ML20052B299
| ML20052B299 | |
| Person / Time | |
|---|---|
| Site: | Fort Saint Vrain  |
| Issue date: | 02/05/1982 |
| From: | Walker R PUBLIC SERVICE CO. OF COLORADO |
| To: | |
| Shared Package | |
| ML20052B294 | List: |
| References | |
| NUDOCS 8204300267 | |
| Download: ML20052B299 (52) | |
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We're in the natural cas business as the
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Annual Meet.ing It's a Century Later and major d:strioutor to customers We're Serving Another throughout the state, heating their Annual Meeting Scheduled May 4 homes and fuehng a gamut of industrial Colorado Frontier processes. The 1982 Annual Meet:ng of Shareholders wn! be he!d Tuesday, May Pubhc Service Company of Colorado 4 This year's meeting is at Boettcher was in business more than 100 years Not only do we supply energy, but we Concert Hay in the D 3nver Center for ago when people came in search of search for it . . broadening our the Performing Atts,;ocated at 95013th gold and sdver. We helped them build programs to find and deliver to an Street, just a few blocks from the cities and rai! roads, businesser and energyoriented society the oil and gas Company's headquarters in downtown farm; ands. that lies waiting beneath the vast Rocky Denver. The meeting will begin at 2.00 Mountain region. p.m.tMDT) Not:ce of the Annua! Now Coloradans are looking for oil, Meeting. proxy statements and forms natural gas, shale, coal and other To stay in step with the state's are maPed appronmately 30 days energy sources. Once again, we're expanding economy, we should keep before the meeting date. Management helping . . by provid:ng the e!ectricity build.ng electric generating facihties, looks forward to welcoming all and natural gas for these emerging And we're going to keep seeking shareholders who wdl be able to attend technologies and the society they breed, opportunities for corporate growth. In and by constantly planning for the this way, we will be around when For Additional Information . . energy needs of thosa inevitable Co!orado's next f rontier comes along. A cooy of Pubhc Service Company's tomorrows. 1931 Annua! Report to the Secunties and Exchange Commission on Form Of course,we're much more 10-K and the 1971-1981 Financial and sopnisticated now . . and a lot bigger. Statisttcal Review may te obtained We've built a network of techno!ogically-withuut charge by returning the request advanced electric generating facihties. card located on the inside back cover of And, for the most part, we run our piants this Annual Report, or by w riting to with coal - the least expensive, most Shamholder Services, P.O Box 840, abundant fuet avaPable to us. That helps Denver, Cdorado 80201. keep our costs to our customers as low as poss;ble in an age of rampant inf!ation. And we have a high-temperature, gas-cooled nuc! ear plant that is one of the most therma! efficient units youll find in the power industry. Service Territory Map Pudc Service Company Serv:ce Ternt;ry Amas w%e Fue.co hat te. ,ed acney Od sh.3:e devetot>T',ent
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l L TableofContents <2 1y p __
' Financial High!ights < 1' t s 1981 ln Retrospect - 2 ManagementCommentary 4-ALookAhead ,6 FinancialProfile '12 OperationsReview - 14
' ShareholderInformation '19 -?
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Operating and Financial Data'~ 21 - Consolidated Financial lnformation 25 'h s Boardof DirectoraandOfficers 48 s 4
- Public Service Company of Colorado is an ,.
- Investor-owned electric, natural gas and j-steam utility. The Company has six s i, i -
subsidiaries Cheyenne Ught, Fuel and :
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Power Company; Home Ught and Power _\'s .X ;s Company; Fuel Resources Development
- Co.'(Fuelco); Western Slope Gas a'~~
Company; Bannock Center Corp.; and /!, :p, b, 1480 Welton, Inc. A Noto To Shareholders: ' The 1981 Annual Report is layered to provide {~
- you with as much information about the Company as you need. The Year in Retrospect is designed to g;m you a brief report on the major events of 1981. The Management -
Commentary presents a broad overview of objectives, st- ategies and accomplishments. Subsequent sections categorize and expand the information presented in these two , sections. - 3, W
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Finmcial Highlights , Financial 1981 1980 % Change Earnings Per Share $1.97 51.92 2.6 - 0 vidends Paid Per Share $1.66 s?' 1 60 3.8 Return on Average Eqwty s 12.1 % 11.6 % h4.3 Common Equity Ratio (Year-Erc . 38.9% ' 375 % 26
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Operat:ng Revenues (000) $1,336,171 51.155,644 15.6 x Operat'ag Expenses (000) $1,195,115 $1,033.316 15.7 Net income (000) $ 100,755 $ 85.027 18 5 ,, Capital Expenditures (000) $ 256.747 5 262.604 (2.2) Plant Investment (000) $2,754,493 52.516,433 9.5 Operations ' Electric Reveaues Non) $,742,h 3 ' g r).749 15.8 "13473 Kdowa't-Hour Sales (M4cos) . f 5.194 1.8 Electric Customers 846.130 820.512 3.1 e
% Revenues (300) $ 582,434 $r
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15.8 Mcf Sales (000) 176,120 (13.4) .- Gas Customers 701,332 a 3.0
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Rate Increase Brightens 1981 In Retrospect outiook for '82 The Company received a rate increase A Year Marked by Recovery of $120 moon in Decemte The And Unusual Weather request was for $189 maon. The 9% The mmsures of our f nancLo hoattn revenue increase is s.gnificant because conpued to ;mpn Ae Wad :/ throu';hout it wei he'p propel tho Con'pany toward Pt Yc7:end eam:ngs of $197 per maching some of its financial objechves shr) nened h nct as dramanc a', for 1932. W,th Lmited p'anned the year be' ore end somewhat short of emerid.tures for the construction of new &' earbor CCmpany eroectabona Energy maior generatnq facMen, the h;gher Jl % sab growth rates pummetod :n the re,enues shou'd en< 'e us to earn 'P ' j tace of the necond warmer t year :n 110 cioxr to the 15 7"; 9ced retum on y. , ,, Eha'eho!ders' in'/estnient E N voarn of Denvor's recordo1 vrather h story We e t. mate that ite low ,' en;y sak atorrny a"ected earninct;
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by at N st 15 cert < nd pe ; biy c c ~ New Power Plant Gives System , ij f to ' u cere pa r"are Bm the ce A Much Needed Boost ?. Mg & Wd cam;mr r hou!d not The Pawnee electnc generat;ng p' ant a
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.y oxtaudow th' overal improvemon's was brought on hne for commercial p "y-rnt in the Comcany~s fmnt J cperat:on in December The 500 p cem : o, nmenwatt coa'f tred 'nt boost'; the .
Company s generapng capacity by { p Re inwtu; for v conto ed r ccury approomavy 20% With firrn J from th" anma 4 d tecu! : of 1979 purchaTd power agreemems now f , wa r ; !!on < ' vora! x+b c repatory undy cordract we expect to meet E-
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, opicv.d wah n 'ne p.ict icio y e ; ci prcpcTd peak cemand per ods through [ n _ N;Mr pnces fcr un .ty ,scE:o,er at least the next 5 years. [ cceporate borrow nas dunt'q a t.me of 6'u. ; p. >
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With tne comp;etion of Pawnee. no aaw - m .., m a . ,, rn >w c,enorating plant is urdar construchon and none can be started before late Dividend increase Condstent 1 1933 Managernent uH contnue 6 defec With Financialiswth constructon of al ma;or ne"; gonerating The annual da.wnd rate on jntand ng f acnt es untd it appears that capitat can ccmnion Wck wa'; ran oj to $' C8 tA rMod at reasonab!e coS' and W;thout por 'lare Thd 5% incroww i e confccat og sharehoicer assets through keen na W.!h manam?nintN poLCV, the Ea'e of c9mmon stock lMldW book '.at eCt to trie COmDany U lona-range "ae Shareho!ders endomed thW n.cu onecues to men ponon in tne form of a retaunon roeanna'!!! grC'./th and iF 0 Idr increases pas 5ed at the 1931 Annual Veehng. in dus:dend j n' >Y4 7 ut Cor 7 + l 1 y PSie 'i C,4 \ 1(w + d tO ' Ine nca Paivnec cdan: Mi hev the Co:1:cany stem the (de of nsing energy demYd2 e _A 4 l ( 4 s. ~ ( 1 f i ..,'@' ysin s ate y w- * .f $.u > gg.., .#. T d ~ $ 'i - dk i (Y " **).?.--7 .,f i_'[.
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,1 3 - h /I ; y. ;j ' + ~~ e .~'w u h^ fy,' f. 9 !,,jk I5 g 't I ' ' Y, y IP i e g.-- ' + 3 . u 8- o *g - ' ^ .L' _ g' i .. .u g; -h$ - - .a / For the longer term, purchased power is Capital Management Commentary not a oracnea! answer to our supp!y Tne bottom Ene in any construction situation Its avabbity in the late 1980s program is capital the dollars invested Of all the complex issues inherent in is hkely to d m:nsh. its price will be in our business . . the third part of the Colorado's growth, energy supply is higher Our system does not have utaty tnang:e The abihty to attract perhaps the mcst basic and difficult. The enough electnc goneracng capab5 y to investment dollars on reasonable terms dehcate balance of factors that influence meet the enmgy demands expected in in today's capital markets may be the supply are not as well understood as the late 1980s and 1990s Thn Dnngs us singie most important element of our they need to be. Nevertheless, the to the second po nt in the utNty triang'e. bus: ness This is best il!ustrated by our consequence of inadequate energy is a expenence with the butiding of Pawnee. harsh reality. New Facilities The decis:ons that now have to be made The onginal cost of the plant doubled We serve electricity and natural gas to regarrang the construct'on of new because of rampant inf!abon and the Colorado's most populated areas. Our facint:es are pivotal They hold the key to record-high inlerest rates we had to pay utihty system is at the core of the state's the quahty of service we wll be capable for borrowing money. We were forced to industrial strength and sociai fabric. The of prov;c.no by the end of this decade. sel1 sizab!e amounts of common stock at emergence of Colorado as an oil sha!c The rnargin of olecinc suppty is the pnces we:I be!ow book value. These center and a steady influx of newcomers determtn:nq factor in prox! ng the Circum 3tances brought us to the brink of in search of a more abundant hfe give pubhc Dom disrupSve shortages. a cred,t ensis in 1979 and early 1980. A rise to growth projections that are reduction in our construction nothing short of d amatic. Maaagement is conwnced that neN emend:tures in 1980 and 1981 he' ped in generating f acihties wul be needed. We large measure to put us on the road to One difficulty in preparing for the future expect overal1 growth in e!ectric demand f,nancial recovery. is that our view of the future keeps to be higher than popu!ation growth changing Even more difficult is the because of the construct *on of large Management and shareho!ders jointly complex nature of the Utaty itself. office and residontml budd.ngs, and the resolved at our last Annual Meeting to Solutions to the energy supply dilemma development of tne o:1 shai, industry prevent such a crisis from happening are couched in the three most and otner energy 4ntenmve industr*s. again. We wdl not commit ourselves to fundamental aspects of our business: There is room. however. in determining bunding new generating facities until service, facihties and capita.'. the rr agnitude of our construct;on capital flows into our business on program. Cnanc:ng trends in growth reasonab!e terms and we receive Service rates, consumer conservahon and appropriate regu!atory assurances that Service is the basic measure in this uncertaint:es in the development of od wdl help us see new construction to utMty inangle. We are confident that we sha!e make precte forecasting corrp!etion wol be able to serve, adequately and impowbie. rehably, the electric demands of our Among these assurances are regulatory service terntory through at least 1985. If we are co>ng to meet energy neods pnnciples that wd! enab!e us to recover We brought the Pawnee plant on line in antic pated by the end of the 1980s. the cost of f;nancing in a new plant as December, increasing our generating whatever their d,mensions, we must roon as construction beg,ns. But we capabWty by approximate!y 20% reckon w,th the Engthy process of must be qu:ck to point out that Significant progress was made in seeking permits for budd:nq new power regulation alore does not and cannot attempt ng to obtain approval to ope ate p! ants now Actual construction time for guarantee financial integnty. We are also our nuclear plant at its full capacity. We a generatmc un t is ?5 years af ter subiect to the forces of the markets in also have arranged for the purchase of necessary apcrova!s are received wNch we compete for capita; power from other utMties, which putting the earliest :naugura!,on date for Pegu!ation's role is to provide a reakstic combined with Company generation, will such a unit somewnn e in 1987 or 1988. opportunity for us to achieve good assure us of a supply that is somewhat financial results in that marketplace. in excess of our peak demand projections. 4 t Hesponsibihty Diversincation I I ei l uI a g'- k y & q x . a { l \ The demands th!s growth w:ll place on We expect to set the approval process A Look Ahead cotorado s economy cannot be in mot;0n in 1982. But untd a sidesteppod And that inc!ades the need commitment is made to bund a facdity They come to Colorado in droves. Some for un!,1y services During the next we wdl remain f;ex.bte with respect to stat stics tell us that 100 people move decade, we expect electric salos to the scope of our construction program, into the stata every day. We know that increase at about a 4% ennual rate, the changing demands of the service our annual gas and electric customer be:ng somewhat tempered from past terntory, select on of other plant sites growth rate over the past 10 years has growth rates by the rising costs for ut hty and af ternative strategies in so!ving the floated between 4 and 5%. In the next services and conservation Gos sa!es energy supply dJemmi 10 years, annual growth is projected to are bkely to gcow at about 2% annua 4y. be in the 3-4% range. Spending Scenarios We must have sutf tcient generating Since the t; ming of expenditures on The 1980 census recorded the state s capabaty or purchased power to meet add,tional generanng units is uncertain population at 2.9 mMon. By the year tne maWmum demand our customers at th:s point, we have created a range of 2000, the population shou ld be can place on our systern at any given scenarios for construction expenditures approaching 4.5 mEon We eshmate time. Dunng the next hve years, this rate during the next several years. If we do that almost 80% of the state's of increase is projected at 4% annua:iy. not construct new generating units. we population lives in our service tenitory. foresee expend.tures averaging about By far the largest concentrabon is in the New Plant Needed $240 m@on a year, for a total of $1.2 Denver metropolitan area This projected growth ind, cates a need b@on through 1986. That entire amount for addmonal generatng facihties beyond is for repair and upgrad.ng of eWsting Denver is a city in transition. It has 1985. We have Company-owned plant, additional transmission and emerged as the commercial, financial, capacity and sufficient purchased power distnbunon facMes. and subsid.ary cultural and transportabon hub of the under contract to meet projected peak spending. Rocky Mountain West. New office demand periocs through that time. New skyscrapers on almost every other capac:ty must be obtained for the If we decide to construct new un;ts, downtown corner attest to its new-found demands of the late 1980s. Purchased beginning no sooner than late 1983, we prominence. The influx of a gamut of power avalabity is almo5t certa:nly wdl require approximately an additional service businesses is part of the expected to f acer o!! as other utSt:es $960 mdhon during the next five years. supporting cast of energy exp!orat on meet tne increased demands on tneir and production industnes that are systems This wouid bnng construcbon mak:ng Cciorado tne newest energy expenditures to $2.1 bukon for the hve frontier. Our load forecast ind= cates the need for years ended 1986. Wnichever scenario two adc:tional 500 megawatt coal-fired is chosen. we intend to manage our Oil Shale Growth units to be completed in the next 10 expansion orograms with a clear view of The development of oil shale and other years. A potenhal site for these Unds is a!! the risks involved. The scenario we energy sources on Colorado's Westem located along the Arkansas River in choose wm be the one inat w:l! continue Slope is turning "one-gas-station" towns Southeastem Colorado. The projected our financial recovery and accomphsh into fledghng metropohtan centers. One cost of the units is $1.5 b%on. Site cur ambittous long-term objectives. scenano caus for od sha!e production of acquismon work and prehminary 250.000 barrels a day by 1940. 900.000 engineering have been started so that Regulatory issues barrels daily by the year 2000. The v.e wm be able to compiete the first unit Future d;rections for our Company wal comp!exity of the issues surround!ng the exped:tiously if and when circumstances be guided, in part, by what transo:res in development of energy sources makes permit. It wou!d 19e approomate!y 15 - the regu!atory arena. There are two precise forecasting d ff cult. Federal months just to get the necessary significant issues that we li focus on in subsidies wul st:mulate at least approva!s Add at least another four and the near future a fu!! future test year moderate production levels. By 1990, we a half years to construct the first unit. A and a cash return on construction work e>pect to be proviGng 300 megawatts of second unit would require two more in progress (CWIPL The use of 1981 electricity to oil shale f acetes in our years. forecasted data in determining rates in service terntory. the December rate case decision was a progressive stride in combating the tradit:onal prob'em of regulatory lag. 