ML20052F169

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Annual Financial Rept 1981
ML20052F169
Person / Time
Site: Trojan File:Portland General Electric icon.png
Issue date: 02/22/1982
From:
EUGENE WATER & ELECTRIC BOARD
To:
Shared Package
ML20052F161 List:
References
NUDOCS 8205120190
Download: ML20052F169 (28)
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1!)l11 ANNUAI,III;I'OltT

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AIAYOR, COMAION COUNCII, AND CITIZENS Ol' EUGENE Seventyyears ago, the Eugene City Council turned over control and 7

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<N operation of the inunicipal water systern and power plant to an independent lxxly of five citizens, fbnning what is t<xlay the Eugene

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Water et Electric Iloard. This flir-sighted action helped fice the utility Irenn t he ]xitential of political cornprornise. The original Iloard inenibers u n ru, ~ knisn,n. n o.

>,i n s in..ny m.,,,pp, a a"i,

and their successors have concerned thernselves fbrennost with 3rovidinh<

I Ijle cornnuinity 1;ie best possible utility sen ices while niaintaining strong

. n umn:o,nnu,s,. nn in staa n pn ninig m,nt-P%

t,liialicial Integrity.

1 a n He m n e 1. < ti.,n n 2

Through the years, EWElllias becottic oile of'llie finest rininicipal bd, ITn.1:Cs,.unt l'ns.

,U,7,'[IEi2,',', "7.',1"II((,,i,'h,!.""A utilitles in the nation. The electric systern's design aiul reliability, the water system s supply and cluahty, and the triple-A and double-A bond ratings are evidence ofycars orsuccessibl planning and go<xl Inanagernent.

In inany ways, the cornplex issues and challenges of today are no more ditlicult than ones fliced in the past. Ilowever, today there is the reality of rising rates and less local control. Maintaining 5WElfs high standards will re<[uire continued conunitruent by the lioard, the management and every employee to senice, efliciency and productivitv.

I believe there is no better organization to accomplisii this task.

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John A. Fif!;nty l h icient

Wg-What will the 1990 Eugene Water 62 I:lectric Iloard annual report tell us? Will the economy be strong, creating greater demand for utility ser vin s? Will t here he adequate supplies of' electricity and water? With the rising utility bills, will customers be able to aflord the reliable and well-mairuained utility services they have historically enjoyeti?

t Facing an uncertain fbture creates a diflicult climate fbr decision niaking. Yet, action nuist be taken to assure the canenist x

community an adequate and af fbrdable electricitv and water supply. That is why 1:WEll is developing tlle poteritial of its personnel, g

g is c(irtimitted to the highest g

opera ting standards, atid is E

i purstling several paths ihr meetirig future need4 Decadeof Change I Wl:ll l'urchawd hcrage Re iilenti.d Revenue Power Cost (shib.in-.t th narsi

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in tu t ni le ruul I wit N 1.WI.it D.Lui nal a erage Tlic rirarnatic cast incorase_for ponrr purtlutseriIrwar fininuvulle l'onrr Aluninistratiors Iras l>tru tire lar:yst wntril>ntor to increascal1:11'l:11 r ate.s. Still.1:lt'l:ll's o liar,yes trinain nril /> elan loall'tlic national utilite anvra;y

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l Hevelopment ik Training Hates I;WEli has encouragni employn s to I)ramatic increasaw in wholesale par ticipate in nlucational opjwirtunities

[wiwer rates by the ikinneville l'ower fier many years. In !! Nil, the utility A<lministration, along with other a<lopte<l a renewal emphasis in this area, increaml co3ts, have fi>rcnl EWEll to

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provi< ling specializal in-house pmgram.s increase electric rates by alwiut 25 = rcent 1

targetal at the general wo: L1orce, in lxith !!nlo anci I!ull, III'Ns bac k-to-back suj n rvisors, inici-inanagement an<l senior rate increauw of 1(H) pen ent anillE management to prejkare them to lxTrent have lurn the largest contributor

- 1 y; Ki efli ctively niert the challenges ahea<l.

to EWElfs higher costs.111% is pro} wising Coupini with EWl;lfs promote-f rom-a 73-lwtrent increase fiir ()ctolxT !!Nt2 y

within [Hilicitw. the <levelopment ant!

which, by itself. coult! rn[uire EWl;lfs

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training programs will help I;WEli ates to go up more than 30 ]=Trent.

maintain anal exp nul the (juality anil skill While the [x rcentages are large, of'all its j a Tsonnel.

EWElfs ek ctric rates are still f ar less than 4,

Ihose chargni in most conuminities. In Financial Mamagement 1! Nil,1;WElli average cost ]x r kilowatt-l'inancial integr ity has always been a hour fi>r resi<lential customers was

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lea < ling priority at I;Wl:11. Ily obtaining 2-14 cents, well below the national Z

high Iuinti ratings, subsIanfial savings average of'5-12 cents.

, 84 occur when financing is rn juiral, helping Water ra tes have also inct easal, but i

holil rates < lown. The ihmi has sta tal kss than the inflationiny rate. In a<lclition that a major objective is to "concluct the to the higher costs for overall utility tiscal aflairs of the Ikiant in such a operations, the high cost of'tinancing has manner as to ensure a triple-A rating on ha<l a large impact on water rates.

our 1xin<ls, anel generate the nenini finuls 4

internally to the highest k vel

]wissible Lt The lhm! has exclusivejuris<liction to set rates ancl has maintainni revenues suflicient to provi<le fi>r all operating Vrepaning cruploprsfor the t hallers;;c.'

c\\penses, repairs. <leb. service an<l ohea<lis are ohi<v Inr ofEtt Eli'^

subs tan tial capital aciclition3. Thorough

<I,wloptrient arnt trairnng pnearris.

internal tinancial analvsis an<l rej uirtint;.

coupInl with an annu$il in<lepenclent a Hlit l'intri Ir/tt CarI flanks, cl<v tri,inti Ken Ihrson, rla tric <h3trihnto ni In huician.

og accounts fiir nuite than >'iyears, have r

helpnl I;WI:ll achieve an excellent financial reputation.

