ML20072G694

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Annual Financial Rept 1982
ML20072G694
Person / Time
Site: Comanche Peak  Luminant icon.png
Issue date: 06/15/1983
From: Farrington J
DALLAS POWER & LIGHT CO.
To:
Shared Package
ML20072G635 List:
References
NUDOCS 8306280600
Download: ML20072G694 (34)
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DALLAS POWER & UGHT COMPANY OPERATING HIGHLIGHTS Thousands of Do3 Ors i

1982 1981 Ooeroting Revenues S 702,330

$ 623,733 Operatina Expenses....

593,969 523.224 Fuel and Purchased Power Excenses.

323,392 267,010 Other Operation and Maintenance Expense.

136,410 119,152 Taxes.

98,347 103,138 Expendoures for Construction 143,982 121,784 Electric P: ant at Year-End.

1,636,328 1 A90.134 Total Generatino Cooabi!ity at Year-End (kdowors) 4,055,834 4.055.834

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I SOURCE OF REVENUE EXPENSES FUEL M!X m._ ; ;

Fund 43.7%

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cam.cw we%

w Opeckm and'Mconeancmco 20.0%'.

toes iso %

Nakre Gas m

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DMoonds and Rouned Eamings ?2.0% :'

' rdemet err) MaceNanscus $ 7%.

De6 PKMsion 50%

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TO OUR SHAREHOLDERS:

Danos wdl mark 100 s ble for ine Comoony to units, wnicn are scned-c1ent equ oment or years of electnc serv:ce :n meet inese chacenges u'ea for cperoton in1984 cnonge ine:r operoing 1983 - A Centur/ of Liont.

In 1982 DP&L customers and 1985. add,t:onot fue!

Choroctertst:Cs. the'eby Only one year after Edi used almost12 2 bdhon savings and d:versifico-ne'p:ng to reauce ine son's first electnc plant kdowat*-hours of e!ec-tion wdi be Ochieved growin in peak demand become operational in incity and set a rew sum-The Companys Con-Customers cont:nue *o New York City. electncity mer oeck demand o' struction exoend;tures in oroctice energy con-come to tne s+reets of 2.882.000 kdowc*is This 1982 toto ed $M4 mHnon.

servaton and mon: tor Donos in1883 After a fonowed a new w;nter an increase from $122 mn-trer usage os on c:d in century of hght. Donos oeck demona of hon in1981 con +rolhng ine amount of continues its dynam;c 1.977,000 kdowatts set :n Long-term financ:ng tne:r oms in1982 o!most growth, and it is on ap-February 1982 when dunng1982 toto'ed $b7 65 55% of an oms 'or regutor propnote t:me to rev ew Danas exoenenced mdhon The mo;or port:c" res:cenito! efectric serv:ce the post and o!so look co: der tun ncrma tem-of this was tne so:e of $50 were 'or $50 or !ess ahead to the future peratures Despite o muhon of 16% first mort-A new Energy Aid Pro-Dunng 1982 the Com-reduct:on in kdowatt-hour gage bonds in Ju!y in oram was :ntroduced in pony's service creo. whde use by industnol cus-Novemoet a $7 6S md-early 1983 to netp the offected by ine general tcmers, tota l general buss hon offer;ng of10% tax,

eider:y poor and those downturn :n the economy ness soles of e'ectncity exemot ooHut;on controi facing severe emergency remo:ned relatively increased by 3 6% dunng revenue bonds was com-s:tuations pay for essen-strong Th;s was ref;ec*ed 1982. The overage res, ple;ed in February 1983 tiol energy serv;ces Tne in tne number o' non-dentro! customer used

$50 mdhon of 24% fest Company and its em-residential construct:on 12.032 kdowatt-hours, on mortgage bonds were p!oyees coninou*ed start-projects. unemployment increase of 465 over ine so!d. ond add:tiono:

uo funos and a metnod below nationci levels.

onor year long-term f;noncing is was provided 'or cus-and new businesses and For the fourth con-plannea in1983 tomers to reake dono-res:dential customers tnat secutive year, more inan Dur;ng the year tne tions w;in ine:r bW moved :nto the area 50% of DP&L.s electncity Company exponced its payments The program is Douas added e:ght md-was genera ed oy bgnite.

energy con ervo+ ion and adm.nistered by tne s

lion square feet of office providing cost sov ngs to peak tood management Amencon Red Cross space dunng 1982. An-customers a!ong witn tne ef' orts to oss+st customers In November Joseon R other19 mdhon square rehab:hty of divers;f ed in och eving improvec Musohno was e'ected to i

feet are currently under fuel sources Naturol gas e'f tc!ency :n energy use the Companys board of construct;on wcn over 11 and a sman amount of and to reouce the need d: rectors reotac;ng James m!1 hon of that footage !n fuel o i provided ine re-for odd:::onal genero* ng W Keay Musohno is orese the downtown oreo ma,ning fuel reau:rements coooc:ty DP&L now c?-

dent o' ReoubhcBonx Donos ranks second :n tne dunng1982 Witn tne fers a number o' incent;ve Donos. N A and vice not;on in both con-comptetion of tne two programs for customers cho;rman o' tne board struction and obsorption Comanche Peak nuc! eor who inston energy eff" of RepubhcBonk of off!ce socce Corporation Growin c tne service A o!cn to reorgonce c'eo. c!cng with oresent the Texas Utat.es Company System was uncerto.nt.es in tne reg-a,4 announced in May 1982 u!atory chmate and ever-chang:ng fuel or:ces, E

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ocheong odd t;onci effi-odds to ine cho"enge of W

v ciencies and has teen provdng rehab!e efecinc serv;ce at reasonob'e y"

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acoroved by tne Com-s cost The work of deda

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o schedu'ed for imp!emen-f toton on Jcnuary 1,19M j

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cepts the respons'bihty that comes with know:ng inot our customers oe-pend on us for rehcote s

l ond reasonably pr:ced In 1873 I>alkts utis enurying as IMIIn n) thy state Rair of wxas I>allas Genertnu19 Isunt sts it electric s,(erV-Ce around an imin inant citti in ot u tts jour lieurs ohl usul alnin! I kn sketI in 1!x nI the cioC, it Is a,so recog-ciccurse sen sce u tts still ten a I>allas institution.

nized by the oeopfe of years ausut DP&L inot so'e wor' ng o

l practices, cost control The year was 1883.

and vision. It was a vi-In a frame house at and high productMiy are Dallas was barely 40 sion of growth and Austin and Itoss Ave-important e:ements of years old. Illm and commerce and compet-nue, the lightning which Wn lust bwn y spint Noy it wa.s FmnMn captured fmm that responsio hty The emob/ees of DP&L paved with lx>is d' arc time to make it work.

the thunder cloud and blods. Ten in,carly 1883 Dallas imprisoned in a bottle.

are ded co*ed to prov:d.

ing quohty e: ectr;c 8% years before.

lilectric Lighting Com-now is made to order.

service and he:c,ng

] 1883, j in 1873. Dallas pany began supplying transmitted through mo:nto:n Donos' auanty

, '{Df had assured it-electric service from a copper wires over town self an emi-generating plant locat-and dazzles the eye a of hfe. bo+n now and in the next century of hont

" CHI Ninking ed in an abandoned thousand timt's more os weh among Texas cities church buikling at the than did the jewels of when city fathers con-corner of Itoss Avenue Zenobia, as she walked vinced two major rail-and Austin Street. The in the triumphal pro-f roads to cross at the Dallas City Directory, cession of Diocletian."

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center of town. The rail-1883-1884. made the fol-N Q

roads brought to Dallas lowing report:

---,m men and women full of "A few months ago r-

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ambition and resolve the electric light was in-troduced and now Jerry Forr:ng*on Pres; dent ona Cn:et l>cautifully illuminates Executive our grand hotels mer-chant palaces. saloons, and streets in the heart of town with its pale, ghostly and weird rays.

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DP&L PEOPLE The character and per-DP&L peco'e meet response from DP&L for employees to improve formance of any enter-their citizenshio respon-emo!oyees, with a 43%

their productivity and job prise is determ:ned by dS sibihties by be'ng actively increase in donations of effectiveness Dunng 1982 people DP&L employees involved and concerned blood over 1981 o!most 1400 employees and their dedication to with the needs of ineir Company employees participated in over 90 serv;ng the electrical communities. Dunng 1982 are encouraged to mo1n-tro:n:ng programs needs of Dopos make the Company employees re-to n a sense of be:onging In addition.104 em-difference in provid<ng sponded to the special af ter ret: ring from active p!oyees pursued ad-quakty service at reasori-needs of the Unned Way service. Thee retirees re-vanced studies under with a Compong% in wide in-main a pos:tive force in tne Company-sponsored able cost The people of DP&L crease of over 3r their commun: ties and in tuition a:d program.

understand the persono!

pledges to the Employee the Company Employee so'ety and commitment required to Charity Fund Over 90% of Personal employee heoith rema n a hign provide electric service Company emp!oyees growth is emphasized by pnontv In 1932 the around-the-clock under part:cipated :n the sponsor:ng training and Company achieved its all kinds of conditions.

