ML20065M821
| ML20065M821 | |
| Person / Time | |
|---|---|
| Site: | Summer  |
| Issue date: | 12/31/1993 |
| From: | Edwards T, Rainey J SOUTH CAROLINA ELECTRIC & GAS CO. |
| To: | |
| Shared Package | |
| ML20065M825 | List: |
| References | |
| NUDOCS 9404260210 | |
| Download: ML20065M821 (33) | |
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. 1 Average Rc'sidential Consumption '
Average Residential Cost / In Kilauwtthoun Cents PerKilewatthour' . i 1992 _ . ._ 199.g 3 1992 _ . _1. 993.. ,_ .. _._ .
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Corpbrate Statistics
' Calendar Year 1993 1992 .1991 1990 .1989 3 i
Total Utility Plant. Net including Nuclear Fuel (at year end) (in thousands of dollars) 2,190,396 2,015,526 1.852,471 1,786,059 1,761,109 N Bonded indebtedness (at year end) (in thousands of dollars) ' 2,677,810 2,569,010 . 2.237,729 1,937,721 .1,950.665 y Operating Revenues (in thousands of dollars) ! Residential 60,251 . 56.956 , 56,884 -.54356-, 55,236 Commercial 60,802 :57,994 58,064 56,156 - 55,039 Public Street Lighting & Other 2,032 . 2,077 - 2,010 - 1,904 " 2,001 Industrial 168,339 173,278. 184,707 182,662 182,453 Wholesale 292,606 251,418 - 256,071 252,988 - 254,849 M,scellaneous 5,453 : 5,153 .4,842 - 5,914 5,216 ' l Total 589,483 546,878 - 562,578 - 553,980 554,794 - K Operating & Maintenance Expenses Charged to Operations (in thousands of dollars) 363,112 '332,018 - 344320- 341,743. 342,009 c Payments in Lieu of Taxes Charged to Operations (in thousands of dollars) 3,643 - 3,643 3364 < 3,426- 3,449 Payments to the State Charged to Reinvested Earnings (in thousands of dollars) 5,997 ' 5.816 5,640 5,629 ' 5366 Net Operating Revenues Available for Debt Service (in thousands of dollars) 243,627 235324 245,706 233,179 235,147 Reinvested Earnings (in thousands of dollars) 37,583 . 29,717 40,968 1 40,001 . 43,492 k Debt Service Coverage: Priority Obligation & Expansion Bonds 2,1 i : L74 1.74 1.60 ~ 1.62 - Kilowatthour Sales (in thousands) l' Residenual 1,024,861 981,1 A3 935,650' 900,626 ' -. 863.026-Commercial 1,152,137 1,113,505 1,062,371; I,027,319 - 976,504 Public Street Lighting & Other 38,481 : - 40,642 ~ 36304 34,939_. 35,180 Industrial 5,155,259 5,502,276 . 5,474394 ' 5.533,130 ' 5,196.833 l Wholesale 7,059,116 . 6.395.055 6,088,552 6.052,241 '6,249,916 ' Total 14,429,854 14,032,641 ~ 13,597,271 '13,548,255 ' 13321,459 l1 Number of Customers (at year end) Residential 80,913 78.671 . 76,824 74,922 70,497 L Commercial 15,362 15,250 15,158 14,950 14,759/ Public Street Lighting & Other 395- 294 294- 298: :286 Industrial 31 32 - ~32 34 . 34 Wholesale 5 5 .5 6 6 Total 96,706 94,252 92,313 f 90,210 85.582 Residential Statistics (average) Kilowatthour . . . Consumption / Customer 12,754 ~ 12449 12,151- l 12.071 11,885 -
- Cents /Kilowatthour - 5.88 5.81 6.08 6.04 '6.40 Generating Capabdity (at year end) (megaetts) 2,780 2,780 - - 2,780 2.780. 2,780 Power Requirements and Supply (kilowatthours in millions)
Generation-Hydro . - 508 556 599 548 -545: Steam 11,974 10,843 - 11,233 11,006 11,152 Combustion Turbine - 4- - 1 3 ' 22 Nuclear 2,030 2,499 1,776 2,031- 1,801' Total - 14,516 13,898 13,608 13,588 : -13,520.-
- Purchases, Net interchanges Etc. 678 713 681 615 1 499 Total 15,194 14,611 14,289 . 14.203 'l4,019 Territorial Peak Demand (megawatts) - 2,655 2,620- 2,571 2,508 2.707
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Comparativc Highlights
' Calendar Year 1993 1992 % Change Financial (Thousands cfDottars)
Total Revenues & Income $ 608,826 $ 569,500 6.91 Total Expenses & Interest Charges 594,838 563,936 5.48 l l Other 23,595 24,153 (2.3 I) . Reinvested Earnings $ 37,583 $ 29,717 26.47 -l l Debt Service Coverage 1.46 times 1.35 times 8.15 ! i Debt / Equity Ratio 80/20 80/20 - Statistical Retail Customers Served 96,670 94,215 2.61 Average Annual Residential Consumption (KWH) 12,754 12.449 .2.45 Average Residential Cost (cents per KWH) 5.88 5.81 1.20 i Energy Sales (MWH) 14,429,854 14,032,641 2.83
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. *Theinksion ofSantee Cooper is ioje ihe siate\ leading re5onra jor _
improving the quality offife /or the people ofSouth Carolina " . To fulfHI this mission, Santee Cooper is committed to: being the losvest cost produur and distributor of reliab/c enag y, water, and other cuential ser+ias providing excellent customer servia
- fthi Pfla nilly ti (juality n'alk}orce~ tht'ongl1 t'/fl't'ti5f t'Hlf loyi _
n i'oli'<'Ulc'nt it!!d trilining operating ac< ording to the highest ethical standards frottYt ng all! cili' rollH]ent being a leader in cronomic development. .
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. l N NDhhy fQh ness, and pursued nCW opportun I eS of=serVlCe p -M!%g y o w %% uw g s % a.% m. '{ -
i g f y g g g. rg, e. 1S c w %w6sas W Q G WWM1%,w ms,w #1 M M.wgm[ W~ y; for q Mour mcustomers h.J h % and..gthe people of, South 4 6 wgwfww%%um;gpmmwW: % %q#s Lsarolina. gt was also a year in whiCh we began pp.%/qy4 9 ' w ! ! m . 1 p y g-4 9- i l ; developing a Strategic plan to Cllart ollr C(H}rse f,or 4 .
;b' [e [m"o?syrp'yM d T h geM d.M.dg<u.4M'Nhp7.A the future, and it ended with the unanticipated d @n3:pppo$m j
i t MM w Wh Qb ;#p&q ,,w 4 LJ b:jfky.g%g tg:) g retirement of our Pres,ident and C,h.ief.E,xecutive j D 1
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p In February, U.S. Senator E,rnest F,. Ilollings a w mr mume,%m m40p; <t %1 s , 4 - - upwan .
- f. h.. her w .t46%f Ydu w nn' Wy,Mh.Wf6 w n M, , ilq announced to a shocked Lowcountry that the 7 mn4
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_o Ji Shipyard would be on a list for closure. As the t a j e: c r EWvSW
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4 reg on.held .sats hreath, the Defense Base L*losure \, r, M p Jg%gg%gpg,.;WppMJR.QQ , np a;a%y: 4,y y.pgg s'W&g;y$ g)yyy -q and ]{calignment Commission revealed that the t y aas,y +4pa
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.q worst fears were indeed true. Despite fighting the kwpweg 04@M!gdh,h-gjhp a n m w ;Qpp!D w w. vi, ,
QM/m good fight, the base, sliipyard, and certain other (gmynp y p Mr -(qm n 4.n (h 'b/Mi# wnmm.g-tela n military ~ M n facilities n w,.will close by 1997. g ' g .s y. : M L 3 :b %y n@gfgh v r ah4 y- m"M f ac'.,p9loLLv. M.ay,' .s ' ul, q F l.< F MMM.eps y 9 MW.w6 a .m >gep,p 9, .I, hen, one of. the biggest changes of 1993 km nne. h y,%iyyy,, PN_j.Y. N[M.Q Occurred in March when the flags came down, the
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- A-10 aircraft made their final departures,and the center on a portion of the ti>rmer base complex, ,
o < gates were locked at Myrtle lleach Air Force AVX is the world's largest manuliteturer offeramic llase,which became an early victim of the Defense capacitors, and the expansion will eventuall) bring
^f Ilase Closure and Realignment Commission.The up to 1,000 newjobs to the Grand Strand. , ,
base had been served by Santec Cooper since Also in February, Alumax of Sonth Caridin2ls. i 1957. Revenues from energy sales to the base in Santee Cooper's largest industrial customer, an-1. 1992, the last full year of operation, were $1.8 nounced a 20 percent cutback in production. million, approximately one-third of 1 percent of World aluminum prices had tumbled, following Santec Cooper's annual revenues, the " dumping" of aluminum on the world market q in the wake of this base closure, agreement by cash starved new republics in the former Soviet & . could not be reached on development of a plan for Union, l reuse of the 2,700-acre complex and fitcilities left Alumax, a primary aluminum smelter, repre- - behind. In response to a request from Governor sents about 15 percen't ofSantee Cooper's electrical - Carroll A. CampbellJr., Santee Cooper served as load. The cutback, permitted under their con-the state's agent in negotiating a land swap be- tract, did not entail job layoffs. It did, however, l tween the Air Force and the Somb Carolina mean an income loss of over one-half million 1 Forestry Commission. As a result, two parcels of dollars a month to Santee Cooper.The good news l land on the former base property were made avail- is that Alumax is projected to increase production l able for major economic development projects. during 1994. Foremost among these projects was the Even with rnilitary cutbacks, an industrial slow-announcement in May by AVX Corporation of a down and a hesitant economic recovery, Santee
$12 million expansion with construction of a Cooper recorded increases in kilowatthour sales, 60,000-square-fi>ot research and development revenues, and reinvested earnings. Seasonabic ..
): Peak Demand innywm . Capacity inphpam _ IM9 1990 1901- 1992 1993 Llysg . 1990 -1991' 1992 1993
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O 1 28 ' Ssi;. - 7.n l ? 52F _-. 4 : 127L ' I KNationalAtbray $5antu C0cter weather along with helt-tightemng by employees holders, and the people of South Carolina, and savings from advance bond refundings made We have been responsive in and responsible , 1993 a good year. for meeting the ever increasing demand for elec-On the legislative front, there were several tric service by our retail customers and the 15 threats that would have proposed privatizing electric cooperatives that receive Santee Cooper Santee Cooper. None was successful. Santee power. Energy usage has increased 38 percent and Cooper was excluded from the state's reorganiza- area population has grown 30 percent since 1985. l tion plan, It was recommended and approved by In hlay, a new load study presented to man-the legislatare that Santee Cooper remain an in- agement and the board of directors projected - dependent, quasi-state agency. continued growth for Santec Cooper. The 20-These many challenges being successfidly met year growth in energy sales is projected to be and the new opportunities seized, Santee Cooper about 4.1 billion kilowatthours or about 28.5. will continue to be a major player in the parade of percent. This translates into an average annual progress that is uniquely South Carolina's role in - compound growth rate of1.33 percent. the Sunbelt's New South. As we move toward the need for increased To fulfdl this role, we have begun to build for capacity to generate electricity, the board of di-the next generation, rectors' wisdom in 1990 to build Cross 115ccomes - Santee Cooper is well-positioned to build for more apparent with each passing day.The nearly-the next generation because of our aggressive and one-half billion dollar investment is the single timely decision to increase electric generating biggest fmancial decision Santee Cooper has ever capacity, a skilled and dedicated work force, a made. strong management team, and a commitment to Cross 1 is being built at a cost of $818 per serve in the best interests ofour customers, bond- installed kilowatt, considerably below ~ today's
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i ergy consumption patterns, concentrating power use in off peak hours. The off peak rate is pro- l jected to save customers approximately 25 percent j Fuel Generating Cost on their electric bills. In addition, a pilot real-Cenhyer Kiladtthwr ON Coal Nuclear , t me power rate will be off.ered to industrial __.___'___..- customers, providing them the opportunity to _ view prices f,or electricity f. rom hour to hour and adjust their operations and power consumption _.,.4 _ _ __ _ _ _ - - . fbr greatest savings. a _w _ _ _ - mgingqqi
-.., a .._._ _ eqqq2MgMM[ygj hdkd In 1993, energy sales totalled 14.4 billion kilo-3.- C .2 .1 watthours ofelectricity, an increase of 397 million KWil over last year. Peak demand fbr 1993 y n ,
reached 2,655 megawatts, compared to 2,620 in 1992. Due to weather conditions, heating and cooling degree days for the year increased 13 percent from 1992. In terms ofenergy consumption, Santee Cooper national average of $1,200 per kihnvatt. Cost experienced increases of 4.5 percent by tesidential savings are being realized on a prepurchased steam customers,3.5 percent by commercial customers, generator, fiworable interest rates and a buyer's 10.6 percent by Central Electric Power Coopera-market for materials and labor. tive, and an increase of 4.0 percent by the To pay for this investment, the board of direc- municipalities of Bamberg and Georgetown. tors in December approved a three-step rate Public street lighting and other sales decreased .3 increase effective April 1,1994,1995 and 1996. percent. Industrial sales decreased by 6.3 percent. The overallincreases among all customer classes Growth in the number ofcustomers was steady. A is 9.8 percent. Phasing in the increases lessens the total of 2,242 residential and 112' commercial impact on customers, particularly those on lim- customers was added, which represents increases ited or fixed incomes. of 2.8 and 0.7 percent respectively, it is important to note that Santee Cooper's last rate increase was nearly nine years ago. It {Fg}{gg"U{" ]lg}} must be remembered that even with all the m-creases in place, Santec Cooper is projected to Construction on Unit 1 of the Cross Generat-remain the overall least-cost provider of electric ing S ta tion, a 540-megawatt coal-fired companion power of any generating utility in South Carolina to Unit 2, neared 75 percent completion by year's and among the lowest in the Southeast. end. It is scheduled fbr testing in November 1994 A new time-of-use rate will be offered for with commercial operation set fbr h!ay 1995.
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residential customers willing to adjust their en- Total projected cost ihr the unit is $484 million. t
i l l l Construction of the Santec Cooper Regional ments in excess of $261 million and more than Water System began in February 1993 and is on 1,400 new job opportunities, schedule, with a September 1994 completion date. In Santec Cooper's direct service territory of l At that time,lhur Lowcountry water entities will llerkeley, Georgetown, and Ilorry counties, in-begin receiving water taken, treated and trane dustrial and commercial projects announced or ported from Lake bloultrie. The 536 million under construction in 1993 will result in over system will have the capability to provide up to 24 5500 million in capital investment with approxi-million gallons of potable water a day to a con- mately 5,350 newjobs, tinually developing region. Growth continues to be the economic palette The system will serve 30,000 customers who from which Santee Cooper can paint a favorable receive water from the llerkeley County Water financial picture, i and Sanitation Authority, Moncks Corner Public I Works Commission, Summerville Commission- g ymmmm hm.mgMgg ers of Public Works and the City of Goose Creek. The 23 miles of transmission lines have been Successful financial management helped installed and a one-million gallon water tank in maintain Santee Cooper's competitive edge in llerkeley County near Carnes Crossroads has been 1993. Total savings in long-term financing of completed. Water holds the key thr unlocking inore than $105.0 million were realized over the sustainable growth for the Lowcountry. life of $932.6 million ofoutstanding bonds which The Santec Cooper lloard of Directors ap- wcw advance refunded. Average annual savings proved the Santee Cooper Water Project's first over the life of the new bonds will be approxi-operating budget, which totaled $1.3 million. mately $3.2 million. Total revenues were 5589.5 milhon, up e.8
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hfhffb h E#"'" " penses increased 8.4 percent to $445.1 nu.llion. Statewide, South Carolina industries an- Reinvested earnings were $37.6 million, up 26.5 nounced plans for industrial construction or percent from 1992. expansion representing $2.5 bilhon in new in- Santee Cooper's financial stability was main-vestment. This is projected to bring 12,582 jobs tained, with revenue bond ratings of A-1 with to the state.This was the fifth best year ihr capital Moody's and A+ with Standard & Poor's and investment in South Carolina's history. Fitch Investors Services. Santee Cooper main-llusiness and industrial growth in Santee tained a debt service coverage of 1.46 times, Cooper's service territory increased. Economic Santee Cooper Mini-llonds continued to be in growth remained steady in the areas served by high demand by our customers and citizens of ' Santec Cooper and Central Electric Power South Carolina, who invested $29.5 million in Cooperative Inc. Ihr which it generates power. the issue. Of that total,just over $24 million were . During the past year,20 firms announced signifi- in current interest bearing bonds and $5.5 million cant new facilities and expansions within the were in capital appreciation bonds. This brings 35-rounty electric cooperative service area.Those the total of mini-bonds sold since first offered in announcements represent future capital invest- 1988 to $151 million.