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NI:W HIIt1:CI' IONS I'Olt A DI:CAI)l; Ol' CIIANGI I

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Tuurrnn n k is sitrweil at I;lt'l:lVs training.ses.siorts. I'rinn lef t: 1.t nrtta Cenni, cles tric tracterrnan; Stn r Sollierg, seater uneter truritanic: Alark Kerulall. cenntnertial energe anal.c.st.

I'rocluctivity Custainer Relations I;Wl:11 h.is h.ul a ste;ulv gr owth in There is a tr.ulition at I;WI:11 that the etliciency atul inuluctivity. In 1971.1;Wl:11 utility c.C sts to serve the custonier. As a l

h.ul one emjiloyee tiir every 124 custorners.

result,1;u f'll has barn able to retain in 1tull,133 cu.stoniers were.sen et1 jicr jinblic contia uce antl sujijiot t tluring this ern}iloytv, even though I;Wl;ll is now jierit ul of'incre sing rates.

}irovit hng ;ultlit ion.il customer semers in onler te Abster continucil o})en thiough a 21-}n r. son con en ation conununications with cu.stomers, I;Wl:11 elej i.u t ment.

initiatal a customer res}=inw ]>rogram in Major contuhutors lo jin uluctivity 1979. On the back ot cach 1;Wl:11 bill,

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have been the ste;uly increase in the use of' customers are invital to write cotuments coinjiuter tecluuilogv mul nunlern or ask <[ue.tions. Ily inchuling a [> hone equi iment. Ih nvever, it is the em}iloyers' number, an I;Wl:11 re[indentative will call l

skill ;uul tiet hcation. as i.tn t by.ulvancnl the customer to tli. cur any utility irue.

tranting, which h.ive m;ul; it }xirible to During 1931,2.100 requests were m.ule incre.i.se jin wluctis ity while maintaining tiir I;Wl;l; to call aiul nearly a.s many an exemlil.uy recon! of' customer service.

conunents were es}ircreil. Notably, many of the conunents were comlilimentary towanl the tiiciallines aiul ability tiemonstrateil by I;Wl;ll's em}iloyees. The cu3tomer resjwin3e jirogram has hel}ict!

resohr misunt lerst.nulings, } >n n itle intiirmation.uul encourae,e tirtiback.

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I(egissniel Art I:ncrp' JV Water Nulsjely

(:on-iilet alile 3taf! Iinic wa, wt juiler!

I;WI.!! sujij > lies l% tli.ni one fitth of clut inq 19n1 in inceling3 willi Ilic its clet tiirity f roin its own generating lle ultic.-ille l'ower Aslu tini-t r.etin iti anil jil.irit3. Since flic utilityk fastest Iising cost othet s I eg.in hilj it:1) dcInent.it iori of' flic is jiun lla 911 j u nwer. I;Wl;ll is lix iking at 19an l'.u itic Nor thu est I;let tric l'ower several l u issible resour ces u liich in.iy I'l.inuirig G Cotiwn.it uin At t. 'llie At t jiros ule s.n ing3 in t he 19'in%. These tin et is lil'A to issile icw j u swer 3tIjijnly ojitloin3 are !et icwcr1 in Ihe f ollowirig n int r.u t-ta i it s t u-toirict 3, allow 3 investor -

strtion aif thi3.lonual Icjnitt.

iiwncil utllitics ao ess to jurferclur juiwcr I;Wl;lli water sitjijily ruines !!<itu the j ui s u nush n ewrictl f or juililit lv owncil

.\\!cKeri/.ie l'iver.nul is j ult !!ict! at the utiht ics..n u t j o os in ic3 tunihng for a llayalen firi<lge I iltration l'I. int.1;ccinise of' i egion -wu le cher gv ronserr.it u in l n ogr.u s t.

Icretit systern etj unsion, I;WI;ll water in ail <lition, the Art giws ll!'A the alnlity to custoiners will enjoy a jilentilul anel safe

.n s juil e gener a t u rn f r e u n t.ij ij u t is t il tiew

w. iter sujijdy f or in.nty years.

Ies4 u n ct 8, ara l j eros i<les inceritiws to utilitics u ha la unjilenictit etin3c Ta tion j u ograins in ul s er int I case t he legit nii t lerf ru Ity.sujil>ly. It is.sjij ur crit th.it these issues lure.i signitir.irit unji.irt sin I;Wl;ll's rate luyt is I her clin e, I;Wl;il has Intn.n tirely intohrvl iti onler to j u ottrt its ru'tvirner s's ight.s tuuler the Art.

!)nring 1981. I;Wl:1! signcil contracts with I;I'A fin energy < onse:Ta tion j erogi.un, n1[uin11 by the At t. Ilowcwr, Ill% lesulclitial we.ither i/ ition jirogrant, r.illeil liny luck, icstiir teil Ihe nurnt w/r of' lirart tral a in3ctra tion incastu es available to ino-t lu nne.s. Thet ebre.1;Wl:ll is sujijdernenting the lil'A junigtain with its owli f unds.so th.it inor e lu ques lu.ilit,v f or rot nj detc we.it her 1/.at u u t.

CON I I(Illt'TIONS IN I.II:t' Ol'IMI:S 0:n luitaig Inun Pov 0 1

Curtiulative l'. nil t o:

1981 1930 Total City of'l:ugene

n M9 251
)24:1549 29150 :Ho N h:x d Ibtrict* IJ:C 1 mi 926 1 536:540 10 4G1204 Citv of 5}n ingtic141 34 000 55 HnD 382 753 Total Guerilanlitsus.

55 597 177 54 635 GH9 539 991 257 It'ater capor ri.scsjh ens the \\ \\'tllarnette Ricer in 1:ngene on a ax:l nrorning.

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l I*I(OVII)tNG ltI:SOI7ItCI:S l'Olt TIII: IVITICI:

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I:ntermg 19n1.1:Wl:ll' ainsenation f

i progrants incumI on pu n iding usetbl

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intbrmation to customers reganling a>>t-i t

d effective ways to cut electricny use. That )

vas the objectwe of the }= rsonalient l

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I home enet p use analyws olli t ni sint e ItC. During 1931 howner,1:WEll betun j N"

to sub3tantially espand the conservation l services, through contrat ts with the I

N llonnctille l'ower Administration, lly year

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,',.j end, I:Wl:ll was of fi r ing c,creral programs 1 to rnluce, or (Ten climinate, the direct

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and pertbrming other consenation Y

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Ilighlighting 1:Wl:lli consetTa tion r,.

den ices is the energ buy-back program.

