ML20070Q119
| ML20070Q119 | |
| Person / Time | |
|---|---|
| Site: | Cooper  |
| Issue date: | 12/31/1993 |
| From: | Horn G, Taylor L, Watkins R NEBRASKA PUBLIC POWER DISTRICT, OMAHA PUBLIC POWER DISTRICT |
| To: | NRC OFFICE OF INFORMATION RESOURCES MANAGEMENT (IRM) |
| References | |
| NSD940450, NUDOCS 9405130040 | |
| Download: ML20070Q119 (33) | |
Text
s ed e au r c+, C-oOPER NUCLEAR STATION
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1 P.O. DOX 9H, DROWNVILLE, NEBRASKA 68321 MWW; .. ;~a Nebraska Public Power District *i?l18:02'.'" .. _
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NSD940450 May 5, 1994 Doc tune nt Control Desk U. S. Nuclear Regulatory Commission Washington, DC 20555
Subject:
Nebraska Public Power District 1993 Annual Report NRC Docket No. 50-298, DPR-46 Gentlemen:
In accordance with the requirements cited in 10 CFR Part 50.71(b), Nebraska Public Power Dist rict submits its Annual Financial Report for calendar year 1993.
Copies of this report are being distributed in accordance with 10CFRSO.4.
Should you have any quest Ions or require additional information, do not hesttate to contact me Singerely,
- W O'.. R Horn Vice President - Nuclear
/rg Enclosute (10) cc P.,gional Adminstratar USNRC - Region IV NRC Resident Inspector Cooper Nuclear Station l
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'l N ii i.t R A S K A l' U 11 L IC P O W iiR 1)l S T R IC T A n n u al R ep o rt l
Nineteen flundred Ninety-Three .! i I w A rm:,lg- 9 , A p j.
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The Power of Teamwork s \ t kN - - _- - _ _ -_ _ _ __ -
i Qeference Guide
. Year at a Glance i Board of Directors and Senior Nianagement 14 The District ! lilectric System 15 Message from the Chairman and President 2 Power Supply System 24 1993 in Iteview 4 Nuclear Facility 28 1993 Statistical i<eview 12 Year at a Glance Kilowatt hour Sales (tilectric System) I1.0 Billion Kilowatt-hour Sales to Niidwest Power Systems Inc. (Nuclear Facility) 1.9 Billion Operating I(evenues (lilectric System) 5396.0 Million ,
Operating itevenues from Sales to Midwest Power Systems Inc. (Nuclear Facility) $85.6 Million , Cost of Power Purchased and Generated Iincluding Nuclear Facility and Power Supply System) $286.3 Million Other Operating lixpenses 593.5 Million Net Revenues $1.98 Million Debt Service Coserage 1.71' 1 The District
- Nebraska Public Power District is a public corporation and political subdivision of the State of Nebraska. Control of the District and its operations is vested in a Board of Directors, consisting of ii members popularly elected from districts comprising subdisisions of the District's chartered territory. The subdivisions encompass 86 of the state's 93 counties and all of live other counlics except for the corporate area of one first-class city not served directly or indirectly by the District .
iii cach of these lh e counties. The District has the power, among other things, to acquire, construct and operate generating _ plants, transmission lines, substations and distribution systems, and to purchase, generate, distribute, transmit and sell electric energy, at both w holesale and retail, for lighting, power, heating ami miher purposes. The District operates an inte-
- grated electric utility system, including facilities for generation, transmisson and distribution of' electric power and energy for sale at w holesale and retail, and a surface water irrigation service. There are no investor-owned utilities provid-ing retail electric service in Nebraska.
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Message ymm the chairman und President theius and at tisities in UFO led We aie proud to leport that s istu- materials in record time. Addition-Nebraska Public Pouer I)istoct to use ally escry customer of ours had elec- ally. I)istrict emplo)ecs. from linance the pow er of te.unu oik one of the tric seisice restored uithin 72 houis to sy stem control to transnussion Inost impoltant ( haraitelistics al a ol the statin, alid all transnnssion engineering to generation disisjons, stictessitd olyam/ation \1other d.nnJpc u.h repaned h) the end of as w ell as others, proved w hat a Natt.re and \tur phy 's 1.au play ed a Septemher. We could not hase model of te;unwork they could he. large p.ut in the hand that was deah accomphshed this without tiemendous The stoun's linancial ellects us, hot by pulhng together, our em- cooidination among our employ ees, were compounded by the second year ployees enabled the 1)istrict to end t ustomer s and suppliers. of unseasonably cool, u et summer the y e.tl ill it intilll stilHipel pihitit ul NPl'I) CIew s allti w holesale cuv weather. Again, we It>i>ked to our than any one w ould hase espet ted inmels' cleu s w orked in tandem, unious dis isions and departments to mid-p ar lendmg eien s to each other, laboring tighten their hells and cut an addi-I I' most s is id es.unple of ie.un- amund the clock no matter w hose tional S percent f rom their hudgets j unik hecan the esening of .hily S. sen iec territory they w ere u oiking os ei the nest three years. Employees Wind s ni cu en of 100 mph ripped in. Suppliers responded iiinnediately, scrutinized upcoming projects to auoss the state. Icas iny hulund more distubining needed equipment and determine whether thes could be than %20 milhon north of our trans- delayed hn a leu years or possibly l lillsNitol alhl distrlhtlt n ut N) stelin ill esen CallCCled, atu a) N keeping in f ililb U nlds les clet! holhlings, tw isled mind that those hudyCt cols must Mol i and counh!cd poitions of our com- significantly atlett the lesel of service nlunilles' distrlhllthol s) slenh alk! j (llir Clistoillers espCCl. na!!cd down irone than M imles of > I till nH hl clllical "n est 161 Ca s!" (Ialb- 3 .. Iniv hin lille . .
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Pait of the bmiget crunch was due Basically, we luive been such a good Another area we are proud of is to an extended outage at Cooper operating plant f or so long that we economic dcvelopment. While the Nuclear Station, w hich lorceil us to may hase gnmn too content in our national economy has been plagued buy a significant mnount of ptmer position. Progress is being made by poor performance, Nebraska's trom other utihties. We need to stress every day in the nuclear industry, and economy shows encourac ing signs. that the lengthy outage was caused by we'se oserlooked some changes that Since the health of this utility is tied sescral equipment malf unctions, and could make us better. to the economic health of the state, was not the resuh of significant per- We are taking aggressise steps to we work s cry closely with the eco-sonnel peitormance deliciencies. address the NR("s concerns, and an nomic development stalfs of the State Cooper Nuclear Station employees integral part of our sision for Cooper of Nebraska and local development did a tremendous job recmeting Station's f uture is .eamw oik. One groups. The success of this coordina-and gettmp the plant pmducing of the key values of the nuclear tion was evidenced by the findings in pow er again. power group's s ision lor the future our recent statew ide economic study. The Nuclem Regulatory centers on teamwork: "We are bound Our strategic planning etforts are Commission (NRC) has raised some together by trust, conunon goals and progressing as well. We want the concerns about the way we manage mutual respect. We know that w hen process to be thorough and all-Cooper Nuclear Station. The plant the team wins, we all uin." Values encompassing, and therefore base recently was placed on the NR("s such as this one, when embraced, will included many stakeholders in the declining perf ormance hst. While no make this " pond" plant and entire process. The participation includes one has eser questioned the lact that organi/ation " great f our floard of Directors, employees, ('nopei Station has alway s been a NPPlYs comminnent to teamwoik management, all classes of customers, sale, good operating plant, the NRC loster s others' conndence in ns. elected otheials, members of the wants us to rectonine oursches so NPPIrs iloard of Directors is dedi- State I.egislature and Congressional that we don't continue to rely on our cated to setting policies that reflect Delegation as well as Nebraska good reputation and past peifonnance. the sound business practices of Gmernor Ben Nelson. By invohing tlns utility. Dunny the y ear, we reli- so many dif ferent groups, we hope to nanced some S951 million in retenue have an accurate picture of how they
- bonds at a sasings to our customers. siew NPPD, and where they would These boiids sold quickly both in like to see us go in the future. With Nebraska and nationwide w hich, to this 13 pe of background knowledge us, show s the contidence others base we can hetter focus decisions on the ;
in this District. future of this organization. l Other accomplishments during As you can see, teamwork has
' ~_
{ the year highlight great examples of become increasingly important to us j teamwoik: the opening of our new user the years as we have laced many [ q
,% Sy stem Control Center in Doniphan, issues and temperamental weather. l nearly S2 million under budget; the We came through 1993 not only in j l record production at our largest coal- one piece, but continued our role as a i f C lired pencrating plant, Gerald leader in the utility industry. ~e- d Gentleman Station; the progress on ine consouaion or a rad som to sc y t Gentleinan Statioli that uill ultinlatelv ' '
D \
. i k kkf s , k k increased coal shipping competition; ( hu man the granting of a pernut to Furn tiie-derived fuel at Sheldon Station: [geh g;; ,.d ana many others noted on ihe um www following paget en u4m am! r /m
( 3
1993 in Review ' lin the second consecutise year. the power of teamwork among our supportive of the need for a small rate weather played a ma.jor role in the personnel and other Nebraska utilities increase for 194Ll995. operation and financial condition of to meet the significant challenges of Weather signilicantly impacts our our utility. Itack-to-back summers 1993. We f eel the challenge posed by res enue and, historically, we are a that were cooler and wetter than nonnal this adsersity will make us a stronger summer peaking utility, llowever, affected revenue, and a severe sum- and more responsive utility, because during 1993 we set two new secord mer wind storm wreaked hasoc with it prosed that we could usercome this u inter peaks on our sy stem, w hile a ma.jor transmiwion line and other t3 pe of adversity with positive results. our summer peak for the year lagged transmission and distribution facili- Certainly, our wholesale cus- far behind our all-time summer high. j l ties in central and southeast Nebraska. tomers were an integral part of the 1)uring the summer, the highest l These two situations. plus other demonstrated teamwork. They were demand of our total requirements events during the year, emphasized understanding of our situation and customers was 1.566 megawatts on l l ( i i
e August 17 f or lhe hour ending at crease ot electric heat in our service our sy stem, which certainly bodes well 6 p.m. Ahliough that is 196 mega- alea. We are continuing our aggressive for the future in our ellorts to better watts higher than the 1992 sununer promotional program of increasing balance the winter / summer peaks. peak,it is 253 megaw atts less than heat pump installations with a strong ( onr all-time peak demand of 1,819 emphasis on energy e10ciency. lleat , megawatts set in July of 1991. During pumps not only increase winter usage g both Jannan and i ebruary, we set but help reduce smomer demand if new w mter peak demands. The they are of high efikiency and replace s January peak of 1,3S5 megawalls was older air-Conditioning modeli D'
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topped by a record 1,406 megawaits hupros ed economic conditions in 3=% l on Ichruary 17. our Neh ice area wil! Con!Wue to Con- \ l A new winter peak demand uas tribute to increases in our winter and , l set on January 17,1994, w hen cus-tomers used 1.471 megawatts (esti-sununer loads. A study of economic trends that we recently completed s { j l l Inated) at the hotn ending at S a.m. rescaled that the econonue health of , Although winter temperatures nomnetropolitan Nebraska has ,, _ . _ I have been helon llorillal Ior tile past InlproVed signIIICantly sinCe 198b' Largo spools of wire, commonly referred couple of years, the recoid w inter ihnployment, per Capita income, Iann to as sonductor, sentrHoute to the om. loads are pallially altflhuled to the in- ICal estale salues, hanking Conditions <3enty of in. field stringing, and husiness espansions all increased smee the mid-1980s. Our in-house task force on y hitegrated Resource Planning and Demand Side N1anacement continues to draft a comprehensive plan that wdl guide us in our elforts to balance our winter / summer load, control power ( . supply costs and keep rates dow n. We had total kilowatt-hour sales of 11.0 billion compared to 10.6 bil. 4_ ._ lion during 1992. Following the cool, [ #4 MA wet midsummer, N1other Nature pro-Wiro stringing during new line construs vidcd a i nanc al h00\l iU AiIMUsi' tion or following reconstruction reqvlees bCplCWbCr UUd OClobCri ra!\!ng aClua! Intriente tearnwork, sales above budget. August peak loads exceeded 1,500 megawatts. We added 4,871 electric space flowever, our total operating revenues heating and electric water heating for 1993 were S396.0 million com. installations to our system during pared to $408,7 million for 1992. ~ 1993, resulting in the addition of Our net revenue for the year was 45,400 kilowatts of new winter load. $1.98 million. I Since 1990, we have added more than Financially. we had a much better g 210,300 kilowatts of winter load to year than was anticipated w hen we I q h revised the 1993 budget at mid-year. The amount of surplus net revenue l realized and deferred, or set aside for
i future use, was 525.6 million, S22.9 System bond refinancing of Si16.6 sions since 1988 the w holesale rates milhon mme than estimated in our million in March. These retinancings were actually reduced. This increase 1993 revised budget. This left a bal- took advantage of low interest rates assures that we will remain in a ance in " deferred revenue-other" at and, as a result, our customer s me strong financial condition. The in-year's end of $24.2 mdlion. O! this espected to sas e an estimated 597.0 crease will be oliset somew hat by a amount,51.7 million is being utilized million over the life of the bonds. larger credit in the Production Cost as a credit against resenue requite- During the sunnner, we launched Adjustment (PCA) factor in 1994. ments in establishing rates for the an appressise e.spense and capital The PCA credit will tefund a surplus 199+1995 rate period Unless other- expenditure curtailment plan for the of S4.6 million in " deferred revenue-wisc required, the remaining 522.5 balance ol 1993 and continuing PCA" that occurred as a result of million will be utilized in the 1996- through 1994 and 1995, based on actual fuel costs being less than esti-1997 rate period. Much of this fasor- pro.jections of resenues at S35 million mated in 1993. able sariance in deferred revenue is below nonnal because of the nuld Sale of excess capacity helps due to lileetne Sales being $17.7 mil- summer weather. We deferred hold down costs f or our total require- l lion over the res ised budget. expenses and capital projects. w here ments customers. During 1993, such ! si practical. to of fset the projected ree- sales totaled approximately $12.3 ; f enue shortfall. We initiated a volun- million. Ihtimates are that existing j tary work force reduction pro.jram capacity sales contracts will account l and icquired esery new or replace- for annual revenue of $11.9 million e ment position in our corporate head- through 1996 and $11.5 million from quarters to be approsed by the president. 1997 through 1999. Without these in total, employees identified approximately 542 million in cuts and sus ings, w hiCh had to be bal- , U anced against the reliability of our
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Damage from 1993 storms was the most SINICW UI DUI Ubklil) IO SCUC CUh- ,.['h'## settly in our history. tomers. lt is impottant that we inan- ; age operations so as to minimi/e the Additionally, this famrable smi- impact of any resenue shortfall on ance can be attributed in part to the future rate periods. 5381.4 inillion Power Supply System Generally, most departments ( bond refinancing in September. and were able to stay within their respec-the pain on the sale of U.S. Treasury live budgets in 1993. Considering secutities, w hich was not budgeted. that these budget , reflected signifi-
'Ihis refinancing will reduce annual cant reductions to mitigate the ellects
, debt service cost by 51.8 million over of the mild summers in 1992 and 1993, the remaining lite of the bonds. The employees pulled together in real sale of 11.S. Treasury securities held teamwork fashion to hold down costs. in the Debt Senice Reserve Account in emly 1994, the Board of -- resulted in a one time gain of 53.5 Directors appiosed a rate increase for - milhon. total requirements w holesale cus- -.<::=- --- in addition, there w ere two other tomers that will aserage 3.4 percent. Power Supply System bond retinane- This is the first increase in w holesale __. ings dming the year-5346.4 million rates since 19SS, and on two occa-in January and $132.6 million in March. We also had an l{lectrie u a.
