ML20064F671

Union Electric Annual Rept,1993

ML20064F671
Person / Time
Site:	Callaway
Issue date:	12/31/1993
From:	Schnell D UNION ELECTRIC CO.
To:	NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM)
References
ULNRC-2968, NUDOCS 9403150396
Download: ML20064F671 (42)

Text

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I canais r.schnett MC)N ELECTRIC tw.s 6d March 8, 1994 U.S.

Nuclear Regulatory Commission Attn:

Document Control Desk Mail Station P1-137 Washington, D.C.

20555 Gentlemen:

ULNRC-2968 CALLAWAY PLANT DOCKET NUMBER 50-483 ANNUAL FINANCIAL REPORT Transmitted herewith are twenty-five (25) copies of the Union Electric Company 1993 Annual Report.

This information is submitted in accordanu' with 10CFR50. 71(b).

Very truly.yours, b

er en

/

Donald F. Schnell

?M WEK/plh Enclosures l

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9403150396 941231 PDR ADOCK 05000483 I

PDR i-

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cc:

T. A.

Baxter, Esq.

• Shaw, Pittman, Potts & Trowbridge 2300 N. Street, N.W.

Washington, D.C.

20037 I

M.

H.

Fletcher CFA, Inc.

18225-A Flower Hill Way Gaithersburg, MD 20879-5334 L.

Robert Greger Chief, Reactor Project Branch 1 U.S.

Nuclear Regulatory Commission Region III 801 Warrenville Road Lisle, IL 60532-4351 Bruce Bartlett.

Callaway Resident Office U.S.

Regulatory Commission l

RR#1 Steedman, MO 65077 L.

R. Wharton (2) i Office of Nuclear Reactor Regulation U.S.

Nuclear Regulatory Commission 1 White Flint, North, Mail Stop 13E21 11555 Rockville Pike Rockville, MD 20852 Manager, Electric Department Missouri Public Service Commission i

P.O.

Box 360 Jefferson City, MO 65102 i

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.e HIGHLlGHTS Annual Change lo Year Year 1:nded Current Itate of s

1)ecember !!!,199:1 Year Growth 1:ar nings per Connuon Shaic 82.77 (2.1)%

0.51, 1(arnings on Corninon Stock 9283,073,000 (1.9) 2.1 I)ividends per Connuon Sharc N 2.33a J.3 3.5 Connnon Stock I' rice - Year l'ad 8391/

10 11.8 Ilook Value per Connnon Sharc N 21.60 1.9 3.0 Property and I'lant (gross) 88,311,165,000

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.t.6 Total ()perating Rnenues S2,066,001,000

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-1.0 Total l{ilow at thou r Sales 31,378,000,000 2.2 2.0 g

,....,,_..+_e.WHO WE ARE-_,,.a_e-.,..,.#y 30u lD e 6 417 em;mac. ; cl U:en Ek%:

j INYSE Uf P) su;py energy.

ij (j, It%[j, {q l 2 'SilJ!g[] r j !!Un Afiq );gg ]qj ggf h ;Q {[',9 nlOI1 m; nys h y' cd UE has m v1 n "tn: ra'm in tr!e past ist years.

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a / ue. Lu! tv Fib 4cidmr/ otrts of UE encicyees kept energy h u,ta':t for liv vast 33.:cnty of cur customers Overan t

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1. s c Mm e;i o r a sa e es sorrm reto Ernwy.

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, i' b 3 r id'!! II t 0 II'I'Ie D i.IITidl IP'Il[ ? r a!UI6$ 3Dd 3 rebOuDd lC

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_j un ejfoacm eo w trans:an and debuwn E.yi b "1. M fSIM U /

Fax and d%Cr50 v! h d $0urceS mak A ine

;n a 1;;; tcT; K 'or :1 D eW-10ugner Act of E!ectnc powc h

M: k f:( h :j! ()n' I/ 0 Co[ r id} ('fi (.yr dbl dy % 'D3rl3}e (,UT [O',!S, tj

, or..-racr - w n::ar eud s'ockno:cers !a r!y O

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l

I was a reular kable y ear: Ikcord+ citing floods swept inuch of our senice let titory, ainl new taxes atid accountilig iciluirettients put inmute on carilings. Still, your coriipany did well l'E e;u ned 02.77 a share in 19n 'llic year before, w e earned S2.Ki per share, w hich inchuled a one-tirne nain of 18 ct lits a sliare Ifitril tlle slIlt' (d tile col:1 pally 3 hpWa aln!

nortlict n Illinois !etail property.

I THE FLOOD OF 1993

]

Tlic ri sponse to floods that inuinlated ninch of the Alississippi Valley last sununer denionstrated traditional Niidwestern resourcehiluew as eniergency workers, utili-ty etilployees and volunteers worked long, difficult hours to save people and property. ()Il'EJs inore than one niillion customers. floods affect-ed about 20,lHHI }linist'lloids alnl appioXi-inately ~iOO sinall businesses. Slost ilupor-tatit, none of our eniployees suf fered a serious in_iory, and our senice held up well.

llowever Ilooding cost l'E stockhohl-ers 10 cents a share. After rising water i y halted harge transportation on the hlississippi Riv, r and flooded rail access to power plants. I r. began buying substan-tial qualitities of power from neighboring utilities to stretch dwindling coal reserves.

This strategy, w hich eiisured our cus-torneti electric setTice through the rest of 19"3, represented ahnost two thirds of our q

llood-related costs.

[] _ OTHER FINANCIAL FACTORS j

l'nion Electric's kilowatthour sales rose oser 2 perce nt in 1943, as teniperatures resuined inore nornial levels froin the previous year's unusually inikt weather. Residential kilowatthour sales clillihed 12 percelll lltlin 1992, alld sales lo Conuncreial custoiners incr eawd 1 percent. Since we sold our indus-1 try intensise Iowa territorv at the end of 1992. our sales to indn' trial custolucrs dropped 11 percent, as we expected.

. ~ -. _ - -

2m 2 as z ia Another major factor, low interest rates, contributed r ie L fe Insurance Company, to z~ar

• y to UE's carnings. Through an aggressive refinancing pro-F the lloard. Mr. Liddy's t

1 gram, we lowered our overall cost of debt to Gst percent, extensive business creden-one of the lowest rates in the industry, and trinuned 6 tials are matched by his cents a share from annual interest costs for long. term debt.

knowledge about our area.

In contrast, increased Federal taxes subtracted about Ilowever, the death of J. A.

5 cents from net earnings this past year, and new account-Baer H, a member of UE's ing requirements for retirees' health care benefits Board of Directors since j

reduced per-share earnings another 20 cents.

1973, saddened the conunu-

[

DAtLY OPERATIONS l

8 Sh nity.

Mr. Baer's civic involvement made our city a Unfortunately, ot employees' less publicized suc-beu n Mace.

cesses got lost in the sununer's flood drama. For exam-plc, we completed the first full year of operations in our l

THE FUTURE l

1 newly acquired southeast Missouri territory smoothly.

We know our future holds more competition. The i

l and we stayed ahead of schedule for meeting new emis-Energy Policy Act of 1992 encourages competition among I

sions standards mandated by the Clean Air Act utilities, particularly competition for wholesale customers Amendments of 1990.

- organizations that buy power from us to sell to other Our Callaway nuclear plant also finished another suc-consumers.

cessful year. Callaway completed its sixth refueling in But we know how to compete. Just over one year less than the scheduled time, set a new plant record for after Congress passed the Act UE completed negotiations i

continuous operation of 375 days and earned recognition with wholesale customers who had the option to cancel 4

1 from the Nuclear Itegulatory Commission as one of the 10 their contracts next year. All these customers, represent-safest units in the country.

ing 70 percent of our wholesale business, chose to stay Throughout UE, cost control continues to be a way of with UE. Although our sales for resale account for just 3 life. We ended 1993 with 3 percent fewer employees than percent of our revenues, the lesson is clear - we are com-we began the year, reducing employee count hy 15 per-petitive.

cent since its 1987 peak. At the same time, our UE will stay on that course, because the company will cnstomers' overall satisfaction with UE continued to hit prosper by keeping rates lower than those of our competi-new highs.

tors, particularly neighboring utilities. Our service keeps C

MANAGEMENT CHANGES l

improving as we take advantage of new technology and inneawd employee training, and we are becoming an When William E. Cornelius retired as chairman and environment 1 busins kada as w" Mp our custmnus CEO of Union ELctric January 1 of this year, he left an use energy more efficiently.

outstanding legacy:. A company that has reduced the price of electricity and improved service; provided com-Thank you for your confidence.

petitive benefits for employees, and routinely increased stockhoklers' dividends. We miss his daily involvement, but we are pleased he is staying on the Board of Directors.

CHARLES W. MUELLER This January, we also welcomed Richard A. Liddy, President and Chief Executive Officer president and chief executive officer of General American February 11,1994 union El F eildc IW3 3

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AN INTERVIEW WITH UE'S NEW CEO

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l The company Ims donc very wcll muler the onirw u t by my

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predecewor, Ilill Cornelius, and I we no reason to upwt the apple cart.

L.p h i d nj P

j. ban involvnl in the major decisions m.nic al lie oser the past few l

years and inleful to stay the 0 41rst' we hil\\ r si't.

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l t, u. w w a Rh,nt) cum ti,;un ;

u, ncy cnancngc, ang ;1

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I waterfront: imlepemient power producers, ollu'r investor-owned

! ! ; i ' ;ia !)I !i \\ l. H t S utilities, municipals and rural electr ic cooperatives - and our own

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customers as they study the installation of cogeneration e<piipment.

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Wye succewfuHy nul conipetition so far, so our 5t rategy reinains

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unchanged: keep costs low inul constantly improve customer wrvice.

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I know we've made that point many tina s before, ami we elaborate on those themes later in this report, but it bears repeating. Our low rates and good wrvice distinguish us froul potential contpelttors.

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l,omplacency is our higgest ha/ard - the feeling that ue re doing 1,

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ud Om-MienA obciout am low ie al mod eins

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We have a low embedded aist for our hawload generation.

We also have an extensive transmission system that helps us take advantage niour strategic location near the geographic cenler of the colintry lo htly, wH and brikker power.

lint our ultimate resource is our statf. We have a w"ll trained, competent and dedicated suff-I've cicarly wen this time after time in my travels around !!E.

i

• I stin we the idea of verticaHy integrated electric utilities as having

' '. L i 3 q q-meril, Sonic say the electric utility industlT will follow the natural gas

.!'. ';i. -

,ila r industly, but they really can't be compared directly. Alost natural gas

, !i..t ):.. < i !iink is found in the Southwest U.S. or near the Gulf of Mexico and piped o

across the country. Gas utilities buy the product for resale. Electric

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I UE'S C O M P E TITIV E ADVANTAGE: LOW COSTS Ohe Energy l'olicy Act of 1992 intro tion to the electric utility industry, giving qualified companies potential access to transmission lines they don't own. The Act also allows non-UE 1as Jee'n utility companies to build power plants that are exempt from much utih.-

pl'epal-illg [Ol' 1

ty regulation.

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COmpetiliVe Now, a utHuy's wholesaknus-j tomers, such as municipalities, can C1RDges shop for the best prices on electnci-L SiDCe 1988.

ty,he ame way ihey ieek fer ine 1

best buys on police cars or street l

j repairs. And many utility watchers say thm industrial and large com-mercial customers soon may have the same opportunity to shop for the best prices - and switch suppliers.

UEi, wcd rnanage-l Foreseeing change. UE began to prepare for new competition in I

m, nt progrmn mm' 1988 when we launched a reorganization and job ~ reduction program.