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m3talling weatherization mea.ures (such '

1:ntanrig nature v. tnie of the fann ate arm rties at I:lt'l:D. it'aler Ikuni l' ark lwim.ul s

as adding insulation). The but-back fralum liarro.

innount is based on the t.ust-y' ear s expected s.ning3 at a rate of 29.2 ces ts per kilowatt-hour. Other programs include a system-wide canvass of' residential and conuncreial customers to provide and in tall water heater insulationjackets, ofli ring energv analyses to conuncrcial a.s '

well as residential cu-tomers. luying up to, 51 thr each standant tiuorescent lamp l

replacal by a conunercial customer with a

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more encrp-ethrient type.oub titutmg l

1:WEll f und3 lbr the Statei weatherizationl tax crnlits 6ir work done in 1981, hmuling' out shower flow restrictor3 and electrical outlet insulation gaskets, and providing do-it-yourself ~and other inf ormation.

to ad< htion, EWEli updatal its Energv 1:flicient ilome Awant standants l

in 1981 to grrmit greater flexibility in I

design and in using solar fi atures. EWEl' 1 is tinancially asnisting the measuring of solar radiation in Eugene aini inniding l

on-site 3olar fimbility analyses fbr both residential and conunercial customers.

1:WEli al o is eplacing its mercury-vapor outdoor area lighting throughout its sv tem with energsellicient lighting.

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Average Kilowat1.I!nur Use

[w r Resiriential Customer t t hemunalkWhl as winsi, Wsunt Wave & Coal Cogrueration I,Wl;ll i3 the Ic.nl utihty atnong 19 Canotnu ! ion wa. nearly ninnplete at f):egon publir otihties aiu! Ihe Ainerit an the erul of'liNil on an W H bLilowat t 2"

l'nhlic Power Assorution in a wirul rogeneration pl.mt iniilt arul ownnt by H

run hine elemonstration jnoject near I ane Plvwe n wi Comj uny of I;ugene.1.WI:ll Newlwn t on tir () rgon C<w t. Alou h.o agren! to purriu e the ciertricity I'

Lalunaiorics own3 the 14+ tory-tall generatal by Ihe plant.

wi tital axis wirul turhine eret ini on the The I;Wl:114"cyrr hacuser Utility. In-site in !!NU. 'I he unit oj eratn! inficquentlj elu3tr'ial I;ner gv Center ha pn xinocal some H

in !! Nil as Alcoa I.alnnato:ies periornuxl a o inillion kilowat t. hours since irginning 8

tests anel <!n plal th.it ruajor retrofitting operation in late !!Qi.

wasrun!nt.

A stuely coiulut ini fi>r I;Wl:11 arul Uc:Whernuit 7,n i, r.

nu others by the I;lertr m I'ower Research I.Wl;llis a par ticijunt with three other Institute on the feasibility of insihling aiul utihtms in the Norner licanonstration oj rr a ting a w4 w al-tiini j u iwcr plant Gnither s nal Cornj uny. Nor ner will utilis ing forest sl.oh m the Casc.ules was anotnart,own arul operate a itI,tN HI-rotupleinl in !! Nil. The study iru brain!

kilowatt gnither nul juiwcr plant utilizing that u hile. substantial weu n! f uel is a hot-water <fominatal resource in generalle felt I rhirul in logging oj erations, northeastern Nev.nla. ()]rration may be

'significant in ubicms cri3t with cronomic l osoihle in late !!Ni'l. Infor matson rollertion.uul transju o tation of' obtainnt Ihrough this project is esjectni t he ina teri.il.

to 1 e vah uble in slet cloping geotherinal j

I;Wl;lt has signol an option agi ccincut res<un ec3 in the ()regon Case.ules.

for 1-12 jr rent of the j uojwiscal 2,(M N1-megawatt Creston nul that jw wcr plant Snuall Ilysiro

'plannevi by the Wa hington Water l'ou er Work runtinuni in !! Nil on leissbility Com[uny. The agreement gives the I;< un!

tivims fbr five small hydnekrtric projects ihe option to pun base up to that share of' in western (Itegon.1;Wl;ll nreitnl

the pl.mt should a license ir obtainni f or preliminary jonnits in !!NW thr the p unst ruction.

pnijects f rom the l'nleral 1:ncrgv Regula tory Con u nission. Three of' t he projects wouhl involve mstalling generation at esisting U.S. Ar my Con ps of'l ngincet s' d.nn3. u hile Ihe of her two woubt intoh c buihling new <l.nns downstream finm esisting Corps' pr ojerts.

Potential cajurity of'the piojarts ranges fium 4,f H o to :itu n) kilowatts.

I I LI:CTICIC UI'ILITY YIMIt IN III YII;W 1

Petail I:let tric Sales Cnstorners l'eak I)cmand (Ikihon kWh) f limsuul-,

111a m ualkW) 1 1*

e m

an, U

si sui tn r

u H

j on I

40

+xt h

A 00 y

.* t 30 1

0. 4 L

20 2t u i

'd 02 v

+

10 tivi q

ifs Q

to 1%n ItNu to Itwu ttuu to I:Wio t.ts t i

a Rcwlennal D I'emnrn tal. Other Ilm1 STNI'ISTICAL IIIGIILIGIITN I lectric I?tility

% change 11 Nil

!!N10-fl1 Retail sak s (kilowatt-hours).

2.148,1311/152 down 1.frb ;

Revenue fium retail sdes

$41,547,555 up 24.7 %

Average number of customers 61,261 up O.5% :

Average revenue jrr kilowatt-hour.

1.!)3c up 27.1% ~

l'eak one-hour detuand (kilowat18).

463.000 down Ill.3%

Average annual residential use (kilowatt-hours) 1G,108 down G.6%

l'lant in service (excluding'lYojan l*roject)

$146,152,858 up 5.1% -

Steam system sales (pounds) 461,213.31H) down ! Urb Revenue from steam sales.