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sales, our total requirements cus- retail that lease their distribution sys- retail. Several of our municipal and tomers uould pay nearly Si million tems to us. In addition, we returned rural wholesale customers also suv ! more per m mth for power an 1 energy. approximately 55 million in gross tained considerable damage. revenue tax and in lieu-of-tax pay- it was the most costly storm in ments as required by state statutes, our history. Once again, teamwork in
~~ Winds of epic proportions in July all segments of the industry, including I
[ caused in excess of $20 million worth our ow n people who worked diligently of damage to our transmission system to repair damage and restore service, in central and southeast Nebraska. paid off. Suneys showed 406 two-pole wooden Helicopters removed wrecked
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structures were destroyed on a 64- structures, and transported and set i PAote than 600 weeden structures were UI C *EUient o 345 kV line and prebuilt structures to minimize damage destroyed on eve transmission system another 210 structures were destroy ed to crop land and speed reconstruction. due to storms in 199a. on about 22 miles of I15 kV line. To strengthen the overall line, and be. There was considerable damage to cause of their immediate availability, 1)uring 1993, we returned more subtransmission and distribution lines we used laminated poles and some l than $14 million in lease payments to in several of the cities we serve at steel structures where appropriate. the 203 communities we serve at Although our ability to maintain bulk transmission service to southern and g ?
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southeast Nebraska was piccarious at ing since 19M. We await a Resised habitat in the Platte Ris er Valley. limes. since this was the only 345 kV I) raft F.m nonmental impact State- We beliese that we must continue line in a know n uansnnssion " boule- ment f rom I ERC. w hich then must to seek support for a settlement that necf " mea. the mild summer weather consult uith the U.S I ish and balances the benefits to the sarious helped to asert potential energy short- Wildlife Sen ice in accordance w ith u aler and w ildlife inten sts in the ages ni luow nouts because of the 1:ndangered Species Act. before Platte Rher region with electric gen-reduced demand f or air-comhtioning issuing a final I.mimnmental hupact cration and inipation, while minimi/- aild lilipallon pillnping. Slatelnent aild a new long-tCrm ing the amount of time and Cost
'Ihe sescrity of d.uuage tesuhing license. \luch of our actitity dniing expended in the process. Teamwor k hom the stoun caused the cennal and the year centereJ on ellorts to is essential in settling the issues with southeaslein piution of the state to be encolnape support for the concept of a Nebraska solution, raths r than a solu-declaicd a lederal disaster aica. mak- a plan athanced by Gosernor lien lion dictated by out-of-state interests.
ing us eligible f or disaster assistance Nelson. l'ederal and state agencies, as We are determined to capitalize f unds. We expect to secche an esti- well as most em itomnental inter- on mother opportunity 0 emphasi/e mated 51.s 3 un!! ion in lederal disas- s enois, continue to assess the so- the value of teamwoik. limployees ter hmds to rennburse the cost of called Nebraska Emironmental uorked to complete one of the most rchliihlInp laCllities danlayed in Accollut as ens ironmentall) inatle- lillle-consuming and difli.l ult lefuel-destinyed by stount quate to protect fish and wildlife ing and maintenance outages in the
'I he plot ess n1 acquinny a new history of our Cooper Nuclear hum-tcun 1 ederal I neres Reeulaton Station.1he scheduled eicht-week Conunission il 1.R(l license hu om Niirtli l'i.itte hy iliti generating pri> ject continues. 'I his cifort he been ongo-l g ,
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outage began with a plan for 36 restart. One project dealt uith replac- it was a record year for design changes os plant modifications. ing a leaking seal on the reactor ses- Gentleman Station, our largest coal-sel, w hich meant the reactor pressure lired generating facility. The Station sessel head had to be remmed and generated 6,879,639 megawatt hours I replaced a second time. The outage in 1993, w hich is 17.6 percent higher 4 work was conducted under increased than the previous record generation i p Nuclear Regulatory Commission set in 1989. Total coal burned was i p{]gg b (NRC) scrutiny, that included the 4.010,530 tons, w hich exceeded the
.Sk h wray lesying of two civil penalties by the previous record set in 19X9 by BG NRC and enforcement conferences 500,853 tons. It is interesting to note and public discuwions 01 concerns that the two units also set individual
!!$1CTdMDitEL:=II"" with our perf ormance at the Station. generation records.
our n.w syst m contr.: c.nter wa com. In addition to the increased NR( pl.v.d for about $ 2 mnlien les than b"d
- focus, we dealt with high winds. 3 g )
8 j severe thundentorms and subsequent .-- .. flooding of the Missouri River. The At the close of the outape,21 weeks plant was not seriously threatened later, we had completed 61 design by the flood. ' changes,145 amendments to presi- We continue to esaluate our M ons design changes and an addnional iesponse to the NRC concerns at y 25 eqmpment specificanon changes Cooper Station and base already ,ggg ' In addition, sescial projects that made several personnel and piogmm- i' i dhi not requite design change docu- matic changes that will result in + mentation delayed Cooper Station's enhanced responsiseness. We desip- I nated Guy R. llorn as Vice President. Nuclear and he Iransfened f rom our Gencial ()llice to the plant site. Re-sersing the downward plant perform- neinactment of the bl.teri, or. gen Troll 97* ance trend that the NRC has identified t,.h w.., ... i.e.rropt.a f., o night .
.tay at ove sotherland Iteservoir, is a challenge w e are determined to meet during 1994 so this facility can once again he recogni/ed as a leader. Earthwork was basically com-i.engthy outages, such as the one pleted during the year ou our new at Cooper Station place increased coal-delivery rail spur connecting the einphasis on other generating Union Pacific mainline to Gentleman resources such as Gerald Gentleman Station. Project construction was Station and on the transmission facili- apptoximately 65 percent complete at ties required to deliver Gentleman year's end and is on schedule to meet Station energy. The continued ability the September 1994, in-senice date.
to deliser low-cost energy from such This spur will result in lower coal resources is key in keeping our cost of service low. F,,, umeurer -- ? = W g .
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dehsery raies by prosidmp access to to explore opportunities to anluire hm -prade coal that las a Irll! con-both (' mon Pacific and Builmyton ;uul consume the 'll)l at lower costs. tent of appiosim.nely 75 percent of l Northern numlines, thus reducmy Sheldon Stanon's net generation the c ul that the Station's boilers w cre costs at the plant. of 1,097.135 mepawau-houts was the designed to burn. Test burning of tue-dedsed f uel lughest yearly total genciation since ()ur new Sy stem Conirol Center ('ll)l') at oul ShCl doll Station colllill- 1V77 and the f ourth hiphest on at 1)oniphan %'as Completed during ned, and we luse been pianicd a per- rewnl. 'I his is particular13 significant the y ear. The one-story structure. lea- ) mit by the 1.mcoln/l.ancaster ('ounty since during the past few years tunny a hanlened tonudo-proot area ilcalih I)cpartment to pennanently Sheldon Station has been hunung a to protect operators and sital equip-burn a misture of 5 peicent iI)l' and ment. is the computeri/ed control 95 pelcent coal. Iloweser, lests thus point of nitich of Nebraska's electric ; f ar i.ontilm that a misture 012 per- operations.11 replaced an outdated cent 'll)! pencraH3 eluninates heas y N lacility at llastings. slag buihl up m the boilers and \ appears to be a more appropuale mix. Mismp at a 2 percent lesel will N consume an estinuted one nullion 1
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e W - . . cost ellet tn e as burnine co.d. Io N h.q- ' JE g em.un cosi encanc. ue uiu continue d] fy k//b( pl "
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l Operators can automatically most elficient use of our resources communication pathway and the monitor and adjust the output of key and a savings for our customers. WAN will provide the equipment so generating stations to meet moment- We held three separate series of that computers connected at various hy-moment fluctuations in electrical open-house meetings during the locations throughout our vast sy stem l demand. Operators monitor other ycar to gather public comment and can communicate, activities on our system, including input on locating our planned new in 1993, we commenced a j interconnections with other utilities as 345 kV transmission line from our strategic planning process to help I well as our highaokage transmission Pauline Substation, south of flastmys, position us for the future. Valuable f I lines. We conununicate with other to our Mark Moore Substation at input from numerous customers and utilities to buy low. cost energy or to Sheldon Station. key policy makers was gathered. ) f sell surpins energy, resulting in the The 06-mile line will improse We are proceeding with the process, l system reliability, eliminate a know n and expect to have a draft of the transmission " bottleneck" in our sy s- strategic plan in 1994. tem and allow full use of our genera-tion resources. particularly \ g b % Gentleman Station. Mandated public P : hearings on a preferred route were held in early 1994 and construction contracts are to be awarded in 1995. The line is scheduled to be in opera-tion in the spring of 1996 at a total estimated cost of 557 million. 1
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We are moving forward on a 318 million Wide Area Network (WAN) project that will enable us to share data and information electronically
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1993 Statistical Review Elet tric Sy stem. Notlear 1:aulity, and Pim er Supply N> stem ComSined Resenues from lilectric Sales
^' C AF# N1Wh Sales (5f XW h Number of.
