Text

Annual Financial Rept 1980
	ML20049A555
Person / Time
Site:	Trojan File:Portland General Electric icon.png
Issue date:	02/24/1981
From:	; EUGENE WATER & ELECTRIC BOARD
To:	;
Shared Package
ML20049A550	List: ML20049A549; ML20049A551; ML20049A552; ML20049A555;
References
	NUDOCS 8105270398
	Download: ML20049A555 (34)
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Hoard of Conunnissioners i

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a Camilla P. Pratt

,Jark,J. Craig 13VEll Vice President >ince 19.1, Jack Craig was ehrtal an 13 Veli Camilla Pratt was chrted an Osmmi3sioner in 1978 EWEll Oimmissioner in 1976 repnwnting the city at large, representing uhnis 2 9 3, and O>mmi>>ioner Craig is a viiku was re-ekttal in 1980 conununications consultant and a Onnmi+ioner Pratt is.4 c ttitial legislative and govertunental mnlical technologist an 1 a

.- imini3trator. lie is a fonner homemaker with business Oregon State Irgi31ator (1971-72) intertyts in Eugene.

and has sms) on the lame Transit District Aiard ot"

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Richan! Freeman was ehrtal an t

13VEB Conunissioner in 1970 4d d repnwnting Wards 6 & 7 and

, John R. Hartcis was re-chital in 1976. Vice John Bartels was chrint an EWEll Pnvident of the Ikuni fromJune Comsnissioner in 1978 Maral M. IIrndrick. son 1973 through 1975,0.nunissioner repnwnting Wards 4 & 5.

Sarah llendrickmn was tkrtal in Freeman is a geolog nycarch Conunissioner Bartels is a 1980 to Micctul Richan! Enrm.in consultant cincritus. Uniwrsity of journali:,t and is pnwident of the as 13VEll Osmmissioner Oregon, with business intenyts in Power Ktwarch Group.

repnwnting Mhnis 6 & 7.

Engene, Conunissioner liendrickson is a finnity phvoician with an independent private practice in downtown westside Eugene.

,.g Q)DIU gopers 30# c\\ceteg go four gersus ggicOVC yy;613"'\\ se6t',.ithout P6-y

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Mayor, Cominun Council and Citizens of Eugene The < hallenge of rnecting the electricity ancl water nents of the Eugene community is P

increasingly cliflicult. Rapici inflation an<l growing clenun<ls ihr senice have causet! costs to spiral,

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F nsulting in higher rates. Enteral an<l state lemmakers, in their attempts to help sohe the energv

<lilenunas, have athini bunlensime regulations which of ten slow progress anti a<hl even higher co3ts to the utility's consumers.

D The Public btility Regulatory Policies Act an<l the National Energv Consenation Policy Act are examples oflaws which have increasxl bureaucrag an<l cost while pnniding little benetit to EWI;It's customers. Froin 1979 through !! Nil. I;WEll expects to have spent $1.5 million to incet the rnjuircinents of these laws, an average cost of $23 per customer. Yet, the hours of public hearings anil stall work shown! that the essential intent arul basic senices rnluiral by the laws were alreacly exi ting EWEll lxiliev.

The Pacific Northwest Electric Power Planning (l* Consenation Act, signal into law in late John A. Tilnusy ite), couhl prove to be EWElfs greatest challenge. The law establishes the Ikinneville Power EWEll Presi< lent ince !!Wl, John Administration as the Northwest's [xiwer supply ageng, with the ability to an{uire arul sell Tillany was apju> intal an 1;WEll [wiwer froin utility-built ihrilities, arul to innd region-wide con ervation programs. First, however, (htninissioner in !!02 in itNll the interal agency must pnnide 20-year contracts to all its custorners. EWEll must work representmg Wants 1 (215. lie hanl ihr its customers to achieve contracts which are fair, protecting thern froin unwarranteil won rh ction in 1%i,1970,1970, costs or imm loss of their utility's local control.

aiul t!n). (bnunis3ioner Tif fany Planning for the liiture is very difficult when the lhture is so uncertain. Ilowever, EWEll has is president and general manager pmgressal in its planning cflort so that the utility has the flexibility to act as opportunities occur.

of lillany-!).no I)mg Com;uny.

This is why EWEll is actively investigating several xitential renewable energy resources, aiul is 1

nuning innvant with an exp.uulal conscrTation efibrt.

Essential to the utility's success is the skill and dnlication of the emplovces at all hvels of the organization.1;WEli has a proud recont of employing <[uality staff mul providing continuni training arul chwelopment. The employivs have rewanini the conununity with excellent tw rtbnnance, inith in their work mul in their customer senice.

Thmughout these challenging times, the Ikiant of C<nmnissioners will continue their fidi support towant naintaining I; weirs financial integrity, while pnniding the best [wissible senice at reasonable cost to our customers.

John A. Tiflhny President

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{lectric Utility f

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Nilcm, Herenuc 13VEll generatal 555 million The cronornic nression h.ul a k%h at its generating plants in I

sigrnticant impu t on the electnc I!W),33 nullion kMh h ss than in

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utility in 1!W). 'lhe numler of

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112) Ircauw the EWEll steam new tr3ielenws con 3tna tnl in 8.

plant was not usnl to pnuluce EWElfs wnice area was h>s t}un Custonurgnneth is reyfuiring chttricity in !!Hl. The ('armen-f one-thin! the proni number built nump ru,efluilities smh as thb Smith by irock ctric proicct I

'just two years Irtore. Arul the

lutati"" Iri"X (lut kevl In' l> irk generatal 235 million kuh, the 1/n> new thrtric customers 6"II' CI"I "I"'i""^

Isaburg anil Wallenille hn!ro-r

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chrtric pnijects generatn!'

was smalk st riw since 1%. The n,lutni conununity gnnvth An achhtional $6 nullion in 160 million k%h, an<! the Utility /

help,1 hohl 1:WElfs total retail chstric nTennes came from sales inclustrial Energy Center (a s

ehttric s.iles to 2.11)Inliion to other utthfics, bringing total cogenrration steam plant at kihnvatt. hours, an increaw of revenue to $3tl.3 million,11t%

Weyerhacuwr Co.) also generatal

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s, 2.1% alwnr !!)29 abene the $33.3 mi lion in !!)71).

1GO millior k%h. EWEli kh An inchstrial rate increase in The chttric system one-hour purclumi two billion k%h from Contmlling the clatric system Febru.uy along woh a 25%

irak cleman<l continun! its rapi<! the llonneulle l'ower fierreliability niul dry n the increase to all other customers in climb in !!W), reaching 567,tu)

Achninistration an<l other souras aroun<l.the-clexk nvirk cf the Octoirr, pushn! total retail kilowatis on J.muan 3I),6.4 %

in !!n), an increa.se of 50 million IKEll cli atchers,luvulal by 9

clartric rnrnues to $33.3 nullion, greater than the 53II.tu)-kilowatt kWh over the pnrious yrar.

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$4.3 million or 15% higher

[rak in 11121. Ihning the ju3t five than 1112).