, . , - . , . - .,y
.hhNkhbb more favorable position to meet long-term envi-ronmental standards compared to most other Our Give Oil For Energy Recovery or GOFER . . utth.. ties m the Southeast. Cost compliance for program is essentially complete. At year's end, cleaner a.ir and other statutory environmental . there were 244 GOFER tanks statewide with 42 .. mandates will be relatively minimal and. of the state's 46 counties having at least one 275-manageable. gallon collection tank. Nearly 360,000 gallons of used motor oil from do-it yourselfers were col-lected m 1993 and 600,000 gallons have been g - - 7g collected since the first gallon was poured on July " Building The Next Generation"is the theme 30,1990. According to the S.C. Used Oil Part- of this annual report. In addition to a description nership, Santee Cooper's GOFER program of progress experienced during the past year, the collected about 70 percent of all the used motor oil report features perspectives ofwhy and how Santee collected in the state last year. Cooper is accomplishir.g its mission. The GOFER program has won six major envi-ronmental awards. Working with electric cooperatives, county and municipal governments - and even regional councils of governments, we I ' have turned an environmental problem into us- ohn S. Rainey able electric power at our generating stations. Chairman, Board of Directors Santee Cooper is well-positioned to meet cur-
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rent or future state and federal environmental compliance standards.We continue making strides MM, for meeting Phase 1 requirements of the 1990 T. Graham Edwards Clean Air Act,effectiveJan.1,1995.Much ofour President and Chief Executive Officer generation is relatively new. We are in a much
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i At the end of 1993, Santee Cooper was serving Industrial's were 5,155 gigawatthours, down 6.3 ; 96,670 residential, commercial, and other retail percent over the previous year.The average cost of customers located in Berkeley, Horry, and power to industrial customers was 3.27 cents per Georgetown counties.This was an increase of2,455 kilowarthour,3.8 p reent more than in 1992 and' or 2.6 percent over 1992. Of this increase,2,242 33.7 percent lower than the national average. were residential and 213 were commercial &others. Sales to Central Electric Power Cooperative Inc. ; There was no change in public street lights. to its 15 members co-ops increased 10.6 percent to Sales to these retail customers were 2,215 6,813 gigawatthours. Central is Santee Cooper's gigawatthours, up 3.8 percent over the previous largest single customer. The electric cooperatives period. distribute power to approximately 350,000 custom-The average annual consumption ofelectricity by ers in 35 counties. Santee Cooper residential customers increas-d to Sales to the municipalities of Bamberg and ; 12,754 kilowatthours,2.5 percent more than 1992. Georgetown increased 4.0 percent. Total Energy Sales (in Gigawatis) _ 1997 1994 1995 19 % -1997 1998 1999 3XD 321' 2012 208 _ 3Xil 2M6
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g BUILDING fHE NEXT GENERATION is more than constructing power. - plants. It also means attracting, retaining and expanding business and industry. South Carolina continues to evolve from an economic foundation built on textiles and agriculture, to a service-based economy demanding highly educated workers for increasingly competitive world markets. Assisting the state through this economic evolution is Santee Cooper, . South Carolina's state-owned electric utility. Whether it's along the Grand Strand,in Berkeley or Georgetown counties, or-- p a statewide mission, Santee Cooper is there. It's [-
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D" % J tric power.The state has benefited and will w . j:: q ( continue to benefit from technical assistance for economic development and jobs for South h . j Carolinians today and tomorrow. sg Tourism is marching toward becoming the fb Qy
?i state's number one industry. For years it has ;
jj[ ' A 't become apparent that economic diversification f o;}g ) ' should become a priority. Hard work is paying - [" " G '
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oft. Leaders know putting all our economic i eggs in one basket offers nothing but depen- 1
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. i,h h, g ' g "] /k downsizing. In February, the Defense Base Closure and Realignment Commission or BRAC, announced that Charleston Naval Base, Charleston Naval Shipyard, ' and other facilities were on a list for closure.The very next month, based on i a previous BRAC closure schedule, Myrtle Beach Air Force Base closed its doors. The BRAC Commission came to Charleston and heard the often-impassioned testimony. But the decision was made to close the base and shipyard. The Navy and its influence will largely leave the Lowcountry, despite fighting the good fight. The Naval Base and Naval Shipyard have been Santee Cooper customers . for over a half century. Santee Cooper's military ties run deep. Declared a i National Defense Project in early 1941, as European war clouds ominously .; gathered across the Atlantic, Santee Cooper's first power,in February 1942, i
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went to a manufacturer offerrochrome alloys for the market prices.The production adjustment has not war effort. affected employment at the plant,and Alumax plans Alumax of South Carolina, Santee Cooper's larg- to increase production during I994. est industrial customer, announced on Feb.18 a In the post Cold War era, Americans must seek decision to temporarily adjust aluminum produc- new answers to age-old questions: how to better tion to 80 percent ofcapacity at their Mount Holly educate its children, provide good jobs for its young plant in llerkeley County. The production adjust- people, and maintain and enhance the state's quality ment is in response to market conditions resulting oflife, from economic recovery. With a state committed to the future, Santee Another factor is the increased availability of Cooper is poised to embrace new horizons with the
.tluminum on the world market from Russia and the promise of an even better world built upon unlimited Commonwealth of Independent States at below possibilities-the possibilities of the next generation.
The. year in industry produced solid evidence of-economic diversification. Despite gloomy military news, there were bright spots there,;too. nJune, Conway's Conbraco Industries announced a $16 millior. expansion that will result in up to 300 new jobs at a facility that alread < employs 350. Conbraco, based in Matthews, N.C., is one of the nation's leading makers of boiler-trimming valves, bronze and stainless-steel water gauges,and safety and relief valves, in 1993, Conbraco's annual payroll at the Conway facility was 57 million. In October, Santee Cooper announced that it will play a role in the manage-ment and redevelopment ofland at the closed Myrtle lleach Air Force Ilase. Santee Cooper's involvement was in response to a request by Governor Carroll A. CampbellJr. i lly midyear, base redevelopment also occurred on another front-this time at the Charleston Naval llase and Charleston Naval Shipyard. The lluilding Eco-nomic Solutions Together, or llEST committee, was formed after the llRAC ' group voted to close those facilities in 1996. Santec Cooper has representatives on this tri-county panel, which is studying ways to redevelop the properties. Perhaps the biggest economic news in Santee Cooper's service area was the s12 militon expansion announced in September by AVX Corp. With 2,100 employees, the ceramic capacitor manufacturer is llorry County's largest employer.
i i l I 1 i' The expansion will include building a 60,000- tives distributing Santee Cooper generated pmver, square-foot research and development center. according to Palmetto Economic Development Approximately 150 scientists and technicians will Corp. Headquartered in Columbia, PEDC is an be needed as a result of the expansion. AVX Presi- economic development effbrt of Santee Cooper and , dent Benedict Rosen says plans include the Central Electric Power Cooperative Inc. Central -- l construction of additional buildings fbr new prod- represents the 15 electric co-ops to which Santee ucts and consolidations, and the need for up to Cooper provides power. i,oco new cmployees The most expansion has occurred in Aiken AVX purchased 67 acres ofproperty at the fbrmer County,in areas served by Aiken Electric Coopera - Myrtle Beach Air Force Base in a land swap. It was tive Inc. Beaulieu of America, the nation's the first reuse of the 3,800 acres at the now-closed second-largest carpet maker, announced plans to base.The governor of South Carolina and Santee locate an 585 million polypropylene plant that will Cooper Chairman John S. Rainey were on hand for employ up to 450 workers. The facility is now the announcement. In 1992, AVX moved its corpo- operating in its new 400,000-square-foot building. rate headquarters from New York to Myrtle Beach. Metal Service and Supply announced plans to West of the Grand Strand, rural development build a ao, coo-square-foot facility cast of made great strides. In October, the IBo-acre Aiken that would employ 20 people. Now in full Loris industrial Park was announced The operation, the plant receives large coils of steel and Harry County Development Board, the Greater aluminum directly from mills by rail or truck. Loris / Northern Horry County Development The firm then reprocesses coils into small coils or Commission, the S.C. Dept. of Commerce, and blanks for use by customers. State-of-the-art equip-Santee Cooper officials were on hand. Diversified ment is used to handle coils of steel weighing up to development will be promoted at the site,which will 50,000 pounds and measuring up to 72 inches wide. i be served by Santee Cooper. The equipment works with tolerances as small as The military news in the Lowcountry was, by no two-thousandths of an inch wide. means, all bad. On June 14, the C-17, the newest Menardi-Criswell, a division of Hosokawa In-cargo aircraft to enter U.S. military service, arrived ternational, opened a new Ioo,0co-square-at the Charleston Air Force Base before a crowd of foot facility in southern Edgefield County.The 2,000 onlookers. As many as 50 of the C-17s supplier of industrial filtration media, Menardi-may eventually be based in Charleston. The ad- Criswell employs 300 people. vanced aircraft is designed to replace the Air Force's Operations include manufacturing, and research aging flect of C-141 Starlifters. and development.The firm will ultimately consoli-More than half of the state's new industrialjobs date operations nmv 'ocated in Augusta, Ga. and come from existing industrial expansions. In 1993, McAllen, Texas, to the South Carolina site. more than o,200 new jobs and s I,8 billion in In Aiken and Edgefield counties alone, the eco-capital investment can be attributed to expan- nomie development scorecards show s150 million . sions of South Carolina industries.That's according in new capital investment and 1,400 new to the S.C. Dept. of Commerce. A significant manufacturing jobs amount of the new industrial gmwth and expansion In Newberry County, Knight Industries opened occurred in the areas served by the electric coopera- a $1.2 million facility on a 12-acre site that launders
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1 q cloth and employs I00 people. The plant is doubling its size.The firm produces fiberglass rods served by Newberry Electric Cooperative Inc. and tubes.The added space will be used fbr produc-Also in Newberry, Precision Fiberglass Indus- tion and warehousing. This will allow the firm to tries' completed a 25,000-square-foot expansion, add new product lines.
/ Commercial growth for the next generation,"at least along the Grand Strand, is being built for a song (
American music meccas have always struck the right chord, capturing th: imag of musicians dreaming of making it big and music lovers who flock to hear it. Ih t just as regions change and grow, a reflection of a changing American economy, the musi, .d landscape has fbilowed suit. On the pop / rock scene,it wasn't long ago that Athens, Ga. was the center of" college rock." Then, Austin, Texas, gradually assumed the unofficial title of the hip hangout for live music and new talent of any variety. Seattle, Wash., known for its brand of now-commer-cially acceptable "grunge rock," commands the national musical consciousness. But perhaps the biggest story of all is how in less than five years, Nashville,Tenn.just doesn't have a legitimate claim to the often-used title," Music City, U.S.A."While there will ahvays be a Grand Ole Opry,it's luster has dimmed oflate by the rows upon rows ofmusic halls in B ranson, Mo., owned by the biggest names in country music.The Ozarks have never been the same. And,i the last severalyears, neither has Myrtle Beach.They're calling the crownjewel of the Grand Strand "Branson by the sea."These days, big-name entertainers have built facilities that rival the elegance and stateliness of the old Ocean Forest Hotel. From Surfside Beach to North Myrtle Beach, the Grand Strand offers a potpourri of family entertainment. It all began in the 1970s when a group began playing in a small nightchib near the famous Myrtle Beach Pavilion.The nightclub was The Bowery, and the group, Alabama, has gone on to become one of the most famous groups in the history of country music. Alabama now has their own theater at the Grand Strand, as does Dolly Parton. Investment in the five theaters represents a Slo million ind ustry. Sand, surf, and country music are an all-American combination that's hard to beat.
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Tourism statewide continues to march toward Kmart adding ' square footage to accommodate becoming South Carolina's number one industry. growth. In 1993, Advance Auto Parts put the fin-Santee Cooper powers the star-studded nightlife ishing touches on a new store for an early 1994 along the Grand Strand and the retirement,golfand opening. traditionahacation hot spots on Hilton Head Island. In Myrtle Beach, Santee Cooper's 51.2 million, Of course, Myrtle Beach is no slouch when it comes 14,000-square-foot customer service center is only to golf. the tip of an economic iceberg. Carolina First, in Berkeley County, the commercial growth - the Greenville-based savings and loan, began con-continued, despite the military situation. U.S. High- struction on a 51 million,16,000-square-foot main way 52 in Moncks Corner, the county seat, is an branch office for its Myrtle Beach headquarters at enterprise zone with recent openings of new retail the corner of21st Ave. North and Oak St. Opening outlets and expansions of current businesses. In the in May, the building will occupy the old Santee last few years, Taco Bell and Captain D's restaurants Cooper office site. The Grand Strand parade of and BiLo opened new facilities,with Wal-Mart and progress continues. ny/%ff ' } [ _- } 'l ','L'
! Residential growth has come from a segment of the population one mightL not associate with growth-retirees.;
Americans are living longer and looking for places to spend their gol a relaxed lifestyle, free from life's hectic pace. South Carolina is filling the bill. In case you haven't noticed, there is an increasing touch ofgray in our citizenry as retirees increasingly bypass Florida and relocate in the Grand Strand and Waccamaw Neck. - Rural development is ongoing as evidenced by the180-acre Loris Industrial Park on U.S. Highway 701.The Horry County Development Board, the Greater Loris / North-ern Ilorry Development Commission, S.C. Department of Commerce, and Santee Cooper officials were on hand for the Oct. 5 announcement. Diversified development will be promoted at the site which will be served by Santee Cooper.
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The 536 million Santee Cooper Regional 1 OUR NEXT GENERATION ofpower plants .! . Water System ended 1993 on budget and 1 - is being constructed as an addition to l slightly ahead of schedulc.The 24 mil-the Cms: Genemting Station inlion. lIgallons per day system will distribute water
) via 23 miles of pipelines to four Lowcountry Berkeley County. It is a 540-megawatt, j water utih. . ties which constitute the Lake coal-fired unit that will meet our Moultrie . . ) Water Agency.
l They are the Berkeley County Water and customers *needs wellinto the next l l century.The pmcess of constructing the .j Sanitation Authority, the Moncks Corner Pub-a lic Works Commission, the Summerville
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. overage on a per kilowatt cost...and in j will process the potable water. The water sys-3 tem is accounted for scparately from Santee fact will come in at 15 percent below t 4
L,ooper's electric system. our original budget. ] At year's end. the 540-megawatt Unit 1 ALTHOUGH the next genetation of e x pan siEn at the Cross Generating Station in South Camlinions wont remember how 1 Berkeley County was approximately 75 percent 5 I we built this new genemting station,
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l complete. Including transmission fitcilities, coal in 1993. Santee Cooper added a 3,500 gallon oil l stockpile, and aluminum railcars, the new unit's cost collection truck to its fleet. GOFER tanks are to-is approximately S484 million. A conuuercial oper- cated in 42 or the state's 46 counties. ! ating date is set for May 1995. Two electric vehicles, converted GMC S-15 j Santee Cooper began an in-house recycnns pickup trucks, were placed into service in Moncks l program and named a waste management admin- Corncr :nd M yrtle Beach.They are primarily used istrator. Certain types of paper have been identified by meter readers. I for recycling. Each area or floor at the Moncks Santee Cooper completed several maj o r t ran s-l l Corner complex has several recycling coordinators mauon une projects in 1993. The planning, to fully implement the system.The program w;11 be engineering, and implementation of new transmis-expanded to include other work locations. sion line construction, or existing transmission line i The Give Oil For Energy Recovery or GOFER rebuilds, are key indications that Santee Cooper pmgram passed the one-hau-monon ganon power continues to be much in demand. mark in used motor oil collections from do-it- Expenditures for transmission line construction yourself oil changers. Seventy-nine GOFER tanks or maintenance typically represent considerable an-were added to the system, bringing the total to 244 nual capital outlay by electric utilities. Ratep.yers e I
I and bondholders should view these expenditures 3,000 tourism-related jobs. Golf, retire-as a necessary investment.This investment serves ment living, and hunting augment the fishing to ensure a reliable supply of electric power for culture that began more than a half century ago. today's customers-and those of tomorrow. Santee Cooper has several demand-side Recreation continues to be an increasingly management programs in place including: important byproduct of Santee Cooper's hydro- (1) A Residential Good Cents program, which electric beginnings. Forty-six lake f acilitics, promotes energy-efficient homes with a reduced ! which include marinas, fish camps, boat landings, electric rate;(2) A Commercial Good Cents pro-and the Santee Canal State Park, are all part of gram, which promotes the construction of new Santee Cooper's commitment to recreation, ci- energy-efficient commercial buildings;(3) A loan ther directly or through cooperative ventures. program at an attractive interest rate for energy-In October, Santee Cooper opened a second efficient home impmvements; (4) An off-peak stump free channel on Lake h1arion. The 100- storage water heating program, which provides foo' wide, Um-mile-long channel connects the rebates and monthly credits to customers for al-Goat Island area of Clarendon County with the lowing Santee Cooper to control their operation
'nouth of Wyboo Creek near the Santee Dam.
during peak periods; and (5) Audits of homes or The new Wyboo Channel connects with the commercial buildings to provide recommenda-lake's first stump-free channel, providing an un- tions on energy-conservation measures. obstructed path from Wyboo Creek in Clarendon Residential Good Cents, Commercial Good County to Eutaw Springs in Orangeburg County. Cents, and off-peak storage water-heating pro-The project took five months to complete and grams are also offered to the direct-service was a joint effort of Santec Cooper and the customers of Central Electric Power Cooperative S.C. Wildlife and hlarine Resources Department. Inc. and municipalities. Divers used special underwater chain saws to Santee Cooper is currently evaluating and clear trees and underwater stumps posing a haz- developing additionalprograms to obtain demand ard to safe boating. savings as recommended. In December,the targest public boat land-ing in the state opened on Lake Alarion at Taw Caw Creek. The John C. Land Ill Boating BUIE. DING THE MEXT GENERATION... and Sportfishing Facility, named fi>r Clarendon is responding to not only the needs of Santee County Sen. John C. Land III, has six launch Cooper customers, but all the state's citizens. ramps, fi>ur boarding docks, a paved parking lot hiceting the demand for low-cost, reliable elec-fhr 170 cars, and a 120-foot pier. tric power will always he the cornerstone of our - The facility, designed to attract and accommo- mission. But our commitment goes beyond that. date large fishing tournaments, was constructed Santec Cooper has always helped our state grow with ftmds from a variety of state and federal by providing an array of services and resources. sources, including Santec Cooper. The investments made today will pay dividends Lakes h1arion and hioultrie have an estimated fbr the coming tomorrows as we prepare to annual economic impact of $187 million and embrace the 2Ist century,
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M$y Q Corporate Communications developed k[k2. {i 4 hN-i gf a quarterly video magazine to inform em. R.. %fg* kg "Mh;hd9jdh[g %@w@;g ployees of company progress. changes. and 7y m up g M 4 sy .. challenges Produced by Santee Cooper's in-house video unit,the production focuses on [ y; ; Q6
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N [j$&qp$na 1t l 3~FN>($pMp?ps n e A new corporate procedure was also h h f d[d",vC'TV ~ hh hNkh%[hh jpsh' introduced to provide company wide coor-dmation and tracking of all advertising and , U
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t . s, , . ye , YB@BNjg'- Federation of Charleston and the Carolinas k 1 Association of Business Communicators.The 1992 Annual Report was also ludged second place in the competition sponsored by the dynacn/ture quarter. acre fry production ponds were built American Public Power Association, and The Aquaculture unit spent most of 1993 to raise the fish to an eight- to 12 inch earned a Silver Wing Certificate of Ment constructmg production and grow out ponds stocking size. from the S.C. Chapter of the Pubhc Relations and refurbishmg an existing metal building for control of filamentous algae.20.000 Society of America. 3 into a fish hatchery. A wet and dry labora. Tilapia fish were stocked in theWinyah Station Other major accomphshments include tory.an environmental room. hatching tanks, coohng reservoir. Tilapia were spawned at the implementation of photographic editing aquaria, air and water systems, agro hghts, the Georgetown hatchery facihty for stock- and enhancement software and photo imag- > and necessary plumbmg and fdter systems ing next year in theWinyah coohnE reservoir. ing hardware to improve pubhcation quahty. were installed.This hatchery facihty will bc ; used to produce geneticallt modafied (ster. Building Services Customer Services ite) tnploid grass carp used for biological A 3,000-square foot service and shop Construction began on a 14.000-square-control of the no6ous aquatic plant Hydolla build >ng was constructed to house mainte- foot customer service retail facihty in Myrtle in the Santee Cooper Lakes, nancs and repair operations by Buildmg Beach Completion of the facihty is expected Two 10-acre grow out ponds, six half- Serv ces personnel. by April 1994.The former retail office site acre fingerkng production ponds, and five h manpower / space study was completed was sold in August 1993. , L
A business analysis of the customer infor- Diuribution provid ng new underground service toWood-mation system was completed in 1993.The Santee Cooper provided distribution and land Park in St. Stephen; analysis provided recommendations to en' retail service to 96,670 customers in Berke-
- Extending and designing facihties for hance the efficiency of current customer ley, Horry, and Georgetown counties, the new Santee Cooper RegionalWater Sys-service operations.These enhancements in- co npared to last year's total of 94.2I S.for an tem; clude introducing new rates, redesigning the increase of 2.6 percent Energy sales for retail
- Adoptingdirectionalpruningtechniques, retail computer displays, and adding other customers were 2.215,479 megawatthours, prolonging the tree trimming cycle to three related customer service programs. Results with revenues of $123,085,000 for the year. years.