$1,446,!)50 up 45.3 %

The economic riression has had a EWEll generatal 405 million kilowa t t-significant impact on the Eugene area.

hours orciectricity at its three hydrochttric This is clearly shown in EWElfs sales projttts in 11451. a 10-million kWh statistics for !!)61. While the chrtric utility increase over !!Nn Generation at the had been adding ainut 2,000 customers EWEll-Weverhacux r I?tility Industrial irryear during the !!)70's, the total Ener,y Center was 120 million kWh, a increaxtl by only 32!) in !! Mil. Total retail 40-million kWh ah crease f tom 11Rn

s. des thrreasni ibr the first time since EWEB purchaset! 1,!!92 million kWh of 1!133. Only one-tillh as many new electricity dnring !!ull, mostly from the I

residences were connected to EWElfs Bonneville l'ower Administration, one l

system in !!kil as were addedjust three million kWh less than in 19tn years bethre.

Mild winter weather and customer Necain Cinwomers, Males conse Tation also contnbutal to the EWElfs 146 customers of the central sheline in sah s. Average ekttric use irr steam system usal 461 million pounds of residential customer drop [rd to the 1964 steam in 11 Nil, nine percent k ss than in krel, while the peak one-hour system itkn Steam rate increases in conjunction demand was the lowest in liveyears.

with the ehrtric rate increases brought Although electric u.e chrlinnl retail 1! Mil rtwnues to $1.45 million,up revenues climird by $!L2 million in !! Mil

$451,000 over 11Mn a3 a trsult of 25-[rrcent rate increa es in October !!Mioand August 11 Mil.

(

l j

4 l

WNI'I:It UI'IIIIT YI;All IN III;VII;W i

4 l

1 4

? Wa ter.%!cs Customers Peak One-Day Dernanci riulh.n.<;..non a ri b.,ns..n. tci atdhon t;allon -)

i a

Io

u.

n l

t f*1

' r.

}.'

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rd

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It' tw t'in t tts tw imt IC6 Omo Ut81 j c ia tron..I a ronunrn i.d. - < iihe r

!! Hit NTATINTI('AI, IIIGIII.IGIITS Water Utility

% change 1! Nil liW)-81 j

'Ibtal sales (gallons) 7J572J114JU)

(lown 2.9%

'Ibtal revenue from sakw.

$G,027,12G up 8.7%

Average numier of custotuers 3*1,155 up 1.2%

{

Average nTeinte per 1 Jn) pillons 7G.GC up 12.0 %

j Peak 24-hour <!cmanal (gallons)

G4,4(X)J H )

up 14.4 %

l Average annual resu!ential use (gallons).

107,2G2 up 1.8%

j Plant in senice

$40,610,148 up 3.9%

.I i

}

The 7.87 billion gallons of water sohl llot weather in August contribute <! to j

in 1!Nll marke<l the secon<l consecutive a recon!-breaking f4.4 million pillons of year or<h crease from the nron! 8.41 water pum[xxl to Eug ne in one day. The billion gallons dohl in 1979. During that patious reconi had been 60.4 million time, resi<iential water use has risen each gallons set in 1979. Neither total couhl l

year, while b ring more than of fset by have been accomplisbnl without the I

s k creaseil use by conuncrical customers snajor water system improvement program and water di tricts. Only twice in the begun in 197G.

pnvious eight years have water sales been EWElfs water system is one of the j

h ss than the 1! Nil total, in spite of a 36-nation's test, both ihr quality and supply.

IwTrent increase in customers during Year around, the water is treated and I

that pericxt.

monitonvl to exceed all standants of the j

As with the eh ctric utility, the 406 rederal Safe Drinking Water Act.

j new water customers in 11 Nil was the 1

smallest increa.c in manryears.

1 A nine-gercent water rate increase in Februan 1981 lxio3tol water rewnues by 8.7 percent ibr the rear, tojust over l

$G million. The awrage residential I

customer >}rnt $8.43 per month ihr water in 11V11, an increa e ofG3 cents.

I 1

l ANAIJSIS Ol' SAI,I:S I;I.1;CI'ItIC N.)I.I;N

!!!!!1 shvriige eb crage Nunilicr ot' Consumption liitiil Revenue-Cl.i3s of Servier Cu s t or ners

( kWli)

Rewnue kWh Resicienti.il 54 494 1123 04G 457 20 759 452 2.25 Gener.il Serrit e G 732 571572 !N 115 12 5111670 2.19 1 irge Coninterciiilik Inclu triaal 26 632 107 648 7!)73 537 1.26 Street Ligliting 15 15599 393 113 257 1.32 W. iter l'tility 1

12 lil l !MG lii2 639 1.43 Hef all I;Ict1ric Nales G12G1 214313H 352 11 547 555 1.93 Siiles to Otlier l'tilities 5

227 G20 (M WI 5 7!)2 (kl8 2.55 Total I;tertric Nales G 1 26h 2 3,.i

>o.n2 547.u0 203 1.trJe

!!!811 Resielent ual 54 179 flit 2 JM9 412 17 (Ni2 (Nkt 1.74 General Service G 719 002 028 033 9 975 504 1.Gi 1.arge Conuncreial & In<!u3 trial 25 582 fd'di 823 6 052 085 134 Stret t I.ighting 15 9 155 694

!Ni549 1.05 Win ter 1't ility 1

12 670 OGG 130 407 1.03 Hetail I;lectric Nales G4 ) 932 21h9 370 028 33 31G G09 1.52 S.iles to Otlier l'tilities 243 533 (NW) 5 !Ni2 2fkl 2.45 Total I lectric Nales Goiri2 J 432 903 Old 539 278 873 1.G 1 C l

WATI;R NAI.I;N i

!! Nil e\\verage ehrrage Nunil >cr ol' Con 3utuption Total Revenue Cl.is of'Sereire Custorners

( 1t h X) Gal. )

Revenue 11M NI Gal Resiciential

21) 30a 3 036 374 2 twi5 222 14.4 Conuncrei.il 4 IM3 3 7(Wi G55 2 651 Gil 71.5 W. iter t hstrict 4 3

104G 175 414 474 46.3 Electric If ility 1

83 li10 25 749 31.0 t

Total Water Nales 33 '35 7 872 814 SG027126 76 4 1!N10 Re3irlential 27337 2 944 7~5 2 G13 3Ei3 HIL7 Conunerci.il 4 813 4tHVI154 2 449 128 G1.1 Water th3tricts 3

1 080 487 446 GG5 41.3 l'ltrti te l'tilitv 1

76,,,

34 620 45.1 Total Water Sales

.i2 754 6 110 193 53 513 776 Qi.4 6

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%n I.aA 4t h Av. i P.f L lbn 101 th /1:ugene, Oregens !C440

?

