especially the role utilities play in society. We are no longer viewed as just energy suppliers. Today we are also energy managers and we are adapting to this new role.

We are confident about the future because we have an experienced team of employees and a dynamic business plan that combines a conservative financial approach with an aggressive operational strategy.

For continued success we have to become even more customer oriented. Despite the fact that we have all-re-quirements wholesale power contracts with our member rural electric cooperatives (RECS), we must strive to be their supplier of choice.

We are proud of Dalryland, not only for our efficient production of energy, but also for the variety of services we provide to our member RECS. Our aim in providing these services is to allow our member RECS to be even hk f)k@

more successful.

fQ ggggg We have a new administration in Washington. With this EJ w W ~ ~. fCl M comes. uncertainty as to how changes will impact our

[j[.entP oyees areioE,Wy members and Dairyland. The call to reduce the huge deficit l

j k (rdd$t V8N13blei

. M will undoubtedly affect us all, but we hope in a fair way.

M As this is being written, we are watching with particular

BSSet.x..a reSOUTCe}

Interest the administration's proposed energy tax. The 1

Proposals would have a dramatic impact on the rural sec-that Cannot be Car.-

tor. Nearly everything a farmer touches has a fuel cost.

bon copied. ))

Energy is needed for putting in the crop, taking out the crop and drying the crop.

Living in the country, rural residents drive farther for routine activities like shopping, going to the doctor or l

taking equipment in for repair.

We also have concerns over proposals to drastically change or even climinate the Rural Electrification Adminis-tration. We will work to make sure that any changes do not l

unfairly burden Dairyland or its member RECS, especially l

when future financing requirements are considered.

As you read through the pages of this annual report, you will note reference to a Dairyland reorganization that became effective Nov.1,1992. This is a continuation of the process to increase efficiency at Dairyland.

We are looking at all our work processes and asking hard questions. Are there better ways to accomplish our.

desired goals?

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Just because we have been doing things one way for so long, is it the most etlicient way? Can we increase produc-tion and efficiency in some of our job dutics? The bottom line is that we have to look at what is critical for Dairyland's operations.

During the past decade, we reduced wholesale electric rates, improved cus-tomer service and environmental perfor-mance, and maintained financial strength.

We are involving more employees in the decision-making process. This phi-losophy of employee participation and empowerment places more responsibility with the people doing the work.

We believe our employees are our most valuable asset...a resource that cannot be carbon copied. Nearly half of our employees have worked with us for at least 15 years.

Their dedication has made Dairyland one of the top generation and transmis-sion cooperatives in the country for over 51 years. Their continued job devotion and sharing of job knowledge are vital in facing the many challenges ahead.

We are striving to make the best choices for our members to ensure that future generations enjoy the conve-niences of economical electricity.

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Wayne Willink, prestdent, and Bill Berg, general manager NY President

$4)dAL&nt Y General Manager i: 3.

l Board of Directors i

Wayne Willink President St. Croix REC y

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Arthur Riemer First Vice President l

Bayfield REC Gerald Koeller D

Second Vice President yh Grant-Lafayette REC p1-l

'N Tre ur l

1rinnebago REC l

Robert Lunde Willink, Riemer, Koeller, Knadtson, Lunde and Sexton l

Secretary Trempealeau REC n.

l.

Mary Sexton Assistant Secretary Dairyland Robert Anderson I

MCounty REC y

A' Stanley Ask Cedar Valley REC y;

LeoIlyrnes f

Allamakee-Clayton REC p

4 Don Corty Polk-Burnett REC Anderson, Ask, Byrnes, Corty and Frey Vernon Frey Taylor REC

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l Gerald Glass

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l Vernon REC 1

Roland Kelley Q.'

Oakdale REC Leslie Leirmo Crauford REC Kingman Loomis Jump River REC gg. w.

Donald Lundstrom Pierce-Pepin REC Glass, Kelley, Leirmo, Loomis and Lundstrom J

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l Selmer Nelson g

4 Barron REC u.

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Leonard Ricke Jo-CarrollREC s'

g John Roberts y

Eau Claire REC

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Quentin Rucker R

People's REC

~~ O Irv Schnick i

Jackson REC Nelson, Ricke, Roberts, Rucker and Schnick Ervin Schultz Price REC O

W Leonard Shatek l

3 Haukeye Tri-County REC

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g' Class B Mernbers Raymond Tolley T

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as George Webb Chippetra l' alley REC

,J Wayne Weber Dunn County REC l

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a Gerald Wendorf

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Richland REC schultz, shatek, Ibfley, Webb and Weber l

Lee Wieland Bufalo REC l

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Robert Will

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Clark REC f

Gordon Yost Freeborn-Mou'er REC j

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Niles Berman l

Legal Counsel 1

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l Wendorf,' Wieland, Will, l'ost and Berrnan l

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Increased Customer Focus a 'F he ultimate measure of man is not where he stands in moments of comfort and convenience, but where i

he stands at times of challenge..."

Those words came from a 1963 speech of the late Martin Luther King,Jr., and are very appropriate in today's operations at Dairyland Power Cooperative.

Dalryland, like many other businesses throughout the country, is undergoing a period of transition. Change does not necessarily assure progress, but progress always re-quires change.

The future of Dairyland and other cooperatives will be determined by our ability to meet the changing demands of the members.

During 1992, Dairyland completed an organizational effectiveness study to take a hard look at who we are and what will be done in the future to guarantee excellent pm ygw u j

customer service. Issues given the highest priority were d

increasing customer focus, establishing a more effective j

corporate planning process and implementing a new top-

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~ a-k level organizational structure.

h Good customer service is not just a friendly smile and x

' {0fal08d N ' y the delivery of dependable energy. As cooperatives, we Vm inent SySteinh 1

Dairyland is able to:'

have an obligation to do more. We are dedicated to pro-m ting the increased efficiency in the use of energy by consumers. Promotion of energy efficiency, along with effectively shed 100 load management, are parts of the broad philosophy called demand-side management (DSM).

MW of load. ))

Simply put, when customers use electricity more effi-ciently, over the long run it costs utilities less to provide the same level of comfort and convenience. DSM saves money for customers who become more efficient because they are able to get the same job done with less energy.

A crucial part of Dairyland's future is involved with the I

patterns in which consumers use their power. As the second part of our DSM strategy, a strong load management system allows Dairyland to defer capacity additions and keep rates as low as possible.

Through the use of an extensive, radio <ontrolled, load management system, Dairyland is able to effectively shed 100 MW ofload over the peak hours. Approximately 71,500 water heaters,11,700 dual fuel installations, 2,100 heat storage systems, 50 grain dryers and 70 peak alert loads are currently available for management.

By managing this load, Dairyland levels its peak, making the best possible use ofits generating facilities. Over 62 percent of the households and 26 percent of the agricul-tural accounts in the Dairyland system take advantage of the various load management programs. Approximately r:

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Jerome Foods, sert'ed by Barmn (Wis.) Electric Cooperatit'e, is one of the largest turkeypmcessors in the United States. Theypurchase approximately 30 rnillion kilou'att-hours ofelectricityfmrn Barron REC annually.Jemnte Foods is a peak alert load and t'aluntarily can shed up to 3.5 rnegau>atts u hen dernanc!

is high, reducingpeakfor the entire Dalryland systern.

55 percent of the water heaters in the Dairyland system are part of the load management program.

Related to thic 13 of Dairyland's 28 member RECS have used a new Member Marketing Information System (MMIS).

The MMIS, developed jointly by Dairyland and its member systems, is a survey tool to provide an energy use analysis of the membership.

Information gathered from the MMIS allows cooperatives to send precisely targeted messages to specific groups of members without wasting postage or paper. This type of targeted marketing is an important trend for the 1990s.

A cooperative customer information system (CCIS),

which will allow RECS quick access to consumer informa-tion, credit and billing history, was under development in 1992. The CCIS is a computer-based software package which will be used to store and access consumer informa-tion. This has been a project of RECS and the Information Technology Department. Pilot installations at RECS will begin in mid 1993.

RECS in the Dairyland system continue to work with existing commercial and industrial consumers to better meet l

their needs while encouraging new businesses to locate in I

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A

..e the service area. The 23 cco-e nomic development loans, y

granted by the Dairyland board p'

to the RECS through the end of 1992, totaling over $1.2 million g~

for 17 cooperatives, is proof of our beliefin the future of our member RECS.

j~f-Tourism is also encouraged and is thriving, with visitors bringing money into the re-gional economy and stimulating business at many levels.

Preserving Our Home For continued success in i

JPM cinploycesfohn Fernandez today's demanding world, Dalryland and other electric (lep) and M/hc Shatchygather utilities must balance their needs with the expectations of Informationforinput into society. Compatible strategies must be developed.

Dalryland's nerv Automated A recent survey conducted by the National Rural Elec-Malntenance Planning Systern tric Cooperative Association notes that the general public (AMPS) sopu'arepmgram.

believes rural Americans possess a strong sense of family, commitment to community, responsibility as citizens, I

strong religious beliefs and resourcefulness. Those are characteristics that have made RECS successful for over half a century.

Our service area is our home. That's why environmental stewardship has been one of Dairyland's major commit-ments.

Since 1970, Dairyland has reduced its sulfur dioxide emissions from over 100,000 tons / year to 34,000 tons / year.

In 1993, projected emissions are expected to drop to nearly 30,000 tons of sulfur dioxide. This 70 percent emis-slon reduction was attained as Dairyland increased its energy production by 20 percent during the same period.

Public awareness about global climate change and the possible health effects of electromagnetic fields has in-creased. However, there are still many unanswered ques-tions regarding these issues.

Dairyland's environmental initiative includes a program that recycles ash from its coal 41 red power plants. In 1992, nearly 8,000 tons of bottom ash were recycled. This in-cludes 7,400 tons from Genoa Station No. 3 used in a Wisconsin Department of Transportation project on State Ilighway 35 in Crawford County. The bottom ash was used on 1.34 miles of roadway and was placed 35 feet wide and eight inches deep.

8

Of high concern to our operations is the discovery of zebra mussels in the Upper Mississippi River system. This prompted Dairyland to initiate a mussel monitoring and evaluation program.

These freshwater mollusks can cause serious problems with the intake systems at our four power plants along the Mississippi River. In October, adult mussels were found attached to samplers at Dairyland's coal-fired generating stations in Cassville, Genoa and Alma, Wis. Dairyland's Generation Division is developing control methods for dealing with the zebra mussels.