Chanty Fund The 1982 development programs so'ety goo!s, expenenc-They couple that comrnt-emplosee blood dnve These programs provide ing no fataht:es and ment with pride in serving also drew a positive increased coportunities ma'nto:ning an accident the community and work-frequency rate subston-ing efficiently They direct

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their attention to the Ag overage for the industry basics of a service busi-p-

This success was due to a ness quahty service at M9 strong management rea:onable cost a cc

.f w commament, supervisory genuine concern for cus-

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willingness to go the extro m/

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of so'e work pract:ces by each emp!oyee Cn o daily basis With ine growing awareness of the impor-2

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'yQ tonce of heotth mainte-nonce. expanded programs in b!ood pres-

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sure Screen;no, dioU?tes IUafic Avenue at Alaint Street TheIlouston Street viatluct uxts IlantuxIStreet Ixfore in (lottwatern Dalkts in 1916 acciatittetl(Ls the lottijest cott-

<xt*Theatllines ttt're placell screen \\ng, vls"!on testin9 crete britkiein the ui>rki telun tuulergn>tnulin the Ju20s.

and ouciomeinc testing it ttus ctingletett.

i are provided Certified 1917. General John three years later, the ber 22.1917. In October l

train:ng in cord:opu mo_

i nory resuscitat on (CPR)

Pershing had been United States declared the new company took l

cont nues to yie!d gratify-chasing Pancho Villa war on Germany and ownership of the prop-ing results. as Company for months back and entered the Allied erty of the Dallas Elec-emp!oyees were co:e to forth across the Texas-cause.

tric Light and Power assist members of tne

.\\lexico border.

Dallas Power &

Company and began pubhc in several h'e utudeville the-Light Company was in-operating under a new

' 1883, aters along corporated on Septem-franchise granted by threaten.ng situot:ons inct

{ g%o+,, were the enter-the end of 1917. DP&L 1(383 Elm Street the City of Dallas. By occurred our ng the year Whether it was saving a tainment rage had 24,693 customers.

hfe with CPR train ng or in Dallas ".'orld Mr i work:ng to improve the quohty of hfe in tre r com-had beg.1 in 1914. Now mun: ties. DP&L emp!oy-ees gave generously of themselves inrougnout 1982 making that extro effort of personal com-mitment, both on and off the job.

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PRODUCTMTY Productivity improve-contro!!ers w,tn odd,t.ono!

Throughout the year DD&L ' remo:ns a strong incen-ment and cost con +rol and more time ly coerot-employees found new five for budders to provide cont 1nued to rece:ve em-ing dato and wM resu:t in ways to work more e"r energy efficiency in new phasis c:ong with the signif; cont sov:ngs to the ciently and contro! costs.

home construct <on. These introduct:on of severo!

Company progroms resulted in o LOAD MANAGEMENT important technical Dur:ng the year +he peak load reduct:on of AND CONSERVATION innovations.

Company o!so mo!e.

o!most 17.000 kitowo+ts by l

The foto! number of men +ed a resoons bety DP&L lood manage-the end of 1982 customers increased dur-occounting sys'em de-ment and conservation Early in the year the ing 1982 and these were signed to augment every programs were coo:n Comoony introduced served without propor-deoartment's cost control successful in 1982~These SWITCH. on incentive pro-I' tionate increases in per-activities. Th:s sys*em is a programs resulted in o re-gram to encourage tne sonnel Fleet mueoge for major s+ep toward :n-duction in the growth of use of low energy fluores-the year actualy shoAed creos ng productivity peak demand tnereby cent I;ghting by busi-a shght decrease and througn the use of auto-reducing ine need for ex-nesses The lomos con was at about the some mot;on. Aiong those pensive new generating provide the some hghting

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level as in the ear:y 197Cs, some Ones. the use of copocity The VES Pro-level os stondord tomos even though many new word process ng has gram. introduced in 1981 with a reduction in oower customers were added been expanded :n order to encourage residential consumption of 15 to 20%

and the serv,ce creo ex-to soeed c'er col work customers to buy high ef-At year end ine SWITCH ponded s nce then and reduce the need for ficiency heat pumps and Program and other oc-The Roodrunner, o add:t ono! personnel air conditioners, was ex-tivities to make lighting in hand-he!d m.nscom-Effective cost control tended :n 1982 to include existing businesses more outer, was :ntroduced in invo!ves the :deos and small commercial cus-efficient accounted for i

l 1982. The Roodrunner involvement of everyone tomers Tne Comoony' E-over 10.300 ki:owatts of s

enob'es DP&L meter in the organ:zat;on.

OK Certification Progrom peak lood reduction readers to,morove ine.r Efficient hghting in new occuracy. and a soecio!

business construction oud;t funct on wi+hin the amounted to another device hos reduced the 16A00 kHowo+ts of peak i

numoer of me*ers that load reduction com-have to be reread M.

pared to standard hght-each month qge y

Another mJes*one was j

f och eved in the Sys*em Centrol Cen'er by reofoc-k rng 1960s-v nioge conhol

\\g comou*ers and orogram-ming woh a modern,

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duction The most impor-1 tant of frese was thermal storage. o system in wh!Ch a r Cond.t;on ng eau pment is ooeroted at n:gnt and Cochng is stored for use dureng tne win sinvt as it lookett un lia2.

The En sl. nak chlt o[ lice pnsithilt Fninkhn D. Ik n ostrelt day c_onstruction s,aa equiletiin !!al u til1 thsplays of visiteel Dallas in I?nti to e 4x1)

, lie tn< st up-to t tate electrical ilne nxas ct,1u,1nital Comp!eted on the 50-appluulcm Exposition.

I story Thanksgiving Tower /

l BancTexas Plaza and the in the 1930s the American cities. Bonn.ie in 1932 a new 20-story Four NortnPork Great Depression and Clyde Marnered Dodge cost S595, a East office buddings Con.

swept across the coun-many of the headlines.

man's wool suit went struction is now underway try Under the light of but more quietly Dallas for $10.50 and the price on ine 70-story interFirst the.\\lagnolia 13uilding's continued its march to-of sirloin steak was 29 Piazo, and wW ceg:n flying red ward becoming one of cents a pound. The soon on the Lincoln

  1. "% horse. hard the major centers of the average price of a resi-Centre Phases 11 & l\\/ of.
  • 1883 times came to Southwest.

dential kilowatt-hour of fice budo:nas ine e f;ve

'; 1983 # Dallas, too.

The first Cotton electricity was 5.36 budd;nos wh prov:de a

i n o As a Bowl. a wooden sta-cents. In 1982 that resi-total p5ck lood reduction young and dium at Fair Park, was dential kilowatt hour of more ihon 9.400 kno-growing city. Dallas completed in 1930, and was just 6.26 cents -

waits inrouch ine use o' weathered the Depres-in 1931 the DP&L Build-less than a penny more thermo! s+cioge systems sion better than most ing, at 1506 Commerce, than it was in 1932.

During 1982 the Com.

Jo ned the growing l

ponys lood manage.

Dallas skyline. The l

ment programs ocn eved building still serves to-o Deck load reduction of day as headquarters for SE700 LEowatts. inereby Dallas Power & Light reducing tne need for Company operations.

that omount of new power piant construction

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OPERATIONS Plann:ng for the fu+ure The est ma ed cost of Comanche Peak, tnclud-service in 1982. Con-needs of DP&L cus'omers the p! ant is $3 44 bron, ing how the p' ant wai struction was begun on requires both fores ght wch DP&L own ng 18M%

work. its safety features, the North Ne* work Suosto-and flex:bihty. and s nce of both units The cost the p: ant' Construction tion, which wdl serve the s

the m;d-iEs emphas:s compares favorably wch history, what rod otion is, arts distnct of downtown hos been p! aced on both estimates for nuc!ecr un ts how nuciear fue! is fob-Dallas and ca;acent fuel cost sov,ngs and schedu'ed for comp:eton ncoted and how scent creas. Construct;on divers:f:co!!on.

by other compon'es in nucl eor fuel is transoor*ed shou ld be ComD eted in During 1982 the Com-the some t;me penod Be-and stored December of 1983 pony again generated cause of the low pnce of The newly-completed EMERGENCY over 50% of its e'ectncity nuc! ear fuel, the p: ant wm Nortn Service Center was PREPAREDNESS us:ng hgnce. Natural gas produce e!ecinc energy opened in early 1983 to Emphasis on emer-and a smo!! omount oi of a cost comparab'e to meet elecinc service fuel od provtded the bc!-

other avolob'e a:terno-needs created by tne tre-fnued yb

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once cf DD&L's fuel tives at the t.me it be-mendous growin exoeri-with a review of plans for usage. !n 1982 atone, net comes ooeratonat enceo in ine area ihe handhng emergency sov:ngs to DP&L cus-The new Vs fors in'or-service center will o!so su

  • omers due to the use of motion Center of Co-improve productivity of A o or wea*her radar i gn,te amounted to S180 manche Peak cpened to crews and lessen fuel monitonng system was in-m@on. S:nce 1975 te use the pubhc :n November costs by reducing trave,'

sto!!ed This new system is of I gn:te hos saved DP&L 1982. The cen+er inc:udes time to joo sites connected directly to the customers a most $500 d:sotoys des gned *o The new Kleberg Sub-Not;ono! Weather Service mahon.

answer quest:ons coout station with two 13 kilovolt and continuously monitors Bes: des te hgnre un ts nuclear oower and feeders was placed in weather cond,tions within a, ready in service. DP&L a 240-mne rad:us Poten-owns a 20% share in two future hgnne units wh l'

tici wec+her problems are are jo.nt:y owned wc;ch detected early so that n

4 odequote response is iexas E!ecinc Serv:ce i

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ovanable and customer Company and Texas

'M outage time is reduced Power & Light Company T' 7,,1 The Emergency Restor-Forest Grove 1 is sched-u:ed for operat:on :n 1989,

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ation Center which serves gn

y., di as a central location for and Mart:n Lake 4 is 3

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coordination and infor-schedu ed for 1991 p

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motion exchange during Construct,on of the Co-

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emergencies was in oper-manche Peak nuc: ear i-ot;on dunng three days of a

p!cnt cont.nues on sched-e

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extremely cold weather in u!e woh the estmo*ed

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. N'g" Jamory 1982.

k[m,i como:et.on date for Unit 1 24-RESEARCH in 1984,ond 1985 for Un:t 2.

.. O m isE L DP&L continues to sup-Z port the research efforts b

of the Electnc Power I

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Research Institute, a non-l Nq?

