ML20072E570
| ML20072E570 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 12/31/1993 |
| From: | Bloom E, Sjosten D, Slattery R MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20072E546 | List: |
| References | |
| NUDOCS 9408220298 | |
| Download: ML20072E570 (200) | |
Text
{{#Wiki_filter:_ e W
- L'
.Y._., v_'. .? ' .,l'l , -
l l. ; .
', * l[ ;.. -' .J , j ' ' '. ' .'..r,;4 , '. . .; ', [
I 't* '
, i , fe.,:':
',.';.';*ed.'..,.'.'.. ' . g _:,(. ;; .L 7_ :4 ~. .;'[ . ) . ,*, , , ' q. s . ._...'-.',j ' ,, ;, .
, f...
}:'. }1
, -* f ,: .y,' : , :._- ;
L . ' . , ;; :w :. ;.
- - , .,t,
, ,. . c; . ..r-,' ,;.. .j- 7 ,, .g .
t, < .: <' .:. ' .' , . . . :..
, / ; .;; . ' l . . ' . .,:. .~ ?.{,' ., .' ,.* } },,-
_ 2.. .e *: . . ; - r-p :
'q: : 'p' :;, ,., p p ] - y . (. .g,
. , ' , '. . ,.;^ ,.g.
.7 m:l .. . ;
- j; . ,. {f.. A ._ ,g.,.,,.-
V, ~:. :. ;;,:' ; ,,q <.hs
...ut;; / .: ,. .: \
., ;;., .. '.[. . ';; , . J.:s ^ 'y.; y.,7 ';;+
,.:.,[: . J a. '-
i'L '. . ;\ 1,. . ;;' q 3.:.~l y .l . 3,..c _'. :. -,;[ _ _
. . ;(,. .; ; ;: .~ ; ;'..,.
. , p :, :. ;;;_. ' .n.7', : _; .?;' .s . , . ,
,;:.f e*
1_ ,j .;; c: ;'.>,..'.,,,;',.._~,:3 f.;[: , . . . . .); ': ._ s, ., . , . -j. ._ . '*;
,. , __ , , .- ,s.4 , .; z. .
...;\ . ' , . , . .
n- j e: . .; . *
" " . .. .. :; f : . .
.: .:. ., :. ; . 'i . i3,'.' ,: ':,, -' .'
- t. . ;; , ,. . . .: ;< p ..? ~L.y
, ' . % : , ;y.. ,* . ,s;n..Y.,,p*r 'n.--: .~;"-*.v.. ' ? . :' ',;\ ' . . \" : , c;. . . ' ?. :.. : . ,
. L, '/...
..,.: ; - -' .~
lR z . ; L y .;.,; ;9 ' %. , .L :
..s s.
- n.'.-.u .' . s ' ,..::: s.
c . . - a e . ..: . . . . - ; + ,: . .. y, . ' <; ' .: ;a.' ' . , .. ' ,...m.. . . ., :e . m : ..,s-
; ... :;- ? . . . . -
., c . . , ". . . . .
f,..-- i .y_. u .. l"*., . ' ' . . s.
- . , . ~.
' .',,'1.'..';;.'*.'#
~c
.<"- ._.,,:..,,'/,.,..,f...'.
- 1l. # ,.'^ ..e, * . , . , ,-.
r ..
; v_.' . ::, ,:', ,.. .! , ,,; p J.,,,,
;_1 :.< ,.
E w c,
- .. :! .':i -
' ;; e, e
. ; ,*:. . . v . ?.-. ; -, :.. . . .s. ;. h. !. ' r
.M
?. , ' i . - , . , .
'y,.. .,
=i . o,.s..'L ' A ~. :. ,;, ', . .
? ;.
~
';,s,y,,.:',......,,...:,.;...",
. . 2-
',],,.,..;.* .
. , ; ,: , , ,[ . ; ' . . .
, . , - - -..,[.,,'.
=
#; j, ;'
'._s',..';,. ' .
u.,e., . . , ' ' . , ' _ . . .
. -. .'" .',3 :.,-..'r.
,, - .3, .
.,,...,..;;,.. 'p ,. .. ;- -
',- .7" '- ; ,. .
, - Q $ ^ ;, .
., . c. ' . ; #,.:'. '( ';t i ,.. q f,.1 y*~*.- .,; [.f ;;,- c: . ._ ;- ",/-
- g j ', ,
.',,.a
'. ;3 i . ;. ',;. - ' ;. .::;, ,' ; ..jf., ' , , . ...,..f.,.'. .
. . , : . ,. i /" ** -
- [, *, . ; ,.i- j ? f, ' ,.':' , ',is<.. :' ':, ',.,--
^
_ . t ,e;. . . ,e ; t' . : " 7. .,v,', . I j - _ '- J'
- _e :
,'. ?- ,* _* j' .., -, '.-. .";;
s ,
, ;, .. r - -
.:_.r
..:'.'.'l. :. . , \.- .':. ' _ ~ . ',_ ; _1 _ ' :._ ., , . } >.[
- y ,.y'- ; . '. '.-'.[',' l ; ,^ ,, _ , . .. '
i.,s:J,? - : ' p. :. F-f.'.' :,.f. ),0. , . . y ' . * " ' . ' ,q
- * . ;. s '
V+,.
.n
.q_ '
J ' . ' ' ' ., -_ - ,_ .e ...v; ;_. -.. :.,.' l ee , '.:.t.._;':s . ......,:, ,.., ,. ; .;,,.. . n. . ' ;_/ '
. .. ' ' - ,y ' '; . ._.;::. . '.; ,lx... .; ' .l-'..s. *. _ l[ '; . '. '.., ;.. l;.
, ',.,,. ,. . . . , . . ,.,,',*l'-
.g 7 ;.
', ,l,.<.
u.v... ,; , -+ ..,,cy.,..:
'i.-
..:..o. . . _,: l ,L
; . . t' .. . ; ,. ' '
, :7.l.' .j .I . ff 2 ;
', . {' *.
+. , . ,
Y' l _ )' : { J', _ " l a 2. :f 'l' Jy "' * ' ' . f, ' .['i';':4 ." .
, . , - .- A ,)
~ :^ ls ' . i * }. l :s j ,[ } ).l
., '^
\._
p=-
.I '.s . ,; --,;. . ,..} -%,w' . . ' , . . .. ._: g.,._ .c
>9,,,, . .f:. *. ,; . _, . .. ;- l . r . C';_ ' 8 : , v. . lr. ' ;;.,i.
s. y ; .c
. . . ; , :; c -1. ,. . ,. ..,'.-,':,-., , ' .' ,; i
.. -1: . ,
- - -' a. . . , s.,;. ; ' ' . ...,-:~.:.
~,
.>.c ....y*
';.".p~..'....- ,
> g, g , , ,ft; ,., , o '~;* . , , . . ...
- - i ,,.
?. -ii- '- .
.,3-
*:v ::1' . - '. ' . . . - u e
,l'
'. _ ; * ). . . p s
. . ,; . '.s[*.
,...p.*
' : _,.,; , ' - ':l ' ,
mg . ., . %.
;c r
;} -- .. ,. . ' :3 _ . ._ ., ,.: , ;. : ? ' g, l:", _,; .;
- s. ,
.:),,. >s.., :;; :~*, . .
-,: ;,l
- s 4.
; . s3 ' ;.i.. :- . , .
.:..,. . \ n ',, c.
... ' ':. . . ':' : .'t
.,..,,,.,s._' ' .,_o. q
- ;r, . - . . . . ,,.',,.t,
.} ,
,r.
,[,._, ,_ , ; .: ,..,; ,; .,..,..,,+; , ,,,y._ p .. g ,<
E . . . - ' ' .- s .).e s:^
".:"* .. ^ -
4'
' '. : ' ji ',,' . *. .f ,", n .. ,.. 1.ci- ,' ' ; '" 5,
- g. ,', '
. ~ ;; . ', ;. ;. . . '; ,
.., 4 h' , , ,_ '3h' . ; .;,;fj
* ^
.'y.-*'::.- Ft 7. )...'.,M_q.,,,,',;4+
; .L ^ . ' i ,~;: ?.. .,... *: .:. l; ; _ -
- , .,.:.'..'b .i,. . Js7 _ .* ;. 3:: , _ ,L ;<}!L %
.; .' . ;.: o :
,_..,s's ' ~ . e. : .l ' .. . ,'; - - [..'.*s.
,.,,,',..,,'*,'5
_.:.:. . ; .s . . p(* '. ,,
,'+; < .. .
' ,t :
,3.,i
* <',: ...4-y ,.3. .q . . != .' . -,- , , :
- . e**;..'-,
.. ,*.f,,..,-,v,.
.,.,,.cy'g.",.,..e . ,.;; . . ., >,
, . .. . , , .,,' ; . . . . - . e 4- :- .
*,;.y'..,*.
,:... f , .- . . . . , ,, ,.: e, s ' .. ,q , , *,
a
.. ._ o
,,,...""(f ' '. b
., , ' . - S. . * ';,- '.s -( -
.v' d ' ,. '
**:.',' .' * ' ' - . , , * , ' '_. :g
. ;' '.,..,,,.'J'.:#
F.*
'.....'.'}, S-). 1
- ;: , .r- ,h '. , %, . .; ., .-
.; . . .. '.**.' ! , , . , , ; -~.v.., .
- ] s,* . 4 'l,;. . ._ , -f. '_ : _',.,H.,,y...'.:.s.'
- n _, ; _- * , - - $
i . ,,g> x. .i.p . y.'
?\ kl L; l -' '-', ]:' ' ' f l. . , , 'c '. , Y :).; I 'u' N.' .* ;', ?'
-l$ . , &_ }4' *..l,' ; =.
'. : .f f.[_.s ' ,f", Q. -l ',,;: ~. ls .)s' .: 'l ; ., : ' . . ' f y .l:,*'
, ' ,.' .,_-' ., __ - ;..4' y ,, ;, '
fMy . J. i_ Yf p,.;; ,'. , y :
.; '. ,* N ( . : .p.-':#: - - k < . , s 1.; , , . ., . . },,y; - } '
,.' . f..
'. ' ; o* ' *-
. r) ^ . - *: : - '-
? :h:;; l
' . .Np
( .i. s
. .,, ,;' -.' . .... ' , , ' 'z.' '.. ':*:: '.};,- fi *p*:.:
4: ^,'f%s'f -' :1, . . .,. ' h y..*.. ':,
,.'?,-' ' .
h>,p.' '. ? -
" . .').Nq:
i 2
- . . Q: t ' '.
' , <, ; ~ '
- N ,fqh : . ,1 ,?. ' .l ,* ::. .:.*}.;; t'.' ;; '-j[s Y
. ? ')*:
f.l?. y .3
- ..t- ',d;:' !, o. .
t(. . f.f'., i '. , 'a-. 4 ,' ';! , ' .'. . ' .* .: ., ,'. '-' , ;
' ' p ". ; g .i _ ,
,3 ' . %': . 1
- <.h<.'.,.-.-
._ '_ ash
.. . : e p.
lJ , - x,'-k* ' . " . . g-'.,...., ,,+-; - .
..' . . , .,a: ._ t .. y, ' '- : nn+
= -
d- ..%- W., .' .e.. , ca - p ,, ",,~.';.rl,.- :' .
,s :g .:
1 , , .
, . q:-
.^ .Q .* ' .' 'Q., ,gr*[ .
~Y ' '
h .k .: l _.* '
~ :. . ..
.;}l, e: ,y es,^ ,:. w
.. _ g _ )mb c ; .;, ' ' ; ', ;; ;,,_. ., .. - ,y~_.
N ,f p g [ygypf.giff.{
- j. , }s- .
,, . - _ . .. _ ~,
[ b
' ' C g j,'].f y V' Z' y . , ', D, '.j g g.i .g.) $ D V. llp.2 N' b* k ( )' , , 1. ' :; . . .'. . _l . - . '.,f;",. , .$...-.Y ' . . ). -\
N. ' f. + k'2 l . h. [ . N. <' ' U WP : ' E y s -'.afy.: g ; ..,/.* _ ,Y y < 'k' ,f. h . .gg y
.*.or .
);..f y4A.M . '. .'< . _
e- .
;,.'^ -, . ':,. ' ' .s
." (: ,; .y .,. f. . . . .- Ai
. h; t .- \
m_
~ '
~
A Y >/,..;..-M .','d,...,*:
,LiL: ,
g ' e. , y' s.3.. ' i:= .pp.. T'.*.
. 4lN,.* (S.
-_ . t. > ,,s-' , -f a - ; :h ' ,; , n' .' ' -.'. - l S -
- :.. .- , M,,',. ,: .'.83 ... . Nggg ,,,r. .,
j_ ... r.f.f?jk.$" 'f.f;.ll
-g h h ,$'.-.
.t .-
$, ~ . #' ,1 r I
"- $ ;f"y(.3 pl.$, :h o d'J4l,llh*~fY[l$- -
^
'~ '
'~ AT > ; '
f anne'*'*'? , h[, ,; gj'%,. ,[_, .
. / ' [I, .r;.. *b *f f' f) ,g_.g.,J?:h
- j. .
, . ,, . l f :;,'; '_
hO
- i ' '. .[.- s. _
g~ Y^ " '
// ./ ,.
yl} .y . .*l, - fit /f ,jfl: '. 3 l f
$$:?
5 .Ybh. f ' .l...: $M 9 Y[' L = m k MM..- Q ; 'Q'.;. ., ,,:. . _, *' ' ' % : : . ,q' ~ q
.$ ,. , &Q .j . i'*. . . l
. M. $?@T U1 . . &. ,e. %. '.#? ?
. - ,9.. .. . C '-).
J'. '. 6 '.:. M% 4i
~: y p;
4 ' . * ' ' ' f, t.. ,; ' , " l '/.'
#; '. .. Ar N; '.,l::
'll,9n :
g . *SK
';.. . .1,.v r... -
Q $ :::.1.?, v. y _
.. v:' SQ lt ', - ;%
7 7'.' ':r
.. V 4'
' 2
. ; ' bi k / , .[ . . - . 2, .; . , ' . [ . . .[.
4 ?.;* , Y . ad I;:.- .
. g .: , .s..&: :; . _,; ';;f.
.'4.. ,(Y ':y .. :* , '. 3 .
..'.e+.~. N . .~, . 3 ?.. ., . ,.,.,,,.-,.~n'.,-.:
r-f.
,t -
g- .ys - ?
+ -
, 3.-'p_,,- ,. ...k m ,f , f
,, . 1 E . A ,A.j:qaf .
=- ". '. ., .k$ y. e*'"3,. ;,; [)' ..,;' ,
- p,4A J.;. . . . ,. , ' , , * * .,6 ' :h. 4 . . .1 '
,, .. . . . 4. .-
,y*. . . }$ 3lj 4:l. ;u a .;l,'.0
'., b.:'"i 1- ' , t... . .
+
~, -
N "(:%,' '.
'.~.
. f.e,y .;h f$ . *',, ' j ~ 2: l . :.g;. n .,.. ,:.. ,l ' ' g.,h , * :. ,?" :h *'
.I.f. . 4 ;f'.". ,', '.')...*-
w
&...-~ . ,
w: ' ; . . a ;* 9,)yM' [. l./,MN. : , .'a
..n '
.. 1-
=- y/ [.*D. s .. M p e's , '
,%.e: c. ;'8-., 2(, 'e.g%,'. :~w , ll y ;p , ;.f'* f ". '; .7l, .;.I ' ,o,j ~' ( [* ', ?
' .) i.\ }q/:a.~ ,Q :.,;. ,.9. C , '.,d;. ',If.,i
= "- '....; e.'
! ,.V : d. ' ~ : ~ ' ' .y. ., ,' . &.
s, . s~ -v 5
".W:'.: ;
_ _ .R,- % + - . ; *.,..
, l S:g '..: .. % n; r. :: . ;
- x ' .'i : i;; : .a .: ". ~ : .;: !a n: :. . ,
- Ku%
l$]Q -i =',;*',.,.9..','*.
. . lh .'
j . ' :22. '. .Q' . .p-L Q:%.i ,'y'l :;' " ,
;' j. ,' . '"g '*m' ,. . ' .i. 'O :' . F ; *.i 'I? ]. ; _ . g. ;;y' s :$.':' .$'}B.
_ .. L M -in. * ,% ' Y
-. .g,Y :.j!),- 'b.'L ' ..
'.,.*;., . i l-l's
^
r-- . ' _ . . - q._ .L, :,- ;Q ,. '. :q < ';.[-..- ^ ~,.3 **'
, ... '.. . . ;'? , ~1 : ' . . . 6Q s :s . '; ~ .
b ..]. : .. ;[ .:. *. -. *,: . -_ ' *-. ', , .
.s , * ' . ..
,;._})*._
a
'.x,'..w, g f.. _, y.. :Q[ 3 :, z ;.
4
.[.
w
.. } ", ._ / . f .;' : a ! '; .. .,:
p Q.j..e-.. ;.s. ::",.z. .'. ,: ., . 'm 4
. .y ? . ;. ;
2
. _ . _ , *. . . ._. ; _ , , ;.t
' ._ . . - ' c.;,;. o .v.;;;.._ _ _ . .
. .~ , . ' .' a. t) ,[.,NH
;~;
>...')
'..'~..*:.
.y. < . ;,
f.* .
- c . f.. A; .
.. : . n z . ; , . ._
,Q: ,,,; . -. V ' .
y.:
. _ ' i.f, . . l:^:
- .. j u.,. p - ..VW ' ' ' . .$ .. 'c ; . - l.l,. .b.f. .. Q :k j. :! f.
~h .h. ll . [ , , -f.T f
4 i , .
..: ....: .. . , ' .- . . .. .. . .[b' %- '_*.,,\-V_, ..- ,' . . - v,. ,%
.r .- . . ..- . ,- . .,.. .., , , ., . .< ; . - . . .7E* , - . ;. _- .* *. ^,C'.-
- . ...lj ...
L .
.._.,.C,
;: ..: l l~ ', ^
(7
- y s- uj , :. . - . .:,_
. . , , ' . ',' ... ' ',[.. 4,, ,i;, , , ;; . ; ;. f , p, _ _ , . . _ . .; >3..'*p'.
f ( *..a
,7: , , , . '- ;;;.' ^, . , ' ' .j '_
...i'.i".i_:..'., , . .
,,; .,~".f.. .4,*. '
.): . ;:;V f ' '...',.,.4,.;
i i - _ , L ', * , .7 -
.. .' ,,,:;, 'l'....' '
n: ..L ': i- ' , . : :- .'*..%,.. - :, u L >I.. : : ' . . . ' . .' , . ; . ,i' . . . ' : ' ,i * .. . . ' y '-^ 57l;: . . ,;' ? I
^
'. hD -
' f .
- . '. . . . . . . .; ', :. .: . a . : . +
, . . ' . '.r. '. " . e;
' l '.'c. ll '. ,:. ..