Iri s Aan procerses 3 Accompanied by a renewed emphasis on cost control, the changes we to impus employee pad d ydy A

started in 1988 are working:

Abar Latcotory Setoccs and Power Openhens D We ended 1993 with 3 percent fewer employees than we began the pmsonne! strejmLned the company ~s coal samphng and testmg p us %!kng m UE's lat,is John Enr Mh year, reducing employee count by 15 percent since its 1987 peak.

Ahw Ffi-M O hampartahon pers%nel. 6::n the 4;

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' do cf UE syshes enerts. simchbed much m Ws embedded cost of det>t riands at Eccoat-ng br tMr 150-puson depitret bi hrknq 7.136 GM t Ao exishng conmuto sys' ems, swmg !ncuan !s 6A percent, one of the lowest in the indn+

E5N em of emph>yed N / inn 3Hy Pk!a't"! is f mp 0yte

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dM-by W p (in U 61n cent in only three years.

M Our per ton price of coal has dropped from $35.25 in 1988 to $31.66 in 1993.

The bottom line: 1.ow costs translate into a strong competitive advantage - low k

miie 41s0 sci aos a prices.

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2

UE'S COMPETITIVE ADVANTAGE: LOW PRICES Ouccessful cost controlincan prices - and still earn a return that is attractive to investors.

Today - five years and two rate decreases after UE started job-UE's average redectien end ce i-centrei pregram - eur ciectricity prices ere sciew customer pays 12

'he""d""" "-"xe-TJ Rates for our residential customers have fallen an average of percentLess taan 3.t percent since 1988, while the consumer price index has risen t,e average U.s.

me, cent.

/ f +n CuslOmer.

- c nn nercia> a n d ind ustriai cm st m r have saved even more. Their average L

4n;,

kWh prices have decreased 5.5 percent k

and 6.3 percent, respectively, since 3

g.

1988, which makes them more com-g p'?

)

petitive and spurs economic growth.

I f

Strategically, our price reductions mean Extensue inter that UE custoiners pay less, on average, than CDI.T c!!OnS with mumm n;1pH t=oung.1i-3 <

f}

customers served by adjoining investor-ij

• s ff y

r E

5, s

a legfibenng C0 iib ~.. -

g g

g j g pjnteS en3 bid GUI %;iaih M J.4M>s

• Excludmg results from propertes power 0;:fthers to buy and sell power constant;y, prices, few companies in Uh,s serv ce ter-sgo,n,9g bui ng the icwest-cost pewer avai!aDP and brokenng ritory generate their own electricity, and i

8.62 pcaer from one utihty to anather. Brcker transa: hon mdependent power producers haven.t taken prehts reduce UE s average productwo costs UE power 7.52 dispatchars (left to ngh!) lev 3u@n Loe3ch, Cantel away our customers.

713 t

&23' McLene. Fred Wigg ns aM Ictn Needer UE's low-cost, low-price structure f3 p

makes the company a strong and flexible p

W l

4 87 competitor. It means we can afford to invest J(

h u7 7

h 3

in new technologies that will make our f L.

I h

y 6) service even better and our operations even A

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[kl more effective.

s,

~,2 r,w m.cf as UE aira to be one of the lowest cost N

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M I'

suppliers among our network of nearby Nwon cceoum vmm utilities, a network that stretches through-Nuwarcac out the Midwest.

g Novemmmas UTltmES Ni) 8 F NiliN 11.f t l kic Iwt

UE'S C O M P E TITIV E ADVANTAGE: CUSTOMEH S E ll V I C E I

I Grice can't be a cornpany's only conipe quality also niust he strong. In our business, that incans continuing coinninnication and special efforts to help customers.

last year, for exarnple, UE's snarketing and sales statf interviewed

~

122 of our largest industrial customers to get information about their needs for energy efficiency and electrotechnology. One immediate inCreaSingyhig result: we offered each of them a free computer program to inonitor ITlarlS fOr CllSIOmer and,educ ene,gy costs. we a,so o,fe,-,, hose cus,ome,,.ane ou, M

OR

'"rx" '"* *"rci"' ""'t"*"r* fr"" *"*i""r" "b""' ""*"r "" 'i'Y-in 199:1 we surveyed large couunercial customers and, as a result.

started an energy audit program designed specifically for them. We initiated budget billing for small business customers and surveyed conunercial cooking customers to find out how they make energy-

, g related decisions.

3-

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IIE also conducts opinion studies of residential ctistorners each

[,

[

Amo month. Customer responses are translated into an index of customer

.)

satisfaction, giving us a continuing report card to guide management UE ins!:1!kd a new compu!ct system that helps dls-tr,butea mpe rn iJe WrI Downs tabove) pmc S h "

• C " S l ""1"' ""lISI"CII"" IW"r"VI"M Ib even ll:tter cienomer service The ncA SCADA significantly, 73 (Lpav6'Ay CM!rrJ dnd Dau Aupasihnn) SyWin Uh,,s customer orieritat. ion will pay off 70 prWc ; rJc!h- ; n! h.bnaw ; !W le ha t;:athas rd b cpc.m nweir n y own niore in the future, as the use of electric-ity keeps fueling the countly's technological revolution. New electrotechnologies will offer safer and cleaner tuethods to dry paints, to dispose of hazardous waste and to treat

[

water, among many other oppodunities. And te HCtn mHmr m:iu a lowrost, high quality suppliers, like UE, will PPPPP j

benefit from Ihis technolog cal growth.

i I

UE Smveys residenflal rostemers monthly to nuwe thN Lahs!cton Alh CUf SP:Ke 10 esms n i t iwir em

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UE'S C O M P E TITlU E A0V AN T A0 E: CUSTOMER SERUlCE Gi 1993, as area rivers rose to leve acted quickly and decisively. UE's Emergency Response Center, an operations huh linking the company with regional, county and city l

einergency teams, opened July 9. For the r

next 3(i days, a team led by Transmission

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and Distribution employees put in long hours Tae f oods of m maoage o,e ex-<unan sm*e demends W

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stormR While the Response Center team worked to keep power flowing, meaningto another haltle was waged by planners trying to obtain and conserve coal

"[ USt Ask UE."

a reging river,,iewed er behed ha,ge and,an dehve,ic.

,p]3E y y 4:],p Then, within a week of the first floods, a (!E task force mg mm e

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[m[ developed and began to implement a major flood-relie i M W he 7em k M 7

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Emplopes were removing substation equiprnent when Near the flood's peak in July, UE's 21-hour Metropolitan (St.. louis) the nearby levee faded on July 9 at Huster substation in C.ustomer Service t. enter handled a record 217,0(X) calls for the month.

St Chmles County Crews worked from boats to re-route

()n August 1, Center employees set a new daily record by handling pwr and protect equipment, mimmizing the eMect on custmnef5 more than 17,000 calls, averaging a call every five seconds.

Still, flood costs totaled 10 cents a share, much less than such an emergency could have caused. Due largely to our employees' heroic efforts, just 19 of UE's approximately 1.300 substations sustained damage, and no base load generating plants were harmed. More important, none of our employees sustained any serious accidents even though they worked under extreme conditions.

i 12 union F1 EcliMc PM

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UE'S COMPETITIVE A D V A NT A G E: E N VIR O N M E N T A L STEWARDSHIP

@E's environmental programs are base sensible economics and long-term planning. l'or example, UE will meet 1

1 emission requirements of the 1990 Clean Air Act Amendments befhre Eary compliance ine i"i'i"n9oa dc8a"e n,*ni"x ie x

low sulphur coal rather than by Will emlSSIOD installing expensive scrubbers. Also,last 1mitS alK SenS1) e year UE began using shreckled tires as Conservation malX supplemental fuel at our sioux 11 ant.

UE'S environmenta

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St. Louis area of some two million

,~

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<h.scarded tires a year, without increas-3 fth pq;((

11 a ing costs or adding to

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fksting brnes at Labadic and l

l ollowing Ihe same Rush island power pants provide homes for endancy.: red Peregnne

'.. philosophy, we,re help.mg takons Fa! con chicks, dehvered customers reduce energy ham thr WMd Bird Sanday in use in economically sen-June are thnsg in this habitat l

IT and also are helpmg to control sible ways.1,or instance, a l

9 pqeon popu!ahans at tne piants.

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h 1993. UE <ue 1993 pilot program gave ce-c.hmy apphed commercial customers business specific benchmarks to to the Ller!nc

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use in energy audits, so they have a realistic way to Pcour Rts:Mcn Inshtu'e h !aca'e I2d compare their energy usage to local industry averages.

[PRI s iia Cmmunity Environmcntal Center at We provided state-of-the-art software to industrial customers to help WW n;hn Uuvemfy in St Lans lhe Center wha l

Openej kl/ 1, Ngs ingd ' t ec M hem incu3by.

them conduct sophisticated measurements. And we developed an in-acaymia and L 7, uty t 1 M w 0r w r'al school program that guided more than 7,000 high school students and e

pitb'Mm Here Uli DC 1 fiu!!ey dett) M Ihu their families through home energy audits.

Fran, ' erg, c f tN @!ra chin Si t c; t Mr D M d.<

u 's a A b+e Aa'* ;

T.t UE expects the benefits of our enviromnental programs - cleanti-i ness, technological efficiency and economical effectiveness - will make us the choice of customers concerned with good business and good environmental citizenship.

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M A N A G E M E N T ' S. 01 S C U S $ 10 N AND ANA4YS1S 1

RESULTS OF OPERATIONS compared to 1991, which rencets both an improving local Earnings and earnings per share ductuated due to many economy and the addition of new customers as a result of conditions, the primary ones being: weather variations, the purchase of the Missouri distribution properties of electric rate reductions. sale > growth, Ductuating operating Arkansas Power & l.ight Company in March 1992. In 1993, costs, the purchase and sales of titility properties, new normali/ed kilowatthour sales decreased 0.8% re0ccting accounting requirements, lower interest expense, and the loss of sales from the sale of the Company's towa and changes in income and property taxes.

northern Illinois service territory partially offset by an The impacts of the more significant items affecting improve (1 local economy, Other less signincant factors revenues, costs, ami carnings during the past several years I""

".tmg to varial,mns ny electne sales are conservation, Y

N "

"N are analV/cd and discussed below.

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and from ahernative fuels.

