ML20062K530
| ML20062K530 | |
| Person / Time | |
|---|---|
| Site: | Palo Verde  |
| Issue date: | 12/31/1992 |
| From: | Lazzerino L, Stassi R SOUTHERN CALIFORNIA PUBLIC POWER AUTHORITY |
| To: | |
| Shared Package | |
| ML17310A857 | List: |
| References | |
| NUDOCS 9312220196 | |
| Download: ML20062K530 (41) | |
Text
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I 1 1991 - 1992 A N N U A l. REPORT , 9312220196 931201 PDR ADOCK 05000628 0 I PDR t2
2 i_ _ .-. > _- . ., -_., . _ . _ t WH AT 15 SCPPA? Till SouTritRN CAllH>RNIA Pultl.lc POwrR AtriliORrlY is A JOINT POWERS AlfrilORITY MADE
- " UP OF 10 MUNICIPAL U1111TirS AND AN IRRIGATION DISTRICT, DILIVERING ELECTRICITY TO NEARLY 2,000,000 CUsrOMIRS IROM NORTillRN LOs ANGELLs COUNTY TO Tilt MEXICAN ttORbtR, SCPPA WAS FORMED IN 1980 TO flELP iTS MEMl4ER UTILITil5 PROVIDE REllAllt.E. COST-I'lFICIENT ELI.CTRICAL GFNE R ATION AND DLt.IVERY. SCPPA'S PRIVARY ROLL llAS 14EIN TO SECT HE HNANCING FOR JOINT MtwIR PROJLCr5 AMONG rr5 MEMlit k5. ,
TO DAT L, SCPPA IIAs isst*l.O MORE TliAN $6.8 filLLlON IN liONOS, NOTES AND REFUNDING ' inONDs liA( KLD liY Tile tisCAL STRENG'til OF iTS I I MEMDERS - Tile MUNICIPALITIES OF ANAllEIM, A7 USA, liANNING, IAURBANK, COLTON, CLENDALE, LOs ANGEU S, PA5ADLNA, RIVERMDE, Vf RNON AND - Till IMPI RIAL IRRIGAllON Dl5TRKT, Tills MONI Y liAS dei.N USED 10 fiUILD ELECTRICAL GENTRATING CAPACITY AND TR ANSMisslON FAC11tTil5 lilROliGilOUT Tilf SOUTilWLsTLRN LI.S. i PALLING INTI REST RATE 5 OVIR TiiE LAST 2I NONTils ilAVE LNAltito SCPPA TO REr NANCL ; (WI R $ 383 MIt.l.lON OF Dl H F AT TERM 5 NOT SELN (N Till Mt NICIPAL 110ND MARKET $1NCE Till FARLY r l960's. Tiltsr Rt.lt:NDING 1R ANsAffilONS Wilt. RF5L'LT IN GROSS 5AVINGS TO SOUTilLRN CALIFORNIA trrtWTY Ct$TOMERS Ot MORE TilAN $ 10 MILI.lON OVER THE NEXT 25 YEARS. i A LONG-TFRM GOAT. IOR SCPPA is 10 TIRING Tile AGGRIGATE STRENGTil OF fl3 MEMBLR$ TO lif AR ON KEY !sst:ES NOW DEIORE CONGRESS AND IN Tile REGULATORY ARENA. IlARLY IN 1992, PROMP1LD liY Tile INCRF ASINGLY COMPILX RIG 11ATORY CLIMATE IN WillCII JOINT POWTR PROJECTS
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Mt'ST NOW OPERATE, SCPPA RETAINED TifE $ERVICE5 01 A WAsillNGTON ADV(EATE. IN 011tER 51GNIlICANT ACTIONS, SCPPA COMPLETLD A DETAILLD COMPILATION OF MEMBERS'-
- PROJECTED LOAlls AND RIR)URCES BL1TLf N NOW AND Tile YEAR 2012. . Tills INFORMATION WILL litLP.
MEMMR5 U K)RDINATE ItTURE RFQUIREMENTh WITil OTilER MEMBERS, ilELPING TO ELIMINATE REDUN-liANCIE5 AND IMPROVE OVERALL EFFK.lEM:Y AND RELIAblLITY. 1 -1
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_ _ _ . - - _ _ _ - . _ _-- . -- - . . - . _ . . . . . . - . . , . .- .. _ - . _ .. .. .. .- . ~ . . ll l ! ) l l MANAGEMENT j l i l i i 'i F j
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, DL KING A Yl AR Of Lil ANGE AND (ll Al.i.I NGL, SCPPA TOOK SEVi k AL SI'I PS 'lOWARD STRLNGTl!! NING IT%
4 1 11hlHON IN lill llNAN('IAL MARKlTPLAt.r, IMPROVING IT5 AblLITY TO PLAN AND Bl!ILD FOR TONK ARROW AND MAKING J ! IIMD A Mt >RI 1FFIUllVE INSTRI MI NT FOR 115 MI Mbl RS. t 1 i A% WL MOVE INTO llit l'N( l PTAIN I NVIRONMLNT Altf AD, WITil K)WI R Di.M AND ( l'RTAILLD BY AN LCON()MY VikUbGl!NG 10 RI GAIN IT5 MOMI NTt M, SCPPA 4 ILL ( ONTlNI F TO Srl K OPK)RTL NITILS TO TAKE ADVANTAGE OF i IOWFK INT! Ri sT R A rt s AND TO s1RENGTilf N l'IS POslilON IN lilf GOVERNMf NTAL ARF NA. Ot.R COORDINATED i Pl ANNING INITI ATIVFs LA%T il AR WI RE A Rf 5W)NSE 10 liff NLW LNVIRONMENT AND AN11CIPAlf D DrMANDS BY OL R MI MDl R5 IUR MORE IlllCll NT PLANNING, BLT!!.R l M. OF RIM) CRC lis, HHOADf R-BASI D POLICY M)LUTIONS AND dbPON.
, MVi Ni SS TO Clis'lOMI.R Di M AND5 OVT R ALL.
SCPPA's TR ADI flON AL ROLE As A VLillLLL TO Ol'TIMI/.l- Mf Mbf Ri LR1 DIT CON I'INL'LD IN llIL IORCE Dt RING 1991-92, Will! DICllNING IN rl Rf 3T R ATD, WL llAVE HI LN Abt.f TO l'$L T!!! I AST 12 MONTifs TO ll RTill R MI DUCL Mi Mut Rs' cRt DIT OaLIGAllONs TilROIT,Il DLar MtsrRt cit: RING. A TOTAL OF $142.8 MILUON IN SCPPA DEHT WAs alHNANtrD Dl:Riso 11tr PERIOD. FOR A PROli(~lto gross sAVINos Of sOut 51 $ Mll.LloN IN INTLRt5T PAYMLNTS 1OR l SCPPA MLMhtRs AND TliuR (1:sTourns Ovi R Tlir Liti OF TilrM INsTRt'MLNTs. t IN ADDn R)N, SCPPA il As IMPil MI N1LD A SM All BllT 511ARPLY H X:t'$1 D ADVM.ALY tih)RT AIMED AT BCilD-l iNG A Mort I Av0R Ant t LinistAlivr AND RIGt:LA IORY I NVIRONMI NT FOR Ol:R MI MBE RS. AT Tile $AML TIML, WL (ONTINt:r TO WunK TO D11tNr strMarks' IONG-TERM GOALS AND MAXIMr/L SCPPA'S I FH CTIVFNESS IN AllilLVING ! 'unM i Wr. nu.irVt 1992-93 llOLDs GRLAT PROMISI FOR OCR INDl'STRY. Till PRO 5P1LT OF AN IMPROVLD !CONOMY AND Ri st ul lion Oi GROWTil TilROt Glit)i" Ol'R RtolON cot tD sloNA1. A Nt:MatR OF OPR)Ril:Nrill5 IOR SCPPA l AND H5 MLM14 k5, OPPORTl:Nillr$ Wf arf. NOW IN A Bf Tli R WhlilON 10 SIIH, Til ANKs TO Till CilANGL5 IMPL1 MFNT-i rD IN 199I-92. I g i y y 4- f. 9 .Y Y . l Raild V. Suoi Linh .\f. Gnuriu $ Pmiloit Exe una Dirutar g s Q W / / 4
YE AR IN REVIEW HOOYER UPRATING CRtDif CONVER$10N SCPPA WAPA's HsCAL YEAk 1991. SCPPA CON 11NULS NEGOTI ATION5 WITil THf! IlURE A U OF RECL A- TO WORK WITli WAPA TO MITIGATE THE ACCUMU-M ATION, Tile WE STt RN ARFA POWl R LATION$ OF l't) MEMBER 5' UPR AliNG CRf DIFS.
. .OVERTHE HANDLINC' ADMINisTxATION (WAPA) ANO OTHER IIOOVLR OF THE ACCUMULATION UPRATING CON 1RACTORS OVER Tilt ilANDUNG OF FINANCING OPPORTUNITIES RESIONDING TO Tile p
. Tile ACCUMULATION OF CRLDITS RESULTED IN MORE DECilNE IN INTTREST RATL$ DURING 1991-92, MORE TH AN $6 MILLION i TilAN $6 MILUON IN CAMI PAYMENT 5 TO SCPPA SCPPA CONTINUED TO dif URf IMPROVEMENTS IN - IN CASH PAYMENTS TO +
- MEMBE R5 LAsT YEAR. Tile TE R M5 OF ITS DFliT IN$TR UME NTs, TWO #^ **W ' #
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' UNDIR TT RMS OF Tilf UPRATING AGREEMENTS, REFUNDING 5 WIT}l A COMhlNED GROSS SAVINGS OF P A R TICI P A N TS ADVANCED FUNDS FOR TFif $15 MILUON WERE COMPLETFD LAST ' YEAR, WITil A
- UPRATING PROJECT (ONSTRt CllON ANO WI RE TO THIRD FINANCING TilAT WOULD SAVC $$2 MILLION-BE REPAID IN Tlir 1ORM OF CRFDITS TO DE USED IUR GRO55 NEAR COMPLETION AT iT AR-LND. POWF,R PURCil ASLS FROM WAPA. DULTO (5f f flNANCIAL STATEMENTS AND NOTrs ' TOR . DROUGliT CONDITIONS IN Tile WF 5TF R N 'U,S., MORE Of I AILED INFORMATION )
'ENI RbY PRODUCTION ILLI. $llORT OF WAPA's PRO.
AOhe h h/6P 'r SCPPA llONos ARF M sTID Ah FollllWh: Sm hr _. _Capws/wt , JfCTIONS, WlllCll IN Tt:RN CAUSID AN ACCUMULA- _ . _ _ , . _ _ __ _ -_ _ _ _ _ - - _. TION OF CRIDlTS DLTRING Till YEAR $ 1987-91.
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SCPPA s NtGOTIATING TEAM MrT WITII REP. Paly Vmle Pngt - Ai AA < Retenue & Refuning BanA RBLNTATIVLs OF Tilt lit lRF AU, WAPA AND OTHE R g,,,, pp,4,gp7,p _ g;,,g j Ag AA; i HOOVER CONTR AC1DR% OVI R A Pf RIOD OF slX
.%Iriple Projat - A A hf0N1 HS. IT WAN AGRLI O illAT CA5H TRI. ATMIN'I N""/" O*"E
- Of THE ACCUMULATFD CREDITS WOt;LD HF AN APPROPRI AT E METHOD 10 RIDUCE 't ilE CR F DITS 5CPPA ADYOCACY PROGRAM DL5PITE TiiE AELIC-OWED To Titt 1)PR ATING CONTR ACTOR $ AND TlVE Di.RIGULATION OF OUR INDUSTRY IN RLLENT
..WOl'LD NOT ADVERhtLY AllECT TIIE IlURLAtl OF YEAR 5, ff DER AL POLIC115 CONTINUE 10 lMPACT UTILI- "
R ECLAM ATION's_ OPE R ATION OF TH E llOULDE R ' TY OPl.R ATION5' AND WFIGli HEAVILY IN PLANNING CANYON PROJICT, FOR ' Tile ttiTURr. TAKING A MORE ACTIVE ROLI IN . ;}
. IN DICEMhER.1991, Ff DLR AL NIGOTIA10R% SilAPING TIlusf POLICIF$ '!N.W ASHINGTON; D.Ci AGRELD TO bfGIN MAKING CAhH PAYMEN1% AND HICAMF A MAJOR PRIORITY FOR SCPPA IN 14)9)-92.