3rar3, the EWEll jrak clernanc!

lbsiilential customers has nwn an awrage of 33Jn) accountnl for 51% of the retail kilowatts per year, half again chrtric nTennes in !!W), < lown greater than the combincel ca-fiom 55% in 1112). The average lucity of 13VElfs Walterville anel n>itlcntial rewnue lrr kilowatt-1.caburg hulnehrtric projects.

hour m !!W) was 1.74 wnts, fl.1%

greater flun the 1.61 wnts in

I" C b"I" 1112.1. Multiplini by the 111,141 kuh average annual resicienti.il 2.;

m mo use blown from 13,570 k%h in

!!!21) the awrage resialentul rhrtric bill totalnl $31G in 1!O),

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$17 or 5.2% lugher tlun in 1921.

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The national average annual resi<lentul chttne odt estinutal I h, [

hv the Dhson Ehrtric Institute th~~4'-

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was $122 higher than the 13VEll

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awrage, even though the natiorul 1;

'q awrage rhttric uw was h ss tlun t.o d.74-

- 240 -

lulf what 13VEll customers uw 7

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lrr resialence.13VEll cu.stomers use more chttricity flun the

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h national awrage b<rauw some 70% of Eugene homes are l,

ch ctncally heatnl. In fact,113% of 4

the 16,tul resicienws athlc<l to g.,

13VElls system m the just 10

,,3. g 3rars }Lnr chrinc heat.

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l'roviding reli.ible wirite to

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.sabstantial investinents in oltrtric systern rxjun:, ion during the just

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kd[k dertvle. The eht tric utihty b

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scryin.g 42 % inore customers tlun

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in !!f70, and rhttricity uw is up

j' ef I 5.w. Io nurt these nents,1;WI;Il i

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)1 has enore than doubh,1 the miles j

of'shstribution hnes serving its (l

ru3torners, h.is increav'il substation rajurity by Gir%, and C

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i h.is uiigradnl mus h of the J

k[{ [g utihty's W,1xxtvolt transmission to 115,tXlo volts.

A nujar puyt t in 1%) was l'on.stntriion in the ihnenton'n I:u;4ene area itulutles a ferfinnniry{

1:lVI:B's general con.stnartion and the constmotion of the new arts center and a Iliiton llotel. Mel !1arnnmrul, elertric eli.stribution etluipiru nt nuuntenance ernplom s

}ctlers,n substation and related rn4nerrin:pulu ni.sor, < heds plans to pnnide se nice to the are clinrted by Gvrye Partrialge, transmi+ ion hue. The substation "n' b"ildi"4

"'" i" "P"" ' 5"" "PE""I'"

is needni to provide power ihr egpy r g

growth in the downtown 1;ugene

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1 area. Among the new Innhhngs h

4-L bring Inuit downtown are a p.

j= i tornung ar ts center, a y

e confirence center and a lhlton 4j-ps

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4 llotel. The adihtion of the g

Jeth rson substation allows the a1 downtown network to lu split into two systems, rat h sened by a scjurate substation.

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1;Wl;il pl.uincts predict that inerting t ustomers' needs throngh lif.NI fluy rt1[uire itunting

$32 nulhon in substation f3,,,,9,ygg.larrna llill, lpirwlatrie 9 ririterulent, irnpas a n[uipment,57.5 million in ff, bury Pourrhou.se gerurator.

transmi3sion hnes, and StWI nulhon in distnbution tarihties.

1;Wl:11 continuously monitors ifNIO N8atistical Iliglitiglats I;hrtric Utility its rhttric system. This gg,

information is analyzol to g,g gg detenmne system et}un. ton s

ncnts, and to find ways to control Retail sah s (kilowatt-hours)

. 2,1tM),370,028 up 2.1%

rosts and ituprove otheteng wh:lc Revenue l' rom triail Nih's.

$33,3lb.009 up 15%

maintaining high reliabihty.

Average number of'custorners 60,932 up 1.8%

Average revenue kilowatt-hour

$0.0152 up 12.G%

Peak one-hour demand (kilowatts) 567,000 up G.4%

Ascrage annual residential use (kilowatt-hours) 18,141 down 2.2%

l'lant in service (excluding 'Ih jan Projert).

$139.078,735 up 4.9%

Steam system 3. des (pounds) 506JE3.250 down 11.2%

Revenue trom steam sdes St 06,177 down 2.4%

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==d Nales, Hes cnur is ihnr combinn! total, whic h is 7he McKen:le Rinr niul 1;ltTM Water Nystern Planning

'Ihe 11.1 Inlhon pillons of water a 3.% n,luction fium 192).

facilitics n.unre that Ithter The lewling of sales gnmth ihr s,hl in lim wa3 the thm! higlest Comnu1cial water sahm urre Superintenelent Kirnher]olm. son

}a. water utility fui3 represents in not unr to innw nhout ewr,Irhinal slightly higher vles 3.3% trhnv 1979.

the recent nent to ex[untl the nuter.shortaqc.s.

in 1971 anel 192L i.w of water hy A itrW average water rate water syste.n to assure a pure DVl:ll customens has hTrini increase in rebnun 11pl helgril and plentifid water supply to the during the just few years in spite water nTennes reach community. A rnore significant of..traily custonier growth.

$5.5 million, $529.!O) greater iracator of the equn< ling wnice Among the reasons are wetter llun in 192L l(crenued l' om nectis is the near 50% increase in r

llun noinul suminers n11ucing commerci.il cu3tomers were up the number of custorners denrtl the nnii tor irrigitton.inal 11JiN, w hile rtwenues from (luring the ju3t ten years.

higher rates enrouraging resiclential customers atul water DST,il begm a major water a innen a t ton.

districts combinni rme ti.9 % The system impnncmeat program in The largest imjuct on 1:W) average annual residential water 197G that is expectal to cost water salen was the rainy aru!

bill in 1:m was $9:1.50, up $4.50 nearly $19 million by the time it cool weather in June, resuhing in fnim 192). At (19 cents per 1,om is completal in the mithlle of this a 4tnnulhon-gillon drop in pdlons, one penny purclusnl decade. l'hase one of the water pumpnl that month letter ilun 11 pillons of purificit improvements is nearly complete, com} urn! with June 1979.

water deliterni to the tap lbr So far, DVI:ll has increased the ht<=lerate tem lrratures rr.sulential user 3.

calucity ofits water tiltration contuinni throughout the plant by 75% and the volume of sununct, u hich helpn! hohl rtmenuir storage by 35%, along down the one41ay peak demand with athling several miles of for water to 5R:1 nullion pdlons, transmission pipelines. A plannni 4.1 nulhon pillons le+ tlun the sectuul phase will include nroni set in 192L athlitional resenoir storage arul The 32,754 cu3tomers wnnl by the water utihty in lim i3 an inctease of 1,5W above 1979.

Water Sales Custmners Peak One-Day Dennatul llowrwr, _,3, n of. he "new,,

t 04>n WILM mmwW mm uiM cu3tomers wne pnviously Iring tu n

m senni by DVI:ll through the

( Ukwar Water I)istrict, which countetl as a single cu3tomer. The a_

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customers of the <%trict u.tnl to i ; q turn ener its wn tcc area to DVl ll r 'l

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eflectnejamun 1, !!m, becauw u_

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city, n ducing the senice j

{j jj ilj, j an a to an uneconomic size.

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H ;j [l [l DVI:lllud alreadv been provi<hng

'I

!'1 Il the ih3tricis wnice installation 3, nuinterunce and billing.