ELECTRIC OPERATING REVENUES OPERATING EXPENSES Vmiation from Prior Year l'uet and Purrimwd Power -

Variation from Prior Year M b osn11)olb N 199:1 IW imi (Minions of DollaN 1993 tm2 1991 Rate variation.,

N (-12,9) s (M)

S(16.0 l'uch 1:ffect of almonnal wrather 71.9 U E 7) 91.2 Variation in generation s(l8.3)

S(M7)

$ 17.3 Gomth and other 1.5 59 M (717 Prio'

( 1)

(6.1)

(19 4) s 36.5 s ma) 4 67.1 Amortization of uranium litigation wulement 2 17 (1J)

,Ihr increase in 1993 electric revenues primarily retlects M

the increase in electricity sales trom cohler, nmre normal P*"""'"' "I I(""fMY ""*""'

"I

~

winter weather in the Orst quarter 1993 followed by wanner

• i"'""1""*" ""le" *"I spring and summer weather when compared to 1992. The purchel power variation 17.ti n7 91 lower 19. tu. electnc revenues due to rates redect the 8 ""

8 ")

8 "3 Nmember 1992 Missouri rate settlement effective January 1,1993 which decreased rates for all Missouri electric

'lhe increased 1910 Fuel and Purchased Power costs custonjers and reduced annual revenues by approximately reDect increased purchased mwer and lower generating I

S12 nulhon. lhe sale of the Lompany,s lowa and northern ef0c.iencies offset in part by greater hydro generat.mn and lli. mms retail propert.ies m December 1992 reduced 1910

~ Increased power purchases reduced steam generat.mn.

electric revenues 852 m. lion whic.h was offset by growth.m d

hom other utilities were f equired in 19tG when flooding other service areas including the territory purchased from nterrupted coal deliveries to several of the Company's Arkansas Power & l.mht Company in March 1992.

feil fueled power plants. The decreased 1992 Fuel and The decline in 1992 electric icvenues was primarily due to Purchased Power costs reflect reduced generation unusually mild sununer weather which reduced air associated with lower electric sales and a Callaway conditioning use as compared to 1991. The unusually refueling outage in 1992, greater hydro generation and warm spring and sunnner weather in 1991 resulted in lower fuel prices, offset in part by greater net purchased significandy increased elechic revenues when compared to power costs. The increased 1991 Fuel and Purchased the weather experienced in 1990 The lower 1991 electric Power costs tenect increased steam plant generation partly revenues attributable to rate variations reneet lower rates due to less hydro generation, reduced generating resulting from the Missouri rate design settlement, efficiencies, and increased net purchased power costs.

cffective November 26,1990. Under the terms of this offset in part by decreased fuel prices.

l settlement, rate decreases far wouncreial and induptrial Other variations in 1991 through 1993 operating expenses customers reduced revenues by approximately S30 nulhon redert recurring conditions such as growth, in0ation, and annuaHy.

wage increases. In 1993, operations expenses, other than The variation in electric revennes attributable to growth fuel and purchased power costs. increased $61 million, and other factors in 1991,1992, and 1993 primarily redects primarily due to a 832 million increase in employee differences in economic growth in the Company's service postretirement benefits expense pursuant to Statement of

)

territon for these periods. In 1991, the Company's service Financial Accounting Standards (SFAS) No, 106, area experienced the general reduction in economic

" Employers' Accounting for Postretirement Benefits other growth that occurred nationally and was redected in lower than Pensions", a $14 million increase in natural gas sales to industrial customers in 1991, normalized purchased for resale, a $5 million increase in labor costs, kilowatthour sahm decreased OD compared to 1990. In and higher pensions, professional and computer services, 1992, normalized kilowatthour sales increased 3.2%

regulatory fees, and provision for injuries and damages, in 16 t sms ru cua em

1992, operations expenses, other than fuel and purchased INTEREST power costs, increased $7 million, primarily redecting a $5 In 1993,1992 and 1991, interest expense decreased $6 million increase in labor costs, a $1 million increase in million, $12 million and $20 million, respectively, primarily employee benefit expenses, a S2 million increase in natural due to the refinancing of high-cost debt with lower cost gas purchased for resale, and a $1 million increase in tree issues, lower interest rates on variable rate debt and a trinuning expense, olfset in part by a $5 million decrease in reduction in total debt outstanding.

nuclear spent fuel disposal cost, primarily due to the CALLAWAY RATE PHASE-IN PLANS refueling outage at Callaway plant and a refund of See Note 1 under Notes to Financial Statements for overcharges from the Department of Energy. In 1991-information relative to Callaway rate phase-in plans.

operations expenses, other than fuel and purchased power costs, increased 88 million, due primarily to a $2 million OTHER INCOME AND DEDUCTIONS increase in employee benefit expenses, a 83 million The 1993 increase in Miscellaneous of $4 million primarily increase in regulatory expenses, and a S2 million increase reflects lower miscellaneous income deductions. The 1992 in natural gas purchased for resale.

reduction in Miscellaneous of $3 million primarily reflects reduced char: table contributions and lower miscellaneous in 1993, maintenance expenses increased 83 nu.llion income deductions. The 1991 reduction in Miscellaneous prunardy due to flood;related labor expenses, in 1992, of $13 million primarily reflects a reduction in interest mjuntenance expenses increased Sit nulhon, due to a $20 income, greater charitable contributions, the expense mdlion increase in Callaway plant mamtenance expenses related to obtairung long-term power supply contracts with pnnmnly associated with Callaway,s fifth refuehng m early certain wholesale customers, and other miscellaneous 1992, partially offset by reduced maintenance at fossil-income deductions. The December 1992 gain of $18 fueled generat,mg plants. In 1991, mamtenance expenses million, net of tax, from sales of electric property, is decreased $6 milh,on, pnmardy due to a $14 mdhon discussed under Liquidity and Capital Resources.

decrease,in Callaway plant maintenance expenses, reflecting the plant's fourth refueling in late 1990, partially CLEAN AIR ACT AMENDMENTS offset by higher tree trimming and storm-related Under the Clean Air Act Amendments of 1990, the distribution expenses, and increased maintenance at most Company is required to reduce total annual emissions of generating plants other than Callaway.

sulfur dioxide by approximately two-thirds by the year 20(K). Significant reductions in nitrogen oxide will also be Depreciation expense increased 86, nulh.on m 1993, due t" required. With switching to low. sulfur coal and early mereased depreciable property. Depreciation expense banking of emission credits, the Company anticipates that it mereased $10 nulhon m 1992, pnmanly due to the purchase can comply with the requirements of the law with no of the Nhssoun distributmn properties of Arkansas Power significant increase in revenue needs because the related

& Light Company m early 1992, a $3 million increase in capital costs, estimated at about $300 million, will be largely nuclear plant decommissioning expense and mereased offset by lower fuel costs.

other depreciable property. Depreciation expense increased $1 million in 1991 primarily due to increased CONTINGENCIES depreciable property.

See Note 10 under Notes to Financial Statements for issues existing at December 31,1993 that could affect the income taxes from operat. ions m 1993 reflect a h. her ig Company.

federal income tax rate offset by lower pre-tax income.

Income taxes from operations decreased S13 million in LIQUIDITY AND CAPITAL RESOURCES 1992 due principally to lower pre-tax income. In 1991, Construction expenditures averaging approximately $310 income taxes from operations increased $30 million due million are anticipated during each of the years 1994 principally to higher pre-tax income.

through 1998. The Company completed the construction of its Callaway plant in late 1984. Additional electric in 1993, other taxes charged to operat.mg expenses generation capacity is not anticipated before the year 2000, mereased $6 mdhon, pnmanly due to higher gross receipts For funds required in addition to construction and real estate taxes. In 1993, other taxes charged to expenditures, see Notes 2,5, and 6 under Notes to opc ating expenses increased S3 mdhon due to a $7 nulhon p ancial Statements.

m increase in real estate taxes, partially offset by a 84 million reduction in gross receipts taxes associated with lower On March 12, 1992, the Company purchased the Missouri revenues, in 1991, other taxes charged to operating retail electric distribution properties of Arkansas Power &

expenses increased $3 million, due to a S2 million increase Light Company (a subsidiary of Entergy Corporation) for in license and franchise taxes and a $1 million increase in 863 million. This acquisition increased the Company's payroll taxes.

customers by 26,000 in 10 counties in southeastern union El.f.CTRic 19M 17 e

m,

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8 I '- P # N 3 i 8 ! i '? y F aH f ! I4 A N r; i n L.; ; A. ! t y i N;s t

The management of Union Electric Company is responsible for the information and representations contained in ihe financial statements and in other sections of this Annual Report. The financial statements have been prepared in conformity with generally accepted accounting principles. Other information included in this report is consistent, where applicable, with the financial statements.

The Company maintains a system of internal accounting controls designed to provide reasonable assurance as m the integrity of the financial records and the protection of assets. Qualified personnel are selected and an organization structure is maintained that provides for appropriate functional

[

responsibility.

1 Written policies and procedures have been developed and are revised as necessary. The Company maintains and supporis an extensim program ofinternal audits with appropriate management follow up.

t The lloard of Directors, through its Auditing Committee comprised of outside directors,is responsibk for ensuring that both management and the independent accountants fulfill their respective responsibilities relative to the financial statements. Moreover, the independent accountants have full and free access to meet with the Auditing Committee, with or without management present, to discuss

+

auditing or financial reporting matters.

MEPQRi 0f iNDFP0NDENT.ACC0VNTANTS une eww s nm k%none me asco P ltium. MO 6 H 01 Piice Waterliotise To the Stockholders and floard of Directors February 2,1994 j

of Union Electric Company in our opinion, the accompanying balance sheet and the related statements of income, long-term debt, preferred stock, retained earnings, other paid-in capital, and cash flows present fairly, in all material respects, the financial position of Union Electric Company at December 31,1993 and 1992, and the results of its operations and its cash flows for each of the three years in the period ended December 31,1993, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Company's management; otir 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 audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting 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.

- As discussed in Notes 7 and 8 to the financial statements, the Company changed its method of accounting for income taxes and for postretirement benefits other than pensions.

1 19

~.-

1992, operations expenses, other than fuel and purchased INTEREST power costs, increased 87 million, primarily reflecting a $5 In 1993,1992 and 1991, interest expense decreased 86 million increase in labor costs, a $4 million increase in million,832 million and $20 million, respectively, primarily employee benefit expenses, a S2 million increase in natural due to the refinancing of high-cost debt with lower cost gas purchased for resale, and a Si million increase in tree issues, lower interest rates on variable rate debt and a trimming expense, offset in part by a $5 million decrease in reduction in total debt outstanding.

nuclear spent fuel disposal cost, primarily due to the CALLAWAY HATE PHASE-IN PLANS refuehng outage.i tallaway plant and a refund of See Note 1 under Notes to l<.mancial Statements for overcharges from the Department of Energy. In 1991,

. format.mnrelat.ive to Callaway rate phase.m plans.

m operations expenses, other than fuel and purchased power costs, increased 88 million due primarily to a S2 million OTHER int;0ME AND DEDUCil0NS increase in employee benefit expenses, a $3 million

'the 1993 increase in Miscelkmeous of 84 million primarily increase in regulatory expenses, and a S2 million increase reflects lower miscellaneous income deductions. The 1992 in natural gas purchased for resale.

reduction in Miscellaneous of $3 million primarily reflects reduced charitable contributions and lower miscellaneous in 1993, maintenance expenses.mereased 83 m.lh.on i

income deductions.,Ihe 1991 reduction m hh.scellaneous prnnanly due to flood 4 elated labor expenses. In 1992.

of 813 m. h.d on pn. manly reflects a reduct. ion m mterest maintenance expenses mereased $17 nu.lh.on, due to a S20 inconm, greater chan. table contribut.mns, the expense on mcrease m C. llaway plant maintenance expenses related to obtammg long-term power supply contracts with mdh.

a f

primarily associated m.th (. llaway. fif th refueh.ng m early a

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certa.m wholesale customers, and other nu.scellaneous 1992, partially offset by reduced maintenance at fossd-income deduct. ions.,l.he December 1992 gain of $18 fueled generating plants.

In 1991, ma. tenance expenses m

nullion, net of tax, from sales of electric property, is decreased 86 nulh.on, prunarily due to a Sl4 m.llion i

d.scussed und.er L.igmdity and L,ap.tal Resources.

i decrease m. C. llaway plant maintenance expenses, a

reflecting the plant's fourth refueling in late 1990. partially CLEAN AIR ACT AMENDMENTS offset by higher tree trimming and storm related Under the Clean Air Act Amendments of 1990, the distribution expenses, and increased maintenance at most Company is required to reduce total annual emissions of generating plants other than Callaway.

sulfur dioxide by approximately two-thirds by the year ia 2000. Significant reductions in nitrogen oxide will also be Deprec. tion expense increased $6 nn.ih.on m 1993, due to required. With sw.tch.mg to low-sulfur coal and early i

.mereased depreciable property. Depreciation expense bank.mg of em.issma credits, the C.ompany ant..icipates that it increased $10 un.th.on m 1910,, primarily due to the purchase can comply w.th the requirements of' the law w.th no i

i ofthe hh.ssoun distribution propert.ies of Arkansas Power sigmficant increase in revenue needs because the related

& Light Company in early 1992, a 83, nu.llion increase in capital costs, est.unated at about $300 milh.on, wdl be largely nuclear plant deconunissioning expense and m.ereased oHsd h lower fuel costs.