, l .; : . :- ,
.- :r.. ; - n.- ...,..'
' . . ' . - -' ll;l v. .f .- -'
' ^ = . ; ,, . ;, , ' : .; . Q ',. ;..,..'_..........p: l: . . - - n
. , ; -', . ;',, .l }. .,_ ,
.- ._: * ^
l, ; ' 'm ..
- .. .;.- '. ' * '_ : . ',....r,.,
; . [ , :... .~;. _.: .. ._...,:.,...'- ._ ?
, ' , . ; ;. . ,,,;. ' > .-"0 ~f. ..-l _.. ; ' o 7.
; , ' .,y ... '.. . . ' ' :.;n :\ I. *. e....'. *_'.:.,;P. : '. ..:, ** . *. :
;; .9.
< ' c'-
- m. _3 :
? :' , . , -
.. , n...
l.- ', . ' _,
- m. 'L-
- i ," a, ' .- '
. . . ' ; . s- .-
+
..'.,f.'n..'.'..,: . ;..n L ~ * '.. . '; . : _ :_ '. ' _ . - ..,
. ,_.. c.:, .,,
-;. y. . ' ,q . ..:'..,:...,_.,,:; _ aarken
, .': ' . . *' ,;'. . ,$ . , f a . *. -_,;
_ .. .. : . 4*- i
....;~
- i. 3 ': .. l - ^, ' , , " , ,,,,.,j,,'_a,.--. , . , ' . _-,' ','_ _ -;.,, - . ' . -
'.,.,;,. .- ,,l _ z.. , -
.y s -
_ - .- .;, . d .,1 v_.
,'..o_ . . [ ' 'p ';
'- z . _.
p g r; . . . - , _ ;. :._,,...:'yg [ . ' [ ,. :: , . . .; ; . m [} a .., ' . _ ' t ,'- . . - -, _;* f
.r
,,_g.
_ , - _, .._:l .:[ . ; . }_'
. . .'lw
..s y o :
W , _ . (, (,' ...;?..
~. . : o. . . ' , _ , . :. . . '. ';'. _; '- y . - -
, .. ..,_.,s'.': .1
- ' .:. ..'a_:
x- ._s,....,' .z,,_.,..,,..,..,'_u;q;_
. : s. . .~.. .: ..:'~,. A . .;' . .: .:.' '.'..u .: ; :--l_;c ,. , ,.
-g - .,;.~. , .... _ ;- ~ '<-)...._ a .;, . - ~.p .v v.
.a ,
e
,, s c $ .,; ..n..:... . . ; ; '_.. ...;. . -.: . . , . . * ,.: s . <
b ; .. ? ;_u = -",u,.'. ' . . , * ~ e,t' J.
. i.',. 'a
- . .; : s,
. , . . . , i ,: 1
-: s . .:
- .... .,*. .. ^. 1 :. s. ., - _,;: ' g.
1;- , _ y . . 9 '. s', . -,.-,.;.. ' .;7 ' C .. ' . . -.' ' . , . j ",
.'_:. - . ; .' v.:
7 j ' ;, t ' b
. 4*
'l. -
. . . ,.. . .! ,- -: . ., ; .k ~ . {._) ',.- -'* " . >
'.';- ..9.. ..._ ; ;; , _ . _ , - ', ^: -
G _%.b..,.,-..,..;- w . :. ~ ; , , . , - ,,r.:,:'.,,'.,
- . . ' . A ,: 'y : e . . .' q. > ' -: . ' s . .: , :.,,,..'.'
~:. -
E>,# 7 0> ,; Q;'O ' ; ? 8. Y i . ' f a ' c '.'. %. .7-, ? ...A3LJ1 E-9408220298 940912 PDR ADOCK 05000443 r~ C , ? ? D J .E. .D . : :. O yh o . n ; . : ,: f,?.J .o-- %? j-y.M;J.C'. Jf ' E; V " .? = a I - PDR :.Y., !.; ' * . ' ~ 5 t is V G M- J i ^ ? ? F:7mm V ?..'.O M -' M M S C a ! _j
* ,g. ,,..,..,'
y
,;_ '>: y, ;:*,,*
. , q ,/-' . -, .,:
;. .'), . , . . . g' [l .>. , , , ., g,. ., ..' ;, , ,,,. . ..,*
; .p ; . ; y . 3 , _ , . . : , , , , . , .
, ' * * . ;. : . _ . __1,'.l-
, ; , . . ~ . ' ' . ' _ - y' . . . " ' v y.,
, ,.;'.;;.: ' , _ . ' , y, " ,,*.,_, ;
- . ../ :: ;.' 7.l . . g. 3 :, .y ,. .'- p>- ...;'...l,. ':'. ., . . ;; .4". ' ; . S.']- S
,l
; , .. , s $.
c'
,.", .*: ; 'J .. . i .
,' ..*" ' ; '.. 'J.i [. .: :,,p ' 's."
-7 , . . . :-
,f_ y,.*. . : . . . . '".,c'
'y:, .i ' * **, ' l s.. '..N,..,.,.,".,c
~*
-*.:'.'~ ' '; "' ' ,.-:'*. ' .V'...,
.' s. ' ;. . ;,.'.>
,h A
; q'.N.s,..' . :
4
,' '.' o .< e y
'i . ',i.:;*. ' . ,.- f ;,. *',..'^3'.'~'..'
.y
- ***;,l' ..:'.1'
. . . , -*, -, -',A . . . . ;*
.. ', -l ..
.. ,. I .' .t'- -l 1 ' '.5,',,......
;.),.'.,. ,n .,
e* 6
. . ' l.': { lf. .
l*lf.,. i' l
*. .. . .?.......,'P,.-' '. .. . ' . .>
- 1 . . ,
. i*
. . . , , , . , ;, /...
^
y . . N
- .* l= . . ,
'l1. .) .c. . '. ' 9 . 7. - .k .. . . ' ' . . . . ,
.'a,',,..,i.. *9 .,
- gy l R i: . . , ' 'i <- , . -".... '.t '?..: '+. i.. ?., _, l..l ._ ' . .? , ', .'.,,..; y .'.j. :; .' : = , ,', lJ'.' ,',,n..,i,,'u,,1.,..i,-,'
., p' ' s' .,;. , , , Gi v.'<..t.:o; O,,'.::
' :,j,'.c ..,;.C' tD :, '
. v.,.. o) ..f: . ' ' .
. . . , .i ,b, .. s, j.. .. . , s'-' ,i .',k; ,.. . ,. . . . , , .=
,_. f , ', . ' ,' f i'l '.l .l.: ,l r ..:- l f, ' , : l . l': . . , , ,
[ _ ' .* . Y, * 'I
, . - ' l, {- '? 'h{;: ') '
~ .: , ' l'. ~ .[ : " f. 'I. #.
.l
- l*
f-l4...",,',..'i
.g ; </:,,I'...,,.
t., ,,,-
.'..'.f',...;.~.'.,'.'[:. ' , . ' .h'," f 5 P ' ' - a c , -, ' . . . . . . ~ . .- , .: . .
1
- .- l.f, r ..... * "; ' :;. .. .. . y :,; : .',;. i t. -
3;< . ,a ; '- 3 . ..-.( ,, ,: :, ' , . . "
; ' , g.n * ;
;: ; .g .
.. ; . :", ,'.- ;, .- j.. .. ' , % ' ' , . ':
.' - - ; ./'-3,..-,,- . ' ,: ' , . - . .
, a; ~* ) ;p
= ..c.*.. : ;' ., . s , , .*s,.
,..,.i,~,;.'g.. ..,y c',
, .1.. " . . , ;, , . .
..'.t.-L,'.-
; ,4
..'; a<
. . c. 3,, :. .:;?:.,
.e- '\
, *. . . ~ ,. * **
,y ; . ; *, ~. r,,.. ',
,f., ', '"i..- , , l', , ^
E- [. , .: -
'3 .
h , . . '. .W; '. ' / 5
, A',;, , : ' , ' ., l,7
' 1 . . . ' ,;' . . - '. ' ., '.[.,, ,'
.'[; 9: , [ '
- h:, . ..?. ' , f, : .(, + ,
,') [: <- N.[',9,',;.'...'.;.'.s,' -
p r .. . ....y. -
% .... z. .
. .. s .,.
. .. .;.;' ..h. . .a- _"...;,..y,, *;._. .;. . . , . . , . .. . . . :-4. [ ' [ ' , f.{ ' ' ' ;,. - .._. ._. a,,, . ,.:..,,..,..;;,. - ' * ';- ': ,[,'
x'.' ' ' - t :
- - 'p. .:- l'::
p- ' d 7, - ., 9 - .'si.' $.p;; . - .... , .:.. . .* ....' , :. ! ;. 6 . .t ; , ' ,,.3'. f'-./ ' [ . '," ', , /. , N 'yr : ' l , g ...?. ,'; , ' .T , , ! -. . . . .
, m:.. u .: ' -'i. ,:, ,
f' ' . .^ - ..* '. ...*3 - o, - ;,:: 4 .
~
.( ' .. .i. .'. ^. -.--( . i ..... H. ' .;. : .
..m., *:
.'._.:'...:J ; :',. * '; ..'
<,.s, -l - .[,.-.< -.4.;...',
, , ^- '- \. . s ' .- .- .V....
b: .l-' ';. ; :- ' ' ' ' ' ' . ' .'..,'^": ' % ."' i.* ,. ' ) : - .".,,i O
i .. V . l '.? . ' ' y . . - :'^ :: ' i ^ I: - . . .
, r lQ,ht: e ..' : :.: lh ' ': .~..s'l \
_ ' ;,I' . : . y f . * ' T 'o .'s
~
. ' a '?V '
-cl'h'.0kNh'j.Q V: F ^ ?. ,Y h.,h'l. :f , N V . '. 'I.?
W No.;..v : .$.z^, " ' ? , , . . :, .f.' ', ' { . ' ,. .;; ' .^ b .L??..? S .'" l !~, . N t: Y .'.'i, . +'.' . N '
. ' ' ' t .:.,;,...t. '.1 '* .' h . 0: , .' ' '. '.[. :.-,
) '
5, .. ' ..' , .. ., * ' - l :',, ?' ;
,h.4... . l' .; " ' .;:, .'c:. z* .l, *.:,, . > ,,., .-; . :_ (, 'lT l ' ' *' ,'
,.;',...,.].
' ' .;._...','1- ".'
=9,.' _ . . , ; _ ;_ : ; . ., ,,-
y .y g, ** r: -; ' i . 7 '"< t -,; - .; .. _ , .. .,.;, ..y.,;,,,. n_ .: : . ,.. - " .. . ,_ , . . , .- _;.<*,,_.; > -j : J,' ' :l. ' ' _s ,,
- .. e; ,,' l . . .l b % ;ll l > .sL ' : ;:
c y.p *, .? '.)y; '. ., .. .. -. l, ' , ;~ ' . ," . ~ ..r V, ; ,:..'; ..b..' ;.f.-;._. .,.-*
,'.....:,,....,,a...,.,g.,.;;'.s~'.,
- ' y-g!
.y;_..,....'_.'n:
- ,'.*.n.
.'..,'.'.s,s, : _ .,
-'. ' . ' ;;, 'l -
.a.- ....
._'.s .,
,..s,;,, .._r,,..a,;.. .r- ' ..} .
,.*;., . .,.i,..,..
,',.,q.,..,.
, f, ; , . ,. .,. . ,;..,,,
p- , ,p i
- - , .; a:.. . . u: .. -_. , y, ,.. ,
2.,. ..
?
m i.:
-' . .-' . ' . ' . ; -.l, i
. , h. .?:' :l V.,3_ ;-.,. . : . ) *. ,_,,
. >,,s. .. ~ s :^ 'V*' -
..,n's o:. <
~c.3 ..
% ;y .
- c. s . s.
g
. ,1. . ,
. , . . . , .. ;.. ; .,e ..
t, :. -.. < ..- -
,.,...,,..'... ;g, . - . . . , . -; t; . .:. . , S <
., . : . jg. , , '. .. -' ,l .'. y; ,
' . ' , ' . -C'.'.., ,. ' ' ' \* l . (;,N,.:!.N.ly Q ; :3G;... ,,. ' ['* i 3:f . ... .{' '3, ..ll. '. _.
,,:. y. , _.f y ' *: ,* ; ':' :[ ~ '. *.,_..) ) .'*a ,' ' .:: ' F';:.;*'? .., ) [3 ?
m ,;; - '
,r_ L '.y : _a .- - ; [ ', , ' , . , ., 4: ' ...4'.
s.
,s . . . . ,' , ':, ') y ,
l.. 1 , r ? q .. ,' s .',.:-
,L'
' .,.~._'- -
., .W.. ;' ' '
.: s.___ -
^ _ , . . ,
~ '.l N f ll ll%Q y . ' ~ '4N~ . ' ' :: ;
p n...; '.'y l f._.;. . . f :',:;. * - [. t!. . . ; . { } , l l # .. j.) , ; ./ / . s '-: ' e
. . ~ . . ' . ' . , .x.!: ,:h c .. :
. ;, .<;a. ,., :L -r . ;ip - },_,: > . .
.p: 3., ; f. / , 1 ; . o e '.;,.: .:. > . .,w 9. :.:s: 2. , : ; .
y . . . . . /. :: + . -
, . . - . . , .v
- - y . .c v:';;A?..
n
, . - It ,: . ~e;q N
,'; 1 , [ . ) $0.lh[ ' ; ' I ',.[ ,) "
,'..Ikl) [ ' ' ,, : 'r '#,
\;.7 . : \ I.' .
{,..I . ' , .1+
'. , , ; p., J.j l
./ l. '
' ' ^
8
'_ - f^- ,.'. .
I. _ ; , .
' I ' ' '
[. . , ll ? &,E: ' l,r* 'I >- .,s c * %l t l. ' f. i' . y-* * *'h*&.!b('
'.,,...l',,'.'...
,3,:- - ., : ;'
s'y*.:
. /f , g '. , .., .',.l' . ,' e . ", l g'.,, - ( .f -
g% -4 f ,, ' ,;, .'( (;'..;. . ' . K
'.b i,
~r' l.- .
,a
.s
.: - k dj :
- ..l
. . . .,4 Y ..
~ ? d. .: b' ). [,l yL ' , . n $, :.. ;- . ,
.f [j ' ' ' ,
.,:.'~-
[ $. 3, '
. , ' . . , [). -
#' P 3' h.. /' . .,.[ 2 ' h .', 'gy '. " , e,
!; >l , [j-q'.
(* ...e *.i; . . , ' 4.e mg wLi.4
- t .
%* g, -{ { h h [, Y .,J, .l,,.,t 1.(. ,,. , . . , , ' , . {;, . , ' ' "*
, f. -
l - . .' . ;; . : . 1" _ . ' . , ' ' ' '7 .;, / 5.>. ,. , {.C ' ,[ I. ( ,j', ' . - A* ] ' - y :. ' . * . . . ' . ; b,- ,
. }E g [.[
, '- j
; 4 ., ' :. , ,
..', .*! , [ ' .
. - . t . [, 'l Jl. ..- '- '
.. ;' .(; .
...[
.i.. ';l ,l\. [{;)h. ', _ ' ,
.;s,* '
^
m-
.i<,, v.; L ._ . < ' ,,fl'_ % j;[ v. r
%' }-0 , , ' .: ..;}' ;, ._.} ' . l.
1:.', jb , _'; * [: l
','..',.T',C.
% *h fl l,'v"r .; ; , r. ., U ' . ' ' . . .* : * ' ' -
'.Q 5 ?
' .'.L^'. * \ ;d 9 . .\ h.&.
s s. e' x.>_? .:... ^ b * ** *; *q:. ' *:a .# : ? ' f,: '
- g :, . .' '* ,9 ., . p. . . W . ' %. I . ,. .. s.,:4._ _..
- h. ;.
3'.w ; =- 4 ,. - 3 ...
. As f ~;_ $' . :/ N f .
l % &)fQg[< - J &l. j. .
$$WNW ,
[ 'f' E'{' ,,-
*! (1 , _N 4 ,. h 5.[
Y :! ~..,e..- ,Y ,?.',y- '} J?. J ; [ ', ' .:(? Q' ' - * .. .y;- jh* *" Q';;h*y., '.
.-<. . } ..
...,_;, m ,sen, . .-
g :^ ;'.9;
.c .
- ,.; .=:u
$ g Q p.# :- g .y';a i' ; :.1",;q,, : e
.33 Y ,. \ _ -
- k. _ s Q. ?0 ;l'Y k f.Y fb f ' '. :, ,f . ' i.w s no ' :. , ,' . .'. }g' E [ O',, 3. . '..-
= 4; lb 2 p. : f;.[. ~ , .v. , ,
- s. A e e, a . ;. , x;, : . W y hp..,y+..,..- c.',) 1. ' , k " Y ',: ;::'5:
. '.'~.M.# . ;:
l
., ':. l}.s .;,_ _
r. Y,4 y - .. ' .3 '^^- '
' . ;'m ;
,f*l 'Y{Q _ ' ';* 'E.$,' ; ,: ., . ; h - . g ,: . f m;[-5,h:h; '~
? 'fi'Y' t,f.),:.';';f.
^
- > {, '
L $ ', , W ';h'.,f, '. , . . ' h ' , 'I'-:f ': * * , ,,'s' =
- 4. ^
%p..-
- ..'..g ' . > . . , *.1.e.,.-. :'; :. y ; *v.-:".<,-- 6 , -[ r*k, ' p~.
- 7 ' a ...,, ',';g" p. < ,
- ,c. % %.
3;n .a . . . , , .: - 7 ".:
. l: .. ,k,;'.,
4.{.'0,,
}_:.l..,.,...'..c......'I 3',i i- l
.:y O.. } . } ; ..
*ij : i'p, e. .....,,...'.'..,.'___',.:.n..
.c
- .: .' +' ):Q
- , .i
' 'b .j. ,[; , , . . . , . .[ .,41_.,? ^,:
; n_,,.,
. } f,f '-
Y
.;. ['l , 'h. {'[:. -
*> l :..:
'. ; . :. - ^. _.,&.,a %.. - .f h,h;j. ':...'_r;_ g .
A ,..'.'.,'.'.\.;.<gc",.*.>...s. !
.'m,L,,'I'..' a .
_b . ,- .-. . . , ', c; , .. m_
.- . ' , . . ,'. ; ,;. .* ; ,' {
,,,g',. w:.. . --r
=
, f : . )y'[. d._. *
;'~l - , . . . .
';3 ..- u.
' ; . \ v. , , . _ :'.<?', ^. ?,; y' ;,'.'.'
~
- . , ~ _ - ;: v- - .; . ; 'O J
,,.I _ l j ~$' . ~.l.^ * ' '"','a v 'N '
. ., -.. . . .-. ,* ,s>, ;;j. .':. .