of the analysis include the development of Retail energy sales increased 3.8 percent.and As the post-Hurricane Hugo facihty im-appropriate system infrastructures to access retail revenues were up S.2 percent. provements have been completed in the St. critical information regarding customer ac- Berkeley Distnct - The Berkeley District Stephen and Bonneau Beach areas, efforts counts. provided new service to 159 residential and are being concentrated in the Moncks Corner A customer satisfaction survey was com- IS commercial customers in the Moncks area. In 1993, overhead service to subdivi-pleted in conjunction with the Corporate Corner St. Stephen, and Bonneau Beach ar- sions, such as Land-O Pines, and sections of Goals Program, and it shows Santee Cooper cas, including underground service to the the main feeders have been reconstructed in continues to receive excellent ratings conjunction with completion of the fuse from its customers, coordination project and the two-year Though satisfaction with Santec " 7 distribution system improvement plan. Cooper was already high,as shown in ' A new retail office is in the planning the previous year's survey.the high rat- stages for the Berkeley District. [ ings continued even in the face of the Horry-Georgetown Dwision - A vegeta-1994 rate increase announcement. / tion management program for Two electric vehicles added to Santee Cooper's flect are being used by [. , distnbution was implemented in 1993. establishing an integrated and system-Customer Services in the Berkeley and . dSh . atic approach for clearing and maintaining Horry-Georgetown districts.The use of -
. the distnbution right of-way.The new these vehicles and electnc golf carts in- program uses directional pruning tech-creases Santee Cooper's experience with niques to direct future hmb growth this rapidly developing technology, away from conductors and supports healthier tree growth.The overall re-Design Engineering -
sult of this program has been a reduction Design was completed on 17 major of tree-related service interruptions. transmission hnes.four major substauon Also introduced in 1993 was the projects,and numerous related Communica- new Moncks Corner Town Hall and Fire Trade-a-Tree program which provides re. tions and Supervisory Control and Data Department.The district rehabikty factor, a placement trees for those customers who Acquisition (SCADA) design projects.These measurement of available power service,ex- allow removal of trees from under the lines. projects were necessary to meet increased ceeded the targeted amount of having service The Horry-Georgetown Division pro-customer demand on Santee Cooper's sys- to customers 99.988 percent of the time por vided new service to 1,396 single-family and t em. year,with an average interruption time of not multifamily homes and 258 commercial cus-Survey completed a major portion of the more than Ii minutes per outage, per cus- tomers. Projects completed dunng the year surveying and plat preparanon for the lands tomer. Major projects completed dunng the included; included in the proposed land swap between year included:
- Installing 278,847 feet of overhead pri.
the S.C. Forestry Commission near Shaw Air . Finishing the post-Hurncane Hugo re- mary for new construccon and rebuilds of Force Base and the U S. Air Force at the now build of the distribution feeders in the St. existing lines; closed Myrtle Beach Air Force Base. Stephen and Bonneau Beach areas;
- Instalhng 156,919 feet of underground Drafting has prepared numerous draw- . Completing the expansion of the St. primary for new construction and replace-ings and plans for the acquisition of the Stephen 3412 KV Substation and adding two ment of existing lines:
Myrtle Beach Air Force Base's distribution new breakers and a station circuit switcher
- Instalhng new services or additions to system and other cusung facihues. for improved rei ability and flexibility; existing services to Alabama Theater at Maps and Records completed the Digital . Beginning construction on the low-pro- Barefoot Landing, Myrtle Beach Convention Transmission Corndor Mappmg Project, file 115-12 KV Eastside Substation that will Center, AVX Industries,Conbraco,Lowe's at which will be used as a base for the develop- replace the older existing 34-12 KV facility Seaboard Commons, Champus Business ment of the Transmission Dectrical Facihties on Jenkms Street in Moncks Corner; Center, Waccamaw Riverfront Project in information System.
. instalkn2 10 SCADA controlled distri- Conway. Horry County industrial Park, Maps and Records also ass!sted with the bution capacitor banks to reduce hne losses, Debordieu Plantauon, Wild Wing Plantauon, evaluations of hardware devices that will be . Instalkng underground primary distn- HiddenWoods commercial complex, Outback
( critical components within the Corporate bution circuits in the expansion of First St. Steak House, Denny's, Bojangles, Spring l Internetwork Design and implementation Johns, Sterling Oaks,and Stony Landing sub- Hruse Restaurant, Myrtle Beach Pavihon. { Project. divisions in Moncks Corner, as well as and Waccamaw Pottery:
l lnstalling new steel towers and replac- trols and monitors 43 distribution and 12 Waterway adjacent to Outlet Park at [-. ing and upgrading overhead primary at the transmission substations within the Horry- Waccamaw.When completed,it will include Intracoastal Waterway near Waccamaw . Georgetown Division and Berkeley District. four hotels,a dozen theme restaurants,and l l Pottery; The weather monitoring system for storm over 200,000 square feet of retail shops. Relocating existing overhead primary and hurricane tracking was improved with Santee Cooper continues to support the along Oak Street in Myrtle Beach for road the addition of a direct satellite connection economic development of the rural areas in improvements; and enhanced display and graphic capabilities. the state through the Santee Cooper Eco-
- Replacing and upgrading facilities in nomic Development investment Fund Windjamn er Village in Garden City. Inlet Economic Dcrelopment (SCEDIF). Since the program's inception in Harbor.Debordieu Plantation. inlet Pointe in Santee Cooper's commitment to eco- 1988,127 projects have been funded totaling
- i. Garden City Beach . Brookgreen Gardens, nomic development continued to provide over $4.35 million.The SCEDIF program is I
and George Bishop Boulevard atWaccamaw significant capital investment and job creation administered through the Palmetto Economic Pottery; both in areas served directly by Santee Coo- Development Corporation,a non-profit or-l
- Installing metering facilities at Myrtle per and throughout 35 counties served by ganization jointly funded Sy Santee Cooper Beach Air Force Base for redevelopment the 15 electnc cooperatives which receive and Central Electric Power Coperative Inc.
- Replacing overhead facilities with un- power from Santee Cooper. In many instances, these member coopera-derground service at Lakewood Campground. The industrial and commercial projects tives have provided matching funds which Distribution Planning began the transfer announced or under construction m 1993 in proved to be instrumental in either the ex-of software and data from the MicroVAX 11 Santee Cooper's direct service area in Berke- pansion of an existing industry or the location computer system to the IBM RS6000 com- ley. Georgetown, and Horry counties will of new facilities in their respective service puter system installed in 1992.The answering result in capital investment of over $500 areas. Since 1988 the combined efforts of portion of the Santee Cooper trouble call million and will create approximately 5,350 these member cooperatives have resulted in software was successfully installed resultmg new jobs upon completion. the creation of 7,0l7 new jobs and added in in faster response to customers during power New industrial plant locations and ex- excess of $1.3 billion in capitalinvestment in outages. A distribution system contingency pansions in Santee Cooper's direct service the rural areas of South Carohna.
study was completed to ensure sufficient area accounted for over 1,350 new jobs and distribution line and substation capacities are approximately $50 million in capital invest- Employee Relations availab'e to serve all customers in the event nient in 1993.The largest of the new facilities . The Employee Handbook was updated of the failure of a substation power trans- is the construction of a Claims Processing with new information on company policies former. The 1994-95 Distribution System Center by Blue Cross and Blue Shield in and programs and the Americans with Dis-Improvement Plan was initiated. Horry County,with 550 new jobs and an $8 abilities and Family and Medical Leave acts. Total electrical peak for the summer load million investment. Major plant expansions All full-time employees received personal in the Horry-Georgetown Division increased already begun in Horry County by AVX and benefit statements which detailed their health, by six megawatts over 1992.from S33 MW to Conbraco Industries will provide 550 new dental, leave,and retirement plans. Employee 539 MW.This was remarkable considering jobs and over $31 million in expanded plant premiums for the primary health insurance the closure of the Myrtle Beach Air Force facihties. program remained the same for the third Base and the loss ofits 9.8 MW load. Hao the The Grand Strand area continues to at- consecutive year. Mandatory utilization re-base not closed the total increase in the load tract sigmficant commercial development with view of health insurance claims continued. would have been 16 MW.To meet future load two major announcements during 1993.The The company actively recruited qualified growth, a new distribution substation, first is the proposed 1.000-acre theme park applicants at high schools, colleges,and mili-Forestbrook, was energized. Also, two new and resort complex to be developed byTim- tary job fairs throughout the year. Area distribution breakers at Little River and berland Properties Inc.on a portion of the colleges visited included Trident Technical Racepath substations were energized to serve now closed Myrtle Beach Air Force Base.The College,Clemson University, South Carolina the distribution load more efficiently. overall project is a 5300 million capital invest- State University, Charleston Southern Uni-Bucksport 3412 KV Substation was retired ment and will create approximately 3,000 versity,and North Carolina A&T. from service in the Conway area. jobs when completed.The proposed project, In 1993,128 new employees were hired Several major transmission projects were larger than Disney World's Magic Kingdom, and 199 employees were promoted to posi-' completed to improve the reliability and avail- includes two hotels, a 27-hole golf course tions of greater responsibihty. At year's end, abihty of power to the Grand Strand.The with a golf instructional school, and villa the company had a total of 1,776 regular three existing 150 MVA power transformers accommodations. employees. at Perry Road 230-115 KV Substation were Also announced is the development of a The annual company picnic was held for replaced with two 250 MVA transformers 200-acre tract byWCl investments of Myrtle employees, retirees, and their families in with load-tap-changing capabihty, which will Beach. Total capital investment is estimated at Myrtle Beach with over 2,600 people attend. provide increased capacity and better voltage $150 million and creates 1,000 new jobs. ing. Also held during 1993 were various control.The Red Bluff to Nixon's Crossroads Phase One will include a $7.5 milhon Gatlin employee golf, volleyball, softball, and bowl-115 KV Une was energized, providing addi- Brothers Theater seating 2,000 people and a ing activities. tional support to the North Myrtle Beach Magic on Ice Theater that will seat 1,000 at a Other projects completed were the area. cost of $4 million. Phase One of the develop- degendering of job titles and the evaluation of The distribution SCADA System con- ment will be located on the Intracoastal early retirement incentive programs. h__ _ - _ _ _ _ _ _ _ _ . _
Eyua/Opf>ortunityAdministration and a long-term transportation :ontract. system to install the markers was applied at The focus of strengthening Santee Coal contract negotiations resulted in a - Winyah Station to construct foundations for Cooper's cultural diversity in the work force more competitive price per ton,which should relocated oil supply and waste oil recovery and purshasing was concentrated by assem- result in significant fuel cost savings over the tanks. Pilings were installed to support the bling information to enhance management balance of the contract term. Fuel Procure- large loads associated with these structures. awareness.These reports closely monitored ment resolved coal transportation issues General Construction provided support systems and processes that were previously concerning the base rate and private railcar to Grainger Station to significantly improve implemented. In 1993, 348 reports were volume discounts.The resolution reached as the performance of dikes impounding its ash completed. a result of this negotiation has helped ensure ponds. By using an innovative combination of An aeomated hiring analysis report was a consistent and competitve long-term coal portable barges and heavy excavation equip-designed and implemented to cut the comple- transportation rate over the hfe of the com ment General Construction was able to tion time to half that of manual reporting. tract. transfer large quantities of water from Supervision used these reports to help in. The expansion of the Railcar Repair Shop Grainger's inactive ash pond to its present crease the level of overall diversity pal atWinyah Station will allow a yearly increase pond reducing the water levels and the need achievement to its largest annual change in of 50 percent in the quantity of privately for continuous monitoring of the idle im-over seven years. A pilot diversity program owned railcars Santee Cooper can repair and poundment. course was held and will be customized be- mamtain in-house.This will continue to help General Construction was involved in a fore training employees. reduce the overall dehvery cost of coal. number of environmentally supportive The efforts of the Equal Opportunity projects this year. A new closed-loop, heavy Procurement Program began to achieve state- Genera / Counsc/ equipment wash facihty was constructed at wide recognition. Request for speakers about The second South Carolina Environmen- Camp 11, Lake Marion Maintenance, to pre-this program from regional and state-wide tal Symposium, held in March 1993,provided vent contaminated runoff from entering the organizations mcreased during the year.Mem- South Carolina's business, environmental,and adjacent lake system. bership and attendance in thesc organizations academic leaders a forum to discuss how General Construction assisted Environ-also increased to better facihtate minority industry and environment can work together. mental Services in removing underground and women-owned business participation. With the theme" Common Ground: En- fuel storage tanks. vironmental Leadership and Economic Site preparation for a new Material Flood Control Success," the conference was cohosted by Reclamation Center at the Moncks Corner As a result of heavy rainfall which began Santee Cooper.NationalWildhfe Federation, corporate facilities was completed in i in Octooer 1992 and cantinued through the CoHege of Charleston and the University of December. first week of Aprd 1993,two spilkng opera- South Carohna. General Construction also built a new tions were conducted for e total of 100 days. For the third year, Santee Cooper spon- parking facility at the Moncks Corner corpo. The first operation, which lasted 29 days, sored the Summer Internship Program for 10 rate facili ties and completed the work ahead began onJan.8 and continued through Feb.5. rising college seniors.This program empha- of schedule and within budget. During this operation, a total of 1,370,999 sizes environmental and educational concerns Site work was also completed for a new + acre-feet was spilled,with a maximum daily and provides valuable hands-on educational crew quarters at Aiken.which will enhance average discharge of 55.292 cubic feet per experiences for the students who spend nine Santee Cooper's ability to respond to cus-second (cfs).which occurred on january 13. weeks learning about Santee Cooper while tomers in that part of South Carolina. The volume of water which flowed into the rotating through four major areas of opera- The issue of seismic stability of the East lake system, measured at Camden and tion. Pinopolis Dam was addressed throughout Columbia, was 2,576.862 acre-feet during the year, with completion of the Phase 11 this period, with a peak daily average inflow General Construction Study and the commencement of Phase til of 78,957 cfs,which or. curred on Jan. 23 Pihngs used for navigation markers in the Investigations,The purpose of the Phase h The second operation, which lasted 71 Santee Cooper lake system are typically in- Study was to define, through extensive days, began on Feb.10 and continued through stalled by outside contractors.This year, due geotechnicalinvestigations,the extent of any April 21, During this period, a total of to newly acquired technology and equipment seismicity problems at the East Dam and the - 2,170,124 acre-feet was spilled,with a maxi- and an increasing need for this type of work, East Dam Extension. mum daily average discharge of 50,000 cfs, General Construction installed and replaced General Construction is applying a me-which occurred on April 2.The volume of navigation markers on the lakes. thodical, analytical, and collaborative ap-water which flowed into the lake system General Construction coordinated with proach to this review while coordinating during this period was 5,556.619 acre-feet, Property Management and the 5.CfWildhfe each step with the Federal Energy Regulatory with a peak daily average inflow of 97,806 cfs, and Marine Resources Dept.to construct a Commission, which licenses the Santee . which occurred on March 28. new 5 mile-long, stump-free navigation chan- Cooper Proi nel along the northern shore of Lake Marion. Fuc/Procurernent & Transportation This channel provides a 100-foot-wide corri- Generation andLoad Growth During 1993, Fuel Procurement andTrans- dor that has been cleared to a 10-foot depth Santee Cooper facihties, which include - portation contmoed efforts to minimize the of stumps and snags for safer boating travel in one-third ownership of the VC. Summer cost of fuctTwo major endeavors were the the lake. Nuclear Station, generated 14,515,949 net renegotiation of a long-term coal contract The same technology used in the lake megawarthours of electricity this year.This
was an increase of 618.072 megawatthours, hanced annually. MIS also developed disaster during the past year to help finance various l or 4 percent, over last year recovery plans for the voice network. conservation measures.Since it began in 1982, Of the total energy generated.82.2 per. Working with the Corporate informa- the Good Cents Loan Program has loaned j cent was produced using coal,14 0 percent tion Resources Council (CIRCLMIS produced over $4.4 mdlion, j by nuclear,3.S percent by hydroelectric and the third annual Corporate Information Santee Cooper's H2O Advantage Pro-i 0.3 percent by oil.The peak hourly demand Resources Pian.This document identified criti- gram also continued to make marked gains in l for the year of 2.655 MW occurred on July cal corporate technology needs and allowed 1993. Designed to decrease peak demand for 29.This was an increase of I percent over CIRC to prioritize and apprnve all major hot water, the program offers a rebate of 1992. projects. This process ensures corporate $150 toward the purchase of an 80-gallon or computing standards are followed and low larger high-efficiency water heater and a $5 Managcrnentlnfortnation Systenu cost solutions are implemented. monthly credit for up to 10 years.The pro-In 1993 Management Information gram uses special timers in conjunction with Systems (MIS) implemented a Fuels Manage. Marketing a larger heated water storage capacity to ment information System,co-sponsored the One of Santee Cooper's corporate goals maintain customer convenience while reduc-business process re engineering efforts for is to promote the efficient use of electricity ing system peak demand. By the end of 1993, i redesign of the Customer Information System, through load management and energy con- more than 12,823 Santee Cooper retail and I and responded to over 12.000 internal re- servation To help customers reduce energy wholesale customers had joined the pro- I quests for assistance with computer related costs and hve more comfortably, Santee gram,for a total of 30.663 installations since technical issues (i e. computer installs, Help Cooper offers a number ofload management its introduction in 1990. 1 Desk calls. consulting requests,and program- and conservation programs. To help retail customers conserve water ming assistance). and reduce their power bills. Santee The Fuels Management in- Cooper introduced its Water Miser formation System will process the Program Kit in 1993. The program myriad of functions that are re- offers customers aWater Miser Con-quired to account for the servation Kit which includes an acquistuon, consumption. inven- energy-efficient showerhead and sev-tory, and quality control of fossil eral other items to help conserve j fuels used by the company. energy and water. By limiting the ' Strengths of this system includa amount of hot water they use, cus- l enhanced audit trails. contract ad- 8 tomers conserve water which ministration, and reduced protects a vital natural resource, turnaround time for processing 4 holds down water and sewer costs, quakty checks on fuel and payment to vendors. bhjj and adds savings to electric bils, During 1993,734 customers partici-T he re-engineering effort asso- pated in this program. ciated with customer service . g.m y For commercial customers, business processmg was performed. Santee Cooper offers the Commer-in part, to improve computer sys- cial Good Cents Program for new tem support. This will enhance customer The Good Cents Home Program, for buildings. In 1993,24 customers participated service and make the new rate structures example, offers discount electric rates to in the prograrn.The total square footage of more functional. Total estimated savings as- retail and wholesale customers who build or commercial building space constructed to sociated with the computer system improve their homes to meet certain energy Good Cents standards is 293.767 since the i enhancements are approximately $250.000 efficiency standards. In 1993,2,951 custom- program's inception in 1991, within two years. ers built or purchased homes using Good Santee Cooper's involvement as a U.S. MIS supported mternal management and Cents New Home Standards.That brings the Environmental Protectior, Agency Green-staff with support of computer systems and total of homes since the Firogram began in hghts Electric Utihty Ally continued to j voice and data network enhancements. All 1987 to 10.381 in the existing home market, progress. A survey of Santee Cooper's facili-buildings within the Moncks Corner corpo- 961 customers made the necessary changes ties was completed and a plan was developed rate facihties are new connected with fiber in their homes to quahiy for Good Cents to retrofit hghting that is both economical optic cable to enhance communication speeds Improved Home certification for a total of and more efficient. and response time within the computer sys- 5.740 since inception. At the end of 1993, Santee Cooper's Energy Education Pro-tem network.This wdl improve rehabihty and over 16.121 retail and wholesale customers gram is designed to teach young people to provide company employees with better re- had participated in Santee Cooper's Good use energy efficiently and safely. During the sponse capabihties as they perform their job Cents Program. 1993 school year 25 schools in Berkeley, functions. The Good Cents Loan Program is an Georgetown, and Horry counties partici-mis successfully tested disaster recovery incentive for retail customers to improve or pated in conservation and safety programs. procedures twice during 1993.These proce- retrofit their homes to reduce energy costs. More than 25.000 publications were distrib. dures were first developed at the time of Spurred by low interest rates in 1993,177 uted and 10.000 presentments were made. Herricane Hugo m 1989 and have been en- customers responded to low-interest loans Senior vocational students were hon.