S Al .liS Cuvomers AN10UNT 4 AN10UNT 4 Retail: Residential S 2.S I S 851,684 7.S 5 57,203 14.4 Rural & Farm 3,671 60,477 06 4,140 1.1 Commercial !8,535 732h46 6.7 45,182 I l .4 ludustrial 6S 859.849 7.8 29,877 7.5 Publie !..ighting '51 25,466 0.2 2,379 0.6 N1unicipal Pow er 192 37,453 0.3 2.238 0.6 N1iscellaneous N1onicipal 2.727 101,223 0.9 4.892 1.2 Total Retail 10S,262 2A68.798 24.3 S 145,911 36.S Wholesale: 49 N1unicipahiies rf otal Requiremento 1,329.771 12.1 5 45,14S I 1.4 20 N1onicipalities (Interconnections & Partial Requireinents) 57,583 0.5 1,83S 0.5 25 Public Power t hstricts & Coope:atives (Total Requiremento 3,543.26S 32.3 10S,614 27.4 Total Wholesale Sales tEschhhny Nontion and Paiticipation Saleu ._ 4.930.622 _ _44.9 5 155.600 39.3 Totat Retail and % holesale Sales 1Excludiny Nonfirm and Participation S,ileu 7.599,420 69.2 $ 301.511 76.1 Other Utihties li inn :uid Nontiim) I,372,579 12.5 21,009 5.3 Participation Sales ( l ) 2.( W)7.133 18.3 59.012 14.9
' lot.il Res enues f rom Electric Encres Sales 10,979.132 !O0.0 5 381,532 96.3
- - ' =_ - - _ . = . - = - - - -
()iher ()peratiny Resenues (Net ol'l)elerred) $ 14,480 3.7 Toral I lectne Spiem Operating Resenues 5 396.012 100.0
. _ =: = = - _ _ . = _ = = = = = = = = = . =
Pnniuction Costs N1Wh (5(X X 4 GI .Nt:R A l lON AN10UNT N AN10UNT 4 Pioduction: I lettric system (locluding inteithange) 1.260,402 10.S 5 25.205 S.S Puit based Power Supply Spicin (l) 6.933.1S7 59.4 5 142.7S3 49.9 Nuclear i aciht) i I ) 1,856,458 15.9 82,735 28.9 Other 1.,625.,265 ... 13. _9-. - _ 35.5S3 12.4 Total Pou er Putt hased 10,414,910 h9.2 5 261,101 91.2 Total Pow er Poxluced and Purt h.ised - i .I. ,675,312 _. it K.LO. . __---- 5 .2S6,306---1(nu t I s I k I < ,10< *n wm pur, ha u s !! k V i , c] tlw nr1 wm rvnm> avid p.m a > pim tw.cs et the l'au a s % ppis .\nt< m a:ut 51Y i vl the % h <u I as ihn tw< J upon the total
, , m of ik n p , in r s s va nn l'ar v,.nn to I Iw h n e r %h s I brarm I. %k nt lim e r % s!rms tw pn iwed ) 5 in. CO \ln h Imt the % leur I'm ihn Abdant l's u r e % won im non op. < m n not om l.tini m tk taido 13
Increase Gl:Ni II Al . 1993 PF12 (1)ecrease) (Thousands) 11tility Plant Iat cost): t l) I leutic Spiem 5 820.49S 5 784.451 5 36JM7 hmer Supply Sysicm 74S.906 725.931 22,975 , Nut lear Fat ihty 679.346 665,71S 13,62S
'Iotal l'tility Plant 5 2.248.750 5 2,176 ltX) $ 72.650
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()utstand np ()eht: l'lectnc Sy stem l 2) S 370.284 5 3S2,411 % (12,128) Power Supply Ny stem S55.235 S37,140 18J)95 , Nutlear Faedity _ _ 276.170 _ __ 292.300 _ . (16,130)
'l olal ( hastanding l)cht S l .501,6S9 5 1.511.851 $ (10.163)
Accrethled Number of Capability Percent Plan!s q 3) (MWi of Total Produaion Plant I atihines: hie.un - ('ons entional 3 1.916.3 57.4 9 Steam- Nuclear (4) I 77S O 29.6 Ily dro 10 15S.9 6.1 lhewi 9 38.1 1.5 l'eak mg 'l un bine 3 14 T.0 5.4 Iotal Pnalustion Plant I acihties 26 2.624.3 l(X).O 9 Il1 % vI n w me nn f .' r in. ; r.I, s im 1 n "?pt ('omme 16 roi l'ain r a la int lu In u \ Imho plann .sul ruu>< .hn< l p!.mu amle v r vena, I to ieiInto 1 i D in. fa.in M AIM e r mir a. in t t> > A1.,is e si ru s er % at nn Inu . I ransmission I at ihtics: Miles of 'Iransnussion l ine in Senice 6.240 Penonnel. Number of Permanent I mploy ces 2.246 Summer and Winter Peaks dow NPPD's Dollar Works for You In /wt tw# 3,ooo - 40.0% ; g , ,, , ,4 p, v,pa g,o, p, m e, y,ppi, y a, m
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Svamer M Winter 13
Board of Directors I,es ti Tuy lor - Chairman. Busincuman. f oot. sened sivu e Januars 1979 isruce W Gustaf4n - l' irs
- Vi e Chairman, I anneriRancher, lloidrcge, sen ed since January IV.U Way ne L fluyd - Set und Vh c Chairman. Attorner. Sotah Sion s City. sen ed since March IV,U Warsen R Cn.L - Sec retary. Hauneuman, Norfolk scn'ed since January 1%7 l 1
David L Duren Mernber. CI'A. Cv!untbus served since January I973 inhn D. If amilton - Mernbe r, Radrmed Implo;ce, lincoln. sen ed sim e January 1991 Ralph (L llaldaster - Membe r. A enbuuncumardianncr. Paston. sen ed smce Januarv IY81 Ralph U Jotunon - Membcr. Ecomunnt. Imcoln. sened unre January 1Y85 i y ,ns. ~ wrm rv .,
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$A Darrell 3. %l son - Memtwr, Iarmer Ram her, Oconto, serced since January I983 Gary G. Thompson Member, Attormy. Heatrice serced sinceJanuary lu93 Doru\cne E. Weed - Member, Huuncuwoman:llomcmaker, Kcarney. sen ed since January I993 l Senior Management VonaM W. Wankm< - Perddent and Chiu] Esn utn e Ulfh cr. Ruhcrt L Gangel - Vu e PresiJcnt. Iinance & Administration ,
Wsiham A. Merrill- Vice l'rrudent. O vratwns. f lIugh G. l'arris Vk e Presido nr. Pn>dm vian l Guy R flosn Yu e Presidem Mclear. Gene D Wanon - GeneralCounwl I Board Staff R<,,uu w s s n - Pn us m and C t n. aene lr Wstron G nerai Cowncl. RonaU U. Asche - In auver and Controner Ronda I . I r.n en A untant An nian.1. I ugne Tnw.iba - t aiuant Drawrcr l 14
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NPPD Electric System l l l-lteport of Independent Accountants To the Board of Directors , I. Nebraska Public Power District: We have audited the accompanying balance sheets of the Electric System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1993 and 1992, and the related statements of revenues and expenses and accumulated net revenues, and cash flows for each of the three years in the period ended December 31,1993. These financial statements are the responsibility of the ; District's management. Our responsibility is to express an opinion on these financial statements based on our -) a udits. We conducted our audits in accordance with generally accepted auditing standards and Government 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 Hupporting the amounta and disclosures in tbc financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement 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 .he Electric System of Nebraska Public Power District as of December 31,1993 and 1992, and the results ofitu operations and its cash flows for each of the three years in the period ended December 31,1993,in confbrmity v<ith generally accepted accounting principles. Our audits vere made for the purpose of Ibrming an opinion on the basic financial statements taken as a ' whole. The roupplemental schedules of the calculation of the debt service ratios in accordance with the Electric System Hond llesolution for each of the three years in the period ended December 31,1993, are presented for-purposes of additional analysis and are not a required part of the basic financial statements. Such supplemental. schedules have been subjected to the auditing procedures applied in the audits of the basic financial statements ; and, in our opinion, are fairly stated in all material respects in relation to the basic financial statements taken l as a whole. Coopers & Lybrand - l l l Omaha,. Nebraska j March 4,1994 l l 4
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' NPPD Electric System -
1 Halance Shecta - Decemler 31,1993 and 1997 1993 1992 i (Thousands) ASSETS Utility Plant, at Cost $ 820,498 $ 784,451 Irsa-Iteserve for depreciation and amortization (Note 1) 385,034 358,863 l
$ 435,464 $ 425.588 i Debt Ileserve Account (Note 1) $ 34.767 $ 35,188 i'
1(eceivables: Advance to Power Supply System (Note 2) $ -
$ 6,100 Sale of property 5,014 5,919
$ 5.014 $ 12,019 Current Assets:
Cash and investments (Note 1) $ 77,011 $ 116,883 Iteceivables, less reserves 70,142 50,950 Materials and supplies, at average cost 11,723 10,196 Prepayrnents and other assets 613 605
$ 159,489 $ 178,634 Deferred Compensation Plan Assets (Note 6) $ 13.322 $ 12,744 I)eferred Charges- I Nuclear Facility billings (Note 1) $ 19,649 $ 16,526 Unamortized financing costa (Note 1) 2,336 2,869 Other 1,293 540
$ 23,278 $ 19,935
$ 671'134 $ 684,109 LIAlllLITIES AND CAPITAL Accumulated Net Itevenues (Note 1) $ 225,152 $ 223.172 $
long Term Debt (Note 3) $ 324,369 $ 336,496 Conunercial Paper Notes (Note 2) 45,915 45,915
$ 370,284 $ 382,411 less-Current maturitics (Note 3) 17,536 14,677
$ 352.748 $ 367,734 l Current Liabilities:
Current maturities $ 17,536 $ 14,677 Accounts payable 19,959 18,913 Accrued lease payments 3,206 3,212 2 Other 9.856 10,637
$ 50,557 $ 47,439 Deferred Compensation Plan Liabilities (Note 6) .$ 13,322 $- 12,744 Deferred llevenues (Note D $ 28,827 $- 32,142 Unamortized l'ayment I!etcived for itefinancing Costs (Note 1) $ 728 $ 877
$ 671.334 $ 684,108 The accompart}ing twies (Y firutncsal staternenta n.re ori integral part of thew statements 16
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- NPPD Electric Sys9em fitat.ements ofitevenues and Expnses and Accumulated Net Itevenues for each of the Three Years in the l'eriod Ended De cerof,er 31, IMO 1993 1992 1991 (Thousands) 1(evenues and Expenses:
Operating Itevenues (Note 1) $ 396,012 $ 408,745 $ 377,123 Operating Expenses: Power purchased-Nuclear Facility and l'ower Supply System (Note 1) $ 225,517 $ 240,833 $ 214,588 Other 35,583 35,416 40,383 Production- l Fuel 10,529 10,528 10,534 Operation and maintenance 14,677 16,295 14,306 Other operation and maintenance 42,126 38,907 37,213 Lease payments (Note 1) 14,071 13,080 13,354 Depreciation and amortization (Note 1) 31,920 31,647 30,029 l',yments in lieu of taxes 5,360 5,036 5,203
'Ibtal operating expensec $ 379,783 $ 391,742 $ 365,610 Net operating revenues $ 16,229 $ 17,003 $ 11,513 Interest and Other llevenues:
Allowance ihr funds used during construction $ 1,587 $ 1,445 $ 1,344 Interest and other 7,189 8,631 11,053
'Ibtal interest and other revenues $ 8,776 $ 10,076 $ 12,397 Net revenues before other deductions $ 25,005 $ 27,079 $ 23,910 i l
l Other Deductions: liond interest $ 18,172 $ 20,102 $ 18,029 Other interest 1,684 2,055 2,216
'Ibtal other deductions $ 19,856 $ 22,157 $ 20,245 Net llevenues llefore Extraordinary Charge (Note 1) $ 5,149 $ 4,922 $ 3,665 Extraordinary Charge Due to Eudy Extinguishment of Debt (Note 10) 3,169 2,268 -
Net Itevenues $ 1.980 $ 2,654 $ 3,665 Accumulated Net llevenues (Note 1): i lleginning balance 223,172 220,518 216,853 l Ending balance $ 225,152 $ 223,172 $ 220,518 The necompanyy noten to finaneual statenwnts are on memrulpart of these statements 17