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um ora ere;. w n w tryfr.:'Y) l'Ca *O ' GOR Cn rp'OY t

COM/f!C'50'M > > 2 Or.e kys ~f) <f rrrr yi 7Jcf; 8

l and others throughout

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placing on increasing l

emphasis on load man-

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agement techniques and the efficient use of l

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r electricity, as well as tre development of new en-Il

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tron. DP&L is involved in nuclear fuson research of in the early 1940s Americans returned ing plants a month. The the Univers;ty of Texas at Dallas men and women from the war to begin a population had grown Austn DP&L's research joined millions of oth-period of unparalleled to 435.(XX1 ciso includes work at the ers as a people gone to economic growth and in the late 40s and Big Brown Environmental war. After a surprise at.

prosperity. By 1950 an-early 50s DP&L em-Research Center near tack by the nual business expan-barked on a massive l

Fo:rfield. Texas Japanese at sion in Dallas hit the construction program Through lignite and nu-

{"* 18fb1983 '; America be-ness enterprises daily city's rapidly growing Pearl i larbor.

rate of five new busi-to keep pace with the clear fuel divers:fcotion, througn eff:cient and gan to display and 18 new manufaciur-electrical needs. When cost-effective facihtles.

its military and DP&l. was formed in and through a ccmm:t-industrial might, ulti-1917 its generating ment to energy research.

mately turning the tide capacity was 13.300 DP&L is carefully planning of the war.

kilowatts. By 1954 that for the future needs of its capac"y had grown to customers 482 Axx) kilowatts.

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FINANCE AND REGULATION FINANCING constructron costs, wh:ch Light ng and Power Com-the Texas Utilit es Sys*em The Company's con-cannot be como!etely oany. and o*her utih :es :n A s:ng:e eiecinc utety cor-struct,on expenditures for offset by productivity and Texas which provides for ooraton. Texas UtAes 1982 totated $144 m@on, cost control go ns, the the estabhshment of two E:ectnc Comoony, wJi be l

and are exoected to be Comoany ant:c:pa*es the d rect current ;n+ersto*e in-estabhshed Danas Power approx:ma*ely $145 md-need for add,tiona! rate terconnecitons The sett:e-

& Ught Company. Texas hon in 1983. $133 m@on in rehef in 1983.

ment also provides that Electnc Serv:ce Comoany 1984. and $131 mMon LEGAL AND the Texas Utiht es Sys*em and Texas Power & L@ht in 1985.

REGULATORY MATTERS compan es wm rema:n Company wn! merge :nto The 1982 construction In 1982 the Federal En-exempt from FERCs gen-and become d vls ons of program was f;nanced ergy Regu'a*ory Comm:s_

era! junsd;ct:on Oter re-the new E!ecinc Com-partiady from the sa'e ir sion issued an order la'ed proceed ngs were pony A fourth d:vis on wm Ju!y of d50 mdhon of 16%}

term:nated under smlar be rescons b'e for eng!-

acorov:na a sett:ement first mortgage bonds' he betweenIhe Texas U'!ht.es cond t;ons and *erms neenng. consruction and and in November by t System comoan es The Company is in-Coera+ on of al Sys*em issuance of $7 65 m@on Central and South West vo!ved <n a rev!s:on of the cenerat,ng facit es The 1

of 10% tax-exemot popu~

Corporation. Houston organiza!;onal structure of Company be: eves the tion contro revenue rev: sed structure wm prov:de grea er i:extbmty bonds !n February 1983.

and ach: eve add >tional d S 4*,f, W.

W.... _

$50 m@on of 124% f,rs' econom es and etf e en-mortgage bonds were a

c. _..

~

j 3 f ' ctes which wa cenefit ii L

sold and add tiona, ong-

<Wt term f nonc:ng is p!anned if -

'!~

.' 4 shareho!ders. customers 1

for 1983.

?

.Y and emo'oyees of 'he RATES System. i~he croposed The Company's last co-M3 J-i L. f l

phcation for increased 7,6 L

i fl ?s

'~1' gv '

f.*

. n.

1 m

e ago in September 1980 rates was over two years

.4

>f A.

O mu-

,f ;!

Q.. N i.

and was subsequent ly re-a f!ected :n b@ngs beg n-O

f. g 7 '....

y n;ng in March 1981. Due to

' s.

' N. M) J f i

increas:ng operat:ng and Y

^f f

. p ?- _[

~

. 'l

./

<*4 c

_. I

s ? % %.

_?',

. jy y

P. % V.

A S ' a v m ' ro ca~ s -

e

y~
f.,-

?!S' [I Te C! g'O3 C:s*C" E' (4

(! [.<,

s m ce

=3

\\

~

~ w

.K!

?

1 "5*,

=-

." 1.., i,7J -

l l

4 f

-k.

< q

..~,c 4k s

g /

, i.)

i ",',_ E

' i 7.O~

exmm1 ccTouwc* co a.nu

  • y

.[

errw+s to c.c k "we e"cee, y ; ~ ;.,

,.et:

y u ccwar mea i

  • c Wc 1.

'n cOWan*

,* a*Ty:S tr !OHC5 > (Y cy < ryf ry C:Oce2 70

l l

I l

10

merger hos been co-proved by the Comoonys J

board of d rectors and f

4 pre' erred and common shareho!ders. The Pubhc

- A.

l Utihty Commission o' Texas hos 0:30 coproved

.Dwa

" y *%.,

/*

the merger, f:nd ng it to 4h4

~

d

/i be in the pubhc interest.

t i,

- I,, y j

The merger :s expected 7

f' g

fM,.

to become ef+ecnve on January 1_1984

-u In other moifer3. of'er in Imo nuun u vikeel<n the During tlumane en Dallas An<t the Texas etilitim com-the d:str>c court cemand b'U"" 'h' 'li'"h '"" ""i V"'i'" b'U"" " I""U ""'U'I"'I I

becornino a celebrate <1 clu rrstlicatu an ptvorain tetth the of PUC Docket No 190s.

natumuli,m>ns center constniction or nio uroten. a Do!10$ Power & Ught lignatejuelect plunt.

Company. w th Texas Dallas atd DP&L Again DP&L kept and to build lignite-E:ectric Service Comoony grew even faster pace with the city it fueled generating units.

and Texas Power & Ligh' through the 1960s.

served. In the 1960s Construction of the Big Company, fJed to es*ob-Dallas was recognized DP&L along with other Brown Plant near Fair-hsh a procedure to as a national, and in.

Texas Utilities com-field started in 1968 prov.de or,or coprovat of creasingly, as panies began a long-and the N1onticello and off sho*e fuel transactions f"%

an interna-range fuel diversifica-Alartin Lake plants

!n Juiy 1982 the Pub 9c Ut*

  • 188[* tional center tion program, aimed at followed.

ity Comm:ss on odoo'ed

19tp 4 of commerce.

cutting dependence on The 1973 Arab oil a settlement agreement

+,, t, 0+' Niajor corpora-natural gas supplies embargo sent oil and in this docket which tions bcMan to for power generation.

Mas prices soaring. In prov: des for quor+erly fuel relocate in Dallas in rec. The System began to 1982 lignite accounted price ocorovo:s.

ord numbers. It became develop lignite deposits for over 50% of the fuel known as a city where used to generate elec-

_,a.w~

the entrepreneurial tricity for DP&L cus-

}

spirit was welcome, a tomers. Since 1975 the

<~~%

' 6 6-A city where vision paid use of lignite for gener-

- % MC off and things got done.

ation of electricity has saved DP&L customers almost $500 million.

p e

ll a:, u.c, vms rae.m nym + y;,

my s*vc.7,9 cs a e e soi

  • O' WJ; 3 2 V3 1

l 11

DALLAS AND DP&L Electric service in in Dollos, adding more milhon of that in the voters possed a $200 Dollos is 100 years old.

than one half bilhon dol-downtown oreo. Dollos milhon capitol bond oock-DP&L has been prcviding lors to the local economy ranks second in the notion age tho! will help assure that service since 1917. We Dallos was also selected in both construction and the high quohty of hfe con look back with pride, os the site of the 1984 obsorption of office Do!los residents enjoy knowing the Company Repubhcon National space.

In 1982 Dallos made has made o strong and Convention.

Total build:ng permits substantial progress to-positive contribution to-Construction continued exceeded $14 billion. Two word its commitment to word building a great at a strong pace, with major airlines announced grow as o cultural Center.

city Through all of the additions of eight milhon expansion pions at Dallos/

ihe arts d strict construc-good times and all of the square feet of office Fort Worth Airport with tion accelerated, while hard times, Dollos and space during 1982 An-expenditures for remodel-the fully restored Majestic DP&L have shared a vi-other19 milhon square ing ranging from $75 to Theatre opened its doors sion of progress feet are currently under

$100 milhon each. Also to the pubhc and be-Despite the downturn in construction with over11 during the year Dollos come the permanent the national economy, home of the Dolios Bollet.

Dallos remained one of

..,. s. -

More than ever, the the notion's bright spots

~

- y downtown area ref!ected a blend of cid and new during the year. Even with a large influx of jcb-t New builoings filled the i

skyhne, and with them seekers from other oreos O

come the revitalization of of the country, the De-

~4 cember 1982 unemploy-

.5 the West End and the ment rate in Dollos of 52%

more recently announced was considerably below

..-7

-~.

~

renovation of the area di-the nationwide rate.

.L*

'a Dollos remains one of

,,. ~

the top convention cities a

s in Americo During 1982

(

,2 more than 1.7 milhon peo-v.

pie ottended conventions

, L.

s y

h 9

c, ;

Q

- ',', a jf 3

n -

, a

}. 9/%

.l Q\\

j P

..Y CPSL errcOeos o'e x%c on g

Comrnun N c".Jrs arcQC rg hos'rg o ecc tsees on show X_

L:ncc!n Ceree.s a part o' the s

r 0%narnC Q'ow??, in Nor*h Cc:as 1

IYO rt%V MnOnO'R HC'e'Scr2S VS 'Q!S to the Market Cer3*er cor*Wes 12

rectly east of downtown

_g;/,.