n ored by Santee Cooper at funcheons in Ber- Nuc/ car Operations cate individuals about the hazards of contact keley,Georgetown,and Harry counties. Local The VC. Summer Nuclear Station, an with overhead and underground power lines. business representatives and motivational 885 megawatt generating station jointly Since April, demonstrations have been speakers spoke and shared experiences with owned with S.C. Electr e and Gas Co.,was a presented to 23 schools, fire departments, the students. safe, reliable, and economic contributor to and other community groups located in Santee Cooper conducted energy edu- Santee Cooper's energy supply in 1993. Charleston, Berkeley.Dorchester,and Horry cation semmars in July and August for Santee Cooper's one-third share of Sum- counties, in addition. demonstrations have approximately 70 teachers and administrators, mer Station's generation was slightly more been made to Ii Santee Cooper groups. in the spring of 1993,a plan was devel- than two billion kilowatthours of electricity, With almost 2,000 individuals in atten-oped to inform Santee Cooper customers or 14 percent of the company's total genera- dance,the full-scale unit has proven to be an about the April 1994 rate increase.Informa- tion, asset in promoting Santee Cooper's public tion on how to best communicate the For the second year in a row, Summer and employee safety programs. proposed rate increase to the utihty's cus. Station was selected by the Nuclear Regula- Out of 3,846,863 work hours of expo-tomers va is gathered from focus group tory Commission as one of the safest and sure, Santee Cooper experienced $8 j. meetings held with small customer groups best operated nuclear plants in the United recordable injuries.The incidence rate for throughout Santee Cooper's service area. States. Only five of the 79 nuclear plant days away from work was .31 percent, well A plan was developed to communicate complexes were singled out for such an honor. below the national average for electric utifi-the proposed rate increase as ties. Total injury rate was 3.01, clearly as possible and to inform the lowest ever recorded at customers about conservation , e Spy g Santee Cooper. methods they can use to reduce *'#4 ~~ - Santee Cooper was awarded their power consumption and the - third place for its 1992 safety impact of the rate increase in- record by the American Public cluded in the plan were a special Power Association in March. report explaming the rate in- Santee Cooper competed with crease and two booklets devoted .
%.m other APPA utihties with two to power use tips.One was de- million or more work hours.
signed for residential customers,
@g*MMM qd& ,,g g W _,[Q)MS% 4M.#M The National Safety Council and the other was for business gf. g ggd g My[f presented awards to 46 units.and owners and managers. Both ggwygyMy74g g# 42 units earned awards from the were filled with money-saving QY4 %gMA%Dfh . South Carolina Occupational p hg ideas to help customers keep their homes and businesses more comfortable and energy-hQtf W
{g;;j% ,gg]ggggy%ge p%g fi Qhg;[Qggggy,ghM e gg Safety Council. The President's Safety Award for crew safety was awarded to 93 crews or sections. efficient. Safe service awards were pre-sented to 282 employees for Mo19uito Abatch.cnt The Institute of Nuclear Power Operations working five years or more without a dis-The Mosquito Abatement program em- has selected Summer Station to be evaluated abling injury. Safe driver awards were phasized source reduction management in 1994 by an international panel from the presented to 129 employees for driving five techniques during 1993. These techniques World Association of Nuclear Operators or more years without having a preventable consist of the permanent elimination of (WANO).The WANO evaluation replaces motor vehicle accident.Six employees were mosquito breeding habitat on Santee Cooper the normal INPO operational evaluation. cited for avoiding injury by wearing protec. property, which wol proYlde a long-term, Being selected for the WANO evaluation is tive devices or equipment. Six units were
" environment-friendly" control, reserved for those plants which have demon. recognized for completing the year with no More than 136.324 acres of projectlands strated consistent superior performance in recordable employee injuries,and two units and waters were treated with approved chemi- all aspects of operation. Stations undergoing were recognized for completing 20 or more cal and biological agents to provide disease a WANO evaluation will retain the INPO I years without a disabling injury. Industrial vector control and nuisance insect manage- rating for the next evaluation period. During Hygiene trained 452 employees to use respi-ment. Emphasis was placed on biological 1993, Summer Station completed a success- rators. Collection of 353 samples was made control, usmg the mosquito fish. Combusio ful SS-day refueling outage.The next refuchng to monitor for possible contaminants in the ofEnts, and the bacterial spore suspension of outage is scheduled for September 1994.The work place. Hazard Communication refresher Bacdus thanngensis in all feasible areas. outage is scheduled to last 90 days, as the training was also conducted for all Santee Testing was conducted to determine the three steam generators will be replaced. Cooper employees. In addition, Industrial resistance of target mosquitoes to the chemi- Hygiene assisted in training 752 employees in cal pesticides used in the adult control OccupationalSafety and confined space regulations. !
operations. //calth Management in 1993. Occupational Health conducted More than 2.400 inspections were con- in 1993, construction was completed on annual medical surveillance examinations for l ducted to acquire entomological data from a mobile Power Line Hazards Awareness 1.634 employees and 264 pre-placement ap-throughout the lakes. Demonstration unit designed to help edu- plicants. Health briefings regarding I i l m 1
1 1 l l 1 l 1 l hypertension and exercise were conducted formance testing. An increased number of system was expanded in transmission substa- '; for 316 employees. instruments and meters were calibrated or tions, switching stations,' and generating in compliance with federal and state repaired. stations to provide system controllers greater Occupational Safety and Health Administra- Particulate emissions tests were con- remote control and monitoring of the power tion (OSHA) regulations, information and ducted to demonstrate Santee Cooper's system. training on the blood-bourne pathogens stan- compliance with the applicable regulations. New remote terminal units were installed dard was provided to 1,510 employees. All permits were renewed based on the re- at the Hilton Head 115 KV Switching Station. The hepatitis B vaccine was provided for sults of these tests. Winyah Generating Station, Sycamore 69 KV 228 of those employees determined to be at Several permits which determine, regu- Switching Station,and Pinewood iIS-69 KV potential risk. late,or restrict possible environmentalimpact Substation. SCADA capabdities were ex-Information on the prescription safety were issued for the Santee Cooper Regional panded or updated at South Bethune 230-69 glasses program in regards to American Water System, Aquaculture Center, gen. KV Switching Station, Flat Creek 230 69 KV National Standards Institute standards and erating stations, and substations. Substation, Darlington 230-69 KV Substa-OSHA regulations was presented at seven Several environmental programs such as tion Perry Road 230-115 KV Substation,and locations within the company. UST and Used Oil Management, were also St. Stephen Powerhouse. As part of Santee Cooper's wellness pro- continued or implemented this year. Spill Final plans were made for procurement gram, 761 flu vaccine injections were Prevention Control and Countermeasure of a new SCADA! EMS computer and associ-administered. Individual he.alth counseling Plans were updated and reissued to all .ppli- ated software, which is scheduled for was provided to 301 employees, and 737 cable substations to inform employees how installation by the fall of 1994, referrals were made to other community to prevent, control, and cleanup oil spills health care providers, which may occur at their facihty Production Engineeringand Santee Cooper also initrated projects for Conitruction Management Performance and reimbursement for excavating, removing.and Construction of the 540-megawatt Unic EnvironmentalServicef disposing of leaking underground storage I at Cross Station continued with major Wide Area Network connectivity was tanks.During the year,16 USTs were removed. progress being made toward meeting the completed for theWinyah, Cross,andjefferies Environmental Services managed used scheduled initial operation date of Novem-on-line performance monitoring systems. oil collection, implemented new site collec- ber 1994. Construction of the unit began in Performance-related data are now available tion stations, and tracked the progress of the summer of 1991, from the individual systems concurrently, Santee Cooper's Give Oil For Energy Recov- The project is under the management of contmuously transmitted to the Moncks ery Program. Since its conception in 1990, Santee Cooper's Station Construction unit Corner corporate facihties,and archived on nearly 600,000 gallons of GOFER used motor and Gilbert / Commonwealth,an engineering a laser optical mass storage device,and then oil have been collected,with approximately firm located in Readmg, Penn. Major efforts available to Performance Services engineers 360.000 gallons collected in 1993.There are this year were focused on supporting the for analysis. 244 GOFER collection sites throughout the construction activities. Santee Cooper and Thirty baseline nitrous oxide (NOx) state with at least one site in 42 of South Gilbert / Commonwealth relocated all lead emission tests were conducted for all nine of Carolina's 46 counties. personnel to the job site to facilitate timely r Santee Cooper's coal 4 red units in support Solid waste management at Santee communications between the construction of the effort to estabbsh nominal NOx emis. Cooper is also being studied. One study was contractors and the project team. sionlevelsaspartof theLow NOxTechnology initiated to determine if ash by products pro- Construction activity intensdied through-Study test program.The results of these tests duced from burning coal could be utihzed as out the year. At the start of 1993,the project will be used to determine a compliance strat- construction fill material or as a secondary was 26 percent complete, with a construc-egy for meeting NOx emission regulatory raw material for other products. Newly pro- t:en work force of approximately 300.The requirements. posed industrial waste landfill regulations, peak of the construction came in November i Pre-outage and post-outage turbine per- another area of concern for Santee Cooper 1993 with over 1,000 workers. formance tests were also performed on seven operations, were followed closely through- At the year's end,the project completion units at Santee Cooper's four generating sta- out the year. stands at 75 percent,with emphasis shifting tions. from construction to the start up and test A series of cooling tower capability tests Power Sufp/)' activities. at Cross Unit 2 provided baseline data for the Power Supply lowered system operating As the project approaches completion,it chemical treatment program that is being costs by engaging in e:onomy sales and pur- continues to be an economic success.The conducted to evaluate tower performance chases with neighboring utilities. budget remains unchanged and reflects an smce the unit was cleaned to remove heavy System controllers purchased 152,003 expected construction cost of $818 per in-sitting found in October 1992. megawatthours of economy energy from the stalled kilowatt. With only two contracts The Performance Services Calibration interconnected utilities in 1993 to displace scheduled to be awarded in the spring of Lab performed 1.519 calibrations in 1993,a higher cost generation.This resulted in savings 1994,the project cost is projected to be less 261 percent increase over 1992. Test grade of approximately $487,000. Also.171,406 than the approved budget. pressure and temperature instruments, data megawatthours of energy were sold to the Construction of the Santee Cooper acquisition equipment, and field cabbration interconnected utilities for a total of $3.3 million. RegionalWater System began in February. equipment were calibrated in support of per- Santee Cooper's transmission SCADA Items completed in 1993 include approxi-
.- . .. - -. . - - - . . ~- .- - ._
mately 23 miles of transmission pipehnes, a pressure,and fuel flow of the steam genera- Santee Cooper maintained a high level of one million gallon elevated storage tank,two tor and will sound alarms or shut down the unit availability. with an average of 90.49 2.5 million gallon ground storage tanks. and unit if unsafe operating conditions occur. percent. four metering stations.All remaining facilities Following the success of a similar project Sales of fly ash,one of the byproducts of were on schedule at year's end.This system, last year on Jefferies Unit 3. the obsolete generation, were $147,377. Fly ash market-when completed in September 1994, will pneumatic boiler controls on Unit 4 were ing efforts will continue to increase the use of provide up to 24 milho1 gallons of potable replaced with a computerized electronic con- this resource. water per day to the Lake Moultne Water trol system.This new control system operates Cross Station won the Production Agency comprised of the city of Goose Creek, faster and more rehably and can keep the Department's Goals Program competition by Berkeley County Water and Sanitation Au- boiler much closer within its operatmg pa- meeting nine of the 10 goals.Winyah Station thority Summerville Commissioners of Public rameters, providing better fue! efficiency with won the heat rate category with a lSS BTU / Works, and Moncks Corner Pubhc Works less wear and tear on equipment. KWH improvement, equating to an approxi. . Commission. A plant-wide data acquisition system for mate annual savings of $1.3 milhon. l The project is under the management of Winyah units was completed with the instal. Production Operations performed sev-Santee Cooper's Capital Projects unit and lation of the Unit 4 equipment.This system eral major maintenance outages during 1993 l Hobbs, Upchurch, PA., an engineering firm monitors temperatures, pressures, and flow to ensure continued reliabihty and efficiency j located in Southern Pines, N.C. rates throughout the units, checks for alarm of generating units. A program to study NOx emissions was conditions, and displays the information to Grainger Station completed an outage initiated in 1993 in response to the on Un t I, which included the installation ! U.S. EPA's pending NOx reduction leg- of a new boiler high temperature reheater. islation.The study involved performing ~ .y aggy An outage was also completed on Unit 2,
^
base-kne NOx testing on all coal-fired '
, which included a complete rebuild and umts to determine present emissions , >
upgrade of the electrostatic precipita-levels. The final report. due in early tors to ensure continued high particulate 1994,will include recommendations on - collection efficiency. how Santee Cooper may implement a je'feries Station completed a boiler NOx reduction program in an eco- outage on Steam Unit 4 and a maior , nomically sound manner. overhaul on Hydro Unit 3.The hydro Ash Pond B at Winya 5tation is - overhaul was significant because it was nearing the end of its present design hfe. the first in the unit's SI-year history. A recently completed study indicates This overhaul included removal of the the dikes forming this pond may be raised waterwheel and repairs to the thrust to provide for additional storage at ap- bearing. wicket gates, and generator proximately one-third the cost of the field. same amount of storage in a new pond Winyah Station completed major Final designs for the pond dike raising turbine and boiler outages on Units 1. were completed in 1993 with implemen- 2, and 4. Units I and 2 HP/IP turbines tation set for early 1994. were completely disassembled, in-The flue-gas desulfuritation system at the unit operators, spected, and repaired to restore operating Winyah Station's Unit 4 was upgraded with Under agreement with the U.S. Army efficiency and ensure high rehability. Units I new stainless steel module knings, a new Corps of Engineers. Santee Cooper's Capital and 2 boilers and cosidensers were non-stainless steel reheat duct. and a new alloy Projects unit was selected to upgrade the destructive tested and repaired to ensure reheat damper to better resist the extremely controls for all three generating units at the their rehability. A new stainless steel, high-corrosive nature of the system. St. Stephen Powerhouse. Installation and start gressure feedwater heater was installed on An ignition fuel si tank atWinyah Station's up is scheduled for the middle of next year. Umt 2 to improve efficiency and reduce main- i Unit I was relocated for increased fire safety To meet the requirements of the Clean tenance. A six year turbine generator j at the station.This relocation included the Air Act, work began on design, procurement. inspection and maintenance outage was com-addition of new tanks for receiving waste oil and installation of continuous emissions moni- pleted on Unitd. Components were inspected from Santee Cooper's GOFER Program and toring systems for eight coal-fired units.This and repaired to maintain high reliabihty and ) the necessary pipehnes and pumps to oper- should be completed in 1994 with an esti- efficiency. In addition, new controls of mod- I ate the system. mated total cost of 54 miihon. ern design were installed on the Unit 4 sulfur Construction management was provided dioxide scrubber. inr the 102 space parking lot built at the l)roduction Operations A major inspection was completed on Mods Corner corporate facihties. Afanageturnt Myrtle Beach Combustion Turbine Umt I, A computerized burner management Santee Cooper's power generation in- which included a complete overhaul of the safety system was installed on Unit 2 at creased 4 A percent over 1992. Santee Cooper turbme/ compressor and application of spe-Grainger Station. Identical to the Unit i finished the year with a heat rate on coal- cial coatings for performance improvements. 1 system which was installed last year, this fired units of 9,979 BTU /KWH.a decrease of The Central Maintenance Complex at system continuously monitors furnace flame, 75 BTU /KWH over the previous year. Winyah Station provided major machine shop
I l
. , services to all generating stations and.most with fold-ins of the Bamberg Stevens and Santee Cooper lands to be responsible for notably. supported turbine maintenance work Bamberg Varnville lines. Other major im- proper disposal of their trash. Another pro-from Jefferies Hydro Unit 3. Myrtle Beach provements were the completion of the gram initiated by Property Management Umt I;and Winyah Units I,2, and 4. 23 mile South Bethune to Flat Creek 230 KV encourages local groups and clubs to accept line and 230 KV facilities at the Flat Creek and responsibility for cleanup of trash and litter at l Program For South Bethune stations. various public boat la. Aching facilities. Dubbed l
Employee Participation The $15 milhon Cross to Dalzell 230 KV " Adopt-A-landing," this program has dem. Emphasizing Santee Cooper's corporate line project continued toward an October onstrated a cooperative effort between Santee culture of employee involvement and partici- 1994 in-service date to coincide with comple. Cooper and local community groups to en-pative marngement to meet its future goals tion of Cross Unit I. Work is progressing on sure litter free recreational facilities. and remain competitive. PEP teams in 1993 the two remaining transmission line segments in cooperation with the S.C.Wildhfe and achieved an estimated net annual savings of along with the 230 KV facilities at the Dalzell Marine Resources Dept.,$antee Cooper de-
$ 1,l92,191. Station. veloped the John C. Land lli Boating and ,
During the year. 1,523 employees par- Consideration of future nceds for Central Sportfishing Facility, the largest in South ! ticipated on 251 teams, with a cumulative Electric Power Cooperative inc.and its mem- Carohna., Located on the Clarendon County , participation rate of 85 percent, exceeding ber cooperatives was provided for by the side of Lake Marion.the facility has six launch- 1l the corporate goal of 75 percent participa- completion of several projects.The Aiken- ing ramps, four boardmg docks. a 120-foot . tion. Teams were encouraged to focus on Neeses Lake I 15 KV Line was rebuilt.and the event pier, and a paved parking area to ac- i efficiency and effectiveness in daily work rou- facilities for service to Beaulieu of America commodate 170 vehicle and boat trailer units. ] tines with continuous improvement as a for Aiken Electric Cooperative lnc.was com. An adjoining grass overflow parking area theme. pleted. A!so, the line from the Hemingway accommodates an additional 200 vehicles. The teams have placed more emphasis Substation to Santee Electric Cooperative's The facility was designed to accommodate on selectmg projects relating to corporate Hemingway Substation was upgraded to 115 state and national professional fishing tour-goals as the following projects demonstrate: KV. naments, with the first sport fishing
+ TheTower Spotters,an employee team in the Horry-Georgetown Division, key tournament scheduled for May 1994.