(503) 43 b2411 l' Ire.entl.el %etenscnt Mcsgwussibilky The rilanat;esncol of I;ugene Water is 1;lectric Ik uni is tr>]w it:4ible for the preparatisnt,itategrity atul ribyrtit sty of'its firvincial state riu rits arul arrotripanying suites. Tlie financial staternents were inv-pan tI in u intbrinity v/ith generally acn ptnI acoinnt u.g j erior ple s ior putthe ut t'.itien and accounting i

injuircinents ot the t erieral l:ncrgv Regniat<nv Conunisdeni.Thev rtlicct all adjustirruis w hi(h are in the opinion of tuanagement, neuwny thr a f air sta ternent ofhnancial cotuhtion and r esults of'opara-liott:,

l'r,r over.% years, the lhtral ha.4 apj x vinteel a firnt of cer litied jaahlic arrountants to u nulact ait annual anilr[riule tit.'a u bt of its am i su:its atul ret orcis toiel lurtash a writ ten aur!.t r ej u n t. O n ip(rs t.* I. yin a rul, nulejelulent certitiv1l public arrtnirttants, are engagetl to cAarninc. ill acrosdartre wtth gencially ac-repinl atu liting statular ds, t he finiincial st.iternen ts atul issuc opinions t her e on.'I hcir riat uitlat ion in-rhNIc5 a revicW of c1LiStin% intertht! (ollt!015, tests Of tranMrtioris alul other pnW111ules bullicient to pnivide reasonah!c a4suratu e that the tirtairicial staternents are ne ilher'inisleading nor runt. tin snate-r ial et rors.

[

,"T.-

m Tira ttrer l'chruary 22, twe Ten the Ihnerd of Gunnsluksencrm of' I:eigene Water & I;heric thuerils we have curnined the financial staternents of the 1:ngene Water la 1:hrtric ik urd for the years ciuled ik'r ernirr 31, INI anel IMO which are inchic h cl herrin. Our exarninations wtTe truule in at conlance with generally arrrptod aut hfing e t.indard4 a s u l, art ol dingly. includo l duch tests ol the art oun t ing re-conis Hul suth other autliting procedures as we orutsielered necess.uy in the rirrurn3tance..

Ist our opinion, the afbrernentionni financial statenu nts present thirly:

(1) Ihe finauri.il nsition of Ihe Elet trie UtihtyarulWater Utility of'theI:ugeneWater(< L?rctriclloard l

at Ihtern!et 31,1%1 and 1%),aneI the tsul18 of their operalions and (hanges in their tinancial position for the yrash then ended;azul

( 2) the ne. sets and liabilitiew et the thrtric Utihty General 5ystein aint the Tnsin l' reject of thc l:ugene Water N Elect r ic lh satil at Ikxernt er 31, l')61, and the resulta of'tbrir oj rratione. aiul change 3 in tbrir financial position for the 3 cart cru h11 Decerntwr 31,1M1 atul 1%),

all art centbrmity with genernily ac repted acurunting princip!t 3 applied on a consistent hasi.s

)

["

)

1.ngene, Oregon l'rbni.ny.'2, INL2

i 1;Icetr ic l'aility IRAI ANCI; NIII;ITI' Ilc< cinlu r 31,1: Nil arul !!NW)

I ANSITIN I! Nil I!NIO General Tn ti.m I;hrtric 1;hrtric Systern I'n vrt l'tility litility I'lant in service 146152 JGft 1558448 1115 305 GiXI!!7G 211!) 122 347 less-At et un. Ele]in i jatinn N amortization 4!) 41G (W N1 f t 562 5no 5!) 0211 1(X) 55 312 402

!Ni G87 258 14!)lVG Gl8 24G 572 87G 233 iW M) !)45 l'rojier ty helil for fistur e use 2 130 35'l 2 130 35!)

2 130 35!)

('onstruetion work in jirogt ess 2 235 351 2 235 351 5 472 003 Nuclear finel. icss accuinulatev i at nortiza t ion

!!)H 1 -s21.3G7.142 ; !! N W F-$ 14.fl23.2f X I 23 442 Gtill 23 442 GHil 233!)40')5 I?TII,I IT I'I AVI'

__101_052__9_._GH 173 3215 30G 274 3151 2_74

_21Li (W wi 402 llorul turuls 3 3!)1 (P.12 10 574 031 13!NG 123 13 (W)5 0'r.)

Kewrtc 6 contingerny finul 2 (HN) 000 2 (WM)(KM) 2 OlX)(KN1 Kenewal 6 rejilacernent final 5(W)(NN) 500 000 500 (N N)

Constr1:etton finul 2133 G3G 2133 G3G 1 824 520 NI:GHI:GATI;I) I'I'NI)N G 024 728 12 574 ('31 18 5!NI 755) 17 !)2!) G1!)

Emh & tern lwirary inwertinents.

7!)7(i4Ha

.1 G24 414 11602 n!rJ 5 4(Mi!Nkl Segr egateti rash & incestenents ior l Awrnent oft!cl>t serTue 1 157 !NW) 3 578!)31 4 73G 8!!!

4 GG7 417 Reccicalsles, h ss resents 11 Nil-S1411.485: 1:NIO-$ 117.f kl7 11 3 H)819 6 3!NI U1!!

5 405 13!)

Slaterials & su]>]ilie 2 280 !NM) 2 330 78:1 4 Gil 761) 4 716 !N W1 l're[hi)menis & slMrial vlelwisits Gl343G

!)78 (N il 1 G23 437 711 718 CI'HHI;VI' ANNITI'N

_16 453 ('W) 10 512 135 2ft!NG HIS 20!Nin 146 Arleance refiincluig costs.

11 531 036 11 531 036 11!)47 820

!)ctiTt n1 ( harges & of her 3 307 (WWi 37W1454 3 G!Mi120 2 556 151 UTIII:H ANSITI'N 3 307 GGG 11 !)1!! 4!Mi 15 22715G 14 503 971 s ua,as, ire s20a 333 nG2 s337173 004 s3in wnaa

(

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4 I.IAHII.ITII:N l

1INII 11NIO i

General Trojan 1:lectric I:lectric

)

System I'roject Utility

. Utility Ikil.uu e iseginning of' year.