5"~~~

> + " " ~

1 For North Donos con-1.

v.

i 1

t;nued to grow rapid!y h

dl f

with the comp!etion of a

'L major shopptog mo'l as

~

well as many other new bus:nesses, hotels and residences Even wdh a s!ower economy.1982 was still o year of soi:d progress for 3

Donos For over 65 years T,im DP&L has suoplied the ik"I' in 'I'e If u"s ' a nn"le-Ils skatin!Ifo'llor all("les on D"* ^1":o l'"wr l'"s d alle iln'ater tlne n's te at t stetI tlne ice at IlIt"l'laza < of !!n=

{innvitu} Dallas sk_tjIstte. 'e electricity that has helped

~

.uniestic u n atte n, >l senet t an acrin ts.

l Dolios grow It is a part-its <f,x >rs,n somnix r l

Since 191*7 the DP&L confident it can (10 so panded fuel base that gt t

on commitment to Dallas and still provale its cus-will further assure cus-Donos for o century, and has remained the tomers with the same tomers of an adequate I

today they shine more brightly than ever same. Ilistorically the degree of reliability power supply to meet Company has been they have come to their needs.

concerned expect.

DP&L emplovces

  1. ,' #4 In 1983 Dallas and will meet the chal-C $, about econ-E omy and is DP&L stand on the lenges of 1983 and the

% " / working hard threshoki of a new years beyond with hard 4

to increase Century of Light. Co-work, foresight and productivity and further manche Peak will be dedication. Like the city control costs. DP&L is the first nuclear power it serves, DP&L is, and plant in Texas. With the will continue to be, a

\\

operation of Unit I place where things get scheduled for 1984 and done.

Unit 2 for 1985, the Company will enter a second century of light i

e r r o recc.>a N " ""

n Dallas with an ex-

% w vro "ro ee
n. o

(.% :*C-l*T +" n W

  • l 13

DALLA $ POWER & LIGHT COM?ANY SELECTED FINANCIAL DATA FINANCIAL STATISTICS Year Enced December 31 1982 1981 1980 1979 1978 IOTAL ASSETS end of veor (thouands)

$ 1,351,078 S 1.224 710 S 1.126.170 $ 1.100.995 S 1.047A50 ELECTRIC PLANT end of year (tnousands)

$ 1,636,328 $ 1.490.134 $ 1.372.4S2 $ 1.318.354 $ 1.244 442 Accomo!cred deoteciation eno of year 377,919 345.508 313.797 277.817 245.683 l

Construction expendcures (includ ng onowor ce for funds used dunno construction) 143,982 121,784 121.693 167.600 158 438 CAPITALIZATION end cf year (thousanos)

Long term debt S 427,344 5 401.949 $ 345 617 $ 346A43 $

373.017 l

Preferred s"ck.

104,722 104.722 104.722 104 722 104.722 t

Common stock equity 498,419 463.741 432.962 375.690 339.279 Toto!

S 1,030,485 $ 970A12 S 883.501 $ 826.855 S 817.018 AVERAGE INTEREST COST ON LONG-TERM DEBT end of veor 9.1%

82%

69%

66%

65%

AVERAGE DMDEND COST CN PREFERRED STOCK end of year 6.3%

63%

63%

63%

63%

NET INCOME (thousands)...

S 86,249 $

78.150 $

67.383 $

45.932 $

42.953 DMDENDS DECLARED C'N COMMON STOCK (thousands) 45,000 $

40 800 $

33 040 $

32A50 $

19.175 COMMON STOCK DATA Shores ou+ stand:ng - overage 15,000,000 15.000.000 14.083 333 13.833.333 13.000.000 Shores ottstond;ng - end of year 15,000,000 15.000.000 15.000.000 14.000.000 13.000,000 Earnings per ovetoge shore S

5.31 $

4 77 $

4 32 $

2 85 $

2 80 Dividends dec!ored per share S

3.00 $

2 72 $

2 36 d 2 36 $

1 43 Return on overoce common s+ock eouity.

16.6%

16 0 %

15 0%

11 0 %

i10%

RATIO OF EARNINGS TO FIXED CHARGES 4.1 46 40 32 31 SUPPLEMENTAL RATIO OF EARNINGS TO ALLOWANCE FOR FUNDS USED.......

3.5 38 33 29 30 FIXED CHARGES *.

DURING CONSTRUCTION AS PERCENT OF EARN;NGS TO COMMON STOCK...

23.2 %

16 6 %

20 4 %

41 9 %

432%

NET FUNDS FROM OPERATIONS AS PERCENT OF CCNSTRUCTION EXPENDITURES (exclud:ng onowance for funds used dunng construction) 61.4%

66 5 %

'% 9%

29 3 %

35 9 %

  • ihe supp mx.rfa: ryo of er.rn ry, 'o f ed chcrges inc oces *ne Compan(s a Occo e porner. ct tr?ew.' to mot rues of a" ia ed coop n e wtuch powde seN ws to *t e Ccmpry JOsNTLY OWN1D GENCRNING UNITS IN 5tRVICE

.r GENERMING UNITS UNDER CONsTRUCTCN 04 IN DESIGN

..>wn

<, : m u,wm hy*C

I'YA A

GO c41

, ft (x y'q

+ 1g r,

/e II $

7 I[b, u ((3.$

' '7 "

'~-r' m ii

^r

'e No 5g

, ~.. -. -

a n,.w u.~. n

,1 w

.n n

%o, sc<W O" n-H W -n a.. v.n p

, Q,O'"

i lc i

u,.s us

~

<R v re tw. - uscarn us -

FUEL EXPENSE NET GENERATING CAPABluTY Millions of Dolos Thousands of Kilowatts Q-W

=

N 11lI f5 250 m

200 M

18 0

..mR I

72 73 74 75 76 77 78 79 80 81 82 72 73 74 75 76 77 78 79 80 81 82 14

I j

OPERAT,NG STATIST:CS voor Enced Decemtmr 31.

j 1982 1931 1980 1979 1978 ELECTRIC ENERGY GENERATED AND l

PURCHASED [mwn)

Generotd - net sto on ou*put 12,623,908 12 304 210 12 713.256 11.720463 12.011,330 Purchased o^d ret ir'erchange 347,188 320 619 134 090 165 132 89.923 Tc+ol genero*ed and purchased 12,971,096 12.624.829 12 847.346 11.885.595 12,101.253 Company u:o. Iozes, and unoccoun+ed for 648,012 686 878 598 289 585 817 652 025 i

Totoi c ectr c energ / so:es 12,323,084 11.937.951 12 249.057 11 299 778 11 J49 228 i

FUEL M;X FOR ELECTR:C GENERAI ON Gas 47.5%

48 1%

48 1 %

482%

55 1 %

On 1.1 05 07 06 Lign:!e 51.4 51 4 51 9 51 1 44 3 Toto!

100.0 %

100 0%

100 0 %

100 0%

100 0 %

ELECTR C ENERGY SMES (mwn)

Res cent.o!

4.743,853 A510.283 4880.144 A301.795 A554.102 Ccrnmerc o!

5.415,213 5.127.820 A975.876 4 570.382 A609.565

ndustno!

1,701,710 1.785.342 1,842A14 1.773 866 1,696.511 Government and mun:c'oot 339,218 347.721 365.588 320 003 319.097 Toto! generat bus 'ess 12,199,994 11.771.2c6 12.06AC22 10.966.046 11,179.275 C*her e'ectric uWes 123.090 166 685 185 035 333 732 269.953 Tc+ol e ectr,c ererg/ so'es 12.323,084 11 937.051 12.249 057 11 299.778 11 A49 228 OPERAT;NG REVENUES (thousanos)

Res: dent:o!

296,903 $ 266.984 $ 232.071 S 177.173 $

165A13 Comrnercio!

286,228 252.623 197A73 167 A11 144985 1

ndustnol 82,870 79.697 65.185 56.332 47.114 Government and mun cm 16,596 15.908 _ 508.152 410.636 364967 13 423 9.720 7455 Toto! genero! bus.ress 682,597 615.212 4

Other e ectr:c utit es 4,366 4.311 3A91 6 653 5.504 Total from e: ectr.c energy so'es 686.963 o19.523 511.643 417.289 370A71 Otner coerot:ng revenues 15.367 A210 12.173 5152 4871 Totoi coero',ng revenues S

702,330 5 623.733 S 523 816 S 422441 S 375 342 ELECTRIC CUSTOMERS (end o' year)

Res; dent.o!

298,828 286A23 273.347 25A586 241.201 Commercial 31,737 30.500 29.855 28.567 27.272 incastno!

2,428 2A44 2.362 2.328 2.199 C-overnment and mun c:oo!

