ML20076E675
| ML20076E675 | |
| Person / Time | |
|---|---|
| Site: | Seabrook  |
| Issue date: | 07/27/1983 |
| From: | John Baker, King F MASSACHUSETTS MUNICIPAL WHOLESALE ELECTRIC CO. |
| To: | |
| Shared Package | |
| ML20076E650 | List: |
| References | |
| NUDOCS 8308240619 | |
| Download: ML20076E675 (37) | |
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Tha Challsnga ctf MMWEC In the late 1800s onlya few prophets Through such services as demand In 1981, hih1WEC members made could see the great potential of elec- forecasting, power supply planning and an important transition. With a power tricity. Among those pathfinders were tax-exempt financing, the agency they supply program established, many residents of 34 h1assachusetts cities founded, the hiassachusetts hiunicipal members became, for the first time, and towns. Not long after Thomas Wholesale Electric Company (hthfWEC), fully committed to the hih1WEC pro-Edison built the first central power has helped its members progress from gram as they ended their long-standing
- plant, they created their own electric wholesale customers of private electric contracts to buy power at wholesale
' systems, inspired by the belief that companies to virtually self-sufficient rates from other utilities.
l electricity is a service that should be electric systems. With that landmark behind us, i provided by and for the community. That transformation began with the Nih1WEC now faces a new challenge -
Since 1889 these systems have building of a power supply program. that of helping our members fine-tune
, remained strong and independent in a Backed by the revenues of its mem- their energy mixes to respond to the
, region dominated by larger, private bers, h1N1WEC has secured ownership constantly changing regional and national utilities. To maintain this independence in major New England power plants energy situation. Those refinements
' they joined togetherin the 1960 sand in and has built its own generating facilities. will allow our members to continue to l the mid-1970s they formed a joint Six power plants now comprise the provide their customers with reliable j action agency. foundation of the power supply program. e!ectric wrvica at the lowest cost possible.
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James E. Baker, Chairman Francis H. King, President G
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Re$ $ $ M Wmasm 4Y?Q A A New y England Tradition a % klI l lN2kik$=Q.lW j\ S l
l New England has been called a land or rugged individualists. This region was settled by hearty, strong-minded 7 ? people whose ideals and intelligence
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their communities. $
They strung wires, built power e plants and bought power from rearby electric companies. Through hard work and perseverance, they brought to their communities high quality, economical electric service. And, mor< importantly, they kept the power over the power in their own hands.
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1982 Members' Peak Demand: A Pr[ traitt of Diversity /
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,Wnvers Westticld The MMWEC nlember systems arn a 40 diverse collection of resith utial suburbs.
manufacturing centers, resort t oramu-
- '**"'r nities and farming too rw Despite their 30 H ud*on differences, they have many things in Mansticia ,
common. I~rst among these is a hentage N*W
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B"""' M'ddi'W" Many of these towns played a role inwice, - * " "d "d "N" " *
- Ho: den 1;niceon VdI""s. On a bridge in Cont ird on 10 ' - -"
Middicton Wis oyi,1on g
<\prd 1 % 1 M for mampk, b Mmuto men engaged British regulars in the Ashbu ernmat o ey , g first ska mish of the Revolutionarv War and fired "the shot heard round the
'Ihe M communities which comprise year 1982. Peak demand isa measure of ng, robust economies, whit h in MMWEC have much in common.How- the magnitude of an electric system's recent times have been fueled largelv ever, each system is unique. Perhaps load. One of the primary responsi- bs pm r trom municipal electric sys-no single variable reflects that diversity bilities of MMWEC is helping to assure , ,gg ,7g ,
,g as clearly as the peak demand for that adequate and economicai resources 34 s and tom MM bt bg h>
electricity. The bars m this graph repre- are available to meet each system's MmWC b- ii d m ha sent the highest demand recorded for load. though the national and regional econ- ,
each member system during the calendar ms han sle d WMi Atm l demand is dropping ott in most of the nation and the region. demand in our member systems is growing by 2 to 3 percent a vear
I l Industry:
l A Cornucopia of Products
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l In industry, commerce, education, berries to some of the most sophisti- glass, hospital supplies, organ pipes, agriculture and recreation, the 34 com- cared computer hardware in the world. cutting dies, canned fruit, jewelry. gen-munities which make up MMWEC Among the products made in our erators, adhesives, metal cans, chemicals, have always beca leaders. member communities are shoes, office plastic-coated fabric, books, electric Our systemsare bome to indus: ries supplies. machine tools, soft drinks, lamps, motorcycles, furniture and The which produce a variety of goods, fmm steel, plastics, frozen foods, compressors, Wall Street Joumal.
thousands of bushels of native cran- hardware, textiles, concrete, candy, Y, ,
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iegend p,.. m ,i, ,,ca n n, s n eN graphs icnmi a kni u 2
\l\1WI ( re,,s u o ina s us .hi w the trrods i itn. i' pi n i nt.io i
'ww I nglanel thanges vin tr e deman1 T h. tigu ri - uv d tot 1".
w ere estimaic, tusta < o I, ud torn 4-i- g L'nited states Percent Change in Industrial Energy Sales 7 10
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147H 1974 1980 1981 1o82 The N1N1WEC 1.oad: A Healthy Rate of Growth in recent years the rate of growth in have remained strong in the face of ~
the demand for electricity has slowed, economic Jumps and rising energy due to high energy costs which have costs. These include a variety of high led many homeowners and businesses technology corporations, as well as ta conserve energy While the growth service industrias and institutions which -
suppert these firms and use their in demand in the N1N1WEC systems has .
also diminished. it remams iiigher than products. -
that os the nation or the New England Their success has meant a healths region (top graph). growth in industrial electric sales hv Flutric sales to industry have the N1N1WEC system. especially when wf, accounted for much of N1N1WEC's compared to the declining sales in New continuing growth rate. Our members Englar.1 and the nation (hetem graph).
are home to mativ industries which
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From the rich soil in some of MMWECs member towns is harvested an abundance of crops. Fruit trees dot the landscape in Rowley, Sterling and Littleton. T he quality of the apples f rom
, Littleton's orchards is widelv known.
