ML20073J665
| ML20073J665 | |
| Person / Time | |
|---|---|
| Site: | Wolf Creek  |
| Issue date: | 12/31/1990 |
| From: | KANSAS CITY POWER & LIGHT CO. |
| To: | |
| Shared Package | |
| ML20073J654 | List: |
| References | |
| NUDOCS 9105090048 | |
| Download: ML20073J665 (44) | |
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l l Kansas Gas and Electric Company 1990 Annual Report m m ,,w pe,sa w na w au. - - -, -, - N W h.44 wn M u h a A M.h h e,M as A M J iawan h6hd au.m. Merger teitli Tlie Kmisas Poteer mid Liglit Comf>any Afiliroved at Sficcial Sliarelioider Meetings Letter to Our Shareholders At our special meeting on hiarch 19, you Significant Accomplishments approved the proposed merger with The . Earnings were $2 per share in 1990 Kansas Power and Light Company, in which compared with $1.36 in 1989, each share of KG&E common stock will be
- Retail kilowatthour sales increased 5.3 exchanped for approximately $32 of KI L stock i
percent. or cash subject to certam limitations. At the
- Two Kansas Corporation Conunission refund same time, KPL shareholders at a special orders wcre reversed in state courts.
meeting also arproved the merger by authori:ing the issuance of additional conunon
- A new $6 million Energy hianagement stock.
System in our System Control Center is In anticipation of these approvals, we have providing niore efficient dispatt h of been focused since late last year on all the gennating units thereby redocing fuel costs. activities necessary to obtain regulatory hiore sophisticated control o%r transnussion system has impn ved service approvals for the merger. We expect the reliability, merger to be completed this year. Of course, this depends on many factors, including receipt
- Customers - 24 hours every day - can of all necessary regulatory approvals.
now more easily conununicate with us We will keep you informed through our because of new procedures and equipment in our Custoiner Infonnation Center. regular quarterly reports and special reports as required. You will receive full instructions for
- Our total conunitment to customers was making your cash / stock election later in the underscored by our fast, efficient restoration year as we know more specifically when the of service following two major storms.
metger will occur, Damage exceeded $19 million. hiany arprecianon wm read exrre ons A Review of 1990 from customers. Dedicated employees and Our defense against Kansas City Power & effective emergency preparedness planning Light Company's July 23,1990, inadequate and made it possible after a June 19 storm to unsolicited tender offer of $27 per common restore service to more than 60,000 share was a major effort during the last half of customers in five days. 1990 Yet, our business in 1990 remained centered in serving customers and thereby co uimea,l " k"" lf "" . Y Winter of[-peak period. have questions or conunents. i These sales increases and the underlying marketing strategy have provided financial strength to support our dividend as well as a h colninittnent to hold rates stable until at least Wilson K. Cadman 1992. Chainncm of the Board and hesiJent Rate issue Remains Unresolved Although we resolved two significant rate { h4a,u. iei i see, th,eegh,uxesu coun appeaue wmc
l Financial Highlights, Five Year Comparison (Do!Lus in Thouunch ewetit I,cr Aac dual 1990 (a) 1989 (a) 1988 1987 1986 Operating llevenues $ 586,641 $ 533,533 $ $26,220 $ 514,332 $ 498,614 Net income 64,184 47,493 $ 77,161 5 72,322 14,656 Earnings Applk,,ble io Common StocL 63.363 $ 46,672 $ 76,362 $ 60,846 1 5.669 Average Shares of Common Stosk Outstanding (~I1munarut.) 31,673 34,280 36,398 40,523 40,753 Common Simk Per Sharc Data Earnings 2,00 1.36 2.10 $ 1.72 0.14 Cash Dn'idends 1,72 l.63 1.51 1,39 l.225 Inthuted Year End Dividend Itate 1,72 1.72 1.60 $ 1 49 1.36 Maitet Wlue Year.Und 27,00 23.375 20.75 19.25 $ 22.875 lb,L Wlue (Mmly's Net Tangible Awets) Year End 19.65 19.50 19.78 19.21 18 87 As alhible Capacity (Megawatti) 2,387 2,380 2,376 2,199 2,435 System Peak ltesponalbility (Megawatt >) 1,761 1,568 1,677 1,653 1,627 Ileserve Capacity (Megawatts) 626 812 699 746 808 Average Use Per iteildential Customer (Kilowatthours) 9,951 9,248 9,726 9,314 9,202 Average Prke Per llcaldential Kilowatthout 9,4 5 v 8.92 v 9.0l v 9.02 v 8.93v Number of Customers Year En i 256,216 254,810 251,849 249,970 247,726 Long Term Debt $ 824,424 $ 726,537 $ 772,549 $ 1,016,096 $ 1,063,464 18,000 itedemption itequired Preferred Stock Total Electric Plant (Net) $ 1,858,057 $ 1,874,914 $ 177,829 $ 1,926,536 $ 2,028,592 Total Asiern $2,348,862 $2,36),069 $2,420,872 $2,553,472 $ 2,282,860 (a) Scc note 2 of the Notes to Comoktucd Fm mac,.' Statemenn for impt of vote refmul orden. Company Profile ~ x o^L f, Kansas Gas nnJ Electric Company provides elCCtriC 6ervice to nearly 256,000 retail customers j -g throughout 8,10hquare miles includmg nearly C the entire southeast quarter of Kansas. KG&E o has retail electric service franchises in 76 9
- conununities. The company also serves 12 other y M. [
~ electric utilities at wholesale. Interconnections !., %W ' A~ 3f g!% jH - M@. are maintained with 10 other utilitie.s. The company is n member of the Southwest anJ Motan power roots. 3 [. ' M((ij g-As a irgulated utility, KO&E is subject to the 3 jurisdiction of the Kansas Corporation 4 : s f ~'I ;,,,.. U) Commission, the Federnt Energy Regulatory c f Cp Comminion and other staic and federal agencies with jurisdiction in matters such n> those relating T p.9,.7g g. 7 3 Ql to flic enVirontnet t, safety, bCcounting and hy 4 b k, by N h?hf ~ ,oq% issuance of secunnes. During 1990,36% of operating revenues were N P' c" from residential customers,29% from inJustrial k g k. J.Qf R Q Q fb CLBlomers,26% from Commercial custoiners hnJ
- f 9% from Wholesale CLblomers and other Souttes.
DuSr D L.unL' wr h! car 7 mmmg Center at W off Occl Industnal revenues included 19% from the an mny,3 mon ga g%,,,,ay go.4,m., y,.y, o, petroleum refining,17% from the aircraft su a,a Mc facdaici. Suas arc fn,m oui anhc menc, manufacturing and 15% from chemical Kanuo,69ml home of heiden Enenhoun. manufacturing, principally one customer. 3
Management's Discussion and Analysis Of Results of Operatiens and Financial Condition Merger Agreernent With nec e"ary m'vernnwntal anJ tendat"rv arrrouls the approval of the Merger Agreement by the Compmy*n The h,ansas I3ower arid Light Company Jarew,Uen, and adoption and appmnd by dw houen of KPL voting stwL of a propisal providmg for the On 0;tober 28,1990, the Comomy's ! bard of Durctors approveJ an Agreement and Plan of increase in the number of authori:cJ shares of KPL hierger (the Merger Agreement) with The Common Stock and the muance of up to 28 milhon Kansas Power and Light Comomy (KPL), a Kansas shares of KPL Common Stn.k to the holJets of the corporation and KCA Corpiration (KCA), a wholly. Company'* Cornmon Stml pursu,.nt to the Merger owned subsidiary of KPL, providing for the merger of the Agreement. Special meetings of the sharehollen of the Company with anJ into KCA. Upm cornummation of Company and KPL are scheduled to be held March 19, the merge the separate cornea-existence of the 1991 The merger wdl be consummated as soon as Company will cease, anJ all a set anJ liabihties of the practicable following receipt of all necessary approvah Compmy will trainfer to KCA, wh we name wdi change and consento to Kanw Oas and Electric Compmy. Applications for approval of the merger have been The Merger Agreement followed the July 2L 1900, fded with the Kanw Girpiration Commission (KCC), unsolicited tender offer by Kanw City Power & l.ight Miwouri Public Servk e Commi sion, federal Energy Company (KCPL) for allof the Con any's outstanding lleculatory ConuniWon (i ERC), and Secun_ ties and common and prefeneJ stock (KCPL Offer). After Exchange Commission Appbcations with the Nuclear reviewing the KCPL Offer the Company's ibarJ of llendatcry Commission and, if required, the Oklahoma Directors detennined the KCPL Ofter to be inadequate Corniranon Commission will be filed as soon m to the Comomy's common sharehollers, and practicable. recommended that common sharehollers reject the in the joint apphcation to the KCC i.eeking approval offer, in Aupnt, the Company's ibard determined the of the merger, the Compan) anJ KPL ute requesting the Company and its shareholders would best be served by KCC to approve 1) an annual rate reduction of $15 having the Company review all of its options in mill on for the Csanpann renat u,2,wrs, effective resp nse to the KCPL Offer, including remaining upm consummation of the nwrger, up to such time as independent. In that connection, the Company electric rates are reviewed by the KCC,2) the proviJed certain nonpublic infonnation to thirJ parties, amorti:ation of the acquisition premium over 27 years inchxling KCPL. conunencing Wth the next rate pniceeding, anJ 3) On October 26,1990, KPL offered to acamre the recovery of the acquisition premium in rates, to the Company for combmeJ condderation of $16 worth of extent that the amorti:eJ acquisition premium is offset KPL Common Stock and $14 cash per share of the by merger related cost savings For future rate Company's Common Stock, subject to negotiation of a proceedmus, the Company and KPL have propwed that bindmg merger agteement. Folkaing negotiations, the merger related cost uvings in excess of the acquisition Company's Ibard and the KPL lbard upproved the premium amorti:ation be shared equally between the Merger Agreement on Octolwr 28. In the merger, combir.ed comomics and : heir customers. common shareholJets of the Company will receive Cetain legislation penJing before the Kanw State consideration of approxinutely $32 per share. Tiw Legislature woull, if aJopted, pnihibit the KCC fnim transaction is structured as a " cash election" merger in allowing a nwrged utdity to recover through rates any which common sharehollers can elect, subject to merger acquisition premium, not offset by savings from certain conditions, to receive $32 per share in cash, KPL the merger. The pendmg legislation replaces earher Common Stock wonh approximate:y $32 (based on legislation that wook! have, if appmved, prohibited the KPL Common Stock prices as determined at the time of KCC from all> wing recovery of acquisition premium in the merger) or a combination of cush and KPL rates. In adJition, the KCC staff,in (ded testimony Common Stml. PreferreJ shareholJen of the relating to the merger apphcation of the Company and Company will receive in cash, phu accumulated KPL, has expressed the vww that the merger could lead dividends, if any, $110 for each share of 4 1/2% to higher electric rates in Kansas anJ has recommendeJ Preferred Stak; $10144 for each share of 4.32% that the appheation ir Jenied or,if approveJ, that any Preferred Stock; and $101 for each share of 4.28% acquisition premium not be recovered through rates. Preferred Stock. Tlw KCC h.a publicly noted that the KCC staff On December 13,1990, KCPL terminated its tender testimony is not binJing on the KCC and that KCC offer anJ later withJrew all applications it had filed with staff testimony, as well as that of the Company and KPI, regtdatory tulies in connection with its offer. anJ all interveners, will be given Joe consideration by Consummation of the merger inubject to a nundwr the KCC. of conditions, including KPL's financing, obtaining all 4
i Restilts of Operations Effects of Weather and Reversals lirninn l'er Share Dividends l'er Share of Previously Recorded Refunds I cad _ g3g _ y,o to improved Earnings Earnines upplicable to common susk (earnine) "- 2W - 2m were $63 milhon in 1940, compitcJ to $47 mdhon in 1909, and $76 :nilhon in 1988. Stgraficant items increasing 1990 earnine were: ~ l30 ~ 130 increased retail kdowanhout sales m a resuh of warmer than normal summer w cather, reversah of previously recordeJ KCC ordetal refunds and inluent interest - IN ~ IN expenw. The earnings increnw was partially offwt by the expenses of the Company's respinse to the unsolicited tender offer by KCpL, recognition of an ~ A0 - 30 investment hu, expensen for the scheduled refochng and maintenance outage at Wolf Creek Generating Station (Wolf Creek) and expenses to restore service g ~ 0 0 after March and June storna. Mihl weather, KCC gf 37 g 39 90 gg g7 gg gy 9g ordered refunds, elimination of phase in revenue accruah and amortimtion of phase in revenues rcJoced 1989 earning 39 percent from 19SS. Increased sales to cents less than the 1988 earnings per share of $2.10. wholesale customers, a retad rate increaw effective The enluction in uverage shares outstandmu resuhing January 1989, and rnlaced operation and maintenance from the Comomy's purchases of its common su,ck expenws partially offset the decrease. since Cktober 1987 has provided annual increases in The Compmy's return on average common equity earnine per share of approximately 15 cents in 1990. S was 10.0 percent for 1990,6.9 percent for 1989, and cents in 1989 and 21 cents in 1988. 10.6 percent for 1988. Dividends paid per share of common r,took were Ibtnings per share of common suick were $2.C0 in $1.72 in 1990, a 9 cent increase over 1989. Dividends 1990, an increase of 64 cents over 1989 carnine per paiJ per common share in 1989 were $163, a 12 cent
- r. hare of $1.36. The 1989 camine per share were 74 increaw over 1988.