' '^ ,.;.'.:..
iv s ..;;;,,. ,:;_ _ ,'.', _ ~. - -
. *..: ; . -_ j; ,_;J em W'y p. 'y ,:';l'.l . ,' Q3:
r=
.~l_ ', .::- ' % ',. ; }_ . ,. 3, n.
. l; ;,* q ' ? . .;f,. l'
.- l.. ;~ .- .' '. h. a
' L. .*^'.s..- ' , ' . '...'..'b
. . ,s--- ** ~,,.-p {. ; .,l 'L ;*l . c.. 1
- w. n '-l.. [.,'}r..,k.
. % , ? o. .:. ._.%
v'/< , . ,
..y
> ;;, ' ;.' &,,- ..~s e,c-b ;
r- p. n D. . . ,_ . _ . . , , ;,, , ,V
'n'.g,,_*.c' T'
-' . . . '.,..*';e." ,..{,,- ....'r .. _ _ . f . _ ;;.f , _ , . , - , ~(...,rj.- ,-,.....f,~.,,
l
- ' ! ' ;. : ..' ?
. . . ..._a,, ...,..,.s;
,,j...,,'.'*. , . , , ; .,...2
..a. n. -
? s, _ a g . ..
..-l ' F
, . ,"j.', %
.,.s s
; J .,:;,,-:
3 .. y
.'gc- . . , . _ . ,;;
p;. , , .- . . .. , ' 4 a: .;;.,..,;
.,e ..-
,.;.v.?- s. . . . . , .'.,.,+.,,;;,3. , . , , . . -
p - ,- <.tm 3 . ,
. , . -, ..,,_.:- -w ..
' ' s...,.
- m. .
- . ..' :; .- _ ' ' . . . . - . y..,.....,.,
,s
...,,.,tu,....e.,
.. s
'., D ' .'. '
- - 1 .
>'n __:
- ;;;' ..;*'.y ' y, ,e'
.L . , - - %f . ~ , V, ' ' , - :,
.l'" ' ' ' '. ' ' . ' ' -
' , - ' '; ; . : . .j f:'T:; ', _ ,- n' s ;, .
-l .*_p_ ...; ',; :"
l,,..* l .':* ', ll , =
'. ;* ~,A_ ;-
p' ,g..',._r.',_' . . ;, *,.g. '
. . . . . . . , . . - ..: . '.:-l.. ' ' ' .';'-' ., '. ,.- , :' . * - . Y.,- ~ l A.'.
.s._., . ,. = * .. _ 1 .e m
a;;', .-l. . . .'* . ' ' ' ' ': '%
-'HN ',-s.,.:.*.L '^ -
,' '.**:.-'..d.
e., _s,T * ,.
- 'le,]2, I ')W_ , ? ' ,,: 3.- 2
.-', ' . ' ' ' . ' ; ?'- * *
's ; '.' ' p : . ' s. . . j I'
;. .- l .-l d
I I. l- lll-O
\.', - * -'l'
.'?..s,...$ ,,,_.;...'....";, ' . .*,. ,? ,l l4 . _ . . M,g ... ' .
~-a,'^ ^'
.',,.'.,'fjy.. ';. . ' . , _.-..: '
,.'L' ; 7'. f. . ..
NG
~ . s ' _^' ': '. ;. ;,.*_. -;. '.,. _, ; *-: . . yO.,*m.'-
.<.:.; ' , '.? ..'
- ...'a.' .. ,.
-- ;: 'q - ? - . . . '
*_%; , , ...; . :.L',,.1 ':.'- .
e-'s m .
*.* l . } ' ' , ' ' q . .' ..
' ' *. ' f y) ,; *
.,.~,.,;...* "l- ' '
- { ~~l;.-l_ ,
} .; . ',, ,,'ll;
*I c
* :' * * 'f^- ,r[ i, .. ..ir.=....
v- ' *
. ., .' ; [ '. .
5.*..
..:r, -
...j'.s, 1,_*
..t
'.'Y . {.q
*k j
* . , , , ; , p'
. . . .. :,;.,',e'.d../. ,. . .
h ! l Y :.. ' . * ', p , - . , _ .' . . ?: ,. ,. . :,.._ f_ .~, u.l,l ._.;,..u..'n f. '. ..
..,: f . . , _ . E.... c,
. ., . . ,.: ,','y ? .* ! .,: . . .".2<-
*d '
...,;,.- _ ' . , - . ,.~.,'t,.,..',
I '. i r, _- _
.'_,'ev.% .
.. y . ;3 , Q.. ...1..' , - .
} .. -. , . , . ...;;. ' :.,.'.
. y;
- -_ ."_.g..- .
,[ ; *; . . . .,,..%,p, ;
, . o;. .'.....;,,'.7-y :. r; _ _ . . ; ,. 7 : ,, . : '; .;*.. .. (
i,.. .
. . ,._;...'.,,.};.,..,.'..~.',__ . ., .
Y,., f_ . ,
.^,.'...._..,.7
..; ; '. , '* l-. ;. . ~ , , . . g.' ,. s .
,- , l A. .'m '.p '. ....:'i!;':v::. . . . . .",-[.\..'.I
**. ,' g' ,# .h'*,,'.*', ' , ' ,' ,' , ' , . , , _ . * ,j ..{,',..'
. M.
,,4 ' - -
l * *$'.. g .,. : ; '.' \ ; L :. >_. . , . ". r' _ .3' ,' ..', : . ' s .: . '{ >, ' , ._ .. . J: q .j ' : %;c v,.- . , , , , ; . l .g z _ _ _ ' ,,- ' . f*
-1.3...., ;l._. :' , ;, ' . # *';, -. .; s ; . .: . _,* . ;) _ .i' ;;.,. c.' . ,; ,.' ;
4 ., :,y.,_
.l. . .
d: :: - ~ ' :
- y ,.,:' ' : ' o ;
- ^ '
<r ,, _:,
. J .M n : ci . .' ?'. ? ?. f. Dln .... i W ^10 ' j _ . . ,S J . . . . . : d ? 0. . AS M:.; 47 r 9408220298 940912 -
- PDR nDDCK 050004A3 ;V;bu.,%.Q '. L. :)R.jc:x; l S;. :; Ml..F:'.'. .;.. ; .f.7 ' [.,l. G; L : ; ? . F .q; ; :.R.'
1 -. --PDR - : n: e n :. -'~ i ? :. . : -u ' .: >+ ______~:__ * ?:
' W z y : - J.n.m =l , <
. +yy ra - . .
%M n:'
sN
-m4m f.
m% . N'
. ., Rflh.lj3
' le gQl %g g g 4.g.Q p g (g gf.. ~&
p lg^ J.dyg }Q q{y yg gg g g, _fy ypQg6gg g g a
<s , s :
,wmy-ggjyrgg&ggaM..nsy c nr .4gyy. u,w e% ., pw m , + 4 s g.goggy Q. . agq;,ga p ..
3 yQ% ' uy }y. H:p
^
1
, y Q G:.n @ [g %, jy myg.w.< m. -w- W w 0p 4.u:: %p.y d ww~ <
n W s
. ' ,. %. g' 'm' %. fJ. f
% m.
ITE,:o r if :.i .7 M,p>
,.m y..s..%v%'p'.g'
.,t.,'w+
rr
% ev tg %W
, -~ r -
t 6-p ,~3 ., g 5 m h fi
,.~gggj- g
.e
,y
- A <.p%.,',w, &g m m, .. . g, m p;yp.,, g.ym..mwe.,y p,cpygpggggypg,M_ m m, m m. .g,m_ .. ggy.;,yqA+;.,g 7 ..
-c + w w g.
g. v
- p. y n
s,+
.+,- ;.g. ,p . .,
;; s. . , , y%<.g. ; gq .w v xm-ny n.o . . pQ
, 4. 3Mk&,, y;m,g@3 an. sQ n: p @,
m@m&p;,. u ,
, +
, y mh 3:
m n 'u e. ,.m., c.g. ,,g&Qg pa %, .,g Q,&G Q p% ;.gQ(f m., s :p r y: y,,q.pg ,q.tv ,,4 ..o p .w w ; w;; ; q4. s, n g g; m
. 4- g ye g p g a 7m;,u m p g ; g y , 4,4 g m .r.
s
. ;y c~
g y>.w
-ggg7 qm%n y7 w gn 1 ; 3k,,' pcg.g, Mggy
.M J.jy W K Qv hgg 1 y _y y-N.ip@g4g$ggMMggg%@@ggggg.s g jg.gg.g.j 1
- 33. w p, g ,
~
7 ' gg,mygyg&gi C ,
~
r ;$?9 W "W. ow"gygy%,.,mpu , a 7.a . : gg MQw y _ v;cc , y, _ UW '
*+ np
.m,j :
, -:p yy g g l g , 3. r.m y .;1. . o m. , .p4p
+ >
%.g.s... . ,,q%.,, % ..s
-w
- w. ww w .p-wp s z . . . .
g.
.- : m r a ;! s... 'j g)gg.l
. m..;# 1. % y &f ,,o.):,.f$7 f gt. o, pe ff.B- ,-u.a 4Q ol ~ .
- 4, 3: g :. 2
' ; 3 1 w,-..;.Qy:%w.L,,;%g%.
,s 4 gg~w
is'.
s :Ja- , , L
,V, y w_: -
g -.y ; s e%g.y$ o g r)
..r- g, s .. p.3, +
.w i
,< :,w-er~.seqp,g. - .
=f,i . .a ,
4 a1
.+u
< r, ., u
. :m . .
7 a_,y3+g %.,y%;.. v. m$
-.; .g - -
,. m.,
ugn
.. 3 k
. .ym 7 #g ,
^#' J,}.[ ph.U 'I
',,..a, .. ..ary:g~g MQ@ { -
ax * - <3g, m ~ w
-sh ; p<Am wn.,uz hg..u 3
- n. y "v w.
- a , , ; &n*nq.
r i w
% ,f.f%E&pUW ass &
,, c 6 fddp Smyy I
- YD$Nb;
'a a sdNdW
, ' ' uns>s n%f y.pq _?Wp.y J.Y m1-k::W%, -
g y,
.. l ).s$d7 9i n-v.
,me w n..."g w;i-$TX.
~Jt mn 4.o.cM
- Z.
,y% W en s if '
,hh,.[.:
. e *: c r').;g
$.'k,5,%,?q'f.M Y
. ...U.
> 'W;,'
W&
^
" Good business is the best art" .
@w %%pl, Andy Warhol, Time, July 1975. M.O ?cm .
j m j.iM &m%
- , < 4Q
, . . Md.#g yy ,
y 93 n 'y ..a We have tried to Provide our readers with some of the best art -both $usiniss aMErdditid. i2%.y -
-in this year's annual report. p@$
,x9 We thank the following artists for their contributions to the report: James Hendricks,Mario$$a n4 Brown, Marjory Lehan, Jan Norrnan, and Janet Fredericks. []1y ..s ,
j yk We also thank William Baczek, Gallery Director of the Hart Gallery in Northarnpton, Mass yA-achusetts for his assistance in choosing the artwork, and Stephen Petegorsky of Northarnpton,7% Massachusetts for photographing the artwork in preparation for printing.
] $- _$
5 ,,
)
.."pn,'- -.'~
?
' p. g,%' y.
,5\ h 7jg
. iig j
% n1 a
- ,., 4 j [-( I C['
s%s Dd i l h . -
- n. n i
(' t (
'l
..._.-y )
\ \ l i
t., r s L*
s ,
- %f' b r j ' f@%vp
% .. p ,,e4
+ , ,
y , t is with great pride in the organization's accomplishments over the past year that we present this Annual Report of the ) Massachusetts Municipal Wholesale Electric Company
;j (MMWEC). With the support ofits member utili-i ties, project participant utilities, board of direc-tors and staff, MMWEC added strength and stability to its core operations through a number of finan-cial, legal, power supply and other achievements f
during the year. In recognition of these achievements,
! M oody's Investors Service upgraded MMWEC's credit rating from llaal to A in January 1994. It is significant to note that the upgrade came after Moody's an-nounced the application of stricter stan-dards in its reviews of electric utilities due to risks associated with increasing A
,o competition in the industry.
\j Two new refunding bond issues, in Letter April 1993 and March 1994, have for-
[ppygg f/gg tified the financial positions of MMWEC and its project participants. MMWEC j Power costs for MMWEC participants have dropped by more than $850 mil-y 7I gg777g7It lion as a result of MMWEC's refund-i ing program, which was initiated in 1992. Declining power costs have en-abled participants to reduce their rates to the point where they are lower than or very competitive with the rates of Massa-chusetts' investor-owned utilities. This has given municipal utilities more flexibility and options as they work to address a number of competitive issues. i The average interest cost of MMWEC's outstand-I
! ing debt has dropped from about 9.8 percent to 5.9 percent as a result of the refunding program, reducing an-nual interest costs by approximately $35 million.
(") Litigation of transmission access and pricing issues before the Federal Energy Regulatory Commission (FERC) resulted in sev-l eral significant victories for MMWEC and Massachusetts municipal i
t$. m 4 qq., 4 A, - g-Jjj g l!
,5-4; utilities during 1993. The arguments of
, [1 ' hih1WEC and others in the Northeast Utilities (NU) transmission tariff case re-
} suited in a FERC order that expands ac.
,,. cess to NU's transmission system, the b largest in New England, and reduces pro- ,
e, posed rates for firm transmission service by about 36 percent, from $22.55 to f
' #. M 4 $14.39/kW/ year. The h1 arch 1993 FERC
\ **:. A s% order in the NU case, which has yet to be-Q. ', J.
come fmal, as well as other FERC pro-
-.4,
} nouncements on transmission access and pricing, reflect the success of municipal 1
utility efforts to restrict the market power ' of transmission owners, Edla A.111oom, President As the FERC continues its efforts to re-solve transmission issues, every victory for MN1WEC and the municipals will enhance their competitive position because the munici- ! pals, w hich own very little transmission capacity, rely on access to transmission at reason- 1 able rates to keep their power costs as low as possible. In other litigat on, i hth1WEC has closed the books on challenges to the validity ofits power sales cont racts, which generate the funds used by hih1WEC to pay its bondholders. With the contra :t disputes resolved in hth1WEC's favor, and related litigation also coming to a close, the co upany's legal budget is shrinking. In aidition, more stable and productive rel stionships between hthtWEC and its participants are be-ing developed, increasing the oppor-tunities for cooperative action to ad- hNy dress common needs. The existing power supply of , hihlWEC's members and project y% M' participants - a diverse mix of nu-clear, oil, natural gas, hydro and oth- )s er resources - is adequate to meet their needs through the late 1990s. , k , The units in hih1WEC's power sup- k 'f ply projects have proven reliability I 3 records and are scheduled for opera- , g tion well into the next century. T Richard E. Slattery, Chairman help ensure successful future s
. sam
.' V~
l l , l - \ operations, MMWEC has stepped up its project oversight activities, through which unit costs and operations are closely monitored. With the effective date of new air quality regulations approaching, MMWEC has equipped its Stony llrook power plant with new combustion equipment that has dramati-l cally reduced emissions of nitrogen oxide from the plant. Installation of this equipment, completed during a plant outage late in 1993,is part of a broader plan to bring Stony 11 rook into compliance with the 1990 amendments to the federal Clean Air Act and related Massachusetts regulations. MMWEC also has taken bids on a project to expand the natural f gas generating capability of Stony llrook by building a pipeline linking the plant to the in-terstate natural gas pipeline system. Increased use of the cleaner-burning natural gas, com-pared to the No. 2 oil also used at the plant, would augment environmental compliance plans and reduce Stony 11 rook's energy costs at the same time. All of this is occurring in an improving Massachusetts economy, which helped to pro-duce a 2.3 percent increase in electricity use among MMWEC's member utilities in 1993. This compares with a 1.6 percent increase for the New England region. After several years of very little growth in electricity use, the 1993 increase has boosted member revenues and is an encoaraging sign of economic recovery. Given these many positive developments, MMWEC and its Massachusetts municipal utilities are in good position to handle the increasing competition facing electric utilities today. liut there is more to be done, and work to improve the competitive position of j municipal utilities is ongoing through the Municipal Electric Association of Massachu-setts, an organization of all 40 Massachusetts municipals, as well as through MMWEC. To foster a better understanding of the issues associated with increased competition, this
- year's Annual Report contains comments from a select group of people who view these issues from regulatory, financial, government, economic, and utility per-M*
spectives. For their contributions to .- a this report, we extend our thanks to - Stephen J. Remen, Massachusetts' com-missioner of energy resources; Kenneth h ' Gordon, chairman of the Massachusetts Department of Public Utilities; Paul L , hf loskow, professor of economics at the j . Massachusetts Institute of Technology; . l 1 conard S. liyman, first vice presi- ', dent at Merrill Lynch: Robert F. Wolff Jr., executive director of the
! New England Power Pool: and David ; W. Penn, director of policy analysis for David A. Sjosten, GeneralManager the American public Power Association.
1 J l
^
p d ,.s =, J 'I '.. i:l"'. ' 'YZ
, .,e,,_,; l: /, .. ,.' T:
'r e ? %". ? l' . h ,y %^
.a . f- .p e q_S ;. . .,. .% ".5.. * :' l j .*.*,y ,,\.)., ;;. ; ,,, .' . ' .U. .'Ga "_ p' / + ; ',y1j . *' * . ' ? y*' ) l c '- ' , , .
,, . ..l ., ,. ,. .,L. ,' g,:; '.c * . ' . .,., ,','j.g
'l ' . . . ' 'Y '. i .0.f>,';:
_- .+y'.9,., ,' f., [
,...\'*. .. - L ' . ~ - .,.: . :. .. . y .,r . *e. sg ',;.v.' ',b ':;.;'
, .,.'.-?,, j
- ;, . . , , ' e. ; , ; s , . - ; ,, :_...,W-(j . . _ *- . L.
.,{'. -' . ;- ', ,. ;;, . * " j .c '. .
.%q l ,". _' . , ;, '.,.'.[.',
m
,:,w
. . . q: :s. .
*..n ...( ,;'+ . , ; _ - 'r.;: . . , , . y. . - -
..'% ' . . _;....?.',
_.;'-.- 3',.
, y: .
;...:, '; t,. ;g : , . ~., ; ' :;;',i; .' ..
v '-' '~r, * .
, -..,a * ,.
_ l. .* .,
- +
. '*: - .,.3 .
& * . , ' , , , , - 4 c 'K& ',
,;} - ; : * . , yW's' * .
.v._ ' , _ _ .y ; ;[. _ y , ' . - .' . .*;,_.
.'o . . ,* _j *:' 'i , . . . e* .'
-r
,...v?:' , s'
.G.,.
t .- i '* *
- 3. : '
, ' , , . ,_.-; .. > s'.'.'..!.,..'..','.'.2
~
s
,';.'..._.?.-.'._',,._.,7,.3.,. : ',;. . .~ .'.
1 :
. :).- .l -
1 ..c_ -
. ,; . r ' .s .i . , m. .
.nv -
r'. 3, _. " J
.