Other depreciable property. Depreciation expense increased 81 million in 1991 primarily due to increased CONTINGENCIES depreciable property.

See Note 10 under Notes to Financial Statements for issues existing at December 31,1993 that could affect the income taxes from operat. ions m 1993 reflect a h. her ig C.ompany.

federal income tax rate oilset by lower pre-tax income.

'e Income taxes from operations decreased $43 million in LIQUIDITY AND CAPITAL RESOURCES 1992 due prii cically to lower pre-tax income. In 1991, Construction expenditures averaging approximately S310 income taxes from operations increased 830 million due million are anticipated during each of the years 1994 principally to higher pre-tax income, through 1998. The Company completed the construction of its Callaway plant in late 1984. Additional electric 41993, other taxes charged to operating expenses generatm.n capacity.is not ant..icipated before the year 2000.

..: wased Sh. nulh.on, pnmanly due to higher gross receipts I,or funds required m. additmn to construct. ion anr1 real estate taxes. In 1992, other taxes charged to expenditures, see Notes,.?,5 and 6 under Notes to operat.mg expenses mcreased $3 nu.lh.on due to a S7 nn.lh.on h..nancial Statements.

increase in real estate taxes, partially offset by a 84 nu.lh.on reduction in gross receipts taxes associated with Imver On March 12,1992, the Company purchased the Missouri revenues. In 1991, other taxes charged to operating retail electric distribution properties of Arkansas Power &

l expenses increased 83 million. due to a $2 million increase Light Company (a subsidiary of Entergy Corporation).for in license and franchise taxes and a 81 million increase in

$63 million. This acquisition increased the Company's payroll taxes.

customers by 26,000 in 10 counties in southeastern i NION t 13 ciluc nm 17

. =.

.M A N A d E M E N T ' S-0 i SLC U S S~ l 0 it A.N D

.A.N A L Y.S I S (continued)

Missouri adjacent to the Company's existing service Energy Regulatory Commission (FERC) to have territory. In connection with the transaction, the Company outstanding at any one time up to $600 million of short-term entered into a long-tenn power purchase agreement with unsecured debt instruments.

AP&L which allows the Company to serve the new TAX MATTERS customers cost-effectively and without buihling additional See Income Taxes in Note 7 under Notes to Financial generating capacity.

Statement regarding SFAS No.109, " Accounting for In December 1992, the Company sold its lowa retail and Income Taxes."

wholesale electric distriljution properties to lowa Electric EFFECTS OF INFLATION AND CHANGING PRICES 1.ight & Power (a subs (diary of IES Industnes, Inc.) and its The Company's financial statements reflect the historical northern Illupus electne distributmn properties to (entral cost of events and transactions occurring at times when the Uhnms Pubhc Service Company. Ihe Company served purchasing pow"r of the dollar was different. The effects of approximately 21000 customers m the areas sohl. The ne' inflation and changing prices on the Company's financial book value of the prollerties sold was M1 mdhon. Sales statements are most significant in the areas of depreciation proceeds totaled 86S mdhon. As a result of these sales, the and property, plant, and equipment.

( ompany reahred a ga,m m 1992 of $18 mdhon, net of tax The Compny's hydroelectric generating station near The current replacement cost of the Company's utility plant Keokuk. Iowa and related transmission facilities were not substantiaHy exceeds its recorded historical cost. However, included in the sales, the regulatory process limits the Company to the recovery of the historical cost of utility plant through depreciation.

On January 21.1991, the Company sold 8100 m.dh.on of Erst MUe the regulatorv process does not re0cct the current mortgage bonds. A Series due 2024. The8 ompany used cW of replacing utility plant, past practice indicates :he the proceeds to repay outstanding conunercial paper.

Co my wiH be aHowed to earn on and to recover the A nuclear luel lease agreement provides Gnancing for the increased cost of its net investment after facilities are Company's nuclear fuel requirements. Effective February replaced.

1,1991, the maximum which can be finance $ under the The Company, by having assets such as receivables, fuel l

agreement was increased from 8100 nullion to 8120 nulhon.

and materials inventory, and deferred charges, incurs a loss i

At December 31,1993, $99 mdhon of nuclear fuel was of urchasing power during periods of inflation because, financed under the lease.

aher conversion, the cash received for these items wiH The Company plans to continue utilizing short-term debt as purchase less. More than offsetting such assets, however, support for normal operations and other temporary are significant amounts of long-term debt, deferred income requirements (see Note 3 under Notes to Financial taxes, and current liabilities which will be paid with dollars Statements). The Company is authorized by the Federal of neduced purchasing power.

L$ E1 E C T E DTfD AR T-E R 1 MB) O R RA110lN fthusana of Dollar,Ikept Per share Amounts) h..armngs Earnings on Per Share Operating Operating Net Conunon of Stock Revenues income income Stock Outstanding Quarter Ended: March 31,1993 S452,966 8 75,049 8 44,201 8 40,523 S.40 March al.1992 430,930 61,188 31,811 28.326

.28 June 30,1993 512,209 115,298 86,816 83,401

.82 June 30.1992 501,469 100.080 67,260 63,745

.62 September 30,1993 689,330 188,513 161,288 157,641 1.54 September 30,1992 656,271 195.811 166,759 163,245 1.60 December 31,1993 411,499 32,437 4,822 1,508

.01 December 31,1992 426.451 51.908 36 888 33,374

.33 Net locom, aml rarnine on Common si d for the fourth quarter of iTC teilect a gain of 818 imuion Kl8 per share) from the sale of the Comp.my's lowa t

and northern Uhuois retail dstribunon pn perves The Callauy plant was rehicled in the fourth quarter of tRC and the second quader of IMC, the effect of w hich deucased earmne on common storis by about 931 milhon (S.2n per share) in eat h of these quarters. The cost of flooding in the Company's service lemf ory in 19G reduced canune ou mmmon shd by $10 million A tn per shareh primarily in the third quarter.

18 t w, u n i w o.

i

.- ~..

HE5P4NSIFii 6 i Y I Ok I LNANC1AL 5 I i; I I M f N I5 The management of Union Electric Company is responsible for the information and representations contained in the financial statements and in other sections of this Annual Report. The financial j

statements have been prepared in conformity with generally accepted accounting principles. Other l

information included in this report is consistent, where applicable, with the financial statements.

The Company maintains a system of internal accounting controls designed to provide reasonable I

assurance as to the integrity of the financial records and the protection of assets. Qualified personnel are selected and an organization structure is maintained that provides for appropriate functional responsibility.

Written policies and procedures have been developed and are revised as necessary. The Company maintains and supports an extensive program of internal audits with appropnate management follow up.

]

The lloard or Directors, through its Auditing Committee comprised of outside directors,is responsible for ensuring that both management and the independent accountants fulfill their respective l

responsibilities relative to the financial statements. Moreover, the independent accountants have full aed free access to meet with the Auditing Committee, with or without management present, to discuss auditing or financial reporting matters.

REPORT Of I N D E P T N D E.N T A C C 0 11 N T A N I S One Bamen s Pun Telep%ne 314-C5 0500 St Louis MO 63101 -

5'l*5CC WalCl*l10llSC To the Stockholders and Board of Directors February 2,1994 of Union Electric Company In our opinion, the accompanying balance sheet and the related statements of income, long-term debt, preferred stock, retained earnings, other paid-in capital, and cash flows present fairly, in all material respects, the financial position of Union Elect ic Company at December 31,1993 and 1992, l

and the results of its operations and its cash flows for each of the three years in the period ended

- December 31,1993, in conformity with generally accepted accounting principles. These financial statements are the responsibility of the Company'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 audit to obtain reasonable assurance about whethe the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accountitig 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.

As discussed in Notes 7 and 8 to the financial statements, the Company changed its method of accounting for income taxes and for postretirement benefits other than pensions.

19

\\

S T.A T E ' M E. N Y 0 F 1 N C 0 M E' UN!0N ELECTfilC COMPANY Ohousamb of Do!br> Except Shares and Per share Amountr.)

- _.-.. _ _ _ ~ _ _

__ YC"f. I N)b._...pjgr 1% ___ _pg{ 1@

OPERATING REVENUESJ*):_ __

Electric

$ 1,965,980 S1,929,468

$2,006,258 Gas 99,552 84,159 86,877 UthCr_ _

_ _.- _. _. _ __ _ 4 7 2.. _.___._l'491__ 3,805 Total operating revenues 2,06(i,004 2,015,121 2,096,940.-

OPEilATlHG EXPENSES:

Operations Fuel and purchased power 413,054 407,067 411,739 Od"E 49,53p___ 3814p0 __ _ 374,997 858,589 788,757 786,736-hiaintenance 190,097 187,267 170,454 Depreciation and nuclear decommissioning 219,633 214,029 204,152 32,291 32,459 Amortization of phase-in plans deferred costs Income taxes 179,475 179,691 222,700 Other taxesl*)_ _

_ _ 2 0 6,913_ _ _ _ 201.069 _ _ 197426 Total opernting expenses _

_ __ _ 1,654,707 1,603.101 1,614,127 OPERATING INCOME

. _ 411,297.

412.,017...

- -.482,813-

+

0THER INCOME AND DEDUCTIONS:

Gain on sales of electric property 34,810 Inconu axes related to gain on sales of electric property (16,711)

Allowance for equity funds used during const.ruction 6,418 3,115 2,156 hjiscellaneous, net 3,919 (71)

(2,611)

Total other income and deductions, net 10,337 21,143 (455)

INCOME BEFORE INTEREST CHARGES 421,634 433,160 482,358 INTEREST CHARGES:

_ 4,907) _ _ _ _(6,363)

Allowance for borrowgl funds usey! dming construction _ _ (5,126)

(

Net interest charges 124,474 130,412 160,846

-.-.-.. - _1,512 297,160 302,748 32 -.

NET INCOME PREFERRED STOCK DIVIDENDS 14,087 14,058 14,059 EARNINGS ON COMMON STOCK S 283,073

$ 288,690 S 307,453 (9 Includes license and franchiv taxes of $97,791#4 892JrJ3JX4 and $9i,802.On0 for the years IMO, lirrl, and !!rJt, remectively.

EARNINGS PER SHARE OF COMMON STOCK o>ased on average shares outsuuuhnu) 82.77

$2.83 S3.01 DIVIDENDS PER SHARE OF COMMON STOCK S2.335 S2.26

$2.18 AVERAGE NUMBER OF COMMON SHARES OUTSTANDING 102,123.834 102,123,811 102,123,834 See Notes to Financial Statements on pages 27 through 32.

i 20

p i

STAIEMENT 0f CASH FL0WS

' U'NION ELECTRIC COMPANY

. Ohusanhf Dollars Year 1993 L

Year _1992_

_ Year _1991 -

CASH FLOWS FROM OPERATING:

~

Net income S 297,160

$ 302,748 -

. $ 321,512 Adjustments to reconcile net income to net cash a

provided by operating activities:

Depreciation and amortization 210,341 237,659 227,684 Amoi tization of nuclear fuel 46,441

. 47,816 71,964 Gain on sales of ek?ctric property (34,810).

~

Allowance for funds used during construction (11,544)

(8,022)

. (8,519)

Postretirement benefit accrual 31,970 Deferred income taxes, net 51,154 44,950 -

- 50,633' Deferred investment tax credits, net

' (7,626)

(7,414)

(7,007)

Changes in assets and liabilities:

Receivables, net (23,568) 22,408 (3,663) j Materials and supplies 46,741 (9,938)

(15,182)

Accounts and wages payable (8,258) 12,207 6,346 -

Taxes accrued (5,762)

(10,958) 7,336:

Interest and dividends accrued or declared 2,351 (4,242)

,5,593 Other, net (2,378).