Retail Kilowatthour Sales increase Boosts Revenues Operating revenues were $5fs7 milhon in 1990,$534 million in 1989, and $ 526 mdlion in 1988. lleversing Sales two KCC ordered refunth previously recorded in 1989 m h a avh> in rmi1990 eng revenue by yproxim ly $ 15 milhon. lleversai of the refunds is discussed unJer llate _ 30,000 Developments The remainder of the 1990 operating revenue increase resuhs primarily from revenues due to increased retail kilowatthour sales anJ an $8 milhon increase in fuel expense whici,ilows through revenues. g,ooo Operating revenues for 1989 compared to 1988 were affected by a $15 million increase in wholesale revenues, 9 [, a y ]h 6,000 d a $29 million rate increase effective January 1989, lower
- p p 3 )
retail sales which rnlaced revenues by an estimated $16 L L 1 ] million primanly m a result of cool summer weather, the 1 refunds noint above totahng $15 nidhon and a $5 doe N IIIII~4,000 million reduction m fuel expense which 0 Chrough revenues. $ketaIl kilowattbour ba}es in 1990 in tasnl 5 percent II.H~2,oQo from 1989 s des which were less than 1 percent below 1988 s. des. Weather was the most s,ignificant factor o affecting 1990 sales just as it was in 1989. The 1990 86 87 88 89 90 summer weather was slightly above normal compued to 1989 when Kansas experienced the mildest summer M Readential RE Cornrnerdal weather in 20 yeart llesidential sales increased 8 percent over 1989, pnmarily as a resuh of the weather M inaustrial whotewie and other sensitivity of these cmtotners. Commercial Ades 5
increued 3 preent over 1989. Weather wm a factor in purchased $6.6 million of Drexel Burnham Lambert this increase, though commercial sales are not as Group Inc. (Drexel) commercial paper. On February weather sensitive as residential sales. Industrial sales 13,1990, Drexel(ded for hmkruptcy. On March 1, increased 4 percent over 1989. 1990, the Company was required to r,ubstitute similar Wholesaic sales for 1990 decreased 18 percent amounts ofinvestments in the special deposit accounts, compared to 1989 which had a 77 percent increase over %e Company has continually monitored and evalut.ted 1988. A short term power sale agreement with a the information regarding the bankruptcy proceeding. neighboring utdity during 1989 is the primary ceason for The number and complexity of creditor clainu filed the 1990 decrease from 1989 and the 1989 increase from indicate a lengthy bankruptcy litigation. The Comp my 1988. has determined tiet the investment has been Jperating Expenses Increase 10 Percent D'""""*"dY l'"P"*d ""d h" "'!"*d its investment " "If 'h' investment. The Company has raise Fuel and purchased power increased $8 million over requirements for the special depisit interest accounts 1989. The increase is due to adJitional purchases of imd currendy invests only in U.S. government power and increased generation of electricity by coal' securities, U.S. go.ernment backed r.ecurttles and fired generating units while Wolf Creek was unavailable securities collateralized by the U.S. government. during a r,cheduled refueling and maintenance outage. I nwry 1990, die Company increased its The cost of coal was $1.32 per mulion BTU, compared ownership in CIC Systems, Inc. to 80 percent. CIC is to.>4 cents per million BTU for nuclear fuel. The 19S9 (bdoping PowerSta, a pepay inetedng system. Tlw fuel and purchased p>wer decreased by $5 million from Company recorded a $3 in%on diarge Onduded m, 1988, primarily as a result of the greater availability of keeHanmus net), each oNw yean W and N m Wolf Creek, since there was no refueling and representing the annual net kisses incurred by CIC maintenance outage in 1989, during the development and testing of the system. Other operation and maintenance expenses in July 1988, the KCC ordered the Company to increased $20 million or 1i percent from 1989. The discontinue accruing phase in revenues effective increase is due primarily to $8 million for a scheduled December 31,1988. Ceasing accrual of phase in refueling and maintenance outage at Wolf Creek, $7 revmues reduced other income and deductions by the mdlion for expenses related to the Company a response amount of $45 million in 1989, to the unsolicited KCPL tender otter and the merger with KPL, $2 milhon for the hiarch and June stonns and Interest Charges Reflect Retirements $1 million for increased maintenance expenses as a and Reduced Rates result of an overhaul at La Cygne 1. The 1989 other b hM MS dhm b 19N cperation and maintenance expenses decreased by $7 $9 Mk 1989. %Mhm & nullion from 1988, primarily as a result of no refueling M hb i ddh%m and maintenance outage at Wolf Creek during 1989. 13.5% Series First hiortgage Ibnds in hlarch 1989 and Amortization of phase in revenue:, began January redeeming the $18.1 million 10% Series First Mortgage 1989, as required by a July 1988 KCC order, and Ibnds in December 1989. The balance of the interest accotmted for a pretax $18 million expense over 1988. charge decrease resuhs from the lower interest rates on The $11 million increase in income taxes results the Company's $328 mdlion of variable rate debt and primarily from increased operating income before taxes, reduced interest expense of $2 million associated with Reduced Inveament Income and Loss revening the KCC onfered refunds. The 1989 decrease results primarily from the retirement of the $100 million on Investment Decreases Other income 13.5% Series First hlortgage Bonds in hiarch 1989. Income from short tenn investments decreased $5 Cap.tal Resources and Requ.irements i million from 1989, which had decreased by $11 million from 1988. Proceeds from the sale of short tenn Capital Resources Available mvestments have been used to purchase the Company,s
- ommon stock and retire high-couron debt. Future he Company has authority from the FERC to investment income will be reduced to the extent the make short term borrowings up to $250 miHion.
1990 year end balance of $22 million is used to reduce debt. The Compmy has the following bank facilities available: The Compmy has purchased corporate owned life insumnce p>licies on certain of its employees. The $4
- At December 31,1990, the Company had short term million increase in 1990 from 1989 and the $2 million bank lines of cretht totaling $75 million of which increase in 1989 from 1988 in the corporate owned life none was outstanding at year end.
insurance net, results from an increase in the cash
- At December 31,1990, the Con,pany haJ $30 values net of applicable expenses on these policies.
million outstanJing in unsecured bank borrowings. The Company routinely purchases short term
- The Company has a long term resolving credit investment grade commercial paper for special deposit agreement totaling $150 million of which $70 interest accounts associated with tax exempt pollution million was outstanding at year end. The loan control bonds. On February 1,1990, the Company agreement currendy extends through October 1992.