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.z - ~ <- 2 - " f )? . /g - ? m,,' ~' ~ 1 M e. %^ a f, %s a.; , T t 1 3 -W" Construction Expenditures The rate increase request was based on Financial Profile Construction expenditures in 1981 were operating and financial data projected _ tnmmed to $257 million from the original for calendar year 1981. In its decision, As a regulated pubHc utihty, we are budget of $262 mi!Uon. This compares the CPUC authorized an overall rate of obliged to provide all of the electncity wdh expenditures of $263 mdlion in 1980 return on Company plant investment of and natural gas needs of our customers. and $321 milhon in 1979. The trend 10.75%. This was an increase from As an investorowned corporation, we toward lower annual spending resu!!s 10.19%, but less than the 12.09% have an obhgaho!, to provide primarily from reduced expenditures on requested. Included in the overal! rate of shareholders with a compensatory Pawnee, which was in the final phases return authorized was a return on return on their investment of completion, and deferment of shareholders' common equity of 15.7%, construction on new generating facilities. up f rom 15.45%, but less than the in recent years we have been unabie to We have budgeted $287 milhon for 16.29% requested. earn the cost of common equity 1982. authorized by the Coforado Pubhc The major portion of the revenues Ut:hties Commission Because of that in June, the Company sold 3.5 million disallowed in our request was $40 inabihty we have come to grips with an shares of common stock to the public at million, which related to a 1.1% overall inconsistency in our fundamentcl $15 per share. Net proceeds to the rate of return allowance for attrition. obhgations. We cannot cehver increasing Company totaled $50.5 million. We Attrition. in the financial sense, refers to amounts of energy in the absence of realized an additional $18.7 mi' lion of the shortfall between what we actually adequate earnings. This obhgat;cn to equity through the sale of shares under earn on investment and what the serve can be undertaken only with:n the the Employee Stock Ownership Plan regulatory commission allows us to eam. hmitations of the financial markets (ESOP) and Dividend Reinvestment Plan Attrition has been a major problem for (DRP). us - and most other utikties - The 4fficultfes of the past evolve from because our actual cost of providing inf;ation, inadequate rate reket and, mest Financing in 1981 was completed with ser/ ice has risen faster than the of all, from our construction program the sale in December of $50 million of revenues we receive from our We have spent nearly a half bdbon First Mortgage Bonds. Net proceeds customers. The pomary causes are dnllars on the Pawnee p! ant since 1976. amounted to $49.5 million. The 30-year rapid increases in unrecovered operating The cost of financing this facihty caused bonds were so!d at a small discount and Costs, large increases in Capital costs a senous financial strain in early 1980. carry an interest rate of 16% % above those already allowed and faster Drastic construction cutbacks and timely increases in plant costs - all of which rate rehef carned us through that The Company issued $27.4 million First are attnbutable to high rates of inflation. financially turt,u!ent period Mortgage Bonds, Pollution Control Series D, at an interest rate of 13% %. These Western Slope Gas Company, our Management and shareho!ders have bonds, which mature in 2011, were sold wholly-owned natural gas transmission jointly taken action to avoid a simHar to partially refinance $37 million of two- subsidiary, received a $5.8 milFon situation in the future Management has year,9%% notes issued in early 1980. increase in annual revenues on taKen the position that the Company's November 26. The new rates represent financial integnty can no longer be Rate Increases a 3.3% increase and %% of the jeopard: zed by undertak:ng large capita! On December 2,1981, the Company amount requested in May. commitments until there is an apparent placed into effect new rates for electric, abihty to raise cap:tal withcut reducing gas and steam services that will shareholder assets through the sa!e of increase annual revenues by $120.2 common stock be!ow tx)ok value. milhon. These new rates represent an 8.8% overall revenue increase and 64% of the $188.6 milkon requested in May 1981. 12 l l l - -x - A , -4) - . , ,s 'Q *4 % 7, ..,. N,[ h. .;j. ' .
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.- ;. ? ^ - -.. I , l s ; ' - ~ ' - . if, 'u-g , + - 4 .Y ' .. w ' ' ..' jw , L - )n . _ ' ' g_ , ,. . ' ~. , - . , s *- .g g , ,s. 2 p * . ,- h * * .+ - t .,s *y,., - y . .- , . y ., .: . - -', .. , .. . . .. . .n.. r. .. --- ~s.-,._-__ i 9 i Coal Usage The supply picture has improved to a Western Slope's wellhead reserves at Approximately 6.1 mdlion tons of coal point where we are confident of having year end totaled 347 billion cubic feet were bumed at all of the Company's an adequate gas supply for all new under contracts covering 438 wells fossil fuel generating plants in 1981, residential customers and small connected to its systems. During the 13.5% more than in 1980. The commercial customers in the year, Westem Slope acquired production increased use of coal was partia4y a foreseeable future. There have been no rights to 39 new wells and connected 56 result of reduced natural gas usage. substantial or prolonged weather-related wells. Westem Slope purchased 52.6 Some units were fired with gas until curtailments of interruptible customers mil! ion Mcf of natural gas in 1981. potiution control equipment cou!d be during the past two heating seasons. Western Slope entered into two retrohtted, or until addit:onal The underground gas storage facilities maintenance was completed. south of Wiggins, Colorado, known as processing agreements to remove Roundup, the Leyden Mine near Denver, hydrocarbon liquids from welihead - The addman of Pawnee is expected to and Asbury, which is north of Grand supplies Western will receive a share of ; increase e!ectric generation from coal to Junction. have enabled the Compary to the revenues from the sale of these 919% in 1982 f rom 85.3% in 1981. store excess gas during the summer liquids. With Pawnee. coal usage in 1982 will months in preparation for delivery during increase te an estimated 7.6 million winter peak demand periods. Combined, Construction expenditures during 1981 tons. these three storage facilities are capable amounted to nearly $11 million. Major of holding a working volume of 9.3 billion projects included a transmission !ine in a continuing effort to minimize the cubic feet of gas. reinforcement of the Craig-Steamboat impact of fuel cost increases on Springs system, a gathering system customer bu!s. and to assure adequate Westem Slope Gas Company extension in the Ignacio field, and a coal supplies, we have negot:ated long- Westem Slope Gas is a wholly-owned compressor station addition in the term fuel contracts at favorable prices. subsidiary operating entirely within Dragcn Trail field. Colorado. It is engaged in the purchase, Natural Gas Supply transmission, storage and sale of natural ' Fuelco The phased decontrol of natural gas gas. Westem Slope provides wholesale in 1970, Public Service Company 1 pnces legstated in 1978 is achieving the service to seven distribution companies, organized Fuel Resources Development desired result of increasing supply, albeit three municipally owned distribution Co. (Fuelco) as a wholly-owned l
- at higher prices to the consumer. For systems and 33 industrial customers. subsidiary to explore for and develop i the first time since 1972. Public Service Approximately 77% of its total 1981 natural gas reservcs. Fuelco has
! Company was ab!e to obtain from its sales were for resale, with 81% of the evolved into an oil and gas exploration suppliers enough gas to meet the resales going to Public Service and production company operating backlog of customer demands Company. principally in Colorado, Montana, Texas, Utah and Wyoming. On November 30, Since 1973, we have operated under a Gas sales in 1981 were affected 1981, Fuelco's net lease holdings totaled Gas Attachment Scheduhng (G.A.S ) adversely by warmer-than-normal 440,445 net acres of which 299,108 net i Program, which placed new customers weather, consumer conservation, and acres were undeveloped. I on a waiting list and limited new firm reduced usage of natural gas by Public customers to an hourly demand of 7,500 Service Company for electric generation. Western Slope has the right of first i cubic feet. This was increased to 20,000 Sales for resale declined 9% from 1980 refusal on all of Fuelco's natural gas
- cubic feet in 1981 Although the GA.S. figures. Direct sates dropped nearly discoveries in Colorado. If Westem does program is still in effect, we were able to 32 %. not exercise its option to purchase this satisfy all applications for residential gas in a timely period, and at service. We a
- so were able to provide Revenues increased 10% to $159 competitive rates, Fuelco sells this gas new or increased service to commercial million in 1981. This increase stemmed as well as all crude oil and other gas to and interrupt!b!e industnal customers. in large part from an 11% increase in the best available market.
the total annual purchased gas expense that Westem Sope was allowed to pass Top; this computer cank is the heart of the on to customers under the Purchased Pawnee electric generating plant. Gas Adjustment provision of its tariff. Net income amounted to $906,000, Bottom left: resident:ai electric customers compared to $2.4 miilion in 1980. grew in number our conserved more. Bottom right: coal continues to be the primary fuelin generating electricity. i 16 l l t I i I 1 1 , . . . 1 vg, ; '? mwr, w,.n . '? l N , ~ 4 " '1' < ; "h .- . L ;, - l. .a .Ine.f , l iv:}?.y$$$$$W' Rfggfr, :+-j.gyQ;y,< .,a. u.,- [y '#Y [I 7 .. l l l e .,s ' , ., , 4 , ). , i, . ;l. -i ; d, ' , , ,. .: . - , . c, ., '. ,.,, , s r , , .~... . .- .5,. *-. s. - . -... . ' .- ss . a_ , , 3 r . .: "g. y- - y , j ' ,' ' ) . ~- - ~ ' , . . g ; 'f. . . ,s ._-- , ,. - 9_4 .w ' ' ' ., , .. y y , ,% ,' , . + . n . .y .. e'a
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-g . + .- g = 'y' '* 4 4 y [ t - DWM W W h@m W Shareholder Information are used to purchase common stock at hw @m The Company's principai transfer agent ------ 95% of the average of the high and tow and registrar is Morgan Guaranty Trust The Company's common stock ($5 par sa!e prices of the common stock as Company of New York (Morgan value)is hsted for trad;ng on the New reported on the consobdated tape on Guaranty) Shareholders who are York and Mdwest Stock Exchanges each investment date, or if no trading transfemng either preferred or common under the ticker symbol "PSR." Ouotes occurs on such date, the next preceding stock may do so by forwarding the may be obtained in daily newspapers date on which trading occurs. In certificates being transferred to Morgan where the common stock is listed as add; tion, preferred and common Guaranty. Such certificates should have "PSvCc'" in the New York Stock shareholders whose shares are the stock assignment form on the Exchange hsting table. During 1981, registered in names other than their own reverse side of the certificate properly 13,204,400 shares were traded, an may participate in the DRP for the fWed in, including the Social Secunty average daily volume of 52,191. There reinvestment of dividends, provided the number of the party to whom the stock were 13,034,200 shares traded in 1980, broker or fiduciary who holds such stock is being transferred, and the signature of an average daily volume of 51.519. in nominee name is wi!hng to participate the person or persons transferring the Shares outstanding at December 31, in the DRP. stock " guaranteed! 1981 were 44.895.939 compared to 39.989,753 outstanding at December 31, Shareholders of record who are The person or persons transferring the 1980 There were 72,427 common participants in the DRP also can make stock shou!d endorse the assignment shareholders of record and 6.084 stock purchases monthly for cash in form exactly as the stock is registered. preferred shareholders of record at year- amounts of not less than $10 per The signature (s) of the transferor must end 1981 compared with 71,409 payment and not mcre than a total of be guaranteed either by a commercial common shareholders and 6,237 $5,000 each month. The price to be paid bank or a brokerage firm that is a preferred shareholders at year-end 1980. for each share of stock purchased with member of one of the major stock such optional cash payments will be exchanges. Three senes of Cumulative Preferred 100% of the market price on each Stock are actively traded. The 4 % % investment date. For added convenience, the Company series ($100 par value)is traded under has two co transfer agents, United Bank un!isted trad:ng privileges on the At year-end 1981, there were 20,927 of Denver, N,A., Denver, Co!orado, and Amencan Stock Exchange. The 7.15% participants, an increase of 1,651 or Bank. of America National Trust and senes ($100 par value) and 8.40% 8 6% compared to year-end 1980 A Savings Association. San Francisco, senes ($25 par value) are ksted on the di of $11,984,570 in reinvested CMfornia, where the Company's New York Stock Exchango. All other civdends and optional cash payments preferred and common stock may be series of cumulative preferred stock are was apphed to purchase 895,405 new sent for transfer. not actively traded, and market pnces shares at an average cost of $13.38-are not pubbshed United Bank of Denver, N A., has The effects of ERTA are already being announced its intent to ehminate its , Dividend Reinvestment Plan demonstrated in the Company's DRP. As stock transfer function by mid-year 19E l The Company's Automatic Dividend of February 1,1982, there are 21,285 However, United Bank of Denver and Reinvestment ar.d Common Stock participants t29.4% of common Bank of America have reached a Purchase Pian (DRP) provides preferred shareholders) reinvesting dividends on tentative agreement whereby Bank of l and common shareholders with an 9,574,000 shares (21.3% of outstanding Amenca will maintain a Denver transfer economical and convenient method for common shares). This represents an agency office. Therefore, a Denver purchasing additional shares of the increase of 46 8% over the shares office stdl wdl be available after mid-year common stock of the Company without participating on February 1,1981. 1982 for the transfer of stock. the payment of brokerage commissions or service charges A prospectus describing the DRP and Stock Registration enrollment information can be obtained When stock is purchased, the purchaser Beginning January 1,1982, cash from the Shareholder Services has the choice of leaving the stock with dividends reinvested by an elig:ble Department by wnting or by ca!hng Area the broker or having the certificate individual in additional shares of the Code (303) 571-7514. delivered to the purchaser. If the stock is Company's common stock through the lef t with the broker, it is generally left in DRP wm be ehg;ble for certain tax the brokerage firm's name. This stock is benefits provided by the Economic referred to as " street name" stock. The Recovery Tax Act of 1981 (ERTA). purchaser is generalty referred to as the beref tcial owner 19 ._ __ . ._ . _ . _ ____ _ 1 ___ . _ _ _ . - i Shnreholders who elect to take physical Lost or Stolen Certificates information regarding lost or stoien ' possession of their stock receLe a if a stock certificate is lost or stolen, certificates should be sent to Morgan certificate or certificates representing notification should be sent immediately Guaranty Trust Company of New York, the number of shares purchased. The to the transfer agent so a "stop" can be Estoppel Department,30 West stock is registered in the shareholder's placed on the missing certificate. The Broadway, New York, New York 10015. name and the shareholder becomes a letter should contain as much , shareholder of record on the Company's information as possible describing the Duplicate Mailings books. certificate; in particular, the certificate Those shareholders who hold stock in number, the date issued and the more than one registration receive Safekeeping of Certificates registration. Once a "stop" has been corporate mailings for each account. On When stock certificates are received, it placed on the missing certificate. the the inside of the back cover of the
- is recommended that the certificates be transfer agent will send an affidavit that Annual Report is a card that can be
- safeguarded by placing them in a secure must be filled out, signed, notarized and used to eliminate duplicate mailings. For place such as a bank safety deposit box. retumed before a replacement those accounts which require no report A separate record of each certificate certificate can be issued. An indemnity mailings, merely check the appropriate should be maintained including the bond for the lost certificate is also box on the card fillin the shareholder certificate number, the purchase date, required. The cost is about 3% of the account number and name, as listed on .