_ (1,393) 5,486 Net cash provided by operating activities 627,022 591,011 662,183 CASH FLOWS FROM INVESTING:

Construction expenditures (266,433)

(259,652)

(23f,159)

Acquisition of electric property

-(62,430)

Sale of water property 8,500 Sales of electric property

' 68,702 Alk>wance for funds used during construction 11,544 8,022 8,519 Nuclear fuelexpenditures (37,494)_, (61,779)

-(25.344)

Net cash used in investing activities

_(292,383).

(300,637).

(253,984) ~

CASH FLOWS FROM FINANCING:

Dividends on preferred and conunon stock (252,516)'

(244,858)

-(b56)i90)

Environmental bond funds 30,474' (4,915)

(42,585)

Redemptions-Nuclear fuellease (52,907)

(50,693)

(60,178)

Shorlterm debt (34,$00)

(34,0(X))

long term debt (605,500)'

(520,076)

(292,396)-

Preferred stock (73,751)

(26)

(212)

Issuances -

Nuclear fuellease 51.593 40,531 16,669 Short4erm debt 37,600 Inng-term debt 155,000 521,500 242,585 Preferred stock 74,438 Net cash used in financing activities (335,599)

(293,034)

(406,807)

~

NET CHANGE IN CASH'AND CASH EQUIVALENTS' '

(960)

(2,660) 1,392

_ CASH AND CASH EDUlVALENTS AT.BEGINNING OF YEAR

_ 2,257 4,917 3,525 CASH AND CASH EQUlVALENTS AT END OF YEAR S

1.297 S 2,257 S 4.917 Cash and cash erinivalenia inc lude rash on hand and temrerary investments purchawd widi a maturity of three months or hss.

l See Notes to Financial Statements on pages 27 through 32.

21

~

1 l

.8 A L A N C E. S E E E I :

UNION ELECTRIC COMPANY OFausand5 of Dollars) iSSETS December 31,1993 December 31,1992 PROPERTY AND P_LANT,' AT ORIGINAL COST:

$7,916,493 S7,657,516 Ekctric Gas 149,167 138,811 Other 34,884 34,994 8,100,544 7,831,321 less accumulated depreciation and amortization __

3,079,509 2,860,699 5,021,035 4,970,622 Constraction work in progress:

Nuclear fuelin process 101,265 100,098 Other 142,656 130,655 Total property and plant, net 5,264,956 5,201,375 REGULATORY ASSET - DEFERRED INCOME TAXES- - - - - _ _ _ -

7_62,331 DEFERRED CHARGES AND OTHER ASSETS:

Unamortized debt expense 53,451 36,598 Nuclear deconunissioning trust fund 44,420 32,541 Other 28,552 24,774 Total deferred charges and other assets 126,423 93,913 CURRENT ASS _ETS: _ _. _- _ - -. _. - - _.. - _

Cash 1,297 2,257 Accounts receivable - trade (less allowance for doubtful accounts of $6,194 and $5,858, at respective dates) 178,559 156.459 Unbilled revenue 79,957 80,932 Other accounts and notes receivable 18,319 15,876 Materials and supplies, at average cost -

Fossil fuel 53,123 103,582 Construction and maintenance 87,450 83,732 Environmental bond funds 17,026 47,500 Other 6,129 11,737 441,860 502,075 Total current assets TOTAL ASSETS 86,595,570

$5,797,363 See Notes to Financial Statements on pages 27 through 32.

22

l CAPITAL AND L! ABILITIES '

December 31, IP93 December 31,1992 I

I CAPITAllZATION._ _ _ _ __, __

Common stock, $5 par value, authorized 150,000,000 shares -

outstanding 102,123,834 shares (excluding 42,990 shares at par value in treasury)

$ 510,619

$ 510,619 Other paid-in capital, principally premium on common stock (see accompanying statement) 717,tiG9 718,482 Retained earnings (see accompanying statement) 977,880 934,919 Total common stockholders' equity 2,206,168 2,161,020 Preference stock, $1 par value, authorized 7,500,000 shares -

nonc ouptanpinL__,_ _ _ _ _,_ ____ _,.__

Preferred stock not subject to mandatory redemption (see accompanying statement) 21 G,497 217,784 Preferred stock subjact to mandatory redemption (see accompanying statement) 702 728 long term debt (see accompanying statement) 1,777,153 1,668,337 Unamortized discount and premium on debt (10,498)

(8,784)

Totid capitalization 4,192,022 4,042,085 ACCUMULATED DEFERRED INCOME TAXES 1,360,159 841,944 ACCUMULATED DEFERRED INVESTMENT TAX CREDITS _

_ _ _ _ _ _ _ _ 17,8,887 186,513 REGULA10RY Ll_ ABILITY (Note 7). _ _.

_. __.___ _ 266299_

ACC.UMUL ATED _PR,0VISl0N FOR NUC_LE_AR DECOMMISS10NING _,_.__

46,093 35,897 ODIER DEFERRED CREDITS AND LIABILITIES 92,227 25,347 CONSTRUCT 10W COMMITMENTS AND CONTINGENCIES (Notes 9,10, and 11)

CURRENT LIABILITIES:

Current maturity oflong-term debt 30,539 291,169 Accounts payable 153,474 165,311 Wages payable 37,326 33,747 llank loans 59,600 22,0(X)

Income taxes accrued 25,147 30,925 Accumulated deferred income taxes 28,871 Other taxes accrued 17,578 17,562 Interest accrued 41,252 38,700 Dividends declared 3,301 3,502 Other 62,695 62,661 Total current liabilities 459,783 665,577 TOTAL CAPITAL AND LIABILITIES

$6,595,570

$5,797,363 i

23 l

[

1

0 N 0: - T E R M

.D E 8. T '

UNION ELECTRIC COMPANV Ohousands of Dollars)

I)ecember 31,1093 December 31,1992 FIRST MORTGAGE BONDS - note (a) 4%%

Series due 1995 8

35,000

$ 35,000 4%%

Series due 1995 3,000 3,000 5%%

Series due 1996 30,000 30,000 5%%

Series due 1996 5,000 5,000 5 %%

Series due 1997 40,000 40,000 -

5%%

Series due 1997 5,000 5,000 7%

Series due 1998 - note (b) 50,000 6 3/A Series due 1999 100,000 100,000 7 %%

Series due 1999 - note (b) 35,000 7%%

Series due 2001 - note (b) 50,000 7%%

Series due 2001 - note (b) 50,000 8%%

Series due 2001 - note (b) 60,000

~

8.33%

Series due 2002 75,000 75,000 7.65%

Series due 2003 100,000 100,000 7%%

Series due 2003 - note (b) 7,000 6%%

Series due 2004 188,000 7%%

Series due 2001 85,000 85,000 8%%

Series due 2004 - note (b) 70,000 6%%

Series due 2008 148,000 7.40%

Series due 2020 - note (c) 60,000 60,000 8%%

Series due 20?1 125,000 125,000 8%

Series due 2022 85,000 85,000 8%%

Series due 2022 104,000 104,000 7.15%

Series due 2023 75,000 5.45%

Series due 2028 - note (c) 44,000 UNSECURED LOANS - note (d)

Commercial paper - note (e) 25,000 71,000 MISSOUHI ENVIRONMENTAL IMPROVEMENT -

Revenue bonds,1981 Series A due 2014 - note (f) 80,000 80,000 1984 Series B due 2014 - note (f) 80,000 80,000 -

1985 Series A due 2015-note (g) 70,000 70,000 1985 Series B due 2015-note (g) 56,500 56,500 1991 Series due 2020- note (g) 42,585 42,585 1992 Series due 2022 - note (g) 47,500 47,500 NUCLEAR FUEL LEASE - note (h) 68,568 46,752 1.ONG TEllM DEBT - note (i)(i) 81,777,153

$1,668,337 (a) At December 31, IREl, substantially all of the property nd plant was mortgaged under, and subject to liens of, the nspective indentures pursuant to which the bonds were iwued.

(b) Iblermed in 19J3.

(c) linvironmental Improvement 9 ries.

(d) A bank credit agreement duc IVJ3 permits the Conc,umy to borrow up to 8200 million. Interest rates will vary depending on market wnditions and the Company's selection of various options under the agreement..At December 31,1993. no such borrowings were outstanding.

(c) A bank credit agreement due IM6 is utilized to support eummercial paper borrowings up to 83uo million on a long-term basis. At th cember 31, IW3, the outstanding counnercial paper was at an average annualized interest rate of 3.225 if) Adjustabh* fixed rate, interest rate at 2RA per aenum through May 31,19J4; thereafter, interest rates wi!' depend on market conditions and the Company's sch etion of an adjusted rate for each annual period or a fhed rate until maturity.

(g) Interest rates and the periods during which such rates apply, vary de;rnding on the Company's selection of certain defined rate modes.1he average interest rates at December 31 lW3, for 1% Series A 1985 N ries 11, IW1 S ries and 1!v>2 N ries bonds were 2.4%,2A8%,2EA and 2.92%, respectively.

th) At December 3t, IME) and IW2. 831 milhou and $54 n,iinon. respectively, are included under current maturity oflong-term debt.

(i) On January 21. lW4, the Comp;my issued $100 million of first mortgage bonds, n Serin due 2024.

G ) 1he estimated fair value of long term debt at December 31. !?J3 is Sl.868,626.fm. This estimate is based primarily on market values of actual or comparabic securities at year end.1he estimate may not represent actual values of financial instruments that could have been realized as of year end or that tuay be re:dized in the future.

See Notes to Financial Statements on pages 27 through 32.

24

P3EFERRED ST0CK UNION ELECTRIC COMPANY

' Ohousandsof Dollars)

_ December 3_1,' 1992_

December 31,1003 PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION:

L Preferred stock outstanding without par value (entitled to cumulative dividends) - note (a)

'?

Stated value of $100 per share-

- $7,61 Series - 330,000 shares

$ 33,000 S7.44 Series - 330.001 shares 33,000-33,000 L SG.40 Series - 300,000 shares 30,000 30,000 85.50 Series A-14,000 shares 1,400 1,400

$5.50 Series 11 - 3,000 shares

.300 300.

$4.75 Series 20,000 shares-2,000 2,0001 St.56 Series - 200,(XX) shares 20,000 20,000 -

$4.50 Series - 213,595 shares 21,350 21,359

$4.30 Series - 40,000 shares

'4,000' 4,000

$4JX) Series - 150,000 shares 15,000

.15,000 S3.70 Series - 40,000 shares 4,000

, 4,000 -

$3.50 Series - 130,000 shares 13,000 13,000 Stated value of $97.50 per share -

41,437 -

$8.00 Series of 1971 - 425,000 shares-note (b)

Stated value of $92.25 per share -

32,288..

$8.00 Series-' 350,000 shares-note (b)

-l Stated value of $25JX) per shart

$1.735 Series-1,657,500 shares 41,438 TOTAL PREFERRED STOCK NOT SUBJECT TO MANDATORY REDEMPTION

$218,407

$217,784 -

i PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION:

Preferred stock outstanding without par value (entitled to cumulative dividends)- note (a)

Stated value of $100 per share-

$6.30 Series -7,020 and 7,280 shares at respective dates, duc 2020 - note.(c)

$702

'S728.

TOTAL PREFERRED STOCK SUBJECT TO MANDATORY REDEMPTION

$702

$728

- (a) Authorized thdon Jectric Coinpany total preferred stock - 25.000Jm shares.

(in Redeemed in 19'O.