NPPD Electric System Statementa of Cash Flows f0r each of the Three Years m the l'eriod Ended Doce ndier 31.1993 1993 1992 1991 (Thousando Cash flows provided by (used in) operating activities: Net operating revenues $ 16,229 $ 17,003 $ 11,513 Adjustments to reconcile net operating revenues to net cash provided by operating activities: Depreciation and amortization 31,920 31,647 30,029 Vehicle depreciation charged to operations and capital 1,127 1,134 879 lteduction of deferred charges-Nuclear Facility - 15,975 6,964 Changes in assets and liabilities:. Advance to Power Supply System 6,100 - - Receivables, less reserves (19,192) 3,804 3,480 Materials and supplies (1,527) 1,040 (1,575) Prepayments and other assets (8) (90) (27) Addition to deferred charges-Nuclear Facihty (3,123) (9,491) (13,237) Other deferred charges (753) (1,290) 1,804 Accounts payable and accrued leased payments 1,040 401 (1,468) Deferred revenues (3,315) (18,319) 15,559 Other liabilities (462) (345) 3.217 Net cash (lows provided by operating activities $ 28,036 $ 41,469 $ 57,138 Cash flows provided by (used in) capital and related financing activitien: Utdity plant additions $ (41,336) $ (57,270) $ (48,128) Other non-operating revenues 1,700 822 867 Proceeds from notes receivable for sale of property 905 1,530 1,008 Repayment of long-term debt - principal (14,213) (14,548) (12,733) Payment of interest on long term debt (17,883) (20,102) (18,029) llepayment of notes payablo - principal - (13,000) - Payment ofinterest on notes payable (1,684) (2,055) (2,216) Net change in Debt Reserve Account 421 (5,017) (39) Issuance of long-term debt 115,491 138,649 - Early extinguishment of long-term debt (116,798) (73,628) - Net cash flows (used in) capital and related financing activities $ (73,397) $ (44.619) $ (79,270) Cash flows provided by (used in) investing activities: Interest on cash and cash equivalents $ 829 $ 95G $ -502 Interest from investments 4,660 6,853 9,684 Sale of investment securities 179,491 300,090 311,070 Purchase of investment securities (153.321) (302,825) (287,723) Net cash flows provided by investing activities $ 31,659 $ 5,074 $ 33,533 Net increase (decrease)in cash $ (13,702) $ 1,924 $ 11,401 Cash beginning of year 43.337 41,413 30,012 Cash end of year $ 29.635 $ 43.337 $ 41,413 The acwmpanying notes to {nnancL11 statemmts are can entegral part cf these statemnts 1e 3 I
NPPD Electric System Supplernental S hedule*-Cakulatmn of Debt Sernce Ratios in accordance with the Electric Syst.enn 15cnd Ruolutwn for each of the Three Years in the Peroxl Ended I4cend,er 31,1993 1993 1992 1991 (Thouandal Operating revenues (Note 1) $ 396 012 $ 408,745 $ 377,123 Operating expenses (Note 1)* 379,783 391,742 365,610 ! Net operating revenues $ 16,229 $ 17,003 $ 11,513 l l Interest and other revenues 8,776 10,076 12,397 Interest deductions (19,856) (22,157) (20,245) Extraordinary charge due to early extinguishment of debt (3,169) (2,268) - Net revenues $ 1,980 $ 2,654 $ 3,665 Add: Deferred (Accrued) revenues excluded from (included in) operating revenues (Note 1) $ (3,315) $ (18,319) $ 15,559 Interest deductions 19,856 22,157 20,245 Depreciation and amortization 33,047 32,781 30,908 Extraordinary charge due to early extinguishment of debt 3,169 2,268 -
$ 52,757 $ 38,887 $ G6,712 Deduct:
Provision for operating expense reserve (Note 1)" $ (3,315) $ (18,319) $ 15,559 Allowance for funds used during constniction 1,587 1,445 1,344 investment income retained in construction funds 1,274 1,152 141
$ (451) $ (15,722) $ 17,044 Net revenues available for debt service under the Electric System llond itesolution (Note 1)* $ 55,191 $ 57,263 $ 53,333 Amounts deposited in the Electric System Debt Service Account:
Principal $ 14,045 $ 13,815 $ 12,425 I Interest 18,172 20,102 18,029
$ 32,217 $ 33,917 $ 30,454 1(atio of net revenues available for debt service to debt seivice deposits (Note 1) 1.71 1.69 1.75 The accompanysng notes to fna snal statements are an udegrnipart of thne statements.
The reductwn of deferred charges is reflected an these nummary statements as Operuting Expenses to avond en erstatmg Net Revenues, These l deferred charges uvre funded by commercsalpaper notes and vther matured short-ter m undebtedness, u huch constitute subordmated endebtedness l ur. der the Electne System ihnd Resolutwn The Electrse Resolutwn requires subordmated mdebtedness to be pasd from the General Renerev Fund created under the Electrw Rewfuti,m The Electruc Rewlutwn delines Ojwratmg Espensen to enclude payments into reserves m the Operating Fund for thepayment of future operatmg opensen The prvrision (vr operalsng expense resen e reprnents the nel change m the cumulatter surplus relenues en each rexpecth e yar frorn huh nehoinale and retad sm see 19 l 1
NPPD Electrlc System l been to Fmancial Statements permda presented herein, the AFUDC rates for constructmn funded by revenue bonds or revenuen vary from 5.3% to 6 81 For ennst rudion fmanced on a short term bama with TECP, the rate charged in 1993
- 1.
SUMMARY
OF Sif1NIFICANT ACCOUNTING PDLICIES. was less than 31 A Organuahor: - D Deferred Ch<ugen-The Ihntnet han three r,cparate dmsmna for accounting purpows Deferred charges an of December 31, 1993, represents as follown $19 6 mdhon of Nuclear Facihty bdhngs for certam capdal additions The District has reduced deferred charges by $0 m 1993, $16 o millmn Electric System in 1992, and $7 0 mdlion in 1991 and included auch reductmna m Power Supply System p>wer purchaned expense. Future redut-tmns in deferred chargen are Nuclear Fanhty expected to ha as follows: 1994-$ 1.3 milbun, 1995 $15 7 milhon, 19%$I 3 milhon, 1997-$ 1.3 milhon. AA reqmred by hond Ite#Ulutiohn, Repa' *e rermjn are mamtamed for each divmion The Fjertnc Hynier i statementa exchade E Unamortued Fmancmg Cats-the Nudear Facihty and Power Supply i, for which financial The*e rosta represent muame eqwnes on all bonde und nre statements are presente<l separately heron The Electne Syatem hemg amortired over the hfe of the respective bonda uning tha bonde fmancial statement = nhould he read m amuunction with such other outstandmg methm! Aa of December 31,1992, the prenuum to retire financial st atements. the Electrp System Revenue Bonds,1975 Series was also mduded in Nebracka Pubhc Power Dmtrut, a puJ r corporatmn and a tneae coats pohtaal nuhdmsion of the State of Nebraska, u m,, -ladric utihty whnh nella electric energy to wholesale and retad custamei in the F Unamorturd Fuyment Recewed for Rchannempt Conts-Edw eat The Datnet's contracts und rate schedules aperify the Ume This reimbursement from the Nuc! car Facihty was for certain pennd in which bdhngs are to be paid aner services are rendered refinuacmg rnate of the Electric System incurred in 196A and in tming Accountmg guidance followed in preparation of thene fmancial amortised over the hfa of the 19M Revenue Bond innue using thn statements a provided by the Governmental Accounting Standarda bonda outstandmg tnethmt Itoard iG ASIM Ahnent GASil standards on any particular situatmn, the pronouncements of the Fmancial Arrountma Standard 4 Ward G Ceti and Irmtmenta-WASfil are prenumed to apply Nceyher 31, 1991 1992 11 D.prermtum, Anwrtuatum amt bfamtenance- (Thousandet The Ihntnct recorda deprenation over the entbnnted useful hfe the property. Depreciat mn on Utthf y Plant was apf roximately 39 m Fund $ 17,658 $ 17,27G carh of the yearn ended l1,2 ember 31,1993,1992, smd '991 ing Fund 11,616 24,579 The ihat rict han tong term leane agreements w iti ,truction Funds 20,858 53,165 201 munkipabtien These lenae agreementa ohhgate the Datnct to Commercial Paper Account 7,062 23,196 make lease pnyments and pay for normal property additione durmg Heerve and Contmgency Fund 1)36 1,236 the term of the leane The Du.tnet hun recorded provisions, net of General Hewrve Fund 1 A.Mi 17.429 retirements, for amortiration of leaned plant additmns of $7 2 mdhon $ 77,011 $ 116 M3 in 1993 $7 2 nulhon m 19M, and $6 7 mdhon m 1991 These leaned plant Additions, whuh are fully rewrved, totaled $761 milhon at Funda consmt of $47 4 oulhon of investment secunties and
!)ecember 31,1993, and $69 9 mdimn at Decemler 31,1992 $29 6 nulhon of cash desnuta at licremier 31,1993, and $73 6 million The Dintret charps mamtename and repura,includmg the cost of investment secu nt wa and $13 3 mdhon of cash depsts at of renewal and replacementa of nnnor itema of property, to December 31, 1992 The carrymg value of inve+ tm e i wurities mnmtenance expenw grounta henewalu and rephr ementa of apprnramates market.
prop rty lendumve of mmor itema of prop =rty, ao set forth nbovel are Canh depmds, pnmar mu rest hearmg, at Deo mlwr 31,1993, ! tharged to utihty plant accounta U l mn retireme nt of property puhject and throughout much of t > ve. were covered by federal desnutory to dapreciatiorn the co*t of prop rty in removed from the plant insurunce ur unregistered b x.. Government and munic1 pal wcuralies armunta and cheged to the reacrve for depreemtwn, nhmg with the held by varmun depnaitonen Investments ut December 31,1991. were removal en*% net oT aalvage m unregistered U.S Government secuntms and Federal Agency nbhrationa held m th( Matnct's name by the custodial banka C. Allwana (nr Funda (kJ Durug Contrrusmn (AFUDW The Debt Henerve Account a rahned armi annually at denuary 1 This allunnre, w hwh represents the ro*t cf funds uwd to finance and July 1 at the lower of cost nr market in accordance with , constructmn, u (apdahred as a enmponent of the cost of utihty plant requirementn of the Electric S> ntem Revenue ihmd Renniutinn (Electric and in treated to intercat and Other Hevenuen The captahration Resolutmnt The acuntien an the remainmg fund = are vahird at the rate dep mla nn the soort, of huanting. The rate for constructioc lower of coat or prmripal - murit in ucwdance with nxporemerits of tinsnced wh revenue hende en bawd upm the intemt rout t.f each the Electne baolut6on f bond iwuc le.e mterest interne The inte for constructwn fmanced by revenues u bnwd upm the weyhied nverage ente of mtercat of the if Dr/ erred Rominar current t.ut et ,u,d mg hor rew mg* Cmut ruct mn fman&d on a Aa provided m the Flectric He3olution, the Du.trict covenants to whort term haam mth tax-exempt enmmercial pnper (TECPlis charged charge rates for wholenahe and retad electne prvve m that revenues a eate lined upon the wewhted nverage of TECP outetanthng For the wdl be surfinent to pay annual operatinc ripm*n tndudmg 20 i
NPPD Electric System
- 1) Nuclear Facihty and Power Supply System charges,2)operatmg 3. LONG-TERM DEHT:
expenses other than depreciation, 3) debt service, and 4) certain capital additions December '41, 1993 1992 Variation between actual energy costs (primarily fuch and the (Thousands) estimated energy costs included in the basic rates may be recovered hevenue Bonds: by a Prmluction Cost Adjustment tPCA) Bdhngs for the PCA provide 1993 Senes A for the recovery of the variation in energy costa either m current or Serial Bonds future years. 1994-2009 2.80% -5 40% $ 111,555 $ - In the event the lhetnct's rates for wholesale and retail service, _i 1992 Series A excluding the PCA, result in u surplus or deficit in revenues durmg a Serial Bonds rate period, such surplus or deficit is taken into account in projecting 1994 2002 3 70% - 5.701 56,605 60,790 estimated revenue requirements for future rate permds. Such Term Bonds treatment of whalesale revenues is stipulated by the District's 2003-2005 6.00% 25,920 25,920 long-term wholesale power supply contructs. 2006-2021 6 254 49,450 49,450 The surpluses and deficits which arose in current and prior years 1979 Senen A from the PCA, wholesale, and retad service have been accounted for Senal Bonds in thene finanend statements by either a deferral or an accrual of 1993-2009 600%-640% - 47,945 revenue < The cumulative surplus at December 31,1993, to be 1978 Senes A reflected in fut ure revenue requirements is approximately Sensl itands .