77 t192 92fl 77 892 928 70 G50 539 l

Net nynue f~ r theyear 11 132 380 11 132 3fW) 7 242 389 o

HI:TAINI D I:AHNINGN 89 025 308 89 025 308 77 892 928 i

i I.ONG-TI:RAI DI:llT 30 991 122 140 GGG 300 171 G57 422 175 557 37G 4

Accounts [)ayalile G llM 350 720 058 G !x)4 408 4 473 444 Accrun! juviull 4 s aration [my 576 811 57G 811 823 PG9 Acenicilinterest on long-tertu delst 544 953 2 818 591 3 3G'i 544 3 3!Ni 382 Long-tenu delst due within one year 1 370 000 2 435 000 3 805 (XX) 3 700 000 CI'MRI:NT I.IAIIII.ITII S 8 G7G 114 5 973 Gl9 14 G49 763 12 393 795 UTIII:M I.L1IIII.ITII:S ANII DI:I'I:RRI:D CRI:DITS.

146 498 146 198 154 342 j

HI:I'I:MNI:n TH(tJAN N I7I'Illt.I.I N G N 61 694 013 G1694 013 52 149 697

$ 128 kid 042 $208 333 962 $337173 004

$318143138

~. -. -

i Electric Utility i

NTATI:MI;.%"r Ol' NITT HI;VI;NI'I l'or the Years Ended Decemljer 31,1981 and 1980 t

l l

I 1158 1 1!98 0 Residential 20 759 452 17 OG2 004 Crnnmercial & inclustrial 20 470 207 16 027 589 i

Sales to of her utilities G 780 302 6 731 832 Steam heating 144G 950 tr.Mi 177 Ol'I:MXrING RI;VI:Nt'I;S 49 45G 911 40 817 GG2 Purchased power 13 909 757 11 520 841 Steam & hydraulic prruluction G 2291M9 6 302 G71

'IYansmission & distribtition.

a 135 037 4 763 524 Atlministrative & general 3 714 732 3 986 004)

Other operating expenses 2 G85129 2 36'l 333 Depreciation & amortization 413G 352 3 877 776 Contnbutions in liets of taus.

3 083 031 2 500 G49 Ol'I; MATING ILII'I;NNI;M.

38 893 (Vi7 35 314 854 NI7r DI'I:MXrING RI;VI;NUI:

10 563 024 5 502 808 Interest earnings on imestments.

1 707 174 1 043 387 Allowance fi>r funds used during construction 24G 025 24G 000 Ot her nonopera ting revenues (includes

$1.5Go,0no sale of timber in 1980).

101 018 1976 25G OTIII M MI VI:NUI 2 054 217 3 265 643 Interest expense & discount amortization 1563 83G 16'35 OG2 Allowance thr borrowed fiuuls used during constmetion,

(78 975)

(129 000) l MI;VI NUE: DI:Ol'CTIONS 1 434 861 1 526 062 tTFIIXIT NI70 MITI;NL'I;

$11132 380

$ 7 242 389 The acnwnjunung notn are an integral part of this 1.tatement.

1

l 1;ler tric I!!ility NTATI:MI:NT Ol' CIIANGIN IN I'INANCIAI, I*DNITION l'or the Years I: rules! [ht s inirr 31,1!#11 ant! !!NV) l ifHii ifMMI i

Net ieverinc !rir the year 11 132 31W) 7 242 38!)

l Charges not rev[uiringcurs ent finuls t h-[ir criation /L an norfinition 4 204 IW14 3 95214G I

l'rm i<lcul frenn o;w rations 15 337 2f4 11 194 535 Inr ica+ in cur r ent liabilities.

173G 4BG G13 7(N)

TOTAI, GI;NI:RAI, NYNTI;M 17 073 750 11(WNi235 l'niviticel l' oru olrrations-!h-]>reriation Ib fiaci arnortization.

8 694 311 7 02!)512 r

Ih f' rretl Troj.in rict billings 9 544 316 10 G31 1!K) e Ihrtcaw in General f unil 122 137 TOTAI, TH(tlAN I'Hitji:CI' 115 3GO 704 17 GGO 702 TOTAI, UI'IIJIT I'ITNDS PHOVIDI:D 35 434 514 29 4G8 !)37 Militions to utihty [ilant--Net G 476 735 10 404 110 l Aing ter ut <!rbt [iaiti or currently niaturing 1617 O(X) 1 G90 (XM)

Inctraw in receivables, rnateri.ils la [ircliavinents f41219 3 153 470 Increase ist runstniction fiinti.s 309 116 11576 Other linuls uwil-Net 1711 ft)8 1 G'13 773 TOTAI, GI:NI:MAI, NYNTI:M 10 755 6721 17 0113 229 Acl<litions to utility [ilant-Net 15 1737 332 14 135 2915 Inctcase in General iunel.

180 498 Incream in other segregatext finuls 10 539 30 023

!aing-terin tiebt jiaiti or currently snaturing 2 435 000 2 335 (XX)

Changes in other itruis-Net (152 107) 979 m3 TOTAI, THitlAN I'H(tlI CI' It) 360 764 17 GGO 702 TOTAI, Irl'II.ITY I'UNDN I'NI:H.

29 116 442 34 743 931 INCHI:ANI: ( HI: CHI!ANI:) IN GI:NI:RAI, NYNTI;M CANII ann INVI:NTMI NTN.

$ 6 318 072

$(5 274 991) uw auwnr.nnng n.*, arc. n inn gna

.o..t %ui. uni.

r

Water Utility HAIANCI; NIII:ITF Decernln r 31,1981 arul 1:W)

I I

i ANNITI'N afMIi 11NIH l'lant in service 40 G10148 39 095 G53 Less-Accurn. depreciation & arnortination.

15 163 373 13 tE2 532 25 4GG 7~5 25 233 121 l'roperty behI fi>r fiiture uw 187 5GO 187 5GO O)nstntriion work in progress 776 418 569 511 LTTII,ITY I'I ANT 2G 430 753 25 990 192 NI:GHI:GATI:I) HONI) I'l'NIPM.

272 3G5 277 320 Cish & teinIwirary innstinents.