(c) He Company is rtquired to rehre 2tio shares at $100 per share on June 1 of each year.

- See Notes to Financial Statements on pages 27 through 32.

l 25

$ T A T E 'M E N T 0F RETAIN'ED E A R N ll N G S UNION ELECTRIC C0MPANY flhouwnds of Dollars)

Year 1993 Year 1992 Year 1991 BALANCE AT BEGINNING OF PERIOD 8 934,919 S 877,029 S 792,207 Add:

Net income 297,160

'102,748 -

321,512 1,232,079

_. 1,179,777 1,113,719 Deduct:

Preferred stock dividends

• 14,087 14,058 14,060 Common stock cash dividends- $2.335, $2.26.

and S2.18 per share, respectively 238,459 2'30,800 222,630 Capital stock expense

__1,653 254,199 244,858 236,690 (Under mortgage indentures as amended, free and unrestricted retained earnings at December 31,1993 amounted to 8942,398)

BALANCE AT CLOSE OF PERIOD S 977,880

$ 934,919 S 877,029

'hefers ed stuck dividends include dividends declared, applicable to subsequent periods.

ST A. TLE R11 E.N;Ti 0 F 0 T =H E R. P A 1.0 iN 'C lA P.i T' A ~L :

(Ihousands of Dollars)

Year 1993 Year 1992 Year 1991 BALANCE AT BEGINNING OF PERIOD

_ _ $718,482 8718,507

_ $718,473 Capital stock expense (813)

(25)

Excess of stated value over purchase price of 2,200 shares S7.44 Series preferred stock retired during 1991 34 BALANCE AT CLOSE OF PERIOD

$717.669 8718,482

$718,507 See Notes to Financial Statements on pages 27 through 32.

26

N O T.E SK T 0 ' F I II. N C.1 A L. S T: A i 2 M E N T $ L UNION ELECTRIC CONiPANY NOTE 1 -

SUMMARY

OF ACCOUNTING POLICIES borrowed funds and the cost of equity funds (preferred and 1he Company is regulated by the Missouri Public Service common stockholders' equity) apphcable to the Company's Commission, Illinois Commerce Commission, and the construction program are capitalized as a cost of construc-Federal Energy l<egulatory Commission. The accounting tion. His accounting practice offsets the effect on earnings l

policies of the Company are in accordance with the rate-of the cost of financing current construction, and treats such making practices of the regulator y authorities having financing costs in the same manner as construction charges

(

jurisdiction and, as such, conform to generally accepted for labor and materials.

accounting principles as applied to regulated public utilities.

Under accepted rate-making practice, cash recovery of accounting pohc$ escriptmn of the (.ompany,s sigmficant Following is a l AFC, as well as other construction costs, occurs when ies:

completed projects are placed in service and reflected in Property and I'lant customer rates.

%e cost of additi;ms to and betterments of units of property AFC rates are established by the Ccmpany consistent with and plant is capitahzed. Cost meludes labor, material, We methodology prescribed by the Federal Energy applicable taxes, and overheads, plus an allowance for funds itegulatory Commission. Average annual AFC rates were used during construction. Maintenance expenditures and 7.8% in 1993,6.2% in 1992, and 7.1% in 1991.

the renewa of items not considered units of property are l

charged to income as incurred. When units of depreciable Callaway Hate Phase-In Plans property are retired, the original cost and removal cost, less The Callaway rate phase-in plans effective in 1985 as a salvage, are charged to accumulated depreciation.

result of regulatory commission orders provided for the partial deferral of a cash recovery of costs related to the Depicciation Callaway plant during the early years of the plans.with Deprecialmn is provided over the estimated h.ves of the recovery of such deferrals in the later years of the plans.

various classes of depreciable property by applying composite rates un a straight-line basis. The provision for A 1987 order of the Missouri Public Service Commission depr eciation in 1993,1992, and 1991 was approximately 3% of provided that $159 million of deferred costs at December the average depreciable cost.

31 1987, applicable to Missouri be recovered in rates over the five years 1988 through 1992, Nuclear Fuel Unbilled Revenue The cost of nuclear fuel is amortized to fuel expense on a unit.

of production basis. Spent fuel disposal cost is charged to The Company accrues on its books estimated, but unbilled, expense based on kilowatthours sold.

revenue nd also a liability for the related taxes.

t NOTE 2-DEBT RETIREMENT PROVISIONS loconye l.

Dm N 6e five years from December 31,1993, the amounts axes Effective January 1993, the Company adopted Statement of of debt maturit.ies totah.ng $174 nu.lh.on are: $31 m. h.d on.m I.mancial Accountm.g Standards (SFAS) No. 109, 1994; $38 m. h.d on.m 1995; $60 m. h.d on.m 1996; and $45 md. h.on Account.mg for income.l' axes,, Under SFAS No.109, m 1997. Amounts for years subsequent to 1994 do not deferred tax assets and liabilities are recognized for the tax melude nuclear fuel lease payments since the amounts of consequences of transact. ions that have been treated t

such payments are not currently detenninable.

dilferently for financ. l report.ing and tax return purposes.

ia measured using statutory tax rates.

Debt retirement provisions contained in some mortgage bond indentures of the Company require, subject to certain Investment tax credits tylih. zed in prior years were deferred dernMives, the redemption annually of 1% of the principal and are being amortized over the useful h,ves of the amount (as defined) of each series of bonds. In propertms to which they relate.

substantially all instances, as permitted by the indentures, Allowance for Funds Used During Construction the Company has been pledging property additions in lieu Allowance for funds used during construction (AFC) is a of such redemptions.

atility industry accounting practice whereby the cost of l

27

10 0 T E S f i 0 ' F 1 N A N C LA L i S T A T E M E N I S

UNION ELECTRIC COMPAN7 (continued)

- NOTE 3-SHORT-TERM BORROWINGS consumed at the Company's Callaway nuclear plant. The Short term borrowings of the Company consist of bank Company reimbursed the lessor $55.0 million during 1993, loans (maturities generally on an overnight basis) and

$5t3 million during 1992, and $68.0 million during 1991, commercial paper Unaturities generally within 1(M5 days).

The Company has capitalized the cost, including certain Information relative to short-term borrowings is as follows:

interest costs, of the leased nuclear fuel and has recorded On thousands excopt rates) the related lease obligation. During the years 1993, 1992, nank loans at year end -

' not and 1991, the total interest charges under the lease were ima um S3.1 million, $4.4 million, and $8.5 million (based on Amount outstanding 8 cm,600 s 22.000 8 T4Jsx' average interest rates of 3.6%,4.3%, and 6.7%, respectively) cmnpnite inter est rate 3.3%

3.x t7%

of which $1.4 million, $1.3 million, and $1.4 million, respectively, were capitalized.

himum aggregate short-term borrowings at any month end NOTE 5-PREFERRED STOCK during du. year 8 loi,r>oo sx1.000 8173. "

During the three years ended December 31,1993, preferred stock, without par Value, Was issued or redeemed as follows:

Average daily shortterm in.rnmings outstanding during the yem -

issued 1,657,500 shares,81.735 Series and 330,000 shares, Aggregate amount S 12.376 S100.W S101.1s1

$7.64 Series in 1993; redeemed 350,000 shares, $8.00 Series Weighted emnpisite interest rate 3.2%

3m.

6m and 125,000 shares, $8.00 Series of 1971 in 1993, and redeemed 2,200 shares, $7,44 Series in 1991. The Company The above weighted composite interest rates were calculated retired 260 shares, S6.30 Senes in 1993,1992, and 1991.

by dividing the applicable interest expense for the year by the average daily short-term borrowings shown above.

Preferred stock Redemption Price (cer Share)

At December 31,1993, the Company had committed bank s7m serin sto322 (a) lines of credit aggregating $187 million (S162 million of 87.44 series 101.m which were unused at such date) which make available M40 series 101.50 interim financing at various rates of interest based on 8150 series A

.'110.00 LillOR, the bank certificate of deposit rate, or other 8150 series B 103.50 options, and in support of which the Company has 8'13mries 102.176 -

• • i" IU2A7 agreements with its lending banks to pay annual fees up to "U" S"d" 11"* *)

0.125% These lines of credit are renewable annually at Si 30 series 1053x) -

various dates throughout the year.

nm series 105 62s NOTE 4 - NUCLEAR FUEL LEASE 8330 series in435 The Company has a lease agreement which provides for the S350 sedes 110.00 financing of nuclear fuel. Effective February 1,1994, the 8113Wri" 2iW k) maximum amount which may be financed under the

%30 S"d" W 10h00 agreement was increased from $100 million to $120 million.

W Beginning February 15,2003 eventuaUy declining to Siw per share.

Pursuant to the terms of the lease, the Company has assigned O in ihnwnt of voluntry liquidacon, $10iSR to the lessor cgrtain contracts for purchase of nuclear fuet

['l"{Iy^[y""' ;iQ num >w-t $1%rsn m Die lessor obtams, through the issuance of commercial paper

.fune i or each year.

or from direct loans under a committed revolving credit agreement from commercial banks, the necessary funds to NOTE 6-PREFERRED STOCK MANDATORY REDEMPTION purchase the fuel and make interest payments when due.

PROVISIONS The Company is obligated to reimburse the lessor for all During each of the five years 1991 thrnugh 1998, the expenditures for nuclear fuel, interest, and related costs.

Company will be required to redeem $26,000 of the

~

Obligations under this lease become due as the nuclear fuel is preferred stock outstanding at December 31,1993.

28

i NOTE 7 -INCOME TAXES -

has been recorded along with a corresponding deferred tax -

g

-Total income tax expense for 1993 resuhed in an effective liability. Also, a Regulatory Liability recognizing the lower L

tax rate of 38%-on earnings before income taxes (39% in expected revenue resulting from reduced income taxes 1

1992 and 41% in 1991). The principal reasons such rates associated with amortizing accumulated deferred i

differ from the statutory Federal rate are as follows:

investment tax credits, has been recorded. The deferred tax asset corresponding to this Regulatory Liability has been uma 19w tw1 statutory rederalincome tax rate 35%

an, 3n combined with the deferred tax liabilities.

Increasen (Decreawen) from:

SFAS No.109 requires that deferred tax liabilities be Depreciacon dinerences 2

1 2

canawar rare phaein plans 2

2 adjusted for enacted changes in tax laws.or rates, sue tax 2

3 3

Accordingly, the Company reduced its deferred tax Misceluneous, net

_ (1).

ju liabilities for amounts previously recorded in excess of the i

Erfective income tax rate

.;m 3%

41s current statutory rate. _ Recognizing that regulators will probably reduce future revenues for these excess tax.

Income tax expense components for the years shown are as deferrals, the reduction in the deferred tax liability was follows (in thousands):

credited to the Reculatory I.iability.

1993 IW2 1991 Adopting SFAS No.109 increased both assets and liabilities i)iNIl$$)

at December 31,1993 by approximately $762 million, but did

[

i included in operating expenses 8147,062 5147.ss7 stK1.573 not affect the Company's 1993 carmngs on common stock.

included in other incom"-

Under SFAS No.109, temporary differences gave rise to Miwnancuus, net (7.874) 11,58o.

(x 214)

.l WM adNdhMMMmMh neferred taxe" of $1.43 billion at December 31, 1993. These are sum-(pnncipally Federal):

Include [1 in operating openses -

martzed as follows (.m mdh.ons):

Depreciation differences 49,r=66 37,588 41,757 Depreciadon S 806.