$Ub%QUENT1.h WAPA M ADE PAYMENTS TO' Tile Tile ffRST 5TTP (N lills 1HORT WAn CREATING SCPPA UPR ATING CONUt AGORS, WHICH f UMP AN ADVOCACY PLAN, IDFNTIFYING f55UEs MOST UKf-N ATiiD Tile CRt DlTS ACCUMUL ATED THROUGil LY TO IMPACT MLMurR AGLNCits AND DLTERMINING i
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SCPPA MEMBER $ 4 pgn m g 199151Ath Hes a 1' CITY OF ANAHilM INI AHLhill D IN 1H91, lilt ( fly A fil t 'IHit fW em wrid 101.961
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[, IN l91('i lilf CI'l Y lil 4.A N l'l IM ll AMM. M 141 R I R(IM t ill I iiN )N b//gno.et.) 4 79.6 $ $ Ct alPANY, AND l' Nill 19M2 Mi i NI MI AN'T! All) All ll% I NI H(.Y U"IV"I 2 M I39 p . El yt IB r MI N'Is [His 4 A t IN 19H 4 Illi ( I! Y itt GAN HUYINi, Ndl 2dY I nom onit R 911 k(i s, \ND 14 tu llAMNG t.1 N1 R A) int ( APM llY Tol k,unun anni $ llu M'l I .A ad A b /wo n in lgg (gg [N ltJ9l g,qy g i g g g. F FI Rf l N T EM (ITY s i a) ,,f A sal.im H{n 'on;; ( mh !! R 'O s I lM,U lO H )4114
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lar) ( o/or. IlYlilbi t et NI R A lliks W I R[ Pt'l (IN !!Nl IN 19M ** ** b# e sr, ,j t6mem 5 0'l NM"" " W' ' $ 4 Mk
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( I NT riu sM M.[. Olmratty ('We (EN WD $ 11 %DI CITY Of CLINDAll IM ilk H Ht All D IN 1906, ('l t Ni>Atl Ptb e (negrr cmd Nij26 f Het ti rh ilh !HR t" tit tlY IN 1909, (ittl AINING M Ni k IRt >M g,,, ,r (smrauj a yj pa / a gd t il 1%Illt ht-PPl!F R II ItI( IIVill fl$ Ill6T H)WI k } ROM i hit)VI R fin Sc.nwn 1/wsr o ' N lum IN 19 F ann lNAt t,rR A n D THi ilRsrt'Nn cn lib Ow N W ud,#d IM977 l 31 T A M (,1 N t R A l l M . P t A N I IN 191I. N(sw r A!tl1) IHf I" b"d UMM (iR AY%)N P()V I R PLANT, illK F A(l'.fT) H H)AY ll As i k lfT GI N- 7# m 6/ P n @, i k AltNG t.Nih Gu ND ALE ( ONTINt 1 % '!O PIMH Asl R I l'I R - Taal Ren,ro an) J $ UM) e m n 6 hw gg g giin g ,M k iktni(H'hlDI a.aH'K(Ii t tpnr atuq; i sh s t u b d $ .,J U2h. I l l 6
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SCPPA MEMB E R5 199 i S r A ns t uf' DlRfCTOR5 IMPERIAL lRRIGArlON DISTRICT l HL llD I N'liltl D fill Pl'bl.lf! Odd""#' kmd M UI HlWrH Bl;siNF % IN 19 % W!rH t LEt 'IRN ITY GINT RAri D AT FIYr Puu rr G mtstdand Pun / aid llYl)Rt>f il( TRIL likOP5 t >N t ilE M X)N- rO-bf 4 0MPl f'Tf D dit- lin Mex'auan Hero g dh0 RitAN CAN41. IN 19 i') till AGE Nt Y NlwilAltu lilF Pt'R- h/NMud 4#A I N M t ll A36 ill PhlV AT T POWr R Sl'PPLil V.5 lN lif f AREA, AND IN Tile I""
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.[4d Retenuo 0UM).' ' $ lH2.92 4 y,mgn. ggt,,
NOW dub Ald)I T IW(killlRI)% al' IIT f4.)WI R Nt ED5, g ., g ll 1 LOS ANG(LES D(PARTMENT Of WATER AND POWER IN 1916, Tile Untam etd 1.117 M Cll Y Or IDN ANGE Li s (WG AN libl RIBt' TING I LfCI Rit }4 WrR p% g g,,,,fg a,g pan /wg et:RLilAM D EPOM T ur PAsADf N A MUNM IPAL POWER PtANT, em g,uan iltra 1 AND THE tOunWING YE AR IN AtLt R AIth its HRsT GI NI H ATING Vdf ww.urd 23.1.3 LW I t APAt ITY AT $AN l'R AM tv Qt trO lhM. IN l922 THT LITY Pt R- Ulm b^d J.Pl'l# #3 ( H Asf D 'l HI- kr MAINING DhT Ril$l" MON 5DTLM 01 50t'T HI R N I4N 26 2Ill8"I . CAlunRNIA EDistiN COMeANY WnHIN THr ( try uMirs. It is I*""'"'"" /d"l#"' ' " ""l"! Mil Tvtal Rmwi a n) o $ I MiI Elde" A Gua NOW TiiF IARGrSI MI'NirlPALLY OWNI D EllL7 Ric I!TfUTY IN $ 14 pu'955 L Asxdv 4l' arms Opre .um; G n nun 6 o19 rHE N A t h pN e/ ll ater avd P= vr i CITY Of PASAD(NA [$rAbusHID IN 1906, Fllf f rri Di'lLT frs Gnt*rr urhd % ?N FIRsr rtrrIR v Gr Nr R AilNG srr AM PLAvr IN 1907 AND uxA p , c;,y,.r.ud and fun /w,s . l (n r a Orr F A riON of rrs MUNIC IPA L S'l R T T T I!GH11NG F ROM fin Mpu su llaun s g , FDh0N I tr( 1 kit. PAwADI N A SI AR1t D 10 F X11 ND fr$ OPI R A- 3dbpturahd J / J.161 g-' 1 IlONs IN 19D9 TO r UMMI Rf l AL AND R1 %!DE NTIAL f 1 ST(IMI R4 IS"l*d 96WI i N ul n D x m Ovi n Au. I DN)N OPT R A!!ON% IN 1920 lN 1991, ##l Y'2 Ii0 - P BADE N A PUNCH %l D lilRF F-lot 'R T HS OF TO. H aw ! R N1 t Ds. pdaw ns nu!v s 9is ,, i Imi Rww uurn $ 97 l'1 c,n ,genj,u Dper .ating Cmle if HU t .$ LH1))2O CfrY Of RIVER $1DE I 4 Jt'Ni>I.D IN l H'M, Rl /T RwiDi h Mt'NK IPAl. f hit r#4" istitd - h68/8 N )% I P Dr PAR DtINi W A% ONT tit Tilr llRiT M t 11 %Yhir Ms IN P% cr (fenerand sud Par,iwd s CAutORNIA N IOHr 1Hi it'RN 01 '1111 ( ENTI RY. UNTIL 192h im 3ftpuaniterd N
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1 HI ( 11 ( (il N1 M A 11 D ALI 11S ( >WN R)% I R. Df ' r MN( r l HI N f r Mf pnrr nde 2fM 502 HAN Da ll'GH r AND Istil RIBL lI D Pt)W f R l ROM Of HI R M PPl11 R5 IN Id ^ l*d I 2#l M9 Alltil fl< IN TO 51 LI 4,rNilt All 11 H )% r R IN 1991 Tilt ( trY Pt R- I"#d b U
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(16 bEI) APhtOklM \lt LY 8 } PrRfllNT OF fis W)Wl R Nil'Ds.
*l<si Rmnw llM W? s t . $ l $.1966 UdlC f.arnalut 0;vratmg Gn: dxnry $ 120.363 C"1's/ Rundo Cf fY Of VIRNON VI R Ni pN'% ln llY AND PO% f R DI PAR TMIN'l Got em irmd '.294 N G AN $f RVINf. INDt%Fk!AL i t $rOMI Rs IN 19.0, % ITil ( UMPL1 - Per Geu,.ngd au,i Pur l,atd r!ON Or 115 OlbrL GENE R ATING PLANT. IN ADDITION 10 H % On Alepu an flero OWN rUWI R ( RflM D!hi t l' NIT % Pt.lT RIC rNTLY INNI Al.LE D G As 3rl/w n<raud 17,817 Tl'F NNis, VIRN()N N()W HlfilVD H lWI R f ROM PALO VI R Dr, U"Al'dd IM U N ' '
llO(ml R, CDW R, SRP AND F DN >N, As W i u As INTI R RitvriNI- T"d/ WR ' LNtBGY i kOM tillirk t#Til ritrs ANI) G4)VF RNMI NT AGf N(.lf %. 1xal Rww (La ru $ 6tvPM two V Alal6enlu,o e Opers;:ng Gm tw'n> d $ $15nn % 6*w 1 l 7-1
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k f TIIOSE ON WillClf SCPPA MrMBERs 5H ARE A Tile WESTT RN AREA POWER ADMINISTRATION COMMON VIEW. (W A PA), ' WORKING WITil . T}lE BUR E AU OF- <
-"THE PALO VERDE ' RECLAMATION, WAS 'USING A STANDARD RATED IN ADDITION WE UNDERTOOK AN OUTREACH
' NUCLEAR GENERATING ')
EFFORT IN Tile FORM OF LET1TRS TU EACH U.S. stTTING METilODOLOGY TilAT DID NOT FIT THE ' - , STATION IN ARIZONA SEN ATOR AND REPRESENTATIVE IN SCPPA MEM- UNIQUE CONDITIONS OF Tile HOULDER CANYON ' r ACAIN PERFORMED ! 4
- BEYOND EXPECTATIONS f5ERf OPER ATING TIRRITURIES, IN TRODUCING Tile PROJECT (BCP),' IN ADDmON TO DEING CUMBER- cf IN 1991 ORGANIZATION AND SIGNALING Ol*M INTERE5T IN SO*.fL AND DilTICllT TO Rf PLICATE, TilF MET)IODOL .
~
CF RTAIN' KEY ISSUES, INCLUD!NG ELICTROMAGNETIC OGY COULD llAVE RLSULTED IN llIGIIER COSTS' TO' ~ HELDs (EMFs), TR ANSMISslON ACCESS AND INTI- CUSTOMERS. GRATFD RESOURCE PLANNING, THE METHODOLOGY DEVELOPED BY SCPPA - FINALLY, A PART-TIME LIGISLATIVF ADVOCATE AND OTlif R PARTICIPANTS WAS DEMONSTRATED TO I WAS RETAINED IN WA51HNGTON, WHO BEGAN TO BE MORE REFLICTIVE OF REAL COSTS 4.SSOCIATED-RESPOND ON Tile KLNL ON CAPITOL HILL THE WITH Tile PROJECT, TO PERMIT MORE IREQUENT Bi1T : l ADVOCATT A!N) i ACILITATES PLRNONAL CONTACTS IN MORE GRADUAL ADJUSTMENTS AND TO i$f MORE EAS---- f WASHINGTON BY Tile SCPPA ExrCUTrvE DIRiCTOR rtY UNDERSTOOD AND REPLICABLE. j AND HOARD MEMBERS, AND REIURTS ON Tile STATUS - WAPA AND T!!E BURE AU ilAVE ENDORSED '-
.. Of UTILITY LEGISLATION, Nr.W REGULATORY DEVEL-Tilt CUSTOMI RS' PROPO%ED R ATE-SETEING METHOD .
OPMENTS AND OTilER TREND 5 TilAT Col:LD IMPACT OLOGY WITH SLIGifT MODIFICATION AND IIAVE SUB-Tile INDUSTRY IN SOUTillRN CAUFORNIA. MIT1TD IT TO Tile FEDERAL ENERGY REGULATORY IN CRLATING A PRESENCE IN WASillNGTON, COMMIS510N FOR APPROVAL AND IMPLEMENTATION. SCPPA INTENDS TO HOTH COMPLEMENT MEMBERS
- Lt.Gisl ATIVE EFFORTS Tl! ROUGH ITS WIDIR GIO. 20-YEAR DATA BA5E TiIE SCPPA SchCOMsurrEE GR APlilC "REACll," AND 'lO INITIATE COST-LITECTIVE ON JOINT PLANNING IN ITS HRST YEAR COMPLETED.-
ADYOCACIES WHERE 'lllL COLLECrlVE INTERIiSTS OF WORK ON A COMPRDIENSIVE DATA BASE ON MEMBER ' i Mf MHERS ARE AT STAKE. AGENCIIS' FUTURI LOADS AND RESOURCES PROJEC- ; TIONS, A val.UABLE TOOL FOk PLANNERS IN ASSESSING 2 ,
.y HOOVER RATE METHODOLOGY SCPPA AND ITS nm;RE POWTR NEl:fb IN Tile REGION, MIMbi RS PLAYED A MAJOR ROU: 1.AST YLNR IN CON- ' WITH DATA PROJLCTED TO TiiE YEAR.2012,
,y VINCING Tilt NEW FEDER AL OPER ATORS OF Tilf . LACl4 AGENCY PROVIDED ITS EXPECTATIONS FOR
~
IIDOVER POWER PLANT TO ADOPT A NEW AND MM- FUTURF LOADS, COMMITTED RESOURCES AND NEED f PLER R ATE-SETTING METHODOLOGY Til AT COULD FOR R ESOURCEs.. TiiE RESULTING INFORMATION . RISULT IN SUBSTANTIAL SAVINGS 1U CUSTOMERS. WILL ALLOW Tile REVIEW OF OPPORTUN!Tlf 5 FOR l F 2 ; 3 -;
l l l \. I I ilf. SOURCE Sil AklNG AMONG M1 Mbi RS, U)MHINID I
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i RE LI ANCl. ON IN-B ASIN Tlf t RMA L fil50l'R( I S, LXPI C- - r - i i TNilON S lOH POWF R IMPORT $ FROM lijf
; NORTilwl si, AND liar M AT(if!NG OF $URPl.lisl5 1 . ANI) DLI K il NCif S AMONG (!TillTILS.
Till M DAl A R EPRf SI NT A "SN APMlOI' Of CL'R-1 kt NT I XPI CTAl kJNs BY SCPPA'$ MI Mbi R tllli.lTil S, AND Wlu HL RI VN D lla >M TIML TO TIMr As CIR-l ( t:MsT ANCi s ( ll ant,lL. Tilt DAlaoAsr wiu. af A
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l'51ICL 10)l. It JH sf)Mi TIML, ANI) rt:Tl kl l'PDAT15 a tant .v:d diverne gen);raphic , witt AssitR E n s CONTINt ING vall i in SCPPA antour />aw av ilhotratedfrom . f top to l'ottuul: J I.trgt nurstr} MLMhl RS AND fillIR CL'5TOMI R5. - nottedin the touthills of husa near the A ngelt! National fornt; , the skyhne ntar the Los Angdes PALO VERDI TRIENNIAL REVIEW Tilt PAln Vi Ri>L I4rtna ut g HM-r and Pm er u i frm; I 1e rata an,/ elutrir ,,
- NU(HAR
' (il M.R AlTNG STATION IN ARI/ONA AGAIN nads of m er 1.3 million notomers: ?
PL).li)RMf D lif YOND LXPI CI All()Ns IN 1991 (\l L jg s gify p/annt,/ fo ggggwy,/aff OPrR AriOss - 1991/199.2), AND PASsl D IT5 M AN-
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.W Pou er Thpartment hasjeu-DAll D 'IRll NNI AI Ri Vlfw w rill FLYING Ct > LOR $. rcridt.nt/s/ gsttomprL
- TiiANKs TO 'sCPPA. lins Yi AR's arvirw wAs
$1 RINblill NI D WITil St VI R AL "1 XTR A-Mli r" $TI Pb j IN llll At:DIT ( >l P Au ) Vl RI)I OPI R ATH IN%, INC1.L ~D-
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ING A MOF F Dll AILI D PROJKTION OF ll!TI'ItL COSI% i nND E L VI NL i s. Tliis Cl.rwt R s RUTINY RrrLi-( Ts - g ', SCPPA'N ( OMMITMf NT 10 5 AllGU ARDIM' Till INTI Rihls Ol !!'S HONDIh)LDL R5 TilROLUl{ STRIN- 1 .