The celebrated Concord grape is still grown in the town which gave it its name.
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The MMWEC Power Supply Program: d;3, .. g ' *j ( }W
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Meeting Our Members' Needs k.e >c 5\ .ErgY. e' . . ' . *
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UNir% IN OPE RAlloN -
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" 16 " grow th in ein tot Jenund mas < ome in llokien sterhng and fludson all resi. Q. ,c;. 0 the future Wre and more people are dential sub mbs of W orsester new i .y.,
The MMWEC power supply pro- nios in hon, urban an# sus E a- Hoston h ou se s and businesws an on the nv f. n*Q ,
gram consi ts of ownershipin six maior and Won ester to enios the quieter g,pg.;
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capacity. Four o' these power plants a re p; baseload units which MMWEC jointly i,D;4 own, along with other New England utilities. The others are MMWEC's own yw;;.wN. ..
Stony Brook intermediate and peaking fu u nits, the first major New England dp power plants to be built for and by -.
municipal utilities These sn. resources %-A .
@%pqwemymy= ,w egn. uw r represent the foundation of the power mg;D%g-sm m-n n
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The Rewards j ef Leisure and Learning
%ome ist the most renownc-d resorts and attrin tions on the eastern seaboard are lotated in N1N1WI.L member com-mun. ties in liull, ;housands enlos the three-mile stri $ h of Nantasket Ileach.
t alled the l ankee ( ones !sland ' I he y snowu overed -! opes of N1t I om, a popular ret reation ( enter in } {olvoke. I[
attract thousands of skiers eat h winte-Wh e re ( rilde ilshi rmen s huts i>nce clung to a co( kv shore, sleek sailboats +
now glide and summer homes now grat e the si enn harbor in Ntarbl" head wha h has bc< ome a mapir ea-i s >a s t .
vai hting center :
()ur meniber ( ties and t m ns also cater to the mind R.r decades writers ,
Ind artists have been attracted to the uUN ' - w r,
e-beauty and serenity of ('oncord and ' pc s '
Ipswa h in the goldi n age i>t American /_#- s hti rature ( ont ord was home to llenrv ' "/A ^ wl EN Ilavid T horeau. Nathaniel llawthorne. - ~ M m aa IRalph Waldo I:merson and I ouisa Mav 0 _ m-_
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MW MMWEC System Resources and Requirements me 4 .
its Members
\ Members' total .f 1000 capacity [
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capacity. capacity - The same spirit which inspired these
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pervades the lives and pursuits of these 90 96 unique cities and towns.
76 78 80 82 84 86 88 92 94 .
That spirit is also part of MMWEC.
in our first half decade, we have helped MWims ""' " '
of dollars Cumulative MMWEC Cash Requirements and Total Financing '
d ii '
2,000 a solid power supply system and sup-Total ported it with timely power purchase financing arrangements. We have constructed the first major power plant built by and 1,600 for New England municipal electric systems. We have established a philo-Cumulative sophy of looking to the future to secure 1,200 cash the best available power supply re-requirements sources so our members can continue to bring the most economical service to their customers.
800 In all we have done, we have been guided and inspired by our member-ship. For our members - their heritage and people; their goals and ideals; their 400 strengths and needs - are MMWEC.
0 76 78 80 82 84 86 88 90 92 94 96 The MMWEC Story: Meeting Our Goals One of MMWEC's chief responsi- will continue to do so well into the 1990s.
bilities is helping to meet our members' To meet the cash requirements in-r:quirements for power. In 1976, volved in bui: Jing the power supply MMWECbegantobuilda powersupply program, MMWEC has issued tax-program to achieve that goat Since exempt revenue bonds By the end of then, MMWEC has acquired over 800 1982, MMWEC had issued over $ 1 billion megawatts of jointly-owned capacity in bonds, which are backed by the which, along with power obtained revenues of our pa rticipants. This figure through contracts with other utilities is expected to rise to a total of about cnd resources owned by members, $1.8 billion by the time the last of the six exclusive of MMWEC, have more than units in the power supply program met our members' requirements and begins operating in the late 1980s.
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1982 Mzre Sarvices, Mcra Savings in 1982, N1N1WEC provided its our total bonds issued to date surpass generated PASNY power.
members with more and better sei. the $1 billion mark. O During the summer, 32 of our vices, while saving them just under O The Canadian National Energy Board members voted to join other utilities in
$3 million in power costs. We are approved the export to N1N1WEC of New England in constructing a new, contmually refining our power supply 100 N1W of power from the 630 N1W 690-megawatt transmission line which program and hope for even greater Point Lepreau nuclear plant in New will bring energy from a huge hydro-savings in the future. B runswick, which is to begin commercial electric power complex on James Bav in These are some of the strides made operation in early 1983. Power from Quebec to New England as emly as 1987.
during 1982: the unit, which is expected to save the
.. O Our membership giew to 34 m.