Other (9,527) 1,r.3n 4,377 Regulatory asset - net 496J Int luded in other income ~

Capitalized taxes and expensen 127 Depreciation dinerences 9,638 6.978 6,KLt Defeat benefit costa (30) 1 Other 1,477 0,216)

(2,336)

Diwallowed plant costs (1,0)

Deferred investment tax credits net

_ 7,414)

(7.n07)

Total accumulated deferred income taxes, net

-S1,389 included in operaung exswnses (7,620)

(_

Total income tax expense s182,716 s197w 8218,954 NOTE 8-RETIREMENT BENEFITS The Company has non-contributory, defined: benefit '

Effective January 1993 the Company adopted SFAS No.

retirement plans covering substantially all of its employees.

109, " Accounting for income Taxes." Prior to 1993, in Benefits are based on the employees

• years of service and accordance with accepted ratemaking practice, deferred compensation.The Company's funding policy is to contribute income taxes were not provided for certain temporary annually at least the minimum amount required by differences flowed through to customers and the equity government funding standards, but not more than can be component of Allowance for Funds Used During deducted for Federal income taxes. Plan assets consist Construction. SFAS No.109 requires recognition of the principally of common stocks and fixed income securities.

income tax effect of such temporary differences.

pg gg gg gg g gg Accordingly, a Regulatory Asset, representing the probable

$27 million, $25 million, and $24 million, respectively, of recovery from customers of future income taxes which is expected to occur when the temporary differences reverse, which approximately 18% in 1993 and 1992, and 17% in 1991 were charged to construction accounts.

4 29 j-

NGIES IO f I N.A N C I A L S T A,i E M E N I S UNION ELECTRIC COMPANY (continued)

NOTE 8-RETIREMENT BENEFITS (cont'd) service. 'Ihe present value of the Company's accumulated

'Ihe plans' funded status folkiws (in millions):

postretirement benefit obligation is estimated to be $325 At December 31, million and the 1993 net periodic postretirement benefit 1993 tw2 lwl costs were $53 million, of which approximately 18% was Actuarial present value of benent obligation:

charged to construction accounts. The Company's Vested benefit obligation 8(6o7) $H92) $(455) trans.t.i ion obligation is be.ing amortu.ed over 20 years.

Accumulated benent obligation 8(68c) $(521) G(481)

'lhe plans' status at December 31,1993 follows (in millions):

l'rojected benefit obligation for service A""""!ulated smtretirement benefit obligaticn:

Acuve employees eligible for benefits

$ - (47).

rendered to date S(82n) $(G88) $(613)

Mrni nnployen 069)

Plan asseta at fair value 738 671 636 Other active employees (Deficienn) Excess of plan assets versus

, (109) projected benefit obligation (H2) 07) 3 Total benefit obligation (325)

Unrenignized net gain (4)

(55) (78)

Unrecognized - transition obligation 3C9 Prior service cost not yet recognized in net

- prior sersice cost (44) periodic pension cost 93 bl 89

- loss

_ _21 Unrecognized net as* eta at transition (11) (12) (12)

Accrued postretirement benefit costm 8 (39)

Prepaid pension cost

$ (4) 9 - $ 2 The components of the 1993 net periodic postretirement benefit cost are as follows (in millions):

Pension costs include the following components (in millions):

ce e st - benefits earned during the period S 9 1993 IW lwl

'"'"'""'""^"E" N"

Service cost - benefits earned during Amortization of trans."tmn obligation

--16 i

the period 8 18 $ 17 S 15

. Net pniodic cost Q3 Interest cost on projected benefit obligation 59 56 52

([',"",I[l;"" [," '[,"'[ "*["

([ $ U[

Assumptions for the obligation and expense measurements g

Pen

• ion cost

$ 27 $ 25 8 24 Discount rute at measurement date 7.25%

For determining the actuarial present value of the projected Medical cost trend rate - initial 11.25%

- ultimate 5.25%

benefit obligation in 1993,1992, and 1991, the weighted Ultimate medical cost trend rate expected in year 2000 average discount rates were t.25%,8.5%, and 8.75%,

respectively. The rate of increase in future compensation A ou mmt increase in the medical cost trend rate is was 4.25% m 1993, and 6% m W)2 and 1991. The expected estimated to increase the net periodic cost and the long-term rate of return on plan assets was 8.5%'

accumulated postretirement benefit obligation' by In addition to providing pension benefits, the Company approximately $4 million and $28 million, respectively.

provides certain health care and life insurimee benefits for in January 1993, the Emerging issues Task Force of the retired employees. Substantially all of tne (' ompany s Financial Accounting Standards lloard established the employees may become eligible for those beneSts if they criteria permitt.mg regulated enterprises to record a to IE, tk costs of ret;ile work.

reach retirement age wh mg for the Company. I,rior regulatory asset offsetting the liability recorded pursuant to iree health care and life insurance SFAS 106. The prescribed criteria preclude the Company benefits were recognized on the basis of clan, ns p:ud. I or 1993, IM2, and 1991, the actual claims paid were S14.6 kom m yd.ing a wgulawy assd As a msuh, adopu.ng SFAS 106 reduced the Company,s 1993 earnings on nullion, S13.5 u.d. ion, and $11 nu.lh.on, respect.ively.

common stock by $20 million or 20 cents ' er share.

n p

Effective Januuy 1993, the Company adopted SFAS No.

NOTE 9 - CONSTRUCT!0N COMMITMENTS 106, "Employerf Accountmg for Postretirement flenefits The Company is engaged in a construction program under other than Pens'ons," which requires accrual of expected which expenditures averaging approximately $310 million postretirement benefit costs during employees years of tkipated during each of the next five years.

30

NOTE 10 - CONTINGENCIES The Atomic Energy Act, as revised August 1988 by the The Company's insurance coverage for its Callaway plant is Price-Anderson amendments, covers liability to third as follows:

parties for a nuclear incident and, at December 31,1993, Property insurance coverage of $500 million limited such liability to approximately $9.4 billion for each nuclear mc, dent. Coverage of the first $200 mdhon of i

provided by American Nuclear Insurers (ANI) and Mutual Atomic Energy Liability Underwriters li bility is provided by AN1/MAELU..The balance is (MAELU)'

provided by utility mdustry retrospechve assessments. 'Ihe Company's maximum potential assessment under this plan Excess property insurance of 8850 million, including would be $75.5 million per incident payable in annual 8100 million of coverage for premature decom-installments of not more than $10 million. Additionally, if missioning costs, provided by ANI/MAELU and the sum of all public liability claims and legal costs arising Nuclear Electric Insurance Limited (NEIL), a mutual from a nuclear incident exceeds the amount of primary and insurer established by the utility industry.

excess coverage in force, the Company can be assessed an Excess property insurance of $1.15 billion pro-additional $3.8 million. As required by the Price-Anderson vided by NEIL Under this policy, the Company Act, the assessment is subject to an inflationary adjustment.

could be subject to a maximum retrospective To the extent that any losses arising from a nuclear incident premium assessment of $1L6 million in any one at Callaway plant exceed the limits of, or are not subject to, policy year. The policy also provides up to an insurance, or to the extent such insurance becomes additional $250 million of coverage for premature unavailable in the future, the Company may retain the risk decommissioning costs.in excess of funds of loss as a self-insurer. Although the Company has no previously collected for decommissioning. Such reason to anticipate a serious nuclear incident at Callaway coverage is limited to a premature decom-plant, if such an incident did occur, it could have a material -

missioning which resuhs from a major accident.

but presently undeterminable adverse effect on the The NRC requires property insurance proceeds to Company's financial position.

be first dedicated to reactor stabilization and Under the Clean Air Act Amendments of 1990, the decontamination, which may significantly reduce the Company is required to reduce total annual emissions of proceeds available for property repair and sulfur dioxide by approximately two-thirds by the year 2000.-

replacement.

Significant reductions in nitrogen oxide will also be A Master Worker Policy issued by ANI/MAELU required. With switching to low-sulfur coal and early with an aggregate limit of $400 million for the banking of emission credits, the Company anticipates that it-nuclear industry as a whole to cover claims of can comply with the requirements of the law with no i

workers as a result of initial radiation exposure significant increase in revenue needs because the related -

i after December 31,1987. Under this policy, the capital costs, estimated at about $300 million, will be largely Company could be subject to a maximum offset by lower fuel costs.

j retrospective premium assessment of $3.1 million.

As of December 31,1993, the Company was designated a Accidental outage replacement power cost potentially responsible party (PRP) by federal and state insurance provided by NEIL Thereunder, the environmental protection agencies for five hazardous waste Company is insured for up to S3.1 million per week sites. Other hazardous waste sites have been identified for for the first year, commencing 21 weeks after which the Company may be responsible but has not been initiation of the antage and up to S2.1 million per designated a PRP The Company is continuing to evahiate week for the second and third year. Under this the remediation costs that will be required for all of these policy, the Company could be subject to a sites, llowever, such costs are not expected to have a maximum annual retrospective premium material adverse effect on the Company's financial position.

assessment of S3.3 million in any one policy year, The Company is involved in legal and administrative proceedings before various courts and agencies with 4

. L <.Mi ai3 UNION ELECTRIC COMPANY (continued)

NOTE 10 - CONTINGENCIES (cont'd) missioning costs are charged to depreciation expense over respect to matters arising in the ordinary course of Callaway's service life and amounted to SU million in business, some of which involve substantial amounts.

1993. Electric rates charged to customers provide for Management is of the opinion that the final disposition of recovery.of deconunissioning costs over the life of the these proceedings will not have a material adverse ef fect plant, based on an assumed 40-year life, ending upon on the Company's financial position.

expiration of the plant s operating license in 2024. Every

.three years, the MoPSC requires the Company to' file In November 1992, the Missouri Public Service updated cost studies for decommiss, n,ing Callaway.

m Commission (MoPSC) approved a settlement among various parties involving the Company's Missouri electric

&cnic rates may by adjusted at such times to re0cet '

dangn in cost estimates. Amounts collected from rates. Under the terms of the settlement, rate decreases customers are depos,ited m a trust fund established to -

for all dasses of Missouri electric customers reduced 1993 provide for decomnussiomng costs. I und earnings, net of annual revenues by approximately $42 million. The settlement also provides that no party shall file for a expenses, appear q the balance sheet as increases,m the nudear konnnissmning trust fund and - m the-general increase or decrease in the Company's Missouri

@(aHaway sde."""I Y IYe, on for Nuclear Decommissio electric rates prior to September 1,1991, except that the is assumed to be decomnussioned using the Company may request an increase if certain adverse events DECON hmmediate dismantlement) alternative.

occur.

NOTE 12 - SUPPLEMENTARY INFORMATION b.ec Management.s Discussion and Analys.is - L.iqmdity (th-ndw Done

- 1991

' W2 1W1 t

and Capital Resources for information regarding the Company's acquisition and sales of electric properties.

' Maintenance and reunira, charged d

NOTE 11 - CALLAWAY NUCLEAR PLANT

$;7, yxpen,s 9399,997 3337,3g7 3379,g, Under the Nuclear Waste Policy Act of 1982, the U.S.

Other accouns ta) io,7so iosa 11.06:

. Department of Energy (DDE) is responsible for the 32o0,377. si97,9ao sistsis permanent storage and disposal of spent nuclear fuel. DOE Depreciation, depletion and currently charges one mill per kilowatthour sold for future anmrtization or nxed and intangible disposal of spent fuel. Electric rates charged to customers mets, charged directly to:

• * ""g cy>en e 82m,m $237,e s227q provide fee recovery of such costs. DOE is not expected to Other accounts (a) 9,o77 s.827 5,W have its permanent storage fac ity for spent fuel ava. ble d.

da

3. g j g. gg g g g g g j

until at least 2010. The Company has sufficient storage Taxes, other than payrott and capacity at the Callaway plant site until 2005 and has viable income taxes, charged directly to:

storage alternatives under consideration that would provide Operating expenses -

additional storage facilities. Each alternative will likely I*al n'* and imonal pmperty 8 86,536 s 85.792 $ 78.im ;

require Nuclear Regulatory Commission approval and may

'1"",djranse 9

1 9

reyuire other regulatory approvals.,The delayed gy

,, gg avadability of DOE's disposal facility is not expected to a

4,900 4.512 Other accounts 5,2a..

adversely affect the continued operat. ion of the C,allaway smuon ms m plant.