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GI NT "D1 L Dli.lG1 Ni .L" l.1 FOk T'i. . PA10 VFRDI ilAs RICf NTLY DI LLN A $110w CAsl Th _ NUCLI AR I A('llliY, WIT 6l AN 1 XC) Lil NT RI UABIUTY AND 5 Art.TY kl COR D. , 9
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I OPE RATIONS -1991/1992 P A LO vt R Dt N UC LI AR G".N E RA TING STATION Till liv.Al YI. Ak, Al AN AVE R AGI FI ANT CAPACITY DI. SPITE I.0% IR IU('I R R AL DEM AND IN Ml f.Il 01 l- ACTOR OF 75.2 PER(INT. "TH E SOUTH E RN 3 g ,. Som HW ar, NO VtRDr Ntru aR PatO VI Ror's runri t: NITS OPl.R ATI D W ITitlN TRAN5 MIS $10H 5YSTEM GI NFR AllNG SI ATION ( t)NTIN t!! D TO lil 1HF Till FOI.1OWING PAP.AMETI R51N 1991-92:
, HA5 OPERATE D NA HON'S Nt MN k iINF NtX U AR GF NI r.A FING STA-WITH NEAR-PERFECT ("""d""". g' pf'"' d/'d"O AVAILABILITY AND WN IN C AU NDAR 1991, PRODM ING A 10T AL 01 (! nit I . 3 (d )
RELI ABILITY SINCE IT 25.1 Mil UON MI L AW ATT-Ilot'R$ ( >F f II( TiutlTY l %r 3 104 91.4 WA5 COMPLETED IN 3sn og g3risn 37 ay gi gant ptas7 capggy nn na!!v.m t.funau.nrkur. 1986." t At 10k ( w Mokf TH AN 7 i P1 Rc I N'I .
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as v"?!" \ V Y._ ^ :3n + v' ,'.eA .- 3 h 5N$Nb$ $ biian. E o dd %bbb The nurriber one ruiclear Aeura:rr:: statun in the nation. Palo Verde, located abisat 50 iniles u s st ofI'hoenix, prutides pau erfor ten 5CPPA mndiers. THist. NcuorRs Wist 116 Pl.RCI NT lilGHI R $CPPA Itas A 5.91 Pf RCENT INTERE.sT IN THE Til AN 1990, AND !$TAlsLISilLD ANOTill R MW THRI T l' NITS OF Till Gf NER ATING 5' ATION ON niCOR D IDH PaODt'CTION AND rAPA( n Y OPl R A- Isr113t[. OF lO SCPPA MEMBERS. SCPPA IS I.NTI-TION 5 AT PAIO VI RDE. TL} !) 1(l 225 MFG AW ATr$ OF K)Wf R, liASI D ON Tile PALO VFRDI' bl NI R All D A H)TAL O! 25.8 Mll- NIT f)LslG N IllCTRICAL R ATING OF l.270 1.lON Mf G AW AT1-llOl'IM (4 Ill CT RICITY Dll:NG Mlb4W ATT5 PrK UNIT. 10
Tiii Antzi)NA Pisb!x SI Rva r COMPAM' h S r ATION . Tliis WAs AN INCREASE (11 6.1 Pf R-Till OPI R A1()R Ol lill GENf k ATING SI A flON LI N1 OV! R PO* 1 R CAR Rif D IN 1990-91. AND Wall R Rl( I AM A'llON FAf ILITY AT pal.O IN Al L, 'llit sol'Till RN TR ANSMISslON VtR Dt , Tin Sal:r Rivl R PROJtcT AGRi( Ut- SYSTI M WAS UTILI/l O AT H2.67 PE RtT NT 01 Tt:R AL ]MPROVI MENT AND Pf)WLR DIYl R ICT C APACITY 1 A$T YEAR, AN INLRI.Asl OF NE ARLY (WI R ATIs lill i A( lil'lY's $4TICilYARD. 6 PI RLINT OVLR Tile PRI VIOUS Y1 AR'S FIGlJRE. SCPPA II AD $1.015llLION ()l PAIO Vf RDF .
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[ ' AVIRAGI INT! kl ST R ATi. (IN 'llli AVi k A( el. Ot tT- , . e ST ANDING P Alf) VIRDI DFHT Dt' RING fisLAL i 1991-92 W A S 6." PL R CI N T , ( OM PA RI D 10 - 1 6 9 Pi kr ( NT f OR Till. PHI VKX $ Yi AR. - s '
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IN CAlllOKNI A, Tlit ss sli M, Wnic:ll is (>iT R A lI D ' - 11Y Till DLPAR IMI NT Oi WATi k AND PO*1 R Of SCPPA II AD $1.1 DILUON OF STS DrHT Six SCPPA memirrs continue to bengfitjhm thar Till. CilY (>F IJ ri ANLi t.i s, il As OPI R ATI D WITil OUT5TANDING A5 OF JUNr 30,1992. THE AVER-p.irricipation in the iInuter Ni AR-PI R[irT AVA!! AblL.TY AND RiiI AlillITY AGI IN'll kl.sT RATL ON Tile AVI R AGli OUT5T ANI, Uprating Projut
$1NL1 !T WAs (OMPL111 D IN 1986. ING STS DEBT Dt RING IIstAL 1901-92 WAS Otil!!NG lill PA$1 Il5C AL Y1 AR. T ill $TS 6.9 Pr Rti:NT, LOMPARI D TO 7.0 Pl RLI N1 Tilf M AD 1 R ANSMl%II)N AV AIL AHil.lTY ()! 99 6.' PL R- l'R L VIOL's YT A R.
LI NT, ( OMPARI D Wi1 H 99.7 Pl M I NT IN 1990-9). IN HSLAL 1991-92, S()t TilIRN CAllH)RNI A HOOVER UPRATING PROJECT Till II DLRALLY 1:SE R$ Ri tilVi D A 10TAL OF 13.3 MILLiON Ou NID IIDOvt R Pou r R PLANT CONTINCES TO ' MIL AW AT!.slOlf RS OF 1 N) HGY OVI R lill LINE, PROVE MMLT A VALUADLE GENLRATING R1 sot RCI . INCll DING FNI RGY GI NLR Alf D BY RTSol'I<( 15 AS WORK PROGRF%)$ ON UPR ATING OTill R TilAN Till INTi k MOI:NT AIN GI NLR ATING llOOVE R'% 17 GE NI R ATING 1 NITS, lill SIX 11
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G l.T1 l N G MORL OUTPUT TROM Tile llALF- Tile POWER), PROJLCT PARTICIPANTS AND Tile I Cf NTU R Y-OLD F ACll.! TY. DURING Till PAST I L DLR Al. GOVE R NME NT F ACI D C< >NTINt!!NG l Fl5 CAL i f A R, TilEsl. MEMBERS RICEIVED OVE R ADMIN!%TR AT!VT. Cil Al_Lf.NGI.S IN 1991-92. 80 Pt RCINT OF THIIR ULTIMATE UPRATING LNTi- TO MLl:T Till SL CilALLENGES THE MANY i TLI Mi NT OF 94 MIGAWATTS. UTILITII:5 WITil INTERLST IN llOOVER f(AVE COM- ' s SCPPA HAs AN 18.68 P1 Rr.LNT INTEREST IN BINI.D 10 REVlf W THE STATUS OF UPR ATING 2 Tile UPR ATING OUTPUT FROM THL DOULDLR WORK, PROPOSL 50LUTIONS TO PROBLEM 5 AS Tif.X
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1 . A.!danto Gnr ertyr $tation CANYON PROJFCT (IICP). Wili:N Tilf UPR ATING (V CUR, AND DEVISE MF4M OI AVOIDING Ft'TURE is the untern terminus of is Couri rTr D IN NCE MorR,1992, flow R Din lCtms the Luthew Tunonistiw S U '""- POWLR PLAN 1 Wlu. IMRL A3L n s GI NF R ATING SCPPA 11 AD $36.7 MILUON OF IIOOVER ' , (. APACITY 10 1,950 MI G AW ATTS, I ROM l 'l 50 UPR ATING DTHT OUTSTANDING A5 01: JUNE 30, Mi o AvsAn s. 1992. THE AVE R AGL IN'IERiST RATE ON Tile TITil RI.SP()NMHILITIES FOR Till DOULDER AVI R AGE OUTSTANDING llOOVER UPR ATING CANYON PROJICT DIVIDE D HETWLI N FLDLR AL DLHT Dt' RING HKAL 1991-92 WAS 6.3 PLRCLNT, AGl'.NCIE5 (Till llCRI AU OF RICLAM ATION OPl R- COMPARI.D TO 8.0 PERU NT !OR TiiE PRI.VIOUS i ATLs AND M AINTAIN5 Till BCP, WHill. Tile YEAR. l 12. 1
TRAN5Mt1510N PROJECT 5 IN 1990, $CPP A isstI D iTs Mt'tllPtl SCPPA Wii.L ll Avi APPROxiM Altix 19 PI R-l PR(n)LtT l(f V1Nt:1 Ik LN!W, WITil N1T PR(3r ilib OF f f NT IN'll RIsT IN Till- MF AD-PlH)LNIX Pk()jlLT, l ! APPROX!M AT( LY $GIO Mll.Ilt )N, '10 I TNANf I NI W ANI) SCPPA's Sil Akl. OF (()NiTkt)CTION ( A hlh is GINI H ATION AND 1 k AN411%R)N PR(>Ji f.T5 Til AT 15 TIM ATI D B ) 151 APPROXIM ATI t Y $6i MillR)N. WOUlD l ACitITAT! f }ll Ml filNG 01 MI Mhl Hi SCPPA'S sil A H L OF ML AD-Pilor six w itL BL IIl CI Rl( LNI R(W lil M ANI A. Tilt Pat n.i LDs Wl 8r 1 trNDI D FxOM PR(x rips or Tlsl MitLTIPtl LAR MAR KI D If )R ( A Aff k i'C110N f ik A( Q(.lslTH )N PROJI CT f(! Vi ht 1: IklND 1%l't AND sl(l' RID IW 01 OWNI KsillP INTI HINTS OR (.APA( I rY klGirl5. . PAYMf NTS F ROM PARTICIPAN~lS ON A "TA Al' ()R PAY" D AMs l'NDI R TR ANSMi%lON NI R Virt CON-M[ AD-PHol NIX ME AD ADILANTO T RAN5Mli- 'I R ACTS. COMPl.Il k)N 151 XPILTLD IN 'lllE MID-MON PitOlt(15 P A H !!(.lP ANTN IXilI"IID 11ll 19')O'S. COMM AllT DrVI D JPMI N~l Af.kI i MI NT ff )R 'llli MI AD-Pitt il NIX AND Mi AD- ADil AN'lO TR ANw Ml%H )N P)t((ll Cl% IN l)l( I MDI R,1991, C()M MIT-llN(. lil I:NDl' k l A KI 111131 P k t )ll t'I s. Till VF NTl'ki s Ald i JI)lNT PI((>J f ( TS (10 lD SCPPA MI Mht RS, IIIF SAll l(IVi k PRt )J FL I, M -5 l( . . Pl;nt f( Pf > W i l: A( f Nt 1, A Rl/f)N A Pl!Diff . SI R Vl( 1, A N D l ill. Wi $'l l R N A1(I A PI)WI R j',# ADMINhl R NI H rN (W A P A), A lil>T H Al. Af.l M Y. '*- . . . . . As lill liv AL Yl. AR ( AMt T( ) A Li( bl., PAkTI( 1-
=
PANTS Wi ki I Xilt IIN(. 10 LXI(l"Il Till lA N c .
'll R M 0()NT R Ar Is IN AI LI NI,1992. -
ME AD PHO(NIX ^{ lli Mi AD PlH)I Nix TR ANs , Mi%It )N Pkt lli f ft W il.1 LONNhT (31- A 2 5/u Mill 500 KV AC 'l K ANsMissl(aN 1INI I H()M lifl M E A D- A Dil AN10 Tlit. ML AD- ADT L ANTO A </rfert f//nrist ij//)n/settcl tiv Soist/wrn Tran.sritis.sion WI S? WINt 51 IWI ATI(IN Al Pi H )l NIX, AKl/f 8N A, TR ANsMIMION PR(> JILT u fLL CONMWi 01 A 202- [. int nur di{c/anto, i 111R(It'Gli 't i l l- MRAD Nlil6 t A'llON NiAH Mill IONG 500 KV AC 1R ANNMisilON' IINL bd[IhTNIJ-Ih >t 'l Dl H C11Y, _NI V A DA, ANI) 'Il R MIN AT!N( . Al HL1Wil N Till ADi l. AN IO SUbsTNI TON NL A R l l Till NE W M AKNi ttlN i M I6TAl k )N, AIN ) NI A k VIC10n vit t.r, C A f fl OH NI A, A N D 'l ill NLW IJ4 li'LDI H ('IrY. MA8KITPiu l sensTATiON Nr An Ikit lDr R CITY,
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NivADA. SCPPA WILL llAVE NEARLY 68 PER. PEftCENTACE OF SCPPA MEMBER PARTICIPATION ' CENr Or M1 AD-ADLI.ANTO, AND SCPPA'S SilARE PR ECT
'IN 1990,5CPPA l55U ED OF CONSTRUCTION COSTS IS f XPTCTED TO ISE pg p ITS MULTIPLE PROJECT ,
w REVENUE BONDS, wt SCPPA'S SilARE OF MFAD-ADELANTO WILL WITH NET PROCE ED5 m t
- OF APPROXIMATELY ABO BL rUNDED l' ROM TilF PROLLEDS OF Tile wn
$600 MILLION,- MI:LTIPLE PROJfCT REvF Nuf HOND ISSUE AND m
SFCURLD BY PAYMENTS I ROM PAR'!!CIPANTS ON A
.m - i "TAKE OR PAY" hAhl5 UNDf R TR ANSMISSION 5FR- '
m VICE CONTRACTS. COMPifTION IS FXPLCTED IN ll 3 E b.=we aarna ; amtid ! TiiE MID-1990'S. ; ; i + imme wne Amu impim &anntry Dwrwt GAun ADELANTO-tuco SCPPA MEMHf RS CONTINt LD So was Txximssa Smix Pmgrt - TO S'IT!DY A PROPOSED TRANSMISSION PROJICT TO M
!. INK Tilt AC suusTAllON NEAR ADELANTO,
- C AUIOR NI A, WITil Till. LUGO SUBSTATION, "
OWNED BY SOUTill.RN cal.llORNIA ED150N, NE AR VICTORVILLI, CAllFORNI A. Till PROPOSI.D 500-KV AC TR ANSMISSION llNE WOUI.D BE 15 To in ;'
~f 20 MII.I.S IN LENGTil AND COtJLD bf PUT INTO SLR- [
I I$ - VICF IN TIII: MID-1990's, bW51 tmmb ! I'*** l IF Till PROJICT GOfh IORWARD, SCPPA WILL *** P**8 LANIM' OWN AND llN ANCI A YET-TO-BE-DETT RMINED lhreR 0rumw Ploprr M PO iTION ON BEllALF OF PARTICIPATING M1.MBERS. M M-5-R PtauC POWrR AGENCY AND WAPA ARE 9f* AIK) INVOIATD IN IL ASibilII"Y STUDIES FOR CON-
.m S'lROCTION AND OPLRATION OF Tilt UNE. 5CPPA .;
MrMiil R ANAlIFIM llAS HEf.N DI:SIGNATID PROJECT g at ANAGF R . m a E a . Astalwn St4fDas { fdhe i Nwrmdr Attad lkummA r i I
.14
l 1 l fttPORT OF INDEPENp1NT ACCOUNTANTS August 27,1992 To the Board of Directors of the Southern California Public Power Authority
- In our opinion, the accompanying combined balance sheet and the related combined statements of opera-tions and of cash Gows present fairly, in all material respects, the Gnancial positior. of the Southern California Public Power Authority ( Authority) at June 30,1992 and 1991, and the resuhs ofits operations and its cash flows for the years then ended, in conformity with generally accepted accouncing principles. These Gnancial-statements are the responsibility of the Authority's management; our responsibility is to express an opinion on these Gnancial statements based on our audits. We conducted our audits of these statements in accor-dance with generally accepted auditing standards which require that we plan and perform the audits to obtain wasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supponing the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for the opinion expressed above.
