ML20049J312

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Annual Financial Rept,1981
ML20049J312
Person / Time
Site: Rancho Seco
Issue date: 12/31/1981
From: Carr P, Walbridge W
SACRAMENTO MUNICIPAL UTILITY DISTRICT
To:
References
NUDOCS 8203150043
Download: ML20049J312 (24)
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ag s-X L'tility District 1981 Annual Report 8203150043 811231 ~ PDR ADOCK 05000312 l ~ k... w-s y PDR a ' * ').) ['?k N I'

Sacrrmento M:nicipal Utility District COVER While hydroelectric production in 1981 fell significantly below average, record snowfall in December offered promise of impr n ed energy production for 1982. flydroelectric generation, already a vital part of SMUD's resource picture, will play an even greater role in the next few years as the District further develops this energy source. Currently work is under way to expand existing facilities. The district is also actively pursuing new hydroelectric resources which will eventually provide electricity for an ever-growing Sacramento community. + INSIDE Throughout this Report are views of a newly '+' W completed extension of the District's operation. The fix>thill Servim Center Foothill Service Center E B FairOaks opened in October in the g gi,ti,g, 9 rapidly growing northem McClellan' A.F.B. B portion of Sacramento County. A model for future commercial construction, the center utilizes both ' m, I' passive solar design and e SMUD Main Offices' active solar systems to / 8 S**'*"*" achieve energy efficiency. Ranc'.n Seco Plant E. 5 Wilton p,p,,, . E Elk Grove ; CONTENTS E Franklin Niission 1 , {,, hianagement Report 2 Operatmg Review 4 g Objectives 12 e Courtland ' Financial Report 14 Ten-Year Summary 22 ~. Statisticallfighlights 24 E Walnut Grove ShtUD Directory 25 l t I

l l Sacramento N1unitipal Utility I)istritt l l .....-..-i. -c 'I he Sat ramento N1mus ipal l tihts I hstri, t under the gos ernant e or its ustomer e!ci ted N115SiON t lioard.unt sub cii to regulations per t.umag to the unhts industr\\ w ill i

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- s e t t?,AV31 /.g l-[. Ilectricity for people in f, -'50-square mile area, a 3 including California's j,, Jj capital city, is prosided by the Sacramento N1unicipal f- ' 4 - 9, [ : XJ2!"! Utilits 1)istrict.1-ive r ^ -

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! li %.).- gered terms of four years . ',D each, are elected by the i - i ' :; s, --[g people SN1LI) serves. 1 ? In 1981, the Hoard estab-lished both a formal c 3 - 1 m 7. 7., - m N1ission Statement and m ()bjectises which are kun i la I.,im I kelme I' ml n ( art f \\n. I 'n is ti i 1%ito n ua l%iho nant. I'resniem l h t ei h ir \\\\ani teatured throughout this j \\ uncJ Un soin i l i in u s "s?> . N a mni \\ni l'resul' d lleport. f m uai s ius? { f N.Y. v s n_ _.

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Sacramento Municipal Utility District PLANNING WILL Sacramento enjoys or.e of the lowest electric energy source in our homes. With M AKE IT IIAPPEN rates in the United States. This enviable ever-increcsmg energy use, conservation position was attained because farsighted becomes an essential part of SN1UD's people developed economically viable resource planning. In fact, cost-effective resoerces to meet the needs of a rapidly conservation programs are a significant growing community. The energy needs future resotrce in themselves. For example, of today are met by the hydroelectric and by 1985 conservation's contribution to peak nuclear capacity plar.ned and built over the growth reduction could be equal to nearly ,7~ ' ' j-last 30 years. These domestic resources have half the output of Rancho Seco, SN1UD's kept Sacramento electric customers from largest single energy source. T paying for expensive imported oil today, but Capital intensive generation projects and O what of the future? expanded conservation programs are costly E lomorrow's energy mix will be far more as are efforts to maintain and expand the l j diverse and costly than the generating existing system. Ilowever, these are 1 resources serving our riceds today. That investments in the future availability and is why this year SMUD took substantial reliability of Sacramento's electricity supply, steps to establish a formalized 1.ong-Range and they must be made if we are to serve Plan for the District. 'lhe plan includes a our growing community properly. comprehensise sct of goals and objectives Electricity prices will increase to fund that will help us to maintain system these investments in the future, but SMUD Paul W. Carr reliability and give us direction in rates will continue to be low when compared President developing new generation sources. with power bills paid by the rest of the This planning effort was accomplished at nation. Sacramentans will continue to enjoy numerous public meetings which attracted the economy and reliability they have come considerable interest and attention. to expect. Planning will make it happen. ~-mq Community interest is both healthy and j encouraging. A publicly owned power system needs the participation of the people it serves. After all, decisions made today will / t. 9 influence both the cost and availability of electricity for many years. Paul W. Carr 1 When SMUD began serving electricity in President 1947, the average customer used slightly t. more than 1,800 kilowatt-hours per year. 6f [z ,N. lbday's typical residence uses that much ,,f vn "s m energy in about two months. Modern devices run by electricity heat and cool our Wm. C. Walbridge homes; refrigerate, prepare and cook food; General Manager William C. Walbridge General hlanager and perform countless other tasks that improve our quality of life. This electric usage comparison is important because it emphasi/es the need for development of conservation. As shown in the " Statistical Ilighlights" in this Report, both peak demand and energy use increased again in 1981, and this trend will continue as the number of customers grows and we shif t to greater reliance on electricity as the