the date of issue, the amount paid and current market value of the missing the Annual Report mailing label, and the registratica. Certificate, calculated at the time the drop the card in the mail. indemnity bond is issued. l Ditidends The Company pays regular quarterly The accompanying tables show the ranges of closing stock nrices as shown on the dividends on its preferred tock on consolidated tape and dividends paid on the common and pieferred stock issues by quarter for March 1, June 1, September 1, and 1981 and 1980. l December 1 of each year. Dividends on Common Stock common stock, as declared by the Quarter Year 4th 3rd 2nd 1st Board of Directors, are generally 1981 payable on the first day of February. High 15 15 14% 15 15
- May, August and November of each Low 12% 12% 12% 13% 13%
j year- Last Trade 14% 14% 13% 14% 14% Dividends Declared 1.68 .42 .42 ' .42 42 Dividends paid on stock held in " street Dividends Paid 1.66 .42 42 .42 40 ; i . name" are paid to the holder of record, 1980 { generally a brokerage firm or bank Hgh 15% 14% 14% 15% 14%- nnminee. The dividends are then Low 11% 12 12% 11% 11% redistributed to benefic al owners by the Last Trade 14% 14% 13% 14% 11%
- brokerage firm or bank in accordance Dividends Declared 1.60 40 40 .40 .40
, with the beneficial owner's instructions. Dividends Paid 1.60 40 .40 .40 .40 u n d SM
- Shareho!ders of record receive dividends O 4th 3rd 2nd 1st i directly from the transfer agent unless 4% Series such sharehCder has elected to reinvest 3 34 1981 H %
i dividends through the Company's DRP. 4 Shareholders who are DRP participants 1980 High 37% 39 39 36%
- receive a statment of account 15 to 20 26 Low 34"* 297* 28"*
j days after each investment date. ! 1981 High 49% 50 50 55 l Low 42 42% 48 51 i 1980 Hgh 59 69 68 61% Low 55 57 59 59 i 8.40% Series ($25) i 1981 Hgh 15% 15% 15% 16 ( Low 13% 13h 13% 14% 1980 High 17 20 20% 18% ' Low 13% 15% 14% - 14% 20 _ _ _ _ - - . . _ ~ - . . - _ . _ _ , - - - - . , - -- - 1 Summary of Operations Selected Financial Year Endect December 31,
- Data and Ratios 1981 1980 1979 1978 1977 1976 1971 l Operating Revenues
- (Thousands of Do!!ars) l Elecmc $ 742,104 640.749 507,587 421,732 362.0G2 322.10c $14%7/
Gas 582,434 502,919 410.537 3U3.300 246.059 19/.549 90.572 Orer 11,633 11.976 8.386 4.746 S.178 2.503 19 Ton 1,336,171 1.155.644 92G.510 729.778 613 299 522.154 2 9.071 Operating Expenses: Fuei uox1 in gonmaron 171,657 184.073 176.413 117.491 104.982 E6 711 24 W, Gas purch.md for resa'e 462.291 388 852 310.129 224.840 176.103 127.7R8 142'r) Pu'cha w d po w 113,235 91.414 29.425 22.722 4.738 4.361 2 Ha7 Other coesnq erpwes 192,639 168,114 162.858 132.647 105.434 87.'.i31 48,0 9 M trenar.ce 49,735 46M6 37.002 28,249 27.220 23 241 11.451 DepreaaScn 73,643 61.594 55.990 43 541 46.133 43,1 % 24 rX,8 Tanes (cNr than mome tam) 64,001 40.433 38.033 35.424 44.3E 4C G43 1 374 hcome tam 67,914 52.190 26.826 25.601 16.100 21 232 10Tr5 1,195,115 1.033.316 836.706 636 515 525 146 434H e 100 102 Operating income 141,056 122.328 89.744 93.263 88.153 87MG 47.709 , Other Income and Deductions 23,464 21.832 13.162 6.190 2.902 7.634 5174 l l Interest Charges 63,765 59.133 47.097 41.758 39,918 40621 21.412 Net income 100,755 85.027 55.809 57.701 51.137 54 659 31,47: Pmferred ar, 2 nd rea' moments 16.661 15.020 13.536 13.53G 13.536 10.784 3L67 Earnings Available for Common Stock $ 84.094 70FJ7 42.273 44.165 37.601 43875 3 273L Eamings Per Average Share $1.97 ._ _ _ -. _ 1w 1 35 _ 1 1 66 _ _ _ _ _ . 5_7 . _ _ . _ 1.87 11 80 Dividends Per Share Pa-d $1.66 1 60 1.60 1 49 % 1 40 13: $1 12 D w ared $1.68 1 60 1 60 1 53 1 46 128 $1 12 Common Stock Shares Outstanding (000): Amrage 42,728 36.412 31.225 26,572 23.376 23240 15 463 Yearend 44,896 39.9C+] 32,326 29.250 25.884 23?io 15 477 .. . . . T .: f985fg~. Din-M"/WW'%" "' "' s *' ' ' R, 3 . ..c.[ N y- 7 a - y n +' ' ;, . n. e , -> ', ;;
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.'B f c-p.f { . ,,v. ' K') . .; j l. '. J p "*- 3 I n v SC v:.n}. C .;.. . . . . V- --- - y "~ , -g . . ;; p l cp* * ',. ^ l%1 , y e l (...'-,. . , . 2 . . ' , . .. _ p. . . . ~ c,. .- g g. l . .) n ; . - 1- .3:. ; .. - l : , . . . . .. . p ... . - '7 I ?.1 '. . . . . . ?:. ,' ' " . . -' '_ D!- .' i 5 h.@..A, . . .1- . . 3 4 11 .. IIMNN , %9 : O=.y. L . ?. - ~*' L g - c > ., An*nge^ .? h? . ) L . . lL..ghy;&.}_.4,gg', -Q A n. _-d.l I::4^Qrf a?le.Q gggg .g.g {;N%2l .._. 21 Financial Data 1981 1980 1979 1978 1977 1976 1971 Total Assets (millions) $2.431 2,216 2.011 1.746 1.576 1 si65 1847 Long term Debt (millions) $ 866 840 7G7 711 647 602 $417 Preferred Stock (millions): Sut m t to n...ind Sty ris> % cn $ 89 89 64 64 64 G.i -- f k:t ! ,:t:: ! to rn:ntrory re$ n p9an $ 140 140 140 140 140 140 , 1 80 Common Equity (millions) $ 736 0% 5% 516 4G0 411 i 5242 Capitalization Ratios - Year End. Long imm d ct ',no de dao Unin 1 yr ) 45 8 % 48 9 48 3 49 0 49 2 50 9 54 9 % Thor! mrm teon m;'- 32% 05 39 1.5 1.3 05 27% Pe enj tod 12 1 % 13 1 12 9 14 1 15 2 16 1 10 5 % Crenmon o%ty 38 9 % 375 34 9 35 4 34 3 32 5 319% f Tc: : Cantas m (m l-or d $1.895 1,751 1.591 1,4 ' ' S 1.341 1.265 . 1760 I Rates of Retum Famed: l Tom cst ec.<,a t (Ow incom") 7.7% 70 56 64 66 C9 l 63% /v; umnan nny (Not to Conmon) 12.1 % 11 6 79 9.1 86 10 8 l 11 7 % I r Pretax Coverage ol interest Expenses 3 24 2 86 2 50 2.74 2 54 2 87 l 2 34 I Payout Ratio on Dividends Paid 84 3 % 83 3 1185 90 1 93 0 70 9 l 62 2 % l Book Value Per Share - Year End $16.39 1G 40 1718 17 63 17.77 17h3 ; 115 64 Market Prico Per Sharo-Year-End $14 25 14 25 13 38 16 75 18 88 19 00 l 123 75 Dividend Yield - Year-End 11.8 % 11.2 12.0 96 7.7 7. 7 47% Number of Employees - Year End 6.424 6.145 6 310 6.082 S,977 5.701 5,083 i l . . . . , . . .7 3 ., c y g.'; -MQl.q& ^' y_z .. g_
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;: u- - t,- ;\p<' [ f' " 4 .$ Q^' J ' . g $ _ __,- QJ. ,\y, , , j y .' . * *; q q ~ c. ' ,: . ' ~ y ' 4 3_XD/.[ ' * ~ ~ , ' 3 ';Vg? , _ ,, ,' 6.d. ' y 'iX.,, g, , J. s.... - ~, n .. t' - T, -- . )_ a f , .. e .g'o."*, +.- d$' t_$' . [ ' ~ l _ . $ .. . u ._ , I.!N r Electric Service Statistics 1981 1980 1979 1978 1977 1976 1971 Kilowatt. Hour Sales (millions) 15.473 15,194 14.659 13,754 12.677 11.8T 7.928 %CNn7 18% 3G 66 68 83 51 92% Customers (000) 846.1 820 5 794 5 764 8 733 0 67C1 528 7 % Chan.;e 31% 33 3.9 43 84 ?8 57% Avg. Annual Residential Kwh Usage 5,734 5.937 5.913 5.724 5.520 5.480 5 043 S , CNngo (3 4)% 04 33 37 07 17 45% Avg. Residential Revenue Per Kwh 5 74C 5 12 4 19 3 75 3 60 3 50 2 540 */> Change 12.1 % 22.7 11.7 42 29 45 (16)% i j Average Annual Revenuo Per Residential Customer C29 304 243 215 143 102 1128 % Chame 8.3% 22.7 15 4 80 3/ 00 31% Net Elfective Capability at Time of Peak-Kilowatts 3.116 3.072 2.743 2.591 2.02 2 484 1.B88 Net Firm System Peak Load (Kw) 2.820 2.776 2 642 2.5 9 2.437 4237 1 538 % Char 7 1.6 % 51 32 50 90 61 11 7 % Reserve Margin at Time of Peak 10.5 % 10 7 38 1.4 21 11.1 2? 8% Generation by Class of Fuel: CM 85 3 % 76 1 79.2 35 0 83 8 75 5 57 5 % tie d Gas 84% 17 8 17 6 12 1 13 5 21 6 41 0 % Ca 0.3 % 08 1.8 29 27 29 15% No , ar 6.0 % 53 14 - --- - -- 1
- Avg. Cost Per Unit of Fuel (Dollars):
l Cc;c -- Ton $21.84 1881 16 60 13 90 M' 31 10 24 10.15 Neural Gi - Mcf $ 312 2 68 2m 1.30 1 03 0 79 1u 23 0.i - Bm $39 96 26 37 1719 13 03 15 3 1459 $388 Avg. Fuel Cost Per MMBTU $1.23 1.30 1.10 0 85 0 75 0 67 $0 28 ? .!' ' . s, *
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r.-9 ' 46.hw 23 ! 1 Natural Gas Seivice Statistics 1981 1980 1979 1978 1977 1976 1971 BcI Gas Sales 176.1 203 3 213.3 206 7 193.3 2E)7 192.1 c, O _ (13.4)% (47) 3.2 4.3 (5 4) (2.7) 40 % Cusiomers (000) 701.3 680 6 658 2 633 6 609 5 589 6 482.3 %. O m , 3.0 % 34 39 40 34 2.5 51 % Averago Annual Residential Met Usage 112.9 140 1 157.3 151.2 146 3 160.3 185 8 OM (19.4)% (10 9) 4.0 3.3 (d 7) . ( 7.0) (0.1)% I l Annual Heating Degree Days 4.570 5.768 6,3^f2 6.000 5.195 5.755 6,269 l , Gn:rg- (20.8)% (9.8) 6.5 156 (9 7) (7.7) 17 % Average Residential Revenue Per Mcf $3.48 2.70 2.08 1.64 1 43 1 11 $0 62 'O , a 28.9 % 29.8 26 6 14 8 29.1 14 8 3.2 % Average Annual Revenuo Per l Residential Customer $393 378 327 243 209 178 $115 , 0; m 3.9 % 15 4 31.7 18 7 17.8 69 31 % Daily Availabihty - (MMcf) 1,457 1.425 1.371 1.304 1,275 1.282 1.059 Maximum Peak-Day Sendout (MMcf) 1,278 1.246 1.143 1.160 1.129 1.161 944 '2 O e 2.6 % 90 (1.5) 27 (18) 8.8 93 % l l l l l tr. - _ , r__ m , . :;py, ; 3. 7 ;.y 7~ ;3grg gc. ; ppg,- __ .y: . -_ CampestePudOust F . . "J . ... ., . . . ' g: e - . '?. L %', +.q' .. .. -.: .c . . ;, .fy ' *p3;g _. .:';p.y.$' - r - ' ? t b q ,. :. 2 ; . . ;_ f' ..v. _. __ ; f '. . l_ . . ^ .jh . $' [,l WI- " .. , ,_ ,l .. Y - ,, I n ; =w w. : w ayAA 4@ ,ezex . . . r . . n .: . -- . p 2 W , , p%.9 $ , ~ , n, ; . gm ; ~r {.:.yk, q f ,^ -~ f .' '. -5 .. .r ..