In our opinion, the accompanying separate balance sheets and the related separate statements of cash flows of the Authority's Palo Verde Project, Southern Transmission System Project, Hoover Uprating Pmject,- Mead-Phoenix Project and Multiple Project Fund and the separate statements of operations of the Authority's Palo Verde Project, Southern Transmission System Project and Ihxwer Uprating Project present fairly, in all material respects, the Gnancial position of each of the Projects at June 30,1992 and 1991, and their cash 60ws, and the results of operations of the Authority's Paki Verde Project, Southern Transmission System Project and Ihiover Uprating Project for the years then ended, in conformity with generally accepted accounting principles. These Gnancial statements are the responsibility of the Authority's management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these statements in accordance with generally accepted auditing standards which require that we plan and perform the audits to obtain reasonable assurance alxiut whether the financial statements are free of material misstatement. We believe that our audits provide a reasonable basis for the opinion expressed above. Our audits were conduoed for the purpose of forming an opinion on the basic financial statements taken . as a whole. The supplemental financial information, as listed on the accompanyin3; index, is presented for - - purposes of additional analysis and is not a required part of the basic 6nancial statements. Such information has been subjected to the auditing procedures applied in the audits of the basic Onancial statements and, in our opinion, is fairly stated in all material respects in relation to the basic Gnancial statements taken as 'a whole. , f i / AMst Price Waterhouse Los Angeles, California , i li- j
SotmIFRN CAUM)RNBA PUBLIC IN)W[R AUTilORfrY COMBINtb BALAN(.E SHUT (lu d w ande) lum 30. WH Palu 5mrkrn liwser Alad- htxhqh June 30,
- Wde f ranmmia lyarmg Pkwx Pnopa 1991
..~ __
, _ __ #YL _ %"'9NN' #"tL. 2 n' #""# _ _73dl .- - Tural 4 ASSITS Utility plant; ,
Pralut tion $ $99,479 $ 599,479 $ - 596,880 Transmission . 14,I88 $ 670,527 681,715 682,527 General 2,268 18,893 21,161 21,152 615,935 689,120 1,305,355 1,300,559' ' Less . Accumulated depret.iation 128,827 -115,391 ' 244,218 198,118 487,108 571,029 1,061,137 1,102,4 il Construction work in progress 12.197 4,312 $ 14.247 30,786 25,448
- Nudrar fuel, at amortieed east- 15.227 15,227- 17,659 Net utihty plant 514,532 578,371 14,217 1,107,150 1,145,548 i Spsial funds:
I Ihomnussioning fund 48.010 48.010 45,319 invest ments 122,653 145,929 $ 13,295 $ 606,101 887,978' 860,129 - l Advane e to Intermountain Power A.:ency 19.550 19,550 19,550 Advances for capuity and energy, c'et 14,360 14,360 ~ 15,400 . Interest rneivable 1,;05 3,142 231 22,274 26,955 27,587
- Cash and cash cit uivalents M,801 32/i86 1,998 5 100,493 128,592 237,802 201,307 29,887 5 628,375 1,097,376 1,096,577 Accounts remvable 2,290 1,592 1 3,833 - 6,865 Matetialt and supplies 13.008 13,008- 11,236 Cnsts recoverable from future bilhngs ..
to partic ipants - 98,772 131,694 3,5 17 234,013 193,445 I ikferred msts:
- Unamoruzed debt expenses, less au umulated ,
amortization of $81, t il and $69,788 . 208,968 177,445 3,813 390,226' 395,765 Orher deferred ur,ts 222 222 -211 209, t 90 177,415 3,813 390,il8 395,976'
$ l .075,5')1 $ i .090ciO9 $ 37.218 - $ 11,252 $ 628,375 $ 2,845,878 $ 2,819,647 Li AllII.1 TIES Inng-term dt be $ 1,012, H2 $ 1.015,62 7 $ 36,351 .$ 601,722 $ 2,696,132 $ 2,707,759 Arbitrage reture payable 6,012 ~ 6,012 3,501'
< Current habilities: lungaerm debt due withm one year 17,715 11,795 310 29,810 26,970 Accrued interest 31,T85 30,630 545 20,611- 86,201 '86,521 Ai counts payable and acc rued expenses _ 2.357 - 52 13,493 10,848 _ i1 # 12 l12 , , 63,162 41,782 897 52 20,611 129,531 124,339 - Advanas frorn participants _11,200 _ 14,200 14,048 Commitments and mntingencies _
$ 1,075,594 $ 1,090,409 $ ?,7,248 $ 14.252 $ 628,475 $ 2,815,878 $ 2,849,647 f-d l k M(EH ftl44fy,f,g ()FMG 4W Bil attit'Kf 45 j%4(t $18 fItt-W bf1Afh hl! SEJfflMDff 4
Ib~
SoururRN CALIFORNIA Prunc Powtn AUTuGRrrY CrntBINED STATEMENT OF Oern ArioNs
<Ie sinasansI
%r EdcJpw 30.1992 l' ale Sothern llew . % rI:ndd Wie Trawinn - Uparing Juw 30. .
Sprens Pnjat Prups Total 1991 > Pmpt Operating revenues: Sales of eleuric energy $ 123,031 $ 3,731 $ 126,762 $ 13l,005
$ 90,700 90,700 87,803 Sales of transmission services 90,700 3,731 217,462 218,808 J
. Total operating revenues - 123,0 3 0;erating expenses: '
Nudmir fuel expenses 8,639 8,639 ' 12,880 Othet operarions - 28,787 12.574 1,973 43,334 43,990 Maintenance 7,267 L886 11,153 10,294 ' . 18,739 19,538 38,277 - ' 38,017
- Ikpreciation lkwmrnissioning 8,767 8,767 7,339 Reimbursement of capadty and energy charges 5,714 5,714 Total operating expenses 72,199 35,998 7,687 115,881 112,520 50,832 54,702 (3,956) 101,578 . 106,288 Operating mcome 15,167 11,202 1,254 27,623 31,035 ,
' Investment income income before debt expenses 65,999 65,904 (2,702) 129,201 137,323 Debt expense: 82,715 84,573 2,4H 1 169,769 169,688 . Interen on debt Costs rewverable from future
' billings tn ;urtkipants ($ 16,716) ($ 18,669) ($ 5,183) ($ 40,568) ($ 32,365)
T w angnvow mn m n w v.aen, h tinwialu mimt t b h I 17
Sot'THrRN CAIXORNIA PlMic PortR Atitin)Rrry COMhlNrD $rATI. MENT OF CASH f!OW5 (ln tinwn.js)
)mrEnd./J m N 1992 P.d,> %dm limer %!- bluph %srEn&d '
%r4 . Trammon l'frany 1% m Prejn t Jm )n, P"l'" .
b ""* U"I* ' "*" P"N' I"" '""I
'"' 'e Cash flows from operating activitto:
Costs rectnerable from future bil!mgs to parckipants ($ 16,716) ($ 18,669) (S 5,183) ($ 40.568) ($ 32,'465) Ad iustments to arnve at nct tash provided by fused forl operatmg acovities: Depretiation 18,739 19,538 ' 58,277 38,017 Decommissioning 8,767 8,767 7,339 Amornution of nuc lear fue! 7,329 7,329 11,26fr Amortiration of &br onn 13,189 11,0 1) 160 24,491 23,167 Changes in aswts and liabdities: - Daummissionmg fund (2,721) (2,721) (38,9(4) Interest receivable 1,222 (450) (26) 746 568-Aaounts rnrivable 2,226 752 4 2,982 (1,982) . ; Mareriah and supplies (I,772) (1,772) . (2.268) - Orher assets (l1) (5 3) ( 4) (67)- (8(1) .
. Accrued internt (1,259) 1,083 (141) (320) (8,079)
Auounts payable and accrued expenses _ 4,310 1,5 7'il (15) (1,191) 2.720 Net cmh provided by (used for) operating ar.tivities 34,303 11/>68 (5,107) 39,861 (4,572) . Cash Rows fmm mvnting auivines: Interest received on investments $ 41,377 44,377 43,929 4 ~ Payments for aonstruaion of faality (l4,Gi8) (3,252) (16,300) , (12,701) Pa)ments of mtercst on long rerm debt (41,281) (11,28 h . (44,720) -- ! Advanu s for tapaary and energy, net. 1,0 10 Idio (3,237) . Payments fbr feaubihry study . ($ 174) (174) (27), Purchecs of investmenn (133,966) (106.041) (22,239) (3,096) (265,312) .(262,263) Pnxceds from sale ofinsest ment s 128,164 87,600 21,631 96 237,493 249,895-Purchase ofinvestmenn for decommissioning fund (35,858) [ Net cash (used for) provided by mvesung activities (18,851) (21,694) 435 (78) - (40,187) (61,982) . Cash Onws frorn capital and related finanung auinties: Proceeds from sale of bonds 114,133 30,687 144,820- 293,900 Payment for defeaunee of revenue bonds (42,2i5) (50,754) (72,999). (260,749)' Reivyment of prmcipal of long-term dr bt (16,325) (10,545) (26,870) (25,145)
. Payment for lond issue t osts (1,840: (567) (2,397) (3,691)
Contnbutions from construction to l decommissioning fund 35,858 Advanas from participann 152 .152 Repayment of bek loan (100) (100) Amotmr deposited in ex row accounts and ~ other agamst refunding bonds (70,3821 (70,382) -i Net cash (used for) provided by capital and related finandng activities 06.6i9) (10,5i$) 5 (27,776) (634) _ __2 ' 40,17_3 Net du rease in t' ash and cash equivalenn (2,197) (20,570) (5,306) (26) - (28.099) (29,381)1 . Cash and cash equivalents at beginning of year 68,001
, ; _ $ 3,256 7.p4 31 -- 128,592 . 157,973' Cash and cash equivalents at end of year $ 65,801 $ 32,686 5 1,998 $ 5 5 - $ 100A93 $ 128,592 .;
Supplemental dischisun: of cash How informanon: I Cash paid during the year for mrerest (ner of arnount capitalimb $ 70,781 $ 72.418 $ 2,365 5 - $ - $ 145,591 $ 154,821 i- Thompnnnve .w ,wgarn er,w au,neu r
' lK 2-
, ~~ .. . .. . -.- - -. . .-
i 4 Sou no:RN CAUK4NIA Penue Poun AtrruonnY NOTES TO flNANCIAl.STATDIENTS i i ' ' NOTE I - Organization and purpose: ticipants pursuant to which each member assigned its entitlement . Southern California Public Power Authority (Authority), a public to capacity of STS to the Authority in return for the Authority's entity organized under the laws of the State of California, was agreement to make payments-in-aid of construction to IPA. STS G 4 formed by a Joint Powers Agreement dated as of November 1, commenced commercial operations in July 1986: The Department - 1980 pursuant to the Joint Exerdse of Powers Act of the State of of Water and Power of the City of Los Angeles, a member of the ' Authority, serves as project manager and operating agent of the ;
' California. The Authority's participant membership consists of ten Southern California cities and one public district of the State of Intermountain Power Project UPPA
- California. The Authority was formed for the purpose of planning, Hooter Upraring Pruject - The Authon.ty and six participants linancing, developing, acquiring, constructing, operating and entered into an agreement dated as of March 1,1986, pursuant to .
maintaining projects f.or the generation and transmission of.e lectric . which each participant assigned .its enntlement to capacity and - energy for sale to its participants. The Joint Powers Agreement associated firm energy to the Authority in return for the has a term of fifty years. Authority's agreement to make advance payments to the Um.ted ,; The members have the follow.mg parncipation pen entages m States Bureau of Reclamation (USDR) on behalf of such parn.ci- . t the Authority's interest m the four projects at June 30,1992 and . .. pants. Constructmn is scheduled for completion by the end of
-g,'
1996. The Authority will have an 18.68% interest in the contin-
- r n limwr Mead, gent capadty M the Nover Uprating Project. Fourteen "uprated" ,
Palu in Panidpants Verde synem t' prating Phoenu a generators of the Iloover Uprating Project have commenced com. ; Gty of Los Angeles 6709 59 5W 61,81 g mercial operations as ofJune 30,1992. Gty of Anaheim I76 42.6 7 15.00
,U m wenix Proferr - The Authon,ty has studied the feas.bility t of I
. Gry at Riwrside 3A 10.2 R9 6 00 Imperiallrriganon constructing the proposed Mead-Phoenix DC Intertie Project Dntria - 6.5 (Mead-Phoenix Project), a transmission line from Arizona to a Gty of Vernon , .? 150 Nevada. The Authority's present interest in the Mead-Phoenix Gry of Aruu I0 -1.2 .D Project is approximately 191 The feasibility study is complete ,
Gcy of Bannmg 1.0 11 .B and the Authority's Board of Directors has approved a resolution . :
- i. P*" "E I "" "8
- I*I N' 'O-5 i r nk 4.5 1 1 5 Gry of Glendalc . 4q 23 5 00 ,u,/fjpf, p,ajen Pand - During fiscal y' ear 1990,.the Authority v O
~
. peygPaudena 5.9 3 00 issued Mulciple Projet.t Revenue Bonds for net proceeds of approx. 6 Ion om I0007 100 07 100tuv4 imately $600 million to provide ftmds to fmance costs of construc-tion and acquisition of ownership interests or capacity rights in one The members do not currently participare in the Multiple Project or mme pmjects fm the genaation m uansmisson of elecuk ener-Fund. '
*Owtenher re.cmages an hw pwmes ofirmb@y wudy mly ,.