Many other external factors will influence Dairyland's future power supply decisions. Acid deposition, global l

climate and energy taxes are among these. The increasing l

regulatory aspects of the Clean Air and pending Clean Water acts and Resource Conservation and Recovery Act are some of the other major issues concerning the public, state and federal legislatures, administrative agencies and Dairyland.

Dalryland has been pro-active in working

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with the legislatures and

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administrative agencies and other utility organi-

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. i zations for compatible

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solutions. Dairyland worked with regional

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and national utility and regulatory groups to J.' '

formulate regulations

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under the 1990 Clear Air N

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...[$N Act Amendments. The 3

final regulations, issued D,

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many of the comments made by Dairyland and

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yl" #g the utility groups.

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These amendments i-D~"

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provide for phased reductions in sulfur and

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nitrogen oxide emissions which will impact

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Dalryland's four coal-3l fired generating stations.

Because Dairyland has taken steps to meet earlier and more restric-Zebra rnussels arefresh teater rnollusks that can cause seriousprobierns tvith tive limits on emissions the intake systerns at Dairyland'sfourpotverplants along the Mississippi Rit'er. They hat'e beenfound at all ofDairyland's generating stations.

'9

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50 Reduction as a result of Wisconsin statutes, there will be no problem 2

in meeting the Phase 1 federallimits, which begin in 1995 Generation increase for the 376 MW Genoa Station No. 3 The legislation will result in additional costs to make f

plant modiGcations to meet nitrogen oxide and particulate

'"' i limitations, and higher fuel costs to meet sulfur limitations.

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4,ooo Plant changes such as these are being made to meet new laws and regulations in an economic and efGelent manner.

f This legislation has also created a market for emission

• ' y allowances. Planning for operations in the future will in-d'

' 8-clude this new factor which.should result in a more effi-t, cient market-based system of environmental control.

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Utilizing Employee Knowledge 2e*

A casual observer might say that most electric utilities look the same. However, if you take a close look at 4 ~

. i.ooo Dairyland, there is a difference. The machines and facilities might be the same, but not the people. At Dalryland, we believe that people are a valuable resource that cannot be j

duplicated. To ensure that, we remain a progressive com-18 a 198T 1992 pany and a desirable place to work.

y su: fur Dioxide Emissions Dalryland is moving toward a management philosophy (Thousands of Tons-Left Axis) that is based on the principles of participation and empow-O TotalGeneration erment. We are involving more employees in the decision-(Thousands of MWh-Right Axis) making process and letting employees have more control over their jobs.

This creates job satisfaction and allows us to be respon-sive in decision making. We are working to provide an atmosphere where managers do not dictate decisions to employees; instead, they involve people in the decision-

-m-mmrmlm making process and lead rather than push.

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At Dairyland, people are an investment, not a cost. What

~o f This 70 percent we invest in employees today will pay offin the future in a

' e(missie reduction

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m m dedicated and efGcient work fome.

Previously, Dalryland employees were trained in the Wa5 attained 85 1

employee program, Interaction. The purpose ofInterac-t/on is to create and strengthen positive relationships by Dalryland increased -

enhancing people's one-toene and group communication its energy prodUCtl0n skills. REC employees throughout the service area received this training in 1992.

by 20 percent... ))

A quality work force is especially important. Dairyland is in its 52nd year and its transmission system and generating stations are aging. It will require more effort and expense to maintain these facilities. This, too, means more pressure to increase wholesale rates.

At Dairyland's existing generating stations, employees continue improving operating efGciencies. In 1981, Dairyland's coal-Dred and hydro facilities had a generating (h

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Power Generated &

Purchased (Net)

(Thousands of MWh) capacity of 969 MW. Today, those same facilities, through studies, testing and improvements, provide 1,029 MW of 52 5 capacity. That is 60 additional MW, or the approximate l

gp total size of units one through three at the Alma Station, d j 1

su m

l l j j [ l without building additional generation capacity.

d Dairyland's 372 John P. Madgett Station (JPM) was 4

m H

H I

i

~

U !

chosen as a pilot installation site for the new Automated d[ A Maintenance Planning System (AMPS). The project is de-y {

I y$ g l 4 signed to provide quick and reliable information for the j

i' :

En efficient maintenance of Dairyland's resources (which

] K 3

C include equipment, facilities and the people doing the g/

a, work) by automating the maintenance function.

! p 2om k

$ IM Ij @h

~

Dairyland's generating stations produced 88 percent of

1. ! hd gn its total energy requirements in 1992. Purchased power 4

m from neighboring electric utilities accounted for the bal-4

~

k d 4 %

ance of 12 percent.

?

9 Dairyland, which is predominately a winter peaking

^

4 d

h H

system, experienced a 1992 summer peak of 569 MW, a fall

,v;43 a ww o,'

grain drying peak of 601 MW and a 1992-93 winter peak of me im im mi m2 660 MW.

@ steam Dairyland is currently evaluating the feasibility of an Hydro Independent Power Producer project which would utilize k Purchased the turbine generator of its non-operating nuclear plant, the La Crosse Boiling Water Reactor. The turbine generator could be re-used with steam coming from a gas-fired tur-Power Sales bine.

(Thousands of MWh)

At present, the proposed 220 MW Genoa Energy Project is not being planned for Dairyland's own capacity, which is m

adequate at this time, but to supply energy to other utilities under contracted sales arrangements.

q

! f ljg:p Dairyland continues to concentrate efforts on improv-x

~ h

@P4I3 ing the reliability of Dairyland's transmission system. There j

were 35.2 miles of new lines constructed and 45.57 miles ofline rebuilt and upgraded in 1992. The rebuild projects m

g y +

increased operating voltages and/or conductor size, result-

l y 3 ing in reduced energy loss. Substations and other equip-

[

ment were also upgraded.

F p

4

- g 4 M h g Construction on the Barron-Apple River 161/69 kV rom

- I i S M yh h double-circuit transmission line project was completed.

l pp 7 M This 28-mile undertaking along IIighway 8 in northwestern l

s 1

g 7

Wisconsin was Dairyland's first large-scale experience with m

~

h h M [

steel structures. There were 135 tubular steel structures, H 1 5 l $

U H ranging in height from 85 to over 118 feet, used in the s

W i

project.

o a d_ did_ h_

The Barron-Apple IUver project reduces line losses and ma im im mi m2 provides greater security and reliability to the northern

u. amber cooperatives portion of the Dairyland system.

m CP The project was expected to be completed in 1991.

4 Other llowever, Dairyland's Transmission Construction crews

}

v

(

I were called on to replace over 350 downed transmission Generating Stations structures and work on other J'

damage following the Novem-Total Plant..

h Fuel.~

ber 1991 ice storm and this 8'*tk>a - la MW (*laterY (800'8) !.1% of Total. Net MWh

. Net Capacity..

Net MWh j

. Cost Per; continued into 1992.

TIES.

" ? m47 Since 1972, Dairyland has

~ 1 aim....

20 7 549-belonged to the Mid-Continent

'JPM :

. 3 372:

1,559.- l' p 35.s7 i?'

17.39 Area Power Pool (MAPP) to c-3.......... 376

[1,604 J ia 36.91 % ' 14.04 gain the advantages of both 1 FJS.'.j.-.

253

~[

35 j

0.81 P '

'18.92 higher reliability and lower

?:

L-"~u-

• >~

• 3,747

. a6.22 15.9s.

operating costs. Through the Total steam ;_g_7.. 1,00s -

MAPP network, Dairyland Hydro:. Flam$cau.!.... " 21 '

72

~.65 -

1 knows when an emergency p.

occurs, it can depend on the Total oc6&ation.51.1.029

3,s19

87.87 -

'15.68 support pledged by other L J 0-

'I Pumhase 527 12 A

. 13 20 members of the power pool.

wer y Through the MAPP market-Total Rehre nisi....

4.346

. 100.00% ? $1558 place, Dairyland can take

- - R advantage of opportunities to

.f.

e buy and sell energy to lower its Transmission Lines 1 Substation'ss costs and improve efDciency.

y,3,,,, p ;,,3,,,,.

17Q c, pegy During the year, Dairyland Voltane-kVd Constructed Tyne.

Number '

JkVA '

entered into an agreement with Madison Gas and Electric 161 H: 605.40--

' Plant i..............! 4 4

!!,01f,500:

Company (MGE). MGE will 115 H.

.82 Transmission

. 32; et,358,500 J'934.5 ' y ;2,52944

mstraniuon _..283"

' a61,E I

buy 40 MW of capacity from 146.60 Dairyland for the summer

..rotal........._. 319 s z 3,231#4 seasons of 1996-2000, with an "i 3,282.46' option to purchase up to an additional 40 MW for the same period.

Today and the Future With today's vastly changing technologies and regula-tory climate, it is difDcult to predict the type of electrical generation or transmission equipment that will be used to serve members in the future.

To deal with these and other external challenges, Dairyland's board members, senior management and REC managers continue to interact as part of a high level plan-ning group referred to as the Strategic Planning Advisory Committee.

Their on-going efforts and experiences have made a signincant contribution to Dairyland's long-term stability by developing a Onancial policy and long-range Gnancial plan.

There were other signincant studies continued in 1992 which will affect Dairyland in the years ahead, n,

H13i

Dairyland and the RECS completed a year-long study of its wholesale rate philosophy and structure. The existing rate design was based on the rate philosophy adopted in 1982. The thrust was to recognize the economics and Revenue Dollar impacts of energy issues in the 1990s while assigning costs to the RECS on an equitable and non<liscriminatory basis.

77.20 %

The study was adopted by the board in August 1992 and will be implemented in May of 1993

-mma gg Following the adoption of the study, a strategic market-1A3%

ing study by Dairyland and the RECS was initiated. Many marketing goals and strategies have changed since the last 10 78%

major study in 1987. The conclusion of the study, by mid-d 10.58 %

1993, will incorporate the challenges of the energy field in the 1990s including conservation and economic develop-ces m s ment.

Class C, D & E Sales Dairyland worked with all major electric utilities in e Cooperative Power Wisconsin to develop an integrated plan to meet transmis-Other sion and generation capacity requirements to the year 2010. This was part of Advance Plan 6, which was filed with the Public Service Commission of Wisconsin. The planning effort has involved an extensive evaluation of conservation, load management and alternative energy options.