- b'y,
. . . a, .. :
,,$ f.' .;b,y ): ,: .-: :.. ;;; ; ..^ g,' ' ,..
3
- .' *, .l i; ,. ' - . ' , , . . , -"' ; '
s ',, ,c,<-
+ "' . '. f . [ , . .. .U,[ , l.
9 ;. % %. Q . . j ', _':: . ? l ^ n .+ : : ]* . ]
' . ' ' * *.: -; ' ,' j k._ .', ', ' . *?" *
' ' ,3: . " , { * '. . f I ;> ; * :' . :: ), .'. . O ' ; ', .;i f '- l *
- . ,f :'l
' ,;-l
.e,s., .'...s (,.< ; ?- . . ' '. :
;. ' . :. ) ..
'. c " :. ' ) . ,'a...;- .,,.... 1 . < . . . _'l::; . ;
- . ,. :' '. r ;- . ; .f. '.,..;',.2 l v.
q ,.;. ~.'.'. 3; . . ' x ; .c .;. .,
:3. 1 a..sL \. .,'. ..: ;' ' ,; ._.u., ','n,'. . _ ' , ..; .';/._sg n.. :-.... . ., ;..;. ; .'r .a: -, ....
,,'~.3.'" ' ...* .....y e ;- .
.. :n : ;, , .,.:'
..,. ; .:...: .'. g , . ,.
. a ,;>:.'..._._.,7.r., ;,. ::,.,.:n
.'....,*,.'..y,
,.,,.9
- s. , . . .
.4' . , , , 'g .
. " ' " , . , ..,_(,,,-,".."_,
-* ., ; ,- -~,? , ',_
' . . . .';,__ , - ,, . , _ . -. . . ,- ,. .;.:'.,,,.,.I. <.f-- .;),-
,? ; .' _
': (c.-
, p ~ :, , , , .
...e y.,.. -: ,',; '.:s. .' .. .:;g.' ., p . : . _.. p. . - : ?- ;.., .- ...: . --
_ , . j.y ,.. ~;,( .,
. , ' :. ., . *r Y; s.
.p .; * . . , .y :. g...., _
- 4 ,.; _ ~ : : ' ' ' . ' ..,,......,._...;.,...>,4 g : ,- . '?.*,.,
, .. ;", , ~ , .-
}. [ } ;. . l C .. - ,,
1 - , , , .
. . , A ,t , t,, ,", { . ' * ',7.,"., k. :
,' [ ' .1 a . ,...,,.4 7.,.,'. y' ' ' '
,N ;
. ; . ;Q ,' * , ^ *
', j' 8, '
44 { .'; , ' , - 3.-
- q :, _
., ,.:.._ **l' . \ ' ;_ , . . A.a '
y,L. )[.,' 3* , ' ,
- 8 y . . . . . , . 3 . ,,1- _
,'l*.
..~ . . - '.',siy :: f . ,
.r.._
, :' : ..)..t;. ..
*'._e y a., , - , .'.7,'. f.l %. ' y ' ' #' G,u' 4
e .;.;,' .' ,.., '
*'/
'.]d f '. y . y p, 4.. ~ :-
' . [nE..'.4-: . .: ~k .;'.
. ;. '-l ?. ', :...: ;..
.:. . . *:'l .:a
,+. . -
0'*.qy;^,,:.; ; ,.' ' ' W,
', :1
- ? _.',: '.. A, l .f.; _': . . .. .g
, y' :-, Q . .f,$. -**
..v
**2.
A. 'c -l . . ;._ t
, .;f'} [ - ' :
.'.f. \ l..l,*,- '.-;,.ys. '. . {'. : ; .: ,'fs, - l .q.
* ~ . ".%,.
- " ,'sth!*h"*lh-* ' '&he I * '? e '. : ;./g.;- : - l I' ,',Y Yll 1 * . .*- .*- ' , ;. v '.
g
- [ , . ' . . . ' ' ' ^'
, l T' h, "
,f * '." . '
.. ,, - [. ., h *
,s: - t- :
(. [ ,
.' l, ,.
" ' ', 'jf .. , ,- . - l-w.;n, w m.
t; 8
.g.
. w.
- h.i h m'), +
i' ' w ,
;: =
, j ., ,
s . - , - 4
.' , . l -
4: N. _j .: ., .
, ; so.,' **
- -'.l_'..,Q.. ,R:. ."c L','.
f' 'm"4}i $','.'%,,'_' 1<.. e T - , , . -
,', e.[ , . ; .
>[3e :., ':[, .',;* l k. I ' .;,, D.
. 7,:(([ n- - .
-, ,::.h. *W..
.. r,
[ ' QR.7:y[; ,. , ; :. .' .;.$.*-
., h1::;,[ - .h ., (.,;#, r.
(" , .
-. ' ,';.,.. y,. ' r
*.. . y * ~ ~ '7.)
~y ' ,. ' . .'
... 'O ,P. Q ,
A. . :.- ,,.%'.,. 7. ,
- .. ;;..O . ., .,,g,;;-. ..:: *.z:. *t . . i. c .-.. -* . , . , ,.. ,*
, il..
. :;. + ,. . ..
. ". , , : . a .:,.A'...'
.; 9,
..,:<- :) 7,
,. _ '.y;%.
- , **:
- l. ;. .
.. eg m :, , .< - l , . . - .;
t [;/: ; - }* 'l :..' .f'lU .l. *l,
,. k
- '- .lg i:' , ' .
^
'*: ^ ,~ '. . . l , ',. 1, h:::ll ' ?. . . , ,'
h 5-
' ;p;, . , : , ;-' ' y _Ql'O.{ l .'l' ;i
' 'l,f.% b ' 4.l::%:* ' 'r.:...U.__', .
'Y'
%l . O.
c: ,., .:.: ' ',z'E f>.2:. q..v 3 yl'.; ; ; y .;;.. ,. . - K . '_ ; .
; ; n . ;_ . . . _ c
- w. 7 +;: ~:&r Y :. . . < %
'F .. : ., ,; ;; - ;93.:.y;_: ', .;p ny. ': *. 9:
... .9.: %y
^
,l
- ' <:2
)[ ^ '$.,.. *. ,.;;. ,
- G :::, : : g' .. "_ '. ., ..'_p k' :::,,,<l . '-
l4,-
<g.'.' & '
.' ?: ' , - . ' .-
'!-lv '?~ , }
.'..kc s-
.. .s,-
_,'[,*'.' _ , '. v._
.f - ' ] \:'"' < {, ,1, ., . b. . :; 1$ - * { . ,4 .
, . , . ' ' Y; .4 ;, , .
, ' ,[ t
.:.,,.7 ': . . , ,... ,,-.: . . .y. '_ . .,;; f; j'. , 4 ep
, .,g
.,+ , ;. . .t
, ., . i o -
..g... .
/h'. .'f . , . ;
4.;. , g. ' . , (. . , ,1;
. :. i f.v. ' - .u . ; ' .; . ., ..f:. <
- 3,;
s ' .' . .
. k. *. ... :.... . - .. . . .; 9 h, Ql'fj ..-*
f , . ,~ . . ,y;
; 4, C') .; :;; 1,'b q;; Q, .' . . ,, ,
; ":. v1..b. ". ; .. c_..).',: . ., ,%' .n.,' .'. : * ,: ; .. or. .:
;;c'y....'.-
. , .r-. .+s_.. ;; . _ , , -_.;;;;g't.::*e. . , , .. ,..
- y. . . ; , . .c .i
- 7...f, ;," r y'.,,,. . "
.g _
~
'.(.,
. . . : '- ..; '. ; n '. ; .; 3 . *. , . t, :+ .
, . q , . ,; ( ', -
'. ; e
.N. h: ' &.:.
- -;l4.-. ; . '. q. ,','., ,;;\; ._.m
. - *: E ~ '
- , ::n .h._ '.:y.?:
.;;.'fl(^j. , y
- ". }~.m.W' l..n,gg.;}_'. . .: .;:
..(
-Q,e ._..;@ :> .i . : , . .'- - ..- 2.
. . ': *?" I - E.y %, .?. .,' .[;b Q - * .'.... ::. [y::%
T:'.' .n! b.::c,; W. b: . ' . .. ; .b .. s. a-.iQ:. ";e y e,'.:% o'. .. .; .-
-)f % . . , . .?;, : . , ! _;
g ' v .,; ) . .- ..', :. .' x n. = l. ';; .. n .p ,';
. .;f'),Y
'? . ;:. .R f ._ ';,m "f .' [. ;)_',...'d-
.;, ' '. 9_. g , . : .
- Q:. > , , ,,
.K l .,.} k ; ; y _ . :,. 4. -q. y ;f ~,
- ' I- .} ; :l
. .' ,?
Q?il.[ . .L.. : l_ .
.l _ . , ; E' ' .f
. l . l'*- '
-:::I l ....h h -
..I f .j'
.. , ; ;.y- . , , ' , -_. ' ' % : . . . ',; . . ;;:j ,:_.._y, y;y.
;:. : O ; .. % ] l1; 7 ; &;" , .!:
, ; . ;- %: . -p li *y 3:p : . , . - Q f * . .M .V. h.)-
~ - . , ~..'...','..f...:.,L...:. .. , . ' l. i .L],_, _ ,' '
' <; ll. ?: . ;, (l; ( % . . " 'l ,
- f.;., *
)
, .f f,. . '*/ m . ' . .r .l T a , $* '",-* y4 '. . .:a L s ;, :. ?: t: . s-
.. --,t
- u ,
.~ .- i.'., ....,;.--
'- i.':N . 5::: . ' :: [ .y -
- , ; y '. Y ~ \ :fi. ,, " ']"' l;l'.. ' ' ' ,.L l'!
f ;:. I." '- ' . ~ .
'll. .
' ( :[._ ' , $,',; _
y:' 4*i .Q: ,,. l:,3, _ .. , .;( ::. ..,\ p;,:(' } .% } sO: '/..:* h. -. ./.'.? .:
}[c. __ x s ,. ; ': ;'
. . f. _ '
f.~ :. %.; L ' : ,y
\ ; _ . . t _4.^ .: t,.:Q:i-~ ' $Q"MQ ~+ ' _ . f ;s . '
.,c ... , ,; a : g . . : . .. ; . 4n, ;.y :-
. _l;ff-[ ' ( ' l , i^ .
l.h : . , f j. l ' _ .
- , _ 'l}:;:f l._f' .b
- f * .'l.
*h ':. iT k.;
):: 0.:.8 { . .] . ; _ , . . [; .
Y }lf- , I 1..' l .
$ l} _i _;..:flN.l.
( ;:. , f -. : ... ".; : ,- ._ '.,%. i .-
- s. ?
_t,;
~.: ; ~ (. l
, h'. ,./ ,q.h
.Q.d:.} g. & ; f.'- ffYfgi.hl::; .1
~.:)$ g. .:%{_f. }l%
,,,, < ;. .. , .- }. ..%')" -
- 3. l. .::': >;,;:. . :. , s . .',._ :.l, 'n .
.;.q. {h yc.. / . . M . p.f . ; . . .; . .'. . : l '. f,. - l v; . .
- .: . .,s.
. ,.+g,g;.
, .: p... , --
- c -,93.9s. . ;2 "M. ; .;j. .m n, .p . ,
p: : ..;,. >.} 9. *jf.- ,: ( . '.' I.') ( Q ..A;. .'. . -
}.r gy;',;[,' ] " % *;r '.. . :j .? ): " . ;. : , ; ..:
T y. y.p . ;- :~n.o Wy. ;; .;:. s y, y ,. . .- * '
. /,,
W,- ' f. . ...: . [p' .;y.( .c f 3. 3.'.y 9 .3 . .; ; ,, 4.e ,
-s a . ,: , e '.
%',,,_- : .n .
" . i . .; . : .
.f.;:.; s l ;'a. . '.V. ez :.. . '..*:.. ;g +;.._'e ; .
. . ;_.,.3._
v.. -
. : is ... '
'y 5
.r.y,, 'f,% 6,$' ;; { .. . . ,, ; 3 ' . E * '. c 'I ( ).*
.Q'4 "? .: e - j:. .,U,'
f;lj ,j. :: ' f ,'i .- s llc ll : ( j ;; y > J ' },; :..y;; . \.1 *:,,
,...c-~
;y.:ey' .x k^ y,^*.~y,j ; <
_'; _'$ ,( _ v - / f
- . : .~ , . ..;y... -; , , _
>.,h"
- .u .
; .. .as 9.g . , . . . .~ .
? [ : . l .L . ; L l l~ [; l ' ,.' 2.' ::;;;.' .
- g. ? p .]:\ _ ." ?
-l, .
v y .~l.-j "l j. ? ; ;; 1
, . - .; . ~ . . . .::
; ...._ .; . . . ~v..,.._;..
....s....
.. :q .;. , . . . \
s.:..~..... 4
.;%'"' '..:' . . s. _- 'l.?.
- ,, y , .' l: { _.
,' N ,
. . . -Q * ....,
O ' ",f c: '; l 1
. a;
+ _; ;>. - :
;._:. \
~.: 3. ; ._ ; .l:. , y . .. . . ,'. -' 7,_. ;cj .~ ' . s-- ( :\. - .
. ', .;' g- :
- .,.i,
_7 . ,[ j, . f. d ,w
. ... , . . , - j::,_ .
' ;; y ;
, j; !. ^ .: l: .l( 'L$ Y. '
, ll: '- '.' *l*".- -
,_..:_'.,..g..J.-...;*'
'l { ' . .
. . %. , a m. . . : . g. 3 . -
y. us 'g . .,s s
- u. g ('flll,[.\ r,. . .v .:
- .:, y m , c..;
>.%. M . . ... z p g,{::.n
- 9. . ,
F . (3 .1 3; Jr '.i> 7< ;: 7
, . , i- ., . . , , . ;;. . . % " ..4,'
4 l;4'< ..%.
. :,9. .: .. . :::; :. ' .. .. . :_, 3. _.. _ . .,; >; ,; , _ . _ _ g...;
,, x . . .. : . .; c; . . ( 3.r- -.(:, . ;
- r. . , ~ a ': .. y :. . ? < d ,,b.
, , ..... .v . . . . .'.; - -.
.~'W ....3,... ...;.;,A s'.:; ;':.q.'
..'*:.: ,.. . , .. . , ' ' '_ . ;s; . ;-}
~- - . . m,, ,,
~ ,
l...., l:( { ' ~ L ' G;;l:'y.'.. c.'- }. _ , v :' ':' ': ..'- : . l '. .l .h.;V l:, ;) :.'- ~ . , .. l,'i ': ); <,.: .:
- .a.. .b :
. . .:: ~....z.: .:..,
C.../' .. c.- . , :. . . .
. :. -; t y su.,.,.
A y: .: . :' :.,_),..
- < .T . . y: .. ~ v. -' s:. .':
. ;. 2 *- ,
. , . '3. ,, ' ->3. * - . -
; ..: .-. .;:. ' . . .: ,.1 .;,_- 3 : ; . t ' h '?.
..';. d '-l, .'.i ' -{;' . :. '._ l2.h. . ? ?,; _ 'p ','l ;:... ~ . ,, . l ^
.* '_.4 g: ,. 'f ' _ . ;Y ^; .l?.. . '
.:, .^, ;'.,;:;. .._.,,_, ~;,:.- .' a.
;.8._>...
t! s. ....'w.
.; . .', .N'l .
- . y... .. .. _'_.b_._..s:..
. -*+...._,.......;;:.. y,-.....,
.3=,_,*.'.; ,., l:, _ , , . . _ . _ ..;,' ,' ,3
. ...; ,' ,' .?.:? '. .'
.y.: ,. . ..; . .n ;; .: .
...s... . ' ' = . . . _. .;
_ ;.- . - . [.' , , ;. ,1,y'
... a : ,.. ...- -
-[,. j , ;
,....g.,.. 3. ) :
.: - : .; .. . r. ; .. - .; .
..;;.;T...:.."..,.'.."._... q ' ; f. ..;';.",s,.;f . ':. : .m. . ....,-: <~ * ..
- q ; . .. . . :. . (:;9
- ... ; ..e.
.,...,. .ca. ...... .. .. ._ .( ,...,u. ..
- !,
- . . . ' . , ' ^
T. '.i-
.'..t- O^~'[
..%., W,s
. . ;. JA .. .,. :, <., ' : :* ' * . I.
l~. \, d' '? b s
'Y'.,.... .,;' ..'s '
L;:*., , ' .s _...'.,'..;l'- ; ! .;f; . _ . '.- :' - Q , ';._* . ' ...'..i,'.;.',c**, M; a ; . '. - '.';;'L'. *.:s.
.s
,. ,' ',' ' ~. , _ .j, ' , '; ;_ ., ; ; ._, ' j:
- r. :
. ....e
,W; i,:.,,_,,L$'l,._
; ;. y ._ L. :.; . ' _ ',, ,. , g ; ;; : j ,
?.,..
c . . . . . . .
., .'y ,.
.w _"."..u :? ,. ; ' . . , .,':, , . .- _-' ' ' ; :. , ; ; ? . .. ' :; .
4 : :' . ; .. _ : : ' . . -
. ; / ;. % : __. .T ;
' ' ' ' - \ : .-v L ' y :: t . ; ' ;.? ,'.,_ :^: ,';; y. . .v;:
* . . ~ ;. .
~ .\ . : '. . : *.: . VC .
^
._ n .a..'.',, . *:.-: ' :(,' ' " ' ;.;. _;};,**.: '...
. ; [, '-;':? l :. d.. *: ^ .': N '
, . .' .:: O ' ;. . . : :;";._ , ; . 5^',;. .