The Author ty s Board of Directors has approved a resolutmn Palo Vcrde Projca - The Authority, pursuant to an assignment authorizing the use of certain funds of the Multiple Project Fund agreernent dated as of August 14,1981 with the Salt River Project (see Note 8 A r Agricultural improvement and Power District, pun hased a 5.91% interest in the Palo Verde Nuclear Generating Station (PVNGS), a NOTE 2 - Summary of significant accounting policiest 810 megawatt nudcar-fueled generating station near Phoeni.x, h(rizona, and a 6.559 slure of the right to use certain The Gnancial portions of statements of the Authority are presented in confor-mity with generally accepted accounting principles, and substan-
'the Arimna Nudear Power Proicct Valley Transmission System '
tially in c nformity with acc unting principles prescribed by the (collectively, the Palo Verde Pmject). Fedaal Energy Regulatory Commission and the Cahfornia Public As of July 1,1981, ten partidpants had entered into power Utilities Commission. The Authority is not subject to regulatinns
' sales contracts with. the Authonty to purchase the Authority's l f such commissions.
L share of PVNGS capadty and energy. Units 1,2 and 3 of the Palo
-Verde Project began commucial operation in January and Uri/iry Plant- All expenditures, including general administrative September 1986, and January 1988, respectisely. and other overhead expenses, payments-in aid of construction, E*"'" "*' "I '"I^d i^**5'**"' I"'"*** deferred cost amortiza-Sour /,cru Trauweinion Sy%m Prrjca - The Authority, pursuant to don and the fair value of test power generated and delivered to the -
v an agreement dated as of May 1,'1983 with the Intermountain paniapants are capirahzed as utihty plant consuuction work in Power Agency (IPA), hasm. ade payments-in-aid of tonstruction to pmgress until a facih.ty begins commercial operation.
< IPA to defray all the costs of acquisition and construction of the
- Southern Transmission System Project (STS), which pmvides for %e Authmit/s aare of cous awdated with PVNGS is includ-ed as utility pl nr. Depreciation expense isiomputed using the .;
the transmiwion of energy from the Intermountain Generating straight-line method based on the estimated service life of thirty . iStation in Utah to Southern Califorma. The Authority entered he years. . Nudear fuel is amortized and charged to expense on the
- into an agreement also dated as of May 1,1983 with six of its par-
-l i '19 l j
1 g, ,, . . . . _ . . .. .- y p 1 basb rAf actual thermal energy produced relative to total thermal the participation agreements. Generally, revenues are 6xed at a energy expecteJ to be produced over the hfe of the fuel. Under the level to recover all operating and debt service costs over the com. '3
' provisions of the Nuclear Waste Policy Act of 1982, the Authority mercial life of the plant (see Note 6) i is chargal one mill per kilowatt-hour on its dure of clutricity pro-
/Mt &pmer - Debt expenses indude interest on debt, and the nduced by PVNGS, such funds will eventually be utih.eed to pro-4 . .
amortization of bond dismunts, debt issue and refunding costs, vide for PVNGS. nuclear waste d.isposal. The Authority records thinharge as a current year expense. Ar/htrage Rehat< ~ A rebate payable to the Internal Revenue The costs asun:iated with STS are included as utility plant. Service (IRS) results from the investment of the pnxecds from the. S ikpreciation expense is wmputed using the straight hne method Af ultiple Project Revenue Bond Offering in a taxable financial - lused on the estimated service lives, principally thirtyifive years. instrument that yields a higher rate of interest income than the cost of the associated funds. The excess of interest income over Aduancofor C.apaaty and Energy - Advance payments to USBR f.or . - costs is payable to the IRS withm. 6ve years of the date of the bond i the uprating of the 17 generators at the lloover Power Plant are offering and each consecutive 6ve years thereafter. induded m, advances for capacity and energy. These advances are being reduced by the Western Area Power Administration
'(WAPA) billings to parrkip.mts for energy and capacity. During NOTE 3 - Sp cial Funde 6 scal 1992, WAPA reimbursed $5.7 nullion of the advances to the The Bond Indentures for three of the four projects and th'e partkipants in addition to the energy and capacity provided. Multiple Project Fund require the following special fmids so be
. Nmkar Dnwimisuuning - Decommissionmg of P\,NGS is project-establishul to account for the Authorityi receipts and disburse-ed to mmmence wbsequent to the year 2. 022. Basnl upon a study ments. .t.he moneys and investments held .m these funds are
. restricted .m use to the purposes stipulatal m. the bond indentures.
performed by an m. dependent engineering 6tm, the Authon.ey a A summary of these funds follow,: , share of.t he estimated dewrnmissioning costs is $D,$80,000 m. 1989 dollars. The Authority is providmg for its share of the esti' rund Held by Purpose '
- mated future dewmmissioning wsts over the life of the nuclear
~
Construction 'I.ruwee To disburse runds for the acuuisitioti power plant tbrough annual charges to expense. 'I,he decomnu,s' and construuion of the Project , sioning habihty is re6ected.as a component of accumulated depre- ,, ciation and was $36.272,000 and $27,505,000 at June 30,1992 Snwe Tmuee To pe intnest and pnncipal idated m the Revenue Honds and 1991, resjectively. _ . _ _ A Nuclear Ikrommissioning Fund has been established. The Revenue Trustee Tu initially rneive all revenues and j deposits to the fund plus the interest earnings on the fund balances __ _ _di. pmc them to other funds are expected to be suf6eient to pay the Authonty's share of the Opuating Trustee To ray operating expenses
- decommissioning wsts.
Resnve and Trustee To pay capital in provements and - Defirred Ci,sti - Deferreti costs are reported net of auumulatal Conongency rnake up deficienm in othn funds an auumulate funds for PVNGS , amortitation. Unamortized debt issue cosa, including the loss on refundings, are amortued over the terms of the respettive issues.
- ---- daommbsioning Total deferral loss on refundings, net of accmnulated amortization,. Geneal Trunee -To rnake up any derniencies in other
"#" I""*
was $M2,179,000 and $366,688,000 at June 30,1992 and 1991. respet tively. Other deferred costs are amorti/ed generally over fis e Advance Trustee ' To thsbu se funds for the cost years. Payments of acquisition of cmwiry Inmtmentf --- Imestments include United States Government and on Tmtre To in{tially receive the pnweeds of the Act uunt sale ut the Multiple Project Revenue governmental agency secunties and reporthase agreements which Bonds are wilateralized by such securities. Additionally, the Multiple - Project Fund's investments are invested under an investment " '"E* "* "'"'** """"'##'""8'""
. Aununt Mulriple Proint Resenue Bonds
. agreement with a h.nanaal institution earning a guaranteed rate of return. The Southern Transmission System Projut has debt ser. Resolving Authonty To pay the Authority's operating .
I""d *P'""' sice reserve funds associated with the 1991 Subordinate Refundmg - Series Bonds invested with a 6nandal institution under a speci6c Decommission- Truuee To anumulate estimated future investment agreement allowed under the Bond Indenture earning a ing Trust Fund decommissioning cmts of PVNGS - guaranteed r.ite of return. The investments are stated at amortized hsue Fund Truure To initially receive pledged cost', which in general is not in excess of market. As discussed in . revenues anociated with the 1991 l Note 3, all of the investments are restricted as to their use. . Subordinated Reftmding Series' ! Indenture of Trust and pay the related ; Cad and Cada Equnahutt- Cash and cash equivalents include interest and principal ca'sh and all investments with maturities less than ninery days. hf Tm Tmy a portion of the costs of - Retrum - Revenues consist of billings to parrkipants for the sales inuance nsuance f the 1992 Special . n gat on Crossover Series Bonds i of electric energy and of tran mission service in accordance with 20 i
.- . _ , , _ _ - - . ,, , . _ .1
1 l
))
- Special funds, in thousands, were as follows: Junew," 1992 '1991 June w, _ tW2 tWI Advance Pay ments Fund $ 10,892 $. 15,149 l OperatmgMorking Capital Fund 571 524 Carrying fuimami Carrymg Emmami Whe Marker Value Wlue Marker Wlue Ikbt Servke Fund -
$ 2 37,H02 $ 241,190 $ 232,697 $ 235,760 h knh Amunc 922 m Palo Wrde 3,B7 3,604 Debt Senke Reserve Account Prow Revoking Fund 5 7-
. Mmhem ' Transnuwio" $ 15,527 $ - 20,202 Sprern Project 201,407 202,862 202,986 213,373 Iloover - At June 30,1992 and 1991 the Authority had advances to US!)R
; Uprating of $14,360,000 and $15 A00,000, respectively.
Pnsiect 29.887 29,929 35,602 35,631 MealPhoenix Mu/riple Pmjca Fund -- The special funds required by the Bond - 127 127 Indenture contain balances, in thousands, as follows: , June 3n, Pn rct Fund 628,375 628,375 625,165 625,165 IW2 1991
$ 1,097,37 6 $ 1,102,361 $ l .096,577 $ 1, t 10,056 Multiple Project Fund -
Multjple Pnsct Pnxeeds Account $ 620,063 $ 600,012 MuMple Pmica Eanungs Aaount M2 2W Pak Wr4 Projea - The special funds required by the Bond indenture contain balan4.es, in thousands, as follows: $ 628.375 $ 625,165 June A l IW2 tWI Mead-Ph< nix Pmjat - At June 30,1992 and 1991, the balances I Construction Fund - in the Development Fund were $5,000 and $127,000, respective- l Initial Faohties Annunc $ 12.801 $ 15,521 ly, substantially all of which were invested in securities of the l Ikbc Servke I und - United States Government. l 55,091 49,626 Ll Ikht Sen u.e Annunt l Debt Sen he Reserve Auount 90,696 92,256 Cost of hsuan(e Fund 28 NOTE 4 - Iong-terrn debt: Resenue Fund i 674 Pak Wrk Pmjca - To finance the purchase and construction of Operating Fund 24A51 19,812 the Author ty's share of the Palo Verde Project, the Authority Reserve and Contingent y I und 6,638 9A 46 ,
. issued Power Project Revenue Bonds pursuant to the Authon,ty s L iks onmussorong Trust 1 und 48,040 45,319 54 53 Indenture of Trust dated as of July 1,1981 (Bond Indenture), as -
Revolving 1 und _ amended and supplemented Reference is made below to the
$ 237,802 $ 242,69?
Combined Schedule of Long-Term Debt at June 30,1992 for details related to outstanding bonds.
..'.kdan Traumiumn Syton Pmfd - The special funds required by The Bond Indenture provides that the Revenue Bonds shall he ;
the Bond indenture contain balances, in thousands, as follows: special, limited obligations of the Authonty payable solely from j
^
_. _h?1 _ and secured solely by (1) pnweeds from the sale of bonds, (2) all IW2
~
im res enues, incomes, rents and receipts attributable to the Palo Verde .
~ ~
donEtrucnon Fund Project (see Note 5) ar.d mtewt on all moneys or securities (other Initial Fatilities Aaount $ 1,551 5 957 than in the Construction Fund) held pursuant to the Bond' Ikht Senice Fund - Indenture and (3) all funds established by the Bond Indenture Ikht Senke Auount 10,026 39A98 - (exduding Decommissioning Account in the Reserve arid - Ikbr Senke Reserve Acnunt 90,031 90,156 Revenue Fund 3 2 Gndom Fune
. 5,204 5,550 All outstanding Power Project Revenue Term Bonds, at the Operanng Fund General Reserve Fund 11.520 1SA55 option of the' Authority, are subject to redemption prior to maturity, luue Fund 33Ali- 41,808 The Bond indenture requires mandatory sinking fund install-Revolving Fund - 10- ments to be made beginning in fiscal year 1998 (for the 1982 Series A Bonds), 1999 (1982 Series B Bonds and 1983 Series A -
$ 18L757 $ 183A M Bonds), 2001 (1984 Series A Bonds and 1985 Series A Bonds),
es A onds,1986 Series B Bonds and 1987 Series ' At June 30,19W and 1991 the Authority had non-interest bear-ing advances outstanding to IPA of $19,550,0(K). A NnM and 2M M Mes B knds and W Serks A bonds). Scheduled principal maturities for the Palo Verde Project during the 6ve Oscal years fohowing June 30,1992 are
~ #wtw Uprating Pmjed - The special funds required by the Bond $ 17,735,000 m 1993, S19,825,000 m 1991, S21,175,000 in r
Indenture contain balances, .m thousands, as follows:
)
21
44 - 1995, $22,575,000 in 1996 and $21,365,000 in 1997. The aver- other than proceeds of the imods. The Department of Water and age interest rate on outstanding debt during the fiscal years 1992 Power of the City of Los Angeles (LADWP) advanced $7,219,000 ) and 1991 was 6.79 and 6.99, respectively, to the Authority ibe the payment of the costs. The advance plus 7.09W interest becomes immediately payable hrbern Nnoniuiorr Spum Projer - To finance payments-in-aid to the LADWP after the first transfer of bond proceeds by the of construction to IPA for construction of STS, the Authority Mo b & Mi P l'und to a separate authorized issued Transmission Project Revenue llonds pursuant to the project account to finance the costs of construction and acquisition Authority's Indenture of Trust date ' May 1,1983 (Ilond of u n d p i m .u d e p k Indenture), as amended and sur Reference is mide The Authority has no obligation to repay the advance or inter-below to the Combined Schede .- y ert,. Debt at Jun . O' to & MW'P if bond proteeds are not transferred from the . 1992 for detaik related to the outstanding bonds. Multiple hoject Fund to a separate pmject account, except that on The Bond Indenture provides that the Revenue Bonds shall l 2 s mem of the bonds the amount of any remaining funds in _the speaal, limited obligations of the Authority payable solely fron Mi Pmint Fund shall be payable to the LADWP without I and secured solely by (1) proceeds from the sale of bonds, (2) all interest. revenues, incomes, rents and receipts attributable to STS (see Note
- 5) and interest on all moneys or securities (other than m the ilmter Uprating Projar - To finance advance payments to USBR Construction Fund) held pursuant to the Bond Indenture and fo. application to the costs of the ihmver Uprating Project, the c (3) all funds established by the liond Indenture. Auaority issued Hydnriectric Power Project Revenue Bonds pur-All outstandmg Transmission Project Revenue Term Bonds, at suant a the Authority's indenture of Trust dated as of March 1, the option of the Authority, are subject to redemption poor to 1986 (Iknd Indenture). Reference is made below to the Combined matunty. Schedule of Long-Term Debt at June 30,1992 for details related The liond Indenture requires mandatory sinking fund install- to the outstanding tends.