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sm:, -- - c. r . . WD&:.: :l sMdW.7iwn . i.. ? 23 Consolidated Financial Report of Management Information The accompanv:ng f.nancial statements P< re!en Mana7 ment 25 of Pubhc Service Company of Cdorado M:; i m nti D n Ton and and did aC ; have teen prepared by An u p : of F, ::vc:9 Cena Don Cenpry personnel in conform.ty with , notCD 'abons 26 generahy accepted accounhng pnnc: pies ar d P< CCnsmien' w;in the Un. form System of co , a va P o. d -P , ' . ' . C;F.. m~' 0 '8 Accounts of the Federa! Erergy Cc h n d O ' T nt of Income 30 Regu'atory Con,m:ss cn. The integrity CU ;aamd Sm nent of r and objectivdy of the data in these P,r nr ed Ea .m f,nonciai statements are the 31 e, pons:b ty of managerm nt. Financa! Cr < ' ca-d Sm o ent of n orma on coma:ned e:sewhere in this Sc: um cf Fin
- For - . ~ Annua! Peport is consw-n; witn that in F n. L onu.n;c .:n t-mencoures a2 the f nanctal statements t Ma , a Com o m 1 Fm..d 9 ,,es 33 The Company ma niainF, and enforces a P pmt cf Cert < -d system of interna! accounhng contre
- P c c Ar co< , 47 vhch is des:qned to provide reasonab'e a >surance, en a cost effective basis < o to the integnty, ot:0 ctMiy and rehahnty of tr.e f tnancial records. This system incbues a prontam cf internal aud ts to as ;ure rnanagement that proper procedures and methods of operat.on are usrgd to imp'ement the p ans pofc:es and d 'ecbves of management.
The accounting and interna! control procedures of the Comoanv are muewed by the Aud t Comm.ttee of the Board of Dnecton,. The Comm. nee. <.hicn n compomd cf d: rectors who are not emotoyees of the Company. meets regu*y with the Company's management tne intemal aud:t stati cnd the independent accountants Tr e acccmpanytng f,nanc:a! statements hTm been examined by Arthur Young & Cornpany, independent accountans whow report is on page 47.
- b. '
yO D. D Hock V:ce Present and Cnyt Account ng Otf:cer / y [ [I 3 iw-R F. Wa: er Pres < dent anc Cn-ef ExecuWe Off:cer 25 l ~ ~ ~ - The mcreaws (decreases)in operating Liquidity and Capital Resources Management,s D,scuss, i ion emeny , <<ere as fonows: The Company and its subsid: aries l and Analysis of Financial 1981 1980 1979 estimated, at December 31,1981, the Condition and Results ~% c st hhen conWuchon program, F. mu 4 eam 5 (12 4)1 77 5 589 includ:ng ACowance for Funds Used of Operat, ions o.o a o , -ic 73 4 78 7 e5 3 bN Constrmon @FDQ W om 21.8 C2 0 67 If a -.c< ascrnq < ,c4 cr . 24 5 53 30 2 capital requirements, in 1982.1903,and The fo..coung f acto ~. wr-cn may not b" O 4 > + 31 95 aa 1984 to be as foHows. ind.CabVe of fut Ae ' g Qton3 of D. p < r ,n 12.1 5 fi 65 1982 1983 1984 earn:nci ha ve h;td a i an:f: cant ef fect 'a v l Upon thD ref uS O' oporat on9 durng e o + ' 23 6 24 26 g.m i 1981,10M and 1979 w': 15 7 25 4 12 g,,c x l . w- $1618 it'(;61200 2 PruLcim i Mi> % 7 1112 B% !?7M 6 == Tr:cwrnm on 2n 40 r< st 52 ; 7 Results of Operations os s b's 7m Um Operatrg revenues contmed to The merease a coorating exoenses is o .'s r m a3 31e increase ogn f canQ each yu prmarly primar4 the result of increases in the cm Mrs ms 5 210 as a re% t c' sten to baw rates cost of gas purchased for resa!e and the Cmw 2W 'N 24 N anJ custnm" r ond the measury c! ouan' ty of power purchased. and SM /4 Y "2W :. i W 0"" "' > L2Y ' ' I JN increamd cost cf fuG used n 7 nera:on !ncreases in the cost of fuel used in and gas purcha'ed for se,a e throgh g"nerat:on in 1979 and 1980 Fuel used To " ."^' * , . . . ' , *n"' v" ;", o ' 1"o adss' ment cWtea et tsoth ine in ceneraton decreased in 1981 mainly ' 'n i Lei AfDC m b: 5 ,$~ electnc and g ; tm@ . Adotonit"y. in ! mSuit of the avadabibty of natural wgg 1981 a port 1on of M ' ocrease in Dase q: 'or use as fuel in combust:on tw t and rate mvm ao /as c_ i to an oraer from tump/s rather than the more espenstve ou the Pubhc (BM c , Comrr van of the fuel c'i "" 2"E MW S ' UH State of Cc'omda (CPUC) requ nng inat Tu r cm u franchis > ta":s ne xcou Yd for as a Otner operarng expennes increased due "* '" 52 " M2 E* * ' corrocnont Of te mue and e> pens , to annuai wage increases and normal rather than su*charcea on coucmers syrum e< pans cn. Tapes (other than The Company's objectives for the bdl5 and rtuded c ; ta colecWns incomo l ares) :ncreased due to the financing of these cap;tal requirements order from the CPUC, referred to above, include: internal generat.on of at least The fo"ow,ng tabH so:; fcrth the reqwng a change in the accounting for one-half of the funds required. amounM by wh<h the e u cinc and gas francN,e tams maintenance of a sound capitahzation revenuoi dur,nq ino w:.t inrw yars structure cons,st:ng of not less than e> ceeded the r ewn*s ter the The mcrease in net income in 1981 as 40% common stock, not more than preced nq mir. to? " or wth the comcared to onar years pnmarily 45% long-term debt and the balance in est; mated !ncier os aPnbutat? : to the reGied from base rate increases preferred stock, and the ma:ntenance of major tacto" q<an ed :n May 1980 and November high cred t ratings for its secunt es. 1981 1980 1979 1930 The increases in long-term debt,
- m. s com preferred and common stock and the At December 31.1981 the Comnany E" ' '
cormpond.ng increase in tne number of and its subscanes est mated that the:r Ua 'r4 $ 612 * ' ' '
- w,orage shares of common stock 1982-1984 cap ta! requirements wou!d L nm / w ' 15 6 '
54' , ou+stard;ng is the resu!t of the need for be met wdh funds prozded from the cm 24 6 21e i contnued f;nsncing to support the foHowing sources' uwm $1014 t h ' ' . ' . , Con mmy's construction program. The 1982 1983 1934 = Cn::ng"' n earrsngs per average share (n-M M m , g j j,j y g3 of co'nmon Stock outstanding are a Eend 161.1 a i 7 91 117:! c 70 Gr, a . ' w 90 0 o7 ,/ reSu:t of Ine chants in net income and k* 5 311 M *M M2B % < M inc' mes in the number of shares W M + <' (21 6) U i ; of tand ng N MW N WW N. ' ' i, 5 79 5 $ # 26 . . ~ _-_ _- i l For 1982, the Company and its be reduced. Under such circumstances, indebtedness of the Company, then , subsidianes anticipate raising extemal construction will be hmited to outstanding, and (ii) the total of the funds in approximately the following commitments previously made, such as capital and surplus of the Company, as amounts:(1) $24.6 million from the sale the installation of po!!ution control then recorded on its books. At of common stock through the equipment required to bong the December 31,1981, the Company had I Company's Automatic Dividend Company's facilities into compliance outstanding unsecured indebtedness, l Reinvestment and Common Stock with various governmental standards, including subsidiary indebtedness which Purchase Plan and its Employee Stock regulations or vanances and to the is guaranteed by the Company, in the
- Ownersnip Plan;(2) $13.0 million from a maintenance of existing facilities amount of $91,130.000. The maximum construction loan to be entered into by amount permitted under this limitation
! 1480 Welton, Inc. early in 1982, the The Company's indenture permits the was $267,153.434 at December 31, i proceeds of which are to be used by issuance of addit:onal first mortgage 1981. ! 1480 Welton, Inc. dunng 1982 for the bonds to the extent of 60 percent of the construction of an office building which value of net add:tions to the Company's Arrangements for bank knes of credit Will be leased to the Company; (3) utility property, provided net earnings totaled $117,597.000 and arrangements subsidiary unsecured long-term debt as before deprec.ation, taxeu n income for bankers' acceptance facilities j follows: $2 6 mHhon of Fuel Resources and interest emense for a recent twelve amounted to $10,000.000 at December j Development Co. debt, $7.0 million of month period are at least 2.5 times 31,1981. The entire amount of these i Westem Slope Gas Company debt, and annua!it.terest requirements on all arrangements was availab!e to the i $5 0 miHion of Cheyenne Light Fuel and bonds to be outstanding. The amount of Company and its subsidiaries at Power Company debt; and (4) $0.2 not addit:ons at December 31,1981, December 31,1981. milhon from pol!ution control revenue would permit (and the net earnings test ? bond proceeds held in trust. The would not prohibit) the issuance of impact of inflation and l Company and its subsidiaries expect to approximately $292.000.000 of additional Changing Prices increase their net short-term bonds at an assumed annual interest The financial statements are prepared in ! investments and decrease their net rate of 16 50% accordance with generally accepted i short-term borrowings by a total of $83.5 accounting principles 3nd are based on j million in 1982. The net reduction in The Company's Restated Articles of the results of business transactions as l short-term indebtedness of $83.5 million, incorporation prohibit the issuance of recorded in actual amounts of dollars at i which is partial!/ due to net proceeds additional preferred stock without the time of each transaction. However, , from financings of $52.4 milhon, results preferred shareholder aoproval, unless during periods of rapidly changing I in the negative source of external funds the gross income available for the prices, these financial data based on ! presented in the chart above These payment of interest charges for a recent actual histoncal costs tend to become l financing plans are subject to change twelve month period is at least 1.5 times c sorted and fail to reflect real , depending on market and business the total of (1) the annuat interest economic costs or value. For exampfe, conditions and changes in the requirements on all indebtedness to be in capital intensive industries, such as I construction plans of the Company and outstanding for more than one year and the uti!ity industry, the cost of its subsidiaries, if any. Plans for sales of (2) the annual dividend requirements on maintaining productive capacity has ~ i securities beyond 1982 have not been all preferred stock to be outstand:ng. At been particularly affected by significant l formahzed at this time. December 31,1981, gross income long-term inflation. Very simpIy, availab!e under this requirement would depreciation expense on u13ity property, The construction estimates shown above permit the Company to issue plant and equipment which is charged are subject to continuing review and approximately $458.000,000 of additional against current earnings for assets adjustment. Actual expenditures may preferred stock at an assumed annual acquired in the past does not reflect the vary from such estimates due to factors dividend rate of 14.0% (assuming no inflated cost of acquinng similar assets such as changes in business conditions, additiona: fong-term debt is issued). at current prices. As a result, higher environmental requirements, availability ' profits may be reported on a continuing and cost of labor and materials and The Company's Restated Articles of basis with no accompanying gain in real other costs. In addition, if the Company's incorporation proh: bit, without preferred purchasing power or economic value. objectives for the financing of its shareholder approval, the issuance or (See Note 12 of Notes to Consolidated
- onstruction expenditures in future years assumption of unsecured indebtedness, Financial Statements)