In 1993, the Company recorded a $23 million liability and a (a) A substantial portion or amounts charged to other accounts is anocated tu omunmienes uimunh &aring anounk corresponding asset for a special DOE assessment on all (b)'the amounts of payroll taxes for the years IW3, lW2 and 1991 were utilities owning nuclear plants.,The assessment.is for the saumm 820 mund s20snoevchly.

future decontamination, decommissioning and reclamation (c) The mnounts of royaldes and advertising cons were not material of DOE uranium enrichment facilities, it will be paid and (d) Total interest paid (net of amouni capitalimD in IW3.1992. and 1991 charged 1o expense over 15 years beginning in 1993.

was 8112 million. 8128 minion, and st ic minion, rupectively.

(c) Total income taxes paid in HO3.1992, and IW1 were $t45 minion. s170 Callaway plant deconunissioning costs are estimated to be minion. and sica minion. respectively.

S372 million in current year dollars. Annual decom-

• lhis report and the fmancial statements contained herein art wohmitted for the information of the Mockholders of the Company and are not intended to induce, or for uw in omucetion with, any sale or purchaw of any securities of the Company.

32

~

O P E R A T I N. G STATIST lCS-

' UNION ELECTRIC COMPANY 1993 1992 1991 1990 1989

' ELECTRIC OPERATING REVENUES (0(x)):

Residential 8 817,713-

$ 754,667

$. 831,106 S 761,539

$ 757,139 Conunercial 681,416 676,761.

685,799 673,037.

668,796 Industrial 373,353 410,370 395,116 411,809 411,614-Other electric utilities 59,160 57,226 65,317 62,167-64,262 '

Miscellaneous 31,308-30,414 28,920 28,619 28,073 TOTAL ELECTRIC OPERATING REVENUES S1,965,980

$1.929,468 - - $2,006,258

$1,939,171

$1,929,884 KILOWATTHOUR SALES (000,000):

Residential 10,867 9,690 10,646 9,810 -

9,724 Conunercial 10,989 10.553 10,678 10,276 10,142 Industrial 8,003 9,030 8,524 8,706 8,605 Other electric utilities.

1,580 1,488 1,623 1,511 1,534 ~

. 7 Miscellaneous 139 141 139

'142 141-TOTAL KILOWATTHOUR SALES 31,578 30,905 31,fi10 30,445 30,146.

ELECTRIC CUSTOMERS (End of year):

' 957,109 -

951,1Ii4 Residential 976,390 990,563 962,629 Conunercial 126,512 127,932-122,152 121,090 119,307L Industrial 6,605' 6,828 6,778 6,752 6,714 Electric utilities 17 19 20 21 21

. Other 1,630 1,619 1,599 1,614 -

1,588.

TOTAL ELECTRIC CUSTOMERS 1,111,181 1,126,961 1,093,178 1,086,609 1,078,784 RESIDENTIAL CUSTOMER DATA (Average):

~

~

Kilowatthours used 11,151 9,864 11,106 10,283 -

10,289 Annual electric bill 8839.11 S768.20 S867.00

$800.80

$801.14 Revenue per kilowatthour 7.52 c 7.790

- 7.81c 7.780 7.79C GROSS INSTANTANEOUS PEAK DEMAND (Kilowatts) 7,510,000 7,135,000 7,365,000 7,465,000 7,210,000 -

CAPABILITY AT TIME OF PEAK, INCLUDING NET PURCHASES (Kilowatts) 8,597,000 8,407,(KX) 8.285,000 8,132,000 8,255,0()0 GENERATING CAPABILITY AT TIME OF PEAK (Kilowatts) 7,963,000 7,868,000 7,868,000 7,760,000 7,837,000 C0AL BURNED (Tons) 9,803,000

- 10,314,000 10,732,000

'10,643,000 '

10,711,000 PRICE PER TON OF C0AL 831.66

$31.96

$32.26 833.85

$33.12 I

33

.,.._,.y-.

.,m.

m.<

e

S E L E C t ( 0. F' i N A N C i A L 1 N F 01 M ) T I 0) -

UNION ELECTRIC COMPANY Ohousands of Dollars Except Shares and Per Share Amounts and RatioM 1993 1992 1991 1990 HESULTS OF OPERATIONS Operating revenues

$2,066,001

$2,015,121

$2,096,910

$2,0b3,017 Operating expenses 1,654,707 1,603,104 1,614,127 1,565,477 Operating income 411,297 412,017 482,813 457,510 Callaway rate phase-in plans 60 107 237 Deferred costs disallowed Callaway Unit No.1 costs disallowed, net loss on cancellation of Callaway Unit No. 2, net Allowance for all funds used during construction 11,544 8,022 8,519 14,145

~

Gain on sales of electric property, net 18,099 Miscellaneous, net 3,919 (131)

(2,718) 9,881 Interest (129,600)

(135,319)

(167,209)

(187,584) -

Net income 297,160 302,748 321,512 294,219 Preferred stock dividends 14,087 14,058 14,059 14,693 Earnings on conunon stock 283,073 288,690 307,453 279,526 Average conunon shares 102,123,834 102.123,834 102,123,814 102,123,834 outstanding.

ASSETS, OBLIGATIONS, AND EQUITY CAPITAL (Year End)

Total assets

$6,595,570

$5,797,363

$5,733,479

$5,702,341 long-term debt obligations 1,766,655 1,659,553 1,730,277 1,948,024 Preferred stock subject to mandatory redemption 702

.8 754 780 Preferred stock not subject to mandatory redemption 218,497 217,784 217,784 218,004 2,106,155 2,021,299 Common equity 2,206,168 2,161,020 _

FINANCIAL INDICES:

Earnings per share of common stock (based on average shares outstanding)

$2.77

$2.83 S3.01

$2.74 Cash dividends per share of common stock

$2.335

$126

$2.18

$2.10 Return on average conunon stock equity 13.01%

13.7(Y4 14.99%

14.16%

Ratio of earnings to fixed charges (a) 4.66 4.66 4.21 3.57 Book value per common share

$21.60

$21.19

$20.62

$19.79 CAPITAUZATION RATIOS (Year End):

Common equity 52,6%

53.5%

51.94 48.3%

Preferred stock not subject to mandatory redemption 5,2 5.4 5.4 5.2 Preferred stock subject to mandatory redemption long-term debt 42.2 41.1 42.7 46.5 100.0%

100.0%

100.0%

100.0%

(a) Earnings used in computing the ratio of earnings to fixed charges consist of net income plus fixed charges (interest on debt, amortization of debt discount, premium and expec, and a portion of rentals reprewntative of the interest factor) and income taxes.

I 31

1989 1988 1987 1986 1985 1984 1983.

. ~

._m.E.,

.=.a

.... -.,_-_,---w__-%-_,

.~e.---e.s..

$2,010,306

$2,029,107

$1,946,411

$1,807,182

$1,591,763

$1,412,414

$1,401,086 -

1,543,838 1,544,953 1,457,957 1,287,572 1,173,187 -

1,172,128 1,160,816.

466,168 484,154-488,451 519,610 418,576 240,286 240,270-227 2,408 92,791 59,861 74,631 (23,169)

(234,780)

(30,19G) 17,908 14,885 20,477 15,812 106.754 329,669 251,307-7,769 (10,618)

(15,714) 3,917 (1,709) 1,619 2,509 (176,571)

(199,241)

(228,961)

(2-17,409)

(254,320)

(247,308)

(218,530) 285,005 291,558 333,878 351,821 109,152 324,266 275,556 19,134 -

30,425 36,522 49,215 49,836 50,185 46,118 266,471 261,133 297,356 302,576 59,316 274,081 229,438 102,123,831 102.123,834 102,123,834 102,123,834

_100,403,016_

96,574,699,, _ 86,744,282'

~

85,760,323

$5,827,2 to

$5,957,811

$5.895.211

$5,738,620 S5,819,995

$5,146,555 -

2,106,776 2,188,614 2,357,615 2,436,092 2,454,687 2,457,381 2,108,047 806 60.832 64,608 165,381 173,160 178,936 180,962 227,582 279,781 354,784 354,784 354,784 354,784 354,784 1,951,481 1,895,300 1,837,156 1,743,189- _ -.. - -. 1,630,466 1,695,239 1,526,188..... ~

$2.61

$2.56

$2.91

$2.96 80.59

$2.84

$2.64 S2.02

$1,94 S1.92 S1.86 S1.78 81.72

$1.66 14.03%

14.08%

16.79%

18.16%

3.81%

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35 N

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f

1iE R iB 2fENRiBiWeseur:Wl R mm iN #Mh@iniMH BOARD OF DIRECTORS ADVISERS TO THE BOARD Sam !!. Cook Charles J. Dougherty M. Patricia llarrett Chairman - Central Bancompany and Retired Chairman and Vice President - Corporate its subsidiary, Central Bank, which Chief Executive Officer Communications conducts a general banking business.

Isaae 11. Grainger James J. Deisman William E. Cornelius Retired President -

Vice President - Customer Service Retired Chairman and Chemical Bank Chief Executive Officer Donald W. Capone Vice President - Engineering and

• Earl K. Dilk Construction

• Retired Presiuent 0FFICERS William J. Carr

'Ihomas A. Ilays Vice President - Regional West Deputy Chairman 'the May Charles W. Mueller Department Stores Company, President and William E. Jaudes a nationwide retailing organization.

Chief Executive Officer Vice President and General Counsel Thomas II. Jacobsen Donald E. lirandt R. Alan Kelley

• Chairman, President, and Chief Senior Vice President _

Vice President - Energy Supply Executive Officer - Mercantile Finance and Corporate flancorporatmn Inc., a bank Slervices IIerbert W. Inch Vice President - Human Resources holding company.

Charles A. Bremer Mikel J. Montana

• • Hichard A. ljddy Semor Vice President -

Vice President -Industrial Relations Pres,ident and Chief E,xecuu,ve Officer-Information S,ervices General American Life Insurance Company, which provides insurance Robert O. Piening Gary L Ram. water V,ce President. Corporate Planm,ng products and services.

Senior Vice President -

i Power Operations John Peters MacCarthy Garry L 1bmdolph Vice Pres, dent - Nuclear Operat:,ons Chairman and Chief Executive Officer-Donaki F. Schnell i

Boatmen's Trust Company, Senior Vice President -

which conducts a general Nuc car g

Vice President - Supply Service trust business.

Chles J. Schukai Senior Vice President -

Robert J. Schukm.

• Paul I Miller, Jr.

Customer Services Vice President - Power Plants President and Chief Executive Officer-P. L Miller & Associates, a William C. Shores i

l management consulting firm.

Vice President - Regional East i

Charles W. Mueller Jerrel D. Smith President and Vice President - Environmental Chief Executive Officer and Safety Rchert II. Quenon Ronahl C. Zdellar Retired Chairman of the Board -

Vice President -Transmission Peabody lloiding Company, Inc.

and Distribution

• Ilarvey Saligman Joseph M. Pfeifer Retired Chairman of the Board -

Controller iNTERCO INCORPORKTED.

James C. Timmpson Janet McAfee Weakley Secretary

• • President. Janet McAfee. Inc.,

Jerre E. Birdsong a residential real estate company.

1reasurer

• Member of 1:xecutive Commince

• • Men.1,er of Auditing Committee 3fi h This Annual Reimrt is printed on recycled paper.

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