6
The agreement may be extended in one year expects all but $26 million of the $154 milhon 1991 increments until 1995 and it may be repaid prior to capital requirement to be met with funJs generate i from its expiration date without penalty. The Company operations. Proceeds from the sale of short tenn has requested a one year extension of the agreement investments anJ borrowings under existing long tenn to October 1993, agreements are expectnl to provide the necessary
- The Company ha3 a long term agreement that aJJitional funds in 1991. The Compmy is consiJering expires in 1995, which contains pnwisions for the issuing Ling term debt to refund outstandmg short tenn sale of accounts receivable and unbilled revenues debt to take advantage of favorable long tenn interest (receivables) and phae in revenues up to a total of rates. Ibtrowinn against the accumulated cash
$180 million. Amounts related to receivables are surrender values of the corporate owned life insurance accounted for m r des while those related to phase in N'licies are expected to satisfy repayment of the revenues are accounted for as borrowings Company's exiving long-tenu agreements, which had collaterali:ed by pha+in revenues. At December 31, $155 million outstanding at ikccmber 31,1990, that 1990, the Company had receivables amounting to are due to expire by 1995. $'2 million which are considered sold and Conduct of Business Pending the Merger borrowings related to phase in revenues of $65 The Merger Agreement places certain restrictions on "" Ilio"- the conJuet of the Company's business penJing The Company has entered into interest rate swar consummation of the merger. Without prior writto agreements to reduce the impace of changes in interest consent of RPI, the Company is restricted from, among rates on its variable rare debt. At ikcember 31,1990, other things, (i) issuing securities wah the exception of the Compmy had eight interest rate swap agreements bonowings in the nonnal course of business unJer shon-totaling $165 milhon. In January 1991, the Company term debt facilities and the Compmy's existing long-entered into un additional $15 million swar agreement, tenn agreements, (ii) acquiring, sellmg, or otherwise bringing the swap agreement total to $180 million. See dnnising of any material asset, (iii) commen;ing Note 6 of the Notes to Consolidated Financial construction of any addnional generating capacity, (iv) Statements for adJitional information. purchasing or danising of add tional canicity, and (v) In 1986, the Company purchmed corporate owned inmsmitting any electrical p>wer or energy over another life insurance policies on certain of its employees The puty's lines or becoming obligated to allow another annual ca.sh outCow for the premiums on these policies piny to transmit any power or aergy over KG&F's from 1989 through 1992 is approximately $27 million. lines, other than in the ordinary course of business. The in 1993, the Company will be able to increase its Company (kses not ex;wct these restrictions to adversely horrowings against the accumulated cash values of the affect its ability to conduct busmess. pdicies. After 1993, the bonowings are expected to Clean Air Act Amended produce annual cash indows, net of expenses, through Congress approved the Clean Air Act Amendments the remaining life of the pdicies. Ibtrowings against of (9N @c Act) requWng a twwphase reductM in the policies will be repaid from the death proceeds. sultur dioxide emissions and a reduction of nitrous oxide in July 1990, the Company completed the common and toxic emissions. All of the Company's generating stock purchase program begun in October 1987. units are generally in compliance with the sulfur dioxide Detween January I and July 11,1990, approximately 3 we rmems of the Act, ahhough cominuous emission million common shares were purchased bringing the monitors must be installed on all units by January 1, total common shares purchued to 10 milhon, a 1995, except the three units at the Jeffrey Energy Center 24 percent reduction of the 41 million shares which are already equipp d we monimrs. outstanding as of October 19L7' Wnagement amicipees the any cons neensay m Capital Requirements comply wi h the Act willbe fully recovered in future Le Company's constructica program is focused on rates The nitrous oxide and toxie limits, w hich were providing service to new customers and improving not set in the law, will be specified in Environmental present electric facilities. The Company plans to I'"t"Cli"" ^K""CY M"I"t i"" I"t""t i"I '"'t "I market power pnxtuced by its reserve generating compliance with the nitrous oxide and (oxie limits cannot be estimated until the regulations are issued. capacity. If the Company is successfulin marketing these reserves, the addition of a combustion turbine may Companies must be in comrliance by January 1,2000. be necessary in 1995. The five year :onstruction Rate Developments program through 1995, including r.uclear fuel and the combustion turbine is estimated to be $443 million, Court of Appeals Supports Company's which does not include $ 18 million for allowance for Interim Rate Appeal funds used during construction for the hve yeart J n Febnr.y 1990,,he KCC found that $8.7 million First mortgage bond maturities and s.mking fund Sammy's Jmm-1989 $29 million ra. requirements through 1995 are estimated to t,e $58 li rm should be refunded with interest. A reserve million. Three series of first morigage bonds totaling fm the ordered refund was established for 1989 which $57 million are due in 1991. Of the total $501 million reduced revenues by $8.2 milhon and incrwed related capital requirements through 1995, the Company interest expense b $0.4 milhon. i rior to payment of 3 7
.~ the refund, the Kansas Court of Anneals ovenutned the calculate the refund,if any, based up>n the uppmved KCC ordered refurd in September 1990, the Company tariff. The Comomy has not received an order fmm the reversal the previously reconled reserves. The effect KCC determining the amount of the refund. Ilowever, was to increase revenues and reduce interest expense in management estimates the refund, if any, woulJ be 1990 by the ameunt of the 1989 reserve. This increased immaterial and in December 1990 the previously net income and earnings by $5.3 million and camings recorded reserves weie reversed. The effect was to per share by 17 cents. increaw 1990 revenues by $6.9 million and rnluce Cost of Service Audit Appeal intant expenw by $1.3 minion, which increasni net shard >y M cenu,""N N "" I"'"** "
- ""U
" " *I '""""K' P" Be February 1990 KCC order aho foud.1 that beginning May 8,1990, the Company's rates shockl be reduced by $8.7 million. A full stay of the onter was Coal Contract Settlement Recovery received pending the outcome of an appeal. In June Requested 1990, the Court of Appeals affirmed the KCC onler in March 1990, the KCC issued an order allowing reducim nites by $8.7 million. The Company's appeal the Co,npany m defa tu share of a coal contmet to the Kansas Supreme Court was denied in Septendier seulemm wah husurg and Midway Cml Mining 1990, in December 1990, the Company appealed to the Unhed States Supreme Court. A full stay of the order Cmpany muoungnpo $22.5 million. The settlement rauhs m the termmanon of a long. term cad contract. remains in effect pending the outcome of the appeal. The Coinpany has propwed that thee c(wu be Since May 8: 1990, the Compiny has reserved $6.3 recanal in rato thmugh the fuet aJjusunent clause million as puible retail refunds for such amount, "vu 12 yean, the reinaining tenn of the tenninated collected thmugh December 31,1990, inchiding $0.2 contma. Ahhough a mhng on this ueaunent has not million of relatni interest expense. These amounts are yet been given by the KCC, management believes as reconled on the consolidated balance sheet as retail treatment E reason ble und will uhimately be accepted. rdmdt In Augus,1990, the Company filed with the KCC a Storm Damage Recovery Requested rniuest to recognize its July 2,1990, peak demand of in October 1990, the Company asked the KCC for 1,721 megawatts, and based on that, reconsider the b.tsis approval of a plan to recover the cust of stonn damage for the $8.7 million rate reduction. In its February 1990 incurred this year, primarily from the March 13 anJ order the KCC said that the Comomy had used June 19,1990 storms. Approximately $16 million of interrupuble kuds and un off syste,n sale to meet the capital expenditures have been incurred. Thoe costs peak demand nreviously established as a condition to have been included in the Company's electric plant receive the full $29 millhn rate increase, if the July 2 accounts. Other casts of approximately $2 million, net peak demanJ were cor.sidered, the condition would be of approximately $1 million expectal to be recovered met even w;th the KCC's adjustments If the KCC through insurance, were also incurred nnd have been .dinws the request, it would eliminate the rate reduction expensed. The Company is requesting that these costs oraered by the KCC from July 2,1990 forward, and be recorded as deferred debits and either included in rate would limit the potentia" xfund to the perial May 8 base during the Company's next rate case or recovered through July 1,1990, subject to the outcome of the as tuel costs. Management believes it is reasonable to appeal to the United States Supreme Court. Ahhough expect the KCC will approve such recovery, a ruling on this treatment has not yet been given by the KCC, management believes the treatment is reasonable Other Matters and may be accepted. Postrctirement Benefits Accounting Refueling Outage Appeal Standard Released in Februarv 1990 the KCC issued an order which he Financial Accounting Standards ibani has round that the second sche hd d refueling and issued Statement of Financial Accounting e maintenance outage at ' Wolf Creek was extended from Standanh W.106, Empbyers' Accmmtingfor 49 to 101 days at:J followed by a 2641ay forced outage Postretirement Benefits Other Tlvm Pemiom. The de to 4apruJent management. The KCC found the Company plans to atky this statement in 1993. This extension of the outage increased fuel costs by $6.9 statement will require accrual of pwtretirement benefits million aad ordered that amount plus interest to be (such as health care benefits) during the yean an refunded. A full stay of the order was received pendinM employee pmvides services. The casts of these benefits the outcome of an appeal, in 1939, the Company are currently expensed on a pay as you go basis. The established a reserve which reduced revenues by $6.9 impact of this new standant has not been fully million and increased related interest expense by $1.3 determined, but the change likely will not result in million for a refund of the fuel costs incurred and significantly greater expense being recogni:ed for callected in 1987 and 1988. In June 1990, the Court of pmvision of these benefits. Management expects that Appeals ruled the KCC engaged in retroactive rate the increased benefits expense will either be recovered making, which is pmhibited in Kansas, when it did smt currently through rates or that a regulatory asset will be calculate the refund according to the terms of the recorded to reflect amounts to be recovered through approved fuel clause tariff. The Court of Appetds has rates in the future as the costs are paid. remanJed this case to the KCC with directions to 8