115 145 395 877 825 4

I Toto! genero! bus ness 333,108 319.512 305.959 286.358 271 A97 1

Oter electnc utit es 2

2 2

2 2

To'of eiectnc customers 333,110 319.514 305 961 286.360 271 499 Restdon+ ol closs.f; cat on inc!udes tnd rect i

so'es (ooortments etc ), owe %ng units not inctuoed in number of customers 117.222 124A75 130.781 143 C88 142A85 l

l OPERATION AND MAINTENANCE OPERATING REVENUES EXPENSES AND TAXES Mdhons of Dollars Mdims of Dollars E

l.nnlll,l!I 400 400 5D0 dlll

..a 72 73 74 75 76 77 78 79 80 81 82 72 73 74 75 76 77 78 79 80 81 82 15

DALLAS POWER & L:GHT COMPANY MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS Uquidity and Capitol Resources for :mmed o'e cash Ihe pr,mory capito! requ;rements of the Comoony for 1982 and as est.ma'ed for requaements dur.ng 1983 through 1985 are os fo!!ows periods between long-1982 1983 1984 1985 term financings, the Company ob'o ns st ort-Thousanos of Donors term !oons from Texas Construction exoend<tures (exclud nr AFUDC)

$125,000 $123,000 $110.000 $108.000 Utiht;es Company, wh:ch Nuclear fuef had knes of cred t with 6,000 11.000 17,000 14.000 commerc:o! banks Motorit.es of long-term debt ord gD00 9

34 000 25.000 25.000 s;nking fund requ rements O o+

Total

$ 131,000 $168.000 S152.000 S147.000 Decdmb'er 31. N82. The Company does not For deton concern:ng mo;or new construction work now in progress or contem.

mo "3

c t

a y th ompany and commitments with respect thereto see pages 10 and g ongemen h

or other lenders The Company requ:rements from External funds of o in February 1983. tne generates funds from operations include permanent or long-term Company issued operot:ons suff:c:ent to odequo'e ro*e rehet and no ure oro obto ned by

$50.000.000 principal meet operating needs, regu!atory practices the Company through the amount of 124% first pay dividends on capital 04owing a substantio!

so!es of common stock mortgage bonds due stock and f; nonce o portion of construction primarily to Texas Uti!+es 2013 The Company ex-significant portion of work in orogress in ro+e Company (parent).

pects to sell additional capital requirements.

base, odequate deoreci-preferred stock and long-securities as needed in These funds are derived abon rates. normokzation term debt. The capttal-amounts and of types from net income, of federo! income taxes.

izot,on ratios of the presently undetermined.

depreciation. deferred full current recovery of the Comoony at December Although the Company taxes. and investment tax cost of fuel used in the 31.1982 cons:sted of cannot pred ct future reg-credits Factors offecitng generation of e!ectricity approx mo'e'y 42% long-u!atory practices and is to the abihty of the and the opportunity to term debt. iO% preferred some degree exposed to Company to fund o earn competitive rates of stock and 48% common fluctuating economic portion of its capital return requ; red in the s'ock equity To provide and securities market capito! markets For1982.

cond:tions. it does not cur-coproximately 61% of the rently expect any funds needed for con-changes in trends or struction was generated commitments wh ch from operations might significantly alter its basic financial position or ability to finance cooital requirements including I

i l

16

ine proposed merger of mal temperatures dunng the knel o' cons +ructon OPINION OF the Company. Texas E!ec-the summers of 1981 ana work in prog <ess not in-INDEPENDENT fnc Seroce Company 1982. (See Se!ected Finan-cluced in rate base by CERTIFIED PUBLIC and Texas Power & Light cial Data - Operatng regu'atory authont:es. tne ACCOUNTANTS Company in*o Te<os Utd-Statistics.)

decrease for 1981 resu!?ed Dallas Power & Light it:es Electnc Company Fuel and purchased pnmanly from *he anow-Company:

The new organ;zahon re-power eepense increased once of a greater perhon We have exantned tre sult,ng from tre prcposed as a result of h:gher un:t of construction work !n ba'ance shee* of Dolas merger shou!d provide costs of fuel consumed progress in rate base by Power & Light Comoan '

grea'er fsnancing flex,bil-ond. also for 1982 and reau'otory authonties as of December 31,198 ity and och; eve addu 1980. as a resu!t of in The Company emects and 1981 and the re!a*ed tiona! econom:es and creased generation (see to pursue adequate and sto*ements of,ncome.

efhcienc:e3 Setected Financial Data t;mely rate rehet in the fu-reta ned earn nas and See Se!ected Financial

-- Operottng Statistics) ture to o'fset the effects of source of funds Tor con-Data - Financial Statis-Operaton and ma;nte-increases in the costs of struct on for each of the fics for additional nonce expenses have in-prov:d;ng e:ectnc service three years in the penod information creased as a result of The Company has pre-ended December 31 Results of Operations innat:onary pressures on pared supp!ementary in 1982 Our exam.natons Operating revenues the cost of labor. mo+e-formahon concerning the were made in accor-have increased nols and sereces, such effects of chang ng dance wJh generoly

$78.597.000 for 1982 and openses were a:so of-pnces in Comphance with OCceo'ed Gud t ng stan-

$99.917.000 for 1981 pri.

fected by the h:gher cos's the reporting requ;re~

dards and. occord nq'y manly as a result of the of operot ng and ma:n-rpents of Financial inc!uded such tests of the recovery of higher fuel tonng hgn;te-fue'ed gen-secount:ng Standards account.ng records and costs on a cuirent basis erat ng units. includ.ng Board Statement No 33.

such other aud.t og pro and increased rate levels.

ine add.tional costs of such infcrmaton is in-cedures as we cons d-ond a!so for 1082 as a re.

operatng and ma;nta:n-cluded on ooges 28 and ered necessary in the sult of increased energy

'ng the po!luton control 29 of this report c,rcumstances so!es Energy consump.

equ pment required in in our op n on. the tion is a'fected by ma'e.

connecton tnerewith f;nancta: sto*ements re-no' vanations in weather increases in taxes other ferred to above oresent conditions and was par.

than income resu!*ed to r y the f.nancd oos,t on ticulofly impacted by the pr:monly from increases of the Comoony at De-unusuauy hot and dry in revenue based taxes cember 31.1982 and 1981 summer of 1980 com.

The increase in al low-and the resutts of its coer-pared to the relative!y nor.

Once for funds used ot ons and the source of dunng construction its funds for cons *ruct on

( AFUDC) for 1982 is pn-for each of the three years man!y atinou*able to the in the oenod ended increase in the AFUDC December 3t 1982. :n ro*e effect;ve January conformtty with generahy 1982 and the increase in accep'ed account;ng pnnc pies opo! ed on a cons' stent bas:s DELOHE HASKlNS & SELLS Dalas. Texas March 25,1983 17

DALLAS POWER & LIGHT COMPANY BALANCE SHEET i

ASSETS December 31.

1982 1981 Thousands of Dollars ELECTRIC PLANT in service.

Production

$ 541,339 $ 511,770 Transmission 161,164 159,144 Distnbution 379,894 354.017 General 48,493 41.928 1,130,890 1,0 % 859 Total Construction work in orogress.

481,004 405.286 Nuclear fuel 23,327 16,917 Held for fu ure use.

1,107 1.072 Toto! electric plant 1,636,328 1.490.134 Less occumulated depreciation 377,919 345.508 Electric plant, less occumulated depreciation.

1,258.409 1.144.626 OTHERINVESTMENTS 493 469 CURRENT ASSETS 1

Cosh in banks -

1,206 2.899 Special deposits...

9,845 8.121 3

Accounts receivable:

Customers; 34,002 32.418 2,947 2.636 Other.

Allowance for uncollectible accounts (2,127)

(2,194)

Inventories-of overage cost:

Materiofs and supplies.

11,911 10,678 i

Fuelstock

/ *.

15,906 13.779 Working funds.

7,625 5.872 Oter current assets 6.794 2.035 Total current assets 88,109 76.244 i

DEFERRED DEBITS 4,067 3.371 TOTAL.

$1,351,078 $1.224.710 See accompanying Notes to Financial Statements.

?

i i

l 1

l 18

.mmm mm u

UABILITIES December 31.

1982 1981 Thousands of Do!!ars CAPITAt IZATION Ccmmon stock (No*e 3)..

S 328,500 $ 328.500 Reto.ned earnings (Note 4J.

169,919 135.241 Toto!

Preferred stock (Note 3).

498,419 4o3.741 Long term debt. less amounts due currently (Note 5).

104,722 104.722 427,344 401.949 Total capito:ization 1,030,485 970.412 CURRENT UABluTIES Notes payab!e - Texas Utihties Company (parent).

36,700 20.000 Long term debt due current:y 34,000 Accounts payable Affikotes.

22,427 17.992 Other 9,695 12.404 Dividends occ!ored 1,643 1.643 Customers deposits 7,027 5.220 Taxes accrued 35,668 47.608 Interest accrued 11,513 7.260 Matured interest.

5,358 7.624 O'her current habihties 3,774 5.211 Total current habihties.

167,805 125.162 RESERVE FOR INSURANCE AND CASUALTIES 3,927 2.942 ACCUMUL ATED DEFERRED FEDERAL INCOME TAXES 70,820 59.586 UNAMORTIZED FEDERAL INVESTMENT TAX CREDITS 78,041 66.608 COMMITMENTS AND CONTINGENCIES (Notes 2 ond 6)

TOTAL.

$ 1,351,078 S1.224 710 See accompany;ng No'es to Financial Statements i

19

DALLAS POWER 8t UGHT COMPANY STATEMENT OF INCOME Year Ended Decerrber 31 1982 1981 1980 Thousands of Donors OPERATING REVENUES

$702,330 S623.733 $523.816 OPERATING EXPENSES Fuel and purchosed power 323,392 267.010 210.507 Operaton 87,145 75.778 65.487 Main +enance 49,265 43.374 37.638 36,396 34.759 33.758 Deprecioton.

41,699 48A31 38A07 Federal ircome taxes (No*e 7)

Taxes other than ircome 56,072 53.872 43243 Toto! operoi;ng expenses 593,969 523.224 434 040 OPERATING INCOME 108,361 100 509 89.776 OTHER INCOME Anovnnce for equity funos used ouring construction 13,820 8.867 8.906 Other ircome and deductions - net 1,102 1.804 1.275 Federal income taxes (576)

(835)

(593)

Total other income 14.346 9.836 9.588 TOTAL INCOME 122,707 110.345 99.364 INTEREST CHARGES Interest on morigoge bonds 34,888 25.839 21.793 Interest on other long-term debt 2,271 2.333 2A12 3,983 7.012 11.298 Other interest...

(4,684)

(2.989)

(3.522)

Allowance for borrowed funds used dur:ng construct:on Total interest charges.

36,458 32.195 31.981 NET INCOME...........