742 9G8 a53 275 Segrepited cash & investruents fi>r payment ofdebt senice 194 085 197 800 Receivables,less rewrves 1981-$17,107; 1980-$16,200 G73 507 392 412

)

Materials & supplies.

3G5 782 441 123 l'repiytnents & special de}nsits 44 705 51 528 CI7RRI;NT ANNI 7FM 2 021 947 1 G3G 138 DI I'I:HHI:I) CIIAMGI N AND OTIII:R 80 927 123 943

$28fM15 992

$28 027 593 m ;urominnying m,ws m e an integal part ni ihis tratenwnt.

I,IAHEI,ITII;M I!MiI 11NMI I

li.nlance In gsnnirig of' year.

12 648 410 -

11 Gill G)7 Net rewnne fbr the year 9/11 335 95G 803 MITI'AINI;D I'AMNINUN 13 62!) 745 12 648 410 I

i j

m

'\\

l

-<'l I,0NG TI:MM IH:HT 14 001 179 14 241 069 s

Annunts [wiyable 714 274 524 121)

Acerueil [viytull 4 vacation }xiy 135 302 281 955 Acented interest on lotig-terin slebt.

6 2 1111 Sll fM7 fong-term debt due within one year.

243 301 243IfG

(:UMMINI' I.IAHII,ITII;N I 175 068 1 138 114

$2218051732

$28 027 593 u

e

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,m ma-- m

I Water Utility 1

I NTATI MI:Yr HI' NITI' MI;VI:Nt!I:

l'or the Years I:rxled I A cerniier 31,1981 anel 1tuu) l 1981 1980 Rai.idential 2 IWi5 '

G13 363 s

(:orninercial fa irulustrial 3 161 904 2 1195 793 Orher 15 (xia 4G 4G3 (H'I; MATING RINI NLTI:n G 042 til9 5 555 619

.% >urre ofsupply, pninping & purification 772 536

,19 492 Transtni.ssion & distril>ution.

103G 35G 1 016 368 hbninionative & general 824 578 753 639 c

Of her o}h <ating expenses 44G 715 396 119 Depreciaf;o.1 & arnortization

_1 260 IN 1IM 950 Ol'I: HATING 11'EI'I:NNI;M 4 341 073 4 070 568 NI"r DI't:MNIING HIXI:Nt'I:

1 701 116 1 485 051 Interest earnings on investnients.

20'l lWKi 83243 Allowance ibr fituds usix! during construction 47 000 54 250 256 80G 137 493 UTIII:M NI:VI:NUI i.iterest expense & di.wount arnortiz.ition 1 029 587 73G 491 Allowance fi>r lx>rrowetI firnds used during construction.

(53 (XK))

(70 750)

HI;VI NI'I DI;Ut'CrHINS 976 587 GG5 741 LFI'IIIIT NITI' HI:VI:NtTI:

$ 981 335

$ 95G 803 1 bc.n rompanyin r notes are an integral ;nrr or' this stawment.

1

Water titility NTATI;All;Vr (H' CIfANGI;S IN I'INANCIAL l'ONITION l'or the Years I; ruled December 31,11#31 arul 1!#W) itMit ifMM)

Net ievenue ibr the year 1M11335 956(M)3 Charges not rerluiringctirrent finuis Depreciation & ainortization 1 319 513 1 225 740 Provir!cd froru ogwrations 2 300 fM8 2 182 543 Dect case in wgregaterl cash & Imnd fimd.s 7 770 14 031 Decmase in of her aswt!-Net 46 427 63 408 increaw in current liabilities.

3G !)54 35 5(Wi TOTAI, l'IJNI)N I'HOVIIH;D,

23')199')

2 295 490 Additions to utility plant-Nel 17G) 074 2 072 419 Long-term debt paid or currently maturing 243 301 243 183 Inct case Idecrease) in receivabhm, inaterials & jurpayments.

11Mi 931 (182 GO4)

TOTAL I'ITNDN I'NI;D 2 202 30G 2132 !EMI INCRI;ANI;IN CANII AND INVI;STAII;NTS S 189 fg

$_162 492 De amanp nnng notes an an integral jurt of ilds statenwnt.

NOTES TO FINANCIAI, STATI:311 NTS Deccinber 31,1:M1 i

SPAIAIAHY Or SIGNIIICAVr ACCOUNTING POLICIES:

Gl;NERAI --The Eugene Water & Electric Ikani, an adntinistrative unit of the City of Eugene, Ons gon, is resporoible ihr the ownership and operation of the electric and water utilities. It lus the au-thority to fix rates and charges ihr conuntw lities or sen ices tiirnished. The Ikanfs policies conforru to generally accepted accounting principled for public utilities and the accounting nvluirements of the fuleral Energv Regulaton Conuni33 ion. Significant policies are thscrilxsl below.

UTILflY PLANT AND DEPRECIATION-Utility plant is stated substantially at original cost. Cost in-cludes laixir,inaterials, partnents to contractors, transportatior, and coidtnietion eilui}nnent use and indintt mots, such as employee Irnefits, general and admini3trative expen3cs, allowance fhr fbnds usal dunng constniction, less custorner contributions.

The cost of additions, trnewals and bettennents are capitalizal. Repairs and rninor replacements are charged to operating eyrnses.

With minor exceptions, the cost ofproivrty retirol and removal cost, hws sedvage,is charged to ac-cumulated depreciation when Inuperty is removnl irom nenice.

Depn ciation is computed using straight-line com;x>>ite rates which are njuivalent to appmxi-mately 3. lou of the Electric Utility General System and 3.2"6 of the Water Utility original costs of depariable utility plant.

INVrSThll:N'IS---Investments consisting principally of U.S. Goverrunent securities and time certifi-ca te> of'de} mit which are includal in va riou3 ftuuls and in current assets are carrini at amortinvl cost plus acented interest which approximates market.

AIATERIALS AND SUPPLIFS-Alaterials and supplies are carried at average cmt.

Ol'13ATING REVl:NtThRevenues are recognizal when monthly cycle billings are made. No ac-cnial is made fbr senices u3cd hetween the evele billing date and the end of the accounting period.