. cannot be attained without significant . Other than for refunding purposes, common equity ddution from the sale of greater than 15% of the aggregate of (i) common stock below book value, such the tota! principal amount of all bonds of estimated construction expenditures will other securities representing secured 27 l Consolidated Balance Sheet ommeau m ma m _ _ _ _ _ _ _ _ . _ _ _ . _ . _ _ _ _ _ . . . _ _ _ _ _ _ Pubhc 9 rwce Ccrwny cif Ccnorado and s&r,a.rrs Asseis 1981 1980 (Thousands of Dollars) Property, Plant and Equipment, at cost: Electnc $2,063,817 51,512,304 ( Gas 473,066 441,747 S'eam and other 26,609 9.696 Common to a!! departments 98,868 90,652 Construction in progress 74,347 451,788 2,736,707 2.506,187 Less accumulated provis on for depreciation 661.834 _ 593.879 . 2,074,873 1,912,308 Nuclear fuel, less accumulated provision for amortizatron .___ (1 .2@lz$3f@dq80;--$_1,980)(Notes _1 and 11) . _ 14.277 8.266 2,089,150 1,920.574 l"_ vestments, at cost 564 320 Current Assets: Cash 20.293 1 T9 Temporary cash investments 4,502 5 951 Accounts receivable, less provision for unco!!ect;ble accounts (1981-52,353; 1980-$2.131) 129,590 122440 Notes receivable 259 317 Fuel inventory, at average cost 65,704 60.679 Materials and supplies, at average cost 46,307 59,833 Cost of gas dehvered but not bi"ed to customers 37,143 30,693 Gas in underground storags, at cost (LIFO) 12,728 8,528 Prepaid expenses 3.832 3.852 Total Current Assets 320.358 279.602 Deferred Charges: Debt expense (being amortized) 8,034 7,415 Other 12,862 8.459 20.8 % 15.874 Total Assets $2,430.968 $2,216.370 9# acccomry crus 28 l l \ N I Capital arid Liabilities { __ 1981 (Thousands of Dollars) 1980 Common Equity-Cornmon stock (Note 2) $ 585.864 $ 514.566 Retained eamings 150,166 141,248 736,030 655,814 Preferr:d Stock (Note 2): Not subject to mandatory redemption 140,008 140,008 Subject to mandatory redemption at par 89,400 89,400 229,408 229,408 Long-term Debt (Note 3) 865,659 839,749 Current Liabilities: ( Notes payable (Note 4) 61,130 9,110 Long-term debt due within one year 2,737 17.226 i l Accounts payabie 173,878 162,209 l Dividends payab:e 23,027 20.164 Customers' deposits 7,057 12,837 - Accrued tams 48,972 39,426 Accrued interest 17,233 17,798 ' Otner 27,614 23,629 Total Current Liabilities 361,648 302,499 Ocierred Credits: N Customers' advances for construction \ 25,279 24,958 investment credit (being amortized over the oroductive lives of the related property) j 127,910 105,763 Accumu!ated deferred income taxes (Notes 1 and 8) 63,769 42,454 Other _ 21.265 15.725 l 238.223 188,900 r s l l Commitments and Conti1gencies (Note 6( ' =_..___ . __ . , _.__ Total. Capiial and Liabilities ____ __ _ _ _.. ._ _ _ $2,430.968 _ __$2.216_,370 , \ % \ f 29 Consolidated Statement ofincome mumacmmuc, sum ana im Pd c SeWe Commny of Cc:orado and Sutr,oares 1981 1980 1979 (Thousands of Dollars) Operating Revenues: Elecinc $ 742,104 5 640,749 $ 507.587 Gas 582,434 502.919 410,537 Other 11,633 11,976 8.386 1,336,171 1,155.644 926,510_ Operating Goenses: Fuel used tr, generation 171,657 184.073 176,413 Gas purcha<.ed for resa!e 462,291 388.852 310.129 Purchasod power 113.235 91,414 29A25 Other coerat ng expenses 192,639 168,114 162,858 Ma:ntenance 49,735 46.646 37,092 Deprec:ation (Note 1) 73,643 61,594 55,990 Ta<es (cTer than income tams)(Note o) 64,001 40,433 38.033 67,914 52,190 26.626 Income taxes (Note _8.)- 1,195,115 1,033.316 836,766 Operating income 141.056 122.328 89,744 Other income and Deductions: A!!owance for equfy funds used during construction (Note 1) 17,648 14,947 10.893 M,scenaNous income and deductions-net 5,816 6.885 2,269 164,520 144,160 102.906 Interest Charges: Interest on long-term debt 66,481 65,108 50,717 Amortizaton of debt discount and expense less p , mum (Note 1) 650 528 239 Other interest 7,667 7,757 4,123 AMowance fo bor owed funds used during construction (Note 1) (11,033) (14.260) (7,982) 63,765 59,133 47,097 Not income 100,755 85.027 55.809 Dividend Requirements on Preferred Stock 16,661 15.020 13,536 Eamings Awilable for Common Stock $ 84,094 $ 70,007 5 42,273 Shares of Common Stock Outstanding (thousands): Year #nd 44,896 39,990 32,326 Average 42,728 36,412 31,225 Earnids Per Average Share of Common Stock Outstanding __ _ _ _$_197 p2 _ $1.35 Dividends Per Share of Common Stock: Patd $1.66 $1.60 $1.60 Dectared $1.68 51 60 $1.60 se vecm,yg m < 30 Consolidated Statement of R:tained Eamings vm-o<c-t.m m1.w e. Puo ,c Cmm Q teg of Coxy.!do md S.t ,d e 1981 1980 1979 (Thousands of Dollars) Retained Earnings at Beginning of Year $141,248 $136.314 $145.853 Net income 100,755 25.027 55.809 242,003 221.341 201.662 Dividends: On cuminty omfamd stock. 5100 par va:ue. 4 20"4 sedes 420 420 420
- %% # es 744 744 744 4 ', , ' r." r 'e s 293 293 293
- 64% ser>s 742 742 742 4 00% sedes 735 735 735 4 90% 2nd senes 735 735 735 715 /> se es 1,78/ 1.787 1.787 7.502'a s uies 2,250 2.250 2,250 8 40 ; series 2,890 2.890 2.890 12 r,0% ser es 3.125 2 005 -
$25 p:tr value 8 40% settes 2.940 2.940 2.940 16,661 15.541 13.536 On common stock: $18 E a cham in 1931. $160 per share in 1980 and 1979 72,984 60.217 50.421 89.645 75.758 63.957 Expense of Issuing Stock 2,192 4 335 1.391 91,837 80.091 65.348 $150,166 $141.248 s136.314 Retained Earnings at End of Year. _ _ - 35 d,{g f 31 Consolidated Statement of Source of Funds For Plant Construction Expenditures vm om _ m s ,, y __ _ n- %- ec.r x ;c c e a:am sa 1 , 1981 1980 1979 Source of Funds: (Thousands of ooitars) Funds from Operations: Net income $100,755 5 85.027 I 1 809 Non cash Charges (Credits) Against incomo Not fr.volving Working Capital in the Current Period: Ocpreciat:on charged to operabrg experses 73,643 61.594 55390 DeprecMon charged to c' earing and ciner accounts 6.000 6.324 5.105 A?ct,ance for FJnda ured darng cc > tructeen (28,680) (29 207) (18 87E in ' ament cred.t - net of amod'zaten 22.147 24,772 2a213 Deferm income taxes _ 22,579 13 387 2 018 Funds from Operations __ 196,444 161.337 120 200 Dividends: On pWerred stock (16,661) (15.541) (13f 38 On commen stock (72,984) KO.217) (51421) , Funds Retained in the Business _ 106,799 Euls LR3 l Funds from Financing - Net Proceeds: l P oc%cs from svo of common stock 69,154 91.2P M012 Proceed ; ficm sa'e of preferred stock - 24.P61 - Frcc d ; f rom sa!e of fr* mortgage bonds 49,531 a448 - Proce>vjs frems sa!e ci poluSen con:rol Lo' ids and notes 28,489 37.073 :3 730 Frocras f rom issue of ;cng +erm notec 1,633 2007 16.353 Funds frorn Financing 148,807 205 45 104 745 Funds from Settlement Agreement (Note 11) 7,993 2.357 60.000 Reduction in Long-term Debt (54,611) (17.200) (224S; Other Sources - Net 686 6 340 l u.3? 7 Total Funds Available 209,674 2e3.08 7 237.123 bnrrxe mecreace) in Wernng Caow (18,393) 49.Epj) (04 Q2) Net Plant Conctruction Expenditures 228,067 233.397 301.931 Allowance for Funds Used During Construction 28,680 29.207 1E875 Gmss ._- P Construction Expenditures . (ant $256,747 $202.604 $ &.806 -~ . - - - - - - - - . _ . Increase (Decrease)in Components of Working Capital: Current Assets: 2n $ 11,384 $ 6 731 5 t 13.100; n.mpmar/ cacn inv umoms 551 (h072) 9.9 m Accounr and r.ates recexab!e 6,691 (3.5=4) 33319 N i<n a cory 5,025 20 69 0 918 Mri ws and seg 's 6,474 (5 %6) 16,014 0: ur 10,631 9.125 9 167 40,756 18.193 @ 74 Current Liabilities: Nw ; na/me 52,020 (53078 wu Lon , vrn att dou v o m onn year (14,489) 14.976 1A Accm ; pa /atN 11,569 v ' 61641 /ccrw d! w ,'+. 8.981 c ' 7 048 Cu
- r n(-. % nd -
(iR817) 10S17 o- 1,068 m3.; 6 0 '> 59,149 131 -. m 12 U < Increase (Decrease) in Working _ Capital $(18,393) 54%m i K :# ::) r c
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- 1. Summary of SigniHcant Accounting Policies : .- , fc : . M m m r: n ha : bmn treard ; -
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nmCm ; e/r<cd,e 7r m <' . o n . , t. , e t.. , od n; L , .x h n u 'n R - w c r.:v tod . n u/ c!F, r 4ECl c i's ! [, d '
- 2. C. ,!al 5tock 1981 1980 Shares Amount Shares _
' Amount (ThousaMs (Thou sands o' Dollars) of Do'im) Ce !:um pmfem d stock,5100 par value: 3.000,000 3irorm 100,000 $ 10,000 - 1 10.cgg I: * ' my 175,000 17.508 :u p, rl) m rm 17srs { 65,000 6,500 ,t :D W ;0 ! 160,000 16,000 1m Ma u, 0% l 150.000 15.000 /> t , 6 'r a ! 150 000 15.000 A P2,rm ' 250.000 25.000 ' ' , Tm ;C") 1.050 000 $105.008 % ra O i 1 , , 1 300,000 $ 30.000 )N ; ,i B l 344.000 34.400 u e /> l 250.000 _ 2 5.000 >v , f) 894,000 $ 89.400 . ~ ? V>> Crpital Stock 4 - ,4 1981 1980 __ Shares Amount Shares Amount (Thousands (Thousands of Dollars) of Dollars) Cumulative preferred stock (S25),525 par salue: Authorized 4,000,000 4.000.000 Issued and aw 'am na-Not sung ci to rnaMatory ret un; w 8 40% mn n _ 1,400,000 $ 35,000 1.400,000 $ 35.000 Common stock, SS par value: Authorized 80,000,000 60,000,0N lssued and ou;sta d n; 44.895,939 $224,480 39.903.753 $ 193.049 Prem urn on co-" von r c- 361,344 314 442 Instanmeni rec : ed f rom er r ci + 1 aggrecat:nq $122.925 fc' 8.195 e , M December 31.1931. ed $4161 Y. < 1 at Decemtc ' F 19H0 40 175 , Tcts $585;864 ' $514.566 i _ Changes in common coce de ..m a c'n-en < m for 1981 1980, and 1979 are mi foi c - Premium Price range Common on common per share _ stock stock (Thousands of Dollars) Balance, January 1,1979 $146.252 $223.444 322.627 sharea da d u cMr D: oc Pa , -' nt r ' $13 44 to 16 81 1.613 3.326 219.931 shmes no'd une Emc!c,1 bw mn no Dan $13 31 to 16 71 1.100 2,401 1.177 shares ;ctd to e'% y $1 B 13 6 15 2.532,283 sNm so'd to i +rn n: m n: $1613 12.661 28.172 Balance, December 31,1979 161.632 257,358 781.497 snares nd u :cc Du > n i Ec w. '+- T .an $11.04 to 1475 3.907 5.711 46,726 share'; sod und ' Ern - M Ce o Pan $12 44 to 1419 234 ~ 366 11.080 nhares no d *o ernv ,, $16 .3 55 123 2.806.534 Tan so!a to !rd - n . : w- m $1150 14.033 18.242 4,017.498 snare:; Vd to v e or ~:" < $13.13 20,088 32.642 Balance, December 31,1980 199.949 314,442 895,405 snares Td un-Mr Do y'aP.'+ r '* $12 94 to 14.69 4.477 7.530 475.073 r-hams tw u -s<Emco,o
- _ : O, -
in P':n $13 50 to 14 56 2,375 4,114 21,960 sh ues se d to errTY , $1150 110 143 12,041 & ares cu to un mye 513 13 60 98 3,501,707 sharet m.:d tn " ^ or 1 ; ma i > ' $15 00 17.503 35.017 Balance, December 31,1981 $224,480 $'461 344 35 Subject to mandatory redemption: Notes to Consolidated Financial Statements 7.50% senes: sii2 on or poor to August 31.19ea. $105 on (anmd or poor to Augurt 31,1984 and reducing eacn year thereafter by $ 25 per rhare ue! August 31, 2003, af ter On July 10.1980. the Company received $25.000.000 from which the redon:pnon . ;e b i100. 8 40% senes: $112 on the sate of 250,000 shares of 12.50% cumulative preferred or poor to Ju!y 31,1984, ?105 nn or pnor to July 31,1985, stock, $100 par value. The shares were placed in a private and reducing each year thermiter by 5 25 imr share entil transaction with a group of institutional investors. No other Ju!y 31, 2004, af ter which the redemodon once c $1G3. changes in preferred stock occurred in the three years 12 50% seneT $106 25 on or onor to June 30.1984 (not ended December 31,1981. ca!!able pnor to July 1,1383). $105 21 on or prior to June 30, 1985. $10417 on or pnor to June 30,1986, $10313 on or The preferred stock may be redeemed at the opbon of the poor to June 30,1987, $102 09 on or pnot to June 30.1988. Company upon at least 30, but not more than 60 days' and $10105 on or poor to June 30.1989. af ter v.hich the noDce, in accordance with the following scheduie of pnces redemption pnce is $100 plu3 dn amount equal to the accrued d,v;dends to the date fued for redempbon Starting in 1984 and in each ymr thereaf ter, tne Company wili offer to repurchase up to 12 000 snares of tne 7.50% $100 par value- <enes at $100 por share, p:uc accrued d rdends to the date Not subject to mandatory redemption: set for repurchase. star!4ng in 1985 nd in each year 4 23% senes: $101; 4-% % cones. $101; 4-%% series thereaf ter, the Company wd offer to repurchaw up to 13.760 $101; 4 64% senes: $101; 4.90% senes: $101: 4 90% 2nd sharea of the 8 40% sener at $1CO per : hare, plus accrued r.er - $101; ?.15 '~ conem $105 enor to March 1,1982. dividends to the daa so? fo' Tpurchre. start ng In 1980 nod $102 50 thereaf ter but prior to March 1,1987, and $101 on in each year thereaf ter. the Company wu set as,de in a and af ter that date. sinking fund at amount sufhc:ent 'n' the redempbon of 50,000 shares of the 12 EO% senes at $100 per snare, plus accrued d vidonds to the date ret fo: repurchase The Company sna3 be enM!ed, at its ephon, on any one of the sinking fund redemption dam to rud om up to 50.000 shares of the 12 50% i enes. in adda on to the shares otherwise reautred to be redo"med on sucn strhr.g fund redemption date, at $100 per share p:us an amount equal to the accrued and unpaid dd&nds thereon to such sinhng fund redem;fon date, prowded however, tnat the opt:on of the Company to so redeom up to 50.000 udd.t:onal shares of the 12.50% series may be emcud oniy once $25 par value: Not subject to mandatory redemption: 8 40% sener 126 50 prior to December 1, 1956. 125 75 thereaf ter but prior to Decerr:ber 1 W)1. and $25 25 on or af ter that date. 36 ,m . _ .