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l Sacr:menta N1unicip:1 Utility District & lo.c. : prac!n al cost to W , Vies >, ,y o% lll:m iG wra e a: y .m OPERATING REVIEW Sacramento's rapid growth has had a begin on the project in 1982. SN1UD has also significant impact on the electric system applied to the Federal Energy Regulatory serving our community. During 1981, Commission for a license on a project to important steps were taken to maintain divert water from the Rubicon River into the reliability of that system, enhance the Loon Lake. efficiency of its operation, and plan for Power from new hydroelectric resources is the futu e. also being sought. A license for construction Specif c programs for achieving this of a seven-megawatt plant at the existing importar,t work were adopted by the Board Camp Far West Dam was received in 1981, of Direemrs in a formal Ntission Statement and preliminary construction began. The highlighted throughout this R " A major construction phase of this project Long-Range Plan for meetin,. ,lished will take place in 1982, and the plant is objectives was also approved. scheduled to go into service in 1983. South Of major importance to this planning Sutter Water District will own the project. process is new power generation to meet SN1UD will operate the plant and purchase future energy needs, and much was the power it produces, accomplished during 1981. Solar Funding Geothermal Construction ueation of the world,s first commercial-size For example, a remote Sonoma County solar photovoltaic power plant also moved a hilltop offers a promising source of new step closer to reality during 1981. A unique generation. Construction began in April on financing plan will permit the phased the District's first geothermal power plant. construction of a K)0-megawatt plant. In I. ate in 1983, geothermal steam from deep 1981, SN1UD received approval for Federal beneath this rugged countryside will be and State appropriations for the development generating 65 megawatts of electricity. of the first megawatt. Acconting to the Negotiations for additional geothermal project schedule, construction of the first capacity in this area continued while megawatt could t,egin on land adjacent to constructio i was beginning. Rancho Seco nuclear power plant in 1982. Northem Nevada's deserts may yield another valuable source of geothermal Cogeneration Plans energy. ~1he District belongs to a utility Cogeneration will also be used to help meet task force known as the Northern Nevada futum energy wquirements. Negotiations I Geothermal Group (NORNEV). This task r way to dmlop (>0 nygawatts of m un force has awarded a contract for the design of a 10-megawatt power plant which will use ".gyation from an exist.mg mdustrial site withm bacramento County by 1986. the area,s plentiful supply of geothermal hot water to generate electricity. Reduced Output flydroelectric Espansion While considerable progress was made on futum gerahon pmWts during the year, Work on expansion of the existing output fnim existing facilities was less hydroelectric project progressed on "" *"'" 8* 8 schedule. Construction of a 400-kilowatt "' "Y " k"""'" P N"" mini-generator began during 1981. A license reduced Rancho Seco's output m 1981. An application was filed for a 10-megawatt mspection of the plant s massive steam power plant at Jones Fork on Union Valley turbine mton wwaled cracking which Reservoir. Construction is scheduled to

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Sacramento Municipal Utility District ./ ,e m s 1 i1 OPi RAiING RINil:W required repair and ultimately replacement of equipment. 'lhe 913 megawatt plant generated 2.6 billion kilowatt-hours in 1981. Over the past five years, Rancho Seco has averaged 4.6 bill ion kilowatt hours per year. in 1981 due to reduced preupitation. Plants ~l !!ydrockctsic production was also down with a combined capaaty of 650 megawatts generated 1.3 billion kilowatt-hours. During the previous year, a record 2.6 billion was k generated. Increased precipitation in the closing months of the year offered promise p of improved hydnielectric pmduction in 1982. p> - ~ Service Center Opens NO While the search for new generation and the production of present-day energy is of paramount importance, the maintenance of the entire electric sysicm is also vital to reliability. In this regard, the District took a r.ajor step forward during 1981. A new service center in the far northern portion of Sacramento County was dedicated in October. The fac'ility was increasing the total served to 343,159. Peak designed to efficiently serve a ra'pidly demand increased to a record 1,617 megawatts, and cu >tonwn, wt a new use record of 5.7 expanding portion of the electric system and billion kilowatt-hours. act as an example of energy conservation Ptuk demand and energy use will technology in commercial construction. Iloth condnue to incmaw as the nmnbn of passive design and active solar systems were used to make the Foothill Servic$ Center's custonwn, snwd grows, but conservation edoits am helping to curb that growth rate 68,000 square feet of work area one of the onmation is an important part of the region's most ambitious models for future planning process today, and SMUD is a construction. leader in this area. Many programs A slump in new construction activity dewtoped at SMUD help residential reduced hiring, but provided an opportunity for the District to move ahead with conversi$n '"tonwn, plan their energy use. Others of the existing distribution system to higher, provide the tcylmical expertise needed by businm and industry. more efficient voltages. Advanced planning enabled crews to take advantage of the I..inancial Act..tw.s wi reduced construction work load, and their efforts will result in substantial future in order to finant e capital programs savings of energy. mentioned earlier and to meet higher operating costs, the District sold two bond issues and had one rate increase. A 12 (.,ustomer Growth percent rate increase went into ef fect for all While the buildmg boom of recent years was customers in April. 'I he two bond issues reduced, the District still added 8,0o8 new totaling S110 milhon were soki in April (5;0 customers to the elettric system in 1981, milhon) and August (560 million) 1981.