,,,,...--...............,-..;..I, Management Statement of Responsibility For Financial Statements The management of Kansas Gas and Electric Company is responsible for the consolidated financial statements, notes thereto, and other information in this report. The accompanying consolidated financial statements have been prepared by management in accordance with generally accepted accounting principles. The accounting system is in acco: dance with the Uniform System of Accounts prescribed by the Federal Energy Regulatory Commission and the State Corporcion Commission of the State of Kansas. The integrity of the accounting records is uphch by a comprehensive system of internal accounting controls, monitored on a regular basis by the internal audit staff of the Company. This system is wmplemented by a set of accounting policies and procedures which provide the necessary guidance needed to institute effective internal control. The Ibard of Directors maintains its oversight responsibility through an Audit Committee, consisting of three outside directors. The Committee meets with management, the internal auditors und the independent auditors in connection with its review of matters relating to the Company's financial reporting; the Company's internal audit program; the Company's system of internal accounting controb; and services of the independent mulitors. The Committee meets with the auditors without management present in order to assure independent treatment of matters brought to its attention. The Committee abo recommends to the Directors the selection of independent auJitors. - JamesT Clark Vice President. Accounting Wichita, Kansas February 25,1991 Independent Auditors' Report To the Stockhohiers and the Ibard of Directors of ' Kansas Gas and Electric Comsmy: We have audited the accompanying consolidated balance sheets and statements of capitalization of Kansas Gas and Electric Company and Subsidiary as of December 31,1990 and 1989 and the related consolidated statements of income, common stock equity, income taxes and cash flows for each of the three years in the period ended December 31,1990. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with generally accepted auditing stanJanb. Those standards require that we plan ad perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also incluJes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audus provide a reasonable basis for our opinion. In our opinion, such consolidated financia' statements present fairly, in all material resrects. the financial position of the Company and Subsidiary us of December 31,1990 and 1989, and the results of their operations and their cash flows for each of the three years in the period ended December 31,19M in conformity with generally accerted accounting principles. Deloitte & Touche Kansas City, Missouri - February 25,1991 9
Consolidated Statements of Income For the Years Ended December 31 1990 1989 1988 1 i (Thousands, execpc per sharc) Operating Revenues (Note 2) $586,641 $533,533 $ 526,220 Operating Expenses Fuel and purchased power 107,068 99,096 104,462 Other operation 141,644 129,472 128,464 Maintenance 49,242 41,767 50,011 Total operation and maintenance 297,954 270,335 282,937 Depreciation 73,590 72,093 70,981 Amorti:ation of phase in revenues (Note 2) 17,544 17,545 Income taxes (Note 9) 24,833 13,527 10,436 Other taxes 33,434 J2 438 32 61.4 1 Total operating expenses 447.355 405.938 396,968 Operating income 139,286 127,595 129,252 Other Income and Deductions Phase in revenues (Note 2) 45,011 investment income 3,927 9,139 19,668 Corporate owned life insurance net 2,768 (752) (2,271) Miscellaneous net (Note 10) (13,179) (5,907) 1,591 income taxes net (Note 9) 6,917 1,261 _(221 28) Total other income and deductions 433 3.741 41,171 Income Before Interest Charges 139,719 131,325 170,423 Interest Charges Longterm debt 59,263 65,772 80,543 Other interest _l(5272 18 011 12 &9? 1 Totalinterest charges net 75,535 83,843 93,240 Net income 64,184 47,193 77,183 Preferred Stock Dividends 821 821 821 Earnings Applicable to Common Stock $ 63,363 } 46,672 $ 76,362 Average Shares of Common Stock Outstanding 31,673 34,280 36,39S Earnings Per Share of Common Stock 2.00 1.36 2.10 See notes to consolidated financial statements. 10
Consolidated Balance Sheets 1990 1989 December 31 (Thomanh) Assets ) Electric Plant, at Original Cost (Notes 6 and 12) $2,428,561 $2,382,118 Plant in service 604,338 542.618 Less accumulated depreciation _. 1,839,500 Net plant in service 1,824,223 Construction work in progress 14,760 13,181 6.529 6,522 Electric plan: held for future use net Nuclear fuel.,et 12,545 15 7II Totalelectric plant net 1,858,057 I,8M,,4T4 ~ Other Property and Investments Special deposits (Notes 6 and 10) 13,785 13,518 Decommissioning trust (Note 10) 4,880 3,710 Other 7,384 5,806 Total other property and investments 26,049 23,034 Current Assets Cash and cash equivalents 7,971 3,172 Short. term investments 21,664 45,973 Accounts receivable and unbilled revenues net (Note 6) 13,240 26,828 Fossil fuel, at average cost 22,299 21,152 Materials and supplies, at average cost 27,095 28,241 10,750 9,025 Prepayments and other current assets Total current assets 103.019 134,391 Deferred Debits and Other Assets Deferred regulatory assets (Notes 2 and 9) 144,507 125,520 Phase in revenues (Note 2) 131,584 149,128 Corporate owned life insurance net 71,307 37,697 Other 14,339 18,38_5 Total deferred debits and other assets 361,737 330,7_3,0 Total $2,348,862 $2,363,069 Capitali:ation and Liabilities Capitalization (See Consolidated Statements of Capitalization) $ 1,452,265 $ 1,409,589 Current Liabilities Short term borrowings (Note 3) 30,000 141,400 Securities due within one year (Note 6) 57,203 215 Accounts payable 66,000 74,068 Retall refunds (Note 2) 6,307 16,757 Interest accrued 16,411 17,762 Taxes accrued 14,659 12,353 2,993 3,167 Customers' deposits Total current liabilities 193,573 26 M Deferred Credits and Other Liabilities Deferred income taxes (Note 9) 312,555 287,454 Deferred investment tax credits (Note 9) 75,461 74,063 Deferred gain from sale leaseback (Note 7) 290,902 300,542 Accumulated provision for decommissioning (Note 10) 4,880 3,710 Other 19,226 21,989 Total deferred credits and other liabilities 703,024 687,758 Commitments and Contingencies (Notes 2,10 and i1) Total $ 2,348,862 $2,363,069 See notes to consolidated finimcial statements. I1
Consolidated Statements of Cash Flows For the Years Erded December 31 1990 1989 1988 increase (Decrease) in Cmh md Cmh Equivalents (Thousamh) Cash Flows from Operating Activities Net income $ 64,184 $ 47,493 $ 77,183 Adjustments to reconcile net income to net cash provided: Depreciation and amorti:ation 78,483 79,294 80,967 Deferred income taxes 4,046 9,916 26,118 Deferred investment tax credits net 1,398 (1,745) (476) Phase in revenues and amortization 17,544 17,545 (45,011) Corporate owned life insurance (10,003) (8,112) (5,326) Coal contniet settiement (22,500) Amortitation of gain from r, ale leaseback (9,640) (9,627) (9,638) Inv stment write off(Note 10) 6,632 Other net 3,060 10,492 2,138 Changes in current assets and liabilities: Accounts receivable and unbilled tevenues net 13,588 (6,972) (2,973) Other current assets (1,726) (871) 589 Accounts payable and retail refunds (18,518) 23,327 15,016 Interest and taxes accrued 955 (6,692) (20,179) Other current liabilities (174) (698) 3)) Net cash provided by operating activities 149,829 130,850 118,725 Cash Flows from Financing Activities Pnxeeds from: Issuance of common stock 249 154 3,016 Revolving credit agreement 90,000 115,000 Special deposits net (267) 2,041 23,287 Other long term debt 90,000 144 Nrrowings against cash surrender value of life insurance policies 3,800 2,130 26,342 Short term borrowings: Pmeeeds maturities over three months 95,000 125,000 Redemptions maturities over three months (150,000) (50,000) Maturities three months or less net (56,400) (5,300) 43,200 Redemptions of: First mortgage bonds (118,100) (26,300) Revolving credit egreement (20,000) (30,000) (235,000) Other long-term debt (5,127) (180) Purchases of treasury stock (64,528) (17,912) (77,629) Dividends paid (55,116) (56,720) (56,019) Net cash used in (mancing activities (72,389) (I48,887) (183,959) Cash Flows from Investing Activities AdJitions to electric plant (62,766) (56,776) (52,854) Corporate owned lif insurance policies (27,407) (28,348) (26,380) Purchase of short term investments (524) (7,332) (16,592) Drawdown of short term investments 26,300 115,643 160,000 Other investments (8,244) (3,766) (3,626) Net cash provided by (used in) investing activities (72,64l) 19,421 60,548 Net increase (Decrease) in Cash and Cash Equivalents 4,799 1,384 (4,686) Cash and Cash Equivalents at Beginning of Year 3,172 1,788 6,474 Cash and Cash Equivalents at End of Year $__L971 $_hl_7 2 $_l.788 a See notes to comolidated fmancial statements. 12
Consolidated Statements of Capitalization Decemler 3l 1990 1989 (Thomamh) Common Stock Equity (See Consolidated Statements of Common Stock Equity) Common stock, without par value, authorized 50,000,000 shares $ 636,986 43.9 % $ 636,815 45.2 % Retained earnings 171,139 11,7 162,071 11.5 2M Other paid in capital _ _2LO Subtotal 008,395 55,6 799,151 56.7 Treasury stock, at cost (190.255) (13.7) (134,800) j9.6) Total Common Stock Equity 609,@ 41.9 664,Tii 4U Cumulative l' referred Stock (Note 4) Redemption not required: 41/2%, $100 par value; authorized and outstanding 82,01I shares 8,201 8,201 Serial, $ 100 par value; authortred 255,000 shares: 4.32% series, outstanding 60,000 shares 6,000 6,000 4.28% series, outstanding 45,000 shares 4,500 4,500 Total Cumulative Preferred Stock 18,701 1,3 18.75 1,3 Long Term Debt (Note 6) First Mortgage BonJs: Series Due 1990 1989 45/8% 1991 $ 7,000 $ 7,0N 14.05 % 1991 30,000 30,000 14 1/8 % 1991 20,000 20,000 55/8% 1996 16,000 16,000 81/2% 2000 35,000 35,000 81/8% 2001 35,000 35,000 73/8% 2002 25,000 25,000 6.8% 2004 14,500 14,500 95/8% 2005 40,000 40,000 83/8% 2006 25,000 25,000 81/2% 2007 25,000 25,000 6% 2007 10,000 10,000 57/8% 2007 21,940 21,940 87/8% 2008 30,000 30,000 93/4% 2016 50,000 50,C00 Total First Mortgage Bonds 384,440 384,440 Other 1.ong Term Debt: Pollution Control Revenue Bonds: 5 3/4% series 1991 2003 14,628 14,820 Adjustable rate series 2013 63,000 63,000 Adjustable rate series 2013 87,000 87,000 Ad ustable rate series 2014 98,000 98,000 i Adjustable rate series 2015 79,500 79,500 Revolving eredit agreement 1992 70,000 Other long term agreement 1993 1995 85,065 Unamorti:ed premium and discount net (6) (8) Total Other Long Term Debt 497,187 342,312 Securities due within one year _ (57,203) (215) Totallong Term Debt 824,424 56,8 726,537 51.6 Total Capitall ation 11 452,265 100.0 % LL409,589 100g% 1 See notes to consoluleed financial statements. I3
l\\ Consolidated Statements of Common Stock Equity For the Years Ended December 31,1990,1989 mf 1988 Common Stock Treasury Stock Other Shares Paid.in Retained issued Amount Capital Earnings _ Shares Amount Total (Thousamb, execp shares) Balance January 1,1988 40,823,247 $ 633,645 $ 265 $ 150,134 (2,055,300) $ (39,259) $ 744,785 Net income 77,183 77,183 Cash dividends: Common stock - $1.51 per share (55,198) (55,198) Preferred stock (821) (821) Purchase of treasury stock (3,981,499) (77,629) (77,629) Emplope 6tsk plans 157,338 3,0.16 3,016 Balanse December 31,1988 40,980,585 636,661 265 171,298 (6,036,799) (l16,888) 691,336 Net income 47,493 47,493 Cash dividends: Common stock - $1,63 per share (55,899) (55,899) Preferred stock (821) (S21) Purchase of treasury stock (883,500) (17,912) (17,912) Employee stock plans 7,400 154 154 Balance December 31,1989 40,968,075 636,815 265 162,071 (6,920,299) (134,800) 664,351 Net income 64,184 64,184 Cash dividends: Common stock * $1.72 per share (54,295) (54,295) Preferred stock (821) (821) Purchase of treasury stock (3,079,800) (64,528) (64,528) Employee stock plans 8,1 t o 17_1_ 5 3,673 73 249 Balance December 31,1990 40,996,185 $636,966 $270 $171,139 (9,996,426) $(199,255) $609,140 See notes to consolidated financial statements. 14
Consoi.tdated Statements of Income Taxes For the Years Ended December 31 1990 1989 1988 (Thouunds) Income Taxes as Recorded in the Consolidated Statements of Income Operating expenses: Currently payable Federal $ 16,659 $ 4,773 $ 4,883 State 1,495 49 (701) Deferred Federal 942 6,739 2,761 State 3,966 3,340 3,611 Investment tax credit Deferral 4,582 1,365 2,541 Amortization (2,811) 1 2,739) (2J59) Total 24,833 13,527 10.436 Other income and deductions: Currently payable Federal (4,658) (678) 2,739 State (1,024) (49) 701 Deferred Federal (726) (147) 15,963 State (136) (16) 3,783 Investment tax credit amorti:ation (373) (371) _j2,828 (358) Total J6,917) (1,261) Total income taxes $ 17,916 $ 12,266 f 33,264 Sources of Deferred income Taxes Accelerated depreciation $ 28,736 $ 31,875 $ 30,803 Disallowance of plant costs 1,224 1,236 1,236 Phase in revenues (Note 2) (7,904) (7,905) 18,77I Unbilled revenues (1,975) (1,975) (1,975) Accelerated amortization (11,736) (l1,736) (l1,799) Net operating tax loss 3,312 (1,243) (2,069) Deferred gain on sale leaseback (Note 7) 4,248 4,248 4,248 Alternative minimum tax credits (15,191) (5,460) (10,163) 8,622 Coal contract settlement (Note 2) Retail refunds (Note 2) 4,019 (6,444) Other net (687) (1,302) (2,934) Total $ 4,046 $ 9,916 $ 26,118 Effective Income Tax Rate Statutory federalincome tax rate 34 % 34 % 34 % Add (Deduct) income tax effects of: Accelerated amorti:ation of deferred income tax credits (12) (17) (9) Depreciation 6 10 5 State income taxes, net of federal benefit 2 3 4 Amortization of investment tax credit (4) (5) (3) Corporate owned life insurance (5) (3) Other items net 1 (1) (1) Effective income tax rate 22 % 21 % 30% See notes to consohdated financial statements. 3 15