ments to be made beginning in fiscal year 1993 Obr the 1991 The Bond Indenture provides that the Revenue Bonds shall be spe. Series Bonds), 2000 (1981 Senes A llonds), 2001 (198 l Series B cial, limited obligations of the Authority payable solely from and Bonds and 1985 Senes A lionds), 2003 (1986 Series A lionds), secured solely by (1) the pmceeds from the sale of the bonds,(2)all 2tM)2 (1986 Ser es li Bonds), and 2007 (1988 Series A Bonds). revenues from sales of energy to participants (see Note 5), Scheduled principal maturities for STS during the five fiscal years (3) interest or other receipts derived from any moneys or securities ' fhllowing June 30,1992 are $11,795,000 in 1993, $12,600,000 held pursuant to the Bond Indenture and (4) all funds established in 1991, $13,600,000 in 1995, $ 11,600,000 in 1996 and by the Indenture of Trust (except for the Interim Advance-- $15,780,000 in 1997. The average interest rate on outstanding Payments Account in the Advance Payment Fund). debt during fiscal years 1992 and 1991 was 6.99 and 10'X, All outstanding flydmelectric Power Project Revenue Term respectively. Bonds, at the option of the Authority, are subject to redemption Alidriph Pro /wt Fmn/ - To finance costs of construction and acqui- N# * * * . The liond Indenture requires mandatory s nking f.und.mstall-sition of ownership interests or capacity rights in one or more pro-ic(ts expected to be undertaken within the next hve years, the ments to be made beginning in fiscal year 2002 for the 1986 Series Authon.ty issued Multiple Project Revenue Bonds pursuant to the A Bonds. Scheduled principal rnaturities for the lhover Uprating Authority's indenture of Trust dated as of August 1,1989 (Bond Pmject during the h.ve fiscal years fbilowing June 30,1992 are
$ 310,000 m facal 1993, $905,000 m fiscal 199 4, $965,000 m fis-Indenture), as amended and supplemented. Reference is made cal 1995, $1,02),000 m. hscal 1996 and $1,685,000 m. fiscal below to the c.ombmed Schedule of t.ong .ferm Debt at June 30, 1992 for detaik related to the outstanding bonds. 1997 The average interest rate on outstanding debt during fiscal The Bond Indenture provides that the Revenue Bonds shall be years 1992 and 1991 was 6.3W and 8.07, respectively.
tpecial, limited obliganons of the Authority payable solely from e Authority est mates that the total financing requirements and suured solely by (1) proceeds from the sale of bonds,(2) with for its interest in the Ihiover Uprating Project will approximate 531 million, substannally all of which will be expended Ihr the respect to each authorized project, the revenues of.such authon. zed project, and (3) all funds established by the Bond Indenture. "' 4 " ' ' I"" #""'I#**"'S * #"P"E Of the outstanding Multiple Projut Revenue Bonds, gj_p/,wnix Prr# -- Prior to fiscal year 1989, the Authority $ 153,500,000 of bonds are not subject to redemption prior to terrowed $14,148,000 to finance the feasibility study and devel. maturity. The balance of the outstanding bonds, at the option of opment costs of the Mead-Phoenix Project. During fiscal y' ear the Authonty, are subject to redemption prior to maturity. 1989, the Authonty meived from the participants $14,048,000 The liond Indenture requires mandatory sinking fund install- retiring all the notes but t 100,000,- These receipts are shown as ments to be made beginning in fiscal year 2006 for the 1989 Series Advances from Participants. Mority management anticipates llonds. The first scheduled principal maturity for the Multiple repaying these advances during tiscal i993 or later. Proint Bonds is $13,500,0(X) in 1999. The average interest rate on outstanding debt during the fiscal years 1992 and 1991 was 6,9'#, R@nding Bondr - In August 1991, the proceeds from the sale of < The liond Indenture required that, at the time ofissuance of the - $35,695,000 of Ilydroelectric Power Project Revenue Bonds were Bonds, sufficient funds were available to pay costs related to issued to refund $28,530,000 of previoudy issued bonds (for total issuance of the bonds, and that such funds come from a source escrow payments of $31,720,000: including interest and early 22 J
-l
, redemption premiumt The reftmdmg reduux! rotal debt servue placed in an irrevocable trust and will be used to redeem paymems mer the next 26 years by approximately $ L624,000 (the $69,125,000 of bonds currently included within long-term debt at 1 difference between the debt service payments on the 01,1 and new scheduled call dates (for total es<. row payments of $70,744,000 debt); This is npected to result in an overall present value savings including interest and early redemption premiurnt The combined of approximately $1,$19,000. . refunding reduced total debt service payments over the next 25 , in January 1992, the pnweeds from the sale of $59,266,000 of years by approximately $13,2 38,000 (the difference between the
. Palo Verde Power Pmjext Revenue lionds were issued to refund debt service payments on the old and new debt). This is expected '.
$45,l90,000 of previously issued bonds (for total escrow payments to result in an overall present value savings of approximately of $ O,061,000 including interest and early redemption premium). $ 7,147.,000.
. Additionally, $70,680,000 in Palo Verde Special Obligation In connection therewith, the net proceeds of the ref'u nding Crossover Scries lionds were issued, the proceeds of which were bonds have been invested in securities of the United States SOUTH 0HN CAUEORNI A Pruuc Pou n Atm tonnY Cosu3:M n Sturocu or LONG-TrnM Diw AT Jt:NI. 30,1992 y
!In ilma,sodd h Irne I: farm . Msinrny mo PROJECP _ _
% fsah inic,wt Rau Juh I hral Prinop,d:
Palo Wrde Pnycu Revenue 1982A 08't.082 10.99 1992 to 20l7 $; 2,375 and Refunding ihnds 1982il iI/I2 82 7.79 1992 to 2017 2,810 1983A 04/08/83 8.8% 1992 to 2017 5,075 1984 A 07/18'81 10.39 1992 to 2001 ',260 1985A 05/22:85 8.7% 1992 to 2014 8,395' 19851) 07/02'85 9.1 % 1992 to 2017 27,540 b 76,120 ' " 1986A 0 F13!86 8.2% 1992 to 2015 198611 12!!6/86 7.2's 1992 to 2017 350,530 1987A 02/11/87 6.97 1992 to 2017 339,695 1989A 02/15/89 12% 1992:02015 293,:160 1992 01/01/92 6.0% 1992 tn 2017 59,266 1,172,526 - Southern Transnusuon System Pnycu Revenue and Refunding lionds 198 0 02/09/8i 9.3 r7 1992 to 2001 - 23,985 - 19 fib 10/17/81 10.29 1992 ro 2000 9,445 1983A 08/15/85 8.9W 1992 :o 2021 12,210 198@ O VI H'86 8.0% 1992 to 2021. 129,550 1986B 0 U29/86 7.5 % 1992 to 2023 471,770 1988A 1 t/22/88 7.2% 1992 to 2015 233,275 1991 4/17 91 6ci% 2019- 293,900 1,174,165 blultiple Projet t Revenue llands 1989 01 f0W) 6.97 .1999 to 2020 M7,750 lloover Upratmg Proien Revenue lionds 1986A 08/l3/86 8.19 1993 to 2017 5,905 1991 08 01/91 6.2% 1992 to 2017 35,695 - 41,600 Total prmcip,d amount 3.036,011 P Unamortued lond discount: Palo Venle Project (l42,359)- Southern Transmission System Project (116,743) Muhiple Projen 1 und . (46,028) thoser Upranng Project _ 4,939)(
~ Total unamortized lond dneouni (310.069) 2,725,972
^ Inng. term debt due wuhin one year. (29,840) Total long term debt, net 5 2.696,132 - Ihab wiuth Mve tv, refunded are enlud=J fun ihn sheJaie 23
Government, the principal and interest from which will be suffi completed, is operating or operable, or its service is suspended, J cient to fund the remaining principal, interest and call premium interfered with, reduced or curtailed or terminated. The contracts payments on the refunded bonds until the stated 6rst call dates of expire in 2027 and, as long as any Transmission Project Revenue the respective issues. Accordingly, all amounts related to the Bonds are outstanding, cannot be terminated or amended in any refunded bonds have been removed from the balance sheets and manner which will impair or adversely affect the rights of the the cost of refunding the debt is included in unamortized debt lmndholders. expenses. In March 1986, the Authority entered into power sales con. , Until the bonds to be refunded by the Special Obligation tracts with six participants of the floover Uprating Project (see. ' Crossover Series Elonds are called, interest on the Special Note 11 Under the terms of the contracts, the participants are Obhgati6n Crossover Series lionds is payable from interest earned entitled to capacity and associated Grm energy of the Hoover on securities of the United States government purthased out of the Uprating Project and are obligated to make payments on a "take or pmceeds of the sales and held in bank escrow accounts After the pay" lusis 6)r their proportionate share of operating and mainte- , monies in the escrow accounts are applied to redeem the bonds to nance expenses and debt service whether or not the Iloover be called, primarily through 1996. interest on the Special Uprating Project or any part thereof has been completed, is operah Obligation Cnmover Series Ilonds will be payable from revenues. ing or is operable, or its service is suspended,' interfered with,' The trust account assets and the liability for the Special Obligation reduced or curtailed or terminated in whole or in part. The con- 1 Crossover Scries Bonds are not induded in the Authority's f nancial tracts expire in 2018 and as long as the Hydroelectric Power statements. At June 30,1992, $72,394,000 of these trust assets Project Revenue Bonds are outstanding, cannot be terminated or'- have been offset against the Special Obligation Crossover Series amended in any manner which will impair or achersely affect the ' fionds. rights of the bondholders. > At June 30,1992 and 1991, the aggregate amount of debt
. tonsidered ta be extinguished was $2,525,005,000 and NOTE 6 - Costs Recoverable from future billings to partici.
$ 2 A 51,285,000, respectively.
pants: Inhmt the Swap - In fiscal 1991, the Authority entered into an ' Billings to participants are designed to recover " costs" as de6ned Interest Rate Swap agreement with a third party for the purpose of by the power sales and transmission service agreements. The hedging against interest rate fluctuations arising fmm the issuance billings are structured to systematically provide for debt service of the 1991 Refunding Series Bonds as variable rate obligations. requirements; operating funds and reserves in accordance with The Swap Agreement pmvides for the Authority to make pay. these agreements. Those expenses, according to generally accepted ments to the third party on a fixed rate basis at 6.387, and for the aaounting pnnciples (GAAP), which are not included Ccosts' third party to make recipnxal payments lused on a variable rate are deferred to such periods as they are intended to be recovered basis, through billings for the repayment of princip d on related debt,- Costs recoverable fmm future billings to participants are com-prised of the following: NOTE 5 - Power Sales and Transmission C.ontracts:
. The Authority has sold its entitlement to the output of the Palo
. .. Iblana Faal Kilana
. Verde Projeu pursuant to power sales contracts with ten paracs jonc 3n, i992 . yone 3n, pmts (see Note 1). Under the terms of the contraus, the partici- 1991 . Amvity ._ 1992 pants are enotted to power output from the Palo Verde Nuclear GAAp items not induded Generating Station and are obligared m make payments on a "take in bdhngs to participants:
or pay" basis for their proportionate share of operating and mainte. Depredaion of plant 517 U58 $ 38,277 $ 211,645 tiance expenses and debt service on Power Pmiert Revenue Bonds ^ *"" U'""" "U '"nd dncoun., dcht issue costs, and other debt, whether or nor the Palo Verde Project or any part 99,236 21,494 123,730 md me uf refundmg thereof has been mmpleted, is operating or operable, or its omput Nudear fuel amortization 11,852 2.097 13,949 i is suspended, interfered with, reduced or curtailed or terrnmated. Ikcommnsionmg expense 20,880 ' 8,767 _ 29,647 The contracts expire in 2030 and, as long as any Powcr Project . Interest expen e 6,205 0 44) 5,861 Revenue Bonds are outstandmg, cannot be terminated oc amended liand requirements indaded in any manner which wdl impair or adversely affect the rights of in billings ro parncipants: the hondholders. Opernions and mamtenance, The Authonty has entered into transmnsion service contracts net ofinvestment inwme (40,688) (3,8 12) (44,530) with six participants of the Southern Transmission System Project Cmts of acquisition of capacity -- STS 0 8,350) 08,350L (see Note 1) Under ihe terms of the contraus, the participants are entitled to transmission service utilizing the Southern Redacoon in Mt yemn
. due to transfer of excess Transm.asion System Project and are obligated to make payments mmerunion ftmds 40,999 40,999 on a "take or pay" hasis for their proportionate share of operatin# Principal repayments (87,565) (29,325)' O 16,890)'
and maintenance expenses and debt service on Transmission Other 0 4,482) 444 0 4,038) Project Revenue Bonds and other debt, whether or not the 3 .m $@w $Mm Southern fransnussion System Project or any part thereor has lven 23 l:*
NOTE 7 - Commitments and contingencies: . Sotm n:RN CAUFORNIA Punuc PowtR AtmionrtY SUMIENTAL FIN ANCIAL INFORM ATioN
. As a participant in the PVNGS, the Authority could be subject to I" l
. assessment of retroactive insurance premium adjustments in the '
event of a riuclear incident at the PVNGS or at any other licensed reactor in the United States. Palo Verde Projo
- The Authority is myolved in various legal actions. In the opin- Supplemental Balance Sheet at June 30,1992 and 1991 ion of management, the outcome of such litigation or claims will Supplemental Statement of 0;,erations for the Years Ended '
lnot have a material etfect on the fmancial position of the Authority June 30,1992 and 1991 or the respective separate projects. Supplemental Statement of Cash Flows for the Years Ended June 30,1992 and 1991 - f Supplemental Schedule of Receipts and Disbursements in Fund 3l 8 - Su quent event (unauch. te e I Required by the Bond Indenture for the Year Ended June 30 r
.l& fun,hng -In July 1992, the Authority entered into a transaction g9~3 to issue $i7$,000,000 of Southern Transmission Project Revenue Refunding Bonds to refund $385,385,000 of previously issued .5outhern Transnaission Systern Project n 3
. bonds. The refunding is expected to mjuce total debt service pay- Supplemental Balance Sheet at June 30,1992 and 1991 .