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Sacramento Municipal Utility District tur, Provide relialile and courteous <ervice to its cu.s tomers. .M r-~rm s arm Ol'1 imING RI Vil W Capital from luth bond issues was earmarked Labor Agreement Reached for new construction. The District and PGandE are presently Following lengthy negotiations with the discussing possible amendments to the 1970 International Brotherhood of Electrical Power Sale and Integration Agreement. It is Workers (IBEW), the Board of Directors not expected that any modification will alter approved a three-year wage and benefits the District's ability to obtain backup power package which went into effect on January 1, to serve its load. Ilowever, the outcome of 1982. The negotiated settlement included the discussions may impact the cash flows a 9.6 percent wage increase the first year. relating to energy exchanged between the A formula based on the Consumer Price District and PGandE. Index will determine wage rates for the other two years covered by the agreement. Approximately 900 of the District's 2,001 Legal Act. ions personnel are m.cluded m. the bargaining During the year, a tentative settlement was unit represented by the IBEW. reached in a claim filed against the District in December, tne Board of Directors by Pacific Gas and Electric Company. PGandE approved a record $391 million budget for filed the $50-million claim as a result of plant 1982. This represents an increase of 34 outages at Rancho Seco in 1975 and 1976. The percent. New construction totalling $187 settlement was announced in December and million was cited as the primary reason for involved the District, PGandE, and four budgetary growth. Expenditures include vendors. This settlement calls for a cash federally mandated modifications affecting payment from the District to PGandE of $7.9 Rancho Seco and construction at the million. The District will receive payments District's geothermal project. and discounts from other entities totaling approximately $2.8 million and will be entitled b, 'jy i',. ' to bill PGandE at higher rates for capacity ' '+ '4 after the agreement is signed. The net cost to 3 e the District is expected to be approximately 1 $2.4 million. +S - ~ Settlement of another Pacific Gas and /. ,qq " ' 's ~ Electric Company claim was also reached

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California area during the summers of 1979, '.. f. f p -' 1980 and 1981, to maintain reliable electric -1. L.:. ~ ' service in Northern California at times when .s. .R ~ Rancho Seco was out of service. Under the SN1UD-PGandE contract, SN1UD is, under 'J some circumstances, obligated to reimburse e' ,A PGandE for a portion of such purchases. 'N- !4 : ~ - - PGandE's claim, presented in a far larger amount, was settled for 55.S million.

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Sacramento Muoicipal Utility District M OBJECTIVES The Mission Statement, adopted in 1981 by the SMUD Board of Directors, is featured throughout this Report. The following long-range objectives have been established to provide more precise direction and measure the succet 3 of District goals. C"O SMUD Mission and Functions E"C~ll Project Management To define the overall business of SMUD and 'li) establish and implement a formal communicate the District mission to SMUD mechanism of managing major projects. employees, customers and the community. _ m3 h..nancial Integn.ty

a. x C.i Energy Supply Planning

'Ib maintain the financial stability of SMUD To construct or contract for sufficient bulk while achieving a balance between the power to meet the forecasted load and requirements to supply the lowest long Lm ~ T. C] reserve ret}uirement. term cost power to the customer and the mquimnwn s o e ho Wr. s i UNCTIONAL AREAS E'?C3 Conservation Ta effectis ely promote the efficient and OC The Management Process effective use of energy and to keep peak To develop and maintain a management load of the District at the optimum levelin process that effectively utilizes all the accordance with the economics of alternative management functions so as to ensure that costs. SMUD meets its established objectives with ti S Quality of Service 'Ib develop standards reflecting acceptable C1 Relationship Hetween Management Staff and the Board and reliable levels of Quality of Service and to plan for their implementation. The 'Ib develop a relationship between the Board concept of Quality of Service includes all of Directors and the management staff actions which affect the delivery of power which results in an effective process of g to customers and the interface of the SMUD governance which ensures that the Board / employee with the customer. meets its responsibilities to the customers and community and that SMUD staff s l,ublic Safety manages the utility District with excellence. n a 'Ib promote public safety and to minimi/e r" 2] Govrrnmental Affairs potential hazard of SMOD activities to the pudic. To m aintain haison with regulatory and legi lative bodies and to provide u,. Employee Relat. m-ions constructive input which reflects the long 'Ib develop and maintain a climate that and short-term interests of SMUD encourages people to perform thoughtfully customers. "t' t A and well. 'Ib help each person achieve job EZI Public Affairs - Y satisfaction through work which contributes to personal and District objectives and 'Ib demonstrate the District is a well-offers the epportunity to gain recognition, organized, well-managed organization advancement, personal growth and financial working in the best interest of the customer. reward. To promote the safety of all SMUD 'Ib systematically ensum through accurate U employees. and truthful communication that SMUD's goals and objectives gain acceptance with U-Tl Productivity and Cost Management the customer and the commumtv. To effectively determine and control all costs ~ within the District and to ensure high levels of productivity.