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'the tranofi r of Oakway Water th3tiict customers to DVI:ll is the reason w hy residential water sales shown! a onegercent increase in to, ic tca me nu ra; in oca m,

em ra; tr; eca tr9 mi lim, ulule uatcr ihstrict sale >

u wwlenoal det hnal 15.4% hlore meanine,ful a Con w oulN M wr

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1 transmission ca[acity. DVEB DVEB operates a central steam f""D L i..

k plans to sell $15 milIian in water heating system eing 145 utility system rmrd Arnds to customers princi[ully in thJ q

finance the majority of the system downtown Eugene area. The i

impnnrment costs. The utility steam is pnxtucal by burring has already issued $10 million in hoggni finel (w(xxl waste) from bond anticipati.m notes to help lumber mills, traditionally an f

.f..

g unrr project cw to date. Prior abundant waste pnuluct available S +, n* g y

to the recent impnnrments, the at low cost. The economic community's demand fbr water rnwion and higi inte,est rates,

!V_

P had reachtkl the limits of EWEB's !Eiwnrr, hit the h iudng industy g.

water filtration and transmission hard, causing the 3hutdowi3 of W

- i, T capacity.

sewral area m Ib in early 1100.

tg --

Although rates lunt increasal Suddenly, DVIEs supply of s

to pronde funds n.r tic 7.%-m hot;ged (bel ran short.

5 improvements, the rammum'ty la an attempt to sr. etch the benefit is clear. Eugene has one ibel supply, DVEB contacted its Atm nard Cotten, stmr.-

f IVater quuthty is monitomi of the best water mtems in the steam custotrers, encouraging operations superinten$nt;,

continuously by Ell'EIEs trainal nation, notal both for its high consenation. Alsc, the utility manages EIVEB's noodenste, ;_

staf, such as Ding IVise, assistant quality and its plentiful oupply.

receivda one-year pennit tii mix Jhelal steam y! ant and tiv Mthd %

filter plant supenisor.

Eugene is bleuxi with' the wal wi h the wrxul fuel. Wldle

^'""" I"'"D[f the utilits f""-

1 i A cond;ti1} o fresh, cool hicKeer.ie River as its mrxlitiations were beiag nude to water source. The water is burn cred, LWEB had to burn permit wh coa: grith idgd L

tilteral and purifini at DVEICs ibel oil. During (!p time, activity fbel requires EWE!4 to complett. E' filtration plant, which has the at the mills increhal and EWEB in !!El a repet du the utility's F

ca[ucity to deliwr nearly twice was able to acquire an adequate future plans to q>erate the steam g the current [rak demands fbr mxxl waste supply thr the plant in compfqru e with euxing -

water. The water it continuously n mainder of the year. Even and future ai. ]dlution monitorni fbr quality at DVEB's dnugh the fuel. supply pmblem rn[uirements.

f fixlerally certitini laboratory to enn!, it was replacal by a cost g

assure DVEB customers that their problem. Prices tbr hoggni Ibel Males, Mereune i_

water exceeds all standards of the hnejum;xsl sewralimes higher The conserntion efibrt in limo =

Faleral Safi' Drinking Wa ar Act.

than the price paid in 1979.

hel[xxl hold Unvn qeam sales to 507 million pegid:.(11% under

=

197tfxdes. A Yl% rate increase in -

October broue,ht 'ewmas to

=

$996.000, ".4% under 1979.

i E

1980 Statistical Illg1tlig11ts Water l'tility

% change i

1980 1979-80 t -

'Ihtal sah s (pdlons).

. 8,110.193,000 down 3.ww

'/

Total revenue from sales

$5,543,776 up 10.40 c

Average number of customers 32,7M up5.M Average revenue /1,000 pdlons

$0iini up11.8%

Peak 24-hour demand (pdlons).

56,300,0u0 down G.8%

'/

Average annual residential use (pdlons) 105,40d dmvn 4.1%

Plant in senice

$39,095,G53 up G.3%

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y A key to 13VElfs financial Invl [wissble in carning out the stability is the action taken in-Ikunfs long range fiscal program. !

4 Eugene's comniunity leaders 70

4. Continue otir sensitnity to the vcars ago. So that the municigul imiuct of <hrision.s and actions utility wouhl be 'trvond all taken in our utility and interact pohtical strifi," the Eugene City openly and in a completely

"*- l.

Council fbrmni a segurately candid, honest and Ibrthright

~*D ~ [ [

chital Ihant to assume full manner with all citizen <ustomer control of constmetion and groups, the general public at ogrration of the utility. his large, and all genrnunental inde]rndence las enablal the lx xhes.

utthtv's lhurd to make decisions

5. Continue with our resjx>ns-The daile financial otrmtions of lusal solciv on pnniding the lest bihty of senrning out the l'"'" I'""I"X AI"""X'T G'ry

~

""' """ 'I"' #""i"X ""

the genc' nil armonting departincnt Iwissible service at reasonable a>>t availabihty and cost relationshi is I

ofminputer talu:aloge to unpmir air sugrninisterng ;n, Dairjo;mson, to its ratcluvers. The 13VEll of altenutive sources of[xneer, ginuluctinty and custorrar senitr.

geneml suronnting inanagir.

Conunissioners lure exclusive including the cooperative and jurishction to set rates, an<i are joint eflort with other utilities dnlicatnl to the long-tenn and groups in the region, and financial ht alth of the utility.

with a sense of assurance in Among the ikunfs dinttions diversification to pnnide a sound are tive general ]xdicies which basis fbr an ader[uate supply of were ollici.dly nrognizal at their ]xnver in the fbture to meet otir mtrting on Febnurv 28,197~

cu3tomers' nen!8.

l'ollowing is an excerpt from tlut meeting:

An important jurt of13VElfs financial planning is its 10-yrar As a t:irget or objective ofintrall Ibarast of.rarnues, ex]rnses, accomplishment, the Ikun!

debt wnice c nerage and capital charts the management statt..m construction rn[uirements. In 13VElfs long range plannin actitities to ir gindalin th'g addition, there is accountability, e

as 13VI.lllus had an annual fbilowing bnud' ogerational indejendent audit of. he accounts t

jwdin towant s curing and and recon?s since 1924.

ntnntauung a inple A [wisture

1. VElfs budget continues to 3

fbr otar utilities.

l grow Ircause of. higher nuterial

1. Emplu. size <[tulity alxnr all in and labor costs, plus new capital the sch ction and training of

]>ntjects. Ilownrr, a major emplovees, with a nintinuni increase las been for pun hasal ww of rrsponsibility Io our

[xnver, princigully from the emphivres in pnniding g(xxljobs 11onnnille Power Administration and continuing opjwirtunity.

HIPA). IIPA doublal its whoh side

2. Alaintain our utility plant at a [xiwer rates to EWEllin Intl of top ojrrating etlicieng, Decender 193, and is planning a tring agiizant of our long range 53% increase in July 1981, with resjwinsibilities to all customers fitrther increaws annually thr price, quality and etlicieng.

therealter. Since EWEll purchases

3. Conduct the fiscal af fairs of about thne-fburths ofits 1xnver the ikurd in such a manner as to supply, mostly from EPA, these ensure a triple A ranng on our increases have a large im}uct on twinds, and generate the nenlal the utility's budget.

Ibnds intenully to the highest

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,x Hates Rates arushvs. IMeral vntuire-

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lharing I;WEll'8 first (W yrars, it ments atu/ pu/Nie hearings arr

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D was kn<ntn for rate decreases arruirg the challen,ges ad<hewyl

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rather than increaws. Ilowever, by Gany Kunkel, rates vnarun,qw.