An Investment Committee, comprised of Dairyland board members and senior staff, studied Dairyland's short-Expense Dollar and long-term investment ofits cash and reserve funds. The resulting board policy, which was adopted in 1991 and was 42.26 %

implemented in 1992, should increase Dairyland's return ag[,o on current assets without materially increasing risk.

qw'+,

Dalryland is utilizing the professional advice of outside financial managers in this process.

2.75 %

Economically,1992 was an uphill fight. Dairyland is in g,ogg solid financial shape, but did not show the outstanding 31.12 %

financial performance it did in 1990 and 1991. The summer g,7gg of 1992 went into the record books as one of the coolest

+ Fuel & Purchased Power Fixed Costs E Salaries & Wages History of Revenues & Expenses' Margins

-Total.

Total ~

Mt Operating -

Cp. J'..;.

Operating Nati Y

1 ears _

Revenues Expenses Margine Margins

~ 1988....

L $158,502,180 L $158,554,881 - $8,034,951 3 $5,982,250 l 1989....

156,801,557

'158,312,916

9,292,744 7,781,385-1990..

157,641,649..180,039,517 <

9,302,927 L : 6,906,059' 1991....

~ 158,500,488 -

161,735,380 l - 8,504,766; 1 5,289,867

- 1992....

158,120,388 162,076,893 '

8,307,982- ' 4,351,477.-

m. -

, 14?;

1

,2 L_ _ _-__ _ ______

ever, which left electric sales much lower than anticipated Revenue from Members for Dairyland and most utilities throughout the country.

Wholesale rates have declined over 13 percent for RECS (Cents per kWh) in the Dairyland system for the past six years. Ilowever, s

increasing costs including fuel costs, are now putting pressure on Dainland's wholesale rates. These costs neces-sitated a rate increase authorized by the board for 1993 of 4

2 percent compared to the 1992 budgeted rate. Dairyland's increased 1993 budgeted rate of 41.98 mills (4.2 cents) per kWh, however, is still approximately equal to the 1988 3

actual rate.

Improvements in Dairyland's budgeting process, long-range planning and forecasting capabilities have enabled

~

Dairyland to better identify future revenue needs.

Dairyland's total operating revenues of $158 million and total electric sales of 4.2 billion kWh were a decrease from 1991. However, revenues from energy sales to the 28 rural electric cooperatives (Class A members)in the Dainland system increased 1.49 percent to $122.1 million in 1992.

Dairyland's generating units continue to be very reli-o able, which is one reason that Dairyland has become a consistent supplier to neighboring utilities. As an example, l

there were 216 elements replaced in the high pressure i

4 reheater section at the 376 MW Genoa Station No. 3. This will reduce tube leaks and further improve reliability at the Member Equity &

generating station.

Revenues from sales to Class C, D & E members de.

Long-term Debt I

creased approximately 5.83 percent to $33.8 million in (Millions of Dollars) 1992. These neighboring electric utilities include Coopera-l sm tive Power, members of MAPP and interconnected munici-l pal systems. Sales to Class C, D & E members were 1.2 l

i billion kWh in 1992, compared to 1.4 billion kWh in 1991.

4m

[k

{;

) A i

c' l

Overall, electric sales of 4.2 billion kWh are a decrease from 1991 sales of 4.4 billion kWh. Electric sales to Class A j y S

members were 3.0 billion kWh, a slight decrease under 3,

l 1991 sales of 3.03 billion kWh. Class A sales constituted l

72.2 percent of total energy sales.

1 1

l 1

g

_q Net margins for 1992 were $4.4 million, compared to a l

l i

l

$5.3 million in 1991.

The total cost of service, exclusive of fuel and pur-l l

( !

chased power increased 2.1 percent to $95.3 million.

'; 1 f w

The cost of fuel burned is the largest annual expense

j W H

q item at Dairyland and amounted to $59.9 million or 38 l

5 j cents of each revenue dollar in 1992. Overall, the delivered

' R. :

I cost of coal increased 6.7 percent on a net energy basis.

o g,g j,j@/-

Dairyland received a total of 2.0 million tons of coal in 1992, of which 950,000 tons arrived by unit-train to the i FFB & Other REA 2% & 5%

Member Equity

~

l

.15

372 MWJohn P. Madgett Station GPM) at Alma.Just over one million tons was transported by barge to Dairyland's four coal-fired plants.

The average unit cost of delivered barged coal, on a net energy basis, increased 7.6 percent in 1992 after decreasing in five of the previous six years. This increase was attribut-able to the purchase oflower sulfur coal needed to meet new Wisconsin environmental standards which became effective in 1993 There was a 6.6 percent increase in delivered cost of coal received by unit train at JPM.

Dairyland purchased coal from producers in Wyoming, Colorado, Illinois, Kentucky and West Virginia. Each type is carefully selected for its sulfur content and other character-l istics to meet air quality standards in Wisconsin.

Transportation is a major part of coal costs. Dairyland owns 242 coal cars which bring the coal from Wyoming to Alma in two unit trains.

The accompanying pages are a thorough 1992 financial report of Dairyland's operations.

Management Team v.

m 1

b,

~

.a M dc:

Back mw,fmm lej!: William L Berg, general rnanager; Robert C. Mueller, assistant general rnanager, finance & administration; John P. Leffer, assistant general manager, generation; Charles V. Sans Crainte, assistant general rnanager, transmission; andJames N. Sherwood, assistant general manager, customer services & planning (retiredJan. 29,1993). Front row,fmm left: Bradford C. Brasel, director, information i

technology; Mary L Lund, director, human resources; and Thomas A. Steele, director, external relations.

L 16 :

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f1992 Fin lancia1 Highlights;.

7 l@pWpm.

M 'w x

....w.

~~,

a r,

g~ Q NWholnshle rateshavcideclined 13 hercenh Mh 1

7,(-' q~ N (2,

j

• Average wholesale rats was 4.06.. J, ;lg$

g the pas't sixyears) i; M

$T6 O'

~,

^

$ >N x

o 8 centsi h'%gsdffQhQ) y n [ Board approved a'1993 budgeted rate of 7

~

JperLkWhD f _ i i [ f ;g 3*.

g g

A, N, <=. P...

S 1198 ' ents, 'per kWh i.

.7 c

s n

3 %. MOperating revenues decreased slightly to?

m ~

h>

M,Ng 1

Wg 5$158 rnillion a $900,000 C

$a Q ',y@ Met rnargins were $43 rnillion,2 7

9.Elec reasetric sales. show, ed a'decreass to j

-M

.$dec J

• ~

M. n i

" s L.

42 billion kWhL

R ],, dThncs;Interc$i'Ea}ned Ratio (TIER) KIM n

,i 4m

? and Dcht SErvide Coverage'(DSC) of 1.5 l

+

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Consolidated Balance Sheets Assets December 31,

!(In Thousands)-

l' 1992.'

1991 ELECTRIC PLANT (Notes I,3 and 9):

.y*

g

~

Plant and equipment, at original cost..........

7 $557,513i '

$540,375.-

Less-Accumulated depreciation................

E(282,621)::

(263,465);

y 274,892 '

• 276,910-Construction work in progress..................

y s17,945l s

.14,400 Total electric plant................................

.. t 292,837+,

291,310 t

p.

.j J,291,892) 'y OTIIER ASSETS:

g Investments'(Note 1)...................................

53,986

^

Investments in capital term certificates

"[

]

of National Rural Utilities Cooperative

-i Finance Corporation............................

. (9,8561 9,856.

l' Pollution Control Bond proceeds -

e on deposit with trustee.........................

12,085? "'

1,969 Deferred charges-s La Crosse Boiling Water Reactor costs, n e t (Note 9).....................................

l7,895;,;

9,736 p' F4,645" "

Other................................................

[-

1,996 Total other assets.................................

116.373-

-77.543

+

b a

s CURRENT ASSETS:

W Cash and cash equivalents (Note 1)...........

16233 30,662

^

Short-term investments, at cost,-

y gy which approximates market...................

'g

}-

.19,014 Accounts receivable-En ergy sales........................................

[ :15,567J d~

14,952'.

Other......................................................

[ q;897; 1,987-Inventories, at average cost-s Fossil fue ls..............................................

S 27,81U 26,473.

Matcrials and supplies........................

L10,312 f '

'10,863 Prepaid expenses....................................

666c p=

711 2

Total current assets................................

< i 55,876:

104,662 3

$465,086"

$473,515 m

.. i.4 M18o a u l

3.

E_.____..______.____________1____________-.._-.-_._.-_-___

i --

l l'

l l

1 Capitalization and Liabilities December 31,

-(In Thousands)

• 1992i y 1991 CAPITAllZATION:

1 Member and patron equities-l M embership fees.............................................

L$E i11y.

11

' i 86~,916 a }

86,047 Patronage ca pital..............................................

Total member and patron equities..............

y586,927;

,86,058 Long-term obligations (Note 3).............................. ' iJ3'15,519; "

325,752 Total capitalization......................................

i 4402,446c 4 411,810-

- yw

,n a

N r

.Q DEFERRED CREDITS (Notes 5,6,7,8 and 9)..............

- g 727,3881 #

28,542 E

COMMITMENTS AND CONTINGENCIES (Note 6)

[-[,s,.

I g

g a.

v

-- ~

o CURRENTIJABILITIES:

g i

4

.i Short-term borrowings (Note 2)...........................

g L5,200l g Current maturities oflong-term obligations...........

i d10,2437 _

9,998 Advances from member cooperatives (Note 2).....

L ;5,193. I 8,101<

j Accoun ts payable.................................................

J5,4011 6,332 Accrued liabilities-f"x c4 Payroll and vacation pay.................................

y, 3,D.8( f 3,038.

Taxes...............................................................

E, 51;669) 'g 1,585 I n t e rest.............................................................

!; " 903) ;

770 Other...............................................................

e

3~ 365%

f 3,339 Total current liabilities...............................

0: 35:,252-33,163

- n $465,086"

' $473,515 '

6:a i w

- The accompanying notes are an integral part of these consolidated balance sheets.'

M.',

1% Gr y

M_9;;

l e-

'_..m-

Consolidated Statements Of Revenues, Expenses and Patronage Capital For The Years Ended December 31,.

(In Thousands) i,11992#

1991 OPERATING REVENUES:

.,:m.

Sales of electric energy.......................................

9$155,861e

. $156,167 :

~

Other~................................................................

n 2,2591

'2,333 1

Total operating revenues...................................