- 3. Long term Debt 1981 1980 (Thousands of Dollars)
Pubhc Service Company of Colorado: First mortgage bonds' 3-1/8% series, due October 1,1984 $ 20,000 $ 20,000 15% serres. due March 1,1937 50,000 50,000 4-3/8% series, due May 1,1987 30,000 30,000 M/8% series, due May 1,1989 20,000 20,000 41/2% series, due October 1,1991 30,000 30,000 4-5/8% senes, due Mrch 1,1992 8,800 8,800 4-1/2% sens. due June 1,1994 35,000 35,000 5-3/8% senus. due May 1,1996 35,000 35,000 5-7/8% senes, due Ju!y 1,1997 35,000 35,000 G-3/4% senen. cue Ju'y 1 1998 25,000 25,000 8-3/4% senes, due September 1,2000 35.000 35.000 7-1/4% senos, cue February 1,2001 40,000 40,000 7-1/2% senes, due August 1, 2002 50,000 50,000 7-5/8% senes, due June 1,2003 50,000 50,000 9-3/8% ser:es, due October 1,2005 49,500 49,500 8-1/4% senes, due November 1,2007 50,000 50,000 9-1/4% senes, due October 1,2008 50,000 50,000 16-1/4% senes, due D9cember 1. 2011 50,000 - Ponut:on Control Senes A,5-7/SE due March 1,2004 24,000 24,000 Po':ution Control Senes B. 6-5/8%, due December 1,1985 10,500 10,500 7-1/8% due December 1,1990 2,000 2,000 7-5/8% due December ,1995 2,500 2,500 SW due December 1,2004 35,000 35,000 Po!!ution Contro! Senes C. 7-1/4%, due October 1,2004 15,000 15,000 7-3/S%, dm October 1,2005 1,960 1,960 7-3/8% due October 1,2006 2,105 2,105 7-3/8% due October 1,2007 2,260 2.260 j 7-3/8% due October 1,2008 2,425 2,425 7-3/8% due October 1,2009 26.250 26,250 Pollution Control Sencs D-13-3/4% due November 1,2011 27,380 Less amounts held in constructon fund (425) - Unamortized premium 1.368 1,469 Unamortized discount (980) (631) Unsecured Poilution Control Revenue Notes, 9-1/2% due March 1,1982 - 37,000 Less amounts held in construction fund - (11,416) 814,643 763,722 Cheyenne Ucht, Futi and Power Company: First mortgt , bonds 3-3!4% senes, due May 1,1985 892 915 5-1/2% senes, due Apn: 1,1990 1.327 1,353 7-7/8% senes, due Apn! 1. 2003 4,000 4,000 37 Notes to Consolidated Financial Statements km'mxf) Long term Debt ucma 1981 1980 (Thousands of DoHars) Westem S:opo Gas Company-. Un acuma promissory notes. 10" . cu > September 25,1986 4 5 7-W.w., cue December 1.1997 20,000 20 % 0 10 359 , due December 1.1999 10,000 10,0C0 1480 W+ Jon inc ; 4-3/4', > secured notes, payab!e in equal cuarteny :nstat m , t ; or i,163.J88 to June 1.1992 covenng pnnc:pa! and intorest 5,126 5 543 6%-12% mangaga notes payab!e. duo in !nstar menF 'rrouau 19 47 130 73 S,%MRfcErm? note. due in annuai :nstadment; to J:ir ; 'ry a. E Infore::t rato at pome rate less 2% (18N % in 1931) 144 -- Fue! Resou'ces Dese!coment Company-Unsaured noto cuab'e (effect,ve interest rate 7-1/4%). dun n r pr:nc ca! instahments of $1,0G6.010 through 1983 1,066 2.132 ; 7-1/2% unsecured note payable - 500 Ur; : cured nct::s payab'e (2215% at December 31.1950) - 23,0C0 Ho< - L4gm and Power Ccnnny. Fer.t mortgaae bcnd?. 3T* , ::enes. ace August 1.1982 - 313 45 mrn , em February 1,1986 375 384 5-1/? , + r e. cue September 1.1989 335 343 Anni 1.1997 711 26 6% 7 7y;"., seri m duE. due December 1,2002 2.163 2.200 10ci B L c.;rk s, due January 1. 2003 3.580 3f40 Dan mock Ce- ' Corporat.on. 5-1/e^ -14% mortgage notes payable. due n insta rments Pucu,; *< 1.163 - _ . - - $865.659 1539 749 Tre - V > noto of ' 480 Weiton Inc are securedbya marttp:: : on un) :1 cocsnrown Denver and an ass:qnmed c+ e L . tw;! ee: 1480 Welton. Inc. and tre Company a
- wh cn in.3 t.,ts is the 2. ' of the of tco bucd.n:; iocaNd r in Tn f N pg.de . < i,4 matur:!;F;s and s'nkng fund rt:ae,:mi n'; c'/ ng te fwe years wbsequent to Dec wbe 31,1931 ar iG.1 c 3 000 0 982L $6.138,000 (1983) e " ovovi n9e4).116.438.000 0985). and $5,93 DMO 0 8 'o' " " CorrDany, and 52.791.000 M 937 $1.971,000 0TW w 5000 (1994t $2.331.003 0 935). and $1.693.000 MOS for M c,ubsimes The Company has been sap 1ymc its 9nk:ng fra ob naton :, through P o apDhcaton of proon'i/
aJd ! con and Cn , mm Lignt Fue! and Po ver Compa / na [# fun %M.!y:'N bt:0 000 d'11Ua !y IhrOUQ'l ihe apphCaCn Of proct , md crn jff
- 4. Notes Payable informat on regard:nq noN'; payao" for it o yeam enood Decem!s;r 31,1311 2nd 1980 6 a.; f0 Mows
.. _ _1981_ 1980 (Thousanch of Dc.umo Notes payatfe to b.nw;(veqWd a/ cyp Morr st rato 13 29% at ~ December 31.1901 and 2150% at D. cen.ber T .19M $ 27,075 G* Comnuocal pyv (seqhled averago interm>t ra'e 13 24% at December 31, 1981 a d ?'0 6n at Decernb - 31.1990; 34.055 $ 61.130 t o 11 + fAmmum anauot cu:stoong at any monin md dunnq the pmod $106,075 e 070 = = = =. l VAc.hted ai9 , r vet tbr d on tN cc ey ou tand.ng ba'ance) outstand:ng for P 3 per Zj { u>. ' r rd avera @ W O tilfab 16 2 * < 'Or lho yedr ryd;d Decembm 31 1981 md 13 64% fo tho y"m endtd D"cembe 31,1960) $ 34A52 M'i> i l 5. Bank Lines of Credit, Compensating Bank Balances, 6. Commitments and Contingencies j and Bankers' Acceptanco Facilities Commaments made b/ the Con.pany !n< tu o crm > d l Ananyns : for tunk ::nc; of cred t totWd $117,597.000 at vanous items of p ani and ewoment , a mp5 d I Decembe 31, '981 and $124.44 7f00 at Decernber 31. apprommateiy 5149.000.000 at D e v n , 4 1M1 o :1 1960 TFo , hr > r d c rw t cc, ' stod of 123 297.000 at $123,000f00 at December 31.1%n Dewinber 31.1W and 121.04/f?U at Docember 31,1980. l ma:nm ned by y 'i'.; or Ja%q txCanofs and 194 'irfLOOO a' The aggregate estanated annu.? cemm m <
- r. cf l DeCefT:ber 31 1%1 and 5102 BOO f >0C at Docc:mber 31 December 31,1931 under lcng-term ira ; <
a , t; 1980. m.Tn% nod t;y fee pa/ments n W:u of b:Mncm f tv COi npe a nn'; ! Link (WaDC. grringmen!S pf 0/ide that ine Year Commdmmts COrrtpany mp r ' 'l a .UG t le Con p- Ja! nj bid.lnceS i i th a p %.,m3. s ry,w a'T1ou'd Gi 9. 9 700 far the p f rC4) O uhDQ DeCWTdM 31 1% 1981. anJ :W.W1.000 to: R:e perad end ng Decen.Uc:r '<1 wt 19S0. and do nm 9 yfy re tr,ct the ryht cf it'e Company to p1 withdah it o e ton:Nnz,ahng cash balarce' Te ebmk ,y hnei C! Cf f/d Ue aiQ U' 'd to tu! [ Ort in E' COTIW4ny 3 14 1'Qi e is suanw of cortunerco! p:ma. Arrango 1,ent . for bankers mm ' accopimce !r
- n on.ou i pg to $10.000.000 wore WMA -
i avakb% at Decemo 31.1981, and h000 000 at Tne Company ha'i er *erod nto v mou m1
- Dor.,o. nN~ .. ~? 1 !G v) Tho
- oo.d, e U. ncr. ~r' s ", ,e. r, n' , r'u n~ r. .ot v,, 9'rr n gyp 999 99q g 3 yg ; - 4 .-
y c ._ 739 s ~ 7 n r.- m :.. g >r t . . e . p ,r M~ ,-r w. c,- . ,, a.. .< gm*, p, pa + s ,y g,y y.,,ould be c!raf ed a'; cad tai inrg a'. C * -d h / " [ b[5 re $ bn /b fd .on rb. On nil N' l Account:ng Standiuds Bord in S' itens ' N:: 1? i ' ACCOUGhr!g /Gr (0.Eer ' The CCmpWV r, , b 'El Wi "tI 1 l l l ~-~ 7; Retirement Plc.n Notes to Consolidated Financial Statements w :; m. m: ,
- cm y ex,m,a ~ - ' -
a- n r. . . ; u 7; w g _.,.r.-c. . . . c'1 4 -n . , 4 1 0.1 , ?,( C,q a3 the CPUC Mim ;t f m ; not i r .d F v ocs 4 r u r, 9 4 .ml i l ' , ' i W+ ' Or _ r , , tc Starrer:t No 13 e d a tm ! v ' :d U u Carp i <n
- n1 ry . _ , ,
4A 1 o _ , W1 cont r un to ac. :re to " e> ' v; UO m by m tf ; mh r 'por* * . '" -f o' ", p' ' h/' ' 'jr j r'- ,4 c.; I I , g ',4 { ,k ' t ,a . t {(i.j..,~~; r r- , ':0. tr!.6s- >
- e. 3 8
,I , , q,- : 1';. , 1, jr s , 6 g n sh. et a; Damt r li iral :m im , Li: pfC[CI'/ [,Dr*<"d LQ;DF . 11 1,O / '. ' ' ) "] { ilo t i 't /v J p .' ' ',f, ' > g n.. .ne.g. .ci t vr-. . y. p. .m p p g r . * * ,-] r. p. 6 .- 1. :st . !ci
- ,
- n <- , , -
r,. m s 4 - accumund encrw i' :,n of 11..O u00 < : On 31 1981 1980 te e -. m,. <,n.r.4 s,,c,..n c m" ,,
- ' %', h "r " -, I "W~ ~ m' '
Ohausands of DuPars) wowd MWo noxu ' r
- ct .
"; c ar: c' r' ~ $ 85,000 : 7F000 5').153 ff;0 at Dnt mr or 31 1 :d ~le c.3 e e1 at h'- J 8,000 7M Decertet 31. %3. and cb < %it + * , . Md tra *
- c. u r .r c ~<+ Or., , o. ~
- v. ,un e. c v~ ,
. , rw> c / ,7 ,- ,- a" ", $ 93=000 ' - ' ' o' 'i0 ~ M72fLO. rmpcc:# ? Tr e' 4 m tu unr, *; - WH- +<
- repn sen m g h zu k : ' rgre!< mccmd c> n : m; ' ' ' t. ' $140,625 1 1 ' C vs ,. h:m L ; 5B ? D'n :d Dc , '< D 'Y a : .i 00 : '
DecerrMr 31 1E , ar:d Suc% cd ty 17 7#41 o! D U < P ' , m: rf ' ' -n .-m umi ; i j 'I 1! M..M j d ! ' / l.* I. / I.'n C ! !.1 Il !I t l l [ . '(f iiIfIr " O ', ,s III. 4 , *'ii 1Il arnc t?can rd :r O'+ + vp ' : tuu : le + . > b_ m 1 - o!*
- r
' rr : n! Cpi zeJ o ( 7 >< 1s i ci t .d cn i o r ,% t : j r:f p 1, < 1< r. o <<' < .!i Y , a ct f f1i3 ! ril r[ . '. b (* *'-#
- f 5 j ",. C'- t alt' 1 $ 'O'l ' " ' < I! - : b E- f ( ) .
i
- jib"O F n u :ncorrn W m: cf
- D 9 < r"1 r e
- cn ci t.: !: m m; y cm r , F.i ,>
utr. riars i fw 19 73 : '; e 1970 If, -:ra r r ' ; rJ DW b r'O '( c,1 1W d inc'ud" : f r t 05 f or' '? V' 2 e i ,' 4 f, ' ,' ' ',
- 1" >
> - tr fC ' " 'r d 'h" Pct C 'sn*'act r05.'d , ' -!'1 6 d cc ' 9 ri r C 't e 07 i - t fu ! ' ' 'o ' ^ CQnt raCl ' i lm' ' It t C. ~ s ; ri- fi 5 ' ' / $1 $I /U dbi ?C-O'E 4 v 5
- /
prcpo ,v < d t'. -tr*' - ' ; . a i ' ' rc e r . > , r_- ! ' IR tilf;f / ! I'r "'P ,- , ! i' -- ? C' ' >'*'[< ] ! ![a , l I '] / ' b ,_ [] r f", v w pp ' ' t r;f r, u:: ; c' O , ' - f.C'
- E/ fi * , L- 1t - ;' ' ,
; r.;* yd , , l s -(s r ;.; c , c U- , , Ir - [ .1,; - r i r 4 y _. + ,' (,' i , : 9 :. ,I i 4 e -j *['4 l' r -?'r , .f f , ,( t > e. j . $ f jj, e <,f,, >t ' , ..i. .y t i i l l 8 rT El
- 8. Income Tax Expense Total income tax emense was less than the amount computed by applying the federal statutory rate to pre-tax accounting income. The reasons for this d.fference are as folloWS:
1981 _19_80 1979 (Thousands of Dollars) Tax computed at statutory rate on pre-tax account:ng income $77,702 $63.119 $38.012 Increase (decrease)in tax from-D:fference between tax and book depreciation 4,255 2,368 736 Aliowance for funds used during construction (13,167) (13,413) (8.682) Amortization of investment credit (4,399) (3.548) (2,714) } State income taxes, net of feceral ! income tax benefit 2,399 2,166 1,209 Other - net 1,124 1,498 (1,735) Totalincome tax expenc9 $67,914 _. $52.190 $26g6 locome tax expense consists of the follovwng: Current income taxes-Federal $22,149 $13.080 $ 2,412 State 1,039 9b1 2.183 23,188 14,031 4,595 Deferred income taxes Nockar fuel and spare parts 1,264 1,752 (5.042) l Acceterated amortiza!!on 439 (474) 237 Acce!erated dorreciation 18,217 10.011 7,576 intangibio dn'hng costs 1,466 1.227 3221 1 Gain on insta" ment sale _ - (11) Lease and wen irnpairments - net 1,168 850 (3.963) Capita!ized interest 25 21 - 22,579 13.387 2.018 l Charge equiva:nnt to reduction in income taxes due to deferred investment tax cred t. net of amortization 24,772 22.147 _ 20.2_13 Total income tax emense $67,914 $52.190 $26.826 i j The Company has state investment tax cred.t carryovers of $0.103.000, expiring in 1987 and 1988, available to offset future j state income taxes i l I l I l l 41 L s Notes to Consolidated Financial Statements (annnued)
- 9. Taxes (Other Than income Taxes) 1981 1980 1979 (Thousands of Dollars)
Real estate and personal procerty taxes $33,667 $27.850 $25.643 Franchse ta<es 16,664 1.443 1.204 Socia! secur4y taxes 9.969 E229 7.301 City and state use taxes 3,794 3.059 4.354 MiscNaneous taxes 2.296 1.955 1.641 $66.390 $42.536 $40.143 = = = _ = = = = = = _ = = = Charged Directly to income: Operating expenses $64,001 $40.433 $38.033 Other 159 193 118 To property, plant and equ:pment and vanous cleanng accounts 2.230 1.910 1.992 $66.390 542.536 $40.143 l I
- 10. Segments of Business Segment information for the year ended December 31,1981 is as follows.