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nince 12, IMl;Il,s electric rates

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have douhin! and water rates Gunannnications v

.+r

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liigher rates, along with the 4

have tri[> led. Still, residential v..

p. m,

' -..g custorners juid an average of.

increen3ing cotujileu.ty and Ny' 1.61 cents [ier kilowatt-hour of uncertainty of energ issues, have

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electricity in !!W, one thinl the nlade comintnlication with s ?- M_.' -

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national' average, and guid just customers even more imixirtant.

. -[

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7

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m cents ihr each 1,(m pilons of At I;WEll, customer senice 2

water uwd.

includes being ogien and sensntive The ElWB Comunissioners hace held sewral hearirgs to di.saas utility EWl;ll'.s rates are desigunl to to customer concerns, as well as lunes with the corninunity.

jirovide adequate revenues while being forthright in res[ winding to

( harging customers lusal ulxin questions. In an ellbrt ta expand

[inniding information.

actu.il co t of senn c. ~li>want this conununications, IM1;il has IM' Ell al30 actively communi-end, EWl;ll lus conductnl unplemented a s]x cial customer cates with customers through compn hensive rate stuihes. In resjxinse program. Customers are traditional meth<xis, such as bill 121,liud nsvarch nlui[unent imitnl to write on the back of inserts and brochures, as well as will be installnl on a sampling of their bills any conunents or through numerous pnsentations, homes and businesws to pn nide questions, and to mchide a phone esjnially by n presentatives of additional infonnation alxiut numh r 30 an EWEll the Conwnation Center.

junver cost allocation in the representative can call with an setting of electric rates, immediate n sjxinse. Many A thorough pubhc examination cu3tomers take advantage of this of EWEll's rate-making ix>licies program, which is ven successtul was conductal through hearings in nwhing ditlirences and held in reslunse to the federal l'uhlic l'tility Regulaton* l'olicies Average Residential Herenne per kHh I;W1;H & National Average Act. The result of these hearings Se supjuirtal IMT.ll's pntiousiv g

existing rate design 3 as being i;iir 6

jj eind real onabic.

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I:ncrgv.I:filrient Ifomes

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EWEll wris the first utility to il ailapt the energ-ellicient

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" Arkansas" horne constmction

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stancianis to the climate and N

conilitions of the Northwest. Since the IMEll I;nergy I:fficient Sewml solar-auhtallunne.s are being built in Eugene, such as this fluihling Awanl stanal.wls were one ci.sital byJmn Renier, ener;qr mnserwtion manager.

develogwxl in !!G, tal of these super-insulated homes h.we turn Hesidential Weatlecriantion Soltar l'allinstion certitin! by EWEll. Tlic average fly the en<l of !!Nw), EWEll had Sttulies by IME!! and others energv -liicient home (1,2ix)

Irrfhnunt some 4SX) home luwe shown tlut 1:ugene's clinute s[uare feet) Iring sixtially energe armlyws since the progam is suitable to utilizing [ussive metenst by EWEll is using alwiut trgan in !!)~7. The azulyses solar encrp. To encourage use of 3SN) kilowatt-hours Ihr electric benefit the customers by sh< ming solar energv, IMEll has pnnided heating < luring the Octolier-May the con.servation actisities and firuncial assi. stance to the heating inonth3. 'lhis is alxnit weatherization impnnrments University of Oregon's Solar one-thint the average ihr which can save the rnost encrp' Center ihr autonuted solar data com[urable comrntional homes.

Ihr the least cost, tpthering, and is specially EWEll will be u}xlating its IMEli hehl hearings in t!Nw) on monitoring energ use at se" ral standants for these homes in 1: Nil its projum! 1(esidential solar-assistal homes to help to pnnide buihlers more Conservation Service re<[uired by identif;y cost-eflirtive systems Ihr flexihdity while still naintaining the National Energv Conservation s[uce and water heating. In the hnv energv consumption. In Policy Act. The senice, approvn! achlition, I:WEll is drafling a a<hlition, EWEll is <kveloping a by the U.S. Department of 1:ncrp* manual for thvelopers to assist comjunion progam lbr homes in early !! Nil, is ewntially an them in identif;ving ways to plan which utilize lussive solar extension of EWEll's existing thwelopinents fbr nuximum w>lar heating in hnit[ues.

home analysis program plus access.

athlitional senices in helping the customer harate materials, installation and financing. The analysis also has turn exiundni to pnnide infbrmatian alwiut use of jussive solar systems to rniuce energv use.

Athlitiorul residential weatherization senices plannni inchide oIIering Lians or pants, and pnniding water heater insulation jackets. Consen ation progams and og-]nirtunities resulting from the Pacific Northwest Ehrtric Power Planning & Conservation Act will also coriribute to IMEll's consenation senices.

New Generation Cosasinhing Cogenerasima Geothermal EWEll rrsonnel in lim

- a;-

The EWEIM%yerl.acuser EWEll has lxvn vnv active in i

irrsorully contactnl all the Utility Industrial Energy Center in working to identifv geotherrnal utihty's nujor ehrtritity users to I'

Springlicht has turn in operation

[xitential in Oregon's Ca3cade c

e,tler assistance in analyzing ways since 1976. Iliglepressure steam htountains in holes to develop r

to rnluce energ use and grak I

3 pn=lucal hv Weyerlucuser's the resource fbr chttric pn>-

r donand, and to irnprme bud lxiilers is routnl through an duction. Progrc3s lus been slow, 2

f.n tors. This program was 4..

1:Wl:ll turbine-generator prior to but was aidnt by a cooperative successtiil in helping several tirms

,,,, j.y.

its use in the industiv's pulp mill. pn! ject sponsorn! by EWEll, the improve their energy etliciemy.

Wiverhaeus r currentiv supplies U.S.1)epartment of Energ, the EWEll sult be wo:Lmg in 1:01 to enough. steam to poxluce alwint Oregon I)ejartment of Geologv deu lop an energv use analysis 2flJXU kilowatts of]xiwer.

and h!ineral Industries and t

program hir small conuneraal Through I!m, the project luul several resource owners to dnll a

customers.

generatal nearly 7m million sit tem]rrature-gradient slim E!rEll arul irnrr hantser Ca.

kilowatt-hours of chttricity.

hoh s in 1979. h!uch infbrnution norAnl trNether to rinvlop this EWEll signni a contract in has lurn gained from this and ngeneration f anrr plant which early itM1 with Lane Pinaux!

other ettorts, and EWEll j

began operutiori in LTri.

CoE of E m to urchase continues to be optimistic about i

chttricity to le generatnl by the geothermal [xitential in Oregon.

p_

tinn's im-kilowatt cogeneration 1:WEll and inur other utilities y

f plant expectal to be ojerating in lure inrn working together to g

late !!mt.

utilize water-dominated A study of a possible aw geothennal resources in northern a

generation unit at the Kingstbn!

Nevada. It is hoped that this t.

Charnal 11riquet plant in Spring-experience wdl provide nenin!

t tiehl was completal in lim. The power and le valuable in ellorts to study's results shown! uncertain-develop similar esources in mG ties as to the current feasibility of Oregon. In early 1!M1, EWEll the project.