from Engineering and Operations, recom- projects completed included the Forest Brook An additional 2.257 acres of prime wild-mended the purchase of PLS-C ADD software 115-12 KV Substation, upgrade of the Red hfe and wate fowl habitat were included in to assist in designing transmission imes.The Bluff to Nixons line to I15 KV and the the Wildhfe Management Area Program ad-software would improve budget estimates, replacement of two transformers at the Perry ministered by the S.C.Wildhfe and Marine reduce the number of design criteria Road 230-Il5 KV Substation. Resources Dept. Approximately 21,000 acres violations, decrease material waste, and are leased to the S.C. Wildlife and Marine improve safety and quality. The estimated Property Management Resources Dept.on a gratis basis for use as tangible savings of this project totals Santee Cooper's reservoirs Lake Marion part of the State'sWildhfe Manag ment Area
$612.489. and Lake Moultrie, have a combined surface program.
The SWAT Team of Mosquito Abate- ar ea of approximately 154.075 acres.Through The wood duck nesting program,in co-ment completed a project that reduces the its land management programs, Property operation with the S.C, Waterfowl crew's travel time by l8 percent.This repre. Management administered 39.895 acres of Association, has been expanded to include an sents an annual savings of $18.225 in fleet land surrounding these lakes. An additional additional 700 wood duck nest boxes on
~
1 operation costs and increased production 10,535 acres associated with generating and Santee Cooper lands and waters. A total of ; time. transmission facilities located throughout 1,200 boxes will be in place by 1996. 'l
- The Performance investigators reduced South Carolina were also managed by Prop- Santee Cooper's Property Management j performance test set-up and teardown time erty Management. Approximately 4,450 Division,in cooperation with the S.C. Wild-by 70 percent which enhanced testing safety parcels of property were leased for residen- hie and Marine burces Dept., designed and increased testing capabaties by 100 tial, commercial, public, and various and constructed a l.4-mile nature trailon the percent. miscellaneous uses. Revenues from these Santee CooperWildhfe Management Area in The fourth PEP survey was mailed to all leases totaled $745,000 during the year. Orangeburg County.The trail, located near employees with an excellent response rate of One hundred ninety-four access signs Eutaw Springs,is open from March through 43 percent. Results of the survey indicated are maintained on major roadways in areas August. Outdoor enthusiasts, school chil-employee involvement continues to surroundmg the lakes to guide the pubhc to dren, and the general public can enjoy the strengthen communication and teamwork, various points of access. interrelationship between sound forest man-and employee myolvement is becoming a in cooperation with the S.C. Wildlife and agement activides and various wildlife habitats.
- natural part of Santee Cooper's corporate Marine Resources Dept., Property Manage. Approximately 104 acres were prepared .j culture. ment provides maintenance and repairs on for planting in conjunction with Santee 18 pubhc boat launching ramps and parking Cooper's reforestation program. A relatively ProjectAdministration areas. new machine,the Bracke Scarifier /Mounder,
. Major transmission projects completed An anti-httering program," Pack It In - was used and its effectiveness evaluated in in 1993 include the 33-mile rebuild of the Pack It OutT was expanded to include addi- reforestation activities on Santee Cooper's Elloree to St. George 69 KV Line and comple- tional public use areas and boat launching woodlands. This method of reforestation tion of the Sycamore 69 KV Switching Station facihties.The program encourages users of causes minimal disturbance to the topsoil g 9
a. while ehminating competing vegetation and extent, customers may choose to use addi- transmission system. Costs per acre de-providing a debris-free area for planting seed- tional power. Santee Cooper expects this creased by 6.7 pe cent.and total expenditures lings. response to price to benefit all customers fell slightiy. Other forest management activities in- through a more efficient use of our total Contract reclearing in the form of mow-ciude the treatment of vegetation to release resources. ing and helicopter application of selective natural pine regeneration from competition Another innovative pilot rate is the resi- herbicides combined for clearing of an addi-on 527 acres. Also, the planting of 39.000 dential time-of-use rate. This rate prices tional 3,400 acres.The proportion of total genetically improved loblolly pine seedlings, energy differently to residential customers acreage maintained through contracts has 15.000 longleaf pine seedlings, and 36.000 deper4ing on whether they use power dur- slowly increased (from 26.6 percent in 1989 hardwood seedhngs of six different species ing an on-peak or an off-peak period. to 30.8 percent in 1993) and should continue was accomplished on 185 acres. Some of to grow at a modest rate. these new trees will reclaim borrow areas Reliability The conwact to remove the threat of and abandoned agricultural fields and provide Santee Cooper is one of 30 member damage to Santee Cooper's transmission lines tiratier and wildlife habitat for future organizations in the Southeastern Electric from trees off the right of way met estab-generations. Reliability Council (SERC), which includes lishad schedules in the 175 miles that were power suppliers in the region with a generat- maintained. During the year, all lines in the Rates & Forecasting ing capacity of 25 megawatts or more.The Western Transmission District were com-In 1992, Rates & Forecasting personnel council assists member systems a their coor- pleted with the subsequent relocation of the began working with Resource Management dination of planning and operations to achieve clearing operations to the CentralTransmis-International to develop a new load forecast maximum reliability of power supply. sion District in midyear. For the second to plan Santee Cooper's 20-year demand and Santee Cooper is also one of eight power consecutive year, no outages occurred de-energy requirements,The load forecast is to systems in the Virginia-Carolinas Rehability spite the hazardous conditions of removing serve as the foundation for all of Santee Group (VACAR), which also indudes S.C. trees in close proximity to energized conduc. Cooper's long range planning such as the Electric & Gas Co., Carolina Power & Light tors.it is anticipated that by the end of 1994, Integrated Resource Plan, financial forecasts, Co "de Puwer Co., Virginia Power,Yadkin, all rights of way will have had danger tree and rate studies. Karabala Power and Light Co., and the maintenance performed. meeting the 12-year in the spring of 1993. Rates & Forecast- Southeastern Power Administration. The removal cycle established in 1983. ing, in conjunction with R.W. Beck and member systems maintain a coordination Erosion control measures were under-
. Associates, began working on a rate study to agreement to safeguard the reliabihty of their taken on several rights of way in the Northern place new rates into effect beginning April I, service. and Western Transmission Districts, in con-1994,1995, and 1996. Santee Cooper maintains interconnec- junction with these operations,Right-of-Way in August,the proposed rates were pre- tions with the Southern Co. and the Management, working with Clemson Univer-sented to Santee Cooper's Board of Directors Southeastern Power Administration at the sity. the U.S. Soil Conservation Service, the for their review. Details of the proposed R.B. Russell Dam; with the Southern Co. at Nature Conservancy, the Audubon Society, ra,tes were placed at each of Santee Cooper's McIntosh;with South Carolina Electric & Gas and civic groups, experimented successfully retail offices for review by customers. Also, Co. at Bushy Park, North Charleston, St. with various seeding compositions including during October.public meetings were held to George Mateeba, Columbia, and the V.C. many wildflower plantings to enhance visually communicate the proposed rate increase and Summer Nuclear Station; with the South, sensitwe areas.
to receive questions and comments from eastern Power Administration Duke Power Co., South Carolina Electric & Gas Co.,and customers. System Of)erations-7echnical _ in preparing the proposed rates, Santee the Southern Co. at Lake Thurmond; and Ducing 1993, System Operations Tech-Cooper worked closely with its large indus- with Carolina Power & Light Co.at Darlington, nical personnel constructed a new substation trias customers to develop rates which would Hemingway, Kingstree, Lugoff, and the at Sycamore and were involved in 27 other maintain their competitweness in today's glo- Darlington County Plant. projects which included constructing addi-bal marketplace and to improve the efficient To further strengthen the ability to pro- tional bays at several substations,the addition use of Santee Cooper's generating resources. vide rehable service to customers, formal of capacitor banks, upgrading of transform-As a result,a pilot economy power rate was interchange agreements were established with ers, and the addition of SCADA and fault j introduced.This rate allows customers to Cajun Electric Power Cooperatwe in Baton recorder equipment at several other substa. J I purchase power and energy requirements on Rouge, La. and Oglethorpe Power Corp. in tions.One new industria! customer.Beaulicau an hour by hour basis, based on Santee Tucker, Ga. of America,was added to the system in the l Cooper's costs to produce the power in each Aiken area. hour.This real-time power purchasing system Right ofWay Managernent Other noteworthy projects included the allows large customers to respond to Santee With the excellent reclearing conditions installation of a new telephone switchboard Cooper's variable cost of producing power. prevalent throughout the summer and fall, and radio console in the Energy Control As costs increase and Santee Cooper begins production during that period overcame the Center for expanded communication capa-to reach a peak condition. customers may poor first quarter that was plagued by wet bilities and the installation of upgraded choose to restrict their use of power. As the weather problems. Acreage totals for Santee metering packages in cooperative and indus-cost of power decreases and the generating Cooper crews increased S.6 percent over trial substations, All 258 cooperative resources are not being used to their fullest 1992 with 11.428 acres recleared across tl:e substations were equipped with the new D
metering packages which allow remote data Courses leading to two-year, four year which will serve Beauheu of America,a new reading capab& ties. Upgrading of the rnerer- or graduate college degrees were completed industrial customer. ing packages m industrial substations began by 129 employees through the tuition aid and is scheduled to be completed in 1994, program.with nme employees receiving their Ttcatury Several environmental projects were ex- degrees. During 1993 Santee Cooper sold two l~ panded during the year These included the Santee Cooper and the Berkeley County refunding bond issues totallmg reprocessing of substation equipment oil.the School District collaborated on the con- $1.016,485.000.These issues had an average recovery of frecn from substation air condi- struction of an experimental outdoor interest cost of S.81 percent and $37 per, tioners, and phase-out of the use of challenge course The ROPES course is used cent. respectively. These issues resulted in freon-based products in meter cleaning op- by students. educators, and Santec Cooper savings to the ratepayers over the hfe of the crations. employees for hands-on training stressing bonds of $105,183.000.or an average annual team building. problem solving,and personal savings of $3169.000. Sys/cm IVanning development.This course is the only one in in addition Santee Cooper offered its System P!anning continued rese; ,,; Berkeley County. sixth annual Mini-Bond issue.Mmi-Bond sales ways to make significant reduction < ' e totaled $29,509,800,with 55,454.800 in capi-cost of future transmission.coan- tal appreciation bonds and $24.055.000 munications, and SCADA in current interest bearing bonds. construction projects while main-taming the current level of system lla/cr Qua///y ; rehabihty. Efforts to implement
~
Management long-range expansion plans for Santee Cooper entered into a toint Santee Cooper's 230 KV transmis- agreement with the University of South sion system were further refined. Carohna and conducted cooperative l Extensive stud *s were per. - research to develop a computerized formed to analyze alternatives for f. . 4 ecosystem model of Lake Hson. i estabbshing a 230 KV interconnec- - In 1993.this unit instrated a Iebra tion at Duke Power Company's . Mussel monitoring program in th- ,
~
Hodges Substation in Greenwood Santee Cooper Lakes. Water Quahty j County This proicct, scheduled for ; . Management also began work with i completion in the fall of 1994, will the Berkeley County Health Depart-l enable increased power transfers to ment to address the continuing be made w!th Duke Power Co.at a _ y , , problem of the disposal of fish re-lower cost than is currently possible. mains in the lakes by commercial Through joint efforts of System landings. ! Plannmg and Corporate Forecasting. The in house laboratory pro-Rates and Marketing, with information pro. Transmission Operations vides scroce te units throughout Santee vided by all departments and divisions of Transmissioa Operations inspected and Cooper.During the ycar.the laboratory con-Santee CooperAe 19931ntegrated Resource mamtained the Santee Cooper transmission ducted 20.250 analyses on 2.090 water Planning Report was developed,The report system, which covers two thirds of South samp!cs. outi,ned the latest efforts to formulate and Carohna.Through ongoing preventative main- Using federally approved herbicides, En. j maintain a lcast-cost integrated resource plan tenance programs,a 99.997 reliability index vironmental Resources personnel chemically mcorporating both supply and demand-side was achieved for the transmission system, treated 6.825 acres of noxious aquatic veg-options capable of meeting customer re- surpassing the 1993 corporate goal. etation throughout the Santee Cooper Lakes quir ements through 2013.The planning efforts Major proiccts completed during the year at a cost of $1.6 million. Aerial applications also included the development ofinitial strat- included: were completed on 6.415 acres, while the egies for achievingleast cost comphance with
- Relocating transmission facihties to al- remaining 410 acres were treated using the Clean Air Act of 1990. Iow for the upgrade of $ C. Highway 278 on ground-based equipment.This was the larg-H.! ton Head Stand; est amount of acreage ever treated in a single Training and Development
- Reacating transmission facihties on year at Santee Cooper.
A total of 2.283 internal and external Hilton Head Island for the construction of a Assisted by the U. S. Army Corps of training programs were conducted in 1993. new shopping complex Engineers. Santee Cooper personnel treated Subject areas included management.profes-
- Constructing 230 KV addit.ons to the 73 acres of noxious aquatic vegetation in the sional, technical. computer, and skills South Bethune Switching Station; stilkng basin of the St. Stephen Powerhouse.
development. Employee attendance, includ-
- Upgrading the line between Hemingway With assistance from the U.5, Army Corps mg federally mandated programs.was 8.548. and Hemingway Cooperative Substation to of Engineers and the S.C. Water Resources listings of corporate training programs. con- 115 KV; Commission,$antee Cooper stocked 50.000 temng 199 courses.were revised and updated
- Constructing a l I S KV bay at Aiken No. sterile grass carp in Lake Moultrie To date.
in the comprehensive course catalog which l Substation and a 115 KV kne from Aiken more than 450.000 grass carp have been was distributed throughout the company. No. I Substation to P,per Day mdustrial site, stocked in the two takes. m W
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To the Advisory Board and Board of Directors of the South Carolina Public Service Authority: ,l 1 We have audited the accompanying balance sheets of the South Carolina Public Service Authority (a component unit of the State of South Carolina-Note 1) as of December 3 l. 1993 and 1992 and the related statements of accumulated earnings reinvested in th'e business reinvested earnings, and cash flows for each of the two years then ended. These l financial statements are the responsibility of the Authority's management.Our responsibility .) is to express an opinion on these financial statements based on our audits. The financial statements of the South Carolina Public Service Authority for the year ended December d 4 31,1991 were audited by other auditors whose report dated February 19,1992 expressed b ,, an unqualified opinion on those statements. 'I 1 1 2 We conducted our audits in accordance with generally accepted auditing standards. Those standards 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. An audit also includes assessing the acccunting principles used and significant ~, estimates made by management, as well as evaluating the overall financial statement , y presentation. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the South Carolina Public Service Authority as of December 31,1993 and 1992, and the results ofits operations and its cash flows for the two years then ended in conformity with generally accepted accounting principles.