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Sacramento Municipal Utility District BAI ANCE S!!EETS ASSETb IM G MBE R 31. 1981 1980 ELECIRIC UTILITY PLANT Plant in service, at original cost 5 963,631,079 $ 893,252,657 Less - accumulated depreciation 204,313,158 183,973,944 5 759,317,921 $ 709,278,713 Construction work in progress 85,658,152 77,491,680 Nuclear fuel, at cost less amortization 134,296,121 113,398,987 $ 979,272,194 $ 900,169,380 RESERVE Reserve funds, consisting of casts and securities at iUNDS cost which approximates anarket: For revenue tmnds 5 39,154,509 5 27,",70,228 For nuclear plant decommissioning (Note 1) 9,347,194 3,733,725 5 48,501,703 $ 31,303,953 CURRENT ASSETS Cash and marketable securities, at cost which approximates market - General fund S 46,175,589 $ 28,566,364 Restricted for payment of debt service 16,159,408 13,930,301 Accrued interest receivable 6,584,540 2,597,769 Accounts receivable - net - Customers 9,442,662 8,790,800 Sale of surplus power 8,364,283 13,323,171 Insurance claim 3,127,296 Suppliers (Note 4) 2,672,113 25,000 Other 1,960,889 1,536,295 Materials and supplies, at average cost 21,142,559 18,500,643 l' repayments and special deposits 6,331,226 1,192,614 Purchased power rate increase - esciiw deposit (Note 5) 29,890,937 19,077,662 5 151,851,502 5 109,540,619 DEFERRED Deferred settlement charges (Note 4) 5 5,100,000 CilARGES Other 9,569,487 8,243,919 5 14,669,487 8,293,919 $1,194,294,886 $1,049,307.871 The accompanying notes are an integral part of these bahnce sheets. I4

Sacramento Municipal Utility District / CAPITAL.lZATION AND LIAlllLITIES Di ct Miu n 31, 1981 1980 CAPITALIZATION Customers' equity employed in the business - Italance, beginning of year S 421,522,814 $ 3X6,271,433 Net revenue for the year 14,209,961 35,251,381 Total customers' etjuity 5 435,732,775 5 421,522,814 Long-term debt (Note 2) 607,819,668 509,576,740 51,043,552,443 5 931,099,554 Current I.iabilities: LIAI3ILITIES Commercial paper (Note 3) S 40,129,612 5 39,936,608 Accounts payable (Note 4) 32,141,798 17,492,178 Accrued salaries, wages and vacation pay 3,422,026 4,388,177 I ong-term debt due within one year 11,813,195 17,216,453 Accrued interest payable 10,331,330 6,935,742 Customers' deposits 4,250,269 3,234,806 Purchased power rate increase (Note 5) 31,441,635 21,292,669 l:nergy exchange payable (Note 1) 3,424,829 Other 4,440,555 3,977,959 5 141,395,249 5 114,474,592 Accrual for llecommissioning ' Vote 1) S 9,347,194 5 3,733,725 Conunitunents and Contingencies (Note 6) 51,191,294,886 $1,049,307,871 N. I; I a-

Sacramento Alunicipal Utility District STATEMENTS OF NET REVENUE ii ARS I NDI. D DI UMill R 31. 1981 19so 1979 OPEl(ATING f(EVENUES 1(esidential 5 82,788,985 5 68,446,205 5 60,836,900 Commercial and industrial 69,878,710 59,53x,580 52,643,857 Sales of surplus power (Note 1) 38,838,797 50,123,55.i 36,782,957 Other 3,293,721 2,670,409 2,536,610 Total operating revenues 5194,802,213 5180,778,746 5152,800,324 OPEl(NilNG Operation - EXPENSES Purchased power (Notes I and 5) 5 30,045,358 5 16,471,974 5 16,372,899 Nuclear fuel used for generation 18,940,165 19,601,196 21,212,516 Production 22,491,258 19,767,590 10,730,213 Other (Note 4) 36,729,658 25,805,044 21,606,979 Niaintenance 31,177,454 23,129,117 15,953,421 I)epreciation and decommissioning (Note 1) 31,016,096 27,453,759 22,694,566 lotal operating expenses 5170,399,989 5132,228,680 5108,570,594 Net operating revenue 5 24,402,224 5 4H,550,066 5 44,229,730 OTIIElt INCON1E Allowance for equity funds used during construction (Note 1) 3,777,059 3,555,268 2,035,702 Interest income and other 18,043,183 8,918,715 6,147,848 Net revenue before interest expense 5 46,222,466 5 61,024,049 5 52,413,280 INTEL (EST Interest on debt 37,212,324 29,470,088 27,130,261 EXPENSE Allowance for borrowed funds used during construction (Note 1) (5,199,819) (3,697,420) (2,193,976) Net revenue for the year 5 14,209,961 5 35,251,381 5 27,476,995 t he anompanying notes are an integral part of these statements. Io

Sacramento Municipal Utility Dibict STATEMENT S 01: ClI ANGES IN 1:lN ANCI AL l'OSITION il AR$ I ND1 D DE Cl Mlli R 31, 1981 1980 1979 FUNDS Operations - PROVIDED FROM Net revenue for the year 5 14,209,961 $ 35,251,381 S 27,476 995 Add non cash charges - Depreciation and decommissioning 31,016,096 27,453,759 22,694,566 Write-offs of generation projects 190,476 76,018 2,491,945 Add - Interest on debt 37,212,324 29,470,088 27,130,261 'Iotal available for revenue bond debt service S 82,628,857 $ 92,251,246 $ 79,793,767 Add - Nuclear fuel used for generation 18,940,165 19,601,196 21,212,516 'Iotal available for total debt service $101,569,022 5111,852,442 5101,006,283 Sale of electric revenue bonds $110,000,000 S 50,000,000 Sale of commercial paper - net 193,004 39.936,608 Decrease in working capital (excluding commercial paper) 15,366,123 Other - net 558,507 'Ibtal funds provided 5212,320,533 $167,155,173 $151,006,283 Debt service - FUNDS Revenue bonds 5 42,651,089 $ 36,802,255 5 34,040,486 USED FOR General obligation bonds 8,343,441 8.314,393 8,912,377 Total debt service 5 50,994,530 $ 45,116,648 $ 42,952,863 Additions to plant and nuclear fuel 125,448,897 116,211,971 103,707,051 Increase in working capital 15,583,230 642,963 Additions to reserve f unds 17,197,750 3,320,055 2,919,015 Interest on commercial paper 3,096,126 552.229 Other - net 1,954,270 784,391 Total funds used 5212,320,533 5167,155,173 $151,006,283 Nwnber of times debt service is covered by funds available: Revenue bonds 1.94 2.51 2.34 'Ibtal debt 1.99 2.48 2.35 '~ The auompanying notes are an integral part of these statements. l h