Signal a contract to take jurt in the installation of a 10Jm-kihe watt wellhead generating unit at one of the Nevada resounts.

..e ElVEli has consultal with its rnaior cu.stomers to iderttiti' mum to 'trirn eintricty use. IrulYtria)

Annunts sprialistJat k Clark is at ri;, ht.

p~

kd

% m} l Sucre.Qdgmthermal nvlb hatr lurn dnliniin northern Nevada, arul ElVEll is a partner in a pnoitrt to installgeneration at oneof the.se nvlls.

g, w y. -+ -- +,

g,g 13VEll built it.s first wixxi-firni s'

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lxiiler and ehrtric plant in 1940 g/

and another in 1950. Since 13VI'll purcha3cd the central stearn heat,U

$e systern in 19G2, the Ix>ilers luwe i

run continuously to supply stearn *

($

and, until n cently, had been hrY frn[uently usal to generate Elt'EH is studeing.vnral sites for } >hrr.%coliehl, enginar.pe nsvr chttricity. \\Vhile there once was sniall h,nkn pnyla ts, including the nwurres th11), and Dam At tell, an abundance of mill wrux! waste Mithlle fork <f the.Nantiarn Riwr pn!jort en;nnar, are coonlinating tiir fuel, it is now in short >upph.

downsttram} nun the Anny O>rps Elt'EB's efforts to identyi and Tlh ituion hw Inl l'\\VEll, ~ lh rinrt flunt, dinrtor of'ptmvr of En;nnerra Gnrn PeteriJam.

pursue sinall h,ninebrtnc Yx tic Vower & l.i ht, Ch ctric trsources th111, m<rts with Nate darloprnents.

9g,, gg, p,.,,,;g.nt and9rund IIpirociertric Gwernor's \\bul Residue

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wherr the timir pinhtcts h.nn I..ne pirliminan permits were Wind Utilization Gimmittee to f.und a n,dl hWil a r@ neration ' unit irual to 13VEll in 19m by the Nineteen Oregon public comprehen3ive study of utilizing fn p;3f, l'tileral Energ Regulatory utilities, with 13VEll as the lead threst slash as fiici. The study, to Gunnus3 ion to study the agency, contracteil with Alcoa Ir completeil in 11 Mil, includes liashihty of buthling hydnichttric Ldxiratories to install a 500-the colhrting, processing and fat ihties at 3itr> in western kilowatt vertical-axis wind conversion of the slash into Oregon. Thny of the sites are turbine at the Oregon Ou3t near ehrtric liower by a proposed hicatal at exi. ting l'.S. Ariny New]iort.1:nrtal in Ihrember power plant near the threst Onps of Engintrrs' th u ul control

!!00, the 140-fix)t tall unit i3 the n w urces.

dam.s, while the other two sites largest of its design vet installnl.

are locatnl downstreani f rom Also contributing fbnd3 thr the existing Corps' d.uns. tlc pnytts pnject was the American Public c range in size tiom 4.mo to Power Association. The unit is 34,000 kihnvatt3.

Iring mcnitorni to detennine EWEll is investnuting nists and reliability of wind numerous other [mieible sites generation, imjucts ofinte-where hydnvlectric plants may gratmg a randomly ojrrating le econonucally and

xiwer source into a utility environmentally leasible.

system, and environmental etlirts including public attitude towant vi3ual imiuct.

I l'ach of these nwurn s has potential. liow nuich of this guitential is derchi;rd, and when, delends upon govenunental pntnlures, technological problems, site availabihty, economic considerations and public acceptance.13VEll is working in all these areas to bring on line the new nwurn s which will be needni by our cu3tomers.

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Managernent, Advisors, Consnhants I:secutive Managenwnt Aaltlwers suul Canisultants Keitti l' ark.s Wisul.sor Calkins General Man.iger. Secret.uv General Coun.sel Rosentary I'.1:<lwarsis CAwegwrs (* Lyltranut Assistant Saretary Inde[iendent Auditor Joliin I:. Ilrown:

Sclawalw, Willian win, Wyatt, Tre.isurer Maxare (* Rolwits I)inrtor, Acc iunting & Finance Sjecial Cotutwl Ilonalet W. vanslernuulen l'orst, Haron fe I) avis, Inc.

Assistant Treas'irer Inde[endent I:ngineer IIert: cit II. II:nnt Wauxlrellaw unn I)inttor, l'ower Remurres liond Counsel Kennetti W. Rinarel I. antral I'rhres Te CAs.

I)inrtor. O[trations & I:ngineering Firuncial Consultant Oncia I). Ilr pwin Cliief I:ngineer Norinaan I'. Notic I)irector, Administrative Senices Williani l'. Rata I)inrtor, General Senices 1

1 i

Analysis of Sales Analysis ofI;Ict1ric & ales 1980 i

Average Average Nurnier of Consurnption Total Revenue /

[

Class of Senice Custorners (kW10 Revenue kWh Residential 54 179 982 M9 412 17 062 OG4

.0174 General Senice G 719 602 028 033 9 975 504

.01GG Large Conunercial & Industrial 25 582 gig 823 6 052 085

.01N Street Lighting 8

9 155 694 96 549

.0105 Water Utility 1

12 670 OGG 130 407

.0103 Metall i;ledric &nics G)932 2 189 370 028 33 31G GOD

.0152 Sahs to Other Utilities 243 533 (XX) 5 iMi2 204

.0245

'Ibtal I:ledric Niles 60 932 2 432 903 028

$39 278 2173

$.0161 1979 Residential 5318tl 1N17 719 G17 15 873 747

.01G1 General Senice G G43 580 929 274 8 990 547

.0155 Large Onninercial & Industrial 26 549 229 613 3 857 35G

.0070 Street Lighting 8

9 439 529 88 732

.0094 Water Utility 1

17 541 212 172 246

.00!M)

Metall I:lectric Niles 59 SGG 2 144 8511245 28 982 628

.0135 Sales to Other Utilities 247 459 (X)0 4 349 285

.017G

'Ibtal 1:ledric Nales 59 IWiG 2 392 318 245

$33 331913

$.0139 Analysis of Water Sales 1980 Average Average Nurnber of Consuruption Total Revenue /

Class of Senice Custorners (1000 Gal.)

Revenue 10(M) Gal.

Residential 27 937 2 944 775 2 G13 3G3

.887 Onnrnercial 4 813 4 008 154 2 449 128

.Gli Water Districts 3

1 080 487 446 665

.413 Electric Utility 1

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34 G20

.451

'Ibtal Water Sales 32 754 8 110 193

$5 543 77G

$.684 1979 Residential 26 4!M 2 912 059 2 358 2G5

.810 Qunmercial 4 QWi 4 146 006 2 190 512

.528 Water Districts 4

12771Xi3 452 715

.3 M Eh'etric Utility 1

77 50G 13 443

.173 "Ibtal Water Sales 31 185 8 413 534

$5 014 935

$.596 Canurlindions In Lien of'Ibses (including 'Ih>jan l'roject)

Curnulative l' aid to:

1!MM) 1979 Total City of Eugene 3 243 549 2 493 423 25 301 049 School Districts & LCC 153G 340 1 417 223 6 797 278 City of Springlicld 55 800 54 890 21R1753

'Ibtal Canuriinstions 4 835 Gl9 3[Mi5 535 34 367 OtM)

.'ll> reinove financial staternent fi)ld along lrrfi> ration, then tear.