86.249 78.150 67.383 PREFERRED STOCK DMDENDS 6,571 6.571 6.571 NET INCOME AFTER PREFERRED STOCK DMDENDS

$ 79,678 $ 71577 S 60.812 Average shores of common Stock outstono;ng (thousands) 15,000 15.000 14083 Earnings and dMdends per shore of common stock Forrungs (on overage shores outstand:ng)

$5.31

$4 77

$4 32 DMdends dectored 3.00 2.72 2 36 See accompanying No*es to Financial Statements i

20

DALLAS POWER & UGHT COMPANY STATEMENT OF RETAINED EARNINGS voor Ended December 31.

1982 1981 1980 Thousands of Do" ors BALANCE AT BEG NN:NG OF YEAR S135,241 $104462 $ 76 690 ADD - Net inccme 86,249 78.150 67.383 Toto!

221.490 182.612 144.073 DEDUCT Dividenas (cosh)

Preferred stock g4 ser es ($4 00 per shore per annum 280 280 280 a4 24 ser,es ($4 24 rer snore per annum 424 424 424

$4 50 ser+es (S4 50 per snare per annum 335 335 335

$4 80 series ($4 80 per shore per annum 480 480 480

$684 sertes (36 84 per shore per annum 1,368 1.368 1.368

$7 20 series ($7 20 per snore per annum 1,440 1.440 1.440 S7 48 ser;es ($7 48 per share per annum -.

2,244 2.2 M 2.244 Common stock (for amoun+s per shore. see Sto*ement of !ncome) 45,000 40.800 33.040 To'o! d:videnas.

51,571 47.371 39.611 BALANCE AT END CF YEAR (No+e 4)

S169,919 S135 241 S104.462 See accomoony,ng Notes to Financio! Sto*ements 21

DALLAS POWER & UGHT COMPANY STATEMENT OF SOURCE OF FUNDS FOR CONSTRUCTION veor Ended December 31.

1982 1981 1980 Tror, ands of Dol: ors FUNDS FROM OPERATIONS Net income S 86,249 $ 78.150 $ 67.383 Deprcco*:cn 36,396 34.759 33.758 De' erred federo: income taxes - net i1,234 8.223 8A24 Federa! investment tax cred is - net 13,280 11.220 4.670 A !owance for funds used dur:rg cons *ruct on (18,504)

(11.856)

(12A28)

Toto! funds from opero+;ons 128,655 120A96 101.807 Less - Divdends dectorea Preferred stock 6,571 6.571 6.571 Common stock 45,000 40.800 33.040 Total d:vdends dec!ared 51,571 47.371 39.611 Net funos from coero* ons 77,084 73.125 62.196 FUNDS FROM FiNANCNG So!es of securit;es.

First mortgage bonos.

59,922 59A2' Other longaerm debt 82 13 279 Common stock 29.500 (2.025 (29.575)

Retirement of tong term debt (25)

(30.600)(25.900)

Increase (decrease) in no'es payoo:e to Texos Utities Company (porent) 16,700

)

Net furds from f;noncing.

76,679 26 812 (25.696)

OTHER SOURCES (USES) OC FUNDS Changes in work ng capito!. exC!ud rg no'es payob'e and long-term aeot oue current:y:

dash in banks and temporary cash investments 1,693 (615 45 Accounts rece1vab!e - net (1,962)

(7.248 (515)

Inventories (3,360)

(2.778 (765)

[4.274 Accounts payobre 1,726 491 18.863)

Taxes accrued (12,140) 12.080 0 ner - ret (5,879) 9.126 f 10.506)

Net change (19,922) i1.056 2.848 Nuclear fue!

(6.410) 914 (4.776)

So!e of e!ectric piant 74.327 Other - net (1,953) f 1.979) 366 Net otrer sources (uses) of 'unds (28,285) 9.991 72.765 TOTAL

$125,478 S109.928 $109.265 CONSTRUCT!ON EXPEND!TURES E!cctric p! ant.

$143,982 $121.784 $121.693 Ai:owance for funds used during construction (18,504)

(11.856)

(12A28)

CONSTRUCTION EXPENDITURES (exc!ua ng alowance for funos used dur:ng construction)

$125,478 S109.928 $109.265 See accompanying No*es to Financ:ol Sic *ements 4

l 22

DALLAS POWER & UGHT COMPANY NOTES TO FINANCIAL STATEMENTS 1.Significant Accounting over the est moted ser-

2. Affiliates tions; payments are of Policies vice hves of the proper-The Company is a sub-cost of the services Doctoc plant - Electnc ties. Depreciation as a sidtory of Texas Utikties received and are re-plant is stated at orig:not percent of overage de-which provides common quired by the agreements cost The cost of procerty preciobie e:ectnc plant in stock cop;tol and short-to be 'of least equivo!ent additions charged to servlCe oporoximated term financing to the in the aggregate to the electnc plant includes 3 4% for 1982,3 5% for Company Texas E!ectric annual charge to income labor and ma*enols,00-1981 and 3 6% for 1980 Service Company (Texas on the books" of Fuel phcoble overhead and federalIncorr:e Taxes -

Electnc) and Texas Power Company and of Gener-payroll-related costs and The Company is included

& Light Company (Texas ating Company The on allowance for funds in the consohdoted Power), whose respective Company is, in effect, ob-used during construction federal income tax return systems are intercon-hgo+ed for its share of the Allov.cnce for Funos of Texas Utikties Company nected with that of the pnncrpol, $98.216,000 of Used Cunng Construction (Texas utiht;es) and sub-Company are o!so sub-December 31,1982, and

- Allowance for funds sid:ory companies, and sid;ones of Texas Utdities interest on long-term used during construction federal income taxes are Texas UtMes has three notes of Fuel Company (AFUDC)is a cost o!!ocated to oil subsrdiary other subsidiories which and of Generating Com-accounting procedure companies based upon perform soecialized pony through the pay-whereb/ omounts based taxable income or loss.

services, at cost, for the ments descnbed above.

uoon interest charges on Deferred federal income Texas Utilities Company Such notes moture of vari-borroved funds and a re-taxes are generoly System (System). includ-ous dotes through 1999 turn on other cocitol used provided for differences ing the Company: Texas and have interest rates to finance construction between book and taxo-Utiht.es Services Inc (Ser-rondng from 8.50% to are charged to e!ectnc b!e income. such d ffer-vice Company) furnishes 104$%

p! ant The accruoi of ences resuit primanly engineering, financial In August 1982, the AFUDC is in accord with from the use of bberchzed and other sevices. Texas Board of Directors of established accounting depreciation and accel-Utikties Fuel Company Texas Utilities directed practices of the industry eroted cost recovery (Fuel Company) owns a management to pro-but does not represent allowable under the Inter-natural gas pipehne sys-ceed with the implemen-current cash income-not Revenue Code Invest-tem, acquires, stores and totion of a revision of the Effective January 1,1982.

ment tax cred,ts are delivers fuel gas and organizational structure of the Company capitchzed being amortized to provides other fuel ser-the System Such revision AFUDC of a net of tax income over the esti-vices for the generation of will involve the merging rate of 9% compounded moted service lives of tha electne energy, and of rne Company. Texas semFonnually of expen-properties (See Note 7.)

Texas Utihties Generating Electric and Texas Power ditures incurred, except peserve tcr Insurance Company (Generating into Texas Utihties Electric for that port:on of con-and Cosuoit es - The Company) operates ine Company (Electric Com-struction work in progress Company, as ahowed by jointly-owned generating pony), with ine merg'ng oilowed in rate base by regulatory outnonties, stations and furnishes re-companies thereafter be-regulotory authonties. Pnor mo;ntains a reserve for lated services, including coming divisions of Elec-AFUDC rates effective in major un:nsured losses the ownersh;p and opero-inc Company The January 1981 and Novem-and cla,ms tion of fuel production fa-merger is expected to ber 1979 were 84% and cihties for the sur'oce become effective with 8% respectively kese mining and recovery of the commencement of rates were determined on lignite for use os fuel at bus: ness on January 1 the basis of. but are less such stations 1984.

than, the cost of capital The Company jointly For information con-used to finance the con-with Texas Electric and cerning jointly-owned struct;on program Texas Pover, has entered generating stations, see Deprec<chon -

into agreements with Fuel pages 8 and 14 of this Depreciation is based Company to procure report upon on amortization of certo'n fuels and re!ated the original cost of services and with Gener-depreciable propert;es ating Company for the on a straight-hne basis production of hgnite fuel and the operation of electnc generating sto-23

3. Common and Preferred Stocks Pedemo+cn Price Per Shore (before December 31,1982 December 3t 1981 shores Sho'es Ewn'uoi outstanding Amount Ofs+cnd.no Amount Cur <ent M.ntmum Thousands Thousands of Dollars of DOCO's Common stock-without por W)!ue; authorized 20,000,000 shores 15,000,000 $32n OO 15.000.000 $328.500 Preferred stock-i cumulative, without por value; entitled upon liquidation to $100 o shore, authorized 2,000.000 shores:

$4 series.

70,000 $ 7,049 70,000 $ 7,049 $103.56 $103.56

$4 24 series.

100,000 10,081 100,000 10.081 103.50 103.50

$4.50 series.

74,430 7,443 74.430 7.443 110.00 110.00

$4 80 senes.

100.000 10,009 100,000 10,009 102.79 102.79 6 84 series..

200,000 20,023 200,000 20.023 104.76 103.05 7.20 senes.

200,000-20,044 200,000 20,044 105.01 103 21 7.48 senes 300,000 30,073 300.000 30.073 106 69 102.95 Total 1,044,43_0 $104,722 1.044 430 $104,722 in December 1980, the Company issued and sold, on a pre-emptive basis to common shareholders,1,000,000 shores of its authorized common stock for S29,500,000.

4. Retained Earnings Restrictions The Company' articles s

of incorporation, the mortgage, as supple-mented, and the deben-ture agreements contain provisions which, under certain conditions, restrict distnbutions on or acquisi-tions of its common stock.