Sacramento Municipal Utility District W)161 O IlN ANCI AL STAT! AIFVI S m usumuummmmuuuu R ANIL TION AND EXEAfPTION acquires energy from PGandE as needed to NOTE I EROAfINCOAff TAXES.The Sacramento meet District requirements. Summary of S,igmficant i Iial Utility District was formed and The PGandE contract establishes an Accountmg Pohcies energy exchange account. W,ith the operates under the State of Caliform.a Municipal Utility District Act. The Act exception of energy deliveries to PGandE in confers upon the District the rights and excess of 350 million kwh, for which powers to fix rates and charges for PGandE makes payments to the District, all commodities or services furnished, to incur exchanges of energy between the parties are indebtedness and issue bonds or other made without payment. Energy delivered to obligations and, under certain circumstances, and obtained from PGandE under the to levy and collect ad valorem property exchange account is recorded as surplus taxes. The District's power to levy property power sales and purchased power expense, taxes is restricted by the California respectively, with the corresponding Constitution, Article Xill A, which places amounts due from or to PGandE reflected as limits on the taxing power of all California a deferred charge or as a current liability, public agencies. The District is exempt from Prior to 1981, energy exchange transactions pay ment of federal and state income taxes. were netted and reported as Sales of Surplus ,';f;" rt I as Sales AfE7710D DE ACCOUNTING. The District's books and accounts are based upon the of Surplus Power and Purchased Power; Uniform System of Accounts for Pubhc Utilities an'd Licensees prescribed by the prior years have been reclassified for comparability. Federal Energy Regulatory Commission, the same accounting system which investor-DEPRECIATION, A510RTILITION, AND owned electric utilities operating in California DEC05fAflSSIONING. The District provides are required to follow. for depreciation on the historical cost of SURPLUS POWER SALES. The District sells ' ' ' ' '. Y ~ P " '! " "" ' service-life basis at rates determmed by to Pacific Gas and Electric Company ". .. ""I"#E""""" ~ "" N* *" "8 (PGandE) the District's unused capacity and depreciation rates for Distnct plant for the energy generated but not required for g ggg 393g g 9979 District load. In addition, the District 1981 1980 1979 Intangible plant 3.06% 3.069 3.06% Generation - Hydro 1.50 1.53 1 43 Nuclear (excluding decommissioning) 3.52 3.44 3.30 Transmission 2.74 2.86 2.62 Distribution 2.90 2.94 3.00 General 4.52 5.04 5.47 Composite 2.93 2.93 2.85 't he costs of replacement property units are on the original cost of nuclear fuel plus charged to plant. Repair and maintenance estimated costs of disposal escalated for costs are charged to expense, including such inflation to the anticipated time of disposal. costs associated with refueling the Rancho Provisions for disposal costs, aggregating Seco nuclear plant. Rancho Seco was $31,028,000 at December 31,1981, are refueled in 1981 and 1980, but not in 1979. reflected as a reduction of the investment The District amortizes the cost of nuclear in nuclear tuel. fuel on a unit-of-production method, based

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Decommissioning of the nuclear plant has and 1979 amounted to approximately 6.8 NOTl! I been estimated at $103.5 million in current percent,6.1 pert ent and 5.9 percent, Summary of Significant dollars. Ihis amount will be reviewed and respectively, of chgible nuclear fuel and Accounting Policies adpsted periodically to relic (t the latest plant under construc tion. '" '" '""m h practices of nuclear plant decommissioning. g.77pf.g,f. f, g, g; t he lhstritt maintains a reserve fund to employees are covered by a (ontributory collet t decommissioning costs over the 3 - retirement plan adm..mistered by the l'ublic remaining life of the plant. I he 510.3 limplovces Retirement System (Pl!KS)..I he million is used as a basis for maintaining the Ihstric t.s pohcy is to fund retirement costs as accrual for decommissioning and for makiny' au rned. (-.ontributions for 1981,1980, anel cash deposits into the fund.1 und 1979 amounted to 58,328,000, 56,642,000, management is under District control. and ,121,tNK), respectively. I,liRS has

n AlI OWANClll'OR lilNDS flSI D DllRING reported that the District's share of the CONS 1RilC/10N.1 he total allowante for actuarially determined unfunded obligation funds used during construction in 1981,1980 as of June 30,1980 (date of latest actuarial report), was approximately 562 million.