$2A 8 m,1 1993-2007 5 40% 5 754 48.345 50,580 1977 Senes A 1 Recenue Rm,gmtwn- Serial Bonds Wholesale revenues are recorded in the penod in which service in 1993-2006 560%-600% - 32,725 rmdered, and retail revenues are recorded in the month retail 1973 Series cu mmers are billed Consequently, revenues appheable to service Serial Bonds rendered to retad customers from the period covered by the last bilhng 1993-2002 5 00% 4,780 5,185 m a year to the end of the year nur not recorded as revenues until the 1970 Senes followmg year Operating revenues are also impacted by the surplus Term Bonds or deficit in revenues as desenbed m Nnte lit 1993-2003 6 60 % - 33,200 1968 Seri,a J Accumvhaed Net Rreen wrs- Term Honds The accumulated net revenues consist primanly of cumulatsve 1993-2002 5 10 % 27,695 3n,075 operatmg revenues collected for utihty plant additions net of related $ 324MO $ 335370 accumulated depreciation The remammg accumulated net revenues Lease Purchase Payables-will be fully offset by future depreciation expense. In addition, 2.004, duc 1993 to 2005 2,236 2,404 ac. cumulated net revenues include cumuhative interent income earned g on Construction Funds whkh is not subject to the deferred revenue g g g accounting desenhed in Note 111 This mterest income was
$1.3 million m 1993 and $12 mahon in 1992.
As of December 31,1993, principal payments of Electric System IAmg-Term Debt for the next five years are' 1994 $17 5 million; 2 COMMERCIAL PAPER NOTES 1995 $18.3 million; 1996-$ 19.1 million: 1997-$ 20.0 million; The District is authorteed to issue up to $100 0 mdhon of commercial paper notes A lett3r of credit is mamtamed with a bank
- 4. RPTIREMENT PLAN to support the sale of the commercial paper notes. This letter of credit espires in November,1994 The effective interest rates on outstandmg The District has a retirement income plan covering its regular notes for 1993 and 1992 were 2 4% and 3 0'n, respectively -
fu4 time employees, substantia!!y all of whom have elected to The proceeds of these notes are being used 1) to fmance cartain participate. Employee,a contributions to the plan are based on salary, capital adihtmns of the Nudear Facthty (2) to pro'ide short-term and the District,a contnbutions are allocated to each employee,a trust finammg for certain capital additions of the Electric System,(3) for account based on the employee,s contnbutions to the plan. The plan other lawful purposes of the District, and (4) for an Advance to the provides for retirement income equal to the total of the employee's Power Supply System of which $61 rnihon was evtstandmg at trust account,includmg trust earnings The District,a contnbution was December 31.1992. During 1993 the Power Supply System repaid the
$7.6 million for1993, $7.3 millia. .or 1992, and $6.9 million for 1991.
$6.1 tGhon to the Electric System.
In 1991 no commercial paper notes were retired in 1992' 5 POSTRETIREMENT BENEFITS:
$13 0 mibn of commercial paprr notes were retirst with proceeds from the Electne System Revenue Bonds,1992 Series A The $45.9 .
The District, for employees hired on or pnor to December 31 mdimn of commercial paper notes outstmding at December 31,1993 1992, pays the entire cost of certain hospital-medical and hfe are anticipated to be rv tired by future collections through electric rates msurance premiums for . these employees when they retire. and long term horrowmgs. Substantially all of the Distnct's retired and active employees are eligible for such benefits. Currently, the coat of these benefits is recognized an expenne as the premiurns are paid. The total cost of - 21
. _ . . . . . . . . . _ _ _ _ _ . _ . _ _ _ _ ___U
MPPD Elec0gic System p.stretirement hospital-medical and Lfe insurance benefits w as settlement would result in dismissal of pendmg actions in both federal
$2.4 million for 1993, $2 2 million for 1992, ara $L5 million for 199L and state courts. If a settlement is reached and results in less than The District amended the plan effective January 1,1993 full payment of withheld amounts, any wnte-off of amounts currently Employees hired on or after that date must participate in the plan as recognized as a receivable in the District's financial statements would an active employee the laut five years of employment in order to occur m 1994, or in the year in which any settlement agreement &
quahfy for these benefits In addition, employees hired on or after fmahred. January 1,1993, are subject to a contribution cap that hnuts the Distnet's portion of the cost of such esverage to the full premmm the 8 CAPITAL ADDITIONS year the employee or retired employee reached age M. or the year in which the employee retires if older than age 65. Any increases in the The Electric System constructmn plan includes authonzation for cost of such coverage in subsequent years would be paid by the retired estimated expenditures of $95.0 mdhon for 1994.These expenditures employce. will be funded from revenues, proceeds from an anticipated 1994 bond Statement 12, Disclosure of Information on Postemployment issue and other avadable funds. Benefits Other Than Pension Denefits by State and local 9 FERC llYDROELECTRIC PROJECT LICENSES. Goverr. mental Employees (OPEli), issued by the Gevernmental Aucunting Standards Board provides that entities should provide The District is currently seeking a new long. term hcense from the certain minimum dmelosures regardmg the OPEH provided' Federal Energy Regulatory Commission WEl(C) for the District's Additionally, Statement 12 provides for differing methods for fmancing hydroelectric Project No.1835. Project No 1835 includes the North OPEH The Distoct, as indicated above, currently funds OPEB on a Platte hydroelectric generating station and related facihties. Said
" pay-as-you go* basis and has not elected to fund OPEB through North Platte generstmg station and related facihties are part of the advance funding on an actuarially determined basis. The District does Electric System. Lands and w aters of Project No.1835 are utilized by not contemplate any changes to the method for funding OPEB until Gerald Gentleman Station for cochng water purpows Gerald results of the GASB's project on recognition and measurement of Gentleman Station is part of the Power Supply System.
OPEB are available for analysis. The Central Nebraska Public Power & Irrigation Distnet (Central) l is currently seekmg a new long-term hcense for FERC Project 6 DEFERitED COMPENSATION PLAN. No.1417. Project No.1417 includes the Kingsley Dam, Lake McConaughy, four hydroelectric generating plants and related The Distnet offers its employees a deferred compennation plan facihties. created in accordance with interna; s cenn Code Sectmn 457, All The relicensing of both projects in addressing numerous amounts of compensation deferred under the plan, all property and environmental issues induding, among other thir.gs, species protected nghts purchased with such amounts, and all mcome attnbutable to under the Endangered Species Act. In order to obtain these new such amounts, property, or nghis are (until made available to the long term heennes, the Datnet and Central could he required to meet employee or other beneficiary) solely the property and rights of the ecrtain terms and conditions which may adversely impact the Distnet (without being restricted to the provisions of benefits under operations of the project facthties and Gerald Gentleman Station. The the plan), subject only to the claims of the Dmtnet's general creditors District is unable to predict the nature of the terms and conditions The Ihntnet has recorded the assets ofit s deferred compensation plan that will be contained in the new bcenses for the projects; however, and the corresp4mdmg habihty to reflect its fiduciary resp (maibihty the Dtstrict does have the right to judicial review of those terrus or under the plan In the past, the plan assets have been used for no conditions. purpose other than to pay benefits. The District beheves at is unhkcly that it will uw the assets to satinfy the clairna of general creditors in 10. EXTR AOH DIN ARY C11 A RO E DUE TO EARLY the future The plan is administered by The Equitable Life Assurance EXTINGUISHMENT OF DEBT; Sonety nf the United States. The Distnct issued $140.0 million of Electric System Revenue
- 7. LITIGATION- Bonds,1992 Senes A,on January 22,1992 The 1992 Senen A Bonds wne iuued to nfund the District's outstandmg $7L4 milbon Electric A large mdustnal customer fded several lawsuits against the District and members of its Board of Directors, both in federal and System Revenue B nds,1976 Series A, and retire $13.0 million of cmnmncial papn notet The nmaining $W muon was used,in state court, request.ng judgements for alleged overcharges smee 1972 part, to fund 1992 and 1993 capital projects. Generally accepted and for alleged vwlation of vanous legal nghts of the customer. In accounting pnncipios nquire calculatmg the net carrymg amount and addatmn, the customer refund to make full payment of billmgs for narpsW n price of the 1976 Senes A debt The difference between electne service provided to it durmg the period of January 19M through March 1992, withholding apprusimately $7.1 mdhon, the reacquisition pnce and the net carrying amount of the
'**'nguished debt of $2.3 milbon was recognized as an extraordinary ex<lusive of interest, which amount has been included as operating charge in 1992. The componenta of this charge consist mainly of the revenues in the fmancial statements The customer has made full call premium ($1.4 milli n), unamortized discount ($ 5 million), and payment of bdhngs issued for service on and after April 1,1992 but issuance expenses ($ 4 milhon) associated with the 1976 Series A debt.
the customer mdicated that it did not agree with the Diatrict's rate The refundmg portion of the 1992 Senes A Bonds wi!! result in gross achedule Lawsuits involving all time penode smre commencement of debt service savings of approximately $4.8 milhon and the District will elettric service to the customer remain pending in teth state and realize an econ mic gain (difference between the present value of the federal courts debt service of the old and new bonds)of approximately $3 2 milhon. During 1994, the District and the customer Arutsated discunnions, net issud W 6 ndmn of Den & Systnn Rne;ue which discussions are stdl contmuing, toward settlement of all existing Bmis,1993 Senes A, on March 1,1993. The 1993 Senes A Bonds claims by the customer and by the District with respect to rates or were inued to refund the District's outstanding Electne System charges for elednc service and withholdmg by the customer Any 22 .; I
HPPD Electric System 4 1 1 Revenue Itonda,1970 Serien,1977 Senen A and 1979 Senem A. The 1994, MEAN filed a
- Petition in Error" m the District Court of Platte difference hetween the reacqmaition pnce and the cet carrymg ammmt County, Nebraska, asking the Court to at aside the rate increases for of the extmguished debt of $3 2 mdhon has been recogniwd as an transminaion service and wholesale powe+ crvna. MEAN alleges the cztraordmary charge in the current penod. The components of this rate increases are unfair, unreasonable e n i dacriminato,y in nature charge consist primarily of the call premium on the bonda being and that the adoption of the rate increa r.without renolving or ruling refunded f$11 mdboni, unamortued dacounts, and issuance coats on their objections was arbitrary and ca,. icious. NPPD contends that annociated with the refunded debt t$15 million) The anuance of the there were no major changes in methodology in developmg the new 1993 Serms A Itonds wdl result m grou debt service navings of transminion rates and any revisions to the methmlology as propo ed apprnsimately $10 2 mdhon and the District will reahre an economic by MEAN would re(pure in depth study before being implemented.
benefit of approximately $6 9 mdhen. The outcome of thm htigation as not currently predictable; however,if MEAN would prevail. NPPD could be required to revert to its 1993
- 11. FAllt VALUE OF FINANC'IAL INSTRUMENTS rates for transmission service and wholesale power nervice.