.. _ , V. ;.. ',.'.: . _ [.%':,.h. :;. ~ *' . .;.. .,.l -. l_, j, ';.7 ,
' L, . . . (
- M i ;[ e
; .: . ;),;; .1
',,.} ; ..f.: _ . , ;
.- -_ _ _ _ _ _ _ _ _ _ _ _ - _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ __ _ _ _ _ _ _ _ _J
i
' he electric power industry in New b England and the rest of the United States (indeed the rest of the world) is going through a process of funda-mental change. The most important
+
force for change and the primary arena of policy discussion involves the future role of competition in the industry. f Should we expand and improve upon changes a that have increased wholesale power market oppor-tunities? Should we introduce " retail wheeling" and related types of retail market competition? If we do, Paul L. Joskow, Professor of Economics how can we ensure that it promotes improved Afassachusetts Institute of Technology efficiency and lower prices for consumers? j On the wholesale competition front, the expan- i sion of non-utility generating (NUG) capacity and l the rapid growth of a healthy independent power sector has been impressive. Unfortunately, the po-tential benefits from wholesale market competition have not yet been fully re0ccted in electricity prices. t j The primary problem has been that utilities have d; -~ Q too often found themselves with contracts for too D N4 i much NUG capacity at too high a price. In part, j this problem has resulted from honest fore- OY ~ # casting errors regarding future load growth )QQ and natural gas prices.13ut these inevitable problems have been exacerbated by poor , regulatory rules and procedures govern-
~
j l* ing generation resource procurement and the growing politicization of the l: generation procurement process. ! We should be working to make reforms that willimprove the performance of wholesale power markets so that they provide greater real benefits for con-sumers. A major improvement would result from reforms aimed at simplifying and depoliticizing the generation resource procurement process and introducing incentive-based regulations that pro-vide good incentives for utilities to acquire the most economical power supplies, subject of
N c[ n ! n l dM N ;' ..[
- - _,.)
i ' course to current and expected future environ-
gblation, spur.re'dbyp'oliticalandlegislatile 3. i
- eling M ' action, are incredsing cornyetition in'the electric utility indust'ry. Niw liws'and VegulationG r a
3 ](& thirigs, governingare transforiningtranstnission' access, the way utilities do buslriess. ,a K non
* . 'yutility generaiors
[Q 7 ae SH . Massachusett' s tnanicipalutilities,iridividuallyand'ihiough tliiirparticipationitiMMWEC,l l
& the MunicipalElectric Association of Massachusetts, tiie Northeast Public Power Assbcistion, G
'"'*I f'$ and the'Arnirican Public Power Assbciation, hds:e taken an active' role in shtiping these lasJs' < y
- e re- % and regulations: At both the state andfederallevel,inuriicipal utilities have been sn~e etiitg with)
.md h legislators aridparticipating in regulatoryp'roceedings,to ensure that the interests and needs of Q i jy dated g snunicipal.systemsaregivenfaircon_ sideration. ,
ism i .:) Q;rT ^ ing .relationships Actionsplannedfdrthecomingyeartopuppprtexisting'effort with legislatdr$,
- regulators and key special interest grout;s. Alsoplanned is) cini Yi 2
~
ur-Wh , c.) paign intended to edu~catepolicymakers about the economic
, 4 - '
.k and.nsocial benefi
% ~As a 15 suit of these and other activities, the'collectiveforce ofinur cipbl utilities will bepre.V y
- (Lsent as the policies that sliape thefuture evolve. : ',
- h. , f j f.A O h >
29 %
% bk kkh h hb k h h. k fhI ' N h h h kkkh N spply-mount the massive, time-consuming effort re-ing, -
quired to design and create the new institutional [ " Transition incchanisms inHst be and transition arrangements necessary to move to-ICS , dCUcloped to deal with the Costs Of ward and support a fully competitive power mar-ket. A necessary, but not sufficient, condition for sHHk lHFCst1HCHis NHd COHirdCtHal creating these new institutional and transition
- g. C01HfMIt1HCHis 1HadC HHder CXisting arrangements is a shared vision for the future of the le TCgidatory THICs." industry, and cooperation among the nearly 100 N.
a the utilities in New England and the state and federal agencies who regulate them to realize it.
o l M '
..s ,
7 ,b f
@A!; _ ,
"- <4 he electric utility industry has W
![ ,I f evolved in a steady and gradual fash-7' ion over the last century, punctuated
.y by key events that changed the l
course of the industry.Today,with
- the emergence of competition, the very core of the
,; industry is being challenged by new ways of doing d business. Unfortunately, a lack of coordination
'. I among the forces for change is making the transi-tion extremely difficult for electric utilities.
In its infancy, few could envision the ultimate Robert F. Wolff Jr., Chief Executive size or importance of the utility industry, and very h{ New England Power Pool little regulation was applied. As the industry came f into adolescence, regulation was used mainly to 5 protect the public from those who would take ad- *
;. .' vantage of opportunities for monopolistic abuse.
The rapidly increasing demand for electricity con-l . [
.j stantly drove the industry to the limits of both con.
;7
' ~
trol and production hardware. As the industry ma-N
~
.. < @ ./k i tured, improvements in technology carried it into 1 =,
and through the 1950s and '60s. With prices stable Y l l
~-
Y . and the supply of electricity keeping pace with de- j mand, there was little need for regulatory involve- j "j ment m the way the business was run. Then came the oil crises of the '70s and the real- .$.
'!i .
n J
~
ity of exploding prices. Acting in their traditional .5 1 m roles, regulators and utilities were unable to con- 4
;]I vince the public of the need to either change its en- (
] ergy habits or accept the consequences associated (
l I with the increased cost of fuel. Both the industry u [ a and its regulators were stuck between the prover- c( bial rock and hard place. The alternative was to be-fd s P gin exploring different ways of doing business. Q Thus, as middle age approached, the industry en- 1-
)
tered a state of turmoil. First welooked at working p_ II p
') existing equipment harder to meet rising demand ,
with minimal investment. Next we explored less , M costly, unconventional means of meeting the load. Then came a variety of" peak shaving" efforts to control peak demand, followed by a proliferation of
] ,
demand-management and conservation programs. (( t y w >
e *
~..
*W . ' . ' ' ;: .
l -' ..,...sy' . . . . . -', ,
. }-..?', .' . .
- g . '.
_.,.,l'.
',?'.',. . .' '
^
, , [ 'I e ' h D C. ( , " ^ L ' 4 ' ' [ ;. J' ';,f '
,.; .[-' - *, f . .;! -- ' ' ~-' ?
8,; ; ;l i>'
. 3;; - .. .. g: . . .
.(, fe.kd h[ '
',5 / " - *
~
3, . . , . . , . . , . . . ..3 ..e,. -<.'L .
.:a.
N;-
'I ' *
- g. ~ :' ;-. . I ,* . ; .;:,:
<s' :' i ~'l' ' - -.' :- ;
~,._\I'
, _ ! .[ l ,
h j'..th:, T l-ll[;l' . e - ' gy.'.f'hY.
, 9;;, _
; . .. .; ; , , _ _ _ .,. . ' _.. , _. ~ . G .
; ,' - , '_: y: ,
- v. ;; , .
, . . . . . . .b. . . . ....~..,3 :
?.
., . _; ,3_,;.... . -- - .. . .: ; .; : ' p.< ~ .
.'. ' ',/,g~.*?- *. f -.. ', .y .- ;
.,.j_ _ _.,j . ' L i . . f pf
^ f' j.r . . , ,
-'. -"..(,* I .- e
.;.._e ' ' '
l.
' ',^'3. '
* {L ' :
O
., 'l y ,
> . 'W
'y..,- ',. J: ' . %. : l .'
L' a .* ' '*
, l< ' ', , ,._..._!.
. ' .. ,j ' ; .<*.,~
' _ '.': ..... - ;. ,' ;_...y [.;
' (.',.:
.; ' ; _ }. ' f. ;
-( ; f;. . . _.;
.y . o ,-:. - ;_.-
.a:
. , . q.
,, - '\
.. - L.
.' 3 .i'.* .*:
L .._.;;..
. . - Y.
... f .
- l. .'s .. '.. ., $ :., o' ', . . =; ' ' .'
.3 2 . . . .:
a:f. .. p
% 4
- 1. - , .\
- *. .,'h.,'* '..l , . *y
. 34 ,,. /*
, . , , , ' ',- .s-
,[_. ,.. .- _ '.
- l. _ *' , . , . ,, : '
y'.? '; .'; ' h, i ash- : ': .9
- ie .. . . -': :/., -
- ~ :';./ .
.g /p;.;.; Ts . ^ , .' ' %, . - .
, .. ' y : - '
W.
. g 'd,J ' ' . . . . , 'ated f~
- n. o ,)i 7' ~ M s .
.- t .
- .} ' -' ; ,44' '
~
l l, l: _ a f . .' . 3 2, } ' _ l. _ h}' .l [ '_ _ Q y. -; :. ith i.[ . . :i. .J: "[x.' ' ;,.l.. I ' i M.
.~.. f. 4. E. $ $ f' 9 #~ 'a:.,,E+. X L 6C
~
d., a:J ... . the l , .' . %$ $
' I' s ~ ll f * :;. .{ "_, lW - - LJl _' . _' ;( .?f '[.:L *f?ff_ $ A
;. :: I ':
, .\, . . ] ' .
J' - 1 .. .: " " . ; . [? , T '- i: ' '*
~ 'l.h ,:'* mo,&R f. , ; . : -
; , , [. '
'[~ ~
'.,.;'[* .
1'__ .., ,_. O $ (f ' .' ,' ; r
, .(
{ nn - ;; -
- g. . . , . - .
g g. ,A.g, . _m,,.a.n.. ..
.. g7,.. _
7 c, .
. , . .9 -.n. . .t
,7 ; ; y..A9.ygqQAW; -
' 19, ?.;: r e ,iny. . : 73-4. . . . m. .
..- : - c .. .:, e -
. , _ . . . . . . . . c
' ' ';.- . , ' .v..; n; ,.m,jan. ' dy qp -
J l e. s t "i '. ' p , (. ~[c ..>-y' d
.. ..a,..
?
$ ',M ;f l A [k,l[ g ytry [' ). - . . - ' ' '
. [$ p [
me
. .g . c. .. Y eq4 % sq {(}.m.x ;
,a : s :+ ~
. . . s a'
, .. s -
~
dd. . : r ,\ , ' .;. . , , j v'#g i -
$- .[
se,
,M(; ..,.}, ;j....v
,) . . ., . j l.- . .9+ .&
f s_ Y:~ ' '
; '.:. " - . W h f.. wl : , .
,f;" . T ,y (g j ; r ( p, . .y .
on- .yA
._y j, .5 ,:
, < . . 77 ;. y~,;;. -. ~. w.
h ..
,y.
y, ;.. .: . , .r;; ;._...Y;,
. , ]:i ; [ ;U f. O -
. ,'M - - Q ..;
'~
I ' '. - ' e -
+. $h,[y'.{ { ' .{; ; ~ ,[. '? ; 5 ..
.: -]
f :;.;,,,
, . :~ c ? -
; am m.;~ v. g 5 x ;; .; .: .- p,- ,
; ;. . , . . , g ... . . ~~,. .; p. __ :;...< ;_
nto .i n ...: . **
's '
. . ;n , ; , . ; . . ' cf n , ,M. +' . v v ;, ' '..j- .; f,
, g,
.# . '.\ '
l -
- ; .* h
._j. ;.3 ;
s}Q fx e rea sw = g v .. n
- 9 - , -
d[ N: , @Tm +/ w , "
%MhA My (( . N' yQ @}y[D' j s "y rea. -
a a Lyg;fTy
. s,u ; ,; m g.. s-sen-
}((}
w ;u.m [ G
. & . ,. >y y j f f
- l ';[7 g[f:: ;
,ea
- [ .;'4.. - : <.m'. : j,1: .
f?.Tc.! :. . g.
; F .L* r t .. P w([o.a ;.:if}} I w .:~
7y .'t, '.~
..Q --
l'( ' . .. _;. 1 .;.. cr-
) be- ll S l + . .
- a. .. . . .
.. : /..
JW - ...
- < - . s W.. $R< "e..:, ,
5% . l '
, ~ . '.m .. . :; . . . . .
.x h - ,. .
n.. a
,: f
;. l: ;
- . . .; ' ., . . '. . c -
.';3 . '.: . ; .' .4f 3.
E - . 4 - . - p;- :R. ^. . ' .f .
/ . . ;,' .., . ;.f. . p .y
\ '
?.
ven- g e
, m .. -
.s g eg ' ~7 { ;, ; pg 3.
m u j .. j, w q j& f g 44 % ~ m y l f, l, w 3 j; . N Q f.l l$G$ If h.? (( en p f;:} ;_,
=
['_'.'.'_ _u
/.' xx. .;Wy .ww .
g+g m emy
~
m..
. _ ' ' l ;L I . l . _ ;~ L - J: . '
g
.n g.:;:;:.
l' 3: '
..,....,'.5
~; _ l* _..,;.,___.,
nu. ;f * . ; J j J . ? .. J . 7 l ( * : ,; . 7 l i. i - ' *i'
~ .' 3 [ .( -l . l[
,]-
..- 2: J . : . < :; ;:7:_F Y:..(.:.~. y -: .' :.: /. :n ___ .. . L ^ l:
l, l ,.. 0 y *l 9 .;. .. .; ;'.c.' .. .-
....' ~. _ ' _ ' . . '. _ , .: .
, ;. . ; l '] l l. y . . . } ._ ; ., !.[ . .^j
...~,....,.,.g
'.; ..;+'*..
. g,; '['
'c. : . ' . + , _ . [ .. ,,/ *
,'f
- y. J,. '.
_; . [ . 6 _
; . _. . .; *;. \ f_ , L
. , _ f.; t * , '.j , ._ ..,
. . ;_ [ ;,,;;e "l ~ ' } ;'.; .: - ,, ; . _. _.; a
__ _ ' [ :. i. . : , L - _ _ _ _ - - - - - - . _ - . - _ - - - - - - - - - - -.z . --.. -_ - - - - .sr ,
T g t:r @& \
~ MKg [ .l r.)
o i e 3
.h i
Now, in a movement that carries as many risks able experience and wisdom will be required to as potential benefits, the industry is being moved pl meld them into an effective and efficient system de-N toward competition with the hope that the public signed to meet the best interests of our customers' will accept the price of electricity as long as it re- Over the past century, as electric utilities grew w ]- sults from a competitive market place. maturation, an interdependency has developed that
- p Growth of the non. utility industry has resulted in calls for increased access to the transmission system is renected in the thousands of pages of rules goy. h erning utility operations. Changing one operating and has increased the pressure procedure often has a ripple --
for retail wheeling. We are . effect throughout thc cntne
,,The pressure on utilitteS to -
looking at dispatching power system. There are many plants based on economics CHt COSTS to NICCf C0tHpClitiOH con 0icts and priority issues and emissions rather than just can put equalprcSSure on the that need to be resolved if economics; utilities are mar- . the evolution to a m"c reliability Of the electricpow-Leting emissions reduction competitive m. dustry is to credits; non-utility power er SJ' Stein. be successful. And it will 5 brokers are reaching into elec- take time. tricity markets; and there is talk of segmenting the Further complicating the issue are the efforts of utility industry into generation, transmission and several levels of regulation and legislation. In re- ' distribution companies. These are only a few of the sponse to these efforts, utilities, th-ir reliability W 3 M 'M F[NfS f Me $gp Aw.e. M IIit!I,D NE D MnM.@iM i QNgg j s .- a i : MMWEC's Viewb- A single municipal utility would be overcome quidly bylth'e costs'. i A
%)< and time required to fully participate in thefar-reaching debate ovciissues as'sociated, f 4 Q 'with incriased competition'in the electric utility indu~stry.' Working togitherlhowever,'.$;&
&j h1aisachusetts municijal utilities are not mdy participating in the debati; they arE niaQ.] f
- , c V
Ql
. ing a diffe'rente. - -
. m_. 9 i
, h, With' power supply, environmental and otherthsref competitive c
,. " i a
q
%# _ isnumber a growing sensealliances bfiss'ue-oriented ofunity and have common developed, purpose and there has been among the state's municipalsys a generalresurgence. 1 4h h ~
d ofconfidence in the straagth and effectiven'ess ofjoint action. . . l 4 ??
- 1. p q . . s MMWEC, as the officialjoint action agencyfor hiassachusetts municipal utilities,Qtsn > Q ]
j*g,p;l g . ays a key role in these alliances, coordina'ing t legalandfinarding activity, iesearcluing Ash k
,f Q . sues aisd developing y sitions. At the sametime '
klh 1 39 G MMWEC are getting more involved, sharing in the costs and decision:makirig associatedi t
- I 99 ., .witli these iisitiatises, and expanding the base ofjoint action in Massachustts. . .. )i 3a. ., .
^% ,. y z hn :
1 A...
. f 1
? D'$ $N W O M $i& NW ?ilfkW,0??r% W?.?h Y h. V$,
fJ Tfll u ll changes and issues that are shaking the traditional councils and power pools are attempting to move gl N [ j business foundation of electric utilities. into the next generation in a way that preserves tra-Many proposals for change raise extremely com- ditional economics and reliability. While willing to ' f plex and conflicting concepts.These concepts are not naturally compatible, meaning that consider-accept these challenges, there is growing concern over adopting so many basic and con 0icting h; 9 I u Nl
^f5' l
I i e changes all at once, since the outcome of these creased maintenance. There are many difficult i de. changes cannot be fully understood prior to imple- choices ahead for utilities, regulators and con-
-ro mentation. In addition, the introduction of non- sumers as each search for a balance between power j g utility suppliers has raised a number of equity is- costs, reliability, environmental im pacts, conserva- l that sues, including the need for utilities and tion and other new components of the power sup-iv.
' n n-utiliths to share the costs of conservation, ply equation.
ing clean air and an adequate transmission system. The lack of a blueprint for change - and the
, ippi, The pressure on utilities to cut costs to meet need for one - is evidenced in the growing diver-7 tire c mpetition can put equal pressure on the reliabili- gence in the way utilities are responding to their ty of the electric power system. One example of this new challenges.
,ues pressure is the temptation to cut maintenance costs Despite this period of turmoil, one thing is
; ;f at generating plants in years oflean cash flow. As clear: utility leaders and regulators are both com-the inevitable impact hegins to take its toll on gener- mitted to providing a system that can meet the go ator availability, the emphasis shifts back to in- needs of our customers.
1 l 1
, of 1
, uring the 1980s, the watchwords in electricity regulation were de-1 mand-side management, conser-l g vation and the development of a f{i wholesale electricity market based l
,h on competition among independent power pro-ducers. The watchwords of the '90s appear to be Kenneth Gordon, Chairman N "open transmission." Massachusetts Department ofPublic Utilities 4'* *; The avowed aim of federal policy is to foster a Ay ,
'g
. full flowering of the competitive wholesale market
)
%n that was emerging during the '80s. The lesson of the $F mp :
/,
$0 mid-1990s, however, is likely to be that once Pando- is -
qin 17,, y ra's competition box has been opened, unanticipat- 9 - t
- fff ed developments may emerge. Competitive markets ,g h; are hard to limit when customers see others making
~
[ 3/ , choices, and can see no technical reason why they i W M.w should not be able to join the party as well. {({ ,
" Joining the party" translates in electricity jar- .M. gon to " retail wheeling." Retail wheeling is nothing l
1 ve more than an arrangement whereby individual end 1
.tra. users of electricity are able to s ct their preferred !
g supplier, based on price. Viewed in this light, retail n wheeling is simply an extension of the expanded ' consumer choice that has been associated with I
b h a
?h g g .,
y{V w
'.. ,I y h . .g j deregulation in other traditionally regulated areas.
j And,in fact,it is important that this perspec-
,b tive not be lost ir. policy discussions of retail 3
{ wheeling. The current system has been based on a 171 l f presumption that the supply of electricity is a nat-i ural monopoly exhibiting both economies of scale j and economies of scope across the different cus- ) tomer classo 4 One of the things we will discover as options appear for particular customers, particularly large l customers, ther there are limits to economics ' of scope and scale. We will also learn the limits reg-j ula. ors face in allocating overhead costs among dif- ' faent classes of customers. in New England, these trends are today compli-
- l cated by substantial excess capacity. For short-term ,
contracts, at least, options may appear that are very attractive mdeed, compared to the fulllong-run embedded cost options typically available to a cap-tive utility customer. This short-run availability of f? lower rates drives customers to look for alterna-tives even more vigorously than they might in a "In our econon:J', the burden A
'49 long-term settmg. ofProofis upon those who y Nevertheless, these short-term exaggerated pres-sures should not be dismissed lightly to the extent would deny consumers the 2
there are long-run differences in utility costs. Cus-tomers for whom energy is an important cost will right to choosefron whon j ..