l.ong-term debt outstanding at December 31,1981 and 19SO was as follows: NOTE 2 1981 19S0 " h "" '"* "' d " Revenue lionds 1:lectric Revenue lionds,4%M - 11%4,1982-2019 5177,400 5370,600 White Rot k l'roject lionds,3%M -74,1982-2010 87,155 88,605 UARP Refunding lionds, 3%4 -3%U,1982-1991 43,000 46,600 f.lectric Svstem lionds,3%S -3SU,19S2-1983 1,710 2,855 lotal Revenue lionds 5609,265 $508,660 General Obligation lionds, 2M -4%9,1982-1992 10,114 17,8S9 lotal lionds $619,379 5;26,549 Purthase Agreement,3%U,1982-2tMMI 1,302 1,318 5620,681 5527,897 i ess - tiond discount, White Rock Projett, Series C I,018 1,104 1.ess - Amount due within one year 11,813 17,216 5607,820 5;09.577 Debt maturities for the next five years are: 19S2 - $11.813,000,1983 - 512,978,000,1984 - $13,217,(N)0,1983 - 511,044,000; 1986 - $14,rm,000. .l he Distritt is authorized to issue value$t the District's conunertial paper was m NO l'l! 3 conunercial paper not to cuecd $50 million outstanding at an citettive interest rate of ,"* *"IdI EdPC' with a term not to exceed 270 days. A hne of 7.Sl percent. 'I he approximately ettective credit is maintained to support the sale of interest rate for the commer(ial paper sold m commercial paper. 'I he lhstrit t compensates 1981 was 7.51 percent, the approximate the baak for the line of credit by fee payments. average commer(ial paper outstanding 'I he line of credit was not used in 1981. was Slo,032,thh), and the as erage term As of December 31,1981,540,225,000 par was 2; days.

Sacramento Municipal Utility District NOTT:S TO FINANCIAL STATEMENTS NOTE 4 During 1981 the District reached tentative 1976 for purposes of surplus power billings PGandE Settlements settlements of two disputed claims advanced to l'GandE. by PGandE. 'Ihe claims sought recovery of The in-service date change will give rise to alleged costs incurred by PGandE as a result approximately $2.7 million of additional of Rancho Seco being out of service at billings to be collected from PGandE over various times due to unplanned shutdowns the next ten years, which amount has been resulting f rom mechanical failures. The deferred until recovered. Pursuant to an District agreed to settle the claims to avoid action by the District's Board of Directors, the higher costs of protracted negotiation the remaining $2.4 million of settlement and/or litigation. costs will be deferred and recovered from The first claim was based on outages that the District's customers through increased occurred during 1975 and 1976. PGandE future rates over a three-year period. sought. covery of $50 million alleged to be 'Ihe second claim sought recovery of $4 the difference between payments due under million alleged to be the cost incurred by a contract which took effect when Rancho PGandE to obtain capacity from outside the Seco began commercial operation and those northern California area during a 1979 due under an earlier contract. Under the outage at Rancho Seco. PGandE informally settlement, the District will pay PCandE $7.9 presented additional claims for similar million and will recover $2.8 million from outages in 19S0 and 1981 which escalated the certain suppliers of equipment and services total claimed, including interest, to $12.2 for the Rancho Seco plant. In addition, the million. The District agreed to pay PGandE date of commercial availability of the Rancho $3.8 million in settlement, which was Seco plant will be changed to December 1, charged to operations in 1981. NOTE 5 On May 25,1978 and November 1,1979, June 25,1979, the United States District Purchased Power Rate interim rate increases for power purchased Court for the Eastern District of California increase from the Central Valley Project (CVP) were granted a motion for summary judgment placed into effect by the U.S. Department of against the District. On August 13,1981, the Energy. The estimated annual billing United States Court of Appeals for the Ninth mcrease to the District under these interim Circuit reversed the District Court judgment rates is approximately 57.7 million. The and remanded the case to the District Court proposed rates will not become final until for trial. On January 27,1982, the Ninth they are confirmed and approved by the Circuit denied a petition of the United States Federal Energy Regulatory Commisshn. for rehearing. The District is presently depositing into The District cannot at this time estimate escrow that portion of each monthly bill how much, if any, of the amounta paid into representing the increase over the rates in escrow will be returned to it if it is successful effect before May 25,1978, pending in the lawsuit. Currently, the entire billing y conclusion of a lawsuit filed against the increase is included in Purchased Power District by the United States to obtain a Expense with the cumulative amount of judicial ruling on the District's contention 531,442,0lM1 recorded as Purchased Power that the criteria being used in the rate Rate Increase, a current liability. The proceedings are not in accord with a rate deposits in escrow at December 31,1981, modification formula in the contract under were $29,891,000. which the District purchases CVP power. On