original cast anJ is amortimi to expense baseJ unin the quantity of Notes to Consopidated u,, p,m,, dm m.ne,.n of &,,e,y. ne amummia,ni I amorti:ation of nuclear fuel in the reactor at December 31,19T Financial Statements, ,na i9s9,,,313.3,ma 3 ig.9,,iii,om,,,,,<,iceiy. ne + + Comomy's rate schedules inchde a fuel adjustment clauw which 1. Summary of Significant Accounting Policies pennin cunent recoveries of fuel costs. Principles of Consolidation. The consolidated financial Depreciation. For financial rep >rting purp ees, the Compmy statements include Kansas Gas and Electric Compmy (the uses the straight hne methtd to depreciate the original cost of Company) and its 80% owned subsidiary, CIC Systems, Inc.(CIC). pmp ny over its estimatal remaining service hie. The provision for All significant intercompany itenu and trmsactions have bee,, depreciation stated as a percent of original cost of depreciable eliminated in consolidation. In January 1990, the Compmy property was 3.0% for 1990 and 2.9% far 1989 and 1958. increased tu owmership in CIC from 50% to 80%; prior to 1990, the Income Tases. Le Company adopted Statement of Financial Compmy used the equity method of accounting for CIC. Accounting Stiuwlards No. 96, Acamndngfor hmne Tmes in The Compmy owns 47% of Wolf Creek Nuclear Operanng 19S7. This statement rniaires the Compmy to estabhsh deferrni Corporation (WCNOC), the operating company for Wolf Creek tax 1 abihties or awets, as appropriate, for all tempirary differences, Generating Station. The Company records its proportionate share and to adjust deferred tax balances to re0cet changes in tax rates of all transactions of WCNOC as it does other jointly owned ,ected to be in effect during the perials in which the tempirary exlfer-nees reverse. Le significant temporary differences that give facihties (See Note 12). a System of Accounu. Le Compmy is subject to the rise to the net accumulated deferred income tax habilities include jurisdiction of the State Corporation Commission of the State of accelerated tax depreciation, AFC unamorti:ed investment tax Kansas (KCC) and the Federal Energy Regulatory Commission credits, defenn! gain from sale temeback and ph+c in revenuet (FERC) and maintains its accounts in accordance with the Unifonn in accordance with various rate orders receival from the KCC, System of Accounu prescribed by these regulatory commicions. As dw Compmy has nat yet collected through rates the amounts a regidated utility, the accounting principles applied by the a s gmficant p nion of the net defenni income tax necewy to pabe Company believes it is probable that the net Company differ in certain respects from those apphed by a non' habilities. As( regtdated business-future increases in income taxes payable will be recoveral from Electric Plant. The cost of plant inchkles contractal work, customers through future rates, it has recordal net defenni direct labor and materiab, alkwable engineering, supervision, regtdatory assets for the pirtions of the net income tax liabihties not general and administrative costs and allowance for runds used yet collected through rates. These awets are abo a temporary during constmetion ( AFC). AFC in 1990,1989 and 1988 was difference for which deferred income tax liabilities have been immaterial and, therefore, not separately reported in the provideJ. At December 31,1990 and 1989, the net deferred consolidated statements of income. regtdatory asset related to income taxes amountnl to $95.4 and Maintenance anJ repairs of property, anJ replacements and $74.3 million, respectively. The rate increas necessary to fund renewab of itenu determined to be less than units of property, are these taxes will not be requirni until periah after the expiration of charged to operating exp nses. The cost of units of property the Company's rate moratorium with the KCC on January 1,1992. replaced or renewed, plus removal costs, less sah age, is charged to investment Tax Credits. Le Tax Refonn Act of 1986 accumulated depreciation, and the cost of relatal replacements and repealed investment tax crnhts. In accordance with KCC renewab is adJed to electric plant. Betterment 3 are added to requirements, investment tax credits relating to utihty property electric plant. placed into service are deferrn! when utih:ed and are being Short Term Investments. Short tenn investments represent amorti:ed to income over the remaining lives of the related the unexpended procenh from the sale leaseback described in property. Note 7. At Decemh:r 31,1990, these investments consist of three Consolidated Statements of Cash flows. For purposes of the uncollaterali:ed foreign bank debt instruments maturing in January consohdated statements of cash flows, the Company considers and April 1991. highly hquid collateraliwJ debt instruments, except those classified Cash Surrender Value of 1.ife Insurance Policies. The as short tenn investments, purchased with a maturity of three following amounts related to corporate-owned hfe insurance months or less to be cash equivalents. contracts, primarily with one major insurance compmy, are The amounts of interest (net of amounts capitali:eJ) and income recordal on the consolidated balance sheets: taxes niid for each of the three years in the periak enJed 1990 1989 December 31, are as follows: (h b u) 1990 1989 1988 Cash surrender value of contracts $152.7 $115.3 (T 6 d) Dorrowings against contracts _(81d) (77.6) Interest ~$86,427 191,307- $91020 Net $ 71.3 $ 37.7 - ' ~ Income taxes $14M0 $ 7,500 $ 5 900 Interest expense included in corn 3 rate owned hfe insurance net Rutasd..e n n. Cenian ampmt m pnor years have been on the consolidated statements of income was $7.1, $6.9 and $ 5.9 reclusified to confonn with clawfications used in the current year million for 1990 1989 and 1988, respectively. Prewntauon-Revenues. Operating revenues include amount 3 actually billed 2. Regulatory Matters for services rendered and an accrual of tstimated unbilled revenues. Unbilled revenues result fmm services delivered since the penal Rate Stabili:ation Plan. In July 1938, the KCC i#ued an order mahfying the rate stabili:ation plan approved in March 1987. As a covered by the latest billings to customers. D'n of this order, accrual of phue in revenues was d6connnuni Fuel Costs. The cost of nuclear fuel in process of refmement. conversion, enrichment and fabrication is recorded tu an a+et at 16
eLetive December 31,1958. Effective January 1,1989, the regulatory wwt in the Compmy's conclidated balance sheets. Bie Gunniny began amortizing the phase in revenue asset of $91.6 scrileme,a resuhs in the tennination of a Ling-tenn coal contract. million, net of relatal income taxes, on a straight hne htsis over The Gunniny Ivas prontsnl that these costs be recovered nitably 9 l/2 years. In askhtion, the Gunomy wdl not be entitled to any through the fuel adjustment cl.mw over the perial during which the further rate inercases until January 1,1992 hining extnuinhnary contruet woulf have been in effect. Although a ruhng on this circumstances. treaunent h.u not yet been given by the KCC, management }nterim Rate Refund. In 1989, the Cimpany established a believes its treatment n reasinable alwl will ultimately be accepted. re.,ene which rnluced revenues by $8.2 milhon anJ increased Storm Damage Recovery. In 0:tober 1990, the Gimpany relatnl intemt expense by $0.4 milhon for a refund of revenues asial the KCC for approval of a plan to recover the cost of stonn collectnl subiect to refund onlereJ by the KCC in February 1990. danuge incurral this year, primarily from the Man h 13 ami Prior to payment of the refuiwl, the Kanus Giurt of Appeals agreetl June 19,1990 storun. Approximately $16 million of capital with the Compmy that evidence hiki not been presental to insufy expenduures have been incunnt. These custs have been includcJ changing a pirtion of the origmal merease to interim mwl revened in the Comp ny's electric plant accounts. Other costs of the KCC decision. In September 1940, the Oti: ens' Utility approximately $2 million, net of approxinutely $1 milhon expected Ratepayers Mird appealnl the Giurt's ruling to the Kansas to be recovered through insurance, were al o incurtnl and have Supreme Court; the appeal was denini. Acconhngly, in September been expenel. The Gimpany is rniuesting that these costs be 1990, the Onnsmy reverwd the previously reconled reserves; the recorded as defeneJ debts and either incitxini in rate hwe during effect was to increase 1990 revenues by $8.2 milhon, net income the Compmy's next rate case or recoverni as fuel costs, and eamings applicable to common stock by $5.3 million mwl Management beheves it is tv nonable to expect the KCC will camings per share by $0.17, approve such recovery. Cat of Service Audit Appeal. In idhtion, the February 19W 3. Short.Tenn Iberowings KCC order required the Comomy to reduce rates by $8.7 milhon At Lkccmber 31,1990, the Compmy had hmL crnht beginning May 8,1990. Management believes iu rates reflect it" anangemenu availaNe of $75 million. In atLhtion, the Compmy cust of service. The Compmy was denied a rehearing by the KCC has an uncomnuurd Lian panicipuion agn ement. Maximum mwl hist in its request for judicial review to the Kansm Court of short tenn hinowmas ouutandmg daring 1990 and 1989 were $211 Appeals in September 1990. Le Company appealed the Court of. milhon on June 25,1990, aml $ 178 milhon on June 2,1989. The Appeals ruling to the hansas Supreme Qiutt; the appeal wa^ weightal average imerest nues, including fen, were 8.6%nd 9.6% denini. In Ikcember 1990, the Compmy appealed to the Unitni for 1990 and 1989, respectively. States Supreme Court to review the rate rnluction onlered by the 4. Cumulau.ve l' referred 5tock KCC in Febmary 1900. The Comomy has receival pennission The call prico at Lkeember 31,1900 on the 4 l/2%,4.32%nd from the Court of Appeals to continue collection of rates at the 4.25beria prefened stocks n ere $ 110, $ 101.64 and $ 101, cunent level penJmg the outcome of the appeal. Since May 8, repectively (See Note i1). The embetLied cosa of prefened stock 1990, the Compmy has reconled $6.3 million, inchx!ing $0.2 at December 31,1990,1989 and 1988 were 4.44% milhon in interest expense, as retail refunJs for such amounts conected thmugh December 31,1900 in the Compmy's 1990 5, long. Term incentive I'lan consolidated hdance sheet, in August 1990, the Compmy fdal During 1989, the Company aJoned a long-tenn incentive pLm with the KCC a request to recogni:e its peak demand estabbshal (the plan) proviJmg for the issuande of grfonnance shares and July 2,1990 as the basis for ehminating the rate rnluction onleral stock options for up to 1,503,mhares of common stock donng a by the KCC from July 2,1990 forward. If accepted, the refund period of ten years beginning January 1,1989. Le plan pennus wouki be limited to the perial May 8,1990 through July 1,1990, gmnu of variss awanb to quahfied employees. thnng 1990 and subject to the outcome of the appeal to the Unital States Supreme [989, gmnu for 10,08S and 10,424 perionnance shares, rtspectively, Court. Ahhough a nding on this treatment has not yet been given were nude to qualifini employees under this plan. The by the KCC, management beheves the treatment a reasonable anJ prfonnance shares are issuable to the employees five years from the may be accepteu grant perial At ikcember 31,1900, no such shares were currently Refueling Outage Appeal. Abo in 1989, the Gunpany issuable. Compenxation expense relatal to these perfonnance established a reserve which reduced revenues by $6.9 million and shares was $0.1 muhon dunng 1990 and 1989. increased related interes expense by $1.3 milhon for a refund of fuel Stock options grantal under the plan are exercisable for a penal - costs, ir, curred and collected in 1987 and 1988, onleral by the KCC of nine years after the grant year unless the emphsyee's sen ice is in February 1990. In April 1990, the Kansas Court of Appeak tenninated. ne folkiwing table seu forth changes in options granted a stay allowing the Compmy to delay the refund. In June during 1900 and 1989. 1990, the Court ruled the KCC engaged in retroactive rate making, gggg 39g9 which is prohibited in Kansas, when it did not calculate the refund Onions January 1 29,751 acconhng to the terms of the approved fuel clause tariff. The Court Opions granted 34,212 29,751 has remanded this case to the KCC with directions to calculate the Opions exercised refund, if any, based upon the approvnt tanff. The Compmy has (avemge of $21.35 per share) (3,673) not received an order from the KCC determining the amount of Onions ikcember 31 iM=60 TUNI refund. However, management believes a refund, if any, would be = immaterial; consequently, in December 1990 the previously Option pnce range December 31 $20.81 21.94 $21.94 recorded reserves were reversed. The effect was to increase 1990 i revenues by $6.9 milhon, net income and eamings appbcable to common stock by $5.0 mdlion and eamings gr share by $0.16. Coal Contract Settlement. In March 1900, the KCC issued an order allowing the Company to defer its share of a cad contract settlement with Pauburg and Midway Cad Mming Gunnmy amounting to $22.5 million; thn amount is recorded as a defened 17