?
continue to look for alternatives. The same tech-
#7 #NN #EN N###' l nologies and pricing options that make wholesalc N nM competition possible also can afford retail cus-tomers options that they do not currently have. cg
. Dit i Municipal electric companies occupy an inter- "gy esting niche in this process. One the one hand, f;
j [ l i they have historically viewed themselves as small publidy owned electric companies, but otherwise ( 0 very much like their investor-owned brethren. ' k They can also be viewed as cooperatives of con- f ( ' I sumers of all sites, particularly including residen-d tial and small commercial custorners. To the extent they view themselves as agents of l r j their customers (and it certainly seems appropriate . .j b l s I e y
h 4 O
~
7 2+ O * ' l
, , , , , , , , . - , m , ., - . - - - - - . - - - -
O
i
.. .~;
M1 i 4 a ; l fI
.R
~g ,
-% 4 that they should), they can become the agent to make broad enough range of consumers, then it is unlik available to small subscribers the options that burden will be met.
that very large customers may We will move to a new w orld ) soon have. If municipals where electric companies bl i think of themselves this and generators for the -I h way, they may be an ,.e m3 , i l first time compete 4 important vehicle , broadly to retain for ensuring that ,...{ their load. This M l any benefits from - '. i r$
# should have a l ntail wheeling , salutary effect g
, are shared wide-on the overall ly with small as well as large -
.N * ^ .
.- +
levelof costs in ] j , -. ip the regulated N consumers.
# #~ ' '
] , electricity in- j In our econo- '
.{
l my, the burden of "~*~ ' dustry. The challenge,
}I
-i
~
proofis upon those which the munici. I who would deny con- Vy pals may play a cen-sumers the right to choose ~4 L g;- 7* tral role in meeting,is from whom they will make ' -' E. to ensure that all customer j purchases. Up to now, we have gen- classes gain the advantages of
] ]
j erally limited that right through the exclu- choice and that some are not simplyleft sive franchise if retail wheeling can be efficient for a holding the bag. a
&]a
, 9] M%MA3MMMMMMMwDMWid%%:%g tg g. 1 y , DJM 'm S j l! (ins MMWEC's View - it wasn't retail wheeling, but special circumstancesfound the Holyokel l*f . ll l * ?": Gas & Electric Department {HG6E)in competition with the investor-owned Holyoke Wa . y' g{ ter Power Cornpanyfor a 29-megawatt retail industrialload in Holyoke earlier this fear. . The competition in Holyoke resulted in lower industrial rates and a loss of revenuefor: yf G k both utilities, which each serve a portion of the city's industrialload. No customers changed : ; &J k )fll hands, but if they had, one utility would havefaced the loss ofits investment iripowerto.: $ ' y^
.'?
1 ' meet the needs of those customers, i.e. stranded investment.
~V; W)'
I hj s
!W' Loss of revenue and stranded investment are two issues facing utilities, regulators and i il consumers as the debate over retail wheeling evolve.s. Massachusetts municipal utilities , * -[j[
1 h';.
't; have identified many of the risks and opportunities associated with retail wheeling and oth . ; , y 4 % er competitive issues. In anticipation ofretail wheeling, the municipais are enacting,stiate ' ... $ a f '1(
gies to participate in the regsdatoryprocess, retain existing customers andfind opportuni- .)
';2;a},ties to expandIheircustomer base. .
r R,- . c %w'/ /
.hSkk[k f[hb' ik' h h b hbb '
1 4
! +y t
d
.h !
,s , ~ ,
t niikely he Massachusetts Energy Plan, an-a nounced by Governor William Weld world last year, outlines steps to turn our anies ' state's disadvantaged energy system irthe - that lacks oil wells, gas fields, huge ipete dams and coal mines -into an efficient energy sys-etain tem not overly reliant on any one fuel. The plan stresses lower energy costs, which are
) This 4ve a key to continued economic stability and growth.
effect Maintaining low costs requires diverse and multi- f cerall faceted energy systems, dominated by efficient util-
'sts in ities and competitive markets. The state's electric
'dICd utilities are particularly vital to the creation of a y in- least-cost and environmentally sound energy fu. Stephen J. Remen, ture, as misioned in the Energyplan. Commissioner of Energy Resources enge, All utilities will face significant challenges in the Commonwealth ofMassachusetts
'nici- years to come. Competition is increasing, and will ce - continue to do so. To respond, electric utilities must begin the difficult transition from being verti-onTer cajj y_ integrated entities offering bundled services, c5 of to more streamlined and competitive orgamzations. -
Y ICfl Ilecause the loyalties of customers are no longer guaranteed by geography, all utilities must also fo- yg 7 ;,
- cus on their customers' interests when moving for- N'NO3,'
- N
*i. ".",? ward with new programs and new capacity. In this pursuit, utilities will have to place more reliance on g$ outside nppliers, making the hest use of their own
- ;h,b mternal resources. Many utilities are now diversify-M ing products and services, such as electric vehicles and electrotechnologies, or are offering completely new lines of business that complement their core yy[g
.y energy business.
h
?,A With these changes in the electric marketplace, the emphasis on environmental protection and Q.h , enhancement will continue. The increasing pres-
- T,f ,J sure to procure " clean or green" resources will a$ continue to be felt by municipals and investor-3 'xhi' owned utilities.
jj. } The result of this regulatory and market pres-h sure has been a reduction in the number of options for the procurement of new resources. New facility o h l l
d
}l
'M
- T4 siting issues arise, while cost uncertainties are in- tric systems, can and must play a maior role ig creasingly inherent in contracts for purchased pow- suring future price and supply stability of their cr. The state's energy plan outlines a diverse and systems. Increasing reliance on least-cost and envi-competitive system of energy providers that rely on ronmentally clean resources will move the state's "least-cost" resources in terms of operation and energy system toward that goal by reducing long-term environmental and socialimpacts. costs to all classes of customers.
y in the face of The econom-t market changes and uElectric utilities, particularly the inn-i' b'"i *I p environmental this strategy are y pressures converg. nicipal electric systerns, can and inust ,1,c,a y ,,,,,_ iny on the electric play a inajor role in ensuringfutureprice ent. Massachu-utikty industry, de- g gg , g ,, setts boasts one of j mand-side manage- the largest concen-j ment and renewable trations of energy { I ij energy programs appear increasingly attractive. efficiency companies in the nation. According to , q 110th help utilities cope with the uncertainties asso- the Massachusetts Energy Efficiency Council,be-t ciated with the siting, approval and cost issues that tween 1,500 and 2,000 new companies, and as : [ accompany traditional supply resources. many as 20,000 new jobs, have been created.The j Electric utilities, particularly the municipal elec- award in December of a $300 million contract to 9
- 1 il y
$ 4 s
.. , . . 5, ? 5 $ h h Y{
i !' Yl J' a ;, _ , ..- M MWEC's View -- hiunicipal utilities an'd hihf WEC are implementing part of th
~
N,& , g s,L, chusetts Energy Plan through their' participation on the Efficiency Partnersh>p Task Force'for hiunicipal Utilities.
, , l,y jf.'
~
y y planThe purpose for expanding municipal of'the taskforce, utility demand-side management established programs. The taskfor;ce underiii. i. ' the 1ener Q f cludes representatives of municipal utilities and government agencies. as well as jublicaid ,l ef private energy serviceproviders.
-m' L ' .. ; 4 Y:f
- Nunicipal utilities also share thefundarisental energyplan goal ofcreating a least:cba ank k,
Ef j.Y envin onm' e ntally sound energyfuture that fosters econoinicgrwth. Through their member-f n ship i *r hihf WEC they are supporting Ihe Afassachusetts Alliancefor Economic Developr'nent,- l
) ; *
' g . an cryanization ofpublic and private utilities that assists businesses seeking to exparid oflo**? 3 _
' ?
)f lrjf care in Afassachusetts:Indi^vidually, several systems are leading by example in their.L<e'ofk n & electr j a nd natural gas vehicles, which diversify the state's energy system while ~
imp ~rdring airs. l la {([ m. quality.
~
~
'_ ' '.' f(p ,
4 S . Achieving the goals ofthe energy plan will benefit municipal utilities and their c'onsumerL ' ;
' k?"
M' . as wellas the state as a whole. h NN, UMfkfh khNkk N.h[bhNh$Nf 7
}
j
~~
-----7
,, . . , ' , l e '.<t,.......%.7.
e.,.J.,'.*'.~f. ,. -. i;, . ,- ..' ,: .cf.._....,... u
.p...
. ' , . . g.,.,..g.
. _.; : . T . ,....ii'% . . , ~ , y.. {. ..s, . . . . . . . .a,.s'.;',. ., ..
. >- g".
a . > .; : l' '
'y , ;p. i'.,,L >,
' ,/. :. 7. f I(
[.l f ' . l:. .,t g:* ' . .. p.-f $.* :D'. * ,'; .' ',,'.; .. ,[;. ,:. . ('. ;/.;. ;*-L' : .'f, f.
; + ., (, , .. '., ,; ;;'. y :pp: ,': f :l,_
Q J.;;,':, .' e
+j , , j '% y ] 3.:: 1. .. r.
e < . . ; .. .;os<:~ . '%. <?..',,,'2^bt.'- u-('.r ... -
'.~~.'4, \ -
. - . .6.
;;::.g 'p:'n.
s e..9,~.' . ' g, '
, , ;c .Q s *lf ( ,;, . T
; , ,. . .p.,p'...'j....,
s * ; .' - m,
. %;;:. } . ; L,l.'...,'.i ;. . _'
'. .; n lL ' ;"'^% . . . .
;,. . ~ . y. , .D . ' ;.:...i ; . v; .,?_
_\ .i.. : ;U._ .
. 'y. ,r :..' _.;, :: ' . . ;. . ' . ) . ; ; :. ;.. . y ,l T, . J z . . :7 ;
. 3 :- n ___ , .. . .
G .) Y 'y' ;(' ;. ?. , '. :_ ' ,,l, ', ' ;4 . .f ' .'.; ,j ,;N;j ',' l ,'l. _, , ; .y% .' ,;,[_ '.,,p.. . , , ; ,.y;;; %
,. . ?. . - Y:{ ' ' ,, s ,3 .:.;..f, A, . .:' . ., j,~.ll.(,_Y)) ;f...'
,,,- %._ 4 _;: " .
M.Q~ . .;' , f: . ) ' ;': ' . . . -
.?,
. 3 . [,, - ., , -- .; .. ..
;* . . ~ , . . . rf . . " Q , . .; .. ..'. ,c . :. :. ,(,,s.. ,y , . . . ; . . f, . j p ,. '; , (:'. - ;
i
- 3 ../....~-l,,,,3 *. . ) , . . . ! j., ). .- ;, n; . , . ,, ,
- v a - ; - '.
,.'_l % ,, J.b ". ; ,. . . . ,., ( .c; , .;
'g ;., .[ ,[.p;, J : , .:.. ( 'i ':. . y p. .,. ;.<, :_ yo 3.,,.. - < .' . . . ', A .; ,6. .: :. ' ' q': .. . ;
s
;,lrf ., . ' '- i .iL ,_ .. ...'
r' ,-
,'.\.. ./ 'l y . ' .:a ),.j ); ,', f,' U ' ( f , ' ; 2' ,.* ' .'c.(;, s '
3 ;,' . J .Y., , . 5 Tf . I , i .h,./;?
,:., ; e, ' ,; ,. , ? -
- l...,_ ;'.:.. .. : f ', ,'L :; ; ' '
'. ( . ? ,;'n . . ... .[ .
_ ::,. 3. :,':. ,:p l( .. '; ; . , :] , y
. .,l *
.[<,"..:..
;_n' "_ ' ,l * ;'; . } .
_'.~'.',
..'..'.;',.'s.'
E .. ' ' ,.; .'- .;.
- -: i. '^^. ' ,. 'l L. : * ~.:.:
.c. .- .- . ..:'I.'.u o'...'.'L*
m
;. :> '..e . %.e -. ;;:. . : ; e:
.: '*: .::. L.:1, ::,,s_...' ;
'^
L * - 1 ' 'd _ , , ".'..'.\. . ,.;c' ~ .,~..e. s l
.;. ; .".,y,... . ' . , . , .
.....,e ._. .. . , , * . . . ., , r .. _ .y s , .
s., i 4. ;. , .,. :_'.;- ;~..:....:..:..;.,.".. ,.,. ..'.. . - >. , - . _ . . . , , <
, ". : . .,, . ' \ ,...i
.; .s. u c
^YI ,
. .f. i.f, :.;. f.nl.. ' '\ l :. ' ' ' , ,- .*:,, '[l\.l.['.:.f.?
* [ ; l[ l',e, , *
- 5 c ';... ?%
' j; ( * . " . ' , l' _;i l._"y
.~ .' ; ', . :y.
.] *. ,lll,l *
,};_. ((, }l'.f'l'l.
*.,'".esl ,. ,. ' . . . . , _,,. ,.. ., ,, .. . .y ,.t. *. _ ' . -'/j_.:,6.. , . . , ., .; .',f.l.'.g- f*;.f.',. , .'.,.t"-
*'i #
2
* * ^
.;, .: *.' - ; cf.,,,,..,, k *;
b-
; , 4_.
!j,.,_...?,.
.,.,,.{a
. . s.
f., s',..p'=,p_'...~,) n.
'j'.:};*' ,.-' '*,& :. y ',, '.y' .: , '.,l.1 , , . ' . ' =
..'f_*s ._- * - :-
- h.;;'r ,
^
l 'e. .; . l,,' '
._ ef . s'. , . _ ., l l a,, 'L s,l:'; ' ; Y'y ?u'* ' ; e.'e' ?_ e.] . . .._. . ,r ,l ' ., *,'
^
g - , ,~- ~- *.,t.
., 's4), c-Y* l ',
,,.3 y - :,,'_. v
~
- f. .,.'l ;
, . , .h . ,_* *-.. . ' ,.,e 'u* *.. ,' ' * '-
m
.. .l f' . :;, , ,.es. j-*_ n r W 1%&r '_ ,% "de. ., . Q..a,,
. f' 'lQ' :' . .ss. f . ' . , je{,. (*f;,,_.s- - , . . ' < . . ; ' ,
', eb ,,
s 2
, , 4*' f :-At, s* ,8
,.c ^+1 s.
; r . ., y.; .
m=)* mm' 7"'.'-.m'vm* '(:
,6
- i. . . A.
-h. 'h ?.%;. ,fp,,,.ql.i'4 e;
?*.r:.
- g. . .e.: n.' .:![r. ;'. :';>sl .Y' y.)cf Ebt 3'. ' : be?e.
l'.,p;, r
;'*. ;n,-*i.
6 ' ; .Eh
- .;r 4 &: . '
- v% %.e
~ p: 'a
;i
' .: .. " ' . M
' ' gf li.
", ,. .,i....4:-(
g .;.; . : . a' ' .-
.T G';'l: ^ * . " , . .r...
gL,.1 . *- w -e. :
..v'l
*x
- ;v *
^; . -*
- ). ... , . ' .%. -' . : ' y..
',,;.3
- .. ' .:g k 0 l ',
hv,-'.- :s-
. . J *: , ~ . e. . ', .c :.+:
.2
.: y ':\ .' . ;. :;
*'Ee..
- p. ; ..
f .,e**- ' . .:* sh
. m'</:'..
lJ; -; '.
. . . 'p.-%.
,p;,
io i.)*
.,,,,,nJ8 i f . [
. ' b' . ' n-L ph@g: .M. h' r.
,..o.~
.... ...;, , . . 9;...-
&.w@$.. ., n; ..b.%.$,y;n:?,T: . p, . % %
4 l,.f Li.%:.T l;,:) m v.. i N J'..Gjp. , .. y .., . 8 . j . 'i **, i #[, .p, v,.;y.. .
*l '* '
t, l, ! ;
',' , , l' ,.['.
I , ' ', k, n ' ' '4 ' ^.. .: . , ,-' _a 'd-
,N 's . *';,.",..
i,#*h h I'.
...y' y
)I/, " 9g. f, , ,'
.4*, ,-' ' '
' . 'n" , . - ) ' ' , ' *.
.i, 1[m[ h k[
-i ; h g.,* .' . h '. '
.: ..:3 x ' o *..y . 'a . . ' ,',- . ? __. : a . 3_ . y g;w Sy, .; 7 ?:,j,c;/ " h3'39 7t:;, .J...
.;x. : .. ,.
e$'Q;%y;;py_12,; o ; ;f.fm - 9,& J) . . w y .,.w... c
- Myy..T:~q:.::*, .
...p. m.7 ~ ~ ': /; . v :; .:
. gr .n y- 4 f* .L g:\ . Q j Q:.: . f -'.. _ ?.c :b..
i-g. e.g. qq. n. v:,,w,pn.7.., o . .:y s j::. . . m. g . .-g. g. : . , ;,;.
.. . , a . -! .p:. . . q .2
, s . , .. .. 3 .-
. : . - - . ; . - ., . , .4
; u .n~ . . . :
.,s
;.- ;-;c. - y , . . ,
, . z e,
. y: / .,.. ;u;, ... ,.,
~. - /
. 'r g,,;.l
.'g?,
.e. .. e n. <.a a .. , ' g. f. .; .;l" ' . , . . .*. ' : . . ! g
.e. 7 n1: -.. )*. w a
,'. :. 3 . . .;. ::sdq; ., .., . :.,'-.
d..l,.,
'..'.'.g.
;b j j .-). .s ; d. n l b , .+c . . . r,*I..:.,
*-6 ,* '
.*a,
! F" , .y.'.f, ..f . .+ s.
q' ;,* '-: ' ,'.i ge ' + . ' q *'8 [,-e
..*;;,.- ,,.y',',g*1'3,
,'.s.,% .*, '.
r
,,h: . ,,f 1.. , ' ' ..',.j.A', ,y ' f.*
Et ,, 1 :, *- *
. : - . _ ' _ , , , _,,m.'. ,g , 'S. ,,a+/-'3
,1'
. . r;, - l, 4 ,0 .,./ .; .
*' , '[', 9 f, .* ;
.f.
, , ,' .s, !
.s' ' ,. ' . ' } .Y'
- ' e '.i . . . ; -:
'.t*Q s . .. ). ;'.t :-
..,.M.