Sacramento Municipal Utility District NOTES TO i lN ANCI AL STATEMENTS Estimated construction and nuclear fuel facilities violates the antitrust laws. NOTE 6 expenditures in 1982 are $186,522,(XX) and Management is unable to predict what Commitments and $25,298,(MX), respectively. The total cost of effect, if any, the ultimate outcome of these Contir.gencies nuclear fuel under contracts for future suits may have on future operations. Ilut, reloads (covering the period 1982 to 1990)is after evaluating this claim and discussing it estimated to be approximately $183,lRX1,(M)0. with staff counsel and with the law firm The District is a defendant in various retained to defend the District, management actions including a suit fih :i by 13 electrical is of the opinion that the effect on the contractors alleging that the District's accompanying financial statements will not practice of constructing its own distribution be material. AUDITORS' REPOI T To the lloard of Directors of Sacramento Municipal Utility District: AUDITORS' REPORT We have e> amined the balance sheets of Sacramento Municipal Utility District (a political sub-division of the State of California) as of December 31,1981 and 1980, and the related statements oi net revenue and changes in financial position for each of the three years in the period ended December 31,1981. Our examinations were made in accordance with generally accepted audit-ing standards and, accordingly, included such tests of the accounting records and such other / auditing procedures as we considered necessary in the circumstances. In our auditors' report dated January 30,1981, our opinion on the 1980 and 1979 financial statements was qualified as being subject to the settlement of two claims by Pacific Cas and Electric C npany. Additionally, such opinion was qualified as being subject to the settlement of a lawsuit filed against the District by the United States. As explained in Note 4, the claims of I acific Gas and Electric Company have been settled and the resulting financial effect recorded during 1981. Accordingly, our present opinion on the 1980 and 1979 financial statements, as presented herein, is different from that expressed in our previous report regarding the Pacific Gas and Electric Company claims Our present opinion continues 'he qualification relating to the lawsuit filed against the District by the United States. As discussed further in Note 5, during 1978 and 1979, the U.S. Department of Energy s,. iced into effect interim rate increases. The District has recorded t;.e related billings of 531,441,000 as purchased power expense but is currently placing funds for payment in escrow. 't he District contends that the interim rate increases are not in accordance with its purchased power con-tract. The United States has filed a lawsuit against the District to obtain a judicial ruling on this matter. The District cannot determine at this time how much, if any, of the $29,891,0(x) depos-ited in escrow will be refunded if it is successful in this action. In our opinion, subject to the ef fect of any adjustments that might have been required had the a outcome of the lawsuit discussed above been known, the financial statements referred to above present fairly the financial position of Sacramento Municipal Utility District as of December 31, 1981 and 1980, and the results of its operations and the changes in its financial position for each of the three years in the period ended December 31,1981, in conformity with generally accepted accounting principles applied on a consistent basis. San t ranowo. Cahtorma ARillCR ANDI R$1 N & CO. January 29.19s2

Sacramento Municipal Utility District If!. 4-Yi. A d S UINi ~ I. i RY 1981 1980 OPERATING Customers at Year-End 343,159 335,091 STATISTICS KWii Sales (in thousands): Sales to Customers - Residential 2,794,412 2,587,168 Commercial, Industrial, and Other 2,900,053 2,764,700 Total 5,694,465 5,351,868 Sale of Surplus Power 1,312,902 3,322,822 Total 7,007,367 8,674,690 Revenue (in thousands of dollars): Sales to Customers - Residential 5 82,789 $ 68,446 Commercial, Industrial, and Other 73,174 62,209 Total 5 155,963 $ 130,655 Sale of Surplus Power 38,839 50,124 Total 5 194,802 $ 180,779 Average KWil Sales per Residential Customer 9,211 8,776 Average Revenue per Residential KWil Sold 2.96c 2.65e Power Supply (KWil in thousands): Ilydroelectric Generation 1,267,717 2,595,983 Nuclear Generation 2,624,286 4,408,698 Purchases 3,467,830 1,915,860 System Peak Demand - KW 1,617,028 1,573,967 Equivalent Full-Time Emplovees at Year-End 2,001 1,868 FINANClAL Operating Revenues STATISTICS Operating Expenses (in thousands of dollars) Purchased Power 5 30,045 16,472 Operation, Maintenance, and Taxes 109,339 88,303 Depreciation and Decommissiening 31,016 27,454 Total operating expenses 5 170,400 $ 132,229 Net operating revenue 5 24,402 $ 48,550 Otfrer income 21,820 12,474 Net revenue before interest expense 5 46,222 $ 61,024 Interest Erpense 32,012 25,773 Net revenue for the year 5 14,210 $ 35,251 Times Debt Service Earned - Revenue Bonds 1.9 2.5 Bonds Repaid 5 17,170 16,485 Electric Utility Plant - net 5 979,272 $ 900,169 Capitalization: Long-Term Debt 5 607,820 $ 509,577 Customers' Equity 5 435,733 $ 421,523