'Y =
Charlotte, North Carolina February 18,1994 L m,-
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BALANCE SHEETS
' South Carolina Public Scryice Authority December 31,1993 and 1992 ASSETS 1993. 1992
- (Thousands)
Utllity Plant- At Cost: ~ Electric plant in service $ 2,540,433 $ 2,475,764 Less accumulated depreciation 814,425 746,749 Electric plant in service 1,726,008 1,729.015 Construction in Progress 450,306- 267,411 Nuclear fuel- at amortized cost 14,082 19,100 Utility plant - net 2,190,396 2,015,526 Other Physical Property (Net of Accumulated Depreciation) l,748 1.A97 Cash and Investments Held by Trustee (Designated) 440,417 607,l l 2
- Current Assets:
Cash and investments held by trustee 50,794 46.536 Bond funds - current portion 90,031 99,205 Accounts receivable - net of allowance for doubtful accounts of $2,907,000 and $2.522,000 in 1993 and 1992, respectively 57,339 50,288 Accrued interest receivable 3,203 3,329 inventories, at average cost Fuel (coal and oil) 26,901 46,506 Materials and supplies 32,716 30,600 Prepaid expenses 1,312 986-Total current assets 262,296 . 277,450 Deferred Debits and Other Assets: Unamortized debt expense 25,838 21,518
- Unamortized loss on refunded debt 305,131 223,429 Costs to be recovered from future revenue 365,075 341,481 Other - 31,754 29,645 Total deferred debits and other assets 727,798 616.073 '
Total $ 3,622,665 $ 3,517,658
-The accompanying notes are an integral part of these financial statements.
ur' r -w w- w.- b* - - , 1 - 9 t= u 1 4-
e t' LIABILITIES AND CAPITALIZATION - -I993 l992' .,
- (Thousands)
Long-Term Debt: , Electric Reven'ue Bonds -Priority Obligations .$ 42,100 $ '44.705 Electric System Expansion Revenue Bonds 1,079,455 - - 1,516.440 Capitalized lease obligations 49,448 ' 52,673 Revenue Bonds 1,370,910 852,950 ' Totallong-term debt (net of current portion) 2,541,913 2, 4 o.768 . 't Less: , Reacquired debt 10,550 5,345 , Unamortized debt discount and premium - net 55,268- 42,537z
. Long-term debt - net 2,476,095 ~ 2,4 I 8,886 current Liabilities:
Current portion of long-term debt 33,704 34,266 -
~
Accrued interest on long-term debt 68,362 80,506 '- Commercial paper notes 108,250 . 121,750 ; Mini-Bonds and Revenue Bonds (Series M) 154,865 123,795 l Accounts payable 29,179 28.129 Other 18,794- 24,490-- .j Total current liabilities 413,154 412,936-i Deferred Credits and Other Non-Currert Liabilities: _ Construction fund liabilities 32.233- 25.576 Nuclear decommissioning costs 27,756 24,361 Unamortized gain on reacquired debt 470 366 Other 16,835 10,797 Total deferred credits and other non-current liabilities ' 77,294 ' 61,300 i Commitments and Contingencies Capital Contributions - U.S. Government Grants '34,438 34,438I
- Accumulated Earn!ngs Reinvested in the Business 621,684 l 590,098 =i Total $ 3,622,665 $ 3,517,658 -
i
+-
w 14: V '. ; _ . . . . . _ _ . . . - - _ . ... . _ . . . . .. . . _ ..t_._... ____m . . _ _ _ . _ . . . . . ...__m..., . . _ . . . . . . _ . . . . _ _ . . . . . . . . . . . . _ _ _ _ . . . .. _. ; 7.......,. STATEMENTS OF ACCUMULATED EAllNINGS REINVESTED IN THE BUSINESS ! ;
,l. .-
[.......--_... ... ...-.. . . . -. - . ....:_.--,__.._---__.-.=._.-... .. . ...._-__-__......__._.-__._A South Carolina Public Service Authority I Years Ended December 3i,1993,1992, and 1991 1993 1992. 1991 t (Thousands) - Accumulated earnings reinvested in the business - beginning of year . $ 590,098 $ 566,197 $ 530,869 - Reinvested earnings for the year - 37,583 19,717-- 40,968 Total 627,681 595,914 ' 571,837 - ! Distribution to the State of South Carolina 5,997 5,816 5.640 , Accumulated earnings reinvested in the business - end of year $ 621,684 $ 590.098 $ 566,l97 - Ji I, h
.]
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I i The accompariying notes are an integral part of these financial statements.
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l L-. .--- . - .._-.. . ,.__ STATEMENTS OF REINVESTED EARNINGS- - - _ _ . - - - - - _ . j l- . South Carolina Public Service Authority !. Years Ended December 31,1993,1992, anci 1991 1993 .1992 1991 4 (Thousands) Operating Revenues: i Sale of electricity $ 584,030 $ . 541,725 $ 557,736
- Other operating revenues 5,453 5,153 4,842 -
Total operating revenues 589,483 546,878 562,578 , Operating Expenses: l Operation expense: Production 237,685 217,223 232,219 Purchased and interchanged power - net 12,863 10,425 9,220 i Transmission 4,068 3,197 3,028 Distribution 3,594 3,810 , 3.698 . Customer accounts 3,571 3,919 ' 3,639 Sales 1,6 l 8 1,295. 1,266 Administrative and general 48,087 39,784 41,037 Maintenance expense 51,626 52,365 50,213 Total operation and maintenance expense 363,112 332,018 344,320. Depreciation and amortization 78,329 75,025 70,846 Sums in lieu of taxes 3,643 3,643 3,364 Total operating expenses 445,084 410,686 ..418,530 Operating income 144,399 136,192 144,048 Other Income: , interest income 17,493 21,980 - 29,302 Other - net 1,850 642 52 Total other income 19,343 22,622 . ~ 29.354 Intere'st Charges: , Interest on long-term debt 122,557 129,894 133,619-Other '27,197 23.356 23,279. < L-. Total interest charges 149,754 I53,250 156,898 Costs to be recovered from future revenue 23,595 24,'153 24,464-Reinvested Earnings 5 37,583 .$ 29,717 $ 40,968 The accompanying notes are an integral part of these financial statements.
., - , ,-,i .:--,, ,
r- ' ' ' - - ' ' ^- - ' ^ * ' ' ' ' i STATEMENTS OF CASH FLOWS L.....-...,-.-.--..--..-----.. ] South Carolina Public Service Authority Years Ended December 3I, I993, I992, and I991 1993 1992 1991-(Thousands) 1 Cash Flows From Operating Activities: Operating Income $ 144,399 $ 136,192 5 144,048
']
Adjustments to reconcile operating income to net cash H provided by operating activities: Depreciation and amortization 86,9i3 85,602 79,180' i i' Other income 1,850 33 52 Changes in assets and liabilities: Accounts receivable, net (7,051) (4,692) 6,850 Inventories 17,439 (II,437) (644)' Prepaid expenses (326) 70 19 Other deferred debits (7,659) (4.380) (7,102) Accounts payable 1,050 (1,253) ' (4,508) i Other current liabilities (6,612) 6,174 3,302 Other non-current liabilities 16,090 33,244 (839) Net cash provided by operating activities 251,143 239,553 220,258 Cash Flows From Investing Activities: Net Decrease (Increase) in investments 106,127 (215A41) (144,161) . Interest on investments 29,379 39,769 22,544 Net cash provided by (used in) investing activities 135,506 (175,272) (121,617) Cash Flows From Noncapital-Related Financing Activities: Distribution to the State of South Carolina (5,997) (5,815) (5,640) Cash Flows From Capital-Related Financing Activities: Proceeds from sale of bonds 978,435 544,843 398,808 (Repayments) Proceeds net from sale of commercial pr.per (13,500) (2,250) 4,000 Repayment and refunding of bonds (969,868) (228,003) (99,184)- Interest paid on borrowings (183,548) (167,613) (141,703) Construction and betterments of utility plant (240,513) (235,279)- (145,622) Bond issuance costs (15,021) _ (7,699) (4,604) Other (3,148) (3,052) ' (2,961) Net cash (used in) provided by capital-related financing activities . (447,163) (99,053) 8,734 ' I Net (Decrease) Incecase in Cash and Cash Equivalents (66,51 l} (40,587) -101.735 , Cash and Cash Equivalents at the Beginning of the Year 188,496 229.083 127,348 ! Cash and Cash Equivalents at the End of the Year $ 128,985 $ 188,496 $ 229,083
--.. _ - _ - - _ _ _ _ _ . _ _ _ _ _ - _ _ _ _ _ . _ _ _ _ . _ _ _ _ _ - . _ _ _ _ _ _ _ _ _ _ _ . - _ _ _ _ _ _ - _ _ _ . _ . . _ _ _ _ _ . . _ _ . _ _ _ _ _ _ _ . . __m._m.._m._____-_.m._________.__m_.-.-__-____m__ .____.-__,i--i._
- t t
I993 .1992 1991 (Thousands) Reconciliation of Cash and Cash Equivalents: Cash and investments held by trustee (designated) $ ' 440,427 $ 607,112 $ 430,419 - Cash and investments held by trustee 50,794 46.536 50,023 Bond funds - currene portion 90,031 99,205 95,444 Less investments, not considered cash and cash equivalents 459,267 564,357 346,803 Cash and cash equivalents at the end of the year $ 121,985 5 188,496 $ 229,083 The accompanying notes are an integral part of these financial statements. 4 2 b
j. l' f-NOTES TO FINANUAL $TATEMENTS . Note I . varies substantially from reinvested earnings for the year principally Summary ofSignig< ant Auounting Iblicies; due to costs to be recovered from future revenue and working
. . . capital requirements.
A - Reporting A.ntay - The South L,aroh.na Public Service
,, 1 - Ru/assip.catwns
. . - C,ertain prior year amounts have been Authon.ry (the " Authority ), a component unit of. the State of reclass.fied i to conform to the current year presentation.
S.outh C.arolina, was created .m 1934 by the S, tate Leg. is latu.e. The lloard of Directors is appomted by the Governor of South Note 1 Carolina. The purpose of the Authority is to provide electric
~
power to the people of South Carolina. Capital projc(ts are ###i *""I 'f"'" 8J#'*' funded by bonds issued by the Authority and internally generated in 1992, the Authority's Board of Directors authorized the funds. The lloard of Directors sets rates charged to customers to construction ofa regional water system. The Authority executed pay debt service and operating expenses and to provide ftmds a contract with the Lake Aloultric Water Agency, ajoint municipal j required under bond covenants. water system consisting of the following members: City of J 11 - Syricm of& counts - The accounting records of the Authority Summerville Commission of Public Works, Town of hloncks are in accordance with generally accepted accounting principles Corner Commission of Public Works, City of Goose Creek and applicable to governmental entities (Note 12) and are maintained the County of Berkeley. The I.ake !\1oultric Water Agency will substantially in accordance with the Unifbrm System ofAccounts purchase all of the capacity of the water system and sell such prescribed by the Federal Energy Regtdatory Commission (FERC).
. capacity to the four members. The water system is estimated to C - Utility lYant - Utihty plant is recorded at cost, which indudes commence initial operation in September 1994 and begin materials, labor, overhead, and interest capitalized during commercial operation in January 1995. The estimated construction. The costs of repairs and minor replacements are conatruction costs for the water system are approximately charged to appmpriate operation and mamtenance expense $36,000,000. The construction costs incmred as of December accounts. The costs of renewah and betterments are capitalized. 31,1993 totalled approximately $26,989.000.
The original cost of utility plant retired and the cost of removal less salvage aie charged to accumulated depreciation. Notel D - Depeiation - Depreciation is computed on a straight-line ' Coas to be Raoveredfrom Future Rmnue: lasis over the estimated usefullives of the various dasses of the plant. Annual depreciation provisions, expressed as a percentage The Authority's electric rates are established based upon debt of average depreciable utility plant in service,were approximately service and operating fund requirements. Straight-line 3J% ihr each of the three years in the period ended December depreciation is not considered in the cost of service calculation 31,1993. Amortization of capitalked leases is also indaded in used to design rates. The differences between debt principal depreciation expense. maturities (adjusted for the effects of p enJums, discounts and E - Rmnue Ruognidon andFue/Cosn - Substantially all wholesale arnortizations of deferred gains and loses) and straight-line and industrial revenues are billed and recorded at the end ofeach depredation are recognized as costs to be recovered from future month. Prior to 1992, revenues from retail customers were revenue. The recovery of outnanding amounts associated with cons to be recovered from future revenue will coincide with the recognized as hilled on a monthly cyde basis. Beginning in 1992 any revenues for electricity delivered to retail customers which retirement of the outstanding long-term debt of the Authority, has not been billed is being accrued. Fuel costs are reDected in operating expenses as fuel is cimsumed. Note 4 Y - Bond inuana Cons - Unamonized debt discount, premium Cash andInvcaments Hdd by Trwta (Designatedh and expense are amortized to income over the terms of the Unexpended funds from the sale of bonds, debt service funds, . related debt issues. Unamortized gains or iosses on tefunded debt other special funds, and cash and investments are held and are generally deferred and a mortized to income over the terms of maintained by trustees and their use designated in accordance the refunding debt issues. with appliedle provisions of various trust indentures, bond ' G - Gnb and Cash Epivaknn - For purposes of the statements resolutions, lease agreements, and the Enabling Act included in ofcash dows, the Authority considers highlyliquid investments the South Carolina law. Such funds consist principally of with original maturities ofless than three months and cash on investments in government securities carried at amortized cost. deposit with financial institutions as cash and cash equivalents. Cub - Cash is categorized as fbliows: Category 1 includes bank iI - State Diuribution - The distribution to the State of South balances entirely covered by federal depository insurance. Category Carolina is determined utilizing a formula required under the 2 includes bank balances that are uncollateralized or collateralized 1949 InJenture which is based essentially on operating cash with securities beki by pledging financialinstitutions but not in dows and mandatory reserve requirements. Such calculation the Authority's name.
Intwiment, : Trust indentures and resolutions authorize the December 31,1993, the Authority's repurchase agreements -
' Authority to invest in obligations ofthe U.S. Treasury, agencies, totalled 580,477,000.
instmmentalities, and certificates of deposit. The Authority's The Authority's investments are categorized to give an
- investments consist of U.S. Government securities, certificates indication of the level ofiisk assumed by the Authority at year- ,
of deposit, and repurchase agreements. The Authority requires end. Category 1 includes inerments that are insured or that securities underlying repurchase agreements have a . market registered or for which the securities are held by trust agents in l value of at least .102 percent of the cost of the repurchase the Authority's name. Category 2 includes uninsured ccrtificates
- agreement. Securities underlying repurchase agreements are of deposit which'are cohateralized with securities held by the delivered by broker / dealers to the Authority's trust agents. At i pledging financialinstitution but not in the Authority's name.
a l993 investments Cash Total 'i Category Category Catego y Category Carrying ' Market . ; I 2 2 Value Value ("housands) Cash and Investments Held by Trustee (Designated) General improvement Funds . $ 57,568 $ I,650 $ 55 $' 205 $ 59,478 $ 59,292 , Debt Service Reserve Funds . 162,729 0 0 55 162,784 172.038 Other Special Funds . f 57,066 0 0 28 157,094 157,151 Funded interest . 61,067 0 0 4 -61,071 61,908 Total Cash and Investments - Held by Trustee (Designated).. $ 438,430 $1,650 $ 55 5 292 $ 440,427 $ 450,389 Cash and investments ', Held by Trustee (Undesignated) Revenue Fund . $ 44,764 5 0 $ 0 $ (2.098) $ 42.666 $ 42,643 [ Special Reserve Fund . 7,616 0 100 412 8,128 8,143 . Total Cash and Investments Held by Trustee (Undesignated) .. ... ... $ 52,380 $ 0 $ 100 ' $ (1,686)' . $ . 50,794 - $ 50,786 Bond Funds Current Portion > Interest - $ 24,120 $ 0 $ 0 $ 36.686 $ 60.806 $ 60.806 ,j Bond Principal _ 16,245 0 0 0 16.245 16.247 Funded interest 12.542 -0 0 0 12,542 12.542- l Lease- 438 0 0 0' 438- 438 ' Total Bond Funds Current Portion ... $ ' 53,345 5 0 $ 0 $ 36,686 -5. 90,031 $ 90.033 - Y 1 e
I992 Investments ' Cash Total
- r. Category Category Category Category Carrying Market i
l 2 l 2 Value Value [' (Thousands) ; Cash and Investments Held by Trustee (Designated) l General Improvement Funds 5 75,558 5 1,400 $ 51 $ (582) $ ' 76,4' ' $ 76,519
- l. Debt Service Reserve Funds 162.850 0 0 235 163 C .s 170,917 - -) .