• ;158,120 f

• 158,500 S

.t 4

OPERATING EXPENSES:

[

,f Fuel.......................................................................

"[. 59,864},

58,343.

t 6,961N 10,081 Purchased and interchanged power.....................

Other operating expenses....................................

f f31,670[ l 30,723 513,785 e,

11,858-Main tenance.........................................................

+

Depreciation and amortization (Notes 1 and 9).....

-20,470E,

20,024 Tax es..........................

7M921 6,888 Total operating expenses............................

'139,842 c 137,917 Operating margin before interest and other deductions.................

^18,2787 4 20,583 (V

INTEREST AND OTHER DEDUCTIONS:

w Interest..................,...............................................

)

22,525i

-23,861 Allowance for funds used during construction (Note 1)..............

/(883)

(662)~

O th er (Not e 8)....................................................

= 5939. -

~619 Total intetest and other deductions................

L L 22,235 -

23,818-Operatin g d eficit........................................

- (3,957)2 "

(3,235)

NONOPERATING MARGIN, principally 4

n investment income............................................

c 8,309:

8,505 Net ma rgin........................................................ I E4,352 ?

5,270

- PATRONAGE CAPITAL, beginning of year.................

f 86,047$

83,088 Retirement of capital credits (Note 4)...................

1(3,483)2 (2,311).

PATRONAGE CAPITAL, end of year, including

,7.

margins assignable of $4,352 and $5,270.............

L$ 86,916 L,

$ 86,047 The accompanying notes are an integral part of these consolidated statements.

y nm J20U

Consolidated' Statements Of Cash Flows i

~ For The Years Ended December 31, (In Thousands) d CASH FLOW PROVIDED BY (USED FOR):-

i, "19922' J 1991 1

a b, ',,

Operating activities-l, W "w, M

~

Ne t m argin........................................................ - j$1(4352) d.

$ 5,270?

~

, M20,4. 70) ",

20,024-Depreciation and am' rtization.........................

o F

~

. Recognition of deferred gains '...........................

g' (2/1_00); Y

~

~-s Other................................................................

1 Q,771h 3 1;656

.l [? M 475 M "t b R Change in currentLoperating items:

(666)

Accounts receivable.....................................

Inven t ori es................................................ ['[(787)My

(458)

Prepaid expenses..............c.........................

{ p (4'Q g 116

~

Acco unts payable.........................................

g j(931) %

-1,862 _

Accrued liabilities........................................P M 483i "

-(232).

i nw,Lp.

O Cash provided by operating activities........

M20,146%

..27,572

F

, S:q

. w+.

M Financing activities-j(l332,812) $(27,612$ 4

' (2,550) 2,550 Short-term borrowings.....................................

Repayment of short-term borrowings...............

Repayment oflong term obligations................

f(9,988)4,

(9,636)

Retirement of capital credits.......................... y d(3J83)i(T (2,311)

Funds provided (refunded) under cost i

sharing agreement, net (Note 6)................... h #(1,000s * '

~950-r v

n..

+

%,,. (? >

7 Cash used for financing activities................

D (9,271)

'(10,997) w

.;+

p

, dik l [(22;226h, i.

E. R % >

Investing activities--

lL

[(l'3,060)

Electric plant additions, net.........................'......

l Net sale (pitrchase) of short-term

. g " h-ij and other investments..................................

d(18,688)W, 341-J Proceeds from sale of fiber optics venture.......

p-4-c 3,334 7,

g(40,914)bl3,

. (9,385)

W.,.

t..

s

- Cash used for investing activities.................

- f.

Net cach flow during the year......................

. b(30,039); $p.

17,190,

,m,'

m; 3

e m1

~ CASH AND CASH EQUIVALENTS:

yJ,;

.i.d Beginning of year....................,.............................. " % 301662 !

23,472-L En d o f yea r........................................................... '$?$?i623iMI

$30,662 mnaw &

The accompanying notes are an integral part of these consolidated statements, a

m &m.

)

m41 mag

~

u v

i s

Notes to Consolidated Financial Statements

1. Summary of Significant Accounting Policies:

Organization Dairyland Power Cooperative (the Cooperative) is an electric generation and transmission cooperative association organized under the laws of the states of Wisconsin and Minnesota. De Cooperative's principal ofDces are located in Wisconsin. The Coopera-tive provides wholesale electric service to Class A members engaged in the retail sale of electricity to member consumers located in Wisconsin, Minnesota, Iowa, Illinois and Michigan and provides electric and other services to Class C, D and E members.

The accounting records of the Cooperative are maintained in accordance with the uniform system of accounts prescribed by the Federal Energy Regulatory Commission as adopted by the Rural Electrification Administration (REA), the Cooperative's pdacipal regulatory agency.

he consolidated fmancial statements include the accounts of the Coope,avvc and its wholly owned subsidiary, Curtis.,

Telecommunicatiorta, Inc. (CTI). All intercompany balances and transactions between the Cooperative and CTl have been climl-nated.

Depreclation Depreciation is provided based on the straight-line method at rates wttch are designed to amortize the original cost of properties over their estimated useful lives and includes a provision for the cost of removal and decommissioning of the properties, ne provision for depreciation averaged 4.0% of depreciable plant balances in both 1992 and 1991.

Income Taxes The Cooperative is exempt from federal and state income taxes 'and, accordingly, no provision for such taxes is reflected in the consolidated financial statements. :

Allowance for Funde Used During Construction Allowance for funds used during construction represents the cost of external and internal funds used for construction purposes and is capitalized as a component of electric plant. De amount of such allowance is determined by applying a rate to certain electric plant additions under construction. The rates used were 8.0% in 1992 and 8.3% in 1991.

Property Additions ne cost of renewals and betterments of units of property (as distinguished from minor items of property) is charged to electric plant accounts, ne cost of units of property retired, sold or otherwise disposed of, plus removal costs, less salvage, is charged to eccumulated depmciation. No profit or loss is recognized in connection with ordinary retirements of property units. Maintenance end repair costs and replacement and renewal of minor items of property are charged to operating expenses.

Investments Investments consist primarily of commercial paper and government obligations. All investments are recorded at the lower of

- eggregate cost or quoted market value. 'pae carrying value of the investments is adjusted for amortization of premiums and secretion of discounts.

The fair value of investments, based upon quoted market prices for those or similar investments, is $104,014,000 versus a carrying value of $103,833,000.

As of December 31,1992, investments include approximately $2,451,000 ofinvestments restricted by the REA as a result of the Cooperative's election to defer various gains realized in 1991 (see Notes 6 and 8). The restriction is lifted, dollar for dollar, as the deferrals are periodically recognized.

Cash and Cash Equivalents Cash equivalents include aH highly liquid investments with an original maturity of three months or lesa. Cash and cash,

equivalents primarily consist of commercial paper stated at cost, which approximates market.

Supplemental Cash Flow Information.

The Cooperative paid interest, net of capitalized interest, of $21,710,000 in 1992 and $23,287,000 in 1991..

During 1992, the Cooperative reconied $2,250,000 as a deferred charge and a deferred credit representing its estimated funding requirement under the Energy Policy Act of 1992 (see Note 9)..

2. Lines of Creclit:

To pmvide interim financing, the Cooperative has airanged lines of credit aggregating $ 29.8 million, principally'through the National Rural Utilities Cooperative Finance Corporation (NRUCTC) at a rate no greater than prime plus IE Borrowings outstanding et December 31,1992, were $5,200,000. The average borrowings outstanding were not significant in either 1992 or 1991. Compen-sating balance requirements and fees relating to the lines of credit were not significant. While the lines of credit expire in May 1993, the Cooperative believes such lines will be renewed.

The Cooperative also allows member cooperatives to prepay their power bills and pays interest on'these prepayments based on.

current short-term bormwing rates. Interest expense on member cooperative advances ($484,000 in 1992 and $977,000 in 1991) hes been included in interest expense, while interest income earned by the Cooperative on prepayments ($456,000 in 1992 and

~ $1,024,000 in 1991)is reflected as nonoperating margin.

pc e -

un

--_.-_____._-___.~L_w_.L-

W P

- J

3. Long-Term Obligations:

Inng.tcrm obilgations at December 31 consisted of the following (in thousands): -

4 y

+n 41992 6q 1991 P$49,177Md

' $ 53,6 6 -

REA obligations,2%

- ~

... ~..

3 k30,0k N

~30,798 REA obligations,5%. _-

.m Federal Financing Bank obligations. 7 5% to 10.6%i

$ 212,513 ~ +

1 215,578-

%3771q.

4,H60 NRUCFC obligatnons, 4.9%.

City of Alma, Wisconsin, polution Control llonds:

M i,%,

Fixed rate (5.7%)...... -

' ' M - 9,905 bs

10.285 :

i

[lN3,900)k ?

13,900 3 Adjustable rate (3% at December 31,1992) _-

-w City of La Crosse, %sconsin, Industrial Development Revenue Bonds,

'! w us s,. %

C4.1607 4

. 4,160 -

Adjustable rate 0% at December 31,1992),

Capitalized Icase obligations, principally at implicit interest rates of ff 7.1%, due in varying amounts through 1995

1. T1,966Qj 2,493-

>g 32,5 762; x 335,750 (10,243)L (9.998) -

less Current maturities.

.@lLS19 Q

_ $32t752.

Totallong4ctm obligat

,ns..-,......

n

>u Isag4erm obligations to the REA are payable in equal quarterly principal and interest installments through 2016. Quarterly principal and interest payments on the long term ob!!gation to the Federal Financing Bank (ITB) cxtend through 2021. Principal and interett payments on the NRUCFC ob!Igations are payable quarterly through $99 The Axed rate Pollution Controlllonds are payable in increasing annual amounts through 2008.

The adjustable rate Pollution Contrcl and Industrial Development Revenue Bonds mature in 2015 unless previously called for redemption. Bank Ictters of credit aggregating $20.000,000 which expire in February 1994 have been issued on behalf of the Coopera-Live to the trustee to provide funds for payment of principal of any such bonds to be redeemed or repurchased pdor to that date. -

Substantially all of the Cooperative's assets are pledged as collateral for these obligations. 'ihe Cooperative is required to and has I maintained certain financial ratios related to carnings and liquidity in accordance with the covenants ofits k>an agreements.

Maturities of the Cooperath, long4ctm obligations are as follows (in thousando:

Year Arnount -

1993-

- -. $ 10,243 1994 11,475 1995-

- 10,965 1996_

10,941-1997

_11,460 Thereafte*..