O Our Stony Brook intermediate unit 28 participating N1N1'VEC members December, when the Concord N1onicipal recorded its first full year of operation, more than $2 million by the summer of Light Department joined N1N1WEC.
saving members $4.7 million through 1983, will be available to N1N1WEC members at least until 1987. In the last quarter of 1982 we com-its dual fuel capability which enables menced two studies which could have the unit to generate using both natural O Our Weekiv Studies Program, which
~
far-reaching implications for the NIN1WEC gas and oil. The peaking unit went into finds economical short-term sources of "" # '"
operation in November 1982 completin8 energy for members, saved $775,000 P *E * '
the Stony Broc,k project, on time and for the 25 full-time participants during O An investigation of the viability of under budget. its first year. the "all requirements" concept, under O Construction of the Seabrook units O We submitted our latest 10-year which our members' resources would was approximately 69 percent complete forecast of energy needs and resou'rces be melded and integrated consistent for Unit 1 and the common facilities to the Niassachu'setts Energy Facilities with our goal of providing a reliable, and 17 percent for Unit 2 by the end of Siting Council. Developed using a new econ mic resource m x while mim-the year. econometric model, the forecast pro _ mizing potential risks.
O N1illstone Unit 3 in Waterford, vides the basis for planning and acquir- 0 A strategic planning program de-Connecticut was more than 60 percent ing power supplies. signed to chart our course into the next complete by year end. The unit has a O Wacontinued ourattemptstoobtain century through the identification of scheduled on-line date in 1986. power from the Power Authority of the corporate goals and objectives and the O Thesaleof tworevenuebondissues State of New York (PASN (), and hope development of plans for achieving to see a resolution of theissuesin 1983. them.
totalling $245 million and issuance of
$40 million in notes financed a portion We remain optimistic about winning it has been an exciting and fulfilling of our interest in the Niillstone and our case, following several years of year for N1N1WEC and our members; Seabrook units. The year 1982 also saw efforts to secure low-cost h yd ro- 1983 promises to be even better.
7 Phillip C. Otness, General Afanager
Treasurer's Stctemant MMWEC continued the financing of the BONDS ISSUED projects in its power supply program during 1982 through the issuance of revenue bonds. Prm, cipal Amount Net Interest Two series aggregating $245 million of Issue (000) Sale Date Cost %
bonds were issued with $47 million desig- 1976 Series A $ 75,000 8/26/76 7.2 nated for Project No. 3 and $198 million 1977 Series A 177,370 7/27/77 6.4 designated for Nuclear Projects Nos. 4,5 1977 Series B 83,500 12/ 7/77 6.1 nd 6. These bond issues, MMWEC's ninth 1978 Series A 75,000 9/13/78 6.8 and tenth, increased the amount of bonds 1979 Series A 150,000 8/16/79 7.0 is:ued by MMWEC to $1,117,870,000. After 1980 Series A 112,000 8/ 6/80 10.2 maturities and other bond retirements, 1981 Series A 100,000 5/28/81 12.3 bonds outstanding at December 31,1982 1981 Series B 100,000 8/ 6/81 13.4 amounted to $1,109,060,000. MMWEC's 1982 Series A 115,000 4/16/82 13.4 bonds are rated "A" by Moody's Investors 1982 Series B 130,000 10/15/82 10.2 Ser', ice an 1"A " by Standard and Poor's $1,117,870 Corporation.
As a result of MMWEC's conservative financing practices for projects under construction, estimated construction cash PROJFCTS FUNDED TO COMPLETION flow requirements and the interest require- interest ments on bonds issued for such projects in Bonds Requirements gen:ral have been funded through mid- Outstanding Outstanding 1984 a nd longer in most cases. This practice Bonds (000) provides flexibility in scheduling future financings which is advantageous. partic- Nuclear Mix 1 $180,200 1/1/85 ularly in light of continuing changes in Nuclear Mix No. 2 1,515 1/1/83 money market conditions. St ny Brook Intermediate Project 176,980 -
In 1982, MMWEC continued a $30 million St ny Brook Peaking Project 85,020 1/1/83 revolving credit agreement with a group of Wyman Project 9,155 -
banks to finance the acquisition of fuel inventorI for the Stony Brook units; PROJECTS REQUIRING ADi>ITIONAL FUNDING
$7,265,000 was outstanding under this igreement at December 31,1982. During Total Cash Flow 1982 MMWEC also increased to $ 17 million Requiremen's' its revohing credit agreement which is Nuclear Project No. 3 119,690 4/1/85 used to provide temporary working capital Nuclear Project No. 4 190,500 1/1/85 to finance power purchases being resold t Nuclear Proiect No. 5 51,500 2/1/85 its m mbers; $3,912,000 was outstanding Project No. 6 285,000 7/1/84 under that line at the end of 1982. 9,500 Sears Island Project 1/1/85 The board of directors continued the eppointment of Arthur Andersen & Co.as
.The total cash flow requirements column represents the dates to which bond proceeds and independent certified public accountants estimated investment earnings will be sufficient to meet both estimated construction cash for the corporation. The auditor's opinion flow requirements and interest requirements on the outstanding bonds issued for each cnd MMWEC's financial statements for the project, except for the Sears Island Project where it is the date to which interest on bonds ye rs ended December 31,1982 and 1981 outstanding for the project has been funded. The Sears Island Project is inactive and are included as a separate section of this $8.3 million of unexpended bonds proceeds and earnings are available to meet cash flow rt requirements.