Electric Gas Other Total (Thousands of Dollars) Operating resenues 5 742.104 $582.434 $11.633 $1.336.171 Operating exoenses, exc!ading deprec:ation 501,238 547.071 5.249 1.053.558 Deoreciatton 58.157 13,753 _ 1.733 73.643 Total operating expenses 559.395 560.824 6.982 1.127.201 Operat,ng income * $_182.709. - - $ 21610 _$ 4.651 _ $_ 208170_ Piant construction expenditures * * $ 191.491 $ 38.546 $26 710 $ 256,747 Identif'ao!e assets. December 31.1981. Utihty p! ant * * $1.712.445 $303.023 $68.682 $2.089,150 Materiais and supphes exclud.ng $192 of merchand:se for resale $_36 738 46.115 _ _$_ 8.73_3_ _$__ _644_ __ Fuel inventory ,_ $ 65.475 $ _ _ _--- _$ _2_29_ 65.704 Gas in underground storage $ 5 12.728 12.728 Other corporate assets 217.271 $2,430.968 ====== INC'9 TLC # :e IJ 'PS Yd W'S ' # *Df.8 C it' ~ *
- bC mjf-5 f kt IGP.CP C8 Cf7T('YXi LI '.!f L.'CTf"i/
42 (__ Segment information for the year ended December 31,1980 is as foi!ows. Electric Gas Other Total (Thousands of Dottars) Operat:nq revenues $ 640,749 $502.919 $11.976 $1,155,644 Operating expenses, exclueng depreciat*on 455.211 457,452 6.869 919.532 Depreciation 47.320 12.769 1.505 61.594 Total yaerating expenses 502.531 470.221 8.374 981.126 Operating income" $ 138.218 5 32.698 5 3.602 $ 174.518 Plant ccnstruct!on expena:tures* * $ 221,146 $ 35.823 $ 5.635 $ 262.604 Ident:f,ab'e assets, December 31,1980: Ulsty r;! ant * * $1.585.703 5289.631 ] 5.240 $1,920.574 Matenals and suptAies, exclud:ng $202 of merchandise for resale $ 32.688 $ 6.026 $ 917 39.631 Fuel inventory $ _$____176 60,679 60.5_03 $_ _ ... Gas in underground storage $_ __-- $ 8 528 $ - 8.528 Other corocrate act,ets , 186.958 $2.216.370 M n mresn .an)e,:.csten ne *
- InCLE)"_, yWis: x1 of Crrirrm t.H;ty pf c(4srty Segment information for the year ended December 31,1979 is as foHows-Electric Gas Other Total (Thousands of Dollars)
Operating revenues $ 507.587 $410.537 $ 8,386 $ 926,510 Operating exoenses. exciud na depreciation 366.330 373,726 13.P34 753.950 Deprociation 42,906 11.835 _ ,,249 55.990 Total operat,ng expenses _ 409.236 385.561 15.143 809.940 Operat:ng income 003sf i 98.351 $ 24.97F $ (6.757) $ 116.570 Plant construction expenditures * * $ 279,037 $ 35.334 $ 6.435 $ 320.P36 Ident; fiat 4e assets. Decenbor 31,1979 Utity plant * * $1.A 19.396 $268.707 $44.380 $1,732,483 Matenals and surches, exclud.ng $375 of merchand:se for resaie $ 37.595 $ 7.050 $ 479 45.124 Fuel inventory 39.993 $ - $ 217 40.210 ==== __ _ _ _ _ Gas in underground storage $ - $ 1,944 $ - 1,944 Other corporate assets 191.503 $2.011.264 lI. } f h l fy _k *
- bc lun a ma yi cf umron L, uy puxierty 43 (
t /
- 12. Effects of Changing Prices (Unaudited)
Notes to Consolidated Financial Statements The fonowin9 supplementary information is supp3ed in (contrmt accordance with the requirements of Financial Accounting Standards Bcard ("FASB") Statement No. 33, "Onancial
- 11. Fort St. Vrain Settlement Reporting and Cnanging Pnces."in order to provide certain On June 27.1979, the Company and the pnme contractor for information about the effects of generalinflation and changes th Fort St. Vrain Nuc! ear Generat;ng Station, Generaf Atomic in specific prices on the histoncal cost financial data of the Comcany (GAC), wNch is an eaual partnership of Sca!!cp Company. This supp!ementary info'ma ion shou ld be viewed Nuc! ear Inc. (a company of the Royal Dutch Sheil Group) and as an est. mate rather than a precise measure.
Gu:f O-i Corpora!:on entered into a Sett:ement Agreement, a Seroces Ag'eement and a Fuel ano Fabricabon Agreement Two methods have been prescnbed for measuring tne effects satisfying and setthng aH cant'3 cts and cla:ms between the of chang:ng prices. The Constant Do!!ar r^ethod restates Company and GAC retative to Fort St Vra n. The terms of historical financial data to Units of equ: valent purchasing these Agreemems inc!Lde the fonowing- (a) GAC paid to the power by apolying tne Consumer Price index for All Urban Lompany. upon execucun of the Sett!ement Agreement. Consumers (CPI-U) to the orig;nal histoncal cost of the 160.000.000 as an adjustment of the piant cost for the Company's surviving property, otant and equ:pment. Constant reduct on in tne p! ant's capacity from 330 Mw at 80% Douar acjusted information ind; cates how the Company has cacacdy ' actor to 200 Mw at 60% capac'ty factor; however. been affected by the dechne in purchasing power of the douar GAC made no warranty as to the capac:ty of the piant. (b) (genera! inSation). GAC wai contr:bute to tne Company, between 1980 and 1984 $97.050A27 for the cost cf rep! acing the 130 Mw reduction .n The Current Cost method adjus's historical financial data to [ capauty o! Furl 3! Vrom mih future e'ectric generaN q ieiieui cianued in the wecihu priced ui the Cunpany's t I facoties and uo to $3.068.791 tor reimburcement for property, piant and equ!pment from the date these assets sh;pmont, storago . handhng and d sposa! Of spent nuclear fuel were acautred to the present. This estimated cost of replacing for wnicn the Company w:H bear ine respons:cotty and the the productive capacity of exist:ng piant assets is onmarity cost. (c) owner .h p of the reactor c e ano ali fue! e!ements determ!ned by indexing surviving property, piant and at the p! ant was transferred to the Company by GAC as of equ!pment (includ ng land, Iand nghts, property he'd for future January 1.1979, and GAC w d male availab!e to the use, and construction work in progress) by the Handy-Comoany, at no charge (except ceita!n poss:bie incremental Whitman Index of Pubhc Utnty Construction Costs. Current costs). nuc' ear fuel elemonts suff.cient to operate the ptant at Cost adjusted information ind cates how the Company has 200 M,v at 60% cacac'ty through December 31,1984. or been affected by the increased cost of maintaining its existing unti 16,166A00 Mr.h thermal a'e producea. or cou d havei product ve capactty Current Costs d.ffer from Constant Dohar been p oduced. nn chever is earner. (c) through 1992. GAC amounts to the extent inat specific pnces have increased / ,! prodde or arrange to provide fuel fabricaPon services to more or less than prices in generat. I tne Company, and the Company wdf re:mburse GAC for GAC's cost. for the manufacture of adddional fuel elements As shown in the fohow:ng statement, income from continuing for use at Port St. Vra n as the Company. at its own operations developed under both Constant Dollar and Current d.screbon, may schedule:(e) GAC transferred ownersh:p of Cost methods is lower than that, determined under the soare pa ts and eau oment for the piant. effective January 1, historical cost method used for the pnmary financial 1379. (f) GAC wn fund. up to $5 001000. 'he study and statements Of the revenue and expense elements from reso ubnn of certa o otant pmformance prob! ems (g) GAC wdl which tr.e income hgure is denved, on y deprectation expense fund. up to $10 000 000. work ro% ed to certa:n opon work has been restated by app f ing the Company's depreciation lems. documentat:on and sestnic stud es. (h) upon execution rates to the indexed amounts of Constant Dollar and Current : of tre Smt'ement Agreernent but effeceve as of January 1, Ccs! adjusted property, piant and cautpment. A!i other income { 1979 the Company recoved tWe to the Fort Lupton Gas statement cems are conmcered to have been effectively l Tutne Un-ts and (0 upon execution of the Setttement transacted at average pnce leve:s for the current year, and Agreement bu* ef fcctwo as of January 1.1979. the Company accord:nc'y have not been restated accecmd Fort St. Vrain for commerc:a1 cperat:on. j i 44 C Fuel inventories, the cost of fuel used in generation, and gas As prescribed in FASB Statement No. 33, income taxes were purchased for resde have not been restated from their not adjusted to reflect the effects of changing prices. This historical cost in nominal do!!ars. Regulation limits the requirement is appropriate, since current income tax policy recovery of fuel and purchased gas costs through the ignores the effects of inflation in measuring taxable income operation of adjustment clauses or adjustments in basic rate and the higher depreciation expense experienced under schedules to actual costs. For this reason fuel and gas Constant Dollar and Current Cost accounting is not tax inventories are effectively monetary assets. deductible. The Company's effective income tax rate, when taxable income has been adjusted for inflation, is 75 percent under the Constant Dollar method and 132 percent under the Current Cost method for 1981, both of which exceed the reported effective tax rate of 40 percent and the statutory rate of 49 percent. Statement of Income from Continuing Operations Adjusted for Changing Pnces For the year ended December 31,1981 (Thousands of Donars) Constant Current A.s Reported Dollar , Cost Historical Average Average - Cost 1981 Dollars 1981 Dollars Operating revenues $1'336.171 $1,336,171 $1,336,171 . Fuel used in generation expense 171,657 171.657 171.657 Gas purchased for resale expense 462,291 462,291 462,291 Depreciation expense 73,643 151,742 191,007 Other coerating and maintenance expense 419,610 419,610 419,610 l Income tax expense 67,914 67,914 67,914 Interest expense 63,765 63,765 63,765' Other income and deductions - net (23,464) .(23,464) (23.464) 1,235,416 1,313.515 1,352,780 income (loss) from continuing operations (excluding reduction to net recoverable amount) $_10_0,755 22,656* $]16.609) ! Increase in specific prices (current cost) of property, plant ( and equipment held during the year * * $ 636,636 l Effect of iricrease in general price level (373,328) l Reduction to net recoverable amount (Note A) $ (103.421) (327,464) l Excess of increase in general price level over increase in ! . specific prices after reduction to net recoverable amount (64.156) l Gain from dochne in purchasing power of net amounts owed (Note B) 108.142 108.142 l Net $ 4,7_21 $ 43g86_ 1 '
- Includ<ng the reducton to twt recoverath amount. the income (loss) from continuing ocera'ons on a cons' ant donar tx.st; would h.we been $<B0.765) for 1981.
" At Decerroer 31,1961,curtent cost of propety, plant and egepment, net of accumulated wecation was $4 4M032. while histonct cost (or net COST recCverable through deptaciaton) was $2.089,150. I I 45 L_ _ . _ _ . . --_ . - . , _ -. _ - . _ . --.--_----A " " m Decline in Purchasing Power of Net Notes to Consolidated Financial Statements A ounks d kxrtinum0 This memorandum capbon shown the net effect of inHationary value changes on thoce Company r sets and lbbRt es Note A. Reduction to Net Recoverable Amount carried on the ba!ance sheet at fwed or deternunab!e Under tne CPUC and FERC rate-me ng prow ons to whch monetary sett!ement amounts Dur;ng a pencd of inflaton, the Compan/ q cub;ect. only ine Mtonca cost of p' ant is holders of rronntary assets suaa:n a loss of goneral reuoverabh :n revenue: as an amwn: "qua! to depreciabon. purchas ng power whde ho:ders of monetary habines Therefore, the port,on of me co-t o' p' ant e tated in terms of expenence a gain. The Company s "Garn from Dechne in Constant DcQrs or Curr> nt Cost v en exceeds the Mtorica! Purchasing Power of Not Amounts Owed" is pnman:y cost of punt and 6 not ps sermy recow aDie in rates as attnbutable to the ' ubstandai arnount of debt and preferred deprec:a?'on h,n ty en ref?ctra as " > "Peduction to Net stock which has been used to f nance property, piant and Recoserab e Amount ' Wrie the rate-m:r r ; procet s g:ves equipment. On ca'co:abng tn;s gzo. preferrrd muck has been no recogn.t on to the current cost of rep'ac*ng prcpety. p; ant classf:ed as a monetary dem, wnich is conmsten! w:th its and equ pment. bod on omt prac'cea the Co sm q t'catment for rate mA ng purpov :) Such amount does not beheves it w a be a"ovaa to earn y, me mcremod cost of 'ts represent funds avadabte for d,str,bution to shareho!ders. not ns Amr nt whon repMce r i of fx ' ; actuaty occum To propeny ref:ect tne econom,cs of rate regu'abon in the Statement of income from Conhnu ng Operabons, the "Reduct:on to Net Pecovemble Amount" should be offset by mo "Ga n from Dec! ne !n Purchasng Power of Net Amounts O/.cd ' Five Year Comparison of Selected Financial Data l Adjusted for Effects of Changing Prices l In /sverage 1981 Douars weept "/a rworted imouns) (Thousands, Except Per Share Amounts) _ Years Ended December 31, 1981 1980 1979 1978 1977 Operating Revenues: As reported - $1,336,171 $1.155,644 5 926.510 $ 729.778 1613.299 Adju&d to con ~ int do' ars 1,336,171 1.276 453 1,161.226 1.018 104 921.131 Income (loss) from continuing operations (excluding reduction to net recoverable amount): As reported 100,755 B5.02 7 55FB Adssbed to constant dows 22,656 26.057 1/.122 Adjush'd to current com (16,609) (18,092) 06Ei) Income (loss) per common share (after dividend requirements on preferred stock): As reported 1.97 1.92 1.35 Adged to co" ant dodam Mrc!ud rg reduct cn to net reco ab b re: a >nt) .14 27 01 Ad.vtod to current co ' (.78) (99 (1 71) Exces ; cf incn &
- i > rx nn co M over :nre im M npecP o on m c "/ rodri on to r, i reoverabb arr,oun! 64,156 125.107 152.780 Garn f rom de&e in p~rmr og rewr of net amouts ovej 108,142 17077 M 1054 Net asse' at ye< .0 at r4 i reco# e mou nt 706.236 E90250 657.439 Cash dividends declared per common share:
As reported 1.68 1 60 1W 1H 1 46 Aa uwd to con 2 et m Mrs 1.68 1 77 2 01 2 13 2 2G Market price per common share at year-end: As reported 14.25 14 M <39 16 75 18 88 Ad 'od to ce f:ca dc br' 13.67 15 r i r- u 22 50 2766 Average con;um," r ce : .