E 270,678 Total -

..f32t762 The fair value of the Cooperative's long4erm obligations, based on the current rates offered to the Cooperative for simliar debt of.

the same remaining maturities,is estimated to be $322396,000..

4. Retirement of Capital Credits:

The Cooperative's board of directors has adopted a policy of retiring capital credits s!!ocated to members on a "first-h; firstout" basis so that at no time will the Cooperative retain as patmnige capital any capital contribtned or deposited more than 20 years prior.

to the current year. Accordingly, the 1972 and 1971 capital credits were retired in 1992 and 1991, respectively. Implementation of this policy is subject to annual review and approval by the board of directors and the REA, and no cash retirements are to be made which would impair the financial condition of the Cooperative or violate any terms ofits agreements; 5 Sh'ared Transmissionigreementsi

1. : Cooperative has entered into shared transmission agscements with the Southern Minnesota Municipal Power Agency (Sh JPA) and the Western Wisconsin Municipal Power Group (WWMPG) which provide SMMPA and WWMPG L4e of the Cooperative.

owned transmission system to deliver power and energy requirements to SMMPA and WWMPG members in tne Cooperative's electric service area for a period of 50 years. Payments received from SMMPA and WWMPG for use of the Cooperative's transmission system are included in deferred credits and are being amortized to operations over the terms of the related agreements "the, Cooperative 'nay-he entitled to further payments depending on the investment in, and joint use of, the system.

6. Commitments and Contingencies:

The Cooperative's estimated 1993 construction prograrn is $21.6 million. Financing of construction is expected to be provided by 1 borrowings from the ITD and internally generated funds.

.t During 1991, the Cooperative resolved a dispute with another utilitj related to costs under a shared transminston agreement with

. no liability to the Cooperative. Accordingly, the liability acen:ed during 1990 was reversed Lt 1991, but recognition of the cor rsponds.

ing gain was deferred until 1992 and 1993 since the Cooperative's board of directors approved a resolution authorizing rec 9gnition of

.h_

fhk hw i

Y

4 2

6

-i such gain in the rate +ctting pmcess in those years. As of December 31,"1992, the unamortized gain is included in deferred credits in the accompanying consolidated balance sheetsa l '

^

inJanuary 1990, the Cooperative reached an agreement with Corperative Power (CP) regarding a cost sharing agreement for a y

jointly operated power plant. In connection with this cost sharing agrrement. CP agreed to advance working capital to the Cooperative for the purchase of coal. De amount of the advance is adjusted annually based on estimated requirements Net advances totaling -

$3,200,000 at December 3141992, and $4,200,u00 at December 31,1991, are included in deferred credits in the accompanying consolidatedbalance sheets.

The Cooperative has been named a defendant in,several lawsuits and claims, primarUy related to construction and operation ofits.

ciectric plant. Although the outcome of these matten cannot be precisely determined at the present tite, management and legal counsel believe these actions can be successfully defended or resolved without a material effect on the financial posidon of the :

Cooperative, s

7. Pension Plan and Postretirement Benefits:

Pension benefhs for substantially all employees are provided through harticipation in the Na'lonal Rural Electric Cooperatie t

Association (NRECA) Retirement and Security Program. Contributions are determined in accordance with the provisions of the program tnd tre based on the salades, as defmed, of each pantcipant. NRECA declared a moratorium on plan contributions effectiveJuly 1,

(

1987, and, accordingly, pension expense was substantially climinated in 1991 and 1992. As of December 31,1985. the date of the last smilable' actuarial valuation, net assets of the plan execeded the actuarial present value of accumulated plan benefitsi EffectiveJanuary 1,1986, the Cooperative adopted an amendment to the pension plan which reduced the normal retirement age '

from 65 to 62' This amendment resulted in the creation of a liability for unfunded prior service cost of $2,407,000, the unpaid portion of whir

• is included in deferred credits.

o

' During 1991, the Cooperative adopted Statement of Financial Accounting Standards Nol 106, ' Employers' Accoun"*q for Postretirement Benefits Other Than Pensions * ($f A i No.106). SFAS No; 106 requires that the expected cost of these benefits bc..

charged to expense during the years that the employces render service. De Cooperative elected to recognize the entire obligation for service rendered prior to 1991 as a charge to 1991 expense. Th's d}d not have a material effect on net mal,.n or the financial position -

of the Cooperative as of December 31.1992.

^

~

8. Fiber OpticsVenture:

3 cfl owned a 33.3% partnership interest in Nor1Jght, a venture with two other partners to own and operate a fiber optics network >

in the Upper Midwest. In Decunber 1991. CTI and the other two partnen sold substantially all of the assets of Nor!Jght under the provisions of the Asset Purchase Agreement (the Agrecrent) dared September 10,1991. A portion of the cash purchase price was -

deposited into escrow to secure the purchaser's rights to various purchase price adjustments as defined in the Agreement and to L provide the purchaser with assurances that the indemnification obligation of these panners, as provided for in the Agreement, would -

he funded if required.

CTrs investment in NorIJght was carried at $990,000 and, after certain liabilities of Nor1Jght were satisfied, CITs share of the net.

proceeds was $4,317,000 ne Cooperative's board of directors, with the approval of the REA, directed the Cooperative to defer 1 recognition of this gain of $3,327,000 unti' 1992 and 1993 when such amount 're bel"g recognized through the Cooperative's rate-setting process. As of December 31,1992, the unamortized gain is included v tred credus in the accompanying consolidated '

balance sheets.

CTrs share of Norught operating losses was approximately $381,000 ir included in other deductions.

9. Nuclear Reactor:

The la Crosse Boiling Water Reactor (LACBWR) was v'oluntarily removed from service by the Cooperative effective April 30,1987 Ec intent was to terminate operation of the reactor and a *possewion only' license was obtained from the Nuclear Regulatory Cornmission in August 1987.The facility is in a " safe storage" status and is expected to remain so undl at least the year 2010 to 2014, at ;

which time decommissioning will be comrienced. All1 ACBWR related assets totaling $1t'A ndtlion were transferred to a defened.

charge in 1987 and are being amortized to opcNting expense cver a ten-year period ending in 1997 with appropriate recognition in rates charger o wmbers for electric scavice.

ne prr w for depreciation in 1992 and 1991 includes $2.6 million to provide for the estimated costs of decommissioning the nuclear gener<t..g facility; however, the manner of decommissioning has not been detervydned. nc Cooperative continues to review Its decommissioning cost estimates and expects that any increases in such cuts will be recovered through future rates. De Coopera-tive has adopted a policy of funding decommissioning costs cunently, and the related investments of $21.8 million are included in -

investments, while the deco nmist.ioning reserve of $21.8 million is included in accumulated depreciation in the accornpanying consolidated balance sheets.

During 1992, the Energy Policy Act of 1992 (the Act) was enacted This act establishes a fund to pry for the decontamination and decommissioning of three nuclear enrichment facilities operated by the Department of. Energy, a portion of which is to be ibnded by n

' utilities which received nuclear enrichment services. The Cooperative *s estimated portion of this funding requirement is $2,250,000 c

which will be paid over a. t 5-year period beginning 1.,1993. The Cooperative has recagnized the full amount of this liability in 1992. -

.. Based on an anticipated board of directors' resolution and approval by the REA. the Cooperative will recognize the related expense.-

over 15 years beginning in 1993 when such amounts will be recogwzed through the Cooperative's rate +etting process. As of Decem-ber 31,1992, the Cooperative's portion of the fund:ng requirement is included in other deferred charges and de -

• edits in the r

y accompanying consolidated balance sheets, hk, q?

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g

, I y

. V kr%6sk

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2 11_

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p yk ReportofIndependent Puolle Accountants: Q Qp ]p j[q' < <H ;pn'(

'. 8

.,,7,

@p d

, ~ *L V<

re MC:

n, a L. ~ + L %,.

,, w

% e%

ps&gGMW To the Members'and the Board of Directors,f/f c % '

e

? Dalryland Power Cooperative @g 4. i Mfi $[6 ; %%Q " $. M ' f W,4 fn W

O

$%m 7^if g $..a.

~.. lLJ3We have audited the accompanying consolidated balance sheets of Dairyland Power Cooperative (a l + /ds nVisconsin cooperative) and subsidiary as of Det. ember 31 ? !992 and 19911and the related consolidated s' tate-N i ments of revenues, expenses and patronage capital and cash flows for tis years then ended. These AnancialI A 2y 91 statements are the responalhelity of the Cooperative ls management. Our responsibility ls to express an' opinion ont c

, @MM We caaA*f our audits in accoidance with generally accepted auditing standards and hese Anancialstatements' based on ouraudita.ERVMA j7Fn4sM.QMW ifMM di c t "

(.

j financial audts contained in Goserveasens Aud/ sing steedseds (1988 ttvision), aaned 1,y the).:centhroller.Gencral gof the United. States /niose standards requhe that.we plan and perform the audit to obtain reasonsbic assurance i

m 4 alxnt whether the financial statements art f ee of material misstaternent) An audit includes cumenining; on a test!gW 2 ? asis; evidence supporting the amounts and discloomes in the Anaricialistatements. Arisudit also bicludes assess $h b

ing the accounting vi;i@.s used and signiacant estheates made by snas.amementias wcIt as evaluating the overall 4 x financial statement preacntation. We believe that[our audits provide a reasonable basis for our opiniond M ' / ' 3 Jin our opinion, the Anancial statements referred to above pecsent fairly, in 'all snaterial respecta thc5 financial position of Dalryland Power Cooperative and subsidiary as of December 31l 1992 and 1991 Tan [d M

Tscsults'of their operations and their cash flows foi the years then ended in' conformity with genetully accepteM s

i

p$ @%h; T,W % ' C

~'

M

> $$y i]f 5 Q ' @cl45 hp 9 W g & '

' 1

.g accounting principlesC j

p4~ { : 16 9 N%

3/

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@% JC @Q ; q;ps stt//s9 C W,e W

ARTHUR ANDERSEN & CON j

N6W

~,,

JMinneapolis, Minnesota,E V a d d

p m 9 m @< W BQ 4; 7e

, u % Me? g yj,;A 1

3 rchivary26/1993%c a - #Y g m ' y g_,j;e; er t

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c i

Report of ManagementLResponsibility 1

Management is responsible for the preparation and integ.

rity of the financial statements and representations in the annual report. Management uses the best judgement and.

resources to ensure that such statements present fairly the.-

financial positions, results of operations and cash flows of Dairyland Power Cooperative.

q Dairyland maintains a system ofinternal controls which is i

designed to provide reasonable assurance that transactions are.

j recorded in accordance with management's authorization, j

that financial statements are prepared in co'nformity with j

generally accepted accounting principles applied ona consisc tent basis and that' assets are safeguarded.