The followmg methods and acomptions were used to enumute the ftur value of each daan of financ n} instrumenta for which it is practicable to estimate that value at December 31.1993 j Canh and Investments The carrying value of inventment necuntica i approximates fair value an dencnbed in Note IG
]
Debt- Raten currently avadable to the t hstrict for its debt are used to catimate the fair value of existing debt The fair value of long-term debt in estimated to be $333 fi mdlion. The csrrymg value of comusrcial paper notes approximales market 12 $UliSEQUENT EVENTS , The thatrict has had ongning dmuanmns with The Central Nebraska Pubhc Power and Irrigation Dietrict tCentrab m connection wnh certain claims arising out of several past and present contracta between the thatnet and Central. The contracts provided for the purchar,e of capanty and energy by the Distnet from Central's hydrwiectne and fosed generntmg stations NPPD a claiming that biumgo under the agreements were excessive NPPD also clauned entitlement to certain fund babinces, inventuries, and eminaion allowances under one of the conttr's which eroired January 18,1992. In Stoher 1993, the parties agreto to hmdmg arbitratan proceedmgs to renolve bdling inuucs under certain of the contracts in February 1pL NPPD and Central agreed to a set of pnnciples intended to nerve am a basis for development of new cvmtracts to nettle all existing damputes The prmeipien provide for the dismissal of bmdmg arbitratmn proceethngs and nettlement of the clams renultmg i under the existing contracts Also involved in NPPD's ;)urchase of ! certam Central assets, includmg a 107 MW fouil fuel plant and appronmately 350 rmles of transmission hnen and related facihtien New contracts would also provide for contmuad purchane of geer by NPPD from Central's existing hydrogenerating fachtsen and for the coordmation and coat allocatmn of rehtenamg activity poor to and after usuance of ne*v heenses by the Federal Energy Regulatory Commiumn iFERC# Pursuant to contrart, the District notdied wholesale customers m August 199J of progmed rate increanca for transmission and wholesale power service to be adopted in 1991 In November 1993, the Muninpal Energy Agency of Nebraaka t MEAN L a tnmennaion acrvice 3 customer of NPPD, as 3.rovided for under the contracta, requested and l was granted a rate hearing with the NPPD Board of Directors. Such hearing was requested to object to certam allocations and other methodologra used in estabhshing the progmed rates Recognmng the complex ties of the iames involved, the NPPD Board of Directors in January 1994. adopted the rate inerenses as propmed and directed Management to perform a definitive study of the isnues raised by MEAN and any related issues deemed approprmte. In February 23
NPPD Power Supply System
- lleport ofIndependent Accountants To the Board of Directors Nebraska Public Power Dintrict:
We have audited the accompanying special. purpose statements of assets and liabilities of the Power Supply System of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1993 and 1992, and the related special-purpose statements of revenues and costs for each of the three years in the period ended December 31,1993. These fmancial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statemcats based on our audits. We conducted our audita in accordance with generally accepted auditing standards and Government Auditing Standards. Those standards r 3 quire 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 accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.
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The accompanying special purpose financial statements referred to above have been prepared for the purpose of - complying with, rnd on the basis of, accounting requirements specified in the Power Supply System Revenue Hond Resolution adopf ed by the District on September 29,1972, as supplemented, as described in Note IB, and are not intended to be a presentation in conformity with generally accepted accounting principles. In our opinion, the accompanying special purpose financial statements of the Power Supply System of Nebraska Public Power District present fairly, in all material respects, the assets and liabilities as of December 31,1993 and 1992, and its revenues and costs for each of the three years in the period ended December 31,1993, on the basis of accounting described in Note ID. Coopers & Lybrand 1 Omaha, Nebraska March 4,1994 34
l NPPD Power Supply System j Statementa of Askets and Lialaihties Detewl+r 31,19">3 and 1992 Prepared Purnuant to kequirements of the Power Supply Sntem Hevenue Bond Resolution 1993 1992 tThousands) ASSETS Utility I'lant, at Cost (Note 1) $ 748,906 $ 725,931 Irss-Reserve for depreciation (Note 1) 109,860 13f,319 Amounts funded from revenue (Note 1) 16,038 It ,038
$ 623,008 $ 574,b44 '
l' repaid Capital Costs (Note 3i $ 74,613 $ 66,189 Cash and Investments (Note ik Debt reserve account $ 43,589 $ 58,572 Heserve and contingency fund 19,003 17,494 Additions and improvements account 9,426 8,674 Construction funds - 40,527 Hevenue fund 219 268 Operating fund 19,788 15,172 General reserve fund 43,964 29,064
$ 135.989 $ 169,771 Accounts Iteceivable $ 62 $ 1,315 Interest Heceivable $ 1,681 $ 2,104 Fuel Inventory, at average cost $ 8,463 $ 13,885 Deferred Charges and Other Assets (Note 1) $ 39,015 $ 39,755
$ 882,831 $ 867,563 LIAlllLITIES itevenue Honds (Notes 4 and 5):
1993 Series Serial 1994 2009 3.10'1 6.109 $ 188,380 $ - Term 2010-2014 6.1259 96,080 - 201T3-2019 5.75 % 58,890 - 1993 Series 11 Serial . 1994-2007 2.809 - 5.309 84,725 - Term 2008-2013 5 25% 47,120 - 1993 Series C Serial 1994-2009 2.70% - 5.00% 260,345 - Term 2010-2016 5.00% 119,695 - 1986 Series Serial 1993-2000 6.25% - 7.20% - 9,640
'Ibrm 2001-2006 7.3759 - 11,595 2007 2019 7.509 -
50,320 1978 Series A Serial 1993-1998 6.15 % - 6.60 % - 34,770 Term 1999-2001 6.75 % - 23,025 .) 2002-2008 6.90 % - 75,345 2009-2016 7.10% - 129,005 1977 Series A Serial 1993-2001 5.60 % - 6.00 % - 39,130
'Ibrm 2002-2016 6.125 % -
134,675 1976 Series B Serial 1993-1998 5.60% - 5.909 - 24,445 Term 1999-2012 6.125 % - 104,960 1972 Serica Serial 1993-1997 5.65% - 5.70% - 31,300 Term 1998-2012 5.80 % - 168.930
$ 855,235 $ 837,140 Advanco from Electric System $ . - -
S 6,100 Accounts Payable and Other Accrued Liabilities $ 14.391 $ 9,981 Operating Resenes (Note 1) $ 13,205 $ 14.342
$ 882,831 $ 867,563 The amempanytng ndes ta financsal statenwnts are on integralpart of these statemente 2S i
i
.. .. .I
T' NPPD Power Supply System Statements of Revenuen and Co e. for each of the Three Years in the Period Ended December 31,1993 Prepared Pursuant to Requirements of the Pnwer Supply System Revenue 1%nd Resolution 1993 1992 1991 (Thousands) Itevenues (Notes 1 ar.d 2): Sales to the Elcetric System $ 142,782 $ 150,469 $ 143,755 Investment and other income 14,371 9,503 11,764 Total revenues $ 157,153 $ 159,972 $ 155,519 Costs (Note ik Operating expenses-Production-Fuel (Note 7) $ 62,922 $ 55,751 $ 51,914 Operation and maintenance (Note 3) 25,656 25,161 23,806 l'rovisions for operating reserves (Note 1) - - - General and administrative 14,929 7,206 7,938
$ 103,507 $ 88,118 $ 83,658 l
Debt service- 1 Principal (Note 1) 5,130 17,420 16,485 Interest 48,516 54,434 55,376 Total costs $ 157,153 $ 159,972 $ 155,519 The accompanymg rwtes tu pnancial statements are tan integral part of these statements. Notes to Fmancial Statementa 1992, $ h9 mdlion in 1991, and accumulated depreciation through December 31,1993, would have increased costs approximately 1
SUMMARY
OF SIGNIFICANT ACCOUNTING POLICIES $82.9 million. The reserve for depreciation shown nn the Statements of Assets and Liabihties was provided by recordmg - A Orrm hotwn- amounts equal to repayment of debt. Upon retirement of property The Distnct han three acparate diviamne for accountmg purpown subject to depreciation, the coat of property in removed from plant as follows accounts and charged to the reserve for depreciation, along with the removal costs, net of salvage. Elertric Syste m (ii) Previous bdlings to provide capital for renewals and Power Supply System replacements of property and capital additions are included in the Nuclear Facihty accompanying statementa as " Operating Reacrves" and
" Provisions for operating reserves" Under generally accepted As reqmred by Hond Remolutmns, acparate records are maint sined accountmg prmciples, rapital additions and provisions for for erah division The Power Supply System financial statements renewals and replacements are m t cupenses but re zclusive of exclude ti,e Electne Syntem and Nuclear Facihty, for whkh fmancial mmor items of property) are chargea to utihty plant. Renewals j statements are presented separutely herem The Power Supply System and replacements of property and capital additions funded from 1 fmannat statements should be read m conjunctmn with such other revenues are fully reserved. Renewals and replacements and financial statements capital additions are currently being funded from existing bond pnireeds that have been transferred to the General Reserve Fund H ham of Accounhng- (hil Interest incorne on construction fund mvestments in Rrvenuen are recognaed and bdled at an amount equal to costs credited to utdity plant Under generally accepted accounting as defmed by the Power Supply System Revenue Hond Resolutmn prinoplea, such income would have incream! revenuca Wower Supply Revolutiora which include operatmg expenses $03 mdhon in 1993, $2 3 milhon in 1992, imd $2 6 milhon in tescluding depreciation), and debt service on the revenue bonds, less 199L investment income Revenues are computed and billed so that no equity is accumulated in tne Power Supply System, C, Uhhty Plant-Revenues and mots as dermed by the Power Supply Reaolution interest expense,less mterest earned on investment secuntieu, all differ in the followmg respects from generally accepted accountmg financing costa and all other conta related to conatruction projects are prinnples capitahzed (o Amartitatmn of the debt princ pal #a included as a cost D Cad and Investments---
m the accompanymg Statements of Nevenues and Conta as " Debt Funds consist of $12fs M rnithon of investment secunties and nervre-Pnneipa!? $103 mulion of rash deposits at December 31, 1993, and Depreciatmn is not rnorded as a coat. flad the District
$1r>4 2 milhou of investment securitica and $5 6 milhon of cash provided straight hne depreastion over a 40 year hfe rather than depomts at December 31, 1992. The carrying value of investment includmg amnrtization of det,t prirepal over the same penod, , ,
costs would hne increased $13 ti milhon m 1993, $1.2 mahon m 26
NPPD Power Supply System Cnnh depositn, primardy mierent bearmg, at December 31,1993, Bond ipuance costs for all issues totaled $36.2 mdhon consinting and throughout much of the year, were covered by federal depository of $1fi.0 milhon for origmal lasue discount, $6 0 milhan for insurance or unregwtered U.S. Government and municipal scunties unders ntmg fees,$10 mdlion for insuance costs, and $13 2 milhon for held by various dqmmtorica investments at December 31,1993, were call prem ums. Of this amount $8 6 milhou has been presented in the m unregistered U S. Government necuritwa and Federal Agency Statements of Revenuca and Conts under "Operatmg Expenses - ohhgations held m the Diatnct's name by the custahal banka Production - Operatmn and maintenance " If this transaction had The Debt Reprve Account and the Reserve Account in the been recorded under generally accepted accounting principles, the Rucrve and Contingency Fund are valued semi-annually at January I current year charge would have been $30.3 mdhon The issuance of and July I at the lower of coat or market in accordance with the bonds will result in cumulative grou debt service savings of regmrements of the Power Supply Resolution Gams or loanes on approximately $86 8 milhon and the Diatrict wdl obtain an economic valuations are included m investment income The secunties in the gain (ddference between the present vabie of the debt nervice of the remammg funde are valued at the lower of cost or principal amount refunded and refundmg imnds) uf approximately $47.2 milhon. in acordance with requirements of the Power Supply Re%1ution
- 5. DEFEASANCE OF DEBT.
is. Deferred f%rgn-Conts arining from the terminatmn of mcomplete generation and The Power Supply Systern Revenue Bonds,1966 Series, were trannmission prortte are bemg amortized ever the hfe of the tamds, defeaned by placing a portion of the proceeds from the 1993 Series the proceeds of which were umi m part to pay theme costs This Bonds m an irrevocable trust account with an encrow agent. Such amortirution 4 included as part of debt nervae coat funds were und to purchase direct obbgations of the United States Government, the prmeipal of and interest on which in sufficient to pay 2 RATE COVENANT-for all future debt service payn.ents on the old bonds. The defcased The Distrat in requued under the Power Supply Resolution to bonds are trented as extinguished debt for financial reporting purposes charge rates for electric power and energy from the Power Supply and have been removed from the Statements of Auets and Liabihties. System so that revenues wdl be at leant autricient to pay opt ratmg The remammg principal balance of such defenaed bonda at e spenses, aggregate debt servwe on the Power Supply System Revenue December 3( 1993 wan $70 6 mdhon. Ihmda, amounts to be paid into the Debt Reserve Account and Reserve The Power Supply System Revenue Donds,1966 Setten were and omtmgency Fund, and all other charges or hens payable out of issued to advance refund the outstanding Power Supply System revenuca of the Power Supply System The debt service payments of Revenue Bonds,1985 Series. The DW1 Bonds were defenaed by the Power Supply Syste-i Revenue Bonds are $67.8 milhon per year plarmg the proceeds from the 197i6 Bonds in an irrevocable trust through 1998 and prmeipal payments, as a component of debt service account with an encrow agent to provide for all future debt service { payments. are $24 : mdhon, $25 3 million, $26 3 milhon. payments on the old bonds. Accordmgly, the trust account nasets und
$27 4 mdhon, and $28 5 mdhon for euch of the years 1994 threagh the habihty for the defensed bonds are not included in the Distnet's 199M, respec tively fmancud statements The remainmg prmeipal balance of the defensed 3 PREPAID CAPITAL C09TS bonds at Decemtwr 31,1993 was $612 milhon.