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Eugene Water & Electric Board 500 fast 4th Ave. / P.O. Ilox 10148 / Eugene, Oregon 97440 (503) 484-2411 I'Is 4esecl4al Ne4ete m cent l

Mespemsibility t

'the management of Eugene Water & Electric 11oard is resp >nsible fbr the preparation, integrity and objectivity of its financial statements and accompanying notes. 'Ihe financial statements were pr -

pared in conformity with gerwrally actrpted accounting principles ihr public utilities and account-ing retjuirements of the Federal Energv Regulatory Conunission'. They reflect all adjustments which are, in the opinion of management, necessary for a fair statement of financial condition and rrsults of operations.

For mrr 50 years, the Ileuni has appointed a firm of certified public accountants to conduct an an-nual independent audit ofits accounts and n conis and fbrnish a written audit report. Coopers &

Lybrand, indegrndent certifical nsblic accountants, are engaged to examine, in accordsmce with I

generally accepted auditing standanis, the financial statements and issue opinions thereon. Their examination includes a review of existing internal controls, tests of transactions and other procc-dures suflicient to provide reasonable assurance that Ihe financial statements are neither misleading nor contain material errors.

/

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4

'IW asurer february 24,11N31-

'Ib the Hsuarit of Comminskmtrs of Eingene Waeter & I:Icctric Hostrd:

We have examined the financial statements of the Eugene Water & Electric Iloard for the years ended Decemter 31,11MO and 1979, which ap;rar on pages 2 to 12 herein. Our examinations were made in I

acconlance with generally accepted auditing standants and, accortlingly, included such tests of the l

accounting wcords and such other auditing pmcedures as we considered necessary in the circum-l stances.

1 In our opinion, the afbrementioned financial statements present fairly:

(1) the financial position of the Electric Utility and Water Utility of the Eugene Water & Electric Iloard at December 31, !!NIO and 1979, and the results of their operations and changes in their financial position for the years then endal; and l

(2) the assets and ilabilities of the Ekrtric Utility General System and the 'nojan Project of the Eugene Water & Electric 11 uni at December 31, ifM30, and the results of their operations and changes in their financial position fbr the years ended December 31,1980 and 1979, l

all in confbrmity with generally accepted accounting principles applint on a consistent basis.

,- a ~.

f 4

. Eugene, Oregon February 24,1961, except fbr the Litigation Note as to which the date is March 18,11N11.

1 krtric Utility Balance Sheet Decernber 31,1980 and 1979 Assds 1980 1979 General Trojan Total Total System Project Utility _

Utility Plant in service 139 078 735 1471G1448 28G 240183 273 513 448 lesa-Accum. de}urciation & amortization 47 8!M) 980 7 412 422 55 312 402 49 977 398 91 178 755 139 749 02G 230 927 781 223 53G 050 Property held for future use..

2 130 359 2 130 359 G27 390 Construction work in progress.

5 472 003 5 472 003 3 595 944 Nuclear fuel, less accumulated amortization 198(b$14J323,209; 1979-$9,610,1G3..

23 394 095 23 394 095 23 489 268 UI'ILITY Plut%*T 98 781 117 163 143 121 261 924 238 251248 G52 Ilond funds 3 041 678 10 5G3 421 13 G05 099 13 310 G74 Reserve & contingency fland.

2 000 000 2 000 000 2 O(X) O(X)

Renewal & replacement ftuul 500 000 500 000 500 000 Construction fund 1 824 520 1 824 520 1G22CA4 NI:GRIX; ATE:D I'UNDM.

5 366 198 12 563 421 17 929 G19 17 433 318 Cash & temporary irnestments 1 ra) 413 3 746 551 5 406 964 to 501460 Segregatesi cash & securitits fbr payment of debt service 1 088 415 -

3 379 Oi)2 4 GG7 417 4 547 G24 Receivables,less resen'es 19tKb$117,647; 1979-$95,140 5 812 G79 5 812 679 3 918 906-Materials & supplies 2 720 802 1 996 106 4 716 908 2 882 816 Prepayments & special de[osits.

142 535 1G1 G43 304 178 497 256 CURRI NT AMME7E'S.

11 424 844 9 483 302 20 908 146 22 348 062 l

Advance refunding costs 11 947 820 11 947 820 12 3G4 GCM Unzunortized lond expense 142 103 405 915 548 018 591 577 Defirrni charges & other 1 856 301 3 033 in)G 4 890 297 1 350 031 GTIIE:R AMMITI'S 1 998 404 15 387 731 17 386 135 14 30G 212 f

$117 570 563 $200 577 575 $318148138

$305 33G 244 lie amwngunpng notes are an integral part of'this r.tatenwnt.

I 2

Liabilkies 1980 1979 General Trojan Total Total System Project Utility Utility 70 650 539 7d 650 539

'G2 595 724 Balance beginning ofyar.

Net rttenue fbr the year 7 242 389 -

7 242 389 8 054 815 MIITAINI;D I'AMNINGS.

77 892 928 77 892 928 70 G50 539 I,DNG.TE:MM DE:HT 32 583 GG5 142 973 711 175 557 37G 179 425 964 Accounts [wivable 4189199 ~

284 245-4 473 444 5 754 120 Accrucil [xiyroll re vacation pay.

823 969 823 969 724 113 Accmeti interest on

- long-term <lebt.

5G1460 2 834 922 3 396 382 3 582 248 -

long-term debt clue within one year 13G5 000 2 335 000 3 700 000 3 520 000 CUMMI:NT LIAHII,ITII:S G 939 628 5 454 167 12 393 795 13 580 481 (YI1II:M I,IAHIIJrII:S AND IH:FI:MMI:I) CMI:DITS.

154 342 154 342 160 753 DI:FI:MMI:n THQLL%'

52 149 697 52 149 697 41 518 507 NI70 HII. LINGS i

$117 570 563 $200 577 575 $318148138

$305 33G 244 3

Electric Utility Statement of Net Revenue For the Years Ended December 31,1980 and 1979 l

1980 1979 Residential.....

17 OG2 OM 15 873 747 Commercial & industrial,.....

1G 027 589 12 M7 003 Sales to other utilities...

G 731832 5 174 398 Stearn heating.

996 177 1 020 851 Ol'EKA'I'ING MEVI NUIE 40 817 GG2 34 916 899 Purchasal [xnver..

11520 M1 7115 GG3 Steam & hydraulic prtxtuction.

G 302 G71 5 188 854

'IYansmission & distribution 4 7G3 524 3 580 955 Administrative & general.

3 986 000 3 3G9 M0 Other operating expenses.

2 363 333 1 848 970 Depreciation & amortization 3 877 776 3 580 949 Contributions in lieu of taxes...

2 5(X) 649 2181 G32 OPI:KATING EXPENSIE..

35 314 854 26 8GG OG3 NITI' OPI:KATING KEVENUE...

5 502 808 8 050 83G l

Interest earnings on investments 1 N3 387 1 241 324 Allowance fbr funds used during construction.

246 000 19G 800 Sale of timber & other.

1 976 256 157 301 3 265 G13 1 595 425 UI'HER REVENUI; Interest expense & discount amortization 1 G55 OG2 1694 G4G Allowance fbr bomnved funds used during constmetion..