- 272.6 oh n 2175 105 4 181.5 m: y ..c . 's N 1
- 13. Outrterly Financial Data (Unaudited)
. Summarized quarterly data (in thousands of dollars except for per share amounts) for 1981 and 1980 are as follows: 1981 Three months ended March 31 June 30 S,eptember 30 December 31 Operating revenues - $387,850 $310,752 $277,582 $359,987 Operating income $ 41,766 $ 33,109 $ 30,951 $ 35,230 Net income $ 32,024 $ 22,100 $ 22,649 . $ 23,982 Earnings avaliable for common stock * $ 27,859 $ 17,935 $ 19,484 $ 19,817 Average common shares outstanding (thousands) 40,138 41,569 44,406 44,799 Eamings per average common share * $0.69 $0.43 $0.42 . $0.44 1980-- Three months ended March 31 June 30 September 30 December 31 Operating revenues $329,252 - $271,315 $233,229 $321,848 i Operating income $ 34,194 $ 25,867 $ 29,242 $ 33,025 Net income $ 22,930 $ 15.922 $ 20,661 $ 25,514 1 Eamings availab!e for common stock $ 19.546 $ 12.538 $ 16,574 $ 21,349 ' Average common shares outstanding (thousands) .33,377 35,417 36,962 .33.890 Eamings per average common share' $0.59 $0.35 $0.45 ~ ' $0.54 i Due to nund:rg quanony r42ures do not add to a inual totat , Report of Certified Public Accountants in our opinion, the statements mentioned above present fairly i The Board of Directors and Shareholders the consolidated financial position of Pubhc Service Company i Public Service Company of Colorado of Colorado and subsidiaries at December 31,1981 and 1980,
- and the consolidated resu!!s of operations and source of l We have examined the accompanying consolidated balance funds for plant construction expenditures for each of the threc
! sheet of Pub!ic Service Company of Colorado and subsidiaries years in the period ended December 31,1981, in conformity
- at December 31,1981 and 1980, and the related consolidated - with generally accepted accounting principles applied on a
, statements of income, retained earnings and source of funds consistent basis durir,g the period. j orf plant construction expenditures for each of the three years
- in the period ended December 31,1981. Our examinations j were made in accordance with generally accepted auditing
- standards and, accordingly, included such tests of the M[dA) [ewy / by+-p' -
' accounting records and such other auditing procedures as we Arthur Young & Company j considered necessary in the circumstances. Denver, Colorado February 5,1982 I l 47 l l i I, _ __m- , . . _ _ _ , ,_ _ ., . , , . , ,, , , , _ , _ , . . , - . . , _ _ , , _ _ _ , , . . . . . - . . . . . . . - , . . , - , _ _ .m...j Nicholas R. Petry, Denver, CO (1961) Executive Officers Board of Directors Chairman of the Board Robert T. Person (45), Age 67 and Officers Petry-Vanoi Construction Company Chairman of the Board Managh Partner of N. G. Petry Richard F. Walker (32). Age 57 Board of Directors Constrt ;n Company, Ago 63 President and Chief Executive Officer Robert T. Person, Denver, CO (1957) J. Michael Powers, Cheyenne- Bryant O'Donnell(31), Age C6 Chairman of the Board Age 67 WY (1978) Executive Vice President and Richard F. Walker Denver, CO (1976) President. Powers Buitders' General Counsel President and Chief Executive Officer . Supply, Age 39 C. Keith Millen (35). Age 59 Age 57 King D. Shwayder, Denver, CO (1967) Senior Vice President. Operations William T. Blackbum, Denver, CO (1965) Former Chairman of the Board' Samsonite Corp., subsidiary of Harvey P. Blichmann (32), Age 54 Rectdent Partner, Vaughey, Vaughey & Vice Pres: dent, Strategic Planning and B!ackburn (Independent Od Producers), Beatrice Foods Company, Age 71 Administrat:ve Services Age 65 ( ) Year efectod to the Board of James N. Bumpus (1/), Age 4/ Doris M. Drury. PhD, Denver. CO (1975) Directors Vice President, Finance and Treasurer University of Denver We deeply regret the death of A. L. Clark B. Ewald (22), Age 47 Professor of Economics and Drrector , Pubhc Affairs Programs. Age 53 Feldman, Chairman and Chief Executive Vice President, Employee Relations Robert E. Kelly. Denver. CO (1978) Offrcer of Continental Airlines. Mr. J. Kenneth Fuller (33), Age 58 l Feldman was a valued and respected Vice President, Electr,c Engineering and l Vice President , ,n ..o.,.a~_m___.. rnember of the Board of Directors and Plannina r uti v u up,y o ua u ua v m . _ % , mvm, nc ~ we wm miss his counsel u, ll F_- George B. McKinley, Grand Junct:on- Delwin D. Hock (19), Age 46 Nicho! son, Jr. was named to the Board V:ce Pres: dent. Accounting and Secretary CO (1976) of Directcrs in December to replace Pres: cent and Chief Executive Officer Mr. Feldman Robert E. Kelly (35). Age 63 Central Bancorporation, Inc . Age 54 Vice President. Fuel Supply and Gas Operations John A. McKinney, Denver CO (1979) Executive Committee Chairman of the Board Robert T. Person Oscar R. Lee (31). Age 55 and Chief Executive Officer Richard F. 7/a!ker Vice President, Electric Production Manvme Corporation. Age 58 Wmiam T. Blackburn Robert T. Person Jr. (10), Age 39 C. Keith Millen. Denver, CO (1969) George B. McKinley V+ce President, Pubhc Affairs Senior Vice President of Operationg Nicho!as R. Petry James H. Ranniger (23). Age 45 Age 59 King D. Shwayder Vice Premdent. Rates and Regu!alions Will F. Nicholson, Jr., Do ver. CO (1981) Jack W. Rouse (35), Ago 61 Audit Committee Pregdent, Colorado Nat onal Vice President, Division Ad.nin:stration Doris M. Drury Ban shares, Inc , Age 52 ( ) Denotes years of service with the King D. Shwayder Bryant O'Donnell. Denver, CO (1972) J Mchael Powers Company through December,1981 Execut,ve Vice President and Generat Counse!. Age 56 48 Please take a few minutes to complete and return the postage-paid, self-addressed cards below. The top card is a brief survey which will help us make our communications with you as effective as possible. The bottom card concerns our newly-instituted regional shareholder meetings and how to get additional information about the Company or your investment. Shareholder Communications Survey 1981 Annual Report Quarterly Reports
- 1. About how much of PsCo's 1981 Annual Repor' did you 5. About how much of PSCo's Ouarterty Reports do you read? usua!!y read?
5 al O % to % 0 ari T less than w < u or rmre < iess than % . more than % E none u % to % ~ none 6. How would you desenbe the Quarterly Reports readabihty?
- 2. Did you find the 1981 Annual Report easy to read and a very re30at:e m somewhat ditcult understand? O somewhat readable G very cttcutt
- very readabie { somewhat cecuft 7. In genera!. please rate the PSco 1981 Ouartery Reports by , sorrevhat readable very c%cu:t circhng the number below which best descnbes your overall
- 3. Please circ!e the number which represents your feehngs impression:
about the quahty of information, presentaton, anti readabikty of Outstanding > Poor the following sect;ons; ov;ra:!, I feel the 1981 Outstanding . -- > Poor ownew news are - 1 2 3 4 5 6 7 8 9 10 1981 In Retrovet 1 2 3 4 5 6 7 8 9 10 vanagement commentary . 2 3 4 5 6 < 8 9 10 Communications Programs A Look Ahead 1 2 3 4 5 6 7 8 9 10
- av. ll7 8. How would you descnbe PSCo's sha eholder and investor Omatng aM F:nancia: Data
- 2 3 4 5 6 7 8 9 to relations programs?
Sha'enomr Informaton .1 2 3 4 5 6 7 8 9 10 o very good m adequate
- in nonarM r.wa rea tho ovora i l PTn 1481 Annual Report go d inadequate by crrcing th[ number below which best describes your overall 9. Do you feel you are be.ng adequately informed about PSCo i impression. activ: ties?
l Outstandng > Poor C Yes ' mosty C not entire'y C no a tk 1 2 3 4 5 6 7 8 9 10 10. What is your Z:p Code? l I I __________________________________-_-___________________ Regional Shareholder Meetings Pubhc Service Company of Colorado is conduct!ag a series of meetings with shareholders during 1982. Invitations to attend these meetings have been sent to snareholders who own Public Service Company stock in their name and who live within a 50-mile radius of the cities listed below. If you wish to attend a meeting and have not already received a letter from us, please complete and return this card. indicat;ng the meeting you wish to attend. We will send you the matena!s necessary for admittance. Meetings will be held in the following areas on the indicated dates: l [ O Mornstown, New Jersey Additional Information and Duplicate Mailings June 9th,9:30 a.m. shareholders interested in receiving the pubitcations or o New York City - midtown addtonal informaton hsted below, or those who receive June 10th,9:30 a.m. dupacate mamngs of the Annual Report. are asked to check the O Chicago - September appropnate box. Fdl in account numoer, name and address C St. Louis - September and tral this postagepad card. l 0 Miami /Ft Lauderdate - October O statistical Review 1971198t O Tampa /St. Petersburg - October 7 Form 10K O Los Ange!es - November C Ndend Reinvestnwnt Plan Informadon
- Do no want to receive more than one copy of Annual Report.
O San Francisco - November I C Seattle - November (piece tm in account number _ ! mrw rwutvm uans NAME STREET AND NUMBEP _ CITY __ STATE _ Z!P _ l l NO POSTAGE NECESSARY IF MAILED IN THE UNITED STATES BUSINESS REPLY MAIL First Class Permit No. 265 Denver, Colo. POSTAGE WILL BE PAID BY ADDRESSEE gg v m Public Service Company of Colorado Shareholder Services, Room 1048 P.O. Box 840 Denver, Colorado 80201 NO POSTAGE NECESSARY , IF MAILED IN THE UNITED STATES 1 BUSINESS REPLY MAIL ' First Class Permit No. 265, Denver, Colo. POSTAGE WILL BE PAID BY ADDRESSEE m m Public Service Company of Colorado m Shareholder Services, Room 1046 P.O. Box 840 Denver, Colorado 80201 l l I I s- _ - - - . _ _ _ _ _ _ _ _ _ _ _ _ - _ - - Other Officers M. Gordon Parker (33), Age 59 Legal Counsel Denver Metropolitan Din McNellis (29), Age 53 Kelly, Stansfield & O'Donnell Assistant Vice President. Lawrence F. Petrini(26), Age 51 Denver, Colorado Governmental Affairs San Luis Val!ey Richard R. Midwinter (32), Age 56 Wallace K. Reed (35), Age 57 Auditors Controtier and Assistant Secretary Boulder Arthur Young & Company F. William Beier (41). Age 64 Manager, Foothills Region 1670 Broadway, Suite 2500 Denver, Colorado Assistant Secretary Harold L Rust (26), Age 46 D. V. Fetchenhier (24), Age 48 Platte Valley Assistant Secretary Transfer Agents and Registrars for Louis W. Supancic (30), Age 59 All issues of Capital Stock R. C. Kelly (14), Age 35 Southwest Metropolitan Assistant Secretary N. James Temple, Jr. (35), Age 61 'D Pay g nt Leo L Beem (34), Age 60 Westem Morgan Guaranty Trust Company of Ass,istant Treasurer Manager, Western Region New York Richard L Hunt (15), Age 39 Robert J. Vidick (26), Age 54 New York, New York Assistant Treasurer Northwest Metropolitan NTra. sfer Agents . Douglas S. Robertson (3), Age 39 ( ) Denotes years of service with the United Bank of Denver, A/sistant Treasurer Company through December,1981 National Association ( ) Denotes years of service with the Denver, Colorado Cunpony through December,1981 Managers, Subsidiary Companies Bank of America National Trust and Michael J. Geile (17), Age 39 Savings Association Vice President and General Manager San Francisco, Califomia - i Manag:rs, Geographic Divisions N. Keith Coombe (29). Age 53 Home Light & Power Company Co-Registrars John M. Hassoldt (31), Age 52 United Bank of Denver, - High Plains Vice President and General Manager National Association Robert J. Cottle (33), Age 59 Denver, Colorado ' Northeast Metropolitan Western Slope Gas Company Wells Fargo Bank, Robert J. Fairchild (42), Age 60 James L Higday(31). Age 59 + President and General Manager National Association F "tR "9 Cheyenne Light, Fuel and Power San Francisco, California Ronald L French (29), Age 54 Company Dividend Reinvestment Plan Agent anage, No@em Ngion Wgan Waraq hshpany of ian er, Southern Region New York Robert F. Jonas (34), Age 58 Frank O. Hellwig (31), Age 56 New York, New York - Vice President and General Manager 7 Southeast Metropolitan Fuel Resources Development 'h Douglas C. Lockhart (17), Age 39 , ( ) Denotes years of service with the Mounta:n Company through December,1981 Robert E. Moninger(34), Age 61 - Northern t / .. r . e. .. .:.- . +,..<.v. u - +. e v v..o .. e~~,. . . ,xw . . .- .~. t' .s +g ;' . ,=;~ g, _"- 4, - ..wgges(eneer , . . Amr. I.. .. s s. , t ~ ~$ . j . , ; 7 < y. . [ van . k' j - -;oorey.cusesgaapt - o. .T' 'J > s . v.' . - %g '4 - + ' ' ;poepsn.}sn_ A i - : - 8- - L,.. - a +
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