rnnual rep b.y2 George E. leary, Treasurer
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MMWEC 1982 Financial Statements t e
Table ef Centents 1
)
l Page Auditors' Report on Financial Statements . . . . . . . .. . . ...2 Balance Sheet . . . ..... ... . ... .. .3 l Stateinem of Operations. . .. . . . .. . .4 Statement of Changes in Financial Position . .. .. 5 Notes to Financial Statements . . ... . . ...6 i e I l l 1 1
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Auditzrs' Report To the Board of Directors of MASSACHUSETTS MUNICIPAL W110LESALE ELECTRIC COMPANY: We have examined the balance sheet of MASSACilUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY (a Massachusetts public corporation) as of December 31,1982 and 1981 and the related statements of operations and changes in financial position for the years then ended. Our examinations were made in accordance with generally accepted auditing stardards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of Massachusetts Municipal Wholesale Electric Company as of December 31,1982 and 1981, and the results of its operations and the changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. i . February 25,1983 2
Massachusetts M:nicipal Wholesale Electric Crmpany Balance Sheet December 31,1982 and 1981 I (Douars in Thousands) i ASSETS 1982 1961 i Electric Plant , in Service $ 195,449 $133,058 ' Accumulated Depreciation (Note 3) (6,973) (1,103)
)
188,476 131,955 1 Under Construction (Notes 2 and 6) Jointly-Owned 323,504 214,353 MMWEC Projects - 48,710 323,504 263,063 Total Electric Plant 511,980 395,018 Other Property and Equipment 4,463 5,212 Accumulated Depreciation (Note 3) (580) (464) 3,883 4,748 Tot'l Pwperty, Plant and Equipment 515,863 399,766 j i Special Funds (Note 2) 500,084 391,568 ) Current Assets Cash and Temporary Investments 4,582 4,564 Accounts Receivable 2,893 4,390 Unbilled Revenues (Note 2) 7,031 7,641 Inventories-principa"y fuel oil on a last-in, first-out basis 8,954 15,411 Prepaid Expenses 235 404 23,695 32,410 Deferred Charg s Costs Recoverable ' i the Future Under Terms of Power Sales Agreements (Notes 2 and 5) 67,942 55,667 Unamortized Debt 0,ecount and Expenses 33,654 27,328 Other 323 1.033 101,919 _ 84,028
$1,141,561 $907,772 LIABILITIES long-Term Debt (Note 4)
L Bonds $1,108,920 $866,905 Notes 7,265 16,900 i 1,116,185 883,805 Current Liabilities
- Current Portion of Long-Term Debt 140 135
, Notes Payable (Note 4) 3,912 3,668 l Accounts Payable 9,538 9,159 I Accrued Expenses 11,197 8,132 ! Contractors' Retention 461 2,749 25,248 23,843 t l Commitments and Centmgencies (Notes 6 and 8) ' l l l Advances from Members (Note 1) 128 124 i l $1,141,561 $907,772 I The accompanying notes are an integral part of these financial statements. l b L _ _ _ _ _ . _ _ _ _ _
e tiORS For the years ended December 31,1982 and 1981 (Dollars in Thousands) 1982 1981 Revenues: Electric Sales For Resale $100,446 $32,069 Service Revenues 2,864 1,389 Interest Income 60,52o 48,625 Total Revenues and Interest income S163,836 $82.083 Operating and Service Expenses: Fuel Used in Electric Generation 5 23,021 5 4.699 Purchased Power 67,213 25,994 Other Operating 7,196 2,259 Maintenance 1,494 113 Depreciation (Note 3) 6,085 701 Taxes Other Than Income 775 134 105,784 33,900 Interest Expense: Interest Charges 88,265 60,320 Interest Charged to Projects During Construction (Note 2) (18,313) (10,865) 69,952 49,455 Loss on Cancelled Units (Note 5) 1,679 52,321 Gain on Retirement of Debt (Note 5) (1,304) f2,177) 375 50,144 Costs Recoverable in the Future Under Terms of the Power Sales Agreements (Notes 2 and 5) (12,275) (51,416)
$163,836 $82.083 The accompanying notes are an integral part of these financial statements.
4
e es In Financial Position For the years ended December 31,1982 and 1981 (Dollars in Thousands) 1982 1981 Sources of Funds: Internal Sources: Rever.ues and Income $163,836 $ 82,083 Expenses (163,836) (82,083) Charges Not Involving Funds: Depreciation (Note 3) 6,085 701 Amortization (Note 2) 1,121 772 7,206 1,473 External Sources: Bond Proceeds 245,000 200,000 Note Proceeds - 16,900 245,000 216,900 Total Sources of Funds 252,206 218,373 Uses of Funds: Additions to Plant and Construction Work in Progress 122,t,82 109,626 Increase in Costs Recoverable in the Future Under Terms of the Power Sales Agreements (Notes 2 and 5) 12,275 51,416 Note Repayments 9,635 - Bond Redemptions 2,985 5,835 Additions to Debt Discount 7,447 8,617 Decrease in Other Deterred Charges (709) (629) Other 95 (101) 153,810 174,764 Changes in Working Capital, including Notes Payable and Special Funds $ 98,396 $ 43,609 Change in Wort ir.g Capital Consists of: Increase in Special Funds 510s,516 $ 18,657 Increase (Decrease) in Current Assets-Cash and Temporary Investments 18 4,226 Accounts Receivable J,497) 3,140 Unbilled Revenues (610) 5,734 inventories (6,457) 14,833 Prepaid Expenses (169) 83 99,801 46,673 Increase in Notes Payable (244) (3,481) (Increan) Decrease in Current Liabilities-Current Maturities of leng-Term Debt (5) (5) Accounts Payable (379) 5,327 Accrued Expenses (3,065) (6,204) Contractors' Retention 2,288 1,299 (1,405) (3,064)
$ 98,396 5 43,609 The accompanying notes are an integral part of these financial statements.