1 The board of directors, through its Audit Committee, has ?

responsibility for determining that management fulfills its i

responsibilities for preparation of financial statements and i

financial control of operation [The Audit Committee meets regularly with management, Dairyland's internal auditor andi J

the Cooperative's independent public accountant to discuss; -

internal control, financial reporting and auditing matters?

a

~DAIRYLAND POWER COOPERATIVE '

La Crosse; Wisconsin :

U February 26,1993 -

i paqn

}

s

'lv 4

l s

.u b

.u.

....r

.m..

m -...,

Comparative Sales to Member Cooperatives 1

Unaudited

. Year.cnd Class A Number of.

Member Consumers kWh Billed

. Revenue Cooperatives

<1992' 1991 T19924 N 15:91 "1992-1991' WISCONSIN y.

J s._...

Barron.............. f 12,862 :

12,635 > ; 244,527,587/

240,235,5351 $8,761,025) $8,438,816.

Bayf' rid............ 66,342 n 6,253 e f57,954,202j 56,332,787_:, j2,388,306}

2,264,257 Buffalo..............

3,622 ?

3,592.'

166,811,859; 68,665,760 ; l2,799,654f 2,771,009 Chippewa Valley... J5,3995 5,312 977,644,820l

-78,001,191

~ 3;133,207j 3,135,142-Clark................ l 5 7,099 9 6,967 B129,577,403j 130,415,038 > i 5,468,285j 5,339,313' Crawford...

+ ? 3,160 F 3,102

- 43,621,194?

q 44,743,938 6 1,809,823s 1,784,732 ;

7,676 J112,719,170t[

114,438,576 f '[4,857,1333 - l4,769,763 '

gc Dunn...

16;396; 6,254 7113,332,162 1

.115,321,685 h /M21,540j '4,782,0901 Eau Claire....

s17,8635 Grant.1.afayette..... 17,3801 7,329 $157,792,338) 82,022,205 < 1[d,844,248j..

'161,898,262 6,789,083 Jackson............ ' ( 5,220 9 5,038 F : 84,815,42ifi 3,074,822) 2,986,827.

Jump River.......

[ 6,799/

6,608767,896l681%

. 139,289,062 L J5,613.539j 5,463,404 67,610,145 N2,719,941i; 2,645,2 %

Oakdale...........,... f11,484f 11,271 M37,368,327 f

=

Pierce.Pepin.

f5,261j

-5,162 (,89,415,044?

91,171,216 % :3,510,3474 3,507,215 L 14,345]1 14,086 } 141,344,759i L140,554,833 p f5,613,756) 5,515,975 Polk.Burnett......

( 6,884 6,713 m 153,829,929]

52,875,554 n 72,133,526 ?

2,070,324 Price........

Richland........... [3,045; 3,027 ' ?44,509,276 j

'44,720,874 :; "li853,992 j.

1,814,987 St. Croix......

M 5,362 S 5,238 1 104,746,235; 106,846,022 e{4,380,594l 4,394,999~

Taylor............ 33,381.

. 3,281 C 55,084,1554

~ 54,777,805 s l 2,233,291;

'2,168,715-Trempealcau.....

(7,781; 7,584 N121,434,389i, _126,243,071w t 4,977,4471 4,993,476 1

Vernon...

. < 8,142 P 8,040 C125,721,822$

129,485,619 I i5,398,157 j

'5,361,064-Total y

g..

. 'a Wisconsin..... [137,8270.135,168,2,030,146,773] 2,045,649,178 : ; $82,392,6331 $80,996,485 g

g 11.1JNOIS c.

Jo carroll.........., 5,1'235 4,871 < 37,601,080i 68,574,953 h S2iS66,0317 2,790,875 MINNESOTA 124,115,671 > i$4,713,089 i $4,713,818 4,

Freeborn. Mower.

1 5,473:

5,452 L122,717,887 j People's...

l 13,496 12,914 204,084,8623 207,065,648 ~ '8,244,912]

8,043,557 L

t TriCounty..

10,9770 10,869 t1238,151,5691 245,481,029 i 9,625,811J 9,637,926 Total

.n.

g

)29,946 3 29,235 [ 564,954,318, 576,662,348 j22,583,512 ) $22,395,301 2

Minnesota.

. e IOWA

{.....

' + -

~

Allamakee.Clayton 8,015 1 7,942 L : 121,845,808j 124,898,080 * ?$5;219,396( $5,f 59,070 Cedar Valley......... p. 2,802f. 2,812.

61,320,449j 60,957,610 t - (2,420,554 i 2,389,792 llawkeye............ ' l 5,819E 5,767 / 115,977,7251 119,439,788 i 95,037,977j ' 5,001,620 Winnebago........

2,012".1 2,038

'38,385;107%

38,078,513 i < ' 1,542,9181

-1,543,485 Total

<Y 1 8,6489 18,559 1337,529,0891

~ 343,373,991 > 30,2'20,84d $14,093,968 lowa...

1

~

g g

gy

.~

pg + c

g

e...

e v+

[1EM4 d 187.833 '3.001231.2601 3.034.260.4'/0 $122.063,3211$120.276.628 TOTALS......

t f

Statistical Comparative Summary (

Unaudited

1. vera

1. y $1992N % g -

1991 TU 4

Revenue ye

,y

. jf fM33,797,953P{ $.

~

' i $122,063,321

$120,276,628

- Class A Membe'r Power Sales..................................

Class C, D & E Member Power Sales.......................

-35,890,9791 O th er S ales............................................................. - @ 22,259,114?' 3 :2,332,8817 Total Revenu e.........................................,. 4.......

6$158,120,388 e # ; ^ $158,500,488 e

g h

1 e _..

e M g,e g 41j200 1.23?

Times Interest Earned Ratio (TIER)J........................

S M!11,5M.y. 3g.

Debt Service Coverage (DSC)..................................r 1.51:

yA y

, -(ap(7 p

_L Q

Net Generating Plant Capability-kW.........................

. Q 142g000g^.

1,020,000' kWh Output Net (000's Omitted);

b..L14 2 7 Steam Generation.................................................~ L y "h46,369f g

?

3,811,594 9

A@MM2493%AJ.

Hyd to Generation............................................ ;

'84,507;

" 2 527342b #

687,547:

Purchased Power.................................................

Total.................................................................

% 4,345,904-4,583,648 w.

a

^ $1 Q < gM.e

+t 4e kWh Sales (000's Omitted)

M V,4. 4. 4, N M. Q -.

, 3,034,260 l u s u m To Class A Members.....'......................................

. pf3,000,231W g To Class C, D & E Members ;....................................

N1;152.751' k

,S1!359,605 Total....................................................................

W d4;152,9820 1 4,393,865 m

? f.h Average Net kWh Cost To Member Systems.~.............

g A{.$0_.03923i/.. l. f. b &" y*

$0.03843,

Number of Member Consumers at Year End............

A M IR1,5443 Jj 187,833 Full-time Employees (Average During Year).............

1 M F M 76807 f 693-Utility Plant At Cost

$6, aMo lW~ J -

7 Lg$557,513;424fM Electric Plant In Service........................................

$ 417,945,0870 M. $540,374,596 Construction In Progress....................................

14,400,124-Total Electric Plant..............................................

M{$575,458,511s fs i$554,774,720 (263,464,795)-

Accumulated Depreciation and Amortization.........

Depreciated Cost of Plant......................................

1$292,837,040 3 $291,309,925 w

w G

,M'

,u Investment At Cost b :1 M M

k dl,559 d

' $1,551 e L$10,458l466M@G : $10,403,92 Per Consumer..........................................................

Per M ember Syst em...........................................'.....

w n

Total As set s............................................................

M 465,085;7381,2 $473,514,746

-e W ' Z-W Transmission Line -

E ' g",, 2146.60y,W^N, -

o

Miles of 3 4. 5 kV...................................................

163.07-Miles of 69 kV...................................................

b 2,529.64 l

2,517.27 Miles of 1 15 kV...................................................

%Jgg[82) hi

$82 l Miles of 161 kV..................................................

' Y * ^ c605.401 9 581.15 F

a To tal Mil es........................................,..................

pN 3,282.46 T

3,262.31 e

y n

~

.D Distribution Substations........................................

N S3~Y28$% '

J281:

@E %y% g & g jg Member System Substatio'ns-Demand Maximum kW........................................

d 611,342 g 587,433 ~

f455.9%M '

'59.0W Member System Annual Load Factor-%..................

.h@ij'08,41%$Y-2,188,884 J 1joSMb kWh Monthly Consumer Use..................................

/,346 :

1 P

f Cos1 Bumed (Tons).................c................................

f

,l umsmedff y jgg - m s

h jh

+

fuw

~.

n "

A.

~.

. s; 4

t 1.

g 9

is j

Consolidated Balan~cefSheet L >Unaudited Assets m.

Distribution -'

Total

~Accum. Prov.'

iNet' -

Inyest. In 1

' Other Accrint-Total l Property :

Assets & ~.

Assets &;

1 Cooperatives Utility.

~ for Depr.

~ Utility.

Assoc. Org.;

.r Plant ' s Pat. Capital ' = & Invest..

Def. Debits - Other Debits Class #A* Member Plant.

' & Amort. -

WISCONSIN.

n, cc i

Barron...........

. $26,701,093 7,195,295' :19,505,798

'5,762,319.

902,010; y 2,477,824 ~ 928,647.951 Dayfictd -

17310,168' 6376,5431 :10,933,625 y ;1.550,172-

' 576,825 H i1,677,398; r 14,738,0203 j

Buffalo...

7,525,634 s

, 2,369,687 5,iS5,947 2,144,982; 522,435; 1,289,410

' 9,112,774 j 12,301,910.