Other Special Funds . 269,519 0 0 77 ,269,596 - 268.376 j 98,004 98,004 99,251-Funded Interest - 0 0 0 .) Total Cash and Investments Held by Trustee (Designated) $ 605,931 $ 1,400 $ 51 $ (270)' $ 607,112- $ 615,063 Cash and Investments i Held by Trustee (Undesignated) Revenue Fund.. $ 42,680 $ 0 $ 0 $ (1,260) :$ . 41,420 $ ' 41,424 i 5pecial Reserve Fund 4,742 0 100 274 5,116 . 5,145 Total Cash and Investments 1 Held by Trustee (Undesignated).. $ 47,422 5 0 $ 100 $ ( 986) $ 46,536 5 46,569 - Bond Funds - Current Portion Interest, $ 14,870 $ 0 $ 0 $ 51,119 $ 65,989 $ 65,989 Bond Principal 15,554 0 0 6 15,560 15,654 . Funded Interest . 17,217 0 0 0 17,217 17,217 Lease 439 0 0 0 .439 -439 1 1 Total Bond Funds - Current Portion .. $ 48,080 $ 0 $ 0 $ 51.125 $ 99,205 $ 99,290
] 1 I
l l. L- - __ _______:-
Note 5 Long Term Debt Outstoneng-The Authority's long-term debt at December 31,1993 and 1992 consisted of the following: I. -} l . December 31, - 1993 1992 (Thousands) : Electric Revenue Bonds Priority Obligations: (mature through 2006)
' Interest rate 4.10% _. $ 44,705 $ 47,245-
+
Electric System Expansion Revenue Bonds:(mature through 2022) Interest rates vary from 5.20% - 8.75%. 1,099,525 1,539,535-Capitalized lease obligations: (mature through 20l5) Interest rates vary from 2.00% - 5.00% _ 52,672 55,819 Revenue Bonds: (mature through 2032) ' interest rates vary from 2.70% - 7.00% __ 1,378,715- 858,435 - Total Long-Term Debt . 2,575,617- 12,501,034 -
. Current Portion - Long-Term Debt _ 33,704 34,266 Total Long-Term Debt - Net . $ 2,54I,913 $ 2.466,768 Matueities of long-term debt through 1998 are as follows:
Priority Expansion Capitalized flevenue 1 Obhgations Bonds Leases Bonds Total , Year Ending December 31, (Thousands) , 1994 . . . - $ 2,605 5 20,070 ' $ 3,224 $ 7,805 $ 33,704 1995. 2,720 21,405 3,318 27,170 54,613
.1996 - 2,845 23.165 3,418 10,670 40,0981 1997_ 2,975 19,160 3,527 18,380 44,042 1998 3,105 19,980' 3,609 15.800 42,494' ,
Total $ 14,250 $ 103,780 $ 17.096 5 79,825 '5 214,951 4 The fai; <alue of the Authority's debt is estimated based on the rate adjustments. quoted market prices for the same or similar issues or on the in 1993, the Authority issued $385,125,000 ia 1993 Reftmding current rates offered 'to the Authority for debt with the same Series A&B 11onds and $631,360,000in 1993 Refunding Series remaining maturities. Based on the borrowing rates currently C Bonds.These refundings reduced the Authority's total debt , available to the Authority for tax-exempt bonds and other debt service over the life ofits bonds by approximately $66,501,000, . with similar terms and average maturities, the fair value ofdebt resulting in an economic gain'mcr the life of the bonds of is approximately $2.85 billion and $2.8 billion at December 31, - approximately $30,249,000 after adjusting for funds used fmm 1993 and 1992, respectively. the refunding of other than the' 1993 Refunding Series A&B - J} The Aut.hority refunds and defeases debt primarily as a means ' Bond proceeds and the 1993 Refunding Series C liond proceeds. of reducing debt service, the eby postponing or reducing future i-h
+ e . . , - >
Amounts outstanding, original loss on refunding, and the unamorti7cd loss at December 31,1993 are as follow: Refunding issue Refunded Bonds Refunded Amount Original Unamortized Outstanding Loss Loss
. (Thousands) 1982 Refunding $ 100,000 of the 1981 Series C and
$ 127,000 of the 1982 Series A . - 62,588 - 350-1985 Refunding $ 150,000 of the 1982 Series B -
30,570 1,901 1 Cash Defeasance $ 20,000 of the 1982 Series A - 2,763 2.100 1986 A&B Refunding $ 42,725 of the 1980 Series A
$ 42,000 of the 1981 Series A
$ 61,000 of the _1981 Series B
$ 4,420 of the 1981 Series C
$ 7,820 of the 1982 Series A
$ 9,010 of the 1982 Series B - 43,736 ' 5,595 1986 C&D Refunding $280,275 of the 1982 Refunding Series - 97,109 83,474 1987 A Refunding $160,510 of the 1985 Refunding Series 160,510 48,038 38,397 1988 A Refunding $ 18,220 of the 1980 Series A
$ '18,315 of the 1981 Series A
$ 9,110 of the 1982 Refunding Series 5 5,000 of the 1985 Refunding Series '
$120,890 of the 1985 A Refunding Series 125.890 28,644 19,623 1991 A,B&C Refunding & $ 4,855 of the 1980 Series A improvement Series $ 8,075 of the 1981 Series A
$ 13,500 of the 1985 Series
$ 32,500 of the 1985 A Refunding Series 32,500 4,856 2,585 Commercial Paper $ 27,000 of the 1985 Subordinate Series _- 2,579 - 495 83 1992 A Refunding $ 3,370 of the 1985 Refunding Series
$ 5,405 of the 1985 A Refunding Series
$ 100,010 of the 1986 Refunding Series A
$ 22,555 of the 1988 Refunding Series A
$ 15,370 of the 1991 Refunding Series B
$ 12,085 of the 1991 Series D 158,795 ~ 42,188 -. 39,842 1993 A&B Refunding $ 86,180 of the 1974 Series .
$ 93,360 of the 1979 Series A
$ 4,980 of the 1985 A Refunding Series
$ 14,935 of the 1986 Refunding Series A -
$ 23,675 of the 1986 Refunding Series B
$135,705 of the 1991 Refunding & _
Improvement Series B and C . .179,295 38,870'. 38,870, i 1 1993 C Refunding $167,660 of the 1977 Refunding Series
$ ' t,565 of the 1979 Series A
$ 900 of the 1985 Refunding Series
$: 2,390 of the 1985 A Refunding Series 5 .6,365 of the 1986 Refunding Series A
$ 14,905 of the 1988 Refunding Senes A
$100,110 of the 1991 Refunding &
improvement Series B and C
$279,905 of the 1991 Se' ries D . 406,140 72,311' ~ 72,311 '
Total $ 1,065,709 $ 472,168 ' $ 305,131
The Authority's bond indentures provide for .certain 1993 1992 1991 restrictions, the most significant ofwhich are: 1.The Authority covenants to establish rates sufficient to pay Average annual effective interest rate - 2.40% 2.96% 4.48% all debt service, re luired lease payments, capital improvement fund requirements and all costs ofoperation and maintenance of At December 31, 1993 the Authority had a Revohing Credit the Authority's electric system and all necessary repairs, replacements, and renewals thereof. Agreement with NatmnsBank for $150,000,000. This agreementis , used to support the Authority'sissuance ofcommercial paper, There 2, The Authority' is restricted from issuing additional parity bonds unles, certain conditions are met. were no bormwings under the agreement during 1993 or 1992. in 1988 and 1989 the Authority issued bonds (Mini-Bonds) As of December 31,1993, the Authority is in compliance with all debt covenants. in smaU denominations which are due on demand by the registered owner under a Mini-Bond Resolution. In 1990 the
#"#""# """d #""'"'""**"* E'#d "" "" '#" "#
Note 4 including the existing 1988 and 1989 Mini-Bonds were frozen Commew a lPajvrand3h.m- . Bonde cxu pt fut Refunding purposes. Under the. Revenue Bond The Board of Directors has authorized the issuance of Resolution, small denomination bonds due on demand (Series commercial paper not to exceed $150,04000 The paper is M Bonds) were ismed.The pledge ofrevenues securing Revenue issued for valid corporate purposes with a term not to exceed 270 Bonds is junior and subordinate to the pledge of revenues days. For the years ended December 31,1993,1992, and 1991, securing the Priority Obligations, Electric System Expansion the information related to commercial paper was as follows: Revenue Bonde, and the 1988 and 1989 Mini-Bonds and capital I993 a gat n, but inuperiono se hen and plege drevenues - 1992 199f securing the Commercial Paper payments to the Contingency Effective interest rate Fund, Capital improvement Fund, Special Reserve Fund and (at December 31) 2.52% 2.69% 4.20% the payments to the State. : At December 31, 1993, the Authority had two Revolving . Average annual amount Credit Agreements with NationsBank for $40,000,000. These outstanding $I17,700,000 $115,410,000 $123.880,000 agreements are used to provide liquidity for the put feature on all outstanding Mini-Bonds. There were no horrowings under Average annual maturity 52 days 62 days 44 days 1 g g93 Commercial Paper and Mini-Bonds outstanding at December 31, are: 1993 1992 (Thousands) C.,mmercial Paper .- $ 108,250 $ 121,750 Mini-Bonds: -l 1988 Series, bearing interest at 7.75% and due 2003 - $ .16,622 $ 16,641 .j 1989 Series, bearing interest at 7.00% and due 2004.. 18,615 18,299 l Total Mini-Bonds 5 35,237 $ 34,940 1 Revenue Bonds (Series M):- l990 Series bearing interest at 7.30% and due 2005, and 2006 . . . $ 22,185 $ 21,842 1 1991 Series bearing interest at 6.875% and due 2007, and 2008 - 28,030 27.671 1992 Series bearing interest at 6.25% and due 2007,2008, and 2009 39,816 39,342 1993 Series bearing interest at 5.35% and due 2010,2011, ar.d 2012 29,597- -
]
I Total Revenue Bonds (Series M) $ 119,628 $ 88,855 Total Mini-Bonds and Revenue Bonds (Series M) . - $ 154,865 $ 123,795 Total Commercial Paper, Mini-Bonds, and Revenue Bonds (Series M) $ 263,115 5 245,545 b
l M steam generators must be replaced due to stress corrosion Summer Nu&ar Starianc cracking. SC E&G estimates replaceme nt of the ateam gener ators wi!! cost approximately 5156 million of which, the Authority's The Authority and South Carolina Electric and G,as (SCE&G) . share w.dl be approximately $52 mdlion, exclus.ive of the are parties to a joint ownership agreement providing that the ,. . Authon.ty s mdirect costs. Replacement of the generators is Authority and SCE&G shall own the S.ummer Nuclear Station j scheduled for 1994. SL,E&G has filed suit against the i with undivided interests of 33%% and 66M%, respectivdv.
.- manufacturer of the generators seekm.g damages for the SLE6(G is soldy responsible for the design, construction, replacement of the generators; In January 1994, SCE&G and budgeting, management, operation, maintenance, and
. . . . the Author.ity reached a settlement agreement with the decommissionmg of the Summer Nudcar Stanon, and the -
, manufacturer of the steam generators renolv.mg the dispute Authon.ty is obligated to pay its ownersh.ip share of all costs .
relating thereto. The Authority receives 33%% of the net mvolv.mg ' the steam generators. Terms of the settlement will remain confidena. laand +here wd. l be no material adverse impact dectricitygenera ed. At December 31,1993 and 1992 the plant . . . . on the Authority. An order dismissmg tlu.s suit was entered by accounts included approximately $4W,514,000 and
, the j.udge on January 12,1994.
$436,409,000, respectively, representing the Authon.tv s
.The suppb.er under the on. .gmal uranium supply contract investment,induding capitalized interest,in the Summer Nudcar .
breached the contract m 1975 due to uranium market condm. .ons. Station. I.or each of the three years ended December 31,1993, .
. . SL,E&G, . . .mmated action seek.mg specdic performance of the 1992 and 1991, the Authon.tvs operatmn and mam.tenance contract provmons, and a final settlement was reached and expemes induded $38,772.000,541,431,000 and $30,880,000, approved by all parties in April 1980. By terms ofthe settlement, respectivelv, f.or the Sunuuer Nudcar Station.
. the Authon.ty has received approximatelv 510,243,000 m. eash .
Nudear tud costs are being amortired based on energ) - as partial settlement of the lawsm.t. Additionally,the agreement expended which m. dudes a component ihr estimated disposal ? provides for dehvery of uranium, long-term dchven.es of costs ofspent nudcar fuel. Tlus amortization is induded in fuel equipment and services (m. duding convenion and fuel expense and .is recovered thmugh the Authority,s rates. fabn. canon) at a d.ncount. The cash and discounts received (and . SL,E&G has an on-site spent fuel storage capability until at
. related interest earned) which approximated $16,572,000, were least 2008 and expects to be able to expand .its storage e <pacityro-recorded as def. erred credits. During prior refueling outages accommodate the spent fuel output for the lif.e of the plant _.
. deferred cred.its and rdated interest were used to ottset additional tiuough rod consolidation, dry cask storage or other technology .
.m fuel costs associated with replacement energv dun.ngthe Summer as it becomes avadable. In addition, there .is sufh. .cient onmte .
Nuclear Station tefuding outages.The remainder ot the det. erred storage capacity over the lif.e of Summer Nudcar Station to credits was used during the scheduled refueling outage in 1993. permit storag'e of the entire reactor core in event that complete .
,The E,nergy P h.o ey Act or 1992 gave the Department of unloading shouki become des.irable or necessary for any rer. son.
. 1;,nergy (DOE) the authority to assess utih. . ties for the
.The Nudear Regtdatory Comnu.ssmn (N RC) has published . . .
. . decomnu.ssmmng of .its facilities used (br the enrichment of fmal regulatiom on decomnu.ssmnmg of.nudear ficih. .nes that . .
uramum mduded m.nudcarfuelcosts. Inorderrodecomnu. .ssmo require a licensee of a nudear reactor to provide mu. umum . .
. . . . these facilm. .es the DOE estimates that it wouki need to charge financial assurance of its ability to decomnu.snon its nt. dear
. . r ies a total of $150,000,000 annually for fifteen (15) yean utth.
facih. . ties. In compliance with the applicable NRC regulations, based on enrichment services to date. Based on an estimate from the Authority established an external trust fund and began
. SCE&G, coven.ng the fifteen years, the Authon.ry 's one third making depm.ts mto this fund in September 1990, in add. .itmn
. share of the liabih.ty totalled 52,483,000. Such amount has been to providing for the minimum requirements imposed by the -
defened and will be recovered through rates as paid.These costs . NRC, the Authorny makes deposits into an internal ftmd m.the . . are mduded on the balance sheet m deferred cred.its and other amount necessary to fund the ditrerence between a site-specific
. . noncurrent liabih. .ues.
decomm.isuonmg study completed m. 1991 and the NRC.s The maximum liability for pubh.cda.ims ansmg from any imposed minimum requirement. Santee Cooper,s one-third nudear m.cident has been established at 59.4 billion by the share of the estimated decomniissioning costs of.t he Rummer Pn.ce- Anderson Indemnih. cation Act. This $9.4 billion would Nudear Station equals approximardy 576,266,000 m 1990
. be covered by nudear liability insurance of about 5200 million dollars. The Authority accrues fi>r its share of the estimated per site, with potential retrospective assessments ofup to S 79.273 decommissioning costs over the remaining lif'e of the facility. *
, md. b.on per b.censee for each nudcar m.eident occurring at any -
. These costs are being recovered through the Authon.tys rates.
reactor in the United States (payable at a rate not to exceed 510 Based on current decommiwioning cost estimates devdoped . . .
* "" P*' * .
#"** pegear as nits ne-thirdinterestm by SCE&G, these funds, which totalled approximately umrna car at on, the Authority would be responsible .
$25,073,000 at December 31,1993, along with future deposits
. for the maximum assessment of $26.425 million, not to exceed mto both the extern.t! and intern.tl decommissioning accounts and investment earnings, are estimated to provide sufh. .cient .approximately 53.3 million per.meident,peryear. This amount funds for the Authority's one-third share of the total is subj.ect to further increases to reflect the increase of (0
. . inflation,(ii) the hcensing for operation of additional nucicar decomnu.ssionmg costs.
* * * " "
- I #"""""'I^I
"' " *" ""Y " "*"** "
SCE&G has determined that the Summer Nudear Station liability insurance required to be maintained by the NRC.