5
Mrssachusetts Municipil Wh:lesal2 Electric C:mp:ny Notes to Financial Statements December 31,1982 and 1981 (1) MASSACIIUSETTS MUNICIPAL WHOLESALE ELECTRIC COMPANY (MMWEC) MMWEC is a political subdivision of the Commomvealth of Massachusetts, authorized to issue revenue bonds secured by power sales agreements with its members and other electric systems to finance the construction and ownership of electric power facilities. A Massachusetts municipal electric department authorized by majority vote of the city or town's governing body may become a member by applying for admission to MMWEC and agreeing to comply with the terms and conditions of membership as outlined within the MMWEC By-laws. As of December 31,1982, thirty-four Massachusetts municipalities had received votes of their respective city councils or town meetings authorizing membership by their respective municipal electric systems. Power Supply System MMWEC is obtaining power supply capacity by acquiring interests in various generating units from investor-owned utilities and the operation of its own electric generating facilities. See Note 6 for a discussion of MMWEC's construction program and commitments related to these facilities. In addition, MMWEC contracts for power for resale to its members. Advances MMWEC is authorized to assess each member to provide working capital Advances may be returned to the members upon approval by MMWEC's Board of Directors or the dissolution of MMWEC. The Board of Directors has authorized working capital advances of up to $2,000,000 from Project Construction Funds in addition to amounts assessed members. At December 31,1982 and 1981 advances from Project Construction Funas were $2,000,000. These inter-fund advances have been eliminated for primary financial statement reporting purposes. (2) SIGNIFICANT ACCOUNTING POLICIES Interest Charged to Projects During Construction MMWEC capitalizes interest as an element of the cost of electric plant and other property during the period it is under construction. A corresponding amount is reflected as a reduction of interest expense. The amount of interest capitalized is based on the cost of debt, including amortization of debt discount and expenses, related to each project, net of investment income derived from unexpended project funds. Special Funds Proceeds from the sales of Revenue Bonds are deposited with Trustees to be invested until they are required for construction or debt service payments. Note 1 proceeds are placed with depositories and are invested by MMWEC. The j investments are carried at cost, adjusted for amortization of premium or discount. Revenues and Costs Recoverable in the Future Under Terms of the Power Sales Agreements Under the terms of the Power Sales Agreements with project participants, .evenues include billings to participants for debt principal and interest payments in the period in which they are due. For financial reporting purposes, MMWEC recognizes currently the depreciation and amortization expense of assets financed by bond principal. The differences between current expenses and amounts billed currently under terms of the Power Sales Agreements are deferred to the future periods in which these amounts will be recovered through revenues. 6 i l
o
"'YAU December 31,1982 and 1981
$$"$$$$E5tatements Unbilled Revenues MMWEC bills its members for costs incurred in providing services and purchased power obtained on their behalf under terms of the Service Agreement and the Power Sales Agreements. Revenues are recorded in the accounts as the expenses are incurred. Amounts which are not yet billed are included in Unbilled Revenues in the accompanying balance sheets.
(3) DEPRECIATION Property, plant and equipment in service is depreciated using the straight-line method. Depreciation of electric plant in service amounted to $5,870,000 using an average rate of 4%. Depreciation of other property and equipment aggregated
$396,000, of which $181,000 was allocated to projects under construction or operation and represents an average rate of 9%. In 1981 the depreciation of electric plant in service was $668,000 and other property was $120,000 of which $87,000 was allocated to projects under construction.
(4) DEBT Power Supply Revenue Bonds To finance construction or ownership interests in electric generating projects, MMWEC issues Power Supply System Revenue Bonds. The Bonds are secured by a pledge of the revenues derived by MMWEC, under terms of power sales agreements, from the ownership and operation of its power supply system. Pursuant to the power sales agreements with the participants, each participant is obligated to pay its share of the actual costs relating to the generating units planned or under construction. The participants' obligations are not contingent upon the completion or operational status of the units. The Power Supply System Revenue Bonds consist of Serial and Term Bonds. The Bonds, which are comprised of the following issues, are subject to redemption approximately ten years after the issue date, at 103% of the principal amount, descending periodically thereafter to 100%. Issue Net Interest Cost 1982 1981 (Dollars in Thousands) 1976 Series A 7.2% $ 68,775 $ 70,855 1977 Series A 6.4% 174,785 175,685 1977 Series B 6.1% 83,500 83,500 1978 Series A 6.8% 75,000 75,000 1979 Series A 7.0% 150,000 150,000 1980 Series A 10.2 % 112,000 112,000 1981 Series A 12.3 % 100,000 100,000 1981 Series B 13.4 % 100,000 100,000 1982 Series A 13.4 % 115,000 - 1982 Series B 10.2 % 130,000 - 1,109,060 867,040 Less: Current Portion 140 135 Total Power Supply System Revenue Bonds $1,108,920 $866,90_5 The aggregate annual principal payments due in the next five years are as follows: 1983-$140,000; 1984-$4,085,000; 1985-$5,816,000; 1986-56,186,000 and 1987-$8,101,000. 7