2,507,978 -

9,793,932 2,415,539 ~

(454,420 2,273,421; :14,937,312-L Chippewa Valley --

Clark...

x 14,229,506[

' 3,637,M9 10,592,497-

' 3,946i769j 780,539 y 3 398,961" = 18,718,766 l

Crawford 5,530,599 1,713,960

- 3,817,039 '

1,374,898:

312 363-e 996,718 -

? 6,501,018i

-3,'407,406-802,428b,1,899,7331 16,562,931; f

I Dunn-

"14,925,971!

i4,472,607f ' 10,453,364

=.

l

' Eau Claire,,.

.m 18,658,400 t l4,491[195 : 114,167,205'

' 3,548,438 L 615,237 -

1,553,030 ~ 19,883,91'o '

Grant-Lafayette 18,759,600 :

6,146,223 [12,653,377

" 5,484,553' 934,592 2,416368 ; =21,449,090 :

I

. Jackson.

12,740,190 3,899,755]

8,840,435f

2,082,453

M 904,697j - 1,352,568 c "13,180,153?

Li

' Jump River -

16,651,792

• J,885,064 " :12,766,728! "2,011,149

.-646,153 ( [1.iS2,1071 117,176,137i 3

Oakdale.

~22,198,847 6,444,217 J15,754,630' 4l066,770D, 766,813 ! ) 1,929,395 l f 22,517,608)

Picrec Pepin.

14,271,939 14,216,492 10,055,447 E2,836.120 (

~ 716,984;. ' 1,470,752; ' 15,070303 Polk-Burnett ;

24,425,696 (7,899,117 ' ;16,526,579j y 3,902,506 [ '

! ]66,523, t 4,127,4721 I 25,323,080 e l

Price.

15,728,639

. 5,230,742 10,497,897 1,344,776 -

435,768-

'960,972 13,239,4132 Richland -

8,355,448 z 2,165,253 ~

6,190,195'.

1,462,229:

302,434 l 1,173,244

~. 9,128,102.

... ~...,..

St. Croix -

14,568,783

- 3,715,045

10',853,738' 3,117,578 i646,948 ' 7:-1,666,676._ L 16,284,940 l

Taylor..

8,318,881 1,850,431,.

6,468,450 _

1,605,464 f ' 1385,015j 761,492( ' 9,220,421f l

Trempealcau :

20,319,982 5,031398

'15,288,584

'3,815,429}

648,792I l 1,889,753 ' 21,642,558 L

Vernon....

18,212,798 5,306389-12,906,409 ~

-4 305,792 797,904-

' 3,098,605 21,108,710 ~

$311.735,876 : 88,554.000 223,181,876 ~ 60,185,342

'12,918,880 38,166,099 -334,452,197-1111NOIS.

Jocarroll -

$15,157,766 4,218,549 10,939,2'17' 2,045,814 403,342 ' I1,710,170 15,098,543 MINNFSOTA Freeborn-Mower -

$16,431372 4,622,892 11,808,680 3,841,009 2,642,088, 3,149,771. 21,441,548 -

1 People's.

31.373,319 10,001,071 21372,248 5,661,7051 f909364 3,247,112-31,190,429 TrtCounty 31305,958 6,824,011 24,481,947 7,277,849

. 899,278 2.679,565- - 35,338,639

= $79,110,849 ; 21,447,974 57,662,875 - 16,780,563J 4,450,730 9,076,448 87,970,616:

y IOWA Allamakec Clayton..... -...

$18,287,215., 5,526.947 12,760,268

!4,007,058 1,135.084'

!1,615,354. !9,517,764 1 Cedar Valley......

8,859,709 A 2,433,710 6,425,999 i2,071.137?

399,225 L 1,489,976

_10,E337i 1lawkeye 13,754,427 '

4,482,167 9,272,260 3,785,653,- 196 638' 11,905,405 ~ 15,159,956) l innebago.

4,495,297 2,042,880

'2 452 417 1,610,511

~ 237,657 -

' 893,441 5,Y94,026.

$45,396,648 ~ 14,485,704

'30,910,944

'11,474359; 11,968,604:

5,904,176. - 50,258,083-TotalDistribution...... $451,401,139 :128,706,227-322,694,912 ;90,486,078 19,741,556) l54,8b6,893 487,779339.

fairyland Power....... - : $575,458,511 282,621,471: 1292,837,040:

> -..103,832,484,. 68,416,214S ' 465,085,738 '

-Total Distribution.

& Dalryland.,

' $1,026,859,650 411,327,698 ~615,531,952 l90,486,078 L123,574,040 123,273,107 : 952,865,177J (

~

(86,915,718) j.,'

7-Dalrylanti Patronage Capital..

A (86,915,718) >

~

[z

. Consolidated

' $1,026,859,650 '411,327,698. 615.531,952-

'3.570 360 123,574,040 123,27.3.10, + 865.949.459 l.

i l'

f) h h 4

't i.

s s aa.

14 e

! y7

/

'y e./j

+

5-y j.

Liabilities and Other Credits

~

Pat. Cap. &

Non-

. Other.

. Total long Current &' '

Credits Total -

Operating Operating Margins & - Margins &

Term

..Acerued

& Misc,

, Ilabilitics.

Memberships Margins Margins

' Equitics Equitics Debt IJahilatics -

Oper. Resv.

&Other Credits 11,923,119-178,571 469,740. 12,571,530 13,992,089 L 1,948,411 135,921 28,647,951c s

30,495 3,531,201 138,244

'21361; 3,721,301 10,054,906

.671,190 290,623 14,738,020 9,841 5,397,328 48,099 230,442' 5,685,710 2,922,000J 499,446.

~ 5,618 c 9,112,774-30,374 6,711,559 -

.49,925 14,1911 6,806,049 7,207,647 828,661' 94,955 14,937,312' 25,864 15,071,778 102,605 62,863. 15,263,110 2,306,267 1,122,439.

26,950-13,7,18,766 13,670 3,469,247 29,9821 25,2 %

3,538,135 2,589,908 346,3^3 26,583 6,501,018 37,550 9,801,034 65,541' J 466,215 10370,340 ' f4,733,064 -

1,241,687 l 217,S40 -

16,562,931 108,195 7,907,066 42,216 283,459

8,340,936 10,565,572--

902,743 J 74,659 19,883,910 38,560 15,452,584 167,133 330,618

.15,988,895 4,493,097 922,943 44,15').

21,449,090 =

23,969 6,230,808 3,745 x 6,258,522 6,020,963 838,112

62,556

.13,180,153-5,832,1201 10,836,% 9 433,019

.74,629

-17,176,137-90,570 5,632,462 109,088 7,776,823 1,141357 36,069 -

'22,517,608 49,915 13,497,399 -

15,845 13,563,159 6,483 6,459,673..

51,159

- 8,654 6,525,969

' 6,807,469 1,611 396 134,469 15,079303

.10,744,686 (167,321) 10,577,% 5 ' 13,055,441 1,417,596 ~

272, 78 25323,080 6

32,630 3,962,885 4,721' 4,000,236 8,484,035.

- 453,105 ~

302,037 13,239,413 14,270 3,580,000 47,801 3,642,071 4,855,627 542,1831

'88,221 9,128,102 25,100 6,694,824 42,839 -

203,632 6,966,395 8,295,001-

~ 986,57S 36,966

16,284,910' 9,282 3,M4,532 29,704 20362 3,903,880 4,856,902 L 452,395 7,244

'9,220,421 13,712 8,496,249 157,500 190,139 8,857,600 11,776,913 998,858

'9,187 21,642,558 0

10,797,819 114,265 298,764 11,210,348 8,794,666 1,041,745

' 61,451 21,108,710 560,480 159,206,253 1,207.451 2,649,987 163,624,171 150,424,759 18,400,457 2,002,811 334.452,197.-

5,835,960 217330 6,053,290 8,142,391-559,990' 342,872 15,098,543 9,756 11,% 8,303 352,243 531,977 ~

12,262,279 8,888,855 256,503

-33,911.

21,441,548 58,175 14,596,224 99,582 307,732-15,061,713 - 12,647,916 3,224,193 256,607 31,190,429 18,512 22,242,788 498,813 807,342 23,567,455 9,429,145 2,255,080 M,959' 35338.639 86,443' 48,207,315 950,638 -

1,647,051 50,891,447 30,965,916

5,735,776 '

- 377,477 87,970,616 39,495 9,779,972 388,254 10,207,722; 7,987,162 1,219,230 103,650

.19,517,7M 12,535 3,964,032 122,072 1,145,971 5,244,610 4,734,658 397,201 9,868 10,386,337' 26,625-10,890,724 379,097 559,711 11,856,157 1,993,043 1,267345 43,411

.15,159,956 11,370 5,082,863 5,094,233 1,773 '

96,358-1,662

'5,194,026 90,025' 29,717,591 889,423 1,705,682' 32,402,722 14,716.6 %

- 2,980.134 _ 158,591' 50,258,083-736,948 242,967,119 3,047,512 6,220,050 252,971,630 '204,249,702 27,676,357; 2,881,751

~487,779,439 10,826 86,915,718 86,926,544 315,518.839 35,252303 27 388,052 465,085,738

.747,774 - 329,882,837 3,047.512 6,220,050 339,898,174 2 519,768,541 - 62.928,660 ' 30,2'69,803 952,865,177

- (86,915,718)

(86,915,718)

(86,915,718).

747,774 242,967,119 3,047,5?2 6,220,050 252,982,456 ',519,768,541 62.928,660 230,269,803 865,949,459

.m

J291 '

xa

r Revenues and Expenses Unaudited Consolidated Statement

~

s V

sw Distribution

- Operating

_ Cost of Consumer >

- Cooperatives Rev. & Pat.

Purchased Distribution Expense

' Accounts : ' Sales }

Class 'A' Member i Capital Power Operations Maintenance Expense

Expense '

' WISCONSIN

. 516,678 ~

.. M

'774,522 Ilarron.,..

$13,432,960 8,761,025-288,819 l

Bayfield...

.4,851,046.

2,388,306

~57,718 -

528,299,

[216,740;

-49,304

'4,449,455

' 2,799,654 1176,593 l 146,551s 201,432 Buffalo. :

Chippewa Valley.

5,413,880

' 3,133,207:

, 170,877 388,161 J 226,7097 Clark ; '

8,088,760 5,470,696 -

,298,483-331,395

.179,434 '

18,656 :

~

Crawford..

2,916,990 1,809,823..-

l 101,811 -

199,989 -

(161,032 1 2,253

. Dunn..

7,183,595 4,857,133 -

199,135:

'403,326

179,679 ' ~

-38,223 Eau Claire.