Additionally, SCE&G and the Authority maintain with - 31,1993,1992, and 1991, totalled $753,000, $1,021,000, and A merican Nndear Insurers (ANI) and Nuclear Electric Insurance $ J ,431,000, respecth ely. Limited (NEll) $500 million primary and $1.4 billion excess property and decontamination insurance to cmtr the costs of g cleanup of the facilityin the event ofan accident. In addition to contract trith Ce nera/E/utric Power Cooperatin, Inc.: the premiumn paid on the excess policy, SCE&G and the Power supply and transmission services are provided to C,entral Authon.ty could also be assessed a retroactive premium, not to . . m accordance w.it h a power system coord.manon and integration exceed 7.5 times the annual premium, in the event of property ' damage to any nuclear generating facility covered by NE.IL agree ment. In addition, the Authority will be the sole supph.er of liased on the current annual premium and the Authon:ty s one- Centrafs energy needs excluding energy Central receives from the Southeastern Power Administration and SCE&G. third interest, the Authority's maximum retroactive premium would be $4.1 million. The Authority is self-insured for any retroactive premium Note 10 assessments, claims in excess ofstated coverage, or cost increase, Commitmentr and Contingencies due to the purchase of replacement power. Rudget - The Authority's capital budget provides for expenditures of approximately $224,545,000_ during the year Note 8 ending December 31,1994, and $320,256,000 during the two I. eases; years thereafter. These projects will be nnanced by internally generated ftmds and additional borrowings. The Authority has capitallease contracts with C,entral E.lectnc , Power L,ooperative, Inc. (L,entral), covering a steam electne Fu/me Generation - The Autho..ity's lloard of Directors generating plant, transmission facih. . ties, and various other approved the construction of a second 540-megawatt coal-fueled electric generating unit at the Cross Plant with power facih. .nes. The Icase terms range f. rom three to twenty-three generation to beg,m no later than Alay 1995. vears. Quarterly lease payments are based on a sum equal to the interest on and pn. ne pal of L,entral,s m
. debtedness to the Rural The cetimated cost of construction is expected to total E,lectnh. canon Adnu. .mstranon for funds borrowed to construct approximately S484.0 million which m.cludes $441.5 nu.llion for the generating um.t, $25.9 mdlion for related transtmssmn the abme-mentioned facih. .t es. The Authority has options to fitcilities, 59.3 million fbr coal cars and $7.3 nu.llion for the purchase the leased properties at any time during the period of . . , ,
the lease agreements for sums equal to C. entral.sm . debtedness uut ai coal stoapile. Pmchase Cemmitments - The Authon.ty has contracted fbr remaining outstanding on the pmperties at the time the optmns . are exercised or to return the properties at the tennination of the longterm coal purchases under contracts with outstanding minimum obligations at December 31,1993 as folh>ws: lease.,The Authority plans to exercise each and eury optmn to acquire ownership of suth facilities prior to expiration of the Years ending December 31: Amount lea'ses. (Thousands) Future minimum lease payments on Central leases, at December 31,1993 were: 1994. $ 103,162 Years ending December 31: Amount 1995 103,162 (Thousands) 1996-- 103,162 1997. 103,162' 1994. $ 5,240 1998 83,516 1995. 5,233 360,351 Thereafter . l 996 .. 5,229 1997. 5.229 Total . $ 856.515 1998 5,198 Thereafter . 46,405 The Authority's outstanding minimum obligations under existing purchased power contracts as of December 31,1993 Total minimum lease payments. 72.534 were approximately $130.7 million. The terms of the contracts-Less, amounts representmg interest... 19.862 range from 1 to 42 years. The Authority has commitments of approximately $130.1 - Balance at December 31,1993 $ 52,672 million fbr~ its one-third share under the joint ownership agreement with SCE&G for the purchase, conversion, Property under capitalized leases and related accumulated enrichment and fabrication of uranium. amortization included in utiliiy plant at December 31,1993 C/ean dir 4ct - The Authority endeavors to ensure that its totalled $100,207,000 and $56,672,000, respectively, and at facilities comply with applicable emironmental regulations and December 31, 1992 totalled $100,995,000 and $54,491,000, standards. respecthrly. Congress has promulgated comprehensive amendments to Operating lease payments during the yvars ended December the Clean Air Act, including the addition of a new federal A@m l
program relating to acid precipitation. The Authority has 1993, financial statements the pension benefit obligation for evaluated the potentialimpact of this legislation, including new retired and active members was appmximately $12.6 billion. The . limits on the a'Jowable rates of emission of sulfur dioxide and amortized cost of anet, of the System was approximately $9.3 nitmgeu oxide. While the legislation contains a number of new billion. The unfunded pension obligation was approximately restrictions, the most significant new requirements, relating to $3.2 billion. The pension benefit obligation is a standardized acid precipitation,would not begin to impact the Authority until measure ofthe present value ofpension benefits, adjusted for the the year 2000. effect of projected salary inercases, estimated to be payable in . Under the Clean Air Act, among other things, specific the fi ure as a result of employee service to date.The measure, reduuions in sulfur dioxide and nitrogtn oxide emissions from which is an actuarial present value ofcredited projected benefits', - ' lbssil-fueled generating units will be re" red in two phases. In is intended to help users assess the System fimding status on a general, Phase 1 comphance must he impemented byJanuary 1, going-concern basis, assess progress made in accumulating, , 1995 and Phase 11 compliance by January 1,2000. SpeciGe sufficient assets to pay bencfits when due, and make comparisons regulations, rules and procedures fbr implementing the Clean among public employee retirement systems. The System does .; Air Act are currently being promulgated by the EPA. The not make separate measurements of assets and benefits payable-Authority currently projects it can meet Clean Air Act compliance for individual emplayers. The Authorityi contribution with it s existing units but may need to environmentally dispatch represented approximately one and a half percent of the total the order of operation. The Authority estimates that approxi- contribution to the System. mately $28 million through the year 2000 may be necessary for Ten-year historical trend information showing the System's continuous emissions momtoring equipment and the installation progress in accumulating sufficient assets to pay benefits when oflow nitrous oxide burner technology. due is presented in the System's June 30,1993 Comprehensive Energy Policy At ofl992 - The Energy Policy Act of 1992 Annual Pinancial Report. (Energy Act) pmmotes energy efficiency, alternative fucl use, The Authority also provides deferred compensation benefits - and increased competition fbr electric utilities and wiP have a to certain employees who are eligible m retire with ten years of significant impact on the utility industry. Under the Energy Act, service and have reached the age of 50. The cost of these benefits Independent Power Producers (IPPs) are allowed access to a are accrued on an actuarially determined basis. As of December ; utility's transmission lines to sell their electicity to other utilitics, 31,1993, there were 37 active participants and 22 retirees. The ' thus enhancing their incentive to build generation plants fbr the actuarial accrued liability at December 31,1993,1992 and 1991, ,! utility's large industrial and commercial customers. At this time, was appmximately $3,255,000, $2,956,000 and $2,676,000, the Authority is not able to determine what impact open respecth ely. transmission access will have on the financial results of the - Acthority. Mate 12 Other Post-Retirement Bene)ite Retirement Pian The Authority provides certain health, dental and life insurance benefits for retired employees. Substantially all ofthe Authority's Substantially all Authority fidl-time employees must participate emplovces may become cligible for these benefits if they retire at in the South Carolina Retirement System (" System"), a cost- any agc with 30 years of service or at age 60 with at least 20 years - sharing, multiple-employer public employee retirement system. o[senice. Currently, approximately 242 retirces meet these The payroll fbr employees covered by the System fbr each of the requirements. The cost of the health, dental and life insurance y years ended December 31,1993,1992 and 1991, was $ 65,727,000, benefits are recognized as expense as the preiniums are paid. For
$61,558.000, and $57,125,000, respectively. the years ended December 31,1993,1992 and 1991, these costs Vested employees who retire at age 65 or with 30 years of totalled $515,000, $371,000 and $329,000, respectively.
senice at any age are entitled to a retirement benefit, payable During their first ten years of service, full-time permanent monthly for life. The annual benefit amount is equal to 182 employees can earn up to 15 days vacation leave per year. After percent of their average final compensation times years ofsemce. i ten years of senice, employees carn an additional day vacation - Benefits fidly vest on reaching five years of senice. Reduced IcEe for each year of service over ten until they reach the retirement benefits are payable as early as age 55. The System maximum of 25 days per year. Employees carn annually a half aho pmvides death and disability benefits. Benefits are established day per month plus three additione.1 days at year end for sick - by state stature. jc,yc, Employees are required by State statute to contribute 6 percent Employees may carry fbnvard up to 45 days of vacation leave of salary. The Authority is required by the same statute to and 180 days of sick leave from one calendar year to the next. contribute 7.55 percent of total payroll. The contribution Upon termination, the Authority pays employees for accumulated
~
requirement Ihr each of the years ended December 31,1993, vacation leave at the pay rate then in effect. In addition, the -
.1992 and 1991, was $5,063 000, $4,742,000 and $4,449,000 Authority pays employees upon retirement 20 percent'of their :
from the Authority and $3,944.000, $3,689,000 and $3,431.000 accumulated'sickleave at the pay rate then in effect. These costs from employees. are carried as a deferred debit and a liability on the balance sheet ' An actuarial valuation is performed fbr the System annually, I and will be recovered through rates as thcy are paid. According to the South Carolina Retirement Systems, June 30, 1 1
Note 13 Credit Rhk andMajor Cunomers: Concentrations of credit risk with respect to the receivables are limited due to the large number ofcustomers in the Authority's customer base and their dispersion across different industries. Tlie Authority maintains an allowance for uncollectible accounts ' losses based upon the expected collectibility of all accounts receivable. Sales to two major customers for the years ended December 31, were: 1993 1992 1991 (Thousands) y Central Electric Power Cooperative. Inc. 5 277,000 $ 236.000 $ 242.000 Alumax of South Carolina. Inc. $ 72,000 $ 82,000 $ 88.000 During calendar years 1988 through 1990, Alumax received rate relief of 34.4 million which was subject to repayment if the monthly price of 21uminum was $.72 per pound or more as stated in 1986 dollars. Alumax is not eligible fce any additional rate relief. On December 31,1993, Alumais obligation to repay such rate relief ended. In February,1993, Alumax announced a 20 percent reduction in pnxluction at their plant sened by the Authority.The reinvested earnings impact on the Authority for 1993 is estimated to be 55.6 million. O'
n- . . , .- , , , . , AUDIT COMMITTEE CHAIRMAN'S LETTER F The Finance-Audit Committee of the Board of Directors is composed of four independent directort i lxon S. Goodall, chairman; B.L Hendricks; D. Gene Rickenbaker; and Johnnie (Joe) Young. The Committee meets monthly with members of management and Internal Audit to review and discuss their activities and resnonsibilities. . The Finance-Audit Committee oversees Santee Cooper's financial reporting and internal auditing processes on behalfof the Board of Directors. Monthly briefings on the financial statements and periodic reports from management and the internal auditors pertaining to operations and representations were received. In fulfdling its responsibilities, the Committee also reviewed the overall scope and specific plans for the respective audits by the internal auditors and the independent public accountant.The Committee discussed the Company's fnancial statements :,nd the adequacy ofits internal controls. The Committee met with the independent public accountant and with the General Auditor, without management present, to discuss the results of the examination, the evaluation of Santee Cooper's intern.d > controh, and the overall quality of Santee Cooper's financial reporting. y i
- f. 6h 14 i
Iron S. Goodall, Chairman Finance-Audit Committee
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5 With Record ofAccomplishment, Ken Ford Steps Down as President j '
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4 - y an , k_ ' Stating that the time had come fbr him to pass t hallenges and greatest opportunities for serving the baton and for the company to move ahead to its co tomers and the people of South Carolina, new challenges, President and Chief Executive "I know Santee Cooper is in very good hands Officer Ken Ford announced his retirement Oct. with the strong leadership of the board, its 22 "I feh that passing of the baton would be best chairman and the new management team." done when Santec Cooper is in its strongest Ford said he projects a bright future for position," he told employees. Santee Cooper, resulting from a strong and Ile explained that recovery from his recent interactive management-employee relationship. i spinal surgery was taking longer and was more "I think the development, through a team concept, taxing than he had anticipated. Following the of the goals progriun and the strategic plan has 1 advise of his doctors that optimum recovery could had a solidifying impact on senior management, best be achieved by withdrawing from the day-to- and those programs will have the same influence day pressures of managing a major corporation, he throughout the entire organization." stated,"IfI can't give the full 100 percent to the Examining his career at Santee Cooper that company,it's best to step aside and allow someone began in 1978 as its chief financial officer, Ford capable of doing so to take the reins " recalled how Santee Cooper "came of age," With a sense of great optimism, Ford said evolving from a relatively small utility with 1,312 that Santec Cooper was the stmngest it had ever megawatts of generation and less than 45,000 been financially and faced some of the greatest customers to a major South Carolina energy and
4 Santee Cooper's new President and Chief Executive Officer T. Graham Edwards m_ commends Ford for his dedication and leadership. q5 "y3 :
, _. e%glM " Ken Ford coritributed tremendously to this
% 3%g organization and the people we serve. He came '
$ ] in at a tir.1e in 1989 when circumstances were -
L -
'lj somewhat rocky for Santee Cooper with lots of
,y l changes and challenges facing us. We had to P. -
Ta rebound from a devastating hurricane that
' t_ flattened our transmission system; we were facing
.[ ; challenges from the legislature and legal battles
{} involving fuel contracts and other matters; and we were preparing for the economic impact of 3 f military downsizing afTecting our service area. it - seemed like everything was just going on at one gp time, and Ken provided the stable force needed f u M - : for ihis organization. He was probably one of the a j few people who could step in and provide.the <
- g. - t ;j leadership and stability that were needed."
3D . - 2 6 Ford said that his greatest pride at Santee
- h. _
ljj; Cooper came from what its ' employees have shmvn in sticking together during some difficult {% : s times over the past five years. jQh "Whether it was Ilurricane Hugo, the coal -[
-)
contract situation or 't hreat of privatization, the employees and their families have always stood ']
~
shoulder to shoulder in addressing these I economic resource that by the end of1994 will be challenges." H operating with over 3,200 megawatts ofgeneration Ford concluded by repeating what he tohl and serving more than 10.0,000 customers. employees following Santee Cooper's successful' "We should all be very proud because when recovery from Hurricane Hugo'."No person was you look at the total picture by counting electric too big and no job was too small to meet the co-op customers, Santee Cooper power is today challenges we faced, and I'll never forget that. I used by one'ofevery three South Carolinians, and feel that same spirit of commitment has applied - - with our new regional water system,we are probably throughout the organization during my term as in the position we were 50 years ago with electricity." president and CEO." i
1 Advi.sory Board Afanagement Carroll A. Campbell Jr. T. Graham Edwards Ron H. Holmes Governor President and Chief becutive Offcer Vice President James M. Miles Robert V. Tanner Secretory of State Chief Operating oflicer Robert F. Petracca l Vice President T.Travis Medlock Bill McCall Jr. Property and Transportation Atorney General becutive Vice President Productuon Byron C. Rodgers Jr. ' Earle E. Morris Robert E. Raincar Vice President, Engineering and Comptroller General becutive Vice President Construction Management : Engineering and Operations Grady L. Patterson Jr. Jerry L. Stafford State Treasurer John H.Tiencken Jr. Vice President becutive Vice President Corporate Communications General Counsel William R. Sutton Emily S. Brown Vice President Senior Vice President Planning and Power Supply Administration and Finance L.F. " Butch" Volf Maxie C. Chaplin Vice President Vice President System Operations-Production Operations Transmission and Construction Zack W. Dusenberry Elaine G. Peterson Vice President Harry-Georgetown Division ( ,, H.Roderick Murchison Treasurer Changes in Executive Afanagement in October, President and CEO Kenneth R. Ford announced his resignation and retirement fbr heahh reasons associated with spinal surgery. T. Graham Edwards was named the new President and CEO. Along with the change at the top, other reorganizational changes took place in October. Santee Cooper's Board of Directors named Robert V.T;mner to the position of Chief Operating Officer. Also,11111 McCall was promoted to Executive Vice President of Production. and Emily S. Ilrown was promoted to Senior Vice President of Administration and Finance.
'1
4 Schedule ofRefimdedBonds Outstanding As of Deumber 31,1993 (In Thousands) Cc8 Date January 1,1994 July 1,1995 July 1,1995 January 1,1996 juty 1,1996 July 1,2004 Juh 1,2002 Series 1979.A REF 1985 REF 1985 A REF 1988 A REF - 1986-A & B REF 19918 & C REF 1991 D original Maturity D;.ta . July i Rate Amount Rate Amount Rate Amount Rate Amount . Rate Amount Rate Amount Rate Amount, 1994 1995 1996 6.10 1,565
'1997 8.80 900 8.60 2,390 1998 9.00 1.060 8 70 4.930 1999 9.05 1.160 8.75 5,405 ' 7.80 6,365 2000 9.10 1,150 - 7.80 13,200 2001 7.90. 835 6 60 15,370 5.90 5.870 2002 7.90 900- : 6.00 6,215 '
2003 9.00 32,500* 8 00 4,695 2004 8.00 5,070 2005 9'ls 5.000* 8.00 5,475 2006. 8.00 5,910 2007 8.10 6,390 7.00 4,025
.2003 8.10 6,905 2009 7.00 8,915*
2010 2011 *
.2012 7.00 25,610*
2013 2014 2015 2016 2017 2018 , 2019 8.00 65,565* 2020 7.00 23,675* 2011 9.20 120,890* 77/e - 37,460* 7.10 135,705* 2022 9W 160,510'
.2023 2024 6.50 . 130,275*
2025 2026 6% 61,560* 2027 2028 2029 2030 - 2031 65/ s. 149,630* ,
.. p Totals
. Per Series $1,565 $169.780 - $166.165 $37,460 $144.985 $251,185 - $291,990 Totals Per Call Date $1,565 $335.945 537,460 $144,985 $251,185 ' $291,990
.I
- Term Bornis
Scheduie ofBonds Outstanding As of December 31.1993 c-(in Thousands) - ttturity - 1967 1973 1974 1977 1978 1979A 1982 Refunding 1945 Refunding 1985A Refunding Octe - Series - Series . Series Series Series Series . Series . Series Series - July I Int. Rate Amt. . Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt. Int. Rate Amt, int. Rate Amt. Int. Rate Amt. Int. Rate Amt.
+
-1994 4 10 2,605* 5% 1.700* 6.40 1,910 5.20 720 5 '/* 1.440 6 00 1.425 8% 750- 8.20 705 i 8.00 - . 510
-1995 4.10 2.720* $1/4 l,795* 6.40 2.035 5.30 785 5 30 1,515 6.05 I,490 8.40 765 8.20 - - 2.425
=1996 4.10 2.845* Sh ' l.900* 6 40 2.155 5.40 830 5.35 1.585 8 60 825 8.40 2.030 ..
1997 - 4 10 2.975* 5% 2,010' 5.45 890 5 40 1.670 1998 4.10 3,105* 5% 2.125* 5'/2 935 5 40 1.760
-1999 4 10 3.245' Sh 2,245* Sill 1.005 5.70 1.850*
2000 4 10 3,395* Sh 2.375* 5.55 1.065 5 70 f.940* 2,045* I 2001 4.10 3,545" 5% 2,510* 5.60 1.130 5 70 2002 4 10 3.705* 5% 2.655* 5.60 1.220 5.70 2,145* 2003' 4 10 3.870* - 5% 2.810* 5% l.295* 5.70 2.260* I 2004 4.10 4.045* 5% 2.970* 5% 1.380* 5.70 2.380'
; 2005 4.10 4.230* 5% 3.140* 5% 1.460* 5.70 2 500a
( -- 2006 4.10 4.420" 5% 1,325' 5% 1.570* 5.70 2.630* 2007 5% 3.515* 5% 1.795* 5.70 7.385* , 2006- 5% 3.715* 5% 1.945* 5 70 7.845' ] 2009 5% 3,930' 5% 2.080* 57/s 8.330* ' 2010 5% 4.155' 5% 2.225* 57/s 8.845*
' 2011 5% 11,520* 5% 2,180* 57!s 9,390* (q 2012 5% 12.180* 5% 2,300* 57/s 9.980* -1 201) 5% 12.880* 5% 2,500* 57/s 10.590* i 2014 5% 2.640* 57/s 11.250*
2015 5% 21.065* 5% l 1.950* 20l6 5% 21.235' 57/ s 12.555' 57/s
.]
2017 5% 34.580* 13,190* j 2018 5% 50.600* 2019 , 2020 a 2021 2022 - 2023 1 2024 2025 2026
-2027 2028 ._
'2029 2030
'1 '
~ 2031
- 2032 Add _
Total Outstanding .
- As of 12/31/93 44.705 83.455 6,100 108.830 187.630 2,915 750' 2.295 . - 4.965.
Bonds Redeemed As of 12/31!93 - 6,895 16,545 16.720 6,l70 12,370 .12.160 3,865 4,140 6,715 Bonds Refunded As of I1/3 fl93 0 0 - 86,180 ' .0- 0- 94.925 . 289,385 169,780 166,165-L l.ess: . Accreted Value . As of 11/31/93 -- - Nec ~
' Origmallssue Amt . 51,600 100.000 . 109.000 - 115.000 ~ 200,000 110.000 - 294,000 ' 176.215 . 177,845 :
- Term Bonds (3) These are floatmg aucten tax exempt (* FLOATS") and (4) 510.260,000 are serial bonds and
' (1) includes accreton on Capital Appreciate Bonds through 12136/93. residualinterest tax exempt (" RITES") bonds whch have - 59.000.000 are term imnds. L a sermannual bond equivalent yield of 5.40% per annum ~ (5) included in year that payment is made.
i (2) Maturities are on January I instead ofJuly 1. on those matunng 6/30/2006 and 5 60% per annum on - (bclusive of Funded and Accrued - those with a final rnatunty of 6/2&'2013 Interest.)
' (For Deta4 on Calls See" Schedule of Refunded Bonds Outstandir.g.")'
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