Sacramento Municipal Utility District 1979 1978 1977 1976 1975 1974 1973 1972 324,438 309,735 296,541 282,621 273,259 264,159 254,646 245,449 2,678,806 2,458,990 2.222,998 2,102,7(M 2,034,017 1,903,777 1,873,373 1,732,798 2,792,225 2,691,876 2,544,239 2,504,313 2,376,723 2,227,059 2,334,503 2,204,425 5,471,031 5,150,866 4,767,237 4,607,017 4,410,740 4,130,836 4,207,876 3,937,223 3,898,668 3,126,428 3,376,057 1,425,488 2,552,978 9,367,699 8,277,294 8,143,294 6,032,505 6,963,718 4,130,836 4,207,876 3,937,223 $ 60,837 $ 53,955 $ 44,497 $ 40,553 $ 35,188 5 32,497 5 29,686 $ 26,624 55,180 51,164 44,316 41,405 35,497 32,430 30,957 28,048 $ 116,017 $ 105,119 $ 88,813 $ 81,938 $ 70,685 $ 64,927 $ 60,643 $ 54,672 36,783 31,725 35,270 25,824 31,061 $ 152,800 $ 136,844 $ 124,083 $ 107,782 $ 101,746 5 61,927 $ 60,643 $ 54,672 9,446 9,091 8,597 8,491 8,500 8,244 8,416 8,116 2.27e 2.19e 2.00e 1.93e 1.73e 1.71e 1.58e 1.54e 1,673,322 1,705,497 209,717 1,038,936 2,023,803 2,584,467 1,853,006 1,591,129 5,717,476 4,965,812 5,870,832 2,181,261 2,472,624 207,223 2,255,072 1,911,454 2,356,530 3,121,918 2,733,314 1,603,556 2,586,927 2,636,552 1,546,785 1,577,785 1,353,589 1,329,983 1,272,389 1,201,188 1,173,588 1,099,188 1,764 1,678 1,559 1,442 1,447 1,375 1,302 1,242 $ 152,800 $ 136,844 $ 124,083 $ 107,782 $ 101,746 $ 64,927 $ 60,643 $ 54,672 16,373 11,907 9,480 12,479 10,560 8,059 9,914 10,600 69,502 55,905 56,205 36,367 38,838 16,811 14,504 13,153 22,695 21,769 20,795 20,552 18,227 8,010 7,698 7,337 $ 108,570 $ 89,581 $ 86,480 $ 69,398 $ 67,625 $ 32,880 $ 32,116 $ 31,090 $ 44,230 $ 47,263 $ 37,603 $ 38,384 $ 34,121 $ 32,047 $ 28,527 $ 23,582 8,183 6,241 5,284 5,254 8,986 29,976 23,377 15,017 5 52,413 $ 53,5(M $ 42,887 $ 43,638 $ 43,107 $ 62,023 $ 51,904 $ 38,599 24,936 23,920 24,568 24.946 25,226 25,762 22,524 18,658 $ 27,477 $ 29,584 5 18,319 18,692 ] 17,881 $ 36,261 $ 29,380 19,941 2.3 2.5 2.2 2.2 2.I 2.4 2.4 2.1 16,047 15,566 16,657 15,648 15,145 11,053 6,607 6,237 $ 829,455 $ 771,499 $ 739,185 $ 729,178 $ 722,081 $ 705,812 5 649,036 $ 571,896 $ 526,737 $ 493,205 $ 469,225 $ 484,827 $ 478,159 $ 494,165 $ 509,671 $ 420,093 $ 386,271 $ 358,794 $ 329,210 $ 310,892 $ 292,200 $ 274,319 $ 238,059 $ 208,679

Sacramento Municipal Utility District wh \\ttract anil retain hi4h tjnalitti cinpinytces M lilGill.IGIIIS ~ l l l l STA'IISIICAL 1981 1980 1979

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2*; d l'EAK DI M AND ,97g (MW) 1977 0 400 800 1200 1600 UaL : :. ::.?::"l?23 NUCl.EAll 3.0 6.5 GENEl(ATION (IIII. LIONS KWil) 5.2 Aw 2.4 3.9 1.8 r=:;c-- >i ilYDi(OEl.1 CTitlC 2.6 1.2 GENEl(ATION (llit. LIONS KWlH 1.3 .6 0 0 1977 1978 1979 1980 1981 1977 1978 1979 1980 1981 NucIcar llwinvia tric L e g r f;$ m i us,z CUSTOMEllS AT 4.0 6.5 YEAll END (IlUNDi(EDS OF TilOUS ANDS) 5.2 j 3.0 _p 'I 3.9 n ~_ cr ' KWil SALES 2.6 (Illi.l. IONS) 1.3 0 0 1977 1978 1979 1980 1981 1977 1978 1979 1980 1981 Custonters Sales

l Sacramento Municipal Utility District VTv 3 ':- BOARD OF DIRECIORS Paul W. Carr, President SMUD Ann L. Taylor, Vice President DIRECTORY Richard D. Castro John T. Kehoe Donald C. hicClain OIIICERS William C. Walbridge, General hianager John J. hiattimoc, Assistant General hianager and Chief Engineer William K. Latham, Assistant General hianager, Operations Kenneth J. h!ellor, Assistant General hianager and Treasurer Earl h1. Gabrielli, Assistant General hlanager, Commercial William J. Ilammond, Assistant General hianager, Services David S. Kaplan, General Counsel and Secretary DEPARThtENT Betty Doles, Land h1ANAGERS William J. Condon, Data Pnicessing Diane L. Demanett, Customer Services John D. Dunn, Transmission & Distnbution Operations 1.co A. Fassler, Distribution Planning George F. Fraser, Distribution Construction John P. Ililtz, liydro Operations Phillip H. Ilollick, Conservation Donald W. Ilowton, Consumer Relations Gordon B. hierrill, Purchases and Stores Dallas G. Raasch, Generation Engineering John L. Ravera, Engineering l Ronald J. Rodriguez, Nuclear Operations Pamela O. Stewart, Personnel Frank hl. Tmdal, Controller, Accounting John i1. Niichelmore, Director of Planning and Budget Donald W. hlartin, Executive Assistant BOND COUNSEL Orrick, Ilerrington, & Sutclif fe, San Francisco TRUSTEE AND PAYING Bank of America National Trust and Savings Association, AGENT San Francisco PAYING AGENTS Citibank, N.A., New York The First National Bank of Chicago, Chicago 1 L ENGINEERS R. W. Beck and Asweiates, Sacramento AUDITORS Arthur Andersen & Co., San Francisco IINANCING lxhman Brothers Kuhn I.oeb incorporated, New York CONSULTANTS h1AIN OIIICES Sacramento N1unicipal Utility District 6201 S Street (P.O. Box 15S30), Sacramento, CA 9%17 (m) 452-3211

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