At December 31,1982, none of the retained earn-ings was thus restricted.

24

5. Long-Term Debt, less amounts due currently December 2 1982 1981 Thousands of Donors First mortgage bonds 34 % senes due 1983

- $ 9.000 74 % senes due 1983 25.000 7% % senes due 1984 25,000 25.000 7 % % senes due 1985 25,000 25.000 3x % senes due 1986 10,000 10.000 44 % senes due 1986 10,000 10.000 4% % senes due 1993 25,000 25,000 4 A % senes due 1996 20,000 20.000 5% % senes due 1997 16,000 16.000 94 % ser es due 2000 30,000 30.000 7% % senes due 2001 30,000 30.000 7% % senes due 2002 30,000 30.000 8% % ser,es due 2005 50,000 50.000 15%% ser;es oue 2011 50,000 50.000 16 % senes due 2012 50,000 PoHuSon con +rol senes 13Z% Senes A due 2011 15,260 15.260 10% Senes B due 2012 7,650 Funds on deposit wi*n trustee (3,564)

(5 836)

Toto!

390,346 364 424 Po!;ut on contro! revenue bonds.

i 6%% series due 2006..

8,590 8,590 5.70% senes due 2007 7,125 7.125 660% sones due 2008 2,025 2.025 Funds on deposit w;th trustee (783)

(865)

Toto!.

16,957 16.875 Sinking fund debentures 4Z1 due 1989 9,385 9,385 6%% due 1993 11,428 11.453 To!a!.

20,813 20.838 Unomortized premium and discount-Premium 953 1.018 Discount (1,725)

(1.206)

Total.

(772)

(188)

Toto: fong-teim debt. !ess omounts oue currentiv

$427,344 S401.949 In February 1983, the Sinking fund and matu-The total amounts of Company issued and nty requ:rements for the sinking fund debentures sold. $50,000,000 pnnci-years 1983 inrough 1987 authorized in the deben-pol amount of first mort-under long-term debt fure agreements have gage bonds.12%% Senes.

instruments in effect at been issued The Com-due 2013 December 31,1982 are os pony' first mortgage s

follows; bonds may be issued in odditional amounts, with-L

< ~n

,,o

..,,,, Mi out I:mitation as to the maximum inereof, but 3

vo:

' '"~""

1933

$3939"MIA$1cv:0 limited by property earn-19M 3 717 25 mo 25.023 ings. and otner provisions 19 %

3.739 2SCEO 25^CC of the mortgage None ot

$ 2cg 20go the long-term debt is pledged, he!d by or for (o; Exc utra amounts so e a, rm o bw ter f m2 occount of the issuer, or 9m 000 for m3 $572.No for he!d in its sinking or other N M sroom +ct+xrn u re special funds Subston-

@ $ ((jf ""

tiolly o!l of the elecinc (o! ow movemns mov te plant is subject to the lien sawed oy ce';' co'm of of the mortgage.

verecy odrers at m au Of ?J)I Cf such it *0W'r"t f*3 25

6. Commitments and and have agreed. :n dificn, the Company ls nono'fikate parties In Contingencies effect to guarantee tne obhgoted to pay certain June 1982. the Comoony.

For major new con-principal and interest on vortable costs of operoi-Texas E'ectric and Texas struct;on work now in pro-bonds issued to f nonce ing and mo<nto n:ng ine Power entered into on gress or con *emp!ated.

the reservoirs from which reservo;rs The Companys agreemert, which is and commitments with the water is supol ed At total ocyments for 1982 subject to reguto'ory respect thereto see December 31.1982. the and 1981 were $2.582.C00 opproval. witn a mun c-pages 10 and 14 of this Company was obligo+ed and $2.337.000. respec-ipahty for :: to assume ol1 report concerning the for $25.747.000 pr:nc: pal tively Amounts payab!e contract ngnis and obh-Company' construct:on amount of such bonos.

under tne contracts may gotions for the three com-s program which mature at vanous be reduced. under cer-pon:es in connection with The Company. Texas dates through 2004 and toin circumstances due the princtpol amount of Electric and Texas Power have interest rates rong-to the sa:e of water to certo:n bonds (of which have entered into con-ing from 5Z% to 10%%

$22.115.000 is the Com-tracts with public agen-The Company is requ' red ponys shore included cies to purchase coohng to make oenodic por above), relateo interests water for use in the gener-ments equo! to such prin-and cos+s of cperat:rg ot;on of e:ecinc energy cipal and :nterest for tne and mo:nto:n ng tne res-yecrs 1983 througn 1987 ervotr. however. tne Com-os follows $2.336.000 for oony Texas Elecinc and 1983 $2.328.000 for1984 Texas Power wou'd oe

$2.330.000 for 1985.

cont:ngentiv habie in tne

$2.322.000 for 1986. and event of defoutt oy tne

$2.32A000 for 1987 In cd-municipahty The Comoony is in-volved in vanous legal and adm;ntstrative pro-ceed:ngs wh:ch. in the opinion of the Company are not expected to have o mo+ enol effect upon ne financ:0! position or resuits of operat4cns o' the Company 26

7. Federal Income Taxes The deto:is of federo! :ncome taxes are os foPows.

Year Ended December 31 1982 1981 1980 Tnousands of Do" ors Charged to cpero* ng expenses Current federal income taxes S17,185 $28.988 $25 313 Deferred federo! income taxes - net:

D,f'erences beseen decrec:oton me*noos and hve, 9,093 7.265 6A80 Certo,n coora? zed cons'ruction ecsts 2,367 1.878 1.534 O!ner (226)

(920) 410 Total i1,234 8.223 8A24 Investment tax cred is - net 13,280 11.220 4 670 Total federal income to<es charged to cperotng expenses 41,699 48A31 38407 Charged to o*rer income 576 835 593 Toto! federal income taxes S42,275 S49.266 S39.000 Federo: income taxes were 'ess than the amount compu*ed by aco!y.ng the federot sto*utory ro*e to pre-tox book income os fonows.

Year Ended December 31.

1982 1981 1980 Thousands of Donors Federal :ncome taxes at s'otu* cry ro*e of 46%

S59,121 $58.611 $48.936 Reductions :n fecerol,ncome toees resu;t.ng from Anowance for tunos used during cons *ruction 8,512 SA54 5.717 Dep!etion onowooce 4,982 2.743 1.630 Amort zotion of inves+ ment tax cred ts 1,677 1.379 1.520 Other 1,675 f231) 1.069 Totai reaucions 16,846 9.345 9.936 Toto! federo! income taxes

$42,275 S49 266 $39.000 Etfoctive tax ro*e 32.9%

38 7%

36 7 %

8. Retirement Plan independent actuary 1982 1981 The Comoony has n and is funded by the Thousands of Donors ret,rement p!an cover:ng Comoony as accrued Actuartal present vo!ue of substant o"y o'1 em-The cost o' the oton.

occumu'o*ed berefas oloyees The cost of the includ:ng amoun's coo-Vested.

pion is determ red by on itchzed. opprox mated Nonves'ed.

S49,365 $47.091 4.015 4.792

$7.287.000 for 1982.

Toto!

$6469.000 for 1981. and S53,380 SS1.883

$5.656.000 for 1980. As of Net fund ossets

$43,143 S39.844 the annual vo'uotions of Ju!y 1,1982 ond 1981. oc-Assumed ro*e3 of return of 7% for1982 and 5% for1081 cumu!a*ed benefits and were used in de+ermnng ine vo:ue of occumu!a*eo net fund assets were os bene'as if the 54% ro*e had been used for1982. the fo!lows present votue of occumu'c ed benef ts wou'd have been opprox:mo*ety 57 745.000 h gner 27 i

DALLAS POWER & LGHT COMPANY SUPPLEMENTARY INFORMATION CONCERNING EFFECTS OF CHANGING PRICES Deorec o* on on the Net Recoverob e Cost of Uncud *ed.n'orma'on mok ng ourocses, trere-furnished n como once fore the suco'emen*ary cons *on: do' or ona cut-E'ecir:c D on* The Com-wdh +he reoort.ng requ re-informa*.on shou'd no+ be rent cos! bas s was de er-oony be' eves. based on ments o' F nonc'o' Ac-in*erore'ed as od,ust-m ned by acoyng tre ca/ exocr ences. that.t Comoonys s*ro chi / ne wH be onowed to recover count.ng Standards ments to earn ngs re-Board Sto*emen No 33.

coried.n te F.nonc,o-decrec c' on ro*es used te.nves men

  • n e ec*r c for f nonc o' occoun* no o on* when reo'ocement Financ:ol Report ng and S+o ements ourcoses +o te ocoro5r,-

of facs es actuo'.y Chong ng Pr:ces (FASB

n'ormo+ on concern ng 33). fo10ws Tre Sto e-the effects o' genero! en-o e ndexed e' ectr.c o'ont occurs.

ment :nd co es tre need f oton (cons *nnt dolor) amoun*s and s te on:y Dur ng cer ods of n'.o-for exoer:mentoi,on n was de*erm ned by con-ncome s+o*emen* i+em hon. *ne ro'ders of mcne-prov;d ng ;n'ormat on vert,ng hsicr;co cos!

that has been res*0'ed tory asse's su'fer o toss o' obout the ef'ects of amoun+s into do" ors of from te Enonc o' $+o e-cenero: ourchos ng 60wer We ho ders of Chong ng or;ces Such :n-equoi purchos'ng oower.

men *s :n ccmo once forrnation is n' ended to os measured by ire Con-wcn FA33 32. no ad,us*-

mone*ary Lob i

  • es exce-he'p readers be"er under-sumer Pr<ce :ndex for Au men
  • hos teen made *o r ence o ao n. The stond the.mooct of nt:o-Urban Consumers

+edero: 'ncc me ' oxes amoun* sEown as Go n Under ros mok ng ru'es Frcm Dec ne.n Purchos-t:on on the Comoony n'orma* cn concern ng Because te n'ormc* on chances n soec f:c orescr bec by re Pub: c no Power o' Net Amoun's is oresen*ed on on exoen-or ces (curren* cost) recre-U! iv Comm ss on o' Oled ret ec*s te ne* of

~

Tese two fems and :s or;-

mento! bas,s. ti shou'd be sent such Changes.n

'exas, on y te cr:g no v:ewed wch Couton e'ec+r:c o ont from te Cos* of e eC r C clon! s re-marly o"r bu*ob'e *o tre subs oni o' amoun* c' Co:cu o* on o' te n'or-do*e cus+s were.ni oly 'n-coverob'e trough reve-

'ong *erm deb wh ch has t

moton inherenty.nvolves curred to oresen+. and d f-nues as decrec c: on.

the use of assumot.ons.