T H Q)A N PIH tJI:C r The ikul has assignni to Ik>nneville Power Administration ( BPA) and other public agency partici-pants its 30"u share of the output from the Trojan Nuclear Pewer Plant. The Ikiani will receive pay-ments aiul crn hts inet billings) n{uid to its sharc ofall Plant costs, including dennmnissioning,3 pent thel storage and debt senice whether or not the Plant is oirrable or operating and notwithstanding ihe do31rnsion, intemiption, mterti rence, rn hiction or curtaihnent of Plant output. Since net billings f

may vary imm expenws each vear, thev are nrogninxl in each accounting peri (xl only to the extent of I

current ex;rnses. Accontingly, there is no cf hrt on net revenues of the Ekrtric Utility, and the amounts of Trojan Project revenues azul operating expenses are not includal in the statement of net j

rnrnues. The accumulatni excess ofnet billings over expenses is stated in the balance sheet as Defer-rn! Trojan het 15illings." following is an analvsis of changes in this account during 1981 and limo:

1!731 1!18 0 t

Tot.d net Inthngs 39 670 (N O 37 700 000 Add interest earnal 2 738 797 2 045 3t4 1 ess (1peration G mamtenance expenses 15 413 267 13 238 638 Deprn iation & amortization 8 694 311 7 029 512 intenst eyense 8 756 903 8 345 964 Increase in Deferred 'llrojan Net Illllings.

5 9 544 316

$1n G31 190 1

l

1 I

l l

Provi.sion for depnriation is computed using the 6% sinLng-fiind methm! basett upon an esti-I matix! detrice lif e 01'33 years.

Nuclear finel arnortization is provirkxlluNsI on the quantity of heat prexlured fi>r the generation of ener,y without pn avision ihr salvage value.

IWWI;H NUI'I'I,Y HI:M) UNCI;M The ik unl annually ntrive3 appn aima tely 17% ol'its [w nver requirements f rom its own generating iesoun es and lih t' rom IIPA and ot her agencies under contractual agreements expiring fi'om 11MM to 2017. Ihiring !! Nil and !!n),III% providexi approximately 7G% of'the lloan!'s purchaxxl }wnver.

The Ikuml is a jurticipant in Washington Public Power Supply System (WPPSS) Nuclear Pnvet No.1, but has a+igned its.(Hi1% ( k ss Ihan one-tenth of one lx rcent) share to llPA under a net billing i

ap cement sunilar to the Trojan Nel llilling agreements describal in the preceding note. The ikxml is I

not a party to any agnrinent, nor does it have a tinancial interest in WPPSS Nuclear Project Nos. 2. 3,4 or 5.

I ADNGJI'I:HM I)l:HT:

11Mit General System Revenue lhinds Series A,ib1-Q) issue,3-4%, duc 11NG-2004.

17 2tWi (MM)

Ser ics C,1bl-Gi isstie,4.35%, duc 1!El-tr.).

3 405 (HM)

Series I), tb 1 Gi issue,-1.!Myb, due 1!NL1-!P.).

4 910 (K)O Series l',11-1-75 iwue,5.50-G.5(rb, due !!NG-!M) 5 Q)5 000 312(Mi (M N) less unamortized discount 214 878 50!Mit 122 Trojan Nuclear Pn!jert Revenue llonds, Series of'1977 Serial ikinds,4.30-5.75% duc !!NG-!K) 59 190 000 Tenu lionds,5.!N) b,due 2(X)9.

tG 700 000 142 8tM) (X M)

Less unamor tinxl discount 2 223 7(H) 140 gig 3(M)

I:Icurie t'tility lamgil'erm I)clW

$171 G57 422 Water Utllitv Sv5 tem Rewnue llonds 3-15412 i+ue,3.20% due !!NG4Wi.

400 (MN) 8-1-Qiimue,4.35% due !!NG-!M).

1910 (X K) 8-1-Q1 is tie 4-4.!Nrb, due 11NG-1M) 15G) (M M)

Ikht avtunal through annexation,3.50-4.19 Pb, duc 1!NG-!N) 162 lui9 Water UtilitySptem Revenue lkintl Antici}xition Notes 11411 inue,11.25% due 7-1-82 10 (M X) (MN) 14 032 fMi9 1.cm unatuoritzeti dixvttnt 31 G!N)

Winter l'allity Iamg Term I)clW

$_14 001 179

i Total long-terrn <!cht niaturities cluring the years likk1 throtagh !!RWi(exchpive of the Water Utility Systern lievenue !!onti Anticij ution Notes, which in 19ti2 the ikun! intencls to retire by the issuance of Water Utility Systern Revenue Ikin<!s, rcfinancing of Ihe notes or 01her evi<lence ofinc!chtnlness1 are as fbliows:

I;Icetric l'tility General Trojan Water System Project Utility

!!N13.

1472 (XX) 2 530 (X K) 243 419

!!NLI.

1415 (K4) 2 G15 (NK) 247 47tl

!!N15.

1461 (X H) 2 755 (xx) 247 749

!!NWi 1548 (x X) 21135 (X M) 256 475 The ihn il has obwrved, perfbrnux1 and 1ultilleti its covenants anti obligations as nxluirni by n so-lutions authorizing the istiance of n venue boncis.

I'I;NSION I'IANN:

Substant tally all employees are covercal under the State of Oregon Public I;mpk rs Retirement Sys-9 tem ( Pl RS) plan and supplemental retirement plans. Pension expense for 1! Mil was $1,U9,3111br ihe j

I;httric Utihty anal $417.36!) for the Water Utility (expenw for 1980 was $1,693.Gil3 and $397,234. re-sprctively), including amortization of the unflindetl liability fhr the present value of all past normal costs ener a 30-vear perirut. The Ikuni's polig is to fimd pension costs accrued. Itasul on the latest availabic actuarial rcjorts as of Deccinber 31,19?J for the PI;KS plan and thrember 31,19tso fbr the supplemental plan, the actuarially cornputed value ofvesteel benefits was $7,007,(XX) and the market vahic ornet awet s available tbr benefits wa s $3.595,( W W1. The assumni ra te of return used in determin-ing the actuarial computed raluc ofwstetilenefirs tbr the Pl;RS and supplemental plans was ?.5% and 6% respectively.

HI;CI WNII~ICATIONN:

l'or comparability, certain !!WlO amounts have barn nclassitini to confhrm with account classi-tications useil in 1!411. The re was no eflirt on previously reja;rted net trvenue.

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