At thcem12r 31,1990,1,496,327 shares of conunon stock are while tha,e related to phase in revenues are accoontnl for as ' authori:ed for issuance wwler the plan. Upon a change of control of hirrowing collaterali:nl by phase in revenues. A(khtional the Compny, participiting employees will be paid in cah for receivables are continually sold to replace thuw collected. At (i);urfarmance shares on a pro rata htsis for the time ela;wd from ikcember 31,1990 and 1989, the Comptny had receivables the date of grant and (ii) stock tytions for any excess of fair value of amounung to $52.2 and $35.6 miUion, respectively, which are the Company's common stock over the option price. Pursuant to cotwidered vid wider the ageement Die crnht risk awciated the merger agreement with Die Kansas Power and Light Comptny with the sale of customer accounts receivable is considered minimal. (KPL), no new grants may be made and immediately prior to the The weichtal average interest nue on this agreement wie,8.4% for merger the plan will be canccHed(See Note 11). 19M The maximum borrowing under this agreement is hmital by 6. Long Term Debt the remaining amounu of receivables outstanding, reJuced by the ' "" " h'I"""l ihnmgbtired redemption and sinking fund payments for 19911995 for long tenn debt are $57.2, $70.2, $3.5, $1 Re I 8 '"IUI"" "'"' ""'U""' ""d"' 'h" "##"**"' $63.9 million, respectively. The redemption requirement for 1993 Le Omputy has entewd into interest rate swar agreements to woulJ be increawd by $24B million in dw event that the wduce the impact of changes in interest rates on its doating rate irrevocable letter oicrnht ag eements with respect to the $63, $S7 debt. At December 31,1990, the Oxnp ny haJ outstandmg eight and $98 milhon adjustable nue series are not extended or other interest rate swap agreements with financial institutions, having a arrangements for collateral are not made, total notional principal annunt of $165 million. Seven of thew
- "P "d"*"'enu ($ 135 miUion notionA principal) am aw ciated First mongage bonds may be issued in additional anxmnts, wWort tenn debt, the revolving credit agreement, sale of limited byknyerty, earnings and other provisions of the Compny's
"'"I""piese swap ageemenu, the Cmnpany wG pay 6e maue ""* I"# "U""h *O P "' d" * *'""'"' k Mortgage unt April 1,1940, as supplemente 1 (Mortgage) and UnJer rior approval by KPL under the merger agreement describeJ in P"" '"""' ' * ** "' " f"'"I "" " ""d 'h * """' ' "" i"* "AWY 'h" Note 11. Electric plant is subject to the hen of the Mortgage except Company interest at a variable rate hwed on}t ie London Interbank for inunportation equipment. Offered Rate (LIBOR) at six month incremenu. The fixed rates The 6.8 eries,due 2004 and the 6% and 5 7/8 eries due pyable under these swar agreements range from 7 8% to 8.5% 2007 are pledged as couateral for p llution control revenue hindi These swap ameemenu terminate in incwmenu of $50 million in issued by Kansas municipahties. 1991, $45 miUion in 1992 and $40 million in 1993. Tk other wap %e four adjustable rate series pollution control revenue bonds agreement ($30 milhon notional princind) is associated with the are secured by irrevocable letters of credit. Interest nues for thew nexible series p ollution control bonds. Under this swap apeement, h nds are variable and are detennined on the basis of prevaihng the Company will pay the munter prties interest at a fixed rate market rates for debt instruments of hke tenor and quahty. The and the counter parties will pay the Company interest at a variable Company is required to maintain special deposits to be used for debt rate based on the Tax Exempt Note Rate (TENR) at weekly service for the $S7 and $98 miUion adjustable rate series. Stwh incremenu. Le fixed rate pyable under this swap agreement is accounu may be used for interest payments, but must be 6.05% This swar apeement tenninates in 1992. The Company is subsequently replenished to the required account hdance of $15.7 expssed to credit loss in the event of nonperformance by the other million. At December 31,1900, the special depwits consisted of parties to the interest rate swap agreements. However, the $11,1 million in broker repurchase accounts collaterah:ed by U.S. Comomy does not anticipue noncerformance by the gmernment backed securittes, $1.7 million in U.S. treasury notes counterputies. At December 31,1990 and 1989, the amount and $ 1 miUion in cash deposits available for interest pyments. The recogni:ed in the consolidated financial statemenu for interest nue fouowing information is applicable to these issues: swap agreements was immaterial. Weighted he embetkled casts, incitahng effects of the wap ageements, of Letters of Credit Average Net long term debt at December 31,1990,1989 and 1988 were 8.56%, Description Emiration Dates Interest Rate 8.30% and 8.96%, respectively. 1000 logo 7. Sale Leaschack of La Cygne 2 Series due 2013 In September 1987, the Compmy sold and leased back iu 50% $63 million December 17,1993 6.5% 7.0% undivided interest in La Cygne 2. The lease has an initial term of Series due 2013 29 years, with various options to renew the lease or repurchase the $87 million May 1,1993 and Dec,2,1903 5.8% 6.2% 50% undivided interest. The Compmy remains responsible for its Series due 2014 share of operation and maintenance ensu, and other related $98 million November 3,1993 6.0% 6.2% operating casu of La Cygne 2. The Company has determined the Series due 2015 lease is an on rating lease for financial reporting purpuses. $79.5 miulon August 15.1996 6.6% 6.8% The gain of approximately $322 million reahml at the date of the side has been deferred for financial reponing purpwes, and is The revolving credit ageement, which expires in 1992, provides being amorti:ed over the initial lease tenn in proportion to the for borrowing of up to $ 150 million. Bis agreement may be related lease expense. Le Company's 1990,1989 and 1988 lease extended in one year increments until 1995 and it may be repaid expense, net of amorti:ation of the defermi gain, is approximately prior to iu expiration date without penalty. The weighted average $30 minion. interest rate was 10.1% for 1990. Future minimum annual lease payment 3 required under the The other long term agreement, which expires in 1995, contains agreement are approximately $41.9 million for each year through provi:,lons for both the sale of accounts receivable and unbined 1995 and $1,012.7 miUion over the remainJer of the contract. revenue 3 (receivables) and phase in revenues up to a total of $180 miUion. Anmunt3 related to receivables are accounted for as sales 18
8. lienefit Plans teorement plan. Of the 275 cm loyees chmble for the prognun,92 %e Gimpmy h,n rioncontributory, defmnl benefit pemion einployees, repewnting 7% of t ie Coinguns wurL fowe, dected m retar on or before the November 1,19W deaJlme. The effect of plam for all emphiyees. Plan benefia are genendly luel on yean of the pnynun we to inerc+e IWO pernion onts by $1.7 milhon-service and the employcei highest aggregate comynsation in five Thiunix unt, aLing with reLaeJ income tax bencias of $0,7 consecutive yean of the final ten yean of service. Due to the pesent funding stams of the plans, the Compmyi cunent (mwhng nullion, he been teamlal m the Gimiunn 1090 consihdated 6 tate"icnt "II"c"m"- pdicy is to contribute the minimum amount raiuirni by (nletal lav. The Comntny spinsorulefmni contribution plarn for all Net twriahe pension cost for 19'O.1989 und 1988 included the emphiyns The Campann matching contriinaion is bael on the following compuwnts Guupmy's irrfonn mcc (hinng the prior yenr mal the level of pp>0 1939 1988 emphiyee contribut kus.,Ihe total exFuse f.or the plun w.n $1.8, N'b"I $4.2 and $6.5 niilhon in 19% 1989 and 10B8, respectively. S.ervice co4t - trnefa3 camni %e h<nana. l Auininnnd.tandants Rurd he iwuni a during perhl $3.5 $ 3.2 $ 2.6 S'"'"""'"' "Ei"""Ci"I ^**'nnng $andarps Na Wi, Euphn, Intne3t cat on projectni ^"""*"d" Ih"C*""#"' Ik'"#l'a Other hm Pensa. T he benefit obhpaion 63 6.2 5.6 Actual retum on amets 1,1 (19.8) (14 2) Coinguny phun to ados this statement in 1993. This statement "'U '"I""" "" mal o gustnquenu nt trnefus buch in heahh we r Net amorti:ation und deferral (0.7) 12.6 7.5 I*"Cf'") E"ing the yean an enipbyte providen wnices The awu IWect of curtaihnent I,'l of diew lenefax are cunrndy cytnel on a payewwi, Ank Net griahc remion c,wt 5=a $=2.2 m 1 ne impict of this new simulard he not tren fuHy Jeienninni, but
== == the change hiety will not resuh in significantly greater expense The curtailment udnnement resuhs from the voluntary e,uly tying rea,gni:nl for pnwnion of thew benefin. Knagement retirement program offered during 1000 as dncuved below-expcu that the mcwacI benefin exp nse wdl cahn be recovnni cunently thnwich rate. or that a regulatory asset wdi te recouled to The foHowing taNe sets forth the pl.ms' fmwini status at s Novemtwr 30,1990 and 1989 (the plan yean) mal a reconcihation reflect anuunts to tw remvered through nues in the future as the of such status to the Decemtwr 31,1990 and 1989 consolklatnl cosa are niid financial statement
- 9 Income Taxes Actuanal present value at Novendwr 30; syc as,,hlani Scaemenu of inaime Tmn RM ML At Decemler 31,1990, the Compiny ha unnel mvestment tax (Mibu) crnhts of appnuumately $ 19.6 milhon available for canyforward to Vestal benefit obligation
$f0,2 $36 future yean whic h, if not utih:ni, will expire in the yean 2000 thnxigh 2p % w unha hae been upphed in decennining the Accumulated benefit obligation 64 $RS 7 Plan assets at November 30 ~- Conspany 3 net danni incoine tax habihty and conespinJing (prinCip'!Oy cointuon 31ock obpubbC O""n. du{oinnmy has ahnn. ant ininunum tax anha, which compmies and U.S. govemment secunties) $ 98.7 $105.4 canyfawsud w uhout expinaMn, of $ M8 innon which inay be Projected benefit obhgation at "'"d '""N' I"*"1"M" '".\\m se extent the wgulanax exmds November 30 _(W) . (84 i) the ahunauve nu,nunuin tax The Compmy uwd as remainmg Plan assets in excess of projected $8.5 milhou of net operating Liss carryfonvards for regular inmme benefit obligation at November 30 7,4 21.0 '"' P"'P *
- I #
Unrecogni:nl net gain from put experience different from that assumni (21.2) (28.7)
- 10. Commitments and Contingencies Prior service cost not yet recogni:nl Spent Nuclear Fuel Disposal. Under the Nuclear Waste Pohey in c.et perblic pension cost 9.5 5.9 Act of 1982, the U.S. Ikpatment of Energy (DOE) is respmsiNe Recognition of net awet at for the uhimate storage and dnp ud of spent nuclear fuel removnl Januacy 1,1986 over 18 years (2.4)
(2.6) from nuclear reactors. Under a contract with the IDE for dnnw.d Contribution accrued for December (0.2 ) (0.2) of synt nuclear fuel, the Company piys a quartaly fee to DOE of Pension liability recogni:nlin the one mill per blowatthour on net nuclear genennion. Such fees consolwlatnl hdance sheen were $3.7, $4.6 and $ 3.1 milhon for 1900,1989 and 1988, at December 31 L_(6.9) }R) respectively. These fees are included in nuclear fuel expense which . ~ ~ ~ WdudhkM>meAm The following were lned in tile determination of aCluarial {)ecommi%ioning
- The b nopmy's slure of Wolf Creek present values of the pnyectnl benefa obligattom at Novemler n Generating Siation (Wolf Creek) deconunissioning cusu is estimated to le approximately $07 milhon in 1988 douars.