Prepaid capital ests are nuocuted with the purchase of the 6 CAPITAL ADDITIONS. capanty of a 50 MW hydroelectric generatmg facihty ownmi and The Power Supply System constructicn plan includen operated by The Central Nebraska Pubhc Pcwcr and Irrigation authorization for cetimated expendituren of $6E million for 1990 Distnct (Centrali The prepayment is bemg amortued over the hfe of Theu expenditures wdl be funded from existing bond proceeds that the bonds, the proceeds of which were used to pay theae costa The have been transferred to the General Reserve Fund amortnatmn is incimled as part of debt nervice coat. As mentioned m
- 7. COAL SUPPLY AND TRANSPORTATION AGREEMENTS.
Note 4, certam costs were incurred during 1993 to refund Power Supply System Revenue Bonds A portmn of thcae bond inuance costs The District has in existence a coal supply agreement wluch ($91 mdhnni, which euntn were annorsated with the refunding ef the permits the Dintrict to purchase coal for an imtial term ending original bonds used for the prepayment of capacity, were capitahzed December 31, 1996. The agreement provides for the District to These costs wdlle amortned over the remaming hfe of the tends as purthane a minimum of 2,700,000 tons per year through 19t<6, and all a temponent nf debt service. requirements up to a maxunum of 3,600,000 tons per year during the The Dmtrict has an agreement wherrt:y Central makes avadable calendar years 1994 through 1996. The Diatrict also has in existence all of the production of the facihty and the Dietrict pays all conta of an agreement which provides for, among other things, transportation operatmg and maintammg the facdity plua a charge based on the of coal to Gerald Gentleman Station until December 31,1996, at amount of energy dehvered to the District. Costs of $10 nuthon in specified contract rates which are to be escalated or de-escahted 1991, $0 9 mdhon in 1992, and $10 mdhon in 1991 are induded in pursuant to an index promulgated by the Interstate Commerce
" Production-Operation and maintenance " Comminion 4 LONG TERM DEUT in January 1993, the District inaued Powe> Supply System 8 FAIR VALUE OF FINANCIAL INSTRUMENTS' Revenue Bonds,1993 Series in the sinount of $346 4 mdlion for the The followmg methoda and auumptions were uaed to enr imate the purpone of refundmg Power Supply System Revenut Bonds,1978 fair value of each class of financial instruments for which it is Series A and advance refundmg Power Supply System Revenue Bonds, practicable to estimate that value at December 31,1993 19% Senes. In March 1993, the District inued Power Supply Systein Cash and Investments The carrying value of investment securities Revenue Bonds,1993 Serica B in the amount of $132 6 milhon for18w approximates fair value as described in Note ID.
puriae of refundmg the Power Supply System Revenue Bonds,1976 Serien B In additmn, in September 1993, the District inued Power Debt: Rates currentiv available to the Dmtrict for its debt are used to Sapply System Reunue Bonds,1993 Series C m the amount of estimate the fair vahie of existmg debt. The fair value is estimated to -
$3814 mdlion to refund Power Supply System Revenue Bonda,1972 be $4619 mdhon Senes and 1977 Series A 37 4
MPPD Nuclear Facility Iteport of Independent Accountants .
"Ib the floard of Directors I
. Nebraska Public Power District:
We have audited the accompanying special purpose statements of assets and liabilities of the Nuclear Facility of Nebraska Public Power District (a public corporation and political subdivision of the State of Nebraska) as of December 31,1993 and 1992, and the related special purpose statements of revenues and costs for each of the thren years in the period ended December 31,1993. These fmancial statements are the responsibility of the District's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing standards and Government 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 pupinirting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and signihcant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonablo basis for our opinion. The accompanying special-purpose financial statements referred to above have been prepared for the purpose of complying with, and on the basis of, accounting requirements specified in the Nuclear Facility Itevenue Bond itesolution adopted by the District on August 22,1968, as supplemented, as described in Noto 18, and are not intenden to be a presentation in conformity with generally accepted accounting principles.- In our opinion, the accoinpanying special-purpose financial statements of the Nuclear Facility of Nebraska Public Power District present ralrly, in all material respects, the assets and liabilities as of December 31,1993 and 1992, and its revenucoand costs for each of the three years in the period ended December 31,1993, on the basis of accounting described in Note 111. Coopers & Lybrand Omaha, Nebraska March 4,1994 sa i O---__-____-____-_--__.____--_--_______---_.--_ ,
l-t NPPD Nuclear Facility Statements of Akarts and Mabihuca !)ecember 31,1993 and 1992 l'repared l'urnuant to Iteqmrernents of the Nuricar Facthty llevenue 11ond I!relutwn 1993 1992 (Thousands) ASSETS Utility Plant, at Cost $ 679,346 $ 665,718 Im-lteserve fbr depreciation (Note 1) 209,129 192,357 Amounts funded from revenue (Note 1) 270,675 258,364
$ 199,542 $ 214,997 Nuclear Fuel-Net of Amortization (Note 1) $ 77,026 $ 91,024 Cash and Investments (Note 1):
Debt service fund $ 5,925 $ 2,333 Debt reserve account 19,852 19,659 l{eserve and contingency fund 22,790 25,168 Additions and improvements account 5,651 12,110 General reserve fund - 1,380 Construction fund 4,006 7,067 Fuel reserve account 52,892 38,002 Operating fund 7,512 12,173 llevenue fund 209 266 Decommissioning fund (Note 4) 26,244 14,438
$ 145,081 '$ 132,596 Accounts iteceivable $ 26,695 $ 22,394 Interest iteceivable $ 1,133 $ .. 1,217 Defi rred Charges and Other Assets $ 25,239 $ 20,696-l'xternal Decommissioning Fund (Note 4) $ 28,295 $ 20,311
$ 503,011 $ 503,235 l.1Allll.lTIF,S 1(evenue llands (Note 10).
1992 Series Serial 1993-2003 2.809 -5.709 $ 169,920 $ 176,920 19G8 Series Term 1993-2002 5.10 % _ 106,250 115,380
$ 276,170 $ 292,300 gerating 1(eserves (Note 1) $ 163,796 $ 157,272 Accounts Payah!c and Other Accrued Liabilities (Note 1) $ 11,377 $ 13.352 External Decommissioniny Fund (Note 4) $ 28,295 $ 20,311 DOE Facilitica Decommissioning Assessment (Note 8) $ 23,373 $ 20,000
$ 503,011 $ 503,235 ICOogWQVIMg P,drN bJ [404010[ahltrMerab are (Afb d4figrG[ pQd O[fbrNP #NkNt:hh.
29
HPPD Nuclear Facility . Statements of Revenues and Cuts for each of the Three Years in the Period Ended December 31,1W3. Prepared Pursuant to Requirements of the Nuclear Facdity Revenue Hond itesoluti<m 1993 1992 1991 (Thousands Revenues (Notes 1 and 21: Sales Electric Hystein $ 85,569 $ 85,095 $ 76,826 Alidwest l'ower Systems inc, 85,568 85,090 76,822 Investment and other income 5,302 14,870 20,041 Total rmenues $ 176,439 $ 185,055 $ 173,689 Costs (Note 1): Operating expensew Prmluction-Fuel (Note 1) 18,914 $ 32,161 $ 26,318 Operation und maintenance (Note 10) 83,360 68,962 65,470 Provisions for operating reserves (Note 1) 26,615 40,878 33,209 General and administrative 13,334 12,731 12,416
$ 142,223 $ 154,732 $ 137,413 Debt service-Principal (Note 1) 19,722 11,708 16,910 interest 14,494 18,615 19,366 Total costs $ 176,439 $ 185,055 $ 173,689 The mwnpannng notes to(mancml e salements we can m:wralpart of thne statements.
Notes to Fmuntial Stniements Revenues and costa na dermed by the Nuclear Renolution ddTer in the following req + cts from generally accepted accounting prmciplet L
SUMMARY
OF SIGNIFICANT ACCOUNTING PUl.!CIMI W Amortizatmn of the debt prmeipal in included as a cost A Orga n notwn- in the accompanying Statements of Revenues and Coata as " Debt The Distrwt he three separate d,vmons for ucmuntmg purpmes nervice-Principnt? as followa Depreciation is not recorded as a cont. Ilad the Dintrict provided straight-hne depreciation over a 3(tyear life rather than Islectne Syntern includmg amortization of debt principal over the same period. Power Supply Sprem cost s would have decreased $61 million m 1993, increased Nuclear FacMy $1.7 million in 1992, and decreased $'14 milhon in 1991. Accumulated deprecintmn through December 31,199^. would A* required by Nnd Resolutions, nparate reconis are maintained have mcreased costs npproximately $33 8 nulhon. The reserve for for each divia,n The Nuclear Fachty fmancml statements endude depreciatmn shown on the Statements of Anaets and Liabdities the Menne Syntem and Power Supply System, for whmh fmantial was providad by recording amounts equal to repayment of debt. statements are presented neparately herein The Nuclear Facihty Upon reurement of property subpict to depreciation, the cost of financial statementa khould 1+ read m conjunctmn with such other proprty is removed from plant accounta nnd charged to the ftrancial statement s rewrve for depreciation. along with the removal cuata, net of
.dvage.
11 Bam of Accmmtmg- t ai) Bdtmgs to provide capital for renewala and Revenuam are recogmaed and billed at un .emount equal to cute replacements of property, capital additions, and nuc! car fuel are aa denned by the Noelcar Farihty Revenue 11ond flesolutan tNuclear included in the accompanymg stat ements us " Operating Reacrven* Resolutmn1 which mdude operating crpenses f esclud mg depreciation L and ' Provisions for operatmg reserves? Under generally accepted and debt scruce on the retenue tionda, less mventment imome, accounting prmciples, capital additions and provisions for Revenues are computed and bdled so that no equity is anumulated m renewala and replacements are not expenses but texclusive of the Nuclear Facihty snmor items of property) are charged to utihty plant ' Provisions v for workmg capital 'or nuclear fuel are not expenses under genera *1y accepted accountmg prmciples until the fuel is used R*newals and replacement.s of pro;+rty and capital additions funded from revenue + are fully reserved 30 u________.___a_ _ . _ _ _ _ __ _ _ _ _ _ _ _ _ . _ . .