. . . . , ; '; %g, ', i - '
r s et . :. "~ . -
.f .;. - . ry . .
_ ...e.- -
,a e: .2-
[ g e p g g g g g ,,g g' '. g, g. O
. ',;+i ,s] I f' 'r *
' h*
..,..S*i, . .,. r.- i.C'N 1
'p ' . -.. ., . . , *..s.. . , ' ' ,
, '[ - ** *
*.J. " . , ' . - '
rA
'.M a1.s .
+ - m . ..
.,4 . ., t.
- f.'.f , ' . . l . 4. ' *' t.'(
.} y ; y ."[ ] -[,) ,p.[ ..:] V. ; [I,{. UC
+ -
, i; ., -
).[q. ,
- E "" ..{I .,,[,d :M $ . ;[;k; / / [IJ i> , , .
- ' #[ ,* '[, , ' k .' . "" * ' .' ' [, - '. . i f
( .'.' , ,;.". 9' w- : ., . .)
-*l,d.. .'- 1 *'. [ #!:'; , fh
. ' . ,'[ 'm.'/.,,:
.q, x' . . . , . . . , .* ' , .
i
, ,;' n.w, ;. , ; . . ,.. : . , :,' , .',,I; -
.!.M . ,, , _: s s :, -'
q - .; -o' ? .' Y . ': sm ':.1 ? Q . ' .; . . . p$ 4, / t't ;' ' (,. [
' ., , f. ' rp.,. . . . ' p.c ~l ' . '..,%-^r
.; :3.?..: ,,' > 'J.:.'1t -:;'.?
i; e .: -::: .-.,.3::J41...;j. ._a
- .y :. ,. ,~ ;..' .. .:,,.:. :.-.;:> i.:.l; ..: L.w.... ,:n ,;...}9'
.v .2 l : . ...e..,..
amm.een
-' ' .._.. .3 . y;), N'y,a
':q.. W. . , ( ; :' l: 6, .:
c e . c w' . ; :. , 3.
', h .?. '::.I': .,.k; .' ,'
' , .y*' .;.'"
,.e s , ,. . '. [ f _.' . . '..' : ' ; ," ;;. . ,
r
)n, . . -~.I...' - . . ' , . ~ . -'..:.. s.. '*:..-ll!i , . .' .* l :. ., .: ..:,f.)f.,
't
- ' *c* Q. ..
..l h.3 ' f':f.D. f,A.,. u.".r.~f .. l ' l'.;f ':D i* .f.'..-.: ),; .
- f,~ - h ^.\',,, . .f*:) Ul] ". : :$ i ; ? ,:' V , . :D ;[
- ..c,. . m :..;.k'..,.
q .
,,*+.A ie ; 'o pb - . ,- .
- ' h's ".. , * ' , -s
,e ,q;
- i. ; *.: '.
. . . . . . .;. t . , -::.. . . ,' 6 l k1s . ..; . ~ ,;'i] v '. 6 ' 's 'I, :,v.
f s. i N,'
,\ ,1, .-.
{;U ' J.: . };; - e { '- , =l , ; ' t, I. . . , , .; 1, l>,A. ' . , *, , ' !'
- N " \ , . , ,- .., l ;f; ' );,',I',e ;'.+. W '. . '
efj p- ,, a[. -*
,,f,'...,,',,'p"'(',',',,4 ,
4.,,,,.p
, ';., *, f . ,' '. *. .'[ ' * "'( ,.( 'f ; d b :. 'J.g .; . ..}
- I' ;' -
*.; {j .' " ' .7 l-='
%4 /,, ' - '
.%, ..f*c,,,*,
- j. p'
, . :q ': W ,-
p ! .6 ', , .. . #; y,f ' .: 4 / *4 ...
\g ., ; y 4-' g, l ,' * ,* ~ , . . , ' , ' -
d b, ' % 7[ r'
; .Q : s 'r . .. . .N: :,' .; T: . ? , a.,f, ... ,#' ?'4J. ,, . . :? ..-N*,l**
..hs. ;: a.'<*^
g h.- ,*-
?. ..('. * . 4</ ir '.:N'- .. ;,: ::.* ;., ? . 'y g
h.' #- i f,,- f ,, v' : . -
' I, l, ]. . [' 9,' i,( [ G . - ., , '% "1-l'...* ;s.G';
. ;[ ** . -"),, . ' ' '* , . .. ,6 ;f . [l!
{ f ;):,'y[:q'h'*.}_ .';"4 . '.E , l. '9l;i'.. y). {' :l'** 3}f/ ?' F.
. .j . : ^.i.f',' ;
.a*I' , ,
6( : U 0.).'[ f ;.y[:C.):" [ "_1, .; f,'}I ( . [,i/~4 L:.; 'lh.; I,r [.[l[:: [:. ,:l.y[; j,' f':i : ,\;;; .j, ;' ' ;*g,.\. 3
*8 :
sR
*l ' , ,
}& ' + [*] . l* l l ^
- -:,' h l:l ,,!l? . , !l I.
-_ .. . . . . * 'le ' ' , ', * -l l ..',' ' '
* '. f, y, . ._.. ***: . j.}( l b., , ' , . , ;';*
f)^ yl s . ,
._Y .;;
4 . ,. : * ' ;A. 'w .-[ _, , y.: ' :; -
.Q;,: g .a7.p:, ?. ::Qo, e. sg, f , s.n;/y ,a}.e: .,Q.&'r,y,. 1,.';b : ,* ;l'Q :;._* .y..:?! W
. :- \l, _^. >,%l g .. . _'yQ*:r . . ?:
,. , . * . . . . f, A 'g', , , P }r..;_,,._; ; %'-
y'* _':y'A .;' ,-g.
..)"
s,
- g. * .. e - '^
s4- .' ... -..,( A.*, ,,,,; . _': ;; ._. _a _, _ ._: _.yf,;. ,. . o};, . . . . ' . ' -' -, - - %
- l4 ( ~ ;..: v;b>l
)._: , ,
, ,. , 3g;;, - _ .q)';;l' ': lm ? ,;.o. lL : ,[. -
a, .:-; ;. ;y, .a . ;, l* ; y :, p ,, .g ,3' , , .,f ..vt q,. '. ;; ;,
,,'q. . ;
' 'f43, ,, .,h '
yl,%.p.,j(' , , . : .} f' .j..p. ::[ ];.y:.., f.'f;.p _ [gx;..; ;, g.:.,lJ:::_
~5(, ;% -
4% Gp'r.1;L),; 7,;;J ! y:.l;;;y f g48 gr. , '-l%', *
- s, . " i,'.-
;i.,':,'; ; .y', l _', . .:y[ .
c. f , l,', .... ,, '. ep y ,r.;.y, .: ;;.n .1::g::
' ' ,'\
p.y W.c,
, 'Wp
. f, .! ['; . .' '
S i.*. . ,' 8', ' , .
.)',',.
. . , . . ' , ,.,,.",.,,.t'..p'
'.'.v'
. . . *_ /- g.* *,..
g, ;,;'.,'- '. ..i- .J/a S f, ,
., o .
' lpl . ,. .' -j.', ' '- g ;
' ,..,,i , ' ' .;f su n.
3.'e'.
*, ";- '.;;,,~..,..'+..g*3.,,. -
., .k.;;,. e,,
. . .. I. a..i >-(; /, /.....,'l, ' ', '/ ,; ,9...m',..
j"] '
,,.7, < l l *, . ; 7:
.,; , *. .. * . . . ' ,.,'..,;. ,* f ,, ,' ' ;*. ., \ ;
e g' % , '!.^, .,',, .;'\, * . - ,, _ _;,. ' j, ._.'l _ ;; m,'
'd,a,', .?3: ; *l,.
W
.v -.
(;;f C..~.; _ ; L .4 f: D u ! j;) , " l ., ' : .'y . p;J' ;; f .,_ '? . :'. ,' y $ , 'e,q .f \ l . ;C.L;. Ji; l @.L .'ll b .{.
- y' Y'n '.[ .: ; : Q;i,l;.' ' $;: *ij
; ):: V? :, t';-3 e * , ' 1 h.- -f ,' . ' ' * ; .' .,,,';: . [U j * .' ,
'..j );g,' * '(( ~ I5 ' , * ' ., '.
.. *. _o; .
, . ' *
- I.
' , , . , , , , ' , , ' , -o >
pj3 .<..o;,, "- -' :.." *jl>
,5 , o ; * *\ "'l- [*.',_'> .d '_ -
.m 1^*', '. , ' ,i,*', 5[, ': ' . . '.: ' ,)M.-'['.'*'.,-'
' l n, r,; ..;,
- j. ._ _ ,, ; [', j'-
),
i* , _,r ,~ ,p:';L ..; . ) . ,' . 'e l_
,j ,'
- h[?1 .
' l ../ 'J, - N
_*i \ ,. , '; P ,, '.el .f.,
- i $; ' ,,
- J'..,*'_7,},.,,,.'_jf ,,#,
- 3'.*'.y', * [l' ', . pi ,
., s. . ;!. ,* :.*.,-, -' . V; 5 ~..*., ;;.. .. . .l.. .: . . :,
?
~ ';^m, . . ,. '..;;. .h**..',3_.'...q'..'[.y.g..'. a 'd : . ::;..' -.;;;..; % .. ; ; :" : .s c -
%,,}, . -
. n * ;. %Q.. b. J n so *.-,n
^ ', .i ' ' . , : ,l. i.' 4'..:: . .,; k '; c ' ~ . .,;, _;
. . .:9.:
[' .; '"M. ,{ ' . *
'l-
',' Q[..
,'.,;.' - "** ' . . , J _*? ' [ .', , ' , ,[] 5
'.,q' ]; n ':.','.'[,..)Iq,..' -
j .,[ ,.,,..' ,v.,'3.;,.., / f' .~ **'.'~I gt,g-
. l , '*8, j .'?l.. i, . e t 4',lf 7,,',.'
5 J f) ;, m , Q. ,y,. r .e , Q
- 3. .; .,./.,,..,...
, c.; 2 . _ , - ' ~ . . C . QL ' . jj . , . .'*;g.-
j,;;. ' : . - ,4... 3 ; 7., ' : cy .y ~',f . . J
,::, _f. .< 7 , .
.'.y.y.,,*, _
'.l* ....; . ,?. ;/.;; ' , = ay r ; : L _,' N ' Ga * . , ' :l ' .. -
- , ' .~ ?,
? '. 0 ^ ;r ~'
l e hh .
. ,;. y ' ', ;.. . '; ; , ,{, _ h y l- : ! .', f - l ,c *
, .. E:
; l l
.., ,, ' .. . , f.;
,f, a .l.*
&pey. OY ';. $}.l'. '; {.".b ?k9.Y. \ kgptf., h c
,)*!fy!f,t, .Ly ,; [. '~
hf. ~Y.::iff.
\'.<.l' ,.i.~.....'..:..';..? .* .., " ,".ll.l l .;. , .l 1.f: , ' ;'+l _ , i ": _.
.J's & \,: ,L
@; - ,'. ;.
- f'; 7, V ~* ,.-'l,h:' l _;_,,s.l _ ';;-?.;
- . .e r', n .
4*.; .. d ,s; l ', .*'._.'..) : l'\ '.W .4l.~..1..?., l'f. .. .?: :v. 2. : k .'?.T!/f ., 'f h. . (.;?'*
.:. . - . [: N..~ ',.f l::;jll'r . , .-' f' ]': :. 3,},.l{l.l' . . . ;;;?. ;Q)b4 f'],.m
.a.
f, na y .:l,^,..f* . ; >O ,.
, , .w . .
n ,.p ,
?*
~ . > . - -
, , .. Y j; , ; r y ;, J,l..-;;~[ . l. . '[. .. - s -
- l'.*
*,,,s,,
,u s... v
.a m .<. . . .
.: . ' Q,, . , ; ! . cY W: ., y .. . :. . . .. ; .
"1
- .~
y .; .e.. ,..,.t l
...'sl.
+. .;,. .. .
] f,;
' ..: .;) .[.; ...f,;.,f. *
- l ,..
,:i' . '.(., :. :;" ? ' \.$.g ; ;, ; .,,; f ; ~: .y;., 3. ; * ;[ , .[ L.,:. . v
; ,; : . )._'.; ; < - 5 9:s. .; . . .'. . ;.. . ;* <. ; y c.:f; _"._.~ ,/. w. _3;. . -.' u ..,,;*;; :::2..n j :: :.:'*,;::,e,_p' :;
.,n.:
p- ;
. 7./. ,j,? 4.[..a:;.._, ..::; .. ;.,.'y [s '} ,:?..q; J; a(
.n ;*..::..'._~'y ., * , ' ' ; ;
S,y< T'...,&..,..,.,.,;:.-
~m..<:... ... .
. ,~,;..*' ,'
- ? ' . ?.,, ,,s: :....".r' y...+.'- n"..c'.'
~ i '*: - . :, t.,'
.g. ..
' ...,;..s.
.'...:.-* . = , ,'
.t. ;:. ~ . ...
- .m . . . .g.-.. .,,m . ' '; , : . ,. .c . :
- .:s;< 3 y" ,
. .~.g . .ay;,~...., .m~..._.',..'[.'...'..v..,-3.c,. . .Q. 9, , :
. , .. _ , y :n, , . :'., q;' ;.~
'...=..,.r. ; ., .c , r. :w . :
,.[,."
. ~ , ,,4, :n. . . ... ,- *
' . ' ,,*. : s:
. i,.,. r? .. ~.
' .. : - ;,. , y_',..;'...'.
,_: % ,f-
4' ' j, .. y' _ ; . ,_. .y...',,..'- l '..'.'; . .,: t' :* ,
- :w' 1,.;...',,_. .'.:..<,;'.'.n..a .
. i
,,si
..r-
}, a.,, -I: ,. . , '
. ? ';;;l w . .,.'@' g;, -
.' . ., ('*:'.
9 :*.it;_:p ._';i. 4,,.. ',,.7- .:)'. .'. _e 'g.g'.-*:
+ .'
. l
?,! /. .':,,, :'?.;.. .: ?a. ;'. ' !- *
- . ~ ., { ': ,' : ,
- . ' : ',,. - , * * *,- ' e .'. ; * *',.:.
.,e j. )
;, - . y. . . < , . , . .: ! , .. .\, ..,s.+,..,c c.
. . , , -c4 ,. '.
'! y N,': ' ,::; ..'.'.O._3,..':
..,. . ::. ? ;
*. ; ; ~y/. :.. , l f . ..* : , . .;; ;' . :. o, .;;. . 'c'."..,.s..' - ._.s.:...,.,
- s. . i V., *:,.'_,/? .: .,;s,.,..,;
, .,g *..%
-4;h* ,
y,.
,.(,.,.. ...,,i, , .,. ,d . ,i.,+, ( *,1g
.Ji,t ; c . 3,.
;. .k. : :
.*i -
.+ .g. s, ,.*
s
,J,..,, . ' ,, ,. .,p, , - .y. , , , ',,'l . , ' ,. ...,F
. e
.,u..- . ... g *.e
;.,,.l q j4 m, .
. ..,,,, .....;. ,'-. , ' . - . * .;f'., ... .;.L..,','.'.,.s.,,.'
+
.gsa-'l-
\ .'z
^ ; -s
., } 4 , . + 'f 4 : ,,.,,l ,
- ,1, . 'j' ' :* ? - .' ,.
.i
,r
'.t}'k,..a."....,.,, ;, -. .. Q ': :n v ' ' . F. . ; e s, ,.:.',L ':.. ' R. ;, ::r /* ;. ' <. -* '
; Y ?.,
- y .. .;> . : , , 1,';, ?;i ; ., '
#. ' '/,.. i
. 5 ,g ' ,; :D ,E ,* ; ;;1,, 4 .. B; : .;' y.
f., .Q:,.,: . Q ,,- Q '.J D,
, . ..,c.,...,",..,t / , . d c. . " < ' . W,'i :' 7, ;- Q. l
__ __ _ _ _ _ . _ _ _ _ . _ _ . _ __._. _._ I
1 1,
-9 4 '
Dh1C Corporation of Chelsea for demand-side man- with investor-owned electrics on regulatory and 3 agement services is a testimony to this fact. market reforms, with individual utilities on de-The growth of new companies in the energy mand side management and integrated resource j efficiency industry is only one economic benefit. plans, and with all utilities in the qualification of Reducing energy costs through efficiency and low- demand-side resources for emission reduction er rates increases the competitiveness of all hiassa-credits. DOER continues to work on initiatives set h chusetts employers. forth in the hiassachusetts Energy Plan and seeks
; The Division of Energy Resources (DOER)is the full partnership of all hiassachusetts electric -
]
working with municipal electric utilities on the de- utilities in these efforts. , , [ I j sign of cost-effective DSh1 and efficiency programs, h 4 i , I d n J h or decades, investors in the electric in- j L dustry based their requirements on a l fundamental premise: the utility held a I f monopoly on the supply of electricity to 4l {k a particular region. The utility held that I k monopoly because one utility, employing the largest j generating equipment, could produce and sell elec.
]
Leonard S. Hyman, First Vice President tricity for a lower cost than a number of smaller f MerrillLynch firms each serving a small part of the market. If , Im estors believed that utility securities involved , w ( low risk, because of the seemingly guaranteed mar- -j i ' Let for the utilities' output. The credit rating agen-cies, too, understood the safety of the business. 4 a h : They let the utilities borrow more money than
]
y would have been acceptable in other industries. Af- /
, ter all, electricity was a necessity and the utility was q
t
$h j$%
the only game in town, so why worry? 11y the 1970s, risks had increased. Utilities lost y e ~ul%
$ billions in failed nuclear projects. When electric
- {
( prices rose too high, customers cut back consump- l i t p tion of electricity or turned to other fuels.The mo-
- 1}
nopoly had limits. [ g /4 4 By the late 1980s, several utilities filed for bank- { ruptcy. Almost one-third of the investor-owned util-k
! ities reduced or omitted dividends, Obviously, some i !
utilities were safer than others, but investors did not ? f yet question the fundamental premise behind their 1 4 4 1 4 S I ;, l w
r e
~f O
v 1 investment strategy that the utility held a monop- ter the power generating business and to use the util-oly. Nor did the credit agencies, although they low- ity's transmission lines to transport the power to the e cred the ratings of many utilities,in light of the de- customer. One year later, in late 1993, the credit rat. f cline in fmancial strength .. ing agencies announced
,N k_ h caused by the numerous [hhhM(h that they would apply 26 set dif6culties. [ new, stricter standards MMWEC's. View -Ifpowercosts when rating bonds. %[$
The justincation for . ss . )[_ b the utility's monopoly ."'# "" I"E##'""'~"###""#I# "'III 7th Could the utility !c began to erode in the N[
- sty s.competiturenessa MMWECa k p ,,,fgjp ,,,,.hav madet grearf keep its customers, and 1960s. Power stations .