'ers frcm cons *ont do"or There' ore. onv d "erence been used to f nonce coorox.matons, and esi -

'n'orma* cn 'o te ex*ent

n tre cosi cf c ont s'a ed e'ec*r.c c ont S nce de-mo*es ond. there' ore. te tot te soec;f C or.ces
n *erms o' cons'an+ dou arec o* on on *h 5 e ec*r.c o! ant s ! mced by reau o-resu
nng measu'ements have ncreased c a ro e

' ors and current cost over

+ cn *o te recovery 5' r s-shou:d be cons dered n d f'erent ton *re genero' te or.g no' ccs? :s no re-for co' cos+5 a ho'd ng that con ext and not os ro*e o' :n' o* cn The cur-coverac e trouch ro es prectse -nd cotons of te ren* cos* of e'ec*r c o'on*

os cec'ec o* on ond :s re-go n on debi ;s not a

~

effects of.nf toron.re was comou*ed by.ndex-f'ec*ed as Ad,ustmen+ :o

'cwed and recovery :s

! m 'ed to on y te em-offects of chang n9

.ng te ex s' ng h s*or cc:

becHed cost o' deb

  • pr:ces are not recogn: zed cos* of p'on+ by te coo *o o reect te re-T for :ncome *ox or ro*e-Handy-Wh
  • mon 'ndex of su's o' ro*e regu c'.on.

PubLc Ut. *y Cons *ruct on Go n From Dec ne n Dur-Costs for te Sou n chos ng Power o' Net Cen*ro! Peg on onc oter Amcunts Owed s c'3ei or ocercerae nd ces Such comb ned as ocoroors current cos+s are no+ nec-o'e. by te Ad,us* ment to essor ty reoresen* owe of Ne* Pecoverab'e Cos+ of te reo:ocemen* cost o' E:ec*r c D,ont te Comoonys oroduc-ve cooocdy to' m gni be ncurred n a 'u'ure cer'od i

i

SUMMARY

OF NET INCOME ADJUSTED FOR EFFECTS OF CHANGING PRICES Year Ended December 31.1982 Ac.asted for Histoncol Chono:no Pnces Cost General Soecific Reported in inflation Pnces Financial (Constant (Current (Thousands of Dol!ars)

Statements Dollor)

Cost)

Average 1982 Dollars Operating revenues....

$702,330

$702.330

$702.330 Operating expenses (a) 593,969 640.733 646.709 Operating income.

108,361 61,597 55.621 l

Other income 14,346 14.346 14346 Totalincome.

122,707 75.943 69.967 Interest charges 36.458 36.458 36.458 Net income.

$ 86,249 S 39.485 S 33.509 Increase in specific prices of e'ectric p!ont held dunng the year (b)

$104.915 Adjustment to net recoverabie cost of electnc p! ant.

1.659 (13.395)

Effect of general inf:ot on on electric pront (83.885) i Effect of general inflation in excess of increase in specific prices of electric piant offer adjustment to net recoverob!e cost.

7.635 Goin from dechne in purchosing power of net amounts owed.

22.951 22.951 Net chonae in purchos:ng power S 24610 S 30.586 (a) includes depreciation amounts of $36.396,000 for historical cost, $83.160.000 for constant dollar and $89.136,000 for current cost (b) At December 3t 1982. e:ectric p! ant, net of occumu!oted depreciation. was $2.308.155.000 for current cost and St258A09.000 for histoncol cost COMPARISON OF SELECTED FINANCIAL DATA ADJUSTED FOR EFFECTS OF CHANGING PRICES Yeor Ended December 31, 1982 1981 1980 1979 1978 Operating revenues *..

$702,330 $661.973 $613.594 $561.765 $555.329 Constant Dollar Information Net income'.

$39.485

$36.802

$3A181

$23.811 Earnings per shore of common stock.

$596,334 $583.810 $601.565 $604.120

$2.19

$ 1.98

$1.89

$1.09 Net assets at year end of not recoverable cost' Current Cost Information Net income *..

$33,509

$31.807

$27.435

$10.985 Earnings per shore of common stock

$1.80

$166

$140

$0.16 Effcct of general inflotion in excess of increase l

in specific pnces of e!ectric plant offer adjustment to net recoverob!e cost *..

$7,635 $(49.012) $(93.775) $(120.054)

Net assets at year end at net recoverab'e cost'

$596,334 $583,810 $601.565 $6CA120 8

General Information Goin from decline in purchosing power of net Dividends declared per shore of common stock..

$22,951

$49,726

$75.629

$93.219 amounts owed'..

S3.00 S2 89

$2.76

$314

$219 Consumer orice index - overage.

289.1 272 4 246 8 217 4 195 4

  • Thousands of Average 1982 Dohcrs i

DIRECTORS OFFICERS i T. L Austin. Jr J S Forrington Crva rrron at !!e Ecord onc i ces aer ' una Crve' Eayum Ctter E<ecu%e of twos W W Aston ut.:i es corrusnv vc e pes a nt t

u > Henry C. Beck, Jr I L Baker Crc rmon of tre Evard at uce Res aent nanryC eece Comconi D. J Hompton "e""'

Uo,rd S Bow les G W Senor Crorranutneeaoona VCe Rt5 m nt hesiaant of Co'cs f(x1e'at se.orgs a (non / coco.cn M H Tonner. Jr George L Clark G. M Homilton. lil crxwnon ono Cr> et EeC eu'/

J. D. 'VorneY rwecv!w ot*ccr of Acrcort!e Nat:oro' Bank hove' cod Ass.sunt Secteur,'

of Do3cs J. H Loughan o J. S. Forrington

%M'a" muv' neswet ord Cve W t Fb~erson accu e e cues tw.er &

r A;5'5? ant I'o rJer iont Corrmnv J. D. Francis 9esmot of rho Ecu.*ctie Comcony o hex Richord M. Hart veo Crorman at tre E4X)rd ord Che' AJmnsoNe off cer et Intert':!51[br;u Do:41 NA

'Jomes W Keoy Re%d Vce ClYymar or tt te board c'ihxxl2cFanx Ccmora*cn u n Robert McDono'd Iba tred Pus @)nt C!

Iccorson CWon Foxts

" Joseph R. Musohno 9eser,t of recuecaari Da;m NA ana Vce Ctarrron ct the Ecora c' ceLtbhcBonk Corpora *:an i John M. Stemmons Crarmon u inaust?c PoDettes Corooroton i Merrber of the Execu%e Comm "ee

Member of me Aud,'

Corrmeee s Utfrber a 'he Re*JOrn3:t Commree

  • f#3sryed Ner.erriber 1982
  • Tec'ed Noverr:ber 19?2 i

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30

TRANSFER AGENT NOTICE (For Preferred Stock)

The "Tox Equ:ty and Fis-InterFirst Bank Dollos. N A,

col Respons bity Act of Dollos. Texas 1982" includes provisions which regere tnot 10%

of each interest and REGISTRAR d:vidend payment be withhe!d and that tne (For Pre' erred Stock) omounts w;thheld be sent RepubhcBonk to the In'erno: Revenue Dol!as. N A.

Service for opphcot:on Dotlos. Texas against shareho! der tax obhgations These provi-Th:s report is transmitted srons of tne Act become to the shorEMders and effective on Jufy 1,1983 emprovees of tne Com-The Company hos pony. and to otners. for been advised by its Legal ine so!e purpose of fur-Counsel that certo!n nish:r.g in'ormation con-exemptions are oilowed cern!ng the Company under the Act which may and it is not issued in exempt a shareho! der connection with any so!e from the withhold:ng re-or offer for so'e of, or solic-qutrement. Ind;vidual ito ion of on offer *o buy, shareho!ders are urged to any securres of the contact tne Internal Reve-Company nue Service or their oCCouniont Concerning questions about exemp-tion quahfiCoilon or other provisions of tne Act

?

31

\\NE ARE DEDICATED DP&L is a pubhc ser-DALLAS POWER & LIGHT v,ce bus: ness ded:ca+ed COMPANY to exceaence in provid:ng 1506 Commerce Street e:ectnc energy at a rea-Dallas. Texas 75201 sonco!e price. whde serv-ing tre :nterests of its customers. emp!oyees and investors and meet-ing its citizensh:p cbhgations To achieve this. DP&L.

. Bu !ds. operates and ma nto ns fac:ht:es and deve! ops resources to provide dependabie and rehable efectric service

. Prov: des a cl. mate for indMdual emolovee de-velopment and weh-being and encourages ded catton. pr de and ex-ce'ience in serving the community wi h innova-t tive and efficient utihza-tion of resources and technology Encourages and practices energy con-servat:on. efficient energy use and the deve'opment of viab!e energy sources.

while supoort.ng a sound Community economy and a quahty env:ronment Sinves for pubhc con-fidence. understand:ng and sucport by prov:a.ng informat;on and as-sistance to customers in on e'ficient courteous and concerned manner

. Strives to ma:ntain quakty earn;ngs sufficient to compensate its inves-fors. Obta:n required caci-tal and operate effic!ently 32

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