1940 M9 lkcomnussioning awt3 are being charged to operating expenses Weightnl average ascount nue 8.0% 8.0% Electne nues charged to cusmmen pnwide for wcovery of thew Rate of increme in future compensation 6.0% 6.0% decommicioning cosa over the hfe of Wolf Creek. Amounu so long tenn nae of retum on nuts 8.08.5% 8.0% coHected fnnu emtomen are denwited in an extemal innt fund and will be used solely for the physical deconunissioning of the plant. During 1990, the Nml of Daeetors approved a voluntary earlY At ikcember 31,1990 and 1989, $4.9 and $3.7 milhon, retirement pmgram for all employees age 50 with at leet 5 yean of respecovely, were on deposa m the deconunissioning fund in service. The program consisted of an aAhtlonal 5 years of Wrch 1990, the KCC iwoed an unter authorning conuibutions to accrnhted wrvice for purposes of the Onnpany's retirement plan, the deconumssioning trust at levels which management leheves and an incentive piyment hoed on sdary iuul years of service. The meet the future fundmg raioirements of the Nuclear Regulatory incentive paymenu were inade from tnnt aweis of the Compmy's Cenuwon (NRC) In July WOO. WCNOC, on trhalf of the 19
ownerulWolf Creek, fded a certification of financial n+orance on KGS has settlal the claim of Chevnin, Ibrhata and PwLrell, and decommissioning fundmg wah the NitC, is seeking recovery of such settlement custs tappniximately $40 The Compmy carries $77.5 mdlion in decommissioning million) from the Compmy. On February 20,1991 following a insurance for which the external decommiwoning tndt funJ is the two weet jury tnal of the thinl pirty action against the Gimpmy heneficiary in the event of a shortfall in such ford The insunmce regarJmg lbrbara and 15ckrell, a $ 5.3 millkin verJiet (one half of coverage he several restrictions. One of these is the requirement amount claimnt) was retumed natinst the Compmy in favor of that it can only le used in the event that Wolf Creek incurs an KGS. Management has detennined, after consultation wah accident excenhng $500 million in exp rnes to safely stabih:e the counsel, that the verdict and any resuhing judgment is without reactor, to decontaminate the reactor and reactor stanon site in merit and is contrary to the weight of eviJence und apphcable law. accordance with a pLin approved by the NitC and to pay for on site The Compmy will file it3 artwal with the Kanse Court of Appeah property Januges. If the amount designateJ as decommissioning in March 1991 and expects to obtain a favorable ruling. insurance is netJed to meet such NitC regulatiom, it woulJ not be . While the resolution of these matters may have an impict on the available for deconunissioning purpises. f nancial resuh.s of the year in which the maners are seuln!, Nuclear Insurance The Price Anderen Act hmits the management beheves that the uhimate dnposition of thew matters combineJ public hability of the owner > of 115 nuclear power plant 3 will not have a material aJvene effect up on the business or financial to $7.8 billion for a single nuclear incident. The Wolf Creek pisition of the Gimpm3 owners (Owners) have purchased the maximum available private Other investments. The Compmy routinely purchases shon. inson nee cl$200 million and the hJance is proviJni by an tenn investment grade conunercial peer for special depisit interest assessment plan marwlated by the NPsC. Under this plan, the accounts awiciated with tax exempt p dlution control hinds (See Owners are joinJy and sevendly subject to a retnispective Note 6). On February 1,1990, the Compmy pirchasal $6.6 awssment of up to $63 million ($29.6 milhon, Compmyi share) in million of Drexel (brnham L.untwn Gnxip Inc. (thexel) the event there is a nuclear incident involving any of the nation's commercial p per. On February 13,10% Drexel 61ed for licenseJ reactors, if the Owners' share of Jaints and legal costs per bankruptcy. On March 1,1990, the Gimpmy was required to incident exceed $63 milhon, the Owners may be surcharged up to substitute simdat muounts of investments m the special depisit an a<Llitional 5% of $63 million ($ L15 million). There is a accounts. The Compmy has continually monitorni and evaluateJ limitation of $10 million ($4 7 million, Companyi share) in the infonnation receivnlin the baniruptcy procenhng. In the retnepeetive assessments per inciJent per year. third quarter, adJitional claims irma fded indicatnl full recovery %e Owners carry enmerty damage, decontamination and woull be unlikely; accordingly, $ 1.7 milhou of the invesunent was premature decommissioning insurance totaling approximately $2.3 wrinen off. Due to the number and complexity of clainu (dal in bilhon with respect to its prop >rtionate interest m Wolf Creet, the fourth quaner w hich indicate lengthy htiganon, the Gunnmy pmviJul by a combination of " nuclear insurance piols" and he detennined that the investment has been pennanently impaired Nuclear Electric htsurance 1.imited (NEIL). The minimum and, accorJingly, the remainder of the investownt has been written coverage currently required by the NRC is $106 bilhon. The off. These wnte offs are inchxled in miwellanmus expense in the Company also carries addnional insurance with NEll to cover the 1990 consoliJated statement of income. costs of replacement power Juring a prolongeJ outage at Wolf Fuel Commitmenss. To supply a pirnon of the fuel Creek. lilosses incurred under th NEll p>heies excent premiums, requirements for its generatmg plants, the Company has entered reserves and other NEl!. resources, the Company may be subjeet to into vurious commitments io obtain nuclear fuct coal and natural retraspective asse.ssments et approximately $5 milhon per year. gas. Some of these contracts contain proviuons for price escalation %ere can be no assurance that all potential Lisses or liabihties and minimum purchase conunitments. At Lkeember 31,1990, will be insurable or that the amount of insurance wd1 be suf6eient to WCNOC's nuclear fuel commitments (Company's share) were cover them. Any suhstantiallosses not covered by insurance coull approximately $30.8 milhon for uranium concentrates through have a material adverse effect on the Comomy's financial 1997, $173.4 milhon for enrichment through 2014 and $ 51.6 conJaion. milhon for fabncation through 2014. At December 31,1990, the P Y'S C"'d and natural gas contract commitments in 1990 C"u"an"u"ndenhe ren,aining tenn of the contraeu is $697.9 anJ Litigation in February 1987, Chevron U.S. A.,Inc. (Chevron) Jo fued an action in the United States Dntrict Court for the District of Kansas against Kansas Gas Supply (KGS), a natural gas suppl er of $69.9 million, respectively. The coal contract 3 expire in 1991,1906 the Comomy, alleging a failure to purchee contreted amounts of and 2013 and the natund gu contracts expire in 1993. naturd gas and to pay price increases. In January 1988, KOS filed a in the normal course of business, alhtional comnutments will be third party complaint against the Compmy seeking recovery fnim made to assure adequate fuel suwhes. the Compmy for any damages which Chevron may recover from Other The Compmy is involvnl in various mhe legal and KGS. In July 1989, Barbara Od Cmurany (Ikirhira) and Pickrell environmental proceedings. hianagement believes such Drilling Company (Pickrell) filed a similar action in the Barber proceedings in the aggregate will not have a material deerse effect County Dntrict Court against KGS. In September 1989, KGS filed on its 6nancial pisition or results of operations. a third party complaint against the Compmy in this aahtional 11, hierger Agreement action, in both cases, KGS alleges that it haJ oblrated itself to in October 1090, the Company's Ibard of Directors purchase gas for the benefit of the Compmy, that the Gunpany,* unanimmsly, with one director absent, approvnl an Agreement and dealing with it were not consistent with reasonaNe standards of f,u.r Plan of hierger (the hiercer Agreement) with The Kansas Power dealing in the trade, that the Compmy acred in baJ taith and that and Licht Compmy (KPL), a Kansas corporation and KCA the Gunnmy,s actions consatuted frata KGS further aueges it wa' Corp > ration (KCA), a wholly owned suhsiJury of KPL, providing acung as an agent of the Compmy when contracang for gas fonhe % rger of dw Compny MdmnJ into KCA. The supphes. hianagement has demed the allegations of KG5 and Compmy, KPL and KCA suhsequently executcJ the hierger believes that it has, at all times, ftdfilleJ its contractual obligati'"" Agreement. Following the merger KCA will change its name to with respect to the supplier, has acted in goal f aith and that KG5 Kansas Gas and Electric Compiny. was not an agent of the Onnnmy. 20
in the merger, common durehollen, of the Gimpmy will
- 13. Quarterly Financial Statistia (Unauditnt) receive conskleration of approximately $12 gr diare. The (T6usaiuh, cucN h.r shne onounn) tranuction int ructurnl m a " cash election" merger in w hich common durchollers can eltct, subject to certain cotklitioto, to
} tyQ receive $32 per diare in cash, KPL common sud wurth 4th Qtr.