'5 bring in the revenue had reached maximum 'J trides toward competitive position irithe iniproving past. . - l their used ;to:pay p*2its debt, if
' levels of ef6ciency, in g twoyears. Tlie nductQn in poku - y. interlopers could h costs resultingfrom MMWEC's re: 1p 1978, Congress passed the Public Utility Regu-h fundingprogram,in addition to; g[/
% E lowering rates for consumers,1:as 7 ,g
~
undercut the utility and take away business? n- latory policies Act, cre- h - given participYnts another comi d With the electric utility , I ating a new class of elec. d PetitIFe edge. Hadnglownp~own
; M@
industry facing compe-
;it >w .. .l a tricity generators that g , costsguvesresponding to a ahem particular more threat chotces ution,when the rating .' g agen-y,t ' sold their output of en- M cies had to adjust their ergy to industrial con-M[. ." or opportunity.
flexibility, risore optionsfor They meet have ' ?$ inore , .gCompetition views. h( gest
- c-cerns and to utilities.
Then, electric equip- Cl.
- ing their customus'nuds
\Vith rights to inexpensive hy-h meant greater risk.
So far, most compe-lW droelectricpreference power, 9 and 'h ment manufacturers he- ,
,,4,,,,g ,,, ,,,,,, gg, p,,,, y ..
utmn largely .nnvokes gan to produce small, g ; . . from some of the region's most re- 4 sales of power to elec-ved easily installed, highly pp; liableand economicgenerating? M
~
tric companies (whole-o ar- efficient, clean gas tur- units, Massachusetts municipal" i, sale wheeling). What g% utilities also have a' solid and com- 6 n- bine generators with which small indepen-h N/ iti r nr power supply. M In addition, streamlined opern- J wd. l happen when pow-er suppliers attempt to n y:g p dent firms could pro- tions~and a rccovering Massachu- , sell electricity directly to Af- duce electricity at a low- setts economy have helped to im" . N the customers of the lo-vas er cost than that of many @9[I. b prove thefinancialperformance of 3.e-cal electnc utdity (retail Q munscavalutih. .tses. . . trg utilities. N. - 'b wheeling)? That would W Competition is expected to zB 1 Remember that the destroy the local utili-
$'. = hring new challenges, hur Massa; . M utility secured its legal syi ' chusett's municipal utilities and ?j ty's monopoly, threat- 'P- monopoly because it Qf . . MMWECare contiisuing theirsuc- %}, ening the recovery of m- ' could produce electricity 4 255/ulwod PNParefor a mo" # M investments made over at a lower cost than y% cmnpetitivefuture. . ld decades to serve the lo-4 ap . .
Now, smaller fir m s. ;p ,}f g {. ;j:'. g.Q .);ygg cal customers. ! 2 - many of the smaller Investors have al-
~~
m p 6rms could produce for less than the utility, ready learned, from experience with the airline, f mt transportation, natural gas and telephone indus-In 1992, Congress passed the National Energy ) ir Policy Act, casing the way for additional firms to en- tries, that competition comes even to public service }
1
)
4 l d I O i i industries, and when it does,ill-prepared compa- ! nies suffer. j l Investors, realistically, would prefer the slow in- ! troduction of competition, so that the utility could 1 reduce its costs, recover as much on its investments as possible, and bring its financial arrangements in f line with what is required in a competitie industry. i Even better, they would like to think that the utility i i in which they have invested already has brought its costs down to those of the new competitors and has l } refashioned its finances for the new cra. Unfortu-i ! nately, few utihties have reached that point. ! Realistic investors will take a hard-headed ap-l proach when defming the solid electric utility, the I
- , firm that will survive the appearance of competi-l tion, and possibly even prosper afterwards. That or- "FCW utiliticS now Ilave all
- ganization must produce power and provide all its ,
tile TCquisiteS to SUCCCed in a services at the lowest possible cost. It needs an agile g management and a responsive group of employees McW HlarketpldCC. IMPCStorS Tj that understand that customers have choices. It will require a realistic cost-accounting system, because kHOWtIlat." k without such a system the utility will not know how to price the various services it will offer. Investors will examine customer mix, the types {
! of contracts that exist between the utility and its {
. customers, and they will demand that the utility price its output in a way to keep those customers. ;
2 During the transition period between regulated monopoly and real competition, the utility has to r have policies to maximize cash flow, depreciate as- , sets of dubious value as quickly as possible, and [
]
pay down debt to a lower level appropriate for the j competitive market. And, the utility has to avoid taking on obligations that will turn into burdens [ '
! with the onset of competition.
Iew utilities now have all the requisites to suc- l l ceed in a new marketplace investors know that. l l They hope that the utility will have time to evolve l with the market.They want to see signs that the -l utility i, not simply keeping up with - but is instead movir g ahead of- the pace of ch.snge. { l I I
.a.
.e .
O A i
, N,.,, ;
. .' ll . ' '
) L w 4 ?, _b., , . e 5/ )3d . ,
% N U ,. y .
7' C i!
,,, , .. ...... . .t
, , . (y , , .
l . ....,. -
, ,,,,,,,j . . . ......**'**** '
......; g..;
, . , , .;.i. . . ... . .i......-..........;...' -
. ~ - . .
O ' e '
*U# 'y' .
N. , g , l [
. , ... (
_ge". ,,,,s '8" N
.# ' . ' .='
*h
_, s
~ .. , . - '%.-
s;} 3 . c g,
.1 .
M . 44-M4. e e u__.__.___________-------.--.__----------------------------- - - - - - - - - - - -
YsOY . l l
*Qd 9 Y.
Il ' a , .
'l ,
] ,,...,,. _ -. "
.. d
- Q, 4
t 4A ome might think it strange to deal with . the importance of customer service pro- j grams for distribution utilities at a time $' when most of the attention in the U.s. has been on wholesale competition and I power supply matters. Let me explain why all that j' t will really count in the end is how electric utilities s Dav id W. Penn deal with their retail customers, before coverin8 1 o Director of Poh.cy Analysis I general and specik services that customers have a American Public Power Ass $iation
!.i right to expect from their utilities.
y gy The high-voltage transmission of electricity
; ;g . ., T- from generating sites to load centers will continue i
g V -- to be a natural monopoly. In contrast,it has long [ I 9
'k been recogni7ed that there is room for a great deal ,
I more competition in the production of electricity. !' [ liowever, generation competition developed slowly ', R ' in the U.S. despite congressional passage of the l Public Utilities Regulatory Policy Act in 1978. 'I As the 1990s approached, different regions of the country, and even smaller market areas, found j themselves with wide variations in the amount and i cost of delivering generating capacity. One region 4 A might be in need of capacity and high priced, while j another nearby had extra capacity and much lower y prices. If there were fewer barriers and rnore com- 1 l i petition in generation supply, capacity-to-load re-lationship would equalize across regions, and so a would prices. l Addressing this, Congress passed the Energy Policy Act of 1992. Its two key provisions 1) en-
"...all f/laf Will C0!?til ill flic couraged the development of independent genera-tion suppliers, and 2) gave the federal government C11([ iS Il0W CICCtriC titililiCS clear authority to order the transmission-owning 1 (Ical Wit /l t/lcir TClail CIIS- utilities to provide access to the transmission high-ways that allow electricity to move from areas of q 10111CrS/, surplus to areas of need.
.( y These are momentous changes in the industry. 3
] i They are already causing dramatic restructuring of
] the industry, ofits competitors, and ofits regula-tion. These changes have absorbed Congress and q '
regulators and are capturing the media headlines. ? I A_ 9
; . *%4pir. :
- I o,
, .e v
ith 13ut what do they mean for distribution utilities and more convenient office hours, alternative payment iro- their customers? Certainly, they mean more gener- plans, or cold-weather heating funds. In addition, new me ation options and lower prices for wholesale power, technology is greatly expanding the number and vari-S. and, hence, lower ultimate prices. ety ofdemand-management programs, which can be nd But the genie of competition is out of the lamp tailored to meet local customer needs. at and over time these changes also mean that prices The mix of customer senice programs appropri-es for wholesale power will tend to equalize for distri- ate to meet the expectations of distribution utility 4 bution utilities. Then, all of the attention and pres- customers will provide the competitive edge neces-
.a sure will be on utilities to supply electricity compet- sary to continue in our new world of competition.
itively to ultimate customers. Distributors will have to concentrate on customer service programs that T.OGNN.i?.DMW49dMMT n s ue fulfdl customers' expectations. Regarding this, it is k MMWEC'sView - Consumer-owncd., - g important to remember that municipal distributors N . ' utilities,like the Afassachusetts munic-; M
.al will be competing for franchises and existing and Wv ' ipal systems, are widely known to be'. W.,.1
~ more customer- and service-oriented M
- y. new industrial loads. Customers will decide who than their investor-owned counter- $ f
.wly will supply them on the basis of what is offered and at what price.
M{) parts. Reing owned and operated byl M M: thepeople they serve is part of the rea - In general, a customer can expect distribution
% d .sonfor this. The consumer-own .
.. ~ 9
- +4 O.
? rect sayan e p iQ ad utility service that is:
reliable and capable of meeting variable power W., . unumcipal utilities how the utility operates, through th*el'
,d hav md and vohage requirements; y public meetings; : ~ s ;@
s i M.r
>n equally or lower priced when compared with ' Afunicipal utilities are valuabTchs- -:g tiie alternatives; forward.lookm.g and planning in anticipation h)3 ' : vidinga broadrange
() sets to the cornmunities they serm pro hz m ver bcder sernces to schools, librars.es,semor :A l n- of customer needs; if : citizens and other towruiepartmenti,
' . ,fh e-
- coordinated with other community needs, such @ ' ; depending on, local needs.,They ar;c M j as economic development and housing programs; $! close to their customers, and can re- g J,. v open to participation and scrutiny, making g spond to their needs promptly.~ .
- g.
customers part of the decision-making process. Q ' 'In P anning l to enhance 4heirserp g ) m ~ vice, municipalutilities recognize that a pi in short, customers can expect electricity senice { customers' needs and expectations are ra- that is responsive to the individual customer's q'I changing.Newservice technology,ioft2Q nt needs, delivered by a utility that is a good local citi- 4 age-sensitiveequipmentandenviron[,'p , g 7en. Massachusetts and other municipal electric p1 tfmentalconcerns are among the.rea . h '
' expand sons the municipalsystems are ?working to ; ;$
- h- utih. . ties are ideally suited to meet these general ser-scope and role o[ customer vice expectations. They have a history of reliable, . sernceprograms. Ah; responsive service and lower prices over the long h , If there is competition to r'e
~y. run. Most important, they are an integral part of p . isting customds arid obtain new ones," y tof their local communities, if : the quality ofservice provided by come h munity-based mnnicipal utilities will a&
d Specific customer service programs, which vary with kicai needs, might include such thmgs as cus- %a
-grve thern an edge. ,S.
tomer advisory panels, a customer mformation center,
*4- Q'CA$','M4%l*M*
" - - - 8. "- Off
wer , e, . s. s A f,s . . . . . . . . . . . . _ _ _ _ . _ . - - _ _ . j
~
.c 4 l >
f . MMWEC Directors and Officers 1 4 Other directors and officers, pictured in the management let-
.l
[ .
% ter at the beginning of this re-port, include Richard E. Slattery,
.w)4 Director and Chairman of the i . ,
- Board; Edla A. Illoom, Director y and President; and David A.
% Sjosten, Secretary and General l Manager.
Thomas R. losie, Director John Larch, Director t 1 -- i 1 f .. l th
,Y 4y_hl
'dh
p j
* -9 7 -,. .
... ", i, t
; Gilbert McCarthy, Director David I. Sweetland, Director H. Bradford White, Director h
I n v _J. - j M
'h h 4 $ ,,
*. j l
i 4 Nic holas I. Scobbo, General CounscI W John M. Wesolowski, Treasurer
./., - .
James E. Fuller, Assistant Treasurer I h
~n >
. J 0
l ) MASSACHUSETFS MUNICIPAL WHOLESALE ELECTRIC COMPANY
]
l 1993 FinancialStatements I i 1 i MMWEC ret
o T%,;.c
.- 1 g
U Table ofContents 4
' Independent Auditors' Report - 2 Financial Statements Statements of Financial Position -- .3 Statements of Operations.- .4 Statements of Cash Flows 5 Notes to Financial Statements 6 Supplementary Schedules p) \s Independent Auditors' Report on Supplementary information Schedule 1 - Project Statements of Financial Position..
13 14 Schedule 11 - Project Statements of Operations; 15 Schedule III - Project Statements of Cash Flows 16
/%
l I
'% )
- _ _ - ~ . . - - .
.n C-
*::f T4]l j -
o
~. , .- Independent Auditors' Report i
rGl l!
-1 The Board of Directors
). l.
Massachusetts Municipal Wholesale Electric Company: We have audited the accompanying statements of financial position of Massachusetts Municipa Wholesale Electric Company (a Massachusetts public corporation) as of December 31,1993,199 and the related statements of operations and cash flows for the years then ended. These fmancia f Our responsibility is to express an opinion on these I are the responsibility of the Company's management. i
> fmancial statements based on our audits.
I We conducted our audits in accordance with generally accepted auditing standards Those stan
?
require that we plan and perform the audit to obtain reasonable assurance about whethe - An audit includes examining, on a test basis, evidence ;.ai statements are free of material misstatement. T supporting the amounts and disclosures in the financial statements. An audit also includ j d accounting principles used and significant estimates made by management, as well as V; eval fmancial statement presentation. We believe that our audits provide a reasonable basis for our op In our opinion, the financial statements referred to above present fairly, in all material re 31,1993,1992 ( financial position of Massachusetts Municipal Wholesale Electric Company as ih of December f and 1991, and the results of its operations and its cash flows for the years then ended in conform . generally accepted accounting principles. ..
'^.
ay 7 m>
$E
- n .
Q' s 1
%t .
March 11,1994 I.! re<
+ ,p,
$ ly
'kkh.
a s, Sf \ [f t )? 'i ,. g .#
, 'i 3-9 3, n
A;J%
)
i ( " Nyj Ud&' i ma . { w, 74Q : i
'1)A i
' dij l
~
;g -
y MMWEC
'r' s -Staternents ofFinancialPosition Years Ended December 31,1993,1992 and 1991 (in Thousands) 1993 1992 1991 Assets Electric Plant in Service (Note 4) $ 1,233,845 $ 1,231,359 $ 1,231,621 Accumulated Depreciation (243,440) (201.172) (157,897) 990,405 1,030,187 1,073,724 Nuclear Fuel - net of amortization 19,553 24,626 32,226 JI Total Electric Plant 1,009,958 1,054,813 1,105,950 ;
il e is Special Funds (Notes 2,3 and 7) _ 191,099 196.259 256,187 e Current Assets Cash and Temporary Investments (Note 7) 1,013 3,619 1,828 Accounts Receivable 9,361 6,163 5,723 3 Unbilled Revenues 7,813 8,491 8,718 inventories at Cost 14,846 15,261 19,663 e Prepaid Expenses 7,636 6,652 5,643 e TotalCurrent Assets 40,669 40,186 41,575 11 Total Special Funds and Current Assets 231,768 236,445 297,762 Deferred Charges e Amounts Recoverable (Payable) Under Terrns of 2g 3
) the Power Sales Agreements (Note 2)
Unamortized Debt Discount and Expenses 189,808 39,340 7,649 132,312 40,272 35,005 35,322 Other 5,921 6,242 236,797 178,505 76,569
$ 1,478123 $ 1,469,763 $ 1,480,281 Liabilities 1.ong Term Debt 11onds Payable (Note 3) $ 1,374,605 $ 1,376,700 $ 1,380,955 Current liabilities Current Maturities of Long-Term Debt (Note 3) 33,175 28,110 19,765 Notes Payable (Note 3) 64 113 -
Accounts Payable 8,332 11,081 15,682 Accrued Expenses 17,561 11,167 9,376 Member and Participant Advances and Reserves 44,786 42,592 54,503 103,918 93,063 99,326 Commitments and Contingencies (Notes 4 and 6)
$ 1,478,523 $ 1,469,763 $ 1,480,281 t
'%.J 1he aicompanpng notes are an integralpart of thesefinanaal statements.
.. .~ Mt y m ha - y ; -o
~
'I "( . - .
MMWEC ~ ?!?
' ?
- Statements of Operations '
, Years Ended December 31,1993,1992 and 1991 (In Thousands) l,rg;;
, ,,, J W
' ; r; I993 1992 g99y hx Revenues (Note 2) $ 248,630 $ 275,041 $ 276,487 Interest income 11,083 13,435 93 M):4j
$ 259,713 $ 288,476 Total Revenues and Interest income
%,47
$ 295
.h(;
Operating and Service Expenses: .S Fuel Used in Electric Generation $ 20,062 $ 23,831 5 28,917 (() , Purchased Power 74.134 78,925 73,739 Other Operating 29,451 32,533 32,147 8 Maintenance 10,470 11,873 33,39) 1 l Depreciation 44,187 44,101 44,016 ~ j Taxes Other Than income 6,076 8,225 . I84,380 199,488 - 11 1i l interest Expense: Interest Charges 89,742 114,459 135,445 isN Interest Charged to Projects During S
} Construction (Note 2) (169) (466) (g7) ,
89,573 M 113,993 _ 134.478 Total Operating Costs and Interest Expense 273,953 313,481 j 337,052 ..N ! Cost of Advance Refunding (Note 3) 43,857 73,180
.l j Gain on Cancelled Units - Net (Note 4) (601) (671) (1,069) - M g Gain on Retirement of Debt -
(207) (704) ,;.ll l 43,256 72,302 (1,773) Qo 1
} .
< Decrease (Increase)in Amounts Recoverable . M}.
.; l j
l' Under Terms of the Power Sales fj Agreements (Note 2) (57f_.961 (97,307) dQ (39.862
$ 259,713 $ 288,476 $ 295,412
'] ,
.q 7 i
\
p
',M
.m u 4:4 ,
g, i
.a ,
i a 4 jf ? n.? L ' r ..z e H )
\ S \
' Grad l v
e. 1.2% . l
...s W l 4l r
a m ne aaomt anymg notes are an meegrat g, art 4 shesejmamiat statemena . g,
";g
_ 4 ,,_ $?; h.a.
MF MMWEC
~ Statements of Cash Flows Years Ended December 31,1993,1992 and 1991
(' (In Thousands) 1993 1992 1991 yg y
;,437 Cash flows from operating activities:
Total Revenues and Interest Income $ 259,713 $ 288,476 $ 295,412 g Total Costs and Expenses, net (317,209) (385,783) (335,279) i,412
===== Adjustments to arnve at net cash provided by operating activities:
Depreciation and decommissioning 45,112 44,978 44,655
. g,9 3 7 Amortiration 24,805 34,795 13,602 '8,789 Gain on land taken by eminent domain - -
(292) 2,147 1,393 Change in current assets and liabilities: Acc unts Receivable (3,198) (440) 13}}