8,139,927 4,821,540.

-258,463 503,490 342,840 107.795 '

Grant-Lafayette

10,036,894 6,844,248

' 286,905:

'447,589.

,376,413 30,908 -

Jackson'.

5.485,182 3,074,822 l 135,872,

' 225,814-

.376,028 -

l

' Jump River--

5,720,828 2,713,426 257,050 -

363,818 -

1221,842 ;

,70,812 L

Oakdale..._

10,017,095 5,613,539 1405,790 l 647,774 -

630,317 <

6,032,319 f3,510347 185,282j 366.215 -

214,398-121,247 -

. Pierce.Pepin Polk-Burnett 10,980,860

- 5,613,756

' 297.313 1

-L704,108 l.

- 640,095' 70,208' Price -

4,330,757 ~

2,133,525 -

79,962 I

310,172' 2166,296

'24,939 Richland...

3,444,460 1,851,094-1 96 631

' 235,194 c 123,209 2

St. Croix.

6,959,203 4,380,594 '

2073 66.'

L 277,400 '

.178,389 56,714

.m Taylor..... n

'3,793,565 2,233,291 L 116,389 -

154,268 -

132,772; 21,990.

Termpealcau -

8,505,086 '

4,977,447 r 410,007 501,498 <

329,042 Vernon...

8,852,005 5,404.524

~ 291,186:

4863 99' 407,407 69,877-

$138,634,867 82,391,997 4 321,652.

7,995,982 5,820,752 682,926 IIUNOIS

$ 5,429,278 2,870,235 171,508 -

362,816' 295,742 JoCarroll:

MINNESOTA Frecimrn-Mower :-

$7,887.198 4,700,746 232,169 452,030

.138,608-

.64,776-People's 13,411,676 8,245,167 TrKounty.,.

15,589,172 9,628.611.

393,885 878,920:

1485,452 5,401-500,074 864,050 359,982 140333

$36,888,046 22,574,524 -

1,126,128 -

2,195,000 984,042 210,510-

j IOWA' Allamakee-Clayton

$8,445,935

'5,219,396 393,024 525,397 313,0'18 Cedar Valley...

3,979,748 2,420,554 65,061' 231,034 111.194 63,227:

1 Ilawkeye.

-7,316,260 5,037,999 L 253,994 413,341

244,555

3,024 Winnebago.

2,615,867 1,542,335 148,811 184,518

< 79,041 16,270'

$22357,810 14,220.284

- 860.890 1354,290 -

-747,808 82,521 ~

Total Distribution --

$203,310,001 122.057,040 6,480,178 11,908,088 I 7,848,344 975,957 J t

Dalryland Power........

$158,120,388

' 6,960,637

' 74,632,694 13,785,453 -

a 1,936,613 -

Tota Distribution ~

& Dalryland. _

. $361,430,389 -

129,017,677 81,112,872 ~ < 25,693.541

. 7,848,344. 2,912,570-Intercooperative Eliminations ' - ($122,063,321)

($122,063,321).-

25,693,541 7,848,344 2,912,570 l-7 Consolidated

$239,367,068 ~

6,954,356-81,112,872-ya m&

b y

w L

Gen, & -

Admin. &

Depr. &

Inteerst

. Total '

, EUtility -

1Noni Trans.. ' Net Ma'rgin L General '

Amort.

Tax onlong i Other-Operating Operating ~ < Operating Capital i & Patronage Expense Expense Extense.

Tenn Debt Deductions Expense Margin

- Margin ~

Credits Cantts!

830,891 716,126 226,292- - 730,053 '

5,942 12,851.348-581,6'12: ' f66,885-309,076:

957,573 2

427,399 489,712 119,957-'

464,822,

I,154".

4,743,411

- 107,635 =

159,639 83,609:

' 350,883 329,474 220,830 92,288 ~

154,410 517.

4,121,749

" 327,706 (57,492 L 99,859 : < 1485,057 426,448 332,452 123,294

~ 403,616 3.419' 5,208,1831 J205,697 :

371,345) 112,6731 4 389,705 433,081 470,833 139,021' N,882 4,343

,7,440,824 -

647,936 107,900

- 194,106

_ 949,942 228,500 139,582 69,408 152,475 1,282-2,866,155 50,835 40,255 2 64,4021 155,492:-

506,026 449,284-131,954 257,147 (926)

.7,020,981-

162,614 -

- 66,618 ?

172,979; 402,211 521,689 624,934

. ' I $6,889 569,368

'6,805

. 7,913,813' 226,114 68,927 '

172,513 '

467,554..

648,288 609,476 178,581 244,630. 81,412.

9,748,450'

'288,444 181,463 ) - 244,748 (714,655 -

557,717 409,614.

125,856-317,797

'29,697 5,253,217-231,965 106,533 108,817, 447,315' 519,715 419,888-

'163,007 635,154 -

4,157 5,368,869 351,959:

96,491

- %,408-544,858; 809,084 718,470 240,243?

436,194

" 2,422-i 9,503,833

.513,262'-

93,851' 198,908

, 806,021 459,172 559,125 142,058 '

332,234 26,822 5,916,900 115,419

' 66,233 126,163 '

307,815 840,188 782,709 282,496 679,821.'

~ 6,058 m 9,946,752' 1,034,108 (167,321)~

199,958 -

1,066,745 3

383,644 414,628 105,383 299,655 54,750 3,972,954 - ~ 357,803 ?

29,897:

175,521. l 463,221 --

281,194 279,690

' 74,109 314,026 2,814 3,257,961 - (186,499 65,531-~

' 65,933 -

317,963 478,857 463,827 131,989 398,830

-971' 6,574,937 1384,266 65,874 157.478-607,618 321,183

.321,474 86,264 288,170 t 14,033 3,689,834' -103,731 48,126-179,002 -

~ 230,859 -

640,330 581,391, 172,653'. 559,046 64,182 8,235,596 J269,490,

i 54,136 218,001.

' 541,627; 534,772 560.294 174,630 445,663 18,217

' 8,392,969 i 459,036 144,601 193,175 796,812' 10,177,652 9,564,339 2,936,372 _ 7,777,993 359,071 132,028,736 6,606,131 1,424,406 2,973,329 11,003,926 L 513,571 464,934 1l'0,891 458,877 -

1,979,

5,250,553

178,725' 71,379

101,630

.351,734 627,768 497,655 M,515 444,290 15,097 7,257,654--

. 629,544 l 268,327 169,227 1,067,098 928,628 838,589 329,913 695,265 40,343.

12,8f1,563 '

570,113 135,314 0292,465.

997,892 950,387 946,957 246,2 f 5 463,558 49,986 14,150,183 1,438,989 81,009 345,852 1,865,850 2,506,783 2,283,201 660,673; 1,603,113-105,426 34,249,400 - 2,638,646

,484,650 807,544 3,930,840 620,335 501,876 196,645 451,549 19,279 8,240,519 ' ' 205,415 65.933' : 186,453 457,802 ~

377,065 192,942 90,736-284,532 53,347 3,889,692,

. 90,056

51,592' 86,369 228,017.

(06,143.

384,390 ;

152,524 -

114,999 14,788

, 7,025,757i 290,503

,32,232 r - 180,346.

503,081'-

341,998 125,7A 56,093 63 275>

2,495,189

~ 120,678

20,394 -

54,798 195,870 1,745,541 1,204,993 495,998 851,143 87,6H9 21,651,157 706,653

-170,151

- 507,966 1,384,770 i

14,943,547 13,517,467.

4,203,934 10,691,126 554,165 - 193,179,846: 10,130,155 2,150,6' 6' 4,390,469. m16,671,270 4

14,964,766.20,469,803 ; 7,091,612 21,642,857 ' 592,457_ : 162,076,892 (3,956,504)-'8,307,981'

- - 4,351,477 '

29,908,313 33,987,270.11,295,546 32,333,983 1,146,622 355,256,738 ' 6,173,651 '10,458,627 l 4,390,469 f 21,022,747

- ' (122,063,321) J

- i(4,351,477) l -(4,351,477)'

-29,908,313 33,987,270 11,295,546, 32,333,983 1,146,622 -233,193,417 6,173,651 110,458,627;

,38,992 16,671,270

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CIASS A MEMBERS J WISCONSIN sf -

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Ilarrca Electric Cooperative /Barroo s

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BayGeld Electric Cooperative,Inc./Imn River ?,

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3 7 Buffalo Dcetric Cooperstive/ Alma.

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10. Jackson Bectric Cooperauve/ Black River Paus,

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. Oakdale Electric Cooperauve/Oslaide !,

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Price Dectric Cooperauve,Inc./PldDips

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17. St. Cmiz Ucctr6c Cooperative /Baktwin -

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33. Cedar VsBey Dectric Coopersuve/St. Ansgar 16L

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24. Ulanebsgo Rural Ecctric Ccoperative Association /lhnenpoon

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35. Frtrborn Mower Dectric Cooperative /Albest fra Es,

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26. Ptopic's Coopersuve Power Association / Rochester af if

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27. Tri County Electric Cooperstivc/Rushford,

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• Columbia Dcctric Cooperadve/Fr6endship, Wii c a hs hrh" Central Wisconsin Electric Cooperadve/lota, WE 7

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. Oconto Dcctric Cooperadve/Oconto Faus, Wis. -

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Rock County Electric Cooperative Association /Jancsville, Wis.

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Eden Prairie, Minn.

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Cooperauve Power --

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Minnkota Power Cooperative, Inc.

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Ctry of Blooming Prairic, Minn.

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Village of Cashton, Wis.

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Gryof Richia 1 Center,Wis.

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Oty of Rochester, Minn. -

MINN 1 Soichern Minnesota Munictpal Power Agency / Rochester, Minn. >

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'Y, Viitage of Viola, Wla. -

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CIASS E MEMBERS

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, hacrutate Power Company /Dubuque Iowa j

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Minnesota Power /Duhnh, Main

,j Northern states Power Company. Minnesota /Minneapohs, Mhn g.ab

? Northern states Power Corrpany wisconsin /Esu Qatre, Wis.

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Northwestern Public Service Cmnpany/f.luron, S.D.

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. NorthwesternWinconnan Dectric Company /Frederic, Wis;

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Wisconsin Power & Light / Madison Wis. '

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As an effort to preserve the environment, this report is printed on recycled paper.

Dairyland Power Cooperative La Crosse, Wisconsin 4

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