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NPPD Nuclear Facility a nii) Intercat income on construction fund mvestments is 3. POWER SALES CONTRACTS-credited to utility plant. 1;nder generally accepted accountmg principles, such income would have mereased revenues Under terms of a power sales contract with Midwest Power
$0 2 nulhon in 1993, $0.3 milhon in 1992, and $0 6 milhon m Systems Inc. (Midwest Power) formerly known as towa Power, Inc.,
1991. the District makes avadable one-half of the production of the Cooper (ivi As part of a 1989 settlement agreement with General Nuclear Station to Midwent Power with the balance available to the Electric Company (GD, the District wd! receive discounts on Dutrict's Electric System, Midwest Power and the District's Electric j future purchans of certain equipment and services for Cooper System each pay a proportionate share of the nuclear fuel costs (based Nuclear Station and will receive credits and discounts under an on energv actually delivered) plus one-half of all other costs of the amendment to the fuel fabrication contract The Distnct facihty amortued over a two-year period endmg m 1991, the entire The District has also agreed to make available, through its amount of the benetits allocated to operstions. Under generally Electric System,12M of the output of the Cooper Nuclear Station to accepted accountmg pnnciples, such tancfita would be recognized the City of Lincoln, Nebraska. whea reteived which in the case of the settlement would be over the next 17 years This ddTerence restdta m an increase in 4 PLANT DECOMMISSIONING COSTS revenues dunng the two-year amortizatmn period and increased costs thereafter. Negotiatiens have been undertaken with GE to Pursuant to regulations promulgated by the Nuclear Regulatory make certain substitutions and extend the available time period Commission (NHC), the Dist rict established in July 19tM, an external for using a portion of the avadable discounts for future purchases trust fund segregated from the District's asacts m which amounts of certain equipment and services that expire in 1994 The accumulated to pay the decommiasioning costs of Cooper Nuclear agreement stipulates that the dollar value of the settlement Station are to be deposited. The NRC prescribed minimum amount to should not be disclosed. be accumulated by the District in said fund for decommissiorung costa, in 1993 dollars,is approximately $157.6 million This amount does not C. Nuclear Furi- include the cost of removal and disposal of spent fuel or of The Distnet 5as entered into several long term contracts for the nonradioactive structures and materials beyond that necessary to ] varmun nurlear fuel components of uranium concentrates, conversion, terminate the District's operating license. For purpose of accumulating ennchment, and fabrication Nuclear fuel in the reactor is being amounts for complete diamantlement and site restoration of Cooper - amortized on the basis of energy produced as a percentage of total Nuclear Station, the Distnct is estimating the total decommissioning energy expected to be produced Feen for disposal of fuelin the reactor costs, in 1993 dollars, to be approximately $424 million, are bemg provided as part of the fuel cost and collected through it is espered that the costs of decommissioning will be funded revenues of the Nuclear Facility from revenues, certain reserve funds established under the Nuclear Resolutmn, and surplus funds derived from the ownership and it Cash and laccaments- operation of the Nuclear Facihty. The District anticipates numcient Funds consist of $1281 milhon of mvestment accurities and funds wdl be available in accordrace with the NRC decomminuioning
$17 0 milhon of caah deposita at December 31, 1993, and rules to decommission Cooper Nuclear Station at the end ofits useful
$127.7 un! bon of investment securities and $4 9 milhon of cash hfe. The District, intends to periodically review the costs and methods deposits at December 31, 1992. The carrying value of investment of funding as a result of changing conditions and requirements for secunties approximates market. decommissiomng. The next review is scheduled to be performed in Caah deposts, primanly interest beanng, at Deceniber 31,1993, 1996.
and throughout much of the year, were covered by federal depository muurance or unregistered U.S Government and municipal securities 6 CAPITAL ADDITIONS. held by varioua depositones Investments at December 31,1993, were in unrtgistared U S Government secunties and Federal Agency The Nuclear Facility construction plan includes authorization for . obhgationn held in the District's name by the custodial banks. estimated expenditures of $281 mdlion for 1994 These expenditures - The Debt Reserve Account and the Reserve Account in the will be hilled to participants as Provisions for operating reserves" on Reserve and Contingency Fund are valm d semi-annually at January 1 the basis of estimated cash flow requirements and July 1 at the lower of cost or mark, t in accordance with requirements of the Nmlear Renolution. Gains or lopes on vahiations 6 CONTINGENCIES. are included in investment inceme The accunties in the remaining funda are valued at the lower of root or prmeipal amount in Under the provisions of the Federal Price-Anderson Act, the accordance with requirements of the Nuclear Resolution. Distnct and all other licensed nuclear power plant operators could each im asseased for claims in amounts up to $66.2 million per unit 2 RATE COVENANT; owned in the event of any nuclear incident involymg any bcensed facihty in the nation, with a maximum of $10.0 million per year per The Diatnct in required under the Nuclear Henolution to charge incident per unit owned. Midwest Power would be liable to the rntes for ehtne power and energy from the Nuclear Facihty so that Dintrict for one-half of such assessment under the Power Sales revenues wdl be at least numcient to pay operating expennes, Contract. To satisfy the obligation, the District has obtained a aggregate debt service on the Nuclear Facility Revenue Ilonds, $5 0 million hne of credit and Midwest Power has demonstrated its amounta to be paid into the Debt Reserve Account and Renerve and (mancialintegnty and responsibihty for $5.0 million. Contmgency Fund, and all other charges or liens payable out of As part of the 1989 settlement agreement between General revenuca of the Nudear Facthty. The debt service payments of the Electne Company (GE) and the District, GE has agreed to store at its Nuclear Facility Revenue Bonds are $35.1 milhon per year for the facihty at Morns, Illinois, the 1,056 spent nuclear fuel assemblies from years 1994 through 1998 and principal payments, as a component of the first two care loadings at no cost to the District until May 2002, debt service payn ente, are $215 mdhon. $22 4 million, $23.4 mdhon, which is the expiration of the current licenae for the GE facihty. After
$205 milhon and $25 7 mdhon for each of the years 1994 through that date, storage will be at no cost to the District so long as GE can 1998, respectively naintam without certain addit onal costs the NRC license for the facihty. If after May 2002, storage cf the 1,056 assembbes results in j certain additional costs to GE then the District shall be responsible for 31 m__ _ _ _ _ .. _ _____._ _ _ _ _ _ _ _ _ _ _ . _ . _ _ _ _ .
s
NPPD Huclear Facility auch costs. Such ctmta would be collected through revenues of the in additmn to the; mal payments to the facihty operaton Total Nudear Facihty an port of fort conta. dalmal costs are estunated to average approximately $300 per cubic foot. l'ursuant to the terms of the Southeast Compact Waste 7 t/)W. LEVEL ltADIOACTIVE WASTE DISPOSAL 1m;mrt l'olicy which in meurporated into the thstrict's dissmal agreement with Chem-Nudear Systems, Inc., the Ihatrict has agreed The I Aw-level Ldioactwe Waste f* obey Amendments Act of 198f> to continue paymg the quarterly installments for the access fee urJene 4he "1985 Act*i requires each state to be renponsible for providmg for W the Southeast Compart termmates accean to the Central Interstate the aradahnhty of capuchty for the ths[ mal of low. level raihoactive Compact or the State of Nebraska, hi) the Barnwell facihty clops wasten generated within its borders except for certain defense related permanently,(iii) the Central lnterstate Compact terminates its accesa radmar.tive wasten Among other things, the 19M Act authonres and agreement with the Southeast Compact because t he CentralInterstate enwurages states to enter into interstate compacta, subject to Compact's own disposal facihty becomes operational or fiv) the Congreenional ronment, to provide for the enlablinhment and operation Southeast Compact grants the District an exemption under the of regmnal disposal heihties for low level radioactive waste generated Southeant Compact's Waste Imimrt Pohey. with2n the states er.tering mto a com}wct< Current on site storage capacity should provide storage for Pursuant to the !!M Act, Nebraaka has entered mto the Central approximately six months of waste generated during typical Interst ate Low-Level Radioactive W ete Compact Ithe " Cent ral non-outage conditions The Dintrict is comp!ctmg construction of a Interstate Compent"; with the states of Arkannaa, Kansas, lensiana, new on-site temimrary storage facibty which could provide additional 4nd Oklahoma The Central interstate Compact has been approved storage capacity for low level radioactive wate. by each of said states and by Congress The Distnct is unable at this time to predict what effect the The Diatrkt is a party to an agreement undei which partial lawamts and other obr,turies could have on construction and operation fundmg for the preheenaing costs of a propomi dnposal facihty of the Central Interstate Compact facihty or contmuing accenn to the lopprosimately $49 4 milhon through November 199'11 has been Barnwell facihty, but such construction and meralmn as well as the provided by the ownern/olerators of nuclear plants withm the Central operation of Cooper Nuclear Statmn and continumg acccu to the Interstate Compact t"M;yor Generatora".i. The Dintrict's share of such ihrnwell faably emdd he adversely affected. - rets in 1631% The Major Generatern are currently workmg with the Compact Comnunason to develop a potential amendment to the ti DEPARTMENT OF ENERGY FACILJTIES ASSESSMENT: agreement under which additmnal prehrennmg costs would be provided for the project Under the proviamns of the Natmnal Energy l'ohey Act adopted Numerous obatacten e s tat regardmg the proposed facihty, h 1r92, the District in subject to asacssments estimated to be includmg. umong other thmgs, challengen to the constitutmnahty of $167 millmn per year (to be adjusted for inflation) for a permd up to the 19% Ac., strong hwal opposition to the site, notice of intent to 15 years for the purgma of paying the conta of decontammating and deny the brene appbcatian for the progmed farihty by the Nehruka decomnunsioning Department of Energy t" DOE") operated uranium Department 4 nf Environmental Quahty and licalt h, and lawsmts fded enrichment facihties. Such nasessments commenced in 1993 The t,y the State of Nehranka The notice of mtent to deny was filed in prenent value ihr such annual assessments for the 14 remaining years J,inuary 19M, and was baned ugmn the presence of wetlands wdhm is apprnximately $23 4 imthon The Ihatrict has recorded on the the site boundaries The notice was later withdrawn aAer the Nuclear Facibly Gnancial statements as of December 31,1993, the apphennt reconfigured the site boundarica to endode the wetlanda prement value of nuch annual annenaments by recordmg a habihty and The State's first lawsuit was fded in January 1993 m the U S District a matching deferred charge of approximately $23 4 million. Court for the twtrat of Nebraaka, and alleged that the developer had not obtained "commuruty canacnt* for the project The suit han been 9. FAIR VALUE OF FINANCIAL INSTRUMENTS dianunned I y the thatnet Court and in currently hemg appealed by the The followmg methoda and annumptions were used to estimate the State to the U S Eighth Ciremt Court of Appeals. The State filed a fmr value of each class of financial matruments for which it is wrond lawsmt in January 191+l, contendmg the apphennt had not nble to estimate that value at December 31,1991 obtained community consent for the reconfigured mte. Such lawnuit was nuberquently dismiped and he not been appealed Cd M htets The carrymg value of investment necurities Under the 19M Act, the three e istmg low-level radmartive waste a roximates fair value as deneribed m Note ID duesal sitre can deny access to certain generntors including the Ihatrict eflective Jamsary 1; 19%, however two of the three facihtien' Harnwell, South Cambna and Rwhland, Washmgton wdl contmoe to N Rnb Mh Mk M b MM N h M m wd M estimate the ftur value of eminting debt The fair value in entimated to operate as the disposal facihties for certain other regional compacts f e $J84.2 mdhon. The South Carohna legislature has authonsed tb Harnwell Imhty to anept non Southeast Compact waste for up to an additumal 10. LONGTERM DEDT 18 months endmgJone 30.1994 flowever, acreas is contmgent uinn development of new wate dispwal facihtwo in North Carohna and On October 8,1992, tha 1hatnct issued $176 9 milhon in Nudear tertam bnntationa imised by South Carohna on North Candma Farihty Revenue Ilonds, 1992 Serien, to refund the outstanding fanlity mtmg activities The CentralInterstate Compact has entered Nuclear Facihty Bonda,1970 Series,1974 Series,1975 Series, and mto an agreement with the Southennt Compact allowing accene to all- 1983 Senes generatora in the Central Interstate Compact through June 30,1994 The reiundmg cost of $4 6 milhon, which includen onginal issue Access to the Harnwell facihty can be terminated prior to June 30, discount ($0 7 rmilinnh underwnters feca r $ n 2 mdlionb insuance conta 1994,if the CentralInt~ state Cornpart fads to make progren toward ($0 3 milhon) and call premium ($2 4 milhon) has been presented in provsdmg dwimal capaaty atier June 30,1998 In additmn, either the Statements of Revenues and Costs under "Operstmg Expenses - party has the right to termmate this agreement for any reamm upon 0;wratmn and maintenance " If this transaction had twen recorded 60 dava notke. under gancrally accepted accountmg principles, the charge in 1992 The District has entered into an agreement with Chem. Nuclear would have been $5 6 milhon, The innuance of the 1992 Series Bonds Systema, Inc , the eperator of the Harnwell facdity, for disposal of wdl result in er prommately $12 5 millinn of grona debt actvice savmgs low-levellathoactive waste dunng this IS-month period The Distnct's and the District wdl realise an economic gam t' difference between estimated volume of 12,000 cubic feet of lowdevel radioactive waste present value of debt acrvice on old and new londs) of approximately requires the District to make sta quarterly payments of $Ct0,000 each $9 8 milhon over the hfe of the bonds. 33
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