- 3rTQtr, 2nd Qtr, lit Qtt, approximately $32 (lu.nl on KPL conunon sud prices m Openaing detenuined a: the time of the merger) or a combination of cmh and Revenues
$ 120,372 $ 179,688 $139,804 $146,777 KPL common sud. %e amount of cash io be p&l in the mergo Opniting will be $434 million, so if hollers of move than 4 3.75% of Gunniny income 20,565 52,947 30,529 35,245 common stock elect to receive cash, durthollers electing to seceive Net inconw 802 33,162 12,1N 18,056 cash will aho receive KPL common stock. Preferrnbharehollen of Famings the Compiny will receive in cash phts accumulatni dividends if Applienble to any, $110 for each dure of 4 l/2% Prefened Sud ; $101.63.or Gunmon Suwk 597 32,957 11,958 17,851 each Jure of 4.32% Prefenni Stock; and $101 in cash for each Average Sharen dure of 4.28% hefennl Stock Outstanding 30,999 31.012 31,685 33,025 The merger is subject to a number of condit uns, inchkhng the thrnings conclusion by KPL of necessary financing and durehokler approval Per Share 0.02 $ 1,06 $ 0.38 $ 0.54 regarJing authori:ation of additional KPL comnon dures, approval ._..H89 of various regulatory commissions and approval by the sharelmklen _4thQtr. 3rdQtr. 2nd Qtr, Ist Qtr, of the Comomy. A special meeting of the Gm.nany's sharehollen to approve the merger is uchedulnl to be hekl hiarch 19,1991. The Operating merger will be consununated m uun m practicable following receipt Revenues $ 120,737 $ 164,716 $ 136,365 $ 111,715 of all necessary approvah and coitsents. enaing neome 21,153 48,133 34,985 21,H4 Other operation expenses in the consolidatabtatement of income for 1990 inchale $7 million for expenses related to the Net income 944 30,200 15016 1,313 Comomy's ressmse to the unsohcital tender offer by Kansas Gty lanune Power & Light Compmy (KCPL) and the merger with KPL Apphcable to Ginunon Sud 7N 29,W W 10 1,128
- 12. Joint Ownership of Utility Plants Average Shares emnenp~~ownmhip twnan u, mo Outstanding 34,068 34,066 34,205 34J93
'lnemw 1mno E,nuGI W 16 lbmings _I C pnt 1%hn MV) mt Per Share 0.02 $ 0.88 $ 0.43 $ 0.03 mwu) la Cygne 1(a) June 1973 $ 123 $ 75 342 50 Jeffrey 1(b) July 1978 65 24 133 20 A' b""ed i,n Note t, the L,ompmy,3 operating revenues and Jeffrey 2(b) hiay 1980 64 20 134 20 inineu chaws for the W and suond quanen of pave han *'"t"I I'"* "*"'d"' NC"I"'al P'rted to tellect the Kansas Y Jeffrey 3(b) hiay 1983 91 23 137 20 WolfGeek 1(c) Sept 1985 1,364 200 533 47 Coun of Appeak June 4, lWaision which oauned m the thud quarter and the reversal of the refueling outage refund onler which munal in the founh quana. The effut was to inew fint and (a) jointly ownnt with KCPL suond quarter tevenues by $17.2 ($15.2 milhon of which relatal eo (b) jointly owned with KPL Centel Corpoeation and Utilicorp Im enenues) and $0h nulhon,inpecuvely. Net income and Unital, Inc. vanung apphcable m conunon sud inneawd by $11J and $0.6 (c) jointly owned with KCPL and Kans,ts tilntric Power 'nithon, reputiwly, and eanuna pa share uimul by $0.35 and Goperative, Inc. $0.02 for the first and second quarters, ropectively. Amounts and capacity represent the C.omgr ohare and have 1)uring the fourth quann of 1990, the Gunnmy wnne off its twen (mancnl by ihe Compmy. The Gunniny'3 share of operating "'""i"i"#I"V' ' ment in Diexel conunercul piper (See Note 10). expense 3 of the plants in wrvice aluve, m well m such expenws for Net income and camings applicable to common stock decreawd by a 50% undivided interest in la Cygne 2 (representing 320 hlW $3.1 milhon or $0.10 per share. capicay) soll and leasal back to the Compmy in 1987, are The Compmy's businew inubint to semnal fluctuations with inchalal in operating exynses on the consolidatnl statements of income. The Compmy'uhare of other transactions a=ciatal with the peak perksi occuning during the summer months. the plants is inchkiniin the app vriate classification in the Approximately 30% of the Gnunmy's LiL> watt hour sdes occur Compmy'3 comolidatnl finanei i statement 3. during the third quarter. Anonhngly, caminm information for any three month gtkwl shouki not be considernt as a basis for estimating resuhs of operations for a full year. hiarket Prices and DivilenJ Rates of Conunon Suwk _lif/ly htAct Prke Dn i, lend, Comom NYtW, 2R DW HR W el Enr Quner $214/4 $204/2 ini!4 119 $A) 1 40 WuolOunn 21 1/2 201/8 E7,H 194,k A) 40 'IlmJ Quner 25 7/H 194/b 24 1/4 21 1/2 A) .40 IWih Qunct 27a/4 2 b7/H N El$ A) 41 The Gunnmy had 27,413 common 3ndhollers as of I Decemlwr 31, lWO. 21
Comparative Electric Statements Annual Compound Growth Rates 5 10 1990 (a) 1989 (a) 1988 Year Year Electric Operating Revenues (Thousands) Residential $ 214,544 $ 187,657 $ 197,109 7.8 8.0 Commercial 151,098 135,740 133,049 8.5 8.5 InJustrial 168,294 153,360 154,368 5.4 6.1 Public street and highway bghting 6019 SJij 5,.5 10 7.3 9.2 Retail rates 539,955 482,500 490,096 7.2 7.5 Wholesale rates 36M2 40R4 26210 8.7 1.6 Total sales of electricity 576,107 523,334 516,336 7.3 7.0 Other 10334 10.199 9.884 9.0 26.0 Total electric oiwrating revenues $ 586,6_41 $ 533,533 5 526,220 7.3 7.2 Sales in Kilowatthours (Thousands) Residential 2,270,222 2,104,718 2,187,725 1.0 0.4 Commercial 1,8.37,971 1,748,434 1,725,446 2.4 2.2 Industrial 3,093,098 2,978,423 2,941,944 2.8 0.9 47dOO 49J33 SidO7 (3.6) (3.0) Public street and highway lighting _ 7,248,691 6,881,318 _6,906,422 2.4 1.1 Retail rates Wholesale rates jk88J88 _2&62,0M JJ66Jld 11.4 2.6 Total kilowatthours solJ _81HM10 _8M4.28 5 ,827LL36 3.8 1.3 Customers at End of Year ResiJential 228,220 228,958 226,235 0.7 1.1 Commercial 22,763 20,697 20,432 2.4 1.7 Industrial 4,358 4,307 4,346 (0.8) 1.1 Public street and highway lighting 616 809 _ 722 3.2 5.6 Retail rates 256,177 254,771 251,810 0.8 1,1 Wholesale rates 39 39 39 0.5 (9.2 ) Total electric customers 256,216 254,810 251,849 0.8 1.1 Residential Average kilowatthours per customer 9.951 9,248 9,726 1.1 (0.7) Average revenue per customer 940,36 $ 824.54 $ 876.27 6.9 6.8 Average revenue per kilowatthour 9.45 v 8.92 e 9.01 e 5.8 7.5 Kilowatthours Generated and Purchased (Thousands) Generated (net after station use) 9,499,759 9,585,827 8,429,402 7.9 1.8 Purchased 181,925 57,388 307,487 (35.2) (10.0) Total available 9,681,684 9,643,215 8,736,889 3.6 1.3 Company use, line loss, etc. 744,705 698,930 663J53 2.2 1.5 Total kilowatthours sold _8MMJo _8143J85 _8,03,136 3.8 1.3 Average BTU per Net Kilowatthour Generated 10,883 10,818 11,033 (0.5) Average Fuel Cost per Million BTU 1,01 0.96 1.10 (8.1) (2.7) Power Resources (Megawatts) Available capacity 2,387 2,380 2,376 2.6 1.5 System peak responsibihty 1,761 1,568 1,677 1.8 Reserve capacity 626 8T2 699 5.2 7.4 Utility Plant at Original Cost (Thousands) Beginning of year $2,446,294 $2,395,207 $2,373,210 0.7 8.4 Capital expenditures 62,766 56,775 52,853 (22.5) (9.9) Retirements 22 2E 5,688 10,856 (3.2) 18.9 2 End of year 2,486,843 2,446,294 2,395,207 (0.6) 7.0 Accumulated depreciation 628,786 571 380 497.378 13.2 12.1 Net utility plant $ 1,858,057 $ 1,874,914 $ l,897,829 (3.5) 5.7 Employees at year end 1,: N 1,330 1,316 (13.3) (2.4) { l (a) See note 2 O[the Notes to Comolidated Emancial Statemena for impact of rate refund orders. 22
Stockholder Information Corporate Offices First Chicago Tnnt Co. of New York 120 East First P.O. Ik>x 3989 P.O. Ikix 208 Church Street Station Wichita, Kansas 672010208 New York, New York K008 3989 l' hone: (316) 261 6611 Bondholder Information Stock Exchange Listings Inquiries concerning lon lxinds, interen payments, The con,,any's common stock is listed on the New change of adJress und other matters relating to York and Pacific Stock Exchanges. ownership shouki contact: Stock Symbob KGE Morgan Guaranty Trust Company of New York Corporate Trust Department Public Information 60 Wall Street,36th Fhior Financial analysts, stockbrokers, interested investors New York, New York 10260 and financial media desiring information about KO&E (212) 648 9261 should contact: Annual Meeting Bruce il Burns Manager, investor Relations The annual stockholder's meeting will be held May 22, Phone: (316) 2616380 s Toll Free: 1 800 6 4 4389 1991, at the General Office of the company,120 East Fun, Wichita. Proxies for this meeting will be solicited Shareholhr Information by the directors of the company. A proxy statement inquiries concerning lost certificates, diviJend will be mailed to stockholders about April 12,1991, payments, change of address, account status and 1,orm 10,h, dwidend reinvestment plan shouhl contact: A copy of the company's 1990 Form 10 K, filed with KG&E Stockholder Records Department the Securities and Exchange Commission, may be P.O. Box 208 obtained by c ontacting invenm relations at the Wichita, Kansas 672010208 Phone: (316) 2616640 e Toll Free: I 800 527 2495 (orP*dt* "ffice' Dividend Payment KG&E's transfer agents Dividendwn the c<nnpany's common and preferred Preferred Stock, nock in 1991 are expected to be naid on or about: First National Bank in Wichita Trust Department Common Preferred Ibx One March 29 january 1 Wichita, Kanw 67201 5000 June 28 April 1 September 30 Julyi Common Stocki December 31 October i First National Bank in Wichita Trun Department Ibx One Wichita, Kansas 672015000 Map Legend Generating Station. Capability and Fuct Service Area Map c m. -hce - - oeru tem s,~m g Elceuw siarw, sti MW. Senke %en # 1 tanumsuon t.mc' ---- Naturat Oa* tt i h .I I [nterconnections and 99,y, gai gy, I. ~ N Power pool Mernberships t tiung s, mon, is Mw, / -1 Niurat Oai 2 ,/.,, '/ '] Duest mierumnesnom are t.a Cygne Neam Un trw numiamed wub 10 onber 4 Sanon, W MW't,C,ul '#i -a* r. I urdine, and the company n a g W'"'IIC'nk Generarmg p memhet of the smithwest Power Nutlur' W MW N "* .,[ Wq . 1 l Pu l. Power u irgularly l. t 'I ' j inmumneJ io and evom eh,, l ~j M' 8$ unhnei to enmre retuhbry and g jdtvey onergy Center. + g'..g' R : ' i. f= ,y.. ,L j 7
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Directors
- Frank J, Ilecker (1981)
Italph Foster (1970) hlarjorie 1. Setter (1980) (1,3,4,7) Perwiul Imtstments, (4,7) Viw Prestent Ocncul H) Comultant, Steplan Adiestisiig El Dorado, KS Coumelof the Comtony, Agency Adtvraising aml Public Wichita, NS RcLaiom, Wichita, KS Glenn liiggs (1986) (3,6) Perwnalinwstments, Donald A. Johnston (1980) Donald C, Slawson (1983) San Antonio, TX (2,5) Corbirate Gencial hlanacer. (3,7) Chainnan of the Ik avd and hiaupintour, Inc., Unnence, KS Prenient, SLnewn Comtunies, lioward Brenneman (1985) Wichita, KS (2) Intcsoncnt/Founcial Comultant, Glenn L Kocater (1986) llenton, KS Retired Vice President Nucicar Dr. Newton Smith (1985) of the Comtuny, Wichita, KS (5) Physician, Arkamas Cuy, KS Wilson K. Cadman (1978) (1,7) Chainnan of the floord and llussell W. hiever, J r. (1982) Advisory Director Prculent of the Comtony, (1,7) Chamnan and Chief thecutive A. Dwight llutton (1976) Wichua, KS Officer, Cessna Airciaft Comteny. Ret red Clainian of the ihmid, Wichita, KS Fourth Financia! Corti., Wichita, KS C.Q Char,A e (1974) (1,4,5,7) Ch.unnan of the lhord, James J, Noone (1986) %,i,,i,a.na n,mmiu,....ignm,ni. First National llank (6) Attorney and Retired commin u 0)1:iumaw in Wichita, KS Adminisnative Judge G) C"'"l="a'" und li~ft 0) ^* for the Dntrict Court of Sedgwick "I *"d"* M"'""" (?m) "nm"g"'"'"'"8; (6) Sgcul 1.nig non, (7) I li flohert T. Crain (1981) County, Wichita, KS (2,5) Crain Realty Compmy, Fort Scou, KS Officers Wilson K. Cadman,63* Robert L llives,57* Tom Underwood,53 Chainn m of the Board avul Preslent Group Vice President Vice President - Iluman Resources Kent it, llrown,46* James T Clark,50 E.D. Prothro, 58 Group Vice President Vice Predient Accounting Controller aid Anistant Secretary Itichard M. Iladen 51' Ralph Foster,62* Richard D. Terrill,36 Group Vice President Vice Preslent - Ocncral Coumel Secretary and Attorney James S.11aines, Jr.,44* William 11. Moore, 38 Jack Skelton,60 Group Vice President Viec Predient - Fmance aml <\\uistant Secretary Treasurer ' poky Group hirmtwr Kansas Gas and Electric Company Mcy Number 10 Ilulk Rate P.O. Box 208 U.S. Postage P^lD Wichita, Kansas 67201 Permit 165 Wichita, KS Alfren Correcuon Requested I _-}}