i G i"; irs R 3 ;i"5t ta ements December 31,1982 and 1981 (4) DEBT, continued Net Revenue Available For Debt Service in accordance with the provisions of the MMWEC Bond Resolution, MMWEC covenants to the bondholders that it shall fix, revise and collect rates, tolls, rents and other fees and charges, sufficient to produce revenues to pay all operating and maintenance expenses and principal of, premium if any and the interest on the Bonds and to pay all other obligations against its revenue. Revenues, whis include applicable interest earnings from investments, are ree,uired to equal 1.10 times the annual debt service, for each contract year ending June 30, tfter deduction of operating and maintenance expense exclusive of depreciation. For the contmct year ended June 30,1982, MMWEC met the debt service coverage requirement for the Wyman project as shown below. Debt service for the Stony Brook Intermediate and Peaking projects has been funded to July 1,1982 and January 1,1983, respectively and is not included in the table. Debt Service Coverage: ) Revenues $3,004,000 i Reserve and Contingency Fund Billings 70,000
)
Total 3,074,000 Deduct-Operation and Maintenance Expenses 2,304,000 Available Revenues Net of Expenses $ 770,000 Debt Service Requirement for contract year ended June 30,1982 $ 699,000 Coverage (110% Required) 110 % Notes Payable MMWEC has arranged with a group of banks a $30,000,000 revolving line of credit to be used to finance fuel oil for the Stony Brook projects. The borrowings under this line of credit are at a floating interest rate of 70% of the lead bank's prime rate plus a commitment fee of % of 1% per annum on the unused portion of the line. The current agreement is scheduled to terminate on July 1,1983, at which time it may be extended, converted to a term loan, or be refinanced. Borrowings under the line are secured by fuel oil inventory and are payable from revenues derived by MMWEC from fuel charges under the Power Sales Agreements for the Stony Brook projects. MMWEC had an outstanding balance of $7,265,000 under this line of credit as of December 31,1982 and $16,900,000 as of December 31,1981. MMWEC increased its $12,000,000 revolving line of credit to $17,000,000 in December 1982. This line of credit is used to temporarily finance certain power purchases made by MMWEC for resale to the power purchase contract participants. Borrowings are secured by the corresponding receivables from these participants. The balances outstanding on December 31,1982 and 1981 were $3,912,000, and $3,668,000, respectively, at a rate of 70% of the bank's prime rate plus a commitment fee.The commitment fee is equal to % of 1% perannum on the unused portion of the line based upon the average daily principalamount of the loan outstanding when it does not at least equal 20% of the loan commitment. (5) UNIT CANCELLATIONS MMWEC's Nuclea r Mix No. I project is comprised of ownership interests in the Millstone No. 3, Seabrook 1 and 2 and Pilgrim No. 2 units. On October 22,1981, the Boston Edison Company cancelled the Pilgrim No. 2 Unit. MMWEC's costs associated with the unit, which aggregated $53,155,000 as of December 31,1982, were deferred and will be recovered under the terms of the Power Sales 8
Massachusetts Municipal Wholesala El:ctric C:mpry Notes to Financial Statements December 31,1982 and 1981 (5) UNIT CANCELLATIONS, continued Agreements. Future expenditures for contract settlements, which are projected to be offset by credits, will be recorded by MMWEC as they are incurred. The Nuclear Mix No. 2 project was comprised of ownership interests in the NEP 1 and 2 units sponsored by New England Power Company and the Montague 1 and 2 units sponsored by Northeast Utilities. The Nuclear Mix No. 2 project units were cancelled prior to 1981, and MMWEC's costs associated with the project, aggregating $3,637,000, have been deferred as Costs Recoverable in the Future Under the Terms of the Power Sales Agreements. MMWEC has terminated the Nuclear Mix No. 2 project in accordance with the provisions of the Power Sales Agreements and MMWEC's Bond Resolution. Such procedures call for the realization of salvage and the satisfaction of liabilities to the extent possible from remaining funds available for such purposes. Any remaining liabilities, including debt service on bonds outstanding, will be recovered from the participants as they become due. With a portion of the remaining funds, MMWEC retired $2,845,000 of Nuclear Mix No. 2 bonds in 1982 and $5,700,000 in 1981 at gains of $1,304,000 and
$2,177,000, respectively. As of December 1982 MMWEC had a balance outstanding of $1,515,000 of the $10,060,000 bonds issued. The gain on the retirement of these bonds reduces the amounts deferred as Costs Recoverable in the Future Under Terms of the Power Sales Agreements for Nuclear Mix No. 2.
(6) CONSTRUCTION AND FINANCING Construction Program MMWEC's plans for construction and acquisition of ownership interest in additional generating capacity are under continuing review. Currently forecasted construction costs for the generating facilities, as shown on the follmving page, amount to approximately $1.1 billion, including estimates for contingencies, interest, ard MMWEC costs charged to projects during construction. This amount does not include a proposed additional ownership interest of up to 28.1 MW in the Northeast Utilities Company Millstone Unit No. 3 or an estimate of MMWEC's costs associated with Central Maine Power's Sears Island Coal Unit No.1. A substantial portion of MMWEC's construction program is its ownership interest in the Seabrook Nuclear Units No. I and 2, which are currently being , constructed by Public Service Company of New Hampshire (PSNH). This project l has experienced numerous delays due to regulatory, legal and other problems, < resulting in significant increases in cost estimates. PSNH was previously directed by the New Hampshire Public Utilities Commission (NHPUC) to reduce its ownership l interest in the Seabrook Units No.1 and 2 to a level of ownership the NHPUC ! believed was consistent with PSNH's financing abilities. PSNH's offer to sell off a portion of Seabrook to other utilities received no substantial responses. Subsequently, the NHPUC attempted to prohibit PSNH from using financial proceeds for the construction of Seabrook Unit No. 2 until Unit No.1 is completed. PSNH appealed the order and the New Hampshire Supreme Court vacated it, concluding that the i NHPUC does not have authority to impose such a prohibition on financing. Late in l 1982, PSNH announced a 43% increase from its 1981 estimate of the total cost of this l project and delayed the operation dates of the units to December 1984 and July 1987. Independent construction consultants have been retained by PSNH to review and evaluate the validity of its estimated cost and completion dates. PSNH has indicated that adequate c.nd timely rate increases and external financing are both essential to enable PSNH to continue its construction program and business operations. The cost estimates and completion dates for those and other units listed on the following pages are those used by MMWEC and its Consulting Engineer for ! power supply and financial planning purposes. Total costs are based on the latest 9