(129 000)

(103 200)

MI: VENUE DEDUCI' IONS 1526 OG2 159144G a

UI'II.ITY NITI' REVENUE

$ 7 242 389

$ 8 054 815 The aconnlunpng notes are an integral part of this statement.

4

I:lectric Utility Statement nf Changes in Financial Pamition I or the Years I:rulet! Decernber 31,1530 anel 1979 I

\\

I 1980 1979 7 242 389 8 054 815 Net reveruse for the yrar Charge 8 not requiring current finuls 3 952 146 3 755 397 Depreciation & arnortization Pnwi< led frorn operations...

11 194 535 11 810 212 IrxTease in current liabilities 613 700 723 732

'ITYrAL CI NI; MAL SYSTI:M 11 NMI235 12 533 944 Provitini fnun operations-Depreciation & finel amortization.

7 029 512 5 278 158 Construction fiinds useal 874 810 Deferred 'Ibijan net billings 10 631 190 534 475 17 GGO 702 G G87 443

'I1FTAL THitJAN I'M(tjIXJr

'I1FI'AL LTFIIJIT FLTNDM I'MDVIDI:D 29 4G3 937 19 221 387 Acklitions to utility plant-Net.

10 404 110 9 408 601 lanig-tenu debt paici or currently inaturing.

1 690 000 1 630 000 lucrease in receivabhs, rnaterials & prepayments 3 153 470 120 423 Increase in constmetion finuls 201 876 176 576 Other funds usect-Net 1 G33 773 280 918

'I1FFAL GI:NE: MAL NYNTI:M 17 083 229 11 616 518 Athlitions to utility plant-Net.

11 253 134 5 525 2R5 Increase in General fiuul 180 498 327 713 Increase in other segrrgateel fitruls.

30 023 39 771 Long-term debt paid or currently maturing.

2 335 000 2 255 000 Changes in ather itemwNet.

3 862 047 (14GO 309)

'I1FTAL TMitJAN I'HitjlXTF 17 GU 702 G G87 443

'ITYTAL ITI1LTIT IITNDN UNE:D 34 743 931 18 303 961 INCHI;ANI;(DIX:MI ANI ) IN GI;NI: MAL NYSTI31

)

GANII AND NI:CtfMITII;M.

$(5 274 994)

$ 917 426 s

lhe mumqunymg rmtes are an integral gust of this Matement.

5 6

W;ter Utility Halance Sheet :

December 31,1E30 and 1979

\\

4 A*iisets 1980-1979 Plant in senice 39 095 653.

3G 77G 135 Irs.wAccumulatal depreciation & amortization.

138G2532 12 G5G 036 -

25 233 121

.24 120 099 Property held for fbture use.

187 500 187 560 Construction work in pmgress..

-569 511 835 854 (TI'ILITY PLWI' 25 990 192 25 143 513.

MI:GRIX1ATI:D IM)ND I'UNDS 277 320 282 275 Cash & temporaiy investments 553 275

.390 783 Segregated cash & sectuities ihr payment of debt senice 493 725 488tKX)

Accounts receivable,less resenes 392 412"-

339 586 1980-$16,200; 1979-$16,914.

Materials & supplies 441 123 67G 725 Prepayments & special deposits.

21 228 35 057 19017G3 1 930 951 CtTKKI:NT ANSI:TS...

Unamortized lxind expense 13 746 15 593 Deferred charges & other..

110 197.

172 543 123 943 18813G OTIII:R AMME71'N

$28 293 218

. $27 544 875 l

The accompanying notes are an integral part of this staterrrnt.

o

(

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l

Lialsilities

'1980 1979 11 691 607 10 047 129 llalance lieginning of year f)56 803 1 021478 Net rtvenue for the year 12 648 410 11 691 007 MITAINI:I)I'ARNINGS.

4 14 241 069 14 485 037 IADNG TI;MM I)l:HT 524 129 530 856 Accounts [myable.

281 955 235 341-Accrued [uyn>ll & vacation [iay........

Accrutsi intenst on long-term tiebt 354 472 363 910 long-term debt due within one year 243 183 238 124 1 403 739 13GS 231 CITHHI:NT IJAHII ITII;M

$28 293 218

$27 544 875 7

l

f

--~

Water Utility Statement of Ned Herenue for the Years I'neksi Dextrnier 31,1E30 and 1979 ItNM) 5979 Residential 2 613 363 2 358 265 Conimercial & inulustrial.

2 895 793 2 650 225 Other 46 463 37 047 Ol'I: RATING RI3'I:NUE M 5 555 619 5 045 537 Sinirce of supply, [niniping & purification 719 492 593 209

'IYanc. mission & distribution 1016Sfa 719 908 Adntinistrative & general.

753 639 659 000 OtIicr operating expenses.

396 119 446 319 Deptreiation & arnortization 1 11M 950 1 055 232 Ol'I:MNI'ING I'XI'I:NNI:N.

4 070 5fa 3 473 0418 NITI' Ol'I: MATING RI3'I:NUI:

1 485 051 1 571 869 W

Interest earnings on investruents IL3 243 72 483 AllowarxT fiir fiinds used during constmetion...

54 250 43 400 O T III: R M I:VI:N U I:

137 493 115 883 Intenst expense & discount arnortization.

736 491 719 874 Allowance for lorrown! flinds ux11 during constniction.

(70 750)

(56fa0)

HI:VIINUE: I)l:1)UCI' IONS 665 741 663 274 trI'II ITY NITI' HI:VI NUI;

$ 956 803

$ 1024 478 lle aciamp.inving rotes are an integral gurt of this statewnt.

8

Water Utility Statement of Changes in Financial Position l'or the Years I:nded Denmber 31,1980 and 1979 1980 1979 Net revenue ibr the year 956 803 1 024 478 Clurges not requiring current Ibnds Depreciation & amortization..

1 225 740 1 087 127 l'rovided fmm operations.

2 182 543 2111 G05 I

Decreax- (increase) in segregated cash & bond funds 14 031 (42 317)

Decrease (increase) in receivables, materials & prepayments.

182 fot (222 850) 63 408 (71 369)

Decrease (increase) in other assets-Net 1 089 000 Increase in long-term debt.

Increase in current liabilities..

35 508 13 3G8

'ITYI'AI, I'UNDN I'HEWIDI:D 2'478 094 2 877 437 2 072 419 2 480 321 Additions to utility plant-Net.

12mg-term debt paid or currently maturing.

243 183 238 124 "IVFI'AI, I'UNDS UNI;D.

2 315 G02 2 718 445 INCHI:ANI: IN CANII AND MI:CUMITII',N

$ 1G2 492

$ 158 992 The amunputying notes are an integral gurt of thm statement.

9

~ Notes to FinancNal Staternents December 31,1980 1

MUMMARY Ol' MIGNH'ICANT ACC(RJNTING POLICII;M:

GENERA!r--The Eugene Water & Electric aunt, an administrative unit of the City of Eugene, Oregon, is responsible for the ownership and operation of the ekctric and water utilities. It has the authority to fix rates and charges fbr comnuxiities or senices furnishal. The Board's [xdicies con-form to generally acceptal accounting principhs (br public utilities and the accounting require-ments of the rederal Energy Regulatory Cmumission. Significant policies are described below. _

j trrILITY PLANT AND DPPRECINTION-Utility plant is stated substantially at origin;d cost. Cost inchades hujor, materials, payments to contractors, transportation and mnstruction equipment use I

and indirect costs, such as employee benetits, general and administrative expenses, alknvance fbr funds usal during constmetion, kss customer contnbutions.