ments over the next 23 years by approximately $52,585,000 (the Supplemental Statement of Operations for the Years Ended 'l ddierence between the debt service payments'on the old and new June 30,1992 and 1991 . debt) and is expected to result in an overall present value savings of Supplemental Statement of Cash Flows for the Years Ended *
- ..approximately $25,060,000. June 30,1992 and 1991 Supplemental Schedule of Receipts and Disbursements in Funds t
- Aut/wharion of 7uw franoniaiun Projats - In August 1992, the Required by the Bond indenture for the Year Ended June 30, Authoney s Ikard of Directors approved a resolution authorizing ~
the use of prueeds of Multiple Pmiett Revenue Bonds to finance the Authority's ownerdup interests in the Mead-Phoenix and
#### "N Mead-Adelanto projects. There shall be transfers from the Supplemental Balance Sheet at June 30,1992 and 1991
. Multiple Project 1..und amounts sufficient to provide for the Supplemental Statement of Operations for the Years Ended Aut hon.ty s share of the estimated costs of acquidtion and con- 3g g g g s truction of the two projects, together with reimbursement of S -
AS 4MM b deYears Ended planning, development and other related wsts. The projects will j9 involve the design, construction and operation of two transmisuon Supplemental Schedule of Receipts and Disbursements in Funds
' lines frojn Arizona to Nevada (Mead-Phoemx) and from Nevada to Ryid h & WM M-' h & h W W 34 - Cahfornta (Meadi Adelanm), respectively. g Mead-Phoenix Projnt Supplemental Balance Sheet at June 30,1992 and 1991 Supplemental Statement of Cash Flows for the . Years Ended June 30,1992 and 1991 I
Maltiple Prajat Fund - Supplemental Balance Sheet at June 30,1992 and 1991 ' Supplemental Statement of Cash Flows for the Years Ended - June 30,1992 and 1991 Supplemental Schedule of Receipts and Disbursements in Funds - Required by the Bond Indenture for the Year Ended June 30, , 1992
+
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Sotrrut.sN CAttn>RNIA PL'ESLIC POWI.R AtrillORITY PAto VERDE PRoyc7 St'retrurNTat ilALANct Sut E1 tin thananda Jwrr 30.. 1 _ . _ _99J__ ___..______._-_/W1,, . ASSETS Utility plant: Pnxlucemn $ 599,479 $ 596,880 Transminion 14,188 14,211, General 2,268 - 2,259 615,935 .613,350-- less - Accumularni depreciation 128,827 102,265 487,108 511,085 Construction work in progress . 12,197 7,574 Nudear fuel, ar amortized unt 15,227. 17,6$9 Net utility plant 514,532 536,318. Special funds Ikcomrnissioning fund 48,(klo 45,319 Investments 122,653 I16,850 Interest receivable 1,305 2,527 Cash and cash equivalents 65,8(H 68,001 237,802 - 232,697 Acwunts receivable 2,290 4,516 Materials and supplie's 13,tx)8 11,236 - Costs recoverable fn>m future hil!ings to partkipants 98,772 82,056 Ikferred asts: (Jnamortized debt expenses, less aceumulated amortization of $50,386 and $ ii A)6 208,968 209,670 Other deferred msts . 222 211 209,190- 209,881.
$ 1,075,591 $ 1,076,7(M -
1.! Allil.lTI ES Long-term dcht $ 1,012,432 $. 1,018,003 : . Current liabilities: i 1.ong-ter n debe due within one ye.tr 17,735 16,325
.%.ed interest 31,385 35,6U ' ,
Annunts payable and aururd eqwnses 11,042 6,73} 63,162 58,701 Commitments and untingencies.
$ l.075,594 $ !.076,7(14 1.
EkSID M 5lMNE' NdYYNEIIk1 D 16
1 l
. SOlmitRN CAUFORNIA Putiuc POWER ALMIORITY l PALo VERDE PRojiicT St TPLEMENTAL STATEMENT OF OPERATK)N5 (le t/wwndr)
.I
%r EnJaJJw 30. ;
1992- 1997 ;
? Opmieg revenue:
$ 123,031 ~$' 128,245 Sales of electric energy
! Operating exp nses:
8,639 12,880 'I Nudcar fuel 28,787 30,175 Other operations 7,267 6,486 -
. Maintenance 18,739 18,641 ;
Depreaation 8,767 7.,339 Ikcommissioning d Total operating expenses 72,199 - 75.521 50,832 52,724-
. On rating income 15,167 18,122 ,
' invest ment 'incorne . ,
income befon <tcht expenses 65,999 70,846 Ikbc expense: 82,715 83,898
. Interest on del".
82,715 H3,898 ' Total debc expme , Costs recoverable from future billings to participants ($ 16,716) ($ 13,052)- .i % mnet to fmerwul mtenents 1 l k a
.1 1' ,
. l
.j 4
27
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- . 4 ..
SOUTl!EEN CAulORNIA PUBUC POWER AlfTilCRrTY " PAto Vrant PaopcT St:PetrxFNTAL STATEMENT OF CASH Flows (Int k anlu l
%r Ee.kd)mn 30, 1992 . 1991 Cash flows from operating activities:
Costs remverable fmm future billings to partit.ipants. ($ 16,716) ($ 13,052) - Adjustments to arrive at net cash provided by (used for) operating activities - Depreciarion 18,739 . I 8,(A 1 ' Ikcommissioning 8,767 7,339' Amortization of nuclear fuel 7,329 11,266 ' Amortization of debt costs 13,189 12,861 Changes in assets and liabilities: Demmmissiorung fund (2,72 !) (38,964) Interest receivable 1,222 586-Accounts receivable 2,226 (244) Materials and supplies (1,772) (2,268) Other assets (11) 5 Accrued interest (1,259) (536) Accounts payable and accrued expenses 4,310 1,107 Net cash provided by (used for; operating activities 33,303 (3,259) Cash flows from investing awvities-Payments for construction of facility (!3A18) (10,707) . .
. Purdtase ofinvestments for decommissioning fund (35,858)- .
Purchases ofinvestments (133,966) (87,504); Prrxenis from sale ofinvestments . I28,163 103,776- z Net cash used for mvesting activities (18,851) (30,293)- Cauh nows from capital and related fhuncing activities: Procmh from sale of rcrunding bonds !14.133 Payment for defeasance of revenue bonds . (42,245) . . , Payments for principal of long-term debt (16,325) ~ (15,255) .' [ Payment for lxind issue msts . (1,830) ~ Pr<x ceds from mnstruction fund for contnbutions to the demmmisdoning fund 35,858 Amount deposited in escrow accounts and offset agaitat refunding bonds . (70,382) i Net cash (used for) provided by capital and related financing activities (16,649) 20,603: Net decrease in cash and cash equivalents (2,197) (12,9 5 ) t Cash and cash equivalents at beginning of year 68,001' 80,950. Cash and cash equnralents at end of year $. 65,804 $' 68 001 Supplemental disdmure of cash Row information: Cash paid during the year for interest (net of amount capitaliml) $ 70,781 $ '71 824 , w man n,imm m1 ummem ( p
- , . _ . - . - - . ~.--- - - _ ~ . _ . . - . .- . - -. . .. .-.- - - . . , - -
0 SRmREN CAUK*NIA PL'HUC POWER Atnh0RITY PAI.O Vf RDE PHopCT - SUPPU MENTAL. SCinDOLE 01 RMlWN AND DishtlR5f MENT 5 IN l#f!Nin REQUIRED BY TIIE BOND lNDFNTtJRE TLAR I5NDIDJUNr 30,1992 (la t/veuwm/O Comtrm tion Ra,ms & M m- F
~
FundIsaul DJs Cet of Cwm- . mnwang Faalam Smne I,,nams Rwar Opratmg gnxy k rEmmh Avant Fami _..imed Fund . Fami _ _ . . _ . . . ~ .feml -_-..__.....a_.-. I & il Tus l Balance at June 30,1991 $ 15,jo6 $ 140,812 $ _-- $_671 $ l9,646 $ 9,380 $ 44/i60 $ 230,475 Additions: 923 216 1,139 , Bond Pnweeds 991 6,679 78 1,340 392 4,461 13,942 , investment earnings 1
- Distribution ofinvestment earnmps (10) (8,019) (1) 10,317 (1,317) (392) (578) l 130,590 130,590 i
' Revenue fnim power sales Distribution of resenues 90,166 (141 4171 50,748 733 ,j 6 3 Other income 73 79
. I14,686 114,686 Transfer for interest payment e Miscellaneous . (66) (9) (4) 79 1,838 203,512 216 (671) 50,840 818 3,883 260,436 s Total De du( tione 1H7 1,108" lwnd issue onts 921 i 3,529 3,638 7,167 Construction expenditures 39,873 4 2 39,879 Operating expenditures 6,206 6,206' I uri costs 16,325 16,325 '
Payment of pr ncind 185,375 185,3751 interest paid Interest pud on investment purcluses . 6 326 5 423- L760-4 '4
- . Mmellineous .
I,456 202,030 187 - 46 3,642 425 256,824 Total . - - .--a -- -..._.08 4
^ Balan'c e at June 30,1992 $ 12,688 $jl2,294 $ 29 .$ .- 3 21,402- $ 6,556 $ 48,118 $ 234,087 4
8
' This sihedule summarues the receipts and disbursements in funds rniuired under the bond Indenture and has been prepared from the trusr state-ments. The balances in the funds consist of cash and investments at original cost. These tsdances do not include accrued interest receivable cf
$1.305 and $2,527 and Dtcommissioning Trust l'und accrued internt receivable of $126 and $724 at June 30,1992 and 1991, respectively, nor do -
they include meal amortized net inveument discounts of $ 1,9s 6 and premiums of $1,029 at June 30,1992 and 1991, respectively.
't i
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29 a w+w m,m- w- >,-w<m,w4 m, v -v-w r~g g nv e.vv-- g e- - -
a ., . s I a NMmitl4N CAlil(>RNf 4 l'UllLif POWER AlrillORl!Y S)trillt sin TR ANMilbiUN SuITM PROJffl
- SliPPif AtlNTAL llAl.ANCf $llDJT fin thwasls) lue M.
l*nd IWl ASSI TS Utility plans: Trari$rn mion $ 670,$ 27. $ 668,316 General _ _ _18,893._ 18,H9) - 689A 20 687,209
- Im Auumulated dernxiation 11$,391 95,853'-
574,029 591356 Construttion work in progren 4,3 12 3,725-Net utility plant 57H,471 . 595,0H1' Spual fiunds:
- Investmenu 115,929 127,488 Advance to intermountain Power Agency 19,550 19,550 ~
intercsr re(civable i,142 2,692 - Cash and mh equivalents - - . . - 32,fm6 53,256 . _ _ _ 201,307 202,986 A< u>unts retenable 1,592- 2,344 Cat _s roowtrahir fn m future billing tu participants 131,691 113,025' Deferral um: Unamort unl debt expenses, less auumulaud I amortization of $3 4,771 and $27,921 .177,415 185,022" ,
$ l.090A09 $ t,098A58 -)
I I A HII.lTiliS long-term debt . $ i p15,627 $ 1.054 A 34 Current habilities: Inng-term debt due within one year 11,79$ - 10,515 l l Aurunt intaest 30,630 29,547-Auuunts payabic and aurued expensts 3,932- _,. 23$.7 . _ . . . 41,782 . 41,024
$: 1,090,109 $. 1,098A58- 1 i
S,r andes to 6r.ww.idl siatensrwts i ..
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b I l SOUTHERN CAutoRNIA PUBUC POVTR AUTilORrrY
' SolTIIttRN TRAMutwtoN SYSTEM PROJFCT Sui >rt.r.Mt NTAL STmMENT OF OrrRNnoNs lie thman.h)
%r EmLJJaw 30, IW2 _. IWL
-...-~...u....., .
, Operating revenue; ~ Sales of transtniwion services $ 90,700 $- '87,803
' ,i Operating expenses:
.12,571 12,262 'i Other operations Maintenanc e 3,886 3,808 Depreciation (9,538 19,376
-Total operating expens(s 35,998 35,416' Operating income 54,702 : _ 52,357 Insestment income 11,202 11,305
~ '
65,901 63,662 ~ inwme before debt expense Debt expense:
' Interest on debt. 8:1,573 . 82,979-Costs r' emverable from future billings to participants ($ 18,669) ($ 19,317) a 3
' See twits to htuns bl twerrerits '
J
')
l l 1 i e e 3 I 31
t SottrittRN CAlliORNI A PUPUC PL)WER AUrltoRr'l l . Sottrilf RN TR AN%MlislON Sm EM Pxojtcr StwuMENTAL STATEMFNT Of CASil fl.oWS tin dwand,I Yw En1JJm 10.
- . . . . - __ . _ . _ . . . . _ _ ___ __ _ _ 99.? .._ . - .