v. Massachusetts Municipal Wholesale Electric Company Notes to Financial Statements December 31,1982 and 1981 , (6) CONSTRUCTION AND HNANCING, continued information available from the lead participant, adjusted by MMWEC and its Consulting Engineer to reflect later completion dates and other considerations. Financing Program To finance its ownership share of the costs of these projects, MMWEC intends to issue additional series of revenue bonds, the timing and size of which will be based upon construction cash flow requirements and bond market conditions prevailing at the time. (Dollars in Thousands) _ Proposed Total MMWEC Costs to Estimated ~ Unit (Lead Participant) - Capability December 31, MMWEC _ Estimated Completion Date (MW) 1981 1982 Cost .- Nuclear Mix No.1 (See Note 5) s Millstone Unit No.3 (Northeast Utilities) - 1986 18.4 $ 15,932 $ 20,334 $ 83,192 - Seabrook Units Nos. I and 2 (Public Senice Co. of N.H.) - 1986 and 1989 3.7 2,615 3,334 16.680 7 22.1 $ 18,547 $ 23,668 $ 99,872 Nuclear Project No. 3 Milldene Unit No.3 (Northeast . . Utilities) - 1986 36.8 $_ 37,169 $ 50,285 $ 128,216 Nuclear Project No. 4 , Seabrook Units Nos.1 and 2 (Public Service Co. of N.H.)- 1 1986 and 1989 99.7 $ 64,455 $ 90,703 $ 303,708 Nuclear Project No. 5 Seabrook Units Nos. I and 2 (Public Senice Co. of N.H.)- 1986 and 1989 25.2 $ 16,846 $ 24,000 $ 82,570 Project No. 6 _ Seabrook Units Nos. I and 2 (Public Service Co. of N.H.)- .; 1986 and 1989 138.0 $ 76,189 $134,017 $ 508,834 Sears Island Project ., Sears Island Coal Unit No.1 -- (Central Maine Power)- 1995 78.9 $ 1,147 $ 831 $ (1) Total 400.7 $214,353 $323,504 $1,123,200 (1) Due to uncertainties a ssociated with the Sears Island Project, the Total Estimated MMWEC Cost cannot be determined. .. 10 $
e M, ; d kk$"i December 31,1982 and 1981
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s (7) RETIREMENT PLA.4 ,, w Retirement benefits are pmided to 31MWLCs eligible employees throligh -
; ,ii
,. s its participation in the Retirement and Security Progr am sponso!wl by the National ' ' g
, Pural Electric Cooperative Assodatien. It is MMWfC's policy to fund all accrued Q
- benefits. Pension costs were $300,000 for 1982, and $184,000 fol 1981. Information _
from the Plan Administrator is not available to pemit MMWEC to determine its - p share of eccumulated benefits nor assets available hr plan benefits. There are no 4 unfunded vested benefits associated with this Plan. i m (8) 4OMMITMENTS AND CON!!NGENCIES %
- Power Purchases' %
MMWEC has entered into a contract with the New Brunswick Electrk T Power Commission (NBEPC) for the purchase of 100 MW of capacity from the Point ; lepreau nuclear unit. The cor. tract is effective from the unit in service date through T October 1987, with options for extensions. UI MMWEC has also contracted with New England Power Company for 150 MW of capacity, of which 75 MW is oil fired and the other 75 MW coal fired.1 his -:
., contract period is from November 1981 through October 1984. ,
s The contract payment provisions require MMWEC to pay in all events - certain fixed, operation, maintenance and other charges relating to the units. The fixed minimum payments for the next five years as estimated by MMWEC for its -q planning purposes are as follows: 1983-$47,000,000; 1984-$48,900,000; 1985-
$39,084,000; 1986-$40,200,000 and 1987-$34,333,000. :3 MMWEC has entered into corresponding agreements, with its members a i g ona other utility, to resell the power. --t 1.itigation 51
, As a consequence of an accident on the Stony Brook construction site, suits 3 ,
3 for,, damages have been initiated by employees of one of the contractors and -- members of the employees" fami1Ns naming the contractor, the construction - gd mmagement firm, MMWEC and others as defendants. The amoute of damages daimed aggregate $54 million. MMWEC has denied any liability and in the opinion de of MMWEC's counsel, the likelihood of any such suits being successful against, e MMWEC is remote. Other In a proceeding initiated by several public interest groups, the Vermont Public Service Board (PSB) is investigating whether the Seabrook project remains an attractive investment for Vermont utilities and, if riot, whether the PSB can or cught to take any action to reheve Vermont rate payers of the burden of that investment. Vermont utilities which have a 14.9% interest in MMWECs Project = No. 6 are among the parties to that proceedmg. g (9) SUPPLEMENTARY INFORMATION TO DISCLOSE.lHE EFFECTS h OF CHANGING PRICES (UNAUDITED) 3 Wi The following supplementary information has been prepared in accordance g with the Statement of Financial Accounting Standards No. 33 for the purpose of a providing certain information about the effect of changing prices. It should be viewed as an estimate of the approximate effect of inflation, rather than as a precise - measure. " Constant dollar amounts represent historical costs stated in terms of dollars of equal purchasing power, as measured by the Consumer Price Index for All Urban Consumers (CPI-U). Current cost amounts reflect the changes in specific 11 A
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i [ Ab5 December 31,1982 and 1981
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X. 1 r ir- (9) SUPPLE NIE NT AR) INf'ORN1ATION TO DISCLOSE THE ETTECTS ; j L OF CHANGING PRICES (UNAUDITED), umtmwJ r-g pnces of plant from the date the plant was acquired to the present and differ from -y constant dollar ameunts to the extent that specific prius have increased more or less _. [ rapidl; than the general rate of mflation The current cost of electric generating and g transmission plant and construction work in progress is d emined pnmarily by b indexing plant by the Handy-Whitman Index of Public Utility nstruction Costs. . r ~ Since the utility plant is not espected to be replaced precisely :n ,smd, cuirent cost f does not represent the replacement cost of N1N1WEC's produa. e capacity.