The cost of additions, n newals and betterments are capitaliznl. Repairs and minor replacements are chargext to operating ex[rnses.

With minor exceptions, the cost of property retired and removal cost, kws salvage, is chargni to acemnulatal depnri.-tion when property is rrmoved from service.

Depanation is computed using straight-line composite rates which are niuivalent to approxi-mately 3.1% of the Ekrtric Utility General System and 3.2% of the Water Utility original costs of deptreiable utility plant.

INVESTMEN'15-U.S. Govemment wcurities included in various funds and in current assets are carried at amortizal cost plus accmeil interest which approxinutes nurket.

MATERIALS AND SUPPLIES-Materials and supplies are carried at average cost.

OPERATING REVENUIMRevenues are recognized when monthly cycle billings are nude. No ac-r crual is made for energy used between the cycle billing date and the end of the accounting irriod.

TR4)AN PRQJIrr The ikurd has assignal to Ilonneville Power Administration (IIPA) and other public agency par-ticipants its 30% share of the output from the TYojan Nuclear Power Plant. The Boani will receive guyments and ernlits (net billings) niual to its share of all Plant costs and debt senice whether or not the Plant is operable or cirrating and notwithstanding the suspension, intermption, interfer-ence, reduction or curtailment of Plant output. Since net billings nuy vary from expemes each year, they are nrognized in each accounting gerial only to the extent of current expenses. Accordingly, there is no eflict on net revenues of the Ekctric Utility, and the amounts of 7Yojim Project revenues and operating expenses are not included in the statement ofnet revenues. The accun3ulated excess of '

net billings mvr expenses is stated in the lulance sheet as " Deferred 'IYojan Net Billings." Pollowing

~

is an analvsis of changes in this account daring 1980 and 11m):

11NIO 1979 Total net billings 37 700 000' 22 553 2tui Add interest earned 2 N5 304 1 722 350 l

I ess Operation & nuintenance expenses 13 238 G38 9 537 460 Deprecialion & amortization 7 029 512 5 278 158 Interest ex]vnse 8 M5 964 8 925 543 Increase in Deferrest 'IWJan Na1 Hillings

$10 631 190

$ 534 475 10 I

Provision ihr depreciation is computed using the 6% sinking-fund methal based upon an esti-nutal service life of 33 years.

Nuclear thel amortization is provided basal on the quantity of heat producal for the generation of' energy without provision ihr salvage value.

I:stimated costs ass >ciated with deconunissioning the Plant at the end ofits usefbl life and per-nunent storage of spent fuel are currently being tvaluatni by the Ikiard and BPA. These costs are Project costs and will be includal in annual operating budgets for net billin!;s when determinni.

The Nuclear Regulatory Commission has acceptal HPNs guarantee that the Ikiard's share of Price-Anders>n Act liabilities, if any are incurred, are net billable.

I,4)NG-TI:ltM IH:HT:

1980 General System Revenue Bonds 17 923 000 Series A, ti-1-GO issue,3-4%, due 11M52-2004.

175 000 Series B,8-1-62 issue,3%, duc 11MC.

3 520 000 Series C,41416 issue,4.35%, due 1982-trJ...

4 995 000 Series D,4144) issue,4.90%, due 11NC-ir)...

G 210 000 Series E,11-1-75 issue,5.50-6.50%, duc 11M52-90 32 82'l000 239 335 Less unamortizal discount 32 583 GG5

'lYojan Nuclear Project Revenue ikinds, Series of1977 Serial Ikinds, 3.70-5.75%, due 1982-90.

G1625 000 83 700 000 Term ikinds,5.1XY%, due 2009 145 325 000 1.ess un;unortized diwount 2 351 289 142 973 711 I:ledric l'tility IAnag-Term I)cid

$175 557 376 Water Utility System Revenue Ikinds 500 000 3-15-62 issue,3.20%, due 1982416.

8-1-GG issue,4.35%, due 19fC-Ir3 1 970 000 1 G10 000 8-1-G8 issue,4-4.iXYb, due itN12-99 Debt assumal through annexation,3.50-4.8(1%, due 11W12-90 ItMi 170 Water Utility System Rewnue Bond Anticipation Notes 197G issue,5.25%, due 7-1-81 9 (XX) 000 1979 issue,5.875%, due 7-1-81 1 000 000 14 27G 170 Less un.unortized discount 35 101 Water t'tilky IamgIIYrm I)cid.

$ 14 241069 11

'!btal long. term debt maturities during the years 1982 through 125 (exclusive of the Water Utility System Rewnue Ikind Anticipation Notes, which in 1981 the Ikuni intends to retirr by the issuance of Water Utility System Revenue ikinds, retinancing of the notes or other evidence ofindebtedness) are as fbilows:

g;y,,,,g, p,ggg,y General Trojan Water System Project Utility 1C32..

1 370 000 2 435 000 243 301 1983.

1 472 000 2 510 000 243 419

!!kM..

1 415 000 2 G45 000 247 478 1985.

1 473 000 2 755 000 247 749

'Ihe Ikurd has obsened, performed azul fiilfilled its covenents and obligations as recluired by res-ohitions authorizing the issuance of revenue Exnuts, including the maintenance ofnet revenues avail-able fbr debt senice in detemiining tiebt senice coverage of the Electric System, all General System net revenues and Trojan Project Net Ilillings are available fbr General System debt senice. IImvewr, the Ikard has covenanted to fix rates and charges so that General System net revenues arr sutlicient to pay d(bt senice on all General System Iknuls in onfer that Trojan Project Net Ilillings will be avail-able fbr tenicing the Trojan Project Ikinds.

PI2N! ION FIANN:

Substantially all emphiyees are coveral under the State of Oregon Public Employes Retirement System (PERS) plan and supplemental retirrment plans. Pension expense for 1980 was $1,G93.683 fbr the Electric Utility and $397,2fu fbr the Water Utility (expense fbr 1979 was $797,580 and

$187,580, respectively), including amortization of the unfunded liability (br the present value of all gust normal costs owr a 30-year pericxl. The Ikurti's policy is to fbnd pension cost acenin!. For the PI;RS and supplemental plans, lused on the latest available actuarial rejorts as of December 31, 1979, the actuarially computal value of wsted benefits was $6,763,000 and the market value of net assets available fbr benefits was $3,316,000. The assumul rate of return used in determining the ac-tuarial computed value ofvested benetits fbr the PERS and supplemental plans was 7.5% and G%, re-spectively.

LITIGATION:

During 1977 arul 1979, the Boani intenened in lawsuits fikx! by the City of Portland against Ik>nneville Power Administration and by Portland General Electric Company against Bechtel Power Cor}mration. During 1980, legislation enacted by the Congress superculed the issues in the first ac-tion and the parties mutually agreed to dismiss the lawsuit. During Atarch,1981, the parties in the second action agreal to a settlement of the isne.s. The parties to loth actions have stipulated the actions may be dismissed. There was no material financial impact on the Ikurd resulting fmm the almve litigation.

IRIX'IASMII'ICATIONS:

For com[urability, certain 1979 amounts have been reclassified to confbrm with account classi-fications usal in 11kl0. 'Ihere was no effect on previously reported net revenue.

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