1
..-/WI Cash flows frorn operating activities:
Custs recoverable from future billings to participants ($ 18/>69) ($' 19,317) Adjustments to arrive at ties cash provided by (uwd 6>r) operating activities - Depreciation 19,538 19,376 Amortization of debt unts 11,042 10,252 - Changes in a.ssets and liabilities: Interest reteivable (450) (60) Accounts receisable 752 - (1,733) 0:her assets (53) (75) . Accrued intercsr 1,083 (7,513) ' Aununrs payable and aurued expenses (1,575) (2,330) Net ca<,h provided by (used for)operatmg attivities 11,668 .(IA30)- Cash flows f rom inmting activities: Payments fiar construi cion of facility (L252) (1,991) . Purchases of invest ments (106,041) (161,801)'
Proceeds from sale of investments 87/200 132,908 llefund from Intermountain Power Agency Net cash umi for investing activities (21,693) (33,887)
Cash flows from capital and relatul financing av.tivities: .
.~
Pn< mis from sale of refunding Innds 293,900 - l'ayrnent ihr defeas.ince of revenue bonds . (260,749) ~ Payment for principal oflong-term debt ' (10,545) (9,890) - Payment for bond issue costs (3,690) ' Net cash (used fbr) pnnided by capital and related financing activities (10,515) 19,571 Net decrease in cash and cash equivalents (20,570) (l5,746) Cash and cash equivalents at beginning of year 53,256 69,002'
- Cash and cash equivalents at end of year $ 32,686 $ 53,256 Supplemental dislosure of cash flow information:
Cash paid donng the year ihr interest (net of amount capitalized) $ 72A 18 $ 80,240 N ILif% ld filhEfh 6stl 94(fTITlifi s g i d L 1
II
~l l
SolTlirkN CALIFUliNIA Pt uix Pouit AUTuortny Sottriif RN TRANSMl%KJN SYSitM PnojirT Sl:PPL1 MrNTAL $rHrD< t.F or ret.rmrs AND Dl%Bt1tRMFNTS IN ft'NDS RFQL'iki:D HY Tile DOND lNDENTURE YrAn F.NDFDJtfNE 30,1992 i iln thouras/0 } Ca.truasun FnnJJnanal thk General F,xd:tm Sm a,e Retaue Operactsg -Raum Inw A,esnt Fund Fsnl Fand. Fund Fand bral
- . - . - . . - - . - - ~ . . - - - . _ . . . . . . . - - - - . - - . .
itdance at June 30,1991 $ 9% 5 ' 127,1 M $ - $ 5,558 $ 15,376 ' $ 31,806 $ 180,8 52 Additions: 45 7,574 1% 2% l.0HO 2,329 11,420 Investment earning
- Distribunun of investment earnings (7,M3) 10,841- (236) (930) (2,329) ' 16 92,059 92,059 Revenue from transmission sales Distnbunon of revenue 65,180 (103,059) 19,064 18,H l 5 Transfer for interest payment i16,261 116,261 ;(
3,015 (22,745) l9,730
. Miscellaneous transfers _.-
19,730 219,759 3.060 181,685 - .19,064 (3,780) Total - . Ihluc tions. 2,467 2,167 Payments-m-aid of construction 19,406 19 19,425 Operating expendaures 10,515 10,545 Payment of pnnapd 170, % i 18,271 188,735 Interest pud 248 13 261 Interest pud on mvestment purchases Premium paid on investment purchases 118 115 233 2 18 20 - Other _____ . _ 2,667 181, l'8,308 221,686 Total _ _ ___ 3_ 5 _ ____ _- _19_AOS _._ _. ._12 8_ Balance at June 40,1992 $ 1,549 $ 1.27A 16 $ - $ 5,214 $ 11 A68 5 33,228- $ 178/105 This s(liedule summarizes the receipts and dubursements in funch required under the Bond Indenture and has lun prepired from the trust state-ments. The balantes m the funds consist of cash and insestmenn at original cost. These balantes do not include accrued interest receivable of $3,112 and $2/i92 at Junt 30,1992 and 1991, respxtively, nor do they include total amortized net investment premium of $290 and $88 at June 30,1992 and 1991, resperrively. t k
)
33 i i
0 L SNT11FRN CAulORNIA PUisuC POWER ALTHORrTY IIWWLR UPRATING PROJECT St PruMENTAL llALANCE SilEET ~ Un th uuld IW2 lWI ASSETS
- Special funds:
- Investments . $ 13,295 $ 12,690 -
Advantes for capacity and energy, net 14,360 15,400 Interest rn eivable 234 208
- Cash and cash equivalents 1,998 7,304-29,887 35,(4)2 Accounts recehable 1 5 Costs nxoverable from (in excess o0 future billings to participants . 3,547 (1,636)
Deferred costs: Unarnortized debt expenses, less acc umulated amortization of $284 and $261 3,813 1,073
$ 37,248 $ 35,044 .
i 1,l AllILITIFS
' Long-term debt 3 36,351 .$ 34,298 Current habilities:
Long term debt due within one par 310 Actn cd interest 545 689-Acmunrs payable and aurued expenses 42 57 897 746 Cornmitments and contingenoes
$ 37,248- $ 35,0 M ke n,m so twm al swrm, mr Soortti RN CAutonNIA PUtiuc PowtR AUTilORITY lhxnIR UPRATING PROJECT Sl TPLE M E NT AL ST ATE M E NT OF OPE R ATION5 (le ihmuen.h)
%r DJ.J)uw 30
/W2 1991 10;xrating revenue:
Sales of electric energy $ 3,731 5 2,760 0;wrating expemes: Capacity (harges 967 680' Ene rgy charges 686 - 568 . - Other operations 320 305 ' Reimbursement of advanws for capaaty and energy 5,714 Toral operating exgwnses 7,687 1,553 Operating inw'me . (3,956) I,207 , Investment income 1,254 1,608
. income before debt expense (2,702) 2,815 Debt exp nse:
Interest on debt 2A81 2,811 Costs (recoverable from) in exms raf future billings to participants d~ 5,183) ' '$ 4 i
' + *h h $b [ $
s54
. - , -- ,- . . . ~ . . . . . . _ . - .
s 1 SouTut.RN CAUK)RNIA PituC POWER AUTHORlW . l IkovEn UPRATING PROjfCr SUPru MENTAL STATDfLNT OF CA$H FLOWS (la thouwmhI
%r bJedjaw 30, 1992 1991
. _ Cash flows from operating activities:
. Costs (ret overable from)in excess of future bilhngs to participants . ($ 5,183) . $ 4 )
. Adjustments to arrive at net cash (used for) provi<h11 by operating activities -
Amortizanon of debt costs 260 54 i Chacgt m iusets and liabihties: Interest reu'.wbl- (26)- 42 Accounts receivable 4 (5) Other assets . (3) (10) Accrued interest (141) Accounts payable and accrued expenses . (15) 32 Net tash (uved for) provided by operating activities (5,107) 117 Cash flows from invescing acovicies: Advances for upacity and energy, net . 1,NO (3,237) Purchases of investments (22.239) (6,748) .i Pnxecds l' rom sale of investments 21,634 9,174 l No cash prosided by (used for) investing activities 435 (811) Cash flows from capital and rtlaced financing actisities: Praceds from sale of refunding tends 30,687 Payment for defcasante of revet.oe iw ds . (30,754)
' Payment for lond issue costs . (567) (1)
Net cash used for capir i and related finan<ing .tcrivines . (634) ' (1) . Net decrease in cash and cash equisalents (5,306) . (695) Cash and cash equivalents at twegmning of year 7,3M 7,999
$ '1,998 $ 7,304 (Wh and cash etjuivalents at end of year Supplemental disclosure of cash flow information:
$ 2J65 $ 2,757
- Cash paid durmg year for interest (net of amount capitalized) 9t mies n> rmeual omrmenn 35
l SotrritERN CAIJFORNIA Pt BLic POwtR AUTi(ORITY [ HOOVER UFRATING PROJECT SUPPtrutNTAL SOEDULE OF Rrcarts AND DISBUR$EMENTS IN FUNDS REQUIRLD BY Tile BOND INDENTURE Yf AR ENDrDJUNE 30f1992 Ilos six.mando interrm Ojvrating Debt Adrams Adnana % king Debt 5m ra Papuunts Feynxnts Rnenne Operatmg Capital Smia Rewns Fand Fund Fund Fnd ' Feard Aarant Awant Total Dalance ut June 30,1991 $ 13,591 ,$ 1,870 $ - $ -- $ 510 $ 718 $ 3,617 $ 20,309 , Additions:
' Bond Proceeds 219 198 417 Investment earr.ings 878 150 4 43 35 201 1,31.1. ~
Distnbutinn of mvestmenc earnings . 346 (150) (4) (43) (25) (124) Revenue from power sales . 3,735 3,735 Distribution of revenues (3,735) 1,168 2,567 Transfer ofinvestments (2,518) 2,518
' Transfer for interest payment 2,321 2,321 '
Transfer to escrow (966) (608) (1,574) Miscellaneous transfers (1,554) 1,518 50 (10) (4)- Total . (2,629) 4,036 1,168 50 4,120 (535) 6,210 Deductions:
' Advances for capacity and energy 5,158 5,158 Administrative expenditures 331 331 Payments for capacity and energy 1,168 1,168 Dond issue costs 247 247 Interest paid 3,918 .3,918 Premium and interest paid on
. investment purchases 284 1 285 Total . 862 5,158 - 1,168 1 3,918 - 11,107 -
Odlance at June 30,1992 5 10.103 $ 748 $ - $ - $ $59 $. 920 $ 3.082 $ 15,412 This schedule summarizes the receipts and disbursements in funds required under the Bond Indenture and has been prepared from the trust state-ments. The balances in the ftmds consist of cash and investments at original cost. These balances do not include acccued interest receivable of $234 and $208 at June 30,1992 and 1991, respectively, nor do they include total amortized net investment premiums of $119 and $315 at June 30
.1992 and 1991, respectively.
- b6
ScanHras CAutoRN1A Pceuc PowtR AtTitoRITY MEAD-PHOENX PROJEt;T SUPPLEMI:NTAL BALANCF Stu ET Ile sbman.h) .\ Janc 30,
/WJ 1991 !
ASSETS brility pbnt: Construction work in progress $ 14,247 $ 14,149 Special funds;
. Investments . 96 Cash and cash equ valents 5 31 5 127 ,
$ 14,252 $ 14,276..
J LIAlllLITIES 'j
; Long-term dcht Current liabihties:
- Long-term debt due within one year $ 100 ,
1 Accrued interest Accounts payable and accrued expenses $ 52 127-52 228. i Advances from participmts 14,200 14,048 Commitmems and contingencies
$ 14,252 $. 14,276 kr ixwes to fein.n< ial uveme nu SCMTitLRN CAlllORNIA PUBlic POWER AUTIIORITY MrAn-PHOENIX PaojrcT SUPPLLMLNTAL STATEMENT OF CA5H Flows fintinawnda
%r Endedjune 30, 1992 1V91 i Cash nows from operating activities $ -
Cash flows from investing activities: Payments for feasibiliry study (174) ( 27) Purchases ofinvestments (217) Pnxeeds from sale of mvestments 96 253 Net cash (used for) provided by investing activities (78) 9 Cash Rows from capital and related financing activities: Procmis from advances from participants 152-Repayment of bank loan (100): l Net cash provided by capital and related Gnancing actisities . 52' - Net (decrease) increase in cash and cash equivalents (26) 9
; Cash and cash equi ralent's at ixgmning of year. 31
_ 22. J-f Cash and cash eq .ivalents at end of year $ 5 $ .31 Supplemenral disdosure of cash Row informathw Cash paid during the year for interest (ner of arnount capitalized) $ - $ - Le sum to (m.mo.n nuemenu
, 37 /
S(Xn1tf RN CAlll-ORNIA Pt:Isuc Powr a Atnin>RnY Mium.E Paoltcr FL'ND St TPLEAf LNTAL I3 ALANCF SHf n Ued~uundo far.m. Iw2 Int ASSETS Si rcial funds: Investments $ 606,101 $ 603,005 Intere,r receivable 22,274 22,160
$ 628,375 $ 625,165 LI AlllLITIES Long term debt $ 601,722 $ 601,024-Arbitrage rebate payable 6,012 3,501
' Current habihtics:
Aurued interest 20,611 20.640 Commitments and tontingencies
$ 628,375 $ - 625,165 see run n, on.,na.a umm ,
Sotrn11 HN CAUIORNIA Pn4uc POW FR AUTHORITY MULnn.t PROJrcT FUND Sl'PPU. MENTAL STATEMENT OF CA'H FLOW 5 tin Luando
%r EnJ<JJaw 30 IW2 1991 Cash flows from operating activities 5 - $ -
Cash flows from investing activities: Interest rtseived on investments 44,377 43,929 Payment for interest on long-term &bt (41,281) (44,720) Pur bases ofinvestments (3,096) (2,993) Pnx.eeds from sale ofimestments 3,784 Net cash from imesting activities - - Cash flows from capital and related fmancing activities - .- Net increase in cash and cash equivalents - .- Cash and cash etynvalents at beginning of year . - - - Cash and cash equivalents at end of year $- - Supplemental disclosure of cash flow information: Cash paid durmg the year for interest (net of amount capitalized) $ -
- w menu tie n, ut una m - 3M W.
~. _ _ _ _ _ . ,
SotmirnN cal.llORNIA PUtsuc Powtk Atm(OKITY Metrirtt PRojrcT Ft No SUPP11 MENT AL Soirotu OF Rid im AND DbDUR$utLNT5 IN hlNih RtQUIRED BY Tile IloND INDrN^ILRE YEAR ENornJUNE 30,1992 ~
. (le thm>and)
EMt Prwm/: kren Earnings Aaaunt A,vwa Aanunt Total 600,012 -
$ 2,993- $ -GB,005 Ihlance at June 30. I991 $_ $_
Additions: , investment earnings , 41,101 276 44,377 Distnbution of invntrmnt earmngs (44,101) 41,101 Transfer for interest payment . =11,281 (41,281) Total - - . . 41,281 3,096 44,377-' Deduoiont
- Interest paid 41,281 41,281 Italance at June 30,1992 S 600,012 $ -
$ 6,089 $ 606,101-This schedule summarizes the receipts and disbursements in funds required under the llond Indenture and has been prepared frorn the trust state-ments. The lulantes in the funds (unsist of ca:h and investments at original cost. These balances do not include accrued interest receivable of $22.274 and $22.160 at June 30,1992 and 1991, resgu tively. .
I i sI i I j l
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