- Fuel mventories and the cost of fossil fuel used in genervion have net been resta ed from their historical cost in nominal dollars. Under prosisions of the power
. sales ag eements, rtvenues are limited to the recovery of fue' at actual cost. For this -[ reason tuel inventories are effectively monetary assets Depreciation is determined by multiplying N1N1WEC's historical cost : -
K deprecichon by the appropriate index conversion factors
; Under the N1N1WEC power sales agt.ements which govern its bilhng F procedures, only the principal matunties of debt relating to the historical cost of the < . . .
utility property are recoverable. Therriore. the amount of plant stated m terms of { constant dollars or current cost that exceeds the histoncal cost of plant has been ath'sted down to its net recoverable costs. g During a period of inflation, holders of monetary assets suffer a loss of general purchasing power while holders of monetary liabilities. such as NIN1 WET E expenence a gain The gain from the decline in purchasing power of net amounts owi,1is primanly attnbutable to the substantial amount of debt which has been used to finance property, plant, and equipment Since the recoverv of utihty plant is , iimittd to amounts based on historical costs. the holding gains on debt are in effect { reali/ed by N1N1WEC's members.
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i C I;iT C 2;i~s tta ements December 31,1982 and 1981 Statement of Operations Adjusted for Changing Prices For the Year Ended December 31,1982 (Dollars in Thousands) Conventional Constant Dollar Current Cost Historical Average 1982 Average 1982 Cost Dollars Dollars Revenues and Interest income $163,836 $163,836 $163,836 Fuel Used in Electric Generation 23,021 23,021 23,021 Purchased Power 67,213 67,213 67,213 Other Operations & Maintenance 8,690 8,690 8,690 Depreciation 6,085 7,522 7,312 Taxes Other Than Income 775 775 775 Interest Expense 69,952 69,952 69,952 Loss on Cancelled Units 1,679 1,679 1,679 Gain on Extinguishment of Debt (1,30 0 (1,304) (1,304) Less-Costs Recoverable in Future (12,275) _ 13,712) ( (13,502)
$163,836 $163,836 $163,836 Gain from Decline in Purchasing ,
Power of Net Amounts Owed 5 16,615 $ 16,615 Reduction to Net Recoverable Amount $ 15,135 $ 15,863 Specific Prices of Property, Plant and Construction Work in Progress Held During theYear Increased by $19,092 which was Greater than the increase Caused by Inflation by $ 513 l I 13
i G a i"; Y i; ; ; 2 ;i'itat ements December 31,1982 and 1981 Five Year Comparison of Selected Supplementary Financial Data Adjested to Average 1982 Dollars (Except Historical Amounts) for the Effects of Changing Prices (Dollars in Thousands) Year Ended December 31, 1982 1981 1980 1979 1978 Revenuesand Interestincome Historical $163,836 $ 82,083 $47,156 $29,571 $23,339 Adjusted for Inflation $163,836 $ 87,115 $55,237 $39,323 $34,827 Net Property, Plant and Equipment, including Construction Work in Progress Before Write-down to Net Receverable Amount: llistorical $515,863 $399,766 Adjusted for inflation $602,613 $487,173 Adjusted for Specific Price Changes $589,437 $478,294 General Information Gain from Decline in Purchasing Power of Net Amounts Owed i 16,615 $ 32,1? 8 Current Cost Information Excess of Increases in Specific Prices OverIncreases in General Price Level, Bdore Reduction to Net Recoverable Amount $ 513 $ 1,201 Average Rate of Inflation (based on CPI-U) 6.1% 10.4 % 13.5 % 11.2 % 7.7% 14
Censultants and Financial Advisors Bond Fund Trustee Construction Fund Trustees Con tinen tal Illinois Na tiona l Ba n k a nd Con tinen ta l Illinois Na tio. sal Ba n k a nd Trust Company of Chicago, Illinois Trust Company of Chicago, Illinois Nuclear Mix No.1 Paying Agents Nuclear Mix No. 2 Con tinentailllinois National Bank and Nuclear Project No. 4 Trust Company of Chicago, Illinois > 1976 Series A Bonds Shawmut Bank of Boston, N.A. 1977 Series A Bonds Boston, biassachusetts 1977 Series B Bonds Nuclear Project No. 3 1978 Series A Bonds 1979 Series A Bonds Third National Bank of New England 1980 Series A Bonds Springfield, biassachusetts 1981 Series A Bonds Wyman Project 1981 Series B Bonds Nuclear Project No. 5 1982 Series A Bonds Sears Island Project 1982 Series B Bonds Storiy Brook Intermediate Project Stony Brook Peaking Project l Citibank, N.A., New York, New York Project No. 6 1976 Series A Bands 1977 Series A Bonds Financial Advisor 1977 Series B Bonds Lazard Freres & Co. 1978 Series A Bonds New York, New York 1979 Series A Bonds 1980 Series A Bonds Bond Counsel 1981 Series A Bonds Wood and Dawson 1981 Series B Bonds New York, New York 1982 Series A Bonds 1982 Series B Bends New Engla nd hierchan ts Na tional Ban k l Boston, biassachusetts 1976 Series A Bonds ( 1977 Series A Bonds l 1977 Series B Bonds Shawmut Bank of Boston, N.A. t Boston, Afassachusetts ! 1978 Series A Bonds l 1979 Series A Bonds 1980 Series A Bonds 1981 Series A ? nds 1981 Series B bds 1982 Series A Bonds 1982 Series B Bonds l i
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Copies of this report and supple-mentary financial information can be obtained, free of charge, by writing to the Public Affairs Office, Massachusetts Municipal Wholesale Electric Company, P.O. Box 426, Ludlow, MA 0105s All requests for information about MMWEC
- should be directed to this office.
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